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WhiteHorse Finance, Inc. Announces Third Quarter 2022 Earnings Results and Declares Quarterly Distribution of $0.355 Per Share

November 14, 2022
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NEW YORK, Nov. 14, 2022 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the quarter ended September 30, 2022. In addition, the Company's board of directors has declared a distribution of $0.355 per share with respect to the quarter ending December 31, 2022. The distribution will be payable on January 4, 2023 to stockholders of record as of December 21, 2022.

Third Quarter 2022 Summary Highlights

  • Net Asset Value of $343.0 million, or $14.76 per share
  • Investment portfolio(1) totaling $764.6 million
  • STRS JV investment portfolio totaling $280.9 million
  • Gross investment deployments(2) of $39.5 million for the third quarter, including new originations of $26.1 million and $13.4 million of fundings for add-ons to existing investments
  • Net investment income of $9.8 million, or $0.420 per share
  • Core net investment income of $8.6 million, or $0.372 per share(3)
  • Third quarter distribution of $0.355 per share

Stuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, "A rising interest rate environment positively impacted our results this past quarter as nearly 100% of our debt portfolio is comprised of floating rate investments.  We believe, given the modest leverage levels that we underwrite our loans to, that the majority of our portfolio companies will be able to service our debt in a rising interest rate environment.  Additionally, our portfolio remains overwhelmingly represented by non-cyclical or light cyclical borrowers.  Despite continued economic headwinds, WhiteHorse ended the quarter with no investments on non-accrual status, and the portfolio is holding up very well.  While our pipeline for future deal flow is at record levels, due in part to our differentiated three-tiered sourcing approach and relationship with the leading H.I.G. platform, we have always employed a cautious approach based on an extreme downside scenario and are keeping a careful eye on the market backdrop, especially in the consumer sector. Given the broad reset in credit pricing, we believe that WhiteHorse will be able to selectively take advantage of market conditions and redeploy capital from repayments into higher yielding investments.  Combined with portfolio growth and the performance of the STRS JV, this should ultimately lead to earnings accretion and greater coverage of our dividend."

Portfolio and Investment Activity

As of September 30, 2022, the fair value of WhiteHorse Finance's investment portfolio was $764.6 million, compared with $766.5 million as of June 30, 2022. The portfolio as of September 30, 2022 consisted of 107 positions across 68 companies with a weighted average effective yield of 11.4% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $7.7 million with the overall portfolio comprised of approximately 80.6% first lien secured loans, 2.7% second lien secured loans, 3.4% equity and 13.3% 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 September 30, 2022, WhiteHorse Finance made investments in three new portfolio companies for a total of $26.1 million, added a total of $13.4 million to existing portfolio companies, and made net fundings of $0.6 million to revolver loans. Proceeds from sales and repayments totaled approximately $36.3 million for the three months ended September 30, 2022, driven by three full realizations in Mills Fleet Farm Group, LLC, Nelson Worldwide, LLC, and Maxitransfers Blocker Corp.

WHF STRS Ohio Senior Loan Fund LLC

As of September 30, 2022, STRS JV's portfolio totaled $280.9 million, consisted of 28 portfolio companies and had a weighted average effective yield of 10.1% on its portfolio.

Results of Operations

For the three months ended September 30, 2022, the Company's net investment income was approximately $9.8 million, compared with approximately $7.6 million for the same period in the prior year, representing an increase of approximately 28.9%. 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 larger portfolio sizes in both the Company and STRS JV, an increase in base rates and lower incentive fee expense. The lower incentive fee expense was due to a reversal of capital gains incentive fee component as a result of $5.9 million in net realized and unrealized losses recorded in the current quarter. This was partially offset by higher interest expense incurred due to higher leverage balances, higher base rates and lower accretion income and nonrecurring fee income recognized due to less repayment activities as compared to the same period in the prior year. For the three months ended September 30, 2022, the Company's investment in STRS JV generated an annualized, gross investment yield of approximately 14.0%.

For the three months ended September 30, 2022, core net investment income(3) was $8.6 million, or $0.372 per share, compared with $7.8 million, or $0.372 per share for the same period in the prior year.

For the three months ended September 30, 2022, WhiteHorse Finance reported a net realized and unrealized loss on investments and foreign currency transactions of $5.9 million. This compares with a net realized and unrealized gain on investments and foreign currency transactions of $0.6 million for the three months ended September 30, 2021. 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 $3.8 million for the three months ended September 30, 2022, which compares with a net increase of $8.3 million the three months ended September 30, 2021.

WhiteHorse Finance's net asset value was $343.0 million, or $14.76 per share, as of September 30, 2022, compared with $347.4 million, or $14.95 per share, as of June 30, 2022.

Liquidity and Capital Resources

As of September 30, 2022, WhiteHorse Finance had cash and cash equivalents of $19.3 million, compared with $18.6 million as of June 30, 2022, inclusive of restricted cash. As of September 30, 2022, the Company also had $88.9 million of undrawn capacity under its revolving credit facility.

Distributions

The Company's Board of Directors has declared a distribution of $0.355 per share with respect to the quarter ending December 31, 2022. The distribution will be payable on January 4, 2023 to stockholders of record as of December 21, 2022. In addition, previously on October 14, 2022, the Company declared a special distribution of $0.05 per share, which will be payable on December 9, 2022 to stockholders of record as of October 31, 2022.

