WHF
WhiteHorse Finance
Portfolio Fair Value
$696.17M
130 holdings
Avg Spread
+7.31%
FV-weighted, debt
Avg Coupon
12.71%
FV-weighted
% First Lien
79.2%
of debt FV
Unrealized P/L
-$43.85M
-5.93% of cost
Non-Accrual
0
text-detected
Balance sheet
Assets$730.75M
Liabilities + Equity$730.75M
First Lien
$551.21M · 75.4%
First Lien
$551.21M · 75.4%
Second Lien
$16.25M · 2.2%
Subordinated
$84.58M · 11.6%
Subordinated
$84.58M · 11.6%
Other Debt
$1.88M · 0.3%
Equity
$7.50M · 1.0%
Other
$34.76M · 4.8%
Cash & Equivalents
$10.75M · 1.5%
Other Assets
$23.83M · 3.3%
Debt (Borrowings)
$386.45M · 52.9%
Debt (Borrowings)
$386.45M · 52.9%
Other Liabilities
$27.53M · 3.8%
Net Assets (Equity)
$316.77M · 43.3%
Net Assets (Equity)
$316.77M · 43.3%
Industry Composition
Specialized Finance
15.4%
Broadline Retail
5.3%
Application Software
4.9%
Commodity Chemicals
4.4%
Home Furnishings
4.0%
Specialized Consumer Services
3.4%
Environmental & Facilities Services
3.4%
Leisure Facilities
3.2%
Air Freight & Logistics
3.2%
Data Processing & Outsourced Services
3.1%
Office Services & Supplies
3.1%
Cable & Satellite
3.0%
Other industries
43.5%
Spread Distribution
4.0%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
10.0%
10.5%
11.5%
12.0%
14.0%
Schedule of Investments
All holdings
All holdings
Sortable, click headers to re-sort
130 of 130
| Issuer | Industry | Type | Fair Value | Cost | Unrealized | Coupon | Spread | Maturity |
|---|---|---|---|---|---|---|---|---|
WHF STRS Ohio Senior Loan Fund LLC | Specialized Finance | Subordinated Note | $84.42M | $84.42M | $0.00 | 11.85% | +6.50% | — |
WHF STRS Ohio Senior Loan Fund LLC | Specialized Finance | Interests | $22.78M | $21.10M | $1.68M | — | — | — |
Future Payment Technologies, LP | Data Processing & Outsourced Services | First Lien Secured Term Loan | $21.48M | $21.58M | -$102.0K | 13.69% | +8.25% | — |
Sleep OpCo LLC | Home Furnishings | First Lien Secured Term Loan | $20.41M | $20.39M | $22.0K | 12.07% | +6.50% | — |
Bulk Midco, LLC | Cable & Satellite | First Lien Secured Term Loan | $19.00M | $19.24M | -$240.0K | 12.96% | +7.50% | — |
ABB/Con-cise Optical Group LLC | Health Care Supplies | First Lien Secured Term Loan | $18.98M | $20.06M | -$1.07M | 13.01% | +7.50% | — |
FGI Acquisition Corp. (d/b/a Flexitallic Group SAS) | Commodity Chemicals | First Lien Secured Term Loan | $16.11M | $15.79M | $324.0K | 12.00% | +6.50% | — |
CleanChoice Energy, Inc | Electric Utilities | First Lien Secured Term Loan | $15.95M | $15.71M | $239.0K | 13.14% | +7.58% | — |
Telestream Holdings Corporation | Technology Hardware, Storage & Peripherals | First Lien Secured Term Loan | $15.52M | $15.58M | -$58.0K | 17.28% | +11.75% | — |
Trimlite Buyer LLC | Building Products | First Lien Secured Term Loan | $14.81M | $15.47M | -$662.0K | 11.94% | +6.50% | — |
Potpourri Group, Inc | Broadline Retail | First Lien Secured Term Loan | $13.80M | $13.77M | $32.0K | 13.71% | +8.25% | — |
Patagonia Hold co Llc | Alternative Carriers | First Lien Secured Term Loans | $13.19M | $12.36M | $834.0K | 11.12% | +5.75% | — |
