# EDGAR Filing Document

**Accession Number:** 0001552198
**File Stem:** 0001558370-23-002642
**Filing Date:** 2023-3
**Character Count:** 109840
**Document Hash:** fe78694b3b6ab019dfb9630a96b2f77a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-23-002642.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001558370-23-002642

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20230302

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WhiteHorse Finance, Inc.
- **CENTRAL INDEX KEY:** 0001552198
- **IRS NUMBER:** 454247759
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00967
- **FILM NUMBER:** 23696428

**BUSINESS ADDRESS:**
- **STREET 1:** 1450 Brickell Avenue, 31st Floor
- **CITY:** Miami
- **STATE:** FL
- **ZIP:** 33131
- **BUSINESS PHONE:** (305) 379-2322

**MAIL ADDRESS:**
- **STREET 1:** 1450 Brickell Avenue, 31st Floor
- **CITY:** Miami
- **STATE:** FL
- **ZIP:** 33131

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WhiteHorse Finance, LLC
- **DATE OF NAME CHANGE:** 20120613

?xml version='1.0' encoding='UTF-8'?

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**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): March 2, 2023**

**WhiteHorse Finance, Inc.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **814-00967** | **45-4247759** |
| **(State or other jurisdiction** <br>**of incorporation)** | **(Commission** <br>**File Number)** | **(IRS Employer**<br>**Identification Number)** |

---

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| | |
|:---|:---|
| **1450 Brickell Avenue, 31st Floor**<br>**Miami, Florida** | **33131** |
| **(Address of principal executive offices)** | **(Zip Code)** |

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**(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:

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which** <br>**Registered** |
| Common Stock, par value $0.001 per share | WHF | The Nasdaq Stock Market LLC<br>(Nasdaq Global Select Market) |

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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. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

On March 2, 2023, WhiteHorse Finance, Inc. (the "Company") issued a press release announcing a quarterly distribution, special distribution and its financial results for the fourth quarter and fiscal year ended December 31, 2022. 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 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**

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| | |
|:---|:---|
| 99.1 | [Press Release of WhiteHorse Finance, Inc. dated March 2, 2023.](whf-20230302xex99d1.htm) |
| 99.2 | [Earnings Presentation of WhiteHorse Finance, Inc.](whf-20230302xex99d2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**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: March 2, 2023 | **WHITEHORSE FINANCE, INC.** | **WHITEHORSE FINANCE, INC.** |
|  | By: | /s/ Joyson C. Thomas |
|  |  | Joyson C. Thomas |
|  |  | *Chief Financial Officer* |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](whf-20230302xex99d1001.jpg)

**WhiteHorse Finance, Inc. Announces Fourth Quarter and Full Year 2022 Earnings Results and Declares Quarterly Distribution of $0.355 Per Share and Special Distribution of $0.07 Per Share**

NEW YORK, March 2, 2023 /PRNewswire/ -- **WhiteHorse Finance, Inc.** ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the year ended December 31, 2022. In addition, the Company's board of directors has declared a distribution of $0.355 per share and a special distribution of $0.07 per share with respect to the quarter ending March 31, 2023. The distributions will be payable on April 4, 2023 to stockholders of record as of March 24, 2023.

**Fourth Quarter 2022 Summary Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Net Asset Value of $332.4 million, or $14.30 per share, compared to $15.10 per share in 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Investment portfolio<sup>(1)</sup> totaling $760.2 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●STRS JV investment portfolio totaling $284.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Gross investment deployments<sup>(2)</sup> of $49.8 million for the fourth quarter, including new originations of $42.1 million and $7.7 million of fundings for add-ons to existing investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Gross investment deployments<sup>(2)</sup> of $221.0 million for the year, including new originations of $166.6 million and $54.4 million of fundings for add-ons to existing investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Net investment income of $11.1 million, or $0.476 per share, for the fourth quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Core net investment income of $11.1 million, or $0.476 per share<sup>(3)</sup>, for the fourth quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Annual net investment income of $37.3 million, or $1.604 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Annual core net investment income of $35.5 million, or $1.526 per share<sup>(3)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Annual distributions of $1.47 per share, including special distribution of $0.05 per share

**Recent Developments**

In February 2023, the Company, together with State Teachers Retirement System of Ohio, a public pension fund established under Ohio law ("STRS Ohio"), increased their capital commitments to their joint venture, WHF STRS Ohio Senior Loan Fund LLC (the "WHF STRS JV"), by $25 million. The increased commitment will be funded by an incremental $15 million investment from WhiteHorse Finance and an incremental $10 million investment from STRS Ohio bringing total capital commitments to the WHF STRS JV to $175 million.

Stuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, "I am pleased to report WhiteHorse recorded its highest quarterly Core NII since our IPO in 2012 due to the positive impact of an interest rate environment on our debt portfolio comprised of floating rate investments. While we marked down some assets during the quarter, largely due to market pricing, our portfolio companies are performing well against a challenging economic backdrop. 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, and we are being cautious in the face of a weakening economy and remain focused on credits with compelling risk return characteristics. As previously announced, WhiteHorse, together with STRS Ohio, have increased our capital commitments to our joint venture by $25 million, bringing total capital commitments to the JV to $175 million. We believe WhiteHorse's equity investment in the joint venture provides attractive returns for shareholders and is particularly relevant given the current market backdrop. Given the joint venture's return on equity, we look forward to utilizing the new capital commitment as we seek to increase our exposure to a highly accretive earnings stream. WhiteHorse is equipped to take advantage of the current lender friendly market conditions as our pipeline activity remains high, and our three-tier architecture continues to provide the BDC differentiated sourcing capabilities. The strength of the pipeline enables us to be meticulous in our deal selection and lead to earnings accretion and continued coverage of our dividend."

**Portfolio and Investment Activity**

As of December 31, 2022, the fair value of WhiteHorse Finance's investment portfolio was $760.2 million, compared with $819.2 million as of December 31, 2021. The portfolio as of December 31, 2022 consisted of 115 positions across 72 companies with a weighted average effective yield of 12.6% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $7.0 million with the overall portfolio comprised of approximately 81.3% first lien secured loans, 2.7% second lien secured loans, 2.8% equity and 13.2% in investments in STRS JV. Almost all loans were variable rate

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investments (primarily indexed to the London Interbank Offered Rate or Secured Overnight Financing Rate) with fixed rate securities representing only 0.4% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.

During the three months ended December 31, 2022, WhiteHorse Finance made investments in six new portfolio companies for a total of $42.1 million, added a total of $7.7 million to existing portfolio companies, and made net fundings of $4.0 million to revolver loans. Proceeds from sales and repayments totaled approximately $40.7 million for the three months ended December 31, 2022, driven by three full realizations in Escalon Services Inc., CHS Therapy, LLC and Access USA Shipping, LLC.

In addition to the transactions discussed above, during the three months ended December 31, 2022, WhiteHorse Finance transferred assets comprised of one new portfolio company totaling $8.0 million to STRS JV in exchange for cash proceeds.

During the year ended December 31, 2022, WhiteHorse Finance invested $166.6 million across 19 new portfolio companies. The Company also invested $54.4 million in existing portfolio companies. Proceeds from sales and repayments totaled approximately $183.3 million for the year.

In addition to the transactions above, during the year ended December 31, 2022, WhiteHorse Finance transferred assets totaling $108.5 million in exchange for a net investment in STRS JV of $25 million as well as cash proceeds of $83.5 million. As of December 31, 2022, the Company's investment in STRS JV was approximately $100.2 million, at fair value.

**WHF STRS Ohio Senior Loan Fund LLC**

As of December 31, 2022, STRS JV's portfolio totaled $284.3 million, consisted of 28 portfolio companies and had a weighted average effective yield of 11.3% on its portfolio.

**Results of Operations**

For the three months and year ended December 31, 2022, the Company's net investment income was approximately $11.1 million and $37.3 million, compared with approximately $7.5 million and 28.8 million for the same periods in the prior year, representing an increase of approximately 48.0% and 29.5%, respectively. 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 larger portfolio sizes in both the Company and STRS JV and an increase in base rates. This was partially offset by an increase in interest expense, due to higher borrowing balance and base rates, and higher management fee due to growth in average assets as compared to the same period in the prior year. For the three months ended December 31, 2022, the Company's investment in STRS JV generated an annualized, gross investment yield of approximately 15.5%.

For the three months and year ended December 31, 2022, core net investment income<sup>(3)</sup> was $11.1 million and $35.5 million, or $0.476 per share and $1.526 per share, respectively, compared with $7.3 million and $29.7 million, or $0.322 per share and $1.405 per share, respectively, for the same periods in the prior year.

For the three months and year ended December 31, 2022, WhiteHorse Finance reported a net realized and unrealized loss on investments and foreign currency transactions of $12.3 million and $21.6 million, respectively. This compares with the three months and year ended December 31, 2021 net realized and unrealized loss on investments and foreign currency transactions of $4.3 million and a net realized and unrealized gain on investments and foreign currency transactions of $1.3 million, respectively. 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 decrease in net assets resulting from operations of approximately $1.2 million for the three months ended December 31, 2022 and a net increase in net assets resulting from operations of approximately $15.7 million for the year ended December 31, 2022, which compares with a net increase of $3.1 million and $30.1 million for the three months and year ended December 31, 2021, respectively.

WhiteHorse Finance's net asset value was $332.4 million, or $14.30 per share, as of December 31, 2022, compared with $343.0 million, or $14.76 per share, as of September 30, 2022. As of December 31, 2021, WhiteHorse Finance's net asset value was $349.8 million, or $15.10 per share.

**Liquidity and Capital Resources**

As of December 31, 2022, WhiteHorse Finance had cash and cash equivalents of $26.3 million, compared with $19.3 million as of September 30, 2022, inclusive of restricted cash. As of December 31, 2022, the Company also had $79.9 million of undrawn capacity under its revolving credit facility.

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**Distributions**

The Company's Board of Directors has declared a distribution of $0.355 per share and a special distribution of $0.07 per share with respect to the quarter ending March 31, 2023. The distributions will be payable on April 4, 2023 to stockholders of record as of March 24, 2023.

On November 14, 2022, the Company declared a distribution of $0.355 per share for the quarter ended December 31, 2022, consistent with distributions declared for the forty-first consecutive quarter since the Company's initial public offering. The distribution was paid on January 4, 2023 to stockholders of record as of December 21, 2022.

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 fourth quarter and full year results for the period ended December 31, 2022 at 1:00 p.m. ET on Thursday, March 2, 2023. To access the teleconference, please dial 800-245-3047 (domestic and international) approximately 10 minutes before the teleconference's scheduled start time and reference ID #WHFQ422. Investors may also access the call on the investor relations portion of the Company's website <u>www.whitehorsefinance.com</u>.

If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call's completion through March 9, 2023. The teleconference replay can be accessed by dialing 800-839-8318 (domestic and international). A webcast replay will also be available on the investor relations portion of the Company's website at www.whitehorsefinance.com.

