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WhiteHorse Finance, Inc. Announces Fourth Quarter and Full Year 2022 Earnings Results and Declares Quarterly Distribution of $0.355 Per Share and Special Distribution of $0.07 Per Share

March 02, 2023

NEW YORK, March 2, 2023 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the year ended December 31, 2022. In addition, the Company's board of directors has declared a distribution of $0.355 per share and a special distribution of $0.07 per share with respect to the quarter ending March 31, 2023. The distributions will be payable on April 4, 2023 to stockholders of record as of March 24, 2023.

Fourth Quarter 2022 Summary Highlights

  • Net Asset Value of $332.4 million, or $14.30 per share, compared to $15.10 per share in 2021
  • Investment portfolio(1) totaling $760.2 million
  • STRS JV investment portfolio totaling $284.3 million
  • Gross investment deployments(2) of $49.8 million for the fourth quarter, including new originations of $42.1 million and $7.7 million of fundings for add-ons to existing investments
  • Gross investment deployments(2) of $221.0 million for the year, including new originations of $166.6 million and $54.4 million of fundings for add-ons to existing investments
  • Net investment income of $11.1 million, or $0.476 per share, for the fourth quarter
  • Core net investment income of $11.1 million, or $0.476 per share(3), for the fourth quarter
  • Annual net investment income of $37.3 million, or $1.604 per share
  • Annual core net investment income of $35.5 million, or $1.526 per share(3)
  • Annual distributions of $1.47 per share, including special distribution of $0.05 per share

Recent Developments

In February 2023, the Company, together with State Teachers Retirement System of Ohio, a public pension fund established under Ohio law ("STRS Ohio"), increased their capital commitments to their joint venture, WHF STRS Ohio Senior Loan Fund LLC (the "WHF STRS JV"), by $25 million.  The increased commitment will be funded by an incremental $15 million investment from WhiteHorse Finance and an incremental $10 million investment from STRS Ohio bringing total capital commitments to the WHF STRS JV to $175 million.

Stuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, "I am pleased to report WhiteHorse recorded its highest quarterly Core NII since our IPO in 2012 due to the positive impact of an interest rate environment on our debt portfolio comprised of floating rate investments.  While we marked down some assets during the quarter, largely due to market pricing, our portfolio companies are performing well against a challenging economic backdrop.  The investments in our existing portfolio were underwritten at modest leverage levels and are generally well positioned to service our debt in a rising interest rate environment.  Additionally, our portfolio remains overwhelmingly represented by non-cyclical or light cyclical borrowers.  The current market environment offers 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.  As previously announced, WhiteHorse, together with STRS Ohio, have increased our capital commitments to our joint venture by $25 million, bringing total capital commitments to the JV to $175 million.  We believe WhiteHorse's equity investment in the joint venture provides attractive returns for shareholders and is particularly relevant given the current market backdrop.  Given the joint venture's return on equity, we look forward to utilizing the new capital commitment as we seek to increase our exposure to a highly accretive earnings stream.  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 meticulous in our deal selection and lead to earnings accretion and continued coverage of our dividend."

Portfolio and Investment Activity

As of December 31, 2022, the fair value of WhiteHorse Finance's investment portfolio was $760.2 million, compared with $819.2 million as of December 31, 2021. The portfolio as of December 31, 2022 consisted of 115 positions across 72 companies with a weighted average effective yield of 12.6% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $7.0 million with the overall portfolio comprised of approximately 81.3% first lien secured loans, 2.7% second lien secured loans, 2.8% equity and 13.2% 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 December 31, 2022, WhiteHorse Finance made investments in six new portfolio companies for a total of $42.1 million, added a total of $7.7 million to existing portfolio companies, and made net fundings of $4.0 million to revolver loans. Proceeds from sales and repayments totaled approximately $40.7 million for the three months ended December 31, 2022, driven by three full realizations in Escalon Services Inc., CHS Therapy, LLC and Access USA Shipping, LLC.

In addition to the transactions discussed above, during the three months ended December 31, 2022, WhiteHorse Finance transferred assets comprised of one new portfolio company totaling $8.0 million to STRS JV in exchange for cash proceeds.

During the year ended December 31, 2022, WhiteHorse Finance invested $166.6 million across 19 new portfolio companies. The Company also invested $54.4 million in existing portfolio companies. Proceeds from sales and repayments totaled approximately $183.3 million for the year.

In addition to the transactions above, during the year ended December 31, 2022, WhiteHorse Finance transferred assets totaling $108.5 million in exchange for a net investment in STRS JV of $25 million as well as cash proceeds of $83.5 million. As of December 31, 2022, the Company's investment in STRS JV was approximately $100.2 million, at fair value.

WHF STRS Ohio Senior Loan Fund LLC

As of December 31, 2022, STRS JV's portfolio totaled $284.3 million, consisted of 28 portfolio companies and had a weighted average effective yield of 11.3% on its portfolio.

