WhiteHorse Finance Reports NAV of $11.68 per Share
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 02 2026
0mins
Reports NAV $11.68 per share, compared to $12.31 per share in 2024. Stuart Aronson, WhiteHorse Finance's CEO, commented, "During the fourth quarter, we delivered improved earnings and an increase in NAV, supported by disciplined portfolio management and share repurchases executed at a meaningful discount to book value. With the prudent reset of our base dividend last quarter, we are positioned to earn our distribution on a more consistent basis, while maintaining our established framework for supplemental distributions when incremental earnings are available. Our portfolio remains overwhelmingly first lien and we continue to actively manage underperforming credits with dedicated restructuring resources, while remaining selective in a highly competitive origination environment and focused on structure and credit quality."
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Analyst Views on WHF
Wall Street analysts forecast WHF stock price to rise
1 Analyst Rating
0 Buy
1 Hold
0 Sell
Hold
Current: 6.580
Low
7.50
Averages
7.50
High
7.50
Current: 6.580
Low
7.50
Averages
7.50
High
7.50
About WHF
WhiteHorse Finance, Inc. is an externally managed, non-diversified, closed-end management investment company. The Company's investment objective is to generate attractive risk-adjusted returns primarily by originating and investing in senior secured loans, including first lien and second lien facilities, to performing lower middle market companies across a broad range of industries. It focuses principally on originating senior secured loans to lower middle market companies, it may also opportunistically make investments at other levels of a company’s capital structure, including mezzanine loans or equity interests, and may receive warrants to purchase common stock in connection with its debt investments. The Company’s investment advisor is H.I.G. WhiteHorse Advisers, LLC.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Market Price Comparison: PSUS is currently trading below Herring's purchase price, with a low of $39.30 on Monday, which is 2.4% under his buying price, reflecting a cautious market sentiment towards the stock.
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See More
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- Financial Overview: As of March 31, 2026, WhiteHorse Finance reported total investment income of $15.862 million, an 8.5% decline from $17.342 million on December 31, 2025, reflecting challenges in the market environment and portfolio volatility.
- Earnings Per Share Decline: The net investment income per share for Q1 was $0.253, down 12.0% from $0.287 in the previous quarter, indicating the company's ongoing efforts to manage investment risks and liquidity effectively.
- Dividend Declaration: The board announced a distribution of $0.25 per share payable on July 6, 2026, to shareholders of record as of May 21, 2026, aimed at preserving shareholder value and boosting investor confidence.
- Portfolio Dynamics: The fair value of WhiteHorse Finance's investment portfolio stood at $543 million as of March 31, 2026, down 6.2% from $579 million on December 31, 2025, as the company remains cautious in managing new and existing investments to navigate market uncertainties.
See More
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- Historical Performance: Over the past two years, WhiteHorse Finance has exceeded EPS estimates 38% of the time and revenue estimates 50% of the time, reflecting a degree of stability and confidence in the company's financial performance.
- Estimate Revision Trends: In the last three months, EPS estimates have seen two upward revisions and one downward revision, while revenue estimates have experienced no upward revisions but four downward revisions, suggesting a cautious market outlook on the company's future performance.
- Share Buyback Plan: WhiteHorse Finance signals continued share repurchases with a $15 million buyback capacity aimed at improving net asset value (NAV), which could positively impact shareholder returns.
See More
Bruce Herring Increases Stake in PSUS Shares
- PSUS Stake Increase: Bruce Herring purchased 5,000 shares of PSUS on Wednesday at $40.25 each, totaling an investment of $201,250, indicating confidence in the company's future prospects.
- Market Price Comparison: PSUS is currently trading below Herring's purchase price, with a low of $39.30 on Monday, which is 2.4% under his buying price, reflecting a cautious market sentiment towards the stock.
- Historical Purchase Record: Prior to this latest buy, Herring had purchased 434,140 shares at an average price of $43.41 each over the past year, demonstrating his ongoing interest and investment commitment to PSUS.
