8-K

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 14, 2022

WhiteHorse Finance, Inc.

(Exact name of registrant as specified in its charter)

Delaware	814-00967	45-4247759
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

1450 Brickell Avenue, 31st Floor Miami, Florida	33131
(Address of principal executive offices)	(Zip Code)

(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:

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

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.  ☐

Item 2.02. Results of Operations and Financial Condition.

On November 14, 2022, WhiteHorse Finance, Inc. (the “Company”) issued a press release announcing a quarterly distribution and its financial results for the quarter ended September 30, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such Section. The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

A copy of an earnings presentation that is intended to be used by representatives of the Company is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such Section. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 furnished herewith, shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Forward-Looking Statements

This Current Report on Form 8-K may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this Current Report on Form 8-K may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1	Press Release of WhiteHorse Finance, Inc. dated November 14, 2022.
99.2	Earnings Presentation of WhiteHorse Finance, Inc.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: November 14, 2022	WHITEHORSE FINANCE, INC.
	By:	/s/ Joyson C. Thomas
		Joyson C. Thomas
		Chief Financial Officer

EX-99.1

Exhibit 99.1

WhiteHorse Finance, Inc. Announces Third Quarter 2022 Earnings Results and Declares Quarterly Distribution of $0.355 Per Share

NEW YORK, November 14, 2022 /PRNewswire/ -- WhiteHorse Finance, Inc. (“WhiteHorse Finance” or the “Company”) (Nasdaq: WHF) today announced its financial results for the quarter ended September 30, 2022. In addition, the Company’s board of directors has declared a distribution of $0.355 per share with respect to the quarter ending December 31, 2022. The distribution will be payable on January 4, 2023 to stockholders of record as of December 21, 2022.

Third Quarter 2022 Summary Highlights

●Net Asset Value of $343.0 million, or $14.76 per share

●Investment portfolio⁽¹⁾ totaling $764.6 million

●STRS JV investment portfolio totaling $280.9 million

●Gross investment deployments⁽²⁾ of $39.5 million for the third quarter, including new originations of $26.1 million and $13.4 million of fundings for add-ons to existing investments

●Net investment income of $9.8 million, or $0.420 per share

●Core net investment income of $8.6 million, or $0.372 per share⁽³⁾

●Third quarter distribution of $0.355 per share

Stuart Aronson, WhiteHorse Finance’s Chief Executive Officer, commented, “A rising interest rate environment positively impacted our results this past quarter as nearly 100% of our debt portfolio is comprised of floating rate investments. We believe, given the modest leverage levels that we underwrite our loans to, that the majority of our portfolio companies will be able to service our debt in a rising interest rate environment. Additionally, our portfolio remains overwhelmingly represented by non-cyclical or light cyclical borrowers. Despite continued economic headwinds, WhiteHorse ended the quarter with no investments on non-accrual status, and the portfolio is holding up very well. While our pipeline for future deal flow is at record levels, due in part to our differentiated three-tiered sourcing approach and relationship with the leading H.I.G. platform, we have always employed a cautious approach based on an extreme downside scenario and are keeping a careful eye on the market backdrop, especially in the consumer sector. Given the broad reset in credit pricing, we believe that WhiteHorse will be able to selectively take advantage of market conditions and redeploy capital from repayments into higher yielding investments. Combined with portfolio growth and the performance of the STRS JV, this should ultimately lead to earnings accretion and greater coverage of our dividend.”

Portfolio and Investment Activity

As of September 30, 2022, the fair value of WhiteHorse Finance’s investment portfolio was $764.6 million, compared with $766.5 million as of June 30, 2022. The portfolio as of September 30, 2022 consisted of 107 positions across 68 companies with a weighted average effective yield of 11.4% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $7.7 million with the overall portfolio comprised of approximately 80.6% first lien secured loans, 2.7% second lien secured loans, 3.4% equity and 13.3% in investments in STRS JV. Almost all loans were variable rate investments (primarily indexed to the London Interbank Offered Rate or Secured Overnight Financing Rate) with fixed rate securities representing only 0.4% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.

During the three months ended September 30, 2022, WhiteHorse Finance made investments in three new portfolio companies for a total of $26.1 million, added a total of $13.4 million to existing portfolio companies, and made net fundings of $0.6 million to revolver loans. Proceeds from sales and repayments totaled approximately $36.3 million for the three months ended September 30, 2022, driven by three full realizations in Mills Fleet Farm Group, LLC, Nelson Worldwide, LLC, and Maxitransfers Blocker Corp.

WHF STRS Ohio Senior Loan Fund LLC

As of September 30, 2022, STRS JV’s portfolio totaled $280.9 million, consisted of 28 portfolio companies and had a weighted average effective yield of 10.1% on its portfolio.

Results of Operations

For the three months ended September 30, 2022, the Company’s net investment income was approximately $9.8 million, compared with approximately $7.6 million for the same period in the prior year, representing an increase of approximately 28.9%. The increase

in net investment income for the year-over-year period was primarily attributable to higher investment income from interest income and STRS JV due to larger portfolio sizes in both the Company and STRS JV, an increase in base rates and lower incentive fee expense. The lower incentive fee expense was due to a reversal of capital gains incentive fee component as a result of $5.9 million in net realized and unrealized losses recorded in the current quarter. This was partially offset by higher interest expense incurred due to higher leverage balances, higher base rates and lower accretion income and nonrecurring fee income recognized due to less repayment activities as compared to the same period in the prior year. For the three months ended September 30, 2022, the Company’s investment in STRS JV generated an annualized, gross investment yield of approximately 14.0%.

For the three months ended September 30, 2022, core net investment income⁽³⁾ was $8.6 million, or $0.372 per share, compared with $7.8 million, or $0.372 per share for the same period in the prior year.

For the three months ended September 30, 2022, WhiteHorse Finance reported a net realized and unrealized loss on investments and foreign currency transactions of $5.9 million. This compares with a net realized and unrealized gain on investments and foreign currency transactions of $0.6 million for the three months ended September 30, 2021. The decrease for the year-over-year period was primarily attributable to markdowns on the portfolio in the current quarter.

WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $3.8 million for the three months ended September 30, 2022, which compares with a net increase of $8.3 million the three months ended September 30, 2021.

WhiteHorse Finance’s net asset value was $343.0 million, or $14.76 per share, as of September 30, 2022, compared with $347.4 million, or $14.95 per share, as of June 30, 2022.

Liquidity and Capital Resources

As of September 30, 2022, WhiteHorse Finance had cash and cash equivalents of $19.3 million, compared with $18.6 million as of June 30, 2022, inclusive of restricted cash. As of September 30, 2022, the Company also had $88.9 million of undrawn capacity under its revolving credit facility.

Distributions

The Company's Board of Directors has declared a distribution of $0.355 per share with respect to the quarter ending December 31, 2022. The distribution will be payable on January 4, 2023 to stockholders of record as of December 21, 2022. In addition, previously on October 14, 2022, the Company declared a special distribution of $0.05 per share, which will be payable on December 9, 2022 to stockholders of record as of October 31, 2022.

On August 10, 2022, the Company declared a distribution of $0.355 per share for the quarter ended September 30, 2022, consistent with distributions declared for the fortieth consecutive quarter since the Company’s initial public offering. The distribution was paid on October 4, 2022 to stockholders of record as of September 20, 2022.

Distributions are paid from taxable earnings and may include return of capital and/or capital gains. The specific tax characteristics of the distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company’s periodic reports filed with the Securities and Exchange Commission.

Conference Call

WhiteHorse Finance will host a conference call to discuss its third quarter results for the period ended September 30, 2022 at 1:00 p.m. ET on Monday, November 14, 2022. To access the teleconference, please dial 800-225-9448 (domestic and international) approximately 10 minutes before the teleconference’s scheduled start time and reference Conference ID #WHFQ322. Investors may also access the call on the investor relations portion of the Company’s website at www.whitehorsefinance.com.

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 21, 2022. The teleconference replay can be accessed by dialing 800-723-0532 (domestic and international). A webcast replay will also be available on the investor relations portion of the Company’s website at www.whitehorsefinance.com.

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 over $50 billion of capital under management⁽⁴⁾ across a number of funds focused on the small and mid-cap markets. For more information about H.I.G. Capital, please visit http://www.higcapital.com. For more information about the Company, please visit http://www.whitehorsefinance.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

(1) Includes investments in WHF STRS Ohio Senior Loan Fund LLC (“STRS JV”), an unconsolidated joint venture, totaling $102.1 million, at fair value.

(2) Excludes investments made in STRS JV.

(3) “Core net investment income” is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company’s financial performance excluding (i) the net impact of costs associated with the refinancing of the Company’s indebtedness, (ii) the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and (iii) excise and other income taxes related to such net realized gains and losses (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, are set forth in Schedule 1 hereto.

(4) Based on total capital commitments managed by H.I.G. Capital and affiliates.

