BDC·info
WHF

WhiteHorse Finance

Period
SEC EDGAR ↗
Portfolio Fair Value
$641.84M
138 holdings
Avg Spread
+7.17%
FV-weighted, debt
Avg Coupon
11.51%
FV-weighted
% First Lien
77.0%
of debt FV
Unrealized P/L
-$51.03M
-7.36% of cost
Non-Accrual
0
text-detected

Balance sheet

Assets$676.82M
Liabilities + Equity$676.82M
First Lien
$494.46M · 73.1%
Subordinated
$84.47M · 12.5%
Debt (Borrowings)
$353.12M · 52.2%
Net Assets (Equity)
$286.13M · 42.3%

Industry Composition

Specialized Finance
16.7%
Data Processing & Outsourced Services
4.5%
Air Freight & Logistics
4.4%
Application Software
4.2%
Systems Software
4.1%
Home Furnishings
4.0%
Leisure Products
3.6%
Household Appliances
3.5%
Education Services
3.3%
Real Estate Services
3.3%
Health Care Services
3.1%
Leisure Facilities
3.1%
Other industries
42.4%

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

4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
10.5%
Schedule of Investments

All holdings

All holdings
Sortable, click headers to re-sort
138 of 139
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
10.83%+6.50%
WHF STRS Ohio Senior Loan Fund LLC
Specialized Finance
Interests
$22.74M
$21.10M
$1.64M
Sleep OpCo LLC
Home Furnishings
First Lien Secured Term Loan
$22.44M
$22.40M
$40.0K
11.28%+6.50%
Future Payment Technologies, LP
Data Processing & Outsourced Services
First Lien Secured Term Loan
$20.42M
$20.38M
$38.0K
12.90%+8.25%
ABB/Con-cise Optical Group LLC
Health Care Supplies
First Lien Secured Term Loan
$19.54M
$20.14M
-$607.0K
11.98%+7.50%
Telestream Holdings Corporation
Technology Hardware, Storage & Peripherals
First Lien Secured Term Loan
$17.06M
$17.50M
-$433.0K
+9.75%
CleanChoice Energy, Inc
Electric Utilities
First Lien Secured Term Loan
$16.03M
$15.80M
$230.0K
12.39%+7.59%
FGI Acquisition Corp. (d/b/a Flexitallic Group SAS)
Commodity Chemicals
First Lien Secured Term Loan
$16.03M
$15.77M
$261.0K
10.98%+6.50%
Zephyr Buyer, L.P. (d/b/a The Weather Company, LLC)
Interactive Media & Services
First Lien Secured Term Loan
$14.17M
$13.79M
$377.0K
10.83%+6.50%
Leviathan Intermediate Holdco, LLC
Leisure Products
First Lien Secured Term Loan
$13.31M
$12.98M
$331.0K
11.98%+7.50%
Trimlite Buyer LLC
Building Products
First Lien Secured Term Loan
$13.21M
$15.01M
-$1.80M
9.99%+6.50%
Patagonia Holdco LLC
Integrated Telecommunication Services
First Lien Secured Term Loan
$13.13M
$12.60M
$533.0K
10.27%+5.75%
BBQ Buyer, LLC
Household Appliances
First Lien Secured Term Loan
$12.96M
$12.97M
-$17.0K
14.96%+10.50%
EducationDynamics, LLC
Education Services
First Lien Secured Term Loan
$12.45M
$12.99M
-$540.0K
10.96%+6.50%
W Electric Intermediate Holdings, LLC
Industrial Machinery & Supplies & Components
First Lien Secured Term Loan
$12.22M
$12.12M
$92.0K
10.86%+6.50%
The Kyjen Company, LLC
Household Products
First Lien Secured Term Loan
$10.89M
$11.31M
-$414.0K
12.05%+7.25%
Camarillo Fitness Holdings, LLC
Leisure Facilities
First Lien Secured Term Loan
$10.49M
$10.27M
$223.0K
+8.50%
Camp Facility Services Holdings, LLC
Real Estate Services
First Lien Secured Term Loan
$9.90M
$10.32M
-$420.0K
10.96%+6.50%
UserZoom Technologies, Inc.
Application Software
First Lien Secured Term Loan
$9.81M
$9.62M
$191.0K
12.75%+7.50%
M2S Group Intermediate Holdings, Inc.
Paper Products
First Lien Secured Term Loan
$9.45M
$9.12M
$334.0K
9.10%+4.73%
Motivational Marketing, LLC
