WHF
WhiteHorse Finance
Portfolio Fair Value
$740.26M
131 holdings
Avg Spread
+7.31%
FV-weighted, debt
Avg Coupon
12.50%
FV-weighted
% First Lien
81.4%
of debt FV
Unrealized P/L
-$31.81M
-4.12% of cost
Non-Accrual
0
text-detected
Balance sheet
Assets$772.18M
Liabilities + Equity$772.18M
First Lien
$592.53M · 76.7%
First Lien
$592.53M · 76.7%
Second Lien
$16.86M · 2.2%
Subordinated
$80.33M · 10.4%
Subordinated
$80.33M · 10.4%
Equity
$4.43M · 0.6%
Other
$34.21M · 4.4%
Cash & Equivalents
$10.41M · 1.3%
Other Assets
$33.41M · 4.3%
Debt (Borrowings)
$424.71M · 55.0%
Debt (Borrowings)
$424.71M · 55.0%
Other Liabilities
$22.17M · 2.9%
Net Assets (Equity)
$325.30M · 42.1%
Net Assets (Equity)
$325.30M · 42.1%
Industry Composition
Specialized Finance
13.8%
Broadline Retail
4.9%
Application Software
4.8%
Office Services & Supplies
3.9%
Home Furnishings
3.5%
Air Freight & Logistics
3.5%
Building Products
3.3%
Specialized Consumer Services
3.2%
Health Care Services
3.2%
Leisure Facilities
3.0%
Data Processing & Outsourced Services
3.0%
Research & Consulting Services
2.9%
Other industries
47.1%
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%
12.0%
14.0%
Schedule of Investments
All holdings
All holdings
Sortable, click headers to re-sort
131 of 131
| Issuer | Industry | Type | Fair Value | Cost | Unrealized | Coupon | Spread | Maturity |
|---|---|---|---|---|---|---|---|---|
WHF STRS Ohio Senior Loan Fund LLC | Specialized Finance | Subordinated Note | $81.47M | $81.47M | $0.00 | 11.66% | +6.50% | — |
Future Payment Technologies, LP | Data Processing & Outsourced Services | First Lien Secured Term Loan | $22.13M | $22.18M | -$50.0K | 13.51% | +8.25% | — |
WHF STRS Ohio Senior Loan Fund LLC | Specialized Finance | Interests | $20.93M | $20.37M | $561.0K | — | — | — |
Sleep OpCo LLC | Home Furnishings | First Lien Secured Term Loan | $20.50M | $20.45M | $58.0K | 11.61% | +6.50% | — |
ABB/Con-cise Optical Group LLC | Health Care Supplies | First Lien Secured Term Loan | $19.33M | $19.96M | -$631.0K | 12.88% | +7.50% | — |
Bulk Midco, LLC | Cable & Satellite | First Lien Secured Term Loan | $18.67M | $19.14M | -$474.0K | 12.70% | +7.50% | — |
FGI Acquisition Corp. (d/b/a Flexitallic Group SAS) | Commodity Chemicals | First Lien Secured Term Loan | $16.11M | $15.79M | $311.0K | 11.89% | +6.50% | — |
Telestream Holdings Corporation | Technology Hardware, Storage & Peripherals | First Lien Secured Term Loan | $15.76M | $15.61M | $151.0K | 14.99% | +9.75% | — |
CleanChoice Energy, Inc | Electric Utilities | First Lien Secured Term Loan | $15.74M | $15.67M | $71.0K | 12.73% | +7.58% | — |
Arcstor Midco, LLC | Systems Software | First Lien Secured Term Loan | $15.19M | $19.57M | -$4.38M | 12.70% | +7.50% | — |
Trimlite Buyer LLC | Building Products | First Lien Secured Term Loan | $14.66M | $15.44M | -$778.0K | 11.38% | +6.00% | — |
Potpourri Group, Inc | Broadline Retail | First Lien Secured Term Loan | $13.99M | $13.93M | $63.0K | 13.50% | +8.25% | — |
Team Car Care Holdings | Automotive Retail | First Lien Secured Term Loan | $13.90M | $13.87M | $34.0K | 12.74% | +7.48% | — |
