WhiteHorse Finance : Q1 2026 Earnings Presentation

Published: 2026-05-07 07:41:15 ET WHF

Published on 05/07/2026 at 07:41 am EDT

Quarter Ended March 31, 2026

WhiteHorse Finance Snapshot

Company:

WhiteHorse Finance, Inc.

Equity Ticker:

NASDAQ: WHF

Market Cap:

$164.2MM(1)

Credit Rating:

Egan-Jones: BBB / DBRS: BBB (low)

NAV / Share:

$11.47(2)

Portfolio Fair Value:

$543.0MM(2)

Current Dividend Yield:

13.2%(1)(3)

External Manager:

Affiliate of H.I.G. Capital, LLC ("H.I.G. Capital" or "H.I.G.")

Based on shares outstanding of 21,611,392 and share price of $7.60 as of May 6, 2026.

As of March 31, 2026. 2

Based on annualized $0.25 per share quarterly distribution, excluding special and supplemental distributions, relative to closing share price.

Overview of WhiteHorse Finance, Inc.

WhiteHorse Finance, Inc. is a publicly listed Business Development Company ("BDC") that completed its IPO in December 2012

WhiteHorse Finance's investment activities are managed by H.I.G. WhiteHorse Advisers, LLC (the "Investment Adviser"), an affiliate of H.I.G. Capital, a leading global alternative asset manager with over $74BN of capital under management(1)

Principally focused on originating senior secured loans to performing lower middle market companies with individual enterprise values generally between

$50MM and $350MM

Diversified investment portfolio totaling $543.0MM as of March 31, 2026

Investments across 128(2) positions in 65 portfolio companies as of March 31, 2026

Average Investment Size(3): $3.5MM (Average Debt Investment Size(3): $4.8MM)

Largest Portfolio Company Investment(3): $20.2MM

Invested $2,908MM in 275 transactions since December 2012 IPO

The Company and State Teachers Retirement System of Ohio ("STRS Ohio"), a public pension fund established under Ohio law, partnered to create WHF STRS Ohio Senior Loan Fund LLC ("STRS JV"), a joint venture formed to invest in directly originated, senior secured first and second lien term loans

Portfolio at Fair Value ($MM)

NAV + Cumulative Dividends per share

$15.41

$15.30

$0.11

$16.69 $17.99 $17.70

$15.04

$2.95

$19.42

$21.19

$23.98

$27.02

$11.47

$0.32

$25.48

$10.05

$0.20

$14.31

$0.51

$28.45 $29.12

$12.89

$0.46

$30.00 $30.46 $31.27 $31.32

$17.33

$15.79

$18.74 $18.99

$13.63

$5.79

$13.33

$4.37

$15.35

$8.63

$15.16

$1.53

$13.63

$14.30

$13.98

$15.10

$15.23

$7.21

$0.82

$0.58

$0.86 $0.87

$12.31

$11.68

$11.47

Note: As of December 31st, of each respective year presented, unless otherwise noted.

Source: Company filings

As of May 6, 2026, based on total capital raised by H.I.G. Capital and affiliates.

Includes investments in STRS JV.

Based on fair value. Does not include investments in STRS JV.

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026

Net asset value Cumulative special dividends paid Cumulative base dividends paid

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026

$180

$272

$441 $470

$404 $415 $412

$543

$579

$590

$642

$696

$691

$760

$819

Overview of WhiteHorse Finance, Inc. (continued)

Summary Stats:

Investment Strategy

Generate attractive risk-adjusted returns primarily by originating and investing in senior secured loans to performing lower middle market companies and leveraging the knowledge of H.I.G. Capital

Differentiated proprietary deal flow from over 70 dedicated deal professionals sourcing through direct coverage of financial sponsors and intermediaries

Rigorous credit process focused on fundamental analysis with emphasis on downside protection and cash flow visibility

11-person investment committee with approximately 350 years of industry experience

Investment strategy focused on first lien and second lien senior secured investments in lower middle market companies with a target hold size of $5MM to $25MM

Invested Capital since IPO:

All-in Yield: 10.8%(3)

Number of Investments Made: ~275(1)

Average Investment Size:

Net Debt / EBITDA of Current Portfolio Companies:

$2,908MM(1)

~$3.5MM(2)

~4.2x(4)

Secured Debt as a % of Total Debt: ~99.7%(5)

Note: As of March 31, 2026, unless otherwise noted.

