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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, 2022
241 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| C••••• H••••••• L••••••• | term loan first lien | $2.8M | $3.3M 87c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+600 bp | May 4, 2026 |
| N••••• I•• | term loan first lien | $3.2M | $3.1M 97c | SOFR+700 bp | Jun 28, 2024 |
| T••• I••••••••• H•••••••• | term loan first lien | $3.1M | $3.1M 101c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+650 bp | May 15, 2025 |
| P••••••••• L•• | term loan first lien | Not disclosed | $3.0M | Jun 7, 2026 | |
| P••••••••• G•••• L•• | term loan first lien | Not disclosed | $3.0M | ||
| P••••••••• L•• | revolver first lien | Not disclosed | $3.0M | ||
| P••••••••• G•••• L•• | term loan first lien | $3.7M | $3.0M 81c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+900 bp PIK 13.36% | Jun 8, 2026 |
| R••• A••••••••• L••• | delayed draw term loan first lien | $3.0M | $2.9M 99c | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+625 bp | Dec 31, 2026 |
| R••• A••••••••• L•• | delayed draw term loan first lien | $3.0M | $2.9M 99c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+625 bp | Dec 31, 2026 |
| S•••• H••••••• B•••• L•••••• | term loan first lien | $3.8M | $2.7M 101c | //www.whitehorsefinance.com/20231231#Canadian Dollar Offered Rate+675 bp | Sep 28, 2029 |
| S•••• H••••••• B•••• L•••••• | term loan first lien | $2.8M | $2.7M 100c | //www.whitehorsefinance.com/20231231#Secured Overnight Financing Rate+675 bp | Sep 28, 2029 |
| I•• S•••• G••••• L•• | delayed draw term loan first lien | $2.8M | $2.7M 99c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+575 bp | Dec 15, 2026 |
| A•••• P••••••••• I•• | term loan first lien | $3.1M | $2.6M 98c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+525 bp | May 8, 2028 |
| B•• B••••• L•• | delayed draw term loan first lien | $2.6M | $2.5M 99c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+900 bp PIK 1.00% | Aug 28, 2025 |
| T••• I••••••••• H•••••••• | delayed draw term loan first lien | $2.5M | $2.5M 100c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+650 bp | May 15, 2025 |
| P•• H•••••• I••• | term loan first lien | $2.2M | $2.1M 100c | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+600 bp | Dec 17, 2026 |
| P•• H•••••• I•• | term loan first lien | $2.2M | $2.1M 100c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+600 bp | Dec 17, 2026 |
| A••••••••• O•••••• G•••• L•• | revolver first lien | $2.2M | $2.1M 99c | //fasb.org/us-gaap/2023#Base Rate+651 bp | Feb 23, 2028 |
| B•• B••••• I••• | term loan first lien | $2.1M | $2.1M 100c | SOFR+650 bp | Feb 1, 2027 |
| S••••••• I•• | term loan first lien | $2.1M | $2.1M 101c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+650 bp | Aug 13, 2025 |
| B••• M••••• L•• | revolver first lien | $2.0M | $2.0M 100c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+750 bp PIK 1.00% | Jun 10, 2024 |
| W••• I• H•••••••• L•• | term loan first lien | $851,000 | $1.9M 228c | Oct 2, 2024 | |
| W••• I• M•••• G••••• L•• | equity equity | $851,000 | $1.9M 228c | ||
| J•••••• L••••••••• H••••••• L•• | delayed draw term loan first lien | $1.9M | $1.9M 99c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+600 bp | Dec 29, 2026 |
| H•• M••••••••• L••• | delayed draw term loan first lien | $1.8M | $1.7M 99c | //fasb.org/us-gaap/2023#Base Rate+610 bp | Oct 19, 2026 |
| H•• M••••••••• L••• | delayed draw term loan first lien | $1.8M | $1.7M 99c | //fasb.org/us-gaap/2023#Base Rate+610 bp | Oct 19, 2026 |
| C• H••••• L•• | equity equity | $1.1M | $1.6M 140c | ||
| B•• B•••• | equity equity | $1.1M | $1.4M 128c | ||
| S••••• • C•••••• L••• | delayed draw term loan first lien | $1.4M | $1.3M 97c | SOFR+875 bp PIK 2.00% | Dec 16, 2025 |
| L••• B•••••• I•• | term loan first lien | $1.3M | $1.3M 96c | S+950 bp PIK 9.50% | Sep 30, 2026 |
| S••• F•••••• H•••••••• I•• | term loan first lien | $1.3M | $1.2M 95c | S+950 bp PIK 9.50% | Sep 30, 2026 |