On August 10, 2022, the Company declared a distribution of $0.355 per share for the quarter ended September 30, 2022, consistent with distributions declared for the fortieth consecutive quarter since the Company's initial public offering. The distribution was paid on October 4, 2022 to stockholders of record as of September 20, 2022.

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 third quarter results for the period ended September 30, 2022 at 1:00 p.m. ET on Monday, November 14, 2022. To access the teleconference, please dial 800-225-9448 (domestic and international) approximately 10 minutes before the teleconference's scheduled start time and reference Conference ID #WHFQ322. Investors may also access the call on the investor relations portion of the Company's website at 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 November 21, 2022. The teleconference replay can be accessed by dialing 800-723-0532 (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 over $50 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 $102.1 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 nor did the Company incur any costs with refinancing any of its indebtedness for the quarters ended September 30, 2022 and September 30, 2021.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended September 30, 2022 and September 30, 2021 (in thousands, except per share data):



















September 30, 2022



September 30, 2021





Amount



 Per Share



Amount



 Per Share









Amounts







Amounts


Net investment income



$

9,768



$

0.420



$

7,639



$

0.366


Net impact of costs associated with refinancing of indebtedness




-




-




-




-


Accrual for capital gains incentive fee




(1,132)




(0.048)




127




0.006


Net impact of excise tax expense related to net realized gains and losses




-




-




-




-


Core net investment income



$

8,636



$

0.372



$

7,766



$

0.372


 

WhiteHorse Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)











September 30, 2022



December 31, 2021




(Unaudited)




Assets







Investments, at fair value







Non-controlled/non-affiliate company investments


$

650,585


$

736,727

Non-controlled affiliate company investments



11,903



6,874

Controlled affiliate company investments



102,066



75,607

Total investments, at fair value (amortized cost $773,406 and $831,960, respectively)



764,554



819,208

Cash and cash equivalents



9,855



12,185

Restricted cash and cash equivalents



9,445



9,814

Restricted foreign currency (cost of $28 and $464, respectively)



17



469

Interest and dividend receivable



7,853



7,521

Amounts receivable on unsettled investment transactions



3,288



—

Escrow receivable



711



515

Prepaid expenses and other receivables



925



1,307

Unrealized appreciation on foreign currency forward contracts



10



—

Total assets


$

796,658


$

851,019








Liabilities







Debt


$

430,992


$

475,958

Distributions payable



8,251



8,222

Management fees payable



3,881



3,766

Incentive fees payable



4,335



7,958

Amounts payable on unsettled investment transactions



331



—

Interest payable



3,772



2,087

Accounts payable and accrued expenses



1,526



2,438

Advances received from unfunded credit facilities



551



839

Total liabilities



453,639



501,268








Commitments and contingencies














Net assets







Common stock, 23,243,088 and 23,162,667 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



340,264



339,161

Accumulated earnings



2,732



10,567

Total net assets



343,019



349,751

Total liabilities and total net assets


$

796,658


$

851,019

Number of shares outstanding



23,243,088



23,162,667

Net asset value per share


$

14.76


$

15.10








 

WhiteHorse Finance, Inc.

Consolidated Statements of Operations (Unaudited)

(in thousands, except share and per share data)

















Three months ended
September 30, 



Nine months ended
September 30, 




2022



2021



2022



2021

Investment income













From non-controlled/non-affiliate company investments













Interest income


$

17,121


$

15,199


$

49,890


$

44,159

Fee income



423



1,224



1,564



2,344

Dividend income



100



35



268



144

From non-controlled affiliate company investments













Interest income



95



—



228



—

Dividend income



21



76



261



1,042

From controlled affiliate company investments













Interest income



1,753



905



4,339



2,362

Dividend income



2,045



939



5,042



3,638

Total investment income



21,558



18,378



61,592



53,689

Expenses













Interest expense



5,632



3,842



15,351



11,456

Base management fees



3,881



3,508



11,741



10,209

Performance-based incentive fees



1,027



2,069



4,291



6,739

Administrative service fees



171



171



512



512

General and administrative expenses



884



896



2,919



2,592

Total expenses



11,595



10,486



34,814



31,508

Net investment income before excise tax



9,963



7,892



26,778



22,181

Excise tax



195



253



594



845

Net investment income after excise tax



9,768



7,639



26,184



21,336














Realized and unrealized gains (losses) on investments and foreign currency
transactions













Net realized gains (losses)













Non-controlled/non-affiliate company investments



236



109



(17,262)



7,714

Non-controlled affiliate company investments



—



—



1,725



—

Foreign currency transactions



(6)



(206)



(348)



(209)

Foreign currency forward contracts



—



1



(8)



(3)

Net realized gains (losses)



230



(96)



(15,893)



7,502

Net change in unrealized appreciation (depreciation)













Non-controlled/non-affiliate company investments



(7,275)



(1,370)



5,296



(3,937)

Non-controlled affiliate company investments



(389)



792



(2,596)



1,112

Controlled affiliate company investments



(212)



860



1,459



591

Translation of assets and liabilities in foreign currencies



1,713



263



2,441



161

Foreign currency forward contracts



10



187



10



186

Net change in unrealized appreciation (depreciation)



(6,153)



732



6,610



(1,887)

Net realized and unrealized gains (losses) on investments and foreign currency
transactions



