WhiteHorse Finance, Inc. Announces Fourth Quarter and Full Year 2025 Earnings Results and Declares Quarterly Distribution of $0.25 Per Share and Supplemental Distribution of $0.01 Per Share

By PR Newswire | March 02, 2026, 7:30 AM

NEW YORK, March 2, 2026 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its fourth quarter and full year financial results for the year ended December 31, 2025. In addition, the Company's board of directors has declared a distribution of $0.25 per share with respect to the quarter ending March 31, 2026 and a supplemental distribution of $0.01 per share. Both distributions will be payable on April 6, 2026 to stockholders of record as of March 12, 2026.

Fourth Quarter 2025 Summary Highlights

  • Net Asset Value of $259.8 million, or $11.68 per share, compared to $12.31 per share in 2024
  • Investment portfolio(1) totaling $578.6 million
  • STRS JV investment portfolio totaling $323.6 million
  • Gross investment deployments of $77.1 million for the fourth quarter, including new originations of $64.0 million and $13.1 million of fundings for add-ons to existing investments
  • Gross investment deployments of $180.8 million for the year, including new originations of $152.1 million and $28.7 million of fundings for add-ons to existing investments
  • Net investment income and core net investment income(2) of $6.6 million, or $0.287 per share, for the fourth quarter
  • Annual net investment income and core net investment income(2) of $26.1 million, or $1.127 per share
  • Annual distributions of $1.44 per share, including a special distribution of $0.035 per share
  • During the fourth quarter, the Company and H.I.G. directors, officers, and employees purchased an aggregate of approximately 1.1 million shares for approximately $8.0 million
  • On February 26, 2026, the Company's board of directors approved a $7.5 million increase in the authorized amount available for repurchases under the Stock Repurchase Program up to $22.5 million

Stuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, "During the fourth quarter, we delivered improved earnings and an increase in NAV, supported by disciplined portfolio management and share repurchases executed at a meaningful discount to book value. With the prudent reset of our base dividend last quarter, we are positioned to earn our distribution on a more consistent basis, while maintaining our established framework for supplemental distributions when incremental earnings are available. Our portfolio remains overwhelmingly first lien and we continue to actively manage underperforming credits with dedicated restructuring resources, while remaining selective in a highly competitive origination environment and focused on structure and credit quality."

Portfolio and Investment Activity

As of December 31, 2025, the fair value of WhiteHorse Finance's investment portfolio was $578.6 million, compared with $642.2 million as of December 31, 2024. The portfolio as of December 31, 2025 consisted of 129 positions across 68 companies with a weighted average effective yield of 9.1% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $3.7 million with the overall portfolio comprised of approximately 74.3% first lien secured loans, 0.8% second lien secured loans, 0.2% unsecured loans, 6.4% equity and 18.3% 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 1.3% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.

During the three months ended December 31, 2025, WhiteHorse Finance made investments in seven new portfolio companies for a total of $64.0 million, added a total of $13.1 million to existing portfolio companies. Proceeds from sales and repayments totaled approximately $49.6 million for the three months ended December 31, 2025, driven by four full realizations in Bridgepoint Healthcare, LLC, Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC), Event Services America, Inc. (d/b/a Contemporary Services Corporation) and ELM One Call Locators, Inc. (d/b/a One Call Locators, Ltd.), and the Company received net repayments of $1.2 million from revolver loans.

In addition to the transactions discussed above, during the three months ended December 31, 2025, WhiteHorse Finance transferred assets comprised of two new portfolio companies and two add-on investments, totaling $19.2 million to STRS JV in exchange for cash proceeds.

During the year ended December 31, 2025, WhiteHorse Finance invested $152.1 million across 19 new portfolio companies. The Company also invested $28.7 million in existing portfolio companies. Proceeds from sales and repayments totaled approximately $155.7 million for the year.

In addition to the transactions above, during the year ended December 31, 2025, WhiteHorse Finance transferred assets totaling $83.3 million in exchange for cash proceeds from STRS JV. As of December 31, 2025, the Company's investment in STRS JV was approximately $106.0 million, at fair value.

WHF STRS Ohio Senior Loan Fund LLC

As of December 31, 2025, STRS JV's portfolio totaled $323.6 million, consisted of 43 portfolio companies and had a weighted average effective yield of 9.9% on its portfolio.

Results of Operations

For the three months and year ended December 31, 2025, the Company's net investment income was approximately $6.6 million and $26.1 million, compared with approximately $8.0 million and $37.2 million for the same periods in the prior year, representing a decrease of approximately 17.5% and a decrease of 29.8%, respectively. The decrease in net investment income for the year-over-year period was primarily attributable to lower yields, investments placed on non-accrual status and lower portfolio size.  For the year ended December 31, 2025, the weighted average size and weighted average yield of the debt portfolio, excluding STRS JV, was $517.5 million and 9.2%, respectively.  For the year ended December 31, 2024, the weighted average size and weighted average yield of the debt portfolio, excluding STRS JV, was $584.5 million and 10.4%, respectively.

For the three months ended December 31, 2025, the Company's investment in STRS JV generated an annualized, gross investment yield of approximately 13.2%.

For the three months and year ended December 31, 2025, core net investment income(3) was $6.6 million and $26.1 million, or $0.287 per share and $1.127 per share, respectively, compared with $8.0 million and $37.2 million, or $0.343 per share and $1.602 per share, respectively, for the same periods in the prior year.

For the three months and year ended December 31, 2025, WhiteHorse Finance reported a net realized and unrealized gain and loss on investments and foreign currency transactions of $1.8 million and ($11.8) million, respectively. This compares with the three months and year ended December 31, 2024 net realized and unrealized loss on investments and foreign currency transactions of ($4.1) million and ($26.4) million, respectively. The decrease for the year ended December 31, 2025 period was primarily attributable to markdowns of $6.0 million in Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC) and net markdowns across the portfolio. 

WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $8.4 million and $14.3 million for the three months and year ended December 31, 2025, respectively which compares with a net increase of $3.9 million and $10.8 million for the three months and year ended December 31, 2024, respectively.

WhiteHorse Finance's net asset value was $259.8 million, or $11.68 per share, as of December 31, 2025, compared with $265.2 million, or $11.41 per share, as of September 30, 2025. As of December 31, 2024, WhiteHorse Finance's net asset value was $286.1 million, or $12.31 per share.

Liquidity and Capital Resources

As of December 31, 2025, WhiteHorse Finance had cash and cash equivalents of $29.7 million, compared with $45.9 million as of September 30, 2025, inclusive of restricted cash. As of December 31, 2025, the Company also had $100.0 million of undrawn capacity under its revolving credit facility and due to borrowing based limitations approximately $43.8 million was available to be drawn by the company.

