Exhibit 99.1

WhiteHorse Finance, Inc. Announces Fourth Quarter and Full Year 2019 Earnings Results

NEW YORK, NY, March 2, 2020 – WhiteHorse Finance, Inc. (“WhiteHorse Finance” or the “Company”) (NASDAQ: WHF) today announced its financial results for the year ended December 31, 2019.

Fourth Quarter 2019 Summary Highlights

•

Net Asset Value of $313.0 million, or $15.23 per share, compared to $15.35 per share in 2018

•

Investment portfolio⁽¹⁾ totaling $589.7 million

•

STRS JV investment portfolio totaling $97.3 million

•

Gross investment deployments⁽²⁾ of $150.6 million for the fourth quarter, including new originations of $137.8 million and $12.8 million of fundings for add-ons to existing investments

•

Gross investment deployments⁽²⁾ of $358.2 million for the year, including new originations of $288.6 million and $69.6 million of fundings for refinancings and add-ons to existing investments

•

Net investment income of $7.7 million, or $0.375 per share, for the fourth quarter

•

Core net investment income of $7.9 million, or $0.385 per share⁽³⁾, for the fourth quarter

•

Annual net investment income of $31.2 million, or $1.518 per share

•

Annual core net investment income of $31.1 million, or $1.515 per share⁽³⁾

•

Annual distributions of $1.615 per share, including special distributions of $0.195 per share

(1) Includes investments in WHF STRS Ohio Senior Loan Fund LLC (“STRS JV”), an unconsolidated joint venture, totaling $33.3 million, at fair value.

(2) Excludes investments made in STRS JV.

(3) Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (i) the net impact of costs associated with the refinancing of the Company’s indebtedness, (ii) the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and (iii) excise and other income taxes related to such net realized gains and losses (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, are set forth in Schedule 1 hereto.

Stuart Aronson, WhiteHorse Finance’s Chief Executive Officer commented, “During the fourth quarter, we maintained our focus on strong credit quality and successfully originated 13 new first-lien loans. We continue to transfer qualified assets to our joint venture. At end of the quarter, the joint venture has a total of 10 portfolio companies in its portfolio. Due to the strong deployment in the quarter, our net leverage increased markedly from 68% to 88%, further closing the gap to our target leverage range. With the uncertainty in global trade environment and potential pandemic risk, we will continue leveraging our differentiated three-tiered sourcing infrastructure backed by H.I.G. to prudently deploy capital into high credit quality opportunities, further increase portfolio diversification and ultimately enhance shareholder value.”

Portfolio and Investment Activity

As of December 31, 2019, the fair value of WhiteHorse Finance’s investment portfolio was $589.7 million, compared with $469.6 million as of December 31, 2018. The portfolio at December 31, 2019 consisted of 66 positions across 51 companies with a weighted average effective yield of 10.4% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV) was $10.0 million with the overall portfolio comprised of 81% in first lien secured loans, 11% in second lien secured loans, 3% in equity and the remainder in investments in STRS JV. Substantially, all loans were variable-rate investments (primarily indexed to LIBOR), with nearly all performing floating rate investments having interest rate floors.

During the three months ended December 31, 2019, WhiteHorse Finance transferred assets totaling $31.0 million in exchange for a net investment in STRS JV of approximately $5.5 million as well as cash proceeds of $25.5 million. The Company also contributed an additional $3.1 million in cash to STRS JV during the quarter to fund an investment. As of December 31, 2019, the Company’s investment in STRS JV was approximately $33.3 million, at fair value.

In addition to the transactions with STRS JV, WhiteHorse Finance made investments in thirteen new portfolio companies totaling $137.8 million. Also, the Company added $12.8 million to existing portfolio companies, exclusive of refinancing. Gross proceeds from sales and repayments (inclusive of refinancing activities but excluding asset transfers to STRS JV as well as an additional $0.2 million in net repayments on revolvers) totaled approximately $68.3 million for the quarter. The activity was driven by 5 full repayments: Crews of California, Inc. ($18.7 million), Multicultural Radio Broadcasting, Inc. ($16.6 million), StackPath, LLC ($15.5 million), London Trust Media Incorporated ($10.5 million) and Sunteck / TTS Holdings, LLC ($3.5 million).

During the year ended December 31, 2019, WhiteHorse Finance transferred assets totaling $87.4 million in exchange for a net investment in STRS JV of $29.8 million as well as cash proceeds of $57.7 million. The Company also contributed an additional $3.1 million cash to STRS JV for its direct investment.

In addition to the transactions with STRS JV during the year ended December 31, 2019, WhiteHorse Finance invested $288.6 million across twenty-eight new portfolio companies. The Company also invested $28.5 million in existing portfolio companies exclusive of refinancing. Gross proceeds from sales and repayments (exclusive of refinancing activities and asset transfers to STRS JV) totaled approximately $151.4 million for the year. Three refinancings occurred during 2019 resulting in net repayments of approximately $0.6 million.

WHF STRS Ohio Senior Loan Fund LLC

As of December 31, 2019, STRS JV’s portfolio totaled $97.3 million, consisted of 10 portfolio companies and had a weighted average effective yield of 8.5%.

Results of Operations

For the three months and year ended December 31, 2019, net investment income was approximately $7.7 million and $31.2 million, respectively, compared with approximately $8.0 million and $25.0 million for the same periods in the prior year. The increase in net investment income for the year-over-year period was primarily attributable to increases in fee and paid-in-kind (“PIK”) income as well as a decrease in the capital gains incentive fees expense recognized for the year ended December 31, 2019. The increase in fee income as compared to the prior year was a result of a high volume of nonrecurring, fee-generating events in 2019 primarily from prepayments as well as amendments and waivers. The decrease in incentive fees was due to a decrease in the capital gains incentive fees component recorded during 2019. For the three months and year ended December 31, 2019, core net investment income, a non-GAAP financial measure that excludes capital gains incentive fee accruals, the net effects of excise or other income taxes related to net realized gains and losses, and the associated costs of refinancing the Company’s indebtedness, was $7.9 million and $31.1 million, respectively, compared with $8.2 million and $30.7 million for the same periods in the prior year, representing a decrease of approximately 3.7% and an increase of 1.3%, respectively.

For the three months and year ended December 31, 2019, WhiteHorse Finance reported a net realized and unrealized gain on investments and foreign currency transactions of $1.1 million and a net realized and unrealized loss on investments and foreign currency transactions of $0.4 million, respectively. This compares with a net realized and unrealized loss on investments and foreign currency transactions of $3.1 million and a net realized and unrealized gain on investments and foreign currency transactions of $32.3 million for the three months and year ended December 31, 2018, respectively. The decrease for the year-over-year period was primarily attributable to realized gains generated by the sale of the Company’s equity investment in Aretec in 2018.

WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $8.8 million and $30.8 million for the three months and year ended December 31, 2019, respectively, which compares with a net increase of $4.9 million and $57.3 million for the three months and year ended December 31, 2018, respectively

WhiteHorse Finance’s NAV was $313.0 million, or $15.23 per share, as of December 31, 2019, as compared with $315.5 million, or $15.36 per share, as of September 30, 2019. As of December 31, 2018, WhiteHorse Finance’s NAV was $315.3 million, or $15.35 per share.

Liquidity and Capital Resources

As of December 31, 2019, WhiteHorse Finance had cash and cash equivalents of $27.5 million, as compared with $22.2 million as of September 30, 2019, inclusive of restricted cash. As of December 31, 2019, the Company also had $11.1 million of undrawn capacity under its revolving credit facility.