Power Service Group CR Acquisition Inc | Heavy Electrical Equipment | First Lien Secured Term Loan | $13.35M | $13.40M | -$48.0K | 11.64% | +6.25% | — |
ALM Media, LLC | Research & Consulting Services | First Lien Secured Term Loan | $12.85M | $12.86M | -$6.0K | 11.39% | +6.00% | — |
BBQ Buyer, LLC | Broadline Retail | First Lien Secured Term Loan | $12.69M | $12.70M | -$6.0K | 15.70% | +10.50% | — |
PG Dental New Jersey Parent, LLC | Health Care Services | First Lien Secured Term Loan | $12.48M | $13.14M | -$654.0K | 14.69% | +9.50% | — |
EducationDynamics, LLC | Education Services | First Lien Secured Term Loan | $12.42M | $12.76M | -$337.0K | 12.20% | +7.00% | — |
Patagonia Hold co Llc | Alternative Carriers | First Lien Secured Term Loans | $12.41M | $12.23M | $184.0K | 10.79% | +5.75% | — |
HC Salon Holdings, Inc | Specialized Consumer Services | First Lien Secured Term Loan | $11.46M | $11.31M | $150.0K | 12.00% | +6.50% | — |
Industrial Specialty Services USA LLC | Environmental & Facilities Services | First Lien Secured Term Loan | $11.41M | $11.66M | -$253.0K | 12.14% | +6.75% | — |
Empire Office, Inc | Office Services & Supplies | First Lien Secured Term Loan | $11.34M | $11.30M | $46.0K | 12.00% | +6.75% | — |
Camp Facility Services Holdings, LLC | Specialized Consumer Services | First Lien Secured Term Loan | $11.31M | $11.56M | -$253.0K | 11.70% | +6.50% | — |
Inspired Beauty Brands, Inc | Personal Care Products | First Lien Secured Term Loan | $11.09M | $11.09M | $1.0K | 12.32% | +7.00% | — |
Atlas Purchaser, Inc | Application Software | Second Lien Secured Term Loan | $10.88M | $14.67M | -$3.79M | 14.50% | +9.00% | — |
The Kyjen Company, LLC | Household Products | First Lien Secured Term Loan | $10.56M | $11.26M | -$700.0K | 13.14% | +7.50% | — |
Motivational Marketing, LLC | Air Freight & Logistics | First Lien Secured Term Loan | $10.54M | $10.96M | -$415.0K | 11.43% | +6.25% | — |
Leviathan Intermediate Holdco, LLC | Leisure Products | First Lien Secured Term Loan | $10.24M | $10.12M | $124.0K | 12.89% | +7.50% | — |
JZ Capital Partners Ltd | Asset Management & Custody Banks | First Lien Secured Term Loan | $10.18M | $10.14M | $42.0K | 12.22% | +7.00% | — |
Bridgepoint Healthcare, LLC | Health Care Facilities | First Lien Secured Term Loan | $9.90M | $10.01M | -$110.0K | 12.90% | +7.75% | — |
UserZoom Technologies, Inc. | Application Software | First Lien Secured Term Loan | $9.63M | $9.55M | $80.0K | 12.42% | +7.50% | — |
JVMC Holdings Corp | Investment Banking & Brokerage | First Lien Secured Term Loan | $9.32M | $9.31M | $13.0K | 11.71% | +6.50% | — |
Honors Holdings, LLC | Leisure Facilities | First Lien Secured Term Loan | $9.29M | $9.36M | -$73.0K | 14.24% | +8.85% | — |
NNA Services, LLC | Diversified Support Services | First Lien Secured Term Loan | $9.26M | $9.56M | -$297.0K | 12.14% | +6.75% | — |
MBS Highway, LLC | Application Software | First Lien Secured Term Loan | $9.22M | $9.23M | -$10.0K | 12.63% | +7.50% | — |
I&I Sales Group, LLC | Advertising | First Lien Secured Term Loan | $8.92M | $9.02M | -$102.0K | 11.14% | +5.75% | — |
