WhiteHorse Finance, Inc. (“WhiteHorse Finance” or the “Company”) (Nasdaq: WHF) today announced its fourth quarter and full year financial results for the year ended December 31, 2025. In addition, the Company's board of directors has declared a distribution of $0.25 per share with respect to the quarter ending March 31, 2026 and a supplemental distribution of $0.01 per share. Both distributions will be payable on April 6, 2026 to stockholders of record as of March 12, 2026.
Fourth Quarter 2025 Summary Highlights
— Net Asset Value of $259.8 million, or $11.68 per share, compared to $12.31 per share in 2024
— Investment portfolio(1) totaling $578.6 million
— STRS JV investment portfolio totaling $323.6 million
— Gross investment deployments of $77.1 million for the fourth quarter, including new originations of $64.0 million and $13.1 million of fundings for add-ons to existing investments
— Gross investment deployments of $180.8 million for the year, including new originations of $152.1 million and $28.7 million of fundings for add-ons to existing investments
— Net investment income and core net investment income(2) of $6.6 million, or $0.287 per share, for the fourth quarter
— Annual net investment income and core net investment income(2) of $26.1 million, or $1.127 per share
— Annual distributions of $1.44 per share, including a special distribution of $0.035 per share
— During the fourth quarter, the Company and H.I.G. directors, officers, and employees purchased an aggregate of approximately 1.1 million shares for approximately $8.0 million
— On February 26, 2026, the Company's board of directors approved a $7.5 million increase in the authorized amount available for repurchases under the Stock Repurchase Program up to $22.5 million
Stuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, “During the fourth quarter, we delivered improved earnings and an increase in NAV, supported by disciplined portfolio management and share repurchases executed at a meaningful discount to book value. With the prudent reset of our base dividend last quarter, we are positioned to earn our distribution on a more consistent basis, while maintaining our established framework for supplemental distributions when incremental earnings are available. Our portfolio remains overwhelmingly first lien and we continue to actively manage underperforming credits with dedicated restructuring resources, while remaining selective in a highly competitive origination environment and focused on structure and credit quality.”
Portfolio and Investment Activity
As of December 31, 2025, the fair value of WhiteHorse Finance's investment portfolio was $578.6 million, compared with $642.2 million as of December 31, 2024. The portfolio as of December 31, 2025 consisted of 129 positions across 68 companies with a weighted average effective yield of 9.1% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $3.7 million with the overall portfolio comprised of approximately 74.3% first lien secured loans, 0.8% second lien secured loans, 0.2% unsecured loans, 6.4% equity and 18.3% in investments in STRS JV. Almost all loans were variable rate investments (primarily indexed to the Secured Overnight Financing Rate) with fixed rate securities representing only 1.3% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.
During the three months ended December 31, 2025, WhiteHorse Finance made investments in seven new portfolio companies for a total of $64.0 million, added a total of $13.1 million to existing portfolio companies. Proceeds from sales and repayments totaled approximately $49.6 million for the three months ended December 31, 2025, driven by four full realizations in Bridgepoint Healthcare, LLC, Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC), Event Services America, Inc. (d/b/a Contemporary Services Corporation) and ELM One Call Locators, Inc. (d/b/a One Call Locators, Ltd.), and the Company received net repayments of $1.2 million from revolver loans.
In addition to the transactions discussed above, during the three months ended December 31, 2025, WhiteHorse Finance transferred assets comprised of two new portfolio companies and two add-on investments, totaling $19.2 million to STRS JV in exchange for cash proceeds.
During the year ended December 31, 2025, WhiteHorse Finance invested $152.1 million across 19 new portfolio companies. The Company also invested $28.7 million in existing portfolio companies. Proceeds from sales and repayments totaled approximately $155.7 million for the year.
In addition to the transactions above, during the year ended December 31, 2025, WhiteHorse Finance transferred assets totaling $83.3 million in exchange for cash proceeds from STRS JV. As of December 31, 2025, the Company's investment in STRS JV was approximately $106.0 million, at fair value.
WHF STRS Ohio Senior Loan Fund LLC
As of December 31, 2025, STRS JV's portfolio totaled $323.6 million, consisted of 43 portfolio companies and had a weighted average effective yield of 9.9% on its portfolio.