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**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 $55 billion of capital under management<sup>(4)</sup> across a number of funds focused on the small and mid-cap markets. For more information about H.I.G. Capital, please visit <u>http://www.higcapital.com</u>. For more information about the Company, please visit <u>http://www.whitehorsefinance.com</u>.

**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 $100.2 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.

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**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 and years ended December 31, 2022 and December 31, 2021.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended December 31, 2022 and December 31, 2021 (in thousands, except per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Amount**<br>| **Per Share** <br>**Amounts** | **Amount**<br>| **Per Share** <br>**Amounts** |
| Net investment income | $11074 | $0.476 | $7454 | $0.331 |
| Net impact of costs associated with refinancing of indebtedness | - | - | 662 | 0.029 |
| Accrual for capital gains incentive fee | - | - | (863) | (0.038) |
| Net impact of excise tax expense related to net realized gains and losses | - | - | - | - |
| Core net investment income | $11074 | $0.476 | $7253 | $0.322 |

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The following table provides a reconciliation of net investment income to core net investment income for the years ended December 31, 2022 and December 31, 2021 (in thousands, except per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Amount**<br>| **Per Share** <br>**Amounts** | **Amount**<br>| **Per Share** <br>**Amounts** |
| Net investment income | $37258 | $1.604 | $28791 | $1.361 |
| Net impact of costs associated with refinancing of indebtedness | - | - | 662 | 0.032 |
| Accrual for capital gains incentive fee | (1803) | (0.078) | 261 | 0.012 |
| Net impact of excise tax expense related to net realized gains and losses | - | - | - | - |
| Core net investment income | $35455 | $1.526 | $29714 | $1.405 |

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**WhiteHorse Finance, Inc.**

**Consolidated Statements of Assets and Liabilities**

***(in thousands, except share and per share data)***

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| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| **Assets** |  |  |
| Investments, at fair value |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliate company investments | $650535 | $736727 |
| &nbsp;&nbsp;Non-controlled affiliate company investments | 9533 | 6874 |
| &nbsp;&nbsp;Controlled affiliate company investments | 100160 | 75607 |
| Total investments, at fair value (amortized cost $782,429 and $831,960, respectively) | 760228 | 819208 |
| Cash and cash equivalents | 9508 | 12185 |
| Restricted cash and cash equivalents | 14683 | 9814 |
| Restricted foreign currency (cost of $2,066 and $464, respectively) | 2073 | 469 |
| Interest and dividend receivable | 7814 | 7521 |
| Amounts receivable on unsettled investment transactions | 283 |  |
| Escrow receivable | 711 | 515 |
| Prepaid expenses and other receivables | 1174 | 1307 |
| Total assets | $796474 | $851019 |
| **Liabilities** |  |  |
| Debt (net of unamortized debt issuance costs of $4,718 and $5,679, respectively) | $440427 | $475958 |
| Distributions payable | 8251 | 8222 |
| Management fees payable | 3860 | 3766 |
| Incentive fees payable | 5618 | 7958 |
| Interest payable | 2774 | 2087 |
| Accounts payable and accrued expenses | 2329 | 2438 |
| Advances received from unfunded credit facilities | 825 | 839 |
| Unrealized depreciation on foreign currency forward contracts | 3 |  |
| Total liabilities | $464087 | $501268 |
| **Commitments and contingencies** |  |  |
| **Net assets** |  |  |
| Common stock, 23,243,088 and 23,162,667 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 | 339240 | 339161 |
| Accumulated earnings (losses) | (6876) | 10567 |
| Total net assets | 332387 | 349751 |
| **Total liabilities and total net assets** | $796474 | $851019 |
| Number of shares outstanding | 23243088 | 23162667 |
| Net asset value per share | $14.30 | $15.10 |

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**WhiteHorse Finance, Inc.**

**Consolidated Statements of Operations**

***(in thousands, except share and per share data)***

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| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2022** | **2021** | **2020** |
| **Investment income** |  |  |  |
| From non-controlled/non-affiliate company investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $69731 | $59845 | $54039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee income | 3474 | 2621 | 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 300 | 273 | 133 |
| From non-controlled affiliate company investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 339 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 321 | 1190 | 1183 |
| From controlled affiliate company investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 6385 | 3307 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 6977 | 4907 | 1761 |
| Total investment income | 87527 | 72143 | 61699 |
| **Expenses** |  |  |  |
| Interest expense | 21940 | 16594 | 13125 |
| Base management fees | 15600 | 13975 | 12464 |
| Performance-based incentive fees | 7059 | 7524 | 7619 |
| Administrative service fees | 683 | 683 | 683 |
| General and administrative expenses | 3963 | 3572 | 2909 |
| Total expenses | 49245 | 42348 | 36800 |
| **Net investment income before excise tax** | 38282 | 29795 | 24899 |
| &nbsp;&nbsp;Excise tax  | 1024 | 1004 | 742 |
| **Net investment income after excise tax** | 37258 | 28791 | 24157 |
| **Realized and unrealized gains (losses) on investments and foreign currency transactions** |  |  |  |
| Net realized gains (losses) |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliate company investments | (15683) | 7994 | 4118 |
| &nbsp;&nbsp;Non-controlled affiliate company investments | 1725 | 562 |  |
| &nbsp;&nbsp;Foreign currency transactions | (310) | 262 | 70 |
| &nbsp;&nbsp;Foreign currency forward contracts |  | (3) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (14268) | 8815 | 4163 |
| Net change in unrealized appreciation (depreciation) |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliate company investments | (3505) | (9501) | 4685 |
| &nbsp;&nbsp;Non-controlled affiliate company investments | (5239) | 1187 | (878) |
| &nbsp;&nbsp;Controlled affiliate company investments | (447) | 708 | (464) |
| &nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | 1887 | 94 | 22 |
| &nbsp;&nbsp;Foreign currency forward contracts | (3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (7307) | (7512) | 3365 |
| Net realized and unrealized gains (losses) on investments and foreign currency transactions | (21575) | 1303 | 7528 |
| **Net increase in net assets resulting from operations** | $15683 | $30094 | $31685 |
| **Per Common Share Data** |  |  |  |
| Basic and diluted earnings per common share | $0.68 | $1.42 | $1.55 |
| Dividends and distributions declared per common share | $1.47 | $1.56 | $1.55 |
| Basic and diluted weighted average common shares outstanding | 23229552 | 21150168 | 20546032 |

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**WhiteHorse Finance, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2022**

***(in thousands)***

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** | <br>**Investment Type**<sup>(1)</sup> | <br>**Floor** | <br>**Reference Rate**<sup>(2)</sup> | <br>**Spread<br>Above<br>Index** | <br>**Interest<br>Rate**<sup>(3)</sup> | <br>**Acquisition<br>Date**<sup>(10)</sup> | <br>**Maturity<br>Date** | <br>**Principal/<br>Share<br>Amount** | <br>**Amortized<br>Cost** | <br>**Fair<br>Value**<sup>(11)</sup> | <br>**Fair Value<br>As A<br>Percentage<br>of Net<br>Assets** |
| North America |  |  |  |  |  |  |  |  |  |  |  |
| Debt Investments |  |  |  |  |  |  |  |  |  |  |  |
| <u>Air Freight & Logistics</u> |  |  |  |  |  |  |  |  |  |  |  |
| Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.) | First Lien Secured Term Loan | 1.00% | SOFR | 7.00% | 11.43% | 12/16/22 | 12/18/28 | 4853 | $4708 | $4708 | 1.42% |
| Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.)⁽⁷⁾ | First Lien Secured Revolving Loan | 1.00% | SOFR | 7.00% | 11.43% | 12/16/22 | 12/18/28 |  |  |  |  |
| Motivational Marketing, LLC (d/b/a Motivational Fulfillment) | First Lien Secured Term Loan | 1.00% | LIBOR | 6.25% | 10.59% | 07/12/21 | 07/12/26 | 11113 | 10956 | 10749 | 3.23 |
| Motivational Marketing, LLC (d/b/a Motivational Fulfillment)⁽⁷⁾⁽¹²⁾ | First Lien Secured Revolving Loan | 1.00% | Base Rate | 5.56% | 11.21% | 07/12/21 | 07/12/26 | 158 | 155 | 133 | 0.04 |
|  |  |  |  |  |  |  |  |  | 15819 | 15590 | 4.69 |
| <u>Alternative Carriers</u> |  |  |  |  |  |  |  |  |  |  |  |
| Patagonia Holdco LLC (d/b/a Lumen LATAM) | First Lien Secured Term Loan | 0.50% | SOFR | 5.75% | 9.96% | 08/05/22 | 08/01/29 | 14588 | 12105 | 12068 | 3.63 |
|  |  |  |  |  |  |  |  |  | 12105 | 12068 | 3.63 |
| <u>Application Software</u> |  |  |  |  |  |  |  |  |  |  |  |
| Atlas Purchaser, Inc. (d/b/a Aspect Software, Inc.) | First Lien Secured Term Loan | 0.75% | LIBOR | 5.25% | 8.68% | 08/29/22 | 05/08/28 | 3097 | 2611 | 2556 | 0.76 |
| Atlas Purchaser, Inc. (d/b/a Aspect Software, Inc.) | Second Lien Secured Term Loan | 0.75% | LIBOR | 9.00% | 14.20% | 05/03/21 | 05/07/29 | 15000 | 14642 | 11969 | 3.59 |
| MBS Highway, LLC | First Lien Secured Term Loan | 1.00% | SOFR | 7.50% | 11.92% | 10/13/22 | 10/13/27 | 9476 | 9250 | 9250 | 2.78 |
| Naviga Inc. (f/k/a Newscycle Solutions, Inc.) | First Lien Secured Term Loan | 1.00% | SOFR | 7.00% | 11.68% | 10/06/22 | 12/29/23 | 3180 | 3177 | 3084 | 0.93 |
| Naviga Inc. (f/k/a Newscycle Solutions, Inc.)⁽⁷⁾⁽¹²⁾ | First Lien Secured Revolving Loan | 1.00% | Base Rate | 6.63% | 12.19% | 10/06/22 | 12/29/23 | 267 | 267 | 258 | 0.08 |
|  |  |  |  |  |  |  |  |  | 29947 | 27117 | 8.14 |
| <u>Asset Management & Custody Banks</u> |  |  |  |  |  |  |  |  |  |  |  |
| JZ Capital Partners Ltd.<sup>(4)(5)</sup> | First Lien Secured Term Loan | 1.00% | LIBOR | 7.00% | 11.33% | 01/26/22 | 01/26/27 | 10286 | 10118 | 10135 | 3.05 |
| JZ Capital Partners Ltd.<sup>(4)(5)(7)</sup> | First Lien Secured Delayed Draw Loan | 1.00% | LIBOR | 7.00% | 11.33% | 01/26/22 | 01/26/27 |  |  | 9 |  |
|  |  |  |  |  |  |  |  |  | 10118 | 10144 | 3.05 |
| <u>Automotive Retail</u> |  |  |  |  |  |  |  |  |  |  |  |
| Team Car Care Holdings, LLC (Heartland Auto)⁽¹²⁾ | First Lien Secured Term Loan | 1.00% | Base Rate | 7.98% | 11.83% | 02/16/18 | 06/28/24 | 14363 | 14311 | 14363 | 4.32 |
|  |  |  |  |  |  |  |  |  | 14311 | 14363 | 4.32 |
| <u>Broadcasting</u> |  |  |  |  |  |  |  |  |  |  |  |
| Coastal Television Broadcasting Group LLC | First Lien Secured Term Loan | 1.00% | SOFR | 6.50% | 10.80% | 12/30/21 | 12/30/26 | 8036 | 7908 | 7785 | 2.34 |
| Coastal Television Broadcasting Group LLC<sup>(7)</sup> | First Lien Secured Revolving Loan | 1.00% | SOFR | 6.50% | 10.80% | 12/30/21 | 12/30/26 |  |  | (5) |  |
|  |  |  |  |  |  |  |  |  | 7908 | 7780 | 2.34 |
| <u>Building Products</u> |  |  |  |  |  |  |  |  |  |  |  |
| PFB Holdco, Inc. (d/b/a PFB Corporation)⁽¹³⁾ | First Lien Secured Term Loan | 1.00% | CDOR | 6.00% | 10.52% | 12/17/21 | 12/17/26 | 8935 | 6879 | 6504 | 1.95 |
| PFB Holdco, Inc. (d/b/a PFB Corporation)⁽⁷⁾⁽¹³⁾ | First Lien Secured Revolving Loan | 1.00% | CDOR | 6.00% | 10.52% | 12/17/21 | 12/17/26 |  |  | 2 |  |
| PFB Holdco, Inc. (d/b/a PFB Corporation) | First Lien Secured Term Loan | 1.00% | LIBOR | 6.00% | 10.17% | 12/17/21 | 12/17/26 | 2176 | 2141 | 2144 | 0.65 |
| PFB Holdco, Inc. (d/b/a PFB Corporation)⁽⁷⁾ | First Lien Secured Revolving Loan | 1.00% | LIBOR | 6.00% | 10.17% | 12/17/21 | 12/17/26 |  |  |  |  |
| Trimlite Buyer LLC (d/b/a Trimlite LLC)⁽⁵⁾⁽¹³⁾ | First Lien Secured Term Loan | 1.00% | CDOR | 6.00% | 10.88% | 07/27/21 | 07/27/26 | 20582 | 16162 | 14926 | 4.49 |
|  |  |  |  |  |  |  |  |  | 25182 | 23576 | 7.09 |
| <u>Cable & Satellite</u> |  |  |  |  |  |  |  |  |  |  |  |
| Bulk Midco, LLC | First Lien Secured Term Loan | 1.00% | LIBOR | 7.50% | 11.64% | 10/28/22 | 06/10/24 | 19228 | 19126 | 18525 | 5.57 |
| Bulk Midco, LLC | First Lien Secured Revolving Loan | 1.00% | LIBOR | 7.50% | 11.64% (10.64% Cash + 1.00% PIK) | 10/28/22 | 06/10/24 | 2000 | 1963 | 1964 | 0.59 |
|  |  |  |  |  |  |  |  |  | 21089 | 20489 | 6.16 |
| <u>Commodity Chemicals</u> |  |  |  |  |  |  |  |  |  |  |  |
| FGI Acquisition Corp. (d/b/a Flexitallic Group SAS) | First Lien Secured Term Loan | 1.00% | SOFR | 7.00% | 11.73% (11.23% Cash + 0.50% PIK) | 10/28/19 | 10/29/26 | 16350 | 15794 | 15859 | 4.77 |
| US Methanol Midco LLC (d/b/a US Methanol LLC)⁽²⁴⁾ | First Lien Secured Term Loan | 1.00% | SOFR | 7.75% | 12.17% PIK | 12/20/22 | 12/20/27 | 4667 | 4551 | 4551 | 1.37 |
| US Methanol Midco LLC (d/b/a US Methanol LLC)⁽⁷⁾⁽²⁴⁾ | First Lien Secured Delayed Draw Loan | 1.00% | SOFR | 7.75% | 12.17% PIK | 12/20/22 | 12/20/27 |  |  |  |  |
|  |  |  |  |  |  |  |  |  | 20345 | 20410 | 6.14 |

