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

Third Quarter 2022 Summary Highlights

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

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

Portfolio and Investment Activity

As of September 30, 2022, the fair value of WhiteHorse Finance's investment portfolio was $764.6 million, compared with $766.5 million as of June 30, 2022. The portfolio as of September 30, 2022 consisted of 107 positions across 68 companies with a weighted average effective yield of 11.4% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $7.7 million with the overall portfolio comprised of approximately 80.6% first lien secured loans, 2.7% second lien secured loans, 3.4% equity and 13.3% in investments in STRS JV. Almost all loans were variable rate investments (primarily indexed to the London Interbank Offered Rate or Secured Overnight Financing Rate) with fixed rate securities representing only 0.4% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.

During the three months ended September 30, 2022, WhiteHorse Finance made investments in three new portfolio companies for a total of $26.1 million, added a total of $13.4 million to existing portfolio companies, and made net fundings of $0.6 million to revolver loans. Proceeds from sales and repayments totaled approximately $36.3 million for the three months ended September 30, 2022, driven by three full realizations in Mills Fleet Farm Group, LLC, Nelson Worldwide, LLC, and Maxitransfers Blocker Corp.

WHF STRS Ohio Senior Loan Fund LLC

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

Results of Operations

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

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

For the three months ended September 30, 2022, WhiteHorse Finance reported a net realized and unrealized loss on investments and foreign currency transactions of $5.9 million. This compares with a net realized and unrealized gain on investments and foreign currency transactions of $0.6 million for the three months ended September 30, 2021. The decrease for the year-over-year period was primarily attributable to markdowns on the portfolio in the current quarter.

WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $3.8 million for the three months ended September 30, 2022, which compares with a net increase of $8.3 million the three months ended September 30, 2021.

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

Liquidity and Capital Resources

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

Distributions

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

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

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

Conference Call

WhiteHorse Finance will host a conference call to discuss its third quarter results for the period ended September 30, 2022 at 1:00 p.m. ET on Monday, November 14, 2022. To access the teleconference, please dial 800-225-9448 (domestic and international) approximately 10 minutes before the teleconference's scheduled start time and reference Conference ID #WHFQ322. Investors may also access the call on the investor relations portion of the Company's website at www.whitehorsefinance.com.

If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call's completion through November 21, 2022. The teleconference replay can be accessed by dialing 800-723-0532 (domestic and international). A webcast replay will also be available on the investor relations portion of the Company's website at www.whitehorsefinance.com.

About WhiteHorse Finance, Inc.

WhiteHorse Finance is a business development company that originates and invests in loans to privately held, lower middle market companies across a broad range of industries. The Company's investment activities are managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, LLC, ("H.I.G. Capital"). H.I.G. Capital is a leading global alternative asset manager with over $50 billion of capital under management(4) across a number of funds focused on the small and mid-cap markets. For more information about H.I.G. Capital, please visit http://www.higcapital.com. For more information about the Company, please visit http://www.whitehorsefinance.com.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

(1) Includes investments in WHF STRS Ohio Senior Loan Fund LLC ("STRS JV"), an unconsolidated joint venture, totaling $102.1 million, at fair value.

(2) Excludes investments made in STRS JV.

(3) "Core net investment income" is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (i) the net impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and (iii) excise and other income taxes related to such net realized gains and losses (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, are set forth in Schedule 1 hereto.

(4) Based on total capital commitments managed by H.I.G. Capital and affiliates.

 

SCHEDULE 1

As a supplement to GAAP financial measures, the Company has provided information relating to core net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income determined in accordance with GAAP. The Company's non-GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Core net investment income represents net investment income adjusted to exclude the net impact of costs associated with the refinancing of the Company's indebtedness, the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and excise or other income taxes related to such net realized gains and losses (net of incentive fees). There were no excise or other income taxes related to net realized gains and losses nor did the Company incur any costs with refinancing any of its indebtedness for the quarters ended September 30, 2022 and September 30, 2021.

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



















September 30, 2022

September 30, 2021



Amount

 Per Share

Amount

 Per Share







Amounts





Amounts

Net investment income

$

9,768

$

0.420

$

7,639

$

0.366

Net impact of costs associated with refinancing of indebtedness


-


-


-


-

Accrual for capital gains incentive fee


(1,132)


(0.048)


127


0.006

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


-


-


-


-

Core net investment income

$

8,636

$

0.372

$

7,766

$

0.372

 

WhiteHorse Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)










September 30, 2022

December 31, 2021



(Unaudited)


