# EDGAR Filing Document

**Accession Number:** 0001552198
**File Stem:** 0001558370-25-010645
**Filing Date:** 2025-8
**Character Count:** 56374
**Document Hash:** 222f1fa7f64efb9635a6ef96a0be6198
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-010645.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001558370-25-010645

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20250807

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**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:** 251191597

**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._August 7, 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): August 7, 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 August 7, 2025, WhiteHorse Finance, Inc. (the "Company") issued a press release announcing a quarterly distribution and its financial results for the second quarter ended June 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 August 7, 2025.](whf-20250807xex99d1.htm) |
| 99.2 | [Earnings Presentation of WhiteHorse Finance, Inc.](whf-20250807xex99d2.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: August 7, 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-20250807xex99d1001.jpg)

**WhiteHorse Finance, Inc. Announces Second Quarter 2025 Earnings Results and Declares Quarterly Distribution of $0.385 Per Share**

NEW YORK, August 7, 2025 /PRNewswire/ -- **WhiteHorse Finance, Inc.** ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the second quarter ended June 30, 2025. In addition, the Company's board of directors has declared a distribution of $0.385 per share with respect to the quarter ended June 30, 2025. The distribution will be payable on October 3, 2025 to stockholders of record as of September 19, 2025.

Stuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, "Our second-quarter results continued to reflect portfolio-specific challenges, though we remain confident in the underlying stability of the broader portfolio. While the earnings power of the BDC remains below prior-year levels, we are making steady progress in resolving underperforming investments with the support of our experienced restructuring team. Origination activity remains in line with seasonal norms, though the current environment continues to favor selectivity over volume. We remain focused on credits with strong fundamentals and believe our diversified sourcing capabilities and disciplined underwriting approach position us well to navigate the current environment and support long-term shareholder value."

**Summary Information as of June 30, 2025 and March 31, 2025 (unaudited):**

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| | | | |
|:---|:---|:---|:---|
| <br>**($ in thousands except per share data)** | **Three Months Ended** <br>**June 30, 2025** | **Three Months Ended** <br>**March 31, 2025** | **Change**<br>$**%** |
| Total investment income | $18838 | $18801 | 0.2 |
| Total expenses, including excise tax | 12276 | 11958 | 2.7 |
| Net investment income and core net investment income<sup>(1)</sup> | 6562 | 6843 | (4.1) |
| Net investment income and core net investment income<sup>(1)</sup> per share | 0.282 | 0.294 | (4.1) |
| Distributions per share | 0.385 | 0.385 |  |
| Special distributions per share |  |  |  |
| Net realized gains (losses) | (22045) | (402) | NM |
| Net unrealized appreciation (depreciation) | 17733 | (2177) | NM |
| Net increase (decrease) in net assets resulting from operations | 2250 | 4264 | (47.2) |
| **($ in thousands except per share data)** | **As of June 30, 2025** | **As of March 31, 2025** | $**%** |
| Total investments, at fair value<sup>(2)</sup> | $629264 | $650999 | (3.3) |
| STRS JV total investments, at fair value | 330187 | 310160 | 6.5 |
| Net asset value per share | 11.82 | 12.11 | (2.4) |

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**Portfolio and Investment Activity**

As of June 30, 2025, the fair value of WhiteHorse Finance's investment portfolio was $629.3 million, compared with $651.0 million as of March 31, 2025. The portfolio as of June 30, 2025 consisted of 132 positions across 71 companies with a weighted average effective yield of 11.9% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $5.0 million with the overall portfolio comprised of approximately 77.6% first lien secured loans, 0.5% second lien secured loans, 0.2% unsecured loans, 4.8% equity and 16.9% 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 1.3% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.

During the three months ended June 30, 2025, WhiteHorse Finance made investments in three new portfolio companies for a total of $33.1 million, added a total of $5.9 million to existing portfolio companies and net fundings of $0.3 million to revolver loans. Proceeds from sales and repayments totaled approximately $36.2 million for the three months ended June 30, 2025, driven by full repayments from CleanChoice Energy, Inc. and FGI Acquisition Corp. (d/b/a Flexitallic Group SAS).

