NEW YORK, Feb. 29, 2024 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the year ended December 31, 2023. In addition, the Company's board of directors has declared a distribution of $0.385 per share with respect to the quarter ending March 31, 2024. The distributions will be payable on April 2, 2024 to stockholders of record as of March 22, 2024.

Fourth Quarter 2023 Summary Highlights

  • Net Asset Value of $316.8 million, or $13.63 per share, compared to $14.30 per share in 2022
  • Investment portfolio(1) totaling $696.2 million
  • STRS JV investment portfolio totaling $312.2 million
  • Gross investment deployments(2) of $56.9 million for the fourth quarter, including new originations of $54.1 million and $2.8 million of fundings for add-ons to existing investments
  • Gross investment deployments(2) of $135.5 million for the year, including new originations of $100.6 million and $34.9 million of fundings for add-ons to existing investments
  • Net investment income and core net investment income(3) of $10.6 million, or $0.456 per share, for the fourth quarter
  • Annual net investment income and core net investment income(3) of $42.7 million, or $1.838 per share
  • Annual distributions of $1.55 per share, including a special distribution of $0.07 per share

Stuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, "I am pleased to report that WhiteHorse's core net investment income increased by nearly 15% compared with the fourth quarter of 2022 and was well in excess of our regular dividend. While we marked down certain assets during the period, the investments in our existing portfolio were underwritten at modest leverage levels and are generally well-positioned to service our debt in a sustained high-interest rate environment. Additionally, our portfolio remains overwhelmingly represented by non-cyclical or lightly cyclical borrowers. While we remain cautious about prevailing economic conditions, we are seeing a continuing rebound in terms of both deal volume and quality in the lower middle markets, and our pipeline activity levels remain high with opportunities to invest in credits with compelling risk-return characteristics. The strength of the pipeline enables us to be conservative in our deal selection as repayment activity gains momentum into early 2024."

Portfolio and Investment Activity

As of December 31, 2023, the fair value of WhiteHorse Finance's investment portfolio was $696.2 million, compared with $760.2 million as of December 31, 2022. The portfolio as of December 31, 2023 consisted of 116 positions across 72 companies with a weighted average effective yield of 13.7% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $6.7 million with the overall portfolio comprised of approximately 79.9% first lien secured loans, 2.3% second lien secured loans, 2.4% equity and 15.4% in investments in STRS JV. Almost all loans were variable rate investments (primarily indexed to the Secured Overnight Financing Rate) with fixed rate securities representing only 0.9% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.

During the three months ended December 31, 2023, WhiteHorse Finance made investments in eight new portfolio companies for a total of $54.1 million, added a total of $2.8 million to existing portfolio companies. Proceeds from sales and repayments totaled approximately $34.9 million for the three months ended December 31, 2023, driven by two full realizations in JZ Capital Partners Ltd. and Aeyon LLC, two partial paydowns in JVMC Holdings Corp. (fka RJO Holdings Corp) and Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services) and received net repayments of $0.6 million from revolver loans.

In addition to the transactions discussed above, during the three months ended December 31, 2023, WhiteHorse Finance transferred assets comprised of four new portfolio companies and one add-on investment, totaling $27.6 million to STRS JV in exchange for cash proceeds.

During the year ended December 31, 2023, WhiteHorse Finance invested $100.6 million across 16 new portfolio companies. The Company also invested $34.9 million in existing portfolio companies. Proceeds from sales and repayments totaled approximately $114.8 million for the year.

In addition to the transactions above, during the year ended December 31, 2023, WhiteHorse Finance transferred assets totaling $74.9 million in exchange for a net investment in STRS JV of $5.5 million as well as cash proceeds of $69.4 million. As of December 31, 2023, the Company's investment in STRS JV was approximately $107.2 million, at fair value.

WHF STRS Ohio Senior Loan Fund LLC

As of December 31, 2023, STRS JV's portfolio totaled $312.2 million, consisted of 34 portfolio companies and had a weighted average effective yield of 12.4% on its portfolio.

Results of Operations

For the three months and year ended December 31, 2023, the Company's net investment income was approximately $10.6 million and $42.7 million, compared with approximately $11.1 million and $37.3 million for the same periods in the prior year, representing a decrease of approximately 4.5% and an increase of 14.5%, respectively. The increase in net investment income for the year-over-year period was primarily attributable to higher investment income from interest income and the STRS JV due to an increase in base rates. This was partially offset by an increase in interest expense, due to higher base rates, higher incentive fees from higher pre-incentive fee net investment income, partially offset by lower management fees due to lower average assets as compared to the same period in the prior year. For the three months ended December 31, 2023, the Company's investment in STRS JV generated an annualized, gross investment yield of approximately 15.4%.

For the three months and year ended December 31, 2023, core net investment income(3) was $10.6 million and $42.7 million, or $0.456 per share and $1.838 per share, respectively, compared with $11.1 million and $35.5 million, or $0.476 per share and $1.526 per share, respectively, for the same periods in the prior year.

For the three months and year ended December 31, 2023, WhiteHorse Finance reported a net realized and unrealized loss on investments and foreign currency transactions of $7.2 million and $22.3 million, respectively. This compares with the three months and year ended December 31, 2022 net realized and unrealized loss on investments and foreign currency transactions of $12.3 million and $21.6 million, respectively. The decrease for the year-over-year period was primarily attributable to markdowns on American Crafts, LC and Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC).

WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $3.4 million and $20.4 million for the three months and year ended December 31, 2023, respectively which compares with a net decrease of $1.2 million for the three months ended December 31, 2022 and a net increase in net assets resulting from operations of $15.7 million for the year ended December 31, 2022, respectively.

WhiteHorse Finance's net asset value was $316.8 million, or $13.63 per share, as of December 31, 2023, compared with $322.3 million, or $13.87 per share, as of September 30, 2023. As of December 31, 2022, WhiteHorse Finance's net asset value was $332.4 million, or $14.30 per share.

Liquidity and Capital Resources

As of December 31, 2023, WhiteHorse Finance had cash and cash equivalents of $24.5 million, compared with $29.8 million as of September 30, 2023, inclusive of restricted cash. As of December 31, 2023, the Company also had $138.5 million of undrawn capacity under its revolving credit facility. 

Distributions

The Company's Board of Directors has declared a distribution of $0.385 per share with respect to the quarter ending March 31, 2024. The distributions will be payable on April 2, 2024 to stockholders of record as of March 22, 2024.

On November 9, 2023, the Company declared a distribution of $0.385 per share for the quarter ended December 31, 2023, consistent with distributions declared for the forty-fifth consecutive quarter since the Company's initial public offering. The distribution was paid on January 3, 2024 to stockholders of record as of December 20, 2023.

Distributions are paid from taxable earnings and may include return of capital and/or capital gains. The specific tax characteristics of the distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company's periodic reports filed with the Securities and Exchange Commission.

Conference Call

WhiteHorse Finance will host a conference call to discuss its fourth quarter and full year results for the period ended December 31, 2023 at 1:00 p.m. ET on Thursday, February 29, 2024. To access the teleconference, please dial 800-579-2543 (domestic and international) approximately 10 minutes before the teleconference's scheduled start time and reference ID #WHFQ423. 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 7, 2024. The teleconference replay can be accessed by dialing 800-839-4018 (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 $60 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.hig.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 $107.2 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 raised 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, 2023 and December 31, 2022.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended December 31, 2023 and December 31, 2022 (in thousands, except per share data):

 

















December 31, 2023

December 31, 2022


Amount

 Per Share

Amount

 Per Share






Amounts





Amounts

Net investment income

$

10,604

$

0.456

$

11,074

$

0.476

Net impact of costs associated with refinancing of indebtedness

-


-


-


-

Accrual for capital gains incentive fee

-


-


-


-

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

-


-


-


-

Core net investment income

$

10,604

$

0.456

$

11,074

$

0.476

 

The following table provides a reconciliation of net investment income to core net investment income for the years ended December 31, 2023 and December 31, 2022 (in thousands, except per share data):

 

















December 31, 2023

December 31, 2022


Amount

 Per Share

Amount

 Per Share






Amounts





Amounts

Net investment income

$

42,713

$

1.838

$

37,258

$

1.604

Net impact of costs associated with refinancing of indebtedness

-


-


-


-

Accrual for capital gains incentive fee

-


-


(1,803)


(0.078)

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

-


-


-


-

Core net investment income

$

42,713

$

1.838

$

35,455

$

1.526

 

 

WhiteHorse Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)










December 31, 2023

December 31, 2022







Assets





Investments, at fair value





Non-controlled/non-affiliate company investments

$

577,798

$

650,535

Non-controlled affiliate company investments

5,422

9,533

Controlled affiliate company investments

112,948

100,160

Total investments, at fair value (amortized cost $740,021 and $782,429, respectively)

696,168

760,228

Cash and cash equivalents

10,749

9,508

Restricted cash and cash equivalents

12,527

14,683

Restricted foreign currency (cost of $1,231 and $2,066, respectively)

1,211

2,073

Interest and dividend receivable

8,149

7,814

Amounts receivable on unsettled investment transactions

343

283

Escrow receivable

393

711

Prepaid expenses and other receivables

1,211

1,174

Total assets

$

730,751

$

796,474







Liabilities





Debt (net of unamortized debt issuance costs of $4,564 and $4,718, respectively)

$

386,448

$

440,427

Distributions payable

8,949

8,251

Management fees payable

3,595

3,860

Incentive fees payable

10,470

5,618

Interest payable

2,069

2,774

Accounts payable and accrued expenses

2,089

2,329

Advances received from unfunded credit facilities

316

825

Unrealized depreciation on foreign currency forward contracts

43

3

Total liabilities

$

413,979

$

464,087







Commitments and contingencies












Net assets





Common stock, 23,243,088 and 23,243,088 shares issued and outstanding, par value
$0.001 per share, respectively, and 100,000,000 shares authorized

23

23

Paid-in capital in excess of par

338,275

339,240

Accumulated earnings (losses)

(21,526)

(6,876)

Total net assets

316,772

332,387

Total liabilities and total net assets

$

730,751

$

796,474

Number of shares outstanding

23,243,088

23,243,088

Net asset value per share

$

13.63

$

14.30

 

 

WhiteHorse Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)