(5,923)



636



(9,283)



5,615

Net increase in net assets resulting from operations


$

3,845


$

8,275


$

16,901


$

26,951














Per Common Share Data













Basic and diluted earnings per common share


$

0.17


$

0.40


$

0.73


$

1.30

Dividends and distributions declared per common share


$

0.36


$

0.36


$

1.07


$

1.07

Basic and diluted weighted average common shares outstanding



23,243,088



20,851,435



23,224,990



20,677,545

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

September 30, 2022

(in thousands)

























Issuer


Investment Type(1)


Floor  


Spread
Above
Index(2)


Interest
Rate(3)


Acquisition
Date(10)


Maturity
Date


Principal/
Share
Amount


Amortized
Cost


Fair
Value(11)


Fair Value
As A
Percentage
of Net
Assets


North America
























Debt Investments
























Air Freight & Logistics
























Access USA Shipping, LLC (d/b/a MyUS.com)


First Lien Secured Term Loan


1.50 %


L+ 8.00%


11.12 %


02/08/19


02/08/24


4,718


$

4,699


$

4,718


1.38

%

Motivational Marketing, LLC (d/b/a Motivational Fulfillment)


First Lien Secured Term Loan


1.00 %


L+ 6.25%


9.07 %


07/12/21


07/12/26


11,124



10,956



10,744


3.13


Motivational Marketing, LLC (d/b/a Motivational Fulfillment)(7)


First Lien Secured Revolving Loan


1.00 %


L+ 6.25%


9.07 %


07/12/21


07/12/26


—



—



(22)


(0.01)



















15,655



15,440


4.50


Alternative Carriers
























Patagonia Holdco LLC (d/b/a Lumen LATAM)


First Lien Secured Term Loan


0.50 %


SF+ 5.75%


8.39 %


08/05/22


08/01/29


14,625



12,040



11,993


3.50



















12,040



11,993


3.50


Application Software
























Atlas Purchaser, Inc. (d/b/a Aspect Software)


First Lien Secured Term Loan


0.75 %


L+ 5.25%


8.68 %


08/29/22


05/08/28


3,105



2,595



2,562


0.74


Atlas Purchaser, Inc. (d/b/a Aspect Software)


Second Lien Secured Term Loan


0.75 %


L+ 9.00%


11.19 %


05/03/21


05/07/29


15,000



14,628



12,197


3.55


Naviga Inc. (f/k/a Newscycle Solutions, Inc.)


First Lien Secured Term Loan


1.00 %


L+ 7.00%


10.67 %


06/14/19


12/29/22


3,189



3,184



3,125


0.91


Naviga Inc. (f/k/a Newscycle Solutions, Inc.)(7)(12)


First Lien Secured Revolving Loan


1.00 %


Base rate+ 6.92%


10.28 %


06/14/19


12/29/22


267



267



261


0.08



















20,674



18,145


5.28


Asset Management & Custody Banks
























JZ Capital Partners Ltd.(4)(5)


First Lien Secured Term Loan


1.00 %


L+ 7.00%


9.77 %


01/26/22


01/26/27


10,286



10,108



10,147


2.96


JZ Capital Partners Ltd.(4)(5)(7)


First Lien Secured Delayed Draw Loan


1.00 %


L+ 7.00%


9.77 %


01/26/22


01/26/27


—



—



22


0.01



















10,108



10,169


2.97


Automotive Retail
























Team Car Care Holdings, LLC (Heartland Auto)(12)


First Lien Secured Term Loan


1.00 %


Base rate+ 7.98%


10.39 %


02/16/18


06/28/24


14,594



14,532



14,594


4.25



















14,532



14,594


4.25


Broadcasting
























Coastal Television Broadcasting Group LLC


First Lien Secured Term Loan


1.00 %


SF+ 6.50%


9.48 %


12/30/21


12/30/26


8,191



8,052



7,946


2.32


Coastal Television Broadcasting Group LLC(7)


First Lien Secured Revolving Loan


1.00 %


SF+ 6.50%


9.48 %


12/30/21


12/30/26


—



—



(4)


—



















8,052



7,942


2.32


Building Products
























PFB Holdco, Inc. (d/b/a PFB Corporation)(13)


First Lien Secured Term Loan


1.00 %


C+ 6.00%


8.71 %


12/17/21


12/17/26


8,959



6,889



6,382


1.85


PFB Holdco, Inc. (d/b/a PFB Corporation)(7)(13)


First Lien Secured Revolving Loan


1.00 %


C+ 6.00%


8.71 %


12/17/21


12/17/26


—



—



2


—


PFB Holdco, Inc. (d/b/a PFB Corporation)


First Lien Secured Term Loan


1.00 %


L+ 6.00%


8.28 %


12/17/21


12/17/26


2,182



2,144



2,154


0.63


PFB Holdco, Inc. (d/b/a PFB Corporation)(7)


First Lien Secured Revolving Loan


1.00 %


L+ 6.00%


8.28 %


12/17/21


12/17/26


—



—



1


—


Trimlite Buyer LLC (d/b/a Trimlite LLC)(5)(13)


First Lien Secured Term Loan


1.00 %


C+ 6.50%


10.67 %


07/27/21


07/27/26


22,544



17,681



16,175


4.72



















26,714



24,714


7.20


Cable & Satellite
























Bulk Midco, LLC(15)(23)


