DFX Intelligence

Private Credit Intelligence

The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

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BDC portfolio

W••••••••• F••••••• I•••

BDCWHF, WHFCLCIK 1552198file 814-00967Miami, FLmanaged by W••••••••• A•••••••• L••

Fair value

$909M

as of Jun 30, 2026

Principal held

$894M

debt pieces, the filer's figure

Cost

$934M

97c on cost

Unfunded

n/a

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$909M as of Jun 30, 2026

Dec 31, 2020$82.7M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$909M	114	99c	22	591 bp
Mar 31, 2026	$870M	111	98c	26	596 bp
Dec 31, 2025	$1.1B	118	99c	30	599 bp
Sep 30, 2025	$910M	116	97c	26	616 bp
Jun 30, 2025	$959M	121	98c	28	621 bp
Mar 31, 2025	$961M	121	96c	36	647 bp
Dec 31, 2024	$1.3B	121	107c	37	660 bp
Sep 30, 2024	$966M	123	97c	37	690 bp
Jun 30, 2024	$986M	119	98c	36	695 bp
Mar 31, 2024	$1.0B	115	98c	40	704 bp
Dec 31, 2023	$1.3B	121	107c	34	685 bp
Sep 30, 2023	$1.0B	111	97c	35	698 bp
Jun 30, 2023	$1.1B	111	98c	33	698 bp
Mar 31, 2023	$1.1B	112	98c	30	684 bp
Dec 31, 2022	$1.2B	111	108c	26	644 bp
Sep 30, 2022	$1.0B	101	99c	25	691 bp
Dec 31, 2021	$1.1B	106	106c	26	693 bp
Dec 31, 2020	$82.7M	4	n/a	0	n/a

Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.

What changed

New borrower on a BDC scheduleJun 30, 2026
E••••• a•• first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleJun 30, 2026
I••••••••• C•••• C••••••••• I•• first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleJun 30, 2026
V•••••••• M•••••••• a•• first appears in a BDC schedule (1 lender)
Marked down (one lender)Jun 30, 2026
W••••••••• F••••••• I•••: fair value markdown in A••••••• C••••• O••• L• (160 to 149 cents on cost)
Marked down (one lender)Jun 30, 2026
W••••••••• F••••••• I•••: fair value markdown in I••••• A•••••••• L•• (171 to 104 cents on cost)
Spread increasedJun 30, 2026
W••••••••• F••••••• I•••: spread increased in M•••• M••••••••• L•• (3.25% to 4.00%)
PIK interest increasedJun 30, 2026
W••••••••• F••••••• I•••: pik increased in N• Z• H••••• I•• (1.00% to 2.50%)
PIK interest increasedJun 30, 2026
W••••••••• F••••••• I•••: pik increased in T•• K•••• C••••••• L•• (1.00% to 2.50%)
New lender joined a facilityMar 31, 2026
W••••••••• F••••••• I••• joins C••••••• E••••••••• A•••••• L•• term loan (first lien) held by 1 other BDC
New lender joined a facilityMar 31, 2026
W••••••••• F••••••• I••• joins C••••••• E••••••••• A•••••• L•• revolver (first lien) held by 1 other BDC
Lender left a facilityMar 31, 2026
W••••••••• F••••••• I••• no longer holds I••••••••• S•••••• S•••••••• W•• I•• revolver after 2026-03-31; 2 BDC(s) still hold it
Marked down (one lender)Mar 31, 2026
W••••••••• F••••••• I•••: fair value markdown in A••••••• C••••• O••• L• (160 to 154 cents on cost)
Marked down (one lender)Mar 31, 2026
W••••••••• F••••••• I•••: fair value markdown in C••••• H••••••• L•••••• (100 to 94 cents on cost)
Marked down (one lender)Mar 31, 2026
W••••••••• F••••••• I•••: fair value markdown in T•• K•••• C••••••• L•• (86 to 69 cents on cost)
Marked down (one lender)Mar 31, 2026
W••••••••• F••••••• I•••: fair value markdown in C•••••••• F•••••• H•••••••• L•• (52 to 28 cents on cost)
PIK interest increasedMar 31, 2026
W••••••••• F••••••• I•••: pik increased in C•••• P••••••• C• (0.18% to 9.20%)
Spread increasedMar 31, 2026
W••••••••• F••••••• I•••: spread increased in N• Z• H••••• I•• (5.00% to 7.50%)
Spread increasedMar 31, 2026
W••••••••• F••••••• I•••: spread increased in R••• A••••••••• L•• (5.50% to 6.00%)
Spread increasedMar 31, 2026
W••••••••• F••••••• I•••: spread increased in R••• A••••••••• L•• (5.50% to 6.00%)
Spread increasedMar 31, 2026
W••••••••• F••••••• I•••: spread increased in R••• A••••••••• L•• (5.50% to 6.00%)

