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    WhiteHorse Finance, Inc. Announces Fourth Quarter and Full Year 2023 Earnings Results and Declares Quarterly Distribution of $0.385 Per Share

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    WhiteHorse Finance

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

    Fourth Quarter 2023 Summary Highlights

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

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

    Portfolio and Investment Activity

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

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

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

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

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

    WHF STRS Ohio Senior Loan Fund LLC

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

    Results of Operations

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

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

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

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

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

    Liquidity and Capital Resources

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

    Distributions

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

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

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

    Conference Call

    WhiteHorse Finance will host a conference call to discuss its fourth quarter and full year results for the period ended December 31, 2023 at 1:00 p.m. ET on Thursday, February 29, 2024. To access the teleconference, please dial 800-579-2543 (domestic and international) approximately 10 minutes before the teleconference’s scheduled start time and reference ID #WHFQ423. Investors may also access the call on the investor relations portion of the Company’s website www.whitehorsefinance.com. 

    If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call’s completion through March 7, 2024. The teleconference replay can be accessed by dialing 800-839-4018 (domestic and international). A webcast replay will also be available on the investor relations portion of the Company’s website at www.whitehorsefinance.com.

    About WhiteHorse Finance, Inc.

    WhiteHorse Finance is a business development company that originates and invests in loans to privately held, lower middle market companies across a broad range of industries. The Company’s investment activities are managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, LLC, (“H.I.G. Capital”). H.I.G. Capital is a leading global alternative asset manager with over $60 billion of capital under management(4) across a number of funds focused on the small and mid-cap markets. For more information about H.I.G. Capital, please visit http://www.hig.com. For more information about the Company, please visit http://www.whitehorsefinance.com. 

    Forward-Looking Statements

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

    (1) Includes investments in WHF STRS Ohio Senior Loan Fund LLC (“STRS JV”), an unconsolidated joint venture, totaling $107.2 million, at fair value.
    (2) Excludes investments made in STRS JV.
    (3) “Core net investment income” is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company’s financial performance excluding (i) the net impact of costs associated with the refinancing of the Company’s indebtedness, (ii) the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and (iii) excise and other income taxes related to such net realized gains and losses (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, are set forth in Schedule 1 hereto.
    (4) Based on total capital raised by H.I.G. Capital and affiliates.

    SCHEDULE 1

    As a supplement to GAAP financial measures, the Company has provided information relating to core net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income determined in accordance with GAAP. The Company’s non-GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Core net investment income represents net investment income adjusted to exclude the net impact of costs associated with the refinancing of the Company’s indebtedness, the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and excise or other income taxes related to such net realized gains and losses (net of incentive fees). There were no excise or other income taxes related to net realized gains and losses for the quarters and years ended December 31, 2023 and December 31, 2022.

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

    December 31, 2023December 31, 2022
    Amount Per ShareAmount Per Share
    AmountsAmounts
    Net investment income$10,604$0.456$11,074$0.476
    Net impact of costs associated with refinancing of indebtedness––––
    Accrual for capital gains incentive fee––––
    Net impact of excise tax expense related to net realized gains and losses––––
    Core net investment income$10,604$0.456$11,074$0.476