---

------

**WhiteHorse Finance, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2022**

***(in thousands)***

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** | <br>**Investment Type**<sup>(1)</sup> | <br>**Floor** | <br>**Reference Rate**<sup>(2)</sup> | <br>**Spread<br>Above<br>Index** | <br>**Interest<br>Rate**<sup>(3)</sup> | <br>**Acquisition<br>Date**<sup>(10)</sup> | <br>**Maturity<br>Date** | <br>**Principal/<br>Share<br>Amount** | <br>**Amortized<br>Cost** | <br>**Fair<br>Value**<sup>(11)</sup> | <br>**Fair Value<br>As A<br>Percentage<br>of Net<br>Assets** |
| <u>Construction Materials</u> |  |  |  |  |  |  |  |  |  |  |  |
| Claridge Products and Equipment, LLC | First Lien Secured Term Loan | 1.00% | LIBOR | 6.50% | 11.23% | 12/30/20 | 12/29/25 | 7079 | $6994 | $6727 | 2.01% |
| Claridge Products and Equipment, LLC<sup>(7)(12)</sup> | First Lien Secured Revolving Loan | 1.00% | Base Rate | 5.88% | 12.28% | 12/30/20 | 12/29/25 | 779 | 772 | 732 | 0.22 |
|  |  |  |  |  |  |  |  |  | 7766 | 7459 | 2.23 |
| <u>Data Processing & Outsourced Services</u> |  |  |  |  |  |  |  |  |  |  |  |
| Future Payment Technologies, L.P. | First Lien Secured Term Loan | 1.00% | LIBOR | 8.25% | 12.37% | 12/23/16 | 06/07/24 | 22911 | 22776 | 22817 | 6.86 |
|  |  |  |  |  |  |  |  |  | 22776 | 22817 | 6.86 |
| <u>Distributors</u> |  |  |  |  |  |  |  |  |  |  |  |
| Foodservices Brand Group, LLC (d/b/a Crown Brands Group) | First Lien Secured Term Loan | 1.00% | SOFR | 8.00% | 12.80% | 11/22/22 | 12/09/25 | 357 | 357 | 330 | 0.10 |
| Foodservices Brand Group, LLC (d/b/a Crown Brands Group)⁽¹⁹⁾ | Second Lien Secured Term Loan | 1.50% | SOFR | 6.50% | 10.92% | 11/22/22 | 01/08/26 | 5171 | 5108 | 3841 | 1.16 |
|  |  |  |  |  |  |  |  |  | 5465 | 4171 | 1.26 |
| <u>Diversified Chemicals</u> |  |  |  |  |  |  |  |  |  |  |  |
| Manchester Acquisition Sub LLC (d/b/a Draslovka Holding AS) | First Lien Secured Term Loan | 0.75% | SOFR | 5.75% | 10.30% | 11/16/21 | 11/16/26 | 7920 | 7578 | 6731 | 2.03 |
| Sklar Holdings, Inc. (d/b/a Starco) | First Lien Secured Term Loan | 1.00% | Prime | 8.75% | 16.25% (14.25% Cash + 2.00% PIK) | 11/13/19 | 05/13/23 | 7353 | 7302 | 6537 | 1.97 |
|  |  |  |  |  |  |  |  |  | 14880 | 13268 | 4.00 |
| <u>Diversified Support Services</u> |  |  |  |  |  |  |  |  |  |  |  |
| NNA Services, LLC | First Lien Secured Term Loan | 1.00% | LIBOR | 6.75% | 11.48% | 08/27/21 | 08/27/26 | 11302 | 11199 | 10833 | 3.26 |
|  |  |  |  |  |  |  |  |  | 11199 | 10833 | 3.26 |
| <u>Education Services</u> |  |  |  |  |  |  |  |  |  |  |  |
| EducationDynamics, LLC | First Lien Secured Term Loan | 1.00% | LIBOR | 7.00% | 11.39% (10.89% Cash + 0.50% PIK) | 09/15/21 | 09/15/26 | 13053 | 12861 | 12663 | 3.80 |
| EducationDynamics, LLC<sup>(4)(7)</sup> | First Lien Secured Delayed Draw Loan | 1.00% | LIBOR | 7.00% | 11.39% (10.89% Cash + 0.50% PIK) | 09/15/21 | 09/15/26 |  |  | (26) | (0.01) |
| EducationDynamics, LLC<sup>(7)</sup> | First Lien Secured Revolving Loan | 1.00% | LIBOR | 7.00% | 11.39% (10.89% Cash + 0.50% PIK) | 09/15/21 | 09/15/26 |  |  | (18) | (0.01) |
| EducationDynamics, LLC<sup>(4)</sup> | Subordinated Unsecured Term Loan | N/A | N/A | 4.00% | 4.00% | 09/15/21 | 03/15/27 | 167 | 167 | 167 | 0.05 |
|  |  |  |  |  |  |  |  |  | 13028 | 12786 | 3.83 |
| <u>Electric Utilities</u> |  |  |  |  |  |  |  |  |  |  |  |
| CleanChoice Energy, Inc. (d/b/a CleanChoice) | First Lien Secured Term Loan | 1.00% | LIBOR | 7.25% | 11.33% | 10/12/21 | 10/12/26 | 10500 | 10341 | 10411 | 3.13 |
|  |  |  |  |  |  |  |  |  | 10341 | 10411 | 3.13 |
| <u>Environmental & Facilities Services</u> |  |  |  |  |  |  |  |  |  |  |  |
| Industrial Specialty Services USA LLC | First Lien Secured Term Loan | 1.00% | LIBOR | 6.25% | 10.98% | 12/31/21 | 12/31/26 | 11887 | 11697 | 11559 | 3.48 |
| Industrial Specialty Services USA LLC<sup>(7)(12)</sup> | First Lien Secured Revolving Loan | 1.00% | Base Rate | 5.90% | 11.41% | 12/31/21 | 12/31/26 | 674 | 663 | 649 | 0.20 |
| Solar Holdings Bidco Limited (d/b/a SLR Consulting Ltd.)⁽⁵⁾⁽¹⁵⁾ | First Lien Secured Term Loan | 0.50% | SOFR | 6.75% | 11.05% | 09/30/22 | 09/28/29 | 2783 | 2709 | 2713 | 0.82 |
| Solar Holdings Bidco Limited (d/b/a SLR Consulting Ltd.)⁽⁵⁾⁽¹³⁾⁽¹⁵⁾ | First Lien Secured Term Loan | 0.50% | CDOR | 6.75% | 11.61% | 09/30/22 | 09/28/29 | 3837 | 2729 | 2749 | 0.83 |
| Solar Holdings Bidco Limited (d/b/a SLR Consulting Ltd.)⁽⁵⁾⁽¹⁵⁾⁽²²⁾ | First Lien Secured Term Loan | 0.00% | SONIA | 6.75% | 10.18% | 09/30/22 | 09/28/29 | 168 | 182 | 199 | 0.06 |
| Solar Holdings Bidco Limited (d/b/a SLR Consulting Ltd.)⁽⁵⁾⁽¹⁵⁾ | First Lien Secured Delayed Draw Loan | 0.50% | SOFR | 6.75% | 11.05% | 09/30/22 | 09/28/29 | 53 | 51 | 52 | 0.02 |
| Solar Holdings Bidco Limited (d/b/a SLR Consulting Ltd.)⁽⁵⁾⁽⁷⁾⁽¹⁵⁾⁽²³⁾ | First Lien Secured Delayed Draw Loan | 0.50% | SOFR | 6.75% | 11.05% | 09/30/22 | 09/28/29 |  |  | (62) | (0.02) |
|  |  |  |  |  |  |  |  |  | 18031 | 17859 | 5.39 |
| <u>Health Care Facilities</u> |  |  |  |  |  |  |  |  |  |  |  |
| Bridgepoint Healthcare, LLC | First Lien Secured Term Loan | 1.00% | LIBOR | 7.75% | 12.04% | 10/05/21 | 10/05/26 | 10423 | 10266 | 10161 | 3.06 |
| Bridgepoint Healthcare, LLC<sup>(7)</sup> | First Lien Secured Delayed Draw Loan | 1.00% | LIBOR | 7.75% | 12.04% | 10/05/21 | 10/05/26 |  |  | (14) |  |
| Bridgepoint Healthcare, LLC<sup>(7)</sup> | First Lien Secured Revolving Loan | 1.00% | LIBOR | 7.75% | 12.04% | 10/05/21 | 10/05/26 |  |  | (16) |  |
|  |  |  |  |  |  |  |  |  | 10266 | 10131 | 3.06 |

