WhiteHorse Finance, Inc.: insider trades · United States · SEC (Form 4)

About WhiteHorse Finance, Inc.

WhiteHorse Finance, Inc. is a U.S.-listed investment company trading on the Nasdaq under the ticker WHF. For international investors, it is best understood as a business development company (BDC) focused on providing capital to lower middle market companies in the United States. Headquartered in New York, United States, WhiteHorse Finance operates as a specialized credit platform, primarily originating and holding senior secured loans, while also maintaining smaller positions in equity and other structured investments. Its stated investment approach emphasizes credit quality, conservative underwriting, and active portfolio management. Recent company disclosures indicate that the portfolio is concentrated in performing middle-market businesses, with an emphasis on first-lien secured lending and disciplined structuring. ([whitehorsefinance.com](https://www.whitehorsefinance.com/?utm_source=openai)) The company’s history is tied to the broader H.I.G. Capital ecosystem and a dedicated credit investing platform that was later converted into a public corporation. SEC filings describe a BDC conversion in which WhiteHorse Finance, LLC succeeded into WhiteHorse Finance, Inc., improving the clarity of the public listing and aligning the company more closely with the standard structure used by listed BDCs. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1552198/000110465926024735/whf-20251231x10k.htm?utm_source=openai)) From an operating standpoint, WhiteHorse Finance focuses on lending to lower middle market businesses, typically in the U.S., where access to flexible but well-structured capital is often important. The firm seeks to generate recurring income from debt investments, while selectively using equity co-investments and joint-venture exposure. Its recent filings show a portfolio made up of 129 positions across 68 companies as of December 31, 2025, with the majority of fair value allocated to first-lien secured loans. That mix suggests a relatively defensive positioning within the direct lending universe, although performance still depends on credit selection, industry concentration, and borrower-specific execution. ([whitehorsefinance.com](https://whitehorsefinance.com/investors/press-releases/news-details/2026/WhiteHorse-Finance-Inc--Announces-Fourth-Quarter-and-Full-Year-2025-Earnings-Results-and-Declares-Quarterly-Distribution-of-0-25-Per-Share-and-Supplemental-Distribution-of-0-01-Per-Share/default.aspx?utm_source=openai)) In competitive terms, WHF operates in a crowded U.S. private credit and BDC market, competing with other listed BDCs, private debt funds, and direct lenders for attractive originations. Its competitive edge comes from its specialization, its sponsor-oriented origination model, and its focus on structure and downside protection. Recent corporate updates also point to an emphasis on shareholder returns: in March 2026 the company reported full-year 2025 results and declared a quarterly distribution of $0.25 per share plus a $0.01 supplemental distribution. In 2025, it also announced a stock repurchase authorization of up to $15.0 million and a temporary waiver reducing the adviser’s incentive fee rate for two quarters, which signals an active capital-allocation and cost-management stance. ([whitehorsefinance.com](https://whitehorsefinance.com/investors/press-releases/news-details/2026/WhiteHorse-Finance-Inc--Announces-Fourth-Quarter-and-Full-Year-2025-Earnings-Results-and-Declares-Quarterly-Distribution-of-0-25-Per-Share-and-Supplemental-Distribution-of-0-01-Per-Share/default.aspx?utm_source=openai)) For French-speaking investors in France, Belgium, or Switzerland, WhiteHorse Finance is therefore a niche income-oriented credit vehicle rather than a traditional operating company. Its Nasdaq listing in the United States makes it a direct proxy for U.S. middle-market lending conditions, portfolio credit quality, and interest-rate dynamics. Investors should view it through the lens of BDC economics: portfolio yield, leverage, credit performance, and distribution sustainability. ([whitehorsefinance.com](https://www.whitehorsefinance.com/?utm_source=openai))