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

    December 31, 2023December 31, 2022
    Amount Per ShareAmount Per Share
    AmountsAmounts
    Net investment income$42,713$1.838$37,258$1.604
    Net impact of costs associated with refinancing of indebtedness––––
    Accrual for capital gains incentive fee––(1,803)(0.078)
    Net impact of excise tax expense related to net realized gains and losses––––
    Core net investment income$42,713$1.838$35,455$1.526
    WhiteHorse Finance, Inc.Consolidated Statements of Assets and Liabilities(in thousands, except share and per share data)
    December 31, 2023December 31, 2022
    Assets
    Investments, at fair value
    Non-controlled/non-affiliate company investments$577,798$650,535
    Non-controlled affiliate company investments5,4229,533
    Controlled affiliate company investments112,948100,160
    Total investments, at fair value (amortized cost $740,021 and $782,429, respectively)696,168760,228
    Cash and cash equivalents10,7499,508
    Restricted cash and cash equivalents12,52714,683
    Restricted foreign currency (cost of $1,231 and $2,066, respectively)1,2112,073
    Interest and dividend receivable8,1497,814
    Amounts receivable on unsettled investment transactions343283
    Escrow receivable393711
    Prepaid expenses and other receivables1,2111,174
    Total assets$730,751$796,474
    Liabilities
    Debt (net of unamortized debt issuance costs of $4,564 and $4,718, respectively)$386,448$440,427
    Distributions payable8,9498,251
    Management fees payable3,5953,860
    Incentive fees payable10,4705,618
    Interest payable2,0692,774
    Accounts payable and accrued expenses2,0892,329
    Advances received from unfunded credit facilities316825
    Unrealized depreciation on foreign currency forward contracts433
    Total liabilities$413,979$464,087
    Commitments and contingencies
    Net assets
    Common stock, 23,243,088 and 23,243,088 shares issued and outstanding, par value
    $0.001 per share, respectively, and 100,000,000 shares authorized    		2323
    Paid-in capital in excess of par338,275339,240
    Accumulated earnings (losses)(21,526)(6,876)
    Total net assets316,772332,387
    Total liabilities and total net assets$730,751$796,474
    Number of shares outstanding23,243,08823,243,088
    Net asset value per share$13.63$14.30
    WhiteHorse Finance, Inc.Consolidated Statements of Operations(in thousands, except share and per share data)
    Year ended December 31, 
    202320222021
    Investment income
    From non-controlled/non-affiliate company investments
    Interest income$78,493$67,617$59,845
    Payment-in-kind income3,9602,114—
    Fee income2,9663,4742,621
    Dividend income450300273
    From non-controlled affiliate company investments
    Interest income—13—
    Payment-in-kind income314326—
    Dividend income843211,190
    From controlled affiliate company investments
    Interest income9,4886,3853,307
    Payment-in-kind income1,347——
    Dividend income6,1586,9774,907
    Total investment income103,26087,52772,143
    Expenses
    Interest expense29,91521,94016,594
    Base management fees14,68415,60013,975
    Performance-based incentive fees10,6787,0597,524
    Administrative service fees683683683
    General and administrative expenses3,6223,9633,572
    Total expenses59,58249,24542,348
    Net investment income before excise tax43,67838,28229,795
    Excise tax9651,0241,004
    Net investment income after excise tax42,71337,25828,791
    Realized and unrealized gains (losses) on investments and foreign currency transactions
    Net realized gains (losses)
