WhiteHorse Finance (WHF) Cash Flow: Operating & Free Cash Flow

WhiteHorse Finance Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Cash flow statement showing operating, investing, and financing activities for WhiteHorse Finance, Inc. (WHF) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	14.34	10.85	20.41	15.68	30.09	31.69	30.84	57.30	34.45
Depreciation & Amortization	-24.10	9.57	0.00	0.00	0.00	0.00	-0.05	0.43	-8.13
Change in Working Capital	-3.04	13.03	2.70	-1.51	7.13	3.73	-6.88	1.50	0.87
Change in Accounts Receivable	-0.03	2.75	-0.40	-0.58	3.73	-4.88	3.85	-4.49	-0.96
Change in Inventory	0.00	0.00	0.00	0.00	0.00	0.00	-3.85	0.00	0.00
Change in Accounts Payable	-2.93	10.01	-0.24	-2.36	1.97	1.63	-0.56	1.62	-0.36
Change in Other Working Capital	0.18	0.23	2.94	1.43	0.70	6.99	-6.32	-0.12	1.23
Other Operating Activities	65.98	54.87	67.26	14.83	-127.42	-11.07	-118.89	-28.16	-20.02
Net Cash from Operating Activities	77.27	78.76	90.37	29.00	-90.19	24.35	-94.98	31.07	7.17
Investing Activities
Purchases of Investments	-191.74	-207.28	0.00	-280.09	-544.17	-302.73	-363.16	-277.04	-137.64
Sales/Maturities of Investments	249.73	186.25	0.00	323.08	423.63	213.79	249.44	285.78	120.65
Other Investing Activities	0.00	-186.25	0.00	0.00	0.00	0.00	363.16	0.00	0.00
Net Cash from Investing Activities	57.99	-21.03	0.00	42.99	-120.53	-88.94	249.44	285.78	120.65
Financing Activities
Debt Repayment	-242.01	-153.22	-55.35	-35.47	-366.01	84.72	123.92	-5.00	0.00
Common Stock Issued	0.00	0.00	0.00	0.00	37.49	0.00	0.00	0.00	30.29
Common Stock Repurchased	-7.42	0.00	0.00	-0.13	0.00	0.00	0.00	0.00	0.00
Dividends Paid	-36.61	-41.49	-35.33	-33.14	-29.80	-31.74	-33.18	-28.95	-26.38
Other Financing Activities	-10.49	0.00	-1.45	0.25	-2.46	0.00	-1.94	-2.32	-1.03
Net Cash from Financing Activities	-75.42	-75.40	-92.13	-68.49	97.01	52.98	88.79	-36.28	2.87
Summary
Effect of Forex Changes on Cash	0.03	-0.01	-0.02	0.29	-0.30	0.01	-249.44	-285.78	-120.65
Net Change in Cash	1.89	3.35	-1.78	3.80	6.52	-11.60	-6.19	-5.20	10.04
Cash at Beginning of Period	27.84	24.49	26.26	22.47	15.95	27.55	33.73	38.94	28.89
Cash at End of Period	29.73	27.84	24.49	26.26	22.47	15.94	27.55	33.73	38.94
Free Cash Flow	77.27	78.76	90.37	29.00	-90.19	24.35	-94.98	31.07	7.17
Supplemental Disclosures
Interest Paid	-	26.46	29.02	19.71	14.23	11.89	-	-	-
Income Taxes Paid	-	1.41	1.10	1.18	0.91	0.83	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About WhiteHorse Finance Cash Flow

What is WhiteHorse Finance's free cash flow?

WhiteHorse Finance generated free cash flow of $77.27M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 1.9% from $78.76M a year earlier. Free cash flow equaled 106.3% of revenue.

Does WhiteHorse Finance pay dividends or buy back shares?

Yes. In fiscal 2025 WhiteHorse Finance returned $36.61M in dividends and $7.42M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition