Form 8-K - Current report

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Share Name	Share Symbol	Market	Type
WhiteHorse Finance Inc	NASDAQ:WHF	NASDAQ	Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.05	0.47%	10.62	10.51	10.80	10.69	10.58	10.61	56,761	20:02:21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 29, 2024

WhiteHorse Finance, Inc.

(Exact name of registrant as specified in its charter)


Delaware	814-00967	45-4247759
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)


1450 Brickell Avenue, 31st Floor Miami, Florida		33131
(Address of principal executive offices)		(Zip Code)

(305) 381-6999

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share	WHF	The Nasdaq Stock Market LLC (Nasdaq Global Select Market)
7.875% Notes due 2028	WHFCL	The Nasdaq Stock Market LLC (Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 29, 2024, WhiteHorse Finance, Inc. (the “Company”) issued a press release announcing a quarterly distribution and its financial results for the fourth quarter and fiscal year ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such Section. The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

A copy of an earnings presentation that is intended to be used by representatives of the Company is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such Section. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 furnished herewith, shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Forward-Looking Statements

This Current Report on Form 8-K may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this Current Report on Form 8-K may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits



99.1	Press Release of WhiteHorse Finance, Inc. dated February 29, 2024.

99.2	Earnings Presentation of WhiteHorse Finance, Inc.

104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Dated: February 29, 2024	WHITEHORSE FINANCE, INC.

	By:	/s/ Joyson C. Thomas
		Joyson C. Thomas
		Chief Financial Officer

Exhibit 99.1

WhiteHorse Finance, Inc. Announces Fourth Quarter and Full Year 2023 Earnings Results and Declares Quarterly Distribution of $0.385 Per Share

NEW YORK, February 29, 2024 /PRNewswire/ -- WhiteHorse Finance, Inc. (“WhiteHorse Finance” or the “Company”) (Nasdaq: WHF) today announced its financial results for the year ended December 31, 2023. In addition, the Company’s board of directors has declared a distribution of $0.385 per share with respect to the quarter ending March 31, 2024. The distributions will be payable on April 2, 2024 to stockholders of record as of March 22, 2024.

Fourth Quarter 2023 Summary Highlights

●Net Asset Value of $316.8 million, or $13.63 per share, compared to $14.30 per share in 2022

●Investment portfolio⁽¹⁾ totaling $696.2 million

●STRS JV investment portfolio totaling $312.2 million

●Gross investment deployments⁽²⁾ of $56.9 million for the fourth quarter, including new originations of $54.1 million and $2.8 million of fundings for add-ons to existing investments

●Gross investment deployments⁽²⁾ of $135.5 million for the year, including new originations of $100.6 million and $34.9 million of fundings for add-ons to existing investments

●Net investment income and core net investment income⁽³⁾ of $10.6 million, or $0.456 per share, for the fourth quarter

●Annual net investment income and core net investment income⁽³⁾ of $42.7 million, or $1.838 per share

●Annual distributions of $1.55 per share, including a special distribution of $0.07 per share

Stuart Aronson, WhiteHorse Finance’s Chief Executive Officer, commented, “I am pleased to report that WhiteHorse’s core net investment income increased by nearly 15% compared with the fourth quarter of 2022 and was well in excess of our regular dividend. While we marked down certain assets during the period, the investments in our existing portfolio were underwritten at modest leverage levels and are generally well-positioned to service our debt in a sustained high-interest rate environment. Additionally, our portfolio remains overwhelmingly represented by non-cyclical or lightly cyclical borrowers. While we remain cautious about prevailing economic conditions, we are seeing a continuing rebound in terms of both deal volume and quality in the lower middle markets, and our pipeline activity levels remain high with opportunities to invest in credits with compelling risk-return characteristics. The strength of the pipeline enables us to be conservative in our deal selection as repayment activity gains momentum into early 2024.”

Portfolio and Investment Activity

As of December 31, 2023, the fair value of WhiteHorse Finance’s investment portfolio was $696.2 million, compared with $760.2 million as of December 31, 2022. The portfolio as of December 31, 2023 consisted of 116 positions across 72 companies with a weighted average effective yield of 13.7% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $6.7 million with the overall portfolio comprised of approximately 79.9% first lien secured loans, 2.3% second lien secured loans, 2.4% equity and 15.4% in investments in STRS JV. Almost all loans were variable rate investments (primarily indexed to the Secured Overnight Financing Rate) with fixed rate securities representing only 0.9% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.

During the three months ended December 31, 2023, WhiteHorse Finance made investments in eight new portfolio companies for a total of $54.1 million, added a total of $2.8 million to existing portfolio companies. Proceeds from sales and repayments totaled approximately $34.9 million for the three months ended December 31, 2023, driven by two full realizations in JZ Capital Partners Ltd. and Aeyon LLC, two partial paydowns in JVMC Holdings Corp. (fka RJO Holdings Corp) and Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services) and received net repayments of $0.6 million from revolver loans.

In addition to the transactions discussed above, during the three months ended December 31, 2023, WhiteHorse Finance transferred assets comprised of four new portfolio companies and one add-on investment, totaling $27.6 million to STRS JV in exchange for cash proceeds.

During the year ended December 31, 2023, WhiteHorse Finance invested $100.6 million across 16 new portfolio companies. The Company also invested $34.9 million in existing portfolio companies. Proceeds from sales and repayments totaled approximately $114.8 million for the year.

In addition to the transactions above, during the year ended December 31, 2023, WhiteHorse Finance transferred assets totaling $74.9 million in exchange for a net investment in STRS JV of $5.5 million as well as cash proceeds of $69.4 million. As of December 31, 2023, the Company’s investment in STRS JV was approximately $107.2 million, at fair value.

WHF STRS Ohio Senior Loan Fund LLC

As of December 31, 2023, STRS JV’s portfolio totaled $312.2 million, consisted of 34 portfolio companies and had a weighted average effective yield of 12.4% on its portfolio.

Results of Operations

For the three months and year ended December 31, 2023, the Company’s net investment income was approximately $10.6 million and $42.7 million, compared with approximately $11.1 million and $37.3 million for the same periods in the prior year, representing a decrease of approximately 4.5% and an increase of 14.5%, respectively. The increase in net investment income for the year-over-year period was primarily attributable to higher investment income from interest income and the STRS JV due to an increase in base rates. This was partially offset by an increase in interest expense, due to higher base rates, higher incentive fees from higher pre-incentive fee net investment income, partially offset by lower management fees due to lower average assets as compared to the same period in the prior year. For the three months ended December 31, 2023, the Company’s investment in STRS JV generated an annualized, gross investment yield of approximately 15.4%.

For the three months and year ended December 31, 2023, core net investment income⁽³⁾ was $10.6 million and $42.7 million, or $0.456 per share and $1.838 per share, respectively, compared with $11.1 million and $35.5 million, or $0.476 per share and $1.526 per share, respectively, for the same periods in the prior year.

For the three months and year ended December 31, 2023, WhiteHorse Finance reported a net realized and unrealized loss on investments and foreign currency transactions of $7.2 million and $22.3 million, respectively. This compares with the three months and year ended December 31, 2022 net realized and unrealized loss on investments and foreign currency transactions of $12.3 million and $21.6 million, respectively. The decrease for the year-over-year period was primarily attributable to markdowns on American Crafts, LC and Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC).

WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $3.4 million and $20.4 million for the three months and year ended December 31, 2023, respectively which compares with a net decrease of $1.2 million for the three months ended December 31, 2022 and a net increase in net assets resulting from operations of $15.7 million for the year ended December 31, 2022, respectively.

WhiteHorse Finance’s net asset value was $316.8 million, or $13.63 per share, as of December 31, 2023, compared with $322.3 million, or $13.87 per share, as of September 30, 2023. As of December 31, 2022, WhiteHorse Finance’s net asset value was $332.4 million, or $14.30 per share.

Liquidity and Capital Resources

As of December 31, 2023, WhiteHorse Finance had cash and cash equivalents of $24.5 million, compared with $29.8 million as of September 30, 2023, inclusive of restricted cash. As of December 31, 2023, the Company also had $138.5 million of undrawn capacity under its revolving credit facility.

Distributions

The Company's Board of Directors has declared a distribution of $0.385 per share with respect to the quarter ending March 31, 2024. The distributions will be payable on April 2, 2024 to stockholders of record as of March 22, 2024.

On November 9, 2023, the Company declared a distribution of $0.385 per share for the quarter ended December 31, 2023, consistent with distributions declared for the forty-fifth consecutive quarter since the Company’s initial public offering. The distribution was paid on January 3, 2024 to stockholders of record as of December 20, 2023.

Distributions are paid from taxable earnings and may include return of capital and/or capital gains. The specific tax characteristics of the distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company’s periodic reports filed with the Securities and Exchange Commission.

Conference Call

WhiteHorse Finance will host a conference call to discuss its fourth quarter and full year results for the period ended December 31, 2023 at 1:00 p.m. ET on Thursday, February 29, 2024. To access the teleconference, please dial 800-579-2543 (domestic and international) approximately 10 minutes before the teleconference’s scheduled start time and reference ID #WHFQ423. Investors may also access the call on the investor relations portion of the Company’s website www.whitehorsefinance.com.

If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call’s completion through March 7, 2024. The teleconference replay can be accessed by dialing 800-839-4018 (domestic and international). A webcast replay will also be available on the investor relations portion of the Company’s website at www.whitehorsefinance.com.

About WhiteHorse Finance, Inc.

WhiteHorse Finance is a business development company that originates and invests in loans to privately held, lower middle market companies across a broad range of industries. The Company’s investment activities are managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, LLC, (“H.I.G. Capital”). H.I.G. Capital is a leading global alternative asset manager with over $60 billion of capital under management⁽⁴⁾ across a number of funds focused on the small and mid-cap markets. For more information about H.I.G. Capital, please visit http://www.hig.com. For more information about the Company, please visit http://www.whitehorsefinance.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

(1) Includes investments in WHF STRS Ohio Senior Loan Fund LLC (“STRS JV”), an unconsolidated joint venture, totaling $107.2 million, at fair value.

(2) Excludes investments made in STRS JV.

(3) “Core net investment income” is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company’s financial performance excluding (i) the net impact of costs associated with the refinancing of the Company’s indebtedness, (ii) the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and (iii) excise and other income taxes related to such net realized gains and losses (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, are set forth in Schedule 1 hereto.

(4) Based on total capital raised by H.I.G. Capital and affiliates.