Air Freight & Logistics
First Lien Secured Term Loan
$9.44M
$10.45M
-$1.01M
12.96%+8.50%
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)
Distributors
First Lien Secured Term Loan
$9.40M
$9.26M
$144.0K
11.71%+7.25%
Monarch Collective Holdings, LLC
Real Estate Services
First Lien Secured Term Loan
$9.22M
$9.12M
$104.0K
11.08%+6.75%
MBS Highway, LLC
Application Software
First Lien Secured Term Loan
$9.21M
$9.16M
$55.0K
13.20%+8.50%
Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC)
Systems Software
Common Units
$9.13M
$19.57M
-$10.44M
NNA Services, LLC
Diversified Support Services
First Lien Secured Term Loan
$8.94M
$9.09M
-$146.0K
11.73%+7.25%
Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.)
Air Freight & Logistics
First Lien Secured Term Loan
$8.86M
$8.81M
$46.0K
11.96%+7.60%
Power Service Group CR Acquisition Inc
Heavy Electrical Equipment
First Lien Secured Term Loan
$8.78M
$8.64M
$142.0K
11.23%+6.75%
Transervice Holdings, Inc. (d/b/a Transervice Logistics, Inc.)
Air Freight & Logistics
First Lien Secured Term Loan
$8.71M
$8.48M
$234.0K
11.71%+7.25%
Ribbon Communications Operating Company, Inc. (d/b/a Ribbon Communications Inc.)
Systems Software
First Lien Secured Term Loan
$8.69M
$8.60M
$92.0K
10.59%+6.25%
Bridgepoint Healthcare, LLC
Health Care Facilities
First Lien Secured Term Loan
$8.43M
$8.46M
-$28.0K
12.46%+8.00%
PLTFRM Companies, LLC
Advertising
First Lien Secured Term Loan
$8.19M
$7.76M
$431.0K
13.36%+9.00%
TOT Group, Inc. (d/b/a Netevia Group LLC)
Transaction & Payment Processing Services
First Lien Secured Term Loan
$8.07M
$8.07M
-$7.0K
11.83%+7.50%
MSI Information Services, Inc.
Education Services
First Lien Secured Term Loan
$7.87M
$8.55M
-$681.0K
14.23%+9.75%
Coastal Television Broadcasting Group LLC
Broadcasting
First Lien Secured Term Loan
$7.83M
$7.81M
$24.0K
10.96%+6.50%
BUSA Acquisition Co. (d/b/a BankCard USA Merchant Services Inc.) First Lien Secured Term Loan
Data Processing & Outsourced Services
Debt Investments
$7.69M
$7.58M
$111.0K
10.77%+6.50%
Wamp;A Intermediate Co., LLC
Health Care Services
First Lien Secured Term Loan
$7.55M
$7.55M
$7.0K
10.58%+6.25%
Event Services America, Inc. (d/b/a Contemporary Services Corporation)
Security & Alarm Services
First Lien Secured Term Loan
$7.07M
$6.86M
$213.0K
11.11%+6.75%
Trailhead Media LLC
Advertising
First Lien Secured Term Loan
$6.55M
$6.55M
$0.00
9.82%+5.50%
LogicMonitor, Inc.
Systems Software
First Lien Secured Term Loan
$6.14M
$6.14M
$0.00
9.99%+5.50%
Token Buyer, Inc
Household Appliances
First Lien Secured Term Loan
$5.66M
$6.71M
-$1.05M
10.74%+6.00%
Surge Amuze Holdings Inc.
Leisure Products
First Lien Secured Term Loan
$5.64M
$5.63M
$14.0K
10.44%+6.00%
Lift Brands, Inc
Leisure Facilities
First Lien Secured Term Loan A
$5.46M
$5.45M
$8.0K
11.96%+7.50%
Lab Logistics, LLC
Health Care Services
First Lien Secured Term Loan
$5.38M
$5.38M
$2.0K
11.71%+7.25%
Claridge Products and Equipment, LLC
Construction Materials
First Lien Secured Term Loan
$5.08M
$5.69M
-$605.0K
13.21%+8.75%
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)
Specialized Consumer Services
First Lien Secured Term Loan
$5.06M
$4.99M
$75.0K
12.46%+8.00%
Lab Logistics, LLC
Health Care Services
First Lien Secured Delayed Draw Loan
$5.02M
$5.02M
$0.00
11.71%+7.25%
LSCS Holdings, Inc
Life Sciences Tools & Services
Second Lien Secured Term Loan
$5.00M
$4.95M
$47.0K
