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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 Sep 30, 2023
205 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| C•••• P••••••• C•• ••••• S•••••• | term loan first lien | $2.9M | $2.7M 94c | SOFR+1200 bp | Mar 16, 2028 |
| C•••• P••••••• C•• ••••• S•••••• | term loan first lien | Not disclosed | $2.7M | S+1200 bp PIK 12.00% | Mar 16, 2028 |
| B•• B••••• L•• | delayed draw term loan first lien | $2.6M | $2.6M 100c | SOFR+1050 bp PIK 2.00% | Aug 28, 2025 |
| M•••••• D••••• I•• | term loan first lien | $2.7M | $2.6M 100c | SOFR+650 bp | Jul 11, 2029 |
| H•• M••••••••• L••• | delayed draw term loan first lien | $2.4M | $2.4M 99c | //fasb.org/us-gaap/2023#Base Rate+625 bp | Oct 19, 2026 |
| T••• I••••••••• H•••••••• | delayed draw term loan first lien | $2.4M | $2.4M 100c | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+650 bp | May 15, 2025 |
| A•••• P••••••••• I•• | term loan first lien | $3.1M | $2.3M 88c | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+525 bp | May 8, 2028 |
| J•••••• L••••••••• H••••••• L•• | delayed draw term loan first lien | $2.3M | $2.3M 100c | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+600 bp | Dec 29, 2026 |
| P•••• S•••••• G•••• C• A••••••••• I•• | delayed draw term loan first lien | $2.1M | $2.1M 101c | SOFR+625 bp | Jun 25, 2026 |
| B••• M••••• L•• | revolver first lien | $2.0M | $2.0M 99c | SOFR+750 bp PIK 1.00% | Jun 10, 2024 |
| P••••••••• G•••• L•• | term loan first lien | $4.1M | $1.7M 46c | SOFR+900 bp PIK 14.52% | Jun 8, 2026 |
| P••••••••• G•••• L•• | term loan first lien | Not disclosed | $1.7M | ||
| W••• I• M•••• G••••• L•• | equity equity | $851,000 | $1.6M 192c | ||
| S••• F•••••• H•••••••• I•• | term loan first lien | $1.6M | $1.6M 98c | S+950 bp PIK 9.50% | Sep 30, 2026 |
| M••• B•••• L••• | revolver first lien | $1.5M | $1.5M 100c | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+600 bp | Nov 1, 2027 |
| C• H••••• L•• | equity equity | $1.1M | $1.4M 130c | ||
| B•• B•••• | equity equity | $1.1M | $1.4M 124c | ||
| L••• B•••••• I•• | term loan first lien | $1.4M | $1.3M 95c | S+950 bp PIK 9.50% | Sep 30, 2026 |
| P•• H•••••• I•• | equity equity | $1,000 | $1.2M 282c | ||
| B•••••• G•••• H••••••• L• | equity equity | $83,000 | $1.1M 136c | ||
| T••••••••• H••••••• C••••••••• | revolver first lien | $1.1M | $1.1M 101c | SOFR+925 bp | Jun 7, 2028 |
| M••••••••• M••••••••• L•• | revolver first lien | $1.2M | $1.0M 89c | SOFR+650 bp | Jul 12, 2028 |
| C••••• H••••••• L•••••• | revolver first lien | $864,000 | $1.0M 87c | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+600 bp PIK 0.25% | May 4, 2026 |
| B• P••••••• P•••••• L• | equity equity | $733,000 | $1.0M 128c | ||
| P••••••••• G•••• L•• P••••••• | term loan first lien | Not disclosed | $1.0M | ||
| P••••••••• G•••• L••• P••••••• | term loan first lien | $1.1M | $1.0M 93c | SOFR+675 bp PIK 12.33% | Jun 29, 2028 |
| C••• F••••••• S••••••• P•••••• L•• | preferred equity equity | $15,000 | $998,000 119c | S+1000 bp PIK 10.00% | |
| S••••• I•• | term loan first lien | $1.0M | $994,000 101c | SOFR+600 bp | Apr 28, 2028 |
| F••••••••• B•••• G••••• L•• | term loan second lien | $5.2M | $984,000 20c | SOFR+650 bp | Jan 8, 2026 |
| M••• B•••• L••• | term loan first lien | $974,000 | $965,000 101c | SOFR+600 bp | Nov 1, 2027 |
| A••••••• C•••••• L• | delayed draw term loan first lien | $1.5M | $934,000 64c | SOFR+850 bp PIK 13.92% | May 28, 2026 |
| M••• B•••• L••• | delayed draw term loan first lien | $885,000 | $876,000 100c | SOFR+600 bp | Nov 1, 2027 |
| A•••••• M••••• L•• | delayed draw term loan first lien | $883,000 | $862,000 100c | SOFR+800 bp | Mar 16, 2027 |