Reflects life-to-date since IPO and may exclude follow-on transactions and investments in STRS JV made via asset transfers in-kind.

Across 126 investments. Does not include investments in STRS JV.

Reflects weighted average effective yield of income-producing debt investments. Weighted average effective yield for entire portfolio, including equities and investments in STRS JV, as of March 31, 2026, is 8.7%. Weighted average effective yield is computed by dividing (a) annualized interest income (including interest income resulting from the amortization of fees and discounts) by (b) the weighted average cost of investments.

Measured at origination based on borrower reporting and WHF's target underwriting leverage. Does not include investments in STRS JV.

Based on fair value. Does not include the Company's investments in STRS JV.

Summary of Quarterly Results

Earnings Summary

Q1 Net Investment Income ("NII") and Q1 Core NII(1) was $5.6 million, or $0.253 per share, which compares with Q4 NII and Q4 Core NII of $6.6 million, or $0.287 per share.

Net realized and unrealized losses on investments and foreign currency transactions for Q1 2026 totaled ($6.3) million, primarily driven by markdowns on investments to Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC), The Kyjen Company, LLC (d/b/a Outward Hound) and Patagonia Holdco LLC (d/b/a Lumen LATAM).

Voluntary incentive fee waiver on net investment income from its stated annual rate of 20.00% to 17.50% resulted in a $0.2 million irrevocable fee waiver in Q1 2026.

Portfolio Highlights

The Company made gross investment deployments in three new portfolio companies for a total of $18.5 million, made add-on investments to twelve portfolio companies totaling $6.9 million and made net fundings of $0.7 million on revolver loans.

The Company received dispositions and principal repayments of $38.0 million, driven by four full realizations from Trimlite Buyer LLC (d/b/a Trimlite LLC), Monarch Collective Holdings, LLC, Patagonia Holdco LLC (d/b/a Lumen LATAM), and Token Buyer, Inc. (d/b/a Therm-O-Disc, Inc.). The Company also transferred two investments, comprised of two existing portfolio companies and two add-ons, to the STRS JV totaling $18.9 million.

The weighted average effective yield on income-producing investments at the end of Q1 2026 was approximately 10.8%, as compared with 11.0% in Q4 2025.

As of March 31, 2026, STRS JV had total assets of $337.2 million. The Company's return on its investment in STRS JV at the end of Q1 2026 was 13.3%(2).

The investments to The Kyjen Company, LLC (d/b/a Outward Hound) were placed on non-accrual status in Q1 2026.

Balance Sheet Update

NAV per share at the end of Q1 2026 was $11.47 per share compared with $11.68 per share from Q4 2025.

Gross leverage levels increased during the quarter to 1.31x from 1.26x at the end of Q4 2025. Net leverage at the end of Q1 2026 was 1.12x compared with 1.15x at the end of Q4 2025.

Repurchased approximately 0.4 million shares, at an average price of $7.31 per share for a total cost of $3.0 million, resulting in net asset value accretion of approximately $0.08 per share.

Dividend Policy / Other Events

Declared a quarterly distribution of $0.25 per share and a supplemental distribution of $0.01 per share, totaling $0.26 per share, paid on April 6, 2026. On May 7, 2026, declared a quarterly distribution of $0.25 per share to be paid on July 6, 2026.

Announced to voluntarily waive and reduce the incentive fee on net investment income from its stated annual rate of 20.00% to 17.50% for the next fiscal quarter ending June 30, 2026.