Results of Operations

For the three months and year ended December 31, 2022, the Company's net investment income was approximately $11.1 million and $37.3 million, compared with approximately $7.5 million and 28.8 million for the same periods in the prior year, representing an increase of approximately 48.0% and 29.5%, respectively. 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 and an increase in base rates. This was partially offset by an increase in interest expense, due to higher borrowing balance and base rates, and higher management fee due to growth in average assets as compared to the same period in the prior year. For the three months ended December 31, 2022, the Company's investment in STRS JV generated an annualized, gross investment yield of approximately 15.5%.

For the three months and year ended December 31, 2022, core net investment income(3) was $11.1 million and $35.5 million, or $0.476 per share and $1.526 per share, respectively, compared with $7.3 million and $29.7 million, or $0.322 per share and $1.405 per share, respectively, for the same periods in the prior year.

For the three months and year ended December 31, 2022, WhiteHorse Finance reported a net realized and unrealized loss on investments and foreign currency transactions of $12.3 million and $21.6 million, respectively. This compares with the three months and year ended December 31, 2021 net realized and unrealized loss on investments and foreign currency transactions of $4.3 million and a net realized and unrealized gain on investments and foreign currency transactions of $1.3 million, respectively. 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 decrease in net assets resulting from operations of approximately $1.2 million for the three months ended December 31, 2022 and a net increase in net assets resulting from operations of approximately $15.7 million for the year ended December 31, 2022, which compares with a net increase of $3.1 million and $30.1 million for the three months and year ended December 31, 2021, respectively.

WhiteHorse Finance's net asset value was $332.4 million, or $14.30 per share, as of December 31, 2022, compared with $343.0 million, or $14.76 per share, as of September 30, 2022. As of December 31, 2021, WhiteHorse Finance's net asset value was $349.8 million, or $15.10 per share.

Liquidity and Capital Resources

As of December 31, 2022, WhiteHorse Finance had cash and cash equivalents of $26.3 million, compared with $19.3 million as of September 30, 2022, inclusive of restricted cash. As of December 31, 2022, the Company also had $79.9 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 and a special distribution of $0.07 per share with respect to the quarter ending March 31, 2023. The distributions will be payable on April 4, 2023 to stockholders of record as of March 24, 2023.

On November 14, 2022, the Company declared a distribution of $0.355 per share for the quarter ended December 31, 2022, consistent with distributions declared for the forty-first consecutive quarter since the Company's initial public offering. The distribution was paid on January 4, 2023 to stockholders of record as of December 21, 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 fourth quarter and full year results for the period ended December 31, 2022 at 1:00 p.m. ET on Thursday, March 2, 2023. To access the teleconference, please dial 800-245-3047 (domestic and international) approximately 10 minutes before the teleconference's scheduled start time and reference ID #WHFQ422. 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 9, 2023. The teleconference replay can be accessed by dialing 800-839-8318 (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 $100.2 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 and years ended December 31, 2022 and December 31, 2021.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended December 31, 2022 and December 31, 2021 (in thousands, except per share data):

















December 31, 2022



December 31, 2021




Amount



 Per Share



Amount



 Per Share








Amounts







Amounts


Net investment income


$

11,074



$

0.476



$

7,454



$

0.331


Net impact of costs associated with refinancing of indebtedness



-




-




662




0.029


Accrual for capital gains incentive fee



-




-




(863)




(0.038)


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



-




-




-




-


Core net investment income


$

11,074



$

0.476



$

7,253



$

0.322


The following table provides a reconciliation of net investment income to core net investment income for the years ended December 31, 2022 and December 31, 2021 (in thousands, except per share data):

















December 31, 2022



December 31, 2021




Amount



 Per Share



Amount



 Per Share








Amounts







Amounts


Net investment income


$

37,258



$

1.604



$

28,791



$

1.361


Net impact of costs associated with refinancing of indebtedness



-




-




662




0.032


Accrual for capital gains incentive fee



(1,803)




(0.078)




261




0.012


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



-




-




-




-


Core net investment income


$

35,455



$

1.526



$

29,714



$

1.405


 

WhiteHorse Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)




December 31, 2022


December 31, 2021

Assets







Investments, at fair value







Non-controlled/non-affiliate company investments


$

650,535


$

736,727

Non-controlled affiliate company investments



9,533



6,874

Controlled affiliate company investments



100,160



75,607

Total investments, at fair value (amortized cost $782,429 and $831,960, respectively)



760,228



819,208

Cash and cash equivalents



9,508



12,185

Restricted cash and cash equivalents



14,683



9,814

Restricted foreign currency (cost of $2,066 and $464, respectively)



2,073



469

Interest and dividend receivable



7,814



7,521

Amounts receivable on unsettled investment transactions



283



—

Escrow receivable



711



515

Prepaid expenses and other receivables



1,174



1,307

Total assets


$

796,474


$

851,019








Liabilities







Debt (net of unamortized debt issuance costs of $4,718 and $5,679, respectively)


$

440,427


$

475,958

Distributions payable



8,251



8,222

Management fees payable



3,860



3,766

Incentive fees payable



5,618



7,958

Interest payable



2,774



2,087

Accounts payable and accrued expenses



2,329



2,438

Advances received from unfunded credit facilities



825



839

Unrealized depreciation on foreign currency forward contracts



3



—

Total liabilities


$

464,087


$

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



339,240



339,161

Accumulated earnings (losses)



(6,876)



10,567

Total net assets



332,387



349,751

Total liabilities and total net assets


$

796,474


$

851,019

Number of shares outstanding



23,243,088



23,162,667

Net asset value per share


$

14.30


$

15.10








 

WhiteHorse Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

















Year ended December 31, 




2022


2021


2020

Investment income











From non-controlled/non-affiliate company investments











Interest income



$

69,731


$

59,845


$

54,039

Fee income




3,474



2,621



1,988

Dividend income




300



273



133

From non-controlled affiliate company investments











Interest income




339



—



—

Dividend income




321



1,190



1,183

From controlled affiliate company investments











Interest income




6,385



3,307



2,595

Dividend income




6,977



4,907



1,761

Total investment income




87,527



72,143



61,699

Expenses











Interest expense




21,940



16,594



13,125

Base management fees




15,600



13,975



12,464

Performance-based incentive fees




7,059



7,524



7,619

Administrative service fees




683



683



683

General and administrative expenses




3,963



3,572



2,909

Total expenses




49,245



42,348



36,800

Net investment income before excise tax




38,282



29,795



24,899

Excise tax




1,024



1,004



742

Net investment income after excise tax




37,258



28,791



24,157












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











Net realized gains (losses)











Non-controlled/non-affiliate company investments




(15,683)



7,994



4,118

Non-controlled affiliate company investments




1,725



562



—

Foreign currency transactions




(310)



262



70

Foreign currency forward contracts




—



(3)



(25)

Net realized gains (losses)




(14,268)



8,815



4,163

Net change in unrealized appreciation (depreciation)











Non-controlled/non-affiliate company investments




(3,505)



(9,501)



4,685

Non-controlled affiliate company investments




(5,239)



1,187



(878)

Controlled affiliate company investments




(447)



708



(464)

Translation of assets and liabilities in foreign currencies




1,887



94



22

Foreign currency forward contracts




(3)



—



—

Net change in unrealized appreciation (depreciation)




(7,307)



(7,512)



3,365

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




(21,575)



1,303



7,528

Net increase in net assets resulting from operations



$

15,683


$

30,094


$

31,685












Per Common Share Data











Basic and diluted earnings per common share



$

0.68


$

1.42


$

1.55

Dividends and distributions declared per common share



$

1.47


$

1.56


$

1.55

Basic and diluted weighted average common shares outstanding




23,229,552



21,150,168



20,546,032

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2022

(in thousands)



























Issuer


Investment Type(1)


Floor


Reference Rate(2)


Spread
Above
Index


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


























Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.)


First Lien Secured Term Loan


1.00 %


SOFR


7.00 %


11.43 %


12/16/22


12/18/28


4,853


$

4,708


$

4,708


1.42

%

Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.)⁽⁷⁾


First Lien Secured Revolving Loan


1.00 %


SOFR


7.00 %


11.43 %


12/16/22


12/18/28


—



—



—


—


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


First Lien Secured Term Loan


1.00 %


LIBOR


6.25 %


10.59 %


07/12/21


07/12/26


11,113



10,956



10,749


3.23


Motivational Marketing, LLC (d/b/a Motivational Fulfillment)⁽⁷⁾⁽¹²⁾


First Lien Secured Revolving Loan


1.00 %


Base Rate


5.56 %


11.21 %


07/12/21


07/12/26


158



155



133


0.04





















15,819



15,590


4.69


Alternative Carriers


























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


First Lien Secured Term Loan


0.50 %


SOFR


5.75 %


9.96 %


08/05/22


08/01/29


14,588



12,105



12,068


3.63





















12,105



12,068


3.63


Application Software


























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


First Lien Secured Term Loan


0.75 %


LIBOR


5.25 %


8.68 %


08/29/22


05/08/28


3,097



2,611



2,556


0.76


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



14,642



11,969


3.59


MBS Highway, LLC


First Lien Secured Term Loan


1.00 %


SOFR


7.50 %


11.92 %


10/13/22


10/13/27


9,476



9,250



9,250


2.78


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


First Lien Secured Term Loan


1.00 %


SOFR


7.00 %


11.68 %


10/06/22


12/29/23


3,180



3,177



3,084


0.93


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


First Lien Secured Revolving Loan


1.00 %


Base Rate


6.63 %


12.19 %


10/06/22


12/29/23


267



267



258


0.08





















29,947



27,117


8.14


Asset Management & Custody Banks


























JZ Capital Partners Ltd.(4)(5)


