# EDGAR Filing Document

**Accession Number:** 0001552198
**File Stem:** 0001104659-25-108818
**Filing Date:** 2025-11
**Character Count:** 61425
**Document Hash:** faa9e9ed223579e87b5461ed065ec9ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-108818.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001104659-25-108818

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20251110

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WhiteHorse Finance, Inc.
- **CENTRAL INDEX KEY:** 0001552198

**ORGANIZATION NAME:**
- **EIN:** 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:** 251464343

**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='ASCII'? WhiteHorse Finance, Inc._November 10, 2025

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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): November 10, 2025**

**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) |
| 7.875% Notes due 2028 | WHFCL | 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 November 10, 2025, WhiteHorse Finance, Inc. (the "Company") issued a press release announcing a quarterly distribution and its financial results for the third quarter ended September 30, 2025. 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 November 10, 2025.](whf-20251110xex99d1.htm) |
| 99.2 | [Earnings Presentation of WhiteHorse Finance, Inc.](whf-20251110xex99d2.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.

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| | | |
|:---|:---|:---|
| Dated: November 10, 2025 | **WHITEHORSE FINANCE, INC.** | **WHITEHORSE FINANCE, INC.** |
|  | By: | /s/ Joyson C. Thomas |
|  |  | Joyson C. Thomas |
|  |  | *Chief Financial Officer* |

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## Exhibit 99.1

**Exhibit 99.1**

![Graphic](whf-20251110xex99d1001.jpg)

**WhiteHorse Finance, Inc. Announces Third Quarter 2025 Earnings Results, Stock Repurchase Program up to $15.0 Million And Declares Quarterly Distribution of $0.25 Per Share**

NEW YORK, November 10, 2025 /PRNewswire/ -- **WhiteHorse Finance, Inc.** ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the third quarter ended September 30, 2025. In addition, the Company's board of directors has declared a distribution of $0.25 per share with respect to the quarter ended September 30, 2025. The distribution will be payable on January 5, 2026 to stockholders of record as of December 22, 2025.

Stuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, "Our third-quarter results reflect continued progress in repositioning the portfolio and addressing legacy underperformers, even as certain credits weighed on earnings this period. The Board's decision to reset the quarterly distribution was a difficult but necessary step to align payouts with current earnings power and to strengthen our ability to deliver sustainable income going forward. We continue to work through challenged investments with the support of our dedicated restructuring team, while focusing new origination efforts on opportunities with attractive risk-adjusted returns. Supported by our Adviser's voluntary fee reduction and our newly authorized share repurchase program, we believe the BDC remains well-positioned to enhance long-term shareholder value," said Stuart Aronson, WhiteHorse Finance's Chief Executive Officer.

**Recent Developments:**

On November 10, 2025, the Company's board of directors authorized a stock repurchase program for the purpose of repurchasing up to an aggregate of $15.0 million of its common stock on the open market or in privately negotiated purchases at prices below our then-current net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934 (the "Repurchase Program"). The timing, manner, price and amount of any share repurchases will be determined by the Company, in its sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The Repurchase Program does not require the Company to repurchase any specific number of shares of common stock or any shares of common stock at all and there can be no assurance that any shares of common stock will be repurchased under the Repurchase Program. The timing and amount of any common stock repurchased depend on the terms and conditions of the Repurchase Program, the market price of the common stock and trading volumes. The Repurchase Program may be suspended, extended, modified or discontinued at any time. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints.

On November 10, 2025, WhiteHorse Advisers voluntarily agreed to waive and reduce the incentive fee on net investment income from its stated annual rate of 20.00% to 17.50% for the next two fiscal quarters ending December 31, 2025 and March 31, 2026, respectively.

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**Summary Information as of September 30, 2025 and June 30, 2025 (unaudited):**

