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W••••••••• F••••••• I•••
A business development company traded as WHF, WHFCL, managed by W••••••••• A•••••••• L••, holding $909M across 114 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $909M
- Borrowers
- 114
- Mark on cost
- 98.7¢
- First lien
- 83%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $7.56Mon non-accrual, 1 borrower
1 borrower on non-accrual, $7.56M principal; the largest is P••••••••• G•••• L•• ($7.56M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen P••••••••• G•••• L•• → - 7 below 80¢$37.3M principal
7 positions across 4 borrowers marked below 80¢ on cost, $37.3M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
Every headline figure, and the identifiersCIK 1552198 · file 814-00967ShowHide
Fair value
$909M
as of Jun 30, 2026
Principal held
$894M
debt pieces, the filer's figure
Cost
$934M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
250
114 borrowers
First lien
83%
96% debt by fair value
Quarters on the tape
18
since Dec 31, 2020
Facilities held
226
27 sponsors financed
Portfolio through time
Fair value by quarter end$932M as of Jun 30, 2026
Dec 31, 2020$82.7M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $932M | 114 | 99c | 22 | 601 bp |
| Mar 31, 2026 | $891M | 111 | 98c | 26 | 607 bp |
| Dec 31, 2025 | $1.2B | 118 | 99c | 30 | 607 bp |
| Sep 30, 2025 | $931M | 116 | 97c | 26 | 622 bp |
All 18 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $981M | 121 | 98c | 28 | 627 bp |
| Mar 31, 2025 | $983M | 121 | 98c | 36 | 655 bp |
| Dec 31, 2024 | $1.3B | 121 | 98c | 45 | 671 bp |
| Sep 30, 2024 | $994M | 123 | 99c | 39 | 693 bp |
| Jun 30, 2024 | $1.0B | 119 | 98c | 37 | 699 bp |
| Mar 31, 2024 | $1.0B | 115 | 98c | 41 | 707 bp |
| Dec 31, 2023 | $1.3B | 121 | 96c | 41 | 688 bp |
| Sep 30, 2023 | $1.1B | 111 | 97c | 36 | 702 bp |
| Jun 30, 2023 | $1.1B | 111 | 98c | 34 | 701 bp |
| Mar 31, 2023 | $1.1B | 112 | 98c | 30 | 684 bp |
| Dec 31, 2022 | $1.2B | 111 | 98c | 27 | 644 bp |
| Sep 30, 2022 | $1.1B | 101 | 99c | 25 | 691 bp |
| Dec 31, 2021 | $1.1B | 106 | 99c | 26 | 697 bp |
| Dec 31, 2020 | $82.7M | 4 | n/a | 0 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
Full timeline · 20 eventsShow fewer
- PIK interest increasedJun 30, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- PIK interest increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- Lender left a facilityDec 31, 2025
Largest facilities held, with co-lenders
- W•• S••• O••• unsecured or subordinated term loan1 BDC hold it$108M 121c
- T•• I••••• P•••••• L•• equity1 BDC hold it$20.8M 77c
- A••••••••• O•••••• G•••• L•• first lien term loan7 BDCs hold it · matures Feb 23, 2028$20.4M 101c
- F••••• P•••••• T••••••••• L• first lien term loan1 BDC hold it · matures Dec 7, 2026$18.6M 100c
- M••••• D••••• M•••• 2• L•• first lien term loan2 BDCs hold it · matures May 31, 2027$17.6M 96c
- G•• C••••••••• I•• first lien term loan2 BDCs hold it · matures Apr 15, 2031$15.2M 101c
- C•••••••• F•••••• H•••••••• L•• first lien term loan1 BDC hold it · matures Sep 25, 2029$14.2M 25c
- S••••• C••• H•••••••• L•• first lien term loan2 BDCs hold it · matures Jul 30, 2027$13.8M 99c
- Z••••• B••••• L•• first lien term loan1 BDC hold it · matures Jan 31, 2031$13.8M 102c
- L•••••••• I••••••••• H•••••• L•• first lien term loan3 BDCs hold it · matures Dec 27, 2027$13.6M 100c
- S•••• O•••• L•• first lien term loan1 BDC hold it · matures Nov 7, 2030$13.4M 101c