Distributions 

The Company's board of directors has declared a distribution of $0.25 per share and a supplemental distribution of $0.01 per share with respect to the quarter ending March 31, 2026. The distribution will be payable on April 6, 2026, to stockholders of record as of March 12, 2026. 

On November 10, 2025, the Company declared a distribution of $0.25 per share for the quarter ended December 31, 2025. The distribution was paid on January 5, 2026 to stockholders of record as of December 22, 2025.  In addition, previously on October 15, 2025, the Company declared a special distribution of $0.035 per share, which was paid on December 10, 2025 to stockholders of record as of October 31, 2025.

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 full year financial results for the period ended December 31, 2025, at 1:30 p.m. ET on Monday, March 2, 2026. To access the teleconference, please dial 800-267-6316 (domestic) or +1 203-518-9783 (international) approximately 10 minutes before the teleconference's scheduled start time and reference ID #WHFQ425. 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, 2026. The teleconference replay can be accessed by dialing 800-839-2417 (domestic) or +1 402-220-7209 (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 $74 billion of capital under management(3) 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 $106.0 million, at fair value.

(2) "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.

(3) 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, 2025 and December 31, 2024.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended December 31, 2025 and December 31, 2024 (in thousands, except per share data):





































December 31, 2025





December 31, 2024





Amount





 Per Share





Amount





 Per Share













Amounts













Amounts

Net investment income



$

6,604





$

0.287





$

7,976





$

0.343

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



$

6,604





$

0.287





$

7,976





$

0.343

 The following table provides a reconciliation of net investment income to core net investment income for the years ended December 31, 2025 and December 31, 2024 (in thousands, except per share data):





































December 31, 2025





December 31, 2024





Amount





 Per Share





Amount





 Per Share













Amounts













Amounts

Net investment income



$

26,110





$

1.127





$

37,238





$

1.602

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



$

26,110





$

1.127





$

37,238





$

1.602

 

 

 

WhiteHorse Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data) 









December 31, 2025





December 31, 2024















Assets













Investments, at fair value













Non-controlled/non-affiliate company investments



$

436,589



$

504,832

Non-controlled affiliate company investments





36,042





29,851

Controlled affiliate company investments





106,018





107,530

Total investments, at fair value (amortized cost $607,574 and $695,240, respectively)





578,649





642,213

Cash and cash equivalents





7,033





12,424

Restricted cash and cash equivalents





22,287





14,548

Restricted foreign currency (cost of $405 and $894, respectively)





405





864

Interest and dividend receivable





5,647





5,631

Amounts receivable on unsettled investment transactions





124





112

Prepaid expenses and other receivables





984





1,009

Unrealized appreciation on foreign currency forward contracts









20

Total assets



$

615,129



$

676,821















Liabilities













Debt (net of unamortized debt issuance costs of $4,666 and $2,876, respectively)



$

323,834



$

353,117

Distributions payable





5,597





8,949

Management fees payable





2,660





2,932

Incentive fees payable





19,157





17,848

Amounts payable on unsettled investment transactions









3,539

Interest payable





1,392





1,821

Accounts payable and accrued expenses





1,884





2,141

Advances received from unfunded credit facilities





490





340

Unrealized depreciation on foreign currency forward contracts





323





Total liabilities



$

355,337



$

390,687















Commitments and contingencies 



























Net assets













Common stock, 22,234,045 and 23,243,088 shares issued and outstanding, par value $0.001 per share, respectively, and

100,000,000 shares authorized





22





23

Paid-in capital in excess of par





329,122





337,205

Accumulated earnings (losses)





(69,352)





(51,094)

Total net assets





259,792





286,134

Total liabilities and total net assets



$

615,129



$

676,821

Number of shares outstanding





22,234,045





23,243,088

Net asset value per share



$

11.68



$

12.31

 

WhiteHorse Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)









Year ended December 31, 







2025





2024





2023

Investment income



















From non-controlled/non-affiliate company investments



















Interest income



$

53,449



$

66,402



$

78,493

Payment-in-kind income





1,637





6,175





3,960

Fee income





2,207





2,247





2,966

Dividend income





82





116





450

From non-controlled affiliate company investments



















Interest income





378





93





Payment-in-kind income





513





705





314

Dividend income













84

From controlled affiliate company investments



















Interest income





9,070





9,838





9,488

Payment-in-kind income









380





1,347

Dividend income





5,336





6,861





6,158

Total investment income





72,672





92,817





103,260

Expenses



















Interest expense





23,139





27,899





29,915

Base management fees





11,111





12,127





14,684

Performance-based incentive fees





6,477





9,309





10,678

Administrative service fees





683





683





683

General and administrative expenses





4,690





4,440





3,622

Total expenses, before fees waived





46,100





54,458





59,582

Performance-based incentive fees waived





(200)









Total expenses





45,900





54,458





59,582

Net investment income before excise tax





26,772





38,359





43,678

Excise tax





662





1,121





965

Net investment income after excise tax





26,110





37,238





42,713





















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



















Net realized gains (losses)



















Non-controlled/non-affiliate company investments





(14,403)





(17,993)





309

Non-controlled affiliate company investments













(339)

Controlled affiliate company investments





(20,980)









Foreign currency transactions





(784)





(1)





950

Foreign currency forward contracts





602





13





27

Net realized gains (losses)





(35,565)





(17,981)





947

Net change in unrealized appreciation (depreciation)



















Non-controlled/non-affiliate company investments





7,511





7,421





(7,871)

Non-controlled affiliate company investments





(2,877)





(7,775)





(5,608)

Controlled affiliate company investments





19,468





(9,213)





(8,490)

Translation of assets and liabilities in foreign currencies





33





1,098





(1,239)

Foreign currency forward contracts





(343)





63





(40)

Net change in unrealized appreciation (depreciation)





23,792





(8,406)





(23,248)

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





(11,773)





(26,387)





(22,301)

Net increase (decrease) in net assets resulting from operations



$

14,337



$

10,851



$

20,412





















Per Common Share Data



















Basic and diluted earnings (losses) per common share



$

0.62



$

0.47



$

0.88

Dividends and distributions declared per common share



$

1.44



$

1.79



$

1.55

Basic and diluted weighted average common shares outstanding





23,174,909





23,243,088





23,243,088

 

 

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2025

(in thousands)



Issuer



Investment Type(1)



Floor



Reference Rate(2)



Spread

Above

Index



Interest

Rate
(3)



Acquisition

Date
(4)



Maturity

Date



Principal/

Share

Amount



Amortized

Cost



Fair

Value
(5)