---

------

**WhiteHorse Finance, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2022**

***(in thousands)***

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** | <br>**Investment Type**<sup>(1)</sup> | <br>**Floor** | <br>**Reference Rate**<sup>(2)</sup> | <br>**Spread<br>Above<br>Index** | <br>**Interest<br>Rate**<sup>(3)</sup> | <br>**Acquisition<br>Date**<sup>(10)</sup> | <br>**Maturity<br>Date** | <br>**Principal/<br>Share<br>Amount** | <br>**Amortized<br>Cost** | <br>**Fair<br>Value**<sup>(11)</sup> | <br>**Fair Value<br>As A<br>Percentage<br>of Net<br>Assets** |
| <u>Health Care Services</u> |  |  |  |  |  |  |  |  |  |  |  |
| Lab Logistics, LLC | First Lien Secured Term Loan | 1.00% | SOFR | 7.25% | 11.67% | 10/16/19 | 09/25/23 | 5487 | $5446 | $5487 | 1.65% |
| Lab Logistics, LLC | First Lien Secured Delayed Draw Loan | 1.00% | SOFR | 7.25% | 11.67% | 10/16/19 | 09/25/23 | 5131 | 5124 | 5131 | 1.54 |
| PG Dental New Jersey Parent, LLC | First Lien Secured Term Loan | 1.00% | LIBOR | 9.00% | 13.32% (12.57% Cash + 0.75% PIK) | 11/25/20 | 11/25/25 | 13495 | 13324 | 12415 | 3.74 |
| PG Dental New Jersey Parent, LLC<sup>(7)</sup> | First Lien Secured Revolving Loan | 1.00% | LIBOR | 8.25% | 12.57% (11.82% Cash + 0.75% PIK) | 11/25/20 | 11/25/25 | 352 | 347 | 300 | 0.09 |
|  |  |  |  |  |  |  |  |  | 24241 | 23333 | 7.02 |
| <u>Health Care Supplies</u> |  |  |  |  |  |  |  |  |  |  |  |
| ABB/Con-cise Optical Group LLC (d/b/a ABB Optical Group, LLC) | First Lien Secured Term Loan | 0.75% | LIBOR | 7.50% | 12.67% | 02/23/22 | 02/23/28 | 21573 | 21110 | 20997 | 6.32 |
| ABB/Con-cise Optical Group LLC (d/b/a ABB Optical Group, LLC)⁽⁷⁾⁽¹²⁾ | First Lien Secured Revolving Loan | 0.75% | Base Rate | 6.51% | 13.98% | 02/23/22 | 02/23/28 | 2151 | 2105 | 2093 | 0.63 |
|  |  |  |  |  |  |  |  |  | 23215 | 23090 | 6.95 |
| <u>Heavy Electrical Equipment</u> |  |  |  |  |  |  |  |  |  |  |  |
| PPS CR Acquisition, Inc. (d/b/a Power Plant Services) | First Lien Secured Term Loan | 1.00% | LIBOR | 6.25% | 10.98% | 06/25/21 | 06/25/26 | 14130 | 13922 | 13774 | 4.14 |
| PPS CR Acquisition, Inc. (d/b/a Power Plant Services)⁽⁷⁾ | First Lien Secured Delayed Draw Loan | 1.00% | LIBOR | 6.25% | 10.98% | 07/11/22 | 06/25/26 |  |  | (34) | (0.01) |
| PPS CR Acquisition, Inc. (d/b/a Power Plant Services)⁽⁷⁾⁽¹²⁾ | First Lien Secured Revolving Loan | 1.00% | Base Rate | 5.96% | 11.36% | 06/25/21 | 06/25/24 | 836 | 828 | 780 | 0.23 |
|  |  |  |  |  |  |  |  |  | 14750 | 14520 | 4.36 |
| <u>Home Furnishings</u> |  |  |  |  |  |  |  |  |  |  |  |
| Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC) | First Lien Secured Term Loan | 1.00% | LIBOR | 6.50% | 10.40% | 10/12/21 | 10/12/26 | 20834 | 20517 | 20210 | 6.08 |
| Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)⁽⁷⁾ | First Lien Secured Revolving Loan | 1.00% | LIBOR | 6.50% | 10.40% | 10/12/21 | 10/12/26 |  |  | (39) | (0.01) |
| Hollander Intermediate LLC (d/b/a Hollander Sleep Products, LLC) | First Lien Secured Term Loan | 2.00% | SOFR | 8.75% | 13.19% | 09/19/22 | 09/21/26 | 4861 | 4821 | 4609 | 1.39 |
|  |  |  |  |  |  |  |  |  | 25338 | 24780 | 7.46 |
| <u>Household Appliances</u> |  |  |  |  |  |  |  |  |  |  |  |
| Token Buyer, Inc. (d/b/a Therm-O-Disc, Inc.) | First Lien Secured Term Loan | 0.50% | SOFR | 6.00% | 10.73% | 05/26/22 | 05/31/29 | 7214 | 6680 | 6615 | 1.99 |
|  |  |  |  |  |  |  |  |  | 6680 | 6615 | 1.99 |
| <u>Household Products</u> |  |  |  |  |  |  |  |  |  |  |  |
| The Kyjen Company, LLC (d/b/a Outward Hound) | First Lien Secured Term Loan | 1.00% | SOFR | 7.00% | 11.65% (11.15% Cash + 0.50% PIK) | 04/05/21 | 04/05/26 | 11334 | 11223 | 10429 | 3.14 |
| The Kyjen Company, LLC (d/b/a Outward Hound) | First Lien Secured Revolving Loan | 1.00% | SOFR | 6.58% | 10.90% (10.40% Cash + 0.50% PIK) | 04/05/21 | 04/05/26 | 798 | 790 | 724 | 0.22 |
|  |  |  |  |  |  |  |  |  | 12013 | 11153 | 3.36 |
| <u>Industrial Machinery</u> |  |  |  |  |  |  |  |  |  |  |  |
| BLP Buyer, Inc. (d/b/a Bishop Lifting Products, Inc.) | First Lien Secured Term Loan | 1.25% | SOFR | 6.50% | 10.21% | 10/03/22 | 02/01/27 | 2149 | 2098 | 2091 | 0.63 |
| Project Castle, Inc. (d/b/a Material Handling Systems, Inc.) | First Lien Secured Term Loan | 0.50% | SOFR | 5.50% | 10.08% | 06/09/22 | 06/01/29 | 8355 | 7535 | 7269 | 2.19 |
|  |  |  |  |  |  |  |  |  | 9633 | 9360 | 2.82 |
| <u>Interactive Media & Services</u> |  |  |  |  |  |  |  |  |  |  |  |
| MSI Information Services, Inc. | First Lien Secured Term Loan | 1.00% | SOFR | 7.75% | 12.17% | 04/25/22 | 04/24/26 | 7751 | 7623 | 7554 | 2.27 |
| MSI Information Services, Inc.<sup>(7)</sup> | First Lien Secured Revolving Loan | 1.00% | SOFR | 7.75% | 12.17% | 04/25/22 | 04/24/26 |  |  | (9) |  |
|  |  |  |  |  |  |  |  |  | 7623 | 7545 | 2.27 |
| <u>Internet & Direct Marketing Retail</u> |  |  |  |  |  |  |  |  |  |  |  |
| BBQ Buyer, LLC (d/b/a BBQ Guys) | First Lien Secured Term Loan | 1.50% | LIBOR | 9.00% | 13.38% (12.38% Cash + 1.00% PIK) | 08/28/20 | 08/28/25 | 12720 | 12550 | 12465 | 3.75 |
| BBQ Buyer, LLC (d/b/a BBQ Guys) | First Lien Secured Delayed Draw Loan | 1.50% | LIBOR | 9.00% | 13.38% (12.38% Cash + 1.00% PIK) | 04/29/22 | 08/28/25 | 2593 | 2557 | 2541 | 0.76 |
| Luxury Brand Holdings, Inc. (d/b/a Ross-Simons, Inc.) | First Lien Secured Term Loan | 1.00% | LIBOR | 6.50% | 10.91% | 12/04/20 | 06/04/26 | 5880 | 5807 | 5880 | 1.77 |
| Potpourri Group, Inc. | First Lien Secured Term Loan | 1.50% | LIBOR | 8.25% | 12.47% | 07/03/19 | 07/03/24 | 14187 | 14091 | 14187 | 4.27 |
|  |  |  |  |  |  |  |  |  | 35005 | 35073 | 10.55 |