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 nor did the Company incur any costs with refinancing any of its indebtedness for the quarters ended September 30, 2022 and September 30, 2021.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended September 30, 2022 and September 30, 2021 (in thousands, except per share data):

	September 30, 2022				September 30, 2021
	Amount		Per Share		Amount		Per Share
			Amounts				Amounts
Net investment income	$	9,768	$	0.420	$	7,639	$	0.366
Net impact of costs associated with refinancing of indebtedness		-		-		-		-
Accrual for capital gains incentive fee		(1,132)		(0.048)		127		0.006
Net impact of excise tax expense related to net realized gains and losses		-		-		-		-
Core net investment income	$	8,636	$	0.372	$	7,766	$	0.372

WhiteHorse Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

		September 30, 2022		December 31, 2021
		(Unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	650,585	$	736,727
Non-controlled affiliate company investments		11,903		6,874
Controlled affiliate company investments		102,066		75,607
Total investments, at fair value (amortized cost $773,406 and $831,960, respectively)		764,554		819,208
Cash and cash equivalents		9,855		12,185
Restricted cash and cash equivalents		9,445		9,814
Restricted foreign currency (cost of $28 and $464, respectively)		17		469
Interest and dividend receivable		7,853		7,521
Amounts receivable on unsettled investment transactions		3,288		—
Escrow receivable		711		515
Prepaid expenses and other receivables		925		1,307
Unrealized appreciation on foreign currency forward contracts		10		—
Total assets	$	796,658	$	851,019
Liabilities
Debt	$	430,992	$	475,958
Distributions payable		8,251		8,222
Management fees payable		3,881		3,766
Incentive fees payable		4,335		7,958
Amounts payable on unsettled investment transactions		331		—
Interest payable		3,772		2,087
Accounts payable and accrued expenses		1,526		2,438
Advances received from unfunded credit facilities		551		839
Total liabilities		453,639		501,268
Commitments and contingencies
Net assets
Common stock, 23,243,088 and 23,162,667 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized		23		23
Paid-in capital in excess of par		340,264		339,161
Accumulated earnings		2,732		10,567
Total net assets		343,019		349,751
Total liabilities and total net assets	$	796,658	$	851,019
Number of shares outstanding		23,243,088		23,162,667
Net asset value per share	$	14.76	$	15.10

WhiteHorse Finance, Inc.

Consolidated Statements of Operations (Unaudited)

(in thousands, except share and per share data)

		Three months ended September 30,				Nine months ended September 30,
		2022		2021		2022		2021
Investment income
From non-controlled/non-affiliate company investments
Interest income	$	17,121	$	15,199	$	49,890	$	44,159
Fee income		423		1,224		1,564		2,344
Dividend income		100		35		268		144
From non-controlled affiliate company investments
Interest income		95		—		228		—
Dividend income		21		76		261		1,042
From controlled affiliate company investments
Interest income		1,753		905		4,339		2,362
Dividend income		2,045		939		5,042		3,638
Total investment income		21,558		18,378		61,592		53,689
Expenses
Interest expense		5,632		3,842		15,351		11,456
Base management fees		3,881		3,508		11,741		10,209
Performance-based incentive fees		1,027		2,069		4,291		6,739
Administrative service fees		171		171		512		512
General and administrative expenses		884		896		2,919		2,592
Total expenses		11,595		10,486		34,814		31,508
Net investment income before excise tax		9,963		7,892		26,778		22,181
Excise tax		195		253		594		845
Net investment income after excise tax		9,768		7,639		26,184		21,336
Realized and unrealized gains (losses) on investments and foreign currency transactions
Net realized gains (losses)
Non-controlled/non-affiliate company investments		236		109		(17,262)		7,714
Non-controlled affiliate company investments		—		—		1,725		—
Foreign currency transactions		(6)		(206)		(348)		(209)
Foreign currency forward contracts		—		1		(8)		(3)
Net realized gains (losses)		230		(96)		(15,893)		7,502
Net change in unrealized appreciation (depreciation)
Non-controlled/non-affiliate company investments		(7,275)		(1,370)		5,296		(3,937)
Non-controlled affiliate company investments		(389)		792		(2,596)		1,112
Controlled affiliate company investments		(212)		860		1,459		591
Translation of assets and liabilities in foreign currencies		1,713		263		2,441		161
Foreign currency forward contracts		10		187		10		186
Net change in unrealized appreciation (depreciation)		(6,153)		732		6,610		(1,887)
Net realized and unrealized gains (losses) on investments and foreign currency transactions		(5,923)		636		(9,283)		5,615
Net increase in net assets resulting from operations	$	3,845	$	8,275	$	16,901	$	26,951
Per Common Share Data
Basic and diluted earnings per common share	$	0.17	$	0.40	$	0.73	$	1.30
Dividends and distributions declared per common share	$	0.36	$	0.36	$	1.07	$	1.07
Basic and diluted weighted average common shares outstanding		23,243,088		20,851,435		23,224,990		20,677,545

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

September 30, 2022

(in thousands)

Issuer	Investment Type(1)	Floor	Spread Above Index(2)	Interest Rate(3)	Acquisition Date(10)	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value(11)		Fair Value As A Percentage of Net Assets
North America
Debt Investments
Air Freight & Logistics
Access USA Shipping, LLC (d/b/a MyUS.com)	First Lien Secured Term Loan	1.50%	L+ 8.00%	11.12%	02/08/19	02/08/24	4,718	$	4,699	$	4,718	1.38	%
Motivational Marketing, LLC (d/b/a Motivational Fulfillment)	First Lien Secured Term Loan	1.00%	L+ 6.25%	9.07%	07/12/21	07/12/26	11,124		10,956		10,744	3.13
Motivational Marketing, LLC (d/b/a Motivational Fulfillment)(7)	First Lien Secured Revolving Loan	1.00%	L+ 6.25%	9.07%	07/12/21	07/12/26	—		—		(22)	(0.01)
									15,655		15,440	4.50
Alternative Carriers
Patagonia Holdco LLC (d/b/a Lumen LATAM)	First Lien Secured Term Loan	0.50%	SF+ 5.75%	8.39%	08/05/22	08/01/29	14,625		12,040		11,993	3.50
									12,040		11,993	3.50
Application Software
Atlas Purchaser, Inc. (d/b/a Aspect Software)	First Lien Secured Term Loan	0.75%	L+ 5.25%	8.68%	08/29/22	05/08/28	3,105		2,595		2,562	0.74
Atlas Purchaser, Inc. (d/b/a Aspect Software)	Second Lien Secured Term Loan	0.75%	L+ 9.00%	11.19%	05/03/21	05/07/29	15,000		14,628		12,197	3.55
Naviga Inc. (f/k/a Newscycle Solutions, Inc.)	First Lien Secured Term Loan	1.00%	L+ 7.00%	10.67%	06/14/19	12/29/22	3,189		3,184		3,125	0.91
Naviga Inc. (f/k/a Newscycle Solutions, Inc.)(7)(12)	First Lien Secured Revolving Loan	1.00%	Base rate+ 6.92%	10.28%	06/14/19	12/29/22	267		267		261	0.08
									20,674		18,145	5.28
Asset Management & Custody Banks
JZ Capital Partners Ltd.(4)(5)	First Lien Secured Term Loan	1.00%	L+ 7.00%	9.77%	01/26/22	01/26/27	10,286		10,108		10,147	2.96
JZ Capital Partners Ltd.(4)(5)(7)	First Lien Secured Delayed Draw Loan	1.00%	L+ 7.00%	9.77%	01/26/22	01/26/27	—		—		22	0.01
									10,108		10,169	2.97
Automotive Retail
Team Car Care Holdings, LLC (Heartland Auto)(12)	First Lien Secured Term Loan	1.00%	Base rate+ 7.98%	10.39%	02/16/18	06/28/24	14,594		14,532		14,594	4.25
									14,532		14,594	4.25
Broadcasting
Coastal Television Broadcasting Group LLC	First Lien Secured Term Loan	1.00%	SF+ 6.50%	9.48%	12/30/21	12/30/26	8,191		8,052		7,946	2.32
Coastal Television Broadcasting Group LLC(7)	First Lien Secured Revolving Loan	1.00%	SF+ 6.50%	9.48%	12/30/21	12/30/26	—		—		(4)	—
									8,052		7,942	2.32
Building Products
PFB Holdco, Inc. (d/b/a PFB Corporation)(13)	First Lien Secured Term Loan	1.00%	C+ 6.00%	8.71%	12/17/21	12/17/26	8,959		6,889		6,382	1.85
PFB Holdco, Inc. (d/b/a PFB Corporation)(7)(13)	First Lien Secured Revolving Loan	1.00%	C+ 6.00%	8.71%	12/17/21	12/17/26	—		—		2	—
PFB Holdco, Inc. (d/b/a PFB Corporation)	First Lien Secured Term Loan	1.00%	L+ 6.00%	8.28%	12/17/21	12/17/26	2,182		2,144		2,154	0.63
PFB Holdco, Inc. (d/b/a PFB Corporation)(7)	First Lien Secured Revolving Loan	1.00%	L+ 6.00%	8.28%	12/17/21	12/17/26	—		—		1	—
Trimlite Buyer LLC (d/b/a Trimlite LLC)(5)(13)	First Lien Secured Term Loan	1.00%	C+ 6.50%	10.67%	07/27/21	07/27/26	22,544		17,681		16,175	4.72
									26,714		24,714	7.20
Cable & Satellite
Bulk Midco, LLC(15)(23)	First Lien Secured Term Loan	1.00%	P+ 5.25%	11.50%	06/08/18	06/08/23	14,922		14,891		14,323	4.18
									14,891		14,323	4.18
Commodity Chemicals
Flexitallic Group SAS	First Lien Secured Term Loan	1.00%	SF+ 7.50%	11.20% (10.70% Cash + 0.50% PIK)	10/28/19	10/29/26	16,371		15,777		16,003	4.67
									15,777		16,003	4.67
Construction Materials
Claridge Products and Equipment, LLC	First Lien Secured Term Loan	1.00%	L+ 6.50%	10.17%	12/30/20	12/29/25	7,582		7,484		7,280	2.11
Claridge Products and Equipment, LLC(7)(12)	First Lien Secured Revolving Loan	1.00%	Base rate+ 5.72%	11.84%	12/30/20	12/29/25	926		918		888	0.26
									8,402		8,168	2.37
Data Processing & Outsourced Services
Escalon Services Inc.	First Lien Secured Term Loan	1.00%	L+ 10.31%	13.22% (11.72% Cash + 1.50% PIK)	12/04/20	12/04/25	17,278		16,599		17,797	5.19
Future Payment Technologies, L.P.	First Lien Secured Term Loan	1.00%	L+ 8.25%	10.81%	12/23/16	06/07/24	23,222		23,074		23,222	6.77
									39,673		41,019	11.96