Fair Value

As A

Percentage

of Net

Assets



Debt Investments



















































Advertising



















































Avision Holdings, LLC (d/b/a Avision Sales Group)(28)



First Lien Secured Term Loan



1.00 %



SOFR (1M)



6.00 %



9.82 %



05/31/24



12/15/26



652



$

647



$

650



0.3

%

Avision Holdings, LLC (d/b/a Avision Sales Group)(29)



First Lien Secured Delayed Draw Loan



1.00 %



SOFR (1M)



6.00 %



9.82 %



05/31/24



12/15/26



548





544





546



0.2









































1,191





1,196



0.5



Air Freight & Logistics



















































Gulf Winds International Acquisition LLC (d/b/a Gulf Winds International, Inc.)(30)



First Lien Secured Term Loan



1.00 %



SOFR (1M)



7.00 %



10.72% (9.72%

Cash + 1.00% 

PIK)



12/16/22



12/18/28



8,956





8,820





8,697



3.3



Gulf Winds International Acquisition LLC (d/b/a Gulf Winds International, Inc.)(7)(29)



First Lien Secured Revolving Loan



1.00 %



SOFR (1M)



7.00 %



10.72 %



12/16/22



12/18/28



605





596





584



0.2



Motivational Marketing, LLC (d/b/a Motivational Fulfillment)(29)(34)



First Lien Secured Term Loan



1.00 %



Base Rate



6.50 %



10.37 %



07/12/21



07/12/28



13,175





13,104





13,135



5.0



Motivational Marketing, LLC (d/b/a Motivational Fulfillment)(7)(29)



First Lien Secured Revolving Loan



1.00 %



SOFR (3M)



6.50 %



10.48 %



07/12/21



07/12/28



630





626





637



0.2



Transervice Holdings, Inc. (d/b/a Transervice Logistics, Inc.)(28)



First Lien Secured Term Loan



2.00 %



SOFR (1M)



7.25 %



11.07 %



06/29/23



06/29/28



7,701





7,586





7,701



3.0









































30,732





30,754



11.7



Application Software



















































MBS Highway, LLC(28)



First Lien Secured Term Loan



1.00 %



SOFR (6M)



8.00 %



12.03 %



10/13/22



10/13/27



9,204





9,122





9,184



3.5



Colonnade Parent, Inc. (d/b/a Naviga Inc.)(17)(29)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



1.00 %



4.77 %



06/14/19



09/30/26



3,667





2,988





1,925



0.7



Colonnade Parent, Inc. (d/b/a Naviga Inc.)(17)(29)



First Lien Secured Revolving Loan



1.00 %



SOFR (3M)



1.00 %



4.77 %



06/14/19



09/30/26



301





287





158



0.1



UserZoom Technologies, Inc. (d/b/a UserZoom, Inc.)(28)



First Lien Secured Term Loan



1.00 %



SOFR (6M)



7.50 %



11.63 %



01/12/23



04/05/29



9,819





9,665





9,621



3.7









































22,062





20,888



8.0



Building Products



















































Trimlite Buyer LLC (d/b/a Trimlite LLC)(9)(13)(26)(29)



First Lien Secured Term Loan



1.00 %



CORRA (3M)



5.50 %



8.08 %



07/27/21



07/27/27



18,868





14,957





13,748



5.3









































14,957





13,748



5.3



Construction & Engineering



















































Kelso Industries LLC(30)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



5.75 %



9.57 %



12/26/24



12/31/29



4,785





4,710





4,823



1.9



PGI Parent LLC (d/b/a Prime Electric, Inc.)(29)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



5.00 %



8.67 %



12/31/25



12/31/31



5,077





5,026





5,026



1.9



PGI Parent LLC (d/b/a Prime Electric, Inc.)(7)(8)



First Lien Secured Revolving Loan



1.00 %



SOFR (3M)



5.00 %



8.67 %



12/31/25



12/31/31





















































9,736





9,849



3.8



Construction Materials



















































Claridge Products and Equipment, LLC(29)



First Lien Secured Term Loan



1.00 %



SOFR (1M)



8.75 %



12.57% (8.19%

Cash + 4.38% 

PIK)



12/30/20



03/31/27



5,124





5,123





4,661



1.8



Claridge Products and Equipment, LLC(7)(29)(31)



First Lien Secured Revolving Loan



1.00 %



Base Rate



8.38 %



13.54% (9.11%

Cash + 4.19% 

PIK)



12/30/20



03/31/27



561





561





498



0.2









































5,684





5,159



2.0



Data Processing & Outsourced Services



















































BUSA Acquisition Co. (d/b/a BankCard USA Merchant Services Inc.)(28)



First Lien Secured Term Loan



1.00 %



SOFR (6M)



6.50 %



10.29 %



04/04/24



03/30/29



7,374





7,231





7,331



2.8



BUSA Acquisition Co. (d/b/a BankCard USA Merchant Services Inc.)(7)(29)



First Lien Secured Revolving Loan



1.00 %



SOFR (6M)



6.50 %



10.34 %



04/04/24



03/30/29



276





270





283



0.1



Future Payment Technologies, L.P.(30)



First Lien Secured Term Loan



1.00 %



SOFR (1M)



8.25 %



12.22 %



12/23/16



12/07/26



19,175





19,160





19,175



7.4









































26,661





26,789



10.3



Distributors



















































Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)(28)



First Lien Secured Term Loan



1.00 %



SOFR (1M)



7.50 %



11.32 %



12/22/23



12/22/28



9,188





9,051





9,193



3.5



Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)(28)



First Lien Secured Delayed Draw Loan



1.00 %



SOFR (1M)



7.50 %



11.32 %



12/22/23



12/22/28



639





629





639



0.2



Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)(29)



First Lien Secured Revolving Loan



1.00 %



SOFR (1M)



7.50 %



11.32 %



12/22/23



12/22/28



572





563





572



0.2









































10,243





10,404



3.9



Diversified Chemicals



















































Chase Products Co. (f/k/a Starco)(6)(21)(29)



Second Lien Secured Term Loan



1.00 %



SOFR (3M)



5.50 %



9.17% (8.99%

Cash + 0.18% 

PIK)



03/16/23



03/16/28



3,404



$

3,404



$

3,404



1.3

%







































3,404





3,404



1.3



Diversified Support Services



















































NNA Services, LLC(28)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



6.75 %



10.57 %



08/27/21



08/27/26



8,073





8,060





8,037



3.1



Quest Events, LLC(29)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



6.75 %



10.48 %



09/13/24



09/30/27



1,270





1,258





1,187



0.5



Quest Events, LLC(7)(29)



First Lien Secured Revolving Loan



1.00 %



SOFR (3M)



