DFX Intelligence

Private Credit Intelligence

The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

BDC portfolio

WhiteHorse Finance, Inc.

BDCWHF, WHFCLCIK 1552198file 814-00967Miami, FLmanaged by WhiteHorse Advisers, LLC

Fair value

$909M

as of Jun 30, 2026

Principal held

$894M

debt pieces, the filer's figure

Cost

$934M

97c on cost

Unfunded

n/a

commitments not yet drawn

Positions

250

115 borrowers

First lien

83%

96% debt by fair value

Quarters on the tape

since Dec 31, 2020

Facilities held

226

20 sponsors financed

Portfolio through time

Fair value by quarter end$909M as of Jun 30, 2026

Dec 31, 2020$82.7M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$909M	115	99c	22	591 bp
Mar 31, 2026	$870M	112	98c	26	596 bp
Dec 31, 2025	$1.1B	119	99c	30	599 bp
Sep 30, 2025	$910M	117	97c	26	616 bp
Jun 30, 2025	$959M	122	98c	28	621 bp
Mar 31, 2025	$961M	122	96c	36	647 bp
Dec 31, 2024	$1.3B	122	107c	37	660 bp
Sep 30, 2024	$964M	124	97c	37	690 bp
Jun 30, 2024	$987M	119	98c	36	695 bp
Mar 31, 2024	$1.0B	115	98c	40	704 bp
Dec 31, 2023	$1.3B	121	107c	34	685 bp
Sep 30, 2023	$1.0B	111	97c	35	698 bp
Jun 30, 2023	$1.1B	111	98c	33	698 bp
Mar 31, 2023	$1.1B	112	98c	30	684 bp
Dec 31, 2022	$1.2B	111	108c	26	644 bp
Sep 30, 2022	$1.0B	101	99c	25	691 bp
Dec 31, 2021	$1.1B	106	106c	26	693 bp
Dec 31, 2020	$82.7M	4	n/a	0	n/a

Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.

What changed

New borrower on a BDC scheduleJun 30, 2026
Empire amp first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleJun 30, 2026
Intermedia Cloud Communications, Inc first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleJun 30, 2026
Vibration Mountings amp first appears in a BDC schedule (1 lender)
Marked down (one lender)Jun 30, 2026
WhiteHorse Finance, Inc.: fair value markdown in Arcserve Cayman Opco LP (160 to 149 cents on cost)
Marked down (one lender)Jun 30, 2026
WhiteHorse Finance, Inc.: fair value markdown in Impact Advisors, LLC (171 to 104 cents on cost)
Spread increasedJun 30, 2026
WhiteHorse Finance, Inc.: spread increased in Marki Microwave, LLC (3.25% to 4.00%)
PIK interest increasedJun 30, 2026
WhiteHorse Finance, Inc.: pik increased in NM Z Holdco Inc (1.00% to 2.50%)
PIK interest increasedJun 30, 2026
WhiteHorse Finance, Inc.: pik increased in The Kyjen Company, LLC (1.00% to 2.50%)
New lender joined a facilityMar 31, 2026
WhiteHorse Finance, Inc. joins Island Energy Services, LLC term loan (first lien) held by 1 other BDC
New lender joined a facilityMar 31, 2026
WhiteHorse Finance, Inc. joins Cultural Experiences Abroad, LLC term loan (first lien) held by 1 other BDC
New lender joined a facilityMar 31, 2026
WhiteHorse Finance, Inc. joins Cultural Experiences Abroad, LLC revolver (first lien) held by 1 other BDC
Lender left a facilityMar 31, 2026
WhiteHorse Finance, Inc. no longer holds Industrial Service Solutions WC, Inc revolver after 2026-03-31; 2 BDC(s) still hold it
Marked down (one lender)Mar 31, 2026
WhiteHorse Finance, Inc.: fair value markdown in Arcserve Cayman Opco LP (160 to 154 cents on cost)
Marked down (one lender)Mar 31, 2026
WhiteHorse Finance, Inc.: fair value markdown in Cennox Holdings Limited (100 to 94 cents on cost)
Marked down (one lender)Mar 31, 2026
WhiteHorse Finance, Inc.: fair value markdown in The Kyjen Company, LLC (86 to 69 cents on cost)
Marked down (one lender)Mar 31, 2026
WhiteHorse Finance, Inc.: fair value markdown in Camarillo Fitness Holdings, LLC (52 to 28 cents on cost)
PIK interest increasedMar 31, 2026
WhiteHorse Finance, Inc.: pik increased in Chase Products Co (0.18% to 9.20%)
Spread increasedMar 31, 2026
WhiteHorse Finance, Inc.: spread increased in NM Z Holdco Inc (5.00% to 7.50%)
Spread increasedMar 31, 2026
WhiteHorse Finance, Inc.: spread increased in RCKC Acquisitions LLC (5.50% to 6.00%)
Spread increasedMar 31, 2026
WhiteHorse Finance, Inc.: spread increased in RCKC Acquisitions LLC (5.50% to 6.00%)