Year ended December 31, 




2023

2022

2021

Investment income









From non-controlled/non-affiliate company investments









Interest income

$

78,493

$

67,617

$

59,845

Payment-in-kind income


3,960

2,114

—

Fee income


2,966

3,474

2,621

Dividend income


450

300

273

From non-controlled affiliate company investments









Interest income


—

13

—

Payment-in-kind income


314

326

—

Dividend income


84

321

1,190

From controlled affiliate company investments









Interest income


9,488

6,385

3,307

Payment-in-kind income


1,347

—

—

Dividend income


6,158

6,977

4,907

Total investment income


103,260

87,527

72,143

Expenses









Interest expense


29,915

21,940

16,594

Base management fees


14,684

15,600

13,975

Performance-based incentive fees


10,678

7,059

7,524

Administrative service fees


683

683

683

General and administrative expenses


3,622

3,963

3,572

Total expenses


59,582

49,245

42,348

Net investment income before excise tax


43,678

38,282

29,795

Excise tax


965

1,024

1,004

Net investment income after excise tax


42,713

37,258

28,791











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









Net realized gains (losses)









Non-controlled/non-affiliate company investments


309

(15,683)

7,994

Non-controlled affiliate company investments


(339)

1,725

562

Foreign currency transactions


950

(310)

262

Foreign currency forward contracts


27

—

(3)

Net realized gains (losses)


947

(14,268)

8,815

Net change in unrealized appreciation (depreciation)









Non-controlled/non-affiliate company investments


(7,871)

(3,505)

(9,501)

Non-controlled affiliate company investments


(5,608)

(5,239)

1,187

Controlled affiliate company investments


(8,490)

(447)

708

Translation of assets and liabilities in foreign currencies


(1,239)

1,887

94

Foreign currency forward contracts


(40)

(3)

—

Net change in unrealized appreciation (depreciation)


(23,248)

(7,307)

(7,512)

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


(22,301)

(21,575)

1,303

Net increase in net assets resulting from operations

$

20,412

$

15,683

$

30,094











Per Common Share Data









Basic and diluted earnings per common share

$

0.88

$

0.68

$

1.42

Dividends and distributions declared per common share

$

1.55

$

1.47

$

1.56

Basic and diluted weighted average common shares outstanding


23,243,088

23,229,552

21,150,168

 

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2023

(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

Debt Investments
























Advertising
























M&M OpCo. LLC (d/b/a Escalent, Inc.)

First Lien Secured Term Loan

1.00 %

SOFR

8.00 %

13.45 %

04/07/23

04/09/29

4,726

$

4,602

$

4,580

1.4

%

M&M OpCo. LLC (d/b/a Escalent, Inc.)⁽⁷⁾

First Lien Secured Revolving Loan

1.00 %

SOFR

8.00 %

13.45 %

04/07/23

04/09/29

—

—

(1)

—



















4,602

4,579

1.4

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 %

12.46 %

12/16/22

12/18/28

4,804

4,685

4,738

1.5

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

First Lien Secured Revolving Loan

1.00 %

SOFR

7.00 %

12.46 %

12/16/22

12/18/28

—

—

7

—

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

First Lien Secured Term Loan

1.00 %

SOFR

7.25 %

12.71% (11.96%
Cash + 0.75% PIK)

07/12/21

07/12/26

9,989

9,888

8,790

2.8

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

First Lien Secured Revolving Loan

1.00 %

SOFR

7.25 %

12.71% (11.96%
Cash + 0.75% PIK)

07/12/21

07/12/26

473

468

338

0.1

Transervice Holdings, Inc. (d/b/a Transervice Logistics, Inc.)

First Lien Secured Term Loan

2.00 %

SOFR

7.50 %

12.96 %

06/29/23

06/29/28

8,888

8,648

8,743

2.8



















23,689

22,616

7.2

Alternative Carriers
























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

First Lien Secured Term Loan

0.50 %

SOFR

5.75 %

11.12 %

08/05/22

08/01/29

14,442

12,357

13,191

4.2



















12,357

13,191

4.2

Application Software
























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

First Lien Secured Term Loan

0.75 %

SOFR

5.25 %

10.88 %

08/29/22

05/08/28

3,066

2,675

2,269

0.7

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

Second Lien Secured Term Loan

0.75 %

SOFR

9.00 %

14.64 %

05/03/21

05/07/29

15,000

14,699

9,744

3.1

MBS Highway, LLC

First Lien Secured Term Loan

1.00 %

SOFR

7.50 %

13.18 %

10/13/22

10/13/27

9,381

9,204

9,089

2.9

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

First Lien Secured Term Loan

1.00 %

SOFR

7.00 %

12.45 %

06/14/19

02/27/24

3,148

3,148

3,113

1.0

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

First Lien Secured Revolving Loan

1.00 %

Base Rate

6.84 %

12.78 %

06/14/19

02/27/24

271

271

268

0.1

UserZoom Technologies, Inc. (d/b/a UserZoom, Inc.)