BBQ Buyer, LLC | Broadline Retail | First Lien Secured Term Loan | $12.82M | $12.79M | $31.0K | 14.96% | +9.50% | — |
ALM Media, LLC | Research & Consulting Services | First Lien Secured Term Loan | $12.52M | $12.55M | -$38.0K | 11.50% | +6.00% | — |
EducationDynamics, LLC | Education Services | First Lien Secured Term Loan | $12.41M | $12.65M | -$240.0K | 12.46% | +7.00% | — |
Team Car Care Holdings | Automotive Retail | First Lien Secured Term Loan | $12.41M | $12.39M | $16.0K | 13.09% | +7.48% | — |
Industrial Specialty Services USA LLC | Environmental & Facilities Services | First Lien Secured Term Loan | $11.54M | $11.63M | -$89.0K | 12.25% | +6.75% | — |
Camp Facility Services Holdings, LLC | Specialized Consumer Services | First Lien Secured Term Loan | $11.50M | $11.52M | -$21.0K | 11.96% | +6.50% | — |
HC Salon Holdings, Inc | Specialized Consumer Services | First Lien Secured Term Loan | $11.40M | $11.28M | $125.0K | 12.11% | +6.50% | — |
Branford Filtration, LLC (d/b/a Clean Solutions Group) | Environmental & Facilities Services | First Lien Secured Term Loan | $11.36M | $11.36M | $0.00 | 11.96% | +6.50% | — |
Empire Office, Inc | Office Services & Supplies | First Lien Secured Term Loan | $10.95M | $10.93M | $16.0K | 12.21% | +6.75% | — |
The Kyjen Company, LLC | Household Products | First Lien Secured Term Loan | $10.90M | $11.28M | -$378.0K | 13.21% | +7.50% | — |
Arcstor Midco, LLC | Systems Software | First Lien Secured Term Loan | $10.48M | $19.57M | -$9.09M | 13.21% | +7.75% | — |
Leviathan Intermediate Holdco, LLC | Leisure Products | First Lien Secured Term Loan | $10.35M | $10.10M | $248.0K | 13.00% | +7.50% | — |
Atlas Purchaser, Inc | Application Software | Second Lien Secured Term Loan | $9.74M | $14.70M | -$4.96M | 14.64% | +9.00% | — |
UserZoom Technologies, Inc. | Application Software | First Lien Secured Term Loan | $9.72M | $9.57M | $149.0K | 12.99% | +7.50% | — |
US Methanol Midco LLC (d/b/a US Methanol LLC) | Commodity Chemicals | First Lien Secured Delayed Draw Loan | $9.45M | $9.35M | $104.0K | — | +7.75% | — |
Honors Holdings, LLC | Leisure Facilities | First Lien Secured Term Loan | $9.35M | $9.38M | -$28.0K | 12.02% | +6.49% | — |
NNA Services, LLC | Diversified Support Services | First Lien Secured Term Loan | $9.29M | $9.35M | -$61.0K | 12.25% | +6.75% | — |
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC) | Distributors | First Lien Secured Term Loan | $9.25M | $9.25M | $0.00 | 12.71% | +7.25% | — |
MBS Highway, LLC | Application Software | First Lien Secured Term Loan | $9.09M | $9.20M | -$115.0K | 13.18% | +7.50% | — |
Bridgepoint Healthcare, LLC | Health Care Facilities | First Lien Secured Term Loan | $8.97M | $8.97M | -$6.0K | 13.46% | +8.00% | — |
Motivational Marketing, LLC | Air Freight & Logistics | First Lien Secured Term Loan | $8.79M | $9.89M | -$1.10M | 12.71% | +7.25% | — |
Power Service Group CR Acquisition Inc | Heavy Electrical Equipment | First Lien Secured Term Loan | $8.78M | $8.71M | $70.0K | 12.25% | +6.75% | — |
Transervice Holdings, Inc. (d/b/a Transervice Logistics, Inc.) | Air Freight & Logistics | First Lien Secured Term Loan | $8.74M | $8.65M | $95.0K | 12.96% | +7.50% | — |