Every position change, including routine ones

Largest facilities held, with co-lenders

WHF STRS Ohio unsecured or subordinated term loan
1 BDC hold it
$108M 101c
TVG I-EMSI Parent, LLC equity
1 BDC hold it
$20.8M 77c
ABB first lien term loan
6 BDCs hold it · matures Feb 23, 2028
$20.4M 101c
Future Payment Technologies, LP first lien term loan
1 BDC hold it · matures Dec 7, 2026
$18.6M 100c
Marlin DTC-LS Midco 2, LLC first lien term loan
2 BDCs hold it · matures May 31, 2027
$17.6M 96c
GTT Communications Global, LLC first lien term loan
2 BDCs hold it · matures Apr 15, 2031
$15.2M 101c
Camarillo Fitness Holdings, LLC first lien term loan
1 BDC hold it · matures Sep 25, 2029
$14.2M 25c
Source Code Holdings, LLC first lien term loan
2 BDCs hold it · matures Jul 30, 2027
$13.8M 99c
Zephyr Buyer, L.P first lien term loan
1 BDC hold it · matures Jan 31, 2031
$13.8M 102c
Leviathan Intermediate Holdco, LLC first lien term loan
3 BDCs hold it · matures Dec 27, 2027
$13.6M 100c
Sleep Opco, LLC first lien term loan
3 BDCs hold it · matures Nov 7, 2030
$13.4M 101c
Drew Foam Companies Inc first lien term loan
3 BDCs hold it · matures Dec 5, 2028
$13.3M 100c