In addition to the transactions discussed above, during the three months ended June 30, 2025, WhiteHorse Finance transferred assets comprised of three new and one existing portfolio companies, totaling $22.8 million to STRS JV in exchange for cash.

**Distributions**

The Company's board of directors has declared a distribution of $0.385 per share with respect to the quarter ended June 30, 2025. The distribution will be payable on October 3, 2025 to stockholders of record as of September 19, 2025.

On May 12, 2025, the Company declared a distribution of $0.385 per share for the first quarter ended March 31, 2025, with distributions declared at or above $0.355 for the fifty-first consecutive quarter since the Company's initial public offering. The distribution was paid on July 3, 2025 to stockholders of record as of June 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.

**Conference Call**

WhiteHorse Finance will host a conference call to discuss its second quarter results for the period ended June 30, 2025, at 2:00 p.m. ET on Thursday, August 7, 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 #WHFQ225. 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 August 7, 2025. The teleconference replay can be accessed by dialing 800-934-7879 or +1 402-220-6986 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>.

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**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 $106.1 million, at fair value.

(3) Based on total capital raised by H.I.G. Capital and affiliates.

**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 June 30, 2025, and June 30, 2024.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
|  | **Amount**<br>| **Per Share** <br>**Amounts** | **Amount**<br>| **Per Share** <br>**Amounts** |
| Net investment income | $6562 | $0.282 | $9292 | $0.400 |
| 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 | $6562 | $0.282 | $9292 | $0.400 |

