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W••••••••• F••••••• I•••

Business development companymanaged by W••••••••• A•••••••• L••Listed: WHF, WHFCL· Miami, FL

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 2026-06-30 · 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 (250)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$7.56M
on 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 814-00967Show

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

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 quarters

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
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked

Full timeline · 20 events

PIK interest increasedJun 30, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
PIK interest increasedMar 31, 2026
••• Locked
Spread increasedMar 31, 2026
••• Locked
Spread increasedMar 31, 2026
••• Locked
Spread increasedMar 31, 2026
••• Locked
Spread increasedMar 31, 2026
••• Locked
PIK interest appearsMar 31, 2026
••• Locked
PIK interest appearsMar 31, 2026
••• Locked
Lender left a facilityDec 31, 2025
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

W•• S••• O••• unsecured or subordinated term loan
1 BDC hold it
$108M 121c
T•• I••••• P•••••• L•• equity
1 BDC hold it
$20.8M 77c
A••••••••• O•••••• G•••• L•• first lien term loan
7 BDCs hold it · matures Feb 23, 2028
$20.4M 101c
F••••• P•••••• T••••••••• L• first lien term loan
1 BDC hold it · matures Dec 7, 2026
$18.6M 100c
M••••• D••••• M•••• 2• L•• first lien term loan
2 BDCs hold it · matures May 31, 2027
$17.6M 96c
G•• C••••••••• I•• first lien term loan
2 BDCs hold it · matures Apr 15, 2031
$15.2M 101c
C•••••••• F•••••• H•••••••• L•• first lien term loan
1 BDC hold it · matures Sep 25, 2029
$14.2M 25c
S••••• C••• H•••••••• L•• first lien term loan
2 BDCs hold it · matures Jul 30, 2027
$13.8M 99c
Z••••• B••••• L•• first lien term loan
1 BDC hold it · matures Jan 31, 2031
$13.8M 102c
L•••••••• I••••••••• H•••••• L•• first lien term loan
3 BDCs hold it · matures Dec 27, 2027
$13.6M 100c
S•••• O•••• L•• first lien term loan
1 BDC hold it · matures Nov 7, 2030
$13.4M 101c
D••• F••• C•••••••• I•• first lien term loan
3 BDCs hold it · matures Dec 5, 2028
$13.3M 100c

