BDC·info
WHF

WhiteHorse Finance

Period
SEC EDGAR ↗
Portfolio Fair Value
$651.94M
146 holdings
Avg Spread
+7.23%
FV-weighted, debt
Avg Coupon
12.18%
FV-weighted
% First Lien
77.2%
of debt FV
Unrealized P/L
-$52.82M
-7.49% of cost
Non-Accrual
0
text-detected

Balance sheet

Assets$683.58M
Liabilities + Equity$683.58M
First Lien
$504.88M · 73.9%
Subordinated
$84.73M · 12.4%
Debt (Borrowings)
$352.80M · 51.6%
Net Assets (Equity)
$296.88M · 43.4%

Industry Composition

Specialized Finance
16.6%
Application Software
4.5%
Data Processing & Outsourced Services
4.5%
Air Freight & Logistics
4.2%
Home Furnishings
4.1%
Leisure Products
3.5%
Household Appliances
3.4%
Real Estate Services
3.2%
Education Services
3.2%
Health Care Supplies
3.0%
Systems Software
2.9%
Health Care Services
2.9%
Other industries
44.1%

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%
10.0%
12.0%
14.0%
Schedule of Investments

All holdings

All holdings
Sortable, click headers to re-sort
146 of 147
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
11.67%+6.50%
WHF STRS Ohio Senior Loan Fund LLC
Specialized Finance
Interests
$23.50M
$21.10M
$2.40M
Future Payment Technologies, LP
Data Processing & Outsourced Services
First Lien Secured Term Loan
$20.73M
$20.68M
$49.0K
13.55%+8.25%
Sleep OpCo LLC
Home Furnishings
First Lien Secured Term Loan
$20.46M
$20.29M
$167.0K
11.95%+6.50%
ABB/Con-cise Optical Group LLC
Health Care Supplies
First Lien Secured Term Loan
$19.49M
$20.12M
-$631.0K
12.31%+7.50%
Telestream Holdings Corporation
Technology Hardware, Storage & Peripherals
First Lien Secured Term Loan
$16.48M
$17.53M
-$1.05M
14.70%+9.75%
FGI Acquisition Corp. (d/b/a Flexitallic Group SAS)
Commodity Chemicals
First Lien Secured Term Loan
$16.07M
$15.77M
$298.0K
11.25%+6.50%
CleanChoice Energy, Inc
Electric Utilities
First Lien Secured Term Loan
$16.04M
$15.78M
$264.0K
13.03%+7.59%
Zephyr Buyer, L.P. (d/b/a The Weather Company, LLC)
Interactive Media & Services
First Lien Secured Term Loan
$14.13M
$13.81M
$319.0K
11.35%+6.75%
Trimlite Buyer LLC
Building Products
First Lien Secured Term Loan
$14.04M
$15.00M
-$963.0K
10.80%+6.50%
Leviathan Intermediate Holdco, LLC
Leisure Products
First Lien Secured Term Loan
$13.38M
$12.99M
$382.0K
12.25%+7.50%
Patagonia Hold co Llc
Integrated Telecommunication Services
First Lien Secured Term Loans
$13.36M
$12.54M
$822.0K
10.85%+5.75%
BBQ Buyer, LLC
Household Appliances
First Lien Secured Term Loan
$12.89M
$12.84M
$56.0K
14.45%+9.50%
EducationDynamics, LLC
Education Services
First Lien Secured Term Loan
$12.47M
$13.00M
-$524.0K
11.92%+6.98%
W Electric Intermediate Holdings, LLC
Industrial Machinery & Supplies & Components
First Lien Secured Term Loan
$12.10M
$12.10M
-$1.0K
11.60%+6.50%
HC Salon Holdings, Inc
Specialized Consumer Services
First Lien Secured Term Loan
$11.32M
$11.23M
$91.0K
11.87%+7.00%
The Kyjen Company, LLC
Household Products
First Lien Secured Term Loan
$10.91M
$11.31M
-$399.0K
12.05%+7.25%
Industrial Specialty Services USA LLC
Environmental & Facilities Services
First Lien Secured Term Loan
$10.58M
$10.49M
$95.0K
13.23%+7.75%
Camarillo Fitness Holdings, LLC
First Lien Secured Term Loan
$10.23M
$10.23M
-$2.0K
Camp Facility Services Holdings, LLC
Real Estate Services
First Lien Secured Term Loan
$10.23M
$10.35M
-$117.0K
11.45%+6.50%
UserZoom Technologies, Inc.
Application Software
First Lien Secured Term Loan
$9.83M
$9.61M
$222.0K
12.75%+7.50%