    Non-controlled/non-affiliate company investments309(15,683)7,994
    Non-controlled affiliate company investments(339)1,725562
    Foreign currency transactions950(310)262
    Foreign currency forward contracts27—(3)
    Net realized gains (losses)947(14,268)8,815
    Net change in unrealized appreciation (depreciation)
    Non-controlled/non-affiliate company investments(7,871)(3,505)(9,501)
    Non-controlled affiliate company investments(5,608)(5,239)1,187
    Controlled affiliate company investments(8,490)(447)708
    Translation of assets and liabilities in foreign currencies(1,239)1,88794
    Foreign currency forward contracts(40)(3)—
    Net change in unrealized appreciation (depreciation)(23,248)(7,307)(7,512)
    Net realized and unrealized gains (losses) on investments and foreign currency transactions(22,301)(21,575)1,303
    Net increase in net assets resulting from operations$20,412$15,683$30,094
    Per Common Share Data
    Basic and diluted earnings per common share$0.88$0.68$1.42
    Dividends and distributions declared per common share$1.55$1.47$1.56
    Basic and diluted weighted average common shares outstanding23,243,08823,229,55221,150,168
    WhiteHorse Finance, Inc.Consolidated Schedule of InvestmentsDecember 31, 2023(in thousands)
    IssuerInvestment Type(1)FloorReference
    Rate(2)    		Spread
    Above
    Index    		Interest
    Rate(3)    		Acquisition
    Date(10)    		Maturity
    Date    		Principal/
    Share
    Amount    		Amortized
    Cost    		Fair
    Value(11)    		Fair Value
    As A
    Percentage
    of Net
    Assets
    Debt Investments
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    Gulf Winds International Acquisition LLC (d/b/a Gulf Winds
    International, Inc.)⁽⁷⁾    		First Lien Secured Revolving Loan1.00 %SOFR7.00 %12.46 %12/16/2212/18/28——7—
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    7,3297,2432.3
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    34,39334,51011.0
    Building Products
    Trimlite Buyer LLC (d/b/a Trimlite LLC)⁽⁵⁾⁽¹³⁾⁽²³⁾First Lien Secured Term Loan1.00 %CDOR6.50 %11.94 %07/27/2107/27/2719,62415,47214,8104.7
    15,47214,8104.7
    Cable & Satellite
    Bulk Midco, LLCFirst Lien Secured Term Loan1.00 %SOFR7.50 %12.96% (11.96%
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    Claridge Products and Equipment, LLC(7)(12)First Lien Secured Revolving Loan1.00 %Base Rate7.56 %14.41% (12.91%
    Cash + 1.50% PIK)    		12/30/2012/30/256326284960.2
    8,0236,9012.2
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    Future Payment Technologies, L.P.First Lien Secured Term Loan1.00 %SOFR8.25 %13.69 %12/23/1612/05/2521,66521,58221,4806.8
    21,58221,4806.8
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    Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)⁽⁷⁾First Lien Secured Delayed Draw Loan1.00 %SOFR7.25 %12.71 %12/22/2312/22/28————
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    15,94612,4753.9
    Diversified Chemicals
    Manchester Acquisition Sub LLC (d/b/a Draslovka Holding AS)First Lien Secured Term Loan0.75 %SOFR5.75 %11.28 %11/16/2112/01/267,8407,5877,2152.3
    Chase Products Co. (f/k/a Starco)⁽⁶⁾⁽²¹⁾First Lien Secured Term LoanN/AN/A12.00 %12.00% PIK03/16/2303/16/282,9622,9622,7930.9
    10,54910,0083.2
    Diversified Support Services
    NNA Services, LLCFirst Lien Secured Term Loan1.00 %SOFR6.75 %12.25 %08/27/2108/27/269,4179,3549,2932.9
    9,3549,2932.9
    Education Services
    EducationDynamics, LLCFirst Lien Secured Term Loan1.00 %SOFR7.00 %12.46% (11.96%
    Cash + 0.50% PIK)    		09/15/2109/15/2612,78412,64712,4074.0