First Lien Secured Term Loan


1.00 %


LIBOR


7.00 %


11.33 %


01/26/22


01/26/27


10,286



10,118



10,135


3.05


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


First Lien Secured Delayed Draw Loan


1.00 %


LIBOR


7.00 %


11.33 %


01/26/22


01/26/27


—



—



9


—





















10,118



10,144


3.05


Automotive Retail


























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


First Lien Secured Term Loan


1.00 %


Base Rate


7.98 %


11.83 %


02/16/18


06/28/24


14,363



14,311



14,363


4.32





















14,311



14,363


4.32


Broadcasting


























Coastal Television Broadcasting Group LLC


First Lien Secured Term Loan


1.00 %


SOFR


6.50 %


10.80 %


12/30/21


12/30/26


8,036



7,908



7,785


2.34


Coastal Television Broadcasting Group LLC(7)


First Lien Secured Revolving Loan


1.00 %


SOFR


6.50 %


10.80 %


12/30/21


12/30/26


—



—



(5)


—





















7,908



7,780


2.34


Building Products


























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


First Lien Secured Term Loan


1.00 %


CDOR


6.00 %


10.52 %


12/17/21


12/17/26


8,935



6,879



6,504


1.95


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


First Lien Secured Revolving Loan


1.00 %


CDOR


6.00 %


10.52 %


12/17/21


12/17/26


—



—



2


—


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


First Lien Secured Term Loan


1.00 %


LIBOR


6.00 %


10.17 %


12/17/21


12/17/26


2,176



2,141



2,144


0.65


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


First Lien Secured Revolving Loan


1.00 %


LIBOR


6.00 %


10.17 %


12/17/21


12/17/26


—



—



—


—


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


First Lien Secured Term Loan


1.00 %


CDOR


6.00 %


10.88 %


07/27/21


07/27/26


20,582



16,162



14,926


4.49





















25,182



23,576


7.09


Cable & Satellite


























Bulk Midco, LLC


First Lien Secured Term Loan


1.00 %


LIBOR


7.50 %


11.64 %


10/28/22


06/10/24


19,228



19,126



18,525


5.57


Bulk Midco, LLC


First Lien Secured Revolving Loan


1.00 %


LIBOR


7.50 %


11.64% (10.64% Cash + 1.00% PIK)


10/28/22


06/10/24


2,000



1,963



1,964


0.59





















21,089



20,489


6.16


Commodity Chemicals


























FGI Acquisition Corp. (d/b/a Flexitallic Group SAS)


First Lien Secured Term Loan


1.00 %


SOFR


7.00 %


11.73% (11.23% Cash + 0.50% PIK)


10/28/19


10/29/26


16,350



15,794



15,859


4.77


US Methanol Midco LLC (d/b/a US Methanol LLC)⁽²⁴⁾


First Lien Secured Term Loan


1.00 %


SOFR


7.75 %


12.17% PIK


12/20/22


12/20/27


4,667



4,551



4,551


1.37


US Methanol Midco LLC (d/b/a US Methanol LLC)⁽⁷⁾⁽²⁴⁾


First Lien Secured Delayed Draw Loan


1.00 %


SOFR


7.75 %


12.17% PIK


12/20/22


12/20/27


—



—



—


—





















20,345



20,410


6.14


Construction Materials


























Claridge Products and Equipment, LLC


First Lien Secured Term Loan


1.00 %


LIBOR


6.50 %


11.23 %


12/30/20


12/29/25


7,079


$

6,994


$

6,727


2.01

%

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


First Lien Secured Revolving Loan


1.00 %


Base Rate


5.88 %


12.28 %


12/30/20


12/29/25


779



772



732


0.22





















7,766



7,459


2.23


Data Processing & Outsourced Services


























Future Payment Technologies, L.P.


First Lien Secured Term Loan


1.00 %


LIBOR


8.25 %


12.37 %


12/23/16


06/07/24


22,911



22,776



22,817


6.86





















22,776



22,817


6.86


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



330


0.10


Foodservices Brand Group, LLC (d/b/a Crown Brands Group)⁽¹⁹⁾


Second Lien Secured Term Loan


1.50 %


SOFR


6.50 %


10.92 %


11/22/22


01/08/26


5,171



5,108



3,841


1.16





















5,465



4,171


1.26


Diversified Chemicals


























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


First Lien Secured Term Loan


0.75 %


SOFR


5.75 %


10.30 %


11/16/21


11/16/26


7,920



7,578



6,731


2.03


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


First Lien Secured Term Loan


1.00 %


Prime


8.75 %


16.25% (14.25% Cash + 2.00% PIK)


11/13/19


05/13/23


7,353



7,302



6,537


1.97





















14,880



13,268


4.00


Diversified Support Services


























NNA Services, LLC


First Lien Secured Term Loan


1.00 %


LIBOR


6.75 %


11.48 %


08/27/21


08/27/26


11,302



11,199



10,833


3.26





















11,199



10,833


3.26


Education Services


























EducationDynamics, LLC


First Lien Secured Term Loan


1.00 %


LIBOR


7.00 %


11.39% (10.89% Cash + 0.50% PIK)