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 101c
T•• I••••• P•••••• L•• equity
1 BDC hold it
$20.8M 77c
A•• first lien term loan
6 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••••••••• G•••••• L•• 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
3 BDCs 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, 2026

250 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
B•••••• A••••••• L••	delayed draw term loan first lien	$2.4M	$2.4M 101c	SOFR+642 bp	Aug 1, 2029
J•••••• L••••••••• H••••••• L••	delayed draw term loan first lien	$2.3M	$2.3M 100c	//fasb.org/us-gaap/2025#Base Rate+575 bp	Dec 29, 2027
S••• F•••••• H•••••••• I••	term loan first lien	$2.2M	$2.2M 100c		Sep 30, 2026
J•••••• L••••••••• H••••••• L••	delayed draw term loan first lien	$2.0M	$2.0M 101c	//fasb.org/us-gaap/2025#Base Rate+575 bp	Dec 29, 2027
W••• I• M•••• G••••• L••	equity equity	$851,000	$2.0M 230c
P••••••••• H•••••••• L••	equity equity	n/a	$1.9M
C•••••••• P•••••, Inc. (d/b/a Naviga Inc.)	term loan first lien	$3.6M	$1.9M 67c	SOFR+100 bp	Sep 30, 2026
B••••• A••••••••• Holdings, LLC	delayed draw term loan first lien	$1.8M	$1.8M 101c	SOFR+625 bp	Jan 2, 2029
L••• B•••••• I••	term loan first lien	$1.8M	$1.8M 100c	9.50%	Sep 30, 2026
A•••• P•••••, LLC	equity equity	$19,000	$1.7M 100c
S•••• R••••••• H•••••••• L•• (d/b/a S•••• R•••••••, LLC)	delayed draw term loan first lien	$1.6M	$1.6M 100c	SOFR+800 bp	Dec 2, 2027
M••• B•••• L••	delayed draw term loan first lien	$1.6M	$1.6M 100c	SOFR+525 bp	Dec 22, 2031
P••••••••• G•••• L••, Priority	term loan first lien	$1.6M	$1.6M 100c	SOFR+672 bp PIK 10.10%	Jun 29, 2028
B•••••• G•••• H••••••• L• (d/b/a J•••••• L••••••••• H••••••• L••)	equity equity	$90,000	$1.6M 167c
T•••• E•••••• W•••• L••	term loan second lien	$1.6M	$1.6M 105c	14.00%	Nov 26, 2031
T••••••• B•••• L•• (d/b/a T••••••• LLC)	term loan first lien	$1.9M	$1.3M 96c	//www.whitehorsefinance.com/20260630#Canadian Overnight Repo Rate Average Three Months Term+475 bp	Mar 11, 2031
M•• M••••• T•••••• L••	delayed draw term loan first lien	$1.3M	$1.3M 100c	SOFR+525 bp	Apr 10, 2029
Q•••• E•••••• L••	term loan first lien	$1.3M	$1.3M 101c	SOFR+675 bp	Sep 30, 2027
A••••••• C••••• O••• L• (d/b/a A••••••• (USA), LLC)	delayed draw term loan first lien	$829,000	$1.2M 149c	SOFR+800 bp PIK 11.73%	Jan 4, 2027
T•• G••••• I••. (d/b/a Netevia Group LLC)	delayed draw term loan first lien	$1.1M	$1.1M 102c	SOFR+750 bp	Jun 28, 2029
C••••••• E••••••••• A•••••• L•• (d/b/a C••••••• E••••••••• A•••••, Inc.)	revolver first lien	$1.0M	$1.0M 100c	SOFR+586 bp	Jan 21, 2032
M••••••••• C••• L••	equity equity	$1.3M	$951,000 76c
M••••••••• M••••••••• L•• (d/b/a M••••••••• Fulfillment), LLC	revolver first lien	$945,000	$949,000 101c	SOFR+650 bp	Jul 12, 2028
