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Dec 31, 2025
Whitehorse Finance Q4 2025 Earnings Report
Whitehorse Finance Q4 2025 Earnings Report
Key Takeaways
WhiteHorse Finance reported a decrease in net investment income for Q4 2025 compared to the prior year, primarily due to lower yields and a smaller portfolio size. Despite this, the company saw an increase in Net Asset Value (NAV) per share from the previous quarter and maintained active investment deployments while managing underperforming credits through restructuring.
Net investment income for Q4 was $6.6 million, or $0.287 per share, down from $8.0 million in Q4 2024.
Net Asset Value (NAV) per share increased to $11.68 from $11.41 at the end of Q3 2025.
Gross investment deployments for the quarter totaled $77.1 million, including $64.0 million in new originations.
The board declared a $0.25 per share distribution and a $0.01 per share supplemental distribution for Q1 2026.
Revenue by Segment
Forward Guidance
The company is focused on earning its distribution consistently following a base dividend reset and remains selective in a competitive origination environment.
Positive Outlook
- Positioned to earn distributions more consistently after dividend reset
- Portfolio remains overwhelmingly first lien (74.3%)
- Active management of underperforming credits with dedicated resources
- Increased authorized stock repurchase program by $7.5 million
- Supplemental distributions framework remains in place for incremental earnings
Challenges Ahead
- Highly competitive origination environment
- Lower yields compared to the prior year
- Impact of investments placed on non-accrual status
- Decrease in total portfolio size year-over-year
Historical Earnings Impact
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Avg. Return Before/After Earnings
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