Core Viewpoint - WhiteHorse Finance's dividend yield is approaching its highest level due to ongoing weakness in its common shares and a significant discount to net asset value (NAV) [1] Group 1: Company Performance - WhiteHorse Finance's common shares are experiencing sustained weakness, contributing to a deep discount to NAV [1] - The current market conditions reflect a new trend where the company's dividend yield is notably high [1] Group 2: Market Context - The equity market is characterized by daily price fluctuations that can lead to substantial long-term wealth creation or destruction [1] - Pacifica Yield is focused on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Group 1 - Business Development Companies (BDCs) are facing challenges due to elevated interest rates, impacting their ability to manage higher debt costs [1] - WhiteHorse Finance (WHF) has experienced a consistent downtrend, reflecting the broader struggles within the BDC sector [1] - The article highlights a strategy that combines classic dividend growth stocks with BDCs, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]

Core Insights - WhiteHorse Finance, Inc. (WHF) operates in the Zacks Financial - SBIC and Commercial Industry sector, focusing on strategic financial management and investment opportunities to provide shareholder value [1] Financial Performance - WHF reported an EPS of $0.28, exceeding the estimated $0.27, reflecting a positive earnings surprise of 7.41%, although it decreased from $0.34 in the same quarter last year [2][6] - Revenue for WHF was $17.24 million, surpassing the estimated $16.62 million, indicating a 4.85% beat over the Zacks Consensus Estimate, but down from $21.01 million reported in the previous year [3][6] Distribution Strategy - WHF declared a quarterly distribution of $0.25 per share and a supplemental distribution of $0.01 per share, payable on April 6, 2026, aligning with the company's goal to maintain its financial framework while ensuring consistent earnings [4] Financial Ratios - WHF has a P/E ratio of approximately 15.51, a price-to-sales ratio of about 2.97, and an enterprise value to sales ratio of around 8.38, reflecting its market valuation [5] - The company demonstrates a balanced financial leverage with a debt-to-equity ratio of approximately 1.22 and a current ratio of about 1.56, indicating good liquidity to cover short-term liabilities [5][6]

Financial Data and Key Metrics Changes - For Q4 2025, GAAP net investment income and core NII increased to $6.6 million or $0.287 per share, compared to $6.1 million or $0.263 per share in Q3 [4][23] - NAV per share rose to $11.68 at the end of Q4 from $11.41 at the end of Q3, marking an increase of approximately 2.4% [5] - The company declared a supplemental distribution of $0.01 per share for Q1 2026, in addition to the base distribution of $0.25 per share [6][28] Business Line Data and Key Metrics Changes - Gross capital deployments in Q4 totaled $77.1 million, with net deployments of $27.5 million after accounting for repayments and sales of $49.6 million [10] - The weighted average effective yield on income-producing debt investments decreased to 11% at the end of Q4 from 11.6% at the end of Q3 [11] - The weighted average effective yield on the overall portfolio also decreased to 9.1% at the end of Q4 from approximately 9.5% at the end of Q3 [12] Market Data and Key Metrics Changes - The market remains competitive, with capital availability exceeding new deal supply, particularly in the mid-market [18] - Pricing for sponsor-backed deals is generally in the SOFR plus 450-525 range, while lower mid-market deals are priced at SOFR plus 450-550 [18] - The company has modest exposure to internet or software companies, representing 10% of the portfolio at cost and 9% at fair value [17] Company Strategy and Development Direction - The company is focused on improving earnings power and narrowing the gap between share price and NAV through share repurchases and strategic portfolio management [7][9] - The board has approved an increase in the share repurchase program to $22.5 million, with approximately $15 million still available for future repurchases [27] - The company aims to enhance shareholder value through disciplined origination and portfolio repositioning [9][19] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about improved M&A activity in 2026, supported by lower interest rates and abundant capital [57] - The company is aware of the persistent discount to NAV and is actively exploring options to improve earnings and shareholder value [34][50] - Management noted that while the market is competitive, the non-sponsor market offers better risk-return profiles due to less competition [20] Other Important Information - The company reported a net increase in net assets resulting from operations of $8.4 million for the quarter [23] - The STRS JV portfolio had an aggregate fair value of $323.6 million at the end of Q4, with an average effective yield of 9.9% [12][25] - The company has approximately $29.7 million in cash resources at the end of Q4, including $22.7 million in restricted cash [26] Q&A Session Summary Question: How is the company balancing new deployment opportunities versus stock repurchases? - Management indicated that at current trading levels, the stock represents an attractive purchase, leading to increased buyback authorization [34] Question: What metrics does the board use to compare performance to peers? - The board evaluates return on share price, costs incurred, and trading levels relative to NAV compared to other BDCs [41][42] Question: Is the market discount related to the company's exposure to the JV senior loan funds? - Management stated that they have not received feedback indicating that the JV is a key reason for the share discount, emphasizing the quality of the JV portfolio [44][45] Question: What is the outlook for M&A activity and the pipeline for repayments and originations? - Management noted improved activity in Q1 2026 compared to Q1 2025, with expectations for better M&A activity driven by lower interest rates and abundant capital [55][57]

