WhiteHorse Finance is a business development company (BDC) that originates and holds senior secured loans to lower middle market U.S. companies with enterprise values between $50M and $350M. Borrowers use proceeds for acquisitions, refinancings, and working capital. Nearly all of WhiteHorse's loans are first lien, floating rate (tied to SOFR plus a spread), with typical deal sizes of $5M–$25M. The portfolio is roughly two-thirds sponsor-backed (private equity-owned borrowers) and one-third non-sponsor, with management emphasizing non-sponsor lending as a differentiated focus — these deals price at higher spreads, carry lower leverage, and face less competition. WhiteHorse is externally managed by WhiteHorse Advisers, an affiliate of H.I.G. Capital, which sources deals and handles credit underwriting. WhiteHorse also operates a joint venture with the State Teachers Retirement System of Ohio — the STRS JV — which holds first lien loans and generates low-to-mid teens returns on equity for the BDC. WhiteHorse earns income primarily through interest on floating rate loans, supplemented by origination and transaction fees. The BDC uses leverage to amplify returns, funded through a revolving credit facility and a CLO securitization. As a regulated investment company, WhiteHorse distributes at least 90% of taxable income to shareholders. Capital allocation priorities include share repurchases (with the stock trading at a significant discount to NAV) and routing incremental originations through the STRS JV to maximize levered returns.