Form 8-K - Current report

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): August 8, 2023

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)

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 August 8, 2023, WhiteHorse Finance, Inc. (the “Company”) issued a press release announcing a quarterly distribution and its financial results for the quarter ended June 30, 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 5.07. Submission of Matters to a Vote of Security Holders.

On August 2, 2023, the Company held its annual meeting of stockholders (the “Annual Meeting”). At the Annual Meeting, the Company’s stockholders approved two proposals. The issued and outstanding shares of stock of the Company entitled to vote at the Annual Meeting consisted of 23,243,088 shares of common stock outstanding on the record date, June 6, 2023. The final voting results from the Annual Meeting were as follows:

Proposal 1. To elect three Class II directors of the Company who will each serve until the 2026 annual meeting of stockholders or until his successor is duly elected and qualifies.


Name	Votes For	Votes Against	Abstentions	Broker Non-Votes
Rick P. Frier	4,901,713	1,788,837	1,292,592	6,615,125
Stuart Aronson	6,924,134	667,755	391,253	6,615,125
Jay Carvell	5,626,778	1,059,064	1,297,300	6,615,125

Proposal 2. To ratify the selection of Crowe LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023.


Votes For	Votes Against	Abstentions
13,957,670	225,458	415,139

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 August 8, 2023.

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: August 8, 2023	WHITEHORSE FINANCE, INC.

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

Exhibit 99.1

WhiteHorse Finance, Inc. Announces Second Quarter 2023 Earnings Results and Declares Quarterly Distribution of $0.37 Per Share

NEW YORK, August 8, 2023 /PRNewswire/ -- WhiteHorse Finance, Inc. (“WhiteHorse Finance” or the “Company”) (Nasdaq: WHF) today announced its financial results for the quarter ended June 30, 2023. In addition, the Company’s board of directors has declared a distribution of $0.37 per share with respect to the quarter ended June 30, 2023. The distribution will be payable on October 3, 2023 to stockholders of record as of September 19, 2023.

Second Quarter 2023 Summary Highlights

●Net Asset Value of $325.3 million, or $14.00 per share

●Investment portfolio⁽¹⁾ totaling $728.4 million

●STRS JV investment portfolio totaling $324.5 million

●Gross investment deployments⁽²⁾ of $23.8 million for the second quarter, including new originations of $19.3 million and $4.5 million of fundings for add-ons to existing investments

●Net investment income of $10.6 million, or $0.456 per share

●Core net investment income of $10.6 million, or $0.456 per share⁽³⁾

●Second quarter distribution of $0.37 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 35% compared with the second quarter of 2022 and was well in excess of our regular dividend. While we marked down some assets during the quarter and placed two portfolio companies on non-accrual, activity was limited to consumer-facing portfolio companies and certain portfolio companies that experienced challenges independent of economic conditions largely due to market pricing. The investments in our existing portfolio were underwritten at modest leverage levels and are generally well positioned to service our debt in a rising interest rate environment. Additionally, our portfolio remains overwhelmingly represented by non-cyclical or light cyclical borrowers. The current market environment offers exceptionally attractive terms as terms and conditions in the lower middle market have returned to more normalized conditions and the quality of deals has improved. Our pipeline has returned to an all-time high, and we continue to derive significant advantages from our three-tier sourcing architecture and our affiliation with H.I.G. Capital, a leader in the low and mid-markets. The strength of the pipeline enables us to be conservative in our deal selection, and we are being cautious in the face of a weakening economy and remain focused on credits with compelling risk return characteristics. The deals that we're continuing to work on are mostly non-cyclical or light cyclicals, and we continue to be highly selective about which credits we underwrite.”

Portfolio and Investment Activity

As of June 30, 2023, the fair value of WhiteHorse Finance’s investment portfolio was $728.4 million, compared with $749.2 million as of March 31, 2023. The portfolio as of June 30, 2023 consisted of 116 positions across 70 companies with a weighted average effective yield of 13.4% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $7.1 million with the overall portfolio comprised of approximately 81.3% first lien secured loans, 2.4% second lien secured loans, 2.2% equity and 14.1% in investments in STRS JV. Almost all loans were variable rate investments (primarily indexed to the London Interbank Offered Rate or Secured Overnight Financing Rate) with fixed rate securities representing only 0.8% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.

During the three months ended June 30, 2023, WhiteHorse Finance made investments in three new portfolio companies for a total of $19.3 million and added a total of $4.5 million to existing portfolio companies. Proceeds from sales and repayments totaled approximately $28.8 million for the three months ended June 30, 2023, driven by three full realizations in Arcole Holding Corporation, Lenny & Larry’s, LLC and Avision Holdings, LLC and received net repayments of $1.5 million related to revolver loans.

In addition to the transactions discussed above, during the three months ended June 30, 2023, WhiteHorse Finance transferred assets comprised of two new portfolio companies and one add-on investment, totaling $12.6 million to STRS JV in exchange for cash proceeds of $10.8 and a net investment in the STRS JV of $1.8 million.

WHF STRS Ohio Senior Loan Fund LLC

As of June 30, 2023, STRS JV’s portfolio totaled $324.5 million, consisted of 32 portfolio companies and had a weighted average effective yield of 12.2%.

Results of Operations

For the three months ended June 30, 2023, the Company’s net investment income was approximately $10.6 million, compared with approximately $7.9 million for the same period in the prior year, representing an increase of approximately 34.2%. The increase in net investment income for the year-over-year period was primarily attributable to higher investment income from interest income and STRS JV due to an increase in base rates. This was partially offset by an increase in interest expense, due to higher base rates, and higher incentive fee due to higher pre-incentive fee net investment income in the current period, slightly offset by a reversal of capital gains incentive fee accrual for the three months ended June 30, 2022. For the three months ended June 30, 2023, the Company’s investment in STRS JV generated an annualized, gross investment yield of approximately 16.2%.

For the three months ended June 30, 2023, core net investment income⁽³⁾ was $10.6 million, or $0.456 per share, compared with $7.8 million, or $0.334 per share for the same period in the prior year.

For the three months ended June 30, 2023, WhiteHorse Finance reported a net realized and unrealized loss on investments and foreign currency transactions of $6.7 million. This compares with the three months ended June 30, 2022 net realized and unrealized loss on investments and foreign currency transactions of $0.5 million. The decrease for the year-over-year period was primarily attributable to markdowns on the portfolio in the current quarter.

WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $3.9 million for the three months ended June 30, 2023, which compares with a net increase of $7.3 million for the three months ended June 30, 2022.

WhiteHorse Finance’s net asset value was $325.3 million, or $14.00 per share, as of June 30, 2023, compared with $330.0 million, or $14.20 per share, as of March 31, 2023.

Liquidity and Capital Resources

As of June 30, 2023, WhiteHorse Finance had cash and cash equivalents of $23.1 million, compared with $22.2 million as of March 31, 2023, inclusive of restricted cash. As of June 30, 2023, the Company also had $96.4 million of undrawn capacity under its revolving credit facility.