M2S Group Intermediate Holdings, Inc.
Paper Products
First Lien Secured Term Loan
$9.63M
$9.31M
$316.0K
9.85%+4.75%
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)
Distributors
First Lien Secured Term Loan
$9.42M
$9.27M
$156.0K
12.20%+7.25%
Monarch Collective Holdings, LLC
Real Estate Services
First Lien Secured Term Loan
$9.23M
$9.13M
$105.0K
11.35%+6.75%
MBS Highway, LLC
Application Software
First Lien Secured Term Loan
$9.18M
$9.17M
$13.0K
13.56%+8.00%
NNA Services, LLC
Diversified Support Services
First Lien Secured Term Loan
$9.13M
$9.15M
-$25.0K
12.00%+7.25%
Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.)
Air Freight & Logistics
First Lien Secured Term Loan
$9.05M
$8.82M
$230.0K
12.45%+7.50%
Power Service Group CR Acquisition Inc
Heavy Electrical Equipment
First Lien Secured Term Loan
$8.78M
$8.63M
$151.0K
11.50%+6.75%
Transervice Holdings, Inc. (d/b/a Transervice Logistics, Inc.)
Air Freight & Logistics
First Lien Secured Term Loan
$8.77M
$8.52M
$247.0K
12.20%+7.25%
Ribbon Communications Operating Company, Inc. (d/b/a Ribbon Communications Inc.)
Systems Software
First Lien Secured Term Loan
$8.61M
$8.61M
-$4.0K
11.17%+6.25%
Bridgepoint Healthcare, LLC
Health Care Facilities
First Lien Secured Term Loan
$8.56M
$8.59M
-$28.0K
12.70%+7.75%
Motivational Marketing, LLC
Air Freight & Logistics
First Lien Secured Term Loan
$8.54M
$10.22M
-$1.67M
13.45%+8.50%
Coastal Television Broadcasting Group LLC
Broadcasting
First Lien Secured Term Loan
$8.24M
$8.26M
-$20.0K
12.45%+7.50%
TOT Group, Inc. (d/b/a Netevia Group LLC)
Transaction & Payment Processing Services
First Lien Secured Term Loan
$8.06M
$8.06M
$0.00
12.10%+7.50%
Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC)
Systems Software
Common Units #Two
$8.04M
$19.57M
-$11.53M
PLTFRM Companies, LLC
Advertising
First Lien Secured Term Loan
$7.79M
$7.74M
$49.0K
13.85%+9.00%
BUSA Acquisition Co. (d/b/a BankCard USA Merchant Services Inc.) First Lien Secured Term Loan
Data Processing & Outsourced Services
Debt Investments
$7.71M
$7.67M
$41.0K
11.82%+6.50%
W&A Intermediate Co., LLC
Health Care Services
First Lien Secured Term Loan
$7.56M
$7.56M
$0.00
10.85%+6.25%
MSI Information Services, Inc.
Education Services
First Lien Secured Term Loan
$7.55M
$8.19M
-$633.0K
14.50%+9.75%
Event Services America, Inc. (d/b/a Contemporary Services Corporation)
Security & Alarm Services
First Lien Secured Term Loan
$7.02M
$6.85M
$173.0K
11.60%+6.75%
Alvaria Holdco (Cayman) (d/b/a Aspect Software
Application Software
Inc.) First Lien Secured Term Loan Three
$5.80M
$9.44M
-$3.64M
11.97%+7.00%
Token Buyer, Inc
Household Appliances
First Lien Secured Term Loan
$5.67M
$6.71M
-$1.04M
11.40%+6.00%
Surge Amuze Holdings Inc.
Leisure Products
First Lien Secured Term Loan
$5.64M
$5.64M
$0.00
10.99%+6.00%
Lift Brands, Inc
Leisure Facilities
First Lien Secured Term Loan A
$5.47M
$5.46M
$12.0K
12.45%+7.50%
Lab Logistics, LLC
Health Care Services
First Lien Secured Term Loan
$5.40M
$5.39M
$2.0K
12.20%+7.25%
Claridge Products and Equipment, LLC
Construction Materials
First Lien Secured Term Loan
$5.35M
$6.27M
-$918.0K
13.70%+8.75%
Salon Republic Holdings, LLC
Specialized Consumer Services
First Lien Secured Term Loan
$5.09M
$4.99M
$100.0K
12.45%+7.50%
Lab Logistics, LLC
Health Care Services
First Lien Secured Delayed Draw Loan
$5.03M
$5.03M
$0.00
12.20%+7.25%
LSCS Holdings, Inc
Life Sciences Tools & Services
Second Lien Secured Term Loan
$5.00M
