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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 Jun 30, 2025

265 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
A•••••• H••••• ••••••• ••••• A••••• S•••••••• I••••	term loan first lien	$2.4M	$18,000 1c	SOFR+700 bp	May 8, 2028
P••••• H•••••• L••	revolver first lien	Not disclosed	$15,000	SOFR+550 bp	Oct 26, 2028
W• E••••••• I••••••••• H•••••••• L•• ••••• W••••••••• E••••••• C•••••••••	revolver first lien	Not disclosed	$15,000	SOFR+650 bp PIK 1.00%	Aug 15, 2029
R••••• C••••••••• O•••••••• C••••••• I••• ••••• R••••• C••••••••• I••••	revolver first lien	Not disclosed	$14,000	SOFR+625 bp	Jun 21, 2029
A•• L•••• P••••••••• L••	delayed draw term loan first lien	Not disclosed	$12,000	SOFR+575 bp	Apr 16, 2030
S•••• O••• L••	revolver first lien	Not disclosed	$11,000	SOFR+650 bp	Nov 7, 2030
P••••••• P••••••• I••••••• L••	revolver first lien	$11,000	$11,000 100c	SOFR+550 bp	Feb 7, 2029
R••• A••••••••• L••	revolver first lien	Not disclosed	$10,000	SOFR+500 bp	Jan 2, 2029
S•••• R••••••• H•••••••• L••	revolver first lien	Not disclosed	$10,000	SOFR+800 bp	Dec 2, 2027
K••• W••••••• G•••• I•••	revolver first lien	Not disclosed	$8,000	SOFR+650 bp	Nov 9, 2028
M•••• A••••••••• I•••••••• L••• S••••••	revolver first lien	Not disclosed	$8,000	SOFR+600 bp	Mar 1, 2029
A••••••••• M•••••• S••••••• I•••	revolver first lien	Not disclosed	$8,000	SOFR+475 bp	Oct 18, 2028
A• C•••••• A••••••••• C•••••••••	revolver first lien	Not disclosed	$7,000	SOFR+500 bp	Jul 2, 2031
A•• L•••• P••••••••• L••	revolver first lien	Not disclosed	$4,000	SOFR+575 bp	Apr 16, 2030
M••••• O•••• L•• ••••• E•••••••• I••••	revolver first lien	Not disclosed	$4,000	SOFR+600 bp	Apr 9, 2029
F•••••• S••••••••• L••	revolver first lien	Not disclosed	$4,000	SOFR+675 bp	Dec 15, 2026
T•••••••• S••••••••• I•••••••• L••• S••••••	revolver first lien	Not disclosed	$3,000	SOFR+600 bp	Mar 2, 2028
I•• B•••• I•••	revolver first lien	Not disclosed	$2,000	SOFR+600 bp	Jun 14, 2027
C•••••• T••••••••• B••••••••• G•••• L••	revolver first lien	Not disclosed	$2,000	SOFR+650 bp	Dec 30, 2026
G•• L••••• A••••••••• C••••	delayed draw term loan first lien	Not disclosed	$2,000	SOFR+500 bp	Jan 31, 2031
L••• S••••••• L••	revolver first lien	Not disclosed	$2,000	SOFR+650 bp	Feb 24, 2026
T•• C••• C•••••••••	delayed draw term loan first lien	Not disclosed	$1,000	SOFR+525 bp	Jan 31, 2031
G•• L•••• S•••••• L•••••••• L••• S••••••	revolver lien unstated	Not disclosed	$1,000	//fasb.org/us-gaap/2024#Base Rate+600 bp	Dec 21, 2026
I••••• A•••••••• L••	delayed draw term loan first lien	Not disclosed	$1,000	SOFR+475 bp	Mar 21, 2031
S••• B••••• I•••	delayed draw term loan first lien	Not disclosed	$1,000	SOFR+500 bp	Mar 28, 2031
S••• B••••• I•••	revolver first lien	Not disclosed	$1,000	SOFR+500 bp	Mar 28, 2031
L••••••••• I•••	revolver first lien	Not disclosed	$1,000	SOFR+550 bp	Nov 19, 2031
T•••••••• M•••• L••	revolver first lien	Not disclosed	-$1,000	SOFR+550 bp	Dec 28, 2029
T•••••••• M•••• L••	delayed draw term loan first lien	Not disclosed	-$2,000	SOFR+550 bp PIK 0.75%	Dec 28, 2029
M•• S••••••••• I•••	revolver first lien	Not disclosed	-$2,000	//www.whitehorsefinance.com/20250630#Canadian Overnight Repo Rate Average+810 bp	Sep 29, 2028