Distributions

The Company's board of directors has declared a distribution of $0.37 per share with respect to the quarter ending September 30, 2023. The distributions will be payable on October 3, 2023 to stockholders of record as of September 19, 2023.

On May 9, 2023, the Company declared a distribution of $0.37 per share for the quarter ended June 30, 2023, with distributions declared at or above $0.355 for the forty-third consecutive quarter since the Company’s initial public offering. The distribution was paid on July 5, 2023 to stockholders of record as of June 21, 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 second quarter results for the period ended June 30, 2023 at 9:00 a.m. ET on Tuesday, August 8, 2023. To access the teleconference, please dial 800-343-5172 (domestic and international) approximately 10 minutes before the teleconference’s scheduled start time and reference ID #WHFQ223. 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 August 15, 2023. The teleconference replay can be accessed by dialing 800-839-3012 (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 $58 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.higcapital.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 $102.4 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 commitments managed 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 ended June 30, 2023 and June 30, 2022.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended June 30, 2023 and June 30, 2022 (in thousands, except per share data):


	June 30, 2023				June 30, 2022
	Amount		Per Share		Amount		Per Share
			Amounts				Amounts
Net investment income	$	10,592	$	0.456	$	7,877	$	0.339
Net impact of costs associated with refinancing of indebtedness		-		-		-		-
Accrual for capital gains incentive fee		-		-		(106)		(0.005)
Net impact of excise tax expense related to net realized gains and losses		-		-		-		-
Core net investment income	$	10,592	$	0.456	$	7,771	$	0.334

WhiteHorse Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)


		June 30, 2023		December 31, 2022
		(Unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	607,111	$	650,535
Non-controlled affiliate company investments		6,262		9,533
Controlled affiliate company investments		114,979		100,160
Total investments, at fair value (amortized cost $760,023 and $782,429, respectively)		728,352		760,228
Cash and cash equivalents		10,412		9,508
Restricted cash and cash equivalents		10,624		14,683
Restricted foreign currency (cost of $2,027 and $2,066, respectively)		2,049		2,073
Interest and dividend receivable		7,220		7,814
Amounts receivable on unsettled investment transactions		11,770		283
Escrow receivable		711		711
Prepaid expenses and other receivables		1,039		1,174
Total assets	$	772,177	$	796,474

Liabilities
Debt (net of unamortized debt issuance costs of $3,938 and $4,718, respectively)	$	424,711	$	440,427
Distributions payable		8,600		8,251
Management fees payable		3,705		3,860
Incentive fees payable		5,115		5,618
Interest payable		2,750		2,774
Accounts payable and accrued expenses		1,467		2,329
Advances received from unfunded credit facilities		524		825
Unrealized depreciation on foreign currency forward contracts		9		3
Total liabilities		446,881		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		339,240		339,240
Accumulated earnings (losses)		(13,967)		(6,876)
Total net assets		325,296		332,387
Total liabilities and total net assets	$	772,177	$	796,474
Number of shares outstanding		23,243,088		23,243,088
Net asset value per share	$	14.00	$	14.30

WhiteHorse Finance, Inc.

Consolidated Statements of Operations (Unaudited)

(in thousands, except share and per share data)


		Three months ended June 30,				Six months ended June 30,
		2023		2022		2023		2022
Investment income
From non-controlled/non-affiliate company investments
Interest income	$	19,307	$	15,672	$	38,928	$	31,881
Payment-in-kind income		1,073		356		2,305		888
Fee income		920		679		1,953		1,141
Dividend income		17		79		32		168
From non-controlled affiliate company investments
Interest income		—		3		—		13
Payment-in-kind income		115		70		66		120
Dividend income		—		109		84		240
From controlled affiliate company investments
Interest income		2,328		1,459		4,538		2,586
Payment-in-kind income		496		—		908		—
Dividend income		1,339		1,573		2,945		2,997
Total investment income		25,595		20,000		51,759		40,034
Expenses
Interest expense		7,334		4,945		14,859		9,719
Base management fees		3,705		3,908		7,416		7,859
Performance-based incentive fees		2,648		1,837		5,324		3,264
Administrative service fees		170		170		341		341
General and administrative expenses		896		1,088		2,023		2,036
Total expenses		14,753		11,948		29,963		23,219
Net investment income before excise tax		10,842		8,052		21,796		16,815
Excise tax		250		175		500		399
Net investment income after excise tax		10,592		7,877		21,296		16,416

Realized and unrealized gains (losses) on investments and foreign currency transactions
Net realized gains (losses)
Non-controlled/non-affiliate company investments		5		686		336		(17,498)
Non-controlled affiliate company investments		(339)		1,725		(339)		1,725
Foreign currency transactions		41		(61)		402		(342)
Foreign currency forward contracts		4		(8)		(3)		(8)
Net realized gains (losses)		(289)		2,342		396		(16,123)
Net change in unrealized appreciation (depreciation)
Non-controlled/non-affiliate company investments		(2,330)		(4,546)		(4,427)		12,570
Non-controlled affiliate company investments		(3,022)		(586)		(4,522)		(2,206)
Controlled affiliate company investments		(600)		1,502		(521)		1,672
Translation of assets and liabilities in foreign currencies		(458)		756		(829)		727
Foreign currency forward contracts		(12)		4		(6)		—
Net change in unrealized appreciation (depreciation)		(6,422)		(2,870)		(10,305)		12,763
Net realized and unrealized gains (losses) on investments and foreign currency transactions		(6,711)		(528)		(9,909)		(3,360)
Net increase in net assets resulting from operations	$	3,881	$	7,349	$	11,387	$	13,056

Per Common Share Data
Basic and diluted earnings per common share	$	0.17	$	0.32	$	0.49	$	0.56
Dividends and distributions declared per common share	$	0.37	$	0.36	$	0.80	$	0.71
Basic and diluted weighted average common shares outstanding		23,243,088		23,240,651		23,243,088		23,215,792