---

------

**WhiteHorse Finance, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2022**

***(in thousands)***

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** | <br>**Investment Type**<sup>(1)</sup> | <br>**Floor** | <br>**Reference Rate**<sup>(2)</sup> | <br>**Spread<br>Above<br>Index** | <br>**Interest<br>Rate**<sup>(3)</sup> | <br>**Acquisition<br>Date**<sup>(10)</sup> | <br>**Maturity<br>Date** | <br>**Principal/<br>Share<br>Amount** | <br>**Amortized<br>Cost** | <br>**Fair<br>Value**<sup>(11)</sup> | <br>**Fair Value<br>As A<br>Percentage<br>of Net<br>Assets** |
| <u>Investment Banking & Brokerage</u> |  |  |  |  |  |  |  |  |  |  |  |
| JVMC Holdings Corp. (fka RJO Holdings Corp) | First Lien Secured Term Loan | 1.00% | LIBOR | 6.50% | 10.88% | 02/28/19 | 02/28/24 | 11860 | $11833 | $11860 | 3.57% |
|  |  |  |  |  |  |  |  |  | 11833 | 11860 | 3.57 |
| <u>IT Consulting & Other Services</u> |  |  |  |  |  |  |  |  |  |  |  |
| ATSG, Inc. | First Lien Secured Term Loan | 1.00% | LIBOR | 6.50% | 11.14% | 11/12/21 | 11/12/26 | 13833 | 13620 | 13487 | 4.06 |
|  |  |  |  |  |  |  |  |  | 13620 | 13487 | 4.06 |
| <u>Leisure Facilities</u> |  |  |  |  |  |  |  |  |  |  |  |
| Honors Holdings, LLC (d/b/a Orange Theory)⁽¹⁵⁾⁽¹⁶⁾ | First Lien Secured Term Loan | 1.00% | SOFR | 7.12% | 11.73% | 09/06/19 | 09/06/24 | 9440 | 9344 | 9254 | 2.78 |
| Honors Holdings, LLC (d/b/a Orange Theory)⁽¹⁵⁾⁽¹⁶⁾ | First Lien Secured Delayed Draw Loan | 1.00% | SOFR | 7.00% | 11.62% | 09/06/19 | 09/06/24 | 4649 | 4621 | 4557 | 1.37 |
| Lift Brands, Inc. (d/b/a Snap Fitness) | First Lien Secured Term Loan A | 1.00% | LIBOR | 7.50% | 11.88% | 06/29/20 | 06/29/25 | 5574 | 5531 | 5520 | 1.66 |
| Lift Brands, Inc. (d/b/a Snap Fitness) | First Lien Secured Term Loan B | N/A | N/A | 9.50% | 9.50% (0.00% Cash + 9.50% PIK) | 06/29/20 | 06/29/25 | 1330 | 1316 | 1266 | 0.38 |
| 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% (0.00% Cash + 9.50% PIK) | 06/29/20 | N/A | 1268 | 1265 | 1198 | 0.36 |
|  |  |  |  |  |  |  |  |  | 22077 | 21795 | 6.55 |
| <u>Leisure Products</u> |  |  |  |  |  |  |  |  |  |  |  |
| Playmonster Group LLC<sup>(6)(20)</sup> | Priority First Lien Secured Term Loan | 1.00% | LIBOR | 6.75% | 11.47% PIK | 12/09/22 | 06/08/26 | 184 | 176 | 176 | 0.05 |
| Playmonster Group LLC<sup>(6)(20)</sup> | First Lien Secured Term Loan | 1.00% | LIBOR | 9.00% | 13.36% PIK | 01/24/22 | 06/08/26 | 3663 | 3664 | 2977 | 0.90 |
| Leviathan Intermediate Holdco, LLC | First Lien Secured Term Loan | 1.00% | SOFR | 7.50% | 12.54% | 12/27/22 | 12/27/27 | 10452 | 10139 | 10138 | 3.05 |
| Leviathan Intermediate Holdco, LLC⁽⁷⁾ | First Lien Secured Revolving Loan | 1.00% | SOFR | 7.50% | 12.54% | 12/27/22 | 12/27/27 | 78 | 76 | 75 | 0.02 |
|  |  |  |  |  |  |  |  |  | 14055 | 13366 | 4.02 |
| <u>Life Sciences Tools & Services</u> |  |  |  |  |  |  |  |  |  |  |  |
| LSCS Holdings, Inc. (d/b/a Eversana Life Science Services, LLC) | Second Lien Secured Term Loan | 0.50% | LIBOR | 8.00% | 12.38% | 11/23/21 | 12/16/29 | 5000 | 4935 | 4824 | 1.45 |
|  |  |  |  |  |  |  |  |  | 4935 | 4824 | 1.45 |
| <u>Office Services & Supplies</u> |  |  |  |  |  |  |  |  |  |  |  |
| American Crafts, LC | First Lien Secured Term Loan | 1.00% | LIBOR | 8.50% | 12.88% | 05/28/21 | 05/28/26 | 9555 | 9473 | 8244 | 2.48 |
| American Crafts, LC | First Lien Secured Delayed Draw Loan | 1.00% | LIBOR | 8.50% | 12.88% | 10/01/22 | 05/28/26 | 1367 | 1346 | 1147 | 0.35 |
| Empire Office, Inc. | First Lien Secured Term Loan | 1.50% | LIBOR | 6.75% | 11.13% | 04/12/19 | 04/12/24 | 11806 | 11728 | 11687 | 3.52 |
| Empire Office, Inc.<sup>(4)</sup> | First Lien Secured Delayed Draw Loan | 1.50% | LIBOR | 6.75% | 11.13% | 08/17/21 | 04/12/24 | 4803 | 4746 | 4754 | 1.43 |
|  |  |  |  |  |  |  |  |  | 27293 | 25832 | 7.78 |
| <u>Packaged Foods & Meats</u> |  |  |  |  |  |  |  |  |  |  |  |
| Lenny & Larry's, LLC⁽¹⁵⁾⁽¹⁷⁾ | First Lien Secured Term Loan | 1.00% | LIBOR | 8.33% | 12.65% (10.94% Cash + 1.71% PIK) | 05/15/18 | 05/15/23 | 11214 | 11198 | 10941 | 3.30 |
|  |  |  |  |  |  |  |  |  | 11198 | 10941 | 3.30 |
| <u>Personal Products</u> |  |  |  |  |  |  |  |  |  |  |  |
| Inspired Beauty Brands, Inc. | First Lien Secured Term Loan | 1.00% | LIBOR | 7.00% | 11.65% | 12/30/20 | 12/30/25 | 11519 | 11381 | 11159 | 3.36 |
| Inspired Beauty Brands, Inc.<sup>(7)</sup> | First Lien Secured Revolving Loan | 1.00% | LIBOR | 7.00% | 10.78% | 12/30/20 | 12/30/25 | 265 | 262 | 252 | 0.08 |
| Sunless, Inc. | First Lien Secured Term Loan | 1.00% | LIBOR | 6.50% | 11.23% | 06/30/22 | 08/13/25 | 2086 | 2051 | 2071 | 0.62 |
|  |  |  |  |  |  |  |  |  | 13694 | 13482 | 4.06 |
| <u>Real Estate Development</u> |  |  |  |  |  |  |  |  |  |  |  |
| StoicLane MidCo, LLC (d/b/a StoicLane Inc.) | First Lien Secured Term Loan | 1.00% | SOFR | 7.50% | 11.82% | 11/04/22 | 11/04/27 | 4653 | 4540 | 4540 | 1.37 |
| StoicLane MidCo, LLC (d/b/a StoicLane Inc.)⁽⁷⁾ | First Lien Secured Delayed Draw Loan | 1.00% | SOFR | 7.50% | 12.20% | 11/04/22 | 11/04/27 | 3621 | 3563 | 3563 | 1.07 |
|  |  |  |  |  |  |  |  |  | 8103 | 8103 | 2.44 |

---

------

**WhiteHorse Finance, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2022**

***(in thousands)***

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** | <br>**Investment Type**<sup>(1)</sup> | <br>**Floor** | <br>**Reference Rate**<sup>(2)</sup> | <br>**Spread<br>Above<br>Index** | <br>**Interest<br>Rate**<sup>(3)</sup> | <br>**Acquisition<br>Date**<sup>(10)</sup> | <br>**Maturity<br>Date** | <br>**Principal/<br>Share<br>Amount** | <br>**Amortized<br>Cost** | <br>**Fair<br>Value**<sup>(11)</sup> | <br>**Fair Value<br>As A<br>Percentage<br>of Net<br>Assets** |
| <u>Real Estate Operating Companies</u> |  |  |  |  |  |  |  |  |  |  |  |
| HRG Management, LLC (d/b/a HomeRiver Group, LLC)⁽⁷⁾ | First Lien Secured Delayed Draw Loan | 1.00% | LIBOR | 6.25% | 10.48% | 12/23/22 | 10/19/26 |  | $— | $— | —% |
| Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC) | First Lien Secured Term Loan | 1.00% | SOFR | 7.50% | 11.73% | 12/02/22 | 12/02/27 | 5155 | 5003 | 5003 | 1.50 |
| Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽⁷⁾ | First Lien Secured Delayed Draw Loan | 1.00% | SOFR | 7.00% | 11.42% | 12/02/22 | 12/02/27 | 56 | 55 | 55 | 0.02 |
| Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽⁷⁾ | First Lien Secured Revolving Loan | 1.00% | SOFR | 7.00% | 11.42% | 12/02/22 | 12/02/27 | 258 | 251 | 251 | 0.08 |
|  |  |  |  |  |  |  |  |  | 5309 | 5309 | 1.60 |
| <u>Research & Consulting Services</u> |  |  |  |  |  |  |  |  |  |  |  |
| Aeyon LLC⁽¹⁵⁾ | First Lien Secured Term Loan | 1.00% | SOFR | 8.88% | 13.19% | 02/10/22 | 02/10/27 | 8910 | 8764 | 8641 | 2.60 |
| ALM Media, LLC | First Lien Secured Term Loan | 1.00% | LIBOR | 6.50% | 10.91% | 11/25/19 | 11/25/24 | 13388 | 13286 | 13255 | 3.99 |
|  |  |  |  |  |  |  |  |  | 22050 | 21896 | 6.59 |
| <u>Specialized Consumer Services</u> |  |  |  |  |  |  |  |  |  |  |  |
| Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.) | First Lien Secured Term Loan | 1.00% | LIBOR | 6.50% | 10.89% | 11/16/21 | 11/16/27 | 11798 | 11606 | 11326 | 3.41 |
| Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.)⁽⁴⁾⁽⁷⁾ | First Lien Secured Delayed Draw Loan | 1.00% | LIBOR | 6.50% | 10.89% | 11/16/21 | 11/16/27 |  |  | (96) | (0.03) |
| HC Salon Holdings, Inc. (d/b/a Hair Cuttery) | First Lien Secured Term Loan | 1.00% | LIBOR | 6.50% | 11.23% | 09/30/21 | 09/30/26 | 11521 | 11348 | 11521 | 3.47 |
| HC Salon Holdings, Inc. (d/b/a Hair Cuttery)⁽⁷⁾ | First Lien Secured Revolving Loan | 1.00% | LIBOR | 6.50% | 11.23% | 09/30/21 | 09/30/26 |  |  | 10 |  |
| True Blue Car Wash, LLC⁽¹⁵⁾ | First Lien Secured Term Loan | 1.00% | SOFR | 6.88% | 11.30% | 10/17/19 | 10/17/24 | 9903 | 9822 | 9942 | 2.99 |
| True Blue Car Wash, LLC⁽⁷⁾⁽¹⁵⁾ | First Lien Secured Delayed Draw Loan | 1.00% | SOFR | 6.50% | 10.92% | 10/17/19 | 10/17/24 | 4160 | 4107 | 4189 | 1.26 |
|  |  |  |  |  |  |  |  |  | 36883 | 36892 | 11.10 |
| <u>Specialized Finance</u> |  |  |  |  |  |  |  |  |  |  |  |
| WHF STRS Ohio Senior Loan Fund LLC<sup>(4)(5)(9)(14)</sup> | Subordinated Note | N/A | LIBOR | 6.50% | 10.67% | 07/19/19 | N/A | 80000 | 80000 | 80000 | 24.07 |
|  |  |  |  |  |  |  |  |  | 80000 | 80000 | 24.07 |
| <u>Systems Software</u> |  |  |  |  |  |  |  |  |  |  |  |
| Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC | First Lien Secured Term Loan | 1.00% | SOFR | 7.50% | 11.92% (8.17% Cash + 3.75% PIK) | 03/16/21 | 03/16/27 | 19623 | 19353 | 17847 | 5.37 |
|  |  |  |  |  |  |  |  |  | 19353 | 17847 | 5.37 |
| <u>Technology Hardware, Storage & Peripherals</u> |  |  |  |  |  |  |  |  |  |  |  |
| Telestream Holdings Corporation | First Lien Secured Term Loan | 1.00% | SOFR | 9.25% | 13.67% | 10/15/20 | 10/15/25 | 15846 | 15556 | 15762 | 4.74 |
| Telestream Holdings Corporation<sup>(7)</sup> | First Lien Secured Revolving Loan | 1.00% | SOFR | 9.25% | 13.67% | 10/15/20 | 10/15/25 | 927 | 910 | 928 | 0.28 |
| Telestream Holdings Corporation<sup>(7)</sup> | First Lien Secured Delayed Draw Loan | 1.00% | SOFR | 9.25% | 13.67% | 05/12/22 | 10/15/25 |  |  | 3 |  |
|  |  |  |  |  |  |  |  |  | 16466 | 16693 | 5.02 |
| Total Debt Investments |  |  |  |  |  |  |  |  | $735943 | $719068 | 216.34% |
| Equity Investments<sup>(21)</sup> |  |  |  |  |  |  |  |  |  |  |  |
| <u>Advertising</u> |  |  |  |  |  |  |  |  |  |  |  |
| 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 | 208 | $258 | $154 | 0.05% |
|  |  |  |  |  |  |  |  |  | 258 | 154 | 0.05 |
| <u>Air Freight & Logistics</u> |  |  |  |  |  |  |  |  |  |  |  |
| 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 | 1250 | 1250 | 517 | 0.16 |
|  |  |  |  |  |  |  |  |  | 1250 | 517 | 0.16 |
| <u>Building Products</u> |  |  |  |  |  |  |  |  |  |  |  |
| 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 | 786 | 0.24 |
|  |  |  |  |  |  |  |  |  | 423 | 786 | 0.24 |