12.47%+8.00%
Mamp;M OpCo. LLC (d/b/a Escalent, Inc.)
Research & Consulting Services
First Lien Secured Term Loan
$4.92M
$4.82M
$99.0K
12.43%+8.00%
Luxury Brand Holdings, Inc
Broadline Retail
First Lien Secured Term Loan
$4.58M
$4.56M
$24.0K
10.11%+5.75%
PANOS Brands, LLC
Packaged Foods & Meats
First Lien Secured Term Loan, One 05/14/29
$4.05M
$4.00M
$57.0K
10.13%+5.75%
Alvaria Holdco (Cayman) (d/b/a Aspect Software
Application Software
Inc.) First Lien Secured Term Loan Three
$3.99M
$9.32M
-$5.33M
11.46%+7.00%
Kelso Industries LLC
Construction & Engineering
First Lien Secured Term Loan
$3.54M
$3.54M
$0.00
10.09%+5.75%
Chase Products Co. (f/k/a Starco) Second Lien Secured Term Loan
Diversified Chemicals
Debt Investments
$3.34M
$3.34M
$0.00
12.00%
Whitestone Home Furnishings, LLC (d/b/a Saatva, Inc.)
Home Furnishings
First Lien Secured Term Loan
$2.93M
$2.89M
$43.0K
10.46%+6.00%
BBQ Buyer, LLC
Household Appliances
First Lien Secured Delayed Draw Loan
$2.64M
$2.65M
-$3.0K
14.96%+10.50%
CX Holdco LLC
IT Consulting & Other Services
Common Units
$2.23M
$1.12M
$1.12M
Snap Fitness Holdings, Inc
Leisure Facilities
First Lien Secured Term Loan C
$1.79M
$1.82M
-$29.0K
9.50%
Naviga Inc
Application Software
First Lien Secured Term Loan
$1.76M
$3.14M
-$1.38M
12.40%+7.00%
What If Media Group, LLC
Interactive Media & Services
Common Units
$1.76M
$851.0K
$905.0K
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)
Specialized Consumer Services
First Lien Secured Delayed Draw Loan
$1.67M
$1.64M
$31.0K
12.46%+8.00%
Pressurized Holdings, LLC
Diversified Chemicals
Preferred Units
$1.66M
$4.54M
-$2.88M
14.00%
Playmonster Group LLC
Leisure Products
First Lien Secured Term Loan
$1.64M
$3.66M
-$2.03M
+9.00%
Lift Brands, Inc
Leisure Facilities
First Lien Secured Term Loan B
$1.59M
$1.59M
$2.0K
9.50%
Monarch Collective Holdings, LLC
Real Estate Services
First Lien Secured Delayed Draw Loan
$1.58M
$1.57M
$10.0K
11.16%+6.75%
Alvaria Holdco (Cayman) (d/b/a Aspect Software
Application Software
Inc.) First Lien Secured Term Loan
$1.46M
$1.61M
-$159.0K
11.96%+7.50%
BPII-JL Group Holdings LP
Environmental & Facilities Services
Class A Units
$1.40M
$942.0K
$458.0K
Power Service Group CR Acquisition Inc
Heavy Electrical Equipment
First Lien Delayed Draw Loan
$1.35M
$1.33M
$25.0K
11.23%+6.75%
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)
Systems Software
First Lien Secured Delayed Draw Loan
$1.25M
$677.0K
$570.0K
+8.00%
Playmonster Group LLC
Leisure Products
Priority First Lien Secured Term Loan
$1.17M
$1.27M
-$103.0K
+6.75%
Motivational Marketing, LLC
Air Freight & Logistics
First Lien Secured Revolving Loan
$1.06M
$1.18M
-$114.0K
13.00%+8.50%
BL Products Parent, LP
Industrial Machinery & Supplies & Components
Class A Units
$1.01M
$788.0K
$224.0K
Telestream Holdings Corporation
Technology Hardware, Storage & Peripherals
First Lien Secured Revolving Loan
$1.01M
$1.05M
-$42.0K
+9.75%
MSI Information Services, Inc.
Education Services
First Lien Secured Revolving Loan
$945.0K
$1.04M
-$98.0K
15.24%+8.82%
Maxor Acquisition, Inc. (d/b/a Maxor National Pharmacy Services, LLC)
Health Care Services
First Lien Secured Delayed Draw Loan
$938.0K
$938.0K
$0.00
10.46%+6.00%
PLTFRM Companies, LLC
Advertising
First Lien Secured Revolving Loan
$916.0K
$867.0K
$49.0K
13.34%+9.00%
BBQ Buyer, LLC
Household Appliances
Shares
$907.0K
$1.10M
-$193.0K
Keras Holdings, LLC