First Lien Secured Term Loan

1.00 %

SOFR

7.50 %

12.99 %

01/12/23

04/05/29

9,819

9,570

9,719

3.2



















39,567

34,202

11.0

Automotive Retail
























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

First Lien Secured Term Loan

1.00 %

Base Rate

7.48 %

13.09 %

02/16/18

12/31/24

12,407

12,391

12,407

3.9



















12,391

12,407

3.9

Broadcasting
























Coastal Television Broadcasting Group LLC

First Lien Secured Term Loan

1.00 %

SOFR

7.00 %

12.46 %

12/30/21

12/30/26

7,418

7,329

7,246

2.3

Coastal Television Broadcasting Group LLC(7)

First Lien Secured Revolving Loan

1.00 %

SOFR

7.00 %

12.46 %

12/30/21

12/30/26

—

—

(3)

—



















7,329

7,243

2.3

Broadline Retail
























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

First Lien Secured Term Loan

1.50 %

SOFR

9.50 %

14.96% (13.96%
Cash + 1.00% PIK)

08/28/20

08/28/25

12,891

12,787

12,818

4.1

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

First Lien Secured Delayed Draw Loan

1.50 %

SOFR

9.50 %

14.96% (13.96%
Cash + 1.00% PIK)

12/02/21

08/28/25

2,628

2,606

2,613

0.8

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

First Lien Secured Term Loan

1.00 %

SOFR

6.50 %

11.96 %

12/04/20

06/04/26

5,280

5,233

5,280

1.7

Potpourri Group, Inc.

First Lien Secured Term Loan

1.50 %

SOFR

8.25 %

13.71 %

07/03/19

07/03/24

13,799

13,767

13,799

4.4



















34,393

34,510

11.0

Building Products
























Trimlite Buyer LLC (d/b/a Trimlite LLC)⁽⁵⁾⁽¹³⁾⁽²³⁾

First Lien Secured Term Loan

1.00 %

CDOR

6.50 %

11.94 %

07/27/21

07/27/27

19,624

15,472

14,810

4.7



















15,472

14,810

4.7

Cable & Satellite
























Bulk Midco, LLC

First Lien Secured Term Loan

1.00 %

SOFR

7.50 %

12.96% (11.96%
Cash + 1.00% PIK)

10/28/22

06/10/24

19,267

19,237

18,997

6.0

Bulk Midco, LLC

First Lien Secured Revolving Loan

1.00 %

SOFR

7.50 %

12.96% (11.96%
Cash + 1.00% PIK)

10/28/22

06/10/24

2,000

1,989

1,972

0.6



















21,226

20,969

6.6

Commodity Chemicals
























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

First Lien Secured Term Loan

1.00 %

SOFR

6.50 %

12.00 %

10/28/19

10/29/26

16,193

$

15,786

$

16,110

5.1

%

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

First Lien Secured Term Loan

1.00 %

SOFR

7.75 %

13.28 %

12/20/22

12/20/27

5,203

5,111

5,153

1.6

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

First Lien Secured Delayed Draw Loan

1.00 %

SOFR

7.75 %

13.29 %

12/20/22

12/20/27

9,540

9,345

9,449

3.0



















30,242

30,712

9.7

Construction & Engineering
























Banner Acquisition Holdings, LLC (d/b/a Banner Industries, Inc.)⁽⁷⁾

First Lien Secured Delayed Draw Loan

1.00 %

SOFR

6.00 %

11.38 %

12/01/23

01/02/29

140

137

137

—



















137

137

—

Construction Materials
























Claridge Products and Equipment, LLC

First Lien Secured Term Loan

1.00 %

SOFR

8.00 %

13.50% (12.00%
Cash + 1.50% PIK)

12/30/20

12/30/25

7,452

7,395

6,405

2.0

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

First Lien Secured Revolving Loan

1.00 %

Base Rate

7.56 %

14.41% (12.91%
Cash + 1.50% PIK)

12/30/20

12/30/25

632

628

496

0.2



















8,023

6,901

2.2

Data Processing & Outsourced Services
























Future Payment Technologies, L.P.

First Lien Secured Term Loan

1.00 %

SOFR

8.25 %

13.69 %

12/23/16

12/05/25

21,665

21,582

21,480

6.8



















21,582

21,480

6.8

Distributors
























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

First Lien Secured Term Loan

1.00 %

SOFR

8.00 %

13.52 %

11/22/22

12/09/25

357

357

200

0.1

Foodservices Brand Group, LLC (d/b/a Crown Brands Group)⁽¹⁷⁾

Second Lien Secured Term Loan

1.50 %

SOFR

6.50 %

11.96 %

11/22/22

01/08/26

5,171

4,915

1,601

0.5

Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)

First Lien Secured Bridge Loan

1.00 %

SOFR

14.00 %

19.46% (13.46%
Cash + 6.00% PIK)

12/22/23

12/22/25

1,464

1,420

1,420

0.4

Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)

First Lien Secured Term Loan

1.00 %

SOFR

7.25 %

12.71 %

12/22/23

12/22/28

9,490

9,254

9,254

2.9

Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)⁽⁷⁾

First Lien Secured Delayed Draw Loan

1.00 %

SOFR

7.25 %

12.71 %

12/22/23

12/22/28

—

—

—

—

Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)⁽⁷⁾

First Lien Secured Revolving Loan

1.00 %

SOFR

7.25 %

12.71 %

12/22/23

12/22/28

—

—

—

—



















15,946

12,475

3.9

Diversified Chemicals
























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

First Lien Secured Term Loan

0.75 %

SOFR

5.75 %

11.28 %

11/16/21

12/01/26

7,840

7,587

7,215

2.3

Chase Products Co. (f/k/a Starco)⁽⁶⁾⁽²¹⁾

First Lien Secured Term Loan

N/A

N/A

12.00 %

12.00% PIK

03/16/23

03/16/28

2,962

2,962

2,793

0.9



















10,549

10,008

3.2

Diversified Support Services
























NNA Services, LLC

First Lien Secured Term Loan

1.00 %

SOFR

6.75 %

12.25 %

08/27/21

08/27/26

9,417

9,354

9,293

2.9



















9,354

9,293

2.9

Education Services
























EducationDynamics, LLC

First Lien Secured Term Loan

1.00 %

SOFR

7.00 %

12.46% (11.96%
Cash + 0.50% PIK)

