BDC·info
WHF

WhiteHorse Finance

Period
SEC EDGAR ↗
Portfolio Fair Value
$697.87M
135 holdings
Avg Spread
+7.33%
FV-weighted, debt
Avg Coupon
12.68%
FV-weighted
% First Lien
79.9%
of debt FV
Unrealized P/L
-$43.02M
-5.81% of cost
Non-Accrual
0
text-detected

Balance sheet

Assets$735.05M
Liabilities + Equity$735.05M
First Lien
$557.53M · 75.8%
Subordinated
$84.56M · 11.5%
Debt (Borrowings)
$390.33M · 53.1%
Net Assets (Equity)
$313.79M · 42.7%

Industry Composition

Specialized Finance
15.3%
Broadline Retail
5.2%
Application Software
4.8%
Commodity Chemicals
4.4%
Home Furnishings
4.0%
Air Freight & Logistics
4.0%
Environmental & Facilities Services
3.7%
Specialized Consumer Services
3.4%
Interactive Media & Services
3.3%
Leisure Facilities
3.2%
Office Services & Supplies
3.2%
Data Processing & Outsourced Services
3.1%
Other industries
42.3%

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

4.0%
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
135 of 135
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
11.82%+6.50%
WHF STRS Ohio Senior Loan Fund LLC
Specialized Finance
Interests
$22.61M
$21.10M
$1.50M
Future Payment Technologies, LP
Data Processing & Outsourced Services
First Lien Secured Term Loan
$21.35M
$21.28M
$72.0K
13.68%+8.25%
Sleep OpCo LLC
Home Furnishings
First Lien Secured Term Loan
$20.56M
$20.35M
$210.0K
11.98%+6.50%
Bulk Midco, LLC
Cable & Satellite
First Lien Secured Term Loan
$19.20M
$19.26M
-$60.0K
12.93%+7.50%
ABB/Con-cise Optical Group LLC
Health Care Supplies
First Lien Secured Term Loan
$18.43M
$20.08M
-$1.65M
12.96%+7.50%
Telestream Holdings Corporation
Technology Hardware, Storage & Peripherals
First Lien Secured Term Loan
$16.83M
$16.93M
-$101.0K
15.18%+9.75%
FGI Acquisition Corp. (d/b/a Flexitallic Group SAS)
Commodity Chemicals
First Lien Secured Term Loan
$16.15M
$15.78M
$371.0K
11.96%+6.50%
CleanChoice Energy, Inc
Electric Utilities
First Lien Secured Term Loan
$15.96M
$15.74M
$218.0K
13.06%+7.59%
Trimlite Buyer LLC
Building Products
First Lien Secured Term Loan
$14.47M
$15.48M
-$1.01M
11.80%+6.50%
Zephyr Buyer, L.P. (d/b/a The Weather Company, LLC)
Interactive Media & Services
First Lien Secured Term Loan
$13.91M
$13.85M
$66.0K
12.06%+6.75%
Potpourri Group, Inc
Broadline Retail
First Lien Secured Term Loan
$13.70M
$13.69M
$13.0K
13.68%+8.25%
Patagonia Hold co Llc
Alternative Carriers
First Lien Secured Term Loans
$13.40M
$12.42M
$983.0K
11.06%+5.75%
Leviathan Intermediate Holdco, LLC
Leisure Products
First Lien Secured Term Loan
$13.31M
$13.02M
$290.0K
12.96%+7.50%
BBQ Buyer, LLC
Broadline Retail
First Lien Secured Term Loan
$12.89M
$12.80M
$88.0K
14.93%+9.50%
EducationDynamics, LLC
Education Services
First Lien Secured Term Loan
$12.18M
$12.59M
-$414.0K
12.43%+7.00%
Team Car Care Holdings
Automotive Retail
First Lien Secured Term Loan
$12.18M
$12.16M
$11.0K
13.01%+7.48%
Branford Filtration, LLC (d/b/a Clean Solutions Group)
Environmental & Facilities Services
First Lien Secured Term Loan
$11.64M
$11.34M
$299.0K
11.96%+6.50%
Camp Facility Services Holdings, LLC
Specialized Consumer Services
First Lien Secured Term Loan
$11.60M
$11.49M
$108.0K
11.93%+6.50%
Industrial Specialty Services USA LLC
Environmental & Facilities Services
First Lien Secured Term Loan
$11.50M
$11.61M
-$104.0K
12.21%+6.75%
HC Salon Holdings, Inc
Specialized Consumer Services
First Lien Secured Term Loan
$11.38M
$11.26M
$114.0K
12.07%+6.50%
The Kyjen Company, LLC
Household Products
First Lien Secured Term Loan
$10.91M
$11.29M
-$382.0K
12.96%+7.50%
Empire Office, Inc
Office Services & Supplies
First Lien Secured Term Loan
$10.73M
$10.73M
$2.0K
12.18%+6.75%
UserZoom Technologies, Inc.