First Lien Secured Term Loan


1.00 %


P+ 5.25%


11.50 %


06/08/18


06/08/23


14,922



14,891



14,323


4.18



















14,891



14,323


4.18


Commodity Chemicals
























Flexitallic Group SAS


First Lien Secured Term Loan


1.00 %


SF+ 7.50%


11.20% (10.70% Cash
+ 0.50% PIK)


10/28/19


10/29/26


16,371



15,777



16,003


4.67



















15,777



16,003


4.67


Construction Materials
























Claridge Products and Equipment, LLC


First Lien Secured Term Loan


1.00 %


L+ 6.50%


10.17 %


12/30/20


12/29/25


7,582



7,484



7,280


2.11


Claridge Products and Equipment, LLC(7)(12)


First Lien Secured Revolving Loan


1.00 %


Base rate+ 5.72%


11.84 %


12/30/20


12/29/25


926



918



888


0.26



















8,402



8,168


2.37


Data Processing & Outsourced Services
























Escalon Services Inc.


First Lien Secured Term Loan


1.00 %


L+ 10.31%


13.22% (11.72% Cash
+ 1.50% PIK)


12/04/20


12/04/25


17,278



16,599



17,797


5.19


Future Payment Technologies, L.P.


First Lien Secured Term Loan


1.00 %


L+ 8.25%


10.81 %


12/23/16


06/07/24


23,222



23,074



23,222


6.77



















39,673



41,019


11.96


Distributors
























Crown Brands LLC


First Lien Secured Term Loan


1.00 %


SF+ 10.00%


12.95 %


04/22/22


12/09/25


357


$

357


$

344


0.10

%

Crown Brands LLC(19)


Second Lien Secured Term Loan


1.50 %


L+ 10.50%


13.62 %


12/15/20


01/08/26


4,386



4,318



2,851


0.83


Crown Brands LLC(19)


Second Lien Secured Delayed Draw Loan


1.50 %


L+ 10.50%


13.74 %


12/15/20


01/08/26


651



651



423


0.12



















5,326



3,618


1.05


Diversified Chemicals
























Manchester Acquisition Sub LLC (d/b/a Draslovka Holding AS)


First Lien Secured Term Loan


0.75 %


SF+ 5.75%


8.85 %


11/16/21


11/16/26


7,940



7,575



7,246


2.11


Sklar Holdings, Inc. (d/b/a Starco)


First Lien Secured Term Loan


1.00 %


L+ 9.75%


10.75% (8.75% Cash
+ 2.00% PIK)


11/13/19


05/13/23


7,353



7,292



6,695


1.95



















14,867



13,941


4.06


Diversified Support Services
























NNA Services, LLC


First Lien Secured Term Loan


1.00 %


L+ 6.75%


10.42 %


08/27/21


08/27/26


11,375



11,264



11,165


3.25



















11,264



11,165


3.25


Education Services
























EducationDynamics, LLC


First Lien Secured Term Loan


1.00 %


L+ 7.00%


10.05% (9.55% Cash
+ 0.50% PIK)


09/15/21


09/15/26


13,119



12,912



12,887


3.75


EducationDynamics, LLC(4)(7)


First Lien Secured Delayed Draw Loan


1.00 %


L+ 7.00%


10.05% (9.55% Cash
+ 0.50% PIK)


09/15/21


09/15/26


—



—



(3)


—


EducationDynamics, LLC(7)


First Lien Secured Revolving Loan


1.00 %


P+ 5.50%


11.75 %


09/15/21


09/15/26


240



236



234


0.07


EducationDynamics, LLC(4)


Subordinated Unsecured Term Loan


N/A


4.00 %


4.00 %


09/15/21


03/15/27


167



167



167


0.05



















13,315



13,285


3.87


Electric Utilities
























CleanChoice Energy, Inc. (d/b/a CleanChoice)


First Lien Secured Term Loan


1.00 %


L+ 7.25%


9.76 %


10/12/21


10/12/26


10,500



10,331



10,408


3.03



















10,331



10,408


3.03


Environmental & Facilities Services
























Industrial Specialty Services USA LLC


First Lien Secured Term Loan


1.00 %


L+ 6.25%


9.92 %


12/31/21


12/31/26


11,917



11,715



11,612


3.39


Industrial Specialty Services USA LLC(7)


First Lien Secured Revolving Loan


1.00 %


L+ 6.25%


9.18 %


12/31/21


12/31/26


886



871



861


0.25


Solar Holdings Bidco Limited(5)(23)


First Lien Secured Term Loan


0.50 %


SF+ 6.75%


9.74 %


09/30/22


09/28/29


2,783



2,706



2,706


0.79


Solar Holdings Bidco Limited(5)(13)(23)


First Lien Secured Term Loan


0.50 %


C+ 6.75%


10.92 %


09/30/22


09/28/29


3,839



2,726



2,704


0.79


Solar Holdings Bidco Limited(5)(23)(24)


First Lien Secured Term Loan


0.00 %


S+ 6.75%


8.94 %


09/30/22


09/28/29


169



182



184


0.05


Solar Holdings Bidco Limited(5)(23)


First Lien Secured Delayed Draw Loan


0.50 %


SF+ 6.75%


9.74 %


09/30/22


09/28/29


53



51



51


0.01


Solar Holdings Bidco Limited(5)(7)(23)(24)(25)