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

June 30, 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%	13.34%	04/07/23	04/09/29	4,750	$	4,613	$	4,613	1.42	%
M&M OpCo. LLC (d/b/a Escalent, Inc.)	First Lien Secured Revolving Loan	1.00%	SOFR	8.00%	13.34%	04/07/23	04/09/29	—		—		—	—
										4,613		4,613	1.42
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%	12.19%	12/16/22	12/18/28	4,829		4,697		4,731	1.45
Gulf Winds International Acquisition LLC (d/b/a Gulf Winds International, Inc.)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	7.00%	12.19%	12/16/22	12/18/28	—		—		5	—
Motivational Marketing, LLC (d/b/a Motivational Fulfillment)	First Lien Secured Term Loan	1.00%	SOFR	6.25%	11.43%	07/12/21	07/12/26	11,091		10,957		10,542	3.24
Motivational Marketing, LLC (d/b/a Motivational Fulfillment)	First Lien Secured Revolving Loan	1.00%	SOFR	6.25%	11.48%	07/12/21	07/12/26	1,182		1,167		1,123	0.35
Transervice Holdings, Inc. (d/b/a Transervice Logistics, Inc.)	First Lien Secured Term Loan	2.00%	SOFR	7.50%	12.71%	06/29/23	06/29/28	9,000		8,730		8,730	2.68
										25,551		25,131	7.72
Alternative Carriers
Patagonia Holdco LLC (d/b/a Lumen LATAM)	First Lien Secured Term Loan	0.50%	SOFR	5.75%	10.79%	08/05/22	08/01/29	14,515		12,230		12,414	3.82
										12,230		12,414	3.82
Application Software
Atlas Purchaser, Inc. (d/b/a Aspect Software, Inc.)	First Lien Secured Term Loan	0.75%	LIBOR	5.25%	10.39%	08/29/22	05/08/28	3,082		2,643		2,348	0.72
Atlas Purchaser, Inc. (d/b/a Aspect Software, Inc.)	Second Lien Secured Term Loan	0.75%	SOFR	9.00%	14.50%	05/03/21	05/07/29	15,000		14,670		10,876	3.34
MBS Highway, LLC	First Lien Secured Term Loan	1.00%	SOFR	7.50%	12.63%	10/13/22	10/13/27	9,429		9,227		9,217	2.83
Naviga Inc. (f/k/a Newscycle Solutions, Inc.)	First Lien Secured Term Loan	1.00%	SOFR	7.00%	12.34%	06/14/19	12/29/23	3,164		3,163		3,101	0.95
Naviga Inc. (f/k/a Newscycle Solutions, Inc.)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	7.00%	12.34%	06/14/19	12/29/23	267		267		261	0.08
UserZoom Technologies, Inc. (d/b/a UserZoom, Inc.)	First Lien Secured Term Loan	1.00%	SOFR	7.50%	12.42%	01/12/23	04/05/29	9,819		9,546		9,626	2.95
										39,516		35,429	10.87
Asset Management & Custody Banks
JZ Capital Partners Ltd.⁽⁴⁾⁽⁵⁾⁽²²⁾	First Lien Secured Term Loan	1.00%	SOFR	7.00%	12.22%	01/26/22	01/26/27	10,286		10,139		10,181	3.13
JZ Capital Partners Ltd.⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽²²⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR	7.00%	12.22%	01/26/22	01/26/27	—		—		24	0.01
										10,139		10,205	3.14
Automotive Retail
Team Car Care Holdings, LLC (Heartland Auto)⁽¹²⁾	First Lien Secured Term Loan	1.00%	Base Rate	7.48%	12.74%	02/16/18	06/28/24	13,902		13,868		13,902	4.27
										13,868		13,902	4.27
Broadcasting
Coastal Television Broadcasting Group LLC	First Lien Secured Term Loan	1.00%	SOFR	7.00%	12.43%	12/30/21	12/30/26	7,573		7,467		7,417	2.28
Coastal Television Broadcasting Group LLC⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	7.00%	12.43%	12/30/21	12/30/26	—		—		(2)	—
										7,467		7,415	2.28
Broadline Retail
BBQ Buyer, LLC (d/b/a BBQ Guys)	First Lien Secured Term Loan	1.50%	SOFR	10.50%	15.70% (13.70% Cash + 2.00% PIK)	08/28/20	08/28/25	12,837		12,700		12,694	3.90
BBQ Buyer, LLC (d/b/a BBQ Guys)	First Lien Secured Delayed Draw Loan	1.50%	SOFR	10.50%	15.70% (13.70% Cash + 2.00% PIK)	12/02/21	08/28/25	2,617		2,588		2,588	0.80
Luxury Brand Holdings, Inc. (d/b/a Ross-Simons, Inc.)	First Lien Secured Term Loan	1.00%	SOFR	6.50%	11.65%	12/04/20	06/04/26	5,280		5,224		5,266	1.62
Potpourri Group, Inc.	First Lien Secured Term Loan	1.50%	SOFR	8.25%	13.50%	07/03/19	07/03/24	13,993		13,930		13,993	4.30
										34,442		34,541	10.62
Building Products
PFB Holdco, Inc. (d/b/a PFB Corporation)⁽¹³⁾	First Lien Secured Term Loan	1.00%	CDOR	6.00%	11.13%	12/17/21	12/17/26	8,313		6,414		6,277	1.92
PFB Holdco, Inc. (d/b/a PFB Corporation)⁽⁷⁾⁽¹³⁾	First Lien Secured Revolving Loan	1.00%	CDOR	6.00%	11.13%	12/17/21	12/17/26	—		—		13	—
PFB Holdco, Inc. (d/b/a PFB Corporation)	First Lien Secured Term Loan	1.00%	SOFR	6.00%	11.23%	12/17/21	12/17/26	2,025		1,997		2,013	0.62
PFB Holdco, Inc. (d/b/a PFB Corporation)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	6.00%	11.23%	12/17/21	12/17/26	—		—		2	—
Trimlite Buyer LLC (d/b/a Trimlite LLC)⁽⁵⁾⁽¹³⁾⁽²³⁾	First Lien Secured Term Loan	1.00%	CDOR	6.00%	11.38%	07/27/21	07/27/26	19,624		15,439		14,661	4.51
										23,850		22,966	7.05

