WhiteHorse Finance, Inc.

Previous wording

Our investment activities are managed by WhiteHorse Advisers and are supervised by our board of directors, a majority of whom are independent of us, WhiteHorse Advisers and its affiliates. Under the second amended and restated investment advisory agreement, which was executed by the Company on February 22, 2024 (the “Investment Advisory Agreement”), we have agreed to pay WhiteHorse Advisers an annual base management fee based on our average consolidated gross assets as well as an incentive fee based on our investment performance. Under our administration agreement (the "Administration Agreement") with H.I.G. WhiteHorse Administration ("WhiteHorse Administration"),

Current wording

Our investment activities are managed by WhiteHorse Advisers and are supervised by our board of directors, a majority of whom are independent of us, WhiteHorse Advisers and its affiliates. Under the Investment Advisory Agreement, we have agreed to pay WhiteHorse Advisers an annual base management fee based on our average consolidated gross assets as well as an incentive fee based on our investment performance. Under our administration agreement (the "Administration Agreement") with H.I.G. WhiteHorse Administration ("WhiteHorse Administration"), we have agreed to reimburse WhiteHorse Administration for our allocable portion (subject to the review and approval of

Previous wording

we have agreed to reimburse WhiteHorse Administration for our allocable portion (subject to the review and approval of our independent directors) of overhead and other expenses incurred by WhiteHorse Administration in performing its obligations under the Administration Agreement.

Current wording

our independent directors) of overhead and other expenses incurred by WhiteHorse Administration in performing its obligations under the Administration Agreement.

Previous wording

Comparison of the Three Months Ended March 31, 2026 and March 31, 2025

Current wording

Comparison of the Three and Six Months Ended June 30, 2026 and June 30, 2025

Previous wording

Set forth below are the consolidated results of operations for the three months ended March 31, 2026 and 2025:

Current wording

Set forth below are the consolidated results of operations for the three and six months ended June 30, 2026 and 2025:

Previous wording

Consolidated operating results for the three months ended March 31, 2026 and 2025 are as follows:

Current wording

Consolidated operating results for the three and six months ended June 30, 2026 and 2025 are as follows:

Previous wording

Net investment income for the three months ended March 31, 2026 totaled $5.6 million. Net investment income for the three months ended March 31, 2025 totaled $6.8 million. Net investment income decreased by $1.2 million for the three months ended March 31, 2026 from the three months ended March 31, 2025, as described below under “Investment Income” and “Operating Expenses.”

Current wording

Net investment income for the three and six months ended June 30, 2026 totaled $4.7 million and $10.3 million, respectively. Net investment income for the three and six months ended June 30, 2025 totaled $6.6 million and $13.4 million, respectively. Net investment income decreased by $1.9 million and $3.1 million for the three and six months ended June 30, 2026 from the three and six months ended June 30, 2025, as described below under “Investment Income” and “Operating Expenses.”

Previous wording

The following table summarizes our investment income for the three months ended March 31, 2026 and 2025:

Current wording

The following table summarizes our investment income for the three and six months ended June 30, 2026 and 2025:

Previous wording

Interest income other than PIK income, decreased $2.7 million for the three months ended March 31, 2026 from the three months ended March 31,2025, primarily attributable to lower yields, investments placed on non-accrual status and lower portfolio size. For the three months ended March 31, 2026, the weighted average size of the debt portfolio, excluding STRS JV, andthe weighted average cash yield on income producing investments, excluding STRS JV, was $443.8 million and 9.0%, respectively. For the three months ended March 31, 2025, the weighted average size of the debt portfolio, excluding STRS JV, and theweighted average cash yield on income producing investments, excluding STRS JV, was $568.5 million and 9.0% respectively.

Current wording

average size of the debt portfolio, excluding STRS JV, andthe weighted average cash yield on income producing investments, excluding STRS JV, was $435.6 million and $443.9 million, and 8.6% and 8.8%, respectively. For the three and six months ended June 30, 2025, the weighted average size of the debt portfolio, excluding STRS JV, and theweighted average cash yield on income producing investments, excluding STRS JV, was $549.6 million and $553.7 million, and 8.9% and 8.9%, respectively.