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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-20250807xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings Presentation Quarter Ended June 30, 2025 WhiteHorse Finance, Inc. NASDAQ: WHF (Common Stock) NASDAQ: WHFCL (7.875% Notes due 2028) |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g002.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-20250807xex99d2g003.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: $204.1MM(1) Credit Rating: Egan-Jones: BBB+ / DBRS: BBB (low) Portfolio Fair Value: $629.3MM Current Dividend Yield: 17.5%(1)(3); quarterly dividends at or above $0.355 per share since 2012 IPO (1) Based on August 6, 2025 share price of $8.78. (2) As of June 30, 2025. (3) 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.") NAV / Share: $11.82(2) |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g004.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 June 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 $629.3MM as of June 30, 2025  Investments across 132(2) positions in 71 portfolio companies as of June 30, 2025 - Average Investment Size(3): $4.0MM (Average Debt Investment Size(3): $5.0MM) - Largest Portfolio Company Investment(3): $22.3MM  Invested $2,811 MM in 263 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 $629 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 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 $11.82 $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 $18.10 $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 $30.74 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025 Net asset value Cumulative special dividends paid Cumulative base dividends paid |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g005.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 June 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 130 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 June 30, 2025, is 9.8%. 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  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: $2,811MM(1) Invested Capital since IPO: ~263(1) Number of Investments Made: ~$4.0MM(2) Average Investment Size: 11.9%(3) All-in Yield: ~4.2x Net Debt / EBITDA of Current Portfolio (4) Companies: ~99.8%(5) Secured Debt as a % of Total Debt: Investment Strategy |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Summary of Quarterly Results  Q2 Net Investment Income ("NII") and Q2 Core NII(1) was $6.6 million, or $0.282 per share, which compares with Q1 NII and Q1 Core NII of $6.8 million, or $0.294 per share.  Net realized and unrealized losses on investments and foreign currency transactions for Q2 2025 totaled $4.3 million, primarily driven by net markdowns across the portfolio. Net realized losses included a write off American Crafts, LC for $21.0 million and partial sale of Token Buyer, Inc. (d/b/a Therm-O-Disc, Inc.) for $0.4 Million. 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 three new portfolio companies for a total of $33.1 million, made add-on investments to five portfolio companies totaling $5.9 million and net fundings of $0.3 million on revolver loans.  The Company received dispositions and principal repayments of $36.2 million, driven by full repayments from CleanChoice Energy, Inc. and FGI Acquisition Corp. (d/b/a Flexitallic Group SAS). The Company also transferred four investments, comprised of existing portfolio companies, to the STRS JV totaling $22.8 million.  The investments in Telestream Holdings Corporation was reorganized and is now on accrual status in Q2 2025.  The weighted average effective yield on income-producing investments at the end of Q2 2025 was approximately 11.9%, as compared to 12.1% in Q1 2025.  As of June 30, 2025, STRS JV had total assets of $351.0 million. The Company's return on its investment in STRS JV at the end of Q2 2025 was 14.0%(2) . Portfolio Highlights  NAV per share at the end of Q2 2025 was $11.82 per share compared with $12.11 per share from Q1 2025.  In June 2025, the Company completed a $298.15 million CLO term debt securitization, of which $174.0 million was issued through a private placement. The proceeds were used to repay outstanding borrowings under the Revolving Credit Facility.  Gross leverage levels increased during the quarter to 1.34x from 1.30x at the end of Q1 2025. Cash on-hand at the end of Q2 2025 was $33.3 million resulting in net leverage of 1.22x, a decrease from 1.23x at the end of Q1 2025. Balance Sheet Update  Declared a quarterly distribution of $0.385 per share that was paid on July 03, 2025. Dividend Policy |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g007.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-20250807xex99d2g008.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-20250807xex99d2g009.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. |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g010.