Results of Operations
For the three months and year ended December 31, 2025, the Company's net investment income was approximately $6.6 million and $26.1 million, compared with approximately $8.0 million and $37.2 million for the same periods in the prior year, representing a decrease of approximately 17.5% and a decrease of 29.8%, respectively. The decrease in net investment income for the year-over-year period was primarily attributable to lower yields, investments placed on non-accrual status and lower portfolio size. For the year ended December 31, 2025, the weighted average size and weighted average yield of the debt portfolio, excluding STRS JV, was $517.5 million and 9.2%, respectively. For the year ended December 31, 2024, the weighted average size and weighted average yield of the debt portfolio, excluding STRS JV, was $584.5 million and 10.4%, respectively.
For the three months ended December 31, 2025, the Company's investment in STRS JV generated an annualized, gross investment yield of approximately 13.2%.
For the three months and year ended December 31, 2025, core net investment income(3) was $6.6 million and $26.1 million, or $0.287 per share and $1.127 per share, respectively, compared with $8.0 million and $37.2 million, or $0.343 per share and $1.602 per share, respectively, for the same periods in the prior year.
For the three months and year ended December 31, 2025, WhiteHorse Finance reported a net realized and unrealized gain and loss on investments and foreign currency transactions of $1.8 million and ($11.8) million, respectively. This compares with the three months and year ended December 31, 2024 net realized and unrealized loss on investments and foreign currency transactions of ($4.1) million and ($26.4) million, respectively. The decrease for the year ended December 31, 2025 period was primarily attributable to markdowns of $6.0 million in Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC) and net markdowns across the portfolio.
WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $8.4 million and $14.3 million for the three months and year ended December 31, 2025, respectively which compares with a net increase of $3.9 million and $10.8 million for the three months and year ended December 31, 2024, respectively.
WhiteHorse Finance's net asset value was $259.8 million, or $11.68 per share, as of December 31, 2025, compared with $265.2 million, or $11.41 per share, as of September 30, 2025. As of December 31, 2024, WhiteHorse Finance's net asset value was $286.1 million, or $12.31 per share.
Liquidity and Capital Resources
As of December 31, 2025, WhiteHorse Finance had cash and cash equivalents of $29.7 million, compared with $45.9 million as of September 30, 2025, inclusive of restricted cash. As of December 31, 2025, the Company also had $100.0 million of undrawn capacity under its revolving credit facility and due to borrowing based limitations approximately $43.8 million was available to be drawn by the company.
Distributions
The Company's board of directors has declared a distribution of $0.25 per share and a supplemental distribution of $0.01 per share with respect to the quarter ending March 31, 2026. The distribution will be payable on April 6, 2026, to stockholders of record as of March 12, 2026.
On November 10, 2025, the Company declared a distribution of $0.25 per share for the quarter ended December 31, 2025. The distribution was paid on January 5, 2026 to stockholders of record as of December 22, 2025. In addition, previously on October 15, 2025, the Company declared a special distribution of $0.035 per share, which was paid on December 10, 2025 to stockholders of record as of October 31, 2025.
Distributions are paid from taxable earnings and may include return of capital and/or capital gains. The specific tax characteristics of the distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company's periodic reports filed with the Securities and Exchange Commission.
Conference Call
WhiteHorse Finance will host a conference call to discuss its full year financial results for the period ended December 31, 2025, at 1:30 p.m. ET on Monday, March 2, 2026. To access the teleconference, please dial 800-267-6316 (domestic) or +1 203-518-9783 (international) approximately 10 minutes before the teleconference's scheduled start time and reference ID #WHFQ425. Investors may also access the call on the investor relations portion of the Company's website www.whitehorsefinance.com.
If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call's completion through March 9, 2026. The teleconference replay can be accessed by dialing 800-839-2417 (domestic) or +1 402-220-7209 (international). A webcast replay will also be available on the investor relations portion of the Company's website at www.whitehorsefinance.com.
About WhiteHorse Finance, Inc.
WhiteHorse Finance is a business development company that originates and invests in loans to privately held, lower middle market companies across a broad range of industries. The Company's investment activities are managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, LLC, (“H.I.G. Capital”). H.I.G. Capital is a leading global alternative asset manager with $74 billion of capital under management(3) across a number of funds focused on the small and mid-cap markets. For more information about H.I.G. Capital, please visit http://www.higcapital.com. For more information about the Company, please visit http://www.whitehorsefinance.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
(1) Includes investments in WHF STRS Ohio Senior Loan Fund LLC (“STRS JV”), an unconsolidated joint venture, totaling $106.0 million, at fair value.(2) “Core net investment income” is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (i) the net impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and (iii) excise and other income taxes related to such net realized gains and losses (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, are set forth in Schedule 1 hereto.(3) Based on total capital raised by H.I.G. Capital and affiliates.