7.50 %



11.48 %



03/21/25



09/30/27



124





122





113











































9,440





9,337



3.6



Education Services



















































EducationDynamics, LLC(30)(34)



First Lien Secured Term Loan



1.00 %



Base Rate



6.50 %



10.32 %



09/15/21



09/15/27



12,592





12,532





12,137



4.7



EducationDynamics, LLC(7)(8)



First Lien Secured Revolving Loan



1.00 %



Prime



5.50 %



12.25 %



09/15/21



09/15/27



360





358





320



0.1



Media Source, LLC (d/b/a Media Source Inc.)(6)(25)(29)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



5.75 %



9.54% (4.77%

Cash + 4.77% 

PIK)



09/01/25



08/30/30



4,242





4,242





4,242



1.6



Media Source, LLC (d/b/a Media Source Inc.)(6)(7)(8)(25)



First Lien Secured Revolving Loan



1.00 %



SOFR (3M)



5.75 %



9.54% (4.77%

Cash + 4.77% 

PIK)



09/01/25



08/30/30











17











































17,132





16,716



6.4



Environmental & Facilities Services



















































Buckeye Acquiror LLC (d/b/a Superior Environmental Solutions, LLC)(7)(8)



First Lien Secured Delayed Draw Loan



1.00 %



SOFR (1M)



6.50 %



10.32 %



12/17/25



08/01/29















Juniper Landscaping Holdings LLC(29)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



5.75 %



9.43 %



05/23/25



12/29/27



454





449





454



0.2



Juniper Landscaping Holdings LLC(7)(8)



First Lien Secured Delayed Draw Loan



1.00 %



SOFR (3M)



5.75 %



9.56 %



05/23/25



12/29/27



890





884





910



0.4



Juniper Landscaping Holdings LLC(7)(8)



First Lien Secured Revolving Loan



1.00 %



SOFR (3M)



5.75 %



9.51 %



05/23/25



12/29/27



238





235





246



0.1









































1,568





1,610



0.7



Health Care Facilities



















































Four Winds Health, LLC(28)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



7.00 %



10.67 %



07/31/25



07/31/29



4,364





4,286





4,343



1.7



Four Winds Health, LLC(7)(8)



First Lien Secured Delayed Draw Loan



1.00 %



SOFR (3M)



7.00 %



10.67 %



07/31/25



07/31/29



250





248





272



0.1



Four Winds Health, LLC(7)(8)



First Lien Secured Revolving Loan



1.00 %



SOFR (3M)



7.00 %



10.67 %



07/31/25



07/31/29











8











































4,534





4,623



1.8



Health Care Services



















































Maxor Acquisition, Inc. (d/b/a Maxor National Pharmacy Services, LLC)(29)



First Lien Secured Delayed Draw Loan



1.00 %



SOFR (1M)



6.00 %



9.82 %



12/27/24



03/01/29



938





930





942



0.4



W&A Intermediate Co., LLC (d/b/a Wakefield & Associates, LLC)(28)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



6.25 %



9.92 %



08/01/24



08/01/29



7,148





7,045





7,100



2.7



W&A Intermediate Co., LLC (d/b/a Wakefield & Associates, LLC)(7)(8)



First Lien Secured Delayed Draw Loan



1.00 %



SOFR (3M)



6.25 %



9.92 %



08/01/24



08/01/29











1





W&A Intermediate Co., LLC (d/b/a Wakefield & Associates, LLC)(7)(8)



First Lien Secured Revolving Loan



1.00 %



SOFR (3M)



6.25 %



9.92 %



08/01/24



08/01/29



345





340





346



0.1









































8,315





8,389



3.2



Health Care Supplies



















































ABB/Con-cise Optical Group LLC (d/b/a ABB Optical Group, LLC)(29)



First Lien Secured Term Loan



0.75 %



SOFR (3M)



7.50 %



11.34 %



02/23/22



02/23/28



20,409





20,227





20,026



7.7









































20,227





20,026



7.7



Home Furnishings



















































Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)(28)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



5.50 %



9.37 %



11/07/25



11/07/30



13,455





13,259





13,255



5.1



Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)(7)(8)



First Lien Secured Revolving Loan



1.00 %



SOFR (3M)



5.50 %



9.37 %



11/07/25



11/07/30















Whitestone Home Furnishings, LLC (d/b/a Saatva, Inc.)(28)



First Lien Secured Term Loan



1.00 %



SOFR (1M)



5.25 %



8.97 %



11/06/23



08/20/26



2,848





2,832





2,848



1.1









































16,091





16,103



6.2



Household Appliances



















































Token Buyer, Inc. (d/b/a Therm-O-Disc, Inc.)(17)(29)



First Lien Secured Term Loan



0.50 %



SOFR (3M)



6.00 %



9.99 %



05/26/22



05/31/29



1,587





1,363





1,199



0.5









































1,363





1,199



0.5



Household Products



















































The Kyjen Company, LLC (d/b/a Outward Hound)(29)



First Lien Secured Term Loan



1.00 %



SOFR (6M)



7.50 %



11.61% (10.61%

Cash + 1.00% 

PIK)



04/05/21



04/05/26



11,409



$

11,400



$

9,790



3.8

%

The Kyjen Company, LLC (d/b/a Outward Hound)(7)(8)



First Lien Secured Revolving Loan



1.00 %



SOFR (6M)



7.50 %



11.61% (10.61%

Cash + 1.00% 

PIK)



04/05/21



04/05/26











(132)



(0.1)









































11,400





9,658



3.7



Human Resource & Employment Services



















































Infotree Holdco LLC (d/b/a Infotree Global Solutions LLC)(28)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



5.75 %



9.42 %



02/19/25



02/19/30



2,947





2,899





2,907



1.1



Infotree Holdco LLC (d/b/a Infotree Global Solutions LLC)(7)(29)



First Lien Secured Revolving Loan



1.00 %



SOFR (3M)



5.75 %



9.42 %



02/19/25



02/19/30











2











































2,899





2,909



1.1



Industrial Machinery & Supplies & Components



















































W Electric Intermediate Holdings, LLC (d/b/a Westinghouse Electric Corporation)(28)



First Lien Secured Term Loan



1.00 %



SOFR (1M)



6.50 %



10.22% (9.22%

Cash + 1.00% 

PIK)



08/15/24



08/15/29



12,308





12,154





12,334



4.7









































12,154





12,334



4.7



Integrated Telecommunication Services



















































Patagonia Holdco LLC (d/b/a Lumen LATAM)(28)



First Lien Secured Term Loan



0.50 %



SOFR (3M)



5.75 %



9.62 %



08/05/22



08/01/29



14,150





12,839





11,603



4.5



GTT Communications Global, LLC (d/b/a GTT Communications, Inc.)(30)