Core net investment income is a non-GAAP financial measure. Refer to next slide for components and discussion of core net investment income. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, can also be found by accessing the earnings releases posted to the Company's website at http://www.whitehorsefinance.com.

Computed as the annual stated rate of the subordinated notes, based on the subordinated notes outstanding as of the period, and dividends received over the last twelve-month 5

period, based on average capital invested.

Quarterly Operating Highlights

Unaudited Quarterly Financials

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

(USD in MM, except per share data)

Total Investment Income (1)

$ 18.8

17.7

17.3

15.9

Expenses

Interest Expense

6.2

6.1

5.8

5.0

Accelerated Amortization related to Refinancing

Base Management Fees

2.8

2.7

2.6

Performance-based Incentive Fees(2)

1.7

1.6

1.5

1.4

1.2

Other Expenses

1.3

1.7

1.5

1.6

1.5

Total Expenses

12.0

12.2

11.6

10.7

10.3

Net Investment Income

$ 6.8

$ 6.6

6.1

6.6

5.6

Net Realized and Unrealized Gain / (Loss)

(2.5)

(4.3)

(6.7)

1.8

(6.3)

Net Increase/(Decrease) in Net Assets

from Operations

$ 4.3

$ 2.3

(0.6)

8.4

(0.7)

Per Share

Net Investment Income (NII)

0.29

0.28

0.26

0.29

0.25

Core NII (3)

0.29

0.28

0.26

0.29

0.25

Net Realized and Unrealized Gain / (Loss)

$ (0.10)

$ (0.18)

$ (0.28)

$ 0.08

$ (0.28)

Earnings / (Losses)

$ 0.18

$ 0.10

$ (0.02)

$ 0.36

$ (0.03)

Dividends Declared

$ 0.385

$ 0.250

Special Dividends Declared

$ -

$ 0.035

$ 0.010

Core NII Dividend Coverage

76%

73%

68%

115%

101%

Note: Numbers may not foot due to rounding.

Total investment income includes investment income (e.g., interest and dividends) from investments in STRS JV.

Net of fee waivers, if any.

(iii) certain excise or other income taxes (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, can be found by accessing the earnings releases posted to the Company's website at http://www.whitehorsefinance.com.

Source: Company filings 6

Quarterly Balance Sheet Highlights

Unaudited Quarterly Financials

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

(USD in MM, except per share data)

Assets

Investments at Fair Value

$ 651.0

$ 629.3

$ 568.4

$ 578.6

$ 543.0

Cash and Equivalents(1)

19.6

33.3

45.9

29.7

$ 49.4

Other Assets

8.2

8.3

11.6

6.8

$ 13.7

Total Assets

$ 678.8

$ 670.9

$ 626.0

$ 615.1

$ 606.0

Liabilities

Debt (net of issuance costs)

361.1

363.2

323.5

323.8

324.1

Other Liabilities

36.2

33.0

37.3

31.5

31.6

Total Liabilities

$ 397.3

$ 396.2

$ 360.8

$ 355.3

$ 355.7

Total Net Assets

$ 281.5

$ 274.7

$ 265.2

$ 259.8

$ 250.3

Total Liabilities and Net Assets

$ 678.8

$ 670.9

$ 626.0

$ 615.1

$ 606.0

Net Asset Value per Share

$ 12.11

$ 11.82

$ 11.41

$ 11.68

$ 11.47

Leverage Ratio (2)

1.30x

1.34x

1.24x

1.26x

1.31x

Net Leverage Ratio (3)

1.23x

1.22x

1.07x

1.15x

1.12x

Asset Coverage Ratio (4)

177.2%

174.6%

180.7%

179.1%

176.2%

Note: Numbers may not foot due to rounding

Includes Restricted Cash.

Calculated as Total Gross Debt Outstanding divided by Total Net Assets.