| M•• I••••••••• S•••••••• I•• | revolver first lien | $825,000 | $776,000 95c | //fasb.org/us-gaap/2023#Base Rate+684 bp | Apr 24, 2026 |
| R••••••••• T••••• L• | preferred equity equity | $600,000 | $775,000 151c | S+800 bp PIK 8.00% | |
| S•••• H••••••• B•••• L•••••• | delayed draw term loan first lien | $615,000 | $749,000 100c | SOFR+675 bp | Sep 28, 2029 |
| P• D••••• N•• J••••• P•••••• L•• | revolver first lien | $704,000 | $704,000 101c | //fasb.org/us-gaap/2023#Base Rate+950 bp PIK 3.75% | Nov 25, 2025 |
| J•••••• L••••••••• H••••••• L•• | revolver first lien | $656,000 | $651,000 100c | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+600 bp | Dec 29, 2026 |
| N••• L••••• C•••• | revolver first lien | $725,000 | $648,000 91c | SOFR+600 bp | Jan 21, 2027 |
| K•••• H••••••• | equity equity | $496,000 | $615,000 124c | ||
| P••••••• P••••••• I••••••• L•• | delayed draw term loan first lien | $576,000 | $568,000 101c | SOFR+675 bp | Feb 7, 2029 |
| B•• B••••• | revolver first lien | $574,000 | $564,000 99c | SOFR+625 bp | Feb 1, 2027 |
| C••••••• P••••••• a•• E••••••••• L•• | revolver first lien | $632,000 | $559,000 89c | //fasb.org/us-gaap/2023#Base Rate+756 bp PIK 1.50% | Mar 31, 2027 |
| R••• A••••••••• L•• | revolver first lien | $533,000 | $530,000 101c | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+625 bp | Jan 2, 2029 |
| S•••• R••••••• H•••••••• L•• | revolver first lien | $475,000 | $476,000 103c | SOFR+750 bp | Dec 2, 2027 |
| S•••• R••••••• H•••••••• L•• | delayed draw term loan first lien | $467,000 | $472,000 103c | SOFR+750 bp | Dec 2, 2027 |
| Q•••• E•••••• L•• | revolver first lien | $468,000 | $453,000 97c | SOFR+600 bp PIK 0.50% | Sep 30, 2027 |
| S•••• H••••••• B•••• L•••••• | delayed draw term loan first lien | $368,000 | $364,000 101c | SOFR+675 bp | Sep 28, 2029 |
| V•••••• B•••••• M•• I•••••••• L• ••••• M•• C••••••••• G••••• | equity equity | Not disclosed | $361,000 115c | ||
| M••••••• H••••••• L• ••••• E•••••••• I•••• | equity equity | $277,000 | $361,000 108c | ||
| A•••••• H••••••• | equity equity | $222,000 | $286,000 105c | ||
| F••••••••• B•••• G••••• L•• | term loan first lien | $357,000 | $273,000 76c | SOFR+800 bp | Dec 9, 2025 |
| P••••••••• H•••••••• L•• | preferred equity equity | Not disclosed | $259,000 6c | PIK 14.00% | |
| S•••• R••••••• H•••••••• L•• | equity equity | $400,000 | $238,000 60c | ||
| M•• S•••••••• I••• | equity equity | $4,000 | $219,000 55c | ||
| S••••••• I•••• | revolver first lien | $222,000 | $219,000 99c | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+650 bp | Aug 13, 2025 |
| S•••• H••••••• B•••• L•••••• | term loan first lien | $171,000 | $206,000 100c | //www.whitehorsefinance.com/20230930#Sterling Overnight Index Average+675 bp PIK 3.50% | Sep 28, 2029 |
| N••••• I•• | revolver first lien | $205,000 | $201,000 98c | SOFR+700 bp | Jun 28, 2024 |
| S•••• R••••••• H•••••••• L•• | preferred equity equity | $200,000 | $200,000 100c | PIK 8.00% | |
| P••••••• P••••••• I••••••• L•• | revolver first lien | $188,000 | $188,000 102c | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+675 bp | Feb 7, 2029 |
| Q•••• E•••••• L•• | preferred equity equity | $360,000 | $178,000 49c | Dec 8, 2025 | |
| B•••••• A••••••• L•• | revolver first lien | $180,000 | $176,000 100c | SOFR+650 bp | Aug 1, 2029 |
| E••••••••• L•• | term loan unsecured or subordinated | $167,000 | $167,000 100c | S+400 bp | Mar 15, 2027 |
| S••• F•••••• H•••••••• I•• | equity equity | $2,000 | $123,000 6c | ||
| S••• F•••••• H•••••••• I•• | warrants equity | $1,000 | $50,000 6c | Jun 28, 2028 | |
| J• C•••••• P••••••• L•• | delayed draw term loan first lien | Not disclosed | $39,000 | SOFR+700 bp | Jan 26, 2027 |
| E••• A••••••••• L•• | preferred equity equity | $167,000 | $38,000 23c | S+1200 bp | |