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| | | | |
|:---|:---|:---|:---|
| <br>**($ in thousands except per share data)** | **Three Months Ended** <br>**September 30, 2025** | **Three Months Ended** <br>**June 30, 2025** | **Change**<br>$**%** |
| Total investment income | $17691 | $18838 | (6.1) |
| Total expenses, including excise tax | 11590 | 12276 | (5.6) |
| Net investment income and core net investment income<sup>(1)</sup> | 6101 | 6562 | (7.0) |
| Net investment income and core net investment income<sup>(1)</sup> per share | 0.263 | 0.282 | (6.7) |
| Distributions per share | 0.385 | 0.385 |  |
| Special distributions per share |  |  |  |
| Net realized gains (losses) | (1770) | (22045) | NM |
| Net unrealized appreciation (depreciation) | (4887) | 17733 | NM |
| Net increase (decrease) in net assets resulting from operations | (556) | 2250 | (124.7) |
| **($ in thousands except per share data)** | **As of September 30, 2025** | **As of June 30, 2025** | $**%** |
| Total investments, at fair value<sup>(2)</sup> | $568434 | $629264 | (9.7) |
| STRS JV total investments, at fair value | 341549 | 330187 | 3.4 |
| Net asset value per share | 11.41 | 11.82 | (3.5) |

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**Portfolio and Investment Activity**

As of September 30, 2025, the fair value of WhiteHorse Finance's investment portfolio was $568.4 million, compared with $629.3 million as of June 30, 2025. The portfolio as of September 30, 2025 consisted of 125 positions across 66 companies with a weighted average effective yield of 11.6% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $5.2 million with the overall portfolio comprised of approximately 74.7% first lien secured loans, 0.6% second lien secured loans, 0.2% unsecured loans, 5.9% equity and 18.6% in investments in STRS JV. Almost all loans were variable rate investments (primarily indexed to the Secured Overnight Financing Rate) with fixed rate securities representing only 0.9% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.

During the three months ended September 30, 2025, WhiteHorse Finance made investments in two new portfolio companies for a total of $14.3 million, added a total of $4.9 million to existing portfolio companies and net fundings of $0.5 million to revolver loans. Proceeds from sales and repayments totaled approximately $50.5 million for the three months ended September 30, 2025, driven by full repayments from BBQ Buyer, LLC (d/b/a BBQGuys), Lab Logistics, LLC, Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services), Coastal Television Broadcasting Group LLC, Luxury Brand Holdings, Inc. (d/b/a Ross-Simons, Inc.) and Foodservices Brand Group, LLC (d/b/a Crown Brands Group).

In addition to the transactions discussed above, during the three months ended September 30, 2025, WhiteHorse Finance transferred assets comprised of one new and four existing portfolio companies, totaling $24.2 million to STRS JV in exchange for cash.

**Distributions**

The Company's board of directors has declared a distribution of $0.25 per share with respect to the quarter ended September 30, 2025. The distribution will be payable on January 5, 2026 to stockholders of record as of December 22, 2025. In addition, previously on October 15, 2025, the Company declared a special distribution of $0.035 per share, which will be payable on December 10, 2025 to stockholders of record as of October 31, 2025.

On August 7, 2025, the Company declared a distribution of $0.385 per share for the second quarter ended June 30, 2025, with distributions declared at or above $0.355 for the fifty-second consecutive quarter since the Company's initial public offering. The distribution was paid on October 3, 2025 to stockholders of record as of September 19, 2025.

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.

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**Conference Call**

WhiteHorse Finance will host a conference call to discuss its third quarter results for the period ended September 30, 2025, at 2:00 p.m. ET on Monday, November 10, 2025. To access the teleconference, please dial 800-267-6316 (domestic) or +1 203-518-9783 (international) approximately 10 minutes before the teleconference's scheduled start time and reference ID #WHFQ325. 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 November 17, 2025. The teleconference replay can be accessed by dialing 800-839-6136 or +1 402-220-2572 for international callers. A webcast replay will also be available on the investor relations portion of the Company's website at <u>www.whitehorsefinance.com</u>.

**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 $70 billion of capital under management<sup>(3)</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) "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.

(2) Includes investments in WHF STRS Ohio Senior Loan Fund LLC ("STRS JV"), an unconsolidated joint venture, totaling $105.8 million, at fair value.

