WhiteHorse Finance, Inc. (WHF)

FIHL, FLOC and WHF have been added to the Zacks Rank #5 (Strong Sell) List on August 14, 2025.

WhiteHorse Finance (NASDAQ:WHF ) Q2 2025 Earnings Conference Call August 7, 2025 2:00 PM ET Company Participants Joyson C. Thomas - CFO & Principal Accounting Officer Stuart D.

WhiteHorse Finance (WHF) came out with quarterly earnings of $0.28 per share, missing the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.4 per share a year ago.

NEW YORK , Aug. 7, 2025 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the second quarter ended June 30, 2025. In addition, the Company's board of directors has declared a distribution of $0.385 per share with respect to the quarter ended June 30, 2025.

NEW YORK , July 25, 2025 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced that it will release its second quarter financial results for the period ended June 30, 2025 on Thursday, August 7, 2025. The Company will discuss its financial results on a conference call on the same day at 2:00 p.m.

Key Points The bank consolidations caused by the 2008 subprime mortgage banking meltdown wound up favoring large corporations for ongoing business at the expense of smaller ones. The Business Development Company sector has filled the debt financing gap for small and medium sized businesses abandoned by the large banks after 2008. Due to BDC registration requirements for capital markets access, shareholders receive 90% of BDC profits, often resulting in double digit annual yields. It’s hard to believe, but today there are credit cards offering up to 6% cash back, $200 statement credits, $0 annual fees, travel rewards, and more. See for yourself, I couldn’t believe it at first. Frankly, with rewards this good we don’t expect them to be available forever. But if you sign up today you can secure some of the best rewards we’ve ever seen. Click here to get started. Prior to 2008, some of the more popular US banking institutions included: Lehman Brothers Bear Stearns Wachovia Bank Washington Mutual Merrill-Lynch IndyMac As depicted in the 2015 movie, The Long Short, the unsustainable subprime mortgage bubble wound up causing a banking industry meltdown. All of the banks in the list above despite decades of successful operations, were caught flatfooted and insolvent when the crash hit. The federal government was forced to trigger TARP (Troubled Asset Relief Program) which helped to shore up the balance sheets of the largest institutions. The leftover banks were steered towards the TARP recipients for acquisition, with Bear Stearns most notably being acquired by JP Morgan Chase at a fire-sale price of $2 per share. Unsurprisingly, turning around operations to remove red ink from balance sheets became the imperative of all of these new consolidated banks. For example, Brian Moynihan of Bank of America, which acquired Merrill-Lynch, issued a directive for brokers to close out accounts smaller than $200,000. An unforeseen casualty of the bank consolidations were the small and medium sized businesses that had been relying on the Washington Mutuals, et al. for their revolving credit lines, their inventory finance, and a panoply of other debt finance services. With millions of medium and small businesses suddenly stuck without financing options, Business Development Companies (BDCs) emerged to fill the gap, which has subsequently created a sizable standalone BDC category estimated to be over $350 billion and part of the larger $1.8 trillion private credit sector. As BDCs are registered with the SEC, they are treated comparably to REITs and thus, shareholders receive 90% of BDC profits. The five BDC examples below give a good example of the demand strength in the sector and the boost to entrepreneurship and business creation and the yields each offers investors. WhiteHorse Finance, Inc. WhiteHorse Finance has provided over $2.78 billion worth of financings since 2012, with a partiality to software companies. WhiteHorse Finance, Inc. (NASDAQ: WHF) Yield: 17.66% WhiteHorse Finance, Inc. is a Business Development Company that finances lower and mid-tier companies with growth capital in the form of senior secured notes or first lien notes. Headquartered in Miami, FL, WhiteHorse typically originates its debt underwritings in the $25 million to $50 million range for US companies in the $50 million to $350 million enterprise value category. It has deployed its $642 million portfolio to finance $2.78 billion across 260 transactions since going public in 2012. Goldman Sachs BDC, Inc. Investment banking behemoth Goldman Sachs has a BDC industry presence under its own moniker. Goldman Sachs BDC, Inc.(NYSE: GSBD) Yield: 14.13% The lucrative profits that well financed firms can avail themselves of in the BDC space have caused some of the aforementioned larger banks to get a foothold into it as well, after abandoning it years ago. Goldman Sachs is one of them. MSNBC’s Jim Cramer described Goldman Sachs recently as a firm with “a thirst that can’t be slaked without more deals.” Journalist Matt Taibbi dubbed Goldman Sachs, the prestigious (some would say nefarious) investment bank with the nickname, “Great Vampire Squid” due to it being “wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money” and its omnipresent shadow on any financial platform where money can be made. The self-descriptive Goldman Sachs BDC, Inc. represents the Goldman Sachs BDC footprint. Stellus Capital Investment Corporation Orthotics producer Dr. Scholl’s is one of Stellus Capital Management’s 350+ financing clients. Stellus Capital Investment Corporation (NYSE: SCM) Yield: 11.47% Participating in both the private corporate debt and equity markets, Houston, TX headquartered Stellus Capital Investment Corp. finances deals for American and Canadian companies with EBITDA between $5 million and $50 million. With a $3.4 billion AUM warchest, Stellus has invested over $9.8 billion across 350+ investments since beginning over 20 years ago. The company currently has over 100 financings currently active. Carlyle Secured Lending, Inc. Carlyle Secured Lending is the BDC arm of Carlyle Group, best known for its financings in the aerospace and defense industries. Stock: Carlyle Secured Lending, Inc. (NASDAQ: CGBD) Yield: 12.93% Best known for its involvement with its aerospace and defense industry investments, NY based Carlyle Group has stakes in a number of other financial platforms. With a multi billion portfolio, Carlyle Secured Lending, Inc. is Carlyle Group’s entry into the BDC arena. Golub Capital BDC Inc. Small businesses and private credit financings that might be too small for most BDCs make up a sizable portion of Golub Capital’s clientele, and have helped it to earn its numerous awards. Golub Capital BDC Inc. (NASDAQ: GBDC) Yield: 10.65% Golub Capital BDC Inc. has an unbroken award winning decade-long streak in process, with its 2024 Lender of the Year win. In 2023, Golub Capital won all three Lender of the Year, Senior Lender of the Year, and BDC Manager of the Year in the Americas awards from Private Debt Investor (PDI), and has won 24 PDI awards since 2013. Its latest acknowledgement came this year from Newsweek, which listed Golub Capital BDC in its “America’s Greatest Midsize Workplaces” rankings. The post US Private Credit Surges to Record $1.8 Trillion as BDCs Fill $350 Billion Financing Gap appeared first on 24/7 Wall St..

