WHF · CIK 0001552198 · FY2025 live · 2025-12-31
WhiteHorse Finance, Inc.
View as
Model
Z″
FY2025
0.40
Zone
Distress
Prior
—
Market DD
—
1y PD
—
0.40
Classic Z 0.28
Z″ 0.40 · distress below 1.10, grey to 2.60, safe above.
Z″ factor contributions
X1 Working capital / assets
Short-term liquidity. Carries more weight in Z″ than in classic Z.
0.006.56 × = 0.00X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
−0.113.26 × = −0.37X3 EBIT / assets
Operating return on assets. Highest weight in Z″.
0.006.72 × = 0.00X4 Book equity / liabilities
Book equity versus the liability stack. Sales / assets is omitted so asset-light names keep turnover from dragging the score.
0.731.05 × = 0.77
Five-year path
Need two annual 10-Ks to draw a path. The desk will pull this issuer’s filings.
Meridian Rank
39.09
0–100 · Z″ family
Book standing
38
Year change
—
Market PD
—
O-score
42
Events on this name
Same published rows as Today.
No published events on this print.
Overview
rule-v1
WhiteHorse Finance, Inc. is on Z″ at 0.40 (distress) for FY2025, from an SEC 10-K. Book equity / liabilities is the line that sets the print. This is the first live year on the desk. No market tape loaded. Z″ omits sales/assets so asset-light names keep turnover from dragging the score. X4 is book equity on every name.
Book screen Distress; market PD —. Market PD has not been priced on this name.
Market DD · naive Merton
No market tape yet.
Pull a year of closes (Yahoo, Nasdaq if Yahoo is limited) and size equity from Nasdaq cap or EDGAR shares. Distance-to-default and 1-year PD stay blank until then.
Sector peers
Closest Z″ scores · 41st percentile in Unclassified.
- SARDistressSARATOGA INVESTMENT CORP.0.44
- PFLTDistressPennantPark Floating Rate Capital Ltd.0.45
- GSBDDistressGoldman Sachs BDC, Inc.0.32
- SCMDistressStellus Capital Investment Corp0.50
- PSBDDistressPalmer Square Capital BDC Inc.0.30
- FRBPDistressFranklin BSP Capital Corp0.30
- SLRCDistressSLR Investment Corp.0.51
- GECCDistressGreat Elm Capital Corp.0.52
KPI widgets
Current assets
$0
Total assets
$615M
Current liabilities
$0
Total liabilities
$355M
Working capital
$0
Retained earnings
−$69M
EBIT
$0
Total sales
$0
Book equity
$260M
Accession 0001104659-26-024735. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Z″ is the live score. View as is a display overlay. X4 is book equity. Pulled 13 Sept 2026.