09/15/21

09/15/26

12,784

12,647

12,407

4.0

EducationDynamics, LLC(7)

First Lien Secured Revolving Loan

1.00 %

SOFR

7.00 %

12.46% (11.96%
Cash + 0.50% PIK)

09/15/21

09/15/26

—

—

(22)

—

EducationDynamics, LLC(4)

Subordinated Unsecured Term Loan

N/A

N/A

4.00 %

4.00 %

09/15/21

03/15/27

167

167

167

0.1



















12,814

12,552

4.1

Electric Utilities
























CleanChoice Energy, Inc.

First Lien Secured Term Loan

1.00 %

SOFR

7.58 %

13.14 %

10/12/21

10/12/26

15,955

15,715

15,954

5.0



















15,715

15,954

5.0

Environmental & Facilities Services
























Branford Filtration, LLC (d/b/a Clean Solutions Group)

First Lien Secured Term Loan

1.00 %

SOFR

6.50 %

11.96 %

11/17/23

11/17/28

11,613

11,358

11,358

3.6

Branford Filtration, LLC (d/b/a Clean Solutions Group)⁽⁷⁾

First Lien Secured Revolving Loan

1.00 %

SOFR

6.50 %

11.96 %

11/17/23

11/17/28

—

—

—

—

Industrial Specialty Services USA LLC

First Lien Secured Term Loan

1.00 %

SOFR

6.75 %

12.25 %

12/31/21

12/31/26

11,767

11,626

11,537

3.6



















22,984

22,895

7.2

Health Care Facilities
























Bridgepoint Healthcare, LLC

First Lien Secured Term Loan

1.00 %

SOFR

8.00 %

13.46 %

10/05/21

10/05/26

9,073

8,973

8,967

2.8

Bridgepoint Healthcare, LLC(7)

First Lien Secured Revolving Loan

1.00 %

SOFR

8.00 %

13.46 %

10/05/21

10/05/26

—

—

(1)

—



















8,973

8,966

2.8

Health Care Services
























Lab Logistics, LLC

First Lien Secured Term Loan

1.00 %

SOFR

7.25 %

12.71 %

10/16/19

09/25/24

5,449

$

5,442

$

5,449

1.7

%

Lab Logistics, LLC

First Lien Secured Delayed Draw Loan

1.00 %

SOFR

7.25 %

12.71 %

10/16/19

09/25/24

5,090

5,089

5,090

1.6

PG Dental New Jersey Parent, LLC

First Lien Secured Term Loan

1.00 %

SOFR

7.50 %

12.96% (10.71%
Cash + 2.25% PIK)

11/25/20

11/25/25

6,400

6,348

6,400

2.0

PG Dental New Jersey Parent, LLC⁽¹²⁾

First Lien Secured Revolving Loan

1.00 %

Base Rate

7.00 %

13.98% (11.73%
Cash + 2.25% PIK)

11/25/20

11/25/25

704

698

704

0.2



















17,577

17,643

5.5

Health Care Supplies
























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

First Lien Secured Term Loan

0.75 %

SOFR

7.50 %

13.01 %

02/23/22

02/23/28

20,409

20,056

18,983

6.0



















20,056

18,983

6.0

Heavy Electrical Equipment
























Power Service Group CR Acquisition Inc. (d/b/a Power Plant
Services)

First Lien Secured Term Loan

1.00 %

SOFR

6.75 %

12.25 %

06/25/21

06/25/26

8,804

8,712

8,782

2.8

Power Service Group CR Acquisition Inc. (d/b/a Power Plant
Services)

First Lien Secured Delayed Draw Loan

1.00 %

SOFR

6.75 %

12.25 %

07/11/22

06/25/26

1,356

1,336

1,353

0.4



















10,048

10,135

3.2

Home Furnishings
























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

First Lien Secured Term Loan

3.00 %

SOFR

10.75 %

16.22 %

09/19/22

09/21/26

4,689

4,661

4,179

1.3

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

First Lien Secured Term Loan

1.00 %

SOFR

6.50 %

12.07 %

10/12/21

10/12/26

20,616

20,385

20,407

6.4

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

First Lien Secured Revolving Loan

1.00 %

SOFR

6.50 %

12.07 %

10/12/21

10/12/26

—

—

3

—

Whitestone Home Furnishings, LLC (d/b/a Saatva, Inc.)

First Lien Secured Term Loan

1.00 %

SOFR

6.50 %

11.96 %

11/06/23

08/20/26

2,990

2,919

2,919

0.9



















27,965

27,508

8.6

Household Appliances
























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

First Lien Secured Term Loan

0.50 %

SOFR

6.00 %

11.53 %

05/26/22

05/31/29

7,142

6,695

5,966

1.9



















6,695

5,966

1.9

Household Products
























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

First Lien Secured Term Loan

1.00 %

SOFR

7.50 %

13.21% (12.21%
Cash + 1.00% PIK)

04/05/21

04/05/26

11,358

11,282

10,904

3.4

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

First Lien Secured Revolving Loan

1.00 %

SOFR

7.50 %

13.21% (12.21%
Cash + 1.00% PIK)

04/05/21

04/05/26

—

—

(31)

—



















11,282

10,873

3.4

Industrial Machinery & Supplies & Components
























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

First Lien Secured Term Loan

0.50 %

SOFR

5.50 %

10.89 %

06/09/22

06/01/29

6,027

5,536

5,364

1.7



















5,536

5,364

1.7

Interactive Media & Services
























MSI Information Services, Inc.

