WhiteHorse Finance (WHF) - Net Assets
Based on the latest financial reports, WhiteHorse Finance (WHF) has net assets worth $259.79 Million USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($615.13 Million) and total liabilities ($355.34 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check WhiteHorse Finance liquidity resilience to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $259.79 Million |
| % of Total Assets | 42.23% |
| Annual Growth Rate | 0.97% |
| 5-Year Change | -25.72% |
| 10-Year Change | 4.17% |
| Growth Volatility | 7.56 |
WhiteHorse Finance - Net Assets Trend (2012–2025)
This chart illustrates how WhiteHorse Finance's net assets have evolved over time, based on quarterly financial data. Also explore WhiteHorse Finance assets under control for the complete picture of this company's asset base.
Annual Net Assets for WhiteHorse Finance (2012–2025)
The table below shows the annual net assets of WhiteHorse Finance from 2012 to 2025. For live valuation and market cap data, see how much is WhiteHorse Finance worth.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $259.79 Million | -9.21% |
| 2024-12-31 | $286.13 Million | -9.67% |
| 2023-12-31 | $316.77 Million | -4.70% |
| 2022-12-31 | $332.39 Million | -4.96% |
| 2021-12-31 | $349.75 Million | +11.78% |
| 2020-12-31 | $312.90 Million | -0.02% |
| 2019-12-31 | $312.95 Million | -0.74% |
| 2018-12-31 | $315.30 Million | +9.88% |
| 2017-12-31 | $286.95 Million | +15.06% |
| 2016-12-31 | $249.39 Million | +2.19% |
| 2015-12-31 | $244.05 Million | +8.30% |
| 2014-12-31 | $225.36 Million | -0.72% |
| 2013-12-31 | $227.00 Million | -0.89% |
| 2012-12-31 | $229.05 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to WhiteHorse Finance's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 6058.1% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $22.00K | 0.01% |
| Other Components | $329.12 Million | 126.69% |
| Total Equity | $259.79 Million | 100.00% |
WhiteHorse Finance Competitors by Market Cap
The table below lists competitors of WhiteHorse Finance ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Shanghai Highly Group Co Ltd B
SHG:900910
|
$169.65 Million |
|
Energy Services Of America Corp
NASDAQ:ESOA
|
$169.67 Million |
|
Equity Commonwealth
NYSE:EQC
|
$169.73 Million |
|
Wallix Group SA
PA:ALLIX
|
$169.74 Million |
|
Elixir Energy Ltd
AU:EXR
|
$169.64 Million |
|
SAB Finance as
PR:SABFG
|
$169.64 Million |
|
Garuda Construction & Engineering
NSE:GARUDA
|
$169.58 Million |
|
Phoenix Asia Holdings Limited Ordinary Shares
NASDAQ:PHOE
|
$169.56 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in WhiteHorse Finance's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 286,134,000 to 259,791,999, a change of -26,342,001 (-9.2%).
- Net income of 14,337,000 contributed positively to equity growth.
- Dividend payments of 36,609,000 reduced retained earnings.
- Share repurchases of 7,422,000 reduced equity.
- Other factors increased equity by 3,351,999.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $14.34 Million | +5.52% |
| Dividends Paid | $36.61 Million | -14.09% |
| Share Repurchases | $7.42 Million | -2.86% |
| Other Changes | $3.35 Million | +1.29% |
| Total Change | $- | -9.21% |
Book Value vs Market Value Analysis
This analysis compares WhiteHorse Finance's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.68x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has increased from 0.50x to 0.68x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2012-12-31 | $15.31 | $7.66 | x |
| 2013-12-31 | $15.16 | $7.66 | x |
| 2014-12-31 | $15.04 | $7.66 | x |
| 2015-12-31 | $15.93 | $7.66 | x |
| 2016-12-31 | $13.62 | $7.66 | x |
| 2017-12-31 | $14.77 | $7.66 | x |
| 2018-12-31 | $15.35 | $7.66 | x |
| 2019-12-31 | $15.23 | $7.66 | x |
| 2020-12-31 | $15.23 | $7.66 | x |
| 2021-12-31 | $16.54 | $7.66 | x |
| 2022-12-31 | $14.31 | $7.66 | x |
| 2023-12-31 | $13.63 | $7.66 | x |
| 2024-12-31 | $12.31 | $7.66 | x |
| 2025-12-31 | $11.21 | $7.66 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently WhiteHorse Finance utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 5.52%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 37.84%
- • Asset Turnover: 0.06x
- • Equity Multiplier: 2.37x
- Recent ROE (5.52%) is below the historical average (8.93%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2012 | 17.27% | 97.16% | 0.11x | 1.63x | $16.65 Million |
| 2013 | 8.38% | 85.01% | 0.06x | 1.65x | $-3.67 Million |
| 2014 | 8.67% | 83.78% | 0.05x | 1.89x | $-2.99 Million |
| 2015 | -1.16% | -442.41% | 0.00x | 1.82x | $-27.23 Million |
| 2016 | 12.56% | 73.85% | 0.10x | 1.79x | $6.39 Million |
| 2017 | 12.00% | 73.33% | 0.10x | 1.69x | $5.75 Million |
| 2018 | 18.17% | 78.60% | 0.14x | 1.63x | $25.77 Million |
| 2019 | 9.85% | 90.07% | 0.05x | 2.02x | $-454.50K |
| 2020 | 10.13% | 87.97% | 0.05x | 2.30x | $395.30K |
| 2021 | 8.60% | 85.12% | 0.04x | 2.43x | $-4.88 Million |
| 2022 | 4.72% | 36.23% | 0.05x | 2.40x | $-17.56 Million |
| 2023 | 6.44% | 36.71% | 0.08x | 2.31x | $-11.27 Million |
| 2024 | 3.79% | 63.47% | 0.03x | 2.37x | $-17.76 Million |
| 2025 | 5.52% | 37.84% | 0.06x | 2.37x | $-11.64 Million |
Industry Comparison
This section compares WhiteHorse Finance's net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $1,450,737,970
- Average return on equity (ROE) among peers: 9.04%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| WhiteHorse Finance (WHF) | $259.79 Million | 17.27% | 1.37x | $169.65 Million |
| Acadian Asset Management Inc (AAMI) | $49.50 Million | 132.93% | 11.35x | $1.86 Billion |
| AllianceBernstein Holding L.P. (AB) | $2.07 Billion | 13.23% | 0.00x | $3.60 Billion |
| Associated Capital Group Inc (AC) | $948.70 Million | 4.12% | 0.07x | $78.56 Million |
| Abrdn Emerging Markets Equity Income Fund Inc (AEF) | $93.70 Million | 49.33% | 0.08x | $265.69 Million |
| AgriFORCE Growing Systems Ltd (AGRI) | $2.99 Million | -170.94% | 0.46x | $194.14 Million |
| Alvarium Tiedemann Holdings Inc. (ALTI) | $17.85 Million | -32.96% | 4.15x | $368.87 Million |
| Affiliated Managers Group Inc (AMG) | $3.52 Billion | 4.94% | 0.76x | $8.19 Billion |
| Ameriprise Financial Inc (AMP) | $5.99 Billion | 24.73% | 23.64x | $41.87 Billion |
| AMTD IDEA Group (AMTD) | $1.70 Billion | 3.00% | 0.22x | $44.19 Million |
| Artisan Partners Asset Management Inc (APAM) | $117.70 Million | 62.05% | 6.95x | $2.65 Billion |
About WhiteHorse Finance
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 furnishing… Read more