Assets





Investments, at fair value





Non-controlled/non-affiliate company investments

$

650,585

$

736,727

Non-controlled affiliate company investments

11,903

6,874

Controlled affiliate company investments

102,066

75,607

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

764,554

819,208

Cash and cash equivalents

9,855

12,185

Restricted cash and cash equivalents

9,445

9,814

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

17

469

Interest and dividend receivable

7,853

7,521

Amounts receivable on unsettled investment transactions

3,288

—

Escrow receivable

711

515

Prepaid expenses and other receivables

925

1,307

Unrealized appreciation on foreign currency forward contracts

10

—

Total assets

$

796,658

$

851,019







Liabilities





Debt

$

430,992

$

475,958

Distributions payable

8,251

8,222

Management fees payable

3,881

3,766

Incentive fees payable

4,335

7,958

Amounts payable on unsettled investment transactions

331

—

Interest payable

3,772

2,087

Accounts payable and accrued expenses

1,526

2,438

Advances received from unfunded credit facilities

551

839

Total liabilities

453,639

501,268







Commitments and contingencies












Net assets





Common stock, 23,243,088 and 23,162,667 shares issued and outstanding, par value
$0.001 per share, respectively, and 100,000,000 shares authorized

23

23

Paid-in capital in excess of par

340,264

339,161

Accumulated earnings

2,732

10,567

Total net assets

343,019

349,751

Total liabilities and total net assets

$

796,658

$

851,019

Number of shares outstanding

23,243,088

23,162,667

Net asset value per share

$

14.76

$

15.10







 

WhiteHorse Finance, Inc.

Consolidated Statements of Operations (Unaudited)

(in thousands, except share and per share data)
















Three months ended
September 30, 

Nine months ended
September 30, 



2022

2021

2022

2021

Investment income











From non-controlled/non-affiliate company investments











Interest income

$

17,121

$

15,199

$

49,890

$

44,159

Fee income

423

1,224

1,564

2,344

Dividend income

100

35

268

144

From non-controlled affiliate company investments











Interest income

95

—

228

—

Dividend income

21

76

261

1,042

From controlled affiliate company investments











Interest income

1,753

905

4,339

2,362

Dividend income

2,045

939

5,042

3,638

Total investment income

21,558

18,378

61,592

53,689

Expenses











Interest expense

5,632

3,842

15,351

11,456

Base management fees

3,881

3,508

11,741

10,209

Performance-based incentive fees

1,027

2,069

4,291

6,739

Administrative service fees

171

171

512

512

General and administrative expenses

884

896

2,919

2,592

Total expenses

11,595

10,486

34,814

31,508

Net investment income before excise tax

9,963

7,892

26,778

22,181

Excise tax

195

253

594

845

Net investment income after excise tax

9,768

7,639

26,184

21,336













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











Net realized gains (losses)











Non-controlled/non-affiliate company investments

236

109

(17,262)

7,714

Non-controlled affiliate company investments

—

—

1,725

—

Foreign currency transactions

(6)

(206)

(348)

(209)

Foreign currency forward contracts

—

1

(8)

(3)

Net realized gains (losses)

230

(96)

(15,893)

7,502

Net change in unrealized appreciation (depreciation)











Non-controlled/non-affiliate company investments

(7,275)

(1,370)

5,296

(3,937)

Non-controlled affiliate company investments

(389)

792

(2,596)

1,112

Controlled affiliate company investments

(212)

860

1,459

591

Translation of assets and liabilities in foreign currencies

1,713

263

2,441

161

Foreign currency forward contracts

10

187

10

186

Net change in unrealized appreciation (depreciation)

(6,153)

732

6,610

(1,887)

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

(5,923)

636

(9,283)

5,615

Net increase in net assets resulting from operations

$

3,845

$

8,275

$

16,901

$

26,951













Per Common Share Data











Basic and diluted earnings per common share

$

0.17

$

0.40

$

0.73

$

1.30

Dividends and distributions declared per common share

$

0.36

$

0.36

$

1.07

$

1.07

Basic and diluted weighted average common shares outstanding

23,243,088

20,851,435

23,224,990

20,677,545

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

September 30, 2022

(in thousands)
























Issuer

Investment Type(1)

Floor  

Spread
Above
Index(2)

Interest
Rate(3)

Acquisition
Date(10)

Maturity
Date

Principal/
Share
Amount

Amortized
Cost

Fair
Value(11)

Fair Value
As A
Percentage
of Net
Assets

North America






















Debt Investments






















Air Freight & Logistics






















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

First Lien Secured Term Loan

1.50 %

L+ 8.00%

11.12 %

02/08/19

02/08/24

4,718

$

4,699

$

4,718

1.38

%

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

First Lien Secured Term Loan

1.00 %

L+ 6.25%

9.07 %

07/12/21

07/12/26

11,124

10,956

10,744

3.13

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

First Lien Secured Revolving Loan

1.00 %

L+ 6.25%

9.07 %

07/12/21

07/12/26

—

—

(22)

