WhiteHorse Finance, Inc.

WhiteHorse Finance, Inc. reported a net increase in net assets resulting from operations of $14.3 million for FY 2025, a 32.1% increase from $10.9 million in FY 2024. Total investment income decreased by 21.7% to $72.7 million from $92.8 million, primarily due to lower interest income, PIK income, and fee/dividend income. Total expenses decreased by 16.2% to $46.6 million, driven by lower interest expense, base management fees, and performance-based incentive fees. The company experienced net realized losses of $35.6 million, partially offset by net unrealized appreciation of $23.8 million. Key drivers included portfolio yield compression, reduced portfolio size, and significant realized losses on specific investments. The company maintained its RIC status with $36.6 million in distributions declared.

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