Coastal Television Broadcasting Group LLC | Broadcasting | First Lien Secured Term Loan | $7.25M | $7.33M | -$83.0K | 12.46% | +7.00% | — |
Manchester Acquisition Sub LLC | Diversified Chemicals | First Lien Secured Term Loan | $7.21M | $7.59M | -$372.0K | 11.28% | +5.75% | — |
MSI Information Services, Inc | Interactive Media & Services | First Lien Secured Term Loan | $6.97M | $7.25M | -$276.0K | 13.29% | +7.75% | — |
Claridge Products and Equipment, LLC | Construction Materials | First Lien Secured Term Loan | $6.41M | $7.39M | -$990.0K | 13.50% | +8.00% | — |
PG Dental New Jersey Parent, LLC | Health Care Services | First Lien Secured Term Loan | $6.40M | $6.35M | $52.0K | 12.96% | +7.50% | — |
Token Buyer, Inc | Household Appliances | First Lien Secured Term Loan | $5.97M | $6.70M | -$729.0K | 11.53% | +6.00% | — |
StoicLane MidCo, LLC | Real Estate Development | First Lien Secured Delayed Draw Loan | $5.63M | $5.47M | $167.0K | 13.00% | +7.50% | — |
Lift Brands, Inc | Leisure Facilities | First Lien Secured Term Loan A | $5.46M | $5.49M | -$35.0K | 12.96% | +7.50% | — |
Lab Logistics, LLC | Health Care Services | First Lien Secured Term Loan | $5.45M | $5.44M | $7.0K | 12.71% | +7.25% | — |
Project Castle, Inc | Industrial Machinery & Supplies & Components | First Lien Secured Term Loan | $5.36M | $5.54M | -$172.0K | 10.89% | +5.50% | — |
Luxury Brand Holdings, Inc | Broadline Retail | First Lien Secured Term Loan | $5.28M | $5.23M | $47.0K | 11.96% | +6.50% | — |
US Methanol Midco LLC (d/b/a US Methanol LLC) | Commodity Chemicals | First Lien Secured Term Loan | $5.15M | $5.11M | $42.0K | — | +7.75% | — |
Lab Logistics, LLC | Health Care Services | First Lien Secured Delayed Draw Loan | $5.09M | $5.09M | $1.0K | 12.71% | +7.25% | — |
Salon Republic Holdings, LLC | Real Estate Operating Companies | First Lien Secured Term Loan | $5.08M | $5.00M | $76.0K | 12.96% | +7.50% | — |
LSCS Holdings, Inc | Life Sciences Tools & Services | Second Lien Secured Term Loan | $4.90M | $4.94M | -$43.0K | 13.47% | +8.00% | — |
Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.) | Air Freight & Logistics | First Lien Secured Term Loan | $4.74M | $4.68M | $53.0K | 12.46% | +7.00% | — |
StoicLane MidCo, LLC | Real Estate Development | First Lien Secured Term Loan | $4.61M | $4.52M | $88.0K | 13.00% | +7.50% | — |
Honors Holdings, LLC | Leisure Facilities | First Lien Secured Delayed Draw Loan | $4.60M | $4.63M | -$28.0K | 11.90% | +6.37% | — |
M&M OpCo. LLC (d/b/a Escalent, Inc.) | Advertising | First Lien Secured Term Loan | $4.58M | $4.60M | -$22.0K | 13.45% | +8.00% | — |
Empire Office, Inc | Office Services & Supplies | First Lien Secured Delayed Draw Loan | $4.56M | $4.54M | $11.0K | 12.21% | +6.75% | — |
Hollander Intermediate LLC | Home Furnishings | First Lien Secured Term Loan | $4.18M | $4.66M | -$482.0K | 16.22% | +10.75% | — |
ATSG Inc | IT Consulting & Other Services | First Lien Secured Term Loan | $3.75M | $3.74M | $4.0K | 12.04% | +6.50% | — |