Previous wording

PIK income decreased by $0.1 million for the three months ended March 31, 2026 from the three months ended March 31,2025. PIK income earned for the three months ended March 31, 2026 was primarily derived from investments in Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC) of $0.1 million and Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.) of $0.1 million. PIK income earned for the three months ended March 31, 2025 was primarily derived from investments in Motivational Marketing, LLC (d/b/a Motivational Fulfillment) of $0.2 million and Chase Products Co. (f/k/a Starco) of $0.1 million.

Current wording

PIK income decreased by $0.1 million for the three months ended June 30, 2026 from the three months ended June 30,2025. PIK income earned for the three months ended June 30, 2026 was primarily derived from investments in Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.) of $0.1 million and various investments aggregating $0.4 million. PIK income decreased by $0.2 million for the six months ended June 30, 2026 from the six months ended June 30, 2025. PIK income earned for the six months ended June 30, 2026 was primarily derived from investments in Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.) of $0.2 million, Claridge Products and Equipment, LLCof $0.1 million, Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.) of $0.1 millionand various investments aggregating $0.7 million.

Previous wording

We may invest in loans that contain a PIK interest rate provision where PIK interest is accrued at the contractual rates and added to loan principal on the reset dates to the extent such amounts are expected to be collected. For the three months ended March 31,2026, PIK income as a percentage of total investment income was 3.9%. For the three months ended March 31, 2025, PIK income as a percentage of total investment income was 3.7%.

Current wording

We may invest in loans that contain a PIK interest rate provision where PIK interest is accrued at the contractual rates and added to loan principal on the reset dates to the extent such amounts are expected to be collected. For the three and six months ended June 30,2026, PIK income as a percentage of total investment income was 3.7% and 3.8%, respectively. For the three and six months ended June 30, 2025, PIK income as a percentage of total investment income was 3.5% and 3.6%, respectively.

Previous wording

Fee and dividend income decreased by $0.1 million for the three months ended March 31, 2026 from the three months ended March 31, 2025. We expect to generate some level of non-recurring fee income during most quarters from prepayments, amendments and other sources. For the three months ended March 31, 2026, we earned non-recurring fee income of $0.3 million. For the three months ended March 31, 2025, we earned non-recurring fee income of $0.4 million.

Current wording

Fee and dividend income decreased by $0.6 million and $0.7 million for the three and six months ended June 30, 2026 from the three and six months ended June 30, 2025. We expect to generate some level of non-recurring fee income during most quarters from prepayments, amendments and other sources. For the three and six months ended June 30, 2026, we earned non-recurring fee income of $0.1 million and $0.4 million. For the three and six months ended June 30, 2025, we earned non-recurring fee income of $0.7 million and $1.1 million.

Previous wording

Interest and dividend income from STRS JV decreased by $0.1 million for the three months ended March 31, 2026 from the three months ended March 31, 2025, primarily attributable toa decreasein base rates and portfolio yields, partially offset by a larger investment portfolio.

Current wording

Interest and dividend income from STRS JV decreased by $0.2 million and $0.3 million for the three and six months ended June 30, 2026 from the three months ended June 30, 2025, primarily attributable toa decreasein base rates and portfolio yields, partially offset by a larger investment portfolio.

Previous wording

The following table summarizes our expenses for the three months ended March 31, 2026 and 2025:

Current wording

The following table summarizes our expenses for the three and six months ended June 30, 2026 and 2025:

Previous wording

Interest expense decreased by $1.2 million for the three months ended March 31, 2026 from the three months ended March 31, 2025, primarily due to lower weighted average borrowing base and weighted average interest rate. For the three months ended March 31, 2026, the weighted average outstanding borrowings were $328.5 million at a weighted average interest rate of 5.35%. For the three months ended March 31, 2025, the weighted average outstanding borrowings were $366.5 million at a weighted average interest rate of 5.77%.

Current wording

Interest expense decreased by $1.3 million and $2.5 million for the three and six months ended June 30, 2026 from the three and six months ended June 30, 2025, primarily due to lower weighted average borrowing base and weighted average interest rate. For the three and six months ended June 30, 2026, the weighted average outstanding borrowings were $328.5 million and $328.5 million at a weighted average interest rate of 5.24% and 5.27%, respectively. For the three and six months ended June 30, 2025, the weighted average outstanding borrowings were $371.3 million and $370.6 million at a weighted average interest rate of 5.72% and 5.79%, respectively.

Previous wording

Base management fees decreased by $0.3 million for the three months ended March 31, 2026 from the three months ended March 31, 2025, primarily due to lower gross assets.