| A••••••• C•••••• L• | delayed draw term loan first lien | $1.4M | $1.1M 85c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+850 bp | May 28, 2026 |
| S••••• I••• | term loan first lien | $1.0M | $986,000 99c | SOFR+600 bp | Apr 28, 2028 |
| M••• B•••• L••• | term loan first lien | $981,000 | $963,000 100c | SOFR+600 bp | Nov 1, 2027 |
| T••••••••• H••••••• C••••••••• | revolver first lien | $927,000 | $928,000 102c | SOFR+925 bp | Jun 7, 2028 |
| C••• F••••••• S••••••• P•••••• L•• | preferred equity equity | $15,000 | $927,000 110c | S+1000 bp PIK 10.00% | |
| M••• B•••• L••• | delayed draw term loan first lien | $892,000 | $876,000 100c | SOFR+600 bp | Nov 1, 2027 |
| P•• H•••••• C••••••• L•• ••••• P•• C••••••••• | equity equity | $1,000 | $786,000 186c | ||
| P•• H•••••• I•• | equity equity | $1,000 | $786,000 186c | ||
| P•••• S•••••• G•••• C• A••••••••• I•• | revolver first lien | $836,000 | $780,000 94c | //fasb.org/us-gaap/2023#Base Rate+596 bp | Jun 25, 2026 |
| P•• C• A••••••••• I•• | revolver first lien | $836,000 | $780,000 94c | //fasb.org/us-gaap/2022#Base Rate+596 bp | Jun 25, 2024 |
| C••••••• P••••••• a•• E••••••••• L•• | revolver first lien | $779,000 | $732,000 95c | //fasb.org/us-gaap/2023#Base Rate+588 bp | Mar 31, 2027 |
| T•• K•••• C••••••• L•• | revolver first lien | $798,000 | $724,000 92c | SOFR+658 bp PIK 0.50% | Oct 6, 2026 |
| R••••••••• T••••• L• | preferred equity equity | $600,000 | $714,000 139c | S+800 bp PIK 8.00% | |
| I••••••••• S•••••••• S••••••• U•• L•• | revolver first lien | $674,000 | $649,000 98c | //fasb.org/us-gaap/2023#Base Rate+590 bp | Dec 31, 2026 |
| L•• L••••••••• L•• | preferred equity equity | $83,000 | $600,000 73c | ||
| B•••••• G•••• H••••••• L• | equity equity | $83,000 | $600,000 73c | ||
| R••• A••••••••• L••• | revolver first lien | $533,000 | $517,000 98c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+625 bp | Dec 31, 2026 |
| R••• A••••••••• L••• | revolver first lien | $533,000 | $517,000 98c | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+625 bp | Dec 31, 2026 |
| M••••••••• C••• L•• | equity equity | $1.3M | $517,000 41c | ||
| B• P••••••• P•••••• L• | equity equity | $667,000 | $514,000 77c | ||
| Q•••• E•••••• L•• | revolver first lien | $468,000 | $431,000 93c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+600 bp | Sep 30, 2027 |
| S•••• R••••••• H•••••••• L•• | equity equity | $400,000 | $400,000 100c | ||
| K•••• H••••••• | equity equity | $496,000 | $363,000 73c | ||
| F••••••••• B•••• G••••• L•• | term loan first lien | $357,000 | $330,000 92c | SOFR+800 bp | Dec 9, 2025 |
| P• D••••• N•• J••••• P•••••• L•• | revolver first lien | $352,000 | $300,000 86c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+825 bp PIK 0.75% | Nov 25, 2025 |
| J•••••• L••••••••• H••••••• L•• | revolver first lien | $298,000 | $287,000 98c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+600 bp | Dec 29, 2026 |
| M•• S•••••••• I••• | equity equity | $4,000 | $283,000 71c | ||
| S••••••• I••• | revolver first lien | $266,000 | $270,000 102c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+650 bp | Aug 13, 2025 |
| B•• B••••• | revolver first lien | $274,000 | $259,000 96c | SOFR+625 bp | Feb 1, 2027 |
| N••••• I•• | revolver first lien | $267,000 | $258,000 97c | //fasb.org/us-gaap/2023#Base Rate+663 bp | Jun 28, 2024 |
| I••••••• B••••• B•••••• I•• | revolver first lien | $265,000 | $252,000 96c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+700 bp | Dec 30, 2025 |
| S•••• R••••••• H•••••••• L•• | revolver first lien | $258,000 | $251,000 100c | SOFR+700 bp | Dec 2, 2027 |
| N••• L••••• C•••• | revolver first lien | $290,000 | $247,000 87c | SOFR+650 bp | Jan 21, 2027 |
| S•••• R••••••• H•••••••• L•• | preferred equity equity | $200,000 | $200,000 100c | PIK 8.00% | |
| S•••• H••••••• B•••• L•••••• | term loan first lien | $168,000 | $199,000 109c | SONIA+675 bp | Sep 28, 2029 |
| P••••••••• G•••• L•• P••••••• | term loan first lien | Not disclosed | $176,000 | ||
| P••••••••• G•••• L••• P••••••• | term loan first lien | $184,000 | $176,000 100c | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+675 bp PIK 11.47% | Jun 29, 2028 |