B•••••• P•••••••• L••	delayed draw term loan first lien	Not disclosed	-$6,000	SOFR+600 bp	Nov 21, 2029
W••••• I••••••••• C••• L••	delayed draw term loan first lien	Not disclosed	-$11,000	SOFR+625 bp	Aug 1, 2029
T••••••••• A••••••••• H••••••• L••	delayed draw term loan first lien	Not disclosed	-$12,000	SOFR+525 bp	May 31, 2029
B••••• A••••••••• H•••••••• L••	revolver first lien	Not disclosed	-$14,000	SOFR+625 bp	Jan 2, 2029
M••••• D••••• M•••• 2• L••	revolver first lien	Not disclosed	-$49,000	SOFR+650 bp	May 3, 2027
T•• K•••• C••••••• L••	revolver first lien	Not disclosed	-$72,000	SOFR+750 bp PIK 1.00%	Oct 6, 2026
P••••••••• G•••• E•••••• I••	equity equity	Not disclosed	Not disclosed n/a
A••••••• C•••••• L•	delayed draw term loan first lien	Not disclosed	Not disclosed		May 28, 2026
E••• A••••••••• L••	preferred equity equity	Not disclosed	Not disclosed n/a	S+1200 bp
I••••••• I•••••••••	equity equity	Not disclosed	Not disclosed n/a
A••••••• C••••• L• S•••• P•••••••	term loan first lien	Not disclosed	Not disclosed		May 28, 2026
N•• A••••••• C••••• H•••••••• L••	equity equity	Not disclosed	Not disclosed
T•• G••••• I••• ••••• N•••••• G•••• L•••	revolver first lien	Not disclosed	Not disclosed	SOFR+725 bp	Jun 28, 2029
P•••••••• L••••••• G••••• L••	revolver first lien	Not disclosed	Not disclosed	SOFR+525 bp	Nov 4, 2030
P••••••••• G•••• E•••••• I•••	preferred equity equity	Not disclosed	Not disclosed n/a	S+1400 bp
M••••••••• C••• L••	equity equity	Not disclosed	Not disclosed n/a
H• I• G• C••••••••• L•	unstated lien unstated	Not disclosed	Not disclosed
I••••• A•••••••• L••	revolver first lien	Not disclosed	Not disclosed	SOFR+475 bp	Mar 21, 2031
I••••••• H••••• L••	revolver first lien	Not disclosed	Not disclosed	SOFR+575 bp	Feb 19, 2030
P•• H•••••• I••	equity equity	Not disclosed	Not disclosed n/a
A••••••• C••••• H•••••••• L••	warrants equity	Not disclosed	Not disclosed		Dec 22, 2032
A••••••• C•••••• L• S•••• S••••• P•••••••	term loan first lien	Not disclosed	Not disclosed		May 28, 2026
F••••••• I••••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+475 bp	Nov 26, 2031
A••••••• C•••••• L•	term loan first lien	Not disclosed	Not disclosed		May 28, 2026
T••••••••• A••••••••• H••••••• L••	revolver first lien	Not disclosed	Not disclosed	SOFR+525 bp	May 31, 2029
P••••••••• G•••• E••••• I••	preferred equity equity	Not disclosed	Not disclosed
A••••••• C•••••• L• S•••• S••••• P•••••••	term loan first lien	Not disclosed	Not disclosed		May 28, 2026
K•••• I••••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	SOFR+575 bp	Dec 31, 2029
M•• S•••••••• I•••	equity equity	Not disclosed	Not disclosed n/a
G•• L••••• A••••••••• C••••	revolver first lien	Not disclosed	Not disclosed	SOFR+500 bp	Jan 31, 2031
P••••••••• H•••••••• L••	equity equity	Not disclosed	Not disclosed
A••••••• C••••• G• L•• ••••• A••••••• ••••• L•••	equity equity	Not disclosed	Not disclosed
A••••••• C•••••• L• P•••••••	term loan first lien	Not disclosed	Not disclosed		May 28, 2026
I••••••• H••••• L••	revolver first lien	Not disclosed	Not disclosed	SOFR+575 bp	Feb 19, 2030
P••••••••• G•••• E••••• I••	equity equity	Not disclosed	Not disclosed

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