WHF earnings analysis
What we found in WHF's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
WhiteHorse Finance reported $14.369 million of investment income and $0.217 of EPS, both below consensus estimates of $15.463 million and $0.25, respectively. Net investment income declined 16.5% sequentially, although NAV per share rose 2.6% to $11.77. The filing provides no formal quantitative guidance; its principal forward-looking signal is material sensitivity to interest rates, with modeled annualized net income declining $3.128 million under a 100-basis-point rate decrease.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Investment income and EPS missed estimates
- Total investment income was $14.369 million, below the $15.463 million consensus estimate, while reported EPS was $0.217 versus the $0.25 estimate.
- NAV increased 2.6% sequentially
- Net asset value per share increased 2.6% sequentially to $11.77, supported by portfolio markups and share repurchases.
- Higher rates remain earnings-supportive
- The portfolio's modeled net income sensitivity to a 100-basis-point increase in base rates was positive $3.128 million, excluding incentive fees.
- Floating-rate portfolio has rate floors
- Nearly all performing floating-rate investments had interest-rate floors as of June 30, 2026, providing protection against decreases in reference rates until rates fall below those floors.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Recurring investment income declined
- Net investment income declined 16.5% sequentially, indicating pressure on recurring earnings despite the 2.6% increase in NAV per share to $11.77.
- Downside from lower interest rates
- A 100-basis-point decrease in base rates would reduce modeled annualized net income by $3.128 million, while a 300-basis-point decrease would reduce it by $8.261 million; the analysis excludes incentive fees and may differ from actual results.
- Interest-rate floors limit upside
- The company states that nearly all performing floating-rate investments had interest-rate floors, so it may not benefit from rate increases until market rates exceed the applicable floors; its modeled 100-basis-point increase in net income was $3.128 million.
- No specific risk-factor update disclosed
- The risk-factor section refers investors to the most recent Form 10-K and does not identify a new or revised risk factor in the supplied filing text.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.217
What they said about what is next.
No quantitative revenue or EPS outlook is provided in the supplied 10-Q text. The filing discusses interest-rate sensitivity but does not provide formal operating guidance.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 7, 2026
- WhiteHorse Finance reported a decline in total investment income for Q1 2026, posting $15.862 million compared to $18.801 million in Q1 2025. The EPS was $0.253, missing expectations, while the company reduced the…
- 10-K · March 6, 2026
- WhiteHorse Finance (10-K for year ended 12/31/2025) is an externally managed BDC that targets senior secured loans to U.S. lower middle market companies (enterprise value $50M–$350M), primarily originating $5M–$25M…
- 10-Q · November 10, 2025
- Q3 2025 results show a material decline in investment income and fair value of the portfolio but improved operating cash generation and lower leverage. Total investment income for the quarter was $17,691,000 (Q3 2024:…
- 10-Q · August 7, 2025
- WhiteHorse Finance reported Q2 investment income of $18,838,000 (Q2 2024: $23,482,000) and GAAP net income per share of $0.10 for the quarter ($0.34 in Q2 2024), producing a six‑month EPS of $0.28 (six months 2024:…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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