    EducationDynamics, LLC(7)First Lien Secured Revolving Loan1.00 %SOFR7.00 %12.46% (11.96%
    Cash + 0.50% PIK)    		09/15/2109/15/26——(22)—
    EducationDynamics, LLC(4)Subordinated Unsecured Term LoanN/AN/A4.00 %4.00 %09/15/2103/15/271671671670.1
    12,81412,5524.1
    Electric Utilities
    CleanChoice Energy, Inc.First Lien Secured Term Loan1.00 %SOFR7.58 %13.14 %10/12/2110/12/2615,95515,71515,9545.0
    15,71515,9545.0
    Environmental & Facilities Services
    Branford Filtration, LLC (d/b/a Clean Solutions Group)First Lien Secured Term Loan1.00 %SOFR6.50 %11.96 %11/17/2311/17/2811,61311,35811,3583.6
    Branford Filtration, LLC (d/b/a Clean Solutions Group)⁽⁷⁾First Lien Secured Revolving Loan1.00 %SOFR6.50 %11.96 %11/17/2311/17/28————
    Industrial Specialty Services USA LLCFirst Lien Secured Term Loan1.00 %SOFR6.75 %12.25 %12/31/2112/31/2611,76711,62611,5373.6
    22,98422,8957.2
    Health Care Facilities
    Bridgepoint Healthcare, LLCFirst Lien Secured Term Loan1.00 %SOFR8.00 %13.46 %10/05/2110/05/269,0738,9738,9672.8
    Bridgepoint Healthcare, LLC(7)First Lien Secured Revolving Loan1.00 %SOFR8.00 %13.46 %10/05/2110/05/26——(1)—
    8,9738,9662.8
    Health Care Services
    Lab Logistics, LLCFirst Lien Secured Term Loan1.00 %SOFR7.25 %12.71 %10/16/1909/25/245,449$5,442$5,4491.7%
    Lab Logistics, LLCFirst Lien Secured Delayed Draw Loan1.00 %SOFR7.25 %12.71 %10/16/1909/25/245,0905,0895,0901.6
    PG Dental New Jersey Parent, LLCFirst Lien Secured Term Loan1.00 %SOFR7.50 %12.96% (10.71%
    Cash + 2.25% PIK)    		11/25/2011/25/256,4006,3486,4002.0
    PG Dental New Jersey Parent, LLC⁽¹²⁾First Lien Secured Revolving Loan1.00 %Base Rate7.00 %13.98% (11.73%
    Cash + 2.25% PIK)    		11/25/2011/25/257046987040.2
    17,57717,6435.5
    Health Care Supplies
    ABB/Con-cise Optical Group LLC (d/b/a ABB Optical Group,
    LLC)    		First Lien Secured Term Loan0.75 %SOFR7.50 %13.01 %02/23/2202/23/2820,40920,05618,9836.0
    20,05618,9836.0
    Heavy Electrical Equipment
    Power Service Group CR Acquisition Inc. (d/b/a Power Plant
    Services)    		First Lien Secured Term Loan1.00 %SOFR6.75 %12.25 %06/25/2106/25/268,8048,7128,7822.8
    Power Service Group CR Acquisition Inc. (d/b/a Power Plant
    Services)    		First Lien Secured Delayed Draw Loan1.00 %SOFR6.75 %12.25 %07/11/2206/25/261,3561,3361,3530.4
    10,04810,1353.2
    Home Furnishings
    Hollander Intermediate LLC (d/b/a Hollander Sleep Products, LLC)First Lien Secured Term Loan3.00 %SOFR10.75 %16.22 %09/19/2209/21/264,6894,6614,1791.3
    Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)First Lien Secured Term Loan1.00 %SOFR6.50 %12.07 %10/12/2110/12/2620,61620,38520,4076.4
    Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)⁽⁷⁾First Lien Secured Revolving Loan1.00 %SOFR6.50 %12.07 %10/12/2110/12/26——3—
    Whitestone Home Furnishings, LLC (d/b/a Saatva, Inc.)First Lien Secured Term Loan1.00 %SOFR6.50 %11.96 %11/06/2308/20/262,9902,9192,9190.9
    27,96527,5088.6
    Household Appliances
    Token Buyer, Inc. (d/b/a Therm-O-Disc, Inc.)First Lien Secured Term Loan0.50 %SOFR6.00 %11.53 %05/26/2205/31/297,1426,6955,9661.9
    6,6955,9661.9
    Household Products
    The Kyjen Company, LLC (d/b/a Outward Hound)First Lien Secured Term Loan1.00 %SOFR7.50 %13.21% (12.21%
    Cash + 1.00% PIK)    		04/05/2104/05/2611,35811,28210,9043.4
    The Kyjen Company, LLC (d/b/a Outward Hound)⁽⁷⁾First Lien Secured Revolving Loan1.00 %SOFR7.50 %13.21% (12.21%
    Cash + 1.00% PIK)    		04/05/2104/05/26——(31)—
    11,28210,8733.4
    Industrial Machinery & Supplies & Components