Net Leverage Ratio is defined as debt outstanding less cash, divided by total net assets.

Calculated as the sum of Total Net Assets and Total Gross Debt Outstanding divided by Total Gross Debt Outstanding.

Portfolio Highlights

(USD in MM)

Portfolio Activity

New Investment Commitments

$ 59.1

$ 101.0

Portfolio Highlights

Q1 2025 Q2 2025 Q3 2025 Q4 2025

$ 53.7 $ 23.2

Q1 2026

$ 30.3

Gross Fundings (1)

47.2

43.2

21.9

79.4

28.1

Exits and Repayments (1) (2)

(37.5)

(63.1)

(76.8)

(72.4)

(58.9)

Net Fundings / (Repayments)

9.7

(19.8)

(54.9)

7.0

(30.8)

Portfolio Rotation

Weighted Average Interest Rate On New Investments

9.6%

9.9%

10.4%

9.4%

8.9%

Weighted Average Spread Over The Applicable Base Rate Of New Floating Rate Investments

5.3%

5.6%

6.1%

5.9%

5.3%

Weighted Average Interest Rate On Investment

Realizations Or Repayments

12.5%

10.6%

12.3%

11.2%

9.4%

Note: Numbers may not foot due to rounding

Fundings, exits and repayments may include non-cash transactions (e.g., PIK, equity issuances).

Exits and repayments may include sales to STRS JV.

Portfolio Highlights

($ in MM, except per share data)

Portfolio Investment

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Total Fair Value of Investments

$ 651.0

$ 629.3

$ 568.4

$ 578.6

$ 543.0

Number of Portfolio Investments

134

132

125

129

128

Number of Portfolio Companies

Average Investment Size(1)

$ 4.1

$ 4.0

$ 3.8

$ 3.7

$ 3.5

Average Borrower Size(1)

$ 7.5

$ 7.1

$ 6.8

Average Debt Investment Size(1)

$ 5.2

$ 5.0

$ 5.2

$ 4.8

Fair Value as a Percentage of Principal(1)(2)

90.6%

94.0%

92.1%

94.6%

94.0%

Total Portfolio Effective Yield (3)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Weighted average effective yield on income-producing investments(1)

12.1%

11.9%

11.6%

11.0%

10.8%

Weighted average effective yield on total portfolio(4)

9.6%

9.8%

9.5%

9.1%

8.7%

Portfolio Composition - Floating vs. Fixed Investments (Debt Investments at Fair Value)(1)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Percentage of fixed rate investments

1.3%

1.4%

Percentage of floating rate investments

98.7%

99.1%

98.7%

98.6%

Portfolio Composition - Sponsor vs. Non-Sponsor (Fair Value)(1)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Sponsor

67.2%

65.9%

65.3%

65.5%

61.8%

Non-Sponsor

32.8%

34.1%

34.7%

34.5%

38.2%

Total Portfolio Composition by Instrument Type (Fair Value)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

First lien secured loans

79.4%

77.6%

74.7%

74.3%

72.7%

Second lien secured loans

0.5%

0.6%

0.8%

0.9%

Subordinated debt

0.2%

STRS JV

16.4%

16.9%

18.6%

18.3%

19.5%

Equity

3.5%

4.8%

5.9%

6.3%

6.7%

Investments on Non-Accrual Status (Debt Investments)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Fair Value of Investments on Non-accrual Status

$ 45.9

$ 24.0

$ 11.5

$ 10.6

$ 14.4

Cost of Investments on Non-accrual Status

$ 79.6

$ 39.9

$ 31.9

$ 19.7

$ 29.6

% of Investments on Non-accrual Status (Based on Fair Value of Debt Investments)(5)

7.6%

4.2%

2.2%

2.0%

3.0%

% of Investments on Non-accrual Status (Based on Cost of Debt Investments)(5)

12.4%

6.7%

5.9%

3.7%

5.9%

Note: Not a guarantee of future performance or investment pace.