First Lien Secured Term Loan



1.00 %



SOFR (1M)



6.00 %



9.73 %



04/15/25



04/15/31



15,283





15,014





15,129



5.8









































27,853





26,732



10.3



Interactive Media & Services



















































Zephyr Buyer, L.P. (d/b/a The Weather Company, LLC)(30)



First Lien Secured Term Loan



0.50 %



SOFR (3M)



4.75 %



8.42 %



01/31/24



01/31/31



13,945





13,701





13,945



5.4



Zephyr Buyer, L.P. (d/b/a The Weather Company, LLC)(7)(8)



First Lien Secured Revolving Loan



0.50 %



SOFR (3M)



4.75 %



8.42 %



01/31/24



01/31/31











32











































13,701





13,977



5.4



IT Consulting & Other Services



















































MGT Merger Target, LLC (d/b/a MGT Consulting Group)(7)(29)



First Lien Secured Delayed Draw Loan



1.00 %



SOFR (1M)



5.00 %



8.74 %



04/08/25



04/10/29



283





281





300



0.1









































281





300



0.1



Leisure Facilities



















































Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC)(6)(17)(24)(29)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



8.50 %



12.32% PIK



09/25/24



09/25/29



13,370





10,231





5,354



2.1



Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC)(6)(7)(17)(29)



First Lien Secured Delayed Draw Loan



1.00 %



SOFR (6M)



8.50 %



12.83% PIK



01/10/25



09/25/29



1,218





1,135





196



0.1



Lift Brands, Inc.(29)



First Lien Secured Term Loan A



1.00 %



SOFR (1M)



7.50 %



11.32 %



06/29/20



09/30/26



5,120





5,119





5,120



2.0



Lift Brands, Inc.(29)



First Lien Secured Term Loan B



N/A



N/A



9.50 %



9.50% PIK



06/29/20



09/30/26



1,753





1,752





1,753



0.7



Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)(11)(29)



First Lien Secured Term Loan C



N/A



N/A



9.50 %



9.50% PIK



06/29/20



09/30/26



2,098





2,095





2,098



0.8









































20,332





14,521



5.7



Leisure Products



















































Surge Amuze Holdings Inc. (d/b/a Amuze Products II, Inc.)(28)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



6.25 %



9.99 %



09/06/24



09/06/29



5,679





5,596





5,645



2.2



Surge Amuze Holdings Inc. (d/b/a Amuze Products II, Inc.)(7)(29)



First Lien Secured Delayed Draw Loan



1.00 %



SOFR (6M)



6.25 %



9.99 %



09/06/24



09/06/29



1,002





987





1,000



0.4



Surge Amuze Holdings Inc. (d/b/a Amuze Products II, Inc.)(7)(29)(33)



First Lien Secured Revolving Loan



1.00 %



Base Rate



5.90 %



10.82 %



09/06/24



09/06/29



451





444





450



0.2



Leviathan Intermediate Holdco, LLC(30)



First Lien Secured Term Loan



1.50 %



SOFR (3M)



6.00 %



9.67 %



12/27/22



12/27/27



13,645





13,486





13,584



5.2



Leviathan Intermediate Holdco, LLC(7)(8)



First Lien Secured Revolving Loan



1.50 %



SOFR (3M)



6.00 %



9.67 %



12/27/22



12/27/27











4





Playmonster Group LLC(6)(19)(29)



Priority First Lien Secured Term Loan



1.00 %



SOFR (3M)



6.75 %



10.74% PIK



12/09/22



06/08/26



1,442





1,438





1,355



0.5



Playmonster Group LLC(6)(17)(19)(29)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



9.00 %



12.99% PIK



06/07/21



06/08/26



5,595





3,661





1,729



0.7









































25,612





23,767



9.2



Oil & Gas Storage & Transportation



















































Island Energy Services, LLC(28)



First Lien Secured Term Loan



0.50 %



SOFR (3M)



5.75 %



9.64 %



07/16/25



07/16/32



10,472





10,077





10,158



3.9









































10,077





10,158



3.9



Packaged Foods & Meats



















































PANOS Brands, LLC(28)



First Lien Secured Term Loan



1.00 %



SOFR (1M)



5.75 %



9.48 %



05/14/24



05/14/29



4,027





3,973





4,027



1.6



PANOS Brands, LLC(7)(8)



First Lien Secured Revolving Loan



1.00 %



SOFR (1M)



5.75 %



9.48 %



05/14/24



05/14/29











6











































3,973





4,033



1.6



Paper Products



















































M2S Group Intermediate Holdings, Inc. (d/b/a M2S Group Holdings Inc.)(28)



First Lien Secured Term Loan



0.50 %



SOFR (3M)



4.75 %



8.59 %



08/22/24



08/25/31



9,368



$

8,838



$

9,276



3.6

%







































8,838





9,276



3.6



Pharmaceuticals



















































Meta Buyer LLC (d/b/a Metagenics, LLC)(15)(29)



First Lien Secured Term Loan



0.75 %



EurIBOR (3M)



5.25 %



7.29 %



12/22/25



12/22/31



4,621





5,378





5,374



2.1



Meta Buyer LLC (d/b/a Metagenics, LLC)(29)



First Lien Secured Term Loan



0.75 %



SOFR (3M)



5.25 %



8.94 %



12/22/25



12/22/31



6,720





6,653





6,653



2.6



Meta Buyer LLC (d/b/a Metagenics, LLC)(7)(8)



First Lien Secured Delayed Draw Loan



0.75 %



SOFR (3M)



5.25 %



8.94 %



12/22/25



12/22/31















Meta Buyer LLC (d/b/a Metagenics, LLC)(7)(8)



First Lien Secured Revolving Loan



0.75 %



SOFR (3M)



5.25 %



8.94 %



12/22/25



12/22/31





















































12,031





12,027



4.7



Real Estate Services



















































Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.)(28)



First Lien Secured Term Loan



1.00 %



SOFR (1M)



6.50 %



10.32 %



11/16/21



11/16/27



10,294





10,230





9,781



3.8



Monarch Collective Holdings, LLC(30)



First Lien Secured Term Loan



1.50 %



SOFR (3M)



7.25 %



10.92 %



01/10/24



01/10/29



9,212





9,073





9,061



3.5



Monarch Collective Holdings, LLC(28)



First Lien Secured Delayed Draw Loan



1.50 %



SOFR (3M)



7.25 %



10.97 %



01/10/24



01/10/29



1,579





1,562





1,553



0.6









































20,865





20,395



7.9



Research & Consulting Services



















































M&M OpCo, LLC (d/b/a Escalent, Inc.)(28)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



