WhiteHorse Finance (WHF) Q4 2025 earnings summary

Executive summary

• Q4 2025 net investment income was $6.6 million ($0.287 per share), up from $6.1 million ($0.263 per share) in Q3, with NAV per share rising to $11.68 from $11.41, and portfolio fair value at $578.6 million across 129 positions in 68 companies.

• Share repurchases totaled about 1.1 million shares for $8.0 million in Q4, accretive to NAV by $0.18 per share, and the repurchase authorization increased by $7.5 million to $22.5 million.

• Portfolio activity included $77.1 million in gross capital deployments and $49.6 million in repayments/sales, with new originations of $64.0 million in Q4.

• Distributions included $0.25 per share in base dividends and $0.035 per share in special dividends, totaling $1.44 per share for the year.

• Portfolio restructurings and insider purchases were notable in Q4.

Financial highlights

• Q4 GAAP and core NII was $6.6 million ($0.287 per share), with total investment income of $17.3 million.

• Net realized and unrealized gains for Q4 were $1.8–$1.9 million, reversing prior quarter losses.

• Weighted average effective yield on income-producing debt investments declined to 11% from 11.6% in Q3.

• Dividend yield was 15.9% based on a $0.25 per share quarterly distribution.

• Net increase in net assets from operations was $8.4 million in Q4.

Outlook and guidance

• Q1 2026 declared a $0.25 per share base dividend and a $0.01 supplemental distribution.

• The board will continue to evaluate supplemental distributions based on excess earnings and NAV stability.

• Management expects about 30% of the portfolio could repay in 2026, consistent with historical loan life.

• Pipeline remains lower than normal, with five new sponsor mandates in progress.

• Management expects to maintain the base dividend and continue supplemental distributions when incremental earnings are available.