BDC·info
WHF

WhiteHorse Finance

Period
SEC EDGAR ↗
Portfolio Fair Value
$578.65M
136 holdings
Avg Spread
+6.48%
FV-weighted, debt
Avg Coupon
10.20%
FV-weighted
% First Lien
71.2%
of debt FV
Unrealized P/L
-$28.93M
-4.76% of cost
Non-Accrual
0
text-detected

Balance sheet

Assets$615.13M
Liabilities + Equity$615.13M
First Lien
$411.80M · 66.9%
Subordinated
$84.42M · 13.7%
Debt (Borrowings)
$323.83M · 52.6%
Net Assets (Equity)
$259.79M · 42.2%

Industry Composition

Specialized Finance
20.2%
Air Freight & Logistics
5.4%
Systems Software
4.9%
Data Processing & Outsourced Services
4.6%
Integrated Telecommunication Services
4.6%
Leisure Products
4.1%
Application Software
3.9%
Real Estate Services
3.5%
Health Care Supplies
3.5%
Education Services
3.5%
Technology Hardware, Storage & Peripherals
3.4%
Specialized Consumer Services
3.4%
Other industries
35.0%

Fair Value History

Q2 '23
Q3 '23
Q4 '23
Q1 '24
Q2 '24
Q3 '24
Q4 '24
Q1 '25
Q2 '25
Q3 '25
Q4 '25

Spread Distribution

1.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
Schedule of Investments

All holdings

All holdings
Sortable, click headers to re-sort
136 of 136
IssuerIndustryType
Fair Value
Cost
Unrealized
Coupon
Spread
Maturity
WHF STRS Ohio Senior Loan Fund LLC
Specialized Finance
Subordinated Note
$84.42M
$84.42M
$0.00
WHF STRS Ohio Senior Loan Fund LLC
Specialized Finance
Interests
$21.60M
$21.10M
$498.0K
ABB/Con-cise Optical Group LLC
Health Care Supplies
First Lien Secured Term Loan
$20.03M
$20.23M
-$201.0K
11.34%+7.50%
Future Payment Technologies, LP
Data Processing & Outsourced Services
First Lien Secured Term Loan
$19.18M
$19.16M
$15.0K
12.22%+8.25%
GTT Communications Global, LLC (d/b/a GTT Communications, Inc.)
Integrated Telecommunication Services
First Lien Secured Term Loan
$15.13M
$15.01M
$115.0K
9.73%+6.00%
Zephyr Buyer, L.P. (d/b/a The Weather Company, LLC)
Interactive Media & Services
First Lien Secured Term Loan
$13.95M
$13.70M
$244.0K
8.42%+4.75%
Trimlite Buyer LLC
Building Products
First Lien Secured Term Loan
$13.75M
$14.96M
-$1.21M
8.08%+5.50%
Leviathan Intermediate Holdco, LLC
Leisure Products
First Lien Secured Term Loan
$13.58M
$13.49M
$98.0K
9.67%+6.00%
Sleep OpCo LLC
Home Furnishings
First Lien Secured Term Loan
$13.26M
$13.26M
-$4.0K
9.37%+5.50%
Motivational Marketing, LLC
Air Freight & Logistics
First Lien Secured Term Loan
$13.13M
$13.10M
$31.0K
10.37%+6.50%
W Electric Intermediate Holdings, LLC
Industrial Machinery & Supplies & Components
First Lien Secured Term Loan
$12.33M
$12.15M
$180.0K
10.22%+6.50%
EducationDynamics, LLC
Education Services
First Lien Secured Term Loan
$12.14M
$12.53M
-$395.0K
10.32%+6.50%
Patagonia Holdco LLC
Integrated Telecommunication Services
First Lien Secured Term Loan
$11.60M
$12.84M
-$1.24M
9.62%+5.75%
Telestream Holdings Corporation
Technology Hardware, Storage & Peripherals
First Lien Secured Term Loan
$11.44M
$11.44M
$0.00
+6.25%
Texas Express Wash, LLC
Specialized Consumer Services
First Lien Secured Term Loan
$10.78M
$10.78M
-$2.0K
10.23%+6.50%
Oil amp; Gas Storage amp; Transportation First Lien Secured Term Loan
Oil & Gas Storage & Transportation
Debt Investments
$10.16M
$10.08M
$81.0K
9.64%+5.75%
Rewards Network Inc.
Specialized Finance
First Lien Secured Term Loan
$10.03M
$10.04M
-$2.0K
9.76%+6.00%
The Kyjen Company, LLC
Household Products
First Lien Secured Term Loan
$9.79M
$11.40M
-$1.61M
11.61%+7.50%
Camp Facility Services Holdings, LLC