SCHEDULE 1

As a supplement to GAAP financial measures, the Company has provided information relating to core net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income determined in accordance with GAAP. The Company’s non-GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Core net investment income represents net investment income adjusted to exclude the net impact of costs associated with the refinancing of the Company’s indebtedness, the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and excise or other income taxes related to such net realized gains and losses (net of incentive fees). There were no excise or other income taxes related to net realized gains and losses for the quarters and years ended December 31, 2023 and December 31, 2022.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended December 31, 2023 and December 31, 2022 (in thousands, except per share data):


	December 31, 2023				December 31, 2022
	Amount		Per Share		Amount		Per Share
			Amounts				Amounts
Net investment income	$	10,604	$	0.456	$	11,074	$	0.476
Net impact of costs associated with refinancing of indebtedness		-		-		-		-
Accrual for capital gains incentive fee		-		-		-		-
Net impact of excise tax expense related to net realized gains and losses		-		-		-		-
Core net investment income	$	10,604	$	0.456	$	11,074	$	0.476

The following table provides a reconciliation of net investment income to core net investment income for the years ended December 31, 2023 and December 31, 2022 (in thousands, except per share data):


	December 31, 2023				December 31, 2022
	Amount		Per Share		Amount		Per Share
			Amounts				Amounts
Net investment income	$	42,713	$	1.838	$	37,258	$	1.604
Net impact of costs associated with refinancing of indebtedness		-		-		-		-
Accrual for capital gains incentive fee		-		-		(1,803)		(0.078)
Net impact of excise tax expense related to net realized gains and losses		-		-		-		-
Core net investment income	$	42,713	$	1.838	$	35,455	$	1.526

WhiteHorse Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)


		December 31, 2023		December 31, 2022

Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	577,798	$	650,535
Non-controlled affiliate company investments		5,422		9,533
Controlled affiliate company investments		112,948		100,160
Total investments, at fair value (amortized cost $740,021 and $782,429, respectively)		696,168		760,228
Cash and cash equivalents		10,749		9,508
Restricted cash and cash equivalents		12,527		14,683
Restricted foreign currency (cost of $1,231 and $2,066, respectively)		1,211		2,073
Interest and dividend receivable		8,149		7,814
Amounts receivable on unsettled investment transactions		343		283
Escrow receivable		393		711
Prepaid expenses and other receivables		1,211		1,174
Total assets	$	730,751	$	796,474

Liabilities
Debt (net of unamortized debt issuance costs of $4,564 and $4,718, respectively)	$	386,448	$	440,427
Distributions payable		8,949		8,251
Management fees payable		3,595		3,860
Incentive fees payable		10,470		5,618
Interest payable		2,069		2,774
Accounts payable and accrued expenses		2,089		2,329
Advances received from unfunded credit facilities		316		825
Unrealized depreciation on foreign currency forward contracts		43		3
Total liabilities	$	413,979	$	464,087

Commitments and contingencies

Net assets
Common stock, 23,243,088 and 23,243,088 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized		23		23
Paid-in capital in excess of par		338,275		339,240
Accumulated earnings (losses)		(21,526)		(6,876)
Total net assets		316,772		332,387
Total liabilities and total net assets	$	730,751	$	796,474
Number of shares outstanding		23,243,088		23,243,088
Net asset value per share	$	13.63	$	14.30

WhiteHorse Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)


		Year ended December 31,
		2023		2022		2021
Investment income
From non-controlled/non-affiliate company investments
Interest income	$	78,493	$	67,617	$	59,845
Payment-in-kind income		3,960		2,114		—
Fee income		2,966		3,474		2,621
Dividend income		450		300		273
From non-controlled affiliate company investments
Interest income		—		13		—
Payment-in-kind income		314		326		—
Dividend income		84		321		1,190
From controlled affiliate company investments
Interest income		9,488		6,385		3,307
Payment-in-kind income		1,347		—		—
Dividend income		6,158		6,977		4,907
Total investment income		103,260		87,527		72,143
Expenses
Interest expense		29,915		21,940		16,594
Base management fees		14,684		15,600		13,975
Performance-based incentive fees		10,678		7,059		7,524
Administrative service fees		683		683		683
General and administrative expenses		3,622		3,963		3,572
Total expenses		59,582		49,245		42,348
Net investment income before excise tax		43,678		38,282		29,795
Excise tax		965		1,024		1,004
Net investment income after excise tax		42,713		37,258		28,791

Realized and unrealized gains (losses) on investments and foreign currency transactions
Net realized gains (losses)
Non-controlled/non-affiliate company investments		309		(15,683)		7,994
Non-controlled affiliate company investments		(339)		1,725		562
Foreign currency transactions		950		(310)		262
Foreign currency forward contracts		27		—		(3)
Net realized gains (losses)		947		(14,268)		8,815
Net change in unrealized appreciation (depreciation)
Non-controlled/non-affiliate company investments		(7,871)		(3,505)		(9,501)
Non-controlled affiliate company investments		(5,608)		(5,239)		1,187
Controlled affiliate company investments		(8,490)		(447)		708
Translation of assets and liabilities in foreign currencies		(1,239)		1,887		94
Foreign currency forward contracts		(40)		(3)		—
Net change in unrealized appreciation (depreciation)		(23,248)		(7,307)		(7,512)
Net realized and unrealized gains (losses) on investments and foreign currency transactions		(22,301)		(21,575)		1,303
Net increase in net assets resulting from operations	$	20,412	$	15,683	$	30,094

Per Common Share Data
Basic and diluted earnings per common share	$	0.88	$	0.68	$	1.42
Dividends and distributions declared per common share	$	1.55	$	1.47	$	1.56
Basic and diluted weighted average common shares outstanding		23,243,088		23,229,552		21,150,168

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2023

(in thousands)


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽¹⁰⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽¹¹⁾		Fair Value As A Percentage of Net Assets
Debt Investments
Advertising
M&M OpCo. LLC (d/b/a Escalent, Inc.)	First Lien Secured Term Loan	1.00%	SOFR	8.00%	13.45%	04/07/23	04/09/29	4,726	$	4,602	$	4,580	1.4	%
M&M OpCo. LLC (d/b/a Escalent, Inc.)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	8.00%	13.45%	04/07/23	04/09/29	—		—		(1)	—
										4,602		4,579	1.4
Air Freight & Logistics
Gulf Winds International Acquisition LLC (d/b/a Gulf Winds International, Inc.)	First Lien Secured Term Loan	1.00%	SOFR	7.00%	12.46%	12/16/22	12/18/28	4,804		4,685		4,738	1.5
Gulf Winds International Acquisition LLC (d/b/a Gulf Winds International, Inc.)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	7.00%	12.46%	12/16/22	12/18/28	—		—		7	—
Motivational Marketing, LLC (d/b/a Motivational Fulfillment)	First Lien Secured Term Loan	1.00%	SOFR	7.25%	12.71% (11.96% Cash + 0.75% PIK)	07/12/21	07/12/26	9,989		9,888		8,790	2.8
Motivational Marketing, LLC (d/b/a Motivational Fulfillment)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	7.25%	12.71% (11.96% Cash + 0.75% PIK)	07/12/21	07/12/26	473		468		338	0.1
Transervice Holdings, Inc. (d/b/a Transervice Logistics, Inc.)	First Lien Secured Term Loan	2.00%	SOFR	7.50%	12.96%	06/29/23	06/29/28	8,888		8,648		8,743	2.8
										23,689		22,616	7.2
Alternative Carriers
Patagonia Holdco LLC (d/b/a Lumen LATAM)	First Lien Secured Term Loan	0.50%	SOFR	5.75%	11.12%	08/05/22	08/01/29	14,442		12,357		13,191	4.2
										12,357		13,191	4.2
Application Software
Atlas Purchaser, Inc. (d/b/a Aspect Software, Inc.)	First Lien Secured Term Loan	0.75%	SOFR	5.25%	10.88%	08/29/22	05/08/28	3,066		2,675		2,269	0.7
Atlas Purchaser, Inc. (d/b/a Aspect Software, Inc.)	Second Lien Secured Term Loan	0.75%	SOFR	9.00%	14.64%	05/03/21	05/07/29	15,000		14,699		9,744	3.1
MBS Highway, LLC	First Lien Secured Term Loan	1.00%	SOFR	7.50%	13.18%	10/13/22	10/13/27	9,381		9,204		9,089	2.9
Naviga Inc. (f/k/a Newscycle Solutions, Inc.)	First Lien Secured Term Loan	1.00%	SOFR	7.00%	12.45%	06/14/19	02/27/24	3,148		3,148		3,113	1.0
Naviga Inc. (f/k/a Newscycle Solutions, Inc.)⁽⁷⁾⁽¹²⁾	First Lien Secured Revolving Loan	1.00%	Base Rate	6.84%	12.78%	06/14/19	02/27/24	271		271		268	0.1
UserZoom Technologies, Inc. (d/b/a UserZoom, Inc.)	First Lien Secured Term Loan	1.00%	SOFR	7.50%	12.99%	01/12/23	04/05/29	9,819		9,570		9,719	3.2
										39,567		34,202	11.0
Automotive Retail
Team Car Care Holdings, LLC (Heartland Auto)⁽¹²⁾	First Lien Secured Term Loan	1.00%	Base Rate	7.48%	13.09%	02/16/18	12/31/24	12,407		12,391		12,407	3.9
										12,391		12,407	3.9
Broadcasting
Coastal Television Broadcasting Group LLC	First Lien Secured Term Loan	1.00%	SOFR	7.00%	12.46%	12/30/21	12/30/26	7,418		7,329		7,246	2.3
Coastal Television Broadcasting Group LLC⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	7.00%	12.46%	12/30/21	12/30/26	—		—		(3)	—
										7,329		7,243	2.3
Broadline Retail
BBQ Buyer, LLC (d/b/a BBQ Guys)	First Lien Secured Term Loan	1.50%	SOFR	9.50%	14.96% (13.96% Cash + 1.00% PIK)	08/28/20	08/28/25	12,891		12,787		12,818	4.1
BBQ Buyer, LLC (d/b/a BBQ Guys)	First Lien Secured Delayed Draw Loan	1.50%	SOFR	9.50%	14.96% (13.96% Cash + 1.00% PIK)	12/02/21	08/28/25	2,628		2,606		2,613	0.8
Luxury Brand Holdings, Inc. (d/b/a Ross-Simons, Inc.)	First Lien Secured Term Loan	1.00%	SOFR	6.50%	11.96%	12/04/20	06/04/26	5,280		5,233		5,280	1.7
Potpourri Group, Inc.	First Lien Secured Term Loan	1.50%	SOFR	8.25%	13.71%	07/03/19	07/03/24	13,799		13,767		13,799	4.4
										34,393		34,510	11.0
Building Products
Trimlite Buyer LLC (d/b/a Trimlite LLC)⁽⁵⁾⁽¹³⁾⁽²³⁾	First Lien Secured Term Loan	1.00%	CDOR	6.50%	11.94%	07/27/21	07/27/27	19,624		15,472		14,810	4.7
										15,472		14,810	4.7
Cable & Satellite
Bulk Midco, LLC	First Lien Secured Term Loan	1.00%	SOFR	7.50%	12.96% (11.96% Cash + 1.00% PIK)	10/28/22	06/10/24	19,267		19,237		18,997	6.0
Bulk Midco, LLC	First Lien Secured Revolving Loan	1.00%	SOFR	7.50%	12.96% (11.96% Cash + 1.00% PIK)	10/28/22	06/10/24	2,000		1,989		1,972	0.6
										21,226		20,969	6.6