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

June 30, 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
Cable & Satellite
Bulk Midco, LLC	First Lien Secured Term Loan	1.00%	SOFR	7.50%	12.70% (11.70% Cash + 1.00% PIK)	10/28/22	06/10/24	19,208	$	19,142	$	18,668	5.74	%
Bulk Midco, LLC	First Lien Secured Revolving Loan	1.00%	SOFR	7.50%	12.70% (11.70% Cash + 1.00% PIK)	10/28/22	06/10/24	2,000		1,977		1,944	0.60
										21,119		20,612	6.34
Commodity Chemicals
FGI Acquisition Corp. (d/b/a Flexitallic Group SAS)	First Lien Secured Term Loan	1.00%	SOFR	6.50%	11.89%	10/28/19	10/29/26	16,277		15,795		16,106	4.95
US Methanol Midco LLC (d/b/a US Methanol LLC)⁽²⁴⁾	First Lien Secured Term Loan	1.00%	SOFR	7.75%	12.93% PIK	12/20/22	12/20/27	4,972		4,868		4,874	1.50
US Methanol Midco LLC (d/b/a US Methanol LLC)⁽⁴⁾⁽⁷⁾⁽²⁴⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR	7.75%		12/20/22	12/20/27	—		—		(81)	(0.02)
										20,663		20,899	6.43
Construction Materials
Claridge Products and Equipment, LLC	First Lien Secured Term Loan	1.00%	SOFR	8.00%	13.39% (11.89% Cash + 1.50% PIK)	12/30/20	12/29/25	7,409		7,338		6,907	2.12
Claridge Products and Equipment, LLC^(7)(12)	First Lien Secured Revolving Loan	1.00%	Base Rate	8.00%	13.09% (11.59% Cash + 1.50% PIK)	12/30/20	12/29/25	632		627		568	0.17
										7,965		7,475	2.29
Data Processing & Outsourced Services
Future Payment Technologies, L.P.	First Lien Secured Term Loan	1.00%	SOFR	8.25%	13.51%	12/23/16	12/05/25	22,288		22,179		22,129	6.80
										22,179		22,129	6.80
Distributors
Foodservices Brand Group, LLC (d/b/a Crown Brands Group)	First Lien Secured Term Loan	1.00%	SOFR	8.00%	13.29%	11/22/22	12/09/25	357		357		305	0.09
Foodservices Brand Group, LLC (d/b/a Crown Brands Group)⁽¹⁷⁾⁽¹⁹⁾	Second Lien Secured Term Loan	1.50%	SOFR	6.50%	11.70%	11/22/22	01/08/26	5,171		5,119		1,429	0.44
										5,476		1,734	0.53
Diversified Chemicals
Manchester Acquisition Sub LLC (d/b/a Draslovka Holding AS)	First Lien Secured Term Loan	0.75%	SOFR	5.75%	11.18%	11/16/21	12/01/26	7,880		7,582		7,102	2.18
Chase Products Co. (f/k/a Starco)⁽⁶⁾⁽²⁶⁾	First Lien Secured Term Loan	N/A	N/A	12.00%	12.00% PIK	03/16/23	03/16/28	2,790		2,790		2,589	0.80
										10,372		9,691	2.98
Diversified Support Services
NNA Services, LLC	First Lien Secured Term Loan	1.00%	SOFR	6.75%	12.14%	08/27/21	08/27/26	9,635		9,559		9,262	2.85
										9,559		9,262	2.85
Education Services
EducationDynamics, LLC	First Lien Secured Term Loan	1.00%	SOFR	7.00%	12.20% (11.70% Cash + 0.50% PIK)	09/15/21	09/15/26	12,919		12,755		12,418	3.81
EducationDynamics, LLC⁽⁴⁾⁽⁷⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR	7.00%	12.20% (11.70% Cash + 0.50% PIK)	09/15/21	09/15/26	—		—		(44)	(0.01)
EducationDynamics, LLC⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	7.00%	12.20% (11.70% Cash + 0.50% PIK)	09/15/21	09/15/26	—		—		(31)	(0.01)
EducationDynamics, LLC⁽⁴⁾	Subordinated Unsecured Term Loan	N/A	N/A	4.00%	4.00%	09/15/21	03/15/27	167		167		167	0.05
										12,922		12,510	3.84
Electric Utilities
CleanChoice Energy, Inc.	First Lien Secured Term Loan	1.00%	SOFR	7.58%	12.73%	10/12/21	10/12/26	15,955		15,672		15,743	4.84
										15,672		15,743	4.84
Environmental & Facilities Services
Industrial Specialty Services USA LLC	First Lien Secured Term Loan	1.00%	SOFR	6.75%	12.14%	12/31/21	12/31/26	11,827		11,661		11,408	3.51
										11,661		11,408	3.51

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

June 30, 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 Facilities
Bridgepoint Healthcare, LLC	First Lien Secured Term Loan	1.00%	LIBOR	7.75%	12.90%	10/05/21	10/05/26	10,145	$	10,012	$	9,902	3.04	%
Bridgepoint Healthcare, LLC⁽⁷⁾	First Lien Secured Delayed Draw Loan	1.00%	LIBOR	7.75%	12.90%	10/05/21	10/05/26	—		—		(14)	—
Bridgepoint Healthcare, LLC⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	LIBOR	7.75%	12.90%	10/05/21	10/05/26	—		—		(17)	(0.01)
										10,012		9,871	3.03
Health Care Services
Lab Logistics, LLC	First Lien Secured Term Loan	1.00%	SOFR	9.25%	14.44%	10/16/19	09/25/23	5,462		5,449		5,462	1.68
Lab Logistics, LLC	First Lien Secured Delayed Draw Loan	1.00%	SOFR	9.25%	14.43%	10/16/19	09/25/23	5,104		5,102		5,104	1.57
PG Dental New Jersey Parent, LLC	First Lien Secured Term Loan	1.00%	LIBOR	9.50%	14.69% (13.44% Cash + 1.25% PIK)	11/25/20	11/25/25	13,276		13,137		12,483	3.84
PG Dental New Jersey Parent, LLC⁽¹²⁾	First Lien Secured Revolving Loan	1.00%	Base Rate	9.00%	15.85% (14.60% Cash + 1.25% PIK)	11/25/20	11/25/25	704		696		662	0.20
										24,384		23,711	7.29
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%	12.88%	02/23/22	02/23/28	20,358		19,964		19,333	5.94
										19,964		19,333	5.94
Heavy Electrical Equipment
Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services)	First Lien Secured Term Loan	1.00%	SOFR	6.25%	11.64%	06/25/21	06/25/26	13,572		13,400		13,352	4.10
Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services)	First Lien Secured Delayed Draw Loan	1.00%	SOFR	6.25%	11.64%	07/11/22	06/25/26	2,090		2,053		2,056	0.63
Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services)⁽⁷⁾⁽¹²⁾	First Lien Secured Revolving Loan	1.00%	Base Rate	6.25%	11.58%	06/25/21	06/25/24	1,045		1,039		1,041	0.32
										16,492		16,449	5.05
Home Furnishings
Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)	First Lien Secured Term Loan	1.00%	SOFR	6.50%	11.61%	10/12/21	10/12/26	20,721		20,447		20,505	6.30
Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	6.50%	11.75%	10/12/21	10/12/26	832		821		828	0.25
Hollander Intermediate LLC (d/b/a Hollander Sleep Products, LLC)	First Lien Secured Term Loan	2.00%	SOFR	8.75%	13.97%	09/19/22	09/21/26	4,800		4,766		4,301	1.32
										26,034		25,634	7.87
Household Appliances
Token Buyer, Inc. (d/b/a Therm-O-Disc, Inc.)	First Lien Secured Term Loan	0.50%	SOFR	6.00%	11.20%	05/26/22	05/31/29	7,178		6,688		6,171	1.90
										6,688		6,171	1.90
Household Products
The Kyjen Company, LLC (d/b/a Outward Hound)	First Lien Secured Term Loan	1.00%	SOFR	7.50%	13.14% (12.14% Cash + 1.00% PIK)	04/05/21	04/05/26	11,357		11,264		10,564	3.25
The Kyjen Company, LLC (d/b/a Outward Hound)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	7.50%	13.14% (12.14% Cash + 1.00% PIK)	04/05/21	04/05/26	—		—		(58)	(0.02)
										11,264		10,506	3.23
Industrial Machinery & Supplies & Components
Project Castle, Inc. (d/b/a Material Handling Systems, Inc.)	First Lien Secured Term Loan	0.50%	SOFR	5.50%	10.41%	06/09/22	06/01/29	8,313		7,560		6,899	2.12
										7,560		6,899	2.12
Interactive Media & Services
MSI Information Services, Inc.	First Lien Secured Term Loan	1.00%	SOFR	7.75%	12.95%	04/25/22	04/24/26	7,531		7,425		7,157	2.20
MSI Information Services, Inc.^(7)(12)	First Lien Secured Revolving Loan	1.00%	Base Rate	6.95%	14.60%	04/25/22	04/24/26	375		370		332	0.10
										7,795		7,489	2.30
Investment Banking & Brokerage
JVMC Holdings Corp. (fka RJO Holdings Corp)	First Lien Secured Term Loan	1.00%	SOFR	6.50%	11.71%	02/28/19	02/28/24	9,325		9,312		9,325	2.87
										9,312		9,325	2.87

