WhiteHorse Finance Inc (NASDAQ: WHF) is a business development company (BDC) that provides debt financing primarily to lower middle market companies in the United States. It makes money by earning interest income on senior secured loans, with additional returns from equity co-investments held alongside those debt positions. As of December 31, 2025, the portfolio consisted of 129 positions across 68 companies with an aggregate fair value of approximately $578.6 million, down from 127 positions across 71 companies at an aggregate fair value of approximately $642.2 million as of December 31, 2024. The portfolio is concentrated in first lien senior secured term loans and revolving credit facilities priced at spreads above SOFR. WhiteHorse Finance is externally managed by an affiliate of H.I.G. Capital, headquartered at 1450 Brickell Avenue, Miami, Florida, and is leveraged, financing its investments with borrowed money as permitted under the Small Business Credit Availability Act.

Revenue model

Interest income on floating-rate senior secured loans to lower middle market borrowers, priced at spreads above SOFR. Additional return from equity positions including common units, preferred units, and PIK instruments held as co-investments alongside debt.

Products and services

First lien secured term loans, first lien secured revolving loans, and equity co-investments including common units, preferred units, and PIK preferred instruments across sectors such as research and consulting services, security and alarm services, air freight and logistics, broadline retail, building products, construction and engineering, diversified chemicals, diversified support services, education services, and environmental and facilities services.

Customers and end markets

Lower middle market U.S. companies across a range of industries. Portfolio borrowers as of December 31, 2025 include entities such as M&M OpCo LLC (d/b/a Escalent Inc.), Event Services America Inc. (d/b/a Contemporary Services Corporation), Ross-Simons Inc., PFB Corporation, Banner Industries Inc., Juniper Landscaping Holdings LLC, EducationDynamics LLC, and others. 68 portfolio companies as of December 31, 2025.

Value-chain role

Direct lender and equity co-investor. Externally managed BDC that originates and holds loans on its balance sheet rather than syndicating or securitizing. Investment Adviser is an affiliate of H.I.G. Capital, which sources deal flow and provides portfolio monitoring.

Geographic exposure

United States. Headquartered in Miami, Florida (1450 Brickell Avenue, 31st Floor). No geographic breakdown of portfolio by region is supported by the filing excerpts.

Source: SEC 10-K, filed 2026-03-06

Industry: UNKNOWN Peers: BlackRock Capital Investment Corp Blackstone Inc Fidus Investment Corp GLADSTONE CAPITAL CORP Gladstone Investment Corp Saratoga Investment Corp Horizon Technology Finance Corp NewtekOne Inc Triplepoint Venture Growth BDC Corp