SCHEDULE 1
As a supplement to GAAP financial measures, the Company has provided information relating to core net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income determined in accordance with GAAP. The Company's non-GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Core net investment income represents net investment income adjusted to exclude the net impact of costs associated with the refinancing of the Company's indebtedness, the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and excise or other income taxes related to such net realized gains and losses (net of incentive fees). There were no excise or other income taxes related to net realized gains and losses for the quarters and years ended December 31, 2025 and December 31, 2024.
The following table provides a reconciliation of net investment income to core net investment income for the three months ended December 31, 2025 and December 31, 2024 (in thousands, except per share data):
December 31, 2025 December 31, 2024 Amount Per Share Amount Per Share Amounts Amounts Net investment income $ 6,604 $ 0.287 $ 7,976 $ 0.343 Net impact of costs associated with refinancing of indebtedness Accrual for capital gains incentive fee Net impact of excise tax expense related to net realized gains and losses Core net investment income $ 6,604 $ 0.287 $ 7,976 $ 0.343
The following table provides a reconciliation of net investment income to core net investment income for the years ended December 31, 2025 and December 31, 2024 (in thousands, except per share data):
December 31, 2025 December 31, 2024 Amount Per Share Amount Per Share Amounts Amounts Net investment income $ 26,110 $ 1.127 $ 37,238 $ 1.602 Net impact of costs associated with refinancing of indebtedness Accrual for capital gains incentive fee Net impact of excise tax expense related to net realized gains and losses Core net investment income $ 26,110 $ 1.127 $ 37,238 $ 1.602
WhiteHorse Finance, Inc. Consolidated Statements of Assets and Liabilities (in thousands, except share and per share data) December 31, 2025 December 31, 2024 Assets Investments, at fair value Non-controlled/non-affiliate company investments $ 436,589 $ 504,832 Non-controlled affiliate company investments 36,042 29,851 Controlled affiliate company investments 106,018 107,530 Total investments, at fair value (amortized cost $607,574 and $695,240, respectively) 578,649 642,213 Cash and cash equivalents 7,033 12,424 Restricted cash and cash equivalents 22,287 14,548 Restricted foreign currency (cost of $405 and $894, respectively) 405 864 Interest and dividend receivable 5,647 5,631 Amounts receivable on unsettled investment transactions 124 112 Prepaid expenses and other receivables 984 1,009 Unrealized appreciation on foreign currency forward contracts 20 Total assets $ 615,129 $ 676,821 Liabilities Debt (net of unamortized debt issuance costs of $4,666 and $2,876, respectively) $ 323,834 $ 353,117 Distributions payable 5,597 8,949 Management fees payable 2,660 2,932 Incentive fees payable 19,157 17,848 Amounts payable on unsettled investment transactions 3,539 Interest payable 1,392 1,821 Accounts payable and accrued expenses 1,884 2,141 Advances received from unfunded credit facilities 490 340 