Application Software
First Lien Secured Term Loan
$9.82M
$9.58M
$237.0K
12.99%+7.50%
Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC)
Systems Software
Common Units #Two
$9.63M
$19.57M
-$9.94M
US Methanol Midco LLC (d/b/a US Methanol LLC)
Commodity Chemicals
First Lien Secured Delayed Draw Loan
$9.42M
$9.24M
$180.0K
+8.25%
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)
Distributors
First Lien Secured Term Loan
$9.39M
$9.27M
$125.0K
12.68%+7.25%
NNA Services, LLC
Diversified Support Services
First Lien Secured Term Loan
$9.34M
$9.29M
$53.0K
12.21%+6.75%
MBS Highway, LLC
Application Software
First Lien Secured Term Loan
$9.26M
$9.19M
$70.0K
13.18%+7.50%
Monarch Collective Holdings, LLC
Real Estate Development
First Lien Secured Term Loan
$9.19M
$9.15M
$41.0K
12.06%+6.75%
Honors Holdings, LLC
Leisure Facilities
First Lien Secured Term Loan
$9.12M
$9.39M
-$276.0K
13.44%+7.96%
Motivational Marketing, LLC
Air Freight & Logistics
First Lien Secured Term Loan
$9.01M
$9.92M
-$914.0K
12.68%+7.25%
Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.)
Air Freight & Logistics
First Lien Secured Term Loan
$8.88M
$8.84M
$36.0K
12.43%+7.00%
Transervice Holdings, Inc. (d/b/a Transervice Logistics, Inc.)
Air Freight & Logistics
First Lien Secured Term Loan
$8.83M
$8.61M
$225.0K
12.93%+7.50%
Bridgepoint Healthcare, LLC
Health Care Facilities
First Lien Secured Term Loan
$8.81M
$8.84M
-$29.0K
13.43%+8.00%
Power Service Group CR Acquisition Inc
Heavy Electrical Equipment
First Lien Secured Term Loan
$8.77M
$8.69M
$83.0K
12.21%+6.75%
Alvaria Holdco (Cayman) (d/b/a Aspect Software
Application Software
Inc.) First Lien Secured Term Loan Three
$8.38M
$9.42M
-$1.03M
12.44%+7.00%
PLTFRM Companies, LLC
Advertising
First Lien Secured Term Loan
$7.79M
$7.72M
$70.0K
14.33%+9.00%
Manchester Acquisition Sub LLC
Diversified Chemicals
First Lien Secured Term Loan
$7.23M
$7.51M
-$286.0K
11.24%+5.75%
Coastal Television Broadcasting Group LLC
Broadcasting
First Lien Secured Term Loan
$7.20M
$7.26M
-$57.0K
12.43%+7.00%
Event Services America, Inc. (d/b/a Contemporary Services Corporation)
Security & Alarm Services
First Lien Secured Term Loan
$6.86M
$6.83M
$26.0K
12.58%+7.25%
MSI Information Services, Inc
Interactive Media & Services
First Lien Secured Term Loan
$6.75M
$7.26M
-$508.0K
13.24%+7.75%
Claridge Products and Equipment, LLC
Construction Materials
First Lien Secured Term Loan
$5.72M
$6.46M
-$736.0K
15.68%+10.25%
Lift Brands, Inc
Leisure Facilities
First Lien Secured Term Loan A
$5.50M
$5.48M
$22.0K
12.93%+7.50%
Lab Logistics, LLC
Health Care Services
First Lien Secured Term Loan
$5.42M
$5.42M
$4.0K
12.68%+7.25%
Token Buyer, Inc
Household Appliances
First Lien Secured Term Loan
$5.42M
$6.70M
-$1.28M
11.46%+6.00%
Luxury Brand Holdings, Inc
Broadline Retail
First Lien Secured Term Loan
$5.28M
$5.24M
$42.0K
11.93%+6.50%
US Methanol Midco LLC (d/b/a US Methanol LLC)
Commodity Chemicals
First Lien Secured Term Loan
$5.14M
$5.06M
$85.0K
+8.25%
Salon Republic Holdings, LLC
Real Estate Operating Companies
First Lien Secured Term Loan
$5.11M
$5.00M
$112.0K
12.93%+7.50%
Lab Logistics, LLC
Health Care Services
First Lien Secured Delayed Draw Loan
$5.06M
$5.06M
$1.0K
12.68%+7.25%
LSCS Holdings, Inc
Life Sciences Tools & Services
Second Lien Secured Term Loan
$4.95M
$4.95M
$2.0K
13.44%+8.00%
M&M OpCo. LLC (d/b/a Escalent, Inc.)