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

September 30, 2022

(in thousands)

Issuer	Investment Type(1)	Floor	Spread Above Index(2)	Interest Rate(3)	Acquisition Date(10)	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value(11)		Fair Value As A Percentage of Net Assets
Distributors
Crown Brands LLC	First Lien Secured Term Loan	1.00%	SF+ 10.00%	12.95%	04/22/22	12/09/25	357	$	357	$	344	0.10	%
Crown Brands LLC(19)	Second Lien Secured Term Loan	1.50%	L+ 10.50%	13.62%	12/15/20	01/08/26	4,386		4,318		2,851	0.83
Crown Brands LLC(19)	Second Lien Secured Delayed Draw Loan	1.50%	L+ 10.50%	13.74%	12/15/20	01/08/26	651		651		423	0.12
									5,326		3,618	1.05
Diversified Chemicals
Manchester Acquisition Sub LLC (d/b/a Draslovka Holding AS)	First Lien Secured Term Loan	0.75%	SF+ 5.75%	8.85%	11/16/21	11/16/26	7,940		7,575		7,246	2.11
Sklar Holdings, Inc. (d/b/a Starco)	First Lien Secured Term Loan	1.00%	L+ 9.75%	10.75% (8.75% Cash + 2.00% PIK)	11/13/19	05/13/23	7,353		7,292		6,695	1.95
									14,867		13,941	4.06
Diversified Support Services
NNA Services, LLC	First Lien Secured Term Loan	1.00%	L+ 6.75%	10.42%	08/27/21	08/27/26	11,375		11,264		11,165	3.25
									11,264		11,165	3.25
Education Services
EducationDynamics, LLC	First Lien Secured Term Loan	1.00%	L+ 7.00%	10.05% (9.55% Cash + 0.50% PIK)	09/15/21	09/15/26	13,119		12,912		12,887	3.75
EducationDynamics, LLC(4)(7)	First Lien Secured Delayed Draw Loan	1.00%	L+ 7.00%	10.05% (9.55% Cash + 0.50% PIK)	09/15/21	09/15/26	—		—		(3)	—
EducationDynamics, LLC(7)	First Lien Secured Revolving Loan	1.00%	P+ 5.50%	11.75%	09/15/21	09/15/26	240		236		234	0.07
EducationDynamics, LLC(4)	Subordinated Unsecured Term Loan	N/A	4.00%	4.00%	09/15/21	03/15/27	167		167		167	0.05
									13,315		13,285	3.87
Electric Utilities
CleanChoice Energy, Inc. (d/b/a CleanChoice)	First Lien Secured Term Loan	1.00%	L+ 7.25%	9.76%	10/12/21	10/12/26	10,500		10,331		10,408	3.03
									10,331		10,408	3.03
Environmental & Facilities Services
Industrial Specialty Services USA LLC	First Lien Secured Term Loan	1.00%	L+ 6.25%	9.92%	12/31/21	12/31/26	11,917		11,715		11,612	3.39
Industrial Specialty Services USA LLC(7)	First Lien Secured Revolving Loan	1.00%	L+ 6.25%	9.18%	12/31/21	12/31/26	886		871		861	0.25
Solar Holdings Bidco Limited(5)(23)	First Lien Secured Term Loan	0.50%	SF+ 6.75%	9.74%	09/30/22	09/28/29	2,783		2,706		2,706	0.79
Solar Holdings Bidco Limited(5)(13)(23)	First Lien Secured Term Loan	0.50%	C+ 6.75%	10.92%	09/30/22	09/28/29	3,839		2,726		2,704	0.79
Solar Holdings Bidco Limited(5)(23)(24)	First Lien Secured Term Loan	0.00%	S+ 6.75%	8.94%	09/30/22	09/28/29	169		182		184	0.05
Solar Holdings Bidco Limited(5)(23)	First Lien Secured Delayed Draw Loan	0.50%	SF+ 6.75%	9.74%	09/30/22	09/28/29	53		51		51	0.01
Solar Holdings Bidco Limited(5)(7)(23)(24)(25)	First Lien Secured Delayed Draw Loan	0.50%	SF+ 6.75%	9.74%	09/30/22	09/28/29	—		—		(10)	—
									18,251		18,108	5.28
Health Care Facilities
Bridgepoint Healthcare, LLC	First Lien Secured Term Loan	1.00%	L+ 7.75%	10.51%	10/05/21	10/05/26	10,562		10,392		10,337	3.01
Bridgepoint Healthcare, LLC(7)	First Lien Secured Delayed Draw Loan	1.00%	L+ 7.75%	10.51%	10/05/21	10/05/26	—		—		(11)	—
Bridgepoint Healthcare, LLC(7)	First Lien Secured Revolving Loan	1.00%	L+ 7.75%	10.51%	10/05/21	10/05/26	—		—		(8)	—
									10,392		10,318	3.01
Health Care Services
CHS Therapy, LLC	First Lien Secured Term Loan A	1.50%	L+ 9.00%	12.67% (12.17% Cash + 0.50% PIK)	06/14/19	06/14/24	7,125		7,079		7,125	2.08
CHS Therapy, LLC	First Lien Secured Term Loan C	1.50%	L+ 9.00%	12.67% (12.17% Cash + 0.50% PIK)	10/07/20	06/14/24	877		869		877	0.26
Lab Logistics, LLC	First Lien Secured Term Loan	1.00%	SF+ 7.25%	10.16%	10/16/19	09/25/23	5,501		5,446		5,495	1.60
Lab Logistics, LLC	First Lien Secured Delayed Draw Loan	1.00%	SF+ 7.25%	10.20%	10/16/19	09/25/23	5,144		5,135		5,144	1.50
PG Dental New Jersey Parent, LLC	First Lien Secured Term Loan	1.00%	L+ 9.75%	12.57% (11.07% Cash + 1.50% PIK)	11/25/20	11/25/25	14,845		14,640		13,807	4.03
PG Dental New Jersey Parent, LLC(7)	First Lien Secured Revolving Loan	1.00%	L+ 9.75%	12.57% (11.07% Cash + 1.50% PIK)	11/25/20	11/25/25	352		347		308	0.09
									33,516		32,756	9.56

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

September 30, 2022

(in thousands)

Issuer	Investment Type(1)	Floor	Spread Above Index(2)	Interest Rate(3)	Acquisition Date(10)	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value(11)		Fair Value As A Percentage of Net Assets
Health Care Supplies
ABB/Con-cise Optical Group LLC (d/b/a ABB Optical Group, LLC)	First Lien Secured Term Loan	0.75%	L+ 7.50%	10.46%	02/23/22	02/23/28	21,627	$	21,141	$	21,281	6.20	%
ABB/Con-cise Optical Group LLC (d/b/a ABB Optical Group, LLC)(7)(12)	First Lien Secured Revolving Loan	0.75%	Base rate+ 6.51%	12.72%	02/23/22	02/23/28	2,106		2,058		2,073	0.60
									23,199		23,354	6.80
Heavy Electrical Equipment
PPS CR Acquisition, Inc. (d/b/a Power Plant Services)	First Lien Secured Term Loan	1.00%	L+ 6.25%	9.92%	06/25/21	06/25/26	14,166		13,942		13,835	4.03
PPS CR Acquisition, Inc. (d/b/a Power Plant Services)(7)	First Lien Secured Delayed Draw Loan	1.00%	L+ 6.25%	9.92%	07/11/22	06/25/26	—		—		(1)	—
PPS CR Acquisition, Inc. (d/b/a Power Plant Services)(7)	First Lien Secured Revolving Loan	1.00%	L+ 6.25%	9.92%	06/25/21	06/25/24	104		103		63	0.02
									14,045		13,897	4.05
Home Furnishings
Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)	First Lien Secured Term Loan	1.00%	L+ 6.50%	8.92%	10/12/21	10/12/26	20,895		20,555		20,630	6.01
Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)(7)	First Lien Secured Revolving Loan	1.00%	L+ 6.50%	8.92%	10/12/21	10/12/26	—		—		10	—
Hollander Intermediate LLC (d/b/a Hollander Sleep Products, LLC)	First Lien Secured Term Loan	2.00%	SF+ 8.75%	11.79%	09/19/22	09/21/26	4,891		4,849		4,671	1.36
									25,404		25,311	7.37
Household Appliances
Token Buyer, Inc. (d/b/a Therm-O-Disc, Inc.)	First Lien Secured Term Loan	0.50%	SF+ 6.00%	9.70%	05/26/22	05/31/29	6,540		6,040		6,003	1.75
									6,040		6,003	1.75
Household Products
The Kyjen Company, LLC (d/b/a Outward Hound)	First Lien Secured Term Loan	1.00%	SF+ 7.00%	10.31% (9.81% Cash + 0.50% PIK)	04/05/21	04/05/26	11,347		11,228		10,782	3.14
The Kyjen Company, LLC (d/b/a Outward Hound)(7)	First Lien Secured Revolving Loan	1.00%	SF+ 7.00%	9.88% (9.38% Cash + 0.50% PIK)	04/05/21	04/05/26	676		669		632	0.18
									11,897		11,414	3.32
Industrial Machinery
Project Castle, Inc. (d/b/a Material Handling Systems, Inc.)	First Lien Secured Term Loan	0.50%	SF+ 5.50%	9.05%	06/09/22	06/01/29	8,376		7,521		7,541	2.20
									7,521		7,541	2.20
Interactive Media & Services
MSI Information Services, Inc.	First Lien Secured Term Loan	1.00%	SF+ 7.75%	10.88%	04/25/22	04/24/26	7,851		7,711		7,647	2.23
MSI Information Services, Inc.(7)	First Lien Secured Revolving Loan	1.00%	P+ 6.75%	13.00%	04/25/22	04/24/26	300		295		286	0.08
									8,006		7,933	2.31
Internet & Direct Marketing Retail
BBQ Buyer, LLC (d/b/a BBQ Guys)	First Lien Secured Term Loan	1.50%	L+ 10.00%	13.12% (11.12% Cash + 2.00% PIK)	08/28/20	08/28/25	12,719		12,533		12,616	3.68
BBQ Buyer, LLC (d/b/a BBQ Guys)	First Lien Secured Delayed Draw Loan	1.50%	L+ 10.00%	13.12% (11.12% Cash + 2.00% PIK)	04/29/22	08/28/25	2,593		2,553		2,559	0.75
Luxury Brand Holdings, Inc. (d/b/a Ross-Simons, Inc.)	First Lien Secured Term Loan	1.00%	L+ 6.50%	9.31%	12/04/20	06/04/26	5,895		5,816		5,854	1.71
Potpourri Group, Inc.	First Lien Secured Term Loan	1.50%	L+ 8.25%	9.75%	07/03/19	07/03/24	16,513		16,383		16,513	4.81
									37,285		37,542	10.95
Investment Banking & Brokerage
JVMC Holdings Corp. (fka RJO Holdings Corp)	First Lien Secured Term Loan	1.00%	L+ 6.50%	9.62%	02/28/19	02/28/24	12,077		12,043		12,077	3.52
									12,043		12,077	3.52
IT Consulting & Other Services
ATSG, Inc.	First Lien Secured Term Loan	1.00%	L+ 6.50%	9.42%	11/12/21	11/12/26	13,877		13,649		13,653	3.98
									13,649		13,653	3.98

