Whitehorse Finance (WHF) annual income statement covering fiscal 2021 through 2025, as reported to the SEC.
An income statement shows what a company sold and what it cost to run the business, ending with the profit left over.
| Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Investment income | ||||||||||||||||||||
Total investment income | ||||||||||||||||||||
72,672 | 92,817 | 103,260 | 87,527 | 72,143 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total investment income | 72,672 | 92,817 | 103,260 | 87,527 | 72,143 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Expenses | ||||||||||||||||||||
Interest expense | ||||||||||||||||||||
23,139 | 27,899 | 29,915 | 21,940 | 16,594 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Interest expense | 23,139 | 27,899 | 29,915 | 21,940 | 16,594 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Base management fees | ||||||||||||||||||||
11,111 | 12,127 | 14,684 | 15,600 | 13,975 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Base management fees | 11,111 | 12,127 | 14,684 | 15,600 | 13,975 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Performance-based incentive fees | ||||||||||||||||||||
6,477 | 9,309 | 10,678 | 7,059 | 7,524 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Performance-based incentive fees | 6,477 | 9,309 | 10,678 | 7,059 | 7,524 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Administrative service fees | ||||||||||||||||||||
683 | 683 | 683 | 683 | 683 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Administrative service fees | 683 | 683 | 683 | 683 | 683 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
General and administrative expenses | ||||||||||||||||||||
4,690 | 4,440 | 3,622 | 3,963 | 3,572 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
General and administrative expenses | 4,690 | 4,440 | 3,622 | 3,963 | 3,572 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total expenses, before fees waived | ||||||||||||||||||||
46,100 | 54,458 | 59,582 | - | 42,348 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total expenses, before fees waived | 46,100 | 54,458 | 59,582 | - | 42,348 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Performance-based incentive fees waived | ||||||||||||||||||||
200 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Performance-based incentive fees waived | 200 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total expenses | ||||||||||||||||||||
45,900 | 54,458 | 59,582 | 49,245 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total expenses | 45,900 | 54,458 | 59,582 | 49,245 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net investment income before excise tax | ||||||||||||||||||||
26,772 | 38,359 | 43,678 | 38,282 | 29,795 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net investment income before excise tax | 26,772 | 38,359 | 43,678 | 38,282 | 29,795 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Excise tax | ||||||||||||||||||||
662 | 1,121 | 965 | 1,024 | 1,004 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Excise tax | 662 | 1,121 | 965 | 1,024 | 1,004 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net investment income after excise tax | ||||||||||||||||||||
26,110 | 37,238 | 42,713 | 37,258 | 28,791 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net investment income after excise tax | 26,110 | 37,238 | 42,713 | 37,258 | 28,791 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Realized and unrealized gains (losses) on investments and foreign currency transactions | ||||||||||||||||||||
Net realized gains (losses) | ||||||||||||||||||||
-35,383 | -17,993 | 5,738 | -13,958 | 8,556 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net realized gains (losses) | -35,383 | -17,993 | 5,738 | -13,958 | 8,556 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Foreign currency transactions | ||||||||||||||||||||
-784 | -1 | 950 | -310 | 262 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Foreign currency transactions | -784 | -1 | 950 | -310 | 262 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Foreign currency forward contracts | ||||||||||||||||||||
602 | 13 | 27 | - | -3 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Foreign currency forward contracts | 602 | 13 | 27 | - | -3 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net realized gains (losses) | ||||||||||||||||||||
-35,565 | -17,981 | 947 | -14,268 | 8,815 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net realized gains (losses) | -35,565 | -17,981 | 947 | -14,268 | 8,815 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net change in unrealized appreciation (depreciation) | ||||||||||||||||||||
24,102 | -9,567 | -21,969 | -9,191 | -7,606 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net change in unrealized appreciation (depreciation) | 24,102 | -9,567 | -21,969 | -9,191 | -7,606 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Translation of assets and liabilities in foreign currencies | ||||||||||||||||||||
33 | 1,098 | -1,239 | 1,887 | 94 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Translation of assets and liabilities in foreign currencies | 33 | 1,098 | -1,239 | 1,887 | 94 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Foreign currency forward contracts | ||||||||||||||||||||
-343 | 63 | -40 | -3 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Foreign currency forward contracts | -343 | 63 | -40 | -3 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net change in unrealized appreciation (depreciation) | ||||||||||||||||||||
23,792 | -8,406 | -23,248 | -7,307 | -7,512 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net change in unrealized appreciation (depreciation) | 23,792 | -8,406 | -23,248 | -7,307 | -7,512 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | ||||||||||||||||||||
-11,773 | -26,387 | -22,301 | -21,575 | 1,303 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | -11,773 | -26,387 | -22,301 | -21,575 | 1,303 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net increase (decrease) in net assets resulting from operations | ||||||||||||||||||||