| G••• W•••• I••••••••• A••••••••• L•• ••••• G••• W•••• I••••••••• I•••• | revolver first lien | Not disclosed | $10,000 | SOFR+700 bp | Dec 18, 2028 |
| I••••••• I••••••••• | equity equity | Not disclosed | $9,000 150c | ||
| L•••••••• I••••••••• H•••••• L•• | revolver first lien | Not disclosed | $9,000 | SOFR+750 bp | Dec 27, 2027 |
| M•••• A••••••••• I••• | revolver first lien | Not disclosed | $9,000 | SOFR+675 bp | Mar 1, 2029 |
| H• S•••• H•••••••• I•• | revolver first lien | Not disclosed | $8,000 | SOFR+650 bp | Sep 30, 2026 |
| M••••• D••••• M•••• 2• L•• | revolver first lien | Not disclosed | $6,000 | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+650 bp | Jul 1, 2025 |
| G•• L•••• S•••••• L•• | revolver first lien | Not disclosed | $6,000 | //www.whitehorsefinance.com/20230930#Canadian Dollar Offered Rate+650 bp | Dec 21, 2026 |
| M•• M••••• T•••••• L•• | revolver first lien | Not disclosed | $5,000 | SOFR+675 bp | Apr 10, 2028 |
| I•• B•••• I••• | revolver first lien | Not disclosed | $3,000 | Prime+600 bp | Jun 14, 2027 |
| M•• M••••• T•••••• L•• | delayed draw term loan first lien | Not disclosed | $1,000 | SOFR+675 bp | Apr 10, 2029 |
| C•••••• T••••••••• B••••••••• G•••• L•• | revolver first lien | Not disclosed | -$1,000 | SOFR+700 bp | Dec 30, 2026 |
| F•••••• S••••••••• L•• | revolver first lien | Not disclosed | -$4,000 | SOFR+575 bp | Dec 15, 2026 |
| B••••••••• H••••••••• L•• | revolver first lien | Not disclosed | -$9,000 | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+775 bp | Oct 5, 2026 |
| H•• M••••••••• L••• | revolver first lien | Not disclosed | -$10,000 | SOFR+625 bp | Oct 19, 2026 |
| P•••• S•••••• G•••• C• A••••••••• I•• | revolver first lien | Not disclosed | -$16,000 | SOFR+625 bp | Jun 25, 2026 |
| S•••• O••• L•• | revolver first lien | Not disclosed | -$21,000 | SOFR+650 bp | Nov 7, 2030 |
| M•• S••••••••• I•••• | delayed draw term loan first lien | Not disclosed | -$22,000 | SOFR+766 bp | Sep 29, 2028 |
| E••••••••• L•• | revolver first lien | Not disclosed | -$36,000 | SOFR+700 bp PIK 0.50% | Sep 15, 2027 |
| T•• K•••• C••••••• L•• | revolver first lien | Not disclosed | -$47,000 | SOFR+750 bp PIK 1.00% | Oct 6, 2026 |
| M•• S••••••••• I•••• | revolver first lien | Not disclosed | Not disclosed | SOFR+766 bp | Sep 29, 2028 |
| M•• O•••• L•• ••••• E•••••••• I•••• | revolver first lien | Not disclosed | Not disclosed | SOFR+800 bp | Apr 9, 2029 |
| P•••••• H••••••• L•• •••• | term loan first lien | Not disclosed | Not disclosed | S+725 bp PIK 0.75% | Jun 28, 2025 |
| S•• G••••• H•••••• C•••••• | warrants equity | Not disclosed | Not disclosed | Dec 28, 2025 | |
| M••••••••• C••• L•• | equity equity | $1.3M | Not disclosed n/a | ||
| L•• H•••••••• I••• | revolver first lien | Not disclosed | Not disclosed | //www.whitehorsefinance.com/20230930#London Interbank Offered Rate+700 bp | Apr 30, 2026 |
| P••••••••• G•••• E•••••• I•• | equity equity | $72,000 | Not disclosed n/a | ||
| P••••••••• G•••• E•••••• I••• | preferred equity equity | $36,000 | Not disclosed n/a | S+1400 bp PIK 14.00% | |
| L••• S••••••• L••• | revolver first lien | Not disclosed | Not disclosed | SOFR+625 bp | Feb 24, 2026 |
| S•••• H••••••• B•••• L•••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+675 bp | Sep 28, 2029 |
| N•• A••••••• C••••• H•••••••• L•• | equity equity | $1,000 | Not disclosed | ||
| M•••••• D••••• I•• | revolver first lien | Not disclosed | Not disclosed | SOFR+650 bp | Jul 11, 2029 |
| T•••••••• S••••••••• | revolver first lien | Not disclosed | Not disclosed | SOFR+500 bp | Sep 2, 2026 |
| A••••• H•••••• C••••••••• S••••• | unstated lien unstated | Not disclosed | Not disclosed |
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