S••••• I••	term loan first lien	$944,000	$944,000 101c	SOFR+575 bp	Apr 28, 2028
M•••• A••••••••• I••. (d/b/a M•••• National Pharmacy S••••••s, LLC)	delayed draw term loan first lien	$933,000	$933,000 101c	SOFR+600 bp	Mar 1, 2029
BBQ B••••	equity equity	$1.1M	$911,000 83c
T•• C••• C•••••••••	delayed draw term loan first lien	$798,000	$811,000 103c	SOFR+475 bp	Jan 31, 2031
S•••• A•••• H••••••• I••.	revolver first lien	$732,000	$732,000 101c	//fasb.org/us-gaap/2025#Base Rate+603 bp	Sep 6, 2029
G••• W•••• I••••••••• A•••••••••, LLC (d/b/a G••• W•••• I•••••••••, Inc.)	revolver first lien	$706,000	$684,000 98c	SOFR+700 bp	Dec 18, 2028
A••••••• C••••• O••• L• (d/b/a A••••••• (USA), LLC)	term loan unsecured or subordinated	$680,000	$680,000 101c		Jul 2, 2029
N••• L••••• C•••.	revolver first lien	$725,000	$678,000 94c	SOFR+650 bp	Jan 21, 2027
C••••• H••••••• L••••••	term loan first lien	$546,000	$673,000 95c	SONIA+675 bp PIK 0.25%	May 4, 2029
M•• M••••• T•••••• L••	revolver first lien	$676,000	$670,000 100c	Prime+425 bp	Apr 10, 2028
F••••••• I••••••••• LLC	delayed draw term loan first lien	$665,000	$665,000 101c	SOFR+475 bp	Nov 26, 2031
A••••••• C••••• O••• L• (d/b/a A••••••• (USA), LLC)	term loan unsecured or subordinated	$665,000	$665,000 101c		Jul 2, 2029
C•••••• I••	term loan first lien	$617,000	$663,000 98c	//www.whitehorsefinance.com/20260630#Euro Interbank Offered Rate Six Month Term+700 bp PIK 0.25%	May 4, 2029
B•••••• A••••••• L••	revolver first lien	$643,000	$648,000 102c	//fasb.org/us-gaap/2025#Base Rate+650 bp	Aug 1, 2029
A•••••• H•••••••• L•• (d/b/a A•••••• Sales Group)	term loan first lien	$648,000	$647,000 100c	SOFR+600 bp	Dec 15, 2026
M•••••• T•••• T•• C•• L•• (d/b/a US Petroleum Partners, LLC)	delayed draw term loan first lien	$642,000	$644,000 102c	SOFR+750 bp	Dec 22, 2028
R••••••••• T••••• L•	preferred equity equity	$600,000	$625,000 122c
C••••••• P••••••• a•• E••••••••• L••	revolver first lien	$632,000	$618,000 98c	//fasb.org/us-gaap/2025#Base Rate+756 bp PIK 4.20%	Mar 31, 2027
A• C•••••• A••••••••• C•••••••••	delayed draw term loan first lien	$559,000	$564,000 102c	SOFR+525 bp	Jul 2, 2031
A•••••• H•••••••• L•• (d/b/a A•••••• Sales Group)	delayed draw term loan first lien	$545,000	$544,000 100c	SOFR+600 bp	Dec 15, 2026
E••••••••• L••	revolver first lien	$540,000	$542,000 101c	Prime+550 bp	Sep 15, 2027
F••• W•••• H•••••• L••	delayed draw term loan first lien	$498,000	$527,000 107c	SOFR+675 bp	Jul 31, 2029
J•••••• L••••••••• H••••••• L••	revolver first lien	$525,000	$527,000 101c	//fasb.org/us-gaap/2025#Base Rate+575 bp	Dec 29, 2027