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

June 30, 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
IT Consulting & Other Services
ATSG, Inc.	First Lien Secured Term Loan	1.00%	SOFR	6.50%	11.72%	11/12/21	11/12/26	3,809	$	3,758	$	3,735	1.15	%
										3,758		3,735	1.15
Leisure Facilities
Honors Holdings, LLC (d/b/a Orange Theory)⁽¹⁵⁾⁽¹⁶⁾	First Lien Secured Term Loan	1.00%	SOFR	8.85%	14.24%	09/06/19	09/06/24	9,440		9,359		9,286	2.85
Honors Holdings, LLC (d/b/a Orange Theory)⁽¹⁵⁾⁽¹⁶⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR	6.91%	12.32%	09/06/19	09/06/24	4,649		4,625		4,573	1.41
Lift Brands, Inc.	First Lien Secured Term Loan A	1.00%	SOFR	7.50%	12.70%	06/29/20	06/29/25	5,546		5,512		5,517	1.70
Lift Brands, Inc.	First Lien Secured Term Loan B	N/A	N/A	9.50%	9.50% PIK	06/29/20	06/29/25	1,383		1,371		1,314	0.40
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	1,580		1,577		1,563	0.48
										22,444		22,253	6.84
Leisure Products
Playmonster Group LLC^(6)(20)	Priority First Lien Secured Term Loan	1.00%	SOFR	6.75%	12.02% PIK	12/09/22	06/08/26	1,073		1,045		1,030	0.32
Playmonster Group LLC⁽⁶⁾⁽¹⁷⁾⁽²⁰⁾	First Lien Secured Term Loan	1.00%	SOFR	9.00%	14.22% PIK	01/24/22	06/08/26	3,930		3,661		2,396	0.74
Leviathan Intermediate Holdco, LLC	First Lien Secured Term Loan	1.50%	SOFR	7.50%	12.89%	12/27/22	12/27/27	10,398		10,118		10,242	3.15
Leviathan Intermediate Holdco, LLC⁽⁷⁾	First Lien Secured Revolving Loan	1.50%	SOFR	7.50%	12.89%	12/27/22	12/27/27	76		74		81	0.02
										14,898		13,749	4.23
Life Sciences Tools & Services
LSCS Holdings, Inc. (d/b/a Eversana Life Science Services, LLC)	Second Lien Secured Term Loan	0.50%	LIBOR	8.00%	13.19%	11/23/21	12/16/29	5,000		4,939		4,827	1.48
										4,939		4,827	1.48
Office Services & Supplies
American Crafts, LC⁽¹⁴⁾⁽²⁵⁾	Priority First Lien Secured Term Loan	1.00%	SOFR	8.50%	13.69% PIK	12/22/22	05/28/26	4,750		4,750		4,605	1.42
American Crafts, LC⁽¹⁴⁾⁽²⁵⁾	First Lien Secured Term Loan	1.00%	SOFR	8.50%	13.69% PIK	05/28/21	05/28/26	8,791		8,720		6,827	2.10
American Crafts, LC⁽¹⁴⁾⁽²⁵⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR	8.50%	13.69% PIK	01/25/22	05/28/26	1,476		1,458		1,146	0.35
Empire Office, Inc.	First Lien Secured Term Loan	1.50%	SOFR	6.75%	12.00%	04/12/19	04/12/24	11,342		11,296		11,342	3.49
Empire Office, Inc.	First Lien Secured Delayed Draw Loan	1.50%	SOFR	6.75%	12.00%	08/17/21	04/12/24	4,640		4,608		4,640	1.43
										30,832		28,560	8.79
Personal Care Products
Inspired Beauty Brands, Inc.	First Lien Secured Term Loan	1.00%	LIBOR	7.00%	12.32%	12/30/20	12/30/25	11,205		11,093		11,094	3.41
Inspired Beauty Brands, Inc.⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	LIBOR	7.00%	12.21%	12/30/20	12/30/25	88		88		88	0.03
										11,181		11,182	3.44
Real Estate Development
StoicLane MidCo, LLC (d/b/a StoicLane Inc.)	First Lien Secured Term Loan	1.00%	SOFR	7.50%	12.89%	11/04/22	11/04/27	4,630		4,529		4,584	1.41
StoicLane MidCo, LLC (d/b/a StoicLane Inc.)⁽⁷⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR	7.50%	12.89%	11/04/22	11/04/27	5,573		5,483		5,556	1.71
										10,012		10,140	3.12
Real Estate Operating Companies
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)	First Lien Secured Term Loan	1.00%	SOFR	8.00%	13.20% (12.70% Cash + 0.50% PIK)	12/02/22	12/02/27	5,139		5,003		5,012	1.54
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽⁷⁾	First Lien Secured Delayed Draw Loan	1.00%	SOFR	8.00%	13.23% (12.73% Cash + 0.50% PIK)	12/02/22	12/02/27	468		460		442	0.14
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	8.00%	13.24% (12.74% Cash + 0.50% PIK)	12/02/22	12/02/27	474		462		463	0.14
										5,925		5,917	1.82
Research & Consulting Services
Aeyon LLC⁽¹⁵⁾	First Lien Secured Term Loan	1.00%	SOFR	8.88%	13.97%	02/10/22	02/10/27	8,865		8,737		8,860	2.72
ALM Media, LLC	First Lien Secured Term Loan	1.00%	SOFR	6.00%	11.39%	11/25/19	11/25/24	12,932		12,859		12,853	3.95
										21,596		21,713	6.67

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

June 30, 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
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%	11.70%	11/16/21	11/16/27	11,733	$	11,561	$	11,308	3.48	%
HC Salon Holdings, Inc. (d/b/a Hair Cuttery)	First Lien Secured Term Loan	1.00%	SOFR	6.50%	12.00%	09/30/21	09/30/26	11,463		11,313		11,463	3.52
HC Salon Holdings, Inc. (d/b/a Hair Cuttery)⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	6.50%	12.00%	09/30/21	09/30/26	—		—		9	—
										22,874		22,780	7.00
Specialized Finance
WHF STRS Ohio Senior Loan Fund LLC^{(4)(5)(7)(9)(14)(18)}	Subordinated Note	N/A	LIBOR	6.50%	11.66%	07/19/19	N/A	81,472		81,472		81,472	25.05
										81,472		81,472	25.05
Systems Software
Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC⁽¹⁷⁾	First Lien Secured Term Loan	1.00%	SOFR	7.50%	12.70% (8.95% Cash + 3.75% PIK)	03/16/21	03/16/27	20,237		19,568		15,188	4.67
										19,568		15,188	4.67
Technology Hardware, Storage & Peripherals
Telestream Holdings Corporation	First Lien Secured Term Loan	1.00%	SOFR	9.75%	14.99%	10/15/20	10/15/25	15,844		15,607		15,758	4.84
Telestream Holdings Corporation⁽⁷⁾	First Lien Secured Revolving Loan	1.00%	SOFR	9.75%	14.94%	10/15/20	10/15/25	932		918		930	0.29
										16,525		16,688	5.13