Barrett Purchaser LLC (d/b/a SIB Development and Consulting, Inc.) | Research & Consulting Services | First Lien Secured Term Loan | $3.56M | $3.56M | $0.00 | 11.36% | +6.00% | — |
JVMC Holdings Corp | Investment Banking & Brokerage | First Lien Secured Term Loan | $3.52M | $3.52M | $1.0K | 11.96% | +6.50% | — |
Sigue Corporation | Diversified Financial Services | Warrants | $3.47M | $2.89M | $582.0K | — | — | — |
American Crafts | Office Services & Supplies | LC Priority First Lien Secured Term Loan | $3.23M | $5.11M | -$1.88M | — | +8.50% | — |
Naviga Inc | Application Software | First Lien Secured Term Loan | $3.11M | $3.15M | -$35.0K | 12.45% | +7.00% | — |
Whitestone Home Furnishings, LLC (d/b/a Saatva, Inc.) | Home Furnishings | First Lien Secured Term Loan | $2.92M | $2.92M | $0.00 | 11.96% | +6.50% | — |
Chase Products Co. (f/k/a Starco) First Lien Secured Term Loan | — | Equity Investments | $2.79M | $2.96M | -$169.0K | — | +12.00% | — |
BBQ Buyer, LLC | Broadline Retail | First Lien Secured Delayed Draw Loan | $2.61M | $2.61M | $7.0K | 14.96% | +9.50% | — |
Atlas Purchaser, Inc | Application Software | First Lien Secured Term Loan | $2.27M | $2.67M | -$406.0K | 10.88% | +5.25% | — |
Bulk Midco, LLC | Cable & Satellite | First Lien Secured Revolving Loan | $1.97M | $1.99M | -$17.0K | 12.96% | +7.50% | — |
American Crafts Lc Super Priority First Lien Secured Term Loan | Office Services & Supplies | Debt Investments | $1.88M | $1.90M | -$25.0K | — | +8.50% | — |
CX Holdco LLC | IT Consulting & Other Services | Common Units | $1.72M | $1.12M | $599.0K | — | — | — |
Snap Fitness Holdings, Inc | Leisure Facilities | First Lien Secured Term Loan C | $1.62M | $1.65M | -$31.0K | 9.50% | +9.50% | — |
What If Media Group, LLC | Interactive Media & Services | Common Units | $1.61M | $851.0K | $764.0K | — | — | — |
Foodservices Brand Group, LLC | Distributors | Second Lien Secured Term Loan | $1.60M | $4.92M | -$3.31M | 11.96% | +6.50% | — |
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC) | Distributors | First Lien Secured Bridge Loan | $1.42M | $1.42M | $0.00 | 19.46% | +14.00% | — |
Lift Brands, Inc | Leisure Facilities | First Lien Secured Term Loan B | $1.41M | $1.44M | -$35.0K | 9.50% | +9.50% | — |
Playmonster Group LLC | Leisure Products | First Lien Secured Term Loan | $1.36M | $3.66M | -$2.30M | — | +9.00% | — |
Power Service Group CR Acquisition Inc | Heavy Electrical Equipment | First Lien Delayed Draw Loan | $1.35M | $1.34M | $17.0K | 12.25% | +6.75% | — |
BBQ Buyer, LLC | Broadline Retail | Shares | $1.33M | $1.10M | $230.0K | — | — | — |
Telestream Holdings Corporation | Technology Hardware, Storage & Peripherals | First Lien Secured Revolving Loan | $1.22M | $1.23M | -$5.0K | 17.21% | +11.75% | — |
BL Products Parent, LP | Industrial Machinery & Supplies & Components | Class A Units | $1.05M | $788.0K | $265.0K | — | — | — |
PFB Holdco, Inc | Building Products | Class A Units | $1.05M | $423.0K | $630.0K | — | — | — |
Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC | Systems Software | Priority First Lien Secured Delayed Draw Loan | $1.05M | $1.05M | -$4.0K | — | +8.00% | — |
