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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, 2024
254 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| I••••••• I••••••••• | equity equity | Not disclosed | $8,000 100c | ||
| M•••••• D••••• I•• | revolver first lien | Not disclosed | $7,000 | SOFR+650 bp | Jul 11, 2029 |
| H• S•••• H•••••••• I•• | revolver first lien | Not disclosed | $6,000 | SOFR+700 bp | Sep 30, 2026 |
| S•••• H••••••• B•••• L•••••• | delayed draw term loan first lien | Not disclosed | $6,000 | //www.whitehorsefinance.com/20240930#Canadian Overnight Repo Rate Average+675 bp | Sep 28, 2029 |
| A•• L•••• P••••••••• L•• | delayed draw term loan first lien | Not disclosed | $5,000 | SOFR+575 bp | Apr 16, 2030 |
| F•••••• S••••••••• L•• | revolver first lien | Not disclosed | $5,000 | SOFR+575 bp | Dec 15, 2026 |
| T•••••••• S••••••••• | revolver first lien | Not disclosed | $5,000 | SOFR+500 bp | Sep 2, 2026 |
| M•• O•••• L•• ••••• E•••••••• I•••• | revolver first lien | Not disclosed | $5,000 | SOFR+800 bp | Apr 9, 2029 |
| I•• B•••• I••• | revolver first lien | Not disclosed | $4,000 | SOFR+600 bp | Jun 14, 2027 |
| L••• S••••••• L•• | revolver first lien | Not disclosed | $4,000 | SOFR+850 bp | Feb 24, 2026 |
| M••••• D••••• M•••• 2• L•• | revolver first lien | Not disclosed | $3,000 | SOFR+650 bp | Jul 1, 2025 |
| G•• L•••• S•••••• L•• | revolver first lien | Not disclosed | $2,000 | //www.whitehorsefinance.com/20240930#Canadian Overnight Repo Rate Average+650 bp | Dec 21, 2026 |
| A•• L•••• P••••••••• L•• | revolver first lien | Not disclosed | $2,000 | SOFR+575 bp | Apr 16, 2030 |
| C•••••• T••••••••• B••••••••• G•••• L•• | revolver first lien | Not disclosed | -$1,000 | SOFR+750 bp | Dec 30, 2026 |
| T••••••••• A••••••••• H••••••• L•• | delayed draw term loan first lien | Not disclosed | -$1,000 | SOFR+550 bp | May 31, 2029 |
| B•••••• P•••••••• L•• ••••• S•• D••••••••• a•• C••••••••• I•••• | delayed draw term loan first lien | Not disclosed | -$4,000 | SOFR+600 bp | Nov 21, 2029 |
| M•• S••••••••• I•••• | revolver first lien | Not disclosed | -$4,000 | //www.whitehorsefinance.com/20240930#Canadian Dollar Offered Rate+810 bp | Sep 29, 2028 |
| T•• G••••• I••• ••••• N•••••• G•••• L••• | delayed draw term loan first lien | Not disclosed | -$12,000 | SOFR+750 bp | Jun 28, 2029 |
| T•• K•••• C••••••• L•• | revolver first lien | Not disclosed | -$33,000 | SOFR+725 bp PIK 0.75% | Oct 6, 2026 |
| E••••••••• L•• | revolver first lien | Not disclosed | -$50,000 | SOFR+698 bp PIK 0.50% | Sep 15, 2027 |
| C•••••• I••• ••••• C•••••• | revolver first lien | Not disclosed | Not disclosed | //fasb.org/us-gaap/2023#Base Rate+600 bp | May 4, 2029 |
| P••••••••• G•••• E•••••• I••• | preferred equity equity | $36,000 | Not disclosed n/a | S+1400 bp PIK 14.00% | |
| T•• G••••• I••• ••••• N•••••• G•••• L••• | revolver first lien | Not disclosed | Not disclosed | SOFR+750 bp | Jun 28, 2029 |
| P•••••• H••••••• L•• •••• | term loan first lien | Not disclosed | Not disclosed | S+725 bp | Jun 28, 2025 |
| R••••• C••••••••• O•••••••• C••••••• I••• ••••• R••••• C••••••••• I•••• | revolver first lien | Not disclosed | Not disclosed | SOFR+625 bp | Jun 21, 2029 |