First Lien Secured Delayed Draw Loan


0.50 %


SF+ 6.75%


9.74 %


09/30/22


09/28/29


—



—



(10)


—



















18,251



18,108


5.28


Health Care Facilities
























Bridgepoint Healthcare, LLC


First Lien Secured Term Loan


1.00 %


L+ 7.75%


10.51 %


10/05/21


10/05/26


10,562



10,392



10,337


3.01


Bridgepoint Healthcare, LLC(7)


First Lien Secured Delayed Draw Loan


1.00 %


L+ 7.75%


10.51 %


10/05/21


10/05/26


—



—



(11)


—


Bridgepoint Healthcare, LLC(7)


First Lien Secured Revolving Loan


1.00 %


L+ 7.75%


10.51 %


10/05/21


10/05/26


—



—



(8)


—



















10,392



10,318


3.01


Health Care Services
























CHS Therapy, LLC


First Lien Secured Term Loan A


1.50 %


L+ 9.00%


12.67% (12.17% Cash
+ 0.50% PIK)


06/14/19


06/14/24


7,125



7,079



7,125


2.08


CHS Therapy, LLC


First Lien Secured Term Loan C


1.50 %


L+ 9.00%


12.67% (12.17% Cash
+ 0.50% PIK)


10/07/20


06/14/24


877



869



877


0.26


Lab Logistics, LLC


First Lien Secured Term Loan


1.00 %


SF+ 7.25%


10.16 %


10/16/19


09/25/23


5,501



5,446



5,495


1.60


Lab Logistics, LLC


First Lien Secured Delayed Draw Loan


1.00 %


SF+ 7.25%


10.20 %


10/16/19


09/25/23


5,144



5,135



5,144


1.50


PG Dental New Jersey Parent, LLC


First Lien Secured Term Loan


1.00 %


L+ 9.75%


12.57% (11.07% Cash
+ 1.50% PIK)


11/25/20


11/25/25


14,845



14,640



13,807


4.03


PG Dental New Jersey Parent, LLC(7)


First Lien Secured Revolving Loan


1.00 %


L+ 9.75%


12.57% (11.07% Cash
+ 1.50% PIK)


11/25/20


11/25/25


352



347



308


0.09



















33,516



32,756


9.56


Health Care Supplies
























ABB/Con-cise Optical Group LLC (d/b/a ABB Optical Group, LLC)


First Lien Secured Term Loan


0.75 %


L+ 7.50%


10.46 %


02/23/22


02/23/28


21,627


$

21,141


$

21,281


6.20

%

ABB/Con-cise Optical Group LLC (d/b/a ABB Optical Group, LLC)(7)(12)


First Lien Secured Revolving Loan


0.75 %


Base rate+ 6.51%


12.72 %


02/23/22


02/23/28


2,106



2,058



2,073


0.60



















23,199



23,354


6.80


Heavy Electrical Equipment
























PPS CR Acquisition, Inc. (d/b/a Power Plant Services)


First Lien Secured Term Loan


1.00 %


L+ 6.25%


9.92 %


06/25/21


06/25/26


14,166



13,942



13,835


4.03


PPS CR Acquisition, Inc. (d/b/a Power Plant Services)(7)


First Lien Secured Delayed Draw Loan


1.00 %


L+ 6.25%


9.92 %


07/11/22


06/25/26


—



—



(1)


—


PPS CR Acquisition, Inc. (d/b/a Power Plant Services)(7)


First Lien Secured Revolving Loan


1.00 %


L+ 6.25%


9.92 %


06/25/21


06/25/24


104



103



63


0.02



















14,045



13,897


4.05


Home Furnishings
























Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)


First Lien Secured Term Loan


1.00 %


L+ 6.50%


8.92 %


10/12/21


10/12/26


20,895



20,555



20,630


6.01


Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)(7)


First Lien Secured Revolving Loan


1.00 %


L+ 6.50%


8.92 %


10/12/21


10/12/26


—



—



10


—


Hollander Intermediate LLC (d/b/a Hollander Sleep Products, LLC)


First Lien Secured Term Loan


2.00 %


SF+ 8.75%


11.79 %


09/19/22


09/21/26


4,891



4,849



4,671


1.36



















25,404



25,311


7.37


Household Appliances
























Token Buyer, Inc. (d/b/a Therm-O-Disc, Inc.)


First Lien Secured Term Loan


0.50 %


SF+ 6.00%


9.70 %


05/26/22


05/31/29


6,540



6,040



6,003


1.75



















6,040



6,003


1.75


Household Products
























The Kyjen Company, LLC (d/b/a Outward Hound)


First Lien Secured Term Loan


1.00 %


SF+ 7.00%


10.31% (9.81% Cash
+ 0.50% PIK)


04/05/21


04/05/26


11,347



11,228



10,782


3.14


The Kyjen Company, LLC (d/b/a Outward Hound)(7)


First Lien Secured Revolving Loan


1.00 %


SF+ 7.00%


9.88% (9.38% Cash
+ 0.50% PIK)


04/05/21


04/05/26


676



669



632


0.18



















11,897



11,414


3.32


Industrial Machinery
























Project Castle, Inc. (d/b/a Material Handling Systems, Inc.)