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

September 30, 2022

(in thousands)

Issuer	Investment Type(1)	Floor	Spread Above Index(2)	Interest Rate(3)	Acquisition Date(10)	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value(11)		Fair Value As A Percentage of Net Assets
Leisure Facilities
Honors Holdings, LLC (d/b/a Orange Theory)(16)(23)	First Lien Secured Term Loan	1.00%	L+ 7.56%	10.73% (10.23% Cash + 0.50% PIK)	09/06/19	09/06/24	9,440	$	9,337	$	9,346	2.72	%
Honors Holdings, LLC (d/b/a Orange Theory)(16)(23)	First Lien Secured Delayed Draw Loan	1.00%	L+ 7.46%	10.80% (10.30% Cash + 0.50% PIK)	09/06/19	09/06/24	4,649		4,618		4,603	1.34
Lift Brands, Inc. (d/b/a Snap Fitness)	First Lien Secured Term Loan A	1.00%	L+ 7.50%	10.62%	06/29/20	06/29/25	5,588		5,541		5,533	1.61
Lift Brands, Inc. (d/b/a Snap Fitness)	First Lien Secured Term Loan B	N/A	9.50%	9.50% (0.00% Cash + 9.50% PIK)	06/29/20	06/29/25	1,330		1,314		1,302	0.38
Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)(9)	First Lien Secured Term Loan C	N/A	9.50%	9.50% (0.00% Cash + 9.50% PIK)	06/29/20	NA	1,268		1,265		1,084	0.32
									22,075		21,868	6.37
Leisure Products
Playmonster Group LLC(6)(20)(21)	First Lien Secured Term Loan	1.00%	L+ 8.00%	10.78% (2.78% Cash + 8.00% PIK)	01/24/22	06/08/26	3,565		3,565		3,509	1.02
									3,565		3,509	1.02
Life Sciences Tools & Services
LSCS Holdings, Inc. (d/b/a Eversana Life Science Services, LLC)	Second Lien Secured Term Loan	0.50%	L+ 8.00%	11.67%	11/23/21	12/16/29	5,000		4,932		4,912	1.43
									4,932		4,912	1.43
Office Services & Supplies
American Crafts, LC	First Lien Secured Term Loan	1.00%	L+ 8.50%	11.62%	05/28/21	05/28/26	8,139		8,050		7,114	2.07
American Crafts, LC	First Lien Secured Delayed Draw Loan	1.00%	L+ 8.50%	11.62%	01/25/22	05/28/26	1,367		1,344		1,195	0.35
Empire Office, Inc.	First Lien Secured Term Loan	1.50%	L+ 6.50%	9.62%	04/12/19	04/12/24	12,019		11,923		11,910	3.47
Empire Office, Inc.(4)	First Lien Secured Delayed Draw Loan	1.50%	L+ 6.50%	9.62%	08/17/21	04/12/24	4,864		4,792		4,820	1.41
									26,109		25,039	7.30
Packaged Foods & Meats
Lenny & Larry's, LLC(17)(23)	First Lien Secured Term Loan	1.00%	L+ 8.92%	11.74% (10.03% Cash + 1.71% PIK)	05/15/18	05/15/23	11,201		11,175		10,922	3.19
									11,175		10,922	3.19
Paper Packaging
Max Solutions Inc.	First Lien Secured Term Loan	1.00%	SF+ 6.50%	10.21%	09/29/22	09/29/28	8,264		8,099		8,099	2.35
Max Solutions Inc.(7)	First Lien Secured Delayed Draw Loan	1.00%	SF+ 6.50%	10.21%	09/29/22	09/29/28	—		—		—	—
Max Solutions Inc.(7)(13)	First Lien Secured Revolving Loan	1.00%	C+ 6.50%	10.21%	09/29/22	09/29/28	—		—		—	—
Max Solutions Inc.(7)	First Lien Secured Revolving Loan	1.00%	SF+ 6.50%	10.21%	09/29/22	09/29/28	—		—		—	—
									8,099		8,099	2.35
Personal Products
Inspired Beauty Brands, Inc.	First Lien Secured Term Loan	1.00%	L+ 7.00%	9.91%	12/30/20	12/30/25	11,804		11,650		11,509	3.36
Inspired Beauty Brands, Inc.(7)	First Lien Secured Revolving Loan	1.00%	L+ 7.00%	9.91%	12/30/20	12/30/25	—		—		(6)	—
Sunless, Inc.	First Lien Secured Term Loan	1.00%	L+ 6.50%	10.17%	06/30/22	08/13/25	2,092		2,053		2,063	0.60
									13,703		13,566	3.96
Research & Consulting Services
Aeyon LLC(23)	First Lien Secured Term Loan	1.00%	SF+ 8.88%	11.62%	02/10/22	02/10/27	8,933		8,777		8,858	2.58
ALM Media, LLC	First Lien Secured Term Loan	1.00%	L+ 6.50%	9.31%	11/25/19	11/25/24	13,584		13,467		13,458	3.92
									22,244		22,316	6.50

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

September 30, 2022

(in thousands)

Issuer	Investment Type(1)	Floor	Spread Above Index(2)	Interest Rate(3)	Acquisition Date(10)	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value(11)		Fair Value As A Percentage of Net Assets
Specialized Consumer Services
Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.)	First Lien Secured Term Loan	1.00%	L+ 6.50%	9.55%	11/16/21	11/16/27	11,830	$	11,628	$	11,558	3.37	%
Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.)(4)(7)	First Lien Secured Delayed Draw Loan	1.00%	L+ 6.50%	9.55%	11/16/21	11/16/27	—		—		(24)	(0.01)
HC Salon Holdings, Inc. (d/b/a Hair Cuttery)	First Lien Secured Term Loan	1.00%	L+ 8.00%	11.67%	09/30/21	09/30/26	11,550		11,365		11,550	3.37
HC Salon Holdings, Inc. (d/b/a Hair Cuttery)(7)	First Lien Secured Revolving Loan	1.00%	L+ 8.00%	11.67%	09/30/21	09/30/26	—		—		11	—
True Blue Car Wash, LLC(23)	First Lien Secured Term Loan	1.00%	SF+ 6.88%	10.01%	10/17/19	10/17/24	9,969		9,876		9,898	2.89
True Blue Car Wash, LLC(7)(23)	First Lien Secured Delayed Draw Loan	1.00%	SF+ 6.50%	9.55%	10/17/19	10/17/24	4,186		4,124		4,103	1.20
									36,993		37,096	10.82
Specialized Finance
WHF STRS Ohio Senior Loan Fund LLC(4)(5)(9)(14)	Subordinated Note	N/A	L+ 6.50%	9.13%	07/19/19	N/A	80,000		80,000		80,000	23.32
									80,000		80,000	23.32
Systems Software
Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC	First Lien Secured Term Loan	1.00%	L+ 7.00%	10.67%	03/16/21	03/16/27	19,256		18,970		17,525	5.11
									18,970		17,525	5.11
Technology Hardware, Storage & Peripherals
Telestream Holdings Corporation	First Lien Secured Term Loan	1.00%	SF+ 9.25%	12.11%	10/15/20	10/15/25	15,886		15,570		15,874	4.63
Telestream Holdings Corporation(7)	First Lien Secured Revolving Loan	1.00%	SF+ 9.25%	12.30%	10/15/20	10/15/25	927		909		935	0.27
Telestream Holdings Corporation(7)	First Lien Secured Delayed Draw Loan	1.00%	SF+ 9.25%	12.30%	05/12/22	10/15/25	—		—		—	—
									16,479		16,809	4.90
Total Debt Investments								$	727,213	$	716,495	208.83	%
Equity Investments(22)
Advertising
Avision Holdings, LLC (d/b/a Avision Sales Group)(4)	Class A LLC Interests	N/A	N/A	N/A	12/15/21	N/A	201	$	251	$	219	0.06	%
									251		219	0.06
Air Freight & Logistics
Motivational CIV, LLC (d/b/a Motivational Fulfillment)(4)	Class B Units	N/A	N/A	N/A	07/12/21	N/A	1,250		1,250		606	0.18
									1,250		606	0.18
Building Products
PFB Holdco, Inc. (d/b/a PFB Corporation)(4)(13)	Class A Units	N/A	N/A	N/A	12/17/21	N/A	1		423		603	0.18
									423		603	0.18
Data Processing & Outsourced Services
Escalon Services Inc.(4)	Warrants	N/A	N/A	N/A	12/04/20	N/A	709		476		2,368	0.69
									476		2,368	0.69
Diversified Support Services
Quest Events, LLC(4)	Preferred Units	N/A	N/A	N/A	12/28/18	12/08/25	331		331		60	0.02
ImageOne Industries, LLC(4)	Common A Units	N/A	N/A	N/A	09/20/19	N/A	227		2		84	0.02
									333		144	0.04
Education Services
Eddy Acquisitions, LLC (d/b/a EducationDynamics, LLC)(4)	Preferred Units	N/A	12.00%	12.00%	09/15/21	N/A	167		167		118	0.03
									167		118	0.03
Environmental & Facilities Services
BPII-JL Group Holdings LP (d/b/a Juniper Landscaping Holdings LLC)(4)	Class A Units	N/A	N/A	N/A	12/29/21	N/A	83		825		661	0.19
									825		661	0.19

