WhiteHorse Finance (WHF)
Originates senior secured loans for privately held U.S. lower-middle-market companies.
Something off on this page? Send us feedback.
Originates senior secured loans for privately held U.S. lower-middle-market companies. Its H.I.G.-affiliated adviser manages investment activity, while the BDC may also invest elsewhere in a borrower's capital structure.
Originates senior secured loans primarily for privately held U.S. lower-middle-market companies across a range of industries. As an externally managed BDC, it may also invest elsewhere in a borrower's capital structure.
Investment activity is managed by H.I.G.-affiliated WhiteHorse Advisers, which provides the personnel, diligence, business contacts, and execution resources used to evaluate, structure, close, and monitor investments. No internal employees directly perform these functions.
The company became a corporation and elected BDC treatment in 2012, when its common stock began trading on Nasdaq. Its investment process depends on WhiteHorse Advisers' skill and business-contact network.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Nov 11, 2024 | Oppenheimer | Downgrade | Target: — | Target: $12 |
| Nov 8, 2024 | Raymond James | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $27.9M · Total debt $324.9M · Total assets $604.1M · Shareholders' equity $252.8M
- Revenue
- $14.4M
- Operating income
- $9.5M
- Net income
- $10.4M
HistoryDividendAnnual yield
| Institutions | ≥ 15.57% | 3.34M shares | |
|---|---|---|---|
| 51 holders · as of Jun 30, 2026 | |||
| Insiders | 2.19% | 471.3K shares | |
| 4 holders · as of Jun 18, 2026 | |||
| Other | ≤ 82.24% | 17.66M shares | |
| remainder | |||
21.48M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Institutional filings for WHFCL (100% of the company) are not on file here, so the institutional figure is a floor.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Lalia Capital, LLCInstitution | 3.32% | 712,769 | as of Jun 30, 2026 |
Two Sigma Investments, LPInstitution | 2.00% | 430,600 | as of Jun 30, 2026 |
Ethos Financial Group, LLCInstitution | 1.68% | 360,532 | as of Jun 30, 2026 |
John BolducInsiderdirector | 1.48% | 317,297 | filed Jun 18, 2026 |
Castleknight Management LPInstitution | 0.96% | 205,656 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 18, 2026 | John Bolduc | director | +7,690 | $6.49 |
| Jun 15, 2026 | Stuart D. Aronson | director, officer: Chief Executive Officer | +15,000 | $6.41 |
| Jun 4, 2026 | John Bolduc | director | +7,140 | $6.88 |
| Jun 5, 2026 | John Bolduc | director | +7,140 | $6.77 |
| Jun 1, 2026 | John Bolduc | director | +3,570 | $6.88 |
- Main Street Capital
Lower-middle-market debt and equity financing specialist
- Capital Southwest
Flexible lower-middle-market lender across the capital structure
- Golub Capital BDC
First-lien lender to sponsor-backed middle-market companies
- Ares Capital
Large-scale direct lender to U.S. private middle-market companies
- Blue Owl Capital
Direct lender with predominantly senior secured middle-market loans
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| WhiteHorse Finance | $7.12 | −1.93% | $155.9M | 9.2 | 7.2 | 3.3 | +43.1% |
| Main Street Capital | $55.15 | −1.53% | $5.21B | 11.3 | 14.5 | 7.4 | −26.1% |
| Capital Southwest | $23.10 | −1.03% | $1.45B | 12.9 | 9.9 | 6.3 | +9.1% |
| Golub Capital BDC | $12.44 | −0.76% | $3.26B | 22.8 | 9.7 | 4.6 | −14.2% |
| Ares Capital | $19.19 | −0.90% | $13.90B | 14.3 | 10.0 | 6.0 | +32.6% |
| Blue Owl Capital | $10.97 | −1.57% | $5.53B | 19.9 | 8.5 | 3.9 | −20.8% |
| Median | 14.3 | 9.9 | 6.0 | −14.2% |