09/15/21


09/15/26


13,053



12,861



12,663


3.80


EducationDynamics, LLC(4)(7)


First Lien Secured Delayed Draw Loan


1.00 %


LIBOR


7.00 %


11.39% (10.89% Cash + 0.50% PIK)


09/15/21


09/15/26


—



—



(26)


(0.01)


EducationDynamics, LLC(7)


First Lien Secured Revolving Loan


1.00 %


LIBOR


7.00 %


11.39% (10.89% Cash + 0.50% PIK)


09/15/21


09/15/26


—



—



(18)


(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





















13,028



12,786


3.83


Electric Utilities


























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


First Lien Secured Term Loan


1.00 %


LIBOR


7.25 %


11.33 %


10/12/21


10/12/26


10,500



10,341



10,411


3.13





















10,341



10,411


3.13


Environmental & Facilities Services


























Industrial Specialty Services USA LLC


First Lien Secured Term Loan


1.00 %


LIBOR


6.25 %


10.98 %


12/31/21


12/31/26


11,887



11,697



11,559


3.48


Industrial Specialty Services USA LLC(7)(12)


First Lien Secured Revolving Loan


1.00 %


Base Rate


5.90 %


11.41 %


12/31/21


12/31/26


674



663



649


0.20


Solar Holdings Bidco Limited (d/b/a SLR Consulting Ltd.)⁽⁵⁾⁽¹⁵⁾


First Lien Secured Term Loan


0.50 %


SOFR


6.75 %


11.05 %


09/30/22


09/28/29


2,783



2,709



2,713


0.82


Solar Holdings Bidco Limited (d/b/a SLR Consulting Ltd.)⁽⁵⁾⁽¹³⁾⁽¹⁵⁾


First Lien Secured Term Loan


0.50 %


CDOR


6.75 %


11.61 %


09/30/22


09/28/29


3,837



2,729



2,749


0.83


Solar Holdings Bidco Limited (d/b/a SLR Consulting Ltd.)⁽⁵⁾⁽¹⁵⁾⁽²²⁾


First Lien Secured Term Loan


0.00 %


SONIA


6.75 %


10.18 %


09/30/22


09/28/29


168



182



199


0.06


Solar Holdings Bidco Limited (d/b/a SLR Consulting Ltd.)⁽⁵⁾⁽¹⁵⁾


First Lien Secured Delayed Draw Loan


0.50 %


SOFR


6.75 %


11.05 %


09/30/22


09/28/29


53



51



52


0.02


Solar Holdings Bidco Limited (d/b/a SLR Consulting Ltd.)⁽⁵⁾⁽⁷⁾⁽¹⁵⁾⁽²³⁾


First Lien Secured Delayed Draw Loan


0.50 %


SOFR


6.75 %


11.05 %


09/30/22


09/28/29


—



—



(62)


(0.02)





















18,031



17,859


5.39


Health Care Facilities


























Bridgepoint Healthcare, LLC


First Lien Secured Term Loan


1.00 %


LIBOR


7.75 %


12.04 %


10/05/21


10/05/26


10,423



10,266



10,161


3.06


Bridgepoint Healthcare, LLC(7)


First Lien Secured Delayed Draw Loan


1.00 %


LIBOR


7.75 %


12.04 %


10/05/21


10/05/26


—



—



(14)


—


Bridgepoint Healthcare, LLC(7)


First Lien Secured Revolving Loan


1.00 %


LIBOR


7.75 %


12.04 %


10/05/21


10/05/26


—



—



(16)


—





















10,266



10,131


3.06


Health Care Services


























Lab Logistics, LLC


First Lien Secured Term Loan


1.00 %


SOFR


7.25 %


11.67 %


10/16/19


09/25/23


5,487


$

5,446


$

5,487


1.65

%

Lab Logistics, LLC


First Lien Secured Delayed Draw Loan


1.00 %


SOFR


7.25 %


11.67 %


10/16/19


09/25/23


5,131



5,124



5,131


1.54


PG Dental New Jersey Parent, LLC


First Lien Secured Term Loan


1.00 %


LIBOR


9.00 %


13.32% (12.57% Cash + 0.75% PIK)


11/25/20


11/25/25


13,495



13,324



12,415


3.74


PG Dental New Jersey Parent, LLC(7)


First Lien Secured Revolving Loan


1.00 %


LIBOR


8.25 %


12.57% (11.82% Cash + 0.75% PIK)


11/25/20


11/25/25


352



347



300


0.09





















24,241



23,333


7.02


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


21,573



21,110



20,997


6.32


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 %


13.98 %


02/23/22


02/23/28


2,151



2,105



2,093


0.63





















23,215



23,090


6.95


Heavy Electrical Equipment


























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


First Lien Secured Term Loan


1.00 %


LIBOR


6.25 %


10.98 %


06/25/21


06/25/26


14,130



13,922



13,774


4.14


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


First Lien Secured Delayed Draw Loan


1.00 %


LIBOR


6.25 %


10.98 %


07/11/22


06/25/26


—



—



(34)


