WhiteHorse Finance (WHF) investor relations material

Executive summary

• Net asset value (NAV) per share increased to $11.77 as of June 30, 2026, up 2.6% from Q1, driven by unrealized gains, portfolio markups, and share repurchases.

• Net investment income for Q2 2026 was $4.7M ($0.217/share), down from $5.6M ($0.253/share) in Q1, reflecting a smaller average portfolio, lower yields, and more non-accrual loans.

• Share repurchases totaled 345,000 shares at an average price of $7.42, contributing over $0.06/share to NAV accretion.

• Net increase in net assets from operations was $10.4M for Q2 2026, up from a decrease in Q1, driven by $5.8M in net unrealized gains.

• Portfolio consisted of 131 positions in 67 companies, with a fair value of $569.2M as of June 30, 2026.

Financial highlights

• Total investment income for Q2 2026 was $14.4M, down from $15.9M in Q1 and $18.8M in Q2 2025.

• Net realized and unrealized gains were $5.7M ($0.265/share), led by markups in Chase/Starco, Sklar Holdings, and PlayMonster.

• Weighted average effective yield on income-producing debt investments was 10.8%.

• Portfolio fair value stood at $569.2M across 131 investments.

• Net investment income for the first half of 2026 was $10.3M, compared to $13.4M in the first half of 2025.

Outlook and guidance

• Quarterly distribution of $0.25/share declared for Q3 2026, to be paid in October.

• Incentive fee on net investment income voluntarily reduced from 20% to 17.5% for Q3 2026.

• Management expects continued pressure on yields and income due to elevated non-accruals and a smaller portfolio.

• Focus remains on disciplined originations, risk management, and selective capital deployment.

• Realizations from Chase/Starco and Naviga are possible in the second half of 2026; PlayMonster may be considered for sale after 2026 results.