Does not include investments in STRS JV.

Calculated based on funded principal amounts of debt investments.

Weighted average effective yield is computed by dividing (a) annualized interest income (including interest income resulting from the amortization of fees and discounts) by (b) the weighted average cost of investments.

Weighted average effective yield for entire portfolio, including equities and investments in STRS JV.

Includes STRS JV Subordinated Note. Source: Company filings

Portfolio Trends

Historical Portfolio Trends

% Floating and % Fixed (Based on Fair Value)

% Instrument Type (Based on Fair Value)

100.0%

80.0%

60.0%

40.0%

20.0%

0.0%

0.1% 0.2% 0.4% 0.4% 0.9% 1.3% 1.3% 1.4%

99.9% 100.0% 100.0%

99.8%

99.6%

99.1%

98.7%

98.6%

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

100%

80%

60%

40%

20%

21%

11%

17%

39%

18%

19%

77%

81%

85%

80%

78%

74%

73%

52%

15%

2017 2018 2019 2020 2021 2023 2024 2025 2026

% Sponsored / Non-Sponsored (Based on Fair Value) % Non-Accruals (Based on Cost of Investments)(1)(2)(3)

100.0%

80.0%

10.0%

5.2%

3.5%

4.4%

3.3%

2.8%

2.2%

2.9%

2.6%

2.1%

3.5%

3.2%

3.0%

3.2%

3.3%

2.7%

2.6%

2.4%

2.1%

3.2%

2.6%

2.5%

0.0%

8.0%

60.0%

6.0%

40.0%

20.0%

4.0%

2.0%

0.0%

33%

35% 33% 34%

56%

47%

42%

38%

68%

67%

62%

65% 67% 66%

62%

44%

53%

58%

32%

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

0.0%

WHF

Note: As of end of each year/quarter presented, unless otherwise noted; percentages may not add up to 100% due to rounding. Not a guarantee of future performance or investment pace.

Based on amortized cost of total investments, including STRS JV.

BDC Peer Average includes approximately 10-15 publicly traded BDCs with total investments > $500 million & < $1.5 billion. BDC Industry Weighted Average and BDC Industry Median

includes approximately 40 publicly traded BDCs. Data is sourced from Raymond James and Company filings as of March 31, 2026. Weighted averages are based on non-accruals as a 10

percentage of amortized cost across total investments.

The Company's Q1 2026 non-accruals is not an indication that the Company performed better than any of the three other measurements during such quarter.

Investment Performance Ratings

Investment Performance Rating Definitions

Rating

Definition

The portfolio company's risk of loss has been reduced relative to initial expectations.

The portfolio company is meeting initial expectations with regard to performance and outlook. The investment's risk of loss has increased relative to initial expectation.

Investment principal is at a material risk of not being fully repaid.

Investment is in payment default and has significant risk of not receiving full repayment.

(% of Portfolio at Fair Value)

Rating

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Q1 2026

6.3%

2.3%

22.2%

15.4%

8.6%

18.3%

11.0%

4.7%

4.5%

100.0%

92.4%

100.0%

90.3%

87.0%

83.9%

80.1%

83.3%

61.1%

74.7%

66.2%

59.4%

61.5%

81.2%

83.8%

7.6%

7.9%

13.0%

16.1%

13.6%

13.1%

15.0%

8.9%

22.2%

19.2%

20.1%

7.9%

6.2%

0.0%

0.6%

1.0%

3.0%

0.9%

6.1%

2.7%

2.8%

1.8%

0.0%

1.3%

1.1%

2.2%

1.3%

3.5%

2.7%

100.0%

Borrower and Industry Diversity

Composition by Borrower (Based on Fair Value) Composition by Industry(1) (Based on Fair Value)

STRS JV

Zephyr Buyer, L.P.