Aeyon LLC | Research & Consulting Services | First Lien Secured Term Loan | $8.86M | $8.74M | $123.0K | 13.97% | +8.88% | — |
Transervice Holdings, Inc. (d/b/a Transervice Logistics, Inc.) | Air Freight & Logistics | First Lien Secured Term Loan | $8.73M | $8.73M | $0.00 | 12.71% | +7.50% | — |
Coastal Television Broadcasting Group LLC | Broadcasting | First Lien Secured Term Loan | $7.42M | $7.47M | -$50.0K | 12.43% | +7.00% | — |
MSI Information Services, Inc | Interactive Media & Services | First Lien Secured Term Loan | $7.16M | $7.42M | -$268.0K | 12.95% | +7.75% | — |
Manchester Acquisition Sub LLC | Diversified Chemicals | First Lien Secured Term Loan | $7.10M | $7.58M | -$480.0K | 11.18% | +5.75% | — |
Claridge Products and Equipment, LLC | Construction Materials | First Lien Secured Term Loan | $6.91M | $7.34M | -$431.0K | 13.39% | +8.00% | — |
Project Castle, Inc | Industrial Machinery & Supplies & Components | First Lien Secured Term Loan | $6.90M | $7.56M | -$661.0K | 10.41% | +5.50% | — |
American Crafts | Office Services & Supplies | LC First Lien Secured Term Loan | $6.83M | $8.72M | -$1.89M | — | +8.50% | — |
PFB Holdco, Inc | Building Products | First Lien Secured Term Loan CDOR | $6.28M | $6.41M | -$137.0K | 11.13% | +6.00% | — |
Token Buyer, Inc | Household Appliances | First Lien Secured Term Loan | $6.17M | $6.69M | -$517.0K | 11.20% | +6.00% | — |
StoicLane MidCo, LLC | Real Estate Development | First Lien Secured Delayed Draw Loan | $5.56M | $5.48M | $73.0K | 12.89% | +7.50% | — |
Lift Brands, Inc | Leisure Facilities | First Lien Secured Term Loan A | $5.52M | $5.51M | $5.0K | 12.70% | +7.50% | — |
Lab Logistics, LLC | Health Care Services | First Lien Secured Term Loan | $5.46M | $5.45M | $13.0K | 14.44% | +9.25% | — |
Luxury Brand Holdings, Inc | Broadline Retail | First Lien Secured Term Loan | $5.27M | $5.22M | $42.0K | 11.65% | +6.50% | — |
Lab Logistics, LLC | Health Care Services | First Lien Secured Delayed Draw Loan | $5.10M | $5.10M | $2.0K | 14.43% | +9.25% | — |
Salon Republic Holdings, LLC | Real Estate Operating Companies | First Lien Secured Term Loan | $5.01M | $5.00M | $9.0K | 13.20% | +8.00% | — |
US Methanol Midco LLC (d/b/a US Methanol LLC) | Commodity Chemicals | First Lien Secured Term Loan | $4.87M | $4.87M | $6.0K | — | +7.75% | — |
LSCS Holdings, Inc | Life Sciences Tools & Services | Second Lien Secured Term Loan | $4.83M | $4.94M | -$112.0K | 13.19% | +8.00% | — |
Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.) | Air Freight & Logistics | First Lien Secured Term Loan | $4.73M | $4.70M | $34.0K | 12.19% | +7.00% | — |
Empire Office, Inc | Office Services & Supplies | First Lien Secured Delayed Draw Loan | $4.64M | $4.61M | $32.0K | 12.00% | +6.75% | — |
M&M OpCo. LLC (d/b/a Escalent, Inc.) | Advertising | First Lien Secured Term Loan | $4.61M | $4.61M | $0.00 | 13.34% | +8.00% | — |
American Crafts | Office Services & Supplies | LC Priority First Lien Secured Term Loan | $4.61M | $4.75M | -$145.0K | — | +8.50% | — |