- D••• F••• C•••••••• I•• first lien term loan3 BDCs hold it · matures Dec 5, 2028$13.3M 100c
Schedule of investments at Dec 31, 2021
218 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| G•••• H••• S•• P••••• I•• | term loan first lien | $12.2M | $4.1M 34c | LIBOR+900 bp | Apr 30, 2019 |
| R••• S••••• S••••••• | term loan first lien | $4.1M | $4.0M 100c | LIBOR+650 bp | Mar 18, 2025 |
| A•• A••••••••• S••••••• T••••••••• L•• | term loan first lien | $4.0M | $4.0M 100c | LIBOR+800 bp PIK 1.00% | Jan 10, 2023 |
| P••••••••• L•• | term loan first lien | $6.0M | $3.9M 66c | LIBOR+600 bp | Jun 7, 2026 |
| C••••• H••••••• L•••••• | term loan first lien | $2.9M | $3.9M 100c | LIBOR+600 bp | May 4, 2026 |
| U•••••••• B•••••• L•• | term loan first lien | $3.9M | $3.8M 100c | LIBOR+550 bp | Nov 19, 2026 |
| U•••••••• B•••••• L•• | term loan first lien | $3.9M | $3.8M 100c | S+550 bp | Nov 19, 2026 |
| I•• B•••• I•• | term loan first lien | $3.6M | $3.5M 100c | LIBOR+600 bp | Jun 15, 2026 |
| C•••• B••••• L•• | term loan second lien | $4.4M | $3.5M 82c | LIBOR+1050 bp | Jan 8, 2026 |
| S•••• C••••••••• | warrants equity | $22,000 | $3.5M 121c | Dec 28, 2025 | |
| N••••• I•• | term loan first lien | $3.2M | $3.2M 101c | LIBOR+700 bp | Jun 28, 2024 |
| T••• B••• C•• W•••• L•• | delayed draw term loan first lien | $3.1M | $3.1M 101c | LIBOR+682 bp | Oct 17, 2024 |
| E••••••• B••••••• S•••••••• L•• | delayed draw term loan first lien | $3.1M | $3.0M 101c | LIBOR+750 bp | Jun 22, 2023 |
| M••••••• H•••••••• L•• | term loan first lien | $3.0M | $3.0M 101c | LIBOR+550 bp | Jan 29, 2025 |
| T••• I••••••••• H•••••••• L•• | delayed draw term loan first lien | $2.6M | $2.6M 101c | LIBOR+650 bp | May 15, 2025 |
| I••••••• I••••••••• I•• L•• | delayed draw term loan first lien | $2.5M | $2.5M 101c | LIBOR+675 bp | Dec 4, 2024 |
| B•• B••••• L•• | delayed draw term loan first lien | $2.6M | $2.5M 100c | LIBOR+1000 bp PIK 2.00% | Aug 28, 2025 |
| B•• B•••• | equity equity | $1.1M | $2.4M 222c | ||
| P•• H•••••• I•• | term loan first lien | $2.2M | $2.2M 100c | Prime+550 bp | Dec 17, 2026 |
| G•••• H••• S•• P••••• I•• | term loan lien unstated | $1.7M | $1.7M 100c | S+900 bp PIK 10.50% | Nov 24, 2023 |
| S••••• a•• C•••••• L•• | delayed draw term loan first lien | $1.9M | $1.7M 90c | LIBOR+675 bp | Dec 16, 2025 |
| I••• P•••••• L•• | delayed draw term loan first lien | $1.4M | $1.4M 101c | LIBOR+600 bp | Dec 15, 2026 |
| W••• I• M•••• G••••• L•• | equity equity | $8,000 | $1.4M 164c | ||
| M••••••••• C••• L•• | equity equity | $1.3M | $1.3M 100c | ||
| L••• B•••••• I•• | term loan first lien | $1.3M | $1.2M 98c | S+950 bp PIK 9.50% | Sep 30, 2026 |
| S••• F•••••• H•••••••• I•• | term loan first lien | $1.3M | $1.2M 96c | S+950 bp PIK 9.50% | Sep 30, 2026 |
| G•••• H••• S•• P••••• I•• | term loan first lien | $3.5M | $1.2M 34c | LIBOR+900 bp | Apr 30, 2019 |
| C••••• H••••••• L•••••• | revolver first lien | $864,000 | $1.2M 100c | LIBOR+600 bp | May 4, 2026 |
| L•• L••••••••• L•• | term loan first lien | $1.2M | $1.2M 101c | LIBOR+725 bp | Dec 31, 2025 |
| M••••••••• B•••••• C••• | revolver first lien | $1.0M | $1.0M 102c | LIBOR+850 bp | Oct 7, 2025 |
| L•• L••••••••• L•• | preferred equity equity | $2,000 | $1.0M 119c | S+1400 bp PIK 14.00% | |
| M••• B•••• L•• | term loan first lien | $991,000 | $972,000 100c | LIBOR+600 bp | Nov 1, 2027 |
| M••• B•••• L•• | term loan first lien | $991,000 | $972,000 100c | S+600 bp | Nov 1, 2027 |