Unrealized depreciation on foreign currency forward contracts 323 Total liabilities $ 355,337 $ 390,687 Commitments and contingencies Net assets Common stock, 22,234,045 and 23,243,088 shares issued and outstanding, par value $0.001 per share, respectively, and 22 23100,000,000 shares authorized Paid-in capital in excess of par 329,122 337,205 Accumulated earnings (losses) (69,352) (51,094) Total net assets 259,792 286,134 Total liabilities and total net assets $ 615,129 $ 676,821 Number of shares outstanding 22,234,045 23,243,088 Net asset value per share $ 11.68 $ 12.31
WhiteHorse Finance, Inc. Consolidated Statements of Operations (in thousands, except share and per share data) Year ended December 31, 2025 2024 2023 Investment income From non-controlled/non-affiliate company investments Interest income $ 53,449 $ 66,402 $ 78,493 Payment-in-kind income 1,637 6,175 3,960 Fee income 2,207 2,247 2,966 Dividend income 82 116 450 From non-controlled affiliate company investments Interest income 378 93 Payment-in-kind income 513 705 314 Dividend income 84 From controlled affiliate company investments Interest income 9,070 9,838 9,488 Payment-in-kind income 380 1,347 Dividend income 5,336 6,861 6,158 Total investment income 72,672 92,817 103,260 Expenses Interest expense 23,139 27,899 29,915 Base management fees 11,111 12,127 14,684 Performance-based incentive fees 6,477 9,309 10,678 Administrative service fees 683 683 683 General and administrative expenses 4,690 4,440 3,622 Total expenses, before fees waived 46,100 54,458 59,582 Performance-based incentive fees waived (200) Total expenses 45,900 54,458 59,582 Net investment income before excise tax 26,772 38,359 43,678 Excise tax 662 1,121 965 Net investment income after excise tax 26,110 37,238 42,713 Realized and unrealized gains (losses) on investments and foreign currency transactions Net realized gains (losses) Non-controlled/non-affiliate company investments (14,403) (17,993) 309 Non-controlled affiliate company investments (339) Controlled affiliate company investments (20,980) Foreign currency transactions (784) (1) 950 Foreign currency forward contracts 602 13 27 Net realized gains (losses) (35,565) (17,981) 947 Net change in unrealized appreciation (depreciation) Non-controlled/non-affiliate company investments 7,511 7,421 (7,871) Non-controlled affiliate company investments (2,877) (7,775) (5,608) Controlled affiliate company investments 19,468 (9,213) (8,490) Translation of assets and liabilities in foreign currencies 33 1,098 (1,239) Foreign currency forward contracts (343) 63 (40) Net change in unrealized appreciation (depreciation) 23,792 (8,406) (23,248) Net realized and unrealized gains (losses) on investments and foreign currency transactions (11,773) (26,387) (22,301) Net increase (decrease) in net assets resulting from operations $ 14,337 $ 10,851 $ 20,412 Per Common Share Data Basic and diluted earnings (losses) per common share $ 0.62 $ 0.47 $ 0.88 Dividends and distributions declared per common share $ 1.44 $ 1.79 $ 1.55 Basic and diluted weighted average common shares outstanding 23,174,909 23,243,088 23,243,088