First Lien Secured Term Loan

1.00 %

SOFR

7.75 %

13.29 %

04/25/22

04/24/26

7,333

7,248

6,972

2.2

MSI Information Services, Inc.(7)(12)

First Lien Secured Revolving Loan

1.00 %

Base Rate

6.84 %

15.06 %

04/25/22

04/24/26

825

815

776

0.2



















8,063

7,748

2.4

Investment Banking & Brokerage
























JVMC Holdings Corp. (fka RJO Holdings Corp)

First Lien Secured Term Loan

1.00 %

SOFR

6.50 %

11.96 %

02/28/19

02/28/24

3,522

3,521

3,522

1.1



















3,521

3,522

1.1

IT Consulting & Other Services
























ATSG, Inc.

First Lien Secured Term Loan

1.00 %

SOFR

6.50 %

12.04 %

11/12/21

11/12/26

3,785

3,741

3,745

1.2



















3,741

3,745

1.2

Leisure Facilities
























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

First Lien Secured Term Loan

1.00 %

SOFR

6.49 %

12.02 %

09/06/19

09/06/24

9,441

$

9,375

$

9,347

3.0

%

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

First Lien Secured Delayed Draw Loan

1.00 %

SOFR

6.37 %

11.90 %

09/06/19

09/06/24

4,650

4,631

4,603

1.5

Lift Brands, Inc.

First Lien Secured Term Loan A

1.00 %

SOFR

7.50 %

12.96 %

06/29/20

06/29/25

5,518

5,492

5,457

1.7

Lift Brands, Inc.

First Lien Secured Term Loan B

N/A

N/A

9.50 %

9.50% PIK

06/29/20

06/29/25

1,450

1,441

1,406

0.4

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

First Lien Secured Term Loan C

N/A

N/A

9.50 %

9.50% PIK

06/29/20

N/A

1,657

1,654

1,623

0.5



















22,593

22,436

7.1

Leisure Products
























Playmonster Group LLC⁽⁶⁾⁽¹⁹⁾

Priority First Lien Secured Term Loan

1.00 %

SOFR

6.75 %

12.37%  PIK

12/09/22

06/08/26

1,140

1,118

1,015

0.3

Playmonster Group LLC⁽⁶⁾⁽¹⁷⁾⁽¹⁹⁾

First Lien Secured Term Loan

1.00 %

SOFR

9.00 %

14.53% PIK

01/24/22

06/08/26

4,232

3,661

1,363

0.4

Leviathan Intermediate Holdco, LLC

First Lien Secured Term Loan

1.50 %

SOFR

7.50 %

13.00 %

12/27/22

12/27/27

10,346

10,098

10,346

3.3

Leviathan Intermediate Holdco, LLC⁽⁷⁾

First Lien Secured Revolving Loan

1.50 %

SOFR

7.50 %

13.00 %

12/27/22

12/27/27

—

—

14

—



















14,877

12,738

4.0

Life Sciences Tools & Services
























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

Second Lien Secured Term Loan

0.50 %

SOFR

8.00 %

13.47 %

11/23/21

12/16/29

5,000

4,944

4,901

1.5



















4,944

4,901

1.5

Office Services & Supplies
























American Crafts, LC⁽¹⁴⁾⁽²⁰⁾

Super Priority First Lien Secured Term Loan

1.00 %

SOFR

8.50 %

13.96% PIK

07/25/23

05/28/26

1,903

1,903

1,878

0.6

American Crafts, LC⁽¹⁴⁾⁽²⁰⁾

Priority First Lien Secured Term Loan

1.00 %

SOFR

8.50 %

13.96% PIK

12/22/22

05/28/26

5,105

5,105

3,226

1.0

American Crafts, LC⁽¹⁴⁾⁽¹⁷⁾⁽²⁰⁾

First Lien Secured Term Loan

1.00 %

SOFR

8.50 %

13.96% PIK

05/28/21

05/28/26

9,441

8,720

553

0.2

American Crafts, LC⁽¹⁴⁾⁽¹⁷⁾⁽²⁰⁾

First Lien Secured Delayed Draw Loan

1.00 %

SOFR

8.50 %

13.96% PIK

01/25/22

05/28/26

1,585

1,458

93

—

Empire Office, Inc.

First Lien Secured Term Loan

1.50 %

SOFR

6.75 %

12.21 %

04/12/19

04/12/24

10,947

10,931

10,947

3.5

Empire Office, Inc.