---

------

**WhiteHorse Finance, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2022**

***(in thousands)***

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** | <br>**Investment Type**<sup>(1)</sup> | <br>**Floor** | <br>**Spread<br>Above<br>Index** | <br>**Interest<br>Rate**<sup>(3)</sup> | <br>**Acquisition<br>Date**<sup>(10)</sup> | <br>**Maturity<br>Date** | <br>**Principal/<br>Share<br>Amount** | <br>**Amortized<br>Cost** | <br>**Fair<br>Value**<sup>(11)</sup> | <br>**Fair Value<br>As A<br>Percentage<br>of Net<br>Assets** |
| <u>Diversified Support Services</u> |  |  |  |  |  |  |  |  |  |  |
| Quest Events, LLC<sup>(4)</sup> | Preferred Units | N/A | N/A | N/A | 12/28/18 | 12/08/25 | 347 | $347 | $110 | 0.03% |
| ImageOne Industries, LLC<sup>(4)</sup> | Common A Units | N/A | N/A | N/A | 09/20/19 | N/A | 229 | 4 | 92 | 0.03 |
|  |  |  |  |  |  |  |  | 351 | 202 | 0.06 |
| <u>Education Services</u> |  |  |  |  |  |  |  |  |  |  |
| Eddy Acquisitions, LLC (d/b/a EducationDynamics, LLC)⁽⁴⁾ | Preferred Units | N/A | 12.00% | 12.00% | 09/15/21 | N/A | 167 | 167 | 83 | 0.02 |
|  |  |  |  |  |  |  |  | 167 | 83 | 0.02 |
| <u>Environmental & Facilities Services</u> |  |  |  |  |  |  |  |  |  |  |
| BPII-JL Group Holdings LP (d/b/a Juniper Landscaping Holdings LLC)⁽⁴⁾ | Class A Units | N/A | N/A | N/A | 12/29/21 | N/A | 83 | 825 | 600 | 0.18 |
|  |  |  |  |  |  |  |  | 825 | 600 | 0.18 |
| <u>Industrial Machinery</u> |  |  |  |  |  |  |  |  |  |  |
| BL Products Parent, LP (d/b/a Bishop Lifting Products, Inc.)⁽⁴⁾ | Class A Units | N/A | N/A | N/A | 02/01/22 | N/A | 667 | 667 | 514 | 0.15 |
|  |  |  |  |  |  |  |  | 667 | 514 | 0.15 |
| <u>Interactive Media & Services</u> |  |  |  |  |  |  |  |  |  |  |
| What If Media Group, LLC<sup>(4)</sup> | Common Units | N/A | N/A | N/A | 07/02/21 | N/A | 851 | 851 | 1943 | 0.58 |
|  |  |  |  |  |  |  |  | 851 | 1943 | 0.58 |
| <u>Internet & Direct Marketing Retail</u> |  |  |  |  |  |  |  |  |  |  |
| BBQ Buyer, LLC (d/b/a BBQGuys)⁽⁴⁾ | Shares | N/A | N/A | N/A | 08/28/20 | N/A | 1100 | 1100 | 1404 | 0.42 |
| Ross-Simons Topco, LP (d/b/a Ross-Simons, Inc.)⁽⁴⁾ | Preferred Units | N/A | 8.00% | 8.00% PIK | 12/04/20 | N/A | 600 | 514 | 714 | 0.21 |
|  |  |  |  |  |  |  |  | 1614 | 2118 | 0.63 |
| <u>Investment Banking & Brokerage</u> |  |  |  |  |  |  |  |  |  |  |
| Arcole Holding Corporation<sup>(4)(5)(6)(18)</sup> | Shares | N/A | N/A | N/A | 10/01/20 | N/A |  | 6944 | 6380 | 1.92 |
|  |  |  |  |  |  |  |  | 6944 | 6380 | 1.92 |
| <u>IT Consulting & Other Services</u> |  |  |  |  |  |  |  |  |  |  |
| CX Holdco LLC (d/b/a Cennox Inc.)⁽⁴⁾ | Common Units | N/A | N/A | N/A | 05/04/21 | N/A | 1068 | 1116 | 1558 | 0.47 |
| Keras Holdings, LLC (d/b/a KSM Consulting, LLC)⁽⁴⁾ | Shares | N/A | N/A | N/A | 12/31/20 | N/A | 496 | 496 | 363 | 0.11 |
|  |  |  |  |  |  |  |  | 1612 | 1921 | 0.58 |
| <u>Leisure Facilities</u> |  |  |  |  |  |  |  |  |  |  |
| Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)⁽⁴⁾ | Class A Common Stock | N/A | N/A | N/A | 06/29/20 | N/A | 2 | 1941 | 131 | 0.04 |
| Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)⁽⁴⁾ | Warrants | N/A | N/A | N/A | 06/29/20 | 06/28/28 | 1 | 793 | 53 | 0.02 |
|  |  |  |  |  |  |  |  | 2734 | 184 | 0.06 |
| <u>Leisure Products</u> |  |  |  |  |  |  |  |  |  |  |
| Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)⁽⁴⁾⁽⁶⁾⁽⁸⁾⁽²⁰⁾ | Preferred Stock | N/A | 14.00% | 14.00% PIK | 01/24/22 | N/A | 36 | 3600 |  | 0.01 |
| Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)⁽⁴⁾⁽⁶⁾⁽²⁰⁾ | Common Stock | N/A | N/A | N/A | 01/24/22 | N/A | 72 | 460 |  |  |
|  |  |  |  |  |  |  |  | 4060 |  | 0.01 |
| <u>Office Services & Supplies</u> |  |  |  |  |  |  |  |  |  |  |
| American Crafts Holdings, LLC (d/b/a American Crafts, LC)⁽⁴⁾ | Warrants | N/A | N/A | N/A | 12/22/22 | 12/22/32 |  |  |  |  |
| <u>Other Diversified Financial Services</u> |  |  |  |  |  |  |  |  |  |  |
| SFS Global Holding Company (d/b/a Sigue Corporation)⁽⁴⁾ | Warrants | N/A | N/A | N/A | 06/28/18 | 12/28/25 |  |  |  |  |
| Sigue Corporation<sup>(4)</sup> | Warrants | N/A | N/A | N/A | 06/28/18 | 12/28/25 | 22 | 2890 | 3788 | 1.14 |
|  |  |  |  |  |  |  |  | 2890 | 3788 | 1.14 |
| <u>Paper Packaging</u> |  |  |  |  |  |  |  |  |  |  |
| Max Solutions Inc.<sup>(4)</sup> | Common Stock | N/A | N/A | N/A | 09/29/22 | N/A | 4 | 400 | 283 | 0.09 |
|  |  |  |  |  |  |  |  | 400 | 283 | 0.09 |

