Stuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, "During the first quarter, we continued to execute on the priorities we outlined last quarter, including actively managing previously identified credit situations, maintaining discipline in new originations, and repurchasing shares at a significant discount to NAV. While our results reflected anticipated portfolio markdowns, the majority of our portfolio remained stable, and share repurchases were accretive to book value. We remain focused on preserving liquidity, managing risk, and investing selectively. Our priority is to protect shareholder value while positioning the portfolio for improved performance over time."
Recent Developments:
On May 7, 2026, WhiteHorse Advisers voluntarily agreed to waive and reduce the incentive fee on net investment income from its stated annual rate of 20.00% to 17.50% for the next fiscal quarter ending June 30, 2026.
Summary Information as of March 31, 2026 and December 31, 2025 (unaudited):
Three Months Ended
Three Months Ended
Change
($ in thousands except per share data)
March 31, 2026
December 31, 2025
$
%
Total investment income
$
15,862
$
17,342
(1,480)
(8.5)
Total expenses, including excise tax
10,259
10,738
(479)
(4.5)
Net investment income and core net investment income(1)
5,603
6,604
(1,001)
(15.2)
Net investment income and core net investment income(1) per share
0.253
0.287
(0.034)
(12.0)
Distributions per share
0.250
0.250
—
—
Special distributions per share
0.010
—
0.010
NM
Net realized gains (losses)
(4,727)
(11,348)
6,621
58.3
Net unrealized appreciation (depreciation)
(1,563)