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

September 30, 2022

(in thousands)

Issuer	Investment Type(1)	Floor	Spread Above Index(2)	Interest Rate(3)	Acquisition Date(10)	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value(11)		Fair Value As A Percentage of Net Assets
Industrial Machinery
BL Products Parent, LP (d/b/a Bishop Lifting Products, Inc.)(4)	Class A Units	N/A	N/A	N/A	02/01/22	N/A	667	$	667	$	668	0.19	%
									667		668	0.19
Interactive Media & Services
What If Media Group, LLC(4)	Common Units	N/A	N/A	N/A	07/02/21	N/A	851		851		2,327	0.68
									851		2,327	0.68
Internet & Direct Marketing Retail
BBQ Buyer, LLC (d/b/a BBQ Guys)(4)	Shares	N/A	N/A	N/A	08/28/20	N/A	1,100		1,100		1,954	0.57
Ross-Simons Topco, LP (d/b/a Ross-Simons, Inc.)(4)	Preferred Units	N/A	8.00%	8.00% PIK	12/04/20	N/A	600		514		816	0.24
									1,614		2,770	0.81
Investment Banking & Brokerage
Arcole Holding Corporation(4)(5)(6)(18)	Shares	N/A	N/A	N/A	10/01/20	N/A	—		6,944		6,295	1.84
									6,944		6,295	1.84
IT Consulting & Other Services
CX Holdco LLC (d/b/a Cennox Inc.)(4)	Common Units	N/A	N/A	N/A	05/04/21	N/A	972		972		1,457	0.42
Keras Holdings, LLC (d/b/a KSM Consulting, LLC)(4)	Shares	N/A	N/A	N/A	12/31/20	N/A	496		496		361	0.11
									1,468		1,818	0.53
Leisure Facilities
Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)(4)	Class A Common Stock	N/A	N/A	N/A	06/29/20	N/A	2		1,941		157	0.05
Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)(4)	Warrants	N/A	N/A	N/A	06/29/20	06/28/28	1		793		64	0.02
									2,734		221	0.07
Leisure Products
Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)(4)(6)(8)(21)	Preferred Stock	N/A	14.00%	14.00% PIK	01/24/22	N/A	36		3,600		2,099	0.62
Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)(4)(6)(21)	Common Stock	N/A	N/A	N/A	01/24/22	N/A	72		460		—	—
									4,060		2,099	0.62
Other Diversified Financial Services
SFS Global Holding Company (d/b/a Sigue Corporation)(4)	Warrants	N/A	N/A	N/A	06/28/18	12/28/25	—		—		—	—
Sigue Corporation(4)	Warrants	N/A	N/A	N/A	06/28/18	12/28/25	22		2,890		3,823	1.11
									2,890		3,823	1.11
Paper Packaging
Max Solutions Inc.(4)	Common Stock	N/A	N/A	N/A	09/29/22	N/A	4		400		400	0.12
									400		400	0.12
Specialized Consumer Services
Camp Facility Services Parent, LLC (d/b/a Camp Construction Services, Inc.)(4)	Preferred Units	N/A	10.00%	10.00% PIK	11/16/21	N/A	15		840		853	0.26
									840		853	0.26
Specialized Finance
WHF STRS Ohio Senior Loan Fund(4)(5)(14)	LLC Interests	N/A	N/A	N/A	07/19/19	N/A	20,000		20,000		22,066	6.43
									20,000		22,066	6.43
Total Equity Investments								$	46,193	$	48,059	14.03	%
Total Investments								$	773,406	$	764,554	222.86	%

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

September 30, 2022

(in thousands)

Counterparty	Currency to be sold			Currency to be purchased			Settlement date	Unrealized appreciation		Unrealized depreciation
Morgan Stanley	C$	199	CAD	$	155	USD	10/28/22	$	10	$	—
Total								$	10	$	—

(1) Except as otherwise noted, all investments are non-controlled/non-affiliate investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), and provide collateral for the Company’s credit facility.

(2) The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), which resets monthly, quarterly or semiannually, the Secured Overnight Financing Rate (“SOFR” or “SF”), the Canadian Dollar Offered Rate (“CDOR” or “C”), the Sterling Overnight Index Average (“SONIA” or “S”), or the U.S. Prime Rate (“Prime” or “P”).

(3) The interest rate is the “all-in-rate” including the current index and spread, the fixed rate, and the payment-in-kind (“PIK”) interest rate, as the case may be.

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

(5) Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of total assets. Qualifying assets represented 82.4% of total assets as of the date of the consolidated schedule of investments.

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

(7) The investment has an unfunded commitment in addition to any amounts presented in the consolidated schedule of investments as of September 30, 2022.

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

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

(10) Except as otherwise noted, all of the Company’s portfolio company investments, which as of the date of the consolidated schedule of investments represented 222.9% of the Company’s net assets or 96.0% of the Company’s total assets, are subject to legal restrictions on sales.

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

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

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

(14) Investment is a controlled affiliate investment as defined by the 1940 Act. On January 14, 2019, the Company entered into an agreement with State Teachers Retirement System of Ohio, a public pension fund established under Ohio law (“STRS Ohio”), to create WHF STRS Ohio Senior Loan Fund, LLC (“STRS JV”), a joint venture, which invests primarily in senior secured first and second lien term loans.

(15) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest in the amount of 2.75% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(16) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest in the amount of 3.50% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(17) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest in the amount of 3.00% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

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

(19) At the option of the issuer, interest can be paid in cash or cash and PIK. The issuer may elect to pay up to 2.00% PIK.

(20) At the option of the issuer, interest can be paid in cash or cash and PIK. The issuer may elect to pay up to 9.00% PIK.

(21) On January 24, 2022, as part of a restructuring agreement between the Company and PlayMonster LLC, the Company’s first lien secured term loan and delayed draw loan investments to PlayMonster LLC were converted into a new first lien secured term loan, preferred stock and common stock of Playmonster Group LLC.

(22) Ownership of certain equity investments may occur through a holding company or partnership.

(23) Investment is structured as a unitranche loan in which the Company may receive additional interest on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(24) Principal amount is non-USD denominated and is based in British pounds.

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

Contacts

Stuart Aronson

WhiteHorse Finance, Inc.

212-506-0500

saronson@higwhitehorse.com

or

Joyson Thomas

WhiteHorse Finance, Inc.

305-379-2322

jthomas@higwhitehorse.com

or

Robert Brinberg
Rose & Company
212-257-5932
whitehorse@roseandco.com

Source: WhiteHorse Finance, Inc.

EX-99.2

Exhibit 99.2

Earnings Presentation Quarter Ended September 30, 2022 WhiteHorse Finance, Inc. NASDAQ: WHF (Common Stock)

1 References in this presentation to “WHF”, “we”, “us”, “our” and “the Company” refer to WhiteHorse Finance, Inc. This presentation and the information and views included herein do not constitute investment advice, or a recommendation or an offer to enter into any transaction with the Company or any of its affiliates. Investors are advised to consider carefully the Company’s investment objectives, risks, charges and expenses before investing in the Company’s securities. Our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, which have been filed with the Securities and Exchange Commission (“SEC”), contain this and other information about the Company and should be read carefully before investing in the Company’s securities. The information in this presentation is not complete and may be changed. This presentation is not an offerto sell the Company’s securities and is not soliciting an offer to buy the Company’s securities in any jurisdiction where such offer or sale is not permitted. A shelf registration statement relating to the Company’s securities is on file with the SEC. A public offering of the Company’s securities may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained by writing the Company at 1450 Brickell Avenue, 31st Floor, Miami, FL 33131, Attention: Investor Relations, or by calling (305) 381-6999; copies may also be obtained by visiting EDGAR on the SEC’s website at http://www.sec.gov. Forward Looking Statements Some of the statements in this presentation constitute forward-looking statements, which relate to future events or the Company’s future performance or financial condition.The forward-looking statements contained in this presentation involve risks and uncertainties, including statements as to: the Company’s future operating results; changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, which could result in changes to the value of the Company’s assets; the impact of the COVID-19 pandemic and its effects on the Company’s and its portfolio companies’ results of operations and financial condition; the Company’s business prospects and the prospects of its prospective portfolio companies; the impact of investments that the Company expects to make; the impact of increased competition; the Company’s contractual arrangements andrelationships 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’sinvestment 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 ofthis 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

2 WhiteHorse Finance Snapshot Company: WhiteHorse Finance, Inc. (“WhiteHorse Finance” or the “Company”) : Equity Ticker: NASDAQ: WHF Market Cap: $290.5MM (1) NAV / Share: $14.76 Portfolio Fair Value: $764.6MM Current Dividend Yield: 11.4% (1)(2) ; consistent quarterly dividends of $0.355 per share since 2012 IPO (1)Based on November 11, 2022 share price of $12.50 (2)Based on LTM dividend rate, excluding special dividends, relative to closing share price. External Manager: Affiliate of H.I.G. Capital, LLC (“H.I.G. Capital” or “H.I.G.”)