6.00 %



9.67 %



04/07/23



04/09/29



4,827





4,748





4,827



1.9



M&M OpCo, LLC (d/b/a Escalent, Inc.)(7)(29)



First Lien Secured Revolving Loan



1.00 %



SOFR (3M)



6.00 %



9.67 %



04/07/23



04/09/29











4











































4,748





4,831



1.9



Specialized Consumer Services



















































Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)(28)



First Lien Secured Term Loan



1.00 %



SOFR (1M)



8.00 %



11.82 %



12/02/22



12/02/27



5,032





4,974





5,021



1.9



Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)(7)(30)



First Lien Secured Delayed Draw Loan



1.00 %



SOFR (1M)



8.00 %



11.82 %



12/02/22



12/02/27



1,652





1,637





1,653



0.6



Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)(7)(8)



First Lien Secured Revolving Loan



1.00 %



SOFR (1M)



8.00 %



11.82 %



12/02/22



12/02/27











8





Texas Express Wash, LLC (d/b/a ClearWater Express Wash)(30)



First Lien Secured Term Loan



1.00 %



SOFR (1M)



6.50 %



10.23 %



11/26/25



11/26/30



11,128





10,778





10,776



4.1



Texas Express Wash, LLC (d/b/a ClearWater Express Wash)(7)(8)



First Lien Secured Delayed Draw Loan



1.00 %



SOFR (1M)



6.50 %



10.23 %



11/26/25



11/26/30















Texas Express Wash, LLC (d/b/a ClearWater Express Wash)(29)



Second Lien Secured Term Loan



N/A



N/A



14.00 %



14.00% (7.00%

Cash + 7.00% 

PIK)



11/26/25



11/26/31



1,569





1,436





1,435



0.6



Texas Express Wash, LLC (d/b/a ClearWater Express Wash)(7)(8)



First Lien Secured Revolving Loan



1.00 %



SOFR (1M)



6.50 %



10.23 %



11/26/25



11/26/30



104





100





100











































18,925





18,993



7.2



Specialized Finance



















































Rewards Network Inc.(28)



First Lien Secured Term Loan



0.75 %



SOFR (3M)



6.00 %



9.76 %



12/05/25



12/05/31



10,213





10,036





10,034



3.9



Rewards Network Inc.(7)(8)



First Lien Secured Delayed Draw Loan



0.75 %



SOFR (3M)



6.00 %



9.76 %



12/05/25



12/05/31















Rewards Network Inc.(7)(8)



First Lien Secured Revolving Loan



0.75 %



SOFR (1M)



6.00 %



9.82 %



12/05/25



12/05/31



638





627





627



0.2



WHF STRS Ohio Senior Loan Fund LLC(7)(8)(9)(11)(14)(18)



Subordinated Note



N/A



SOFR (1M)



6.50 %



10.18 %



07/19/19



N/A



84,416





84,416





84,416



32.5









































95,079





95,077



36.6



Systems Software



















































Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)(6)(7)(9)(22)(23)(27)(29)



First Lien Secured Delayed Draw Loan



1.00 %



SOFR (1M)



8.00 %



11.99% PIK



01/03/24



01/04/27



781





775





1,240



0.5



Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)(6)(22)(27)(29)



Unsecured Loan



N/A



N/A



9.00 %



9.00% PIK



01/03/24



07/02/29



636





627





636



0.2



Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)(6)(22)(27)(29)



Unsecured Loan



N/A



N/A



9.00 %



9.00% PIK



01/03/24



07/02/29



650





642





650



0.3



LogicMonitor, Inc.(30)



First Lien Secured Term Loan



0.75 %



SOFR (3M)



5.50 %



9.34 %



11/19/24



11/19/31



8,220





8,130





8,186



3.2



LogicMonitor, Inc.(29)



First Lien Secured Delayed Draw Loan



0.75 %



SOFR (3M)



5.50 %



9.34 %



12/02/25



11/19/31















LogicMonitor, Inc.(7)(29)



First Lien Secured Revolving Loan



0.75 %



SOFR (3M)



5.50 %



9.34 %



11/19/24



11/19/31











5





Ribbon Communications Operating Company, Inc. (d/b/a Ribbon Communications Inc.)(9)(28)



First Lien Secured Term Loan



1.00 %



SOFR (1M)



6.25 %



9.97 %



06/21/24



06/21/29



8,602





8,483





8,631



3.3



Ribbon Communications Operating Company, Inc. (d/b/a Ribbon Communications Inc.)(7)(9)(29)



First Lien Secured Revolving Loan



1.00 %



SOFR (1M)



6.25 %



9.97 %



06/21/24



06/21/29











12











































18,657





19,360



7.5



Technology Hardware, Storage & Peripherals



















































Telestream 2 LLC (d/b/a Telestream Holdings Corporation)(20)(30)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



6.25 %



10.19 %



06/07/25



06/07/28



11,437





11,437





11,437



4.4



Telestream 2 LLC (d/b/a Telestream Holdings Corporation)(7)(8)



First Lien Secured Revolving Loan



1.00 %



SOFR (3M)



6.25 %



10.19 %



06/07/25



06/07/28











20











































11,437





11,457



4.4



Transaction & Payment Processing Services



















































TOT Group, Inc. (d/b/a Netevia Group LLC)(28)



First Lien Secured Term Loan



1.00 %



SOFR (3M)



7.25 %



10.92 %



06/28/24



06/28/29



9,146



$

9,000



$

9,023



3.4

%

TOT Group, Inc. (d/b/a Netevia Group LLC)(7)(30)



First Lien Secured Delayed Draw Loan



1.00 %



SOFR (3M)



7.25 %



10.92 %



06/28/24



06/28/29



1,103





1,084





1,091



0.4



TOT Group, Inc. (d/b/a Netevia Group LLC)(7)(8)



First Lien Secured Revolving Loan



1.00 %



SOFR (3M)



7.25 %



10.92 %



06/28/24



06/28/29











1











































10,084





10,115



3.8























































Total Debt Investments



































$

532,286



$

520,114



200.2

%





















































Equity Investments(12)



















































Advertising



















































Avision Holdings, LLC (d/b/a Avision Sales Group)(8)



Class A LLC Interests



N/A



N/A



N/A



N/A



12/15/21



N/A



299



$

299



$

322



0.1

%

ImageOne Industries, LLC(8)



Common A Units



N/A



N/A



N/A



N/A



09/20/19



N/A



238





13















































312





322



0.1



Air Freight & Logistics



















































Motivational CIV, LLC (d/b/a Motivational Fulfillment)(8)



Class B Units



N/A



N/A



N/A



N/A



07/12/21



N/A



1,250





1,250





774



0.3









































1,250





774



0.3



Application Software



















































Atlas Parent, LLC (d/b/a  Alvaria, Inc.)(8)(35)