Real Estate Services
First Lien Secured Term Loan
$9.78M
$10.23M
-$449.0K
10.32%+6.50%
UserZoom Technologies, Inc.
Application Software
First Lien Secured Term Loan
$9.62M
$9.66M
-$44.0K
11.63%+7.50%
M2S Group Intermediate Holdings, Inc.
Paper Products
First Lien Secured Term Loan
$9.28M
$8.84M
$438.0K
8.59%+4.75%
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)
Distributors
First Lien Secured Term Loan
$9.19M
$9.05M
$142.0K
11.32%+7.50%
MBS Highway, LLC
Application Software
First Lien Secured Term Loan
$9.18M
$9.12M
$62.0K
12.03%+8.00%
Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC)
Systems Software
Common Units
$9.14M
$19.57M
-$10.42M
Monarch Collective Holdings, LLC
Real Estate Services
First Lien Secured Term Loan
$9.06M
$9.07M
-$12.0K
10.92%+7.25%
TOT Group, Inc. (d/b/a Netevia Group LLC)
Transaction & Payment Processing Services
First Lien Secured Term Loan
$9.02M
$9.00M
$23.0K
10.92%+7.25%
Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.)
Air Freight & Logistics
First Lien Secured Term Loan
$8.70M
$8.82M
-$123.0K
10.72%+7.00%
Ribbon Communications Operating Company, Inc. (d/b/a Ribbon Communications Inc.)
Systems Software
First Lien Secured Term Loan
$8.63M
$8.48M
$148.0K
9.97%+6.25%
LogicMonitor, Inc.
Systems Software
First Lien Secured Term Loan
$8.19M
$8.13M
$56.0K
9.34%+5.50%
NNA Services, LLC
Diversified Support Services
First Lien Secured Term Loan
$8.04M
$8.06M
-$23.0K
10.57%+6.75%
Telestream Topco 2 LLC (d/b/a Telestream Holdings Corporation)
Technology Hardware, Storage & Peripherals
Common Units
$8.03M
$7.11M
$918.0K
Transervice Holdings, Inc. (d/b/a Transervice Logistics, Inc.)
Air Freight & Logistics
First Lien Secured Term Loan
$7.70M
$7.59M
$115.0K
11.07%+7.25%
BUSA Acquisition Co. (d/b/a BankCard USA Merchant Services Inc.) First Lien Secured Term Loan
Data Processing & Outsourced Services
Debt Investments
$7.33M
$7.23M
$100.0K
10.29%+6.50%
Wamp;A Intermediate Co., LLC
Health Care Services
First Lien Secured Term Loan
$7.10M
$7.04M
$55.0K
9.92%+6.25%
Meta Buyer LLC
Pharmaceuticals
First Lien Secured Term Loan #Two
$6.65M
$6.65M
$0.00
8.94%+5.25%
Surge Amuze Holdings Inc.
Leisure Products
First Lien Secured Term Loan
$5.64M
$5.60M
$49.0K
9.99%+6.25%
Meta Buyer LLC
Pharmaceuticals
First Lien Secured Term Loan #One
$5.37M
$5.38M
-$4.0K
7.29%+5.25%
Camarillo Fitness Holdings, LLC
Leisure Facilities
First Lien Secured Term Loan
$5.35M
$10.23M
-$4.88M
+8.50%
Lift Brands, Inc
Leisure Facilities
First Lien Secured Term Loan A
$5.12M
$5.12M
$1.0K
11.32%+7.50%
PGI Parent LLC (d/b/a Prime Electric, Inc.)
Construction & Engineering
First Lien Secured Term Loan
$5.03M
$5.03M
$0.00
8.67%+5.00%
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)
Specialized Consumer Services
First Lien Secured Term Loan
$5.02M
$4.97M
$47.0K
11.82%+8.00%
Mamp;M OpCo. LLC (d/b/a Escalent, Inc.)
Research & Consulting Services
First Lien Secured Term Loan
$4.83M
$4.75M
$79.0K
9.67%+6.00%
Kelso Industries LLC
Construction & Engineering
First Lien Secured Term Loan
$4.82M
$4.71M
$113.0K
9.57%+5.75%
Pressurized Holdings, LLC
Diversified Chemicals
Preferred Units
$4.78M
$4.54M
$247.0K
Claridge Products and Equipment, LLC
Construction Materials
First Lien Secured Term Loan
$4.66M
$5.12M
-$462.0K
12.57%+8.75%
Four Winds Health, LLC
Health Care Facilities
First Lien Secured Term Loan
$4.34M
$4.29M
$57.0K
10.67%+7.00%