WhiteHorse Finance, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands) Investment Type Reference (1) Rate Issuer Floor (2) Spread Interest Acquisition Maturity Principal/ Amortized Fair Fair Value Rate Date Value (3) Above (4) Date Share Cost (5) As A Index Amount Percentage of Net Assets Debt Investments Advertising— Avision Holdings, LLC (d/b/a Avision Sales Group)(28) First Lien Secured Term Loan 1.00 % SOFR (1M) 6.00 % 9.82 % 05/31/24 12/15/26 652 $ 647 $ 650 0.3 % Avision Holdings, LLC (d/b/a Avision Sales Group)(29) First Lien Secured Delayed Draw Loan 1.00 % SOFR (1M) 6.00 % 9.82 % 05/31/24 12/15/26 548 544 546 0.2 1,191 1,196 0.5 Air Freight & Logistics— Gulf Winds International Acquisition LLC (d/b/a Gulf Winds International, Inc.)(30) First Lien Secured Term Loan 1.00 % SOFR (1M) 7.00 % 10.72% (9.72% 12/16/22 12/18/28 8,956 8,820 8,697 3.3 Cash + 1.00% PIK) Gulf Winds International Acquisition LLC (d/b/a Gulf Winds International, Inc.)(7)(29) First Lien Secured Revolving Loan 1.00 % SOFR (1M) 7.00 % 10.72 % 12/16/22 12/18/28 605 596 584 0.2 Motivational Marketing, LLC (d/b/a Motivational Fulfillment)(29)(34) First Lien Secured Term Loan 1.00 % Base Rate 6.50 % 10.37 % 07/12/21 07/12/28 13,175 13,104 13,135 5.0 Motivational Marketing, LLC (d/b/a Motivational Fulfillment)(7)(29) First Lien Secured Revolving Loan 1.00 % SOFR (3M) 6.50 % 10.48 % 07/12/21 07/12/28 630 626 637 0.2 Transervice Holdings, Inc. (d/b/a Transervice Logistics, Inc.)(28) First Lien Secured Term Loan 2.00 % SOFR (1M) 7.25 % 11.07 % 06/29/23 06/29/28 7,701 7,586 7,701 3.0 30,732 30,754 11.7 Application Software— MBS Highway, LLC(28) First Lien Secured Term Loan 1.00 % SOFR (6M) 8.00 % 12.03 % 10/13/22 10/13/27 9,204 9,122 9,184 3.5 Colonnade Parent, Inc. (d/b/a Naviga Inc.)(17)(29) First Lien Secured Term Loan 1.00 % SOFR (3M) 1.00 % 4.77 % 06/14/19 09/30/26 3,667 2,988 1,925 0.7 Colonnade Parent, Inc. (d/b/a Naviga Inc.)(17)(29) First Lien Secured Revolving Loan 1.00 % SOFR (3M) 1.00 % 4.77 % 06/14/19 09/30/26 301 287 158 0.1 UserZoom Technologies, Inc. (d/b/a UserZoom, Inc.)(28) First Lien Secured Term Loan 1.00 % SOFR (6M) 7.50 % 11.63 % 01/12/23 04/05/29 9,819 9,665 9,621 3.7 22,062 20,888 8.0 Building Products— Trimlite Buyer LLC (d/b/a Trimlite LLC)(9)(13)(26)(29) First Lien Secured Term Loan 1.00 % CORRA (3M) 5.50 % 8.08 % 07/27/21 07/27/27 18,868 14,957 13,748 5.3 14,957 13,748 5.3 Construction & Engineering— Kelso Industries LLC(30) First Lien Secured Term Loan 1.00 % SOFR (3M) 5.75 % 9.57 % 12/26/24 12/31/29 4,785 4,710 4,823 1.9 PGI Parent LLC (d/b/a Prime Electric, Inc.)(29) First Lien Secured Term Loan 1.00 % SOFR (3M) 5.00 % 8.67 % 12/31/25 12/31/31 5,077 5,026 5,026 1.9 PGI Parent LLC (d/b/a Prime Electric, Inc.)(7)(8) First Lien Secured Revolving Loan 1.00 % SOFR (3M) 5.00 % 8.67 % 12/31/25 12/31/31 9,736 9,849 3.8 Construction Materials— Claridge Products and Equipment, LLC(29) First Lien Secured Term Loan 1.00 % SOFR (1M) 8.75 % 12.57% (8.19% 12/30/20 03/31/27 5,124 5,123 4,661 1.8 Cash + 4.38% PIK) Claridge Products and Equipment, LLC(7)(29)(31) First Lien Secured Revolving Loan 1.00 % Base Rate 8.38 % 13.54% (9.11% 12/30/20 03/31/27 561 561 498 0.2 Cash + 4.19% PIK) 5,684 5,159 2.0 Data Processing & Outsourced Services— BUSA Acquisition Co. (d/b/a BankCard USA Merchant Services Inc.)