Business development company

WhiteHorse Finance, Inc. (WHF)

WhiteHorse Finance, Inc. trades as WHF on NASDAQ. This page collects what it has actually paid — every recorded payment, the calendar-year totals, the forward and trailing 12-month yields side by side against the last price, and the dates already declared.

$7.05 $0.02 (+0.28%)
52-week range $6.07 – $8.97
Business development company NASDAQFinancial ServicesAsset Management

Price as of Aug 25, 2026 (7 hours ago) · supplied by fmp. Quotes may be delayed. Verify with your broker before acting on anything here.

Forward yield Not computed: the payment cadence is irregular, so there is no number of payments a year to multiply by. The trailing figure beside it is what has actually been paid.
Trailing 12-month yield 16.74% Cash actually paid per share over the last 365 days ($1.18) divided by the last price. Backward-looking, and not comparable with a bond's yield to maturity or an index yield.
Paid over 12 months $1.18 Trailing 12 months: the regular payments actually made over the last 365 days. No forward estimate is shown because the payment cadence is irregular, so there is no number of payments a year to multiply by.
Pays Irregular No settled cadence: the last three recorded payments were not reported at the same frequency, so nothing here is annualised from a single payment.
Next ex-date Sep 21, 2026 First day the shares trade without the next payment attached.
Next pay date Oct 05, 2026 When the declared payment reaches holders.
Growth streak 0 yr No current run of increases: the most recent complete calendar year did not pay more than the year before it. Our stored payment history for this security begins in 2012.
Years paying 14 Complete calendar years with a payment in our stored history, which begins in 2012. The issuer may have paid for longer than we hold.
Payout ratio 171% Not meaningful for this structure — GAAP earnings do not describe what it pays out.
Income score 35 0-100 research screen, not a recommendation.

The two yields above are different measurements and are not interchangeable. The forward yield annualises the last regular payment; the trailing 12-month yield counts the cash actually paid over the last 365 days. Neither is an interest rate, a bond's yield to maturity or an index effective yield, and none of those may be compared with these as like for like. See how we compute these numbers.

Our stored payment history for WHF begins in 2012. There is no current run of increases to report: either the most recent complete calendar year did not pay more than the year before it, or there is no earlier complete year in our history to compare it with.

A yield is just a payment divided by a price, so it moves every day even when the payment does not. The forward number is an estimate of the next twelve months; the trailing number is what was actually paid over the last twelve. Ex-date is the cut-off: own the shares before it and the next payment is yours, buy on or after it and the seller keeps it.

About the annual figure
Payment cadence is irregular, so the annual figure is the trailing 12 months.
Payment cadence is irregular
No regular payment cadence is established for WHF. Our data provider did not report the same frequency for three consecutive payments, so the page treats the cadence as irregular: nothing is annualised from a single payment, and no forward yield is published. The trailing 12-month figures are unaffected — they count cash that was actually paid.

What WHF is

How BDCs work →

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.

Company description supplied by the issuer and relayed by our market-data provider, not written by Income Investing. See data sources.

WHF is a business development company — a listed vehicle that lends to, and sometimes takes equity in, private middle-market businesses. It elects regulated-investment-company treatment, which requires it to distribute the large majority of its taxable income each year; that requirement, not a board's generosity, is what produces the high headline yield.

The payment is a distribution rather than interest, and it can include return of capital as well as net investment income and realised gains. Most of it is taxed as ordinary income rather than as qualified dividends. The loan book is valued by the manager, not by a market, so net asset value is an estimate. Read how BDCs work.

Figures on this page are computed by Income Investing from the payment history and last price stored in our own database; the payment records come from fmp and the price from fmp, last recomputed Aug 25, 2026. They describe what has been paid, not what will be paid. Yield, payout ratio, our data sources and our methodology are explained elsewhere on the site.

Payment history

Each row is one payment as recorded by our data provider, newest first. The final column compares it with the nearest payment about a year earlier.

