WhiteHorse Finance Inc 2025年季度报告

Form10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period endedMarch31,2025 or ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or15(d)of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that theregistrant was required to file such reports), and (2)has been subject to such filing requirements for the past90days. Yes☐No☒ Indicate by check mark whether the registrant has submitted electronically every Interactive Data Filerequired to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding12months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “largeaccelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” inRule12b-2 of the Exchange Act. Large acceleratedfiler If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant toSection13(a)of the Exchange Act.◻ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the SecuritiesExchange Act of 1934). Yes☐No⌧ As of May 5, 2025 the Registrant had23,243,088shares of common stock, $0.001 par value,outstanding. WHITEHORSE FINANCE,INC.TABLE OF CONTENTS PagePartI.Financial Information3Item1.Financial Statements3Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited)and December31, 20243Consolidated Statements of Operations for the three months ended March 31, 2025(Unaudited) and 2024 (Unaudited)4Consolidated Statements of Changes in Net Assets for the three months ended March31, 2025 (Unaudited) and 2024 (Unaudited)5Consolidated Statements of Cash Flows for the three months ended March 31, 2025(Unaudited) and 2024 (Unaudited)6Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) andDecember 31, 20248Notesto the Consolidated Financial Statements (Unaudited)25Item2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations69Item3.Quantitative and Qualitative Disclosures about Market Risk89Item4.Controls and Procedures90PartII.Other Information90Item1.Legal Proceedings90Item1A.Risk Factors90Item2.Unregistered Sales of Equity Securities and Use of Proceeds91Item3.Defaults Upon Senior Securities91Item4.Mine Safety Disclosures91Item5.Other Information91Item6.Exhibits91Signatures92 Item1. Financial Statements WhiteHorse Finance,Inc.Consolidated Statements of Assets and Liabilities(in thousands, except share and per share data) WhiteHorse Finance,Inc.Consolidated Statements of Operations (Unaudited)(in thousands, except share and per share data) WhiteHorse Finance,Inc.Consolidated Statements of Changes in Net Assets (Unaudited)(in thousands, except share and per share data) WhiteHorse Finance,Inc.Consolidated Statements of Cash Flows (Unaudited)(in thousands)Three months ended WhiteHorse Finance,Inc.Consolidated Statements of Cash Flows (Unaudited)(in thousands) The following table provides a reconciliation of cash, cash equivalents and restricted cashreported within the consolidated statements of assets and liabilities that sum to the total of the sameamounts presented in the consolidated statements of cash flows: As of March31, WhiteHorse Finance,Inc.Consolidated Schedule of InvestmentsMarch 31, 2025(in thousands) WhiteHorse Finance,Inc.Consolidated Schedule of InvestmentsMarch 31, 2025(in thousands) WhiteHorse Finance,Inc.Consolidated Schedule of InvestmentsMarch 31, 2025(in thousands) WhiteHorse Finance,Inc.Consolidated Schedule of InvestmentsMarch 31, 2025(in thousands) WhiteHorse Finance,Inc.Consolidated Schedule of InvestmentsMarch 31, 2025(in thousands) WhiteHorse Finance,Inc.Consolidated Schedule of InvestmentsMarch 31, 2025(in thousands) WhiteHorse Finance,Inc.Consolidated Schedule of InvestmentsMarch 31, 2025(in thousands) WhiteHorse Finance,Inc.Consolidated Schedule of InvestmentsMarch 31, 2025(in thousands) and six-month SOFR were4.3%,4.3%and4.2%, respectively as of March 31, 2025. The Prime was7.5%asof March 31, 2025. The CORRA was2.8%as of March 31, 2025.(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 qualify