WhiteHorse Finance (WHF)
Originates senior secured loans for privately held U.S. lower-middle-market companies.
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Originates senior secured loans for privately held U.S. lower-middle-market companies. Its H.I.G.-affiliated adviser manages investment activity, while the BDC may also invest elsewhere in a borrower's capital structure.
Originates senior secured loans primarily for privately held U.S. lower-middle-market companies across a range of industries. As an externally managed BDC, it may also invest elsewhere in a borrower's capital structure.
Investment activity is managed by H.I.G.-affiliated WhiteHorse Advisers, which provides the personnel, diligence, business contacts, and execution resources used to evaluate, structure, close, and monitor investments. No internal employees directly perform these functions.
The company became a corporation and elected BDC treatment in 2012, when its common stock began trading on Nasdaq. Its investment process depends on WhiteHorse Advisers' skill and business-contact network.
Company facts
Categories
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Nov 11, 2024 | Oppenheimer | Downgrade | Outperform | Perform | $12 |
| Nov 8, 2024 | Raymond James | Downgrade | Outperform | Market Perform |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $27.9M · Total debt $324.9M · Total assets $604.1M · Shareholders' equity $252.8M
- Revenue
- $14.4M
- Operating income
- $9.5M
- Net income
- $10.4M
Raised for 12 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Sep 21, 2026 | Sep 21 | Oct 5 | $0.25 | upcoming |
| May 21, 2026 | May 21 | Jul 6 | $0.25 | |
| Mar 12, 2026 | Mar 12 | Apr 6 | $0.26 | special dividend |
| Dec 22, 2025 | Dec 22 | Jan 5 | $0.25 | cut from $0.385 |
| Oct 31, 2025 | Oct 31 | Dec 10 | $0.035 | special dividend |
| Sep 19, 2025 | Sep 19 | Oct 3 | $0.385 | |
| Jun 18, 2025 | Jun 19 | Jul 3 | $0.385 | |
| Mar 21, 2025 | Mar 21 | Apr 4 | $0.385 | |
| Dec 20, 2024 | Dec 20 | Jan 3 | $0.385 |
| Institutions50 holders · as of Mar 31, 2026 | ≥ 15.89% | 3.41M shares | |
| Insiders4 holders · as of Jun 18, 2026 | 2.19% | 471.3K shares | |
| Otherremainder | ≤ 81.92% | 17.59M shares |
21.48M company shares as of Sep 3, 2026 · institutions as of Mar 31, 2026 · holders as of their latest filing
Institutional filings for WHFCL (100% of the company) are not on file here, so the institutional figure is a floor.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
Lalia Capital, LLCInstitution | 3.21% | 689,105 | 13Fas of Mar 31, 2026 |
Two Sigma Investments, LPInstitution | 2.03% | 435,572 | 13Fas of Mar 31, 2026 |
John BolducInsiderdirector | 1.48% | 317,297 | Form 4filed Jun 18, 2026 ↗ |
Castleknight Management LPInstitution | 1.36% | 292,456 | 13Fas of Mar 31, 2026 |
Ethos Financial Group, LLCInstitution | 1.14% | 243,940 | 13Fas of Mar 31, 2026 |
| See all 25 → | |||
13F — a manager's quarterly holdings · Form 4 — an insider's transaction report
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 18, 2026 | John Bolduc | director | +7,690 | $6.49 |
| Jun 15, 2026 | Stuart D. Aronson | director, officer: Chief Executive Officer | +15,000 | $6.41 |
| Jun 4, 2026 | John Bolduc | director | +7,140 | $6.88 |
| Jun 5, 2026 | John Bolduc | director | +7,140 | $6.77 |
| Jun 1, 2026 | John Bolduc | director | +3,570 | $6.88 |
- Main Street Capital
Lower-middle-market debt and equity financing specialist
- Capital Southwest
Flexible lower-middle-market lender across the capital structure
- Golub Capital BDC
First-lien lender to sponsor-backed middle-market companies
- Ares Capital
Large-scale direct lender to U.S. private middle-market companies
- Blue Owl Capital
Direct lender with predominantly senior secured middle-market loans
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| WhiteHorse Finance | $7.05 | +0.43% | $151.8M | 9.0 | 7.2 | 3.2 | +43.1% |
| Main Street Capital | $58.08 | +0.40% | $5.38B | 11.7 | 15.2 | 7.7 | −26.1% |
| Capital Southwest | $24.74 | −0.12% | $1.54B | 13.7 | 10.6 | 6.7 | −21.6% |
| Golub Capital BDC | $12.94 | −0.08% | $3.37B | 23.5 | 10.1 | 4.7 | −14.2% |
| Ares Capital | $20.07 | +0.22% | $14.37B | 14.8 | 10.4 | 6.2 | +32.6% |
| Blue Owl Capital | $11.41 | +0.40% | $5.64B | 20.3 | 8.8 | 4.0 | −20.8% |
| Median | 14.8 | 10.4 | 6.2 | −20.8% |