Overview of WhiteHorse Finance, Inc. 3 Portfolio atFair Value ($MM) NAV + Cumulative Dividends per share Note: As of December 31 st of each respective year presented, unless otherwise noted. (1)Based on total capital commitments managed by H.I.G. Capital and affiliates. (2)Based on fair value. Does not include investments in STRS JV. Source: Company filings  WhiteHorse Finance, Inc. is a publicly listed Business Development Company (“BDC”) that completed its IPO in December 2012  WhiteHorse Finance’s investment activities are managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, a leading global alternative asset manager with over $50Bn 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 $764.6MM as of September 30, 2022  Investments across 107 positions in 68 portfolio companies as of September 30, 2022 −Average Investment Size (2) : $6.3MM (Average Debt Investment Size (2) : $7.7MM) −Largest Portfolio Company Investment (2) : $23.2MM  Invested $2,426MM in 206 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 andsecond lien term loans. $180.5 $272.4 $403.5 $415.3 $411.7 $440.7 $469.6 $589.7 $690.7 $819.2 $764.6 2012201320142015201620172018201920202021Q3 2022 $15.30 $15.16 $15.04 $13.33 $13.63 $13.98 $15.35 $15.23 $15.23 $15.10 $14.76 $0.11 $1.53 $2.95 $4.37 $5.79 $7.21 $8.63 $10.25 $11.79 $13.35 $14.41 $15.41 $16.69 $17.99 $17.70 $19.42 $21.19 $23.98 $25.48 $27.02 $28.45 $29.17 2012201320142015201620172018201920202021Q3 2022 Net asset value Cumulative dividends paid (including special dividends)

4 Overview of WhiteHorse Finance, Inc. (continued) Note: As of September 30, 2022 unless otherwise noted. (1)Reflects life-to-date since IPO, and may exclude follow-on transactions and investments in STRS JV made via asset transfers in-kind. (2)Across 105 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, 2022, is 11.0%. Weighted average effective yield is computed by dividing (a) annualized interest income (includinginterest income resulting from the amortization of fees and discounts) by (b) the weighted average cost of investments. (4)Measured at origination based on borrower reporting and WHF’s target underwriting leverage.Does not include investments in STRS JV. (5)Based on fair value. Does not include the Company’s investments in STRS JV.  Generate attractive risk-adjusted return inall market conditions by originating and investing in senior secured loans to performing lower middle market companies and leveragingthe knowledge of H.I.G. Capital  Differentiated proprietarydeal flow from over 65 dedicated deal professionalssourcing through direct coverageof financial sponsors and intermediaries  Rigorous credit process focused on fundamental analysis with emphasis on downside protection and cash flow visibility  10-person investment committee with more than 250 years of industry experience  Investment strategy focused on first lien and second lien senior secured investments in lower middle market companies with a target hold size of $5MM to $25MM Summary Stats: Invested Capital since IPO:$2,426MM (1) Number of Investments Made:~206 (1) Average Investment Size:~$6.3MM (2) All-inYield:11.4% (3) Net Debt / EBITDA of Current Portfolio Companies: ~4.1x (4) Secured Debt as a %of Total Debt:~100% (5) Investment Strategy

5 Summary ofQuarterly Results Fiscal Quarter Highlights  Total investments at fair value decreased to $764.6 million in Q3 2022 as compared to $766.5 million in Q2 2022.  The Company made investments in three new portfolio companies for gross deployments of $26.1 million and made add-on investments totaling $13.4 million.  The Company did not transfer any new investments to the STRS JV. The Company received additional dispositions and principal repayments of $36.3 million.  The weighted average effective yield on income-producing investments at the end of Q3 2022 was approximately 11.4% as compared with approximately 9.9% at the end of the prior quarter.  Q3 Net Investment Income (“NII”) was $9.8 million, or $0.420 per share, which compares with Q2 NII of $7.9 million, or $0.339per share.  Q3 Core NII (1) after adjusting for an approximate $1.1 million capital gains incentive fee reversal, was $8.6 million, or $0.372 per share, compared with the quarterly distribution of $0.355 per share. This compares with Q2 Core NII of $7.8 million, or $0.334 per share.  Net realized and unrealized losses on investments and foreign currency transactions for Q3 2022 were $5.9 million primarily driven by markdowns across the portfolio.  NAV per share at the end of Q3 2022 was$14.76 per sharecompared with $14.95 per share from Q2 2022.  Gross leverage levels increased during the quarter to 1.27x from 1.23x at the end of Q2 2022. Cash on-hand at the end of Q3 2022was $19.3 million resulting in net leverage of 1.22xas compared with 1.18x at the end of Q2 2022 ..  As of September 30, 2022, STRS JV had total assets of $306.4 million. The Company’s return on its investment in STRS JV at the end of Q3 2022 was 14.0% (2) .. (1)Core net investment income is a non-GAAP financial measure. Refer to next slide for components and discussion of core net investment income. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, netinvestment 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.

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 usefulinformation 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 meantto be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, can be found by accessing the earnings releases posted to the Company’s website at http://www.whitehorsefinance.com. Source: Company filings Unaudited Quarterly FinancialsQ2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022 (USD in MM, expect per share data) Total Investment Income (1) $ 17.3 $ 18.4 $ 18.5 $ 20.0 $ 20.0 $ 21.6 Expenses Interest Expense 3.8 3.8 5.1 4.8 4.9 5.6 Base Management Fees 3.4 3.5 3.8 4.0 3.9 3.9 Performance-based Incentive Fees 2.6 2.1 0.8 1.4 1.8 1.0 Other Expenses 1.4 1.3 1.3 1.3 1.5 1.3 Total Expenses 11.2 $ 10.7 11.0 11.5 12.1 11.8 Net Investment Income $ 6.1 $ 7.7 $ 7.5 $ 8.5 $ 7.9 $ 9.8 Net Realized and Unrealized Gain / (Loss) 4.4 0.6 (4.3)(2.8)(0.5)(5.9) Net Increase in Net Assets from Operations $ 10.5 $ 8.3 $ 3.1 $ 5.7 $ 7.4 $ 3.9 Per Share Net Investment Income (NII)$0.30$0.37$0.33$0.37$0.34$0.42 Core NII (2) $0.34$0.37$0.32$0.34$0.33$0.37 Net Realized and Unrealized Gain / (Loss)$0.21$0.03$(0.19)$(0.12)$(0.02)$(0.25) Earnings$0.51$0.40$0.14$0.25$0.32$0.17 Dividends Declared$0.355$0.355$0.355$0.355$0.355$0.355 Special Dividends Declared$-$-$0.135$-$-$- Core NII Dividend Coverage95%105%91%97%94%105%

7 Quarterly Balance Sheet Highlights Note: Numbers may not foot due to rounding (1)Includes Restricted Cash. (2)Calculated as Total Gross Debt Outstanding divided by Total Net Assets. (3)Net Leverage Ratio is defined as debt outstanding less cash, divided by total net assets. (4)Fundings, exits and repayments may include cash flows on revolver investments as well as non-cash transactions (e.g., PIK, equity issuances). Unaudited Quarterly FinancialsQ2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022 (USD in MM, expect per share data) Assets Investments at Fair Value $ 670.5 $ 687.1 $ 819.2 $ 800.4 $ 766.5 $ 764.6 Cash and Equivalents (1) 17.8 16.6 22.5 21.3 18.6 19.3 Other Assets 11.4 25.9 9.3 17.1 14.5 12.8 Total Assets $ 699.7 $ 729.6 $ 851.0 $ 838.8 $ 799.6 $ 796.7 Liabilities Debt (net of issuance costs) 358.7 379.8 476.0 467.9 423.2 431.0 Other Liabilities 21.4 26.1 25.2 23.0 29.0 22.7 Total Liabilities $ 380.1 $ 405.9 $ 501.2 $ 490.9 $ 452.2 $ 453.7 Total Net Assets $ 319.6 $ 323.7 $ 349.8 $ 347.9 $ 347.4 $ 343.0 Total Liabilities and Net Assets $ 699.7 $ 729.6 $ 851.0 $ 838.8 $ 799.6 $ 796.7 Net Asset Value per Share $ 15.42 $ 15.46 $ 15.10 $ 14.99 $ 14.95 $ 14.76 Leverage Ratio (2) 1.14x 1.19x 1.38x 1.36x 1.23x 1.27x Net Leverage Ratio (3) 1.08x 1.14x 1.31x 1.30x 1.18x 1.22x Gross Fundings (4) 118.4 137.9 215.4 103.6 66.9 53.3 Exits and Repayments (4) (69.5) (124.0)(80.3)(121.0)(101.2)(49.6) Net Fundings/(Repayments)$ 48.9 $ 13.9 $ 135.1 $ (17.4)$ (34.3) $ 3.7