Advertising
First Lien Secured Term Loan
$4.57M
$4.60M
-$32.0K
13.40%+8.00%
Empire Office, Inc
Office Services & Supplies
First Lien Secured Delayed Draw Loan
$4.50M
$4.49M
$1.0K
12.18%+6.75%
Honors Holdings, LLC
Leisure Facilities
First Lien Secured Delayed Draw Loan
$4.49M
$4.64M
-$149.0K
13.34%+7.86%
Hollander Intermediate LLC
Home Furnishings
First Lien Secured Term Loan
$4.22M
$4.69M
-$476.0K
14.19%+8.75%
ATSG Inc
IT Consulting & Other Services
First Lien Secured Term Loan
$3.76M
$3.73M
$24.0K
11.98%+6.50%
American Crafts
Office Services & Supplies
LC Priority First Lien Secured Term Loan
$3.28M
$5.11M
-$1.83M
+8.50%
Whitestone Home Furnishings, LLC (d/b/a Saatva, Inc.)
Home Furnishings
First Lien Secured Term Loan
$2.92M
$2.91M
$14.0K
11.93%+6.50%
Chase Products Co. (f/k/a Starco) First Lien Secured Term Loan 12.00 PIK
$2.80M
$3.05M
-$254.0K
+12.00%
BBQ Buyer, LLC
Broadline Retail
First Lien Secured Delayed Draw Loan
$2.63M
$2.61M
$19.0K
14.93%+9.50%
Naviga Inc
Application Software
First Lien Secured Term Loan
$2.49M
$3.14M
-$654.0K
12.40%+7.00%
American Crafts Lc Super Priority First Lien Secured Term Loan
Office Services & Supplies
Debt Investments
$1.94M
$1.97M
-$29.0K
+8.50%
What If Media Group, LLC
Interactive Media & Services
Common Units
$1.84M
$851.0K
$991.0K
Bulk Midco, LLC
Cable & Satellite
First Lien Secured Revolving Loan
$1.80M
$1.81M
-$3.0K
12.94%+7.49%
RLJ Pro-Vac, Inc.