Distributions

On December 9, 2019, the Company declared a regular distribution of $0.355 per share for the quarter ended December 31, 2019, consistent for the twenty-ninth consecutive quarter since the Company’s IPO. The distribution was paid on January 3, 2020 to shareholders of record as of December 19, 2019.

Distributions are paid from taxable earnings and may include return of capital and/or capital gains. The specific tax characteristics of the distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company's periodic reports filed with the Securities and Exchange Commission.

Conference Call

WhiteHorse Finance will host a conference call to discuss its fourth quarter and fiscal year-end results at 2:00 p.m. ET on Monday, March 2, 2020. To access the teleconference, please dial 706-758-9224 (domestic and international) approximately 10 minutes before the teleconference’s scheduled start time and reference ID # 2483375. Investors may also access the call on the investor relations portion of the Company’s website at www.whitehorsefinance.com.

If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call’s completion through March 16, 2020. The teleconference replay can be accessed by dialing 404-537-3406 (domestic and international) and entering ID #2483375. A webcast replay will also be available on the investor relations portion of the Company’s website at www.whitehorsefinance.com.

About WhiteHorse Finance, Inc.

WhiteHorse Finance is a business development company that originates and invests in loans to privately held, lower middle market companies across a broad range of industries. The Company's investment activities are managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, LLC, (“H.I.G. Capital”). H.I.G. Capital is a leading global alternative asset manager with $35 billion of capital under management⁽⁴⁾ across a number of funds focused on the small and mid-cap markets. For more information about H.I.G. Capital, please visit http://www.higcapital.com. For more information about the Company, please visit http://www.whitehorsefinance.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

(4) Based on total capital commitments managed by H.I.G. Capital and affiliates.

SCHEDULE 1

As a supplement to GAAP financial measures, the Company has provided information relating to core net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income determined in accordance with GAAP. The Company’s non-GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Core net investment income represents net investment income adjusted to exclude the net impact of costs associated with the refinancing of the Company’s indebtedness, the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and excise or other income taxes related to such net realized gains and losses (net of incentive fees). There were no excise or other income taxes related to net realized gains and losses for the quarter and year ended December 31, 2019. Additionally, the Company did not refinance any of its indebtedness for the quarter and year ended December 31, 2019.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended December 31, 2019 and December 31, 2018 (in thousands, except per share data):

	December 31, 2019				December 31, 2018
	Amount		Per Share Amounts		Amount			Per Share Amounts
Net investment income	$	7,702	$	0.375	$	8,040		$	0.391
Net impact of costs associated with refinancing of indebtedness		-		-		-			-
Accrual for capital gains incentive fee		212		0.010		(621	)		(0.030	)
Net impact of excise tax expense related to net realized gains and losses		-		-		754			0.037
Core net investment income	$	7,914	$	0.385	$	8,173		$	0.398

The following table provides a reconciliation of net investment income to core net investment income for the year ended December 31, 2019 and December 31, 2018 (in thousands, except per share data):

	December 31, 2019						December 31, 2018
	Amount			Per Share Amounts			Amount		Per Share Amounts
Net investment income	$	31,196		$	1.518		$	25,000	$	1.217
Net impact of costs associated with refinancing of indebtedness		-			-			259		0.013
Accrual for capital gains incentive fee		(71	)		(0.003	)		4,707		0.229
Net impact of excise tax expense related to net realized gains and losses		-			-			754		0.037
Core net investment income	$	31,125		$	1.515		$	30,720	$	1.496

WhiteHorse Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

	December 31, 2019		December 31, 2018
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	546,744	$	459,399
Non-controlled affiliate company investments		9,651		10,165
Controlled affiliate company investments		33,293		—
Total investments, at fair value (amortized cost $597,725 and $477,839, respectively)		589,688		469,564
Cash and cash equivalents		4,294		24,148
Restricted cash and cash equivalents		23,252		9,584
Interest receivable		6,010		4,616
Amounts receivable on unsettled investment transactions		360		5,608
Prepaid expenses and other receivables		7,620		575
Total assets	$	631,224	$	514,095

Liabilities
Debt	$	298,924	$	175,953
Distributions payable		7,294		7,294
Management fees payable		8,290		11,193
Amounts payable on unsettled investment transactions		—		445
Interest payable		1,674		1,562
Accounts payable and accrued expenses		1,944		2,322
Advances received from unfunded credit facilities		143		30
Total liabilities		318,269		198,799

Commitments and contingencies
Net assets
Common stock, 20,546,032 and 20,546,032 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized		21		21
Paid-in capital in excess of par		300,744		301,557
Accumulated undistributed (overdistributed) earnings		12,190		13,718
Total net assets		312,955		315,296
Total liabilities and total net assets	$	631,224	$	514,095
Number of shares outstanding		20,546,032		20,546,032
Net asset value per share	$	15.23	$	15.35

WhiteHorse Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

	Years ended December 31,
	2019			2018			2017
Investment income
From non-controlled/non-affiliate company investments
Interest income	$	56,566		$	56,208		$	49,233
Fee income		8,398			4,906			2,858
From non-controlled affiliate company investments
Dividend income		1,173			2,132			2,713
From controlled affiliate company investments
Interest income		936			—			—
Total investment income		67,073			63,246			54,804

Expenses
Interest expense		13,468			11,599			9,811
Base management fees		11,300			10,511			9,508
Performance-based incentive fees		7,710			12,134			6,553
Administrative service fees		646			684			696
General and administrative expenses		2,337			2,646			2,024
Total expenses, before fees waived		35,461			37,574			28,592
Base management fees waived		(397	)		(270	)		—
Total expenses, net of fees waived		35,064			37,304			28,592
Net investment income before excise tax		32,009			25,942			26,212
Excise tax		813			942			—
Net investment income after excise tax		31,196			25,000			26,212

Realized and unrealized gains (losses) on investments and foreign currency transactions
Net realized gains (losses)
Non-controlled/non-affiliate company investments		(409	)		(216	)		108
Non-controlled affiliate company investments		—			32,950			—
Foreign currency transactions		1			—			—
Net realized gains (losses)		(408	)		32,734			108
Net change in unrealized appreciation (depreciation)
Non-controlled/non-affiliate company investments		388			(5,136	)		(1,620	)
Non-controlled affiliate company investments		(514	)		4,703			9,748
Controlled affiliate company investments		363			—			—
Translation of assets and liabilities in foreign currencies		(184	)		—			—
Net change in unrealized appreciation (depreciation)		53			(433	)		8,128
Net realized and unrealized gains (losses) on investments and foreign currency transactions		(355	)		32,301			8,236
Net increase in net assets resulting from operations	$	30,841		$	57,301		$	34,448

Per Common Share Data
Basic and diluted earnings per common share	$	1.50		$	2.79		$	1.77
Dividends and distributions declared per common share	$	1.62		$	1.42		$	1.42
Basic and diluted weighted average common shares outstanding		20,546,032			20,538,971			19,433,003

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2019

(in thousands)