$4.95M
$49.0K
12.96%+8.00%
M&M OpCo. LLC (d/b/a Escalent, Inc.)
Research & Consulting Services
First Lien Secured Term Loan
$4.69M
$4.58M
$107.0K
12.70%+8.00%
Luxury Brand Holdings, Inc
Broadline Retail
First Lien Secured Term Loan
$4.58M
$4.55M
$28.0K
10.60%+5.75%
PANOS Brands, LLC
Packaged Foods & Meats
First Lien Secured Term Loan #One
$4.00M
$4.00M
$2.0K
10.85%+5.75%
ATSG Inc
IT Consulting & Other Services
First Lien Secured Term Loan
$3.75M
$3.72M
$31.0K
11.75%+6.50%
Chase Products Co. (f/k/a Starco) First Lien Secured Term Loan 12.00 PIK
$3.24M
$3.24M
$0.00
+12.00%
Hollander Intermediate LLC
Home Furnishings
First Lien Secured Term Loan
$3.09M
$4.70M
-$1.61M
+8.75%
Whitestone Home Furnishings, LLC (d/b/a Saatva, Inc.)
Home Furnishings
First Lien Secured Term Loan
$2.94M
$2.90M
$49.0K
11.45%+6.50%
BBQ Buyer, LLC
Household Appliances
First Lien Secured Delayed Draw Loan
$2.63M
$2.62M
$12.0K
14.45%+9.50%
CX Holdco LLC
IT Consulting & Other Services
Common Units
$2.38M
$1.12M
$1.26M
What If Media Group, LLC
Interactive Media & Services
Common Units
$1.90M
$851.0K
$1.05M
Naviga Inc
Application Software
First Lien Secured Term Loan
$1.74M
$3.14M
-$1.40M
12.40%+7.00%
Snap Fitness Holdings, Inc
Leisure Facilities
First Lien Secured Term Loan C
$1.69M
$1.78M
-$86.0K
+9.50%
Alvaria Holdco (Cayman) (d/b/a Aspect Software
Application Software
Inc.) First Lien Secured Term Loan
$1.60M
$1.57M
$31.0K
12.47%
Lift Brands, Inc
Leisure Facilities
First Lien Secured Term Loan B
$1.56M
$1.55M
$4.0K
+9.50%
Playmonster Group LLC
Leisure Products
First Lien Secured Term Loan
$1.52M
$3.66M
-$2.14M
+9.00%
BPII-JL Group Holdings LP
Environmental & Facilities Services
Class A Units
$1.52M
$942.0K
$579.0K
Power Service Group CR Acquisition Inc
Heavy Electrical Equipment
First Lien Delayed Draw Loan
$1.35M
$1.33M
$27.0K
11.50%+6.75%
BL Products Parent, LP
Industrial Machinery & Supplies & Components
Class A Units
$1.25M
$788.0K
$465.0K
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)
Systems Software
First Lien Secured Delayed Draw Loan
$1.25M
$653.0K
$598.0K
13.32%+8.00%
Monarch Collective Holdings, LLC
Real Estate Services
First Lien Secured Delayed Draw Loan
$1.21M
$1.19M
$16.0K
11.37%+6.75%
Playmonster Group LLC
Leisure Products
Priority First Lien Secured Term Loan
$1.14M
$1.24M
-$97.0K
+6.75%
BBQ Buyer, LLC
Household Appliances
Shares
$1.13M
$1.10M
$34.0K
Telestream Holdings Corporation
Technology Hardware, Storage & Peripherals
First Lien Secured Revolving Loan
$1.08M
$1.16M
-$79.0K
14.70%+9.75%
PFB Holdco, Inc
Building Products
Class A Units
$1.04M
$423.0K
$616.0K
MSI Information Services, Inc.
Education Services
First Lien Secured Revolving Loan
$945.0K
$1.04M
-$97.0K
16.59%+8.82%
Salon Republic Holdings, LLC
Specialized Consumer Services
First Lien Secured Delayed Draw Loan
$927.0K
$886.0K
$41.0K
12.45%+7.50%
Keras Holdings, LLC
IT Consulting & Other Services
Shares
$881.0K
$496.0K
$385.0K
Ross-Simons Topco, LP
Broadline Retail
Preferred Units
$742.0K
$514.0K
$228.0K
+8.00%
BUSA Acquisition Co. (d/b/a BankCard USA Merchant Services Inc.) First Lien Secured Revolving Loan
Data Processing & Outsourced Services
Debt Investments
$720.0K
$715.0K
$5.0K
10.81%+6.50%
PLTFRM Companies, LLC
Advertising
First Lien Secured Revolving Loan
$702.0K
$697.0K
$5.0K
13.60%+9.00%
Alvaria Holdco (Cayman) (d/b/a Aspect Software
Application Software
Inc.) First Lien Secured Term Loan Two
$680.0K