Current wording

Base management fees decreased by $0.3 million and $0.6 million for the three and six months ended June 30, 2026 from the three months ended June 30, 2025, primarily due to lower gross assets.

Previous wording

Performance-based incentive fees decreased by $0.5 million for the three months ended March 31, 2026 from the three months ended March 31, 2025, primarily due to lower pre-incentive fee net investment income. For the three months ended March 31, 2026, the Company recognized an irrevocable fee waiver of $0.2 million. For the three months ended March 31, 2026 and 2025, there were no capital gains incentive fee expenses incurred.

Current wording

Performance-based incentive fees decreased by $0.6 million and $1.2 million for the three and six months ended June 30, 2026 from the three and six months ended June 30, 2025, primarily due to lower pre-incentive fee net investment income. For the three and six months ended June 30, 2026, the Company recognized an irrevocable fee waiver of $0.1 million and $0.3 million, respectively. For the three and six months ended June 30, 2026 and 2025, there were no capital gains incentive fee expenses incurred.

Previous wording

Excise tax was $0.1 million and $0.1 million for the three months ended March 31, 2026 and March 31, 2025, respectively. As of March 31, 2026 and December 31, 2025, we accrued a net federal excise tax expense of $0.9 million and $0.8 million, respectively.

Current wording

Excise tax was $0.1 million and $0.2 million for the three and six months ended June 30, 2026, respectively. Excise tax was $0.2 million and $0.3 million for the three and six months ended June 30, 2025, respectively. As of June 30, 2026 and December 31, 2025, we accrued a net federal excise tax expense of $0.3 million and $0.8 million, respectively.

Previous wording

The following table shows the breakdown of net realized gains and losses on investments for the three months ended March 31, 2026 and 2025:

Current wording

The following table shows the breakdown of net realized gains and losses on investments for the three and six months ended June 30, 2026 and 2025:

Previous wording

The following table shows the breakdown in the changes in unrealized appreciation and depreciation of investments for the three months ended March 31, 2026 and 2025:

Current wording

The following table shows the breakdown in the changes in unrealized appreciation and depreciation of investments for the three and six months ended June 30, 2026 and 2025:

Previous wording

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve elements of liquidity and credit risk in excess of the amount recognized on the consolidated statements of assets and liabilities. As of March 31, 2026 and December 31, 2025, we had commitments to fund approximately $39.0 million and $41.0 million, respectively, of revolving lines of credit or delayed draw facilities to our portfolio companies. We reasonably believe that we have sufficient assets to adequately cover and allow us to satisfy our outstanding unfunded commitments.

Current wording

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve elements of liquidity and credit risk in excess of the amount recognized on the consolidated statements of assets and liabilities. As of June 30, 2026 and December 31, 2025, we had commitments to fund approximately $35.8 million and $41.0 million, respectively, of revolving lines of credit or delayed draw facilities to our portfolio companies. We reasonably believe that we have sufficient assets to adequately cover and allow us to satisfy our outstanding unfunded commitments.

Previous wording

Our operating activities provided cash and cash equivalents of $28.2 million during the three months ended March 31, 2026, primarily from realizations and repayments on our investments, partially offset from acquisition of investments and cash used from the net change in working capital. Our financing activities used cash and cash equivalents of $8.6 million during the three months ended March 31, 2026, primarily due to payment of distributions to stockholders andpurchases of common stock.

Current wording

Our operating activities provided cash and cash equivalents of $15.3 million during the six months ended June 30, 2026, primarily from realizations and repayments on our investments, partially offset from acquisition of investments and cash used from the net change in working capital. Our financing activities used cash and cash equivalents of $16.9 million during the six months ended June 30, 2026, primarily due to payment of distributions to stockholders andpurchases of common stock.

Previous wording

Our operating activities used cash and cash equivalents of $7.0 million during the three months ended March 31, 2025, primarily from acquisition of investments and cash used from the net change in working capital the net proceeds, partially offset from realizations and repayments on our investments. Our financing activities used cash and cash equivalents of $1.2 million during the three months ended March 31, 2025, primarily due to payment of distributions to stockholders, offset with net fundings on the Credit Facility.