Media Source, LLC (d/b/a Media Source Inc.)
Education Services
First Lien Secured Term Loan
$4.24M
$4.24M
$0.00
9.54%+5.75%
PANOS Brands, LLC
Packaged Foods & Meats
First Lien Secured Term Loan, One 05/14/29
$4.03M
$3.97M
$54.0K
9.48%+5.75%
Chase Products Co. (f/k/a Starco) Second Lien Secured Term Loan
Diversified Chemicals
Debt Investments
$3.40M
$3.40M
$0.00
9.17%+5.50%
TVG I-EMSI Parent, LLC
Education Services
Class B Units
$3.29M
$3.29M
$0.00
Infotree Holdco LLC
Human Resource & Employment Services
First Lien Secured Term Loan
$2.91M
$2.90M
$8.0K
9.42%+5.75%
Whitestone Home Furnishings, LLC (d/b/a Saatva, Inc.)
Home Furnishings
First Lien Secured Term Loan
$2.85M
$2.83M
$16.0K
8.97%+5.25%
Snap Fitness Holdings, Inc
Leisure Facilities
First Lien Secured Term Loan C
$2.10M
$2.10M
$3.0K
What If Media Group, LLC
Interactive Media & Services
Common Units
$1.96M
$851.0K
$1.11M
Colonnade Parent, Inc. (d/b/a Naviga Inc.)
Application Software
First Lien Secured Term Loan
$1.93M
$2.99M
-$1.06M
4.77%+1.00%
Atlas Parent, LLC
Application Software
Common Units
$1.85M
$1.68M
$171.0K
Lift Brands, Inc
Leisure Facilities
First Lien Secured Term Loan B
$1.75M
$1.75M
$1.0K
Playmonster Group LLC
Leisure Products
First Lien Secured Term Loan
$1.73M
$3.66M
-$1.93M
+9.00%
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)
Specialized Consumer Services
First Lien Secured Delayed Draw Loan
$1.65M
$1.64M
$16.0K
11.82%+8.00%
BPII-JL Group Holdings LP
Environmental & Facilities Services
Class A Units
$1.65M
$942.0K
$703.0K
Monarch Collective Holdings, LLC
Real Estate Services
First Lien Secured Delayed Draw Loan
$1.55M
$1.56M
-$9.0K
10.97%+7.25%
Texas Express Wash, LLC
Specialized Consumer Services
Second Lien Secured Term Loan
$1.44M
$1.44M
-$1.0K
14.00%
Playmonster Group LLC
Leisure Products
Priority First Lien Secured Term Loan
$1.35M
$1.44M
-$83.0K
+6.75%
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)
Systems Software
First Lien Secured Delayed Draw Loan
$1.24M
$775.0K
$465.0K
+8.00%
Token Buyer, Inc
Household Appliances
First Lien Secured Term Loan
$1.20M
$1.36M
-$164.0K
9.99%+6.00%
Quest Events, LLC
Diversified Support Services
First Lien Secured Term Loan
$1.19M
$1.26M
-$71.0K
10.48%+6.75%
TOT Group, Inc. (d/b/a Netevia Group LLC)
Transaction & Payment Processing Services
First Lien Secured Delayed Draw Loan
$1.09M
$1.08M
$7.0K
10.92%+7.25%
BBQ Buyer, LLC
Household Appliances
Shares
$1.00M
$1.10M
-$97.0K
Surge Amuze Holdings Inc.
Leisure Products
First Lien Secured Delayed Draw Loan
$1.00M
$987.0K
$13.0K
9.99%+6.25%
Maxor Acquisition, Inc. (d/b/a Maxor National Pharmacy Services, LLC)
Health Care Services
First Lien Secured Delayed Draw Loan
$942.0K
$930.0K
$12.0K
9.82%+6.00%
Juniper Landscaping Holdings LLC
Environmental & Facilities Services
First Lien Secured Delayed Draw Loan
$910.0K
$884.0K
$26.0K
9.56%+5.75%
Motivational CIV, LLC
Air Freight & Logistics
Class B Units
$774.0K
$1.25M
-$476.0K
Ross-Simons Topco, LP
Broadline Retail
Preferred Units
$735.0K
$514.0K
$221.0K
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)
Systems Software
Unsecured Loan #Two
$650.0K
$642.0K
$8.0K
9.00%
Avision Holdings, LLC (d/b/a Avision Sales Group)
Advertising
First Lien Secured Term Loan
$650.0K
$647.0K
$3.0K
9.82%+6.00%
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)
Distributors
First Lien Secured Delayed Draw Loan
$639.0K
$629.0K
$10.0K
11.32%+7.50%
Motivational Marketing, LLC