(3) Based on total capital raised 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 ended September 30, 2025, and September 30, 2024.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended September 30, 2025, and September 30, 2024 (in thousands, except per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  | **Amount**<br>| **Per Share** <br>**Amounts** | **Amount**<br>| **Per Share** <br>**Amounts** |
| Net investment income | $6101 | $0.263 | $9154 | $0.394 |
| Net impact of costs associated with refinancing of indebtedness | - | - | - | - |
| Accrual for capital gains incentive fee | - | - | - | - |
| Net impact of excise tax expense related to net realized gains and losses | - | - | - | - |
| Core net investment income | $6101 | $0.263 | $9154 | $0.394 |

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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-20251110xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings Presentation Quarter Ended September 30, 2025 WhiteHorse Finance, Inc. NASDAQ: WHF (Common Stock) NASDAQ: WHFCL (7.875% Notes due 2028) |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g002.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", "WhiteHorse Finance", "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 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-20251110xex99d2g003.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. Equity Ticker: NASDAQ: WHF Market Cap: $165.3MM(1) Credit Rating: Egan-Jones: BBB+ / DBRS: BBB (low) Portfolio Fair Value: $568.4MM(2) Current Dividend Yield: 14.1%(1)(3) (1) Based on November 7, 2025, share price of $7.11. (2) As of September 30, 2025. (3) Based on annualized $0.25 per share quarterly distribution, excluding special distributions, relative to closing share price. External Manager: Affiliate of H.I.G. Capital, LLC ("H.I.G. Capital" or "H.I.G.") NAV / Share: $11.41(2) |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g004.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 September 30th, of each respective year presented, unless otherwise noted. (1) Based on total capital raised by H.I.G. Capital and affiliates. (2) Includes investments in STRS JV. (3) 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 (the "Investment Adviser"), an affiliate of H.I.G. Capital, a leading global alternative asset manager with over $70BN 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 $568.4MM as of September 30, 2025  Investments across 125(2) positions in 66 portfolio companies as of September 30, 2025 - Average Investment Size(3): $3.8MM (Average Debt Investment Size(3): $5.2MM) - Largest Portfolio Company Investment(3): $22.2MM  Invested $2,825 MM in 265 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 $272 $404 $415 $412 $441 $470 $590 $691 $819 $760 $696 $642 $568 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 $15.30 $15.16 $15.04 $13.33 $13.63 $13.98 $15.35 $15.23 $15.23 $15.10 $14.30 $13.63 $12.31 $11.41 $0.20 $0.32 $0.46 $0.51 $0.58 $0.82 $0.82 $0.11 $1.53 $2.95 $4.37 $5.79 $7.21 $8.63 $10.05 $11.47 $12.89 $14.31 $15.79 $17.33 $18.49 $15.41 $16.69 $17.99 $17.70 $19.42 $21.19 $23.98 $25.48 $27.02 $28.45 $29.12 $30.00 $30.46 $30.72 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 Net asset value Cumulative special dividends paid Cumulative base dividends paid |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g005.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 September 30, 2025, 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 123 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 September 30, 2025, is 9.5%. Weighted average effective yield is computed by dividing (a) annualized interest income (including interest income resulting from the amortization of fees and discounts) by (b) the weighted average cost of investments. (4) Measured at origination based on borrower reporting and WHF's target underwriting leverage. Does not include investments in STRS JV. (5) Based on fair value. Does not include the Company's investments in STRS JV.  Generate attractive risk-adjusted returns 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 70 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  11-person investment committee with approximately 350 years of industry experience  Investment strategy focused on first lien and second lien senior secured investments in lower middle market companies with a target hold size of $5MM to $25MM Summary Stats: $2,825MM(1) Invested Capital since IPO: ~265(1) Number of Investments Made: ~$3.8MM(2) Average Investment Size: 11.6%(3) All-in Yield: ~4.2x Net Debt / EBITDA of Current Portfolio (4) Companies: ~99.7%(5) Secured Debt as a % of Total Debt: Investment Strategy |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Summary of Quarterly Results  Q3 Net Investment Income ("NII") and Q3 Core NII(1) was $6.1 million, or $0.263 per share, which compares with Q2 NII and Q2 Core NII of $6.6 million, or $0.282 per share.  