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2023

(in thousands)


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽¹⁰⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽¹¹⁾		Fair Value As A Percentage of Net Assets
Commodity Chemicals
FGI Acquisition Corp. (d/b/a Flexitallic Group SAS)	First Lien Secured Term Loan	1.00%	SOFR	6.50%	12.00%	10/28/19	10/29/26	16,193	$	15,786	$	16,110	5.1	%
US Methanol Midco LLC (d/b/a US Methanol LLC)	First Lien Secured Term Loan	1.00%	SOFR	7.75%	13.28%	12/20/22	12/20/27	5,203		5,111		5,153	1.6
US Methanol Midco LLC (d/b/a US Methanol LLC)	First Lien Secured Delayed Draw Loan	1.00%	SOFR	7.75%	13.29%	12/20/22	12/20/27	9,540		9,345		9,449	3.0
										30,242		30,712	9.7
Construction & Engineering
Banner Acquisition Holdings, LLC (d/b/a Banner Industries, Inc.)⁽⁷⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR	6.00%	11.38%	12/01/23	01/02/29	140		137		137	—
										137		137	—
Construction Materials
Claridge Products and Equipment, LLC	First Lien Secured Term Loan	1.00%	SOFR	8.00%	13.50% (12.00% Cash + 1.50% PIK)	12/30/20	12/30/25	7,452		7,395		6,405	2.0
Claridge Products and Equipment, LLC^(7)(12)	First Lien Secured Revolving Loan	1.00%	Base Rate	7.56%	14.41% (12.91% Cash + 1.50% PIK)	12/30/20	12/30/25	632		628		496	0.2
										8,023		6,901	2.2
Data Processing & Outsourced Services
Future Payment Technologies, L.P.	First Lien Secured Term Loan	1.00%	SOFR	8.25%	13.69%	12/23/16	12/05/25	21,665		21,582		21,480	6.8
										21,582		21,480	6.8
Distributors
Foodservices Brand Group, LLC (d/b/a Crown Brands Group)	First Lien Secured Term Loan	1.00%	SOFR	8.00%	13.52%	11/22/22	12/09/25	357		357		200	0.1
Foodservices Brand Group, LLC (d/b/a Crown Brands Group)⁽¹⁷⁾	Second Lien Secured Term Loan	1.50%	SOFR	6.50%	11.96%	11/22/22	01/08/26	5,171		4,915		1,601	0.5
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)	First Lien Secured Bridge Loan	1.00%	SOFR	14.00%	19.46% (13.46% Cash + 6.00% PIK)	12/22/23	12/22/25	1,464		1,420		1,420	0.4
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)	First Lien Secured Term Loan	1.00%	SOFR	7.25%	12.71%	12/22/23	12/22/28	9,490		9,254		9,254	2.9
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)⁽⁷⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR	7.25%	12.71%	12/22/23	12/22/28	—		—		—	—
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	7.25%	12.71%	12/22/23	12/22/28	—		—		—	—
										15,946		12,475	3.9
Diversified Chemicals
Manchester Acquisition Sub LLC (d/b/a Draslovka Holding AS)	First Lien Secured Term Loan	0.75%	SOFR	5.75%	11.28%	11/16/21	12/01/26	7,840		7,587		7,215	2.3
Chase Products Co. (f/k/a Starco)⁽⁶⁾⁽²¹⁾	First Lien Secured Term Loan	N/A	N/A	12.00%	12.00% PIK	03/16/23	03/16/28	2,962		2,962		2,793	0.9
										10,549		10,008	3.2
Diversified Support Services
NNA Services, LLC	First Lien Secured Term Loan	1.00%	SOFR	6.75%	12.25%	08/27/21	08/27/26	9,417		9,354		9,293	2.9
										9,354		9,293	2.9
Education Services
EducationDynamics, LLC	First Lien Secured Term Loan	1.00%	SOFR	7.00%	12.46% (11.96% Cash + 0.50% PIK)	09/15/21	09/15/26	12,784		12,647		12,407	4.0
EducationDynamics, LLC⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	7.00%	12.46% (11.96% Cash + 0.50% PIK)	09/15/21	09/15/26	—		—		(22)	—
EducationDynamics, LLC⁽⁴⁾	Subordinated Unsecured Term Loan	N/A	N/A	4.00%	4.00%	09/15/21	03/15/27	167		167		167	0.1
										12,814		12,552	4.1
Electric Utilities
CleanChoice Energy, Inc.	First Lien Secured Term Loan	1.00%	SOFR	7.58%	13.14%	10/12/21	10/12/26	15,955		15,715		15,954	5.0
										15,715		15,954	5.0
Environmental & Facilities Services
Branford Filtration, LLC (d/b/a Clean Solutions Group)	First Lien Secured Term Loan	1.00%	SOFR	6.50%	11.96%	11/17/23	11/17/28	11,613		11,358		11,358	3.6
Branford Filtration, LLC (d/b/a Clean Solutions Group)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	6.50%	11.96%	11/17/23	11/17/28	—		—		—	—
Industrial Specialty Services USA LLC	First Lien Secured Term Loan	1.00%	SOFR	6.75%	12.25%	12/31/21	12/31/26	11,767		11,626		11,537	3.6
										22,984		22,895	7.2
Health Care Facilities
Bridgepoint Healthcare, LLC	First Lien Secured Term Loan	1.00%	SOFR	8.00%	13.46%	10/05/21	10/05/26	9,073		8,973		8,967	2.8
Bridgepoint Healthcare, LLC⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	8.00%	13.46%	10/05/21	10/05/26	—		—		(1)	—
										8,973		8,966	2.8

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2023

(in thousands)


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽¹⁰⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽¹¹⁾		Fair Value As A Percentage of Net Assets
Health Care Services
Lab Logistics, LLC	First Lien Secured Term Loan	1.00%	SOFR	7.25%	12.71%	10/16/19	09/25/24	5,449	$	5,442	$	5,449	1.7	%
Lab Logistics, LLC	First Lien Secured Delayed Draw Loan	1.00%	SOFR	7.25%	12.71%	10/16/19	09/25/24	5,090		5,089		5,090	1.6
PG Dental New Jersey Parent, LLC	First Lien Secured Term Loan	1.00%	SOFR	7.50%	12.96% (10.71% Cash + 2.25% PIK)	11/25/20	11/25/25	6,400		6,348		6,400	2.0
PG Dental New Jersey Parent, LLC⁽¹²⁾	First Lien Secured Revolving Loan	1.00%	Base Rate	7.00%	13.98% (11.73% Cash + 2.25% PIK)	11/25/20	11/25/25	704		698		704	0.2
										17,577		17,643	5.5
Health Care Supplies
ABB/Con-cise Optical Group LLC (d/b/a ABB Optical Group, LLC)	First Lien Secured Term Loan	0.75%	SOFR	7.50%	13.01%	02/23/22	02/23/28	20,409		20,056		18,983	6.0
										20,056		18,983	6.0
Heavy Electrical Equipment
Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services)	First Lien Secured Term Loan	1.00%	SOFR	6.75%	12.25%	06/25/21	06/25/26	8,804		8,712		8,782	2.8
Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services)	First Lien Secured Delayed Draw Loan	1.00%	SOFR	6.75%	12.25%	07/11/22	06/25/26	1,356		1,336		1,353	0.4
										10,048		10,135	3.2
Home Furnishings
Hollander Intermediate LLC (d/b/a Hollander Sleep Products, LLC)	First Lien Secured Term Loan	3.00%	SOFR	10.75%	16.22%	09/19/22	09/21/26	4,689		4,661		4,179	1.3
Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)	First Lien Secured Term Loan	1.00%	SOFR	6.50%	12.07%	10/12/21	10/12/26	20,616		20,385		20,407	6.4
Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	6.50%	12.07%	10/12/21	10/12/26	—		—		3	—
Whitestone Home Furnishings, LLC (d/b/a Saatva, Inc.)	First Lien Secured Term Loan	1.00%	SOFR	6.50%	11.96%	11/06/23	08/20/26	2,990		2,919		2,919	0.9
										27,965		27,508	8.6
Household Appliances
Token Buyer, Inc. (d/b/a Therm-O-Disc, Inc.)	First Lien Secured Term Loan	0.50%	SOFR	6.00%	11.53%	05/26/22	05/31/29	7,142		6,695		5,966	1.9
										6,695		5,966	1.9
Household Products
The Kyjen Company, LLC (d/b/a Outward Hound)	First Lien Secured Term Loan	1.00%	SOFR	7.50%	13.21% (12.21% Cash + 1.00% PIK)	04/05/21	04/05/26	11,358		11,282		10,904	3.4
The Kyjen Company, LLC (d/b/a Outward Hound)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	7.50%	13.21% (12.21% Cash + 1.00% PIK)	04/05/21	04/05/26	—		—		(31)	—
										11,282		10,873	3.4
Industrial Machinery & Supplies & Components
Project Castle, Inc. (d/b/a Material Handling Systems, Inc.)	First Lien Secured Term Loan	0.50%	SOFR	5.50%	10.89%	06/09/22	06/01/29	6,027		5,536		5,364	1.7
										5,536		5,364	1.7
Interactive Media & Services
MSI Information Services, Inc.	First Lien Secured Term Loan	1.00%	SOFR	7.75%	13.29%	04/25/22	04/24/26	7,333		7,248		6,972	2.2
MSI Information Services, Inc.^(7)(12)	First Lien Secured Revolving Loan	1.00%	Base Rate	6.84%	15.06%	04/25/22	04/24/26	825		815		776	0.2
										8,063		7,748	2.4
Investment Banking & Brokerage
JVMC Holdings Corp. (fka RJO Holdings Corp)	First Lien Secured Term Loan	1.00%	SOFR	6.50%	11.96%	02/28/19	02/28/24	3,522		3,521		3,522	1.1
										3,521		3,522	1.1
IT Consulting & Other Services
ATSG, Inc.	First Lien Secured Term Loan	1.00%	SOFR	6.50%	12.04%	11/12/21	11/12/26	3,785		3,741		3,745	1.2
										3,741		3,745	1.2

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2023

(in thousands)