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 Q2 2024 Q3 2024 Q4 2024 Q1'25 Q2'25 Total Fair Value of Investments 660.0 $654.3 $642.2 $651.0 $629.3 $ Number of Portfolio Investments 125 129 127 134 132 Number of Portfolio Companies 72 73 71 74 71 Average Investment Size(1) $4.3 4.5 $4.3 $4.1 $4.0 $ Average Borrower Size(1) $7.6 7.8 $7.6 $7.5 $7.5 $ Average Debt Investment Size(1) $5.6 5.8 $5.5 $5.2 $5.0 $ Fair Value as a Percentage of Principal(1)(2) 93.5% 91.8% 91.1% 90.6% 94.0% Total Portfolio Effective Yield (3) Q2 2024 Q3 2024 Q4 2024 Q1'25 Q2'25 Weighted average effective yield on income-producing debt investments(1) 13.8% 13.1% 12.5% 12.1% 11.9% Weighted average effective yield on total portfolio(4) 11.7% 10.6% 10.2% 9.6% 9.8% Portfolio Composition - Floating vs. Fixed Investments (Debt Investments at Fair Value)(1) Q2 2024 Q3 2024 Q4 2024 Q1'25 Q2'25 Percentage of fixed rate investments 1.2% 1.3% 1.3% 1.3% 1.3% Percentage of floating rate investments 98.8% 98.7% 98.7% 98.7% 98.7% Portfolio Composition - Sponsor vs. Non-Sponsor (Fair Value)(1) Q2 2024 Q3 2024 Q4 2024 Q1'25 Q2'25 Sponsor 62.1% 63.1% 66.6% 67.2% 65.9% Non-Sponsor 37.9% 36.9% 33.4% 32.8% 34.1% Total Portfolio Composition by Instrument Type (Fair Value) Q2 2024 Q3 2024 Q4 2024 Q1'25 Q2'25 First lien secured loans 78.8% 78.5% 78.2% 79.4% 77.6% Second lien secured loans 1.2% 1.3% 1.3% 0.5% 0.5% Subordinated debt 0.2% 0.2% 0.2% 0.2% 0.2% STRS JV 16.3% 16.5% 16.7% 16.4% 16.9% Equity 3.5% 3.5% 3.6% 3.5% 4.8% Investments on Non-Accrual Status (Debt Investments) Q2 2024 Q3 2024 Q4 2024 Q1'25 Q2'25 Fair Value of Investments on Non-accrual Status 22.3 $34.2 $37.0 $45.9 $24.0 $ Cost of Investments on Non-accrual Status 40.2 $57.0 $69.6 $79.6 $39.9 $% of Investments on Non-accrual Status (Based on Fair Value of Debt Investments)(5) 3.6% 5.6% 6.2% 7.6% 4.2% % of Investments on Non-accrual Status (Based on Cost of Debt Investments)(5) 6.3% 8.9% 11.0% 12.4% 6.7% |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g011.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 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 March 31, 2025. Weighted averages are based on non-accruals as a percentage of amortized cost across total investments. (3)The Company's Q2 2025 non-accruals is not an indication that the Company performed better than any of the three other measurements during such quarter. 99.9% 100.0% 100.0% 99.8% 99.6% 99.6% 99.1% 98.7% 98.7% 0.1% 0.2% 0.4% 0.4% 0.9% 1.3% 1.3% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025 Floating Fixed 52% 77% 81% 85% 85% 80% 78% 78% 39% 21% 11% 4% 3% 3% 1% 1% 9% 3% 3% 3% 3% 2% 4% 5% 6% 7% 9% 15% 17% 17% 0% 20% 40% 60% 80% 100% 2017 2018 2019 2020 2021 2023 2024 Q2 2025 % First Lien Loans % Second Lien Loans % Equity STRS JV % Subordinated 32% 44% 53% 58% 67% 62% 65% 67% 66% 68% 56% 47% 42% 33% 38% 35% 33% 34% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025 Sponsor Non-Sponsor 2.1% 2.9% 0.0% 5.2% 10.0% 6.0% 3.3% 3.5% 3.3% 3.5% 4.3% 2.8% 2.1% 2.6% 3.2% 2.4% 2.2% 2.6% 2.7% 3.0% 3.1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% WHF BDC Peer Average BDC Industry Weighted Average BDC Industry Median |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.9% 3.5% 3.1% 3.1% 2.6% 2.4% 2.2% 2.2% 2.2% 2.0% 59.8% STRS JV Sleep OpCo LLC Future Payment Technologies, L.P. ABB/Con-cise Optical Group LLC BBQ Buyer, LLC GTT Communications Global, LLC Zephyr Buyer, L.P. Leviathan Intermediate Holdco, LLC Trimlite Buyer LLC Patagonia Holdco LLC Other 11 Note: As of June 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 ~99.8% of WHF loans are senior secured STRS JV 5.6% 5.3% 5.3% 5.1% 4.8% 4.8% 4.6% 4.0% 4.0% 3.9% 3.7% 3.7% 45.3% Air Freight & Logistics Integrated Telecommunication Services Data Processing & Outsourced Services Systems Software Application Software Home Furnishings Leisure Products Household Products Education Services Real Estate Services Household Appliances Health Care Supplies Other |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Borrower Leverage through WHF Security Effective Yield Effective Yield & Dividend Coverage Debt Portfolio Effective Yield and Borrower Leverage(1) From IPO to June 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 Covered by $0.01 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 $0.37 $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$0.36 $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 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 Core NII per share Dividends per share |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g014.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% 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% 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% 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% 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% 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 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-20250807xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Performance Ratings 14 |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g016.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 |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g017.