(0.01)

















15,655

15,440

4.50

Alternative Carriers






















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

First Lien Secured Term Loan

0.50 %

SF+ 5.75%

8.39 %

08/05/22

08/01/29

14,625

12,040

11,993

3.50

















12,040

11,993

3.50

Application Software






















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

First Lien Secured Term Loan

0.75 %

L+ 5.25%

8.68 %

08/29/22

05/08/28

3,105

2,595

2,562

0.74

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

Second Lien Secured Term Loan

0.75 %

L+ 9.00%

11.19 %

05/03/21

05/07/29

15,000

14,628

12,197

3.55

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

First Lien Secured Term Loan

1.00 %

L+ 7.00%

10.67 %

06/14/19

12/29/22

3,189

3,184

3,125

0.91

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

First Lien Secured Revolving Loan

1.00 %

Base rate+ 6.92%

10.28 %

06/14/19

12/29/22

267

267

261

0.08

















20,674

18,145

5.28

Asset Management & Custody Banks






















JZ Capital Partners Ltd.(4)(5)

First Lien Secured Term Loan

1.00 %

L+ 7.00%

9.77 %

01/26/22

01/26/27

10,286

10,108

10,147

2.96

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

First Lien Secured Delayed Draw Loan

1.00 %

L+ 7.00%

9.77 %

01/26/22

01/26/27

—

—

22

0.01

















10,108

10,169

2.97

Automotive Retail






















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

First Lien Secured Term Loan

1.00 %

Base rate+ 7.98%

10.39 %

02/16/18

06/28/24

14,594

14,532

14,594

4.25

















14,532

14,594

4.25

Broadcasting






















Coastal Television Broadcasting Group LLC

First Lien Secured Term Loan

1.00 %

SF+ 6.50%

9.48 %

12/30/21

12/30/26

8,191

8,052

7,946

2.32

Coastal Television Broadcasting Group LLC(7)

First Lien Secured Revolving Loan

1.00 %

SF+ 6.50%

9.48 %

12/30/21

12/30/26

—

—

(4)

—

















8,052

7,942

2.32

Building Products






















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

First Lien Secured Term Loan

1.00 %

C+ 6.00%

8.71 %

12/17/21

12/17/26

8,959

6,889

6,382

1.85

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

First Lien Secured Revolving Loan

1.00 %

C+ 6.00%

8.71 %

12/17/21

12/17/26

—

—

2

—

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

First Lien Secured Term Loan

1.00 %

L+ 6.00%

8.28 %

12/17/21

12/17/26

2,182

2,144

2,154

0.63

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

First Lien Secured Revolving Loan

1.00 %

L+ 6.00%

8.28 %

12/17/21

12/17/26

—

—

1

—

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

First Lien Secured Term Loan

1.00 %

C+ 6.50%

10.67 %

07/27/21

07/27/26

22,544

17,681

16,175

4.72

















26,714

24,714

7.20

Cable & Satellite






















Bulk Midco, LLC(15)(23)

First Lien Secured Term Loan

1.00 %

P+ 5.25%

11.50 %

06/08/18

06/08/23

14,922

14,891

14,323

4.18

















14,891

14,323

4.18

Commodity Chemicals






















Flexitallic Group SAS

First Lien Secured Term Loan

1.00 %

SF+ 7.50%

11.20% (10.70% Cash
+ 0.50% PIK)

10/28/19

10/29/26

16,371

15,777

16,003

4.67

















15,777

16,003

4.67

Construction Materials






















Claridge Products and Equipment, LLC

First Lien Secured Term Loan

1.00 %

L+ 6.50%

10.17 %

12/30/20

12/29/25

7,582

7,484

7,280

2.11

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

First Lien Secured Revolving Loan

1.00 %

Base rate+ 5.72%

11.84 %

12/30/20

12/29/25

926

918

888

0.26

















8,402

8,168

2.37

Data Processing & Outsourced Services






















Escalon Services Inc.

First Lien Secured Term Loan

1.00 %

L+ 10.31%

13.22% (11.72% Cash
+ 1.50% PIK)

12/04/20

12/04/25

17,278

16,599

17,797

5.19

Future Payment Technologies, L.P.

