Exhibit 99.1
WhiteHorse Finance, Inc. Announces First Quarter 2023 Earnings Results and Increases Quarterly Distribution to $0.37 Per Share and Introduces Quarterly Variable Supplemental Dividend Policy
NEW YORK, May 9, 2023 /PRNewswire/ -- WhiteHorse Finance, Inc. (“WhiteHorse Finance” or the “Company”) (Nasdaq: WHF) today announced its financial results for the quarter ended March 31, 2023. In addition, the Company’s board of directors has declared a distribution of $0.37 per share with respect to the quarter ending March 31, 2023. The distribution will be payable on July 5, 2023 to stockholders of record as of June 21, 2023. Going forward, in addition to a quarterly base distribution of $0.37 per share, the Company’s board of directors expects to also declare, when applicable, a formula-based quarterly variable supplemental dividend in an amount to be determined each quarter.
First Quarter 2023 Summary Highlights
Stuart Aronson, WhiteHorse Finance’s Chief Executive Officer, commented, “I am pleased to report WhiteHorse recorded another strong quarter with core net investment income well above our dividend. Given the increase in base rates and the corresponding increase in our portfolio’s earning power, the Company’s board of directors has elected to increase the BDC’s regular dividend to $0.37 per share and to also introduce a variable supplemental dividend. This new dividend policy will allow WhiteHorse Finance to maximize distributions to shareholders while preserving the stability of our Net Asset Value, a factor we believe to be an important driver of shareholder economics over time. Barring circumstances that are currently unforeseen, management is confident in the ability to reliably earn the revised dividend on an annual basis. While some assets were marked down during the quarter, we have always underwritten at very conservative levels and factored in downside scenarios. As demonstrated by our successful exit from a formerly troubled asset subsequent to the end of the quarter, we are also well-positioned to help troubled credits navigate challenging market environments with the support of our sponsor, H.I.G. Capital, and its restructuring and private equity expertise. The current market environment continues to offer exceptionally attractive terms, and we are being cautious in the face of a weakening economy and remain focused on credits with compelling risk return characteristics. WhiteHorse is equipped to take advantage of the current lender friendly market conditions as our pipeline activity remains high, and our three-tier architecture continues to provide the BDC differentiated sourcing capabilities. The strength of the pipeline enables us to be highly selective, giving us confidence in the BDC’s ability to consistently generate sustainable earnings to cover our increased regular dividend and maximize shareholder returns through incremental dividends.”
Portfolio and Investment Activity
As of March 31, 2023, the fair value of WhiteHorse Finance’s investment portfolio was $749.2 million, compared with $760.2 million as of December 31, 2022. The portfolio as of March 31, 2023 consisted of 116 positions across 70 companies with a weighted average effective yield of 13.2% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $7.2 million with the overall portfolio comprised of approximately 81.2% first lien secured loans, 2.6% second lien secured loans, 2.8% equity and 13.4% in investments in STRS JV. Almost all loans were variable rate investments (primarily indexed to the London Interbank Offered Rate or Secured Overnight Financing Rate) with fixed rate securities representing only 0.4% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.
During the three months ended March 31, 2023, WhiteHorse Finance made investments in three new portfolio companies for a total of $18.8 million, added a total of $15.3 million to existing portfolio companies, and made net fundings of $0.7 million to revolver loans. Proceeds from sales and repayments totaled approximately $19.3 million for the three months ended March 31, 2023, driven by one full realization in True Blue Car Wash, LLC.
In addition to the transactions discussed above, during the three months ended March 31, 2023, WhiteHorse Finance transferred assets comprised of three new portfolio companies and four add-on investments, totaling $25.9 million to STRS JV in exchange for cash proceeds.
WHF STRS Ohio Senior Loan Fund LLC
As of March 31, 2023, STRS JV’s portfolio totaled $308.9 million, consisted of 30 portfolio companies and had a weighted average effective yield of 11.8% on its portfolio.
Results of Operations
For the three months ended March 31, 2023, the Company’s net investment income was approximately $10.7 million, compared with approximately $8.5 million for the same period in the prior year, representing an increase of approximately 25.9%. The increase in net investment income for the year-over-year period was primarily attributable to higher investment income from interest income and STRS JV due to an increase in base rates. This was partially offset by an increase in interest expense, due to higher base rates, and higher incentive fee due to higher pre-incentive fee net investment income in the current period, slightly offset by a reversal of capital gains incentive fee accrual for the three months ended March 31, 2022. For the three months ended March 31, 2023, the Company’s investment in STRS JV generated an annualized, gross investment yield of approximately 16.1%.
For the three months ended March 31, 2023, core net investment income(3) was $10.7 million, or $0.461 per share, compared with $7.9 million, or $0.344 per share for the same period in the prior year.
For the three months ended March 31, 2023, WhiteHorse Finance reported a net realized and unrealized loss on investments and foreign currency transactions of $3.2 million. This compares with the three months ended March 31, 2021 net realized and unrealized loss on investments and foreign currency transactions of $2.8 million. The decrease for the year-over-year period was primarily attributable to markdowns on the portfolio in the current quarter.
WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $7.5 million for the three months ended March 31, 2023, which compares with a net increase of $5.7 million for the three months ended March 31, 2022.
WhiteHorse Finance’s net asset value was $330.0 million, or $14.20 per share, as of March 31, 2023, compared with $332.4 million, or $14.30 per share, as of December 31, 2022.
Liquidity and Capital Resources
As of March 31, 2023, WhiteHorse Finance had cash and cash equivalents of $22.2 million, compared with $26.3 million as of December 31, 2022, inclusive of restricted cash. As of March 31, 2023, the Company also had $97.0 million of undrawn capacity under its revolving credit facility.
Distributions
The Company's board of directors has declared a distribution of $0.37 per share with respect to the quarter ending March 31, 2023. The distributions will be payable on July 5, 2023 to stockholders of record as of June 21, 2023. Going forward, in addition to a quarterly base distribution of $0.37 per share, the Company’s board of directors expects to also declare, when applicable, a formula-based quarterly variable supplemental dividend in an amount to be determined each quarter.
On March 2, 2023, the Company declared a distribution of $0.355 per share for the quarter ended March 31, 2023, consistent with distributions declared for the forty-second consecutive quarter since the Company’s initial public offering. Additionally, on March 2, 2023, a special distribution of $0.07 per share was declared for the quarter ended March 31, 2023. These distributions were paid on March 24, 2023 to stockholders of record as of April 4, 2023.
Distributions are paid from taxable earnings and may include return of capital and/or capital gains. The specific tax characteristics of the distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company’s periodic reports filed with the Securities and Exchange Commission.
Conference Call
WhiteHorse Finance will host a conference call to discuss its first quarter results for the period ended March 31, 2023 at 1:00 p.m. ET on Tuesday, March 9, 2023. To access the teleconference, please dial 800-274-8461 (domestic and international) approximately 10 minutes before the teleconference’s scheduled start time and reference ID #WHFQ123. Investors may also access the call on the investor relations portion of the Company’s website www.whitehorsefinance.com.
If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call’s completion through March 16, 2023. The teleconference replay can be accessed by dialing 800-938-1602 (domestic and international). A webcast replay will also be available on the investor relations portion of the Company’s website at www.whitehorsefinance.com.
About WhiteHorse Finance, Inc.
WhiteHorse Finance is a business development company that originates and invests in loans to privately held, lower middle market companies across a broad range of industries. The Company’s investment activities are managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, LLC, (“H.I.G. Capital”). H.I.G. Capital is a leading global alternative asset manager with $55 billion of capital under management(4) across a number of funds focused on the small and mid-cap markets. For more information about H.I.G. Capital, please visit http://www.higcapital.com. For more information about the Company, please visit http://www.whitehorsefinance.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
(1) Includes investments in WHF STRS Ohio Senior Loan Fund LLC (“STRS JV”), an unconsolidated joint venture, totaling $100.3 million, at fair value.
(2) Excludes investments made in STRS JV.
(3) “Core net investment income” is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company’s financial performance excluding (i) the net impact of costs associated with the refinancing of the Company’s indebtedness, (ii) the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and (iii) excise and other income taxes related to such net realized gains and losses (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, are set forth in Schedule 1 hereto.
(4) Based on total capital commitments managed by H.I.G. Capital and affiliates.
SCHEDULE 1
As a supplement to GAAP financial measures, the Company has provided information relating to core net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income determined in accordance with GAAP. The Company’s non-GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Core net investment income represents net investment income adjusted to exclude the net impact of costs associated with the refinancing of the Company’s indebtedness, the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and excise or other income taxes related to such net realized gains and losses (net of incentive fees). There were no excise or other income taxes related to net realized gains and losses for the quarters ended March 31, 2023 and March 31, 2022.