(0.01)


PPS CR Acquisition, Inc. (d/b/a Power Plant Services)⁽⁷⁾⁽¹²⁾


First Lien Secured Revolving Loan


1.00 %


Base Rate


5.96 %


11.36 %


06/25/21


06/25/24


836



828



780


0.23





















14,750



14,520


4.36


Home Furnishings


























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


First Lien Secured Term Loan


1.00 %


LIBOR


6.50 %


10.40 %


10/12/21


10/12/26


20,834



20,517



20,210


6.08


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


First Lien Secured Revolving Loan


1.00 %


LIBOR


6.50 %


10.40 %


10/12/21


10/12/26


—



—



(39)


(0.01)


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


First Lien Secured Term Loan


2.00 %


SOFR


8.75 %


13.19 %


09/19/22


09/21/26


4,861



4,821



4,609


1.39





















25,338



24,780


7.46


Household Appliances


























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


First Lien Secured Term Loan


0.50 %


SOFR


6.00 %


10.73 %


05/26/22


05/31/29


7,214



6,680



6,615


1.99





















6,680



6,615


1.99


Household Products


























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


First Lien Secured Term Loan


1.00 %


SOFR


7.00 %


11.65% (11.15% Cash + 0.50% PIK)


04/05/21


04/05/26


11,334



11,223



10,429


3.14


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


First Lien Secured Revolving Loan


1.00 %


SOFR


6.58 %


10.90% (10.40% Cash + 0.50% PIK)


04/05/21


04/05/26


798



790



724


0.22





















12,013



11,153


3.36


Industrial Machinery


























BLP Buyer, Inc. (d/b/a Bishop Lifting Products, Inc.)


First Lien Secured Term Loan


1.25 %


SOFR


6.50 %


10.21 %


10/03/22


02/01/27


2,149



2,098



2,091


0.63


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


First Lien Secured Term Loan


0.50 %


SOFR


5.50 %


10.08 %


06/09/22


06/01/29


8,355



7,535



7,269


2.19





















9,633



9,360


2.82


Interactive Media & Services


























MSI Information Services, Inc.


First Lien Secured Term Loan


1.00 %


SOFR


7.75 %


12.17 %


04/25/22


04/24/26


7,751



7,623



7,554


2.27


MSI Information Services, Inc.(7)


First Lien Secured Revolving Loan


1.00 %


SOFR


7.75 %


12.17 %


04/25/22


04/24/26


—



—



(9)


—





















7,623



7,545


2.27


Internet & Direct Marketing Retail


























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


First Lien Secured Term Loan


1.50 %


LIBOR


9.00 %


13.38% (12.38% Cash + 1.00% PIK)


08/28/20


08/28/25


12,720



12,550



12,465


3.75


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


First Lien Secured Delayed Draw Loan


1.50 %


LIBOR


9.00 %


13.38% (12.38% Cash + 1.00% PIK)


04/29/22


08/28/25


2,593



2,557



2,541


0.76


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


First Lien Secured Term Loan


1.00 %


LIBOR


6.50 %


10.91 %


12/04/20


06/04/26


5,880



5,807



5,880


1.77


Potpourri Group, Inc.


First Lien Secured Term Loan


1.50 %


LIBOR


8.25 %


12.47 %


07/03/19


07/03/24


14,187



14,091



14,187


4.27





















35,005



35,073


10.55


Investment Banking & Brokerage


























JVMC Holdings Corp. (fka RJO Holdings Corp)


First Lien Secured Term Loan


1.00 %


LIBOR


6.50 %


10.88 %


02/28/19


02/28/24


11,860


$

11,833


$

11,860


3.57

%




















11,833



11,860


3.57


IT Consulting & Other Services


























ATSG, Inc.


First Lien Secured Term Loan


1.00 %


LIBOR


6.50 %


11.14 %


11/12/21


11/12/26


13,833



13,620



13,487


4.06





















13,620



13,487


4.06


Leisure Facilities


























Honors Holdings, LLC (d/b/a Orange Theory)⁽¹⁵⁾⁽¹⁶⁾


First Lien Secured Term Loan


1.00 %


SOFR


7.12 %


11.73 %


09/06/19


09/06/24


9,440



9,344



9,254


2.78


Honors Holdings, LLC (d/b/a Orange Theory)⁽¹⁵⁾⁽¹⁶⁾


First Lien Secured Delayed Draw Loan


1.00 %


SOFR


7.00 %


11.62 %


09/06/19


09/06/24


4,649



4,621



4,557


1.37


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


First Lien Secured Term Loan A


1.00 %


LIBOR


7.50 %


11.88 %


06/29/20


06/29/25


5,574



5,531



5,520


1.66


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


First Lien Secured Term Loan B


N/A


N/A


9.50 %


9.50% (0.00% Cash + 9.50% PIK)


06/29/20


06/29/25


1,330



1,316



1,266


0.38


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% (0.00% Cash + 9.50% PIK)