Air Freight & Logistics
First Lien Secured Revolving Loan
$637.0K
$626.0K
$11.0K
10.48%+6.50%
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)
Systems Software
Unsecured Loan #One
$636.0K
$627.0K
$9.0K
Rewards Network Inc.
Specialized Finance
First Lien Secured Revolving Loan
$627.0K
$627.0K
$0.00
9.82%+6.00%
Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.)
Air Freight & Logistics
First Lien Secured Revolving Loan
$584.0K
$596.0K
-$12.0K
10.72%+7.00%
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)
Distributors
First Lien Secured Revolving Loan
$572.0K
$563.0K
$9.0K
11.32%+7.50%
BL Products Parent, LP
Industrial Machinery & Supplies & Components
Class A Units
$561.0K
$788.0K
-$227.0K
Avision Holdings, LLC (d/b/a Avision Sales Group)
Advertising
First Lien Secured Delayed Draw Loan
$546.0K
$544.0K
$2.0K
9.82%+6.00%
Snap Fitness Holdings, Inc
Leisure Facilities
Class A Common Stock
$507.0K
$1.94M
-$1.43M
Claridge Products and Equipment, LLC
Construction Materials
First Lien Secured Revolving Loan
$498.0K
$561.0K
-$63.0K
13.54%+8.38%
Juniper Landscaping Holdings LLC
Environmental & Facilities Services
First Lien Secured Term Loan
$454.0K
$449.0K
$5.0K
9.43%+5.75%
Surge Amuze Holdings Inc.
Leisure Products
First Lien Secured Revolving Loan
$450.0K
$444.0K
$6.0K
10.82%+5.90%
Keras Holdings, LLC
IT Consulting & Other Services
Shares
$446.0K
$496.0K
-$50.0K
Wamp;A Intermediate Co., LLC
Health Care Services
First Lien Secured Revolving Loan
$346.0K
$340.0K
$6.0K
9.92%+6.25%
Avision Holdings, LLC
Advertising
Class A LLC Interests
$322.0K
$299.0K
$23.0K
EducationDynamics, LLC
Education Services
First Lien Secured Revolving Loan
$320.0K
$358.0K
-$38.0K
12.25%+5.50%
Merriman Holdings LP (d/b/a Escalent, Inc.)
Research & Consulting Services
Class A Units
$312.0K
$333.0K
-$21.0K
Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting Group)
IT Consulting & Other Services
Series A Units
$308.0K
MGT Merger Target, LLC (d/b/a MGT Consulting Group)
IT Consulting & Other Services
First Lien Secured Delayed Draw Loan
$300.0K
$281.0K
$19.0K
8.74%+5.00%
BUSA Acquisition Co. (d/b/a BankCard USA Merchant Services Inc.) First Lien Secured Revolving Loan
Data Processing & Outsourced Services
Debt Investments
$283.0K
$270.0K
$13.0K
10.34%+6.50%
Four Winds Health, LLC
Health Care Facilities
First Lien Secured Delayed Draw Loan
$272.0K
$248.0K
$24.0K
10.67%+7.00%
Salon Republic Investments LLC
Specialized Consumer Services
Preferred Stock
$265.0K
$200.0K
$65.0K
Twin Ridge CRS, LP (d/b/a CRS OneSource)
Food Distributors
Class A Common Units
$264.0K
$317.0K
-$53.0K
Juniper Landscaping Holdings LLC
Environmental & Facilities Services
First Lien Secured Revolving Loan
$246.0K
$235.0K
$11.0K
9.51%+5.75%
CX Holdco LLC
IT Consulting & Other Services
Common Units
$218.0K
$1.12M
-$898.0K
Snap Fitness Holdings, Inc
Leisure Facilities
Warrants
$205.0K
$793.0K
-$588.0K
Texas Wash Holdings, LLC (d/b/a ClearWater Express Wash)
Specialized Consumer Services
Warrants
$197.0K
$197.0K
$0.00
Camarillo Fitness Holdings, LLC
Leisure Facilities
First Lien Secured Delayed Draw Loan
$196.0K
$1.14M
-$939.0K
+8.50%
Colonnade Parent, Inc. (d/b/a Naviga Inc.)
Application Software
First Lien Secured Revolving Loan
$158.0K
$287.0K
-$129.0K
4.77%+1.00%
Quest Events, LLC
Diversified Support Services
First Lien Secured Revolving Loan
$113.0K
$122.0K
-$9.0K
11.48%+7.50%
Texas Express Wash, LLC
