B. Riley FBR analyst Tim Hayes says WhiteHorse Finance's $33M secondary offering a step towards removing a "major overhang" on the stock. The offering, which will not generate any proceeds and reduces H.I.G. Capital's stake from 51.3% to 39.8%, should improve the float and WhiteHorse's valuation, Hayes tells investors in a research note. Further, redeployment of the Aretec proceeds this quarter should benefit the company's net asset value and could support a higher dividend, ads the analyst. He keeps a Buy rating on WhiteHorse Finance with a $14.50 price target.