First Lien Secured Term Loan


0.50 %


SF+ 5.50%


9.05 %


06/09/22


06/01/29


8,376



7,521



7,541


2.20



















7,521



7,541


2.20


Interactive Media & Services
























MSI Information Services, Inc.


First Lien Secured Term Loan


1.00 %


SF+ 7.75%


10.88 %


04/25/22


04/24/26


7,851



7,711



7,647


2.23


MSI Information Services, Inc.(7)


First Lien Secured Revolving Loan


1.00 %


P+ 6.75%


13.00 %


04/25/22


04/24/26


300



295



286


0.08



















8,006



7,933


2.31


Internet & Direct Marketing Retail
























BBQ Buyer, LLC (d/b/a BBQ Guys)


First Lien Secured Term Loan


1.50 %


L+ 10.00%


13.12% (11.12% Cash
+ 2.00% PIK)


08/28/20


08/28/25


12,719



12,533



12,616


3.68


BBQ Buyer, LLC (d/b/a BBQ Guys)


First Lien Secured Delayed Draw Loan


1.50 %


L+ 10.00%


13.12% (11.12% Cash
+ 2.00% PIK)


04/29/22


08/28/25


2,593



2,553



2,559


0.75


Luxury Brand Holdings, Inc. (d/b/a Ross-Simons, Inc.)


First Lien Secured Term Loan


1.00 %


L+ 6.50%


9.31 %


12/04/20


06/04/26


5,895



5,816



5,854


1.71


Potpourri Group, Inc.


First Lien Secured Term Loan


1.50 %


L+ 8.25%


9.75 %


07/03/19


07/03/24


16,513



16,383



16,513


4.81



















37,285



37,542


10.95


Investment Banking & Brokerage
























JVMC Holdings Corp. (fka RJO Holdings Corp)


First Lien Secured Term Loan


1.00 %


L+ 6.50%


9.62 %


02/28/19


02/28/24


12,077



12,043



12,077


3.52



















12,043



12,077


3.52


IT Consulting & Other Services
























ATSG, Inc.


First Lien Secured Term Loan


1.00 %


L+ 6.50%


9.42 %


11/12/21


11/12/26


13,877



13,649



13,653


3.98



















13,649



13,653


3.98


Leisure Facilities
























Honors Holdings, LLC (d/b/a Orange Theory)(16)(23)


First Lien Secured Term Loan


1.00 %


L+ 7.56%


10.73% (10.23% Cash
+ 0.50% PIK)


09/06/19


09/06/24


9,440


$

9,337


$

9,346


2.72

%

Honors Holdings, LLC (d/b/a Orange Theory)(16)(23)


First Lien Secured Delayed Draw Loan


1.00 %


L+ 7.46%


10.80% (10.30% Cash
+ 0.50% PIK)


09/06/19


09/06/24


4,649



4,618



4,603


1.34


Lift Brands, Inc. (d/b/a Snap Fitness)


First Lien Secured Term Loan A


1.00 %


L+ 7.50%


10.62 %


06/29/20


06/29/25


5,588



5,541



5,533


1.61


Lift Brands, Inc. (d/b/a Snap Fitness)


First Lien Secured Term Loan B


N/A


9.50 %


9.50% (0.00% Cash
+ 9.50% PIK)


06/29/20


06/29/25


1,330



1,314



1,302


0.38


Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)(9)


First Lien Secured Term Loan C


N/A


9.50 %


9.50% (0.00% Cash
+ 9.50% PIK)


06/29/20


NA


1,268



1,265



1,084


0.32



















22,075



21,868


6.37


Leisure Products
























Playmonster Group LLC(6)(20)(21)


First Lien Secured Term Loan


1.00 %


L+ 8.00%


10.78% (2.78% Cash
+ 8.00% PIK)


01/24/22


06/08/26


3,565



3,565



3,509


1.02



















3,565



3,509


1.02


Life Sciences Tools & Services
























LSCS Holdings, Inc. (d/b/a Eversana Life Science Services, LLC)


Second Lien Secured Term Loan


0.50 %


L+ 8.00%


11.67 %


11/23/21


12/16/29


5,000



4,932



4,912


1.43



















4,932



4,912


1.43


Office Services & Supplies
























American Crafts, LC


First Lien Secured Term Loan


1.00 %


L+ 8.50%


11.62 %


05/28/21


05/28/26


8,139



8,050



7,114


2.07


American Crafts, LC


First Lien Secured Delayed Draw Loan


1.00 %


L+ 8.50%


11.62 %


01/25/22


05/28/26


1,367



1,344



1,195


0.35


Empire Office, Inc.


First Lien Secured Term Loan


1.50 %


L+ 6.50%


9.62 %


04/12/19


04/12/24


12,019



11,923



11,910


3.47


Empire Office, Inc.(4)


First Lien Secured Delayed Draw Loan


1.50 %


L+ 6.50%


9.62 %


08/17/21


04/12/24


4,864



4,792



4,820


1.41



















26,109



25,039


7.30


Packaged Foods & Meats
























Lenny & Larry's, LLC(17)(23)


First Lien Secured Term Loan


1.00 %


L+ 8.92%


11.74% (10.03% Cash
+ 1.71% PIK)


05/15/18


05/15/23


11,201



11,175



10,922


3.19



















11,175



10,922


3.19


Paper Packaging
























Max Solutions Inc.