T•••• E•••••• W•••• L••	delayed draw term loan first lien	$472,000	$516,000 113c	SOFR+650 bp	Nov 26, 2030
M•••••• T•••• T•• C•• L•• (d/b/a US Petroleum Partners, LLC)	revolver first lien	$501,000	$502,000 101c	SOFR+727 bp	Dec 22, 2028
M•• M••••• T•••••• L•• (d/b/a MGT Consulting Group)	delayed draw term loan first lien	$488,000	$479,000 99c	SOFR+525 bp	Apr 10, 2029
J•••••• L••••••••• H••••••• L••	term loan first lien	$452,000	$452,000 101c	//fasb.org/us-gaap/2025#Base Rate+575 bp	Dec 29, 2027
W•••;A I••••••••• Co., LLC	revolver first lien	$448,000	$447,000 101c	SOFR+625 bp	Aug 1, 2029
B•••••• P•••••••• L••	revolver first lien	$447,000	$439,000 99c	//fasb.org/us-gaap/2025#Base Rate+600 bp	Nov 21, 2028
S••• F•••••• H•••••••• I••	equity equity	$2,000	$434,000 22c
M•• S••••••••• I••.	delayed draw term loan first lien	$408,000	$408,000 100c	SOFR+690 bp	Sep 29, 2028
J•••••• L••••••••• H••••••• L••	revolver first lien	$403,000	$407,000 102c	//fasb.org/us-gaap/2025#Base Rate+575 bp	Dec 29, 2027
P•• P••••• L••	revolver first lien	$375,000	$376,000 101c	Prime+400 bp	Dec 31, 2031
B• P••••••• P•••••• L• (d/b/a Bishop L•••ing P•••••••, Inc.)	equity equity	$733,000	$344,000 44c
T••• R•••• C••• L• (d/b/a CRS OneS•••••)	equity equity	$63,000	$343,000 108c
M••• B•••• L••	revolver first lien	$340,000	$342,000 101c	SOFR+525 bp	Dec 22, 2031
I••••• A•••••••• L••	delayed draw term loan first lien	$313,000	$322,000 104c	SOFR+450 bp	Mar 21, 2031
Q•••• E•••••• L••	revolver first lien	$300,000	$300,000 100c	SOFR+750 bp	Sep 30, 2027
A•••••• H•••••••• L•• (d/b/a A•••••• Sales Group)	equity equity	$319,000	$297,000 93c
M••••••• H••••••• L• (d/b/a Escalent, Inc.)	equity equity	$327,000	$286,000 86c
B••• A••••••••• C•. (d/b/a BankCard USA Merchant S••••••s Inc.)	revolver first lien	$276,000	$283,000 104c	SOFR+650 bp	Apr 10, 2029
I••••• A•••••••• L••	revolver first lien	$280,000	$281,000 101c	Prime+350 bp	Mar 21, 2031
C•••••••• F•••••• H•••••••• L••	delayed draw term loan first lien	$1.4M	$249,000 20c	SOFR+850 bp	Sep 25, 2029
S••••••• P••• B••••••• L•• (d/b/a B••••• Industries, Inc.)	equity equity	$404,000	$247,000 61c
S•••• R••••••• Investments LLC	preferred equity equity	$200,000	$235,000 118c
C•••• R••••••••• S••••••• L••	term loan first lien	$219,000	$218,000 101c	SOFR+575 bp	May 10, 2029
C••••• H••••••• L••••••	revolver first lien	$167,000	$206,000 95c	SONIA+675 bp PIK 0.25%	May 4, 2029
T•••• W••• H•••••••• L•• (d/b/a ClearWater E•••••• W•••)	warrants equity	n/a	$204,000 104c
I••••••••• S•••••• S•••••••• W•• I••	delayed draw term loan first lien	$193,000	$192,000 101c	//fasb.org/us-gaap/2025#Base Rate+412 bp	Feb 7, 2033
B••••• A••••••••• Holdings, LLC	revolver first lien	$168,000	$180,000 108c	//fasb.org/us-gaap/2025#Base Rate+625 bp	Jan 2, 2029