Portfolio Highlights 8 Note: Not a guarantee of future performance or investment pace. (1) Does not include investments in STRS JV. (2) Calculated based on funded principal amounts of debt investments. (3)Weighted average effective yield is computed by dividing (a) annualized interest income (including interest income resulting from the amortization of fees and discounts) by (b) the weighted average cost of investments. (4) Weighted average effective yield for entire portfolio, including equities and investments in STRS JV. (5) Includes STRS JV Subordinated Note. Source: Company filings ($ in MM, except per share data) Portfolio InvestmentQ2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022 Total Fair Value of Investments $ 670.5 $ 687.1 $ 819.2 $ 800.4 $ 766.5 $ 764.6 Number of Portfolio Investments 97 99 127 111 105 107 Number of Portfolio Companies 67 65 76 68 68 68 Average Investment Size (1) $ 6.4 $ 6.3 $ 5.9 $ 6.4 $ 6.4 $ 6.3 Average Borrower Size (1) $ 9.2 $ 9.6 $ 9.9 $ 10.4 $ 9.9 $ 9.9 Average Debt Investment Size (1) $ 7.1 $ 7.3 $ 6.8 $ 7.7 $ 7.9 $ 7.7 Fair Value as a Percentage of Principal (1)(2) 97.2%96.1%96.5%98.5%97.6%96.5% Total Portfolio Effective Yield (3) Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022 Weighted average effective yield on income-producing debt investments (1) 9.5%9.3%9.1%9.2%9.9%11.4% Weighted average effective yield on total portfolio (4) 9.7%9.1%9.0%9.3%9.9%11.0% Portfolio Composition -Floating vs. Fixed Investments (Debt Investments at Fair Value) (1) Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022 Percentage of fixed rate investments0.4%0.4%0.4%0.4%0.4%0.4% Percentage of floating rate investments99.6%99.6%99.6%99.6%99.6%99.6% Portfolio Composition -Sponsor vs. Non-Sponsor (Fair Value) (1) Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022 Sponsor67.6%66.8%66.9%60.5%59.8%60.7% Non-Sponsor32.4%33.2%33.1%39.5%40.2%39.3% Total Portfolio Composition by Instrument Type (Fair Value)Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022 First lien secured loans84.0%82.3%85.1%81.0%80.3%80.6% Second lien secured loans4.4%4.3%2.9%3.0%2.9%2.7% Subordinated debt0.0%0.0%0.0%0.0%0.0%0.0% STRS JV9.2%10.5%9.2%12.6%13.3%13.3% Equity2.4%2.9%2.8%3.4%3.5%3.4% Investments on Non-Accrual Status (Debt Investments)Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022 Fair Value of Investments on Non-accrual Status $ 9.7 $ 8.7 $ 10.0 $ -$ -$ - Cost of Investments on Non-accrual Status $ 18.4 $ 18.4 $ 24.5 $ -$ -$ - % of Investments on Non-accrual Status (Based on Fair Value of Debt Investments) (5) 1.5%1.3%1.3% 0.0% 0.0%0.0% % of Investments on Non-accrual Status (Based on Cost of Debt Investments) (5) 2.8%2.8%3.1%0.0%0.0%0.0%

52% 60% 52% 77% 81% 85% 85% 81% 43% 33% 39% 21% 11% 4% 3% 3% 5% 7% 9% 3% 3% 3% 3% 3% 6% 7% 9% 13% 2015201620172018201920202021Q3 2022 % First Lien Loans % Second Lien Loans % Equity STRS JV % Subordinated 97.1% 99.8% 99.9% 100.0% 100.0% 99.8% 99.6% 99.6% 2.9% 0.2% 0.1% 0.2% 0.4% 0.4% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2015201620172018201920202021Q3 2022 Floating Fixed Portfolio Trends Historical Portfolio Trends 9 % Floating and % Fixed (Based on Fair Value) % Instrument Type (Based on Fair Value) % Sponsored / Non-Sponsored (Based on Fair Value) % Non Accruals (Based on Fair Value of Debt Investments) (1) Note: As of end of each year/quarter presented, unless otherwise noted; percentages may not add up to 100% due to rounding. Not a guarantee of future performance or investment pace. (1)Based on fair value of debt investments, including STRS JV Subordinated Note. 28% 32% 32% 44% 53% 58% 67% 61% 72% 68% 68% 56% 47% 42% 33% 39% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2015201620172018201920202021Q3 2022 Sponsor Non-Sponsor 4.1% 1.7% 1.4% 3.9% 7.4% 3.3% 1.8% 2.5% 1.5% 1.3% 1.3% 0.0%0.0%0.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 % of Investments on Non-accrual

13.3% 3.1% 3.0% 2.7% 2.6% 2.3% 2.2% 2.2% 2.2% 2.2% 64.2% STRS JV ABB/Con-cise Optical Group LLC Future Payment Technologies, L.P. Sleep OpCo LLC Escalon Services Inc. Arcstor Midco, LLC BBQ Buyer, LLC Telestream Holdings Corporation Empire Office, Inc. Potpourri Group, Inc. Other 10 Note: As of September 30, 2022, unless otherwise noted; percentages may not add up to 100% due to rounding. (1)Does not include investments in STRS JV. Industry classifications based on GICS. Composition by Borrower (Based on Fair Value) Composition by Industry (1) (Based on Fair Value) Borrower and Industry Diversity 6.5% 6.1% 5.7% 4.9% 3.8% 3.8% 3.8% 3.5% 3.4% 3.3% 2.8% 2.8% 49.6% Data Processing & Outsourced Services Internet & Direct Marketing Retail Specialized Consumer Services Health Care Services Building Products Home Furnishings Office Services & Supplies Health Care Supplies Research & Consulting Services Leisure Facilities Environmental & Facilities Services Investment Banking & Brokerage Other STRS JV ~100% of WHF loans are senior secured

Effective Yield & Dividend Coverage Debt Portfolio Effective Yield and Borrower Leverage (1) From IPO to September 30, 2022 11 Core NII (2) to Dividend Coverage (3) Note: Amounts may not foot due to rounding. (1)Portfolio leverage is based on investment leverage at inception. (2)Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides usefulinformation 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 $0.40 $0.37 $0.36 $0.40 $0.39 $0.27 $0.26 $0.38 $0.35 $0.38 $0.34 $0.37 $0.32 $0.34 $0.33 $0.37 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 Q4'18Q1'19Q2'19Q3'19Q4'19Q1'20Q2'20Q3'20Q4'20Q1'21Q2'21Q3'21Q4'21Q1'22Q2'22Q3'22 Core NII per share Dividends per share Covered by $ 0.05 Covered by $ 0.03 Missed by $0.09 Covered by $0.01 Missed by $0.10 Missed by $0.04 Missed by $0.03 Covered by $0.04 Covered by $0.01 Covered by $ 0.03 Missed by $0.01 Covered by $ 0.02 Missed by $0.02 Covered by $ 0.01 Missed by $0.01 Covered by $ 0.01 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 3.6x3.6x 3.7x 3.8x 3.7x 3.8x 4.0x 4.1x 4.1x4.1x 4.0x 4.1x 4.1x 15.5% 14.9% 13.1% 11.8% 11.7% 11.1% 10.7% 11.3% 11.4% 11.7% 11.6% 11.8% 11.9% 11.9% 12.1% 11.8% 11.8% 11.9% 11.9% 11.9% 12.0% 12.0% 11.9% 11.9% 11.7% 11.3% 11.1% 10.4% 9.9% 9.6% 9.9% 9.9% 9.6% 9.5% 9.3% 9.1% 9.2% 9.9% 11.4% Borrower Leverage through WHF Security Effective Yield

Yield & Interest Rate Economic Analysis 12 (1)Weighted average effective yield is computed by dividing (a) annualized interest income (including interest income resulting from the amortization of fees and discounts) by (b) the weighted average cost of investments. (2)Income yield is calculated as (a) the actual amount earned on earning investments, including interest and fee income but excluding amortization of capitalized fees and discounts. (3)Calculated as (a) effective yield less (b) weighted average cost of debt. (4)The weighted average cost of debt is calculated as (a) the actual amount of expenses incurred on debt obligations divided by (b)the daily average of total debt obligations. (5)The base reference rate represents the weighted average base rate for the quarter applied on the JPM Revolving Credit Facility borrowings. 11.9% 11.9% 11.7% 11.3% 11.1% 10.4% 9.9% 9.6% 9.9% 9.9% 9.6% 9.5% 9.3% 9.1% 9.2% 9.9% 11.4% 11.4% 11.5% 11.4% 11.0% 10.7% 10.0% 9.5% 9.1% 9.4% 9.4% 9.1% 9.0% 8.8% 8.6% 8.8% 9.4% 10.8% 7.1% 6.7% 6.0% 5.7% 5.7% 5.5% 5.2% 5.4% 6.2% 6.1% 5.7% 5.7% 5.7% 5.7% 5.7% 5.9% 6.8% 4.7% 5.2% 5.7% 5.6% 5.4% 4.9% 4.7% 4.2% 3.7% 3.8% 3.8% 3.8% 3.6% 3.4% 3.5% 4.0% 4.6% 2.3% 2.5% 2.7% 2.6% 2.3% 2.3% 1.7% 1.0% 0.3% 0.2% 0.2% 0.2% 0.1% 0.2% 0.3% 0.9% 2.1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Q3'18Q4'18Q1'19Q2'19Q3'19Q4'19Q1'20Q2'20Q3'20Q4'20Q1'21Q2'21Q3'21Q4'21Q1'22Q2'22Q3'22 Effective Yield ⁽ ¹ ⁾ Income Yield ⁽ ² ⁾ Net Investment Spread ⁽ ³ ⁾ Weighted Average Cost of Debt ⁽ ⁴ ⁾ Base reference rate ⁽ ⁵ ⁾

Investment Performance Ratings 13 Investment Performance Ratings (% of Portfolio at Fair Value) Rating2012201320142015201620172018201920202021Q1 2022Q2 2022Q3 2022 16.3%2.3%22.2%15.4%11.6%12.0%12.4% 2100.0%92.4%100.0%90.3%87.0%83.9%80.1%83.3%61.1%74.7%78.5%72.8%71.1% 37.6%7.9%13.0%16.1%13.6%13.1%15.0%8.9%9.1%14.0%15.3% 40.0%0.0%0.0%0.6%1.0%0.8%1.2%1.2% 51.8%0.0%1.3%1.1%- - - - 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 RatingDefinition 1The portfolio company's risk of loss has been reduced relative to initial expectations. 2The portfolio company is meeting initial expectations with regard to performance and outlook. 3The investment's risk of loss has increased relative to initial expectation. 4Investment principal is at a material risk of not being fully repaid. 5Investment is in payment default and has significant risk of not receiving full repayment.