(28) First Lien Secured Term Loan 1.00 % SOFR (6M) 6.50 % 10.29 % 04/04/24 03/30/29 7,374 7,231 7,331 2.8 BUSA Acquisition Co. (d/b/a BankCard USA Merchant Services Inc.)(7)(29) First Lien Secured Revolving Loan 1.00 % SOFR (6M) 6.50 % 10.34 % 04/04/24 03/30/29 276 270 283 0.1 Future Payment Technologies, L.P.(30) First Lien Secured Term Loan 1.00 % SOFR (1M) 8.25 % 12.22 % 12/23/16 12/07/26 19,175 19,160 19,175 7.4 26,661 26,789 10.3 Distributors— Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)(28) First Lien Secured Term Loan 1.00 % SOFR (1M) 7.50 % 11.32 % 12/22/23 12/22/28 9,188 9,051 9,193 3.5 Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)(28) First Lien Secured Delayed Draw Loan 1.00 % SOFR (1M) 7.50 % 11.32 % 12/22/23 12/22/28 639 629 639 0.2 Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)(29) First Lien Secured Revolving Loan 1.00 % SOFR (1M) 7.50 % 11.32 % 12/22/23 12/22/28 572 563 572 0.2 10,243 10,404 3.9 Diversified Chemicals— Chase Products Co. (f/k/a Starco)(6)(21)(29) Second Lien Secured Term Loan 1.00 % SOFR (3M) 5.50 % 9.17% (8.99% 03/16/23 03/16/28 3,404 $ 3,404 $ 3,404 1.3 % Cash + 0.18% PIK) 3,404 3,404 1.3 Diversified Support Services— NNA Services, LLC(28) First Lien Secured Term Loan 1.00 % SOFR (3M) 6.75 % 10.57 % 08/27/21 08/27/26 8,073 8,060 8,037 3.1 Quest Events, LLC(29) First Lien Secured Term Loan 1.00 % SOFR (3M) 6.75 % 10.48 % 09/13/24 09/30/27 1,270 1,258 1,187 0.5 Quest Events, LLC(7)(29) First Lien Secured Revolving Loan 1.00 % SOFR (3M) 7.50 % 11.48 % 03/21/25 09/30/27 124 122 113 9,440 9,337 3.6 Education Services— EducationDynamics, LLC(30)(34) First Lien Secured Term Loan 1.00 % Base Rate 6.50 % 10.32 % 09/15/21 09/15/27 12,592 12,532 12,137 4.7 EducationDynamics, LLC(7)(8) First Lien Secured Revolving Loan 1.00 % Prime 5.50 % 12.25 % 09/15/21 09/15/27 360 358 320 0.1 Media Source, LLC (d/b/a Media Source Inc.)(6)(25)(29) First Lien Secured Term Loan 1.00 % SOFR (3M) 5.75 % 9.54% (4.77% 09/01/25 08/30/30 4,242 4,242 4,242 1.6 Cash + 4.77% PIK) Media Source, LLC (d/b/a Media Source Inc.)(6)(7)(8)(25) First Lien Secured Revolving Loan 1.00 % SOFR (3M) 5.75 % 9.54% (4.77% 09/01/25 08/30/30 17 Cash + 4.77% PIK) 17,132 16,716 6.4 Environmental & Facilities Services— Buckeye Acquiror LLC (d/b/a Superior Environmental Solutions, LLC)(7)(8) First Lien Secured Delayed Draw Loan 1.00 % SOFR (1M) 6.50 % 10.32 % 12/17/25 08/01/29 Juniper Landscaping Holdings LLC(29) First Lien Secured Term Loan 1.00 % SOFR (3M) 5.75 % 9.43 % 05/23/25 12/29/27 454 449 454 0.2 Juniper Landscaping Holdings LLC(7)(8) First Lien Secured Delayed Draw Loan 1.00 % SOFR (3M) 5.75 % 9.56 % 05/23/25 12/29/27 890 884 910 0.4 Juniper Landscaping Holdings LLC(7)(8) First Lien Secured Revolving Loan 1.00 % SOFR (3M) 5.75 % 9.51 % 05/23/25 12/29/27 238 235 246 0.1 1,568 1,610 0.7 Health Care Facilities— Four Winds Health, LLC(28) First Lien Secured Term Loan 1.00 % SOFR (3M) 7.00 % 10.67 % 07/31/25 07/31/29 4,364 4,286 4,343 1.7 Four Winds Health, LLC(7)(8) First Lien Secured Delayed Draw Loan 1.00 % SOFR (3M) 7.00 % 10.67 % 07/31/25 07/31/29 250 248 272 0.1 Four Winds Health, LLC(7)(8) First Lien Secured Revolving Loan 1.00 % SOFR (3M) 7.00 % 10.67 % 07/31/25 07/31/29 8 4,534 4,623 