| H• I• G• C••••••••• L• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A• C•••••• A••••••••• C••••••••• | revolver first lien | Not disclosed | Not disclosed | //www.whitehorsefinance.com/20240930#Secured Overnight Financing Rate+525 bp | Jul 2, 2031 |
| A••••••• C••••• G• L•• ••••• A••••••• ••••• L••• | equity equity | $663,000 | Not disclosed | ||
| A••••••• C•••••• L• | delayed draw term loan first lien | $1.8M | Not disclosed n/a | SOFR+850 bp PIK 13.45% | May 28, 2026 |
| C•••••• I••• ••••• C•••••• | revolver first lien | Not disclosed | Not disclosed | SOFR+550 bp | May 4, 2029 |
| A• C•••••• A••••••••• C••••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | //www.whitehorsefinance.com/20240930#Secured Overnight Financing Rate+525 bp | Jul 2, 2031 |
| P••••••••• H•••••••• L•• | equity equity | Not disclosed | Not disclosed | ||
| B•••• U••• A••••••••• C••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | //www.whitehorsefinance.com/20240930#Secured Overnight Financing Rate+550 bp | Dec 5, 2028 |
| A•••• P••••••••• I•• | term loan first lien | Not disclosed | Not disclosed | S+750 bp | May 8, 2028 |
| W•• I••••••••• C••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+625 bp | Aug 1, 2029 |
| C••••• H••••••• L••••••• | term loan first lien | Not disclosed | Not disclosed | 10.59% | May 4, 2026 |
| H••••• H•••••••• L•• | term loan first lien | Not disclosed | Not disclosed | S+850 bp PIK 13.32% | Sep 6, 2024 |
| W• E••••••• I••••••••• H•••••••• L•• | revolver first lien | Not disclosed | Not disclosed | SOFR+650 bp PIK 1.00% | Aug 15, 2029 |
| S•••• A•••• H••••••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | SOFR+600 bp | Sep 6, 2029 |
| S•••• C••••••••• | warrants equity | $22,000 | Not disclosed n/a | Dec 28, 2025 | |
| C•••••• I•• | term loan first lien | Not disclosed | Not disclosed | 9.14% | May 4, 2026 |
| A•••• P••••••••• I•• | term loan second lien | Not disclosed | Not disclosed | S+700 bp | May 7, 2029 |
| S•• G••••• H•••••• C•••••• | warrants equity | Not disclosed | Not disclosed | Dec 28, 2025 | |
| P••••••••• G•••• E••••• I•• | preferred equity equity | Not disclosed | Not disclosed | ||
| A••••••• C•••••• L• | term loan first lien | $10.5M | Not disclosed n/a | SOFR+850 bp PIK 13.45% | May 28, 2026 |
| A••••••• C••••• H•••••••• L•• | warrants equity | Not disclosed | Not disclosed | Dec 22, 2032 | |
| A••••••• C••••• L• S•••• P••••••• | term loan first lien | $2.1M | Not disclosed n/a | SOFR+850 bp PIK 13.45% | May 28, 2026 |
| C••••• H••••••• L•••••• | revolver first lien | Not disclosed | Not disclosed | 10.59% | May 4, 2026 |
| S•••• R••••••• I••••••••• L•• | preferred equity equity | Not disclosed | Not disclosed | PIK 8.00% | |
| P••••••••• G•••• E••••• I•• | equity equity | Not disclosed | Not disclosed | ||
| A••••••• C•••••• L• P••••••• | term loan first lien | $5.7M | Not disclosed n/a | SOFR+850 bp PIK 13.45% | May 28, 2026 |
| M••••••••• C••• L•• | equity equity | Not disclosed | Not disclosed n/a | ||
| N•• A••••••• C••••• H•••••••• L•• | equity equity | $1,000 | Not disclosed | ||
| P••••••••• G•••• E•••••• I•• | equity equity | $72,000 | Not disclosed n/a |
Page 3 of 3Previous
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