Schedule of investments at Jun 30, 2026

250 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
WHF STRS Ohio	term loan unsecured or subordinated	$86.3M	$86.3M 100c
WHF STRS Ohio	term loan unsecured or subordinated	$21.6M	$22.4M 104c
ABB/Con-cise Optical Group LLC	term loan first lien	$20.4M	$20.4M 101c	SOFR+750 bp	Feb 23, 2028
Future Payment Technologies, LP	term loan first lien	$18.6M	$18.6M 100c	SOFR+825 bp	Dec 7, 2026
Marlin DTC-LS Midco 2, LLC	term loan first lien	$17.6M	$17.0M 96c	SOFR+650 bp	May 3, 2027
GTT Communications Global, LLC (d/b/a GTT Communications, Inc.)	term loan first lien	$15.2M	$15.2M 101c	SOFR+600 bp	Apr 15, 2031
Zephyr Buyer, L.P. (d/b/a The Weather Company, LLC)	term loan first lien	$13.8M	$13.8M 102c	SOFR+475 bp	Jan 31, 2031
Source Code Holdings, LLC	term loan first lien	$13.8M	$13.7M 99c	SOFR+650 bp	Jul 30, 2027
Leviathan Intermediate Holdco, LLC	term loan first lien	$13.6M	$13.5M 100c	SOFR+600 bp	Dec 27, 2027
Sleep OpCo LLC	term loan first lien	$13.4M	$13.4M 101c	SOFR+550 bp	Nov 7, 2030
Drew Foam Companies Inc	term loan first lien	$13.3M	$13.2M 100c	SOFR+600 bp	Dec 5, 2028
Motivational Marketing, LLC (d/b/a Motivational Fulfillment), LLC	term loan first lien	$13.1M	$13.1M 100c	SOFR+650 bp	Jul 12, 2028
AB Centers Acquisition Corporation	term loan first lien	$13.0M	$13.0M 101c	SOFR+525 bp	Jul 2, 2031
EducationDynamics, LLC	term loan first lien	$12.6M	$12.6M 100c	//fasb.org/us-gaap/2025#Base Rate+650 bp	Sep 15, 2027
W Electric Intermediate Holdings, LLC (d/b/a Westinghouse Electric Corporation)	term loan first lien	$12.3M	$12.3M 101c	SOFR+600 bp PIK 0.50%	Aug 15, 2029
Pirtek Holdco, LLC	term loan first lien	$12.2M	$12.2M 101c	SOFR+450 bp	Oct 26, 2028
WCHG Buyer, Inc.	term loan first lien	$12.2M	$12.1M 100c	SOFR+475 bp	Apr 10, 2031
Quest Events, LLC	term loan first lien	$11.8M	$11.8M 100c	SOFR+750 bp	Sep 30, 2027
Telestream 2 LLC (d/b/a Telestream Holdings Corporation)	term loan first lien	$11.4M	$11.4M 100c	SOFR+625 bp	Jun 7, 2028
Texas Express Wash, LLC	term loan first lien	$11.1M	$11.0M 102c	SOFR+650 bp	Nov 26, 2030
Juniper Landscaping Holdings LLC	term loan first lien	$10.9M	$10.9M 100c	//fasb.org/us-gaap/2025#Base Rate+575 bp	Dec 29, 2027
UserZoom Technologies, Inc.	term loan first lien	$10.7M	$10.4M 99c	SOFR+775 bp PIK 1.75%	Apr 5, 2029
NM Z Holdco Inc. (d/b/a Zep, Inc.)	term loan first lien	$10.3M	$10.4M 102c	SOFR+500 bp	Jun 30, 2031
RCKC Acquisitions LLC	term loan first lien	$10.8M	$10.3M 96c	SOFR+550 bp	Jan 2, 2029
Island Energy Services, LLC	term loan first lien	$10.4M	$10.3M 102c	SOFR+575 bp	Jul 16, 2032
Empire amp; Co Inc. (d/b/a Empire Office, Inc.)	term loan first lien	$10.3M	$10.1M 100c	SOFR+600 bp	May 30, 2031
Rewards Network Inc.	term loan first lien	$10.2M	$10.1M 101c	SOFR+600 bp	Dec 5, 2031
Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.)	term loan first lien	$10.2M	$9.4M 92c	SOFR+650 bp	Nov 16, 2028
Cultural Experiences Abroad, LLC (d/b/a Cultural Experiences Abroad, Inc.)	term loan first lien	$9.5M	$9.4M 100c	SOFR+600 bp	Jan 21, 2032
Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)	term loan first lien	$9.2M	$9.3M 102c	SOFR+750 bp	Dec 22, 2028
Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC)	equity equity	$663,000	$9.1M 47c
SCIC Buyer, Inc.	term loan first lien	$9.0M	$9.1M 102c	SOFR+475 bp	Mar 28, 2031
MBS Highway, LLC	term loan first lien	$9.2M	$9.1M 100c	SOFR+800 bp	Oct 13, 2027
