WhiteHorse Finance, Inc. (WHF) Balance Sheet
WHF balance sheet, 2025
December 31, 2025 · U.S. dollars$615.1M assets = $355.3M liabilities + $259.8M equity
Both columns are drawn to the same scale: what WHF owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WHF financial health
Descriptive bands, not a rating. Fiscal 2025.
WHF balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $446.2M2016 | $615.1M2025 | +3.6%/yr | |
| Total liabilities | $196.8M2016 | $355.3M2025 | +6.8%/yr | |
| Shareholders’ equity | $249.4M2016 | $259.8M2025 | +0.5%/yr | |
| Cash & short-term investments | $17.0M2016 | $29.3M2025 | +6.2%/yr | |
| Total debt | $367.3M2016 | $323.8M2025 | −1.4%/yr | |
| Net cash (debt) | −$350.3M2016 | −$294.5M2025 | +$55.8M | |
| Working capital | $19.1M2016 | $4.4M2025 | −$14.7M | |
| Book value per share | $13.622016 | $11.212025 | −2.1%/yr | |
| Current ratio | 2.322016 | 1.142025 | −1.18 | |
| Debt / equity | 1.472016 | 1.252025 | −0.23 | |
| Shares outstanding | 18.3M2016 | 23.2M2025 | +2.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WHF assets
WHF liabilities and equity
WHF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WHF balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $29.3M | $27.0M | $10.7M | $660.0M | $12.2M | $8.1M | $4.3M | $24.1M | $35.2M | $17.0M |
| Cash & equivalents | $29.3M | $12.4M | $10.7M | $9.5M | $12.2M | $8.1M | $4.3M | $24.1M | $35.2M | $17.0M |
| Short-term investments | — | −$20,000 | — | $650.5M | $736.7M | — | — | — | $3.7M | $11.9M |
| Receivables | $5.8M | $5.7M | $8.5M | $8.1M | $7.5M | $11.2M | $6.4M | $10.2M | $5.7M | $4.8M |
| Inventory | $0 | $0 | $1 | $1 | $1 | $1 | $33.9M | $1 | $1 | $0 |
| Other current assets | $0 | $0 | $1.2M | $0 | $0 | $0 | $0 | $10.2M | $3.9M | $11.8M |
| Total current assets | $35.1M | $32.6M | $20.5M | $667.9M | $19.7M | $19.3M | $10.7M | $44.5M | $44.9M | $33.6M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $578.6M | $642.2M | $696.2M | $760.2M | $819.2M | $690.7M | $589.7M | $469.6M | $440.7M | $411.7M |
| Other non-current assets | $1.4M | $2.0M | $14.1M | $0 | $12.1M | $8.9M | $30.9M | $0 | $0 | $881,000 |
| Total assets | $615.1M | $676.8M | $730.8M | $796.5M | $851.0M | $719.0M | $631.2M | $514.1M | $485.5M | $446.2M |
| Liabilities | ||||||||||
| Accounts payable | $8.9M | $16.4M | $13.1M | $13.4M | $12.7M | $11.4M | $10.9M | $11.6M | $8.5M | $9.0M |
| Short-term debt | — | $39.9M | $386.8M | $29.9M | $476.8M | $385.3M | $299.1M | — | — | $182.3M |
| Deferred revenue | — | — | −$373.7M | −$29.9M | −$464.1M | −$373.9M | −$288.2M | −$176.0M | −$182.1M | −$182.3M |
| Total current liabilities | $30.7M | $16.4M | $27.2M | $2.3M | $12.7M | $11.4M | $10.9M | $22.8M | $16.5M | $14.5M |
| Long-term debt | $0 | $0 | $0 | $440.4M | $0 | $0 | $298.9M | $176.0M | $185.0M | $185.0M |
| Other long-term liabilities | $324.6M | $374.2M | $27.2M | $21.3M | $476.8M | $384.9M | $0 | $30,000 | $0 | $0 |
| Total liabilities | $355.3M | $390.7M | $414.0M | $464.1M | $501.3M | $406.1M | $318.3M | $198.8M | $198.6M | $196.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $22,000 | $23,000 | $23,000 | $23,000 | $23,000 | $21,000 | $21,000 | $21,000 | $20,000 | $18,000 |
| Retained earnings (deficit) | −$69.4M | −$51.1M | −$21.5M | −$6.9M | $10.6M | $12.9M | $12.2M | $13.7M | −$6.8M | −$6.4M |
