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An update from WhiteHorse ( (WHF) ) is now available.
On March 2, 2026, WhiteHorse Finance reported fourth-quarter and full-year 2025 results, showing net investment income of $6.6 million for the quarter and $26.1 million for the year, down 17.5% and 29.8% year-over-year, respectively, due mainly to lower yields, non-accruals, and a smaller portfolio. Net asset value stood at $259.8 million, or $11.68 per share, as of December 31, 2025, slightly above the prior quarter but below $12.31 a year earlier, while annual distributions totaled $1.44 per share, including a special payout, and the board declared a $0.25 regular and $0.01 supplemental distribution for the March 31, 2026 quarter.
The company deployed $180.8 million into new and existing investments during 2025, offset by $155.7 million of sales and repayments and $83.3 million of asset transfers into STRS JV, where its investment generated a 13.2% annualized gross yield in the fourth quarter. Management highlighted improved quarterly earnings, share repurchases executed at a discount to book value, and a portfolio dominated by first lien, floating-rate loans as key supports for net asset value and future distribution coverage, while also noting a cautious stance on new originations in a competitive credit environment and continued active management of underperforming credits.
The most recent analyst rating on (WHF) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on WhiteHorse stock, see the WHF Stock Forecast page.
Spark’s Take on WHF Stock
According to Spark, TipRanks’ AI Analyst, WHF is a Neutral.
WHF’s score is supported primarily by strong cash flow generation and recent revenue momentum, but is held back by weaker technical trend signals and a negative earnings-call backdrop (lower NII, NAV decline, portfolio losses, and a distribution reset). Valuation is mixed: a moderate P/E and very high yield help, but sustainability concerns temper the benefit.
To see Spark’s full report on WHF stock, click here.
More about WhiteHorse
WhiteHorse Finance, Inc. is a publicly traded business development company listed on Nasdaq under the ticker WHF that provides debt financing, primarily first lien secured loans, to middle-market companies. As of December 31, 2025, its investment portfolio totaled $578.6 million across 68 companies, complemented by a $323.6 million senior loan joint venture with STRS Ohio focused on floating-rate, income-producing credit assets.
Average Trading Volume: 159,168
Technical Sentiment Signal: Sell
Current Market Cap: $146.4M
Learn more about WHF stock on TipRanks’ Stock Analysis page.