1.8 Health Care Services— Maxor Acquisition, Inc. (d/b/a Maxor National Pharmacy Services, LLC)(29) First Lien Secured Delayed Draw Loan 1.00 % SOFR (1M) 6.00 % 9.82 % 12/27/24 03/01/29 938 930 942 0.4 W&A Intermediate Co., LLC (d/b/a Wakefield & Associates, LLC)(28) First Lien Secured Term Loan 1.00 % SOFR (3M) 6.25 % 9.92 % 08/01/24 08/01/29 7,148 7,045 7,100 2.7 W&A Intermediate Co., LLC (d/b/a Wakefield & Associates, LLC)(7)(8) First Lien Secured Delayed Draw Loan 1.00 % SOFR (3M) 6.25 % 9.92 % 08/01/24 08/01/29 1 W&A Intermediate Co., LLC (d/b/a Wakefield & Associates, LLC)(7)(8) First Lien Secured Revolving Loan 1.00 % SOFR (3M) 6.25 % 9.92 % 08/01/24 08/01/29 345 340 346 0.1 8,315 8,389 3.2 Health Care Supplies— ABB/Con-cise Optical Group LLC (d/b/a ABB Optical Group, LLC)(29) First Lien Secured Term Loan 0.75 % SOFR (3M) 7.50 % 11.34 % 02/23/22 02/23/28 20,409 20,227 20,026 7.7 20,227 20,026 7.7 Home Furnishings— Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)(28) First Lien Secured Term Loan 1.00 % SOFR (3M) 5.50 % 9.37 % 11/07/25 11/07/30 13,455 13,259 13,255 5.1 Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)(7)(8) First Lien Secured Revolving Loan 1.00 % SOFR (3M) 5.50 % 9.37 % 11/07/25 11/07/30 Whitestone Home Furnishings, LLC (d/b/a Saatva, Inc.)(28) First Lien Secured Term Loan 1.00 % SOFR (1M) 5.25 % 8.97 % 11/06/23 08/20/26 2,848 2,832 2,848 1.1 16,091 16,103 6.2 Household Appliances— Token Buyer, Inc. (d/b/a Therm-O-Disc, Inc.)(17)(29) First Lien Secured Term Loan 0.50 % SOFR (3M) 6.00 % 9.99 % 05/26/22 05/31/29 1,587 1,363 1,199 0.5 1,363 1,199 0.5 Household Products— The Kyjen Company, LLC (d/b/a Outward Hound)(29) First Lien Secured Term Loan 1.00 % SOFR (6M) 7.50 % 11.61% (10.61% 04/05/21 04/05/26 11,409 $ 11,400 $ 9,790 3.8 % Cash + 1.00% PIK) The Kyjen Company, LLC (d/b/a Outward Hound)(7)(8) First Lien Secured Revolving Loan 1.00 % SOFR (6M) 7.50 % 11.61% (10.61% 04/05/21 04/05/26 (132) (0.1) Cash + 1.00% PIK) 11,400 9,658 3.7 Human Resource & Employment Services— Infotree Holdco LLC (d/b/a Infotree Global Solutions LLC)(28) First Lien Secured Term Loan 1.00 % SOFR (3M) 5.75 % 9.42 % 02/19/25 02/19/30 2,947 2,899 2,907 1.1 Infotree Holdco LLC (d/b/a Infotree Global Solutions LLC)(7)(29) First Lien Secured Revolving Loan 1.00 % SOFR (3M) 5.75 % 9.42 % 02/19/25 02/19/30 2 2,899 2,909 1.1 Industrial Machinery & Supplies & Components— W Electric Intermediate Holdings, LLC (d/b/a Westinghouse Electric Corporation)(28) First Lien Secured Term Loan 1.00 % SOFR (1M) 6.50 % 10.22% (9.22% 08/15/24 08/15/29 12,308 12,154 12,334 4.7 Cash + 1.00% PIK) 12,154 12,334 4.7 Integrated Telecommunication Services— Patagonia Holdco LLC (d/b/a Lumen LATAM)(28) First Lien Secured Term Loan 0.50 % SOFR (3M) 5.75 % 9.62 % 08/05/22 08/01/29 14,150 12,839 11,603 4.5 GTT Communications Global, LLC (d/b/a GTT Communications, Inc.)