WHF
WhiteHorse Finance, Inc.
NasdaqGSUSDEQUITY
Financial Services
DELAYED
Neutral
+5/100
Last price
7.00
▼ 0.07 (0.99%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
—
Prev close
7.07
Day high
7.22
Day low
6.94
Volume
123.97K
Market cap
$150.34M
P/E (TTM)
8.97
52W range
6.07 – 7.84
Trailing performance
Returnvs SPY
1W
-0.71%
-2.7%
1M
-1.41%
-2.6%
3M
+9.55%
+5.0%
6M
-6.91%
-25.1%
YTD
+0.72%
-13.5%
1Y
+0.29%
-16.1%
3Y
-45.18%
-127.4%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on WHF open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
837.58K
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jun 18, 26 | BOLDUC JOHN P Director |
BUY | 15.38K | $99.82K | Indirect |
| Jun 15, 26 | ARONSON STUART D. Chief Executive Officer |
BUY | 15.00K | $96.15K | Direct |
| Jun 5, 26 | BOLDUC JOHN P Director |
BUY | 14.28K | $97.39K | Indirect |
| Jun 2, 26 | BOLDUC JOHN P Director |
BUY | 14.28K | $97.75K | Indirect |
| May 29, 26 | VOLPE JOHN PAUL Director |
BUY | 1.00K | $6.74K | Direct |
| May 29, 26 | BOLDUC JOHN P Director |
BUY | 21.42K | $146.19K | Indirect |
| May 22, 26 | ARONSON STUART D. Chief Executive Officer |
BUY | 32.00K | $210.06K | Direct |
| May 21, 26 | THOMAS JOYSON C. Chief Financial Officer |
BUY | 3.00K | $19.86K | Direct |
| Mar 23, 26 | ARONSON STUART D. Chief Executive Officer |
BUY | 13.00K | $91.10K | Direct |
| Mar 16, 26 | BOLDUC JOHN P Director |
BUY | 25.17K | $179.59K | Indirect |
| Mar 13, 26 | VOLPE JOHN PAUL Director |
BUY | 1.00K | $7.18K | Direct |
| Mar 6, 26 | BOLDUC JOHN P Director |
BUY | 16.67K | $119.71K | Indirect |
| Dec 24, 25 | THOMAS JOYSON C. Chief Financial Officer |
BUY | 4.50K | $31.56K | Direct |
| Dec 24, 25 | BOLDUC JOHN P Director |
BUY | 23.17K | $162.06K | Indirect |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
ARONSON STUART D. |
Chief Executive Officer | 127.00K | Purchase |
BOLDUC JOHN P |
Director | — | Purchase |
THOMAS JOYSON C. |
Chief Financial Officer | 25.00K | Purchase |
VOLPE JOHN PAUL |
Director | 2.00K | Purchase |
Fundamentals
Market cap$150.34M
Enterprise value$466.32M
Revenue (TTM)$65.26M
Gross profit$65.26M
EBITDA—
Net income$17.55M
EPS (TTM)$0.78
Free cash flow$14.55M
Total cash$8.46M
Total debt$324.45M
Book value / share$11.68
Shares outstanding21.48M
Float—
Short % of float1.57%
Dividend yield14.29%
Beta (5Y)0.43
Valuation & profitability ratios
Trailing P/E8.97
Forward P/E7.16
PEG ratio—
Price / sales—
Price / book0.60
EV / revenue7.15
EV / EBITDA—
Gross margin100.00%
Operating margin66.34%
Profit margin26.88%
Return on equity6.65%
Return on assets4.33%
Debt / equity128.34
Current ratio0.31
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $20.17M | $17.09M | $25.68M | $21.35M | +18.0% |
| Operating revenue | $20.17M | $17.09M | $25.68M | $21.35M | +18.0% |
| Selling, general & admin | $5.37M | $5.12M | $4.30M | $4.65M | +4.9% |
| Total operating expense | $5.17M | $5.12M | $4.30M | $4.65M | +1.0% |
| Pre-tax income | $15.00M | $11.97M | $21.38M | $16.71M | +25.3% |
| Tax provision | $662.00K | $1.12M | $965.00K | $1.02M | -40.9% |
| Net income | $14.34M | $10.85M | $20.41M | $15.68M | +32.1% |
| Net income to common | $14.34M | $10.85M | $20.41M | $15.68M | +32.1% |
| Basic EPS | 0.62 | 0.47 | 0.88 | 0.68 | +31.9% |
| Diluted EPS | 0.62 | 0.47 | 0.88 | 0.68 | +31.9% |
| Basic shares | 23.17M | 23.24M | 23.24M | 23.23M | -0.3% |
| Diluted shares | 23.17M | 23.24M | 23.24M | 23.23M | -0.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $7.03M | $12.42M | $10.75M | $9.51M | -43.4% |
| Total assets | $615.13M | $676.82M | $730.75M | $796.47M | -9.1% |
| Total debt | $323.83M | $353.12M | $386.45M | $440.43M | -8.3% |
| Total liabilities | $355.34M | $390.69M | $413.98M | $464.09M | -9.0% |
| Retained earnings | -$69.35M | -$51.09M | -$21.53M | -$6.88M | -35.7% |
| Shareholder equity | $259.79M | $286.13M | $316.77M | $332.39M | -9.2% |
| Net tangible assets | $259.79M | $286.13M | $316.77M | $332.39M | -9.2% |
| Shares issued | 22.23M | 23.24M | 23.24M | 23.24M | -4.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $14.34M | $10.85M | $20.41M | $15.68M | +32.1% |
| Change in working capital | -$3.04M | $13.03M | $2.70M | -$1.51M | -123.3% |
| Operating cash flow | $77.27M | $78.76M | $90.37M | $71.99M | -1.9% |
| Share buybacks | -$7.42M | $0 | $0 | — | — |
| Dividends paid | -$36.61M | -$41.49M | -$35.33M | -$33.14M | +11.8% |
| Financing cash flow | -$75.42M | -$75.40M | -$92.13M | -$68.49M | -0.0% |
| Free cash flow | $77.27M | $78.76M | $90.37M | $71.99M | -1.9% |
| End cash position | $29.73M | $27.84M | $24.49M | $26.26M | +6.8% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Total revenue | $11.61M | $655.00K | $9.83M | $952.00K | $3.90M | — | +1,672.2% |
| Operating revenue | $11.61M | $655.00K | $9.83M | $952.00K | $3.90M | — | +1,672.2% |
| Selling, general & admin | $1.30M | $1.39M | $1.46M | $1.32M | $1.47M | — | -6.3% |
| Total operating expense | $1.16M | $1.22M | $1.26M | $1.32M | $1.47M | — | -4.9% |
| Pre-tax income | $10.45M | -$562.00K | $8.56M | -$370.00K | $2.44M | — | +1,959.6% |
| Tax provision | $42.00K | $125.00K | $185.00K | $186.00K | $186.00K | — | -66.4% |
| Net income | $10.41M | -$687.00K | $8.38M | -$556.00K | $2.25M | — | +1,615.1% |
| Net income to common | $10.41M | -$687.00K | $8.38M | -$556.00K | $2.25M | — | +1,615.1% |
| Basic EPS | 0.48 | -0.03 | — | -0.02 | 0.10 | 0.18 | +1,700.0% |
| Diluted EPS | 0.48 | -0.03 | — | -0.02 | 0.10 | 0.18 | +1,700.0% |
| Basic shares | 21.57M | 22.17M | — | 23.24M | 23.24M | 23.24M | -2.7% |
| Diluted shares | 21.57M | 22.17M | — | 23.24M | 23.24M | 23.24M | -2.7% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $8.46M | $11.79M | $7.03M | $9.54M | $10.53M | -28.2% |
| Total assets | $604.08M | $606.04M | $615.13M | $626.00M | $670.91M | -0.3% |
| Total debt | $324.45M | $324.14M | $323.83M | $323.53M | $363.18M | +0.1% |
| Total liabilities | $351.27M | $355.70M | $355.34M | $360.76M | $396.16M | -1.2% |
| Retained earnings | -$70.76M | -$75.79M | -$69.35M | -$71.98M | -$62.48M | +6.6% |
| Shareholder equity | $252.81M | $250.34M | $259.79M | $265.25M | $274.75M | +1.0% |
| Net tangible assets | $252.81M | $250.34M | $259.79M | $265.25M | $274.75M | +1.0% |
| Shares issued | 21.48M | 21.82M | 22.23M | 23.24M | 23.24M | -1.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Net income | $10.41M | -$687.00K | $8.38M | -$556.00K | $2.25M | — | +1,615.1% |
| Change in working capital | $2.55M | -$6.68M | $2.07M | $1.07M | -$3.40M | — | +138.1% |
| Operating cash flow | -$12.98M | $28.25M | $959.00K | $61.62M | $21.70M | — | -146.0% |
| Share buybacks | -$2.56M | -$3.02M | — | — | $0 | $0 | +15.2% |
| Dividends paid | -$5.75M | -$5.60M | -$9.76M | -$8.95M | -$8.95M | — | -2.8% |
| Financing cash flow | -$8.31M | -$8.61M | -$17.18M | -$48.95M | -$8.04M | — | +3.5% |
| Free cash flow | -$12.98M | $28.25M | $959.00K | $61.62M | $21.70M | — | -146.0% |
| End cash position | $28.06M | $49.36M | $29.73M | $45.94M | $33.28M | — | -43.1% |
Options analytics
Put / call volume
0.77
Call-heavy session
Put / call open interest
0.00
Positioning, not flow
Max pain
2.50
-64.3% from spot
ATM implied vol
12.5%
Nearest strike to spot
Skew (10% OTM)
-12.5%
Calls bid over puts
Call volume
26
Contracts, this expiry
Put volume
20
Contracts, this expiry
Heaviest call OI
10.00
2 contracts
Heaviest put OI
5.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.25 | 0.33 | +31.6% |
| Mar 2026 | 0.28 | 0.25 | -10.1% |