The following table provides a reconciliation of net investment income to core net investment income for the three months ended March 31, 2023 and March 31, 2022 (in thousands, except per share data):
| | March 31, 2023 | | | March 31, 2022 | | ||||||||||
| | Amount | | | Per Share | | | Amount | | | Per Share | | ||||
| | | | | | Amounts | | | | | | | Amounts | | ||
Net investment income | | $ | 10,704 | | | $ | 0.461 | | | $ | 8,539 | | | $ | 0.368 | |
Net impact of costs associated with refinancing of indebtedness | | | - | | | | - | | | | - | | | | - | |
Accrual for capital gains incentive fee | | | - | | | | - | | | | (566) | | | | (0.024) | |
Net impact of excise tax expense related to net realized gains and losses | | | - | | | | - | | | | - | | | | - | |
Core net investment income | | $ | 10,704 | | | $ | 0.461 | | | $ | 7,973 | | | $ | 0.344 | |
WhiteHorse Finance, Inc.
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share data)
|
| | March 31, 2023 |
| | December 31, 2022 |
| | | (Unaudited) | | | |
Assets |
| | |
| |
|
Investments, at fair value |
| |
|
| |
|
Non-controlled/non-affiliate company investments | | $ | 623,927 | | $ | 650,535 |
Non-controlled affiliate company investments | | | 12,098 | | | 9,533 |
Controlled affiliate company investments | | | 113,198 | | | 100,160 |
Total investments, at fair value (amortized cost $774,944 and $782,429, respectively) | | | 749,223 | | | 760,228 |
Cash and cash equivalents | | | 11,748 | | | 9,508 |
Restricted cash and cash equivalents | | | 9,921 | | | 14,683 |
Restricted foreign currency (cost of $583 and $2,066, respectively) | | | 579 | | | 2,073 |
Interest and dividend receivable | | | 7,501 | | | 7,814 |
Amounts receivable on unsettled investment transactions | | | 343 | | | 283 |
Escrow receivable | | | 711 | | | 711 |
Prepaid expenses and other receivables | | | 989 | | | 1,174 |
Unrealized appreciation on foreign currency forward contracts | | | 3 | | | — |
Total assets | | $ | 781,018 | | $ | 796,474 |
| | | | | | |
Liabilities | | |
| | |
|
Debt (net of unamortized debt issuance costs of $4,327 and $4,718, respectively) | | $ | 423,663 | | $ | 440,427 |
Distributions payable | | | 9,878 | | | 8,251 |
Management fees payable | | | 3,711 | | | 3,860 |
Incentive fees payable | | | 7,603 | | | 5,618 |
Interest payable | | | 4,085 | | | 2,774 |
Accounts payable and accrued expenses | | | 1,400 | | | 2,329 |
Advances received from unfunded credit facilities | | | 663 | | | 825 |
Unrealized depreciation on foreign currency forward contracts | | | — | | | 3 |
Total liabilities | | | 451,003 | | | 464,087 |
| | | | | | |
Commitments and contingencies | | |
| | |
|
| | | | | | |
Net assets | | |
| | |
|
Common stock, 23,243,088 and 23,243,088 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized | | | 23 | | | 23 |
Paid-in capital in excess of par | | | 339,240 | | | 339,240 |
Accumulated earnings (losses) | | | (9,248) | | | (6,876) |
Total net assets | | | 330,015 | | | 332,387 |
Total liabilities and total net assets | | $ | 781,018 | | $ | 796,474 |
Number of shares outstanding | | | 23,243,088 | | | 23,243,088 |
Net asset value per share | | $ | 14.20 | | $ | 14.30 |
| | | | | | |
WhiteHorse Finance, Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)
| | | Three months ended March 31, | |||
|
| | 2023 | | | 2022 |
Investment income | | | | | | |
From non-controlled/non-affiliate company investments |
| |
|
| |
|
Interest income | | $ | 19,621 | | $ | 16,209 |
Payment-in-kind income | | | 1,232 | | | 532 |
Fee income | | | 1,033 | | | 462 |
Dividend income | | | 15 | | | 89 |
From non-controlled affiliate company investments | | | | | | |
Interest income | | | — | | | 10 |
Payment-in-kind income | | | (49) | | | 50 |
Dividend income | | | 84 | | | 131 |
From controlled affiliate company investments | | | | | | |
Interest income | | | 2,210 | | | 1,127 |
Payment-in-kind income | | | 412 | | | — |
Dividend income | | | 1,606 | | | 1,424 |
Total investment income | | | 26,164 | | | 20,034 |
Expenses | | |
| | |
|
Interest expense | | | 7,525 | | | 4,774 |
Base management fees | | | 3,711 | | | 3,952 |
Performance-based incentive fees | | | 2,676 | | | 1,427 |
Administrative service fees | | | 171 | | | 171 |
General and administrative expenses | | | 1,127 | | | 947 |
Total expenses | | | 15,210 | | | 11,271 |
Net investment income before excise tax | | | 10,954 | | | 8,763 |
Excise tax | | | 250 | | | 224 |
Net investment income after excise tax | | | 10,704 | | | 8,539 |
| | | | | | |
Realized and unrealized gains (losses) on investments and foreign currency transactions | | | | | |
|
Net realized gains (losses) | | |
| | |
|
Non-controlled/non-affiliate company investments | | | 331 | | | (18,184) |
Foreign currency transactions | | | 361 | | | (281) |
Foreign currency forward contracts | | | (7) | | | — |
Net realized gains (losses) | | | 685 | | | (18,465) |
Net change in unrealized appreciation (depreciation) | | |
| | |
|
Non-controlled/non-affiliate company investments | | | (2,097) | | | 17,117 |
Non-controlled affiliate company investments | | | (1,500) | | | (1,621) |
Controlled affiliate company investments | | | 79 | | | 169 |
Translation of assets and liabilities in foreign currencies | | | (371) | | | (28) |
Foreign currency forward contracts | | | 6 | | | (4) |
Net change in unrealized appreciation (depreciation) | | | (3,883) | | | 15,633 |
Net realized and unrealized gains (losses) on investments and foreign currency transactions | | | (3,198) | | | (2,832) |
Net increase in net assets resulting from operations | | $ | 7,506 | | $ | 5,707 |
| | | | | | |
Per Common Share Data | | | | | | |
Basic and diluted earnings per common share | | $ | 0.32 | | $ | 0.25 |
Dividends and distributions declared per common share | | $ | 0.43 | | $ | 0.36 |
Basic and diluted weighted average common shares outstanding | | | 23,243,088 | | | 23,190,656 |
WhiteHorse Finance, Inc.