Current wording

Our operating activities provided cash and cash equivalents of $14.7 million during the six months ended June 30, 2025, primarily from realizations and repayments on our investments, partially offset from acquisition of investments and cash used from the net change in working capital. Our financing activities used cash and cash equivalents of $9.3 million during the six months ended June 30, 2025, primarily due to payment of distributions to stockholders and repayment of net borrowings on the Credit Facility, offset with the issuance of the 2025 CLO Notes.

Previous wording

As of March 31, 2026, we had cash and cash equivalent resources of $49.4 million, including $37.6 million of restricted cash. As of March 31, 2026, we had approximately $50.0 million undrawn under the Credit Facility based on the collateral and portfolio quality requirements stipulated in the related credit agreement. As of March 31, 2026, due to borrowing base limitations, approximately $45.7 million was available to be drawn under the Credit Facility based on these requirements.

Current wording

As of June 30, 2026, we had cash and cash equivalent resources of $28.1 million, including $19.6 million of restricted cash. As of June 30, 2026, we had approximately $50.0 million undrawn under the Credit Facility based on the collateral and portfolio quality requirements stipulated in the related credit agreement. As of June 30, 2026, due to

Previous wording

In January 2019, we and STRS Ohio formed a joint venture, STRS JV, that invests primarily in senior secured loans, including first lien and second lien facilities, to performing lower middle market companies across a broad range of industries that typically carry a floating interest index rate based on SOFR, or an equivalent index rate and have a term of three to six years. STRS JV invests in portfolio companies in the same industries in which we may directly invest. STRS JV was formed as a Delaware LLC and is not consolidated by either us or STRS Ohio for financial reporting purposes. On July 19, 2019, STRS JV formally launched operations. As of March 31, 2026, STRS JV had total assets of $337.2 million. As of December 31, 2025, STRS JV had total assets of $335.9 million.

Current wording

In January 2019, we and STRS Ohio formed a joint venture, STRS JV, that invests primarily in senior secured loans, including first lien and second lien facilities, to performing lower middle market companies across a broad range of industries that typically carry a floating interest index rate based on SOFR, or an equivalent index rate and have a term of three to six years. STRS JV invests in portfolio companies in the same industries in which we may directly invest. STRS JV was formed as a Delaware LLC and is not consolidated by either us or STRS Ohio for financial reporting purposes. On July 19, 2019, STRS JV formally launched operations. As of June 30, 2026, STRS JV had total assets of $350.3 million. As of December 31, 2025, STRS JV had total assets of $335.9 million.

Previous wording

We provide capital to STRS JV in the form of LLC equity interests and subordinated notes. In February 2023, we increased our capital commitment to the STRS JV in the amount of an additional $15.0 million, bringing our total capital commitment to the STRS JV to $115.0 million, comprised of $92.0 million of subordinated notes and $23.0 million of LLC equity interests. We previously increased our capital commitment in February 2022 to the STRS JV in the amount of an additional $25.0 million, bringing our then total capital commitment to the STRS JV to $100.0 million, comprised of $80.0 million of subordinated notes and $20.0 million of LLC equity interests.

Current wording

We provide capital to STRS JV in the form of LLC equity interests and subordinated notes. In February 2023, we increased our capital commitment to the STRS JV in the amount of an additional $15.0 million, bringing our total capital commitment to the STRS JV to $115.0 million, comprised of $92.0 million of subordinated notes and $23.0 million of LLC equity interests. We previously increased our capital commitment in February 2022 to the STRS JV in the amount of an additional $25.0 million, bringing our total capital commitment to the STRS JV to $100.0 million, comprised of $80.0 million of subordinated notes and $20.0 million of LLC equity interests.

Previous wording

As of both March 31, 2026 and December 31, 2025, we and STRS Ohio owned approximately 65.71% and 34.29%, respectively, of the LLC equity interests of STRS JV. As of both March 31, 2026 and December 31, 2025, our investment in STRS JV consisted of equity contributions and subordinated note advance commitments of $23.0 million and $92.0 million, respectively, of which $1.9 million and $7.6 million were unfunded, respectively.

Current wording

As of both June 30, 2026 and December 31, 2025, we and STRS Ohio owned approximately 65.71% and 34.29%, respectively, of the LLC equity interests of STRS JV. As of June 30, 2026, our investment in STRS JV consisted of equity contributions and subordinated note advance commitments of $23.0 million and $92.0 million, respectively, of which $1.4 million and $5.7 million were unfunded, respectively. As of December 31, 2025, our investment in STRS JV consisted of equity contributions and subordinated note advance commitments of $23.0 million and $92.0 million, respectively, of which $1.9 million and $7.6 million were unfunded, respectively.