| C• H••••• L•• | equity equity | $972,000 | $972,000 100c | ||
| E•••••• S••••••• I•• | warrants equity | $709,000 | $893,000 188c | ||
| C•• T••••••• L•• | term loan first lien | $891,000 | $891,000 101c | LIBOR+900 bp PIK 0.50% | Jun 14, 2024 |
| C••• F••••••• S••••••• P•••••• L•• | preferred equity equity | $15,000 | $840,000 100c | S+1000 bp PIK 10.00% | |
| B•••••• G•••• H••••••• L• | equity equity | $83,000 | $825,000 100c | ||
| R••• A••••••••• L•• | revolver first lien | $818,000 | $814,000 101c | LIBOR+625 bp | Dec 31, 2026 |
| R••••••••• T••••• L• | preferred equity equity | $600,000 | $786,000 131c | S+800 bp PIK 8.00% | |
| Q•••• E•••••• L•• | revolver first lien | $935,000 | $760,000 82c | LIBOR+600 bp | Dec 28, 2024 |
| D•• I••••••••• H••••••• L•• | delayed draw term loan first lien | $678,000 | $688,000 102c | LIBOR+625 bp | Mar 12, 2027 |
| H•• M••••••••• L•• | delayed draw term loan first lien | $653,000 | $651,000 101c | LIBOR+625 bp | Oct 19, 2026 |
| P• D••••• N•• J••••• P•••••• L•• | revolver first lien | $702,000 | $631,000 92c | LIBOR+925 bp PIK 1.50% | Nov 25, 2025 |
| J•••••• L••••••••• H••••••• L•• | revolver first lien | $597,000 | $586,000 100c | LIBOR+600 bp | Dec 29, 2027 |
| C•••••• I••• | revolver first lien | $561,000 | $569,000 103c | LIBOR+600 bp | May 4, 2026 |
| G•••• H••• S•• P••••• I•• S••••••••• | delayed draw term loan lien unstated | $568,000 | $568,000 100c | S+1200 bp | Nov 24, 2023 |
| T••••••••• H••••••• C••••••••• | revolver first lien | $530,000 | $549,000 106c | LIBOR+875 bp | Jun 7, 2028 |
| C•••• B••••• L•• | delayed draw term loan second lien | $650,000 | $520,000 80c | LIBOR+1050 bp | Jan 8, 2026 |
| R••• S••••• S•••••••• I••• | revolver first lien | $496,000 | $501,000 102c | Prime+550 bp | Sep 18, 2023 |
| K•••• H••••••• | equity equity | $496,000 | $496,000 100c | ||
| P•• H•••••• I•• | equity equity | $1,000 | $427,000 101c | ||
| T•• K•••• C••••••• L•• | revolver first lien | $385,000 | $390,000 103c | LIBOR+650 bp | Oct 6, 2026 |
| I• A•• I• S•••• G••••• L•• | delayed draw term loan first lien | $396,000 | $388,000 100c | LIBOR+600 bp | Dec 15, 2026 |
| A•••••• H••••••• | equity equity | $200,000 | $250,000 100c | ||
| M••• B•••• L•• | revolver first lien | $251,000 | $246,000 100c | S+600 bp | Nov 1, 2027 |
| M••• B•••• L•• | revolver first lien | $251,000 | $246,000 100c | LIBOR+600 bp | Nov 1, 2027 |
| C••••••• P••••••• a•• E••••••••• L•• | revolver first lien | $211,000 | $204,000 99c | Prime+550 bp | Mar 31, 2027 |
| S••• F•••••• H•••••••• I•• | equity equity | $2,000 | $188,000 10c | ||
| N••••• I•• | revolver first lien | $169,000 | $169,000 101c | LIBOR+700 bp | Jun 28, 2024 |
| E••• A••••••••• L•• | preferred equity equity | $167,000 | $167,000 100c | S+1200 bp | |
| E••••••••• L•• | term loan unsecured or subordinated | $167,000 | $167,000 100c | S+400 bp | Mar 15, 2027 |
| T••••••• B•••• L•• | revolver first lien | $164,000 | $161,000 100c | LIBOR+650 bp | Jul 27, 2026 |
| I••••••• I••••••••• | equity equity | $225,000 | $158,000 | ||
| I••••••• I••••••••• I•• L•• | revolver first lien | $142,000 | $147,000 106c | Prime+575 bp | Dec 4, 2024 |
| P•• C• A••••••••• I•• | revolver first lien | $104,000 | $113,000 110c | LIBOR+625 bp | Jun 25, 2024 |
| T•••••••• S••••••••• I••• | revolver first lien | $86,000 | $85,000 101c | Prime+500 bp | Sep 2, 2026 |
| S••• F•••••• H•••••••• I•• | warrants equity | $1,000 | $76,000 10c | Jun 28, 2028 | |