Investment Type⁽¹⁾	Spread Above Index⁽²⁾	Interest Rate⁽³⁾			Acquisition Date⁽¹⁰⁾	Maturity Date	Principal/ Share Amount		Amortized Cost		Fair Value⁽¹¹⁾		Fair Value As A Percentage of Net Assets
North America
Debt Investments
Advertising
Fluent, LLC
First Lien Secured Term Loan	L+ 7.00% (0.50% Floor)		8.80	%	03/26/18	03/26/24		9,337	$	9,337	$	9,337		2.98	%
Agricultural & Farm Machinery
Bad Boy Mowers Acquisition, LLC
First Lien Secured Term Loan	L+ 5.75% (1.00% Floor)		7.38	%	12/19/19	12/06/25		10,385		10,073		10,073		3.22
Air Freight & Logistics
Access USA Shipping, LLC
First Lien Secured Term Loan	L+ 8.00% (1.50% Floor)		9.80	%	02/08/19	02/08/24		5,651		5,581		5,600		1.79
Application Software
Newscycle Solutions, Inc.
First Lien Secured Term Loan	L+ 7.00% (1.00% Floor)		8.80	%	06/14/19	12/29/22		5,263		5,174		5,136		1.64
First Lien Secured Revolving Loan⁽⁷⁾	L+ 6.50% (1.00% Floor)		9.77	%	06/14/19	12/29/22		265		262		259		0.08
								5,528		5,436		5,395		1.72
Automotive Retail
Team Car Care Holdings, LLC
First Lien Secured Term Loan⁽¹²⁾	base rate+ 7.99% (1.00% Floor)		10.05	%	02/26/18	02/26/23		16,722		16,485		16,722		5.34
BW Gas & Convenience Holdings, LLC
First Lien Secured Term Loan	L+ 6.25% (1.00% Floor)		8.00	%	11/15/19	11/18/24		8,500		8,164		8,168		2.61
								25,222		24,649		24,890		7.95
Broadcasting
Alpha Media, LLC
First Lien Secured Term Loan	L+ 6.00% (1.00% Floor)		7.87	%	08/14/18	02/25/22		5,405		5,299		5,405		1.73
Rural Media Group, Inc.
First Lien Secured Term Loan	L+ 7.71% (1.00% Floor)		9.64	%	12/29/17	12/29/22		7,133		7,050		6,991		2.23
								12,538		12,349		12,396		3.96
Cable & Satellite
Bulk Midco, LLC
First Lien Secured Term Loan	P+ 6.27% (1.00% Floor)		11.02	%	06/08/18	06/08/23		15,000		14,845		14,250		4.45
Communications Equipment
Sorenson Communications, LLC
First Lien Secured Term Loan	L+ 6.50% (0.00% Floor)		8.44	%	03/15/19	03/15/24		4,875		4,749		4,857		1.55
Data Processing & Outsourced Services
FPT Operating Company, LLC/ TLabs Operating Company, LLC
First Lien Secured Term Loan	L+ 8.25% (1.00% Floor)		9.94	%	06/07/19	06/07/24		24,907		24,685		24,284		7.76
Geo Logic Systems Ltd.⁽⁵⁾
First Lien Secured Term Loan⁽¹³⁾	C+ 6.25% (1.00% Floor)		8.26	%	12/19/19	12/19/24		21,718		16,231		16,415		5.25
First Lien Secured Revolving Loan^(7)(13)	C+ 6.25% (1.00% Floor)		8.26	%	12/19/19	12/19/24		—		—		—		—
								46,625		40,916		40,699		13.01

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

(in thousands)

Investment Type⁽¹⁾	Spread Above Index⁽²⁾	Interest Rate⁽³⁾			Acquisition Date⁽¹⁰⁾	Maturity Date	Principal/ Share Amount		Amortized Cost		Fair Value⁽¹¹⁾			Fair Value As A Percentage of Net Assets
Department Stores
Mills Fleet Farm Group, LLC
First Lien Secured Term Loan	L+ 7.00% (1.00% Floor)		9.04% (0.75% PIK)		10/24/18	10/24/24		14,883	$	14,591	$	13,544			4.33	%

Distributors
Crown Brands, LLC
First Lien Secured Term Loan	L+ 8.00% (1.50% Floor)		9.80	%	01/28/19	01/25/24		5,727		5,610		5,596			1.79
First Lien Secured Delayed Draw Loan⁽⁷⁾	L+ 8.00% (1.50% Floor)		9.80	%	01/28/19	01/25/24		—		—		(2	)		—
								5,727		5,610		5,594			1.79
Diversified Chemicals
Sklar Holdings, Inc.
First Lien Secured Term Loan	L+ 6.00% (1.00% Floor)		7.99% (1.00% PIK)		11/13/19	05/13/23		8,902		8,731		8,731			2.79
First Lien Secured Revolving Loan⁽⁷⁾	L+ 6.00% (1.00% Floor)		7.99% (1.00% PIK)		11/13/19	05/13/20		—		—		2			—
								8,902		8,731		8,733			2.79
Diversified Support Services
ImageOne Industries, LLC
First Lien Secured Term Loan	L+ 10.00% (1.00% Floor)		11.80% (4.00% PIK)		01/11/18	01/11/23		7,261		7,097		6,898			2.20
First Lien Secured Revolving Loan⁽⁴⁾	L+ 10.00% (1.00% Floor)		11.94% (4.00% PIK)		07/22/19	12/12/22		525		525		525			0.17
NNA Services, LLC
First Lien Secured Term Loan	L+ 7.00% (1.50% Floor)		8.84	%	10/16/18	10/16/23		9,889		9,739		9,889			3.16
								17,675		17,361		17,312			5.53
Education Services
EducationDynamics, LLC
First Lien Secured Term Loan	L+ 7.50% (1.00% Floor)		9.42	%	11/26/19	11/26/24		11,750		11,520		11,519			3.68

Environmental & Facilities Services
WH Lessor Corp.
First Lien Secured Term Loan	L+ 6.00% (1.00% Floor)		7.79	%	12/26/19	12/26/24		6,458		6,330		6,329			2.02
First Lien Secured Revolving Loan⁽⁷⁾	L+ 6.00% (1.00% Floor)		7.79	%	12/26/19	12/26/24		—		—		—			—
								6,458		6,330		6,329			2.02
Food Retail
AG Kings Holdings, Inc.
First Lien Secured Term Loan⁽⁸⁾	L+ 11.00% (1.00% Floor)		15.75% (2.00% PIK)		08/10/16	08/10/21		13,250		12,837		7,668			2.45

Health Care Facilities
Grupo HIMA San Pablo, Inc.
First Lien Secured Term Loan A	L+ 9.00% (1.50% Floor)		10.94	%	05/15/19	04/30/19		3,855		3,855		3,276			1.05
First Lien Secured Term Loan B	L+ 9.00% (1.50% Floor)		10.94	%	02/01/13	04/30/19		13,511		13,511		11,484			3.67
Second Lien Secured Term Loan⁽⁸⁾	N/A		15.75% (2.00% PIK)		02/01/13	07/31/18		1,028		1,024		—			—
								18,394		18,390		14,760			4.72

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

(in thousands)