Previous wording

portfolio, require unanimous approval of a quorum of the board of managers. Quorum is defined as (i) the presence of two members of the board of managers; provided that at least one individual is present that was elected, designated or appointed by each member; (ii) the presence of three members of the board of managers; provided that the individual that was elected, designated or appointed by the member with only one individual present is entitled to cast two votes on each matter; or (iii) the presence of four members of the board of managers; provided that two individuals are present that were elected, designated or appointed by each member.

Current wording

STRS JV is managed by a four-person board of managers, two of whom are selected by us and two of whom are selected by STRS Ohio. All material decisions with respect to STRS JV, including those involving its investment portfolio, require unanimous approval of a quorum of the board of managers. Quorum is defined as (i) the presence of two members of the board of managers; provided that at least one individual is present that was elected, designated or appointed by each member; (ii) the presence of three members of the board of managers; provided that the individual that was elected, designated or appointed by the member with only one individual present is entitled to cast two votes on each matter; or (iii) the presence of four members of the board of managers; provided that two individuals are present that were elected, designated or appointed by each member.

Previous wording

See Note 4 to our consolidated financial statements for further discussion on STRS JV’s portfolio and selected balance sheet information as of March 31, 2026 and December 31, 2025 and selected statement of operations information for the three months ended March 31, 2026 and 2025.

Current wording

See Note 4 to our consolidated financial statements for further discussion on STRS JV’s portfolio and selected balance sheet information as of June 30, 2026 and December 31, 2025 and selected statement of operations information for the three and six months ended June 30, 2026 and 2025.

Previous wording

On March 31, 2023, we entered into an equity distribution agreement, or the Equity Distribution Agreement, with WhiteHorse Advisers, WhiteHorse Administration and B. Riley Securities, Inc., as the sales agent, or the Sales Agent, in connection with the sale of shares of our common stock, with an aggregate offering price of up to $35.0 million. The Equity Distribution Agreement provides that we may offer and sell shares of our common stock from time to time through the Sales Agent in amounts and at times to be determined by us (the “ATM Offering”). Actual sales will depend on a variety of factors to be determined by us from time to time, including market conditions and the trading price of our common stock. We expect to use all or substantially all of the net proceeds from the ATM Offering to invest in portfolio companies in accordance with our investment objective and strategies and for general corporate purposes.

Current wording

On March 31, 2023, we entered into an equity distribution agreement (the “Equity Distribution Agreement”), with WhiteHorse Advisers, WhiteHorse Administration and B. Riley Securities, Inc., as the sales agent, or the Sales Agent, in connection with the sale of shares of our common stock, with an aggregate offering price of up to $35.0 million. The Equity Distribution Agreement provides that we may offer and sell shares of our common stock from time to time through the Sales Agent in amounts and at times to be determined by us. Actual sales will depend on a variety of factors to be determined by us from time to time, including market conditions and the trading price of our common stock. We expect to use all or substantially all of the net proceeds from the ATM Program to invest in portfolio companies in accordance with our investment objective and strategies and for general corporate purposes.

Previous wording

In October 2025, our board of directors authorized a stock repurchase program for the purpose of repurchasing up to an aggregate of $15.0 million of its common stock on the open market or in privately negotiated purchases at prices below our then-current net asset value per share, in each case in accordance with Rule 10b-18 under the Securities Exchange Act of 1934 (the "Repurchase Program"). On February 26, 2026, our board of directors approved a $7.5 million increase in the authorized amount available for repurchases under the Repurchase Program up to $22.5 million. The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The Repurchase Program does not require us to repurchase any specific number of shares of common stock or any shares of common stock at all and there can be no assurance that any shares of common stock will be repurchased under the Repurchase Program. The timing and amount of any common stock repurchased depend on the terms and

Current wording

In October 2025, our board of directors authorized a stock repurchase program for the purpose of repurchasing up to an aggregate of $15.0 million of its common stock on the open market or in privately negotiated purchases at prices below our then-current net asset value per share, in each case in accordance with Rule 10b-18 under the Securities Exchange Act of 1934 (the “Repurchase Program”). On February 26, 2026, our board of directors approved a $7.5 million increase in the authorized amount available for repurchases under the Repurchase Program up to $22.5 million. The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The Repurchase Program does not require us to repurchase any specific number of shares of common stock or any shares of common stock at all and there can be no assurance that any shares of common stock will be repurchased under the Repurchase Program. The timing and amount of any common stock repurchased depend on the terms and conditions of the Repurchase Program, the market price of the common stock and trading volumes. The Repurchase

Previous wording

conditions of the Repurchase Program, the market price of the common stock and trading volumes. The Repurchase Program may be suspended, extended, modified or discontinued at any time. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints.