Common Units



N/A



N/A



N/A



N/A



10/24/25



N/A



19





1,682





1,853



0.7









































1,682





1,853



0.7



Broadline Retail



















































Ross-Simons Topco, LP (d/b/a Ross-Simons, Inc.)(8)



Preferred Units



N/A



N/A



8.00 %



8.00% PIK



12/04/20



N/A



600





514





735



0.3









































514





735



0.3



Building Products



















































PFB Holding Company, LLC (d/b/a PFB Corporation)(8)(13)



Class A Units



N/A



N/A



N/A



N/A



12/17/21



N/A



1





24















































24









Construction & Engineering



















































Sterling Pure Blocker, LLC  (d/b/a Banner Industries, Inc.)(8)



Class B Units



N/A



N/A



N/A



N/A



12/01/23



N/A



404





404





57











































404





57





Diversified Chemicals



















































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



Common Units



N/A



N/A



N/A



N/A



03/16/23



N/A















Pressurized Holdings, LLC (f/k/a Starco)(6)(8)(10)(21)



Preferred Units



N/A



N/A



14.00 %



14.00% PIK



03/16/23



N/A







4,537





4,784



1.8









































4,537





4,784



1.8



Diversified Support Services



















































Quest Events, LLC(8)



Common Units



N/A



N/A



N/A



N/A



12/28/18



N/A



385





385















































385









Education Services



















































EducationDynamics, LLC (d/b/a EDDY Enterprises, LLC)(8)



Senior Preferred Units



N/A



N/A



N/A



N/A



09/15/21



N/A



167





167









Eddy Acquisitions, LLC (d/b/a EducationDynamics, LLC)(8)(10)



Preferred Units



N/A



N/A



12.00 %



12.00 %



09/15/21



N/A



167





167









TVG I-EMSI Parent, LLC (d/b/a Media Source Inc.)(6)(8)(25)



Class A Units



N/A



N/A



N/A



N/A



09/01/25



N/A



20,765













TVG I-EMSI Parent, LLC (d/b/a Media Source Inc.)(6)(8)(25)



Class B Units



N/A



N/A



N/A



N/A



09/01/25



N/A



2





3,291





3,291



1.3









































3,625





3,291



1.3



Environmental & Facilities Services



















































BPII-JL Group Holdings LP (d/b/a Juniper Landscaping Holdings LLC)(8)



Class A Units



N/A



N/A



N/A



N/A



12/29/21



N/A



90





942





1,645



0.6









































942





1,645



0.6



Food Distributors



















































Twin Ridge CRS, LP (d/b/a CRS OneSource)(8)



Class A Common Units



N/A



N/A



N/A



N/A



05/10/24



N/A



63





317





264



0.1









































317





264



0.1



Household Appliances



















































BBQ Buyer, LLC (d/b/a BBQGuys)(8)



Shares



N/A



N/A



N/A



N/A



08/28/20



N/A



1,100





1,100





1,003



0.4









































1,100





1,003



0.4



Industrial Machinery & Supplies & Components



















































BL Products Parent, LP (d/b/a Bishop Lifting Products, Inc.)(8)



Class A Units



N/A



N/A



N/A



N/A



02/01/22



N/A



733





788





561



0.2









































788





561



0.2



Interactive Media & Services



















































What If Media Group, LLC(8)



Common Units



N/A



N/A



N/A



N/A



07/02/21



N/A



3,081



$

851



$

1,963



0.8

%







































851





1,963



0.8



IT Consulting & Other Services



















































CX Holdco LLC (d/b/a Cennox Inc.)(8)



Common Units



N/A



N/A



N/A



N/A



05/04/21



N/A



1,068





1,116





218



0.1



Keras Holdings, LLC (d/b/a KSM Consulting, LLC)(8)



Shares



N/A



N/A



N/A



N/A



12/31/20



N/A



496





496





446



0.2



Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting Group)(8)



Series A Units



N/A



N/A



N/A



N/A



04/10/23



N/A











308



0.1



Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting Group)(8)



Preferred Units



N/A



N/A



N/A



N/A



04/10/23



N/A











15











































1,612





987



0.4



Leisure Facilities



















































H.I.G. Camarillo, L.P. (f/k/a Honors Holdings, LLC)(6)(8)(24)



Limited Partner Interests



N/A



N/A



N/A



N/A



09/25/24



N/A















Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)(8)



Class A Common Stock



N/A



N/A



N/A



N/A



06/29/20



N/A



2





1,941





507



0.2



Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)(8)



Warrants



N/A



N/A



N/A



N/A



06/29/20



N/A



1





793





205



0.1









































2,734





712



0.3



Leisure Products



















































Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)(6)(8)(10)(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)(6)(8)(19)



Common Stock



N/A



N/A



N/A



N/A



01/24/22



N/A



72





460















































4,060









Paper & Plastic Packaging Products & Materials



















































Max Solutions Inc.(8)



Common Stock



N/A



N/A



N/A



N/A



09/29/22



N/A



4





400















































400









Real Estate Services



















































Camp Facility Services Parent, LLC (d/b/a Camp Construction Services, Inc.)(8)(10)



Preferred Units



N/A



N/A



10.00 %



10.00% PIK



11/16/21



N/A



15





840





31











































840





31





Research & Consulting Services



















































Merriman Holdings LP (d/b/a Escalent, Inc.)(8)



Class A Units



N/A



N/A



N/A



N/A



04/07/23



N/A



327





333





312



0.1









































333





312



0.1



Specialized Consumer Services



















































Salon Republic Investments LLC (d/b/a Salon Republic, LLC)(8)(10)



Preferred Stock



N/A



N/A



8.00 %



8.00% PIK



12/02/22



N/A



200





200





265



0.1



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



Common Stock



N/A



N/A



N/A



N/A



12/02/22



N/A



400





400





6





Texas Wash Holdings, LLC (d/b/a ClearWater Express Wash)(8)



Warrants



N/A



N/A



N/A



N/A



11/26/25



N/A







197





197



0.1









































797





468



0.2



Specialized Finance



















































WHF STRS Ohio Senior Loan Fund(7)(8)(9)(14)(18)



LLC Interests



N/A



N/A



N/A



N/A



07/19/19



N/A



21,104





21,104





21,602



8.3









































21,104





21,602



8.3



Systems Software



















































Arcserve Cayman GP LLC (d/b/a Arcserve (USA), LLC)(6)(8)(22)(27)



Common Units



N/A



N/A



N/A



N/A



01/03/24



N/A



663













Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC)(6)(8)(22)(27)



