WhiteHorse Finance, Inc. Q4 2025 Earnings Call Summary

Management attributed the 2.4% increase in NAV per share to accretive share repurchases and net realized/unrealized gains, despite paying out base and special distributions. The company prioritized capital stability by completing a $164 million CLO securitization at 3-month SOFR plus 170 basis points to improve the cost profile of secured leverage. The adviser voluntarily reduced its incentive fee from 20% to 17.5% through Q1 2026 to provide near-term support for distributable earnings and shareholder ...