Consolidated Schedule of Investments (Unaudited)
March 31, 2023
(in thousands)
Issuer |
| Investment Type(1) |
| Floor |
| Reference Rate(2) |
| Spread |
| Interest |
| Acquisition |
| Maturity |
| Principal/ |
| Amortized |
| Fair |
| Fair Value |
| ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | |
I&I Sales Group, LLC (d/b/a Avision Sales Group)⁽⁷⁾ | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR | | 6.75% | | 11.80% | | 02/10/23 | | 12/15/26 | | 1,760 | | $ | 1,709 | | $ | 1,709 | | 0.52 | % |
| | | | | | | | | | | | | | | | | | | 1,709 | | | 1,709 | | 0.52 | |
Air Freight & Logistics | | | | | | | | | | | | | | | | | | | | | | | | | |
Gulf Winds International Acquisition LLC (d/b/a Gulf Winds International, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 7.00% | | 11.84% | | 12/16/22 | | 12/18/28 | | 4,841 | | | 4,703 | | | 4,704 | | 1.43 | |
Gulf Winds International Acquisition LLC (d/b/a Gulf Winds International, Inc.)⁽⁷⁾ | | First Lien Secured Revolving Loan | | 1.00% | | SOFR | | 7.00% | | 11.84% | | 12/16/22 | | 12/18/28 | | — | | | — | | | — | | — | |
Motivational Marketing, LLC (d/b/a Motivational Fulfillment) | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 6.25% | | 11.03% | | 07/12/21 | | 07/12/26 | | 11,102 | | | 10,957 | | | 10,764 | | 3.26 | |
Motivational Marketing, LLC (d/b/a Motivational Fulfillment)⁽⁷⁾ | | First Lien Secured Revolving Loan | | 1.00% | | LIBOR | | 6.25% | | 11.09% | | 07/12/21 | | 07/12/26 | | 315 | | | 311 | | | 290 | | 0.09 | |
| | | | | | | | | | | | | | | | | | | 15,971 | | | 15,758 | | 4.78 | |
Alternative Carriers | | | | | | | | | | | | | | | | | | | | | | | | | |
Patagonia Holdco LLC (d/b/a Lumen LATAM) | | First Lien Secured Term Loan | | 0.50% | | SOFR | | 5.75% | | 10.47% | | 08/05/22 | | 08/01/29 | | 14,552 | | | 12,167 | | | 12,118 | | 3.67 | |
| | | | | | | | | | | | | | | | | | | 12,167 | | | 12,118 | | 3.67 | |
Application Software | | | | | | | | | | | | | | | | | | | | | | | | | |
Atlas Purchaser, Inc. (d/b/a Aspect Software, Inc.) | | First Lien Secured Term Loan | | 0.75% | | LIBOR | | 5.25% | | 10.39% | | 08/29/22 | | 05/08/28 | | 3,090 | | | 2,627 | | | 2,455 | | 0.74 | |
Atlas Purchaser, Inc. (d/b/a Aspect Software, Inc.) | | Second Lien Secured Term Loan | | 0.75% | | LIBOR | | 9.00% | | 14.20% | | 05/03/21 | | 05/07/29 | | 15,000 | | | 14,656 | | | 11,253 | | 3.41 | |
MBS Highway, LLC | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 7.50% | | 11.92% | | 10/13/22 | | 10/13/27 | | 9,453 | | | 9,238 | | | 9,233 | | 2.80 | |
Naviga Inc. (f/k/a Newscycle Solutions, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 7.00% | | 12.00% | | 06/14/19 | | 12/29/23 | | 3,172 | | | 3,170 | | | 3,074 | | 0.93 | |
Naviga Inc. (f/k/a Newscycle Solutions, Inc.)⁽⁷⁾ | | First Lien Secured Revolving Loan | | 1.00% | | SOFR | | 7.00% | | 11.95% | | 06/14/19 | | 12/29/23 | | 267 | | | 267 | | | 258 | | 0.08 | |
UserZoom Technologies, Inc. (d/b/a UserZoom, Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 7.50% | | 12.13% | | 01/12/23 | | 04/05/29 | | 9,819 | | | 9,535 | | | 9,535 | | 2.88 | |
| | | | | | | | | | | | | | | | | | | 39,493 | | | 35,808 | | 10.84 | |
Asset Management & Custody Banks | | | | | | | | | | | | | | | | | | | | | | | | | |
JZ Capital Partners Ltd.⁽⁴⁾⁽⁵⁾⁽²²⁾ | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 7.00% | | 11.82% | | 01/26/22 | | 01/26/27 | | 10,286 | | | 10,128 | | | 10,185 | | 3.09 | |
JZ Capital Partners Ltd.⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽²²⁾ | | First Lien Secured Delayed Draw Loan | | 1.00% | | LIBOR | | 7.00% | | 11.82% | | 01/26/22 | | 01/26/27 | | — | | | — | | | 32 | | 0.01 | |
| | | | | | | | | | | | | | | | | | | 10,128 | | | 10,217 | | 3.10 | |
Automotive Retail | | | | | | | | | | | | | | | | | | | | | | | | | |
Team Car Care Holdings, LLC (Heartland Auto)⁽¹²⁾ | | First Lien Secured Term Loan | | 1.00% | | Base Rate | | 7.48% | | 12.35% | | 02/16/18 | | 06/28/24 | | 14,133 | | | 14,090 | | | 14,133 | | 4.28 | |
| | | | | | | | | | | | | | | | | | | 14,090 | | | 14,133 | | 4.28 | |
Broadcasting | | | | | | | | | | | | | | | | | | | | | | | | | |
Coastal Television Broadcasting Group LLC | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 6.50% | | 11.33% | | 12/30/21 | | 12/30/26 | | 7,727 | | | 7,611 | | | 7,485 | | 2.27 | |
Coastal Television Broadcasting Group LLC(7) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR | | 6.50% | | 11.33% | | 12/30/21 | | 12/30/26 | | — | | | — | | | (5) | | — | |
| | | | | | | | | | | | | | | | | | | 7,611 | | | 7,480 | | 2.27 | |
Broadline Retail | | | | | | | | | | | | | | | | | | | | | | | | | |
BBQ Buyer, LLC (d/b/a BBQ Guys) | | First Lien Secured Term Loan | | 1.50% | | LIBOR | | 10.00% | | 14.84% (12.84% Cash + 2.00% PIK) | | 08/28/20 | | 08/28/25 | | 12,741 | | | 12,588 | | | 12,553 | | 3.80 | |
BBQ Buyer, LLC (d/b/a BBQ Guys) | | First Lien Secured Delayed Draw Loan | | 1.50% | | LIBOR | | 10.00% | | 14.84% (12.84% Cash + 2.00% PIK) | | 12/02/21 | | 08/28/25 | | 2,597 | | | 2,565 | | | 2,559 | | 0.78 | |
Luxury Brand Holdings, Inc. (d/b/a Ross-Simons, Inc.) | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 6.50% | | 11.33% | | 12/04/20 | | 06/04/26 | | 5,280 | | | 5,219 | | | 5,246 | | 1.59 | |
Potpourri Group, Inc. | | First Lien Secured Term Loan | | 1.50% | | LIBOR | | 8.25% | | 12.97% | | 07/03/19 | | 07/03/24 | | 14,090 | | | 14,011 | | | 14,090 | | 4.27 | |
| | | | | | | | | | | | | | | | | | | 34,383 | | | 34,448 | | 10.44 | |
Building Products | | | | | | | | | | | | | | | | | | | | | | | | | |
PFB Holdco, Inc. (d/b/a PFB Corporation)⁽¹³⁾ | | First Lien Secured Term Loan | | 1.00% | | CDOR | | 6.00% | | 10.92% | | 12/17/21 | | 12/17/26 | | 8,912 | | | 6,868 | | | 6,489 | | 1.96 | |
PFB Holdco, Inc. (d/b/a PFB Corporation)⁽⁷⁾⁽¹³⁾ | | First Lien Secured Revolving Loan | | 1.00% | | CDOR | | 6.00% | | 10.92% | | 12/17/21 | | 12/17/26 | | — | | | — | | | — | | — | |
PFB Holdco, Inc. (d/b/a PFB Corporation) | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 6.00% | | 10.70% | | 12/17/21 | | 12/17/26 | | 2,171 | | | 2,138 | | | 2,146 | | 0.65 | |
PFB Holdco, Inc. (d/b/a PFB Corporation)⁽⁷⁾ | | First Lien Secured Revolving Loan | | 1.00% | | LIBOR | | 6.00% | | 10.70% | | 12/17/21 | | 12/17/26 | | — | | | — | | | 1 | | — | |
Trimlite Buyer LLC (d/b/a Trimlite LLC)⁽⁵⁾⁽¹³⁾⁽²³⁾ | | First Lien Secured Term Loan | | 1.00% | | CDOR | | 6.00% | | 11.02% | | 07/27/21 | | 07/27/26 | | 20,584 | | | 16,177 | | | 15,000 | | 4.55 | |
| | | | | | | | | | | | | | | | | | | 25,183 | | | 23,636 | | 7.16 | |
WhiteHorse Finance, Inc.