Investment Type⁽¹⁾	Spread Above Index⁽²⁾		Interest Rate⁽³⁾		Acquisition Date⁽¹⁰⁾		Maturity Date		Principal/ Share Amount		Amortized Cost		Fair Value⁽¹¹⁾		Fair Value As A Percentage of Net Assets
Health Care Services
CHS Therapy, LLC
First Lien Secured Term Loan A		L+ 8.50% (1.50% Floor)		10.44%		06/14/19		06/14/24		7,615	$	7,486	$	7,615		2.43	%
Lab Logistics, LLC
First Lien Secured Term Loan		L+ 6.50% (1.00% Floor)		8.56%		10/16/19		09/25/23		107		106		106		0.03
First Lien Secured Delayed Draw Loan⁽⁷⁾		L+ 6.50% (1.00% Floor)		8.44%		10/16/19		09/25/23		5,289		5,251		5,251		1.68
PMA Holdco, LLC
First Lien Secured Term Loan		L+ 7.75% (1.00% Floor)		9.69%		06/28/18		06/28/23		12,784		12,595		12,720		4.06
										25,795		25,438		25,692		8.20
Home Furnishings
Sure Fit Home Products, LLC
First Lien Secured Term Loan		L+ 9.75% (1.00% Floor)		11.70%		10/26/18		07/13/22		5,250		5,178		5,040		1.61
Human Resources & Employment Services
Pluto Acquisition Topco, LLC
First Lien Secured Term Loan		L+ 6.31% (1.50% Floor)		8.23%		01/31/19		01/31/24		12,354		12,152		12,354		3.95
Interactive Media & Services
What If Media Group, LLC
First Lien Secured Term Loan		L+ 7.00% (1.00% Floor)		8.80%		10/02/19		10/02/24		12,919		12,673		12,673		4.05
Internet & Direct Marketing Retail
Potpourri Group, Inc.
First Lien Secured Term Loan		L+ 8.25% (1.50% Floor)		9.94%		07/03/19		07/03/24		18,763		18,385		18,424		5.89
Investment Banking & Brokerage
Arcole Acquisition Corp⁽⁵⁾
First Lien Secured Term Loan A		L+ 8.25% (1.00% Floor)		10.16%		11/29/18		11/30/23		5,231		5,156		4,968		1.59
First Lien Secured Term Loan B		L+ 14.50% (1.00% Floor)		16.41% (1.50% PIK)		11/29/18		11/30/23		1,805		1,779		1,777		0.57
JVMC Holdings Corp. (f/k/a RJO Holdings Corp)
First Lien Secured Term Loan		L+ 6.50% (1.00% Floor)		8.30%		02/28/19		02/28/24		16,190		16,055		16,190		5.17
										23,226		22,990		22,935		7.33
IT Consulting & Other Services
AST-Applications Software Technology LLC
First Lien Secured Term Loan		L+ 8.00% (1.00% Floor)		9.80% (1.00% PIK)		01/10/17		01/10/23		4,236		4,187		4,236		1.35
Leisure Facilities
Honors Holdings, LLC
First Lien Secured Term Loan		L+ 6.86% (1.00% Floor)		8.74%		09/06/19		09/06/24		9,405		9,264		9,305		2.97
First Lien Secured Delayed Draw Loan		L+ 6.00% (1.00% Floor)		7.90%		09/06/19		09/06/24		4,662		4,616		4,612		1.47
Lift Brands, Inc.
First Lien Secured Term Loan		L+ 7.50% (1.00% Floor)		9.44% (0.50% PIK)		04/16/18		04/16/23		10,532		10,387		10,038		3.21
First Lien Secured Revolving Loan⁽⁷⁾		L+ 6.00% (1.00% Floor)		10.75%		04/16/18		04/16/23		158		156		131		0.04
										24,757		24,423		24,086		7.69

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

(in thousands)

Investment Type⁽¹⁾	Spread Above Index⁽²⁾	Interest Rate⁽³⁾		Acquisition Date⁽¹⁰⁾		Maturity Date		Principal/ Share Amount		Amortized Cost		Fair Value⁽¹¹⁾			Fair Value As A Percentage of Net Assets
Office Services & Supplies
Empire Office, Inc.
First Lien Secured Term Loan	L+ 6.75% (1.50% Floor)		8.55%		04/12/19		04/12/24		12,224	$	12,015	$	12,029			3.84	%
Other Diversified Financial Services
Sigue Corporation⁽⁴⁾
Second Lien Secured Term Loan⁽⁴⁾	L+ 12.00% (1.00% Floor)		13.94%		12/27/13		05/01/20		24,904		24,905		24,655			7.88
Packaged Foods & Meats
Lenny & Larry’s, LLC
First Lien Secured Term Loan	L+ 7.97% (1.00% Floor)		9.71% (1.18% PIK)		05/15/18		05/15/23		12,293		12,128		11,924			3.81
Research & Consulting Services
Nelson Worldwide, LLC
First Lien Secured Term Loan	L+ 9.25% (1.00% Floor)		11.23%		01/09/18		01/09/23		13,603		13,397		13,263			4.24
ALM Media, LLC
First Lien Secured Term Loan	L+ 6.50% (1.00% Floor)		8.44%		11/25/19		11/25/24		15,750		15,441		15,441			4.93
									29,353		28,838		28,704			9.17
Restaurants
LS GFG Holdings Inc.
First Lien Secured Term Loan	L+ 6.00% (0.00% Floor)		7.80%		11/30/18		11/19/25		10,237		9,977		9,717			3.10
Specialized Consumer Services
True Blue Car Wash, LLC
First Lien Secured Term Loan	L+ 8.12% (1.00% Floor)		9.91%		10/17/19		10/17/24		4,461		4,375		4,375			1.40
First Lien Secured Revolving Loan⁽⁷⁾	L+ 8.12% (1.00% Floor)		9.91%		10/17/19		10/17/24		—		—		(20	)		(0.01	)
									4,461		4,375		4,355			1.39
Specialty Chemicals
Flexitallic Group SAS
First Lien Secured Term Loan	L+ 6.50% (1.00% Floor)		8.44%		10/28/19		10/29/26		11,750		11,461		11,463			3.66
Specialized Finance
Golden Pear Funding Assetco, LLC⁽⁵⁾
Second Lien Secured Term Loan	L+ 10.50% (1.00% Floor)		12.19%		09/20/18		03/20/24		17,500		17,232		17,500			5.59
Oasis Legal Finance, LLC⁽⁵⁾
Second Lien Secured Term Loan	L+ 10.75% (1.00% Floor)		12.44%		09/09/16		03/09/22		20,000		19,841		20,000			6.39
WHF STRS Ohio Senior Loan Fund LLC
Subordinated Note^{(4)(5)(7)(14)(15)}	L+ 6.50%		8.26%		07/19/19		01/14/29		26,344		26,344		26,344			8.42
									63,844		63,417		63,844			20.40
Systems Software
Vero Parent, Inc.
First Lien Secured Term Loan	L+ 6.00% (1.00% Floor)		7.91%		11/06/19		08/16/24		20,000		18,014		19,025			6.08
Trading Companies & Distributors
Vessco Holdings, LLC
First Lien Secured Term Loan	L+ 6.50% (1.50% Floor)		8.41%		08/22/19		08/22/24		19,067		18,713		18,696			5.97

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

(in thousands)

Investment Type⁽¹⁾	Spread Above Index⁽²⁾	Interest Rate⁽³⁾			Acquisition Date⁽¹⁰⁾		Maturity Date	Principal/ Share Amount		Amortized Cost		Fair Value⁽¹¹⁾		Fair Value As A Percentage of Net Assets
Technology Hardware, Storage & Peripherals
Source Code Midco, LLC
First Lien Secured Term Loan	L+ 8.25% (1.00% Floor)		10.18	%		05/04/18	05/04/23		23,566	$	23,112	$	23,566		7.53	%
Total Debt Investments									591,199		575,686		566,374		180.94
Equity Investments

Advertising
Fluent, Inc. (f/k/a Cogint, Inc.)⁽⁴⁾⁽⁹⁾	N/A		N/A			11/28/17	N/A		187		560		467		0.15
Diversified Support Services
Quest Events, LLC Preferred Units⁽⁴⁾	N/A		N/A			12/28/18	12/08/25		317		317		276		0.09
ImageOne Industries, LLC Common A Units⁽⁴⁾	N/A		N/A			09/20/19	12/08/25		149		—		48		0.02