WhiteHorse Finance (NasdaqGS:WHF) Q4 2025 Earnings call March 02, 2026 01:30 PM ET Company ParticipantsChristopher Nolan - Managing DirectorJoyson Thomas - CFORichard Shane - Managing DirectorRob Munnings - DirectorStuart Aronson - CEOConference Call ParticipantsRobert Dodd - Managing Director and Senior Equity AnalystOperatorStandby, your meeting is about to begin. Good afternoon, everyone. Welcome to today's WhiteHorse Finance Q4 2025 Earnings Call. At this time, all participants are in a listen-only mode ...

WhiteHorse Finance (NasdaqGS:WHF) Q4 2025 Earnings call March 02, 2026 01:30 PM ET Speaker2Standby, your meeting is about to begin. Good afternoon, everyone. Welcome to today's WhiteHorse Finance fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. To register to ask a question at any time, please press star 1 on your telephone, and to remove yourself from the queue, press st ...

WhiteHorse Finance, Inc. Earnings Presentation Quarter Ended December 31, 2025 NASDAQ: WHF (Common Stock) NASDAQ: WHFCL (7.875% Notes due 2028) Important Information and Forward Looking Statements References in this presentation to "WHF", "WhiteHorse Finance", "we", "us", "our" and "the Company" refer to WhiteHorse Finance, Inc. This presentation and the information and views included herein do not constitute investment advice, or a recommendation or an offer to enter into any transaction with the Company o ...

分组1 - WhiteHorse Finance (WHF) reported quarterly earnings of $0.29 per share, exceeding the Zacks Consensus Estimate of $0.27 per share, but down from $0.34 per share a year ago, representing an earnings surprise of +7.41% [1] - The company posted revenues of $17.34 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 4.85%, but down from $21.01 million year-over-year [2] - Over the last four quarters, WhiteHorse has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] 分组2 - The stock has underperformed the market, losing about 9.4% since the beginning of the year, while the S&P 500 has gained 0.5% [3] - The current consensus EPS estimate for the coming quarter is $0.26 on revenues of $16.19 million, and for the current fiscal year, it is $1.04 on revenues of $65.23 million [7] - The Zacks Industry Rank for Financial - SBIC & Commercial Industry is currently in the bottom 32% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Exhibit 99.1 NEW YORK, March 2, 2026 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its fourth quarter and full year financial results for the year ended December 31, 2025. In addition, the Company's board of directors has declared a distribution of $0.25 per share with respect to the quarter ending March 31, 2026 and a supplemental distribution of $0.01 per share. Both distributions will be payable on April 6, 2026 to stockholders of record as ...

Core Viewpoint - WhiteHorse Finance, Inc. will release its fourth quarter and full year financial results for the year ended December 31, 2025 on March 2, 2026 [1] Financial Results Announcement - The financial results will be discussed in a conference call scheduled for March 2, 2026, at 1:30 p.m. [1]