Environmental & Facilities Services
First Lien Secured Term Loan First Lien Secured Revolving Loan
$1.79M
$1.79M
$0.00
11.70%+6.25%
Snap Fitness Holdings, Inc
Leisure Facilities
First Lien Secured Term Loan C
$1.70M
$1.69M
$3.0K
+9.50%
Alvaria Holdco (Cayman) (d/b/a Aspect Software
Application Software
Inc.) First Lien Secured Term Loan
$1.64M
$1.49M
$152.0K
12.94%
Lift Brands, Inc
Leisure Facilities
First Lien Secured Term Loan B
$1.48M
$1.48M
$7.0K
+9.50%
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)
Distributors
First Lien Secured Bridge Loan
$1.47M
$1.45M
$16.0K
19.43%+14.00%
CX Holdco LLC
IT Consulting & Other Services
Common Units
$1.39M
$1.12M
$278.0K
Power Service Group CR Acquisition Inc
Heavy Electrical Equipment
First Lien Delayed Draw Loan
$1.35M
$1.33M
$18.0K
12.21%+6.75%
BL Products Parent, LP
Industrial Machinery & Supplies & Components
Class A Units
$1.33M
$788.0K
$540.0K
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)
Systems Software
First Lien Secured Delayed Draw Loan
$1.25M
$606.0K
$648.0K
13.44%+8.00%
BBQ Buyer, LLC
Broadline Retail
Shares
$1.25M
$1.10M
$150.0K
American Crafts
Office Services & Supplies
LC Super Senior Priority First Lien Secured Term Loan
$1.16M
$1.16M
$0.00
+8.50%
Motivational Marketing, LLC
Air Freight & Logistics
First Lien Secured Revolving Loan
$1.06M
$1.17M
-$108.0K
12.68%+7.25%
PFB Holdco, Inc
Building Products
Class A Units
$1.06M
$423.0K
$637.0K
Camp Facility Services Parent, LLC
Specialized Consumer Services
Preferred Units
$1.05M
$840.0K
$210.0K
+10.00%
Playmonster Group LLC
Leisure Products
Priority First Lien Secured Term Loan
$1.02M
$1.16M
-$133.0K
+6.75%
MGT Merger Target, LLC (d/b/a MGT Consulting Group)
IT Consulting & Other Services
First Lien Secured Term Loan
$1.01M
$1.01M
$0.00
11.18%+5.75%
Playmonster Group LLC
Leisure Products
First Lien Secured Term Loan
$986.0K
$3.66M
-$2.67M
+9.00%
Alvaria Holdco (Cayman) (d/b/a Aspect Software
Application Software
Inc.) First Lien Secured Term Loan Two
$970.0K
$993.0K
-$23.0K
12.94%+7.50%
BPII-JL Group Holdings LP
Environmental & Facilities Services
Class A Units
$928.0K
$942.0K
-$14.0K
Salon Republic Holdings, LLC
Real Estate Operating Companies
First Lien Secured Delayed Draw Loan
$922.0K
$888.0K
$34.0K
12.93%+7.50%
Telestream Holdings Corporation
Technology Hardware, Storage & Peripherals
First Lien Secured Revolving Loan
$779.0K
$786.0K
-$7.0K
15.18%
MSI Information Services, Inc
Interactive Media & Services
First Lien Secured Revolving Loan
$744.0K
$816.0K
-$72.0K
15.06%+6.84%
Monarch Collective Holdings, LLC
Real Estate Development
First Lien Secured Delayed Draw Loan
$722.0K
$720.0K
$2.0K
12.09%+6.75%
Keras Holdings, LLC
IT Consulting & Other Services
Shares
$721.0K
$496.0K
$225.0K
PLTFRM Companies, LLC
Advertising
First Lien Secured Revolving Loan
$612.0K
$605.0K
$7.0K
14.32%+9.00%
Ross-Simons Topco, LP
Broadline Retail
Preferred Units
$607.0K
$514.0K
$93.0K
+8.00%
Avision Holdings, LLC
Advertising
Class A LLC Interests
$563.0K
$287.0K
$276.0K
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)
Systems Software
Unsecured Loan #Two
$555.0K
$542.0K
$13.0K
+9.00%
Claridge Products and Equipment, LLC
Construction Materials
First Lien Secured Revolving Loan
$548.0K
$628.0K
-$80.0K
16.61%+9.81%
Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)
Systems Software
Unsecured Loan #One
$542.0K
$529.0K
$13.0K
9.00%+9.00%
Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting Group)
IT Consulting & Other Services
Series A Units
$479.0K
$314.0K
$165.0K
American Crafts
Office Services & Supplies
LC First Lien Secured Term Loan
$433.0K
$8.72M
-$8.29M
+8.50%
Alvaria Holdco (Cayman) (d/b/a Aspect Software
Application Software
Inc.) First Lien Secured Term Loan Four
$428.0K
$2.35M
-$1.93M
12.44%
Sterling Pure Blocker, LLC (d/b/a Banner Industries, Inc.)
Construction & Engineering
Class B Units
$404.0K
$404.0K
$0.00
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)
Distributors
First Lien Secured Revolving Loan
$342.0K
$335.0K
$7.0K
12.68%+7.25%
Sleep OpCo LLC
Home Furnishings
First Lien Secured Revolving Loan
$326.0K
$299.0K
$27.0K
11.92%+6.50%
Merriman Holdings LP (d/b/a Escalent, Inc.)
