WhiteHorse Finance Q2 2026: Net Investment Income Declines, NAV Rises, Credit Facility Shrinks
WHF is trading near its 52-week low of $6.07 (13% above the low).
Summary
WhiteHorse Finance reported Q2 2026 net investment income of $4.7M, down from $5.6M in Q1, while NAV per share rose to $11.77. The credit facility was reduced to $50M, and the company repurchased $5.6M in stock during H1 2026.
Key Events · Earnings and Guidance · WHF
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Net Investment Income Declines
Q2 2026 net investment income was $4.7M ($0.217/share), down from $5.6M in Q1 2026 and $6.6M in Q2 2025, driven by lower investment income and higher non-accruals.
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NAV Per Share Increases
Net asset value per share rose to $11.77 as of June 30, 2026, from $11.68 at December 31, 2025, reflecting $5.8M in net unrealized gains during the quarter.
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Non-Accrual Loans Grow
Non-accrual loans at fair value increased to $15.1M (cost $30.0M) from $10.6M (cost $19.7M) at year-end 2025, indicating further credit deterioration.
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Credit Facility Reduced
The credit facility was reduced to $50M from $100M in March 2026, with only $39.8M available due to borrowing base limits, constraining liquidity.
Analysis · WHF · Unknown
WhiteHorse Finance's Q2 2026 results show a mixed picture. Net investment income fell to $4.7 million from $5.6 million in Q1, driven by lower investment income and higher non-accruals. However, net asset value per share ticked up to $11.77 from $11.68 at year-end, helped by unrealized gains. The company continues to shrink its credit facility (now $50M) and repurchase shares, signaling a defensive posture. The incentive fee waiver extension and a post-quarter restructuring of Outward Hound add to the narrative of a portfolio under stress but actively managed.
At the time of this filing, WHF was trading at $6.83 on NASDAQ in the Unknown sector, with a market capitalization of approximately $144.1M. The 52-week trading range was $6.07 to $8.97. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.