| Accumulated other comprehensive income | — | $0 | $0 | $0 | $0 | $0 | $0 | $315.3M | −$15.4M | −$22.9M |
| Total shareholders' equity | $259.8M | $286.1M | $316.8M | $332.4M | $349.8M | $312.9M | $313.0M | $315.3M | $287.0M | $249.4M |
| Key figures | ||||||||||
| Total debt | $323.8M | $353.1M | $386.8M | $470.3M | $476.8M | $384.9M | $598.0M | $176.0M | $182.1M | $367.3M |
| Net cash (debt) | −$294.5M | −$326.1M | −$376.0M | $189.7M | −$464.6M | −$376.8M | −$593.7M | −$151.8M | −$146.9M | −$350.3M |
| Working capital | $4.4M | $16.2M | −$6.7M | $665.5M | $7.0M | $7.9M | −$248,000 | $21.7M | $28.4M | $19.1M |
| Tangible book value | $259.8M | $286.1M | $316.8M | $332.4M | $349.8M | $312.9M | $313.0M | $315.3M | $287.0M | $249.4M |
| Book value per share | $11.21 | $12.31 | $13.63 | $14.31 | $16.54 | $15.23 | $15.23 | $15.35 | $14.77 | $13.62 |
| Shares outstanding | 23.2M | 23.2M | 23.2M | 23.2M | 21.2M | 20.5M | 20.5M | 20.5M | 19.4M | 18.3M |
| Current ratio | 1.14 | 1.98 | 0.75 | 286.76 | 1.55 | 1.70 | 0.98 | 1.95 | 2.73 | 2.32 |
| Quick ratio | 1.14 | 1.99 | 0.71 | 286.88 | 1.55 | 1.70 | 0.98 | 1.51 | 2.49 | 1.50 |
| Debt / equity | 1.25 | 1.23 | 1.22 | 1.41 | 1.36 | 1.23 | 1.91 | 0.56 | 0.63 | 1.47 |
| Equity / assets | 42.2% | 42.3% | 43.3% | 41.7% | 41.1% | 43.5% | 49.6% | 61.3% | 59.1% | 55.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $27.9M | $11.8M | $7.0M | $9.5M | $10.5M | $19.3M | $12.4M | $19.8M | $21.8M | $19.6M | $24.5M | $28.7M |
| Cash & equivalents | $27.9M | $11.8M | $7.0M | $9.5M | $10.5M | $19.3M | $12.4M | $19.8M | $21.8M | $10.7M | $24.5M | $10.6M |
| Short-term investments | — | — | — | — | — | — | — | — | — | −$8,000 | — | −$22,000 |
| Receivables | $5.8M | $12.7M | $5.8M | $6.1M | $7.3M | $5.5M | $5.7M | $7.6M | $20.4M | $15.2M | $8.9M | $8.4M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $28.5M | $1 | $37.8M |
| Other current assets | $118,000 | $0 | $0 | $0 | $23.8M | $0 | $0 | $0 | $0 | $0 | $1.2M | $0 |
| Total current assets | $33.8M | $12.7M | $8.0M | $11.0M | $41.6M | $24.8M | $18.2M | $26.8M | $29.1M | $27.2M | $34.6M | $36.1M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $569.3M | $543.0M | $578.6M | $568.5M | $629.3M | $651.0M | $642.2M | $654.3M | $660.0M | $697.9M | $696.2M | $706.8M |
| Other non-current assets | $999,000 | $50.3M | $28.5M | $46.4M | $0 | $3.0M | $16.4M | $2.5M | $14.1M | $10.0M | $0 | $3.6M |
| Total assets | $604.1M | $606.0M | $615.1M | $626.0M | $670.9M | $678.8M | $676.8M | $683.6M | $703.2M | $735.0M | $730.8M | $746.5M |
| Liabilities | ||||||||||||
| Accounts payable | $1.3M | $10.3M | $8.9M | $1.7M | $1.5M | $15.0M | $16.4M | $14.6M | $13.5M | $14.3M | $13.1M | $14.3M |
| Short-term debt | $84.8M | — | — | — | $211.8M | $39.9M | $39.9M | — | — | — | — | — |
| Total current liabilities | $111.2M | $31.1M | $30.7M | $36.9M | $244.4M | $75.7M | $16.4M | $33.5M | $13.5M | $14.3M | $13.1M | $14.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $240.1M | $324.6M | $324.6M | $323.9M | $151.8M | $382.3M | $374.2M | $372.1M | $390.5M | $390.3M | $413.9M | $398.1M |
| Total liabilities | $351.3M | $355.7M | $355.3M | $360.8M | $396.2M | $397.3M | $390.7M | $386.7M | $390.5M | $421.3M | $414.0M | $424.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $21,000 | $22,000 | $22,000 | $23,000 | $23,000 | $23,000 | $23,000 | $23,000 | $23,000 | $23,000 | $23,000 | $23,000 |