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-20250807xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 QtQ Change 6/30/2025 Outstanding Debt: Outstanding Debt: $364.6 +$3.9 $368.5 NAV: NAV: $281.4 ($6.6) $274.8 Leverage Migration 17 Note: Numbers may not foot due to rounding. ($ in MM) Leverage Ratio: 1.34x Leverage Ratio: 1.30x Driven by net borrowings to fund new investments Driven by net realized & unrealized losses Sales & Principal Payments 63.0 Acquisition of Investments 43.2 Borrowings 21.1 Debt Paydown 192.1 CLO Note Issuance 174.0 Dividend Payment 8.9 Net Investment Income 6.6 Balance Sheet Cash 13.7 Deferred Financing Costs 2.1 Other Balance Sheet Changes 4.7 Total $264.7 Total $264.7 Sources Uses |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g019.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 June 30, 2025, WHF had $5.3MM 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 $174.0 million were issued through a private placement. The Class B Notes, Class C Notes and 2025 Subordinated CLO Notes are fully retained by the Company and eliminated upon consolidation. (3) Gross leverage excluding cash. 3 Current Debt Outstanding (as of June 30, 2025) Outstanding Weighted Average Interest Rate Maturity (1) ($ in MM) Commitment 2030 S+2.250% payable quarterly Revolving Credit Facility $100.00 $0.00 2037 S+1.700% payable quarterly 2025 Senior Secured CLO Notes $298.15 $174.00 (2) 2025 5.375% payable semi-annually; Unsecured 5.375% 2025 Notes $40.00 $40.00 2026 5.375% payable semi-annually; Unsecured 5.375% 2026 Notes $10.00 $10.00 2026 4.000% payable semi-annually; Unsecured 4.000% 2026 Notes $75.00 $75.00 2027 5.625% payable semi-annually; Unsecured 5.625% 2027 Notes $10.00 $10.00 2028 4.250% payable semi-annually; Unsecured 4.250% 2028 Notes $25.00 $25.00 2028 7.875% payable quarterly; Unsecured $34.50 $34.50 7.875% 2028 Notes (NASDAQ: WHFCL) 5.6% weighted average cost of debt Total Debt $492.65 $368.50 $274.75 NA Total Shareholders' Equity/Net Assets Funding Profile 18 Gross Debt to Equity(3) 1.00x-1.35x Target Leverage 1.19x 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 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x 1.40x 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 Debt/ Equity |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g020.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-20250807xex99d2g021.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 approximately 70+ investment and origination professionals  Regional footprint with 25 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 25+ 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 June 30, 2025. |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g022.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 June 30, 2025 STRS JV had $2.7MM of deferred debt issuance costs. 3 Maturity Weighted Average Interest Rate Outstanding(1) ($ in MM) Commitment 2029 S+2.25% payable quarterly $187.2 $262.5 ($75 Accordion Feature) Revolving Credit Facility N/A S+6.50% Subordinated Note $140.0 $128.5 payable quarterly 8.3% weighted average cost of debt Total Debt $402.5 $315.6 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 $115 million  WHF and STRS Ohio share voting control 50%/50%  Equity ownership of 65.71% WHF and 34.29% STRS  An affiliate of H.I.G. provides day-to-day administrative oversight Key Terms Current Debt Outstanding (as of June 30, 2025) ($ in MM) |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 Note: As of June 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 5.4% 5.4% 4.8% 4.2% 4.2% 4.0% 3.8% 3.6% 3.6% 2.8% 58.1% Source Code Holdings, LLC Marlin DTC-LS Midco 2, LLC Meta Buyer LLC RCKC Acquisitions LLC Drew Foam Companies Inc Geo Logic Systems Ltd. Juniper Landscaping Holdings LLC Forward Solutions, LLC Quest Events, LLC Buckeye Acquiror LLC Other 10.2% 8.8% 6.8% 5.7% 5.7% 5.6% 5.2% 5.3% 5.4% 4.5% 4.1% 4.0% 28.7% IT Consulting & Other Services Environmental & Facilities Services Diversified Support Services Advertising Technology Hardware, Storage & Peripherals Broadline Retail Construction & Engineering Pharmaceuticals Paper & Plastic Packaging Products & Materials Real Estate Services Building Products Data Processing & Outsourced Services Other |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g024.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 June 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 13,009 100.0% 2,914 22.4% 761 5.8% 296 2.3% |

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| &nbsp;&nbsp;![GRAPHIC](whf-20250807xex99d2g025.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. (f/k/a American Stock Mark Bernier Transfer & Trust Company, LLC) Rick P. Frier Managing Director of WhiteHorse Capital Robert Dodd New York, NY Independent Director Raymond James John Bolduc Investor Relations Contact Rick D. Puckett Chairman of the Board, Executive Managing 1450 Brickell Avenue Independent Director Director of H.I.G. Capital 31st Floor Attention: Investor Relations John P. Volpe Javier Casillas Miami, FL 33131 Independent Director Global Chief Credit Officer and Managing (305) 381-6999 Director of WhiteHorse Capital Independent Registered Pankaj Gupta Public Accounting Firm Global Head of Originations and Crowe LLP Managing Director of WhiteHorse Capital Chicago, IL David Indelicato Equity Securities Listing Managing Director of WhiteHorse Capital NASDAQ: WHF Brian Schwartz Please visit our website at: Co-President of H.I.G. Capital www.whitehorsefinance.com John Yeager Managing Director of WhiteHorse Capital |

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