---

------

**WhiteHorse Finance, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2022**

***(in thousands)***

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Issuer** | <br>**Investment Type**<sup>(1)</sup> | <br>**Floor** | <br>**Spread<br>Above<br>Index** | <br>**Interest<br>Rate**<sup>(3)</sup> | <br>**Acquisition<br>Date**<sup>(10)</sup> | <br>**Maturity<br>Date** | <br>**Principal/<br>Share<br>Amount** | <br>**Amortized<br>Cost** | <br>**Fair<br>Value**<sup>(11)</sup> | <br>**Fair Value<br>As A<br>Percentage<br>of Net<br>Assets** |
| <u>Real Estate Operating Companies</u> |  |  |  |  |  |  |  |  |  |  |
| Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽⁴⁾⁽⁸⁾ | Preferred Stock | N/A | N/A | 8.00% PIK | 12/02/22 | N/A | 200 | $200 | $200 | 0.06% |
| Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽⁴⁾ | Common Stock | N/A | N/A | N/A | 12/02/22 | N/A | 400 | 400 | 400 | 0.12 |
|  |  |  |  |  |  |  |  | 600 | 600 | 0.18 |
| <u>Specialized Consumer Services</u> |  |  |  |  |  |  |  |  |  |  |
| Camp Facility Services Parent, LLC (d/b/a Camp Construction Services, Inc.)⁽⁴⁾⁽⁸⁾ | Preferred Units | N/A | 10.00% | 10.00% PIK | 11/16/21 | N/A | 15 | 840 | 927 | 0.29 |
|  |  |  |  |  |  |  |  | 840 | 927 | 0.29 |
| <u>Specialized Finance</u> |  |  |  |  |  |  |  |  |  |  |
| WHF STRS Ohio Senior Loan Fund<sup>(4)(5)(14)</sup> | LLC Interests | N/A | N/A | N/A | 07/19/19 | N/A | 20000 | 20000 | 20160 | 6.07 |
|  |  |  |  |  |  |  |  | 20000 | 20160 | 6.07 |
| Total Equity Investments |  |  |  |  |  |  |  | $46486 | $41160 | 12.41% |
| **Total Investments** |  |  |  |  |  |  |  | $782429 | $760228 | 228.75% |

---

------

**WhiteHorse Finance, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2022**

***(in thousands)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency to be sold** | **Currency to be sold** | **Currency to be purchased** | **Currency to be purchased** | **Settlement date** | **Unrealized <br>appreciation** | **Unrealized <br>depreciation** |
| Morgan Stanley | 327 | CAD | $241 | USD | 1/27/23 | $— | $— |
| Morgan Stanley | £59 | GBP | $69 | USD | 1/27/23 |  | (3) |
| **Total** |  |  |  |  |  | $— | $(3) |

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&nbsp;&nbsp;&nbsp;&nbsp;(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"), and provide collateral for the Company's credit facility.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate ("LIBOR" or "L"), which resets monthly, quarterly or semiannually, 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").

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The investment or a portion of the investment does not provide collateral for the Company's credit facility.

&nbsp;&nbsp;&nbsp;&nbsp;(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 82.8% of total assets as of the date of the consolidated schedule of investments.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Investment is a non-controlled/affiliate investment as defined by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The investment has an unfunded commitment in addition to any amounts presented in the consolidated schedule of investments as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Preferred equity investment is a non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Security is perpetual with no defined maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(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 228.75% of the Company's net assets or 95.4% of the Company's total assets, are subject to legal restrictions on sales.

&nbsp;&nbsp;&nbsp;&nbsp;(11) The fair value of each investment was determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(12) The investment was comprised of two contracts, which were indexed to different base rates, either L or SF and P, respectively. The Floor, Spread Above Index and Interest Rate presented represent the weighted average of both contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(13) Principal amount is non-USD denominated and is based in Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;(14) Investment is a controlled affiliate investment as defined by the 1940 Act. 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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&nbsp;&nbsp;&nbsp;&nbsp;(17) 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 3.00% 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.

&nbsp;&nbsp;&nbsp;&nbsp;(18) On October 1, 2020, as part of a restructuring agreement between the Company and Arcole Acquisition Corp, the Company's investments in first lien secured term loans to Arcole Acquisition Corp were converted into common shares of Arcole Holding Corp.

&nbsp;&nbsp;&nbsp;&nbsp;(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 2.00% PIK.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(22) Principal amount is non-USD denominated and is based in British pounds.

&nbsp;&nbsp;&nbsp;&nbsp;(23) Principal amount is non-USD denominated and is based in British pounds. At the option of the borrower, amounts borrowed under the delayed draw term loan commitment can be U.S. dollars, Canadian dollars or British pounds.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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| |
|:---|
| **Contacts** |
| Stuart Aronson |
| WhiteHorse Finance, Inc. |
| 212-506-0500 |
| <u>saronson@higwhitehorse.com</u> |
| or |
| Joyson Thomas |
| WhiteHorse Finance, Inc. |
| 305-379-2322 |
| <u>jthomas@higwhitehorse.com</u> |
| or |
| Robert Brinberg<br>Rose & Company<br>212-257-5932<br><u>whitehorse@roseandco.com</u> |
| Source: WhiteHorse Finance, Inc. |