Total Debt Investments									$	714,793	$	691,671	212.59	%

Equity Investments⁽²¹⁾
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	218	$	268	$	296	0.09	%
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	277		333		333	0.10
										601		629	0.19
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		424	0.13
										1,250		424	0.13
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		1,176	0.36
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		731	0.22
										1,614		1,907	0.58
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		1,143	0.35
										423		1,143	0.35
Diversified Chemicals
Pressurized Holdings, LLC (f/k/a Starco)⁽⁴⁾⁽⁶⁾⁽²⁶⁾	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⁾⁽²⁶⁾	Preferred Units	N/A	N/A	N/A	14.00% PIK	03/16/23	N/A	—		4,537		247	0.08
										4,537		247	0.08
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		3,397	1.04
										2,890		3,397	1.04
Diversified Support Services
Quest Events, LLC⁽⁴⁾	Preferred Units	N/A	N/A	N/A	N/A	12/28/18	12/08/25	350		350		200	0.06
ImageOne Industries, LLC⁽⁴⁾	Common A Units	N/A	N/A	N/A	N/A	09/20/19	N/A	232		6		21	0.01
										356		221	0.07
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		73	0.02
										167		73	0.02

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

June 30, 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
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	$	972	0.30	%
										825		972	0.30
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		1,190	0.37
										788		1,190	0.37
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		1,618	0.50
										851		1,618	0.50
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		1,406	0.43
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		425	0.13
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		314	0.10
										1,926		2,145	0.66
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		182	0.06
Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)⁽⁴⁾	Warrants	N/A	N/A	N/A	N/A	06/29/20	06/28/28	1		793		74	0.02
										2,734		256	0.08
Leisure Products
Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)⁽⁴⁾⁽⁶⁾⁽⁸⁾⁽²⁰⁾	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⁾⁽²⁰⁾	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⁾⁽²⁵⁾	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⁾⁽²⁵⁾	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		123	0.04
										400		123	0.04
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		200	0.06
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		233	0.07
										600		433	0.13
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		974	0.30
										840		974	0.30
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	20,368		20,368		20,929	6.43
										20,368		20,929	6.43

Total Equity Investments									$	45,230	$	36,681	11.27	%

Total Investments									$	760,023	$	728,352	223.86	%

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(in thousands)


Counterparty	Currency to be sold			Currency to be purchased			Settlement date	Unrealized appreciation		Unrealized depreciation
Morgan Stanley	C$	554	CAD	$	410	USD	8/4/23	$	—	$	(9)
Total								$	—	$	(9)

(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”), provide collateral for the Company’s credit facility, and are domiciled in the United States.

(2)

The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), the Secured Overnight Financing Rate (“SOFR” or “SF”), the Canadian Dollar Offered Rate (“CDOR” or “C”), the Sterling Overnight Index Average (“SONIA” or “S”), 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 83.5% 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 June 30, 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 223.86% of the Company’s net assets or 94.3% 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 different base rates, L or SF and P, respectively. The Floor, Spread Above Index and Interest Rate presented represent the weighted average of both contracts.

(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)	At the option of the issuer, interest can be paid in cash or cash and PIK. The issuer may elect to pay up to 1.50% PIK.

(20)

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.

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

(22)	The issuer is domiciled in Guernsey.

(23)	The issuer is domiciled in Canada.

(24)	Investment is structured with a PIK period beginning with the first interest payment date through December 20, 2023, whereby accrued interest due on the loan is capitalized and added to the unpaid principal balance of the loan.

(25)	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.

(26)

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).



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 June 30, 2023 WhiteHorse Finance, Inc. NASDAQ: WHF (Common Stock)

1 References in this presentation to “WHF”, “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. (“WhiteHorse Finance” or the “Company”): Equity Ticker: NASDAQ: WHF Market Cap: $314.0MM(1) NAV / Share: $14.00 Portfolio Fair Value: $728.4MM Current Dividend Yield: 10.6%(1)(2); consistent quarterly dividends at or above $0.355 per share since 2012 IPO (1) Based on August 7, 2023 share price of $13.51. (2) 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 commitments managed by H.I.G. Capital and affiliates. (2) 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, an affiliate of H.I.G. Capital, a leading global alternative asset manager with over $58Bn 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 $728.4MM as of June 30, 2023  Investments across 116 positions in 70 portfolio companies as of June 30, 2023 − Average Investment Size(2): $5.5MM (Average Debt Investment Size(2): $7.1MM) − Largest Portfolio Company Investment(2): $22.1MM  Invested $2,506MM in 218 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. $180.5 $272.4 $403.5 $415.3 $411.7 $440.7 $469.6 $589.7 $690.7 $819.2 $760.2 $728.4 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q2 2023 $15.30 $15.16 $15.04 $13.33 $13.63 $13.98 $15.35 $15.23 $15.23 $15.10 $14.30 $14.00 $0.20 $0.32 $0.46 $0.11 $1.53 $0.51 $0.51 $2.95 $4.37 $5.79 $7.21 $8.63 $10.05 $11.47 $12.89 $14.31 $15.05 $15.41 $16.69 $17.99 $17.70 $19.42 $21.19 $23.98 $25.48 $27.02 $28.45 $29.12 $29.55 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q2 2023 Net asset value Cumulative special dividends paid Cumulative base dividends paid

