Whitehorse Finance, Inc. · NASDAQ:WHF
Whitehorse Finance — Q4 2025 Earnings Presentation
26 slides from Whitehorse Finance's earnings presentation, Mar 2, 2026
Slide 1: WhiteHorse Finance, Inc. Earnings Presentation
WhiteHorse Finance, Inc. Earnings Presentation Quarter Ended December 31, 2025 NASDAQ: WHF (Common Stock) NASDAQ: WHFCL (7.875% Notes due 2028)
Slide 2: Important Information and Forward Looking Statements
Important Information and Forward Looking Statements References in this presentation to “WHF”, “WhiteHorse Finance”, “we”, “us”, “our” and “the Company” refer to WhiteHorse Finance, Inc. This presentation and the information and views included herein do not constitute investment advice, or a recomme
Slide 3: WhiteHorse Finance Snapshot
WhiteHorse Finance Snapshot Company: WhiteHorse Finance, Inc. Equity Ticker: NASDAQ: WHF Market Cap: $140.1MM(1) Credit Rating: Egan-Jones: BBB / DBRS: BBB (low) NAV / Share: $11.68(2) Portfolio Fair Value: $578.6MM(2) Current Dividend Yield: 15.9%(1)(3) External Manager: Affiliate of H.I.G. Capital
Slide 4: Overview of WhiteHorse Finance, Inc.
Overview of WhiteHorse Finance, Inc. ▪ WhiteHorse Finance, Inc. is a publicly listed Business Development Company (“BDC”) that completed its IPO in December 2012 ▪ WhiteHorse Finance’s investment activities are managed by H.I.G. WhiteHorse Advisers, LLC (the “Investment Adviser”), an affiliate of H.
Slide 5: Overview of WhiteHorse Finance, Inc. (continued)
Overview of WhiteHorse Finance, Inc. (continued) Investment Strategy Summary Stats: Invested Capital since IPO: $2,889MM(1) ▪ Generate attractive risk-adjusted returns in all market conditions by originating and investing in senior secured loans to performing lower middle market companies and levera
Slide 6: Summary of Quarterly Results
Summary of Quarterly Results ▪ Q4 Net Investment Income (“NII”) and Q4 Core NII(1) was $6.6 million, or $0.287 per share, which compares with Q3 NII and Q3 Core NII of $6.1 million, or $0.263 per share. ▪ Net realized and unrealized gains on investments and foreign currency transactions for Q4 2025
Slide 7: Quarterly Operating Highlights
Quarterly Operating Highlights Unaudited Quarterly Financials Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (USD in MM, expect per share data) (1) Total Investment Income $ 21.0 $ 18.8 $ 18.8 $ 17.7 $ 17.3 Expenses Interest Expense 6.5 6.2 6.1 5.8 5.0 Accelerated Amortization related to Refinancing Base M
Slide 8: Quarterly Balance Sheet Highlights
Quarterly Balance Sheet Highlights Unaudited Quarterly Financials Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (USD in MM, expect per share data) Assets Investments at Fair Value $ 642.2 $ 651.0 $ 629.3 $ 568.4 $ 578.6 (1) Cash and Equivalents 27.8 19.6 33.3 45.9 29.7 Other Assets 6.8 8.2 8.3 11.6 6.8 To
Slide 9: Portfolio Highlights
Portfolio Highlights Portfolio Highlights Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (USD in MM) Portfolio Activity New Investment Commitments $ 42.0 $ 59.1 $ 53.7 $ 23.2 $ 101.0 (1) Gross Fundings 37.9 47.2 43.2 21.9 79.4 (1) (2) Exits and Repayments (47.3) (37.5) (63.1) (76.8) (72.4) Net Fundings / (
Slide 10: Portfolio Highlights
Portfolio Highlights ($ in MM, except per share data) Portfolio Investment Q4 2024 Q1 2025 Q2'25 Q3'25 Q4'25 Total Fair Value of Investments $ 642.2 $ 651.0 $ 629.3 $ 568.4 $ 578.6 Number of Portfolio Investments 127 134 132 125 129 Number of Portfolio Companies 71 74 71 66 68 Average Investment Siz
Slide 11: Portfolio Trends
Portfolio Trends Historical Portfolio Trends % Floating and % Fixed (Based on Fair Value) % Instrument Type (Based on Fair Value) 0.1% 0.2% 0.4% 0.4% 0.9% 1.3% 1.3% 100.0% 100% 9% 3% 6% 7% 9% 3% 3% 15% 17% 18% 21% 4% 3% 3% 11% 2% 80.0% 80% 3% 4% 6% 1% 39% 1% 60.0% 60% 99.9% 100.0% 100.0% 99.8% 99.6%
Slide 12: Investment Performance Ratings
Investment Performance Ratings Investment Performance Ratings (% of Portfolio at Fair Value) Rating 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1 6.3% 2.3% 22.2% 15.4% 8.6% 18.3% 11.0% 10.7% 10.3% 8.8% 4.7% 2 100.0% 92.4% 100.0% 90.3% 87.0% 83.9%
Slide 13: Borrower and Industry Diversity