Camp Facility Services Parent, LLC | Specialized Consumer Services | Preferred Units | $1.02M | $840.0K | $183.0K | — | +10.00% | — |
Playmonster Group LLC | Leisure Products | Priority First Lien Secured Term Loan | $1.01M | $1.12M | -$103.0K | — | +6.75% | — |
BPII-JL Group Holdings LP | Environmental & Facilities Services | Class A Units | $983.0K | $825.0K | $158.0K | — | — | — |
Ross-Simons Topco, LP | Broadline Retail | Preferred Units | $832.0K | $514.0K | $318.0K | — | +8.00% | — |
MSI Information Services, Inc | Interactive Media & Services | First Lien Secured Revolving Loan | $776.0K | $815.0K | -$39.0K | 15.06% | +6.84% | — |
Salon Republic Holdings, LLC | Real Estate Operating Companies | First Lien Secured Delayed Draw Loan | $745.0K | $729.0K | $16.0K | 12.96% | +7.50% | — |
PG Dental New Jersey Parent, LLC | Health Care Services | First Lien Secured Revolving Loan | $704.0K | $698.0K | $6.0K | 13.98% | +7.00% | — |
Keras Holdings, LLC | IT Consulting & Other Services | Shares | $683.0K | $496.0K | $187.0K | — | — | — |
American Crafts | Office Services & Supplies | LC First Lien Secured Term Loan | $553.0K | $8.72M | -$8.17M | — | +8.50% | — |
Claridge Products and Equipment, LLC | Construction Materials | First Lien Secured Revolving Loan | $496.0K | $628.0K | -$132.0K | 14.41% | +7.56% | — |
Avision Holdings, LLC | Advertising | Class A LLC Interests | $411.0K | $287.0K | $124.0K | — | — | — |
Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting Group) | IT Consulting & Other Services | Series A Units | $406.0K | $314.0K | $92.0K | — | — | — |
Sterling Pure Blocker, LLC (d/b/a Banner Industries, Inc.) | Construction & Engineering | Class B Units | $404.0K | $404.0K | $0.00 | — | — | — |
Motivational Marketing, LLC | Air Freight & Logistics | First Lien Secured Revolving Loan | $338.0K | $468.0K | -$130.0K | 12.71% | +7.25% | — |
Quest Events, LLC | Diversified Support Services | Common Units | $305.0K | $360.0K | -$55.0K | — | — | — |
Merriman Holdings LP (d/b/a Escalent, Inc.) | Advertising | Class A Units | $295.0K | $333.0K | -$38.0K | — | — | — |
Naviga Inc | Application Software | First Lien Secured Revolving Loan | $268.0K | $271.0K | -$3.0K | 12.78% | +6.84% | — |
Salon Republic Holdings, LLC | Real Estate Operating Companies | First Lien Secured Revolving Loan | $258.0K | $245.0K | $13.0K | 12.96% | +7.50% | — |
Pressurized Holdings, LLC | Diversified Chemicals | Preferred Units | $251.0K | $4.54M | -$4.29M | — | — | — |
Salon Republic Holdings, LLC | Real Estate Operating Companies | Common Stock | $241.0K | $400.0K | -$159.0K | — | — | — |
Salon Republic Holdings, LLC | Real Estate Operating Companies | Preferred Stock | $218.0K | $200.0K | $18.0K | — | — | — |
Foodservices Brand Group, LLC | Distributors | First Lien Secured Term Loan | $200.0K | $357.0K | -$157.0K | 13.52% | +8.00% | — |
Max Solutions Inc. | Paper & Plastic Packaging Products & Materials | Common Stock | $179.0K | $400.0K | -$221.0K | — | — | — |
EducationDynamics, LLC | Education Services | Subordinated Unsecured Term Loan | $167.0K | $167.0K | $0.00 | 4.00% | +4.00% | — |
