Whitehorse Finance, Inc. · NASDAQ:WHF
Whitehorse Finance — Q1 2026 Earnings Presentation
25 slides from Whitehorse Finance's earnings presentation, May 7, 2026
Slide 1: WhiteHorse Finance, Inc. Earnings Presentation
WhiteHorse Finance, Inc. Earnings Presentation Quarter Ended March 31, 2026 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: $164.2MM(1) Credit Rating: Egan-Jones: BBB / DBRS: BBB (low) NAV / Share: $11.47(2) Portfolio Fair Value: $543.0MM(2) Current Dividend Yield: 13.2%(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: $2,908MM(1) Generate attractive risk-adjusted returns primarily by originating and investing in senior secured loans to performing lower middle market companies and leveraging the knowle
Slide 6: Summary of Quarterly Results
Summary of Quarterly Results Q1 Net Investment Income (“NII”) and Q1 Core NII(1) was $5.6 million, or $0.253 per share, which compares with Q4 NII and Q4 Core NII of $6.6 million, or $0.287 per share. Net realized and unrealized losses on investments and foreign currency transactions for Q1 2026
Slide 7: Quarterly Operating Highlights
Quarterly Operating Highlights Unaudited Quarterly Financials Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 (USD in MM, except per share data) (1) Total Investment Income $ 18.8 $ 18.8 $ 17.7 $ 17.3 $ 15.9 Expenses Interest Expense 6.2 6.1 5.8 5.0 5.0 Accelerated Amortization related to Refinancing Base M
Slide 8: Quarterly Balance Sheet Highlights
Quarterly Balance Sheet Highlights Unaudited Quarterly Financials Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 (USD in MM, except per share data) Assets Investments at Fair Value $ 651.0 $ 629.3 $ 568.4 $ 578.6 $ 543.0 (1) Cash and Equivalents 19.6 33.3 45.9 29.7 $ 49.4 Other Assets 8.2 8.3 11.6 6.8 $ 13
Slide 9: Portfolio Highlights
Portfolio Highlights Portfolio Highlights Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 (USD in MM) Portfolio Activity New Investment Commitments $ 59.1 $ 53.7 $ 23.2 $ 101.0 $ 30.3 (1) Gross Fundings 47.2 43.2 21.9 79.4 28.1 Exits and Repayments (1) (2) (37.5) (63.1) (76.8) (72.4) (58.9) Net Fundings / (
Slide 10: Portfolio Highlights
Portfolio Highlights ($ in MM, except per share data) Portfolio Investment Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Total Fair Value of Investments $ 651.0 $ 629.3 $ 568.4 $ 578.6 $ 543.0 Number of Portfolio Investments 134 132 125 129 128 Number of Portfolio Companies 74 71 66 68 65 Average Investme
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% 1.4% 100.0% 100% 9% 3% 6% 7% 9% 3% 3% 15% 17% 18% 19% 21% 4% 3% 3% 11% 2% 80.0% 80% 3% 4% 6% 1% 7% 39% 1% 1% 60.0% 60% 99.9% 100.0% 100
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 2025 Q1 2026 1 6.3% 2.3% 22.2% 15.4% 8.6% 18.3% 11.0% 4.7% 4.5% 2 100.0% 92.4% 100.0% 90.3% 87.0% 83.9% 80.1% 83.3% 61.1% 74.7% 66.2% 5
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 Education Services Systems Software Data Processing & Outsourced Services Telestream Holdings Corporation Futu
Slide 14: Yield & Interest Rate Economic Analysis
Yield & Interest Rate Economic Analysis 16.0% 13.6% 13.7% 13.7% 13.8% 14.0% 13.2% 13.4% 13.1% 12.6% 12.5% 12.1% 11.9% 11.4% 13.1% 13.2% 13.2% 13.2% 11.6% 12.0% 12.6% 12.9% 11.0% 12.5% 10.8% 12.1% 12.0% 9.9% 11.6% 11.4% 10.0% 9.1% 9.2% 10.8% 11.1% 10.5% 10.4% 9.4% 7.4% 8.0% 8.8% 7.1% 7.1% 7.1% 7.1% 7
Slide 15: Effective Yield & Dividend Coverage
Effective Yield & Dividend Coverage Debt Portfolio Effective Yield and Borrower Leverage(1) From IPO to March 31, 2026 4.5x 4.1x 4.2x 4.1x 4.1x 4.1x 4.1x 4.2x 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 3.6x 3.6x 3.6x 3.6x 3.7x 3.8x 3.7x 3.8x 3.6x 3.5x 3.4x 3.4x 3
Slide 16: 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 17: 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 14.21 15.00 15.16 15.35 15.23 15.10 $14.00 15.04 13.63 13.98 13.13 13.33 14.30 13.63 12.54 12.34 $12.00 12.31 11.68 11.47 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 Net Asset Value If No Special or Supplemen
Slide 18: Leverage Migration
Leverage Migration ($ in MM) 12/31/2025 QtQ Change 3/31/2026 Outstanding Debt: Outstanding Debt: $328.5 +$0.0 $328.5 NAV: NAV: $259.8 ($9.5) $250.3 Driven by net realized and unrealized losses and share repurchases Leverage Ratio: Sources Uses Leverage Ratio: 1.26x Sales & Principal Payments 58.9 Ac
Slide 19: Funding Profile
Funding Profile Current Debt Outstanding (as of March 31, 2026) ($ in MM) Commitment Outstanding(1) Weighted Average Interest Rate Maturity S+2.250% Revolving Credit Facility $50.0 $0.0 2030 payable quarterly S+1.700% 2025 Senior Secured CLO Notes(2) $174.0 $174.0 2037 payable quarterly 5.375% 5.375
Slide 20: Appendix
Appendix Pay WWEITTEHORSE 19 FINANCE
Slide 21: Regional Direct Origination Footprint
Regional Direct Origination Footprint Origination Footprint Scope of H.I.G. WhiteHorse market coverage results in consistent investment activity levels regardless of market conditions Dedicated direct lending team of 70 investment and origination professionals Regional footprint with 21 dedica
Slide 22: STRS JV Key Terms and Funding Profile
STRS JV Key Terms and Funding Profile ($ 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 23: 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) IT Consulting & Other Services Environmental & Facilities Services Source Code Holdings, LLC Marlin DTC-LS Midco 2, LLC Diversified Support Services Building Product
Slide 24: 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 25: 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