TOT Group, Inc. (d/b/a Netevia Group LLC)	term loan first lien	$9.1M	$9.1M 101c	SOFR+750 bp	Jun 28, 2029
M2S Group Intermediate Holdings, Inc.	term loan first lien	$9.0M	$8.9M 105c	SOFR+475 bp	Aug 25, 2031
Forward Solutions, LLC	term loan first lien	$8.9M	$8.9M 100c	SOFR+675 bp	Dec 15, 2026
Gulf Winds International Acquisition, LLC (d/b/a Gulf Winds International, Inc.)	term loan first lien	$9.0M	$8.7M 98c	SOFR+700 bp PIK 1.00%	Dec 18, 2028
Ribbon Communications Operating Company, Inc. (d/b/a Ribbon Communications Inc.)	term loan first lien	$8.5M	$8.5M 101c	SOFR+625 bp	Jun 21, 2029
MGT Merger Target, LLC	term loan first lien	$8.5M	$8.4M 100c	SOFR+525 bp	Apr 10, 2029
Pressurized Holdings, LLC	preferred equity equity	n/a	$8.3M 183c
LogicMonitor, Inc.	term loan first lien	$8.2M	$8.2M 101c	SOFR+550 bp	Nov 19, 2031
Telestream Topco 2 LLC (d/b/a Telestream Holdings Corporation)	equity equity	$497,000	$8.1M 114c
TriplePoint Acquisition Holdings LLC	term loan first lien	$8.1M	$8.1M 102c	SOFR+525 bp	May 31, 2029
NNA Services, LLC	term loan first lien	$7.9M	$7.9M 100c	SOFR+675 bp	Aug 28, 2028
The Kyjen Company, LLC	term loan first lien	$11.4M	$7.7M 68c	SOFR+750 bp PIK 1.00%	Oct 6, 2026
Transervice Holdings, Inc. (d/b/a Transervice Logistics, Inc.)	term loan first lien	$7.6M	$7.6M 101c	SOFR+750 bp	Jun 29, 2028
BUSA Acquisition Co. (d/b/a BankCard USA Merchant Services Inc.)	term loan first lien	$7.1M	$7.1M 101c	SOFR+650 bp	Apr 10, 2029
Smalto Inc.	term loan first lien	$6.2M	$7.1M 109c	//www.whitehorsefinance.com/20260630#Euro Interbank Offered Rate Three Month Term+600 bp	Apr 28, 2028
Wamp;A Intermediate Co., LLC	term loan first lien	$7.1M	$7.0M 101c	SOFR+625 bp	Aug 1, 2029
Buckeye Acquiror LLC	term loan first lien	$6.8M	$6.8M 101c	SOFR+642 bp	Aug 1, 2029
Meta Buyer LLC	term loan first lien	$6.7M	$6.6M 100c	SOFR+525 bp	Dec 22, 2031
Apollon Holdings, LLC (d/b/a Apollon Wealth Management, LLC)	term loan first lien	$6.6M	$6.6M 102c	SOFR+550 bp	Jun 18, 2032
Intermedia Cloud Communications, Inc. (d/b/a Intermedia.net, Inc.)	term loan first lien	$6.7M	$6.6M 100c	SOFR+550 bp	Nov 26, 2031
Trailhead Media LLC	term loan first lien	$6.6M	$6.5M 100c	SOFR+550 bp PIK 0.75%	Dec 28, 2029
Max Solutions, Inc.	term loan first lien	$6.4M	$6.4M 101c	SOFR+691 bp	Sep 29, 2028
RLJ Pro-Vac, Inc.	term loan first lien	$6.6M	$6.4M 98c	SOFR+725 bp PIK 0.50%	Jan 3, 2028
Vibration Mountings amp; Controls, Inc	term loan first lien	$6.4M	$6.3M 100c	SOFR+500 bp	Jun 23, 2031
KORE Wireless Group Inc.	term loan first lien	$6.3M	$6.3M 101c	SOFR+650 bp	Nov 9, 2028
Marki Microwave, LLC	term loan first lien	$6.0M	$6.0M 100c	SOFR+400 bp	Nov 21, 2031
Turnberry Solutions, Inc.First Lien Secured	term loan first lien	$5.9M	$5.9M 100c	SOFR+600 bp	Mar 2, 2028
Surge Amuze Holdings Inc.	term loan first lien	$5.7M	$5.6M 101c	SOFR+625 bp	Sep 6, 2029
ELM DebtCo, LLC	term loan first lien	$5.5M	$5.5M 101c	SOFR+450 bp	Nov 14, 2031
FloWorks International LLC	term loan first lien	$5.3M	$5.3M 101c	SOFR+475 bp	Nov 26, 2031
Meta Buyer LLC	term loan first lien	$4.6M	$5.2M 97c	//www.whitehorsefinance.com/20260630#Euro Interbank Offered Rate Three Month Term+525 bp	Dec 22, 2031
Claridge Products and Equipment, LLC	term loan first lien	$5.2M	$5.1M 98c	SOFR+800 bp PIK 4.00%	Mar 31, 2027
Kelso Industries LLC	term loan first lien	$5.1M	$5.1M 101c	SOFR+575 bp	Dec 31, 2029