| E••••••••• L•• | term loan unsecured or subordinated | $167,000 | $167,000 100c | S+400 bp | Mar 15, 2027 |
| A•••••• H••••••• | equity equity | $208,000 | $154,000 60c | ||
| M••••••••• M••••••••• L•• | revolver first lien | $158,000 | $133,000 86c | //fasb.org/us-gaap/2023#Base Rate+556 bp | Jul 12, 2028 |
| S••• F•••••• H•••••••• I•• | equity equity | $2,000 | $131,000 7c | ||
| Q•••• E•••••• L•• | preferred equity equity | $347,000 | $110,000 32c | Dec 8, 2025 | |
| I••••••• I••••••••• | equity equity | $229,000 | $92,000 2300c | ||
| E••• A••••••••• L•• | preferred equity equity | $167,000 | $83,000 50c | S+1200 bp | |
| L•••••••• I••••••••• H•••••• L•• | revolver first lien | $78,000 | $75,000 99c | SOFR+750 bp | Dec 27, 2027 |
| S•••• R••••••• H•••••••• L•• | delayed draw term loan first lien | $56,000 | $55,000 100c | SOFR+700 bp | Dec 2, 2027 |
| S••• F•••••• H•••••••• I•• | warrants equity | $1,000 | $53,000 7c | Jun 28, 2028 | |
| S•••• H••••••• B•••• L•••••• | delayed draw term loan first lien | $53,000 | $52,000 102c | SOFR+675 bp | Sep 28, 2029 |
| S•••• H••••••• B•••• L•••••• | delayed draw term loan first lien | $53,000 | $52,000 102c | SOFR+675 bp | Sep 28, 2029 |
| M••••• M••••• L•• | revolver first lien | Not disclosed | $22,000 | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+600 bp | Dec 31, 2026 |
| H• S•••• H•••••••• I•• | revolver first lien | Not disclosed | $10,000 | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+650 bp | Sep 30, 2026 |
| J• C•••••• P••••••• L•• | delayed draw term loan first lien | Not disclosed | $9,000 | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+700 bp | Jan 26, 2027 |
| M••••• D••••• M•••• 2• | revolver first lien | Not disclosed | $8,000 | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+650 bp | Jul 1, 2025 |
| W• L••••• C•••• | revolver first lien | Not disclosed | $4,000 | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+559 bp | Dec 26, 2024 |
| I•• B•••• I••• | revolver first lien | Not disclosed | $3,000 | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+600 bp | Jun 14, 2027 |
| T••••••••• H••••••• C••••••••• | delayed draw term loan first lien | Not disclosed | $3,000 | SOFR+925 bp | Oct 15, 2025 |
| P•• H•••••• I••• | revolver first lien | Not disclosed | $2,000 | //www.whitehorsefinance.com/20230930#Canadian Dollar Offered Rate+600 bp | Dec 17, 2026 |
| S••••• C••• H•••••••• L••• | delayed draw term loan first lien | Not disclosed | $2,000 | SOFR+650 bp | Jul 30, 2027 |
| P•• H•••••• I•• | revolver first lien | Not disclosed | $2,000 | //www.whitehorsefinance.com/20231231#Canadian Dollar Offered Rate+600 bp | Dec 17, 2026 |
| L••• S••••••• L••• | revolver first lien | Not disclosed | -$1,000 | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+625 bp | Feb 24, 2026 |
| L••• S••••••• L••• | revolver first lien | Not disclosed | -$1,000 | //www.whitehorsefinance.com/20230630#London Interbank Offered Rate+625 bp | Feb 24, 2026 |
| M••• B•••• L••• | revolver first lien | Not disclosed | -$3,000 | SOFR+600 bp | Nov 1, 2027 |
| I•• S•••• G••••• L•• | revolver first lien | Not disclosed | -$3,000 | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+575 bp | Dec 15, 2026 |
| T•••••••• S••••••••• | revolver first lien | Not disclosed | -$4,000 | SOFR+600 bp | Sep 2, 2026 |
| T•••••••• S••••••••• | revolver first lien | Not disclosed | -$4,000 | SOFR+600 bp | Sep 2, 2026 |
| C•••••• T••••••••• B••••••••• G•••• L•• | revolver first lien | Not disclosed | -$5,000 | SOFR+650 bp | Dec 30, 2026 |
| L•• H•••••••• I••• | revolver first lien | Not disclosed | -$6,000 | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+650 bp | Apr 30, 2026 |
| L•• H•••••••• I••• | revolver first lien | Not disclosed | -$6,000 | //www.whitehorsefinance.com/20231231#London Interbank Offered Rate+650 bp | Apr 30, 2026 |
| M•• I••••••••• S•••••••• I•• | revolver first lien | Not disclosed | -$9,000 | SOFR+775 bp | Apr 24, 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