| Retained earnings (deficit) | −$70.8M | −$75.8M | −$69.4M | −$72.0M | −$62.5M | −$55.8M | −$51.1M | −$41.4M | −$25.6M | −$24.5M | −$21.5M | −$17.0M |
| Accumulated other comprehensive income | — | — | — | — | $0 | $0 | $0 | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $252.8M | $250.3M | $259.8M | $265.2M | $274.8M | $281.4M | $286.1M | $296.9M | $312.7M | $313.8M | $316.8M | $322.3M |
| Key figures | ||||||||||||
| Total debt | $324.9M | $324.1M | $323.8M | $323.5M | $363.2M | $361.1M | $353.1M | $352.8M | $359.3M | $390.3M | $386.8M | $398.1M |
| Net cash (debt) | −$296.9M | −$312.4M | −$316.8M | −$314.0M | −$352.6M | −$341.8M | −$340.7M | −$333.0M | −$337.5M | −$370.7M | −$362.3M | −$369.4M |
| Working capital | −$77.4M | −$18.3M | −$22.7M | −$25.9M | −$202.7M | −$50.9M | $1.7M | −$6.7M | $15.6M | $12.9M | $21.5M | $21.9M |
| Tangible book value | $252.8M | $250.3M | $259.8M | $265.2M | $274.8M | $281.4M | $286.1M | $296.9M | $312.7M | $313.8M | $316.8M | $322.3M |
| Book value per share | $11.72 | $11.29 | $11.21 | $11.41 | $11.82 | $12.11 | $12.31 | $12.77 | $13.45 | $13.50 | $13.63 | $13.87 |
| Shares outstanding | 21.6M | 22.2M | 23.2M | 23.2M | 23.2M | 23.2M | 23.2M | 23.2M | 23.2M | 23.2M | 23.2M | 23.2M |
| Current ratio | 0.30 | 0.41 | 0.26 | 0.30 | 0.17 | 0.33 | 1.10 | 0.80 | 2.15 | 1.90 | 2.64 | 2.53 |
| Quick ratio | 0.30 | 0.79 | 0.42 | 0.42 | 0.07 | 0.33 | 1.10 | 0.82 | 3.12 | 2.43 | 2.55 | 2.61 |
| Debt / equity | 1.29 | 1.29 | 1.25 | 1.22 | 1.32 | 1.28 | 1.23 | 1.19 | 1.15 | 1.24 | 1.22 | 1.24 |
| Equity / assets | 41.9% | 41.3% | 42.2% | 42.4% | 41.0% | 41.5% | 42.3% | 43.4% | 44.5% | 42.7% | 43.3% | 43.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 6, 2026); data from EODHD.
WHF financial position
At the end of fiscal 2025 (December 31, 2025), WhiteHorse Finance had total assets of $615.1 million (down 9.1% from a year earlier), total liabilities of $355.3 million and shareholders' equity of $259.8 million. It held $29.3 million in cash and short-term investments against $323.8 million of debt, net debt of $294.5 million. Its current ratio was 1.14. In the latest quarter (ended June 30, 2026) total assets were $604.1 million and equity $252.8 million.
Related: WHF income statement, WHF cash flow statement, WHF key metrics. See the WHF stock overview for the latest quote and news.
WHF balance sheet FAQ
What are WhiteHorse Finance's total assets?
WhiteHorse Finance reported total assets of $615.1 million at the end of fiscal 2025 (December 31, 2025), compared with $676.8 million a year earlier.
How much debt does WhiteHorse Finance have?
WhiteHorse Finance had $323.8 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.25.
How much cash does WhiteHorse Finance have?
WhiteHorse Finance held $29.3 million in cash and short-term investments at the end of fiscal 2025; with $323.8 million of debt that is net debt of $294.5 million.
What is WhiteHorse Finance's book value?
WhiteHorse Finance's shareholders' equity (book value) was $259.8 million at the end of fiscal 2025, or $11.21 per share.
What is WhiteHorse Finance's current ratio?
WhiteHorse Finance had current assets of $35.1 million and current liabilities of $30.7 million, a current ratio of 1.14 (it can cover its short-term obligations).