First Lien Secured Term Loan

1.00 %

L+ 8.25%

10.81 %

12/23/16

06/07/24

23,222

23,074

23,222

6.77

















39,673

41,019

11.96

Distributors






















Crown Brands LLC

First Lien Secured Term Loan

1.00 %

SF+ 10.00%

12.95 %

04/22/22

12/09/25

357

$

357

$

344

0.10

%

Crown Brands LLC(19)

Second Lien Secured Term Loan

1.50 %

L+ 10.50%

13.62 %

12/15/20

01/08/26

4,386

4,318

2,851

0.83

Crown Brands LLC(19)

Second Lien Secured Delayed Draw Loan

1.50 %

L+ 10.50%

13.74 %

12/15/20

01/08/26

651

651

423

0.12

















5,326

3,618

1.05

Diversified Chemicals






















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

First Lien Secured Term Loan

0.75 %

SF+ 5.75%

8.85 %

11/16/21

11/16/26

7,940

7,575

7,246

2.11

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

First Lien Secured Term Loan

1.00 %

L+ 9.75%

10.75% (8.75% Cash
+ 2.00% PIK)

11/13/19

05/13/23

7,353

7,292

6,695

1.95

















14,867

13,941

4.06

Diversified Support Services






















NNA Services, LLC

First Lien Secured Term Loan

1.00 %

L+ 6.75%

10.42 %

08/27/21

08/27/26

11,375

11,264

11,165

3.25

















11,264

11,165

3.25

Education Services






















EducationDynamics, LLC

First Lien Secured Term Loan

1.00 %

L+ 7.00%

10.05% (9.55% Cash
+ 0.50% PIK)

09/15/21

09/15/26

13,119

12,912

12,887

3.75

EducationDynamics, LLC(4)(7)

First Lien Secured Delayed Draw Loan

1.00 %

L+ 7.00%

10.05% (9.55% Cash
+ 0.50% PIK)

09/15/21

09/15/26

—

—

(3)

—

EducationDynamics, LLC(7)

First Lien Secured Revolving Loan

1.00 %

P+ 5.50%

11.75 %

09/15/21

09/15/26

240

236

234

0.07

EducationDynamics, LLC(4)

Subordinated Unsecured Term Loan

N/A

4.00 %

4.00 %

09/15/21

03/15/27

167

167

167

0.05

















13,315

13,285

3.87

Electric Utilities






















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

First Lien Secured Term Loan

1.00 %

L+ 7.25%

9.76 %

10/12/21

10/12/26

10,500

10,331

10,408

3.03

















10,331

10,408

3.03

Environmental & Facilities Services






















Industrial Specialty Services USA LLC

First Lien Secured Term Loan

1.00 %

L+ 6.25%

9.92 %

12/31/21

12/31/26

11,917

11,715

11,612

3.39

Industrial Specialty Services USA LLC(7)

First Lien Secured Revolving Loan

1.00 %

L+ 6.25%

9.18 %

12/31/21

12/31/26

886

871

861

0.25

Solar Holdings Bidco Limited(5)(23)

First Lien Secured Term Loan

0.50 %

SF+ 6.75%

9.74 %

09/30/22

09/28/29

2,783

2,706

2,706

0.79

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

First Lien Secured Term Loan

0.50 %

C+ 6.75%

10.92 %

09/30/22

09/28/29

3,839

2,726

2,704

0.79

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

First Lien Secured Term Loan

0.00 %

S+ 6.75%

8.94 %

09/30/22

09/28/29

169

182

184

0.05

Solar Holdings Bidco Limited(5)(23)

First Lien Secured Delayed Draw Loan

0.50 %

SF+ 6.75%

9.74 %

09/30/22

09/28/29

53

51

51

0.01

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

First Lien Secured Delayed Draw Loan

0.50 %

SF+ 6.75%

9.74 %

09/30/22

09/28/29

—

—

(10)

—

















18,251

18,108

5.28

Health Care Facilities






















Bridgepoint Healthcare, LLC

First Lien Secured Term Loan

1.00 %

L+ 7.75%

10.51 %

10/05/21

10/05/26

10,562

10,392

10,337

3.01

Bridgepoint Healthcare, LLC(7)

First Lien Secured Delayed Draw Loan

1.00 %

L+ 7.75%

10.51 %

10/05/21

10/05/26

—

—

(11)

—

Bridgepoint Healthcare, LLC(7)

First Lien Secured Revolving Loan

1.00 %

L+ 7.75%

10.51 %

10/05/21

10/05/26

—

—

(8)

—

















10,392

10,318

3.01

Health Care Services






















CHS Therapy, LLC

First Lien Secured Term Loan A

1.50 %

L+ 9.00%

12.67% (12.17% Cash
+ 0.50% PIK)

06/14/19

06/14/24

7,125

7,079

7,125

2.08

CHS Therapy, LLC

First Lien Secured Term Loan C

1.50 %

L+ 9.00%

12.67% (12.17% Cash
+ 0.50% PIK)