StoicLane MidCo, LLC | Real Estate Development | First Lien Secured Term Loan | $4.58M | $4.53M | $55.0K | 12.89% | +7.50% | — |
Honors Holdings, LLC | Leisure Facilities | First Lien Secured Delayed Draw Loan | $4.57M | $4.63M | -$52.0K | 12.32% | +6.91% | — |
Hollander Intermediate LLC | Home Furnishings | First Lien Secured Term Loan | $4.30M | $4.77M | -$465.0K | 13.97% | +8.75% | — |
ATSG Inc | IT Consulting & Other Services | First Lien Secured Term Loan | $3.73M | $3.76M | -$23.0K | 11.72% | +6.50% | — |
Sigue Corporation | Diversified Financial Services | Warrants | $3.40M | $2.89M | $507.0K | — | — | — |
Naviga Inc | Application Software | First Lien Secured Term Loan | $3.10M | $3.16M | -$62.0K | 12.34% | +7.00% | — |
I&I Sales Group, LLC | Advertising | First Lien Secured Delayed Draw Loan | $2.99M | $3.03M | -$34.0K | 11.14% | +5.75% | — |
Chase Products Co. (f/k/a Starco) First Lien Secured Term Loan 12.00 PIK | — | — | $2.59M | $2.79M | -$201.0K | — | +12.00% | — |
BBQ Buyer, LLC | Broadline Retail | First Lien Secured Delayed Draw Loan | $2.59M | $2.59M | $0.00 | 15.70% | +10.50% | — |
Playmonster Group LLC | Leisure Products | First Lien Secured Term Loan | $2.40M | $3.66M | -$1.26M | — | +9.00% | — |
Atlas Purchaser, Inc | Application Software | First Lien Secured Term Loan | $2.35M | $2.64M | -$295.0K | 10.39% | +5.25% | — |
Power Service Group CR Acquisition Inc | Heavy Electrical Equipment | First Lien Delayed Draw Loan | $2.06M | $2.05M | $3.0K | 11.64% | +6.25% | — |
PFB Holdco, Inc | Building Products | First Lien Secured Term Loan SOFR | $2.01M | $2.00M | $16.0K | 11.23% | +6.00% | — |
Bulk Midco, LLC | Cable & Satellite | First Lien Secured Revolving Loan | $1.94M | $1.98M | -$33.0K | 12.70% | +7.50% | — |
What If Media Group, LLC | Interactive Media & Services | Common Units | $1.62M | $851.0K | $767.0K | — | — | — |
Snap Fitness Holdings, Inc | Leisure Facilities | First Lien Secured Term Loan C | $1.56M | $1.58M | -$14.0K | — | +9.50% | — |
Foodservices Brand Group, LLC | Distributors | Second Lien Secured Term Loan | $1.43M | $5.12M | -$3.69M | 11.70% | +6.50% | — |
CX Holdco LLC | IT Consulting & Other Services | Common Units | $1.41M | $1.12M | $290.0K | — | — | — |
Lift Brands, Inc | Leisure Facilities | First Lien Secured Term Loan B | $1.31M | $1.37M | -$57.0K | — | +9.50% | — |
BL Products Parent, LP | Industrial Machinery & Supplies & Components | Class A Units | $1.19M | $788.0K | $402.0K | — | — | — |
BBQ Buyer, LLC | Broadline Retail | Shares | $1.18M | $1.10M | $76.0K | — | — | — |
American Crafts | Office Services & Supplies | LC First Lien Secured Delayed Draw Loan | $1.15M | $1.46M | -$312.0K | — | +8.50% | — |
PFB Holdco, Inc | Building Products | Class A Units | $1.14M | $423.0K | $720.0K | — | — | — |
Motivational Marketing, LLC | Air Freight & Logistics | First Lien Secured Revolving Loan | $1.12M | $1.17M | -$44.0K | 11.48% | +6.25% | — |
Power Service Group CR Acquisition Inc | Heavy Electrical Equipment | First Lien Secured Revolver Loan | $1.04M | $1.04M | $2.0K | 11.58% | +6.25% | — |