Net Asset Value Trends 14 *As a supplement to GAAP financial measures, the Company has provided this non-GAAP measure. The Company believes that this non-GAAP financial measure is useful as it highlights the changes in NAV per share of common stock for each quarter excluding the impact of special dividends that were paid and showsthe 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 15.22 15.00 15.30 15.16 15.04 13.33 13.63 13.98 15.35 15.23 15.23 15.10 14.76 $13.00 $13.50 $14.00 $14.50 $15.00 $15.50 $16.00 Net Asset Value if No Special Dividends Were Paid* Net Asset Value

NAV Per Share Bridge 15 Note: Numbers may not foot due to rounding. Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides usefulinformation 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 tobeconsidered 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

Sales & Principal Payments49.6 $ Acquisition of Investments$53.3 Borrowings22.6 Debt Paydown13.5 Net Investment Income9.8 Dividend Payment, net of distributions reinvested 8.3 Balance Sheet Cash0.7 Other Balance Sheet Changes6.2 Total$82.0Total$82.0 SourcesUses Leverage Migration 16 6/30/2022Quarterly Change9/30/2022 Outstanding Debt:Outstanding Debt: $428.7$7.4 $436.1 Driven by net borrowings to fund new investments NAV:NAV: $347.4 ($4.4)$343.0 Driven by net realized and unrealized losses Leverage Ratio:Leverage Ratio: 1.23x1.27x Note: Numbers may not foot due to rounding. ($ in MM)

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, 2022 WHF had $5.1MM of deferred debt issuance costs. (2)Gross leverage excluding cash. (3)Credit Facility bears interest at LIBOR plus 2.35% on outstanding USD denominated borrowings up to $285.0 and SOFR plus 2.50%onborrowings above $285.0. 3 Current Debt Outstanding (as of September 30, 2022) ($ in MM) CommitmentOutstanding (1) Weighted Average Interest RateMaturity Revolving Credit Facility (3) $335.0 (Accordion Feature up to $375) $246.1 L+2.350% payablequarterly 2025 6.000% 2023 Notes $30.0 $30.0 6.00% payable semi-annually; unsecured 2023 5.375% 2025 Notes $40.0$40.0 5.375% payable semi-annually; unsecured 2025 5.375% 2026 Notes $10.0$10.0 5.375% payable semi-annually; unsecured 2026 4.000% 2026 Notes $75.0$75.0 4.000% payable semi-annually; unsecured 2026 5.625% 2027 Notes $10.0 $10.0 5.625% payable semi-annually; unsecured 2027 4.250% 2028 Notes $25.0 $25.0 4.25% payable semi-annually; unsecured 2028 Total Debt $525.0 $436.1 5.25% weighted average cost of debt Total Shareholders’ Equity/Net Assets $343.0NA Funding Profile 17 Gross Debt to Equity (2) 1.0x-1.35x Target Leverage 0.57x0.57x 0.79x 0.75x 0.97x 1.04x 0.86x 0.94x 1.25x 1.08x 1.14x 1.19x 1.38x 1.36x 1.23x 1.27x 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x 1.40x Q4'18Q1'19Q2'19Q3'19Q4'19Q1'20Q2'20Q3'20Q4'20Q1'21Q2'21Q3'21Q4'21Q1'22Q2'22Q3'22 Debt/ Equity

18 Appendix

Origination Footprint (as of September 30, 2022) Regional Direct Origination Footprint  Scope of H.I.G. WhiteHorse market coverage results in consistent investment activity levels regardless of market conditions  Dedicated direct lending team of over 65 investment and origination professionals  Regional footprint with ~25dedicated direct lending originators in 12 North American offices  Global platform of approximately 560investment professionals across 18 offices in 9 countries and 3 continents  Additional 25 generalist business development professionals dedicated to sourcing proprietary opportunities in the lower to middle market 19

Note: As of end of each quarter presented, unless otherwise noted. Not a guarantee of future performance or investment pace. As of September 30, 2022 STRS JV had $1.8MM of deferred debt issuance costs. (1) Credit Facility bears interest at LIBOR plus 2.35% on outstanding USD denominated borrowings up to $175.0 and SOFR plus 2.50% on borrowings above $175.0. 3 ($ in MM) CommitmentOutstanding (1) Weighted Average Interest Rate Maturity Revolving Credit Facility (1) $225.0 ($25 Accordion Feature) $151.1 L+2.35% payablequarterly 2025 Subordinated Note $120.0$120.0 L+6.50% payablequarterlyN/A Total Debt $345.0$271.1 6.84% weighted average cost of debt Equity $30.0$30.0N/AN/A STRS JV Key Terms and Funding Profile 20 Key Terms  WHFand STRS Ohio have committedto provide up to $150 million in subordinated notes and equity to STRS JV, with STRS Ohio providing $50 million and WHF providing $100 million.  WHF and STRS Ohio share voting control 50%/50%.  Equity ownership of 66.67% WHF and 33.33% STRS  An affiliate of H.I.G. provides day-to-day administrative oversight Current Debt Outstanding (as of September 30, 2022) ($ in MM)

21 Note: As of September 30, 2022, unless otherwise noted; percentages may not add up to 100% due to rounding. (1)Industry classifications based on GICS. Composition by Borrower (Based on Fair Value) Composition by Industry (1) (Based on Fair Value) 100% of STRS JV loans are senior secured STRS JV Borrower and Industry Diversity 6.8% 5.3% 5.2% 5.2% 5.1% 4.9% 4.8% 4.8% 4.6% 4.2% 49.1% Marlin DTC-LS Midco 2, LLC Source Code Holdings, LLC Geo Logic Systems Ltd. RCKC Acquisitions LLC Drew Foam Companies Inc Meta Buyer LLC LMG Holdings, Inc. MEP-TS Midco, LLC Cennox Holdings Limited Quest Events, LLC Other 11.9% 6.8% 6.6% 5.4% 5.3% 5.2% 5.1% 4.9% 4.8% 4.8% 4.3% 4.2% 30.7% IT Consulting & Other Services Internet & Direct Marketing Retail Environmental & Facilities Services Industrial Machinery Technology Hardware, Storage & Peripherals Data Processing & Outsourced Services Building Products Pharmaceuticals Application Software Electronic Equipment & Instruments Packaged Foods & Meats Diversified Support Services Other

Origination Pipeline Funnel (1) 22 (1) Origination Pipeline figures reflect 2014 through September 30, 2022. Three tier sourcing platform, generating meaningful investable opportunities for WhiteHorse Finance Over 60 WhiteHorse deal professionals dedicated to sourcing and underwriting for WHF 20+ person business development team seeks opportunities from H.I.G.’s proprietary database of over 21,000 contacts (telephonic salesforce)  With access to H.I.G. Capital’s extensive sourcing network, the Company is able to capitalize on attractive self-originated lower middle market transactions as compared to the broadly syndicated market  Directly originated loans to lower middle market companies typically generate more attractive risk-adjusted returns relative to larger, broadly syndicated credits Typical Underwriting Process: 3-6 months Opportunities Reviewed Initial Due Diligence Term Sheets Delivered Transactions Closed Transactions Deals being sourced by over 500 Investment Professionals across H.I.G.’s platform Total % of Sourced 8,720 100.0% 2,108 24.2% 574 6.6% 213 2.4%

Board of Directors Investment Committee Corporate Officers Research Coverage Corporate Counsel John BolducSami MnaymnehStuart AronsonBryce RoweDechert LLP Chairman of the BoardFounder and Co-CEO of H.I.G. CapitalChief Executive OfficerB. Riley FBRNew York, NY Stuart AronsonAnthony TamerMarco CollazosErik Zwick Corporate Headquarters DirectorFounder and Co-CEO of H.I.G. CapitalChief Compliance Officer Hovde Group 1450 Brickell Avenue 31st Floor Jay CarvellStuart AronsonJoyson ThomasMelissa WedelMiami, FL 33131 DirectorChief Executive Officer and DirectorChief Financial OfficerJ.P. Morgan Transfer Agent Kevin F. BurkeMark BernierMickey SchleienAmerican Stock Transfer & Independent Director Managing Director of WhiteHorse Capital Ladenburg Thalmann & Co. Inc. Trust Company, LLC New York, NY Rick P. FrierJohn BolducMitchel Penn Independent DirectorChairman of the Board, Executive ManagingOppenheimer & Co. Investor Relations Contact Director of H.I.G. Capital1450 Brickell Avenue Rick D. PuckettRobert Dodd31st Floor Independent DirectorJavier CasillasRaymond JamesAttention: Investor Relations Managing Director of WhiteHorse Capital Miami, FL 33131 G. Stacy Smith(305) 381-6999 Independent DirectorPankaj Gupta Global Head of Originations and Managing Director of WhiteHorse Capital Independent Registered Public Accounting Firm David IndelicatoCrowe LLP Managing Director of WhiteHorse Capital New York, NY Brian Schwartz Securities Listing Co-President of H.I.G. CapitalNASDAQ: WHF John YeagerPlease visit our website at: Managing Director of WhiteHorse Capital www.whitehorsefinance.com 23 Corporate Data

XML

Document and Entity Information	Nov. 14, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Nov. 14, 2022
Entity Registrant Name	WhiteHorse Finance, Inc.
Entity Incorporation, State or Country Code	DE
Securities Act File Number	814-00967
Entity Tax Identification Number	45-4247759
Entity Address, Address Line One	1450 Brickell Avenue
Entity Address, Address Line Two	31st Floor
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33131
City Area Code	305
Local Phone Number	381-6999
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	WHF
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001552198
Amendment Flag	false

XML

N-2	Nov. 14, 2022
Cover [Abstract]
Entity Central Index Key	0001552198
Amendment Flag	false
Securities Act File Number	814-00967
Document Type	8-K
Entity Registrant Name	WhiteHorse Finance, Inc.
Entity Address, Address Line One	1450 Brickell Avenue
Entity Address, Address Line Two	31st Floor
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33131
City Area Code	305
Local Phone Number	381-6999
Entity Emerging Growth Company	false