Whitehorse Finance, Inc. · NASDAQ:WHF
Whitehorse Finance — Q3 2025 Earnings Presentation
25 slides from Whitehorse Finance's earnings presentation, Nov 10, 2025
Slide 1: WhiteHorse Finance, Inc. Earnings Presentation
WhiteHorse Finance, Inc. Earnings Presentation Quarter Ended September 30, 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: $165.3MM(1) Credit Rating: Egan-Jones: BBB+ / DBRS: BBB (low) NAV / Share: $11.41(2) Portfolio Fair Value: $568.4MM(2) Current Dividend Yield: 14.1%(1)(3) External Manager: Affiliate of H.I.G. Capita
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: $2,825MM(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 ▪ Q3 Net Investment Income (“NII”) and Q3 Core NII(1) was $6.1 million, or $0.263 per share, which compares with Q2 NII and Q2 Core NII of $6.6 million, or $0.282 per share. ▪ Net unrealized losses on investments and foreign currency transactions for Q3 2025 totaled $4.9
Slide 7: Quarterly Operating Highlights
Quarterly Operating Highlights Note: Numbers may not foot due to rounding. (1) Total investment income includes investment income (e.g., interest and dividends) from investments in STRS JV. (2) Core net investment income is a non-GAAP financial measure. The Company believes that core net investment
Slide 8: Quarterly Balance Sheet Highlights
Quarterly Balance Sheet Highlights Note: Numbers may not foot due to rounding (1) Includes Restricted Cash. (2) Calculated as Total Gross Debt Outstanding divided by Total Net Assets. (3) Net Leverage Ratio is defined as debt outstanding less cash, divided by total net assets. 7 (4) Calculated as th
Slide 9: Portfolio Highlights
Portfolio Highlights Portfolio Highlights Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (USD in MM) Portfolio Activity New Investment Commitments $ 60.5 $ 42.0 $ 59.1 $ 53.7 $ 23.2 (1) Gross Fundings 52.9 37.9 47.2 43.2 21.9 (1) (2) Exits and Repayments (46.2) (47.3) (37.5) (63.1) (76.8) Net Fundings / (R
Slide 10: Portfolio Highlights
Portfolio Highlights ($ in MM, except per share data) Portfolio Investment Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Total Fair Value of Investments $ 654.3 $ 642.2 $ 651.0 $ 629.3 $ 568.4 Number of Portfolio Investments 129 127 134 132 125 Number of Portfolio Companies 73 71 74 71 66 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% 0.9% 100% 3% 100.0% 9% 6% 7% 9% 3% 3% 15% 17% 19% 21% 11% 3% 4% 3% 2% 80% 4% 80.0% 3% 6% 39% 1% 1% 60.0% 60% 99.9% 100.0% 100.0% 99.8% 99.6%
Slide 12: Borrower and Industry Diversity
Borrower and Industry Diversity Composition by Borrower (Based on Fair Value) Composition by Industry(1) (Based on Fair Value) Air Freight & Logistics Integrated Telecommunication Services STRS JV Sleep OpCo LLC Data Processing & Outsourced Services Systems Software ABB/Con-cise Optical Group LLC Fu
Slide 13: Effective Yield & Dividend Coverage
Effective Yield & Dividend Coverage Debt Portfolio Effective Yield and Borrower Leverage(1) From IPO to September 30, 2025 4.5x 4.1x 4.2x 4.1x 4.1x 4.1x 4.1x 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 3.4x 3.
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% 12.1% 12.0% 9.9% 11.6% 11.4% 9.5% 10.8% 11.1% 10.0% 9.3% 9.1% 9.2% 9.4% 8.0% 9.0% 8.8% 8.8% 7.4% 8.6% 7.1% 7.1% 7.1% 7.1%
Slide 15: 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 1 6.3% 2.3% 22.2% 15.4% 8.6% 18.3% 11.0% 10.7% 10.3% 8.8% 2 100.0% 92.4% 100.0% 90.3% 87.0% 83.9% 80.1% 83.3% 6
Slide 16: 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 12.23 $12.00 12.31 11.41 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 Net Asset Value If No Special Dividends Were Paid Net
Slide 17: NAV Per Share Bridge
NAV Per Share Bridge Note: Numbers may not foot due to rounding. Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding
Slide 18: Leverage Migration
Leverage Migration ($ in MM) 6/30/2025 QtQ Change 9/30/2025 Outstanding Debt: Outstanding Debt: $368.5 ($40.0) $328.5 Driven by repayment of 5.375% 2025 Notes NAV: NAV: $274.8 ($9.6) $265.2 Driven by net realized & unrealized losses Sources Uses Leverage Ratio: Leverage Ratio: Sales & Principal Paym
Slide 19: Funding Profile
Funding Profile Current Debt Outstanding (as of September 30, 2025) ($ 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 $174.0 2037 payable quarterly 5.375%
Slide 20: Appendix
Appendix fay WHT EHORSE 19
Slide 21: Regional Direct Origination Footprint
Regional Direct Origination Footprint Origination Footprint ▪ Scope of H.I.G. WhiteHorse market coverage results in consistent investment activity levels regardless of market conditions ▪ Dedicated direct lending team of 69 investment and origination professionals ▪ Regional footprint with 22 dedica
Slide 22: STRS JV Key Terms and Funding Profile
STRS JV Key Terms and Funding Profile ($ 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) Source Code Holdings, LLC Marlin DTC-LS Midco 2, LLC IT Consulting & Other Services Environmental & Facilities Services Building Products Advertising Meta Buyer LLC
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