Playmonster Group LLC | Leisure Products | Priority First Lien Secured Term Loan | $1.03M | $1.04M | -$15.0K | — | +6.75% | — |
Camp Facility Services Parent, LLC | Specialized Consumer Services | Preferred Units | $974.0K | $840.0K | $134.0K | — | +10.00% | — |
BPII-JL Group Holdings LP | Environmental & Facilities Services | Class A Units | $972.0K | $825.0K | $147.0K | — | — | — |
Telestream Holdings Corporation | Technology Hardware, Storage & Peripherals | First Lien Secured Revolving Loan | $930.0K | $918.0K | $12.0K | 14.94% | +9.75% | — |
Sleep OpCo LLC | Home Furnishings | First Lien Secured Revolving Loan | $828.0K | $821.0K | $7.0K | 11.75% | +6.50% | — |
Ross-Simons Topco, LP | Broadline Retail | Preferred Units | $731.0K | $514.0K | $217.0K | — | +8.00% | — |
PG Dental New Jersey Parent, LLC | Health Care Services | First Lien Secured Revolving Loan | $662.0K | $696.0K | -$34.0K | 15.85% | +9.00% | — |
Claridge Products and Equipment, LLC | Construction Materials | First Lien Secured Revolving Loan | $568.0K | $627.0K | -$59.0K | 13.09% | +8.00% | — |
Salon Republic Holdings, LLC | Real Estate Operating Companies | First Lien Secured Revolving Loan | $463.0K | $462.0K | $1.0K | 13.24% | +8.00% | — |
Salon Republic Holdings, LLC | Real Estate Operating Companies | First Lien Secured Delayed Draw Loan | $442.0K | $460.0K | -$18.0K | 13.23% | +8.00% | — |
Keras Holdings, LLC | IT Consulting & Other Services | Shares | $425.0K | $496.0K | -$71.0K | — | — | — |
Motivational CIV, LLC | Air Freight & Logistics | Class B Units | $424.0K | $1.25M | -$826.0K | — | — | — |
Merriman Holdings LP (d/b/a Escalent, Inc.) | Advertising | Class A Units | $333.0K | $333.0K | $0.00 | — | — | — |
MSI Information Services, Inc | Interactive Media & Services | First Lien Secured Revolving Loan | $332.0K | $370.0K | -$38.0K | 14.60% | +6.95% | — |
Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting Group) | IT Consulting & Other Services | Series A Units | $314.0K | $314.0K | $0.00 | — | — | — |
Foodservices Brand Group, LLC | Distributors | First Lien Secured Term Loan | $305.0K | $357.0K | -$52.0K | 13.29% | +8.00% | — |
Avision Holdings, LLC | Advertising | Class A LLC Interests | $296.0K | $268.0K | $28.0K | — | — | — |
Naviga Inc | Application Software | First Lien Secured Revolving Loan | $261.0K | $267.0K | -$6.0K | 12.34% | +7.00% | — |
Pressurized Holdings, LLC | Diversified Chemicals | Preferred Units | $247.0K | $4.54M | -$4.29M | — | — | — |
Salon Republic Holdings, LLC | Real Estate Operating Companies | Common Stock | $233.0K | $400.0K | -$167.0K | — | — | — |
Quest Events, LLC | Diversified Support Services | Preferred Units | $200.0K | $350.0K | -$150.0K | — | — | — |
Salon Republic Holdings, LLC | Real Estate Operating Companies | Preferred Stock | $200.0K | $200.0K | $0.00 | — | — | — |
Snap Fitness Holdings, Inc | Leisure Facilities | Class A Common Stock | $182.0K | $1.94M | -$1.76M | — | — | — |
EducationDynamics, LLC | Education Services | Subordinated Unsecured Term Loan | $167.0K | $167.0K | $0.00 | 4.00% | +4.00% | — |