Net unrealized losses on investments and foreign currency transactions for Q3 2025 totaled $4.9 million, primarily driven by markdowns on investments to Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC) and Alvaria Holdco (Cayman) (d/b/a Aspect Software, Inc.).  Net realized losses on investments and foreign currency transactions for Q3 2025 totaled $1.8 million, primarily driven by a realization on the investment restructuring to MSI Information Services, Inc. Earnings Summary (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.  The Company made gross investment deployments in two new portfolio companies for a total of $14.3 million, made add-on investments to five portfolio companies totaling $4.9 million and net fundings of $0.5 million on revolver loans.  The Company received dispositions and principal repayments of $50.5 million, driven by six full repayments from BBQ Buyer, LLC (d/b/a BBQ Guys), Lab Logistics, LLC, Coastal Television Broadcasting Group LLC, Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services), Luxury Brand Holdings, Inc. (d/b/a Ross-Simons, Inc.) and Foodservices Brand Group, LLC (d/b/a Crown Brands Group). The Company also transferred five investments, comprised of four existing portfolio companies, to the STRS JV totaling $24.2 million.  The investments in MSI Information Services, Inc. were restructured and returned to accrual status in Q3 2025.  The weighted average effective yield on income-producing investments at the end of Q3 2025 was approximately 11.6%, as compared to 11.9% in Q2 2025.  As of September 30, 2025, STRS JV had total assets of $364.3 million. The Company's return on its investment in STRS JV at the end of Q3 2025 was 13.8%(2) . Portfolio Highlights  NAV per share at the end of Q3 2025 was $11.41 per share compared with $11.82 per share from Q2 2025.  On September 29, 2025, the Company fully repaid the $40.0 million 5.375% 2025 Notes with existing cash balances. The 5.375% 2025 Notes were scheduled to mature on October 20, 2025.  Gross leverage levels decreased during the quarter to 1.24x from 1.34x at the end of Q2 2025. Cash on-hand at the end of Q3 2025 was $45.9 million resulting in net leverage of 1.07x, a decrease from 1.22x at the end of Q2 2025. Balance Sheet Update  Declared a quarterly distribution of $0.385 per share that was paid on October 3, 2025. On November 10, 2025, declared a quarterly distribution of $0.25 per share to be paid on January 5, 2026.  Announced a share repurchase program to repurchase an amount up to $15.0 million.  Announced to voluntarily waive and reduce the incentive fee on net investment income from its stated annual rate of 20.00% to 17.50% for the next two fiscal quarters ending December 31, 2025 and March 31, 2026, respectively. Dividend Policy / Other Events |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g007.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 |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g008.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) Calculated as the sum of Total Net Assets and Total Gross Debt Outstanding divided by Total Gross Debt Outstanding. |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 Portfolio Highlights Note: Numbers may not foot due to rounding (1) Fundings, exits and repayments may include non-cash transactions (e.g., PIK, equity issuances). (2) Exits and repayments may include sales to STRS JV. Portfolio Highlights Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (USD in MM) Portfolio Activity New Investment Commitments 60.5 $42.0 $59.1 $53.7 $23.2 $ Gross Fundings (1) 37.9 52.9 47.2 43.2 21.9 Exits and Repayments (1) (2) (47.3) (46.2) (37.5) (63.1) (76.8) Net Fundings / (Repayments) 6.7 $(9.4) $9.7 $(19.8) $(54.9) $ Portfolio Rotation 10.9% 9.9% 9.6% 9.9% 10.4% 5.9% 5.6% 5.3% 5.6% 6.1% 12.9% 12.5% 12.5% 10.6% 12.3% Weighted Average Spread Over The Applicable Base Rate Of New Floating Rate Investments Weighted Average Interest Rate On Investment Realizations Or Repayments Weighted Average Interest Rate On New Investments |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Highlights 9 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 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Total Fair Value of Investments 654.3 $642.2 $651.0 $629.3 $568.4 $ Number of Portfolio Investments 129 127 134 132 125 Number of Portfolio Companies 73 71 74 71 66 Average Investment Size(1) $4.3 4.3 $4.1 $4.0 $3.8 $ Average Borrower Size(1) $7.6 7.6 $7.5 $7.5 $7.1 $ Average Debt Investment Size(1) $5.5 5.6 $5.2 $5.0 $5.2 $ Fair Value as a Percentage of Principal(1)(2) 91.8% 91.1% 90.6% 94.0% 92.1% Total Portfolio Effective Yield (3) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Weighted average effective yield on income-producing debt investments(1) 13.1% 12.5% 12.1% 11.9% 11.6% Weighted average effective yield on total portfolio(4) 10.6% 10.2% 9.6% 9.8% 9.5% Portfolio Composition - Floating vs. Fixed Investments (Debt Investments at Fair Value)(1) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Percentage of fixed rate investments 1.3% 1.3% 1.3% 1.3% 0.9% Percentage of floating rate investments 98.7% 98.7% 98.7% 98.7% 99.1% Portfolio Composition - Sponsor vs. Non-Sponsor (Fair Value)(1) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Sponsor 63.1% 66.6% 67.2% 65.9% 65.3% Non-Sponsor 36.9% 33.4% 32.8% 34.1% 34.7% Total Portfolio Composition by Instrument Type (Fair Value) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 First lien secured loans 78.5% 78.2% 79.4% 77.6% 74.7% Second lien secured loans 1.3% 1.3% 0.5% 0.5% 0.6% Subordinated debt 0.2% 0.2% 0.2% 0.2% 0.2% STRS JV 16.5% 16.7% 16.4% 16.9% 18.6% Equity 3.5% 3.6% 3.5% 4.8% 5.9% Investments on Non-Accrual Status (Debt Investments) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Fair Value of Investments on Non-accrual Status 34.2 $37.0 $45.9 $24.0 $11.5 $ Cost of Investments on Non-accrual Status 57.0 $69.6 $79.6 $39.9 $31.9 $% of Investments on Non-accrual Status (Based on Fair Value of Debt Investments)(5) 5.6% 6.2% 7.6% 4.2% 2.2% % of Investments on Non-accrual Status (Based on Cost of Debt Investments)(5) 8.9% 11.0% 12.4% 6.7% 5.9% |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Trends Historical Portfolio Trends 10 % Floating and % Fixed (Based on Fair Value) % Instrument Type (Based on Fair Value) % Sponsored / Non-Sponsored (Based on Fair Value) % Non-Accruals (Based on Cost of Investments)(1)(2)(3) 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 amortized cost of total investments, including STRS JV. (2) BDC Peer Average includes approximately 10-15 publicly traded BDCs with total investments > $500 million & < $1.5 billion. BDC Industry Weighted Average and BDC Industry Median includes approximately 40 publicly traded BDCs. Data is sourced from Raymond James and Company filings as of September 30, 2025. Weighted averages are based on non-accruals as a percentage of amortized cost across total investments. (3)The Company's Q3 2025 non-accruals is not an indication that the Company performed better than any of the three other measurements during such quarter. 2.1% 2.9% 0.0% 5.2% 10.0% 5.2% 3.3% 3.5% 3.3% 3.5% 4.4% 2.8% 2.1% 2.6% 3.2% 2.4% 2.2% 2.6% 2.7% 3.0% 3.3% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% WHF BDC Peer Average BDC Industry Weighted Average BDC Industry Median 99.9% 100.0% 100.0% 99.8% 99.6% 99.6% 99.1% 98.7% 99.1% 0.1% 0.2% 0.4% 0.4% 0.9% 1.3% 0.9% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 Floating Fixed 52% 77% 81% 85% 85% 80% 78% 75% 39% 21% 11% 4% 3% 3% 1% 1% 9% 3% 3% 3% 3% 2% 4% 6% 6% 7% 9% 15% 17% 19% 0% 20% 40% 60% 80% 100% 2017 2018 2019 2020 2021 2023 2024 Q3 2025 % First Lien Loans % Second Lien Loans % Equity STRS JV % Subordinated 32% 44% 53% 58% 67% 62% 65% 67% 65% 68% 56% 47% 42% 33% 38% 35% 33% 35% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 Sponsor Non-Sponsor |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6% 3.9% 3.4% 3.4% 2.6% 2.5% 2.4% 2.4% 2.2% 2.2% 56.4% STRS JV Sleep OpCo LLC ABB/Con-cise Optical Group LLC Future Payment Technologies, L.P. GTT Communications Global, LLC Zephyr Buyer, L.P. Leviathan Intermediate Holdco, LLC Trimlite Buyer LLC EducationDynamics, LLC W Electric Intermediate Holdings, LLC Other 11 Note: As of September 30, 2025, 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 ~99.7% of WHF loans are senior secured STRS JV 6.3% 5.9% 5.9% 5.7% 5.4% 5.1% 5.1% 4.4% 4.1% 4.2% 4.4% 3.4% 40.1% Air Freight & Logistics Integrated Telecommunication Services Data Processing & Outsourced Services Systems Software Home Furnishings Application Software Leisure Products Real Estate Services Education Services Health Care Supplies Technology Hardware, Storage & Peripherals Interactive Media & Services Other |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g013.