First Lien Secured Term Loan


1.00 %


SF+ 6.50%


10.21 %


09/29/22


09/29/28


8,264



8,099



8,099


2.35


Max Solutions Inc.(7)


First Lien Secured Delayed Draw Loan


1.00 %


SF+ 6.50%


10.21 %


09/29/22


09/29/28


—



—



—


—


Max Solutions Inc.(7)(13)


First Lien Secured Revolving Loan


1.00 %


C+ 6.50%


10.21 %


09/29/22


09/29/28


—



—



—


—


Max Solutions Inc.(7)


First Lien Secured Revolving Loan


1.00 %


SF+ 6.50%


10.21 %


09/29/22


09/29/28


—



—



—


—



















8,099



8,099


2.35


Personal Products
























Inspired Beauty Brands, Inc.


First Lien Secured Term Loan


1.00 %


L+ 7.00%


9.91 %


12/30/20


12/30/25


11,804



11,650



11,509


3.36


Inspired Beauty Brands, Inc.(7)


First Lien Secured Revolving Loan


1.00 %


L+ 7.00%


9.91 %


12/30/20


12/30/25


—



—



(6)


—


Sunless, Inc.


First Lien Secured Term Loan


1.00 %


L+ 6.50%


10.17 %


06/30/22


08/13/25


2,092



2,053



2,063


0.60



















13,703



13,566


3.96


Research & Consulting Services
























Aeyon LLC(23)


First Lien Secured Term Loan


1.00 %


SF+ 8.88%


11.62 %


02/10/22


02/10/27


8,933



8,777



8,858


2.58


ALM Media, LLC


First Lien Secured Term Loan


1.00 %


L+ 6.50%


9.31 %


11/25/19


11/25/24


13,584



13,467



13,458


3.92



















22,244



22,316


6.50


Specialized Consumer Services
























Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.)


First Lien Secured Term Loan


1.00 %


L+ 6.50%


9.55 %


11/16/21


11/16/27


11,830


$

11,628


$

11,558


3.37

%

Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.)(4)(7)


First Lien Secured Delayed Draw Loan


1.00 %


L+ 6.50%


9.55 %


11/16/21


11/16/27


—



—



(24)


(0.01)


HC Salon Holdings, Inc. (d/b/a Hair Cuttery)


First Lien Secured Term Loan


1.00 %


L+ 8.00%


11.67 %


09/30/21


09/30/26


11,550



11,365



11,550


3.37


HC Salon Holdings, Inc. (d/b/a Hair Cuttery)(7)


First Lien Secured Revolving Loan


1.00 %


L+ 8.00%


11.67 %


09/30/21


09/30/26


—



—



11


—


True Blue Car Wash, LLC(23)


First Lien Secured Term Loan


1.00 %


SF+ 6.88%


10.01 %


10/17/19


10/17/24


9,969



9,876



9,898


2.89


True Blue Car Wash, LLC(7)(23)


First Lien Secured Delayed Draw Loan


1.00 %


SF+ 6.50%


9.55 %


10/17/19


10/17/24


4,186



4,124



4,103


1.20



















36,993



37,096


10.82


Specialized Finance
























WHF STRS Ohio Senior Loan Fund LLC(4)(5)(9)(14)


Subordinated Note


N/A


L+ 6.50%


9.13 %


07/19/19


N/A


80,000



80,000



80,000


23.32



















80,000



80,000


23.32


Systems Software
























Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC


First Lien Secured Term Loan


1.00 %


L+ 7.00%


10.67 %


03/16/21


03/16/27


19,256



18,970



17,525


5.11



















18,970



17,525


5.11


Technology Hardware, Storage & Peripherals
























Telestream Holdings Corporation


First Lien Secured Term Loan


1.00 %


SF+ 9.25%


12.11 %


10/15/20


10/15/25


15,886



15,570



15,874


4.63


Telestream Holdings Corporation(7)


First Lien Secured Revolving Loan


1.00 %


SF+ 9.25%


12.30 %


10/15/20


10/15/25


927



909



935


0.27


Telestream Holdings Corporation(7)


First Lien Secured Delayed Draw Loan


1.00 %


SF+ 9.25%


12.30 %


05/12/22


10/15/25


—



—



—


—



















16,479



16,809


4.90


























Total Debt Investments
















$

727,213


$

716,495


208.83

%

























Equity Investments(22)
























Advertising
























Avision Holdings, LLC (d/b/a Avision Sales Group)(4)


Class A LLC Interests


N/A


N/A


N/A


12/15/21


N/A


201


$

251


$

219


0.06

%


















251



219


0.06


Air Freight & Logistics
























Motivational CIV, LLC (d/b/a Motivational Fulfillment)(4)


Class B Units


N/A


N/A


N/A


07/12/21


N/A


1,250



1,250



606


0.18



















1,250



606


0.18


Building Products
























PFB Holdco, Inc. (d/b/a PFB Corporation)(4)(13)


Class A Units


N/A


N/A


N/A


12/17/21


N/A


1



423



603


0.18



















423



603


0.18


Data Processing & Outsourced Services
























Escalon Services Inc.(4)


Warrants


N/A


N/A


N/A


12/04/20


N/A


709



476



2,368


0.69



















476



2,368


0.69


Diversified Support Services
























Quest Events, LLC(4)


Preferred Units


N/A


N/A


N/A


12/28/18


12/08/25


331



331



60


0.02


ImageOne Industries, LLC(4)


