The earnings call reflected significant challenges faced by WhiteHorse Finance, including disappointing results, a reset of the quarterly distribution, and net realized and unrealized losses. However, there are some positive actions being taken, such as the reduction in incentive fees and the initiation of a share buyback program. The company's nonaccrual investments have also improved. Despite these efforts, the overall sentiment is overshadowed by the negative aspects.

Company Guidance

During the WhiteHorse Finance Third Quarter 2025 Earnings Conference Call, the company provided several key metrics and guidance updates. The Q3 GAAP net investment income and core NII were reported at $6.1 million or $0.263 per share, a decrease from Q2's $6.6 million or $0.282 per share. The net asset value (NAV) per share at the end of Q3 was $11.41, representing a 3.6% decrease from the previous quarter. Due to market conditions and a $0.12 shortfall in NII coverage, the Board decided to reset the quarterly base distribution to $0.25 per share, reflecting an 8.8% annualized yield based on the ending NAV. Additionally, the adviser agreed to reduce the incentive fee on net investment income from 20% to 17.5% for the next two fiscal quarters. The company also announced a $15 million share buyback program, highlighting the stock's more than 40% discount to its book value. Gross deployments in Q3 were $19.3 million, offset by $50.5 million in repayments and sales, resulting in net repayments of $31.2 million. The weighted average effective yield on income-producing debt investments decreased to 11.6% from 11.9% in Q2, with the overall portfolio yield decreasing slightly to 9.5%. The STRS JV portfolio, with a fair value of $341.5 million, had a slightly reduced average effective yield of 10.3%. The company experienced net realized and unrealized losses totaling $6.7 million in Q3, with significant markdowns in Alvaria and Camarillo Fitness.

Incentive Fee Reduction

The adviser has voluntarily agreed to reduce the incentive fee on net investment income from 20% to 17.5% for the next two fiscal quarters, providing additional financial support for quarterly distributions to shareholders.

Share Buyback Program

The Board has approved a share buyback program of up to $15 million due to the company's stock trading at a more than 40% discount to its book value, which is expected to be accretive.

Improvement in Nonaccrual Investments

Nonaccrual investments now represent 2.7% of the debt portfolio at fair value, an improvement compared with 4.9% in the prior quarter.

WhiteHorse (WHF) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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WHF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 26, 2026	2025 (Q4)	0.27 / -	0.343	―	―	―
Nov 10, 2025	2025 (Q3)	0.29 / 0.26	0.394	-33.25% (-0.13)
Aug 07, 2025	2025 (Q2)	0.31 / 0.28	0.4	-29.50% (-0.12)
May 12, 2025	2025 (Q1)	0.33 / 0.29	0.465	-36.77% (-0.17)
Mar 07, 2025	2024 (Q4)	0.40 / 0.34	0.456	-24.78% (-0.11)
Nov 07, 2024	2024 (Q3)	0.41 / 0.39	0.465	-15.27% (-0.07)
Aug 08, 2024	2024 (Q2)	0.45 / 0.40	0.456	-12.28% (-0.06)
May 08, 2024	2024 (Q1)	0.46 / 0.47	0.461	0.87% (<+0.01)
Feb 29, 2024	2023 (Q4)	0.46 / 0.46	0.476	-4.20% (-0.02)
Nov 09, 2023	2023 (Q3)	0.46 / 0.47	0.42	10.71% (+0.05)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

WHF Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 10, 2025	$7.11	$6.75	-5.06%
Aug 07, 2025	$8.36	$8.11	-2.99%
May 12, 2025	$8.52	$8.47	-0.59%
Mar 07, 2025	$9.24	$8.82	-4.55%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does WhiteHorse (WHF) report earnings?

WhiteHorse (WHF) is schdueled to report earning on Feb 26, 2026, Before Open (Confirmed).

What is WhiteHorse (WHF) earnings time?

WhiteHorse (WHF) earnings time is at Feb 26, 2026, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is WHF EPS forecast?

WHF EPS forecast for the fiscal quarter 2025 (Q4) is 0.27.

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