Banner Acquisition Holdings, LLC (d/b/a Banner Industries, Inc) | Construction & Engineering | First Lien Secured Delayed Draw Loan | $137.0K | $137.0K | $0.00 | 11.38% | +6.00% | — |
Snap Fitness Holdings, Inc | Leisure Facilities | Class A Common Stock | $130.0K | $1.94M | -$1.81M | — | — | — |
American Crafts | Office Services & Supplies | LC First Lien Secured Delayed Draw Loan | $93.0K | $1.46M | -$1.36M | — | +8.50% | — |
Snap Fitness Holdings, Inc | Leisure Facilities | Warrants | $53.0K | $793.0K | -$740.0K | — | — | — |
Eddy Acquisitions, LLC | Education Services | Preferred Units | $18.0K | $167.0K | -$149.0K | 12.00% | +12.00% | — |
Leviathan Intermediate Holdco, LLC | Leisure Products | First Lien Secured Revolving Loan | $14.0K | — | — | 13.00% | +7.50% | — |
ImageOne Industries, LLC | Diversified Support Services | Common A Units | $9.0K | $7.0K | $2.0K | — | — | — |
HC Salon Holdings, Inc | Specialized Consumer Services | First Lien Secured Revolving Loan | $8.0K | — | — | 12.11% | +6.50% | — |
Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.) | Air Freight & Logistics | First Lien Secured Revolving Loan | $7.0K | — | — | 12.46% | +7.00% | — |
Sleep OpCo LLC | Home Furnishings | First Lien Secured Revolving Loan | $3.0K | — | — | 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% | — |
Bridgepoint Healthcare, LLC | Health Care Facilities | First Lien Secured Revolving Loan | -$1.0K | — | — | 13.46% | +8.00% | — |
M&M OpCo. LLC (d/b/a Escalent, Inc.) | Advertising | First Lien Secured Revolving Loan | -$1.0K | — | — | 13.45% | +8.00% | — |
Coastal Television Broadcasting Group LLC | Broadcasting | First Lien Secured Revolving Loan | -$3.0K | — | — | 12.46% | +7.00% | — |
EducationDynamics, LLC | Education Services | First Lien Secured Revolving Loan | -$22.0K | — | — | 12.46% | +7.00% | — |
The Kyjen Company, LLC | Household Products | First Lien Secured Revolving Loan | -$31.0K | — | — | 13.21% | +7.50% | — |
Barrett Purchaser LLC (d/b/a SIB Development and Consulting, Inc.) | Research & Consulting Services | First Lien Secured Delayed Draw Loan | — | — | — | 11.36% | +6.00% | — |
Barrett Purchaser LLC (d/b/a SIB Development and Consulting, Inc.) | Research & Consulting Services | First Lien Secured Revolving Loan | — | — | — | 11.36% | +6.00% | — |
Branford Filtration, LLC (d/b/a Clean Solutions Group) | Environmental & Facilities Services | First Lien Secured Revolving Loan | — | — | — | 11.96% | +6.50% | — |
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC) | Distributors | First Lien Secured Delayed Draw Loan | — | — | — | 12.71% | +7.25% | — |
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC) | Distributors | First Lien Secured Revolving Loan | — | — | — | 12.71% | +7.25% | — |
New American Crafts Holdings, LLC | Office Services & Supplies | Class A Units | — | — | — | — | — | — |
Sklar Holdings, Inc | — | First Lien Secured Term Loan | — | — | — | 12.00% | — | — |
Disclosed holdings FV
$696.17M
Parsed holdings FV
$696.17M
Residual gap
$0.00
Balance-sheet cash
$10.75M
CIK
0001552198
Accession
0001558370-24-002482
Form type
10-K
Period
2023-12-31