    Project Castle, Inc. (d/b/a Material Handling Systems, Inc.)First Lien Secured Term Loan0.50 %SOFR5.50 %10.89 %06/09/2206/01/296,0275,5365,3641.7
    5,5365,3641.7
    Interactive Media & Services
    MSI Information Services, Inc.First Lien Secured Term Loan1.00 %SOFR7.75 %13.29 %04/25/2204/24/267,3337,2486,9722.2
    MSI Information Services, Inc.(7)(12)First Lien Secured Revolving Loan1.00 %Base Rate6.84 %15.06 %04/25/2204/24/268258157760.2
    8,0637,7482.4
    Investment Banking & Brokerage
    JVMC Holdings Corp. (fka RJO Holdings Corp)First Lien Secured Term Loan1.00 %SOFR6.50 %11.96 %02/28/1902/28/243,5223,5213,5221.1
    3,5213,5221.1
    IT Consulting & Other Services
    ATSG, Inc.First Lien Secured Term Loan1.00 %SOFR6.50 %12.04 %11/12/2111/12/263,7853,7413,7451.2
    3,7413,7451.2
    Leisure Facilities
    Honors Holdings, LLC (d/b/a Orange Theory)⁽¹⁵⁾⁽¹⁶⁾First Lien Secured Term Loan1.00 %SOFR6.49 %12.02 %09/06/1909/06/249,441$9,375$9,3473.0%
    Honors Holdings, LLC (d/b/a Orange Theory)⁽¹⁵⁾⁽¹⁶⁾First Lien Secured Delayed Draw Loan1.00 %SOFR6.37 %11.90 %09/06/1909/06/244,6504,6314,6031.5
    Lift Brands, Inc.First Lien Secured Term Loan A1.00 %SOFR7.50 %12.96 %06/29/2006/29/255,5185,4925,4571.7
    Lift Brands, Inc.First Lien Secured Term Loan BN/AN/A9.50 %9.50% PIK06/29/2006/29/251,4501,4411,4060.4
    Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)⁽⁹⁾First Lien Secured Term Loan CN/AN/A9.50 %9.50% PIK06/29/20N/A1,6571,6541,6230.5
    22,59322,4367.1
    Leisure Products
    Playmonster Group LLC⁽⁶⁾⁽¹⁹⁾Priority First Lien Secured Term Loan1.00 %SOFR6.75 %12.37%  PIK12/09/2206/08/261,1401,1181,0150.3
    Playmonster Group LLC⁽⁶⁾⁽¹⁷⁾⁽¹⁹⁾First Lien Secured Term Loan1.00 %SOFR9.00 %14.53% PIK01/24/2206/08/264,2323,6611,3630.4
    Leviathan Intermediate Holdco, LLCFirst Lien Secured Term Loan1.50 %SOFR7.50 %13.00 %12/27/2212/27/2710,34610,09810,3463.3
    Leviathan Intermediate Holdco, LLC⁽⁷⁾First Lien Secured Revolving Loan1.50 %SOFR7.50 %13.00 %12/27/2212/27/27——14—
    14,87712,7384.0
    Life Sciences Tools & Services
    LSCS Holdings, Inc. (d/b/a Eversana Life Science Services, LLC)Second Lien Secured Term Loan0.50 %SOFR8.00 %13.47 %11/23/2112/16/295,0004,9444,9011.5
    4,9444,9011.5
    Office Services & Supplies
    American Crafts, LC⁽¹⁴⁾⁽²⁰⁾Super Priority First Lien Secured Term Loan1.00 %SOFR8.50 %13.96% PIK07/25/2305/28/261,9031,9031,8780.6
    American Crafts, LC⁽¹⁴⁾⁽²⁰⁾Priority First Lien Secured Term Loan1.00 %SOFR8.50 %13.96% PIK12/22/2205/28/265,1055,1053,2261.0
    American Crafts, LC⁽¹⁴⁾⁽¹⁷⁾⁽²⁰⁾First Lien Secured Term Loan1.00 %SOFR8.50 %13.96% PIK05/28/2105/28/269,4418,7205530.2
    American Crafts, LC⁽¹⁴⁾⁽¹⁷⁾⁽²⁰⁾First Lien Secured Delayed Draw Loan1.00 %SOFR8.50 %13.96% PIK01/25/2205/28/261,5851,45893—
    Empire Office, Inc.First Lien Secured Term Loan1.50 %SOFR6.75 %12.21 %04/12/1904/12/2410,94710,93110,9473.5
    Empire Office, Inc.First Lien Secured Delayed Draw Loan1.50 %SOFR6.75 %12.21 %08/17/2104/12/244,5564,5454,5561.4
    32,66221,2536.7
    Real Estate Development
    StoicLane MidCo, LLC (d/b/a StoicLane Inc.)First Lien Secured Term Loan1.00 %SOFR7.50 %13.00 %11/04/2211/04/274,6064,5184,6061.5
    StoicLane MidCo, LLC (d/b/a StoicLane Inc.)⁽⁷⁾First Lien Secured Delayed Draw Loan1.00 %SOFR7.50 %13.00 %11/04/2211/04/275,5455,4665,6331.8
    9,98410,2393.3
    Real Estate Operating Companies
    Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)First Lien Secured Term Loan1.00 %SOFR7.50 %12.96 %12/02/2212/02/275,1215,0015,0771.6
    Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽⁷⁾First Lien Secured Delayed Draw Loan1.00 %SOFR7.50 %12.96 %12/02/2212/02/277417297450.2
    Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)⁽⁷⁾First Lien Secured Revolving Loan1.00 %SOFR7.50 %12.96 %12/02/2212/02/272512452580.1
    5,9756,0801.9
    Research & Consulting Services
    ALM Media, LLCFirst Lien Secured Term Loan1.00 %SOFR6.00 %11.50 %11/25/1911/25/2412,60012,55512,5174.0
    Barrett Purchaser LLC (d/b/a SIB Development and Consulting,
    Inc.)    		First Lien Secured Term Loan0.75 %SOFR6.00 %11.36 %11/21/2311/21/293,6543,5643,5641.1
    Barrett Purchaser LLC (d/b/a SIB Development and Consulting,
    Inc.)⁽⁷⁾    		First Lien Secured Delayed Draw Loan0.75 %SOFR6.00 %11.36 %11/21/2311/21/29————
    Barrett Purchaser LLC (d/b/a SIB Development and Consulting,
    Inc.)⁽⁷⁾    		First Lien Secured Revolving Loan0.75 %SOFR6.00 %11.36 %11/21/2311/21/28————
    16,11916,0815.1
    Specialized Consumer Services
    Camp Facility Services Holdings, LLC (d/b/a Camp Construction
    Services, Inc.)    		First Lien Secured Term Loan1.00 %SOFR6.50 %11.96 %11/16/2111/16/2711,66811,51711,4963.6
    HC Salon Holdings, Inc. (d/b/a Hair Cuttery)First Lien Secured Term Loan1.00 %SOFR6.50 %12.11 %09/30/2109/30/2611,40411,27911,4043.6
    HC Salon Holdings, Inc. (d/b/a Hair Cuttery)⁽⁷⁾First Lien Secured Revolving Loan1.00 %SOFR6.50 %12.11 %09/30/2109/30/26——8—
    22,79622,9087.2
    Specialized Finance
    WHF STRS Ohio Senior Loan Fund LLC(4)(5)(7)(9)(14)(18)Subordinated NoteN/ASOFR6.50 %11.85 %07/19/19N/A84,41684,41684,41626.6
    84,41684,41626.6
    Systems Software
    Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC⁽¹⁷⁾First Lien Secured Term Loan1.00 %SOFR7.75 %13.21% PIK03/16/2103/16/2721,613$19,568$10,4773.3%
    Arcstor Midco, LLC (d/b/a Arcserve (USA), LLCPriority First Lien Secured Delayed Draw
    Loan    		1.00 %SOFR8.00 %13.46% PIK07/14/2303/16/271,0781,0501,0460.3
    20,61811,5233.6
    Technology Hardware, Storage & Peripherals
    Telestream Holdings CorporationFirst Lien Secured Term Loan1.00 %SOFR11.75 %17.28 %10/15/2010/15/2515,76315,58015,5224.9
    Telestream Holdings Corporation(7)First Lien Secured Revolving Loan1.00 %SOFR11.75 %17.21 %10/15/2010/15/251,2421,2281,2230.4
    16,80816,7455.3
    Total Debt Investments$693,621$656,707207.4%
    Equity Investments(22)
    Advertising
    Avision Holdings, LLC (d/b/a Avision Sales Group)⁽⁴⁾Class A LLC InterestsN/AN/AN/AN/A12/15/21N/A200$287$4110.1%
    Merriman Holdings LP (d/b/a Escalent, Inc.)⁽⁴⁾Class A UnitsN/AN/AN/AN/A04/07/23N/A3273332950.1
    6207060.2
    Air Freight & Logistics
    Motivational CIV, LLC (d/b/a Motivational Fulfillment)⁽⁴⁾Class B UnitsN/AN/AN/AN/A07/12/21N/A1,2501,250——
    1,250——
    Broadline Retail
    BBQ Buyer, LLC (d/b/a BBQGuys)⁽⁴⁾SharesN/AN/AN/AN/A08/28/20N/A1,1001,1001,3300.4
    Ross-Simons Topco, LP (d/b/a Ross-Simons, Inc.)⁽⁴⁾Preferred UnitsN/AN/A8.00 %8.00% PIK12/04/20N/A6005148320.3
    1,6142,1620.7
    Building Products
    PFB Holding Company, LLC (d/b/a PFB Corporation)⁽⁴⁾⁽¹³⁾Class A UnitsN/AN/AN/AN/A12/17/21N/A14231,0530.3
    4231,0530.3
    Construction & Engineering
    Sterling Pure Blocker, LLC  (d/b/a Banner Industries, Inc.)⁽⁴⁾Class B UnitsN/AN/AN/AN/A12/01/23N/A4044044040.1
    4044040.1
    Diversified Chemicals
    Pressurized Holdings, LLC (f/k/a Starco)⁽⁴⁾⁽⁶⁾⁽²¹⁾Common UnitsN/AN/AN/AN/A03/16/23N/A————
    Pressurized Holdings, LLC (f/k/a Starco)⁽⁴⁾⁽⁶⁾⁽⁸⁾⁽²¹⁾Preferred UnitsN/AN/AN/A14.00% PIK03/16/23N/A—4,5372510.1
    4,5372510.1
    Diversified Financial Services
    SFS Global Holding Company (d/b/a Sigue Corporation)⁽⁴⁾WarrantsN/AN/AN/AN/A06/28/1812/28/25————