Consolidated Schedule of Investments (Unaudited)
March 31, 2023
(in thousands)
Issuer |
| Investment Type(1) |
| Floor |
| Reference Rate(2) |
| Spread |
| Interest |
| Acquisition |
| Maturity |
| Principal/ |
| Amortized |
| Fair |
| Fair Value |
| ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cable & Satellite | | | | | | | | | | | | | | | | | | | | | | | | | |
Bulk Midco, LLC | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 7.50% | | 12.34% (11.34% Cash + 1.00% PIK) | | 10/28/22 | | 06/10/24 | | 19,202 | | $ | 19,119 | | $ | 18,621 | | 5.64 | % |
Bulk Midco, LLC | | First Lien Secured Revolving Loan | | 1.00% | | LIBOR | | 7.50% | | 12.34% (11.34% Cash + 1.00% PIK) | | 10/28/22 | | 06/10/24 | | 2,000 | | | 1,970 | | | 1,940 | | 0.59 | |
| | | | | | | | | | | | | | | | | | | 21,089 | | | 20,561 | | 6.23 | |
Commodity Chemicals | | | | | | | | | | | | | | | | | | | | | | | | | |
FGI Acquisition Corp. (d/b/a Flexitallic Group SAS) | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 6.50% | | 11.55% | | 10/28/19 | | 10/29/26 | | 16,319 | | | 15,800 | | | 15,875 | | 4.81 | |
US Methanol Midco LLC (d/b/a US Methanol LLC)⁽²⁴⁾ | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 7.75% | | 12.61% PIK | | 12/20/22 | | 12/20/27 | | 4,813 | | | 4,703 | | | 4,698 | | 1.42 | |
US Methanol Midco LLC (d/b/a US Methanol LLC)⁽⁴⁾⁽⁷⁾⁽²⁴⁾ | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR | | 7.75% | | 12.61% PIK | | 12/20/22 | | 12/20/27 | | — | | | — | | | (113) | | (0.03) | |
| | | | | | | | | | | | | | | | | | | 20,503 | | | 20,460 | | 6.20 | |
Construction Materials | | | | | | | | | | | | | | | | | | | | | | | | | |
Claridge Products and Equipment, LLC | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 6.50% | | 11.66% | | 12/30/20 | | 12/29/25 | | 7,079 | | | 7,001 | | | 6,794 | | 2.06 | |
Claridge Products and Equipment, LLC(7)(12) | | First Lien Secured Revolving Loan | | 1.00% | | Base Rate | | 5.88% | | 12.83% | | 12/30/20 | | 12/29/25 | | 912 | | | 905 | | | 873 | | 0.26 | |
| | | | | | | | | | | | | | | | | | | 7,906 | | | 7,667 | | 2.32 | |
Data Processing & Outsourced Services | | | | | | | | | | | | | | | | | | | | | | | | | |
Future Payment Technologies, L.P. | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 8.25% | | 12.91% | | 12/23/16 | | 06/07/24 | | 22,599 | | | 22,478 | | | 22,487 | | 6.81 | |
| | | | | | | | | | | | | | | | | | | 22,478 | | | 22,487 | | 6.81 | |
Distributors | | | | | | | | | | | | | | | | | | | | | | | | | |
Foodservices Brand Group, LLC (d/b/a Crown Brands Group) | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 8.00% | | 12.80% | | 11/22/22 | | 12/09/25 | | 357 | | | 357 | | | 324 | | 0.10 | |
Foodservices Brand Group, LLC (d/b/a Crown Brands Group)⁽¹⁹⁾ | | Second Lien Secured Term Loan | | 1.50% | | SOFR | | 6.50% | | 11.41% | | 11/22/22 | | 01/08/26 | | 5,171 | | | 5,113 | | | 3,670 | | 1.11 | |
| | | | | | | | | | | | | | | | | | | 5,470 | | | 3,994 | | 1.21 | |
Diversified Chemicals | | | | | | | | | | | | | | | | | | | | | | | | | |
Manchester Acquisition Sub LLC (d/b/a Draslovka Holding AS) | | First Lien Secured Term Loan | | 0.75% | | SOFR | | 5.75% | | 10.81% | | 11/16/21 | | 12/01/26 | | 7,900 | | | 7,580 | | | 6,948 | | 2.11 | |
Pressurized Holdings, LLC (f/k/a Starco)⁽⁶⁾⁽²⁷⁾ | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 7.75% | | 12.49% PIK | | 03/16/23 | | 03/16/27 | | 2,694 | | | 2,694 | | | 2,401 | | 0.73 | |
Sklar Holdings, Inc. (d/b/a Starco) | | First Lien Secured Term Loan | | 1.00% | | Prime | | 8.75% | | 16.75% PIK | | 11/13/19 | | 05/13/23 | | 4,654 | | | 4,615 | | | 4,146 | | 1.26 | |
| | | | | | | | | | | | | | | | | | | 14,889 | | | 13,495 | | 4.10 | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | |
NNA Services, LLC | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 6.75% | | 11.91% | | 08/27/21 | | 08/27/26 | | 9,635 | | | 9,553 | | | 9,256 | | 2.80 | |
| | | | | | | | | | | | | | | | | | | 9,553 | | | 9,256 | | 2.80 | |
Drug Retail | | | | | | | | | | | | | | | | | | | | | | | | | |
Maxor Acquisition, Inc. (d/b/a Maxor National Pharmacy Services, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 6.75% | | 11.91% | | 03/01/23 | | 03/01/29 | | 5,515 | | | 5,352 | | | 5,352 | | 1.62 | |
Maxor Acquisition, Inc. (d/b/a Maxor National Pharmacy Services, LLC)(7) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR | | 6.75% | | 11.77% | | 03/01/23 | | 03/01/29 | | 291 | | | 282 | | | 282 | | 0.09 | |
| | | | | | | | | | | | | | | | | | | 5,634 | | | 5,634 | | 1.71 | |
Education Services | | | | | | | | | | | | | | | | | | | | | | | | | |
EducationDynamics, LLC | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 7.00% | | 11.84% (11.34% Cash + 0.50% PIK) | | 09/15/21 | | 09/15/26 | | 12,986 | | | 12,808 | | | 12,591 | | 3.81 | |
EducationDynamics, LLC(4)(7) | | First Lien Secured Delayed Draw Loan | | 1.00% | | LIBOR | | 7.00% | | 11.84% (11.34% Cash + 0.50% PIK) | | 09/15/21 | | 09/15/26 | | — | | | — | | | (28) | | (0.01) | |
EducationDynamics, LLC(7) | | First Lien Secured Revolving Loan | | 1.00% | | LIBOR | | 7.00% | | 11.84% (11.34% Cash + 0.50% PIK) | | 09/15/21 | | 09/15/26 | | — | | | — | | | (20) | | (0.01) | |
EducationDynamics, LLC(4) | | Subordinated Unsecured Term Loan | | N/A | | N/A | | 4.00% | | 4.00% | | 09/15/21 | | 03/15/27 | | 167 | | | 167 | | | 167 | | 0.05 | |
| | | | | | | | | | | | | | | | | | | 12,975 | | | 12,710 | | 3.84 | |
Electric Utilities | | | | | | | | | | | | | | | | | | | | | | | | | |
CleanChoice Energy, Inc. | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 7.58% | | 12.40% | | 10/12/21 | | 10/12/26 | | 15,955 | | | 15,651 | | | 15,716 | | 4.76 | |
| | | | | | | | | | | | | | | | | | | 15,651 | | | 15,716 | | 4.76 | |
WhiteHorse Finance, Inc.