Industrial Service Solutions WC, Inc	term loan first lien	$5.1M	$5.1M 100c	SOFR+450 bp	Feb 7, 2033
PGI Parent LLC	term loan first lien	$5.1M	$5.0M 100c	SOFR+500 bp	Dec 31, 2031
Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)	term loan first lien	$5.0M	$5.0M 101c	SOFR+800 bp	Dec 2, 2027
Lift Brands, Inc	term loan first lien	$5.0M	$5.0M 100c	SOFR+750 bp	Sep 30, 2026
NPAV Lessor Corp.	term loan first lien	$5.3M	$5.0M 94c	SOFR+650 bp	Jan 21, 2027
Apollon Holdings, LLC (d/b/a Apollon Wealth Management, LLC)	delayed draw term loan first lien	$4.8M	$4.9M 103c	//fasb.org/us-gaap/2025#Base Rate+550 bp	Jun 18, 2032
Maxor Acquisition, Inc.	term loan first lien	$4.9M	$4.9M 101c	SOFR+600 bp	Mar 1, 2029
Clark Restaurant Service, LLC	term loan first lien	$4.9M	$4.9M 101c	SOFR+575 bp	May 10, 2029
Mamp;M OpCo. LLC (d/b/a Escalent, Inc.)	term loan first lien	$4.8M	$4.8M 101c	SOFR+600 bp	Apr 9, 2029
Whitestone Home Furnishings, LLC (d/b/a Saatva, Inc.)	term loan first lien	$4.7M	$4.7M 101c	SOFR+550 bp	Sep 30, 2027
Four Winds Health, LLC	term loan first lien	$4.3M	$4.4M 102c	SOFR+675 bp	Jul 31, 2029
Media Source, LLC (d/b/a Media Source Inc.)	term loan first lien	$4.3M	$4.3M 99c	SOFR+575 bp PIK 4.71%	Aug 30, 2030
Impact Advisors, LLC	term loan first lien	$4.1M	$4.1M 101c	SOFR+450 bp	Mar 21, 2031
The Crom Corporation	term loan first lien	$4.0M	$4.1M 102c	SOFR+475 bp	Jan 31, 2031
APG Lions Purchaser, LLC	term loan first lien	$4.0M	$4.0M 101c	SOFR+550 bp	Apr 16, 2030
PANOS Brands, LLC	term loan first lien	$4.0M	$4.0M 101c	SOFR+575 bp	May 14, 2029
G-2 Lather Acquisition Corp.	term loan first lien	$3.9M	$3.9M 101c	SOFR+500 bp	Jan 31, 2031
Source Code Holdings, LLC	delayed draw term loan first lien	$3.8M	$3.7M 99c	SOFR+650 bp	Jul 30, 2027
PANOS Brands, LLC	term loan first lien	$3.6M	$3.6M 101c	SOFR+575 bp	May 14, 2029
Barrett Purchaser LLC	term loan first lien	$3.6M	$3.5M 99c	SOFR+600 bp	Nov 21, 2029
Chase Products Co. (f/k/a Starco)	term loan second lien	$3.4M	$3.4M 100c	SOFR+550 bp	Mar 16, 2028
Principal Lighting Group, LLC	term loan first lien	$3.3M	$3.3M 101c	//fasb.org/us-gaap/2025#Base Rate+525 bp	Nov 4, 2030
Cennox, Inc.	term loan first lien	$3.5M	$3.3M 94c	SOFR+675 bp PIK 0.25%	May 4, 2029
Forward Solutions, LLC	delayed draw term loan first lien	$3.0M	$3.0M 100c	SOFR+675 bp	Dec 15, 2026
Banner Acquisition Holdings, LLC	term loan first lien	$2.9M	$2.9M 101c	SOFR+625 bp	Jan 2, 2029
Infotree Holdco LLC	term loan first lien	$2.9M	$2.9M 100c	SOFR+575 bp	Feb 19, 2030
Surge Amuze Holdings Inc.	delayed draw term loan first lien	$2.8M	$2.9M 102c	//fasb.org/us-gaap/2025#Base Rate+625 bp	Sep 6, 2029
RCKC Acquisitions LLC	delayed draw term loan first lien	$2.9M	$2.8M 96c	SOFR+550 bp	Jan 2, 2029
Trimlite Buyer LLC	term loan first lien	$2.7M	$2.7M 100c	SOFR+475 bp	Mar 11, 2031
TableTrust Brands LLC	term loan first lien	$2.7M	$2.7M 100c	SOFR+600 bp	Jun 28, 2028
Camarillo Fitness Holdings, LLC	term loan first lien	$14.2M	$2.6M 25c	SOFR+850 bp PIK 12.38%	Sep 25, 2029
TVG I-EMSI Parent, LLC	equity equity	$2,000	$2.5M 77c
Infotree Holdco LLC	term loan first lien	$2.5M	$2.5M 100c	SOFR+575 bp	Feb 19, 2030
Playmonster Group LLC	term loan first lien	$6.0M	$2.4M 66c	SOFR+900 bp PIK 12.81%	Jun 29, 2028

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2013 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: WhiteHorse Finance, LLCreported
Latest schedule: 0001104659-26-093465reported