14,337 | 10,851 | 20,412 | 15,683 | 30,094 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net increase (decrease) in net assets resulting from operations | 14,337 | 10,851 | 20,412 | 15,683 | 30,094 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Per Common Share Data | ||||||||||||||||||||
Basic earnings (losses) per common share | ||||||||||||||||||||
0.62 | 0.47 | 0.88 | 0.68 | 1.42 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Basic earnings (losses) per common share | 0.62 | 0.47 | 0.88 | 0.68 | 1.42 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Diluted earnings (losses) per common share | ||||||||||||||||||||
0.62 | 0.47 | 0.88 | 0.68 | 1.42 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Diluted earnings (losses) per common share | 0.62 | 0.47 | 0.88 | 0.68 | 1.42 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Dividends and distributions declared per common share | ||||||||||||||||||||
1.44 | 1.79 | 1.55 | 1.47 | 1.56 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Dividends and distributions declared per common share | 1.44 | 1.79 | 1.55 | 1.47 | 1.56 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Basic weighted average common shares outstanding | ||||||||||||||||||||
23,174 | 23,243 | 23,243 | 23,229 | 21,150 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Basic weighted average common shares outstanding | 23,174 | 23,243 | 23,243 | 23,229 | 21,150 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Diluted weighted average common shares outstanding | ||||||||||||||||||||
23,174 | 23,243 | 23,243 | 23,229 | 21,150 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Diluted weighted average common shares outstanding | 23,174 | 23,243 | 23,243 | 23,229 | 21,150 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Non-controlled/non-affiliate company investments | ||||||||||||||||||||
Interest income | ||||||||||||||||||||
53,449 | 66,402 | 78,493 | 67,617 | 59,845 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Interest income | 53,449 | 66,402 | 78,493 | 67,617 | 59,845 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payment-in-kind income | ||||||||||||||||||||
1,637 | 6,175 | 3,960 | 2,114 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payment-in-kind income | 1,637 | 6,175 | 3,960 | 2,114 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Fee income | ||||||||||||||||||||
2,207 | 2,247 | 2,966 | 3,474 | 2,621 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Fee income | 2,207 | 2,247 | 2,966 | 3,474 | 2,621 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Dividend income | ||||||||||||||||||||
82 | 116 | 450 | 300 | 273 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Dividend income | 82 | 116 | 450 | 300 | 273 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net realized gains (losses) | ||||||||||||||||||||
-14,403 | -17,993 | 309 | -15,683 | 7,994 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net realized gains (losses) | -14,403 | -17,993 | 309 | -15,683 | 7,994 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net change in unrealized appreciation (depreciation) | ||||||||||||||||||||
7,511 | 7,421 | -7,871 | -3,505 | -9,501 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net change in unrealized appreciation (depreciation) | 7,511 | 7,421 | -7,871 | -3,505 | -9,501 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Non-controlled affiliate company investments | ||||||||||||||||||||
Interest income | ||||||||||||||||||||
378 | 93 | - | 13 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Interest income | 378 | 93 | - | 13 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payment-in-kind income | ||||||||||||||||||||
513 | 705 | 314 | 326 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payment-in-kind income | 513 | 705 | 314 | 326 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Dividend income | ||||||||||||||||||||
- | - | 84 | 321 | 1,190 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Dividend income | - | - | 84 | 321 | 1,190 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net realized gains (losses) | ||||||||||||||||||||
- | - | -339 | 1,725 | 562 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net realized gains (losses) | - | - | -339 | 1,725 | 562 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net change in unrealized appreciation (depreciation) | ||||||||||||||||||||
-2,877 | -7,775 | -5,608 | -5,239 | 1,187 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net change in unrealized appreciation (depreciation) | -2,877 | -7,775 | -5,608 | -5,239 | 1,187 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Controlled affiliate company investments | ||||||||||||||||||||
Interest income | ||||||||||||||||||||
9,070 | 9,838 | 9,488 | 6,385 | 3,307 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Interest income | 9,070 | 9,838 | 9,488 | 6,385 | 3,307 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payment-in-kind income | ||||||||||||||||||||
- | 380 | 1,347 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payment-in-kind income | - | 380 | 1,347 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Dividend income | ||||||||||||||||||||
5,336 | 6,861 | 6,158 | 6,977 | 4,907 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Dividend income | 5,336 | 6,861 | 6,158 | 6,977 | 4,907 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net realized gains (losses) | ||||||||||||||||||||
-20,980 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net realized gains (losses) | -20,980 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net change in unrealized appreciation (depreciation) | ||||||||||||||||||||
19,468 | -9,213 | -8,490 | -447 | 708 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net change in unrealized appreciation (depreciation) | 19,468 | -9,213 | -8,490 | -447 | 708 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||