Max Solutions Inc. | Paper & Plastic Packaging Products & Materials | Common Stock | $123.0K | $400.0K | -$277.0K | — | — | — |
Inspired Beauty Brands, Inc | Personal Care Products | First Lien Secured Revolving Loan | $88.0K | $88.0K | $0.00 | 12.21% | +7.00% | — |
Leviathan Intermediate Holdco, LLC | Leisure Products | First Lien Secured Revolving Loan | $81.0K | $74.0K | $7.0K | 12.89% | +7.50% | — |
Snap Fitness Holdings, Inc | Leisure Facilities | Warrants | $74.0K | $793.0K | -$719.0K | — | — | — |
Eddy Acquisitions, LLC | Education Services | Preferred Units | $73.0K | $167.0K | -$94.0K | 12.00% | +12.00% | — |
JZ Capital Partners Ltd | Asset Management & Custody Banks | First Lien Secured Delayed Draw Loan | $24.0K | — | — | 12.22% | +7.00% | — |
ImageOne Industries, LLC | Diversified Support Services | Common A Units | $21.0K | $6.0K | $15.0K | — | — | — |
PFB Holdco, Inc. | Building Products | First Lien Secured Revolving Loan CDOR | $13.0K | — | — | 11.13% | +6.00% | — |
HC Salon Holdings, Inc | Specialized Consumer Services | First Lien Secured Revolving Loan | $9.0K | — | — | 12.00% | +6.50% | — |
Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.) | Air Freight & Logistics | First Lien Secured Revolving Loan | $5.0K | — | — | 12.19% | +7.00% | — |
PFB Holdco, Inc. | Building Products | First Lien Secured Revolving Loan SOFR | $2.0K | — | — | 11.23% | +6.00% | — |
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% | — |
Coastal Television Broadcasting Group LLC | Broadcasting | First Lien Secured Revolving Loan | -$2.0K | — | — | 12.43% | +7.00% | — |
I&I Sales Group, LLC | Advertising | First Lien Secured Revolving Loan | -$7.0K | — | — | 11.14% | +5.75% | — |
Bridgepoint Healthcare, LLC | Health Care Facilities | First Lien Secured Delayed Draw Loan | -$14.0K | — | — | 12.90% | +7.75% | — |
Bridgepoint Healthcare, LLC | Health Care Facilities | First Lien Secured Revolving Loan | -$17.0K | — | — | 12.90% | +7.75% | — |
EducationDynamics, LLC | Education Services | First Lien Secured Revolving Loan | -$31.0K | — | — | 12.20% | +7.00% | — |
EducationDynamics, LLC | Education Services | First Lien Secured Delayed Draw Loan | -$44.0K | — | — | 12.20% | +7.00% | — |
The Kyjen Company, LLC | Household Products | First Lien Secured Revolving Loan | -$58.0K | — | — | 13.14% | +7.50% | — |
US Methanol Midco LLC (d/b/a US Methanol LLC) | Commodity Chemicals | First Lien Secured Delayed Draw Loan | -$81.0K | — | — | — | +7.75% | — |
M&M OpCo. LLC (d/b/a Escalent, Inc.) | Advertising | First Lien Secured Revolving Loan | — | — | — | 13.34% | +8.00% | — |
New American Crafts Holdings, LLC | Office Services & Supplies | Class A Units | — | — | — | — | — | — |
Turnberry Solutions., First Lien Secured Revolving Loan, Floor 1.00%, Spread SF Plus 6.00%, Rate 9.19%, Due 9/2/28 | IT Consulting & Other Services | Debt Investments | — | — | — | 10.95% | +5.00% | — |
Disclosed holdings FV
$728.35M
Parsed holdings FV
$740.26M
Residual gap
-$11.90M
Balance-sheet cash
$10.41M
CIK
0001552198
Accession
0001558370-23-013751
Form type
10-Q
Period
2023-06-30