The table lists the 24 most recent recorded dividends for WHF, newest first, with ex-dates running from Oct 28, 2021 to Sep 21, 2026. The latest is $0.2500 per share in USD, ex-date Sep 21, 2026, pay date Oct 05, 2026. Measured against the nearest payment about a year earlier, 7 are higher, 8 lower and 9 unchanged; the remaining 0 have no comparable payment in the record. None is flagged as a special or one-off payment. Payment records supplied by fmp.

How to read this table: one row is one payment, newest at the top, and the amount is what a single share received on that one date. It is not an annual figure — the yearly ones are in the tiles above and in the totals further down. A row marked Special is a one-off the issuer chose to make rather than part of the regular schedule, which is why it is left out of the year-on-year comparison and out of those yearly totals. Whether the amount repeats for several rows or moves every time is a fact about the structure rather than a sign of health: a company usually resets its dividend once a year, while a fund's distribution can change with every payment.

Recorded payments for WHF. Amounts are per share as declared, in USD.
Ex-dateOwn it before this day and this payment is yours. Pay date Amount per shareWhat one share received on that date, before tax. Cadence tagged by provider Type vs. a year earlier
Sep 21, 2026 Oct 05, 2026 $0.2500 Quarterly Regular -35.06%
May 21, 2026 Jul 06, 2026 $0.2500 Semi-annual Regular -35.06%
Mar 12, 2026 Apr 06, 2026 $0.2600 Untagged Regular -32.47%
Dec 22, 2025 Jan 05, 2026 $0.2500 Quarterly Regular -35.06%
Oct 31, 2025 Dec 10, 2025 $0.0350 Untagged Regular -85.71%
Sep 19, 2025 Oct 03, 2025 $0.3850 Quarterly Regular 0.00%
Jun 18, 2025 Jul 03, 2025 $0.3850 Quarterly Regular 0.00%
Mar 21, 2025 Apr 04, 2025 $0.3850 Quarterly Regular 0.00%
Dec 20, 2024 Jan 03, 2025 $0.3850 Quarterly Regular 0.00%
Oct 31, 2024 Dec 10, 2024 $0.2450 Untagged Regular -33.78%
Sep 18, 2024 Oct 02, 2024 $0.3850 Quarterly Regular +4.05%
Jun 18, 2024 Jul 02, 2024 $0.3850 Quarterly Regular +4.05%
Mar 21, 2024 Apr 02, 2024 $0.3850 Quarterly Regular -9.41%
Dec 19, 2023 Jan 03, 2024 $0.3850 Quarterly Regular +8.45%
Sep 18, 2023 Oct 03, 2023 $0.3700 Quarterly Regular +4.23%
Jun 20, 2023 Jul 05, 2023 $0.3700 Semi-annual Regular +4.23%
Mar 23, 2023 Apr 04, 2023 $0.4250 Untagged Regular +19.72%
Dec 20, 2022 Jan 04, 2023 $0.3550 Quarterly Regular 0.00%
Oct 28, 2022 Dec 09, 2022 $0.0500 Untagged Regular -62.96%
Sep 19, 2022 Oct 04, 2022 $0.3550 Quarterly Regular 0.00%
Jun 16, 2022 Jul 05, 2022 $0.3550 Quarterly Regular 0.00%
Mar 24, 2022 Apr 04, 2022 $0.3550 Quarterly Regular 0.00%
Dec 17, 2021 Jan 04, 2022 $0.3550 Quarterly Regular 0.00%
Oct 28, 2021 Dec 10, 2021 $0.1350 Untagged Regular +8.00%

The cadence column is the tag our provider attached to that individual payment (fmp), not the security's established schedule. The two can disagree, which is why the cadence shown in the tiles above is only accepted after three consecutive payments were tagged the same way.

A blank comparison means there was no comparable payment within sixty days of the same point a year earlier — a new payer, a changed cadence, or a gap in the record. Special and one-off payments are labelled and are excluded from the comparison.

Dividends by calendar year

Calendar-year totals, bucketed by ex-dividend date: every regular dividend whose ex-dividend date fell in that year, for the last ten complete years on record. These are amounts actually paid, never a forward estimate, and they are not the issuer's own annual dividend figure.