| M••••• M••••• L•• | revolver first lien | Not disclosed | $28,000 | LIBOR+600 bp | Dec 31, 2026 |
| S••••••• I••• | revolver first lien | Not disclosed | $14,000 | LIBOR+600 bp | Aug 13, 2025 |
| L••• S••••••• L•• | revolver first lien | Not disclosed | $12,000 | S+625 bp | Feb 24, 2026 |
| L••• S••••••• L•• | revolver first lien | Not disclosed | $12,000 | LIBOR+625 bp | Feb 24, 2026 |
| M••••• D••••• M•••• 2• L•• | revolver first lien | Not disclosed | $11,000 | LIBOR+650 bp | Jul 1, 2025 |
| I••••••• B••••• B•••••• I•• | revolver first lien | Not disclosed | $8,000 | LIBOR+700 bp | Dec 30, 2025 |
| E••••• O•••••• I•• | delayed draw term loan first lien | Not disclosed | $7,000 | LIBOR+675 bp | Apr 12, 2024 |
| M••••••••• M••••••••• L•• | revolver first lien | Not disclosed | $7,000 | LIBOR+625 bp | Jul 12, 2028 |
| W• L••••• C•••• | revolver first lien | Not disclosed | $6,000 | LIBOR+600 bp | Dec 26, 2024 |
| I••• P•••••• L•• | revolver first lien | Not disclosed | $5,000 | LIBOR+600 bp | Dec 15, 2026 |
| P• L••••••••• I••• | delayed draw term loan first lien | Not disclosed | $5,000 | LIBOR+675 bp | Mar 10, 2025 |
| L•• B•••••••• L•• | revolver first lien | Not disclosed | $4,000 | LIBOR+675 bp | Sep 30, 2025 |
| G•• L•••• S•••••• L••• | revolver first lien | Not disclosed | $4,000 | //www.whitehorsefinance.com/20221231#Canadian Dollar Offered Rate+650 bp | Dec 19, 2024 |
| L•• B•••••••• L•• | revolver first lien | Not disclosed | $4,000 | LIBOR+675 bp | Sep 30, 2025 |
| E••••••• B••••••• S•••••••• L•• | revolver first lien | Not disclosed | $3,000 | LIBOR+750 bp | Jun 22, 2023 |
| S••••• C••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | $1,000 | LIBOR+650 bp | Jul 30, 2027 |
| C••• F••••••• S••••••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$1,000 | LIBOR+650 bp | Nov 16, 2027 |
| R••• A••••••••• L•• | delayed draw term loan first lien | Not disclosed | -$5,000 | LIBOR+625 bp | Dec 31, 2026 |
| P••••••••• L•• | delayed draw term loan first lien | $224,000 | -$828,000 -375c | LIBOR+600 bp | Jun 7, 2026 |
| U•••••••• B•••••• L•• | revolver first lien | Not disclosed | Not disclosed | S+550 bp | Nov 19, 2026 |
| P•• H•••••• I•• | revolver first lien | Not disclosed | Not disclosed | Prime+550 bp | Dec 17, 2026 |
| E••••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | LIBOR+700 bp PIK 0.50% | Sep 15, 2026 |
| S•••• O••• L•• | revolver first lien | Not disclosed | Not disclosed | LIBOR+975 bp | Nov 7, 2030 |
| N••• | term loan lien unstated | Not disclosed | Not disclosed | ||
| H•• M••••••••• L•• | revolver first lien | Not disclosed | Not disclosed | LIBOR+625 bp | Oct 19, 2026 |
| I• A•• I• S•••• G••••• L•• | revolver first lien | Not disclosed | Not disclosed | LIBOR+600 bp | Dec 15, 2026 |
| R•• P••••••• I••• | revolver first lien | Not disclosed | Not disclosed | LIBOR+625 bp | Dec 31, 2026 |
| M••• B•••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+600 bp | Nov 1, 2027 |
| S••••• C••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | LIBOR+650 bp | Jul 30, 2027 |
| L•• H•••••••• I••• | revolver first lien | Not disclosed | Not disclosed | LIBOR+650 bp | Apr 30, 2026 |
| A•••• P••••••••• I•• | term loan first lien | Not disclosed | Not disclosed | S+900 bp | May 8, 2028 |
| H• S•••• H•••••••• I•• | revolver first lien | Not disclosed | Not disclosed | LIBOR+800 bp | Sep 30, 2026 |
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
- W••••••••• F••••••, LLCreported
- Latest schedule
- 0001104659-26-093465reported