06/29/20


N/A


1,268



1,265



1,198


0.36





















22,077



21,795


6.55


Leisure Products


























Playmonster Group LLC(6)(20)


Priority First Lien Secured Term Loan


1.00 %


LIBOR


6.75 %


11.47% PIK


12/09/22


06/08/26


184



176



176


0.05


Playmonster Group LLC(6)(20)


First Lien Secured Term Loan


1.00 %


LIBOR


9.00 %


13.36% PIK


01/24/22


06/08/26


3,663



3,664



2,977


0.90


Leviathan Intermediate Holdco, LLC


First Lien Secured Term Loan


1.00 %


SOFR


7.50 %


12.54 %


12/27/22


12/27/27


10,452



10,139



10,138


3.05


Leviathan Intermediate Holdco, LLC⁽⁷⁾


First Lien Secured Revolving Loan


1.00 %


SOFR


7.50 %


12.54 %


12/27/22


12/27/27


78



76



75


0.02





















14,055



13,366


4.02


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 %


12.38 %


11/23/21


12/16/29


5,000



4,935



4,824


1.45





















4,935



4,824


1.45


Office Services & Supplies


























American Crafts, LC


First Lien Secured Term Loan


1.00 %


LIBOR


8.50 %


12.88 %


05/28/21


05/28/26


9,555



9,473



8,244


2.48


American Crafts, LC


First Lien Secured Delayed Draw Loan


1.00 %


LIBOR


8.50 %


12.88 %


10/01/22


05/28/26


1,367



1,346



1,147


0.35


Empire Office, Inc.


First Lien Secured Term Loan


1.50 %


LIBOR


6.75 %


11.13 %


04/12/19


04/12/24


11,806



11,728



11,687


3.52


Empire Office, Inc.(4)


First Lien Secured Delayed Draw Loan


1.50 %


LIBOR


6.75 %


11.13 %


08/17/21


04/12/24


4,803



4,746



4,754


1.43





















27,293



25,832


7.78


Packaged Foods & Meats


























Lenny & Larry's, LLC⁽¹⁵⁾⁽¹⁷⁾


First Lien Secured Term Loan


1.00 %


LIBOR


8.33 %


12.65% (10.94% Cash + 1.71% PIK)


05/15/18


05/15/23


11,214



11,198



10,941


3.30





















11,198



10,941


3.30


Personal Products


























Inspired Beauty Brands, Inc.


First Lien Secured Term Loan


1.00 %


LIBOR


7.00 %


11.65 %


12/30/20


12/30/25


11,519



11,381



11,159


3.36


Inspired Beauty Brands, Inc.(7)


First Lien Secured Revolving Loan


1.00 %


LIBOR


7.00 %


10.78 %


12/30/20


12/30/25


265



262



252


0.08


Sunless, Inc.


First Lien Secured Term Loan


1.00 %


LIBOR


6.50 %


11.23 %


06/30/22


08/13/25


2,086



2,051



2,071


0.62





















13,694



13,482


4.06


Real Estate Development


























StoicLane MidCo, LLC (d/b/a StoicLane Inc.)


First Lien Secured Term Loan


1.00 %


SOFR


7.50 %


11.82 %


11/04/22


11/04/27


4,653



4,540



4,540


1.37


StoicLane MidCo, LLC (d/b/a StoicLane Inc.)⁽⁷⁾


First Lien Secured Delayed Draw Loan


1.00 %


SOFR


7.50 %


12.20 %


11/04/22


11/04/27


3,621



3,563



3,563


1.07





















8,103



8,103


2.44


Real Estate Operating Companies


























HRG Management, LLC (d/b/a HomeRiver Group, LLC)⁽⁷⁾


First Lien Secured Delayed Draw Loan


1.00 %


LIBOR


6.25 %


10.48 %


12/23/22


10/19/26


—


$

—


$

—


—

%

Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)


First Lien Secured Term Loan


1.00 %


SOFR


7.50 %


11.73 %


12/02/22


12/02/27


5,155



5,003



5,003


1.50


Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽⁷⁾


First Lien Secured Delayed Draw Loan


1.00 %


SOFR


7.00 %


11.42 %


12/02/22


12/02/27


56



55



55


0.02


Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽⁷⁾


First Lien Secured Revolving Loan


1.00 %


SOFR


7.00 %


11.42 %


12/02/22


12/02/27


258



251



251


0.08





















5,309



5,309


1.60


Research & Consulting Services


























Aeyon LLC⁽¹⁵⁾


First Lien Secured Term Loan


1.00 %


SOFR


8.88 %


13.19 %


02/10/22


02/10/27


8,910



8,764



8,641


2.60


ALM Media, LLC


First Lien Secured Term Loan


1.00 %


LIBOR


6.50 %


10.91 %


11/25/19


11/25/24


13,388



13,286



13,255


3.99





















22,050



21,896


6.59


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 %


10.89 %


11/16/21


11/16/27


11,798



11,606



11,326


3.41


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 %


10.89 %


11/16/21


11/16/27


—



—



(96)


(0.03)