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽¹⁰⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽¹¹⁾		Fair Value As A Percentage of Net Assets
Leisure Facilities
Honors Holdings, LLC (d/b/a Orange Theory)⁽¹⁵⁾⁽¹⁶⁾	First Lien Secured Term Loan	1.00%	SOFR	6.49%	12.02%	09/06/19	09/06/24	9,441	$	9,375	$	9,347	3.0	%
Honors Holdings, LLC (d/b/a Orange Theory)⁽¹⁵⁾⁽¹⁶⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR	6.37%	11.90%	09/06/19	09/06/24	4,650		4,631		4,603	1.5
Lift Brands, Inc.	First Lien Secured Term Loan A	1.00%	SOFR	7.50%	12.96%	06/29/20	06/29/25	5,518		5,492		5,457	1.7
Lift Brands, Inc.	First Lien Secured Term Loan B	N/A	N/A	9.50%	9.50% PIK	06/29/20	06/29/25	1,450		1,441		1,406	0.4
Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)⁽⁹⁾	First Lien Secured Term Loan C	N/A	N/A	9.50%	9.50% PIK	06/29/20	N/A	1,657		1,654		1,623	0.5
										22,593		22,436	7.1
Leisure Products
Playmonster Group LLC⁽⁶⁾⁽¹⁹⁾	Priority First Lien Secured Term Loan	1.00%	SOFR	6.75%	12.37% PIK	12/09/22	06/08/26	1,140		1,118		1,015	0.3
Playmonster Group LLC⁽⁶⁾⁽¹⁷⁾⁽¹⁹⁾	First Lien Secured Term Loan	1.00%	SOFR	9.00%	14.53% PIK	01/24/22	06/08/26	4,232		3,661		1,363	0.4
Leviathan Intermediate Holdco, LLC	First Lien Secured Term Loan	1.50%	SOFR	7.50%	13.00%	12/27/22	12/27/27	10,346		10,098		10,346	3.3
Leviathan Intermediate Holdco, LLC⁽⁷⁾	First Lien Secured Revolving Loan	1.50%	SOFR	7.50%	13.00%	12/27/22	12/27/27	—		—		14	—
										14,877		12,738	4.0
Life Sciences Tools & Services
LSCS Holdings, Inc. (d/b/a Eversana Life Science Services, LLC)	Second Lien Secured Term Loan	0.50%	SOFR	8.00%	13.47%	11/23/21	12/16/29	5,000		4,944		4,901	1.5
										4,944		4,901	1.5
Office Services & Supplies
American Crafts, LC⁽¹⁴⁾⁽²⁰⁾	Super Priority First Lien Secured Term Loan	1.00%	SOFR	8.50%	13.96% PIK	07/25/23	05/28/26	1,903		1,903		1,878	0.6
American Crafts, LC⁽¹⁴⁾⁽²⁰⁾	Priority First Lien Secured Term Loan	1.00%	SOFR	8.50%	13.96% PIK	12/22/22	05/28/26	5,105		5,105		3,226	1.0
American Crafts, LC⁽¹⁴⁾⁽¹⁷⁾⁽²⁰⁾	First Lien Secured Term Loan	1.00%	SOFR	8.50%	13.96% PIK	05/28/21	05/28/26	9,441		8,720		553	0.2
American Crafts, LC⁽¹⁴⁾⁽¹⁷⁾⁽²⁰⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR	8.50%	13.96% PIK	01/25/22	05/28/26	1,585		1,458		93	—
Empire Office, Inc.	First Lien Secured Term Loan	1.50%	SOFR	6.75%	12.21%	04/12/19	04/12/24	10,947		10,931		10,947	3.5
Empire Office, Inc.	First Lien Secured Delayed Draw Loan	1.50%	SOFR	6.75%	12.21%	08/17/21	04/12/24	4,556		4,545		4,556	1.4
										32,662		21,253	6.7
Real Estate Development
StoicLane MidCo, LLC (d/b/a StoicLane Inc.)	First Lien Secured Term Loan	1.00%	SOFR	7.50%	13.00%	11/04/22	11/04/27	4,606		4,518		4,606	1.5
StoicLane MidCo, LLC (d/b/a StoicLane Inc.)⁽⁷⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR	7.50%	13.00%	11/04/22	11/04/27	5,545		5,466		5,633	1.8
										9,984		10,239	3.3
Real Estate Operating Companies
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)	First Lien Secured Term Loan	1.00%	SOFR	7.50%	12.96%	12/02/22	12/02/27	5,121		5,001		5,077	1.6
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽⁷⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR	7.50%	12.96%	12/02/22	12/02/27	741		729		745	0.2
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	7.50%	12.96%	12/02/22	12/02/27	251		245		258	0.1
										5,975		6,080	1.9
Research & Consulting Services
ALM Media, LLC	First Lien Secured Term Loan	1.00%	SOFR	6.00%	11.50%	11/25/19	11/25/24	12,600		12,555		12,517	4.0
Barrett Purchaser LLC (d/b/a SIB Development and Consulting, Inc.)	First Lien Secured Term Loan	0.75%	SOFR	6.00%	11.36%	11/21/23	11/21/29	3,654		3,564		3,564	1.1
Barrett Purchaser LLC (d/b/a SIB Development and Consulting, Inc.)⁽⁷⁾	First Lien Secured Delayed Draw Loan	0.75%	SOFR	6.00%	11.36%	11/21/23	11/21/29	—		—		—	—
Barrett Purchaser LLC (d/b/a SIB Development and Consulting, Inc.)⁽⁷⁾	First Lien Secured Revolving Loan	0.75%	SOFR	6.00%	11.36%	11/21/23	11/21/28	—		—		—	—
										16,119		16,081	5.1
Specialized Consumer Services
Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.)	First Lien Secured Term Loan	1.00%	SOFR	6.50%	11.96%	11/16/21	11/16/27	11,668		11,517		11,496	3.6
HC Salon Holdings, Inc. (d/b/a Hair Cuttery)	First Lien Secured Term Loan	1.00%	SOFR	6.50%	12.11%	09/30/21	09/30/26	11,404		11,279		11,404	3.6
HC Salon Holdings, Inc. (d/b/a Hair Cuttery)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	6.50%	12.11%	09/30/21	09/30/26	—		—		8	—
										22,796		22,908	7.2
Specialized Finance
WHF STRS Ohio Senior Loan Fund LLC^{(4)(5)(7)(9)(14)(18)}	Subordinated Note	N/A	SOFR	6.50%	11.85%	07/19/19	N/A	84,416		84,416		84,416	26.6
										84,416		84,416	26.6

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2023

(in thousands)


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽¹⁰⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽¹¹⁾		Fair Value As A Percentage of Net Assets
Systems Software
Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC⁽¹⁷⁾	First Lien Secured Term Loan	1.00%	SOFR	7.75%	13.21% PIK	03/16/21	03/16/27	21,613	$	19,568	$	10,477	3.3	%
Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC	Priority First Lien Secured Delayed Draw Loan	1.00%	SOFR	8.00%	13.46% PIK	07/14/23	03/16/27	1,078		1,050		1,046	0.3
										20,618		11,523	3.6
Technology Hardware, Storage & Peripherals
Telestream Holdings Corporation	First Lien Secured Term Loan	1.00%	SOFR	11.75%	17.28%	10/15/20	10/15/25	15,763		15,580		15,522	4.9
Telestream Holdings Corporation⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	11.75%	17.21%	10/15/20	10/15/25	1,242		1,228		1,223	0.4
										16,808		16,745	5.3

Total Debt Investments									$	693,621	$	656,707	207.4	%

Equity Investments⁽²²⁾
Advertising
Avision Holdings, LLC (d/b/a Avision Sales Group)⁽⁴⁾	Class A LLC Interests	N/A	N/A	N/A	N/A	12/15/21	N/A	200	$	287	$	411	0.1	%
Merriman Holdings LP (d/b/a Escalent, Inc.)⁽⁴⁾	Class A Units	N/A	N/A	N/A	N/A	04/07/23	N/A	327		333		295	0.1
										620		706	0.2
Air Freight & Logistics
Motivational CIV, LLC (d/b/a Motivational Fulfillment)⁽⁴⁾	Class B Units	N/A	N/A	N/A	N/A	07/12/21	N/A	1,250		1,250		—	—
										1,250		—	—
Broadline Retail
BBQ Buyer, LLC (d/b/a BBQGuys)⁽⁴⁾	Shares	N/A	N/A	N/A	N/A	08/28/20	N/A	1,100		1,100		1,330	0.4
Ross-Simons Topco, LP (d/b/a Ross-Simons, Inc.)⁽⁴⁾	Preferred Units	N/A	N/A	8.00%	8.00% PIK	12/04/20	N/A	600		514		832	0.3
										1,614		2,162	0.7
Building Products
PFB Holding Company, LLC (d/b/a PFB Corporation)⁽⁴⁾⁽¹³⁾	Class A Units	N/A	N/A	N/A	N/A	12/17/21	N/A	1		423		1,053	0.3
										423		1,053	0.3
Construction & Engineering
Sterling Pure Blocker, LLC (d/b/a Banner Industries, Inc.)⁽⁴⁾	Class B Units	N/A	N/A	N/A	N/A	12/01/23	N/A	404		404		404	0.1
										404		404	0.1
Diversified Chemicals
Pressurized Holdings, LLC (f/k/a Starco)⁽⁴⁾⁽⁶⁾⁽²¹⁾	Common Units	N/A	N/A	N/A	N/A	03/16/23	N/A	—		—		—	—
Pressurized Holdings, LLC (f/k/a Starco)⁽⁴⁾⁽⁶⁾⁽⁸⁾⁽²¹⁾	Preferred Units	N/A	N/A	N/A	14.00% PIK	03/16/23	N/A	—		4,537		251	0.1
										4,537		251	0.1
Diversified Financial Services
SFS Global Holding Company (d/b/a Sigue Corporation)⁽⁴⁾	Warrants	N/A	N/A	N/A	N/A	06/28/18	12/28/25	—		—		—	—
Sigue Corporation⁽⁴⁾	Warrants	N/A	N/A	N/A	N/A	06/28/18	12/28/25	22		2,890		3,472	1.1
										2,890		3,472	1.1
Diversified Support Services
Quest Events, LLC⁽⁴⁾	Common Units	N/A	N/A	N/A	N/A	12/28/18	N/A	317		360		305	0.1
ImageOne Industries, LLC⁽⁴⁾	Common A Units	N/A	N/A	N/A	N/A	09/20/19	N/A	149		7		9	—
										367		314	0.1
Education Services
Eddy Acquisitions, LLC (d/b/a EducationDynamics, LLC)⁽⁴⁾	Preferred Units	N/A	N/A	12.00%	12.00%	09/15/21	N/A	167		167		18	—
										167		18	—
Environmental & Facilities Services
BPII-JL Group Holdings LP (d/b/a Juniper Landscaping Holdings LLC)⁽⁴⁾	Class A Units	N/A	N/A	N/A	N/A	12/29/21	N/A	83		825		983	0.3
										825		983	0.3
Industrial Machinery & Supplies & Components
BL Products Parent, LP (d/b/a Bishop Lifting Products, Inc.)⁽⁴⁾	Class A Units	N/A	N/A	N/A	N/A	02/01/22	N/A	733		788		1,053	0.3
										788		1,053	0.3