Health Care Services
Lab Logistics Preferred Units	N/A		N/A			10/29/19	06/28/28		2		857		857		0.27
PMA Holdco, LLC Warrants⁽⁴⁾	N/A		N/A			06/28/18	06/28/28		8		—		461		0.15
									10		857		1,318		0.42
Other Diversified Financial Services
RCS Creditor Trust Class B Units⁽⁴⁾⁽⁶⁾	N/A		N/A			10/01/17	N/A		143		—		—		—
SFS Global Holding Company Warrants⁽⁴⁾	N/A		N/A			06/28/18	12/28/25		—		—		—		—
Sigue Corporation Warrants⁽⁴⁾	N/A		N/A			06/28/18	12/28/25		22		2,890		3,721		1.19
									165		2,890		3,721		1.19
Specialized Finance
NMFC Senior Loan Program I LLC Units^(4)(5)(6)	N/A		N/A			08/13/14	08/31/21		10,000		10,029		9,651		3.08
WHF STRS Ohio Senior Loan Fund LLC^{(4)(5)(7)(14)}	N/A		N/A			07/19/19	08/31/21		6,586		6,586		6,949		2.22

Trading Companies & Distributors
Vessco Holdings, LLC⁽⁴⁾	N/A		N/A			08/22/19	12/31/22		489		800		800		0.26

Trucking
Europcar Mobility Group⁽⁵⁾	N/A		N/A			10/31/19	12/31/22		—		—		84		0.03
Total Equity Investments									17,903		22,039		23,314		7.46
Total Investments									609,102	$	597,725	$	589,688		188.40	%

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2019

(in thousands)

(1)

Except as otherwise noted, all investments are non-controlled/non-affiliate investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), and provide collateral for the Company’s credit facility.

(2)

The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), which resets monthly, quarterly or semiannually, the Canadian Dollar Offered Rate (“CDOR” or “C”) or the U.S. Prime Rate as published by the Wall Street Journal (“Prime” or “P”). The one, three and six-month LIBOR were 1.8%, 1.9% and 1.9%, respectively, as of December 31, 2019. The Prime was 4.75% as of December 31, 2019. The CDOR was 2.0% at December 31, 2019.

(3)

The interest rate is the “all-in-rate” including the current index and spread, the fixed rate, and the payment-in-kind (“PIK”) interest rate, as the case maybe.

(4)

The investment or a portion of the investment does not provide collateral for the Company’s credit facility.

(5)

Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of total assets. Qualifying assets represented 84%, of total assets as of the date of the consolidated schedule of investments.

(6)

Investment is a non-controlled/affiliate investment as defined by the 1940 Act.

(7)

The investment has an unfunded commitment in addition to any amounts presented in the consolidated schedule of investments as of December 31, 2019.

(8)

The investment is on non-accrual status.

(9)

The fair value of the investment was determined using observable inputs. There are no legal restrictions on sales of the investment.

(10)

Except as otherwise noted, all of the Company’s portfolio company investments, which as of the date of the consolidated schedule of investments represented 188% of the Company’s net assets or 93% of the Company’s total assets, are subject to legal restrictions on sales.

(11)

Except as otherwise noted, the fair value of each investment was determined using significant unobservable inputs.

(12)

The investment was comprised of two contracts, which were indexed to different base rates, L and P, respectively. The Spread Above Index and Interest Rate presented represent the weighted average of both contracts.

(13)

Principal amount is denominated in Canadian dollars.

(14)

Investment is a controlled affiliate investment as defined by the 1940 Act. On January 14, 2019, the Company entered into an agreement with State Teachers Retirement System of Ohio, a public pension fund established under Ohio law (“STRS Ohio”), to create WHF STRS Ohio Senior Loan Fund, LLC (“STRS JV’’), a joint venture, which invests primarily in senior secured first and second lien term loans.

(15)

Security is perpetual with no defined maturity date.

Contacts

Stuart Aronson

WhiteHorse Finance, Inc.

212-506-0500

[email protected]

Joyson Thomas

WhiteHorse Finance, Inc.

305-379-2322

[email protected]

Sean Silva

Prosek Partners

646-818-9122

[email protected]

Source: WhiteHorse Finance, Inc.

Exhibit 99.2

Earnings Presentation Quarter Ended December 31, 2019 WhiteHorse Finance, Inc. NASDAQ: WHF (Common Stock) NASDAQ: WHFBZ (6.50% Notes due 2025)

1 References in this presentation to “WHF”, “we”, “us”, “our” and “the Company” refer to WhiteHorse Finance, Inc. This presentation and the information and views included herein do not constitute investment advice, or a recommendation or a n o ffer to enter into any transaction with the Company or any of its affiliates. Investors are advised to consider carefully the Company’s investment objectives, r isk s, charges and expenses before investing in the Company’s securities. Our annual reports on Form 10 - K and quarterly reports on Form 10 - Q, which have been filed with the Securities and Exchange Commission (“SEC”), contain this and other information about the Company and should be read carefully before investi ng in the Company’s securities. The information in this presentation is not complete and may be changed. This presentation is not an offer to sell the Compan y’s securities and is not soliciting an offer to buy the Company’s securities in any jurisdiction where such offer or sale is not permitted. A shelf registration statement relating to the Company’s securities is on file with the SEC. A public offering of the Company ’s securities may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained by writing the Company at 1450 Bri cke ll Avenue, 31st Floor, Miami, FL 33131, Attention: Investor Relations, or by calling (305) 381 - 6999; copies may also be obtained by visiting EDGAR on the SEC’ s website at http://www.sec.gov . Forward Looking Statements Some of the statements in this presentation constitute forward - looking statements, which relate to future events or the Company’ s future performance or financial condition. The forward - looking statements contained in this presentation involve risks and uncertainties, including statements as to: the Company’s future operating results; changes in political, economic or industry conditions, the interest rate environment or conditions affecti ng the financial and capital markets, which could result in changes to the value of the Company’s assets; the Company’s business prospects and the prospects of its pr ospective portfolio companies; the impact of investments that the Company expects to make; the impact of increased competition; the Company’s contractual ar ran gements and relationships with third parties; the dependence of the Company’s future success on the general economy and its impact on the industries in wh ich the Company invests; the ability of the Company’s prospective portfolio companies to achieve their objectives; the relative and absolute performance o f t he Company’s investment adviser; the Company’s expected financings and investments; the adequacy of the Company’s cash resources and working capital; the timi ng of cash flows, if any, from the operations of the Company’s prospective portfolio companies; and the impact of future acquisitions and divestitures. Such forward - looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “migh t,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. The Company has based the forward - looking statements included in this presentation on information available to us on the date of this presentation, and the Company assumes no obligation to update any such forward - looking statements. Actual results could differ materially from those implied or expressed in the Company’s forward - looking statements for any reason, and future results could differ materially from historical performance. Al though the Company undertakes no obligation to revise or update any forward - looking statements, whether as a result of new information, future events or other wise, you are advised to consult any additional disclosures that are made directly to you or through reports that the Company in the future may file with the Sec urities and Exchange Commission, including annual reports on Form 10 - K, quarterly reports on Form 10 - Q and current reports on Form 8 - K. For a further discussion of factors that could cause the Company’s future results to differ materially from any forward - looking statements, see the section entitled “Risk Factors” in th e annual reports on Form 10 - K and quarterly reports on Form 10 - Q we file with the SEC. Important Information and Forward Looking Statements

2 WhiteHorse Finance Snapshot Company: WhiteHorse Finance, Inc. (“ WhiteHorse Finance” or the “Company”) : Equity Ticker: NASDAQ: WHF Market Cap: $282.1MM (1) NAV / Share: $15.23 Portfolio Fair Value: $589.7MM Current Dividend Yield: 10.3% (1)(2) ; consistent quarterly dividends of $0.355 per share since 2012 IPO (1) Based on February 27, 2020 share price of $13.73 (2) Based on current annualized dividend rate, excluding special dividends, relative to closing share price. External Manager: Affiliate of H.I.G. Capital, LLC (“H.I.G. Capital” or “H.I.G.”)

