WhiteHorse Finance
WHF on Nasdaq. WhiteHorse Finance lends money to small private companies in the United States. Market value $152m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$7.00 a share, 15% above its 1-year low
Over the past year the price has ranged from $6.07 to $7.84.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | n/a | n/a | n/a | n/a |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | n/a |
| Debt to equity | ||||
| Debt to equity | 1.33 | 1.22 | 1.23 | 1.25 |
| Shares outstanding | ||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- Debt1.25× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesYes, 8% fewer since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $10 million, up 363% on a year ago.
- 7% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $316 million more than cash, down from $353 million a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | -$7m |
| December 2024 | $4m |
| March 2025 | $4m |
| June 2025 | $2m |
| September 2025 | -$556,000 |
| December 2025 | $8m |
| March 2026 | -$687,000 |
| June 2026 | $10m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 6 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 50 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $66,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $66,000 | <0.1% |
Largest holders overall
- Lalia Capital$5mAdded
- TWO Sigma Investments, LP$3m
- Ethos Financial Group$2mAdded
- CastleKnight Management LP$1mCut
- Bank of America$1m
- Legal & General Group$1mAdded
- Bank of Montreal /can$769,441
- Raymond James Financial$706,858Added
- Blue Trust$640,523
- Cambridge Investment Research Advisors$612,000Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $2m of shares on the open market. 1 sold $6,820.
- BOLDUC JOHNDirectorBought
- Date
- 18 June 2026
- Shares
- 15,380
- Price
- $6.49
- Value
- $99,816
- Aronson Stuart DChief Executive Officer, DirectorBought
- Date
- 15 June 2026
- Shares
- 15,000
- Price
- $6.41
- Value
- $96,150
- BOLDUC JOHNDirectorBought
- Date
- 5 June 2026
- Shares
- 7,140
- Price
- $6.76
- Value
- $48,302
- BOLDUC JOHNDirectorBought
- Date
- 4 June 2026
- Shares
- 7,140
- Price
- $6.88
- Value
- $49,088
- BOLDUC JOHNDirectorBought
- Date
- 2 June 2026
- Shares
- 7,140
- Price
- $6.81
- Value
- $48,623
- BOLDUC JOHNDirectorBought
- Date
- 1 June 2026
- Shares
- 7,140
- Price
- $6.88
- Value
- $49,123
- Volpe John PaulDirectorBought
- Date
- 29 May 2026
- Shares
- 1,000
- Price
- $6.74
- Value
- $6,740
- BOLDUC JOHNDirectorBought
- Date
- 29 May 2026
- Shares
- 7,140
- Price
- $6.76
- Value
- $48,266
- BOLDUC JOHNDirectorBought
- Date
- 28 May 2026
- Shares
- 7,140
- Price
- $6.81
- Value
- $48,623
- BOLDUC JOHNDirectorBought
- Date
- 27 May 2026
- Shares
- 7,140
- Price
- $6.91
- Value
- $49,302
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 18 June 2026 | BOLDUC JOHN Director | Bought | 15,380 | $6.49 | $99,816 |
| 15 June 2026 | Aronson Stuart D Chief Executive Officer, Director | Bought | 15,000 | $6.41 | $96,150 |
| 5 June 2026 | BOLDUC JOHN Director | Bought | 7,140 | $6.76 | $48,302 |
| 4 June 2026 | BOLDUC JOHN Director | Bought | 7,140 | $6.88 | $49,088 |
| 2 June 2026 | BOLDUC JOHN Director | Bought | 7,140 | $6.81 | $48,623 |
| 1 June 2026 | BOLDUC JOHN Director | Bought | 7,140 | $6.88 | $49,123 |
| 29 May 2026 | Volpe John Paul Director | Bought | 1,000 | $6.74 | $6,740 |
| 29 May 2026 | BOLDUC JOHN Director | Bought | 7,140 | $6.76 | $48,266 |
| 28 May 2026 | BOLDUC JOHN Director | Bought | 7,140 | $6.81 | $48,623 |
| 27 May 2026 | BOLDUC JOHN Director | Bought | 7,140 | $6.91 | $49,302 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.