Schedule of investments at Dec 31, 2024

315 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
L•• L••••••••• L••	delayed draw term loan first lien	$5.0M	$5.0M 100c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+725 bp	Dec 31, 2025
L••• H•••••••• I••	term loan second lien	$5.0M	$5.0M 101c	SOFR+800 bp	Dec 16, 2029
L••• H•••••••• I•••	term loan second lien	$5.0M	$5.0M 101c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+800 bp	Dec 16, 2029
C•••• R••••••••• S••••••• L••	term loan first lien	$5.0M	$5.0M 102c	SOFR+575 bp	May 10, 2029
C•••• R••••••••• S••••••• L••	term loan first lien	$5.0M	$5.0M 102c	SOFR+575 bp	May 10, 2029
M•••• A••••••••• I•••	term loan first lien	$5.0M	$5.0M 102c	SOFR+600 bp	Mar 1, 2029
M••••• O•••• L•• ••••• E•••••••• I••••	term loan first lien	$4.9M	$4.9M 102c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+800 bp	Apr 9, 2029
L••••• B•••• H•••••••• I••	term loan first lien	$4.6M	$4.6M 101c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+575 bp	Jun 4, 2026
P•••• B•••••• L••	term loan first lien	$4.5M	$4.5M 101c	SOFR+575 bp	May 14, 2029
A•• L•••• P••••••••• L••	term loan first lien	$4.1M	$4.1M 101c	SOFR+575 bp	Apr 16, 2030
A•• L•••• P••••••••• L••	term loan first lien	$4.1M	$4.1M 101c	SOFR+575 bp	Apr 16, 2030
P•••• B•••••• L••	term loan first lien	$4.1M	$4.1M 101c	SOFR+575 bp	May 14, 2029
P•••• B•••••• L••	term loan first lien	$4.1M	$4.1M 101c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+575 bp	May 14, 2029
A•••••• H••••• ••••••• ••••• A••••• S•••••••• I••••	term loan first lien	$9.6M	$4.0M 43c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+700 bp	May 8, 2028
A•••••• H••••• ••••••• ••••• A••••• S•••••••• I••••	term loan first lien	$9.6M	$4.0M 43c	//www.whitehorsefinance.com/20250630#Secured Overnight Financing Rate+700 bp	May 8, 2028
S••••• C••• H•••••••• L•••	delayed draw term loan first lien	$3.9M	$3.9M 100c	SOFR+650 bp	Jul 30, 2027
S••••• C••• H•••••••• L••	delayed draw term loan first lien	$3.9M	$3.9M 100c	SOFR+650 bp	Jul 30, 2027
B•••• U••• A••••••••• C••• I•••	term loan first lien	$3.7M	$3.7M 101c	SOFR+550 bp	Dec 5, 2028
B•••••• P•••••••• L•• ••••• S•• D••••••••• a•• C••••••••• I••••	term loan first lien	$3.6M	$3.6M 101c	SOFR+600 bp	Nov 21, 2029
B•••••• P•••••••• L••	term loan first lien	$3.6M	$3.6M 101c	SOFR+600 bp	Nov 21, 2029
K•••• I••••••••• L••	term loan first lien	$3.6M	$3.5M 100c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+575 bp	Dec 31, 2029
P•••••••• L••••••• G••••• L••	term loan first lien	$3.5M	$3.5M 100c	SOFR+525 bp	Nov 4, 2030
C•••••• I•••	term loan first lien	$3.4M	$3.3M 101c	SOFR+550 bp	May 4, 2029
C•••• P••••••• C•• ••••• S••••••	term loan second lien	$3.3M	$3.3M 100c	S+1200 bp PIK 12.00%	Mar 16, 2028
I•• B•••• I•••	term loan first lien	$3.3M	$3.3M 101c	SOFR+550 bp	Jun 14, 2027
F•••••• S••••••••• L••	delayed draw term loan first lien	$3.0M	$3.0M 101c	SOFR+675 bp	Dec 15, 2026
B••••• A••••••••• H•••••••• L••	term loan first lien	$3.0M	$3.0M 100c	SOFR+625 bp	Jan 2, 2029
R••• A••••••••• L••	delayed draw term loan first lien	$2.9M	$2.9M 101c	SOFR+525 bp	Jan 2, 2029
W••••••••• H••• F••••••••• L•• ••••• S•••••• I••••	term loan first lien	$2.9M	$2.9M 101c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+600 bp	Sep 30, 2027
M•••••• D••••• I••	term loan first lien	$2.6M	$2.7M 103c	SOFR+625 bp	Jul 11, 2029
B•• B••••• L••	delayed draw term loan first lien	$2.7M	$2.6M 100c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+1050 bp PIK 2.00%	Aug 28, 2025
T••••••••• B••••• L••	term loan first lien	$2.5M	$2.5M 100c	SOFR+575 bp	Jun 28, 2028
J•••••• L••••••••• H••••••• L••	delayed draw term loan first lien	$2.3M	$2.3M 101c	SOFR+625 bp	Dec 29, 2027
J•••••• L••••••••• H••••••• L••	delayed draw term loan first lien	$2.3M	$2.3M 101c	SOFR+625 bp	Dec 29, 2027
C• H••••• L••	equity equity	$1.1M	$2.2M 200c
B•••••• A••••••• L••	delayed draw term loan first lien	$2.2M	$2.2M 103c	SOFR+500 bp	Aug 1, 2029