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2023

(in thousands)


Issuer	Investment Type⁽¹⁾	Floor	Reference Rate⁽²⁾	Spread Above Index	Interest Rate⁽³⁾	Acquisition Date⁽¹⁰⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽¹¹⁾		Fair Value As A Percentage of Net Assets
Interactive Media & Services
What If Media Group, LLC⁽⁴⁾	Common Units	N/A	N/A	N/A	N/A	07/02/21	N/A	851	$	851	$	1,615	0.5	%
										851		1,615	0.5
IT Consulting & Other Services
CX Holdco LLC (d/b/a Cennox Inc.)⁽⁴⁾	Common Units	N/A	N/A	N/A	N/A	05/04/21	N/A	1,068		1,116		1,715	0.5
Keras Holdings, LLC (d/b/a KSM Consulting, LLC)⁽⁴⁾	Shares	N/A	N/A	N/A	N/A	12/31/20	N/A	496		496		683	0.2
Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting Group)⁽⁴⁾	Series A Units	N/A	N/A	N/A	N/A	04/10/23	N/A	—		314		406	0.1
										1,926		2,804	0.8
Leisure Facilities
Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)⁽⁴⁾	Class A Common Stock	N/A	N/A	N/A	N/A	06/29/20	N/A	2		1,941		130	—
Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)⁽⁴⁾	Warrants	N/A	N/A	N/A	N/A	06/29/20	N/A	1		793		53	—
										2,734		183	—
Leisure Products
Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)⁽⁴⁾⁽⁶⁾⁽⁸⁾⁽¹⁹⁾	Preferred Stock	N/A	N/A	14.00%	14.00% PIK	01/24/22	N/A	36		3,600		—	—
Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)⁽⁴⁾⁽⁶⁾⁽¹⁹⁾	Common Stock	N/A	N/A	N/A	N/A	01/24/22	N/A	72		460		—	—
										4,060		—	—
Office Services & Supplies
American Crafts Holdings, LLC (d/b/a American Crafts, LC)⁽⁴⁾⁽¹⁴⁾⁽²⁰⁾	Warrants	N/A	N/A	N/A	N/A	12/22/22	12/22/32	—		—		—	—
New American Crafts Holdings, LLC (d/b/a American Crafts, LC)⁽⁴⁾⁽¹⁴⁾⁽²⁰⁾	Class A Units	N/A	N/A	N/A	N/A	03/16/23	N/A	1		—		—	—
										—		—	—
Paper & Plastic Packaging Products & Materials
Max Solutions Inc.⁽⁴⁾	Common Stock	N/A	N/A	N/A	N/A	09/29/22	N/A	4		400		179	0.1
										400		179	0.1
Real Estate Operating Companies
Salon Republic Investments LLC (d/b/a Salon Republic, LLC)⁽⁴⁾⁽⁸⁾	Preferred Stock	N/A	N/A	N/A	8.00% PIK	12/02/22	N/A	200		200		218	0.1
Salon Republic Investments LLC (d/b/a Salon Republic, LLC)⁽⁴⁾	Common Stock	N/A	N/A	N/A	N/A	12/02/22	N/A	400		400		241	0.1
										600		459	0.2
Specialized Consumer Services
Camp Facility Services Parent, LLC (d/b/a Camp Construction Services, Inc.)⁽⁴⁾⁽⁸⁾	Preferred Units	N/A	N/A	10.00%	10.00% PIK	11/16/21	N/A	15		840		1,023	0.3
										840		1,023	0.3
Specialized Finance
WHF STRS Ohio Senior Loan Fund^{(4)(5)(7)(14)(18)}	LLC Interests	N/A	N/A	N/A	N/A	07/19/19	N/A	21,104		21,104		22,782	7.2
										21,104		22,782	7.2

Total Equity Investments									$	46,400	$	39,461	12.3	%

Total Investments									$	740,021	$	696,168	219.7	%

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2023

(in thousands)

Forward Currency Contracts


Counterparty	Currency to be sold			Currency to be purchased			Settlement date	Unrealized appreciation		Unrealized depreciation
Morgan Stanley	C$	1,253	CAD	$	903	USD	2/7/24	$	—	$	(43)
Total								$	—	$	(43)

(1)	Except as otherwise noted, all investments are non-controlled/non-affiliate investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), and provide collateral for the Company’s credit facility.

(2)

The investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), the Canadian Dollar Offered Rate (“CDOR” or “C”), the Sterling Overnight Index Average (“SONIA”), or the U.S. Prime Rate (“Prime” or “P”) which may reset monthly, quarterly or semiannually.

(3)	The interest rate is the “all-in-rate” including the current index and spread, the fixed rate, and the payment-in-kind (“PIK”) interest rate, as the case may be.

(4)	The investment or a portion of the investment does not provide collateral for the Company’s credit facility.

(5)

Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of total assets. Qualifying assets represented 83.3% of total assets as of the date of the consolidated schedule of investments.

(6)	Investment is a non-controlled/affiliate investment as defined by the 1940 Act.

(7)	The investment has an unfunded commitment in addition to any amounts presented in the consolidated schedule of investments as of December 31, 2023.

(8)	Preferred equity investment is a non-income producing security.

(9)	Security is perpetual with no defined maturity date.

(10)	Except as otherwise noted, all of the Company’s portfolio company investments, which as of the date of the consolidated schedule of investments represented 219.7% of the Company’s net assets or 95.3% of the Company’s total assets, are subject to legal restrictions on sales.

(11)	The fair value of each investment was determined using significant unobservable inputs.

(12)	The investment was comprised of two contracts, which were indexed to P and a different base rate, SOFR, SONIA or CDOR.

(13)	Principal amount is non-USD denominated and is based in Canadian dollars.

(14)	Investment is a controlled affiliate investment as defined by the 1940 Act.

(15)

Investment is structured as a unitranche loan in which the Company may receive additional interest on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(16)

In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest in the amount of 3.50% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(17)	The investment is on non-accrual status.

(18)

On January 14, 2019, the Company entered into an agreement with State Teachers Retirement System of Ohio, a public pension fund established under Ohio law (“STRS Ohio”), to create WHF STRS Ohio Senior Loan Fund, LLC (“STRS JV”), a joint venture, which invests primarily in senior secured first and second lien term loans.

(19)

On January 24, 2022, as part of a restructuring agreement between the Company and PlayMonster LLC, the Company’s first lien secured term loan and delayed draw loan investments to PlayMonster LLC were converted into a new first lien secured term loan, preferred stock and common stock of Playmonster Group LLC.

(20)	In March 2023, as a result of a restructuring agreement between the Company and American Crafts, LC, the Company’s investments are controlled affiliate investments, as defined by the 1940 Act.

(21)

In March 2023, as part of a restructuring agreement between the Company and Sklar Holdings, Inc (d/b/a Starco), the Company’s first lien secured term loan investment was converted into a new first lien secured term loan to Chase Products Co. (f/k/a Starco) and preferred units and common units of Pressurized Holdings, LLC (f/k/a Starco).

(22)	Ownership of certain equity investments may occur through a holding company or partnership.

(23)	The issuer is domiciled in Canada.



Contacts

Stuart Aronson
WhiteHorse Finance, Inc.
212-506-0500
saronson@higwhitehorse.com

or

Joyson Thomas
WhiteHorse Finance, Inc.
305-379-2322
jthomas@higwhitehorse.com

or

Robert Brinberg Rose & Company 212-257-5932 whitehorse@roseandco.com




Source: WhiteHorse Finance, Inc.

Exhibit 99.2

Earnings Presentation Quarter Ended December 31, 2023 WhiteHorse Finance, Inc. NASDAQ: WHF (Common Stock) NASDAQ: WHFCL (7.875% Notes due 2028)

1 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 or any of its affiliates. Investors are advised to consider carefully the Company’s investment objectives, risks, charges and expenses before investing in the Company’s securities. Our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, which have been filed with the Securities and Exchange Commission (“SEC”), contain this and other information about the Company and should be read carefully before investing in the Company’s securities. The information in this presentation is not complete and may be changed. This presentation is not an offer to sell the Company’s securities and is not soliciting an offer to buy the Company’s securities in any jurisdiction where such offer or sale is not permitted. A shelf registration statement relating to the Company’s securities is on file with the SEC. A public offering of the Company’s securities may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained by writing the Company at 1450 Brickell Avenue, 31st Floor, Miami, FL 33131, Attention: Investor Relations, or by calling (305) 381-6999; copies may also be obtained by visiting EDGAR on the SEC’s website at http://www.sec.gov. Forward-Looking Statements Some of the statements in this presentation constitute forward-looking statements, which relate to future events or the Company’s future performance or financial condition. The forward-looking statements contained in this presentation involve risks and uncertainties, including statements as to: the Company’s future operating results; changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, which could result in changes to the value of the Company’s assets; the impact of the COVID-19 pandemic and its effects on the Company’s and its portfolio companies’ results of operations and financial condition; the Company’s business prospects and the prospects of its prospective portfolio companies; the impact of investments that the Company expects to make; the impact of increased competition; the Company’s contractual arrangements and relationships with third parties; the dependence of the Company’s future success on the general economy and its impact on the industries in which the Company invests; the ability of the Company’s prospective portfolio companies to achieve their objectives; the relative and absolute performance of the Company’s investment adviser; the Company’s expected financings and investments; the adequacy of the Company’s cash resources and working capital; the timing of cash flows, if any, from the operations of the Company’s prospective portfolio companies; and the impact of future acquisitions and divestitures. Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The Company has based the forward-looking statements included in this presentation on information available to us on the date of this presentation, and the Company assumes no obligation to update any such forward-looking statements. Actual results could differ materially from those implied or expressed in the Company’s forward-looking statements for any reason, and future results could differ materially from historical performance. Although the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that are made directly to you or through reports that the Company in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. For a further discussion of factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the annual reports on Form 10-K and quarterly reports on Form 10-Q we file with the SEC. Important Information and Forward Looking Statements

2 WhiteHorse Finance Snapshot Company: WhiteHorse Finance, Inc. Equity Ticker: NASDAQ: WHF Market Cap: $288.9MM(1) NAV / Share: $13.63(2) Portfolio Fair Value: $696.2MM Current Dividend Yield: 11.9%(1)(3); consistent quarterly dividends at or above $0.355 per share since 2012 IPO (1) Based on February 28, 2024 share price of $12.43. (2) As of December 31, 2023. (3) Based on LTM dividend rate, excluding special dividends, relative to closing share price. External Manager: Affiliate of H.I.G. Capital, LLC (“H.I.G. Capital” or “H.I.G.”)

