WhiteHorse Finance, Inc. (WHF) Earnings Call Transcripts
WhiteHorse Finance, Inc.'s Latest Earnings Call - Q1 FY2026
In the first quarter of 2026, WhiteHorse Finance, Inc. reported GAAP net investment income of $5.6 million or $0.253 per share, down from $6.6 million or $0.287 per share in the previous quarter. The company faced net realized and unrealized losses of approximately $6.3 million, primarily due to markdowns on three specific investments, which were previously flagged. Management maintained a quarterly base distribution of $0.25 per share and indicated that share repurchases remain a priority, especially given the stock's current discount to NAV, which is approximately 35%.
Reported metrics
| Metric | Value |
|---|---|
| GAAP Net Investment Income | $5.6 million (miss) |
| Core NII per Share | $0.253 (miss) |
| NAV per Share | $11.47 (miss) |
| Net Realized and Unrealized Losses | $6.3 million (negative) |
| Share Repurchases | 412,000 shares (positive) |
| Weighted Average Effective Yield | 10.8% (negative) |
Guidance from management
Management maintained a quarterly base distribution of $0.25 per share and indicated that they will continue to evaluate distributions based on core earnings power and market conditions. They also signaled ongoing focus on share repurchases given the stock's discount to NAV.
What management said
Yes. Again, the M&A market has picked up in the last 3 to 4 weeks. Pricing is higher than we've seen on deals in about 2, 2.5 years. So the assets that we're seeing right now are on a relative basis, pretty attractive. That said, with our shares trading at roughly a 35% discount to NAV, we do get more lift from deploying money into share buybacks. So with the shares where they are now or close to where they are now, ...
Yes. The equity in the JV is considered a bad asset vis-a-vis the 30% bad asset limit we have and all BDCs have. That said, we are nowhere near that limit right now. And we have the BDC representing most of the use of the capacity of that 30%. We think it would be unlikely that we would change the size of the JV in the near future, though.
What analysts pressed on
Analysts expressed concerns regarding the impact of markdowns on portfolio performance and the potential for further losses. There were also questions about the sustainability of the share repurchase program amidst market uncertainties and the balance between repurchases and new investments.
Main topics on the call
- Net Realized and Unrealized Losses — WhiteHorse Finance experienced net realized and unrealized losses of approximately $6.3 million in Q1 2026, attributed mainly to markdowns on Honors Holdings, Outward Hound, and Lumen LATAM. Management stated, "the markd...
- Core Earnings Decline — Core earnings moderated in Q1 2026, reflecting a lower portfolio yield due to one additional investment being placed on nonaccrual. The weighted average effective yield on income-producing debt investments decreased to 1...
- Share Repurchase Program — The company repurchased approximately 412,000 shares at a weighted average price of $7.31 per share, which was accretive to NAV by approximately $0.08 per share. Management emphasized that repurchasing shares remains one...
- Distribution Policy — WhiteHorse Finance announced a second quarter base distribution of $0.25 per share, consistent with previous distributions. Management noted they will continue to evaluate distributions based on core earnings power and o...
Read the full WhiteHorse Finance, Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About WhiteHorse Finance, Inc.
WhiteHorse Finance, Inc. (WHF) is a publicly listed company in the Capital Markets industry, within the Financials sector. It trades on NasdaqGS and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 28 calls on record spanning March 2, 2020 to August 11, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 28 WhiteHorse Finance, Inc. earnings call transcripts on record, spanning March 2, 2020 to August 11, 2026. Based on this history, WhiteHorse Finance, Inc. reports quarterly. The most recent call on file is dated August 11, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- WHF
- Exchange
- NasdaqGS
- Country
- US
- Sector
- Financials
- Industry
- Capital Markets
- Calls on record
- 28
- First call
- March 2, 2020
- Most recent
- August 11, 2026
- Reporting cadence
- quarterly