Overview of WhiteHorse Finance, Inc. 3 Portfolio at Fair Value ($MM) NAV + Cumulative Dividends per share Note: As of December 31 st of each respective year presented, unless otherwise noted. (1) Based on total capital commitments managed by H.I.G. Capital and affiliates. (2) Represents number of companies not total number of investments. (3) Based on fair value. Does not include investments in STRS JV. Source: Company filings ▪ WhiteHorse Finance, Inc. is a publicly listed Business Development Company (“BDC”) that completed its IPO in December 2012 ▪ WhiteHorse Finance’s investment activities are managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, a leading glo ba l alternative asset manager with more than $35Bn of capital under management (1) ▪ Principally focused on originating senior secured loans to performing lower middle market companies with individual enterpris e v alues generally between $50MM and $350MM ▪ Diversified investment portfolio totaling $589.7MM as of December 31, 2019 ▪ Investments across 51 (2) portfolio companies as of December 31, 2019 − Average Investment Size (3) : $8.7MM (Average Debt Investment Size (3) : $10.0MM) − Largest Portfolio Company Investment (3) : $28.4MM ▪ Invested $1,587MM in 128 transactions since December 2012 IPO ▪ In January 2019, WhiteHorse Finance, Inc. entered into an agreement with State Teachers Retirement System of Ohio (“STRS Ohio”), a public pension fund established under Ohio law to create WHF STRS Ohio Senior Loan Fund, LLC (“STRS JV”), a joint venture, which invests pri mar ily in senior secured first and second lien term loans. $589.7 $15.30 $15.16 $15.04 $13.33 $13.63 $13.98 $15.35 $15.23 $0.11 $1.53 $2.95 $4.37 $5.79 $7.21 $8.63 $10.25 $15.41 $16.69 $17.99 $17.70 $19.42 $21.19 $23.98 $25.48 2012 2013 2014 2015 2016 2017 2018 2019 Net asset value Cumulative dividends paid (including special dividends) $180.5 $272.4 $403.5 $415.3 $411.7 $440.7 $469.6 2012 2013 2014 2015 2016 2017 2018 2019

4 Overview of WhiteHorse Finance, Inc. (continued) Note: As of Decem ber 31, 2019 unless otherwise noted. (1) Reflects life - to - date since IPO, and may exclude follow - on transactions and investments in STRS JV made via asset transfers in - k ind. (2) Across 64 investments. Does not include investments in STRS JV. (3) Reflects weighted average effective yield of income - producing debt investments. Weighted average effective yield for entire port folio, including equities and investments in STRS JV, as of December 31, 2019 is 9.9%. Weighted average effective yield is computed by dividing (a) annualized interest income (including in terest income resulting from the amortization of fees and discounts) by (b) the weighted average cost of investments. (4) Measured at origination based on WHF’s underwriting leverage. Does not include investments in STRS JV. (5) Does not include investments in STRS JV. ▪ Generate attractive risk - adjusted return in all market conditions by originating and investing in senior secured loans to performing lower middle market companies and leveraging the knowledge of H.I.G. Capital ▪ Differentiated proprietary deal flow from over 40 dedicated deal professionals sourced through direct coverage of financial sponsors and intermediaries as of December 31, 2019 ▪ Rigorous credit process focused on fundamental analysis with emphasis on downside protection and cash flow visibility ▪ 11 - person investment committee with more than 250 years of industry experience ▪ Investment strategy focused on first lien and second lien senior secured investments in lower middle market companies with a target hold size of $4MM to $20MM Summary Stats: Invested Capital since IPO: $1,587MM (1) Number of Investments Made: ~128 (1) Average Investment Size: ~$8.7 MM (2) All - in Yield : 10.4% (3) Net Debt / EBITDA of Current Portfolio Companies: ~3.6x (4) Secured Debt as a % of Total Debt : 100% (5) Investment Strategy

5 Summary of Quarterly Results Fiscal Quarter Highlights ▪ Total investments at fair value increased to $589.7 million in Q4 2019 as compared to $527.5 million in Q3 2019. ▪ The Company made investments in 13 new portfolio companies for gross deployments of $137.8 million as well as funded 3 add - on investments for $12.8 million. ▪ The Company transferred four investments and the remaining investment in an existing portfolio company to the STRS JV totalin g $31.0 million. ▪ The weighted average effective yield on income producing investments at the end of Q4 2019 was approximately 10.4% as compared to approximately 11% at the end of the prior quarter. ▪ Q4 net investment income (“NII”) was ~$7.7 million, or $0.375 per share, which compares to Q3 NII of ~$8.7 million, or $0.421 pe r share. ▪ Q4 Core NII (1) , after adjusting for the ~$0.2 million capital gains incentive fee accrual, was $7.9 million, or $0.385 per share, compared with the quarterly distribution of $0.355 per share. This compares with Q3 Core NII of $8.3 million, or $0.403 per share. ▪ Net unrealized losses on investments for Q4 2019 were ~$0.4 million and were primarily driven by price adjustments in the portfolio including markdowns on AG Kings Holdings Inc. and Mills Fleet Farm Group, LLC, partially offset by a markup on Vero Parent, I nc. as well as the reversals of unrealized gains and losses related to the Crews of California, Inc. and StackPath LLC payoffs, respectively. ▪ NAV per share at the end of Q4 2019 was $15.23 per share compared to $15.36 per share reported at the end of Q3 2019. ▪ Leverage levels increased during the quarter to 0.97x from 0.75x at the end of Q3 2019. Cash on - hand at the end of Q4 2019 was $ 27.5 million resulting in net leverage of 0.88x as compared to 0.68x at the end of Q3 2019. ▪ As of December 31, 2019, STRS JV had total assets of ~$100 million. At December 31, 2019, STRS JV had a weighted average effe cti ve yield of 8.5%; the Company expects its investments in STRS JV, once fully ramped, to yield 12 - 15% on the Company’s invested capi tal in STRS JV. (1) Core net investment income is a non - GAAP financial measure. Refer to next slide for components and discussion of core net invest ment income. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, can also be found by accessing the earnings releases posted to the Company’s website at http://www.whitehorsefinance.com.

6 Quarterly Operating Highlights Note: N umbers may not foot due to rounding. (1) Total investment income includes investment income (e.g., interest and dividends) from investments in STRS JV. (2) Net of fee waivers, if any. (3) Core net investment income is a non - GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (i) the net impact of costs associated with the refinancing of the Company's indebtedness, (ii) the acc rua l of the capital gains incentive fee attributable to realized and unrealized gains and losses, and (iii) certain excise or other income taxes (net of incentive fees). The presentation of this additional information is not me ant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly com parable GAAP financial measure, net investment income, can be found by accessing the earnings releases posted to the Company’s website at http://www.whitehorsefinance.com . Source: Company filings Unaudited Quarterly Financials Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 (USD in MM, expect per share data) Total Investment Income (1) 15.3$ 16.7$ 15.9$ 16.0$ 17.8$ 17.4$ Expenses Interest Expenses 3.3 3.0 3.1 3.2 3.5 3.7 Base Management Fees (2) 2.6 2.5 2.4 2.6 2.8 3.1 Performance-based Incentive Fees 4.9 1.2 1.8 2.1 1.7 2.2 Other Expenses 0.7 1.9 1.1 0.9 1.1 0.7 Total Expenses 11.5 8.6 8.3 8.8 9.1 9.7 Net Investment Income 3.8$ 8.0$ 7.6$ 7.2$ 8.7$ 7.7$ Net Realized and Unrealized Gain / (Loss) 15.7 (3.1) (0.6) 1.0 (1.8) 1.1 Net Increase in Net Assets from Operations 19.5$ 4.9$ 7.0$ 8.2$ 6.9$ 8.8$ Per Share Net Investment Income (NII) 0.18$ 0.39$ 0.37$ 0.35$ 0.42$ 0.37$ Core NII (3) 0.35$ 0.40$ 0.37$ 0.36$ 0.40$ 0.39$ Net Realized and Unrealized Gain / (Loss) 0.77$ (0.15)$ (0.03)$ 0.06$ (0.08)$ 0.05$ Earnings 0.95$ 0.24$ 0.34$ 0.41$ 0.34$ 0.42$ Dividends Declared 0.355$ 0.355$ 0.355$ 0.355$ 0.355$ 0.355$ Core NII Dividend Coverage 98% 112% 103% 102% 114% 108%