Advertising
Class A Units
$264.0K
$333.0K
-$69.0K
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)
Distributors
First Lien Secured Delayed Draw Loan
$239.0K
$231.0K
$8.0K
12.68%+7.25%
Naviga Inc
Application Software
First Lien Secured Revolving Loan
$238.0K
$301.0K
-$63.0K
12.78%+6.84%
Bridgepoint Healthcare, LLC
Health Care Facilities
First Lien Secured Revolving Loan
$231.0K
$236.0K
-$5.0K
13.43%+8.00%
Foodservices Brand Group, LLC
Distributors
First Lien Secured Term Loan
$228.0K
$357.0K
-$129.0K
13.48%+8.00%
Salon Republic Holdings, LLC
Real Estate Operating Companies
Preferred Stock
$218.0K
$200.0K
$18.0K
+8.00%
Salon Republic Holdings, LLC
Real Estate Operating Companies
Common Stock
$208.0K
$400.0K
-$192.0K
Snap Fitness Holdings, Inc
Leisure Facilities
Class A Common Stock
$167.0K
$1.94M
-$1.77M
Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.)
Air Freight & Logistics
First Lien Secured Revolving Loan
$160.0K
$158.0K
$2.0K
12.43%+7.00%
Quest Events, LLC
Diversified Support Services
Preferred Units
$149.0K
$360.0K
-$211.0K
EducationDynamics, LLC
Education Services
Subordinated Unsecured Term Loan
$142.0K
$167.0K
-$25.0K
4.00%+4.00%
American Crafts
Office Services & Supplies
LC First Lien Secured Delayed Draw Loan
$73.0K
$1.46M
-$1.39M
+8.50%
Snap Fitness Holdings, Inc
Leisure Facilities
Warrants
$68.0K
$793.0K
-$725.0K
Max Solutions Inc.
Paper & Plastic Packaging Products & Materials
Common Stock
$40.0K
$400.0K
-$360.0K
Salon Republic Holdings, LLC
Real Estate Operating Companies
First Lien Secured Revolving Loan
$19.0K
12.93%+7.50%
Eddy Acquisitions, LLC
Education Services
Preferred Units
$15.0K
$167.0K
-$152.0K
12.00%+12.00%
Leviathan Intermediate Holdco, LLC
Leisure Products
First Lien Secured Revolving Loan
$13.0K
12.96%+7.50%
Branford Filtration, LLC (d/b/a Clean Solutions Group)
Environmental & Facilities Services
First Lien Secured Revolving Loan
$10.0K
11.96%+6.50%
ImageOne Industries, LLC
Diversified Support Services
Common A Units
$8.0K
$7.0K
$1.0K
Zephyr Buyer, L.P. (d/b/a The Weather Company, LLC)
Interactive Media & Services
First Lien Secured Revolving Loan
$8.0K
12.06%+6.75%
HC Salon Holdings, Inc
Specialized Consumer Services
First Lien Secured Revolving Loan
$7.0K
12.07%+6.50%
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%
Pressurized Holdings, LLC
Diversified Chemicals
Preferred Units
$0.00
$4.54M
-$4.54M
+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
-$2.0K
12.43%+7.00%
M&M OpCo. LLC (d/b/a Escalent, Inc.)
Advertising
First Lien Secured Revolving Loan
-$2.0K
13.40%+8.00%
The Kyjen Company, LLC
Household Products
First Lien Secured Revolving Loan
-$32.0K
12.96%+7.50%
EducationDynamics, LLC
Education Services
First Lien Secured Revolving Loan
-$39.0K
12.43%+7.00%
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%
MGT Merger Target, LLC (d/b/a MGT Consulting Group)
IT Consulting & Other Services
First Lien Secured Revolving Loan
11.18%+5.75%
New American Crafts Holdings, LLC
Office Services & Supplies
Class A Units
Disclosed holdings FV
$697.87M
Parsed holdings FV
$697.87M
Residual gap
$0.00
Balance-sheet cash
$10.72M
CIK
0001552198
Accession
0001558370-24-007193
Form type
10-Q
Period
2024-03-31