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 September 30, 2025 12 Core NII(2) to Dividend Coverage(3) Note: Amounts may not foot due to rounding. (1) Portfolio leverage is based on investment leverage at inception. (2) Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (i) the net impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to realized and unrealized gains and losses, and (iii) certain excise or other income taxes (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, can be found by accessing the earnings releases posted to the Company's website at http://www.whitehorsefinance.com (3) Does not include special dividends. Source: Company filings Covered by $0.09 Missed by $0.02 Missed by $0.04 Covered by $0.01 Missed by $0.03 Covered by $0.12 Covered by $0.10 Covered by $0.10 Covered by $0.07 Covered by $0.08 Covered by $0.01 Covered by $0.01 Missed by $0.05 Missed by $0.10 Missed by $0.11 $0.32 $0.34 $0.33 $0.37 $0.48 $0.46 $0.46 $0.47 $0.46 $0.47 $0.40 $0.39 $0.34 $0.29 $0.28 $0.26$0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.37 $0.37 $0.39 $0.39 $0.39 $0.39 $0.39 $0.39 $0.39 $0.39 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Core NII per share Dividends per share Missed by $0.13 2.8x 2.4x 4.1x 3.4x 3.4x 2.1x 4.5x 3.0x 3.8x 2.3x 3.1x 2.7x 3.0x 3.6x 2.9x 3.4x 3.2x 3.5x 3.4x 3.4x 3.2x 3.3x 3.3x 3.5x 3.6x 3.6x 3.6x 3.6x 3.7x 3.8x 3.7x 3.8x 4.0x 4.1x 4.1x 4.1x 4.0x 4.1x 4.1x 4.1x 4.1x 4.1x 4.1x 4.2x 4.1x 4.1x 4.1x 4.1x 4.2x 4.2x 4.2x Borrower Leverage through WHF Security Effective Yield |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yield & Interest Rate Economic Analysis 13 (1) Weighted average effective yield is computed by dividing (a) annualized interest income (including interest income resulting from the amortization of fees and discounts) by (b) the weighted average cost of investments. (2) Income yield is calculated as (a) the actual amount earned on earning investments, including interest and recurring fee income but excluding amortization of capitalized fees and discounts. (3) Calculated as (a) effective yield less (b) weighted average cost of debt. (4) The weighted average cost of debt is calculated as (a) the actual amount of expenses incurred on debt obligations divided by (b) the daily average of total debt obligations. (5) The base reference rate represents the weighted average base rate for the quarter applied on the 2025 CLO Notes and JPM Revolving Credit Facility borrowings. 9.5% 9.3% 9.1% 9.2% 9.9% 11.4% 12.6% 13.2% 13.4% 13.6% 13.7% 13.7% 13.8% 13.1% 12.5% 12.1% 11.9% 11.6% 9.0% 8.8% 8.6% 8.8% 9.4% 10.8% 12.1% 12.6% 12.9% 13.1% 13.2% 13.2% 13.2% 12.5% 12.0% 11.6% 11.4% 11.1% 5.7% 5.7% 5.7% 5.7% 5.9% 6.8% 7.1% 7.1% 7.1% 7.1% 7.2% 7.2% 7.4% 6.8% 6.4% 6.3% 6.2% 6.1% 3.8% 3.6% 3.4% 3.5% 4.0% 4.6% 5.5% 6.1% 6.3% 6.5% 6.5% 6.5% 6.4% 6.3% 6.1% 5.8% 5.7% 5.5% 0.2% 0.1% 0.2% 0.3% 0.9% 2.1% 3.7% 4.8% 5.0% 5.3% 5.4% 5.4% 5.3% 5.2% 4.8% 4.4% 4.2% 4.3% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 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-20251110xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Performance Ratings 14 Investment Performance Ratings (% of Portfolio at Fair Value) Rating 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 2025 Q2 2025 Q3 2025 1 6.3% 2.3% 22.2% 15.4% 8.6% 18.3% 11.0% 10.7% 10.3% 8.8% 2 100.0% 92.4% 100.0% 90.3% 87.0% 83.9% 80.1% 83.3% 61.1% 74.7% 66.2% 59.4% 61.5% 63.4% 66.5% 73.0% 3 7.6% 7.9% 13.0% 16.1% 13.6% 13.1% 15.0% 8.9% 22.2% 19.2% 20.1% 17.2% 14.7% 12.0% 4 0.0% 0.0% 0.0% 0.6% 1.0% 3.0% 0.9% 6.1% 7.5% 7.4% 4.4% 5 1.8% 0.0% 1.3% 1.1% - - 2.2% 1.3% 1.2% 1.1% 1.8% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Investment Perfomance Rating Definitions Rating Definition 1 The portfolio company's risk of loss has been reduced relative to initial expectations. 2 The portfolio company is meeting initial expectations with regard to performance and outlook. 3 The investment's risk of loss has increased relative to initial expectation. 4 Investment principal is at a material risk of not being fully repaid. 5 Investment is in payment default and has significant risk of not receiving full repayment. |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value Trends 15 \*As a supplement to GAAP financial measures, the Company has provided this non-GAAP measure. The Company believes that this non-GAAP financial measure is useful as it highlights the changes in NAV per share of common stock for each quarter excluding the impact of special dividends that were paid and shows the pro forma to the Company's NAV per share after payment of regular distributions. Net Asset Value Per Share 15.43 15.55 15.56 14.81 14.21 13.13 12.23 15.00 15.30 15.16 15.04 13.33 13.63 13.98 15.35 15.23 15.23 15.10 14.30 13.63 12.31 11.41 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 Net Asset Value If No Special Dividends Were Paid Net Asset Value |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAV Per Share Bridge 16 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-20251110xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/2025 QtQ Change 9/30/2025 Outstanding Debt: Outstanding Debt: $368.5 ($40.0) $328.5 NAV: NAV: $274.8 ($9.6) $265.2 Leverage Migration 17 Note: Numbers may not foot due to rounding. ($ in MM) Leverage Ratio: 1.24x Leverage Ratio: 1.34x Driven by repayment of 5.375% 2025 Notes Driven by net realized & unrealized losses Sales & Principal Payments 76.8 Acquisition of Investments 21.9 Net Investment Income 12.2 Debt Paydown 40.0 Dividend Payment 8.9 Balance Sheet Cash 12.7 Other Balance Sheet Changes 5.5 Total $89.0 Total $89.0 Sources Uses |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g019.