WHF's portfolio quality continues to deteriorate, with non-accruals rising to 8.8% and earnings declining, justifying my ongoing sell rating. Despite a 17% dividend yield and a 25.6% discount to NAV, I see these as reflections of risk and weak fundamentals, not buying opportunities. Net investment income fails to cover the dividend, and reliance on spillover income is unsustainable; a dividend cut appears likely and necessary.

WhiteHorse Finance (NASDAQ:WHF ) Q1 2025 Earnings Conference Call May 13, 2025 4:30 PM ET Company Participants Robert Brinberg - President, Rose & Company Stuart Aronson - Chief Executive Officer Joyson Thomas - Chief Financial Officer Conference Call Participants Melissa Wedel - JPMorgan Robert Dodd - Raymond James Operator Good afternoon. My name is Margo, and I'll be your conference operator today.

WhiteHorse Finance (WHF) came out with quarterly earnings of $0.29 per share, missing the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.47 per share a year ago.

NEW YORK , May 12, 2025 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the first quarter ended March 31, 2025. In addition, the Company's board of directors has declared a distribution of $0.385 per share with respect to the quarter ended March 31, 2025.

NEW YORK , April 28, 2025 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced that it will release its first quarter financial results for the period ended March 31, 2025 on Monday, May 12, 2025. The Company will discuss its financial results on a conference call on Tuesday, May 13, 2025 at 4:30 p.m.

BDCs face challenges due to declining earnings, increased private credit supply, and recession concerns, impacting dividend sustainability. Many BDCs have already cut their dividends to align earnings with the cash distributions. Yet, there is still a long list of BDCs that have maintained their base dividends safe.

WhiteHorse Finance continues to struggle with deteriorating portfolio quality and lower earnings, leading to a maintained sell rating. WHF's price declined nearly 20% over the past year, with total returns at negative 6.78%, and dividend sustainability is questionable. Despite trading at a discount to NAV, WHF's poor performance and high non-accrual rates make it less attractive compared to peers.

As a structural BDC bull I have to admit that the period of BDCs consistently surprising us on the upside has come to an end. Many lower quality BDCs have already cut their dividends to sync their cash flows with less favorable private credit lending environment. I would say that the moment of truth for high quality BDCs is also very close, where we will see how really durable their base dividends are.

Call Start: 14:00 January 1, 0000 2:33 PM ET WhiteHorse Finance (NASDAQ:WHF ) Q4 2024 Earnings Conference Call March 07, 2025 02:00 PM ET Company Participants Robert Brinberg - President, Rose & Company Stuart Aronson - CEO Joyson Thomas - CFO Conference Call Participants Mickey Schleien - Ladenburg Sean-Paul Adams - Raymond James Melissa Wedel - JPMorgan Operator Good afternoon. My name is David, and I will be your conference operator today.

WhiteHorse Finance (WHF) came out with quarterly earnings of $0.34 per share, missing the Zacks Consensus Estimate of $0.39 per share. This compares to earnings of $0.46 per share a year ago.