IT Consulting & Other Services
Shares
$779.0K
$496.0K
$283.0K
The Kyjen Company, LLC
Household Products
First Lien Secured Revolving Loan
$761.0K
$795.0K
-$34.0K
10.97%+6.50%
Ross-Simons Topco, LP
Broadline Retail
Preferred Units
$756.0K
$514.0K
$242.0K
8.00%
Avision Holdings, LLC (d/b/a Avision Sales Group)
Advertising
First Lien Secured Term Loan
$652.0K
$648.0K
$4.0K
10.48%+6.00%
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)
Distributors
First Lien Secured Delayed Draw Loan
$642.0K
$632.0K
$10.0K
11.71%+7.25%
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)
Systems Software
Unsecured Loan #Two
$594.0K
$583.0K
$11.0K
9.00%
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)
Systems Software
Unsecured Loan #One
$581.0K
$569.0K
$12.0K
9.00%
Avision Holdings, LLC
Advertising
Class A LLC Interests
$577.0K
$287.0K
$290.0K
Surge Amuze Holdings Inc.
Leisure Products
First Lien Secured Delayed Draw Loan
$577.0K
$573.0K
$4.0K
10.46%+6.00%
Surge Amuze Holdings Inc.
Leisure Products
First Lien Secured Revolving Loan
$576.0K
$574.0K
$2.0K
12.50%+5.00%
Avision Holdings, LLC (d/b/a Avision Sales Group)
Advertising
First Lien Secured Delayed Draw Loan
$558.0K
$545.0K
$13.0K
10.48%+6.00%
Claridge Products and Equipment, LLC
Construction Materials
First Lien Secured Revolving Loan
$555.0K
$630.0K
-$75.0K
14.13%+8.31%
Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting Group)
IT Consulting & Other Services
Series A Units
$493.0K
$314.0K
$179.0K
Quest Events, LLC
Diversified Support Services
First Lien Secured Term Loan
$473.0K
$472.0K
$1.0K
10.90%+6.50%
BUSA Acquisition Co. (d/b/a BankCard USA Merchant Services Inc.) First Lien Secured Revolving Loan
Data Processing & Outsourced Services
Debt Investments
$461.0K
$447.0K
$14.0K
10.81%+6.50%
Alvaria Holdco (Cayman) (d/b/a Aspect Software
Application Software
Inc.) First Lien Secured Term Loan Two
$451.0K
$1.03M
-$578.0K
11.96%+7.50%
Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.)
Air Freight & Logistics
First Lien Secured Revolving Loan
$447.0K
$444.0K
$3.0K
11.95%+7.50%
Lab Logistics, LLC
Health Care Services
First Lien Secured Revolving Loan
$437.0K
$437.0K
$0.00
11.71%+7.25%
Sterling Pure Blocker, LLC (d/b/a Banner Industries, Inc.)
Construction & Engineering
Class B Units
$388.0K
$404.0K
-$16.0K
Merriman Holdings LP (d/b/a Escalent, Inc.)
Research & Consulting Services
Class A Units
$368.0K
$333.0K
$35.0K
Twin Ridge CRS, LP (d/b/a CRS OneSource)
Food Distributors
Class A Common Units
$350.0K
$317.0K
$33.0K
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)
Distributors
First Lien Secured Revolving Loan
$328.0K
$319.0K
$9.0K
12.39%+6.92%
Foodservices Brand Group, LLC
Distributors
First Lien Secured Term Loan
$321.0K
$357.0K
-$36.0K
12.62%+8.00%
Wamp;A Intermediate Co., LLC
Health Care Services
First Lien Secured Revolving Loan
$254.0K
$253.0K
$1.0K
10.58%+6.25%
Salon Republic Investments LLC
Specialized Consumer Services
Preferred Stock
$242.0K
$200.0K
$42.0K
8.00%
Bridgepoint Healthcare, LLC
Health Care Facilities
First Lien Secured Revolving Loan
$231.0K
$237.0K
-$6.0K
12.46%+8.00%
Snap Fitness Holdings, Inc
Leisure Facilities
Class A Common Stock
$173.0K
$1.94M
-$1.77M
Naviga Inc
Application Software
First Lien Secured Revolving Loan
$169.0K
$301.0K
-$132.0K
12.78%+6.84%
Camp Facility Services Parent, LLC
Real Estate Services
Preferred Units