10/07/20

06/14/24

877

869

877

0.26

Lab Logistics, LLC

First Lien Secured Term Loan

1.00 %

SF+ 7.25%

10.16 %

10/16/19

09/25/23

5,501

5,446

5,495

1.60

Lab Logistics, LLC

First Lien Secured Delayed Draw Loan

1.00 %

SF+ 7.25%

10.20 %

10/16/19

09/25/23

5,144

5,135

5,144

1.50

PG Dental New Jersey Parent, LLC

First Lien Secured Term Loan

1.00 %

L+ 9.75%

12.57% (11.07% Cash
+ 1.50% PIK)

11/25/20

11/25/25

14,845

14,640

13,807

4.03

PG Dental New Jersey Parent, LLC(7)

First Lien Secured Revolving Loan

1.00 %

L+ 9.75%

12.57% (11.07% Cash
+ 1.50% PIK)

11/25/20

11/25/25

352

347

308

0.09

















33,516

32,756

9.56

Health Care Supplies






















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

First Lien Secured Term Loan

0.75 %

L+ 7.50%

10.46 %

02/23/22

02/23/28

21,627

$

21,141

$

21,281

6.20

%

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

First Lien Secured Revolving Loan

0.75 %

Base rate+ 6.51%

12.72 %

02/23/22

02/23/28

2,106

2,058

2,073

0.60

















23,199

23,354

6.80

Heavy Electrical Equipment






















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

First Lien Secured Term Loan

1.00 %

L+ 6.25%

9.92 %

06/25/21

06/25/26

14,166

13,942

13,835

4.03

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

First Lien Secured Delayed Draw Loan

1.00 %

L+ 6.25%

9.92 %

07/11/22

06/25/26

—

—

(1)

—

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

First Lien Secured Revolving Loan

1.00 %

L+ 6.25%

9.92 %

06/25/21

06/25/24

104

103

63

0.02

















14,045

13,897

4.05

Home Furnishings






















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

First Lien Secured Term Loan

1.00 %

L+ 6.50%

8.92 %

10/12/21

10/12/26

20,895

20,555

20,630

6.01

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

First Lien Secured Revolving Loan

1.00 %

L+ 6.50%

8.92 %

10/12/21

10/12/26

—

—

10

—

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

First Lien Secured Term Loan

2.00 %

SF+ 8.75%

11.79 %

09/19/22

09/21/26

4,891

4,849

4,671

1.36

















25,404

25,311

7.37

Household Appliances






















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

First Lien Secured Term Loan

0.50 %

SF+ 6.00%

9.70 %

05/26/22

05/31/29

6,540

6,040

6,003

1.75

















6,040

6,003

1.75

Household Products






















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

First Lien Secured Term Loan

1.00 %

SF+ 7.00%

10.31% (9.81% Cash
+ 0.50% PIK)

04/05/21

04/05/26

11,347

11,228

10,782

3.14

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

First Lien Secured Revolving Loan

1.00 %

SF+ 7.00%

9.88% (9.38% Cash
+ 0.50% PIK)

04/05/21

04/05/26

676

669

632

0.18

















11,897

11,414

3.32

Industrial Machinery






















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

First Lien Secured Term Loan

0.50 %

SF+ 5.50%

9.05 %

06/09/22

06/01/29

8,376

7,521

7,541

2.20

















7,521

7,541

2.20

Interactive Media & Services






















MSI Information Services, Inc.

First Lien Secured Term Loan

1.00 %

SF+ 7.75%

10.88 %

04/25/22

04/24/26

7,851

7,711

7,647

2.23

MSI Information Services, Inc.(7)

First Lien Secured Revolving Loan

1.00 %

P+ 6.75%

13.00 %

04/25/22

04/24/26

300

295

286

0.08

















8,006

7,933

2.31

Internet & Direct Marketing Retail






















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

First Lien Secured Term Loan

1.50 %

L+ 10.00%

13.12% (11.12% Cash
+ 2.00% PIK)

08/28/20

08/28/25

12,719

12,533

12,616

3.68

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

First Lien Secured Delayed Draw Loan

1.50 %

L+ 10.00%

13.12% (11.12% Cash
+ 2.00% PIK)

04/29/22

08/28/25

2,593

2,553

2,559

0.75

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

First Lien Secured Term Loan

1.00 %

L+ 6.50%

9.31 %

12/04/20

06/04/26

5,895

5,816

5,854

1.71

Potpourri Group, Inc.

First Lien Secured Term Loan

1.50 %

L+ 8.25%

9.75 %

07/03/19

07/03/24

16,513

16,383

16,513

4.81

















37,285

37,542

10.95

Investment Banking & Brokerage






















JVMC Holdings Corp. (fka RJO Holdings Corp)

First Lien Secured Term Loan

1.00 %

L+ 6.50%

9.62 %

02/28/19

02/28/24

12,077

12,043

12,077

3.52

















12,043

12,077

3.52

IT Consulting & Other Services






















ATSG, Inc.