S••• F•••••• H•••••••• I••	term loan first lien	$1.8M	$1.8M 98c	S+950 bp	Sep 30, 2026
N••••• I••	term loan first lien	$3.1M	$1.8M 56c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+700 bp	Jun 28, 2024
W••• I• M•••• G••••• L••	equity equity	$3.1M	$1.8M 206c
S•••• R••••••• H•••••••• L•• ••••• S•••• R•••••••• L•••	delayed draw term loan first lien	$1.7M	$1.7M 102c	SOFR+800 bp	Dec 2, 2027
S•••• R••••••• H•••••••• L••	delayed draw term loan first lien	$1.7M	$1.7M 102c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+800 bp	Dec 2, 2027
P••••••••• H•••••••• L••	preferred equity equity	Not disclosed	$1.7M 37c	S+1400 bp
P••••••••• G•••• L••	term loan first lien	$4.9M	$1.6M 45c	SOFR+900 bp PIK 13.74%	Jun 8, 2026
P••••••••• G•••• L••	term loan first lien	$4.9M	$1.6M 45c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+900 bp PIK 13.74%	Jun 29, 2028
L••• B•••••• I••	term loan first lien	$1.6M	$1.6M 100c	S+950 bp PIK 9.50%	Sep 30, 2026
M•••••• C••••••••• H•••••••• L••	delayed draw term loan first lien	$1.6M	$1.6M 101c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+675 bp	Jan 10, 2029
B••••• A••••••••• H•••••••• L••	delayed draw term loan first lien	$1.5M	$1.5M 100c	SOFR+625 bp	Jan 2, 2029
A•••••• H••••• ••••••• ••••• A••••• S•••••••• I••••	term loan first lien	$1.8M	$1.5M 90c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+750 bp PIK 6.50%	May 8, 2028
B•••••• G•••• H••••••• L• ••••• J•••••• L••••••••• H••••••• L•••	equity equity	$90,000	$1.4M 149c
B•••••• G•••• H••••••• L•	equity equity	Not disclosed	$1.4M 149c
P•••• S•••••• G•••• C• A••••••••• I••	delayed draw term loan first lien	$1.3M	$1.4M 102c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+675 bp	Jun 25, 2026
H•• M••••••••• L••	delayed draw term loan first lien	$1.4M	$1.4M 98c	//fasb.org/us-gaap/2024#Base Rate+697 bp	Oct 19, 2026
A••••••• C••••• O••• L• ••••• A••••••• ••••• L•••	delayed draw term loan first lien	$689,000	$1.2M 184c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+800 bp PIK 12.67%	Jan 4, 2027
P••••••••• G•••• L••• P•••••••	term loan first lien	$1.3M	$1.2M 92c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+675 bp PIK 11.41%	Jun 29, 2028
M••• B•••• L•••	revolver first lien	$1.2M	$1.2M 101c	SOFR+600 bp	Nov 1, 2027
M••• B•••• L••	revolver first lien	$1.2M	$1.2M 101c	SOFR+600 bp	Dec 22, 2031
M••••••••• M••••••••• L••	revolver first lien	$1.2M	$1.1M 90c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+850 bp PIK 2.00%	Jul 12, 2028
B• P••••••• P•••••• L•	equity equity	$733,000	$1.0M 128c
B• P••••••• P•••••• L• ••••• B••••• L•••••• P•••••••• I••••	equity equity	Not disclosed	$1.0M 128c
T••••••••• H••••••• C•••••••••	revolver first lien	$1.1M	$1.0M 96c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+975 bp PIK 14.21%	Jun 7, 2028
S••••• I••	term loan first lien	$978,000	$978,000 101c	SOFR+575 bp	Apr 28, 2028
M••• B•••• L••	term loan first lien	$962,000	$962,000 101c	SOFR+600 bp	Dec 22, 2031
M••• B•••• L•••	term loan first lien	$962,000	$962,000 101c	SOFR+600 bp	Nov 1, 2027
M•• I••••••••• S•••••••• I••	revolver first lien	$1.1M	$945,000 91c	//fasb.org/us-gaap/2024#Base Rate+882 bp PIK 16.11%	Apr 24, 2026
M•• I••••••••• S•••••••• I•••	revolver first lien	$1.1M	$945,000 91c	//fasb.org/us-gaap/2024#Base Rate+882 bp PIK 16.11%	Apr 24, 2026
M•••• A••••••••• I••• ••••• M•••• N••••••• P••••••• S•••••••• L•••	delayed draw term loan first lien	$947,000	$938,000 100c	SOFR+600 bp	Mar 1, 2029
M•••• A••••••••• I•••	delayed draw term loan first lien	$947,000	$938,000 100c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+600 bp	Mar 1, 2029
P••••• C••••••••• L••	revolver first lien	$889,000	$916,000 106c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+900 bp PIK 1.00%	Jan 29, 2029
B•• B••••	equity equity	$1.1M	$907,000 82c
M••• B•••• L•••	delayed draw term loan first lien	$874,000	$874,000 101c	SOFR+600 bp	Nov 1, 2027