$162.0K
$840.0K
-$678.0K
10.00%
Quest Events, LLC
Diversified Support Services
Common Units
$149.0K
$376.0K
-$227.0K
Salon Republic Investments LLC
Specialized Consumer Services
Common Stock
$132.0K
$400.0K
-$268.0K
Education Dynamics, LLC
Education Services
Senior Preferred Units
$100.0K
$167.0K
-$67.0K
Alvaria Holdco (Cayman) (d/b/a Aspect Software
Application Software
Inc.) First Lien Secured Term Loan Four
$74.0K
$2.33M
-$2.26M
11.46%+7.00%
Snap Fitness Holdings, Inc
Leisure Facilities
Warrants
$70.0K
$793.0K
-$723.0K
Zephyr Buyer, L.P. (d/b/a The Weather Company, LLC)
Interactive Media & Services
First Lien Secured Revolving Loan
$48.0K
10.83%+6.50%
PANOS Brands, LLC
Packaged Foods & Meats
First Lien Secured Revolving Loan
$33.0K
$27.0K
$6.0K
10.15%+5.75%
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)
Specialized Consumer Services
First Lien Secured Revolving Loan
$13.0K
12.46%+8.00%
ImageOne Industries, LLC
Advertising
Common A Units
$12.0K
$10.0K
$2.0K
Leviathan Intermediate Holdco, LLC
Leisure Products
First Lien Secured Revolving Loan
$10.0K
11.98%+7.50%
Ribbon Communications Operating Company, Inc. (d/b/a Ribbon Communications Inc.)
Systems Software
First Lien Secured Revolving Loan
$9.0K
10.59%+6.25%
W Electric Intermediate Holdings, LLC
Industrial Machinery & Supplies & Components
First Lien Secured Revolving Loan
$9.0K
10.86%+6.50%
Mamp;M OpCo. LLC (d/b/a Escalent, Inc.)
Research & Consulting Services
First Lien Secured Revolving Loan
$5.0K
12.43%+8.00%
Sleep OpCo LLC
Home Furnishings
First Lien Secured Revolving Loan
$5.0K
11.28%+6.50%
Wamp;A Intermediate Co., LLC
Health Care Services
First Lien Secured Delayed Draw Loan
$2.0K
10.58%+6.25%
Coastal Television Broadcasting Group LLC
Broadcasting
First Lien Secured Revolving Loan
$1.0K
10.96%+6.50%
American Crafts
Leisure Products
LC Super Senior Priority First Lien Secured Term Loan One
$0.00
$1.23M
-$1.23M
+8.50%
American Crafts
Leisure Products
LC Priority First Lien Secured Term Loan
$0.00
$5.11M
-$5.11M
+8.50%
American Crafts
Leisure Products
LC First Lien Secured Term Loan
$0.00
$8.72M
-$8.72M
+8.50%
American Crafts
Leisure Products
LC First Lien Secured Delayed Draw Loan
$0.00
$1.46M
-$1.46M
+8.50%
American Crafts LC Super Priority First Lien Secured Term Loan
Leisure Products
Debt Investments
$0.00
$2.09M
-$2.09M
+8.50%
Eddy Acquisitions, LLC
Education Services
Preferred Units
$0.00
$167.0K
-$167.0K
12.00%
Max Solutions Inc.
Paper & Plastic Packaging Products & Materials
Common Stock
$0.00
$400.0K
-$400.0K
Motivational CIV, LLC
Air Freight & Logistics
Class B Units
$0.00
$1.25M
-$1.25M
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
14.00%
TOT Group, Inc. (d/b/a Netevia Group LLC)
Transaction & Payment Processing Services
First Lien Secured Delayed Draw Loan
-$1.0K
11.83%+7.50%
EducationDynamics, LLC
Education Services
First Lien Secured Revolving Loan
-$51.0K
10.96%+6.50%
Arcserve Cayman GP LLC (d/b/a Arcserve (USA), LLC)
Systems Software
Common Units
New American Crafts Holdings, LLC
Leisure Products
Class A Units
TOT Group, Inc. (d/b/a Netevia Group LLC)
Transaction & Payment Processing Services
First Lien Secured Revolving Loan
11.83%+7.50%
Disclosed holdings FV
$642.21M
Parsed holdings FV
$641.84M
Residual gap
$373.0K
Balance-sheet cash
$12.42M
CIK
0001552198
Accession
0001558370-25-002455
Form type
10-K
Period
2024-12-31