First Lien Secured Delayed Draw Loan

1.50 %

SOFR

6.75 %

12.21 %

08/17/21

04/12/24

4,556

4,545

4,556

1.4



















32,662

21,253

6.7

Real Estate Development
























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

First Lien Secured Term Loan

1.00 %

SOFR

7.50 %

13.00 %

11/04/22

11/04/27

4,606

4,518

4,606

1.5

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

First Lien Secured Delayed Draw Loan

1.00 %

SOFR

7.50 %

13.00 %

11/04/22

11/04/27

5,545

5,466

5,633

1.8



















9,984

10,239

3.3

Real Estate Operating Companies
























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

First Lien Secured Term Loan

1.00 %

SOFR

7.50 %

12.96 %

12/02/22

12/02/27

5,121

5,001

5,077

1.6

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

First Lien Secured Delayed Draw Loan

1.00 %

SOFR

7.50 %

12.96 %

12/02/22

12/02/27

741

729

745

0.2

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

First Lien Secured Revolving Loan

1.00 %

SOFR

7.50 %

12.96 %

12/02/22

12/02/27

251

245

258

0.1



















5,975

6,080

1.9

Research & Consulting Services
























ALM Media, LLC

First Lien Secured Term Loan

1.00 %

SOFR

6.00 %

11.50 %

11/25/19

11/25/24

12,600

12,555

12,517

4.0

Barrett Purchaser LLC (d/b/a SIB Development and Consulting,
Inc.)

First Lien Secured Term Loan

0.75 %

SOFR

6.00 %

11.36 %

11/21/23

11/21/29

3,654

3,564

3,564

1.1

Barrett Purchaser LLC (d/b/a SIB Development and Consulting,
Inc.)⁽⁷⁾

First Lien Secured Delayed Draw Loan

0.75 %

SOFR

6.00 %

11.36 %

11/21/23

11/21/29

—

—

—

—

Barrett Purchaser LLC (d/b/a SIB Development and Consulting,
Inc.)⁽⁷⁾

First Lien Secured Revolving Loan

0.75 %

SOFR

6.00 %

11.36 %

11/21/23

11/21/28

—

—

—

—



















16,119

16,081

5.1

Specialized Consumer Services
























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

First Lien Secured Term Loan

1.00 %

SOFR

6.50 %

11.96 %

11/16/21

11/16/27

11,668

11,517

11,496

3.6

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

First Lien Secured Term Loan

1.00 %

SOFR

6.50 %

12.11 %

09/30/21

09/30/26

11,404

11,279

11,404

3.6

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

First Lien Secured Revolving Loan

1.00 %

SOFR

6.50 %

12.11 %

09/30/21

09/30/26

—

—

8

—



















22,796

22,908

7.2

Specialized Finance
























WHF STRS Ohio Senior Loan Fund LLC(4)(5)(7)(9)(14)(18)

Subordinated Note

N/A

SOFR

6.50 %

11.85 %

07/19/19

N/A

84,416

84,416

84,416

26.6



















84,416

84,416

26.6

Systems Software
























Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC⁽¹⁷⁾

First Lien Secured Term Loan

1.00 %

SOFR

7.75 %

13.21% PIK

03/16/21

03/16/27

21,613

$

19,568

$

10,477

3.3

%

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

Priority First Lien Secured Delayed Draw
Loan

1.00 %

SOFR

8.00 %

13.46% PIK

07/14/23

03/16/27

1,078

1,050

1,046

0.3



















20,618

11,523

3.6

Technology Hardware, Storage & Peripherals
























Telestream Holdings Corporation

First Lien Secured Term Loan

1.00 %

SOFR

11.75 %

17.28 %

10/15/20

10/15/25

15,763

15,580

15,522

4.9

Telestream Holdings Corporation(7)

First Lien Secured Revolving Loan

1.00 %

SOFR

11.75 %

17.21 %

10/15/20

10/15/25

1,242

1,228

1,223

0.4



















16,808

16,745

5.3


























Total Debt Investments
















$

693,621

$

656,707

207.4

%


























Equity Investments(22)
























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

200

$

287

$

411

0.1

%

Merriman Holdings LP (d/b/a Escalent, Inc.)⁽⁴⁾

Class A Units

N/A

N/A

N/A

N/A

04/07/23

N/A

327

333

295

0.1



















620

706

0.2

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

—

—



















1,250

—

—

Broadline Retail
























BBQ Buyer, LLC (d/b/a BBQGuys)⁽⁴⁾

Shares

N/A

N/A

N/A

N/A

08/28/20

N/A

1,100

1,100

1,330

0.4

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

832

0.3



















1,614

2,162

0.7

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

1,053

0.3



















423

1,053

0.3

Construction & Engineering
























Sterling Pure Blocker, LLC  (d/b/a Banner Industries, Inc.)⁽⁴⁾

Class B Units

N/A

N/A

N/A

N/A

12/01/23

N/A

404

404

404

0.1



















404

404

0.1

Diversified Chemicals
























Pressurized Holdings, LLC (f/k/a Starco)⁽⁴⁾⁽⁶⁾⁽²¹⁾

Common Units

N/A

N/A

N/A

N/A

03/16/23

N/A

—

—

—

—

Pressurized Holdings, LLC (f/k/a Starco)⁽⁴⁾⁽⁶⁾⁽⁸⁾⁽²¹⁾

Preferred Units

N/A

N/A

N/A

14.00% PIK

03/16/23

N/A

—

4,537

251

0.1



















4,537

251

0.1

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

3,472

1.1



















2,890

3,472

1.1

Diversified Support Services
























Quest Events, LLC(4)

Common Units

N/A

N/A

N/A

N/A

12/28/18

N/A

317

360

305

0.1

ImageOne Industries, LLC(4)