Sleep OpCo LLC

Industrial Machinery & Supplies & Components

STRS JV

19.5%

3.7%

3.6%

54.3%

3.5%

2.8%

2.6%

2.5% 2.5%

2.4%

7.1%

6.8%

6.5%

37.0%

6.0%

5.9%

5.3%

3.6%

4.6%

4.1%

4.5%

~99.7% of WHF loans are senior secured

Note: As of March 31, 2026, unless otherwise noted; percentages may not add up to 100% due to rounding.

(1) Does not include investments in STRS JV. Industry classifications based on GICS. 12

Yield & Interest Rate Economic Analysis

16.0%

14.0%

12.6%

13.2%

13.4%

12.5%

12.1% 11.9% 11.6%

12.0%

10.0%

8.0%

6.0%

9.1% 9.2%

9.9%

9.4%

5.9%

11.4%

10.8%

6.8%

13.6%

13.7%

13.8%

13.1%

13.2%

12.1%

7.1%

12.6% 12.9%

7.1% 7.1% 7.1% 7.2% 7.2% 7.4%

12.5%

6.8%

12.0%

6.4%

11.6%

11.4%

6.3%

6.2%

5.8%

5.7%

4.4%

4.2%

11.1%

6.1%

11.0% 10.8%

10.5% 10.4%

5.5% 5.4%

8.6%

8.8%

5.7%

3.4%

3.5%

6.1%

5.5%

6.3% 6.5% 6.5% 6.5% 6.4% 6.3%

6.1%

5.5% 5.5%

4.0%

4.6%

4.0% 2.1% 3.7%

4.8% 5.0% 5.3% 5.4% 5.4% 5.3% 5.2% 4.8%

4.3% 4.1%

5.4%

3.9%

2.0%

0.0%

0.2% 0.3%

0.9%

Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

Income yield is calculated as the actual amount earned on earning investments, including interest and recurring fee income, but excluding amortization of capitalized fees and discounts.

Calculated as (a) effective yield less (b) weighted average cost of debt.

The weighted average cost of debt is calculated as (a) the actual amount of expenses incurred on debt obligations divided by (b) the daily average of total debt obligations.

The base reference rate represents the weighted average base rate for the quarter applied on the 2025 CLO Notes and JPM Revolving Credit Facility borrowings.

Effective Yield & Dividend Coverage

Debt Portfolio Effective Yield and Borrower Leverage(1) From IPO to March 31, 2026

2.8x

2.4x

4.5x

4.1x

4.1x 4.1x 4.1x 4.0x 4.1x 4.1x 4.1x 4.1x 4.1x 4.1x 4.2x 4.1x 4.1x 4.1x 4.1x 4.2x 4.2x 4.2x 4.2x 4.2x

2.1x

2.3x

2.7x

2.9x

3.0x

3.1x

3.0x

3.2x

3.3x

3.2x

3.3x

3.4x

3.5x

3.4x

3.6x

3.5x

3.4x

3.6x

3.8x

3.7x

3.8x

3.7x

3.8x

4.0x

Borrower Leverage through WHF Security

Missed by

$0.03

Covered by $0.01

Covered by $0.12

Covered by $0.10

$0.33

$0.36

$0.37

$0.36

$0.48

$0.36

$0.46

$0.36

$0.46

$0.37

$0.47

$0.37

$0.46

$0.39

$0.47

$0.39

$0.40

$0.39

$0.34

$0.39

$0.29

$0.39

$0.28

$0.39

$0.26

$0.39

$0.29

$0.25

Covered by $0.09

Core NII(2) to Dividend Coverage(3)

Covered by $0.10

Covered by $0.07

Covered Covered Covered Missed by $0.08 by $0.01 by $0.01 by $0.05

Missed

by $0.10

Missed

by $0.11

Missed

by $0.13

Covered

by $0.04

Covered

by $0.00

Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

Note: Amounts may not foot due to rounding.

Portfolio leverage is based on investment leverage at inception.

Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (i) the net impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to realized and unrealized gains and losses, and (iii) certain excise or other income taxes (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, can be found by accessing the earnings releases posted to the Company's website at http://www.whitehorsefinance.com

Does not include special or supplemental dividends.

Source: Company filings 14

NAV Per Share Bridge

Note: Numbers may not foot due to rounding.

Source: Company filings

Net Asset Value Trends

Net Asset Value Per Share

*As a supplement to GAAP financial measures, the Company has provided this non-GAAP measure. The Company believes that this non-GAAP financial measure is useful as it highlights the changes in NAV per share of common stock for each quarter excluding the impact of special dividends that were paid and shows the pro forma to the Company's NAV per share after payment of regular distributions.

13.63

13.98

14.30

13.13

13.63

12.54

$12.00

12.31

12.34

11.68 11.47

$10.00

$8.00

$6.00

$4.00

$2.00

$0.00

Net Asset Value If No Special or Supplemental Dividends Were Paid

Net Asset Value

14.21

15.10

15.35 15.23

15.04

13.33

$14.00

14.81

15.55

15.23

15.16

15.56

15.43

15.30

15.00

$16.00

$18.00

Leverage Migration

($ in MM)

12/31/2025

QtQ Change

3/31/2026

Outstanding Debt:

$328.5

+$0.0

Outstanding Debt:

$328.5

Driven by net realized and unrealized losses and share repurchases

Leverage Ratio:

Sources

Uses

Leverage Ratio:

1.26x

Sales & Principal Payments 58.9

Net Investment Income 5.6

Acquisition of Investments

Dividend Payment

28.1

5.6

1.31x

Other Balance Sheet Changes 2.1

Stock Repurchase Program

3.0

Balance Sheet Cash

29.9

Total $66.6

Total

$66.6

Note: Numbers may not foot due to rounding.

Funding Profile

Current Debt Outstanding (as of March 31, 2026)

($ in MM)

Commitment

Outstanding(1)

Weighted Average Interest Rate

Maturity

Revolving Credit Facility

$50.0

$0.0

S+2.250%

payable quarterly

2030

2025 Senior Secured CLO Notes(2)

$174.0

S+1.700%

payable quarterly

2037

5.375% 2026 Notes

$10.0

5.375%

payable semi-annually; Unsecured

2026

4.000% 2026 Notes

$75.0

4.000%

payable semi-annually; Unsecured

2026

5.625% 2027 Notes

$10.0

5.625%

payable semi-annually; Unsecured

2027

4.250% 2028 Notes

$25.0

4.250%

payable semi-annually; Unsecured

2028

7.875% 2028 Notes (NASDAQ: WHFCL)

$34.5

7.875%

payable quarterly; Unsecured

2028

Total Debt

$378.5

$328.5

5.4% weighted average cost of debt

Total Shareholders' Equity/Net Assets

$250.3

1.40x

1.20x

1.00x

0.80x

0.60x

0.40x

0.20x

0.00x

Gross Debt to Equity(3)

1.25x-1.35x Target Leverage

1.16x 1.20x

1.38x 1.36x 1.23x 1.27x 1.34x 1.30x 1.32x 1.25x 1.23x 1.26x

1.24x 1.30x 1.34x 1.24x 1.26x 1.31x

Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

Debt/ Equity

Note: As of end of each quarter presented, unless otherwise noted. Not a guarantee of future performance or investment pace.

As of March 31, 2026, WHF had $4.4MM of deferred debt issuance costs.

In June 2025, the Company completed a $298.15 million term debt securitization, of which the 2025 Senior CLO Notes, totaling $174.0 million were issued through a 18

private placement. The Class B Notes, Class C Notes and 2025 Subordinated CLO Notes are fully retained by the Company and eliminated upon consolidation.

Gross leverage excluding cash.

Appendix

Disclaimer

WhiteHorse Finance Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 11:39 UTC.