Borrower and Industry Diversity Composition by Borrower (Based on Fair Value) Composition by Industry(1) (Based on Fair Value) STRS JV ABB/Con-cise Optical Group LLC Air Freight & Logistics Systems Software Telestream Holdings Corporation Future Payment Technologies, L.P. Data Processing & Outsource
Slide 14: Yield & Interest Rate Economic Analysis
Yield & Interest Rate Economic Analysis 16.0% 13.6% 13.7% 13.7% 13.8% 14.0% 13.4% 13.2% 13.1% 12.6% 12.5% 12.1% 11.9% 13.1% 13.2% 13.2% 13.2% 11.6% 12.0% 11.4% 12.9% 12.6% 12.5% 11.0% 12.1% 12.0% 9.9% 11.6% 11.4% 10.8% 11.1% 10.0% 9.1% 9.2% 10.5% 9.4% 8.0% 8.6% 8.8% 7.1% 7.2% 7.2% 7.4% 7.1% 7.1% 7.1
Slide 15: Effective Yield & Dividend Coverage
Effective Yield & Dividend Coverage Debt Portfolio Effective Yield and Borrower Leverage(1) From IPO to December 31, 2025 4.5x 4.1x 4.2x 4.1x 4.1x 4.1x 4.1x 4.2x 4.2x 4.2x 4.2x 4.0x 4.1x 4.1x 4.1x 4.0x 4.1x 4.1x 4.1x 4.1x 4.1x 4.1x 3.8x 3.7x 3.8x 3.7x 3.8x 3.4x 3.4x 3.6x 3.4x 3.5x 3.4x 3.4x 3.5x 3.6
Slide 16: Variable Supplemental Distribution Framework
Variable Supplemental Distribution Framework 1. 50% of net investment income in excess of quarterly base distribution 2. Net asset value constraint test, with a maximum of $0.15 per share decline in net asset value over current Distribution the preceding two quarters. Supplemental distributions shal
Slide 17: NAV Per Share Bridge
NAV Per Share Bridge Note: Numbers may not foot due to rounding. Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding
Slide 18: Net Asset Value Trends
Net Asset Value Trends Net Asset Value Per Share $18.00 $16.00 15.43 15.55 15.56 15.30 15.23 14.81 15.00 15.16 15.35 15.23 15.10 14.21 $14.00 15.04 13.63 13.98 14.30 13.13 13.33 13.63 12.54 $12.00 12.31 11.68 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 Net Asset Value If No Special or Supplemental Dividend
Slide 19: Leverage Migration
Leverage Migration ($ in MM) 9/30/2025 QtQ Change 12/31/2025 Outstanding Debt: Outstanding Debt: $328.5 +$0.0 $328.5 NAV: NAV: $265.2 ($5.4) $259.8 Driven by share repurchases Sources Uses Leverage Ratio: Leverage Ratio: Sales & Principal Payments 72.4 Acquisition of Investments 79.4 1.26x 1.24x Net
Slide 20: Funding Profile
Funding Profile Current Debt Outstanding (as of December 31, 2025) ($ in MM) Commitment Outstanding(1) Weighted Average Interest Rate Maturity S+2.250% Revolving Credit Facility $100.0 $0.0 2030 payable quarterly S+1.700% 2025 Senior Secured CLO Notes(2) $174.0 $174.0 2037 payable quarterly 5.375% 5
Slide 21: Appendix
Appendix fay WHT EHORSE 20
Slide 22: Regional Direct Origination Footprint
Regional Direct Origination Footprint Origination Footprint ▪ Scope of H.I.G. WhiteHorse market coverage results in consistent investment activity levels regardless of market conditions ▪ Dedicated direct lending team of 72 investment and origination professionals ▪ Regional footprint with 21 dedica
Slide 23: STRS JV Key Terms and Funding Profile
STRS JV Key Terms and Funding Profile ($ in MM) ▪ WHF and STRS Ohio have committed to provide up to $175 million in subordinated notes and equity to STRS JV, with STRS Ohio providing $60 million and WHF providing $115 million ▪ WHF and STRS Ohio share voting control 50%/50% Key Terms ▪ Equity owners
Slide 24: STRS JV Borrower and Industry Diversity
STRS JV Borrower and Industry Diversity Composition by Borrower (Based on Fair Value) Composition by Industry(1) (Based on Fair Value) Source Code Holdings, LLC Marlin DTC-LS Midco 2, LLC IT Consulting & Other Services Environmental & Facilities Services Diversified Support Services Building Product
Slide 25: Origination Pipeline Funnel
Origination Pipeline Funnel(1) Three tier sourcing platform, generating meaningful investable opportunities for WhiteHorse Finance 20+ person business development Approximately 70 WhiteHorse deal team seeks opportunities from Deals being sourced by over 500 professionals dedicated to sourcing H.I.G.
Slide 26: Corporate Data
Corporate Data Board of Directors Investment Committee Corporate Executive Officers Research Coverage Corporate Counsel John Bolduc Sami Mnaymneh Stuart Aronson Sean-Paul Adams Dechert LLP Chairman of the Board Co-Founder, Co-Executive Chairman and Chief Executive Officer B. Riley FBR New York, NY C