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Upturn AI SWOT - About
WHF 
WhiteHorse Finance (WHF)
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Upturn Advisory Summary
10/15/2025: WHF (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
4 Analysts rated it
Very few follow this stock; limited insights, higher-risk early investing.
1 Year Target Price $8.83
1 Year Target Price $8.83
| 0 | Strong Buy |
| 0 | Buy |
| 3 | Hold |
| 1 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -24.77% | Avg. Invested days 49 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 10/15/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 163.63M USD | Price to earnings Ratio 43.5 | 1Y Target Price 8.83 |
Price to earnings Ratio 43.5 | 1Y Target Price 8.83 | ||
Volume (30-day avg) 4 | Beta 0.8 | 52 Weeks Range 6.53 - 10.18 | Updated Date 10/17/2025 |
52 Weeks Range 6.53 - 10.18 | Updated Date 10/17/2025 | ||
Dividends yield (FY) 21.88% | Basic EPS (TTM) 0.16 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 4.36% | Operating Margin (TTM) 68.42% |
Management Effectiveness
Return on Assets (TTM) 5.2% | Return on Equity (TTM) 1.21% |
Valuation
Trailing PE 43.5 | Forward PE 6.21 | Enterprise Value 514415904 | Price to Sales(TTM) 2.01 |
Enterprise Value 514415904 | Price to Sales(TTM) 2.01 | ||
Enterprise Value to Revenue 55.04 | Enterprise Value to EBITDA 6.45 | Shares Outstanding 23243088 | Shares Floating - |
Shares Outstanding 23243088 | Shares Floating - | ||
Percent Insiders 4.48 | Percent Institutions 31.93 |
Upturn AI SWOT
WhiteHorse Finance
Company Overview
History and Background
WhiteHorse Finance, Inc. was founded in 2011 and is a direct lender focused on providing financing to middle-market companies. It is a business development company (BDC). It's evolved from its initial focus to broaden its investment scope within the middle-market lending space.
Core Business Areas
- Direct Lending: Providing senior secured debt and other financing solutions to middle-market companies.
- Equity Investments: Making select equity investments in portfolio companies, usually alongside debt investments.
Leadership and Structure
The company is led by a management team experienced in leveraged finance and private equity. It operates as an externally managed BDC.
Top Products and Market Share
Key Offerings
- Senior Secured Debt: Provides first and second lien loans to middle-market businesses, generating the majority of its revenue. Competitors include Ares Capital (ARCC) and Goldman Sachs BDC (GSBD). Market share data is difficult to determine with precision across the entire middle market, but WhiteHorse is a player within it.
- Unitranche Loans: Offers unitranche loans, which combine characteristics of senior and subordinated debt. Competitors are similar to senior secured debt. Market share data is difficult to determine with precision across the entire middle market, but WhiteHorse is a player within it.
- Equity Co-Investments: Makes opportunistic equity investments in conjunction with debt financings. Revenue is generated from capital gains/losses. Competitors depend on the specific deal, but often include private equity firms. Market share is very small.
Market Dynamics
Industry Overview
The BDC industry is currently characterized by increasing interest rates, impacting borrowing costs for BDCs and portfolio companies. Demand for middle-market financing remains strong, though competition is high. Regulatory changes also play a role.
Positioning
WhiteHorse Finance is positioned as a direct lender focused on middle-market companies. Its competitive advantage lies in its established relationships and expertise in structuring financing solutions for this segment. It is smaller in scale than the larger BDCs, focusing on smaller transactions.
Total Addressable Market (TAM)
The middle-market lending TAM is estimated to be in the hundreds of billions of dollars. WhiteHorse Finance's TAM is smaller as they focus on a smaller deal size of ~$30M, addressing only a portion of the overall TAM. Larger players address the remaining components.
Upturn SWOT Analysis
Strengths
- Experienced management team
- Focus on less competitive middle-market segment
- Diversified portfolio
- Strong relationships with sponsors
Weaknesses
- Externally managed structure
- Smaller market capitalization compared to larger BDCs
- Concentration risk in certain industries
- Reliance on debt financing, making it sensitive to interest rate changes
Opportunities
- Increased demand for private credit
- Expansion into new industry verticals
- Strategic acquisitions of smaller lenders
- Growth of the middle-market
Threats
- Economic recession impacting portfolio companies
- Increased competition from other BDCs and private credit funds
- Rising interest rates increasing borrowing costs
- Regulatory changes affecting BDCs
Competitors and Market Share
Key Competitors
- ARCC
- GSBD
- OCSL
- TCPC
Competitive Landscape
WhiteHorse Finance is smaller than its main competitors. It focuses on the lower end of middle-market transactions, leading to less competition with the likes of ARCC. Its advantages are its focus and expertise, while its disadvantage is scale.
Growth Trajectory and Initiatives
Historical Growth: WhiteHorse Finance's growth has been driven by the expansion of its lending portfolio and strategic investments. The company's assets have grown along with the expansion in the private lending market, but this has not always translated into higher profitability.
Future Projections: Future growth will depend on WhiteHorse Finance's ability to deploy capital effectively and maintain portfolio quality. Analysts' estimates vary, influenced by economic outlook and interest rate expectations.
Recent Initiatives: Recent initiatives have included focusing on larger deals, diversifying its portfolio across industries, and managing its cost of capital.
Summary
WhiteHorse Finance is a smaller BDC focused on middle-market lending. It leverages its expertise in this space to provide financing solutions, but faces competition from larger players. Its external management and smaller scale present challenges, while its diversified portfolio and focus on smaller transactions provides stability. Careful management of credit risk and borrowing costs will be crucial for future success.
Peer Comparison
Sources and Disclaimers
Data Sources:
- SEC Filings
- Company Website
- Analyst Reports
Disclaimers:
This analysis is for informational purposes only and should not be considered financial advice. Past performance is not indicative of future results. Market share data is based on publicly available information and may not be precise.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About WhiteHorse Finance
Exchange NASDAQ | Headquaters Miami, FL, United States | ||
IPO Launch date 2012-12-05 | CEO & Director Mr. Stuart D. Aronson | ||
Sector Financial Services | Industry Asset Management | Full time employees - | |
Full time employees - | |||
WhiteHorse Finance, Inc. is business development company, non-diversified, closed end management company specializing in originating senior secured loans, lower middle market, growth capital industries. It invests in broadline retail, office services and supplies, building products, health care services, health care supplies, research and consulting services, application software, home furnishings, specialized consumer services, data processing and outsourced services, leisure facilities, cable, and satellite. It prefers to invest in United States. It typically invests between $5 million to $25 million in companies having enterprise value of between $50 million and $350 million.
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