7 Quarterly Balance Sheet Highlights Note: Numbers may not foot due to rounding (1) Includes Restricted Cash (2) Calculated as Total Gross Debt Outstanding divided by Total Net Assets (3) Net Leverage Ratio is defined as debt outstanding less cash, divided by total net assets (4) Fundings , exits and repayments may include cash flows on revolver investments as well as non - cash transactions (e.g., PIK, equity issuan ces). Unaudited Quarterly Financials Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 (USD in MM, expect per share data) Assets Investments at Fair Value 509.6$ 469.6$ 468.4$ 534.8$ 527.5$ 589.7$ Cash and Equivalents (1) 26.6 33.7 36.9 50.4 22.2 27.5 Other Assets 5.6 10.8 16.2 7.9 16.3 14.0 Total Assets 541.8$ 514.1$ 521.5$ 593.1$ 566.0$ 631.2$ Liabilities Debt (net of issuance costs) 195.7 176.0 176.2 245.8 232.0 298.9 Other Liabilities 28.5 22.8 30.3 31.4 18.6 19.3 Total Liabilities 224.2$ 198.8$ 206.5$ 277.2$ 250.5$ 318.3$ Total Net Assets 317.7$ 315.3$ 315.0$ 315.9$ 315.5$ 313.0$ Total Liabilities and Net Assets 541.8$ 514.1$ 521.5$ 593.1$ 566.0$ 631.2$ Net Asset Value per Share 15.46$ 15.35$ 15.33$ 15.38$ 15.36$ 15.23$ Leverage Ratio (2) 0.62x 0.57x 0.57x 0.79x 0.75x 0.97x Net Leverage Ratio (3) 0.54x 0.46x 0.45x 0.63x 0.68x 0.88x Gross Fundings (4) 45.3 67.2 49.7 76.5 81.6 155.4 Exits and Repayments (4) (64.0) (105.6) (52.3) (12.3) (89.1) (95.8) Net Fundings (18.7)$ (38.3)$ (2.6)$ 64.2$ (7.5)$ 59.6$

Portfolio Highlights 8 Note: Not a guarantee of future performance or investment pace. (1) Does not include investments in STRS JV. (2) Calculated based on funded principal amounts of debt investments. ( 3) Weighted average effective yield is computed by dividing (a) annualized interest income (including interest income resulting fro m the amortization of fees and discounts) by (b) the weighted average cost of investments. Weighted average effective yield for entire portfolio, including equities and STRS JV, as of the end of Q3 2018, Q4 2018, Q1 2019, Q2 201 9, Q3 2019 and Q4 2019 were 11.3%, 11.8%, 11.6%, 10.7%, 10.5% and 9.9% respectively. Source: Company filings ($ in MM, except per share data) Portfolio Investment Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Total Fair Value of Investments 509.6$ 469.6$ 468.4$ 534.8$ 527.5$ 589.7$ Number of Portfolio Investments 49 53 56 67 65 66 Number of Portfolio Companies 36 39 41 47 48 51 Average Investment Size(1) 10.4$ 8.9$ 8.4$ 8.0$ 8.0$ 8.7$ Average Debt Investment Size(1) 10.6$ 10.1$ 9.5$ 8.8$ 9.2$ 10.0$ Fair Value as a Percentage of Principal(2) 97.0% 96.4% 96.8% 96.9% 96.7% 95.6% Total Portfolio Effective Yield (3) Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Weighted average effective yield on income-producing debt investments 11.9% 11.9% 11.7% 11.3% 11.1% 10.4% Portfolio Composition - Floating vs. Fixed Investments (Debt Investments at Fair Value) Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Percentage of fixed rate investments 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Percentage of floating rate investments 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Portfolio Composition - Sponsor vs. Non-Sponsor (Fair Value) Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Sponsor 33.8% 44.1% 46.1% 45.4% 46.6% 54.5% Non-Sponsor 66.2% 55.9% 53.9% 54.6% 53.4% 45.5% Total Portfolio Composition by Instrument Type (Fair Value) Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 First lien secured loans 63.5% 76.5% 80.0% 84.7% 79.7% 81.0% Second lien secured loans 21.7% 20.7% 17.2% 12.3% 12.4% 10.5% STRS JV 4.6% 5.6% Equity 14.8% 2.8% 2.9% 3.0% 3.2% 2.8% Investments on Non-Accrual Status (Debt Investments) Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Fair Value of Investments on Non-accrual Status 0.1$ 0.1$ 0.1$ 21.3$ 8.5$ 7.7$ Cost of Investments on Non-accrual Status 1.0$ 1.0$ 1.0$ 28.8$ 13.9$ 13.9$ % of Investments on Non-accrual Status (Fair Value) 0.0% 0.0% 0.0% 4.0% 1.6% 1.3% % of Investments on Non-accrual Status (Cost) 0.2% 0.2% 0.2% 5.4% 2.6% 2.3%

Portfolio Trends Historical Portfolio Trends 9 % Floating and % Fixed (Based on Fair Value) % Instrument Type (Based on Fair Value) % Sponsored / Non - Sponsored (Based on Fair Value) % Non Accruals (Based on Fair Value) (1) Note: As of end of each year/quarter presented, unless otherwise noted; percentages may not add up to 100% due to rounding. Not a guarantee of future performance or investment pace. (1) Except as otherwise indicated, non - zero values <0.05%. 1.7% 1.7% 1.7% 4.0% 1.6% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 % of Investments on NonAccrual 1.3% 60% 33% 28% 32% 32% 44% 55% 40% 67% 72% 68% 68% 56% 45% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2013 2014 2015 2016 2017 2018 2019 Sponsor Non-Sponsor

10 Note: As of December 31, 2019, unless otherwise noted; percentages may not add up to 100% due to rounding. (1) Does not include investments in STRS JV. Industry classifications based on GICS. Composition by Borrower (Based on Fair Value) Composition by Industry (1) (Based on Fair Value) 100% of WHF loans are senior secured Borrower and Industry Diversity 5.6% 4.8% 4.1% 4.0% 3.4% 3.3% 3.2% 3.1% 3.0% 2.8% 62.6% STRS JV Sigue Corporation Future Payment Technologies, L.P. Source Code Midco, LLC Oasis Legal Finance, LLC Vessco Holdings, LLC Vero Parent, Inc. Potpourri Group, Inc. Golden Pear Funding Assetco, LLC Team Car Care Holdings, LLC (Heartland Auto) Other 8.5% 7.3% 5.2% 5.1% 4.9% 4.5% 4.3% 4.2% 4.1% 3.5% 3.4% 3.3% 41.7% Specialized Finance Data Processing & Outsourced Services Research & Consulting Services Other Diversified Financial Services Health Care Services Automotive Retail Leisure Facilities Technology Hardware, Storage & Peripherals Investment Banking & Brokerage Trading Companies & Distributors Systems Software Internet & Direct Marketing Retail Other STRS JV