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 September 30, 2025, WHF had $5.0MM of deferred debt issuance costs. (2) In June 2025, the Company completed a $298.15 million term debt securitization, of which the 2025 Senior CLO Notes, totaling $174.0 million were issued through a private placement. The Class B Notes, Class C Notes and 2025 Subordinated CLO Notes are fully retained by the Company and eliminated upon consolidation. (3) Gross leverage excluding cash. 3 Current Debt Outstanding (as of September 30, 2025) Outstanding Weighted Average Interest Rate Maturity (1) ($ in MM) Commitment 2030 S+2.250% payable quarterly Revolving Credit Facility $100.0 $0.0 2037 S+1.700% payable quarterly 2025 Senior Secured CLO Notes $174.0 $174.0 (2) 2026 5.375% payable semi-annually; Unsecured 5.375% 2026 Notes $10.0 $10.0 2026 4.000% payable semi-annually; Unsecured 4.000% 2026 Notes $75.0 $75.0 2027 5.625% payable semi-annually; Unsecured 5.625% 2027 Notes $10.0 $10.0 2028 4.250% payable semi-annually; Unsecured 4.250% 2028 Notes $25.0 $25.0 2028 7.875% payable quarterly; Unsecured $34.5 $34.5 7.875% 2028 Notes (NASDAQ: WHFCL) 5.5% weighted average cost of debt Total Debt $428.5 $328.5 $265.2 NA Total Shareholders' Equity/Net Assets Funding Profile 18 Gross Debt to Equity(3) 1.00x-1.35x Target Leverage 1.38x 1.36x 1.23x 1.27x 1.34x 1.30x 1.32x 1.25x 1.23x 1.26x 1.16x 1.20x 1.24x 1.30x 1.34x 1.24x 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x 1.40x Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Debt/ Equity |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 Appendix |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origination Footprint 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 69 investment and origination professionals  Regional footprint with 22 dedicated direct lending originators in 13 North American offices  Global platform of approximately 530 investment professionals across 18 offices in 9 countries and 3 continents  Additional 20+ generalist business development professionals dedicated to sourcing proprietary opportunities in the lower to middle market 20 Existing offices with senior originators Headquarters of a current portfolio company (Calgary) Los Angeles Miami New York Boston Atlanta Stamford San Francisco Dallas Cincinnati Washington, D.C. (Winnipeg) Chicago Denver Alaska Nashville Headcount data as of September 30, 2025. |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g022.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 September 30, 2025 STRS JV had $2.6MM of deferred debt issuance costs. 3 Maturity Weighted Average Interest Rate Outstanding(1) ($ in MM) Commitment 2029 S+2.25% payable quarterly $199.7 $262.5 ($75 Accordion Feature) Revolving Credit Facility N/A S+6.50% Subordinated Note $140.0 $128.5 payable quarterly 8.0% weighted average cost of debt Total Debt $402.5 $328.2 Equity $35.0 $33.0 N/A N/A STRS JV Key Terms and Funding Profile 21  WHF and STRS Ohio have committed to provide up to $175 million in subordinated notes and equity to STRS JV, with STRS Ohio providing $60 million and WHF providing $115 million  WHF and STRS Ohio share voting control 50%/50%  Equity ownership of 65.71% WHF and 34.29% STRS  An affiliate of H.I.G. provides day-to-day administrative oversight Key Terms Current Debt Outstanding (as of September 30, 2025) ($ in MM) |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 Note: As of September 30, 2025, 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 10.3% 8.6% 6.6% 5.4% 5.2% 5.1% 5.0% 4.3% 5.0% 3.9% 3.8% 3.7% 33.1% IT Consulting & Other Services Environmental & Facilities Services Building Products Advertising Technology Hardware, Storage & Peripherals Diversified Support Services Broadline Retail Pharmaceuticals Paper & Plastic Packaging Products & Materials Real Estate Services Data Processing & Outsourced Services Construction & Engineering Other 5.2% 5.0% 4.1% 4.0% 3.9% 3.9% 3.8% 3.6% 3.5% 3.3% 59.7% Source Code Holdings, LLC Marlin DTC-LS Midco 2, LLC Meta Buyer LLC RCKC Acquisitions LLC Drew Foam Companies Inc Juniper Landscaping Holdings LLC Geo Logic Systems Ltd. AB Centers Acquisition Corp. Forward Solutions, LLC Quest Events, LLC Other |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origination Pipeline Funnel(1) 23 (1) Origination Pipeline figures reflect 2014 through September 30, 2025. Three tier sourcing platform, generating meaningful investable opportunities for WhiteHorse Finance Approximately 70 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 13,461 100.0% 2,988 22.2% 776 5.8% 299 2.2% |