First Lien Secured Term Loan

1.00 %

L+ 6.50%

9.42 %

11/12/21

11/12/26

13,877

13,649

13,653

3.98

















13,649

13,653

3.98

Leisure Facilities






















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

First Lien Secured Term Loan

1.00 %

L+ 7.56%

10.73% (10.23% Cash
+ 0.50% PIK)

09/06/19

09/06/24

9,440

$

9,337

$

9,346

2.72

%

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

First Lien Secured Delayed Draw Loan

1.00 %

L+ 7.46%

10.80% (10.30% Cash
+ 0.50% PIK)

09/06/19

09/06/24

4,649

4,618

4,603

1.34

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

First Lien Secured Term Loan A

1.00 %

L+ 7.50%

10.62 %

06/29/20

06/29/25

5,588

5,541

5,533

1.61

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

First Lien Secured Term Loan B

N/A

9.50 %

9.50% (0.00% Cash
+ 9.50% PIK)

06/29/20

06/29/25

1,330

1,314

1,302

0.38

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

First Lien Secured Term Loan C

N/A

9.50 %

9.50% (0.00% Cash
+ 9.50% PIK)

06/29/20

NA

1,268

1,265

1,084

0.32

















22,075

21,868

6.37

Leisure Products






















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

First Lien Secured Term Loan

1.00 %

L+ 8.00%

10.78% (2.78% Cash
+ 8.00% PIK)

01/24/22

06/08/26

3,565

3,565

3,509

1.02

















3,565

3,509

1.02

Life Sciences Tools & Services






















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

Second Lien Secured Term Loan

0.50 %

L+ 8.00%

11.67 %

11/23/21

12/16/29

5,000

4,932

4,912

1.43

















4,932

4,912

1.43

Office Services & Supplies






















American Crafts, LC

First Lien Secured Term Loan

1.00 %

L+ 8.50%

11.62 %

05/28/21

05/28/26

8,139

8,050

7,114

2.07

American Crafts, LC

First Lien Secured Delayed Draw Loan

1.00 %

L+ 8.50%

11.62 %

01/25/22

05/28/26

1,367

1,344

1,195

0.35

Empire Office, Inc.

First Lien Secured Term Loan

1.50 %

L+ 6.50%

9.62 %

04/12/19

04/12/24

12,019

11,923

11,910

3.47

Empire Office, Inc.(4)

First Lien Secured Delayed Draw Loan

1.50 %

L+ 6.50%

9.62 %

08/17/21

04/12/24

4,864

4,792

4,820

1.41

















26,109

25,039

7.30

Packaged Foods & Meats






















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

First Lien Secured Term Loan

1.00 %

L+ 8.92%

11.74% (10.03% Cash
+ 1.71% PIK)

05/15/18

05/15/23

11,201

11,175

10,922

3.19

















11,175

10,922

3.19

Paper Packaging






















Max Solutions Inc.

First Lien Secured Term Loan

1.00 %

SF+ 6.50%

10.21 %

09/29/22

09/29/28

8,264

8,099

8,099

2.35

Max Solutions Inc.(7)

First Lien Secured Delayed Draw Loan

1.00 %

SF+ 6.50%

10.21 %

09/29/22

09/29/28

—

—

—

—

Max Solutions Inc.(7)(13)

First Lien Secured Revolving Loan

1.00 %

C+ 6.50%

10.21 %

09/29/22

09/29/28

—

—

—

—

Max Solutions Inc.(7)

First Lien Secured Revolving Loan

1.00 %

SF+ 6.50%

10.21 %

09/29/22

09/29/28

—

—

—

—

















8,099

8,099

2.35

Personal Products






















Inspired Beauty Brands, Inc.

First Lien Secured Term Loan

1.00 %

L+ 7.00%

9.91 %

12/30/20

12/30/25

11,804

11,650

11,509

3.36

Inspired Beauty Brands, Inc.(7)

First Lien Secured Revolving Loan

1.00 %

L+ 7.00%

9.91 %

12/30/20

12/30/25

—

—

(6)

—

Sunless, Inc.