M••• B•••• L••	delayed draw term loan first lien	$874,000	$874,000 101c	SOFR+600 bp	Dec 22, 2031
M•• M••••• T•••••• L••	delayed draw term loan first lien	$821,000	$817,000 102c	SOFR+597 bp	Apr 10, 2029
K•••• H•••••••	equity equity	$496,000	$779,000 157c
T•• K•••• C••••••• L••	revolver first lien	$798,000	$761,000 96c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+650 bp PIK 0.75%	Oct 6, 2026
R••••••••• T••••• L•	preferred equity equity	Not disclosed	$756,000 147c	S+800 bp
N••• L••••• C••••	revolver first lien	$725,000	$660,000 92c	SOFR+650 bp	Jan 21, 2027
N••• L••••• C••••	revolver first lien	$725,000	$660,000 92c	SOFR+650 bp	Jan 21, 2027
A•••••• H•••••••• L•• ••••• A•••••• S•••• G•••••	term loan first lien	$658,000	$652,000 101c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+600 bp	Dec 15, 2026
C••••• H••••••• L••••••	term loan first lien	$513,000	$643,000 97c	//www.whitehorsefinance.com/20251231#Sterling Overnight Index Average+550 bp	May 4, 2029
M•••••• T•••• T•• C•• L•• ••••• U• P•••••••• P•••••••• L•••	delayed draw term loan first lien	$645,000	$642,000 102c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+725 bp	Dec 22, 2028
C•••••• I••	term loan first lien	$594,000	$611,000 94c	//www.whitehorsefinance.com/20251231#Euro Interbank Offered Rate+575 bp	May 4, 2029
A••••••• C••••• O••• L• ••••• A••••••• ••••• L•••	term loan unsecured or subordinated	$594,000	$594,000 102c	S+900 bp PIK 9.00%	Jul 2, 2029
A••••••• C••••• O••• L• ••••• A••••••• ••••• L•••	term loan unsecured or subordinated	$581,000	$581,000 102c	S+900 bp PIK 9.00%	Jul 2, 2029
A•••••• H•••••••• L•• ••••• A•••••• S•••• G•••••	equity equity	Not disclosed	$577,000 201c
A•••••• H•••••••	equity equity	Not disclosed	$577,000 201c
S•••• A•••• H••••••• I•••	delayed draw term loan first lien	$584,000	$577,000 101c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+600 bp	Sep 6, 2029
S•••• A•••• H••••••• I•••	revolver first lien	$585,000	$576,000 100c	Prime+500 bp	Sep 6, 2029
P••••••• P••••••• I••••••• L••	delayed draw term loan first lien	$569,000	$569,000 102c	SOFR+675 bp	Feb 7, 2029
P••••••• P••••••• I••••••• L••	delayed draw term loan first lien	$569,000	$569,000 102c	SOFR+675 bp	Feb 7, 2029
A•••••• H•••••••• L•• ••••• A•••••• S•••• G•••••	delayed draw term loan first lien	$553,000	$558,000 102c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+600 bp	Dec 15, 2026
C••••••• P••••••• a•• E••••••••• L••	revolver first lien	$632,000	$555,000 88c	//fasb.org/us-gaap/2024#Base Rate+831 bp PIK 2.25%	Mar 31, 2027
J•••••• L••••••••• H••••••• L••	revolver first lien	$517,000	$522,000 102c	SOFR+625 bp	Dec 29, 2027
J•••••• L••••••••• H••••••• L••	revolver first lien	$517,000	$522,000 102c	SOFR+625 bp	Dec 29, 2027
V•••••• B•••••• M•• I•••••••• L• ••••• M•• C••••••••• G•••••	equity equity	Not disclosed	$493,000 157c
Q•••• E•••••• L••	term loan first lien	$480,000	$473,000 100c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+650 bp	Sep 30, 2027
B••• A••••••••• C•• ••••• B••••••• U•• M••••••• S••••••• I••••	revolver first lien	$459,000	$461,000 103c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+650 bp	Apr 10, 2029
H•• M••••••••• L••	revolver first lien	$483,000	$455,000 95c	SOFR+625 bp	Oct 19, 2026
A•••••• H••••• ••••••• ••••• A••••• S•••••••• I••••	term loan first lien	$1.2M	$451,000 44c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+750 bp PIK 5.50%	May 8, 2028
G••• W•••• I••••••••• A••••••••• L•• ••••• G••• W•••• I••••••••• I••••	revolver first lien	$453,000	$447,000 101c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+750 bp	Dec 18, 2028
L•• L••••••••• L••	revolver first lien	$437,000	$437,000 100c	//www.whitehorsefinance.com/20251231#Secured Overnight Financing Rate+725 bp	Dec 31, 2025

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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: W••••••••• F••••••, LLCreported
Latest schedule: 0001104659-26-093465reported