$1.04M
-$362.0K
12.47%+7.50%
Avision Holdings, LLC (d/b/a Avision Sales Group)
Advertising
First Lien Secured Term Loan
$653.0K
$649.0K
$4.0K
10.75%+6.00%
Pressurized Holdings, LLC
Diversified Chemicals
Preferred Units
$626.0K
$4.54M
-$3.91M
+14.00%
Avision Holdings, LLC
Advertising
Class A LLC Interests
$596.0K
$287.0K
$309.0K
Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting Group)
IT Consulting & Other Services
Series A Units
$594.0K
$314.0K
$280.0K
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)
Systems Software
Unsecured Loan #Two
$581.0K
$569.0K
$12.0K
+9.00%
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)
Systems Software
Unsecured Loan #One
$568.0K
$556.0K
$12.0K
9.00%+9.00%
Avision Holdings, LLC (d/b/a Avision Sales Group)
Advertising
First Lien Secured Delayed Draw Loan
$561.0K
$545.0K
$16.0K
10.75%+6.00%
American Crafts
Leisure Products
LC Super Senior Priority First Lien Secured Term Loan Due 01/31/24
$535.0K
$1.23M
-$695.0K
+8.50%
Claridge Products and Equipment, LLC
Construction Materials
First Lien Secured Revolving Loan
$526.0K
$629.0K
-$103.0K
14.93%+6.63%
Motivational Marketing, LLC
Air Freight & Logistics
First Lien Secured Revolving Loan
$512.0K
$704.0K
-$192.0K
13.45%+8.50%
Camp Facility Services Parent, LLC
Real Estate Services
Preferred Units
$488.0K
$840.0K
-$352.0K
+10.00%
Quest Events, LLC
Diversified Support Services
First Lien Secured Term Loan
$472.0K
$472.0K
$0.00
11.43%+6.50%
Manchester Acquisition Sub LLC
Diversified Chemicals
First Lien Secured Term Loan
$457.0K
$473.0K
-$16.0K
10.92%+5.75%
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)
Distributors
First Lien Secured Delayed Draw Loan
$422.0K
$411.0K
$11.0K
12.20%+7.25%
Sterling Pure Blocker, LLC (d/b/a Banner Industries, Inc.)
Construction & Engineering
Class B Units
$404.0K
$404.0K
$0.00
Lab Logistics, LLC
Health Care Services
First Lien Secured Revolving Loan
$374.0K
$374.0K
$0.00
12.20%+7.25%
Surge Amuze Holdings Inc.
Leisure Products
First Lien Secured Revolving Loan
$359.0K
$359.0K
$0.00
13.00%+5.00%
Twin Ridge CRS, LP (d/b/a CRS OneSource)
Food Distributors
Class A Common Units
$353.0K
$317.0K
$36.0K
Merriman Holdings LP (d/b/a Escalent, Inc.)
Research & Consulting Services
Class A Units
$311.0K
$333.0K
-$22.0K
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)
Distributors
First Lien Secured Revolving Loan
$308.0K
$298.0K
$10.0K
12.20%+7.25%
Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.)
Air Freight & Logistics
First Lien Secured Revolving Loan
$299.0K
$285.0K
$14.0K
12.45%+7.50%
W&A Intermediate Co., LLC
Health Care Services
First Lien Secured Revolving Loan
$253.0K
$253.0K
$0.00
10.85%+6.25%
Bridgepoint Healthcare, LLC
Health Care Facilities
First Lien Secured Revolving Loan
$231.0K
$236.0K
-$5.0K
12.70%+7.75%
Foodservices Brand Group, LLC
Distributors
First Lien Secured Term Loan
$228.0K
$357.0K
-$129.0K
13.49%+8.00%
Salon Republic Holdings, LLC
Specialized Consumer Services
Preferred Stock
$190.0K
$200.0K
-$10.0K
+8.00%
Alvaria Holdco (Cayman) (d/b/a Aspect Software
Application Software
Inc.) First Lien Secured Term Loan Four
$185.0K
$2.36M
-$2.17M
11.97%
Salon Republic Holdings, LLC
Specialized Consumer Services
Common Stock
$176.0K
$400.0K
-$224.0K
Naviga Inc
Application Software
First Lien Secured Revolving Loan
$167.0K
$301.0K
-$134.0K
12.78%+6.84%
Education Dynamics, LLC
Education Services
Senior Preferred Units
$141.0K
$167.0K
-$26.0K
Quest Events, LLC
Diversified Support Services
Common Units
$116.0K
$367.0K
-$251.0K
Snap Fitness Holdings, Inc
Leisure Facilities
Class A Common Stock
$95.0K
$1.94M
-$1.85M
Max Solutions Inc.
Paper & Plastic Packaging Products & Materials
Common Stock
$84.0K
$400.0K
-$316.0K
PANOS Brands, LLC
Packaged Foods & Meats
First Lien Secured Revolving Loan #One
$68.0K
$67.0K
$1.0K
10.86%+5.75%
Eddy Acquisitions, LLC
Education Services
Preferred Units
$55.0K
$167.0K
-$112.0K
12.00%+12.00%
Zephyr Buyer, L.P. (d/b/a The Weather Company, LLC)
Interactive Media & Services
First Lien Secured Revolving Loan
$40.0K
11.35%+6.75%
Snap Fitness Holdings, Inc
Leisure Facilities
Warrants
$39.0K
$793.0K
-$754.0K
Sleep OpCo LLC
Home Furnishings
First Lien Secured Revolving Loan
$21.0K
11.95%+6.50%
Salon Republic Holdings, LLC
Specialized Consumer Services
First Lien Secured Revolving Loan
$16.0K
12.45%+7.50%
Leviathan Intermediate Holdco, LLC
Leisure Products
First Lien Secured Revolving Loan
$11.0K
12.25%+7.50%
ImageOne Industries, LLC
Advertising
Common A Units
$8.0K
$8.0K
$0.00
HC Salon Holdings, Inc
Specialized Consumer Services
First Lien Secured Revolving Loan
$6.0K
11.87%+7.00%
M&M OpCo. LLC (d/b/a Escalent, Inc.)
Research & Consulting Services
First Lien Secured Revolving Loan
$5.0K
12.70%+8.00%
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%
Motivational CIV, LLC
Air Freight & Logistics
Class B Units
$0.00
$1.25M
-$1.25M
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%
Sigue Corporation
Diversified Financial Services
Warrants
$0.00
$2.89M
-$2.89M
Coastal Television Broadcasting Group LLC
Broadcasting
First Lien Secured Revolving Loan
-$1.0K
12.45%+7.50%
TOT Group, Inc. (d/b/a Netevia Group LLC)
Transaction & Payment Processing Services
First Lien Secured Delayed Draw Loan
-$12.0K
12.10%+7.50%
The Kyjen Company, LLC
Household Products
First Lien Secured Revolving Loan
-$33.0K
12.05%+7.25%
EducationDynamics, LLC
Education Services
First Lien Secured Revolving Loan
-$50.0K
11.92%+6.98%
Arcserve Cayman GP LLC (d/b/a Arcserve (USA), LLC)
Systems Software
Common Units #One
Atlas Purchaser, Inc
First Lien Secured Term Loan
+7.50%
Atlas Purchaser, Inc
Second Lien Secured Term Loan
+7.00%
Cennox Holdings Limited
First lien Secured Revolving Loan, Floor 1.00%, Spread L plus 6.25%, Rate 11.56%, Due 5/4/26
10.59%
Cennox Holdings Limited.
First lien Secured Term Loan, Floor 1.00%, Spread L plus 6.25%, Rate 11.68%, Due 5/4/26
10.59%
Cennox, Inc
IT Consulting & Other Services
First lien Secured Term Loan, Floor 1.00%, Spread L plus 6.50%, Rate 10.40%, Due 5/4/26
9.14%
Cennox, Inc. (d/b/a Cennox)
IT Consulting & Other Services
First Lien Secured Revolving Loan, Two, Due 5/4/29
+6.00%
Cennox, Inc. (d/b/a Cennox)
IT Consulting & Other Services
First Lien Secured Revolving Loan, One, Due 5/4/29
10.34%+5.50%
Honors Holdings, LLC
First Lien Secured Term Loan
+8.50%
New American Crafts Holdings, LLC
Leisure Products
Class A Units
Ribbon Communications Operating Company, Inc. (d/b/a Ribbon Communications Inc.)
Systems Software
First Lien Secured Revolving Loan
11.17%+6.25%
TOT Group, Inc. (d/b/a Netevia Group LLC)
Transaction & Payment Processing Services
First Lien Secured Revolving Loan
12.10%+7.50%
Disclosed holdings FV
$654.34M
Parsed holdings FV
$651.94M
Residual gap
$2.40M
Balance-sheet cash
$11.16M
CIK
0001552198
Accession
0001558370-24-014753
Form type
10-Q
Period
2024-09-30