WhiteHorse Finance Inc Dossier
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SectorFinancials IndustryAsset Management & Custody Banks Beta (adjusted)0.58 Intrinsic Value $7.82median of 4 methods · middle span $8-$8based on filings through 30 Jun 2026 Market Price $6.99Price as of 30 Sep 2026 Near fair valueIntrinsic value is 12% above the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $150.1M Enterprise Value $466.1M Shares Outstanding 21.8M diluted Next Earnings Date9 Nov 2026 Last ex-dividend21 May 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary WhiteHorse Finance, Inc. (WHF) is a small-scale Business Development Company (BDC) focused on senior secured loans in the lower middle market. While the stock trades at a steep discount to its Net Asset Value (NAV) and offers a high dividend yield, it faces significant headwinds. These include persistent NAV erosion, weak dividend coverage from net investment income, and a lack of scale compared to larger BDC peers. However, active insider buying by Director John Bolduc and a proactive incentive fee reduction by the adviser provide some downside support, justifying a Hold rating. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$6.00 Mean target$7.50 High · most bullish analyst$9.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 20 Jun 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $6.5020% The bear case is triggered by a deteriorating credit environment leading to elevated non-accruals and realized losses. If net investment income falls significantly below the $0.25 quarterly distribution threshold and the adviser ceases fee waivers, a dividend cut would likely occur, causing the stock to sell off toward its low analyst targets. Base CaseCentral scenario $7.5060% Matches the consensus meanThe base case assumes that WhiteHorse Finance will continue to experience mild NAV pressure and tight dividend coverage. The adviser's voluntary reduction of the incentive fee rate from 20.00% to 17.50% helps support net investment income in the near term, allowing the company to maintain its regular $0.25 quarterly distribution, while the stock continues to trade at a persistent discount to NAV. Bull CaseUpside scenario $9.0020% The bull case is driven by strong insider alignment, particularly consistent open-market purchases by Director John Bolduc, and the potential for NAV stabilization. If middle-market credit conditions improve and the company successfully scales its STRS joint venture, the deep discount to NAV could narrow, driving capital appreciation alongside the high dividend yield. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
Key Investment Risks
Thesis Invalidation Triggers
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |