WhiteHorse Finance filed a prospectus for a securities offering valued at up to $240,905,146. The filing outlines the potential sale of common stock, preferred stock, warrants, subscription rights, debt securities, and units. The company also disclosed that a selling stockholder may offer 3,976,258 shares of existing common stock.

The externally managed, closed-end, non-diversified management investment company has elected to be treated as a business development company under the Investment Company Act of 1940. H.I.G. WhiteHorse Advisers, LLC serves as the investment adviser, while H.I.G. WhiteHorse Administration, LLC serves as the administrator. Both entities are affiliates of H.I.G. Capital, L.L.C., which had approximately $72 billion of capital under management as of December 31, 2025.

WhiteHorse Finance aims to generate risk-adjusted returns by investing in senior secured loans to lower middle market companies. These loans typically float with the Secured Overnight Financing Rate (SOFR) plus a spread and have terms of three to six years. The company invests primarily in securities rated below investment grade.

The securities may be offered through underwriters, dealers, or directly to purchasers. If common stock is offered, the price per share will generally not be less than the net asset value per share, except in specific circumstances such as rights offerings or with shareholder consent. The company will not receive proceeds from the sale of shares by the selling stockholder.

WhiteHorse Finance's common stock trades on the Nasdaq Global Select Market under the symbol "WHF." The last reported closing price on July 10, 2026 was $6.43. The aggregate market value of the shares held by the selling stockholder was approximately $25,567,338.94 million based on this price. The net asset value per share was $11.47 as of March 31, 2026.

Key Financial Details

JP Morgan analyst Richard Shane has maintained an Underweight rating on WhiteHorse Finance (NASDAQ: WHF) and lowered the price target to $6 from $6.5. The revision reflects a revised outlook on the company's stock performance.

Rating and Price Target

The brokerage firm adjusted its valuation while keeping its negative stance on the stock. The new price target represents a decrease from the previous $6.5 mark.

WhiteHorse Finance is a business development company focused on providing debt capital to middle-market companies.