Specialized Consumer Services
First Lien Secured Revolving Loan
$100.0K
$100.0K
$0.00
10.23%+6.50%
Sterling Pure Blocker, LLC (d/b/a Banner Industries, Inc.)
Construction & Engineering
Class B Units
$57.0K
$404.0K
-$347.0K
Zephyr Buyer, L.P. (d/b/a The Weather Company, LLC)
Interactive Media & Services
First Lien Secured Revolving Loan
$32.0K
8.42%+4.75%
Camp Facility Services Parent, LLC
Real Estate Services
Preferred Units
$31.0K
$840.0K
-$809.0K
Telestream Holdings Corporation
Technology Hardware, Storage & Peripherals
First Lien Secured Revolving Loan
$20.0K
+6.25%
Media Source, LLC (d/b/a Media Source Inc.)
Education Services
First Lien Secured Revolving Loan
$17.0K
9.54%+5.75%
Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting Group)
IT Consulting & Other Services
Preferred Units
$15.0K
Ribbon Communications Operating Company, Inc. (d/b/a Ribbon Communications Inc.)
Systems Software
First Lien Secured Revolving Loan
$12.0K
9.97%+6.25%
Four Winds Health, LLC
Health Care Facilities
First Lien Secured Revolving Loan
$8.0K
10.67%+7.00%
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)
Specialized Consumer Services
First Lien Secured Revolving Loan
$8.0K
11.82%+8.00%
PANOS Brands, LLC
Packaged Foods & Meats
First Lien Secured Revolving Loan
$6.0K
9.48%+5.75%
Salon Republic Investments LLC
Specialized Consumer Services
Common Stock
$6.0K
$400.0K
-$394.0K
LogicMonitor, Inc.
Systems Software
First Lien Secured Revolving Loan
$5.0K
9.34%+5.50%
Leviathan Intermediate Holdco, LLC
Leisure Products
First Lien Secured Revolving Loan
$4.0K
9.67%+6.00%
Mamp;M OpCo. LLC (d/b/a Escalent, Inc.)
Research & Consulting Services
First Lien Secured Revolving Loan
$4.0K
9.67%+6.00%
Infotree Holdco LLC
Human Resource & Employment Services
First Lien Secured Revolving Loan
$2.0K
9.42%+5.75%
TOT Group, Inc. (d/b/a Netevia Group LLC)
Transaction & Payment Processing Services
First Lien Secured Revolving Loan
$1.0K
10.92%+7.25%
Wamp;A Intermediate Co., LLC
Health Care Services
First Lien Secured Delayed Draw Loan
$1.0K
9.92%+6.25%
Eddy Acquisitions, LLC
Education Services
Preferred Units
$0.00
$167.0K
-$167.0K
Education Dynamics, LLC
Education Services
Senior Preferred Units
$0.00
$167.0K
-$167.0K
ImageOne Industries, LLC
Advertising
Common A Units
$0.00
$13.0K
-$13.0K
Max Solutions Inc.
Paper & Plastic Packaging Products & Materials
Common Stock
$0.00
$400.0K
-$400.0K
PFB Holding Company, LLC
Building Products
Class A Units
$0.00
$24.0K
-$24.0K
Playmonster Group Equity, Inc
Leisure Products
Common Stock
$0.00
$460.0K
-$460.0K
Playmonster Group Equity, Inc.
Leisure Products
Preferred Stock
$0.00
$3.60M
-$3.60M
Quest Events, LLC
Diversified Support Services
Common Units
$0.00
$385.0K
-$385.0K
The Kyjen Company, LLC
Household Products
First Lien Secured Revolving Loan
-$132.0K
11.61%+7.50%
Arcserve Cayman GP LLC (d/b/a Arcserve (USA), LLC)
Systems Software
Common Units
Buckeye Acquiror LLC (d/b/a Superior Environmental Solutions, LLC)
Environmental & Facilities Services
First Lien Secured Delayed Draw Loan
10.32%+6.50%
PGI Parent LLC (d/b/a Prime Electric, Inc.)
Construction & Engineering
First Lien Secured Revolving Loan
8.67%+5.00%
TVG I-EMSI Parent, LLC
Education Services
Class A Units
Disclosed holdings FV
$578.65M
Parsed holdings FV
$578.65M
Residual gap
$0.00
Balance-sheet cash
$7.03M
CIK
0001552198
Accession
0001104659-26-024735
Form type
10-K
Period
2025-12-31