Overview of WhiteHorse Finance, Inc. 3 Portfolio at Fair Value ($MM) NAV + Cumulative Dividends per share Note: As of December 31st, of each respective year presented, unless otherwise noted. (1) Based on total capital raised by H.I.G. Capital and affiliates. (2) Includes investments in STRS JV. (3) Based on fair value. Does not include investments in STRS JV. Source: Company filings  WhiteHorse Finance, Inc. is a publicly listed Business Development Company (“BDC”) that completed its IPO in December 2012  WhiteHorse Finance’s investment activities are managed by H.I.G. WhiteHorse Advisers, LLC (the “Investment Adviser”), an affiliate of H.I.G. Capital, a leading global alternative asset manager with over $60BN of capital under management(1)  Principally focused on originating senior secured loans to performing lower middle market companies with individual enterprise values generally between $50MM and $350MM  Diversified investment portfolio totaling $696.2MM as of December 31, 2023  Investments across 116(2) positions in 72 portfolio companies as of December 31, 2023 − Average Investment Size(3): $5.2MM (Average Debt Investment Size(3): $6.7MM) − Largest Portfolio Company Investment(3): $21.5MM  Invested $2,568MM in 228 transactions since December 2012 IPO  The Company and State Teachers Retirement System of Ohio (“STRS Ohio”), a public pension fund established under Ohio law, partnered to create WHF STRS Ohio Senior Loan Fund LLC (“STRS JV”), a joint venture formed to invest in directly originated, senior secured first and second lien term loans $15.30 $15.16 $15.04 $13.33 $13.63 $13.98 $15.35 $15.23 $15.23 $15.10 $14.30 $13.63 $0.20 $0.32 $0.46 $0.51 $0.58 $0.11 $1.53 $2.95 $4.37 $5.79 $7.21 $8.63 $10.05 $11.47 $12.89 $14.31 $15.79 $15.41 $16.69 $17.99 $17.70 $19.42 $21.19 $23.98 $25.48 $27.02 $28.45 $29.12 $30.00 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Net asset value Cumulative special dividends paid Cumulative base dividends paid $180.5 $272.4 $403.5 $415.3 $411.7 $440.7 $469.6 $589.7 $690.7 $819.2 $760.2 $696.2 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

4 Overview of WhiteHorse Finance, Inc. (continued) Note: As of December 31, 2023, unless otherwise noted. (1) Reflects life-to-date since IPO and may exclude follow-on transactions and investments in STRS JV made via asset transfers in-kind. (2) Across 114 investments. Does not include investments in STRS JV. (3) Reflects weighted average effective yield of income-producing debt investments. Weighted average effective yield for entire portfolio, including equities and investments in STRS JV, as of December 31, 2023, is 12.4%. Weighted average effective yield is computed by dividing (a) annualized interest income (including interest income resulting from the amortization of fees and discounts) by (b) the weighted average cost of investments. (4) Measured at origination based on borrower reporting and WHF’s target underwriting leverage. Does not include investments in STRS JV. (5) Based on fair value. Does not include the Company’s investments in STRS JV.  Generate attractive risk-adjusted returns in all market conditions by originating and investing in senior secured loans to performing lower middle market companies and leveraging the knowledge of H.I.G. Capital  Differentiated proprietary deal flow from over 70 dedicated deal professionals sourcing through direct coverage of financial sponsors and intermediaries  Rigorous credit process focused on fundamental analysis with emphasis on downside protection and cash flow visibility  10-person investment committee with more than 250 years of industry experience  Investment strategy focused on first lien and second lien senior secured investments in lower middle market companies with a target hold size of $5MM to $25MM Summary Stats: $2,568MM(1) Invested Capital since IPO: ~228(1) Number of Investments Made: ~$5.2MM(2) Average Investment Size: 13.7%(3) All-in Yield: ~4.2x Net Debt / EBITDA of Current Portfolio (4) Companies: ~100%(5) Secured Debt as a % of Total Debt: Investment Strategy

5 Summary of Quarterly Results  Total investments at fair value decreased to $696.2 million in Q4 2023 as compared with $706.8 million in Q3 2023.  The Company made gross investment deployments in eight new portfolio companies for a total of $54.1 million and made add-on investments totaling $2.8 million to existing portfolio companies.  The Company received dispositions and principal repayments of $34.9 million, driven by full repayments from JZ Capital Partners and Aeyon LLC and received net repayments of $0.6 million on revolver commitments. The Company also transferred five investments, comprised of four new portfolio companies and one add-on investment, to the STRS JV totaling $27.6 million.  The weighted average effective yield on income-producing investments at the end of Q4 2023 was approximately 13.7% as compared with approximately 13.6% at the end of the prior quarter.  Q4 Net Investment Income (“NII”) was $10.6 million, or $0.456 per share, which compares with Q3 NII of $10.8 million, or $0.465 per share.  Q4 Core NII(1) was $10.6 million, or $0.456 per share, compared with the quarterly distribution of $0.385 per share. This compares with Q3 Core NII of $10.8 million, or $0.465 per share.  Net realized and unrealized losses on investments and foreign currency transactions for Q4 2023 were $7.2 million primarily driven by unrealized losses from investments in American Crafts, LC.  NAV per share at the end of Q4 2023 was $13.63 per share compared with $13.87 per share from Q3 2023.  Gross leverage levels decreased during the quarter to 1.23x from 1.25x at the end of Q3 2023. Cash on-hand at the end of Q4 202 3 was $24.5 million resulting in net leverage of 1.16x, consistent with 1.16x at the end of Q3 2023.  As of December 31, 2023, STRS JV had total assets of $332.2 million. The Company’s return on its investment in STRS JV at the end of Q4 2023 was 15.4%(2).  Effective January 1, 2024, the Company’s board of directors approved a decrease in the base management fee rate paid to the Investment Adviser to 1.75%, from 2.00%. Fiscal Quarter Highlights (1) Core net investment income is a non-GAAP financial measure. Refer to next slide for components and discussion of core net investment income. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, can also be found by accessing the earnings releases posted to the Company’s website at http://www.whitehorsefinance.com. (2) Computed as the annual stated rate of the subordinated notes, based on the subordinated notes outstanding as of the period, and dividends received over the last twelve-month period, based on average capital invested.

6 Quarterly Operating Highlights Note: Numbers may not foot due to rounding. (1) Total investment income includes investment income (e.g., interest and dividends) from investments in STRS JV. (2) Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (i) the net impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to realized and unrealized gains and losses, and (iii) certain excise or other income taxes (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, can be found by accessing the earnings releases posted to the Company’s website at http://www.whitehorsefinance.com. Source: Company filings Unaudited Quarterly Financials Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 (USD in MM, except per share data) Total Investment Income $ 21.6 $ 25.9 $ 26.2 $ 25.6 $ 25.9 $ 25.6 (1) Expenses Interest Expense 5.6 6.6 7.5 7.3 7.6 7.5 Base Management Fees 3.9 3.9 3.7 3.7 3.7 3.6 Performance-based Incentive Fees 1.0 2.8 2.7 2.6 2.7 2.6 Other Expenses 1.3 1.5 1.6 1.4 1.1 1.3 Total Expenses 11.8 14.8 15.5 15.0 15.1 15.0 Net Investment Income $ 9.8 $ 11.1 $ 10.7 $ 10.6 $ 10.8 $ 10.6 Net Realized and Unrealized Gain / (Loss) (5.9) (12.3) (3.2) (6.7) (5.2) (7.2) $ 3.9 $ (1.2) $ 7.5 $ 3.9 $ 5.6 $ 3.4 Net Increase (Decrease) in Net Assets from Operations Per Share Net Investment Income (NII) $ 0.42 $ 0.48 $ 0.46 $ 0.46 $ 0.47 $ 0.46 Core NII $ 0.37 $ 0.48 $ 0.46 $ 0.46 $ 0.47 $ 0.46 (2) Net Realized and Unrealized Gain / (Loss) $ (0.25) $ (0.53) $ (0.13) $ (0.29) $ (0.23) $ (0.31) Earnings $ 0.17 $ (0.05) $ 0.32 $ 0.17 $ 0.24 $ 0.15 Dividends Declared $ 0.355 $ 0.355 $ 0.355 $ 0.370 $ 0.370 $ 0.385 Special Dividends Declared $ - $ 0.050 $ 0.070 $ - $ - $ - Core NII Dividend Coverage 105% 134% 130% 123% 126% 118%

7 Quarterly Balance Sheet Highlights Note: Numbers may not foot due to rounding (1) Includes Restricted Cash. (2) Calculated as Total Gross Debt Outstanding divided by Total Net Assets. (3) Net Leverage Ratio is defined as debt outstanding less cash, divided by total net assets. (4) Fundings, exits and repayments may include cash flows on revolver investments as well as non-cash transactions (e.g., PIK, equity issuances). Unaudited Quarterly Financials Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 (USD in MM, except per share data) Assets Investments at Fair Value $ 764.6 $ 760.2 $ 749.2 $ 728.4 $ 706.8 $ 696.2 Cash and Equivalents 19.3 26.3 22.2 23.1 29.8 24.5 (1) Other Assets 12.8 10.0 9.6 20.7 9.9 10.1 Total Assets $ 796.7 $ 796.5 $ 781.0 $ 772.2 $ 746.5 $ 730.8 Liabilities Debt (net of issuance costs) 431.0 440.4 423.7 424.7 398.1 386.4 Other Liabilities 22.7 23.7 27.3 22.2 26.1 27.6 Total Liabilities $ 453.7 $ 464.1 $ 451.0 $ 446.9 $ 424.2 $ 414.0 Total Net Assets $ 343.0 $ 332.4 $ 330.0 $ 325.3 $ 322.3 $ 316.8 Total Liabilities and Net Assets $ 796.7 $ 796.5 $ 781.0 $ 772.2 $ 746.5 $ 730.8 Net Asset Value per Share $ 14.7 6 $ 14.3 0 $ 14.2 0 $ 14.0 0 $ 13.8 7 $ 13.63 Leverage Ratio(2) 1.27x 1.34x 1.30x 1.32x 1.25x 1.23x Net Leverage Ratio(3) 1.22x 1.26x 1.23x 1.25x 1.16x 1.16x Gross Fundings(4) 53.3 56.3 37.3 28. 0 21.1 58. 6 Exits and Repayments (49.6) (51.3) (48.2) (45.2) (39.1) (65.1) (4) Net Fundings/(Repayments) $ 3. 7 $ 5. 0 $ (10.9) $ (17.2) $ (18.0) $ (6.5)