Current wording

Program may be suspended, extended, modified or discontinued at any time. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints.

Previous wording

During the three months ended March 31, 2026, we repurchased additional common stock in the aggregate of $3.0 million, after deducting commissions and $12.1 million remained available under the Repurchase Program.

Current wording

During the three and six months ended June 30, 2026, we repurchased additional common stock after deducting commissions, in the aggregate of $2.6 million and $5.6 million, respectively. As of June 30, 2026, $9.5 million remained available under the Repurchase Program.

Previous wording

Our wholly owned subsidiary WhiteHorse Credit I, LLC, or WhiteHorse Credit initially, entered into the Credit Facility on December 23, 2015. As of March 31, 2026 and December 31, 2025, the Credit Facility had a maximum borrowing capacity of $50.0 million and $100.0 million, respectively. The reinvestment period for the Credit Facility expires on January 17, 2028 and the maturity date for the Credit Facility is January 17, 2030.

Current wording

Our wholly owned subsidiary WhiteHorse Credit entered into the Credit Facility on December 23, 2015. As of June 30, 2026 and December 31, 2025, the Credit Facility had a maximum borrowing capacity of $50.0 million and $100.0 million, respectively. The reinvestment period for the Credit Facility expires on January 17, 2028 and the maturity date for the Credit Facility is January 17, 2030.

Previous wording

As of March 31, 2026, there were no outstanding borrowings under the Credit Facility and, based on collateral and portfolio requirements stipulated in the Credit Facility agreement, approximately $50.0 million was undrawn in credit facility on such date. The Credit Facility is secured by all of the assets of WhiteHorse Credit, which included loans with a fair value of $126.6 million as of March 31, 2026.

Current wording

As of June 30, 2026, there were no outstanding borrowings under the Credit Facility and, based on collateral and portfolio requirements stipulated in the Credit Facility agreement, approximately $50.0 million was undrawn in credit facility on such date. The Credit Facility is secured by all of the assets of WhiteHorse Credit, which included loans with a fair value of $118.1 million as of June 30, 2026.

Previous wording

As part of the 2025 CLO Securitization, the Company entered into master loan sale agreements that provide for the sale of assets on the 2025 CLO Securitization closing date as well as for future sales from the Company to WHF CLO. The 2025 CLO Securitization is collateralized and secured by a diversified portfolio of senior secured loans or participation interests therein with the potential for reinvestment in (i) first and second lien loans or participation interests therein, (ii) corporate bonds or (iii) loans made to a debtor-in-possession pursuant to Section 364 of the Bankruptcy Code (“DIP loans”). Through May 25, 2029, all principal collections received on the underlying collateral may be used by WHF CLO to purchase new collateral (allowing the Company to maintain the initial leverage obtained in the 2025 CLO Securitization) under the direction of H.I.G. Capital, L.L.C., an affiliate of the Investment Advisor, in its capacity as the collateral manager to WHF CLO (the “CLO Investment Manager”), and in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2025 CLO Securitization; any fees that the CLO Investment Manager would otherwise be entitled to for providing such services has been waived. The 2025 CLO Notes are scheduled to mature on May 5, 2037; however, they may be redeemed by the Company, at the written direction of (i) a majority of the Subordinated Notes (with the consent of the CLO Investment Manager) or (ii) the CLO Investment Manager (with the consent of a majority of the 2025 Subordinated CLO Notes), in each case, on any business day on or after June 10, 2027.