Common Units



N/A



N/A



N/A



N/A



01/03/24



N/A



663





19,568





9,144



3.5









































19,568





9,144



3.5



Technology Hardware, Storage & Peripherals



















































Telestream Topco 2 LLC (d/b/a Telestream Holdings Corporation)(8)(20)



Common Units



N/A



N/A



N/A



N/A



06/07/25



N/A



497





7,109





8,027



3.1









































7,109





8,027



3.1























































Total Equity Investments



































$

75,288



$

58,535



22.5

%





















































Total Investments



































$

607,574



$

578,649



222.7

%





















































Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents)



















































Goldman Sachs Financial Square Treasury Obligations Fund(16)



Share class: Administration (CUSIP: 38141W315)















3.34 %















$

8,829



$

8,829



3.4

%

Invesco Treasury Portfolio(16)



Share class: Institutional (CUSIP: 825252406)















3.09 %

















7,032





7,032



2.7



Dreyfus Treasury Obligations Cash Management Fund(16)



Share class: Institutional (CUSIP: 261908107)















3.65 %

















5,187





5,187



2.0



Total Money Market Funds





































21,048





21,048



8.1



Total investments and money market funds



































$

628,622



$

599,697



230.8

%





















































 

Forward Currency Contracts



Counterparty



Currency to be sold



Currency to be purchased



Settlement date



Unrealized

appreciation



Unrealized

depreciation

Morgan Stanley



C$

20,333

CAD



$

14,515

USD



 2/6/26



$



$

(325)

Morgan Stanley



4,989

EUR





5,874

USD



 2/6/26





2





Total























$

2



$

(325)

 

__________________________________

(1)

Except as otherwise noted, all investments are non-controlled/non-affiliate investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), provide collateral for the Company's credit facility, and are domiciled in the United States.

(2)

The investments bear interest at a rate that may be determined by reference to SOFR, CORRA, Prime, or EurIBOR, which resets monthly, quarterly or semiannually. The one, three and six-month SOFR were 3.7%, 3.7% and 3.6%, respectively, as of December 31, 2025.  The Prime was 6.8% as of December 31, 2025.  The three-month CORRA was 2.3%.  The one, three and six-month EurIBOR was 1.9%, 2.0% and 2.1%, respectively, as of December 31, 2025.

(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)

Except as otherwise noted, all of the Company's portfolio company investments, which as of the date of the consolidated schedule of investments represented 222.7% of the Company's net assets or 94.1% of the Company's total assets, are subject to legal restrictions on sales.

(5)

The fair value of each investment was determined using significant unobservable inputs.

(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, 2025.

(8)

The investment or a portion of the investment does not provide collateral for the Company's credit facility and the 2025 CLO Securitization.

(9)

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 79.4% of total assets as of the date of the consolidated schedule of investments.

(10)

Preferred equity investment is a non-income producing security.

(11)

Security is perpetual with no defined maturity date.

(12)

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

(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)

Principal amount is denominated in Euros.

(16)

The rate shown is the annualized seven-day yield as of December 31, 2025.

(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 June 2025, as part of a restructuring agreement between the Company and Telestream Holdings Corporation, the Company's first lien secured term loan and revolver investments to Telestream Holdings Corporation were converted into a new first lien secured term loan of Telestream 2 LLC (d/b/a Telestream Holdings Corporation) and common equity of Telestream Topco 2 LLC (d/b/a Telestream Holdings Corporation).

(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 second 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)

In January 2024, as part of a restructuring agreement between the Company and Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC), the Company's first lien secured term loan and priority first lien delayed draw loan investments in Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC), converted into a new first lien secured delayed draw loan and unsecured notes in Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC) and common equity of Arcserve Cayman GP LLC (d/b/a Arcserve (USA), LLC), and Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC).

(23)

As part of the restructuring agreement between the Company and Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC), fair value on the first lien secured delayed draw loan includes a preferred return that is earned on capital funded.

(24)

In September 2024, as part of a restructuring agreement between the Company and Honors Holdings, LLC (d/b/a Orange Theory), the Company's first lien secured term loan, delayed draw loan and revolver investments to Honors Holdings, LLC (d/b/a Orange Theory) were converted into a new first lien secured term loan of Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC) and common equity of H.I.G. Camarillo, L.P. (f/k/a Honors Holdings, LLC).

(25)

In September 2025, as part of a restructuring agreement between the Company and MSI Information Services, Inc., the Company's first lien secured term loan and revolver investments in MSI Information Services, Inc., were converted into a new first lien secured term loan and revolver investments of Media Source, LLC (d/b/a Media Source Inc.) and into common equity in TVG I-E-MSI Acquisition, LLC (d/b/a Media Source, Inc).

(26)

The issuer is domiciled in Canada.

(27)

The issuer is domiciled in Cayman Islands.

(28)

Security or portion of the security pledged as collateral for the 2025 CLO Securitization.  

(29)

Security or portion of the security pledged as collateral for the Company's credit facility.

(30)

Security or portion of the security pledged as collateral for the Company's credit facility and the 2025 CLO Securitization.

(31)

The investment was comprised of two contracts, which were indexed to Prime and SOFR (1M).

(32)

The investment was comprised of two contracts, which were indexed to Prime and SOFR (3M).

(33)

The investment was comprised of two contracts, which were indexed to Prime and SOFR (6M).

(34)

The investment was comprised of two contracts, which were indexed to SOFR (1M) and SOFR (3M).

(35)

In October 2025, as part of a restructuring agreement between the Company and Alvaria Holdco (Cayman) (d/b/a Aspect Software, Inc.), a portion of the Company's first lien secured term loan investments in Alvaria Holdco (Cayman) (d/b/a Aspect Software, Inc.), were converted into common equity in Atlas Parent, LLC (d/b/a  Alvaria, Inc.). 

 

Contacts







Stuart Aronson



WhiteHorse Finance, Inc.



212-506-0500



[email protected]







or







Joyson Thomas



WhiteHorse Finance, Inc.



305-379-2322



[email protected]







or







Robert Brinberg

Rose & Company

212-257-5932

[email protected]



 

 

Cision
View original content:https://www.prnewswire.com/news-releases/whitehorse-finance-inc-announces-fourth-quarter-and-full-year-2025-earnings-results-and-declares-quarterly-distribution-of-0-25-per-share-and-supplemental-distribution-of-0-01-per-share-302700581.html

SOURCE WhiteHorse Finance, Inc.

Mentioned In This Article

Latest News

Mar-02
Mar-02
Mar-02
Mar-02
Mar-02
Mar-02
Feb-26
Feb-25
Feb-20
Feb-20
Nov-18
Nov-10
Nov-10
Nov-10
Nov-10