    Sigue Corporation(4)WarrantsN/AN/AN/AN/A06/28/1812/28/25222,8903,4721.1
    2,8903,4721.1
    Diversified Support Services
    Quest Events, LLC(4)Common UnitsN/AN/AN/AN/A12/28/18N/A3173603050.1
    ImageOne Industries, LLC(4)Common A UnitsN/AN/AN/AN/A09/20/19N/A14979—
    3673140.1
    Education Services
    Eddy Acquisitions, LLC (d/b/a EducationDynamics, LLC)⁽⁴⁾Preferred UnitsN/AN/A12.00 %12.00 %09/15/21N/A16716718—
    16718—
    Environmental & Facilities Services
    BPII-JL Group Holdings LP (d/b/a Juniper Landscaping Holdings
    LLC)⁽⁴⁾    		Class A UnitsN/AN/AN/AN/A12/29/21N/A838259830.3
    8259830.3
    Industrial Machinery & Supplies & Components
    BL Products Parent, LP (d/b/a Bishop Lifting Products, Inc.)⁽⁴⁾Class A UnitsN/AN/AN/AN/A02/01/22N/A7337881,0530.3
    7881,0530.3
    Interactive Media & Services
    What If Media Group, LLC(4)Common UnitsN/AN/AN/AN/A07/02/21N/A851$851$1,6150.5%
    8511,6150.5
    IT Consulting & Other Services
    CX Holdco LLC (d/b/a Cennox Inc.)⁽⁴⁾Common UnitsN/AN/AN/AN/A05/04/21N/A1,0681,1161,7150.5
    Keras Holdings, LLC (d/b/a KSM Consulting, LLC)⁽⁴⁾SharesN/AN/AN/AN/A12/31/20N/A4964966830.2
    Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting
    Group)⁽⁴⁾    		Series A UnitsN/AN/AN/AN/A04/10/23N/A—3144060.1
    1,9262,8040.8
    Leisure Facilities
    Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)⁽⁴⁾Class A Common StockN/AN/AN/AN/A06/29/20N/A21,941130—
    Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)⁽⁴⁾WarrantsN/AN/AN/AN/A06/29/20N/A179353—
    2,734183—
    Leisure Products
    Playmonster Group Equity, Inc. (d/b/a Playmonster Group
    LLC)⁽⁴⁾⁽⁶⁾⁽⁸⁾⁽¹⁹⁾    		Preferred StockN/AN/A14.00 %14.00% PIK01/24/22N/A363,600——
    Playmonster Group Equity, Inc. (d/b/a Playmonster Group
    LLC)⁽⁴⁾⁽⁶⁾⁽¹⁹⁾    		Common StockN/AN/AN/AN/A01/24/22N/A72460——
    4,060——
    Office Services & Supplies
    American Crafts Holdings, LLC (d/b/a American Crafts, LC)⁽⁴⁾⁽¹⁴⁾⁽²⁰⁾WarrantsN/AN/AN/AN/A12/22/2212/22/32————
    New American Crafts Holdings, LLC (d/b/a American Crafts, LC)⁽⁴⁾⁽¹⁴⁾⁽²⁰⁾Class A UnitsN/AN/AN/AN/A03/16/23N/A1———
    ———
    Paper & Plastic Packaging Products & Materials
    Max Solutions Inc.(4)Common StockN/AN/AN/AN/A09/29/22N/A44001790.1
    4001790.1
    Real Estate Operating Companies
    Salon Republic Investments LLC (d/b/a Salon Republic, LLC)⁽⁴⁾⁽⁸⁾Preferred StockN/AN/AN/A8.00% PIK12/02/22N/A2002002180.1
    Salon Republic Investments LLC (d/b/a Salon Republic, LLC)⁽⁴⁾Common StockN/AN/AN/AN/A12/02/22N/A4004002410.1
    6004590.2
    Specialized Consumer Services
    Camp Facility Services Parent, LLC (d/b/a Camp Construction
    Services, Inc.)⁽⁴⁾⁽⁸⁾    		Preferred UnitsN/AN/A10.00 %10.00% PIK11/16/21N/A158401,0230.3
    8401,0230.3
    Specialized Finance
    WHF STRS Ohio Senior Loan Fund(4)(5)(7)(14)(18)LLC InterestsN/AN/AN/AN/A07/19/19N/A21,10421,10422,7827.2
    21,10422,7827.2
    Total Equity Investments$46,400$39,46112.3%
    Total Investments$740,021$696,168219.7%
    WhiteHorse Finance, Inc.Consolidated Schedule of InvestmentsDecember 31, 2023(in thousands)
    Forward Currency Contracts
    CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized
    appreciation    		Unrealized
    depreciation
    Morgan StanleyC$1,253CAD$903USD 2/7/24$—$(43)
    Total$—$(43)
    (1)Except as otherwise noted, all investments are non-controlled/non-affiliate investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), and provide collateral for the Company’s credit facility.