Current wording

As part of the 2025 CLO Securitization, the Company entered into master loan sale agreements that provide for the sale of assets on the 2025 CLO Securitization closing date as well as for future sales from the Company to WHF CLO. The 2025 CLO Securitization is collateralized and secured by a diversified portfolio of senior secured loans or participation interests therein with the potential for reinvestment in (i) first and second lien loans or participation interests therein, (ii) corporate bonds or (iii) loans made to a debtor-in-possession pursuant to Section 364 of the Bankruptcy Code (“DIP loans”). Through May 25, 2029, all principal collections received on the underlying collateral may be used by WHF CLO to purchase new collateral (allowing the Company to maintain the initial leverage obtained in the 2025 CLO Securitization) under the direction of H.I.G. Capital, L.L.C., an affiliate of the Investment Adviser, in its capacity as the collateral manager to WHF CLO (the “CLO Investment Manager”), and in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2025 CLO Securitization; any fees that the CLO Investment Manager would otherwise be entitled to for providing such services has been waived. The 2025 CLO Notes are scheduled to mature on May 5, 2037; however, they may be redeemed by the Company, at the written direction of (i) a majority of the Subordinated Notes (with the consent of the CLO Investment Manager) or (ii) the CLO Investment Manager (with the consent of a majority of the 2025 Subordinated CLO Notes), in each case, on any business day on or after June 10, 2027.

Previous wording

As of March 31, 2026, there were 32 portfolio companies with a total fair value of approximately $261.7 million** securing the 2025 CLO Securitization. As of December 31, 2025, there were 35 portfolio companies with a total fair value of approximately $294.6 million **securing the 2025 CLO Securitization. The pool of loans in the 2025 CLO Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

Current wording

As of June 30, 2026, there were 36 portfolio companies with a total fair value of approximately $296.0 million** securing the 2025 CLO Securitization. As of December 31, 2025, there were 35 portfolio companies with a total fair value of approximately $294.6 million **securing the 2025 CLO Securitization. The pool of loans in the 2025 CLO Securitization must meet certain requirements, including asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements.

Previous wording

On December 4, 2020, we entered into the 2026 Note Purchase Agreement to sell in a private offering $10 million of aggregate principal amount of unsecured notes to qualified institutional investors in reliance on Section 4(a)(2) of the Securities Act. Interest on the 5.375% 2026 Notes is payable semiannually on June 4 and December 4, at a fixed, annual rate of 5.375%. This interest rate is subject to increase (up to 6.375%) in the event that, subject to certain exceptions, the 5.375% 2026 Notes cease to have an investment grade rating. The 5.375% 2026 Notes mature on December 4, 2026, unless redeemed, purchased or prepaid prior to such date by us or our affiliates in accordance with their terms. The 5.375% 2026 Notes are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness that we may issue. The closing of the transaction occurred on December 4, 2020.

Current wording

On December 4, 2020, we entered into the 2026 Note Purchase Agreement to sell in a private offering $10 million of aggregate principal amount of unsecured notes to qualified institutional investors in reliance on Section 4(a)(2) of the Securities Act. Interest on the 5.375% 2026 Notes is payable semiannually on June 4 and December 4, at a fixed, annual rate of 5.375%. This interest rate is subject to increase (up to 6.375%) in the event that, subject to certain exceptions, the 5.375% 2026 Notes cease to have an investment grade rating. The 5.375% 2026 Notes mature on December 4, 2026, unless redeemed, purchased or prepaid prior to such date by us or our affiliates in accordance with their terms. The 5.375% 2026 Notes are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness that we may issue.

Previous wording

On December 4, 2020, we entered into the 2027 Note Purchase Agreement to sell in a private offering $10 million of aggregate principal amount of unsecured notes to qualified institutional investors in reliance on Section 4(a)(2) of the Securities Act. Interest on the 5.625% 2027 Notes is payable semiannually on June 4 and December 4, at a fixed, annual rate of 5.625%. This interest rate is subject to increase (up to 6.625%) in the event that, subject to certain exceptions, the 5.625% 2027 Notes cease to have an investment grade rating. The 5.625% 2027 Notes mature on December 4, 2027, unless redeemed, purchased or prepaid prior to such date by us or our affiliates in accordance with their terms. The 5.625% 2027 Notes are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness that we may issue. The closing of the transaction occurred on December 4, 2020.