Portfolio Highlights 8 Note: Not a guarantee of future performance or investment pace. (1) Does not include investments in STRS JV. (2) Calculated based on funded principal amounts of debt investments. (3) Weighted average effective yield is computed by dividing (a) annualized interest income (including interest income resulting from the amortization of fees and discounts) by (b) the weighted average cost of investments. (4) Weighted average effective yield for entire portfolio, including equities and investments in STRS JV. (5) Includes STRS JV Subordinated Note. Source: Company filings ($ in MM, except per share data) Portfolio Investment Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Total Fair Value of Investments $ 764.6 $ 760.2 $ 749.2 $ 728.4 $ 706.8 $ 696.2 Number of Portfolio Investments 107 115 116 116 109 116 Number of Portfolio Companies 68 72 70 70 69 72 Average Investment Size(1) $ 6.3 $ 5.8 $ 5.7 $ 5.5 $ 5.6 $ 5.2 Average Borrower Size(1) $ 9.9 $ 9.3 $ 9.4 $ 9.1 $ 8.8 $ 8.3 Average Debt Investment Size(1) $ 7.7 $ 7.0 $ 7.2 $ 7.1 $ 7.4 $ 6.7 Fair Value as a Percentage of Principal(1)(2) 96.5% 95.6% 95.1% 94.5% 93.3% 91.8% Total Portfolio Effective Yield(3) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Weighted average effective yield on income-producing debt investments(1) 11.4% 12.6% 13.2% 13.4% 13.6% 13.7% Weighted average effective yield on total portfolio(4) 11.0% 12.2% 12.6% 12.5% 12.4% 12.4% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Portfolio Composition - Floating vs. Fixed Investments (Debt Investments at Fair Value)(1) Percentage of fixed rate investments 0.4% 0.4% 0.4% 0.8% 0.9% 0.9% Percentage of floating rate investments 99.6% 99.6% 99.6% 99.2% 99.1% 99.1% Portfolio Composition - Sponsor vs. Non-Sponsor (Fair Value)(1) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Sponsor 60.7% 62.3% 65.4% 64.8% 63.6% 64.9% Non-Sponsor 39.3% 37.7% 34.6% 35.2% 36.4% 35.1% Total Portfolio Composition by Instrument Type (Fair Value) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 First lien secured loans 80.6% 81.3% 81.2% 81.3% 80.3% 79.9% Second lien secured loans 2.7% 2.7% 2.6% 2.4% 2.3% 2.3% Subordinated debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% STRS JV 13.3% 13.2% 13.4% 14.1% 15.1% 15.4% Equity 3.4% 2.8% 2.8% 2.2% 2.3% 2.4% Investments on Non-Accrual Status (Debt Investments) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Fair Value of Investments on Non-accrual Status $ - $ - $ 2.7 $ 19.0 $ 20.0 $ 14.1 Cost of Investments on Non-accrual Status $ - $ - $ 3.7 $ 28.3 $ 38.4 $ 38.3 % of Investments on Non-accrual Status (Based on Fair Value of Debt Investments)(5) 0.0% 0.0% 0.4% 2.7% 3.0% 2.1% % of Investments on Non-accrual Status (Based on Cost of Debt Investments)(5) 0.0% 0.0% 0.5% 4.0% 5.5% 5.5%

2.1% 3.7% 2.7% 2.6% 2.9% 0.0% 0.0% 0.0% 0.0% 0.5% 3.7% 5.2% 5.2% 2.9% 2.6% 2.4% 2.4% 2.1% 2.0% 2.3% 2.3% 2.6% 2.7% 2.8% 2.6% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 WHF % of total investments on non-accrual Weighted average peer BDC % of total investments on non-accrual⁽²⁾ Portfolio Trends Historical Portfolio Trends 9 % Floating and % Fixed (Based on Fair Value) % Instrument Type (Based on Fair Value) % Sponsored / Non-Sponsored (Based on Fair Value) % Non Accruals (Based on Cost of Investments)(1) Note: As of end of each year/quarter presented, unless otherwise noted; percentages may not add up to 100% due to rounding. Not a guarantee of future performance or investment pace. (1) Based on amortized cost of total investments, including STRS JV. (2) Peer data from approximately 40 publicly traded BDCs, provided by Raymond James and Company filings as of September 30, 2023. Weighted average based on non-accruals as a percentage of amortized cost across total investments. 99.8% 99.9% 100.0% 100.0% 99.8% 99.6% 99.6% 99.1% 0.2% 0.1% 0.2% 0.4% 0.4% 0.9% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2016 2017 2018 2019 2020 2021 2022 2023 Floating Fixed 32% 32% 44% 53% 58% 67% 62% 65% 68% 68% 56% 47% 42% 33% 38% 35% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2016 2017 2018 2019 2020 2021 2022 2023 Sponsor Non-Sponsor 60% 52% 77% 81% 85% 85% 81% 80% 33% 39% 21% 11% 4% 3% 3% 2% 7% 9% 3% 3% 3% 3% 3% 2% 6% 7% 9% 13% 15% 2016 2017 2018 2019 2020 2021 2022 2023 % First Lien Loans % Second Lien Loans % Equity STRS JV % Subordinated

15.4% 3.1% 3.0% 2.9% 2.7% 2.4% 2.4% 2.3% 2.3% 2.2% 61.3% STRS JV Future Payment Technologies, L.P. Bulk Midco, LLC Sleep OpCo LLC ABB/Con-cise Optical Group LLC BBQ Buyer, LLC Telestream Holdings Corporation FGI Acquisition Corp. CleanChoice Energy, Inc. Empire Office, Inc. Other 10 Note: As of December 31, 2023, unless otherwise noted; percentages may not add up to 100% due to rounding. (1) Does not include investments in STRS JV. Industry classifications based on GICS. Composition by Borrower (Based on Fair Value) Composition by Industry(1) (Based on Fair Value) Borrower and Industry Diversity 6.2% 5.8% 5.2% 4.7% 4.1% 4.1% 3.8% 3.8% 3.6% 3.6% 3.2% 3.6% 48.3% Broadline Retail Application Software Commodity Chemicals Home Furnishings Specialized Consumer Services Environmental & Facilities Services Leisure Facilities Air Freight & Logistics Data Processing & Outsourced Services Office Services & Supplies Cable & Satellite Health Care Supplies Other STRS JV ~100% of WHF loans are senior secured

Effective Yield & Dividend Coverage Debt Portfolio Effective Yield and Borrower Leverage(1) From IPO to December 31, 2023 11 Core NII(2) to Dividend Coverage(3) Note: Amounts may not foot due to rounding. (1) Portfolio leverage is based on investment leverage at inception. (2) Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (i) the net impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to realized and unrealized gains and losses, and (iii) certain excise or other income taxes (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, can be found by accessing the earnings releases posted to the Company’s website at http://www.whitehorsefinance.com (3) Does not include special dividends. Source: Company filings Covered by $0.09 Missed by $0.09 Missed by $0.02 Missed by $0.02 Covered by $0.02 Missed by $0.10 Covered by $0.02 Missed by $0.01 Covered by $0.01 Missed by $0.04 Covered by $0.01 Missed by $0.03 Covered by $0.12 Covered by $0.10 Covered by $0.10 2.8x 2.4x 4.1x 3.4x 3.4x 2.1x 4.5x 3.0x 3.8x 2.3x 3.1x 2.7x 3.0x 3.6x 2.9x 3.4x 3.2x 3.5x 3.4x 3.4x 3.2x 3.3x 3.3x 3.5x 3.6x 3.6x 3.6x 3.6x 3.7x 3.8x 3.7x 3.8x 4.0x 4.1x 4.1x 4.1x 4.0x 4.1x 4.1x 4.1x 4.1x 4.1x 4.1x 4.2x 15.5% 14.9% 13.1% 11.8% 11.7% 11.1% 10.7% 11.3% 11.4% 11.7% 11.6% 11.8% 11.9% 11.9% 12.1% 11.8% 11.8% 11.9% 11.9% 11.9% 12.0% 12.0% 11.9% 11.9% 11.7% 11.3% 11.1% 10.4% 9.9% 9.6% 9.9% 9.9% 9.6% 9.5% 9.3% 9.1% 9.2% 9.9% 11.4% 12.6% 13.2% 13.4% 13.6% 13.7% Borrower Leverage through WHF Security Effective Yield $0.27 $0.26 $0.38 $0.35 $0.38 $0.34 $0.37 $0.32 $0.34 $0.33 $0.37 $0.48 $0.46 $0.46 $0.47 $0.46 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.37 $0.37 $0.39 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Core NII per share Dividends per share Covered by $0.07

Yield & Interest Rate Economic Analysis 12 (1) Weighted average effective yield is computed by dividing (a) annualized interest income (including interest income resulting from the amortization of fees and discounts) by (b) the weighted average cost of investments. (2) Income yield is calculated as (a) the actual amount earned on earning investments, including interest and recurring fee income but excluding amortization of capitalized fees and discounts. (3) Calculated as (a) effective yield less (b) weighted average cost of debt. (4) The weighted average cost of debt is calculated as (a) the actual amount of expenses incurred on debt obligations divided by (b) the daily average of total debt obligations. (5) The base reference rate represents the weighted average base rate for the quarter applied on the JPM Revolving Credit Facility borrowings. 9.9% 9.6% 9.9% 9.9% 9.6% 9.5% 9.3% 9.1% 9.2% 9.9% 11.4% 12.6% 13.2% 13.4% 13.6% 13.7% 9.5% 9.1% 9.4% 9.4% 9.1% 9.0% 8.8% 8.6% 8.8% 9.4% 10.8% 12.1% 12.6% 12.9% 13.1% 13.2% 5.2% 5.4% 6.2% 6.1% 5.7% 5.7% 5.7% 5.7% 5.7% 5.9% 6.8% 7.1% 7.1% 7.1% 7.1% 7.2% 4.7% 4.2% 3.7% 3.8% 3.8% 3.8% 3.6% 3.4% 3.5% 4.0% 4.6% 5.5% 6.1% 6.3% 6.5% 6.5% 1.7% 1.0% 0.3% 0.2% 0.2% 0.2% 0.1% 0.2% 0.3% 0.9% 2.1% 3.7% 4.8% 5.0% 5.3% 5.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Effective Yield⁽¹⁾ Income Yield⁽²⁾ Net Investment Spread⁽³⁾ Weighted Average Cost of Debt⁽⁴⁾ Base reference rate⁽⁵⁾

Investment Performance Ratings 13 Investment Performance Ratings (% of Portfolio at Fair Value) Rating 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 1 6.3% 2.3% 22.2% 15.4% 8.6% 12.3% 14.3% 19.5% 18.3% 2 100.0% 92.4% 100.0% 90.3% 87.0% 83.9% 80.1% 83.3% 61.1% 74.7% 66.2% 60.9% 62.0% 58.7% 59.4% 3 7.6% 7.9% 13.0% 16.1% 13.6% 13.1% 15.0% 8.9% 22.2% 25.0% 20.6% 18.4% 19.2% 4 0.0% 0.0% 0.0% 0.6% 1.0% 3.0% 1.8% 3.1% 3.0% 0.9% 5 1.8% 0.0% 1.3% 1.1% - - - - 0.4% 2.2% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Investment Perfomance Rating Definitions Rating Definition 1 The portfolio company's risk of loss has been reduced relative to initial expectations. 2 The portfolio company is meeting initial expectations with regard to performance and outlook. 3 The investment's risk of loss has increased relative to initial expectation. 4 Investment principal is at a material risk of not being fully repaid. 5 Investment is in payment default and has significant risk of not receiving full repayment.

