Jack in the Box Inc
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Consumer Discretionary : Hotels, Restaurants & Leisure | Small Cap Blend
Company profile

Jack in the Box Inc. is a restaurant company that operates and franchises Jack in the Box quick-service restaurants (QSRs). The Company operates approximately 2,200 Jack in the Box quick-service restaurants, primarily in the western and southern United States, including one in Guam. Jack in the Box is a hamburger chain, which offers a selection of products, including classic burgers such as, Jumbo Jack burgers, and product lines, such as Buttery Jack burgers. It also offers breakfast sandwiches with freshly cracked eggs, tacos, curly fries, egg rolls, specialty sandwiches and real ice cream shakes, among other items. The Company allow its guests to customize meals to their tastes and order any product on the menu when they want it, including breakfast at night, or burgers and chicken in the morning. It also involves the concept of drive-thru restaurants. Its Jack in the Box restaurants have seating capacities, ranging from 20 to 100 people.

Closing Price
$74.86
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
--
Day's Low
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Volume
(Average)
Volume:
371,791

10-day average volume:
341,739
371,791

WhiteHorse Finance, Inc. Announces Third Quarter 2022 Earnings Results and Declares Quarterly Distribution of $0.355 Per Share

7:30 am ET November 14, 2022 (PR Newswire) Print

WhiteHorse Finance, Inc.("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the quarter ended September30,2022. 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 September30,2022, 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 September30,2022 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 September30,2022, 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 September30, 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 September30,2022, 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 September30,2022, 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 recognizeddue to less repayment activities as compared to the same period in the prior year. For the three months ended September30,2022, the Company's investment in STRS JV generated an annualized, gross investment yield of approximately 14.0%.

For the three months ended September30,2022, 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 September30,2022, 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 September30,2021. 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 September30,2022, which compares with a net increase of $8.3 million the three months ended September30,2021.

WhiteHorse Finance's net asset value was $343.0 million, or $14.76 per share, as of September30,2022, compared with $347.4 million, or $14.95 per share, as of June30,2022.

Liquidity and Capital Resources

As of September30,2022, WhiteHorse Finance had cash and cash equivalents of $19.3 million, compared with $18.6 million as of June30,2022, inclusive of restricted cash. As of September30,2022, 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 September30,2022, 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 atwww.whitehorsefinance.com.

About WhiteHorse Finance, Inc.

WhiteHorse Financeis 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 ofH.I.G. Capital, LLC, ("H.I.G. Capital").H.I.G. Capitalis a leading global alternative asset manager with over $50 billionof capital under management(4)across a number of funds focused on the small and mid-cap markets. For more information aboutH.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 byH.I.G. Capitaland 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 September30,2022 and September30,2021.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended September30,2022 and September30,2021 (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)
                                                                                         September30,2022    December31,2021
                                                                                         (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         23                  23
$0.001 per share, respectively, and 100,000,000 shares authorized
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               Nine months ended
                                                                                    September30,                     September30,
                                                                                    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      (5,923)          636             (9,283)          5,615
transactions
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)
September30,2022
(in thousands)
Issuer                                                                InvestmentType(1)                      Floor  Spread            Interest             Acquisition  Maturity  Principal/  Amortized     Fair         FairValue
                                                                                                                    Above             Rate(3)              Date(10)     Date      Share       Cost          Value(11)    AsA
                                                                                                                    Index(2)                                                      Amount                                 Percentage
                                                                                                                                                                                                                         ofNet
                                                                                                                                                                                                                         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  10/28/19     10/29/26  16,371           15,777        16,003  4.67
                                                                                                                                      + 0.50% PIK)
                                                                                                                                                                                                   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  12/04/20     12/04/25  17,278           16,599        17,797  5.19
                                                                                                                                      + 1.50% PIK)
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   11/13/19     05/13/23  7,353            7,292         6,695   1.95
                                                                                                                                      + 2.00% PIK)
                                                                                                                                                                                                   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   09/15/21     09/15/26  13,119           12,912        12,887  3.75
                                                                                                                                      + 0.50% PIK)
EducationDynamics, LLC(4)(7)                                          First Lien Secured Delayed Draw Loan   1.00%  L+ 7.00%          10.05% (9.55% Cash   09/15/21     09/15/26  —          —       (3)     —
                                                                                                                                      + 0.50% PIK)
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  06/14/19     06/14/24  7,125            7,079         7,125   2.08
                                                                                                                                      + 0.50% PIK)
CHS Therapy, LLC                                                      First Lien Secured Term Loan C         1.50%  L+ 9.00%          12.67% (12.17% Cash  10/07/20     06/14/24  877              869           877     0.26
                                                                                                                                      + 0.50% PIK)
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  11/25/20     11/25/25  14,845           14,640        13,807  4.03
                                                                                                                                      + 1.50% PIK)
PG Dental New Jersey Parent, LLC(7)                                   First Lien Secured Revolving Loan      1.00%  L+ 9.75%          12.57% (11.07% Cash  11/25/20     11/25/25  352              347           308     0.09
                                                                                                                                      + 1.50% PIK)
                                                                                                                                                                                                   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   04/05/21     04/05/26  11,347           11,228        10,782  3.14
                                                                                                                                      + 0.50% PIK)
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    04/05/21     04/05/26  676              669           632     0.18
                                                                                                                                      + 0.50% PIK)
                                                                                                                                                                                                   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  08/28/20     08/28/25  12,719           12,533        12,616  3.68
                                                                                                                                      + 2.00% PIK)
BBQ Buyer, LLC (d/b/a BBQ Guys)                                       First Lien Secured Delayed Draw Loan   1.50%  L+ 10.00%         13.12% (11.12% Cash  04/29/22     08/28/25  2,593            2,553         2,559   0.75
                                                                                                                                      + 2.00% PIK)
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  09/06/19     09/06/24  9,440       $    9,337    $    9,346   2.72       %
                                                                                                                                      + 0.50% PIK)
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  09/06/19     09/06/24  4,649            4,618         4,603   1.34
                                                                                                                                      + 0.50% PIK)
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    06/29/20     06/29/25  1,330            1,314         1,302   0.38
                                                                                                                                      + 9.50% PIK)
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    06/29/20     NA        1,268            1,265         1,084   0.32
                                                                                                                                      + 9.50% PIK)
                                                                                                                                                                                                   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   01/24/22     06/08/26  3,565            3,565         3,509   1.02
                                                                                                                                      + 8.00% PIK)
                                                                                                                                                                                                   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  05/15/18     05/15/23  11,201           11,175        10,922   3.19
                                                                                                                                                     + 1.71% PIK)
                                                                                                                                                                                                                  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)
September30,2022
(in thousands)
Counterparty    Currency to be sold   Currencytobepurchased    Settlementdate  Unrealized     Unrealized
                                                                               appreciation   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 AronsonWhiteHorse Finance, Inc.212-506-0500saronson@higwhitehorse.com

or

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

or

Robert BrinbergRose & Company212-257-5932whitehorse@roseandco.com

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SOURCE WhiteHorse Finance, Inc.

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