Current wording

On December 4, 2020, we entered into the 2027 Note Purchase Agreement to sell in a private offering $10 million of aggregate principal amount of unsecured notes to qualified institutional investors in reliance on Section 4(a)(2) of the Securities Act. Interest on the 5.625% 2027 Notes is payable semiannually on June 4 and December 4, at a fixed, annual rate of 5.625%. This interest rate is subject to increase (up to 6.625%) in the event that, subject to certain exceptions, the 5.625% 2027 Notes cease to have an investment grade rating. The 5.625% 2027 Notes mature on December 4, 2027, unless redeemed, purchased or prepaid prior to such date by us or our affiliates in accordance with their terms. The 5.625% 2027 Notes are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness that we may issue.

Previous wording

On December 6, 2021, we entered into the 2028 Note Purchase Agreement to sell in a private offering $25 million of aggregate principal amount of unsecured notes to qualified institutional investors in reliance on Section 4(a)(2) of the Securities Act. Interest on the 4.250% 2028 Notes is payable semiannually on June 6 and December 6, at a fixed, annual rate of 4.25%. This interest rate is subject to increase (up to 5.25%) in the event that, subject to certain exceptions, the 4.250% 2028 Notes cease to have an investment grade rating. The 4.250% 2028 Notes mature on December 6, 2028, unless redeemed, purchased or prepaid prior to such date by us or our affiliates in accordance with their terms. The 4.250% 2028 Notes are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness that we may issue. The closing of the transaction occurred on December 6, 2021.

Current wording

On December 6, 2021, we entered into the 2028 Note Purchase Agreement to sell in a private offering $25 million of aggregate principal amount of unsecured notes to qualified institutional investors in reliance on Section 4(a)(2) of the Securities Act. Interest on the 4.250% 2028 Notes is payable semiannually on June 6 and December 6, at a fixed, annual rate of 4.25%. This interest rate is subject to increase (up to 5.25%) in the event that, subject to certain exceptions, the 4.250% 2028 Notes cease to have an investment grade rating. The 4.250% 2028 Notes mature on December 6, 2028, unless redeemed, purchased or prepaid prior to such date by us or our affiliates in accordance with their terms. The 4.250% 2028 Notes are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness that we may issue.

Previous wording

On August 24, 2023, the Company completed a public offering of 7.875% 2028 Notes in aggregate principal amount of $30 million, the net proceeds of which were used to fund investments in debt and equity securities and repay outstanding indebtedness under its revolving credit facility. Additionally, the offering included an overallotment feature for up to an additional $4.5 million of aggregate principal amount under the same terms as the initial offering. On August 31, 2023, the underwriters fully exercised their option to purchase an additional $4.5 million, bringing the aggregate principal amount of the 7.875% 2028 Notes to $34.5 million. Interest on the 7.875% 2028 Notes is paid quarterly on March 15, June 15, September 15 and December 15 each year, at an annual rate of 7.875%. The 7.875% 2028 Notes will mature on September 15, 2028 and may be redeemed in whole or in part at any time, or from time to time, at the Company’s option on or after September 15, 2025. The 7.875% 2028 Notes are direct unsecured obligations and are structurally subordinate to borrowings under the Credit Facility and 2025 CLO Securitization and will rank pari passu with all outstanding and future unsecured unsubordinated indebtedness we may issue. The 7.875% 2028 Notes are listed on the Nasdaq Global Select Market under the trading symbol “WHFCL”.

Current wording

On August 24, 2023, the Company completed a public offering of 7.875% 2028 Notes in aggregate principal amount of $30 million, the net proceeds of which were used to fund investments in debt and equity securities and repay outstanding indebtedness under its revolving credit facility. Additionally, the offering included an overallotment feature for up to an additional $4.5 million of aggregate principal amount under the same terms as the initial offering. On August 31, 2023, the underwriters fully exercised their option to purchase an additional $4.5 million, bringing the aggregate principal amount of the 7.875% 2028 Notes to $34.5 million. Interest on the 7.875% 2028 Notes is paid quarterly on March 15, June 15, September 15 and December 15 each year, at an annual rate of 7.875%. The 7.875% 2028 Notes will mature on September 15, 2028 and may be redeemed in whole or in part at any time, or from time to time, at the Company’s option on or after September 15, 2025. The 7.875% 2028 Notes are direct unsecured obligations and are structurally subordinate to borrowings under the Credit Facility and 2025 CLO Securitization and rank pari passu with all outstanding and future unsecured unsubordinated indebtedness we may issue. The 7.875% 2028 Notes are listed on the Nasdaq Global Select Market under the trading symbol “WHFCL”.