R•••••• N•••••• I••.	revolver first lien	$160,000	$178,000 113c	Prime+500 bp	Dec 5, 2031
S••• F•••••• H•••••••• I••	warrants equity	$1,000	$176,000 22c		Jun 28, 2028
T•• C••• C•••••••••	revolver first lien	$168,000	$174,000 105c	SOFR+475 bp	Jan 31, 2031
F•••••• S••••••••• L••	revolver first lien	$173,000	$174,000 101c	SOFR+675 bp	Dec 15, 2026
C•••••••• P•••••, Inc. (d/b/a Naviga Inc.)	revolver first lien	$301,000	$159,000 57c	SOFR+100 bp	Sep 30, 2026
M•••• S•••••• L•• (d/b/a M•••• S••••• Inc.)	revolver first lien	$150,000	$149,000 101c	SOFR+575 bp	Aug 30, 2030
E•• D•••••• L••	revolver first lien	$126,000	$136,000 109c	//fasb.org/us-gaap/2025#Base Rate+350 bp	Nov 14, 2031
C•••••• I••	revolver first lien	$142,000	$132,000 93c	//fasb.org/us-gaap/2025#Base Rate+675 bp PIK 0.25%	May 4, 2029
Q•••• E•••••• L••	revolver first lien	$129,000	$130,000 102c	SOFR+750 bp	Sep 30, 2027
T•••• E•••••• W•••• L••	revolver first lien	$104,000	$110,000 109c	SOFR+650 bp	Nov 26, 2030
V•••••••• M•••••••• a••; Controls, Inc	equity equity	n/a	$95,000 100c
T•• K•••• C••••••• L••	revolver first lien	$375,000	$78,000 20c	Prime+650 bp PIK 2.50%	Oct 6, 2026
M•••;M OpCo. LLC (d/b/a Escalent, Inc.)	revolver first lien	$76,000	$78,000 104c	SOFR+600 bp	Apr 9, 2029
P•••• B•••••• L••	revolver first lien	$61,000	$66,000 110c	Prime+475 bp	May 14, 2029
Education Dynamics, LLC Senior	preferred equity equity	$167,000	$61,000 37c
P•••• B•••••• L••	revolver first lien	$55,000	$59,000 109c	Prime+475 bp	May 14, 2029
K•••• H•••••••	equity equity	$496,000	$50,000 10c
V•••••• B•••••• M•• I•••••••• L• (d/b/a MGT Consulting Group)	equity equity	n/a	$47,000
Z••••• B••••• L••. (d/b/a The Weather Company, LLC)	revolver first lien	n/a	$29,000	SOFR+475 bp	Jan 31, 2031
S••• B••••• I••.	delayed draw term loan first lien	n/a	$27,000	SOFR+475 bp	Mar 28, 2031
G•• L••••• A••••••••• C•••.	delayed draw term loan first lien	n/a	$24,000	SOFR+500 bp	Jan 31, 2031
S••• B••••• I••.	revolver first lien	n/a	$23,000	SOFR+475 bp	Mar 28, 2031
S•••• OpCo LLC	revolver first lien	n/a	$20,000	SOFR+550 bp	Nov 7, 2030
R•••••• N•••••• I••.	delayed draw term loan first lien	n/a	$20,000	SOFR+600 bp	Dec 5, 2031
T••••••••• 2 LLC (d/b/a T••••••••• H••••••• C•••••••••)	revolver first lien	n/a	$16,000	SOFR+625 bp	Jun 7, 2028
T••••••••• A••••••••• H••••••• L••	revolver first lien	n/a	$16,000	SOFR+525 bp	May 31, 2029
V•••••• B•••••• M•• I•••••••• L• (d/b/a MGT Consulting Group)	preferred equity equity	n/a	$15,000

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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••••••••• Finance, LLCreported
Latest schedule: 0001104659-26-093465reported