WHF (WhiteHorse Finance, Inc.) Core Earnings Improve but Still Trail the Distribution
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WhiteHorse Finance kept its regular quarterly distribution at $0.25 per share on November 9, 2026, after reporting third-quarter core net investment income of $0.224 per share. That was up from $0.217 in the June quarter, so the earnings shortfall narrowed to 2.6 cents per share. The new distribution is payable January 6, 2027.
Core net investment income measures what is left from interest, fees and other investment income after expenses, with adjustments for items the company considers outside its ongoing results. WhiteHorse said fewer loans were on non-accrual, meaning it had stopped recognizing interest on them, after completing a restructuring. Net asset value rose from $11.77 to $11.82 per share, helped by higher valuations on some investments.
WhiteHorse Advisers will also keep its reduced incentive fee on net investment income at 17.5% for the December quarter, compared with the standard 20% rate. The same reduction already applied in the September quarter. It helps contain expenses, while the better test of dividend support is whether income from performing loans can lift core earnings to at least $0.25 per share. The quarter moved WhiteHorse closer, but the distribution still needs stronger recurring earnings behind it.
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