The chart covers 10 complete calendar years for WHF, 2016 to 2025, per share, in USD. Each bar totals the regular dividends with an ex-dividend date in that calendar year. The year is assigned by ex-dividend date, which is not necessarily the issuer's own dividend year. Our stored payment history for WHF begins in 2012. The total went from $1.42 in 2016 to $1.44 in 2025 — 1% higher. Within that span 4 years were higher than the year before and 3 lower. The three most recent years shown are 2023 $1.55, 2024 $1.78 and 2025 $1.44. The current year is still in progress and is left out, and special or one-off payments are excluded. This is a record of what was paid, not a projection. The cadence on record for WHF is irregular, so the number of payments a complete calendar year should contain is not fixed and no per-year count check is applied to these bars. Read each total as the payments we hold with an ex-dividend date in that year, nothing more.

Each bar, and each row underneath it, is one calendar year of regular payments added together for a single share. Read left to right and you are reading whether the payment has grown, held or been cut — a record of what was paid, never a forecast of what will be. One thing to watch for: a year here is decided by the date the payment went ex, so when that date slips across a year end one year holds an extra payment and its neighbour is one short while the payment itself never moved. Any year where that has happened is drawn as a dashed bar and marked with an asterisk, and it is the usual reason these totals differ from the annual figure the issuer itself publishes.

2016: $1.4200 per share from 4 payments. 1.42 2016 2017: $1.4200 per share from 4 payments. 1.42 2017 2018: $1.4200 per share from 4 payments. 1.42 2018 2019: $1.6150 per share from 5 payments. 1.61 2019 2020: $1.5450 per share from 5 payments. 1.54 2020 2021: $1.5550 per share from 5 payments. 1.55 2021 2022: $1.4700 per share from 5 payments. 1.47 2022 2023: $1.5500 per share from 4 payments. 1.55 2023 2024: $1.7850 per share from 5 payments. 1.78 2024 2025: $1.4400 per share from 5 payments. 1.44 2025
Bar height is the total per share of the regular dividends whose ex-dividend date fell in that calendar year, in USD. The year is assigned by ex-dividend date, not by the issuer's own dividend year and not by the date the cash arrived. These are a trailing record — never the forward estimate shown in the tiles above.
Complete calendar years only, bucketed by ex-dividend date — the current year is still in progress and is left out.
Year Paid per share that yearEvery regular payment dated in that year, added up, for one share. Payments in the yearA count that differs from the usual one means a payment moved across a year end. Change on the year before
2016 $1.42 4 0.00%
2017 $1.42 4 0.00%
2018 $1.42 4 0.00%
2019 $1.61 5 +13.73%
2020 $1.54 5 -4.33%
2021 $1.55 5 +0.65%
2022 $1.47 5 -5.47%
2023 $1.55 4 +5.44%
2024 $1.78 5 +15.16%
2025 $1.44 5 -19.33%
What can go wrong
A BDC lends to private, unrated, mostly floating-rate borrowers that banks declined. In a downturn those loans go on non-accrual, net asset value falls and the dividend follows. The portfolio is valued by the manager rather than by a market, leverage is used, external management fees are charged on gross assets, and distributions are largely ordinary income rather than qualified dividends.

Similar securities

The eight closest business development company entries by trailing 12-month yield, in the same sector. A research screen, not a recommendation.

Open Private Credit →

These are not the best-paying securities of this kind, and no ranking is meant by the order. They are the ones whose trailing 12-month yield sits nearest to this one, in the same structure and usually the same sector, so that this security can be seen in company rather than on its own. Every figure here is backward-looking cash that has already been paid. A row that sits well away from the rest is a question to take to that security's own page, not an answer.