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| &nbsp;&nbsp;![GRAPHIC](whf-20251110xex99d2g025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Corporate Data Board of Directors Investment Committee Corporate Executive Officers Research Coverage Corporate Counsel John Bolduc Sami Mnaymneh Stuart Aronson Sean-Paul Adams Dechert LLP Chairman of the Board Co-Founder, Co-Executive Chairman and Chief Executive Officer B. Riley FBR New York, NY CEO of H.I.G. Capital Stuart Aronson Marco Collazos Melissa Wedel Corporate Headquarters Director Anthony Tamer Chief Compliance Officer J.P. Morgan 1450 Brickell Avenue Co-Founder and Co-Executive Chairman 31st Floor Jay Carvell of H.I.G. Capital Joyson Thomas Mickey Schleien Miami, FL 33131 Director Chief Financial Officer Ladenburg Thalmann & Co. Inc. Stuart Aronson Transfer Agent G. Stacy Smith Chief Executive Officer and Director Mitchel Penn Equiniti Trust Company, LLC Independent Director Oppenheimer & Co. New York, NY Mark Bernier Rick P. Frier Managing Director of WhiteHorse Capital Robert Dodd Investor Relations Contact Independent Director Raymond James 1450 Brickell Avenue John Bolduc 31st Floor Rick D. Puckett Chairman of the Board, Executive Managing Attention: Investor Relations Independent Director Director of H.I.G. Capital Miami, FL 33131 (305) 381-6999 John P. Volpe Javier Casillas Independent Director Global Chief Credit Officer and Managing Independent Registered Director of WhiteHorse Capital Public Accounting Firm Crowe LLP Pankaj Gupta Chicago, IL Global Head of Originations and Managing Director of WhiteHorse Capital Equity Securities Listing NASDAQ: WHF Sobia Khaliq Managing Director of WhiteHorse Capital Please visit our website at: www.whitehorsefinance.com David Indelicato Managing Director of WhiteHorse Capital Brian Schwartz Co-President of H.I.G. Capital John Yeager Managing Director of WhiteHorse Capital |

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