4 Overview of WhiteHorse Finance, Inc. (continued) Note: As of June 30, 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 June 30, 2023, is 12.5%. 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 return 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 65 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: $2,506MM(1) Invested Capital since IPO: ~218(1) Number of Investments Made: ~$5.5MM(2) Average Investment Size: 13.4%(3) All-in Yield: ~4.1x 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 $728.4 million in Q2 2023 as compared with $749.2 million in Q1 2023.  The Company made investments in three new portfolio companies for gross deployments of $19.3 million and made add-on investments totaling $4.5 million.  The Company transferred three investments to the STRS JV totaling $12.6 million. The Company received additional dispositions and principal repayments of $28.8 million.  The weighted average effective yield on income-producing investments at the end of Q2 2023 was approximately 13.4% as compared with approximately 13.2% at the end of the prior quarter.  Q2 Net Investment Income (“NII”) was $10.6 million, or $0.456 per share, which compares with Q1 NII of $10.7 million, or $0.461 per share.  Q2 Core NII(1) was $10.6 million, or $0.456 per share, compared with the quarterly distribution of $0.37 per share. This compares with Q1 Core NII of $10.7 million, or $0.461 per share.  Net realized and unrealized losses on investments and foreign currency transactions for Q2 2023 were $6.7 million primarily driven by unrealized losses from investments in Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC, Foodservices Brand Group, LLC (d/b/a Crown Brands Group) and Pressurized Holdings, LLC (f/k/a Starco).  NAV per share at the end of Q2 2023 was $14.00 per share compared with $14.20 per share from Q1 2023.  Gross leverage levels increased during the quarter to 1.32x from 1.30x at the end of Q1 2023. Cash on-hand at the end of Q2 2023 was $23.1 million resulting in net leverage of 1.25x as compared with 1.23x at the end of Q1 2023.  As of June 30, 2023, STRS JV had total assets of $343.5 million. The Company’s return on its investment in STRS JV at the end of Q2 2023 was 16.2%(2). 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 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 (USD in MM, except per share data) Total Investment Income $ 20.0 $ 20.0 $ 21.6 $ 25.9 $ 26.2 $ 25.6 (1) Expenses Interest Expense 4.8 4.9 5.6 6.6 7.5 7.3 Base Management Fees 4.0 3.9 3.9 3.9 3.7 3.7 Performance-based Incentive Fees 1.4 1.8 1.0 2.8 2.7 2.6 Other Expenses 1.3 1.5 1.3 1.5 1.6 1.4 Total Expenses 11.5 12.1 11.8 14.8 15.5 15.0 Net Investment Income $ 8.5 $ 7.9 $ 9.8 $ 11.1 $ 10.7 $ 10.6 Net Realized and Unrealized Gain / (Loss) (2.8) (0.5) (5.9) (12.3) (3.2) (6.7) Net Increase in Net Assets from Operations $ 5.7 $ 7.4 $ 3.9 $ (1.2) $ 7.5 $ 3.9 Per Share Net Investment Income (NII) $ 0.37 $ 0.34 $ 0.42 $ 0.48 $ 0.46 $ 0.46 Core NII $ 0.34 $ 0.33 $ 0.37 $ 0.48 $ 0.46 $ 0.46 (2) Net Realized and Unrealized Gain / (Loss) $ (0.12) $ (0.02) $ (0.25) $ (0.53) $ (0.14) $ (0.29) Earnings $ 0.25 $ 0.32 $ 0.17 $ (0.05) $ 0.32 $ 0.17 Dividends Declared $ 0.355 $ 0.355 $ 0.355 $ 0.355 $ 0.355 $ 0.370 Special Dividends Declared $ - $ - $ - $ 0.050 $ 0.070 $ - Core NII Dividend Coverage 97% 94% 105% 134% 130% 123%

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 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 (USD in MM, except per share data) Assets Investments at Fair Value $ 800.4 $ 766.5 $ 764.6 $ 760.2 $ 749.2 $ 728.4 Cash and Equivalents 21.3 18.6 19.3 26.3 22.2 23.1 (1) Other Assets 17.1 14.5 12.8 10.0 9.6 20.7 Total Assets $ 838.8 $ 799.6 $ 796.7 $ 796.5 $ 781.0 $ 772.2 Liabilities Debt (net of issuance costs) 467.9 423.2 431.0 440.4 423.7 424.7 Other Liabilities 23.0 29.0 22.7 23.7 27.3 22.2 Total Liabilities $ 490.9 $ 452.2 $ 453.7 $ 464.1 $ 451.0 $ 446.9 Total Net Assets $ 347.9 $ 347.4 $ 343.0 $ 332.4 $ 330.0 $ 325.3 Total Liabilities and Net Assets $ 838.8 $ 799.6 $ 796.7 $ 796.5 $ 781.0 $ 772.2 Net Asset Value per Share $ 14.9 9 $ 14.9 5 $ 14.7 6 $ 14.3 0 $ 14.2 0 $ 14.0 0 Leverage Ratio(2) 1.36x 1.23x 1.27x 1.34x 1.30x 1.32x Net Leverage Ratio(3) 1.30x 1.18x 1.22x 1.26x 1.23x 1.25x Gross Fundings 103. 6 66.9 53.3 56.3 37.3 28.0 (4) Exits and Repayments (121.0) (101.2) (49.6) (51.3) (48.2) (45.2) (4) Net Fundings/(Repayments) $ (17.4) $ (34.3) $ 3. 7 $ 5. 0 $ (10.9) $ (17.2)

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 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Total Fair Value of Investments $ 800.4 $ 766.5 $ 764.6 $ 760.2 $ 749.2 $ 728.4 Number of Portfolio Investments 111 105 107 115 116 116 Number of Portfolio Companies 68 68 68 72 70 70 Average Investment Size $ 6.4 $ 6.4 $ 6.3 $ 5.8 $ 5.7 5.5 (1) Average Borrower Size(1) $ 10.4 $ 9.9 $ 9.9 $ 9.3 $ 9.4 $ 9.1 Average Debt Investment Size(1) $ 7.7 $ 7.9 $ 7.7 $ 7.0 $ 7.2 $ 7.1 Fair Value as a Percentage of Principal(1)(2) 98.5% 97.6% 96.5% 95.6% 95.1% 94.5% Total Portfolio Effective Yield(3) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Weighted average effective yield on income-producing debt investments(1) 9.2% 9.9% 11.4% 12.6% 13.2% 13.4% Weighted average effective yield on total portfolio(4) 9.3% 9.9% 11.0% 12.2% 12.6% 12.5% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Portfolio Composition - Floating vs. Fixed Investments (Debt Investments at Fair Value)(1) Percentage of fixed rate investments 0.4% 0.4% 0.4% 0.4% 0.4% 0.8% Percentage of floating rate investments 99.6% 99.6% 99.6% 99.6% 99.6% 99.2% Portfolio Composition - Sponsor vs. Non-Sponsor (Fair Value)(1) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Sponsor 60.5% 59.8% 60.7% 62.3% 65.4% 64.8% Non-Sponsor 39.5% 40.2% 39.3% 37.7% 34.6% 35.2% Total Portfolio Composition by Instrument Type (Fair Value) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 First lien secured loans 81.0% 80.3% 80.6% 81.3% 81.2% 81.3% Second lien secured loans 3.0% 2.9% 2.7% 2.7% 2.6% 2.4% Subordinated debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% STRS JV 12.6% 13.3% 13.3% 13.2% 13.4% 14.1% Equity 3.4% 3.5% 3.4% 2.8% 2.8% 2.2% Investments on Non-Accrual Status (Debt Investments) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Fair Value of Investments on Non-accrual Status $ - $ - $ - $ - $ 2.7 $ 19.0 Cost of Investments on Non-accrual Status $ - $ - $ - $ - $ 3.7 $ 28.3 % of Investments on Non-accrual Status (Based on Fair Value of Debt Investments)(5) 0.0% 0.0% 0.0% 0.0% 0.4% 2.7% % of Investments on Non-accrual Status (Based on Cost of Debt Investments)(5) 0.0% 0.0% 0.0% 0.0% 0.5% 4.0%