Common A Units


N/A


N/A


N/A


09/20/19


N/A


227



2



84


0.02



















333



144


0.04


Education Services
























Eddy Acquisitions, LLC (d/b/a EducationDynamics, LLC)(4)


Preferred Units


N/A


12.00 %


12.00 %


09/15/21


N/A


167



167



118


0.03



















167



118


0.03


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


12/29/21


N/A


83



825



661


0.19



















825



661


0.19


Industrial Machinery
























BL Products Parent, LP (d/b/a Bishop Lifting Products, Inc.)(4)


Class A Units


N/A


N/A


N/A


02/01/22


N/A


667


$

667


$

668


0.19

%


















667



668


0.19


Interactive Media & Services
























What If Media Group, LLC(4)


Common Units


N/A


N/A


N/A


07/02/21


N/A


851



851



2,327


0.68



















851



2,327


0.68


Internet & Direct Marketing Retail
























BBQ Buyer, LLC (d/b/a BBQ Guys)(4)


Shares


N/A


N/A


N/A


08/28/20


N/A


1,100



1,100



1,954


0.57


Ross-Simons Topco, LP (d/b/a Ross-Simons, Inc.)(4)


Preferred Units


N/A


8.00 %


8.00% PIK


12/04/20


N/A


600



514



816


0.24



















1,614



2,770


0.81


Investment Banking & Brokerage
























Arcole Holding Corporation(4)(5)(6)(18)


Shares


N/A


N/A


N/A


10/01/20


N/A


—



6,944



6,295


1.84



















6,944



6,295


1.84


IT Consulting & Other Services
























CX Holdco LLC (d/b/a Cennox Inc.)(4)


Common Units


N/A


N/A


N/A


05/04/21


N/A


972



972



1,457


0.42


Keras Holdings, LLC (d/b/a KSM Consulting, LLC)(4)


Shares


N/A


N/A


N/A


12/31/20


N/A


496



496



361


0.11



















1,468



1,818


0.53


Leisure Facilities
























Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)(4)


Class A Common Stock


N/A


N/A


N/A


06/29/20


N/A


2



1,941



157


0.05


Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)(4)


Warrants


N/A


N/A


N/A


06/29/20


06/28/28


1



793



64


0.02



















2,734



221


0.07


Leisure Products
























Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)(4)(6)(8)(21)


Preferred Stock


N/A


14.00 %


14.00% PIK


01/24/22


N/A


36



3,600



2,099


0.62


Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)(4)(6)(21)


Common Stock


N/A


N/A


N/A


01/24/22


N/A


72



460



—


—



















4,060



2,099


0.62


Other Diversified Financial Services
























SFS Global Holding Company (d/b/a Sigue Corporation)(4)


Warrants


N/A


N/A


N/A


06/28/18


12/28/25


—



—



—


—


Sigue Corporation(4)


Warrants


N/A


N/A


N/A


06/28/18


12/28/25


22



2,890



3,823


1.11



















2,890



3,823


1.11


Paper Packaging
























Max Solutions Inc.(4)


Common Stock


N/A


N/A


N/A


09/29/22


N/A


4



400



400


0.12



















400



400


0.12


Specialized Consumer Services
























Camp Facility Services Parent, LLC (d/b/a Camp Construction Services, Inc.)(4)


Preferred Units


N/A


10.00 %


10.00% PIK


11/16/21


N/A


15



840



853


0.26



















840



853


0.26


Specialized Finance
























WHF STRS Ohio Senior Loan Fund(4)(5)(14)


LLC Interests


N/A


N/A


N/A


07/19/19


N/A


20,000



20,000



22,066


6.43



















20,000



22,066


6.43


























Total Equity Investments
















$

46,193


$

48,059


14.03

%

























Total Investments
















$

773,406


$

764,554


222.86

%

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

September 30, 2022

(in thousands)


Counterparty


Currency to be sold  


Currency to be purchased


Settlement date


Unrealized
appreciation


Unrealized
depreciation

Morgan Stanley


C$

199

CAD


$

155

USD


10/28/22


$

10


$

—

Total












$

10


$

—



(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"), and provide collateral for the Company's credit facility.



(2)

The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate ("LIBOR" or "L"), which resets monthly, quarterly or semiannually, 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").



(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 82.4% 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 September 30, 2022.



(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 222.9% of the Company's net assets or 96.0% 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, either 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. 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.



(15)

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 2.75% 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 2.00% PIK.



(20)

At the option of the issuer, interest can be paid in cash or cash and PIK. The issuer may elect to pay up to 9.00% PIK.



(21)

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.



(22)

Ownership of certain equity investments may occur through a holding company or partnership.



(23)

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.



(24)

Principal amount is non-USD denominated and is based in British pounds.



(25)

Principal amount is non-USD denominated and is based in British pounds. At the option of the borrower, amounts borrowed under the delayed draw term loan commitment can be US dollars, Canadian dollars or British pounds.

 

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
Rose & Company
212-257-5932
whitehorse@roseandco.com

 

Cision View original content:https://www.prnewswire.com/news-releases/whitehorse-finance-inc-announces-third-quarter-2022-earnings-results-and-declares-quarterly-distribution-of-0-355-per-share-301676434.html

SOURCE WhiteHorse Finance, Inc.

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