Consolidated Schedule of Investments (Unaudited)
March 31, 2023
(in thousands)
Issuer |
| Investment Type(1) |
| Floor |
| Reference Rate(2) |
| Spread |
| Interest |
| Acquisition |
| Maturity |
| Principal/ |
| Amortized |
| Fair |
| Fair Value |
| ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Environmental & Facilities Services | | | | | | | | | | | | | | | | | | | | | | | | | |
Industrial Specialty Services USA LLC | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 6.75% | | 11.80% | | 12/31/21 | | 12/31/26 | | 11,857 | | $ | 11,679 | | $ | 11,514 | | 3.49 | % |
| | | | | | | | | | | | | | | | | | | 11,679 | | | 11,514 | | 3.49 | |
Health Care Facilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Bridgepoint Healthcare, LLC | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 7.75% | | 12.46% | | 10/05/21 | | 10/05/26 | | 10,284 | | | 10,139 | | | 10,022 | | 3.04 | |
Bridgepoint Healthcare, LLC(7) | | First Lien Secured Delayed Draw Loan | | 1.00% | | LIBOR | | 7.75% | | 12.46% | | 10/05/21 | | 10/05/26 | | — | | | — | | | (15) | | — | |
Bridgepoint Healthcare, LLC(7) | | First Lien Secured Revolving Loan | | 1.00% | | LIBOR | | 7.75% | | 12.46% | | 10/05/21 | | 10/05/26 | | — | | | — | | | (18) | | (0.01) | |
| | | | | | | | | | | | | | | | | | | 10,139 | | | 9,989 | | 3.03 | |
Health Care Services | | | | | | | | | | | | | | | | | | | | | | | | | |
Lab Logistics, LLC | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 7.25% | | 12.12% | | 10/16/19 | | 09/25/23 | | 5,475 | | | 5,448 | | | 5,475 | | 1.66 | |
Lab Logistics, LLC | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR | | 7.25% | | 12.11% | | 10/16/19 | | 09/25/23 | | 5,118 | | | 5,114 | | | 5,118 | | 1.55 | |
PG Dental New Jersey Parent, LLC | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 9.75% | | 14.43% (12.93% Cash + 1.50% PIK) | | 11/25/20 | | 11/25/25 | | 13,525 | | | 13,369 | | | 12,707 | | 3.85 | |
PG Dental New Jersey Parent, LLC(7) | | First Lien Secured Revolving Loan | | 1.00% | | LIBOR | | 9.75% | | 14.43% (12.93% Cash + 1.50% PIK) | | 11/25/20 | | 11/25/25 | | 352 | | | 348 | | | 313 | | 0.09 | |
| | | | | | | | | | | | | | | | | | | 24,279 | | | 23,613 | | 7.15 | |
Health Care Supplies | | | | | | | | | | | | | | | | | | | | | | | | | |
ABB/Con-cise Optical Group LLC (d/b/a ABB Optical Group, LLC) | | First Lien Secured Term Loan | | 0.75% | | LIBOR | | 7.50% | | 12.67% | | 02/23/22 | | 02/23/28 | | 21,518 | | | 21,079 | | | 20,223 | | 6.13 | |
ABB/Con-cise Optical Group LLC (d/b/a ABB Optical Group, LLC)⁽⁷⁾⁽¹²⁾ | | First Lien Secured Revolving Loan | | 0.75% | | Base Rate | | 6.19% | | 13.99% | | 02/23/22 | | 02/23/28 | | 2,151 | | | 2,107 | | | 2,017 | | 0.61 | |
| | | | | | | | | | | | | | | | | | | 23,186 | | | 22,240 | | 6.74 | |
Heavy Electrical Equipment | | | | | | | | | | | | | | | | | | | | | | | | | |
Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services) | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 6.25% | | 11.41% | | 06/25/21 | | 06/25/26 | | 14,094 | | | 13,901 | | | 13,788 | | 4.18 | |
Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services)⁽⁷⁾ | | First Lien Secured Delayed Draw Loan | | 1.00% | | LIBOR | | 6.25% | | 11.41% | | 07/11/22 | | 06/25/26 | | — | | | — | | | (28) | | (0.01) | |
Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services)⁽⁷⁾ | | First Lien Secured Revolving Loan | | 1.00% | | LIBOR | | 6.25% | | 11.41% | | 06/25/21 | | 06/25/24 | | 627 | | | 622 | | | 579 | | 0.18 | |
| | | | | | | | | | | | | | | | | | | 14,523 | | | 14,339 | | 4.35 | |
Home Furnishings | | | | | | | | | | | | | | | | | | | | | | | | | |
Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC) | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 6.50% | | 11.30% | | 10/12/21 | | 10/12/26 | | 20,774 | | | 20,478 | | | 20,247 | | 6.14 | |
Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)⁽⁷⁾ | | First Lien Secured Revolving Loan | | 1.00% | | SOFR | | 6.50% | | 11.43% | | 10/12/21 | | 10/12/26 | | 794 | | | 783 | | | 753 | | 0.23 | |
Hollander Intermediate LLC (d/b/a Hollander Sleep Products, LLC) | | First Lien Secured Term Loan | | 2.00% | | SOFR | | 8.75% | | 13.67% | | 09/19/22 | | 09/21/26 | | 4,830 | | | 4,793 | | | 4,340 | | 1.32 | |
| | | | | | | | | | | | | | | | | | | 26,054 | | | 25,340 | | 7.69 | |
Household Appliances | | | | | | | | | | | | | | | | | | | | | | | | | |
Token Buyer, Inc. (d/b/a Therm-O-Disc, Inc.) | | First Lien Secured Term Loan | | 0.50% | | SOFR | | 6.00% | | 10.91% | | 05/26/22 | | 05/31/29 | | 7,196 | | | 6,684 | | | 6,498 | | 1.97 | |
| | | | | | | | | | | | | | | | | | | 6,684 | | | 6,498 | | 1.97 | |
Household Products | | | | | | | | | | | | | | | | | | | | | | | | | |
The Kyjen Company, LLC (d/b/a Outward Hound) | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 7.00% | | 12.64% (12.14% Cash + 0.50% PIK) | | 04/05/21 | | 04/05/26 | | 11,320 | | | 11,218 | | | 10,393 | | 3.15 | |
The Kyjen Company, LLC (d/b/a Outward Hound) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR | | 7.00% | | 12.64% (12.14% Cash + 0.50% PIK) | | 04/05/21 | | 04/05/26 | | 798 | | | 791 | | | 722 | | 0.22 | |
| | | | | | | | | | | | | | | | | | | 12,009 | | | 11,115 | | 3.37 | |
Industrial Machinery & Supplies & Components | | | | | | | | | | | | | | | | | | | | | | | | | |
Project Castle, Inc. (d/b/a Material Handling Systems, Inc.)⁽¹²⁾ | | First Lien Secured Term Loan | | 0.50% | | Base Rate | | 4.56% | | 12.60% | | 06/09/22 | | 06/01/29 | | 8,334 | | | 7,547 | | | 7,119 | | 2.16 | |
| | | | | | | | | | | | | | | | | | | 7,547 | | | 7,119 | | 2.16 | |
Interactive Media & Services | | | | | | | | | | | | | | | | | | | | | | | | | |
MSI Information Services, Inc. | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 7.75% | | 12.66% | | 04/25/22 | | 04/24/26 | | 7,652 | | | 7,535 | | | 7,492 | | 2.27 | |
MSI Information Services, Inc.(7) | | First Lien Secured Revolving Loan | | 1.00% | | Prime | | 6.75% | | 14.75% | | 04/25/22 | | 04/24/26 | | 300 | | | 295 | | | 290 | | 0.09 | |
| | | | | | | | | | | | | | | | | | | 7,830 | | | 7,782 | | 2.36 | |
WhiteHorse Finance, Inc.
Consolidated Schedule of Investments (Unaudited)
March 31, 2023
(in thousands)
Issuer |
| Investment Type(1) |
| Floor |
| Reference Rate(2) |
| Spread |
| Interest |
| Acquisition |
| Maturity |
| Principal/ |
| Amortized |
| Fair |
| Fair Value |
| ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Investment Banking & Brokerage | | | | | | | | | | | | | | | | | | | | | | | | | |
JVMC Holdings Corp. (fka RJO Holdings Corp) | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 6.50% | | 11.34% | | 02/28/19 | | 02/28/24 | | 11,643 | | $ | 11,622 | | $ | 11,643 | | 3.53 | % |
| | | | | | | | | | | | | | | | | | | 11,622 | | | 11,643 | | 3.53 | |
IT Consulting & Other Services | | | | | | | | | | | | | | | | | | | | | | | | | |
ATSG, Inc. | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 6.50% | | 11.37% | | 11/12/21 | | 11/12/26 | | 3,821 | | | 3,766 | | | 3,739 | | 1.13 | |
| | | | | | | | | | | | | | | | | | | 3,766 | | | 3,739 | | 1.13 | |
Leisure Facilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Honors Holdings, LLC (d/b/a Orange Theory)⁽¹⁵⁾⁽¹⁶⁾ | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 6.97% | | 11.98% | | 09/06/19 | | 09/06/24 | | 9,440 | | | 9,351 | | | 9,297 | | 2.82 | |