- WhiteHorse Finance Investment: Director John Bolduc bought 15,380 shares of WhiteHorse Finance on Thursday at $6.49 each, totaling $99,816, showcasing confidence in the company despite an average purchase price of $6.96 in previous transactions.
See More
WhiteHorse (WHF) Q1 2026 Earnings Transcript
See More
WhiteHorse Finance Q1 Earnings Miss Expectations
- Earnings Miss: WhiteHorse Finance reported a Q1 net investment income per share of $0.25, missing expectations by $0.03, indicating challenges in income generation that could undermine investor confidence.
- Total Investment Income Decline: The total investment income for the quarter was $15.86 million, falling short of expectations by $0.42 million, which may lead to tighter future cash flows and impact dividend capabilities.
- Ongoing Buyback Plan: The company signaled a continued stock repurchase program with a capacity of $15 million aimed at improving net asset value (NAV), a strategy that could provide short-term price support, though long-term effects remain to be seen.
- Cautious Market Reaction: Despite signs of improvement in Q4, analysts still view the stock as not a buy, reflecting a cautious market sentiment regarding the company's future performance.
See More
WhiteHorse Finance Reports Q1 2026 Financial Results
- Financial Performance Overview: As of March 31, 2026, WhiteHorse Finance reported total investment income of $15.862 million, an 8.5% decline from $17.342 million on December 31, 2025, reflecting ongoing challenges in managing credit risks, although the overall portfolio remained stable.
- Earnings Per Share Change: The net investment income per share for the first quarter was $0.253, down 12.0% from $0.287 in the previous quarter, indicating pressure on the company's earnings management, which may affect investor expectations for future profitability.
- Dividend Declaration: The company's board announced a distribution of $0.25 per share payable on July 6, 2026, to shareholders of record as of May 21, 2026, demonstrating a continued commitment to shareholder returns despite market volatility.
- Portfolio Dynamics: As of March 31, 2026, the fair value of WhiteHorse Finance's investment portfolio was $543.04 million, a 6.2% decrease from $578.649 million on December 31, 2025, indicating adjustments in the company's investment strategy in response to changing market conditions.
See More
WhiteHorse Finance Reports Q1 2026 Financial Results
- Financial Overview: As of March 31, 2026, WhiteHorse Finance reported total investment income of $15.862 million, an 8.5% decline from $17.342 million on December 31, 2025, reflecting challenges in the market environment and portfolio volatility.
- Earnings Per Share Decline: The net investment income per share for Q1 was $0.253, down 12.0% from $0.287 in the previous quarter, indicating the company's ongoing efforts to manage investment risks and liquidity effectively.
- Dividend Declaration: The board announced a distribution of $0.25 per share payable on July 6, 2026, to shareholders of record as of May 21, 2026, aimed at preserving shareholder value and boosting investor confidence.
- Portfolio Dynamics: The fair value of WhiteHorse Finance's investment portfolio stood at $543 million as of March 31, 2026, down 6.2% from $579 million on December 31, 2025, as the company remains cautious in managing new and existing investments to navigate market uncertainties.
See More
WhiteHorse Finance to Announce Q1 Earnings on May 7
- Earnings Announcement: WhiteHorse Finance is set to release its Q1 2023 earnings on May 7 before market open, with consensus estimates of $0.28 EPS and $16.28 million in revenue, indicating significant market interest in the company's performance.
- Historical Performance: Over the past two years, WhiteHorse Finance has exceeded EPS estimates 38% of the time and revenue estimates 50% of the time, reflecting a degree of stability and confidence in the company's financial performance.
- Estimate Revision Trends: In the last three months, EPS estimates have seen two upward revisions and one downward revision, while revenue estimates have experienced no upward revisions but four downward revisions, suggesting a cautious market outlook on the company's future performance.
- Share Buyback Plan: WhiteHorse Finance signals continued share repurchases with a $15 million buyback capacity aimed at improving net asset value (NAV), which could positively impact shareholder returns.
See More
