Filed Pursuant to Rule 433

Issuer Free Writing Prospectus dated November 19, 2021

Relating to Preliminary Prospectus Supplement dated November 19, 2021 and

Prospectus dated June 11, 2019

Registration No. 333-231247

WhiteHorse Finance, Inc.

$75,000,000

4.00% Notes due 2026

PRICING TERM SHEET

November 19, 2021

The following sets forth the final terms of the 4.00% Notes due 2026 and should only be read together with the preliminary prospectus supplement, dated November 19, 2021, together with the accompanying prospectus, dated June 11, 2019, relating to these securities (the “Preliminary Prospectus”), and supersedes the information in the Preliminary Prospectus to the extent inconsistent with the information in the Preliminary Prospectus. In all other respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Prospectus. All references to dollar amounts are references to U.S. dollars.

Issuer:	WhiteHorse Finance, Inc. (“WHF”)
Security:	4.00% Notes due 2026 (the “Notes”)
Rating (Egan-Jones)*:	BBB+
Aggregate Principal Amount Offered:	$75,000,000
Maturity Date:	December 15, 2026
Trade Date:	November 19, 2021
Settlement Date**:	November 24, 2021 (T+3)
Use of Proceeds	WHF intends to use all or substantially all of the net proceeds from this offering to repay amounts outstanding under its existing indebtedness, including its 6.50% Notes due 2025, to fund new investments in accordance with its investment objectives and strategies and for general corporate purposes. WHF will also pay operating expenses, including management and administrative fees, and may pay other expenses such as due diligence expenses relating to potential new investments, from the net proceeds from the sale of the Notes.
Price to Public (Issue Price):	The Notes will be issued at a price of 99.997% of their principal amount, plus accrued interest, if any, from November 24, 2021
Benchmark Treasury:	1.125% due October 31, 2026
Benchmark Treasury Price and Yield:	99-21 ¼ / 1.195%
Spread to Benchmark Treasury:	280.5 basis points
Yield to Maturity:	4.00%

Coupon (Interest Rate):	4.00%
Interest Payment Dates:	June 15 and December 15, commencing June 15, 2022
Offer to Repurchase upon a Change of Control Repurchase Event	If a Change of Control Repurchase Event (as defined in the Preliminary Prospectus) occurs prior to maturity, unless WHF has exercised its right to redeem the Notes in full, holders of the Notes will have the right, at their option, to require WHF to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the principal amount of the Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
Make-Whole Redemption:	Equal to the greater of the following amounts: •   100% of the principal amount of the Notes to be redeemed, or •   the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest to, but not including, the redemption date; provided, however, that if WHF redeems any Notes on or after September 15, 2026 (the date falling three months prior to the maturity date of the Notes), the redemption price for the Notes will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption
Denomination:	$2,000 and integral multiples of $1,000 in excess thereof
CUSIP:	96524V AB2
ISIN:	US96524VAB27
Underwriting Discount	2.00%
Book-Running Manager:	Raymond James & Associates, Inc.
Co-Managers	B. Riley Securities, Inc. Deutsche Bank Securities Inc. Hovde Group, LLC Ladenburg Thalmann & Co. Inc. Oppenheimer & Co. Inc.

* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

** WHF expects that delivery of the Notes will be made to investors on or about November 24, 2021, which will be the third business day following the date of pricing of the notes (such settlement cycle being herein referred to as “T+3”). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on any date prior to the second business day before delivery will be required, by virtue of the fact that the notes initially will settle T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of notes who wish to trade notes prior to the second business day prior to the date of delivery should consult their own advisors.

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Investors are advised to carefully consider the investment objectives, risks, charges and expenses of WHF before investing. The preliminary prospectus supplement, dated November 19, 2021, and the accompanying prospectus, dated June 11, 2019, each of which has been filed with the Securities and Exchange Commission (the “SEC”), contain this and other information about WHF and should be read carefully before investing.

The information in the Preliminary Prospectus and in this pricing term sheet is not complete and may be changed. The Preliminary Prospectus and this pricing term sheet are not offers to sell any securities of WHF and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted.

WHF’s shelf registration statement is on file and has been declared effective by the SEC. The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus. Before you invest, you should read the preliminary prospectus supplement, dated November 19, 2021, the accompanying prospectus, dated June 11, 2019, and other documents WHF has filed with the SEC for more complete information about WHF and this offering. You may obtain these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, WHF, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and accompanying prospectus if you request it from: Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, email: prospectus@raymondjames.com, telephone: 800-248-8863.

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