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
Q1 '26
Q2 '26

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