Ticker Name Price Trailing 12m yieldCash paid out over the last year, over today's price. Paid over 12 months Pays
SCM Stellus Capital Investment Corporation $8.66 16.51% $1.43 Monthly
NMFC New Mountain Finance Corporation $7.61 15.90% $1.21 Quarterly
TPVG TriplePoint Venture Growth BDC Corp. $5.34 17.60% $0.94 Quarterly
SAR Saratoga Investment Corp. $18.42 17.64% $3.25 Monthly
PFLT PennantPark Floating Rate Capital Ltd. $7.42 15.80% $1.17 Monthly
PSBD Palmer Square Capital BDC Inc. $10.34 15.57% $1.61 Quarterly
FSK FS KKR Capital Corp. $12.05 19.09% $2.30 Quarterly
MFIC MidCap Financial Investment Corporation $9.68 14.26% $1.38 Quarterly

Every row in this table is on the same basis — cash actually paid per share over the last 365 days, divided by that security's last price — so the column can be read down. Forward estimates are deliberately not used here, because they exist for some securities and not others and a mixed column would invite a comparison that does not hold. A dash means no payment was recorded in the last 365 days, or no price is on file. Open a security to see both of its yields.

Where these are traded

SEC EDGAR

Business development companies file 10-Ks and quarterly schedules of investments here, which is where loan-level marks, non-accruals and PIK income appear.

The schedule of investments is the loan-by-loan detail no summary page carries

Visit SEC EDGAR ↗
Cliffwater

An investment adviser that publishes the Cliffwater Direct Lending Index and runs interval funds holding directly originated corporate loans.

Index methodology and quarterly index reports are public

Visit Cliffwater ↗
Yieldstreet

An alternative-investment platform offering private credit, legal finance and real estate deals, most restricted to accredited investors.

Most offerings have no secondary market and lock capital until the deal repays

Visit Yieldstreet ↗
Percent

A marketplace for private credit transactions, mostly short-duration asset-backed deals, open to accredited investors.

Accredited-investor verification is required before any deal is visible

Visit Percent ↗

Listed because they offer access to this kind of security, not as an endorsement of it.

Questions about WHF

Does WHF pay a dividend, and how often?
Yes. The payment cadence recorded for WHF is irregular: the last three payments in our history were not reported at the same frequency, so no schedule is assumed and no single payment is annualised. The annual figure works out at $1.18 per share. Trailing 12 months: the regular payments actually made over the last 365 days. No forward estimate is shown because the payment cadence is irregular, so there is no number of payments a year to multiply by. The last ex-date in our history is May 21, 2026.
What is the yield on WHF, and is it forward or trailing?
No forward yield is published for WHF, because the payment cadence is irregular, so there is no number of payments a year to multiply by. The trailing 12-month yield is 16.74%: the $1.18 per share actually paid over the last 365 days, divided by the same price. Neither number is a bond's yield to maturity, an index effective yield or an interest rate, and none of those should be compared with these as like for like. Yield also moves inversely with price, so it rises when the market marks the security down — a high number is a question, not an answer.
When is the next WHF ex-dividend date?
The next ex-date recorded for WHF is Sep 21, 2026, with the payment due Oct 05, 2026. Shares bought on or after the ex-date do not carry that payment; the seller keeps it. Dates are as announced and can change.
Why is there no meaningful payout ratio for WHF?
A payout ratio compares a dividend to accounting earnings. For a business development company the payment is not funded out of GAAP net income — REITs and BDCs pay out of taxable income under distribution rules, funds pass through whatever the portfolio produced, and partnerships distribute cash flow. Analysts use structure-specific measures instead, such as funds from operations for REITs or net investment income for BDCs.
Has the WHF payment grown?
Over the complete calendar years in our history, the total went from $1.42 in 2016 to $1.44 in 2025. The chart on this page shows every year in between, including any cuts. Those totals bucket each payment by its ex-dividend date, so a payment whose ex-dividend date shifts across a year end falls into the neighbouring calendar year. Past payment history describes what happened, not what will happen.
How to read this page
Nothing on this page is investment advice or a recommendation to buy, hold or sell WHF. Figures are drawn from third-party market data and our own calculations, may be delayed or wrong, and can change without notice. Confirm every number with the issuer and with your own broker, tax adviser and financial adviser before acting.

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