Effective Yield & Dividend Coverage Debt Portfolio Effective Yield and Borrower Leverage (1) From IPO to December 31, 2019 11 Core NII (2) to Dividend Coverage (3) Note: Amounts may not foot due to rounding. (1) Portfolio leverage is based on investment leverage at inception (2) Core net investment income is a non - GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (i) the net impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to realized and unrealized gains and losses, and (iii) certain excise or other income taxes (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial r es ults prepared in accordance with GAAP. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial resul ts prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, can be found by acc essing the earnings releases posted to the Company’s website at http://www.whitehorsefinance.com (3) Does not include special dividends. (4) WHF’s dividend coverage was impacted in 3Q 2017 by the timing of deployment of the equity issuance of ~$31mm in June 2017 Source: Company filings Covered by $0.01 Covered by $0.01 Missed by $0.00 Covered by $0.04 Covered by $0.00 Covered by $0.00 Covered by $0.02 Missed by $0.07 (4) Covered by $0.07 Missed by $0.02 Missed by $0.03 Missed by $0.01 Covered by $0.04 Covered by $0.01 $0.37 $0.35 $0.40 $0.36 $0.36 $0.38 $0.29 $0.33 $0.42 $0.33 $0.35 $0.40 $0.37 $0.36 $0.40 $0.39 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Core NII per share Dividends per share Covered by $0.05 Covered by $ 0.03

Net Asset Value Trends 12 *As a supplement to GAAP financial measures, the Company has provided this non - GAAP measure. The Company believes that this non - GAAP financial measure is useful as it highlights the changes in NAV per share of common stock for each quarter excluding the impact of special dividends that were pai d and shows the pro forma to the Company’s NAV per share after payment of regular distributions. Net Asset Value Per Share $15.43 $15.00 $15.30 $15.16 $15.04 $13.33 $13.63 $13.98 $15.35 $15.23 $13.00 $13.50 $14.00 $14.50 $15.00 $15.50 $16.00 IPO (Dec 2012) 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 Net Asset Value Per Share If No Special Dividends Were Paid* Net Asset Value Per Share

Note: As of end of each quarter presented, unless otherwise noted. Not a guarantee of future performance or investment pace. (1) As of December 31, 2019 WHF had $5.0MM of deferred debt issuance costs (2) Gross leverage excluding cash 3 Current Debt Outstanding (as of Dece mber 31, 2019) ($ in MM) Commitment Outstanding (1) Weighted Average Interest Rate Maturity Additional Information Revolving Credit Facility $250.0 ($100 Accordion Feature) $238.9 L+2.50% payable quarterly 2024 Private Notes $30.0 $30.0 6.00% payable semi - annually; unsecured 2023 Senior Notes $35.0 $35.0 6.50% payable quarterly; unsecured 2025 NASDAQ: WHFBZ Total Debt $315.0 $303.9 Total Shareholders’ Equity/Net Assets $313.0 NA Funding Profile 13 Gross Debt to Equity (2) 1.0x - 1.25x Target Leverage 0.79x 0.70x 0.74x 0.77x 0.68x 0.65x 0.64x 0.63x 0.71x 0.62x 0.57x 0.57x 0.79x 0.75x 0.97x 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Debt/ Equity

14 Appendix

Origination Footprint ( Decemb er 31, 2019) Regional Direct Origination Footprint ▪ Scope of H.I.G. WhiteHorse market coverage results in consistent investment activity levels regardless of market conditions ▪ Dedicated direct lending team of over 40 investment and origination professionals ▪ Regional footprint with 18 dedicated direct lending originators in 11 North American offices ▪ Global platform of approximately 410 investment professionals across 18 offices in 9 countries and 3 continents ▪ Additional 25 generalist business development professionals dedicated to sourcing proprietary opportunities in the lower to m idd le market Los Angeles Miami New York Boston Chicago Atlanta Stamford San Francisco Existing offices with senior originators Puerto Rico Headquarters of a portfolio company Dallas Washington, D.C. Toronto Vancouver 15

Origination Pipeline Funnel (1) 16 Note: Percentages may not add up to 100% due to rounding. (1) Origination Pipeline figures reflect 2014 through December 31, 2019 Three tier sourcing platform, generating meaningful investable opportunities for WhiteHorse Finance Over 40 WhiteHorse deal professionals dedicated to sourcing and underwriting for WHF 25 person business development team seeks opportunities from H.I.G.’s proprietary database of over 21,000 contacts (telephonic salesforce) ▪ With access to H.I.G. Capital’s extensive sourcing network, the Company is able to capitalize on attractive self - originated lowe r middle market transactions as compared to the broadly syndicated market ▪ Directly originated loans to lower middle market companies typically generate more attractive risk - adjusted returns relative to larger, broadly syndicated credits Typical Underwriting Process: 3 - 6 months Opportunities Reviewed Initial Due Diligence Term Sheets Delivered Closed Transactions Total % of Sourced 5,251 100.0% 1,464 27.9% 362 6.9% 99 1.9% Deals being sourced by more than 410 Investment Professionals across H.I.G.’s platform

17 Corporate Data Board of Directors Investment Committee Corporate Officers Research Coverage Corporate Counsel John Bolduc Sami Mnaymneh Stuart Aronson Tim Hayes Dechert LLP Chairman of the Board Founder and Co - CEO of H.I.G. Capital Chief Executive Officer B. Riley FBR New York, NY Stuart Aronson Anthony Tamer Marco Collazos George Bahamondes Corporate Headquarters Director Founder and Co - CEO of H.I.G. Capital Chief Compliance Officer Deutsche Bank 1450 Brickell Avenue 31st Floor Jay Carvell Stuart Aronson Joyson Thomas Richard Shane Miami, FL 33131 Director Chief Executive Officer and Director Chief Financial Officer J.P. Morgan Transfer Agent Kevin F. Burke Mark Bernier Mickey Schleien American Stock Transfer & Independent Director Managing Director of WhiteHorse Capital Ladenburg Thalmann & Co. Inc. Trust Company, LLC New York, NY Rick P. Frier John Bolduc Bryce Rowe Independent Director Chairman of the Board, Executive Managing National Securities Investor Relations Contact Director of H.I.G. Capital 1450 Brickell Avenue Rick D. Puckett Chris Kotowski 31st Floor Independent Director Jay Carvell Oppenheimer & Co. Attention: Investor Relations Managing Director of WhiteHorse Capital Miami, FL 33131 G. Stacy Smith Robert Dodd (305) 381 - 6999 Independent Director Javier Casillas Raymond James Managing Director of WhiteHorse Capital Independent Registered Public Accounting Firm Pankaj Gupta Crowe LLP Managing Director of WhiteHorse Capital New York, NY David Indelicato Equity Securities Listing Managing Director of WhiteHorse Capital NASDAQ: WHF Brian Schwartz Please visit our website at: Co - President of H.I.G. Capital www.whitehorsefinance.com John Yeager Managing Director of WhiteHorse Capital

Delaware	814-00967	45-4247759
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification Number)

1450 Brickell Avenue, 31st Floor
Miami, Florida		33131
(Address of principal executive offices)		(Zip Code)

Dated: March 2, 2020	WHITEHORSE FINANCE, INC.

	By:	/s/ Joyson C. Thomas
		Joyson C. Thomas
		Chief Financial Officer

99.1	Press Release of WhiteHorse Finance, Inc. dated March 2, 2020

99.2	Earnings Presentation of WhiteHorse Finance, Inc.