WhiteHorse Finance (NASDAQ:WHF) reported fourth-quarter net income of $8.4 million on Monday, delivering a performance that cleared analyst hurdles on both the top and bottom lines.
The Miami-based Business Development Company (BDC) posted earnings of 36 cents per share, while adjusted for investment gains, core earnings stood at 29 cents per share—topping the 27-cent consensus estimate from analysts surveyed by Zacks Investment Research.
Revenue for the quarter reached $17.3 million, exceeding the $16.5 million forecast.
The outperformance was largely driven by the company’s focus on first-lien senior secured loans to small and mid-sized businesses, a segment that has remained stable despite broader economic volatility.
For the full year 2025, WhiteHorse reported a total profit of $14.3 million, or 62 cents per share, on revenue of $72.7 million.
The company’s portfolio remains heavily weighted toward defensive industries, with senior secured loans accounting for over 95% of its total investments.
During the quarter, the weighted average yield on its debt investment portfolio remained robust, supported by the "higher-for-longer" interest rate environment affecting its floating-rate loan base.
WhiteHorse also declared a quarterly distribution of $0.385 per share for the first quarter of 2026, consistent with its prior payout.
As of December 31, 2025, the company’s net asset value was reported at $13.42 per share, a slight increase from the previous quarter, reflecting the net impact of investment valuations and undistributed income.