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 Fair Value of Debt 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 fair value of debt investments, including STRS JV Subordinated Note. 99.8% 99.9% 100.0% 100.0% 99.8% 99.6% 99.6% 99.2% 0.2% 0.1% 0.2% 0.4% 0.4% 0.8% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2016 2017 2018 2019 2020 2021 2022 Q2 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 Q2 2023 Sponsor Non-Sponsor 60% 52% 77% 81% 85% 85% 81% 81% 33% 39% 21% 11% 4% 3% 3% 2% 7% 9% 3% 3% 3% 3% 3% 2% 6% 7% 9% 13% 14% 2016 2017 2018 2019 2020 2021 2022 Q2 2023 % First Lien Loans % Second Lien Loans % Equity STRS JV % Subordinated 7.4% 3.3% 1.8% 2.5% 1.5% 1.3% 1.3% 0.0% 0.0% 0.0% 0.0% 0.4% 2.7% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 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 % of Investments on Non-accrual

14.1% 3.0% 2.9% 2.8% 2.7% 2.3% 2.3% 2.3% 2.2% 2.2% 63.2% STRS JV Future Payment Technologies, L.P. Sleep OpCo LLC Bulk Midco, LLC ABB/Con-cise Optical Group LLC Telestream Holdings Corporation BBQ Buyer, LLC Power Service Group CR Acquisition Inc. FGI Acquisition Corp. Empire Office, Inc. Other 10 Note: As of June 30, 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 5.8% 5.7% 4.6% 4.1% 4.1% 3.9% 3.8% 3.8% 3.6% 3.5% 3.5% 3.3% 50.3% Broadline Retail Application Software Office Services & Supplies Home Furnishings Air Freight & Logistics Building Products Specialized Consumer Services Health Care Services Leisure Facilities Data Processing & Outsourced Services Research & Consulting Services Commodity Chemicals 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 June 30, 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 Covered by $0.04 Covered by $0.03 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 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 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% Borrower Leverage through WHF Security Effective Yield $0.40 $0.39 $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 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.37 Q3'19 Q4'19 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 Core NII per share Dividends per share

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. 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% 10.7% 10.0% 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% 5.7% 5.5% 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% 5.4% 4.9% 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% 2.3% 2.3% 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% 5.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Q3'19 Q4'19 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 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 1 6.3% 2.3% 22.2% 15.4% 8.6% 12.3% 14.3% 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% 3 7.6% 7.9% 13.0% 16.1% 13.6% 13.1% 15.0% 8.9% 22.2% 25.0% 20.6% 4 0.0% 0.0% 0.0% 0.6% 1.0% 3.0% 1.8% 3.1% 5 1.8% 0.0% 1.3% 1.1% - - - - 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.

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 15.43 15.55 15.56 14.81 14.58 15.00 15.30 15.16 15.04 13.33 13.63 13.98 15.35 15.23 15.23 15.10 14.30 14.00 $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

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

03/31/2023 Quarterly Change 06/30/2023 Outstanding Debt: Outstanding Debt: $428.0 $0.6 $428.6 Driven by net borrowings to fund new investments NAV: NAV: $330.0 ($4.7) $325.3 Driven by net realized and unrealized losses Leverage Migration 16 Note: Numbers may not foot due to rounding. ($ in MM) Leverage Ratio: 1.32x Leverage Ratio: 1.30x Sales & Principal Payments 45.2 $ Acquisition of Investments $28.0 Borrowings 25.6 Debt Paydown 25.4 Net Investment Income 10.6 Unsettled investment transactions 11.4 Dividend Payment, net of distributions 9.9 Balance Sheet Cash 0.8 Other Balance Sheet Changes 5.9 Total $81.4 Total $81.4 Sources Uses

0.75x 0.97x 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 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x 1.40x Q3'19 Q4'19 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 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 June 30, 2023, WHF had $3.9MM of deferred debt issuance costs. (2) Gross leverage excluding cash. 3 Current Debt Outstanding (as of June 30, 2023) Outstanding Weighted Average Interest Rate Maturity (1) ($ in MM) Commitment 2025 S+2.500% payable quarterly $238.6 $335.0 (Accordion Feature up to $375) Revolving Credit Facility 2023 6.000% payable semi-annually; unsecured 6.000% 2023 Notes $30.0 $30.0 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 6.4% weighted average cost of debt Total Debt $525.0 $428.6 $325.3 NA Total Shareholders’ Equity/Net Assets Funding Profile 17 Gross Debt to Equity(2) 1.0x-1.35x Target Leverage

18 Appendix

Origination Footprint (as of June 30, 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 68 investment and origination professionals  Regional footprint with 24 dedicated direct lending originators in 12 North American offices  Global platform of approximately ~565 investment professionals across 18 offices in 9 countries and 3 continents  Additional ~30 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 June 30, 2023 STRS JV had $2.2MM of deferred debt issuance costs. 3 Maturity Weighted Average Interest Rate Outstanding(1) ($ in MM) Commitment 2026 S+2.72% payable quarterly $184.6 $262.5 ($75 Accordion Feature) Revolving Credit Facility N/A L+6.50% Subordinated Note $140.0 $124.0 payable quarterly 9.2% weighted average cost of debt Total Debt $402.5 $308.6 Equity $35.0 $31.0 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 $115 million.  WHF and STRS Ohio share voting control 50%/50%.  Equity ownership of 65.71% WHF and 34.29% STRS  An affiliate of H.I.G. provides day-to-day administrative oversight Key Terms Current Debt Outstanding (as of June 30, 2023) ($ in MM)

21 Note: As of June 30, 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 5.8% 5.8% 4.8% 4.5% 4.5% 4.5% 4.3% 4.1% 4.1% 4.0% 53.6% Source Code Holdings, LLC Marlin DTC-LS Midco 2, LLC Meta Buyer LLC Geo Logic Systems Ltd. Cennox Holdings Limited RCKC Acquisitions LLC Drew Foam Companies Inc MEP-TS Midco, LLC LMG Holdings, Inc. Juniper Landscaping Holdings LLC Other 15.7% 8.4% 5.9% 5.8% 5.8% 4.8% 4.5% 4.6% 4.3% 4.1% 4.1% 3.7% 28.3% IT Consulting & Other Services Environmental & Facilities Services Industrial Machinery & Supplies & Components Broadline Retail Technology Hardware, Storage & Peripherals Pharmaceuticals Construction & Engineering Data Processing & Outsourced Services Building Products Application Software Electronic Equipment & Instruments Advertising Other

Origination Pipeline Funnel(1) 22 (1) Origination Pipeline figures reflect 2014 through June 30, 2023. Three tier sourcing platform, generating meaningful investable opportunities for WhiteHorse Finance Over 60 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 9,936 100.0% 2,284 23.0% 610 6.1% 225 2.3%

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

Document and Entity Information	Aug. 08, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Aug. 08, 2023
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
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	WHF
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001552198
Amendment Flag	false

N-2	Aug. 08, 2023
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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