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## Exhibit 99.2

#### Exhibit 99.2

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings Presentation Quarter Ended December 31, 2022 WhiteHorse Finance, Inc. NASDAQ: WHF (Common Stock) |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 WhiteHorse Finance Snapshot Company: WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company"): Equity Ticker: NASDAQ: WHF Market Cap: $306.8MM(1) NAV / Share: $14.30 Portfolio Fair Value: $760.2MM Current Dividend Yield: 10.8%(1)(2); consistent quarterly dividends of $0.355 per share since 2012 IPO (1) Based on March 1, 2023 share price of $13.20 (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.") |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 $53Bn 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 $760.2MM as of December 31, 2022  Investments across 115 positions in 72 portfolio companies as of December 31, 2022 - Average Investment Size(2): $5.8MM (Average Debt Investment Size(2): $7.0MM) - Largest Portfolio Company Investment(2): $23.1MM  Invested $2,468MM in 212 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 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $15.30 $15.16 $15.04 $13.33 $13.63 $13.98 $15.35 $15.23 $15.23 $15.10 $14.30 $0.11 $1.53 $2.95 $4.37 $5.79 $7.21 $8.63 $10.25 $11.79 $13.35 $14.82 $15.41 $16.69 $17.99 $17.70 $19.42 $21.19 $23.98 $25.48 $27.02 $28.45 $29.12 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Net asset value Cumulative dividends paid (including special dividends) |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Overview of WhiteHorse Finance, Inc. (continued) Note: As of December 31, 2022 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 113 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 December 31, 2022, is 12.2%. 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: Invested Capital since IPO: $2,468MM(1) Number of Investments Made: ~212(1) Average Investment Size: ~$5.8MM(2) All-in Yield: 12.6%(3) Net Debt / EBITDA of Current Portfolio Companies: ~4.0x(4) Secured Debt as a % of Total Debt: ~100%(5) Investment Strategy |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Summary of Quarterly Results Fiscal Quarter Highlights  Total investments at fair value decreased to $760.2 million in Q4 2022 as compared with $764.6 million in Q3 2022.  The Company made investments in six new portfolio companies for gross deployments of $42.1 million and made add-on investments totaling $7.7 million.  The Company transferred one investment to the STRS JV totalling $8.0 million. The Company received additional dispositions and principal repayments of $40.7 million.  The weighted average effective yield on income-producing investments at the end of Q4 2022 was approximately 12.6% as compared with approximately 11.4% at the end of the prior quarter.  Q4 Net Investment Income ("NII") was $11.1 million, or $0.476 per share, which compares with Q3 NII of $9.8 million, or $0.420 per share.  Q4 Core NII(1) was $11.1 million, or $0.476 per share, compared with the quarterly distribution of $0.355 per share. This compares with Q3 Core NII of $8.6 million, or $0.372 per share.  Net realized and unrealized losses on investments and foreign currency transactions for Q4 2022 were $12.3 million primarily driven by unrealized losses generated from our investment in Playmonster Group LLC and market related markdowns across the portfolio.  NAV per share at the end of Q4 2022 was $14.30 per share compared with $14.76 per share from Q3 2022.  Gross leverage levels increased during the quarter to 1.34x from 1.27x at the end of Q3 2022. Cash on-hand at the end of Q4 2022 was $26.3 million resulting in net leverage of 1.26x as compared with 1.22x at the end of Q3 2022.  As of December 31, 2022, STRS JV had total assets of $305.3 million. The Company's return on its investment in STRS JV at the end of Q4 2022 was 15.5%(2). (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. |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 (USD in MM, except per share data) Total Investment Income (1) $18.4 $18.5 $20.0 $20.0 $21.6 $25.9 Expenses Interest Expense 3.8 5.1 4.8 4.9 5.6 6.6 Base Management Fees 3.5 3.8 4.0 3.9 3.9 3.9 Performance-based Incentive Fees 2.1 0.8 1.4 1.8 1.0 2.8 Other Expenses 1.3 1.3 1.3 1.5 1.3 1.5 Total Expenses 10.7 $11.0 11.5 12.1 11.8 14.8 Net Investment Income $7.7 $7.5 $8.5 $7.9 $9.8 $11.1 Net Realized and Unrealized Gain / (Loss) 0.6 (4.3) (2.8) (0.5) (5.9) (12.3) Net Increase in Net Assets from Operations $8.3 $3.2 $5.7 $7.4 $3.9 $(1.2) Per Share Net Investment Income (NII) $0.37 $0.33 $0.37 $0.34 $0.42 $0.48 Core NII (2) $0.37 $0.32 $0.34 $0.33 $0.37 $0.48 Net Realized and Unrealized Gain / (Loss) $0.03 $(0.19) $(0.12) $(0.02) $(0.25) $(0.53) Earnings $0.40 $0.14 $0.25 $0.32 $0.17 $(0.05) Dividends Declared $0.355 $0.355 $0.355 $0.355 $0.355 $0.355 Special Dividends Declared $- $0.135 $- $- $- $0.050 Core NII Dividend Coverage 105% 91% 97% 94% 105% 134% |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 (USD in MM, except per share data) Assets Investments at Fair Value $687.1 $819.2 $800.4 $766.5 $764.6 $760.2 Cash and Equivalents(1) 16.6 22.5 21.3 18.6 19.3 26.3 Other Assets 25.9 9.3 17.1 14.5 12.8 10.0 Total Assets $729.6 $851.0 $838.8 $799.6 $796.7 $796.5 Liabilities Debt (net of issuance costs) 379.8 476.0 467.9 423.2 431.0 440.4 Other Liabilities 26.1 25.2 23.0 29.0 22.7 23.7 Total Liabilities $405.9 $501.2 $490.9 $452.2 $453.7 $464.1 Total Net Assets $323.7 $349.8 $347.9 $347.4 $343.0 $332.4 Total Liabilities and Net Assets $729.6 $851.0 $838.8 $799.6 $796.7 $796.5 Net Asset Value per Share $15.4 6 $15.1 0 $14.99 $14.9 5 $14.7 6 $14.3 0 Leverage Ratio(2) 1.19x 1.38x 1.36x 1.23x 1.27x 1.34x Net Leverage Ratio(3) 1.14x 1.31 x 1.30x 1.18x 1.22x 1.26x Gross Fundings (4) 137.9 215.4 103. 6 66.9 53.3 56.3 Exits and Repayments (4) (124.0) (80.3) (121.0) (101.2) (49.6) (51.3) Net Fundings/(Repayments) $13. 9 $135.1 $(17.4) $(34.3) $3. 7 $5. 0 |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Total Fair Value of Investments $687.1 $819.2 $800.4 $766.5 $764.6 $760.2 Number of Portfolio Investments 99 127 111 105 107 115 Number of Portfolio Companies 65 76 68 68 68 72 Average Investment Size(1) $6.3 $5.9 $6.4 $6.4 $6.3 $5.8 Average Borrower Size(1) $9.6 $9.9 $10.4 $9.9 $9.9 $9.3 Average Debt Investment Size(1) $7.3 $6.8 $7.7 $7.9 $7.7 $7.0 Fair Value as a Percentage of Principal(1)(2) 96.1% 96.5% 98.5% 97.6% 96.5% 95.6% Total Portfolio Effective Yield (3) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Weighted average effective yield on income-producing debt investments(1) 9.3% 9.1% 9.2% 9.9% 11.4% 12.6% Weighted average effective yield on total portfolio(4) 9.1% 9.0% 9.3% 9.9% 11.0% 12.2% Portfolio Composition - Floating vs. Fixed Investments (Debt Investments at Fair Value)(1) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Percentage of fixed rate investments 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% Percentage of floating rate investments 99.6% 99.6% 99.6% 99.6% 99.6% 99.6% Portfolio Composition - Sponsor vs. Non-Sponsor (Fair Value)(1) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Sponsor 66.8% 66.9% 60.5% 59.8% 60.7% 62.3% Non-Sponsor 33.2% 33.1% 39.5% 40.2% 39.3% 37.7% Total Portfolio Composition by Instrument Type (Fair Value) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 First lien secured loans 82.3% 85.1% 81.0% 80.3% 80.6% 81.3% Second lien secured loans 4.3% 2.9% 3.0% 2.9% 2.7% 2.7% Subordinated debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% STRS JV 10.5% 9.2% 12.6% 13.3% 13.3% 13.2% Equity 2.9% 2.8% 3.4% 3.5% 3.4% 2.8% Investments on Non-Accrual Status (Debt Investments) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Fair Value of Investments on Non-accrual Status $8.7 $10.0 $- $- $- $- Cost of Investments on Non-accrual Status $18.4 $24.5 $- $- $- $- % of Investments on Non-accrual Status (Based on Fair Value of Debt Investments)(5) 1.3% 1.3% 0.0% 0.0% 0.0% 0.0% % of Investments on Non-accrual Status (Based on Cost of Debt Investments)(5) 2.8% 3.1% 0.0% 0.0% 0.0% 0.0% |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% 60% 52% 77% 81% 85% 85% 81% 43% 33% 39% 21% 11% 4% 3% 3% 5% 7% 9% 3% 3% 3% 3% 3% 6% 7% 9% 13% 2015 2016 2017 2018 2019 2020 2021 2022 % First Lien Loans % Second Lien Loans % Equity STRS JV % Subordinated 97.1% 99.8% 99.9% 100.0% 100.0% 99.8% 99.6% 99.6% 2.9% 0.2% 0.1% 0.2% 0.4% 0.4% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2015 2016 2017 2018 2019 2020 2021 2022 Floating Fixed 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. 28% 32% 32% 44% 53% 58% 67% 62% 72% 68% 68% 56% 47% 42% 33% 38% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2015 2016 2017 2018 2019 2020 2021 2022 Sponsor Non-Sponsor 4.1% 1.7% 1.4% 3.9% 7.4% 3.3% 1.8% 2.5% 1.5% 1.3% 1.3% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Q2'19 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 % of Investments on Non-accrual |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2% 3.0% 3.0% 2.7% 2.7% 2.3% 2.2% 2.2% 2.2% 2.1% 64.4% STRS JV ABB/Con-cise Optical Group LLC Future Payment Technologies, L.P. Bulk Midco, LLC Sleep OpCo LLC Arcstor Midco, LLC Telestream Holdings Corporation Empire Office, Inc. BBQ Buyer, LLC FGI Acquisition Corp. Other 10 Note: As of December 31, 2022, 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 5.7% 5.6% 4.1% 3.9% 3.8% 3.7% 3.5% 3.5% 3.5% 3.3% 3.3% 3.1% 53.0% Specialized Consumer Services Internet & Direct Marketing Retail Application Software Office Services & Supplies Home Furnishings Building Products Health Care Services Health Care Supplies Data Processing & Outsourced Services Leisure Facilities Research & Consulting Services Cable & Satellite Other STRS JV ~100% of WHF loans are senior secured |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective Yield & Dividend Coverage Debt Portfolio Effective Yield and Borrower Leverage(1) From IPO to December 31, 2022 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 $0.01 Covered by $0.04 Covered by $0.03 Missed by $0.09 Missed by $0.02 Missed by $0.02 Covered by $0.01 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 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 4.0x 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% Borrower Leverage through WHF Security Effective Yield $0.37 $0.36 $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 $0.36 $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 $0.36 Q1'19 Q2'19 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 Core NII per share Dividends per share |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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. 11.9% 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% 11.4% 11.5% 11.4% 11.0% 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% 7.1% 6.7% 6.0% 5.7% 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% 4.7% 5.2% 5.7% 5.6% 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% 2.3% 2.5% 2.7% 2.6% 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% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Q3'18 Q4'18 Q1'19 Q2'19 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 Effective Yield⁽¹⁾ Income Yield⁽²⁾ Net Investment Spread⁽³⁾ Weighted Average Cost of Debt⁽⁴⁾ Base reference rate⁽⁵⁾ |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Performance Ratings 13 |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 15.00 15.30 15.16 15.04 13.33 13.63 13.98 15.35 15.23 15.23 15.10 14.30 $13.00 $13.50 $14.00 $14.50 $15.00 $15.50 $16.00 Net Asset Value if No Special Dividends Were Paid\* Net Asset Value |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/2022 Quarterly Change 12/31/2022 Outstanding Debt: Outstanding Debt: $436.1 $9.0 $445.1 Driven by net borrowings to fund new investments NAV: NAV: $343.0 ($10.6) $332.4 Driven by net realized and unrealized losses Leverage Migration 16 Note: Numbers may not foot due to rounding. ($ in MM) Leverage Ratio: 1.34x Leverage Ratio: 1.27x Sales & Principal Payments 51.3 $ Acquisition of Investments 56.3 $ Borrowings 31.5 Debt Paydown 23.0 Net Investment Income 11.1 Dividend Payment, net of distributions reinvested 9.4 Other Balance Sheet Changes 1.7 Balance Sheet Cash 6.9 Total 95.6 $ Total 95.6 $ Sources Uses |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: As of end of each quarter presented, unless otherwise noted. Not a guarantee of future performance or investment pace. (1) As of December 31, 2022 WHF had $4.7MM of deferred debt issuance costs. (2) Gross leverage excluding cash. (3) Credit Facility bears interest at LIBOR plus 2.35% on outstanding USD denominated borrowings up to $285.0 and SOFR plus 2.50% on borrowings above $285.0. 3 Current Debt Outstanding (as of December 31, 2022) ($ in MM) Commitment Outstanding(1) Weighted Average Interest Rate Maturity Revolving Credit Facility(3) $335.0 (Accordion Feature up to $375) $255.1 L+2.350% payable quarterly 2025 6.000% 2023 Notes $30.0 $30.0 6.000% payable semi-annually; unsecured 2023 5.375% 2025 Notes $40.0 $40.0 5.375% payable semi-annually; unsecured 2025 5.375% 2026 Notes $10.0 $10.0 5.375% payable semi-annually; unsecured 2026 4.000% 2026 Notes $75.0 $75.0 4.000% payable semi-annually; unsecured 2026 5.625% 2027 Notes $10.0 $10.0 5.625% payable semi-annually; unsecured 2027 4.250% 2028 Notes $25.0 $25.0 4.250% payable semi-annually; unsecured 2028 Total Debt $525.0 $445.1 6.1% weighted average cost of debt Total Shareholders' Equity/Net Assets $332.4 NA Funding Profile 17 Gross Debt to Equity(2) 1.0x-1.35x Target Leverage 0.57x 0.79x 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 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x 1.40x Q1'19 Q2'19 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 Debt/ Equity |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 Appendix |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origination Footprint (as of December 31, 2022) 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 over 65 investment and origination professionals  Regional footprint with ~25 dedicated direct lending originators in 12 North American offices  Global platform of approximately 560 investment professionals across 18 offices in 9 countries and 3 continents  Additional 25 generalist business development professionals dedicated to sourcing proprietary opportunities in the lower to middle market 19 |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: As of end of each quarter presented, unless otherwise noted. Not a guarantee of future performance or investment pace. As of December 31, 2022 STRS JV had $1.6MM of deferred debt issuance costs. (1) Credit Facility bears interest at LIBOR plus 2.35% on outstanding USD denominated borrowings up to $175.0 and SOFR plus 2.50% on borrowings above $175.0. 3 ($ in MM) Commitment Outstanding(1) Weighted Average Interest Rate Maturity Revolving Credit Facility(1) $225.0 ($25 Accordion Feature) $152.3 L+2.35% payable quarterly 2025 Subordinated Note $120.0 $120.0 L+6.50% payable quarterly N/A Total Debt $345.0 $272.3 8.4% weighted average cost of debt Equity $30.0 $30.0 N/A N/A STRS JV Key Terms and Funding Profile 20 Key Terms  WHF and STRS Ohio have committed to provide up to $150 million in subordinated notes and equity to STRS JV, with STRS Ohio providing $50 million and WHF providing $100 million.  WHF and STRS Ohio share voting control 50%/50%.  Equity ownership of 66.67% WHF and 33.33% STRS  An affiliate of H.I.G. provides day-to-day administrative oversight Current Debt Outstanding (as of December 31, 2022) ($ in MM) |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 Note: As of December 31, 2022, 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 6.7% 5.2% 5.2% 5.1% 5.1% 5.0% 4.7% 4.7% 4.6% 4.1% 49.6% Marlin DTC-LS Midco 2, LLC Source Code Holdings, LLC Meta Buyer LLC Geo Logic Systems Ltd. RCKC Acquisitions LLC Drew Foam Companies Inc MEP-TS Midco, LLC Juniper Landscaping Holdings LLC LMG Holdings, Inc. Quest Events, LLC Other 11.8% 7.3% 6.7% 5.3% 5.2% 5.2% 5.1% 4.7% 5.0% 4.6% 4.2% 4.1% 30.8% IT Consulting & Other Services Environmental & Facilities Services Internet & Direct Marketing Retail Industrial Machinery Pharmaceuticals Technology Hardware, Storage & Peripherals Data Processing & Outsourced Services Building Products Application Software Electronic Equipment & Instruments Packaged Foods & Meats Advertising Other |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origination Pipeline Funnel(1) 22 (1) Origination Pipeline figures reflect 2014 through December 31, 2022. 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 9,057 100.0% 2,163 23.9% 594 6.6% 219 2.4% |

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| &nbsp;&nbsp;![GRAPHIC](whf-20230302xex99d2g024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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 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 American Stock Transfer & Independent Director Managing Director of WhiteHorse Capital Ladenburg Thalmann & Co. Inc. Trust Company, LLC 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 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 New York, NY 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 23 Corporate Data |

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