Honors Holdings, LLC (d/b/a Orange Theory)⁽¹⁵⁾⁽¹⁶⁾ | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR | | 6.92% | | 11.93% | | 09/06/19 | | 09/06/24 | | 4,649 | | | 4,623 | | | 4,579 | | 1.39 | |
Lift Brands, Inc. | | First Lien Secured Term Loan A | | 1.00% | | SOFR | | 7.50% | | 12.41% | | 06/29/20 | | 06/29/25 | | 5,560 | | | 5,521 | | | 5,532 | | 1.68 | |
Lift Brands, Inc. | | First Lien Secured Term Loan B | | N/A | | N/A | | 9.50% | | 9.50% PIK | | 06/29/20 | | 06/29/25 | | 1,351 | | | 1,338 | | | 1,287 | | 0.39 | |
Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)⁽⁹⁾ | | First Lien Secured Term Loan C | | N/A | | N/A | | 9.50% | | 9.50% PIK | | 06/29/20 | | N/A | | 1,268 | | | 1,265 | | | 1,240 | | 0.38 | |
| | | | | | | | | | | | | | | | | | | 22,098 | | | 21,935 | | 6.66 | |
Leisure Products | | | | | | | | | | | | | | | | | | | | | | | | | |
Playmonster Group LLC(6)(20) | | Priority First Lien Secured Term Loan | | 1.00% | | LIBOR | | 6.75% | | 11.64% PIK | | 12/09/22 | | 06/08/26 | | 929 | | | 903 | | | 902 | | 0.27 | |
Playmonster Group LLC⁽⁶⁾⁽²⁰⁾⁽²⁵⁾ | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 9.00% | | 13.82% PIK | | 01/24/22 | | 06/08/26 | | 3,799 | | | 3,661 | | | 2,661 | | 0.81 | |
Leviathan Intermediate Holdco, LLC | | First Lien Secured Term Loan | | 1.50% | | SOFR | | 7.50% | | 12.54% | | 12/27/22 | | 12/27/27 | | 10,424 | | | 10,127 | | | 10,136 | | 3.07 | |
Leviathan Intermediate Holdco, LLC⁽⁷⁾ | | First Lien Secured Revolving Loan | | 1.50% | | SOFR | | 7.50% | | 12.54% | | 12/27/22 | | 12/27/27 | | 76 | | | 74 | | | 74 | | 0.02 | |
| | | | | | | | | | | | | | | | | | | 14,765 | | | 13,773 | | 4.17 | |
Life Sciences Tools & Services | | | | | | | | | | | | | | | | | | | | | | | | | |
LSCS Holdings, Inc. (d/b/a Eversana Life Science Services, LLC) | | Second Lien Secured Term Loan | | 0.50% | | LIBOR | | 8.00% | | 12.84% | | 11/23/21 | | 12/16/29 | | 5,000 | | | 4,937 | | | 4,850 | | 1.47 | |
| | | | | | | | | | | | | | | | | | | 4,937 | | | 4,850 | | 1.47 | |
Office Services & Supplies | | | | | | | | | | | | | | | | | | | | | | | | | |
American Crafts, LC⁽¹⁴⁾⁽²⁶⁾ | | Priority First Lien Secured Term Loan | | 1.00% | | SOFR | | 8.50% | | 13.36% PIK | | 12/22/22 | | 05/28/26 | | 4,581 | | | 4,581 | | | 4,581 | | 1.39 | |
American Crafts, LC⁽¹⁴⁾⁽²⁶⁾ | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 8.50% | | 13.36% PIK | | 05/28/21 | | 05/28/26 | | 8,479 | | | 8,403 | | | 7,110 | | 2.15 | |
American Crafts, LC⁽¹⁴⁾⁽²⁶⁾ | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR | | 8.50% | | 13.36% PIK | | 10/01/22 | | 05/28/26 | | 1,424 | | | 1,404 | | | 1,194 | | 0.36 | |
Empire Office, Inc. | | First Lien Secured Term Loan | | 1.50% | | LIBOR | | 6.75% | | 11.59% | | 04/12/19 | | 04/12/24 | | 11,594 | | | 11,532 | | | 11,487 | | 3.48 | |
Empire Office, Inc. | | First Lien Secured Delayed Draw Loan | | 1.50% | | LIBOR | | 6.75% | | 11.59% | | 08/17/21 | | 04/12/24 | | 4,741 | | | 4,698 | | | 4,697 | | 1.42 | |
| | | | | | | | | | | | | | | | | | | 30,618 | | | 29,069 | | 8.80 | |
Packaged Foods & Meats | | | | | | | | | | | | | | | | | | | | | | | | | |
Lenny & Larry's, LLC⁽¹⁵⁾⁽¹⁷⁾ | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 7.76% | | 12.67% (11.54% Cash + 1.13% PIK) | | 05/15/18 | | 05/15/23 | | 11,418 | | | 11,413 | | | 11,142 | | 3.38 | |
| | | | | | | | | | | | | | | | | | | 11,413 | | | 11,142 | | 3.38 | |
Personal Care Products | | | | | | | | | | | | | | | | | | | | | | | | | |
Inspired Beauty Brands, Inc. | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 7.00% | | 11.86% | | 12/30/20 | | 12/30/25 | | 11,362 | | | 11,237 | | | 11,082 | | 3.36 | |
Inspired Beauty Brands, Inc.(7) | | First Lien Secured Revolving Loan | | 1.00% | | LIBOR | | 7.00% | | 11.81% | | 12/30/20 | | 12/30/25 | | 88 | | | 87 | | | 80 | | 0.02 | |
| | | | | | | | | | | | | | | | | | | 11,324 | | | 11,162 | | 3.38 | |
Real Estate Development | | | | | | | | | | | | | | | | | | | | | | | | | |
StoicLane MidCo, LLC (d/b/a StoicLane Inc.) | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 7.50% | | 12.35% | | 11/04/22 | | 11/04/27 | | 4,641 | | | 4,535 | | | 4,551 | | 1.38 | |
StoicLane MidCo, LLC (d/b/a StoicLane Inc.)⁽⁷⁾ | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR | | 7.50% | | 12.36% | | 11/04/22 | | 11/04/27 | | 5,587 | | | 5,491 | | | 5,463 | | 1.66 | |
| | | | | | | | | | | | | | | | | | | 10,026 | | | 10,014 | | 3.04 | |
Real Estate Operating Companies | | | | | | | | | | | | | | | | | | | | | | | | | |
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC) | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 7.50% | | 12.41% | | 12/02/22 | | 12/02/27 | | 5,144 | | | 5,000 | | | 5,000 | | 1.52 | |
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽⁷⁾ | | First Lien Secured Delayed Draw Loan | | 1.00% | | SOFR | | 7.50% | | 12.37% | | 12/02/22 | | 12/02/27 | | 193 | | | 190 | | | 163 | | 0.05 | |
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽⁷⁾ | | First Lien Secured Revolving Loan | | 1.00% | | SOFR | | 7.50% | | 12.33% | | 12/02/22 | | 12/02/27 | | 387 | | | 377 | | | 377 | | 0.11 | |
| | | | | | | | | | | | | | | | | | | 5,567 | | | 5,540 | | 1.68 | |
Research & Consulting Services | | | | | | | | | | | | | | | | | | | | | | | | | |
Aeyon LLC⁽¹⁵⁾ | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 8.88% | | 13.62% | | 02/10/22 | | 02/10/27 | | 8,888 | | | 8,750 | | | 8,661 | | 2.62 | |
ALM Media, LLC | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 6.00% | | 11.16% | | 11/25/19 | | 11/25/24 | | 13,191 | | | 13,103 | | | 13,113 | | 3.97 | |
| | | | | | | | | | | | | | | | | | | 21,853 | | | 21,774 | | 6.59 | |
WhiteHorse Finance, Inc.
Consolidated Schedule of Investments (Unaudited)
March 31, 2023
(in thousands)
Issuer |
| Investment Type(1) |
| Floor |
| Reference Rate(2) |
| Spread |
| Interest |
| Acquisition |
| Maturity |
| Principal/ |
| Amortized |
| Fair |
| Fair Value |
| ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Specialized Consumer Services | | | | | | | | | | | | | | | | | | | | | | | | | |
Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.) | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 6.50% | | 11.34% | | 11/16/21 | | 11/16/27 | | 11,765 | | $ | 11,584 | | $ | 11,319 | | 3.43 | % |
Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.)⁽⁴⁾⁽⁷⁾ | | First Lien Secured Delayed Draw Loan | | 1.00% | | LIBOR | | 6.50% | | 11.34% | | 11/16/21 | | 11/16/27 | | — | | | — | | | (91) | | (0.03) | |
HC Salon Holdings, Inc. (d/b/a Hair Cuttery) | | First Lien Secured Term Loan | | 1.00% | | LIBOR | | 6.50% | | 11.66% | | 09/30/21 | | 09/30/26 | | 11,492 | | | 11,331 | | | 11,492 | | 3.48 | |
HC Salon Holdings, Inc. (d/b/a Hair Cuttery)⁽⁷⁾ | | First Lien Secured Revolving Loan | | 1.00% | | LIBOR | | 6.50% | | 11.66% | | 09/30/21 | | 09/30/26 | | — | | | — | | | 10 | | — | |
| | | | | | | | | | | | | | | | | | | 22,915 | | | 22,730 | | 6.88 | |
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | |
WHF STRS Ohio Senior Loan Fund LLC(4)(5)(7)(9)(14)(28) | | Subordinated Note | | N/A | | LIBOR | | 6.50% | | 11.17% | | 07/19/19 | | N/A | | 80,000 | | | 80,000 | | | 80,000 | | 24.24 | |
| | | | | | | | | | | | | | | | | | | 80,000 | | | 80,000 | | 24.24 | |
Systems Software | | | | | | | | | | | | | | | | | | | | | | | | | |
Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 7.50% | | 12.41% (8.66% Cash + 3.75% PIK) | | 03/16/21 | | 03/16/27 | | 19,811 | | | 19,557 | | | 17,468 | | 5.29 | |
| | | | | | | | | | | | | | | | | | | 19,557 | | | 17,468 | | 5.29 | |
Technology Hardware, Storage & Peripherals | | | | | | | | | | | | | | | | | | | | | | | | | |
Telestream Holdings Corporation | | First Lien Secured Term Loan | | 1.00% | | SOFR | | 9.75% | | 14.66% | | 10/15/20 | | 10/15/25 | | 15,884 | | | 15,621 | | | 15,810 | | 4.79 | |
Telestream Holdings Corporation(7) | | First Lien Secured Revolving Loan | | 1.00% | | SOFR | | 9.75% | | 14.63% | | 10/15/20 | | 10/15/25 | | 932 | | | 917 | | | 932 | | 0.28 | |
| | | | | | | | | | | | | | | | | | | 16,538 | | | 16,742 | | 5.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total Debt Investments | | | | | | | | | | | | | | | | | | $ | 727,812 | | $ | 708,417 | | 214.66 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Equity Investments(21) | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising | | | | | | | | | | | | | | | | | | | | | | | | | |
Avision Holdings, LLC (d/b/a Avision Sales Group)⁽⁴⁾ | | Class A LLC Interests | | N/A | | N/A | | N/A | | N/A | | 12/15/21 | | N/A | | 208 | | $ | 258 | | $ | 144 | | 0.04 | % |
| | | | | | | | | | | | | | | | | | | 258 | | | 144 | | 0.04 | |
Air Freight & Logistics | | | | | | | | | | | | | | | | | | | | | | | | | |
Motivational CIV, LLC (d/b/a Motivational Fulfillment)⁽⁴⁾ | | Class B Units | | N/A | | N/A | | N/A | | N/A | | 07/12/21 | | N/A | | 1,250 | | | 1,250 | | | 451 | | 0.14 | |
| | | | | | | | | | | | | | | | | | | 1,250 | | | 451 | | 0.14 | |
Broadline Retail | | | | | | | | | | | | | | | | | | | | | | | | | |
BBQ Buyer, LLC (d/b/a BBQGuys)⁽⁴⁾ | | Shares | | N/A | | N/A | | N/A | | N/A | | 08/28/20 | | N/A | | 1,100 | | | 1,100 | | | 1,266 | | 0.38 | |
Ross-Simons Topco, LP (d/b/a Ross-Simons, Inc.)⁽⁴⁾ | | Preferred Units | | N/A | | N/A | | 8.00% | | 8.00% PIK | | 12/04/20 | | N/A | | 600 | | | 514 | | | 776 | | 0.24 | |
| | | | | | | | | | | | | | | | | | | 1,614 | | | 2,042 | | 0.62 | |
Building Products | | | | | | | | | | | | | | | | | | | | | | | | | |
PFB Holding Company, LLC (d/b/a PFB Corporation)⁽⁴⁾⁽¹³⁾ | | Class A Units | | N/A | | N/A | | N/A | | N/A | | 12/17/21 | | N/A | | 1 | | | 423 | | | 869 | | 0.26 | |
| | | | | | | | | | | | | | | | | | | 423 | | | 869 | | 0.26 | |
Diversified Chemicals | | | | | | | | | | | | | | | | | | | | | | | | | |
Pressurized Holdings, LLC (f/k/a Starco)⁽⁴⁾⁽⁶⁾⁽²⁷⁾ | | Common Units | | N/A | | N/A | | N/A | | N/A | | 03/16/23 | | N/A | | — | | | — | | | — | | — | |
Pressurized Holdings, LLC (f/k/a Starco)⁽⁴⁾⁽⁶⁾⁽⁸⁾⁽²⁷⁾ | | Preferred Units | | N/A | | N/A | | N/A | | 14.00% PIK | | 03/16/23 | | N/A | | — | | | 645 | | | — | | — | |
| | | | | | | | | | | | | | | | | | | 645 | | | — | | — | |
Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | | | |
SFS Global Holding Company (d/b/a Sigue Corporation)⁽⁴⁾ | | Warrants | | N/A | | N/A | | N/A | | N/A | | 06/28/18 | | 12/28/25 | | — | | | — | | | — | | — | |
Sigue Corporation(4) | | Warrants | | N/A | | N/A | | N/A | | N/A | | 06/28/18 | | 12/28/25 | | 22 | | | 2,890 | | | 3,790 | | 1.15 | |
| | | | | | | | | | | | | | | | | | | 2,890 | | | 3,790 | | 1.15 | |
Diversified Support Services | | | | | | | | | | | | | | | | | | | | | | | | | |
Quest Events, LLC(4) | | Preferred Units | | N/A | | N/A | | N/A | | N/A | | 12/28/18 | | 12/08/25 | | 348 | | | 348 | | | 195 | | 0.06 | |
ImageOne Industries, LLC(4) | | Common A Units | | N/A | | N/A | | N/A | | N/A | | 09/20/19 | | N/A | | 229 | | | 4 | | | 50 | | 0.02 | |
| | | | | | | | | | | | | | | | | | | 352 | | | 245 | | 0.08 | |
Education Services | | | | | | | | | | | | | | | | | | | | | | | | | |
Eddy Acquisitions, LLC (d/b/a EducationDynamics, LLC)⁽⁴⁾ | | Preferred Units | | N/A | | N/A | | 12.00% | | 12.00% | | 09/15/21 | | N/A | | 167 | | | 167 | | | 83 | | 0.03 | |
| | | | | | | | | | | | | | | | | | | 167 | | | 83 | | 0.03 | |
WhiteHorse Finance, Inc.
Consolidated Schedule of Investments (Unaudited)
March 31, 2023
(in thousands)
Issuer |
| Investment Type(1) |
| Floor |
| Reference Rate(2) |
| Spread |
| Interest |
| Acquisition |
| Maturity |
| Principal/ |
| Amortized |
| Fair |
| Fair Value |
| ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Environmental & Facilities Services | | | | | | | | | | | | | | | | | | | | | | | | | |
BPII-JL Group Holdings LP (d/b/a Juniper Landscaping Holdings LLC)⁽⁴⁾ | | Class A Units | | N/A | | N/A | | N/A | | N/A | | 12/29/21 | | N/A | | 83 | | $ | 825 | | $ | 641 | | 0.19 | % |
| | | | | | | | | | | | | | | | | | | 825 | | | 641 | | 0.19 | |
Industrial Machinery & Supplies & Components | | | | | | | | | | | | | | | | | | | | | | | | | |
BL Products Parent, LP (d/b/a Bishop Lifting Products, Inc.)⁽⁴⁾ | | Class A Units | | N/A | | N/A | | N/A | | N/A | | 02/01/22 | | N/A | | 667 | | | 667 | | | 500 | | 0.15 | |
| | | | | | | | | | | | | | | | | | | 667 | | | 500 | | 0.15 | |
Interactive Media & Services | | | | | | | | | | | | | | | | | | | | | | | | | |
What If Media Group, LLC(4) | | Common Units | | N/A | | N/A | | N/A | | N/A | | 07/02/21 | | N/A | | 851 | | | 851 | | | 1,719 | | 0.52 | |
| | | | | | | | | | | | | | | | | | | 851 | | | 1,719 | | 0.52 | |
Investment Banking & Brokerage | | | | | | | | | | | | | | | | | | | | | | | | | |
Arcole Holding Corporation⁽⁴⁾⁽⁵⁾⁽⁶⁾⁽¹⁸⁾⁽²³⁾ | | Shares | | N/A | | N/A | | N/A | | N/A | | 10/01/20 | | N/A | | — | | | 6,944 | | | 6,134 | | 1.86 | |
| | | | | | | | | | | | | | | | | | | 6,944 | | | 6,134 | | 1.86 | |
IT Consulting & Other Services | | | | | | | | | | | | | | | | | | | | | | | | | |
CX Holdco LLC (d/b/a Cennox Inc.)⁽⁴⁾ | | Common Units | | N/A | | N/A | | N/A | | N/A | | 05/04/21 | | N/A | | 1,068 | | | 1,116 | | | 1,531 | | 0.46 | |
Keras Holdings, LLC (d/b/a KSM Consulting, LLC)⁽⁴⁾ | | Shares | | N/A | | N/A | | N/A | | N/A | | 12/31/20 | | N/A | | 496 | | | 496 | | | 346 | | 0.10 | |
| | | | | | | | | | | | | | | | | | | 1,612 | | | 1,877 | | 0.56 | |
Leisure Facilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)⁽⁴⁾ | | Class A Common Stock | | N/A | | N/A | | N/A | | N/A | | 06/29/20 | | N/A | | 2 | | | 1,941 | | | 182 | | 0.06 | |
Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)⁽⁴⁾ | | Warrants | | N/A | | N/A | | N/A | | N/A | | 06/29/20 | | 06/28/28 | | 1 | | | 793 | | | 74 | | 0.02 | |
| | | | | | | | | | | | | | | | | | | 2,734 | | | 256 | | 0.08 | |
Leisure Products | | | | | | | | | | | | | | | | | | | | | | | | | |
Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)⁽⁴⁾⁽⁶⁾⁽⁸⁾⁽²⁰⁾ | | Preferred Stock | | N/A | | N/A | | 14.00% | | 14.00% PIK | | 01/24/22 | | N/A | | 36 | | | 3,600 | | | — | | — | |
Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)⁽⁴⁾⁽⁶⁾⁽²⁰⁾ | | Common Stock | | N/A | | N/A | | N/A | | N/A | | 01/24/22 | | N/A | | 72 | | | 460 | | | — | | — | |
| | | | | | | | | | | | | | | | | | | 4,060 | | | — | | — | |
Office Services & Supplies | | | | | | | | | | | | | | | | | | | | | | | | | |
American Crafts Holdings, LLC (d/b/a American Crafts, LC)⁽⁴⁾⁽¹⁴⁾⁽²⁶⁾ | | Warrants | | N/A | | N/A | | N/A | | N/A | | 12/22/22 | | 12/22/32 | | — | | | — | | | — | | — | |
New American Crafts Holdings, LLC (d/b/a American Crafts, LC)⁽⁴⁾⁽¹⁴⁾⁽²⁶⁾ | | Class A Units | | N/A | | N/A | | N/A | | N/A | | 03/16/23 | | N/A | | 1 | | | — | | | — | | — | |