| Dec 2025 | 0.27 | 0.29 | +7.2% |
| Sep 2025 | 0.29 | 0.26 | -9.5% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.25 | 5 | $15.15M | -14.4% |
| Next quarter | 0.25 | 5 | $15.51M | -10.6% |
| Current year | 0.97 | 5 | $60.84M | -16.3% |
| Next year | 0.98 | 5 | $62.90M | +3.4% |
Analyst targets & ownership
Mean target$7.83
High target$9.00
Low target$6.50
Implied upside11.90%
Analyst count3
ConsensusNONE
Strong buy / Buy0 / 0
Hold4
Sell / Strong sell0 / 1
Held by insiders3.90%
Held by institutions35.41%
Institutions holding60
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
7.01
-0.17% from price
SMA 20
7.10
-1.37% from price
SMA 50
6.98
+0.24% from price
SMA 100
6.82
+2.70% from price
SMA 200
6.95
+0.68% from price
EMA 12
7.04
-0.54% from price
EMA 26
7.05
-0.67% from price
EMA 50
6.99
+0.11% from price
RSI (14)
48.2
Neutral
MACD (12,26,9)
-0.01
Hist -0.03
ATR (14)
0.20
2.85% of price
Realised vol 30D
25.9%
Annualised
Bollinger upper
7.41
20, 2σ
Bollinger lower
6.79
20, 2σ
50 / 200 cross
Golden
6.98 vs 6.95
Trend bias
Above 200
+0.68%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.34
Less volatile than market
Correlation to SPY
0.15
Largely independent
Realised vol 30D
25.9%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-19.7%
Peak to trough
Max drawdown 5Y
-61.8%
Peak to trough
ATR 14
0.20
2.85% of price
Beta (reported)
0.43
5Y monthly, from filing
Short interest
Shares short
261.64K
Prior 265.63K
Change vs prior
-1.5%
Shorts covering
% of float
1.57%
Normal
% of shares out
1.22%
Against total outstanding
Days to cover
3.9
Liquid
Float
—
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 19, 26 | JP Morgan | MAINTAINED | Underweight | Underweight |
| Aug 14, 26 | B. Riley Securities | MAINTAINED | Neutral | Neutral |
| Jul 2, 26 | JP Morgan | MAINTAINED | Underweight | Underweight |
| Oct 1, 25 | JP Morgan | MAINTAINED | Underweight | Underweight |
| Aug 13, 25 | B. Riley Securities | MAINTAINED | Neutral | Neutral |
| Mar 10, 25 | JP Morgan | MAINTAINED | Underweight | Underweight |
| Feb 3, 25 | JP Morgan | MAINTAINED | Underweight | Underweight |
| Nov 11, 24 | Oppenheimer | DOWNGRADE | Outperform | Perform |
| Nov 8, 24 | Raymond James | DOWNGRADE | Outperform | Market Perform |
| Jul 29, 24 | JP Morgan | MAINTAINED | Underweight | Underweight |
| Mar 1, 24 | JP Morgan | MAINTAINED | Underweight | Underweight |
| Jan 8, 24 | B. Riley Securities | DOWNGRADE | Buy | Neutral |
Dividends & splits
Forward rate$1.00 / yr
Forward yield14.29%
5-year avg yield12.74%
Payout ratio146.79%
Ex-dividend dateSep 21, 2026
Next pay dateOct 5, 2026
Last split—
Split date—
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-09-15
Offering Registrations
N-2/A · 2026-08-18
Periodic Financial Reports
10-Q · 2026-08-10
Corporate Changes & Voting Matters
8-K · 2026-08-04
Corporate Changes & Voting Matters
8-K · 2026-07-28
Offering Registrations
N-2 · 2026-07-13
Proxy Statements
DEF 14A · 2026-06-18
Corporate Changes & Voting Matters
8-K · 2026-05-07
Headlines
WhiteHorse Finance Inc's Dividend Analysis
GuruFocus.com · 16d ago
Strength Seen in WhiteHorse (WHF): Can Its 5.5% Jump Turn into More Strength?
Zacks · 21d ago
WhiteHorse Finance, Inc. Q2 2026 Earnings Call Summary
Moby · 56d ago
WhiteHorse Finance Q2 Earnings Call Highlights
MarketBeat · 57d ago
WhiteHorse Finance (WHF) Misses Q2 Earnings and Revenue Estimates
Zacks · 57d ago
WhiteHorse: Q2 Earnings Snapshot
Associated Press · 57d ago
BlackRock TCP (TCPC) Beats Q2 Earnings and Revenue Estimates
Zacks · 62d ago
Analysts Estimate WhiteHorse Finance (WHF) to Report a Decline in Earnings: What to Look Out for
Zacks · 64d ago
PRIVATE STRATEGY · BY QUALIFICATION
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