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


First Lien Secured Term Loan


1.00 %


LIBOR


6.50 %


11.23 %


09/30/21


09/30/26


11,521



11,348



11,521


3.47


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


First Lien Secured Revolving Loan


1.00 %


LIBOR


6.50 %


11.23 %


09/30/21


09/30/26


—



—



10


—


True Blue Car Wash, LLC⁽¹⁵⁾


First Lien Secured Term Loan


1.00 %


SOFR


6.88 %


11.30 %


10/17/19


10/17/24


9,903



9,822



9,942


2.99


True Blue Car Wash, LLC⁽⁷⁾⁽¹⁵⁾


First Lien Secured Delayed Draw Loan


1.00 %


SOFR


6.50 %


10.92 %


10/17/19


10/17/24


4,160



4,107



4,189


1.26





















36,883



36,892


11.10


Specialized Finance


























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


Subordinated Note


N/A


LIBOR


6.50 %


10.67 %


07/19/19


N/A


80,000



80,000



80,000


24.07





















80,000



80,000


24.07


Systems Software


























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


First Lien Secured Term Loan


1.00 %


SOFR


7.50 %


11.92% (8.17% Cash + 3.75% PIK)


03/16/21


03/16/27


19,623



19,353



17,847


5.37





















19,353



17,847


5.37


Technology Hardware, Storage & Peripherals


























Telestream Holdings Corporation


First Lien Secured Term Loan


1.00 %


SOFR


9.25 %


13.67 %


10/15/20


10/15/25


15,846



15,556



15,762


4.74


Telestream Holdings Corporation(7)


First Lien Secured Revolving Loan


1.00 %


SOFR


9.25 %


13.67 %


10/15/20


10/15/25


927



910



928


0.28


Telestream Holdings Corporation(7)


First Lien Secured Delayed Draw Loan


1.00 %


SOFR


9.25 %


13.67 %


05/12/22


10/15/25


—



—



3


—





















16,466



16,693


5.02




























Total Debt Investments


















$

735,943


$

719,068


216.34

%



























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


$

154


0.05

%




















258



154


0.05


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



517


0.16





















1,250



517


0.16


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



786


0.24





















423



786


0.24


Diversified Support Services


























Quest Events, LLC(4)


Preferred Units


N/A


N/A


N/A


N/A


12/28/18


12/08/25


347


$

347


$

110


0.03

%

ImageOne Industries, LLC(4)


Common A Units


N/A


N/A


N/A


N/A


09/20/19


N/A


229



4



92


0.03





















351



202


0.06


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


0.02





















167



83


0.02


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



600


0.18





















825



600


0.18


Industrial Machinery


























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



514


0.15





















667



514


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



1,943


0.58





















851



1,943


0.58


Internet & Direct Marketing 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



1,404


0.42


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



714


0.21





















1,614



2,118


0.63


Investment Banking & Brokerage


























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


Shares


N/A


N/A


N/A


N/A


10/01/20


N/A


—



6,944



6,380


1.92





















6,944



6,380


1.92


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



1,558


0.47


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



363


0.11





















1,612



1,921


0.58


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



131


0.04


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



53


0.02





















2,734



184


0.06


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



—


0.01


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



—


0.01


Office Services & Supplies


























American Crafts Holdings, LLC (d/b/a American Crafts, LC)⁽⁴⁾


Warrants


N/A


N/A


N/A


N/A


12/22/22


12/22/32


—



—



—


—





















—



—


—


Other 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



3,788


1.14





















2,890



3,788


1.14


Paper Packaging


























Max Solutions Inc.(4)


Common Stock


N/A


N/A


N/A


N/A


09/29/22


N/A


4



400



283


0.09





















400



283


0.09


Real Estate Operating Companies


























Salon Republic Holdings, 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 Holdings, 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



400


0.12





















600



600


0.18


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



927


0.29





















840



927


0.29


Specialized Finance


























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


LLC Interests


N/A


N/A


N/A


N/A


07/19/19


N/A


20,000



20,000



20,160


6.07





















20,000



20,160


6.07




























Total Equity Investments


















$

46,486


$

41,160


12.41

%



























Total Investments


















$

782,429


$

760,228


228.75

%

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2022

(in thousands)


















Counterparty


Currency to be sold


Currency to be purchased


Settlement date


Unrealized
appreciation


Unrealized
depreciation

Morgan Stanley


C$

327

CAD


$

241

USD


 1/27/23


$

—


$

—

Morgan Stanley


£

59

GBP


$

69

USD


 1/27/23



—



(3)

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"), 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 82.8% 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 December 31, 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 228.75% of the Company's net assets or 95.4% 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)

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 2.00% 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)

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



(23)

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 U.S. dollars, Canadian dollars or British pounds.



(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.

 

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-fourth-quarter-and-full-year-2022-earnings-results-and-declares-quarterly-distribution-of-0-355-per-share-and-special-distribution-of-0-07-per-share-301760459.html

SOURCE WhiteHorse Finance, Inc.

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