    (2)The investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), the Canadian Dollar Offered Rate (“CDOR” or “C”), the Sterling Overnight Index Average (“SONIA”), or the U.S. Prime Rate (“Prime” or “P”) which may reset monthly, quarterly or semiannually.
    (3)The interest rate is the “all-in-rate” including the current index and spread, the fixed rate, and the payment-in-kind (“PIK”) interest rate, as the case may be.
    (4)The investment or a portion of the investment does not provide collateral for the Company’s credit facility.
    (5)Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of total assets. Qualifying assets represented 83.3% of total assets as of the date of the consolidated schedule of investments.
    (6)Investment is a non-controlled/affiliate investment as defined by the 1940 Act.
    (7)The investment has an unfunded commitment in addition to any amounts presented in the consolidated schedule of investments as of December 31, 2023.
    (8)Preferred equity investment is a non-income producing security.
    (9)Security is perpetual with no defined maturity date.
    (10)Except as otherwise noted, all of the Company’s portfolio company investments, which as of the date of the consolidated schedule of investments represented 219.7% of the Company’s net assets or 95.3% of the Company’s total assets, are subject to legal restrictions on sales.
    (11)The fair value of each investment was determined using significant unobservable inputs.
    (12)The investment was comprised of two contracts, which were indexed to P and a different base rate, SOFR, SONIA or CDOR.
    (13)Principal amount is non-USD denominated and is based in Canadian dollars.
    (14)Investment is a controlled affiliate investment as defined by the 1940 Act.
    (15)Investment is structured as a unitranche loan in which the Company may receive additional interest on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
    (16)In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest in the amount of 3.50% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
    (17)The investment is on non-accrual status.
    (18)On January 14, 2019, the Company entered into an agreement with State Teachers Retirement System of Ohio, a public pension fund established under Ohio law (“STRS Ohio”), to create WHF STRS Ohio Senior Loan Fund, LLC (“STRS JV”), a joint venture, which invests primarily in senior secured first and second lien term loans.
    (19)On January 24, 2022, as part of a restructuring agreement between the Company and PlayMonster LLC, the Company’s first lien secured term loan and delayed draw loan investments to PlayMonster LLC were converted into a new first lien secured term loan, preferred stock and common stock of Playmonster Group LLC.
    (20)In March 2023, as a result of a restructuring agreement between the Company and American Crafts, LC, the Company’s investments are controlled affiliate investments, as defined by the 1940 Act.
    (21)In March 2023, as part of a restructuring agreement between the Company and Sklar Holdings, Inc (d/b/a Starco), the Company’s first lien secured term loan investment was converted into a new first lien secured term loan to Chase Products Co. (f/k/a Starco) and preferred units and common units of Pressurized Holdings, LLC (f/k/a Starco).
    (22)Ownership of certain equity investments may occur through a holding company or partnership.
    (23)The issuer is domiciled in Canada.

    Contacts

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

    or

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

    or

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

    SOURCE WhiteHorse Finance, Inc.

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