Common A Units

N/A

N/A

N/A

N/A

09/20/19

N/A

149

7

9

—



















367

314

0.1

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

18

—



















167

18

—

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

983

0.3



















825

983

0.3

Industrial Machinery & Supplies & Components
























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

Class A Units

N/A

N/A

N/A

N/A

02/01/22

N/A

733

788

1,053

0.3



















788

1,053

0.3

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

$

1,615

0.5

%



















851

1,615

0.5

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

1,715

0.5

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

683

0.2

Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting
Group)⁽⁴⁾

Series A Units

N/A

N/A

N/A

N/A

04/10/23

N/A

—

314

406

0.1



















1,926

2,804

0.8

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

130

—

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

Warrants

N/A

N/A

N/A

N/A

06/29/20

N/A

1

793

53

—



















2,734

183

—

Leisure Products
























Playmonster Group Equity, Inc. (d/b/a Playmonster Group
LLC)⁽⁴⁾⁽⁶⁾⁽⁸⁾⁽¹⁹⁾

Preferred Stock

N/A

N/A

14.00 %

14.00% PIK

01/24/22

N/A

36

3,600

—

—

Playmonster Group Equity, Inc. (d/b/a Playmonster Group
LLC)⁽⁴⁾⁽⁶⁾⁽¹⁹⁾

Common Stock

N/A

N/A

N/A

N/A

01/24/22

N/A

72

460

—

—



















4,060

—

—

Office Services & Supplies
























American Crafts Holdings, LLC (d/b/a American Crafts, LC)⁽⁴⁾⁽¹⁴⁾⁽²⁰⁾

Warrants

N/A

N/A

N/A

N/A

12/22/22

12/22/32

—

—

—

—

New American Crafts Holdings, LLC (d/b/a American Crafts, LC)⁽⁴⁾⁽¹⁴⁾⁽²⁰⁾

Class A Units

N/A

N/A

N/A

N/A

03/16/23

N/A

1

—

—

—



















—

—

—

Paper & Plastic Packaging Products & Materials
























Max Solutions Inc.(4)

Common Stock

N/A

N/A

N/A

N/A

09/29/22

N/A

4

400

179

0.1



















400

179

0.1

Real Estate Operating Companies
























Salon Republic Investments LLC (d/b/a Salon Republic, LLC)⁽⁴⁾⁽⁸⁾

Preferred Stock

N/A

N/A

N/A

8.00% PIK

12/02/22

N/A

200

200

218

0.1

Salon Republic Investments LLC (d/b/a Salon Republic, LLC)⁽⁴⁾

Common Stock

N/A

N/A

N/A

N/A

12/02/22

N/A

400

400

241

0.1



















600

459

0.2

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

1,023

0.3



















840

1,023

0.3

Specialized Finance
























WHF STRS Ohio Senior Loan Fund(4)(5)(7)(14)(18)

LLC Interests

N/A

N/A

N/A

N/A

07/19/19

N/A

21,104

21,104

22,782

7.2



















21,104

22,782

7.2


























Total Equity Investments
















$

46,400

$

39,461

12.3

%


























Total Investments
















$

740,021

$

696,168

219.7

%

 

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2023

(in thousands)

Forward Currency Contracts

















Counterparty

Currency to be sold

Currency to be purchased

Settlement date

Unrealized
appreciation

Unrealized
depreciation

Morgan Stanley

C$

1,253

CAD

$

903

USD

 2/7/24

$

—

$

(43)

Total










$

—

$

(43)

 

(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 Secured Overnight Financing Rate ("SOFR" or "S"), the Canadian Dollar Offered Rate ("CDOR" or "C"), the Sterling Overnight Index Average ("SONIA"), or the U.S. Prime Rate ("Prime" or "P") which may reset monthly, quarterly or semiannually.


(3)

The interest rate is the "all-in-rate" including the current index and spread, the fixed rate, and the payment-in-kind ("PIK") interest rate, as the case may be.


(4)

The investment or a portion of the investment does not provide collateral for the Company's credit facility.


(5)

Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of total assets. Qualifying assets represented 83.3% 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, 2023.


(8)

Preferred equity investment is a non-income producing security.


(9)

Security is perpetual with no defined maturity date.


(10)

Except as otherwise noted, all of the Company's portfolio company investments, which as of the date of the consolidated schedule of investments represented 219.7% of the Company's net assets or 95.3% 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 P and a different base rate, SOFR, SONIA or CDOR.


(13)

Principal amount is non-USD denominated and is based in Canadian dollars.


(14)

Investment is a controlled affiliate investment as defined by the 1940 Act.


(15)

Investment is structured as a unitranche loan in which the Company may receive additional interest on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.


(16)

In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest in the amount of 3.50% on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.


(17)

The investment is on non-accrual status.


(18)

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.


(19)

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.


(20)

In March 2023, as a result of a restructuring agreement between the Company and American Crafts, LC, the Company's investments are controlled affiliate investments, as defined by the 1940 Act.


(21)

In March 2023, as part of a restructuring agreement between the Company and Sklar Holdings, Inc (d/b/a Starco), the Company's first lien secured term loan investment was converted into a new first lien secured term loan to Chase Products Co. (f/k/a Starco) and preferred units and common units of Pressurized Holdings, LLC (f/k/a Starco).


(22)

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


(23)

The issuer is domiciled in Canada.

 

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-2023-earnings-results-and-declares-quarterly-distribution-of-0-385-per-share-302075116.html

SOURCE WhiteHorse Finance, Inc.

Copyright 2024 PR Newswire

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