| | | | | | | | | | | | | | | | | | | — | | | — | | — | |
Paper & Plastic Packaging Products & Materials | | | | | | | | | | | | | | | | | | | | | | | | | |
Max Solutions Inc.(4) | | Common Stock | | N/A | | N/A | | N/A | | N/A | | 09/29/22 | | N/A | | 4 | | | 400 | | | 327 | | 0.10 | |
| | | | | | | | | | | | | | | | | | | 400 | | | 327 | | 0.10 | |
Real Estate Operating Companies | | | | | | | | | | | | | | | | | | | | | | | | | |
Salon Republic Investments LLC (d/b/a Salon Republic, LLC)⁽⁴⁾⁽⁸⁾ | | Preferred Stock | | N/A | | N/A | | N/A | | 8.00% PIK | | 12/02/22 | | N/A | | 200 | | | 200 | | | 200 | | 0.06 | |
Salon Republic Investments LLC (d/b/a Salon Republic, LLC)⁽⁴⁾ | | Common Stock | | N/A | | N/A | | N/A | | N/A | | 12/02/22 | | N/A | | 400 | | | 400 | | | 264 | | 0.08 | |
| | | | | | | | | | | | | | | | | | | 600 | | | 464 | | 0.14 | |
Specialized Consumer Services | | | | | | | | | | | | | | | | | | | | | | | | | |
Camp Facility Services Parent, LLC (d/b/a Camp Construction Services, Inc.)⁽⁴⁾⁽⁸⁾ | | Preferred Units | | N/A | | N/A | | 10.00% | | 10.00% PIK | | 11/16/21 | | N/A | | 15 | | | 840 | | | 951 | | 0.29 | |
| | | | | | | | | | | | | | | | | | | 840 | | | 951 | | 0.29 | |
Specialized Finance | | | | | | | | | | | | | | | | | | | | | | | | | |
WHF STRS Ohio Senior Loan Fund(4)(5)(7)(14)(28) | | LLC Interests | | N/A | | N/A | | N/A | | N/A | | 07/19/19 | | N/A | | 20,000 | | | 20,000 | | | 20,313 | | 6.16 | |
| | | | | | | | | | | | | | | | | | | 20,000 | | | 20,313 | | 6.16 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total Equity Investments | | | | | | | | | | | | | | | | | | $ | 47,132 | | $ | 40,806 | | 12.37 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total Investments | | | | | | | | | | | | | | | | | | $ | 774,944 | | $ | 749,223 | | 227.03 | % |
WhiteHorse Finance, Inc.
Consolidated Schedule of Investments (Unaudited)
March 31, 2023
(in thousands)
Counterparty |
| Currency to be sold |
| Currency to be purchased |
| Settlement date |
| Unrealized |
| Unrealized | ||||||
Morgan Stanley | | C$ | 520 | CAD | | $ | 388 | USD | | 5/5/23 | | $ | 3 | | $ | — |
Morgan Stanley | | £ | 22 | GBP | | $ | 27 | USD | | 5/5/23 | | | — | | | — |
Total | | | | | | | | | | | | $ | 3 | | $ | — |
| (1) | Except as otherwise noted, all investments are non-controlled/non-affiliate investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), provide collateral for the Company’s credit facility, and are domiciled in the United States. |
| (2) | The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), the Secured Overnight Financing Rate (“SOFR” or “SF”), the Canadian Dollar Offered Rate (“CDOR” or “C”), the Sterling Overnight Index Average (“SONIA” or “S”), or the U.S. Prime Rate (“Prime” or “P”) which may reset monthly, quarterly or semiannually. |
| (3) | The interest rate is the “all-in-rate” including the current index and spread, the fixed rate, and the payment-in-kind (“PIK”) interest rate, as the case may be. |
| (4) | The investment or a portion of the investment does not provide collateral for the Company’s credit facility. |
| (5) | Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of total assets. Qualifying assets represented 83.1% of total assets as of the date of the consolidated schedule of investments. |
| (6) | Investment is a non-controlled/affiliate investment as defined by the 1940 Act. |
| (7) | The investment has an unfunded commitment in addition to any amounts presented in the consolidated schedule of investments as of March 31, 2023. |
| (8) | Preferred equity investment is a non-income producing security. |
| (9) | Security is perpetual with no defined maturity date. |
| (10) | Except as otherwise noted, all of the Company’s portfolio company investments, which as of the date of the consolidated schedule of investments represented 227.03% of the Company’s net assets or 95.9% of the Company’s total assets, are subject to legal restrictions on sales. |
| (11) | The fair value of each investment was determined using significant unobservable inputs. |
| (12) | The investment was comprised of two contracts, which were indexed to different base rates, L or SF and P, respectively. The Floor, Spread Above Index and Interest Rate presented represent the weighted average of both contracts. |
| (13) | Principal amount is non-USD denominated and is based in Canadian dollars. |
| (14) | Investment is a controlled affiliate investment as defined by the 1940 Act. |
| (15) | Investment is structured as a unitranche loan in which the Company may receive additional interest on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. |
| (16) | In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest in the amount of 3.50% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. |
| (17) | In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest in the amount of 3.00% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. |
| (18) | On October 1, 2020, as part of a restructuring agreement between the Company and Arcole Acquisition Corp, the Company’s investments in first lien secured term loans to Arcole Acquisition Corp were converted into common shares of Arcole Holding Corp. |
| (19) | At the option of the issuer, interest can be paid in cash or cash and PIK. The issuer may elect to pay up to 1.50% PIK. |
| (20) | On January 24, 2022, as part of a restructuring agreement between the Company and PlayMonster LLC, the Company’s first lien secured term loan and delayed draw loan investments to PlayMonster LLC were converted into a new first lien secured term loan, preferred stock and common stock of Playmonster Group LLC. |
| (21) | Ownership of certain equity investments may occur through a holding company or partnership. |
| (22) | The issuer is domiciled in Guernsey. |
| (23) | The issuer is domiciled in Canada. |
| (24) | Investment is structured with a PIK period beginning with the first interest payment date through December 20, 2023, whereby accrued interest due on the loan is capitalized and added to the unpaid principal balance of the loan. |
| (25) | The investment is on non-accrual status. |
| (26) | In March 2023, as a result of a restructuring agreement between the Company and American Crafts, LC, the Company’s investments are controlled affiliate investments, as defined by the 1940 Act. |
| (27) | In March 2023, as part of a restructuring agreement between the Company and Sklar Holdings, Inc (d/b/a Starco), the Company’s first lien secured term loan investment was converted into a new first lien secured term loan, preferred stock and common stock of Pressurized Holdings, LLC (f/k/a Starco). |
| (28) | On January 14, 2019, the Company entered into an agreement with State Teachers Retirement System of Ohio, a public pension fund established under Ohio law (“STRS Ohio”), to create WHF STRS Ohio Senior Loan Fund, LLC (“STRS JV”), a joint venture, which invests primarily in senior secured first and second lien term loans. |
| |
Contacts | |
| |
Stuart Aronson | |
WhiteHorse Finance, Inc. | |
212-506-0500 | |
saronson@higwhitehorse.com | |
| |
or | |
| |
Joyson Thomas | |
WhiteHorse Finance, Inc. | |
305-379-2322 | |
jthomas@higwhitehorse.com | |
| |
or | |
| |
Robert Brinberg | |
| |
| |
| |
| |
Source: WhiteHorse Finance, Inc. | |
