WhiteHorse Finance Inc 2025年度报告

Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was requiredto 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 emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growthcompany” in Rule12b-2 of the Exchange Act. (Check one): Accelerated filer☒Smaller reporting company☐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 Large accelerated filer☐Non-accelerated filer☐ any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section404(b)of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firmthat prepared or issued its audit report.☒Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Securities Exchange Act of 1934). Yes☐No☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant includedin the filing reflect the correction of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of common stock held by non-affiliates of the registrant on June30, 2025 based on the closing price on that date of$8.72 on the Nasdaq Global Select Market was approximately $158.9 million. For the purposes of calculating this amount only, all directors andexecutive officers of the registrant have been treated as affiliates. There were 22,234,045 shares of the registrant’s common stock outstanding as ofFebruary28, 2026. DOCUMENTS INCORPORATED BY REFERENCE WHITEHORSE FINANCE,INC.TABLE OF CONTENTS PagePartI.Item1.Business4Item1A. Risk Factors30Item1B. Unresolved Staff Comments77Item1C.Cybersecurity77Item2.Properties79Item3.Legal Proceedings79Item4.Mine Safety Disclosures79PartII.Item5.Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities80Item6.Reserved85Item7.Management’s Discussion and Analysis of Financial Condition and Results ofOperations85Item7A.Quantitative and Qualitative Disclosure about Market Risk108Item8.Consolidated Financial Statements and Supplementary Data110Item 9.Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure186Item9A. Controls and Procedures186Item9B. Other Information187Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections187PartIII.Item10.Directors, Executive Officers and Corporate Governance187Item11.Executive Compensation192Item12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder Matters193Item13.Certain Relationships and Related Transactions, and Director Independence195Item14.Principal Accounting Fees and Services195PartIV.Item15.Exhibits and Financial Statements196Item16.Form 10-K Summary199Signatures200 PARTI In this annual report on Form10-K, except as otherwise indicated, the terms: ●“we,”“us,”“our,”the“Company”and“WhiteHorse Finance”refer (unless the context otherwiserequires) to WhiteHorse Finance,Inc., a Delaware corporation, and its consolidatedsubsidiaries, WhiteHorse Credit (as defined below) and WhiteHorse California (as definedbelow);●“H.I.G. Capital”refers (unless the context otherwise requires), collectively, to H.I.G. Capital, L.L.C.,a Delaware limited liability company, and its affiliates. H.I.G. Capital employs all of WhiteHorseFinance’s investment professionals, as well as those of WhiteHorse Advisers (as defined below),WhiteHorse Administration (as defined below) and their respective affiliates;●“WhiteHorse Credit”refers to WhiteHorse Finance Credit I, LLC, a special purpose Delaware limitedliability company and a wholly owned subsidiary of WhiteHorse Finance;●“WhiteHorse California”refers to WhiteHorse Finance (CA), LLC, a special purpose Delawarelimited liability company and a wholly owned subsidiary of WhiteHorse Credit;●“WhiteHorse Advisers”and the“Investment Adviser”refer to H.I.G. WhiteHorse Advisers, LLC, aDelaware limited liability company and an affiliate of H.I.G. Capital;●“WhiteHorse Administration”and the“Administrator”refer to H.I.G. WhiteHorseAdministration, LLC, a Delaware limited liability company and an affiliate of H.I.G. Capital;●“W