First Lien Secured Term Loan

1.00 %

L+ 6.50%

10.17 %

06/30/22

08/13/25

2,092

2,053

2,063

0.60

















13,703

13,566

3.96

Research & Consulting Services






















Aeyon LLC(23)

First Lien Secured Term Loan

1.00 %

SF+ 8.88%

11.62 %

02/10/22

02/10/27

8,933

8,777

8,858

2.58

ALM Media, LLC

First Lien Secured Term Loan

1.00 %

L+ 6.50%

9.31 %

11/25/19

11/25/24

13,584

13,467

13,458

3.92

















22,244

22,316

6.50

Specialized Consumer Services






















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

First Lien Secured Term Loan

1.00 %

L+ 6.50%

9.55 %

11/16/21

11/16/27

11,830

$

11,628

$

11,558

3.37

%

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

First Lien Secured Delayed Draw Loan

1.00 %

L+ 6.50%

9.55 %

11/16/21

11/16/27

—

—

(24)

(0.01)

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

First Lien Secured Term Loan

1.00 %

L+ 8.00%

11.67 %

09/30/21

09/30/26

11,550

11,365

11,550

3.37

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

First Lien Secured Revolving Loan

1.00 %

L+ 8.00%

11.67 %

09/30/21

09/30/26

—

—

11

—

True Blue Car Wash, LLC(23)

First Lien Secured Term Loan

1.00 %

SF+ 6.88%

10.01 %

10/17/19

10/17/24

9,969

9,876

9,898

2.89

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

First Lien Secured Delayed Draw Loan

1.00 %

SF+ 6.50%

9.55 %

10/17/19

10/17/24

4,186

4,124

4,103

1.20

















36,993

37,096

10.82

Specialized Finance






















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

Subordinated Note

N/A

L+ 6.50%

9.13 %

07/19/19

N/A

80,000

80,000

80,000

23.32

















80,000

80,000

23.32

Systems Software






















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

First Lien Secured Term Loan

1.00 %

L+ 7.00%

10.67 %

03/16/21

03/16/27

19,256

18,970

17,525

5.11

















18,970

17,525

5.11

Technology Hardware, Storage & Peripherals






















Telestream Holdings Corporation

First Lien Secured Term Loan

1.00 %

SF+ 9.25%

12.11 %

10/15/20

10/15/25

15,886

15,570

15,874

4.63

Telestream Holdings Corporation(7)

First Lien Secured Revolving Loan

1.00 %

SF+ 9.25%

12.30 %

10/15/20

10/15/25

927

909

935

0.27

Telestream Holdings Corporation(7)

First Lien Secured Delayed Draw Loan

1.00 %

SF+ 9.25%

12.30 %

05/12/22

10/15/25

—

—

—

—

















16,479

16,809

4.90
























Total Debt Investments














$

727,213

$

716,495

208.83

%
























Equity Investments(22)






















Advertising






















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

Class A LLC Interests

N/A

N/A

N/A

12/15/21

N/A

201

$

251

$

219

0.06

%

















251

219

0.06

Air Freight & Logistics






















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

Class B Units

N/A

N/A

N/A

07/12/21

N/A

1,250

1,250

606

0.18

















1,250

606

0.18

Building Products






















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

Class A Units

N/A

N/A

N/A

12/17/21

N/A

1

423

603

0.18

















423

603

0.18

Data Processing & Outsourced Services






















Escalon Services Inc.(4)

Warrants

N/A

N/A

N/A

12/04/20

N/A

709

476

2,368

0.69

















476

2,368

0.69

Diversified Support Services






















Quest Events, LLC(4)

Preferred Units

N/A

N/A

N/A

12/28/18

12/08/25

331

331

60

0.02

ImageOne Industries, LLC(4)

Common A Units

N/A

N/A

N/A

09/20/19

N/A

227

2

84

0.02

















333

144

0.04

Education Services






















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

Preferred Units

N/A

12.00 %

12.00 %

09/15/21

N/A

167

167

118

0.03

















167

118

0.03

Environmental & Facilities Services






















BPII-JL Group Holdings LP (d/b/a Juniper Landscaping Holdings LLC)(4)

Class A Units

N/A

N/A

N/A

12/29/21

N/A

83

825

661

0.19

















825

661

0.19

Industrial Machinery






















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

Class A Units

N/A

N/A

N/A

02/01/22

N/A

667

$

667

$

668

0.19

%

















667

668

0.19

Interactive Media & Services






















What If Media Group, LLC(4)

Common Units

N/A

N/A

N/A

07/02/21

N/A

851

851

2,327

0.68

















851

2,327

0.68

Internet & Direct Marketing Retail






















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

Shares

N/A

N/A

N/A

08/28/20

N/A

1,100

1,100

1,954

0.57

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

Preferred Units

N/A

8.00 %

8.00% PIK

12/04/20

N/A

600

514

816

0.24

















1,614

2,770

0.81

Investment Banking & Brokerage






















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

Shares

N/A

N/A

N/A

10/01/20

N/A

—

6,944

6,295

1.84

















6,944

6,295

1.84

IT Consulting & Other Services






















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

Common Units

N/A

N/A

N/A

05/04/21

N/A

972

972

1,457

0.42

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

Shares

N/A

N/A

N/A

12/31/20

N/A

496

496

361

0.11

















1,468

1,818

0.53

Leisure Facilities






















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

Class A Common Stock

N/A

N/A

N/A

06/29/20

N/A

2

1,941

157

0.05

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

Warrants

N/A

N/A

N/A

06/29/20

06/28/28

1

793

64

0.02

















2,734

221

0.07

Leisure Products






















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

Preferred Stock

N/A

14.00 %

14.00% PIK

01/24/22

N/A

36

3,600

2,099

0.62

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

Common Stock

N/A

N/A

N/A

01/24/22

N/A

72

460

—

—

















4,060

2,099

0.62

Other Diversified Financial Services






















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

Warrants

N/A

N/A

N/A

06/28/18

12/28/25

—

—

—

—

Sigue Corporation(4)