15.43 15.55 15.56 14.81 14.21 15.00 15.30 15.16 15.04 13.33 13.63 13.98 15.35 15.23 15.23 15.10 14.30 13.63 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 Net Asset Value If No Special Dividends Were Paid Net Asset Value Net Asset Value Trends 14 *As a supplement to GAAP financial measures, the Company has provided this non-GAAP measure. The Company believes that this non-GAAP financial measure is useful as it highlights the changes in NAV per share of common stock for each quarter excluding the impact of special dividends that were paid and shows the pro forma to the Company’s NAV per share after payment of regular distributions. Net Asset Value Per Share

NAV Per Share Bridge 15 Note: Numbers may not foot due to rounding. Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (i) the net impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to realized and unrealized gains and losses, and (iii) certain excise or other income taxes (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, can be found by accessing the earnings releases posted to the Company’s website at http://www.whitehorsefinance.com. Source: Company filings Dividend Coverage: $0.07 Net Realized and Unrealized losses: ($0.31)

09/30/2023 Quarterly Change 12/31/2023 Outstanding Debt: Outstanding Debt: $403.1 ($12.1) $391.0 Driven by net paydowns and sales of portfolio investments NAV: NAV: $322.3 ($5.5) $316.8 Driven by net realized and unrealized losses Leverage Migration 16 Note: Numbers may not foot due to rounding. ($ in MM) Leverage Ratio: 1.23x Leverage Ratio: 1.25x Sales & Principal Payments 65.1 $ Debt Paydown 52.6 $ Borrowings 40.1 Acquisition of Investments 58.6 Net Investment Income 10.6 Dividend Payment, net of distributions reinvested 8.6 Balance Sheet Cash 5.3 Other Balance Sheet Changes 2.0 Unsettled investment transactions 0.7 Total $121.8 Total $121.8 Sources Uses

1.04x 0.86x 0.94x 1.25x 1.08x 1.14x 1.19x 1.38x 1.36x 1.23x 1.27x 1.34x 1.30x 1.32x 1.25x 1.23x 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x 1.40x Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Debt/ Equity Note: As of end of each quarter presented, unless otherwise noted. Not a guarantee of future performance or investment pace. (1) As of December 31, 2023, WHF had $4.6MM of deferred debt issuance costs. (2) Gross leverage excluding cash. 3 Current Debt Outstanding (as of December 31, 2023) Outstanding Weighted Average Interest Rate Maturity (1) ($ in MM) Commitment 2025 S+2.500% payable quarterly $196.5 $335.0 (Accordion Feature up to $375) Revolving Credit Facility 2025 5.375% payable semi-annually; Unsecured 5.375% 2025 Notes $40.0 $40.0 2026 5.375% payable semi-annually; Unsecured 5.375% 2026 Notes $10.0 $10.0 2026 4.000% payable semi-annually; Unsecured 4.000% 2026 Notes $75.0 $75.0 2027 5.625% payable semi-annually; Unsecured 5.625% 2027 Notes $10.0 $10.0 2028 4.250% payable semi-annually; Unsecured 4.250% 2028 Notes $25.0 $25.0 2028 7.875% payable quarterly; Unsecured $34.5 $34.5 7.875% 2028 Notes (NASDAQ: WHFCL) 6.5% weighted average cost of debt Total Debt $529.5 $391.0 $316.8 NA Total Shareholders’ Equity/Net Assets Funding Profile 17 Gross Debt to Equity(2) 1.00x-1.35x Target Leverage

18 Appendix

Origination Footprint (as of December 31, 2023) Regional Direct Origination Footprint  Scope of H.I.G. WhiteHorse market coverage results in consistent investment activity levels regardless of market conditions  Dedicated direct lending team of approximately 70 investment and origination professionals  Regional footprint with 24 dedicated direct lending originators in 11 North American offices  Global platform of approximately 550 investment professionals across 18 offices in 9 countries and 3 continents  Additional 28 generalist business development professionals dedicated to sourcing proprietary opportunities in the lower to middle market 19

Note: As of end of each quarter presented, unless otherwise noted. Not a guarantee of future performance or investment pace. As of December 31, 2023 STRS JV had $1.9MM of deferred debt issuance costs. 3 Maturity Weighted Average Interest Rate Outstanding(1) ($ in MM) Commitment 2026 S+2.72% payable quarterly $165.2 $262.5 ($75 Accordion Feature) Revolving Credit Facility N/A S+6.50% Subordinated Note $140.0 $128.5 payable quarterly 9.5% weighted average cost of debt Total Debt $402.5 $293.7 Equity $35.0 $32.1 N/A N/A STRS JV Key Terms and Funding Profile 20  WHF and STRS Ohio have committed to provide up to $175 million in subordinated notes and equity to STRS JV, with STRS Ohio providing $60 million and WHF providing $115 million.  WHF and STRS Ohio share voting control 50%/50%.  Equity ownership of 65.71% WHF and 34.29% STRS  An affiliate of H.I.G. provides day-to-day administrative oversight Key Terms Current Debt Outstanding (as of December 31, 2023) ($ in MM)

21 Note: As of December 31, 2023, unless otherwise noted; percentages may not add up to 100% due to rounding. (1) Industry classifications based on GICS. Composition by Borrower (Based on Fair Value) Composition by Industry(1) (Based on Fair Value) 100% of STRS JV loans are senior secured STRS JV Borrower and Industry Diversity 6.0% 6.0% 5.3% 4.7% 4.5% 4.4% 4.3% 4.2% 3.9% 3.8% 52.9% Source Code Holdings, LLC Marlin DTC-LS Midco 2, LLC Meta Buyer LLC Geo Logic Systems Ltd. RCKC Acquisitions LLC Juniper Landscaping Holdings LLC Drew Foam Companies Inc LMG Holdings, Inc. Forward Solutions, LLC HRG Management, LLC Other 16.4% 8.7% 6.1% 6.0% 6.0% 4.3% 4.7% 5.3% 4.2% 3.9% 3.8% 3.1% 27.5% IT Consulting & Other Services Environmental & Facilities Services Diversified Support Services Broadline Retail Technology Hardware, Storage & Peripherals Pharmaceuticals Data Processing & Outsourced Services Building Products Electronic Equipment & Instruments Advertising Real Estate Operating Companies Construction & Engineering Other

Origination Pipeline Funnel(1) 22 (1) Origination Pipeline figures reflect 2014 through December 31, 2023. Three tier sourcing platform, generating meaningful investable opportunities for WhiteHorse Finance Approximately 70 WhiteHorse deal professionals dedicated to sourcing and underwriting for WHF 20+ person business development team seeks opportunities from H.I.G.’s proprietary database of over 21,000 contacts (telephonic salesforce)  With access to H.I.G. Capital’s extensive sourcing network, the Company is able to capitalize on attractive self-originated lower middle market transactions as compared to the broadly syndicated market  Directly originated loans to lower middle market companies typically generate more attractive risk-adjusted returns relative to larger, broadly syndicated credits Typical Underwriting Process: 3-6 months Opportunities Reviewed Initial Due Diligence Term Sheets Delivered Transactions Closed Deals being sourced by over 500 Investment Professionals across H.I.G.’s platform Total % of Sourced 10,702 100.0% 2,383 22.3% 640 6.0% 237 2.2%

23 Corporate Data Board of Directors Investment Committee Corporate Officers Research Coverage Corporate Counsel John Bolduc Sami Mnaymneh Stuart Aronson Bryce Rowe Dechert LLP Chairman of the Board Co‐Founder, Co‐Executive Chairman and Chief Executive Officer B. Riley FBR New York, NY CEO of H.I.G. Capital Stuart Aronson Marco Collazos Erik Zwick Corporate Headquarters Director Anthony Tamer Chief Compliance Officer Hovde Group 1450 Brickell Avenue Co‐Founder and Co‐Executive Chairman 31st Floor Jay Carvell of H.I.G. Capital Joyson Thomas Melissa Wedel Miami, FL 33131 Director Chief Financial Officer J.P. Morgan Stuart Aronson Transfer Agent G. Stacy Smith Chief Executive Officer and Director Mickey Schleien Equiniti Trust Company, LLC Independent Director Ladenburg Thalmann & Co. Inc. (f/k/a American Stock Mark Bernier Transfer & Trust Company, LLC) Rick P. Frier Managing Director of WhiteHorse Capital Mitchel Penn New York, NY Independent Director Oppenheimer & Co. John Bolduc Investor Relations Contact Rick D. Puckett Chairman of the Board, Executive Managing Robert Dodd 1450 Brickell Avenue Independent Director Director of H.I.G. Capital Raymond James 31st Floor Attention: Investor Relations Javier Casillas Miami, FL 33131 Global Chief Credit Officer and Managing (305) 381‐6999 Director of WhiteHorse Capital Independent Registered Pankaj Gupta Public Accounting Firm Global Head of Originations and Crowe LLP Managing Director of WhiteHorse Capital Chicago, IL David Indelicato Equity Securities Listing Managing Director of WhiteHorse Capital NASDAQ: WHF Brian Schwartz Please visit our website at: Co‐President of H.I.G. Capital www.whitehorsefinance.com John Yeager Managing Director of WhiteHorse Capital

Document and Entity Information	Feb. 29, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 29, 2024
Entity Registrant Name	WhiteHorse Finance, Inc.
Entity Incorporation, State or Country Code	DE
Securities Act File Number	814-00967
Entity Tax Identification Number	45-4247759
Entity Address, Address Line One	1450 Brickell Avenue
Entity Address, Address Line Two	31st Floor
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33131
City Area Code	305
Local Phone Number	381-6999
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001552198
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	WHF
Security Exchange Name	NASDAQ
7.875% Notes Due 2028 [Member]
Document Information [Line Items]
Title of 12(b) Security	7.875% Notes due 2028
Trading Symbol	WHFCL
Security Exchange Name	NASDAQ

N-2	Feb. 29, 2024
Cover [Abstract]
Entity Central Index Key	0001552198
Amendment Flag	false
Securities Act File Number	814-00967
Document Type	8-K
Entity Registrant Name	WhiteHorse Finance, Inc.
Entity Address, Address Line One	1450 Brickell Avenue
Entity Address, Address Line Two	31st Floor
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33131
City Area Code	305
Local Phone Number	381-6999
Entity Emerging Growth Company	false

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WHF WhiteHorse Finance Inc