Warrants

N/A

N/A

N/A

06/28/18

12/28/25

22

2,890

3,823

1.11

















2,890

3,823

1.11

Paper Packaging






















Max Solutions Inc.(4)

Common Stock

N/A

N/A

N/A

09/29/22

N/A

4

400

400

0.12

















400

400

0.12

Specialized Consumer Services






















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

Preferred Units

N/A

10.00 %

10.00% PIK

11/16/21

N/A

15

840

853

0.26

















840

853

0.26

Specialized Finance






















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

LLC Interests

N/A

N/A

N/A

07/19/19

N/A

20,000

20,000

22,066

6.43

















20,000

22,066

6.43
























Total Equity Investments














$

46,193

$

48,059

14.03

%
























Total Investments














$

773,406

$

764,554

222.86

%

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

September 30, 2022

(in thousands)

Counterparty

Currency to be sold  

Currency to be purchased

Settlement date

Unrealized
appreciation

Unrealized
depreciation

Morgan Stanley

C$

199

CAD

$

155

USD

10/28/22

$

10

$

—

Total










$

10

$

—


(1)

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


(2)

The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate ("LIBOR" or "L"), which resets monthly, quarterly or semiannually, the Secured Overnight Financing Rate ("SOFR" or "SF"), the Canadian Dollar Offered Rate ("CDOR" or "C"), the Sterling Overnight Index Average ("SONIA" or "S"), or the U.S. Prime Rate ("Prime" or "P").


(3)

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


(4)

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


(5)

Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of total assets. Qualifying assets represented 82.4% of total assets as of the date of the consolidated schedule of investments.


(6)

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


(7)

The investment has an unfunded commitment in addition to any amounts presented in the consolidated schedule of investments as of September 30, 2022.


(8)

Preferred equity investment is a non-income producing security.


(9)

Security is perpetual with no defined maturity date.


(10)

Except as otherwise noted, all of the Company's portfolio company investments, which as of the date of the consolidated schedule of investments represented 222.9% of the Company's net assets or 96.0% of the Company's total assets, are subject to legal restrictions on sales.


(11)

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


(12)

The investment was comprised of two contracts, which were indexed to different base rates, either L or SF and P, respectively. The Floor, Spread Above Index and Interest Rate presented represent the weighted average of both contracts.


(13)

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


(14)

Investment is a controlled affiliate investment as defined by the 1940 Act. On January 14, 2019, the Company entered into an agreement with State Teachers Retirement System of Ohio, a public pension fund established under Ohio law ("STRS Ohio"), to create WHF STRS Ohio Senior Loan Fund, LLC ("STRS JV"), a joint venture, which invests primarily in senior secured first and second lien term loans.


(15)

In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest in the amount of 2.75% on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.


(16)

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


(17)

In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest in the amount of 3.00% on its "last out" tranche of the portfolio company's senior term debt, which was previously syndicated into "first out" and "last out" tranches, whereby the "first out" tranche will have priority as to the "last out" tranche with respect to payments of principal, interest and any other amounts due thereunder.


(18)

On October 1, 2020, as part of a restructuring agreement between the Company and Arcole Acquisition Corp, the Company's investments in first lien secured term loans to Arcole Acquisition Corp were converted into common shares of Arcole Holding Corp.


(19)

At the option of the issuer, interest can be paid in cash or cash and PIK. The issuer may elect to pay up to 2.00% PIK.


(20)

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


(21)

On January 24, 2022, as part of a restructuring agreement between the Company and PlayMonster LLC, the Company's first lien secured term loan and delayed draw loan investments to PlayMonster LLC were converted into a new first lien secured term loan, preferred stock and common stock of Playmonster Group LLC.


(22)

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


(23)

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


(24)

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


(25)

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

 

Contacts

Stuart Aronson
WhiteHorse Finance, Inc.
212-506-0500
saronson@higwhitehorse.com

or

Joyson Thomas
WhiteHorse Finance, Inc.
305-379-2322
jthomas@higwhitehorse.com

or

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

 

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

SOURCE WhiteHorse Finance, Inc.

Copyright 2022 PR Newswire

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