(30) First Lien Secured Term Loan 1.00 % SOFR (1M) 6.00 % 9.73 % 04/15/25 04/15/31 15,283 15,014 15,129 5.8 27,853 26,732 10.3 Interactive Media & Services— Zephyr Buyer, L.P. (d/b/a The Weather Company, LLC)(30) First Lien Secured Term Loan 0.50 % SOFR (3M) 4.75 % 8.42 % 01/31/24 01/31/31 13,945 13,701 13,945 5.4 Zephyr Buyer, L.P. (d/b/a The Weather Company, LLC)(7)(8) First Lien Secured Revolving Loan 0.50 % SOFR (3M) 4.75 % 8.42 % 01/31/24 01/31/31 32 13,701 13,977 5.4 IT Consulting & Other Services— MGT Merger Target, LLC (d/b/a MGT Consulting Group)(7)(29) First Lien Secured Delayed Draw Loan 1.00 % SOFR (1M) 5.00 % 8.74 % 04/08/25 04/10/29 283 281 300 0.1 281 300 0.1 Leisure Facilities— Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC)(6)(17)(24)(29) First Lien Secured Term Loan 1.00 % SOFR (3M) 8.50 % 12.32% PIK 09/25/24 09/25/29 13,370 10,231 5,354 2.1 Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC)(6)(7)(17)(29) First Lien Secured Delayed Draw Loan 1.00 % SOFR (6M) 8.50 % 12.83% PIK 01/10/25 09/25/29 1,218 1,135 196 0.1 Lift Brands, Inc.(29) First Lien Secured Term Loan A 1.00 % SOFR (1M) 7.50 % 11.32 % 06/29/20 09/30/26 5,120 5,119 5,120 2.0 Lift Brands, Inc.(29) First Lien Secured Term Loan B N/A N/A 9.50 % 9.50% PIK 06/29/20 09/30/26 1,753 1,752 1,753 0.7 Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)(11)(29) First Lien Secured Term Loan C N/A N/A 9.50 % 9.50% PIK 06/29/20 09/30/26 2,098 2,095 2,098 0.8 20,332 14,521 5.7 Leisure Products— Surge Amuze Holdings Inc. (d/b/a Amuze Products II, Inc.)(28) First Lien Secured Term Loan 1.00 % SOFR (3M) 6.25 % 9.99 % 09/06/24 09/06/29 5,679 5,596 5,645 2.2 Surge Amuze Holdings Inc. (d/b/a Amuze Products II, Inc.)(7)(29) First Lien Secured Delayed Draw Loan 1.00 % SOFR (6M) 6.25 % 9.99 % 09/06/24 09/06/29 1,002 987 1,000 0.4 Surge Amuze Holdings Inc. (d/b/a Amuze Products II, Inc.)(7)(29)(33) First Lien Secured Revolving Loan 1.00 % Base Rate 5.90 % 10.82 % 09/06/24 09/06/29 451 444 450 0.2 Leviathan Intermediate Holdco, LLC(30) First Lien Secured Term Loan 1.50 % SOFR (3M) 6.00 % 9.67 % 12/27/22 12/27/27 13,645 13,486 13,584 5.2 Leviathan Intermediate Holdco, LLC(7)(8) First Lien Secured Revolving Loan 1.50 % SOFR (3M) 6.00 % 9.67 % 12/27/22 12/27/27 4 Playmonster Group LLC(6)(19)(29) Priority First Lien Secured Term Loan 1.00 % SOFR (3M) 6.75 % 10.74% PIK 12/09/22 06/08/26 1,442 1,438 1,355 0.5 Playmonster Group LLC(6)(17)(19)(29) First Lien Secured Term Loan 1.00 % SOFR (3M) 9.00 % 12.99% PIK 06/07/21 06/08/26 5,595 3,661 1,729 0.7 25,612 23,767 9.2 Oil & Gas Storage & Transportation— Island Energy Services, LLC(28) First Lien Secured Term Loan 0.50 % SOFR (3M) 5.75 % 9.64 % 07/16/25 07/16/32 10,472 10,077 10,158 3.9 10,077 10,158 3.9 Packaged Foods & Meats— PANOS Brands, LLC(28) First Lien Secured Term Loan 1.00 % SOFR (1M) 5.75 % 9.48 % 05/14/24 05/14/29 4,027 3,973 4,027 1.6 PANOS Brands, LLC(7)(8) First Lien Secured Revolving Loan 1.00 % SOFR (1M) 5.75 % 9.48 % 05/14/24 05/14/29 6 3,973 4,033 1.6 Paper Products— M2S Group Intermediate Holdings, Inc. (d/b/a M2S Group Holdings Inc.)(28) First Lien Secured Term Loan 0.50 % SOFR (3M) 4.75 % 8.59 % 08/22/24 08/25/31 9,368 $ 8,838 $ 9,276 3.6 % 8,838 9,276 3.6 Pharmaceuticals— Meta Buyer LLC (d/b/a Metagenics, LLC)(15)(29) First Lien Secured Term Loan 0.75 % EurIBOR (3M) 5.25 % 7.29 % 12/22/25 12/22/31 4,621 5,378 5,374 2.1 Meta Buyer LLC (d/b/a Metagenics, LLC)(29) First Lien Secured Term Loan 0.75 % SOFR (3M) 5.25 % 8.94 % 12/22/25 12/22/31 6,720 6,653 6,653 2.6 Meta Buyer LLC (d/b/a Metagenics, LLC)(7)(8) First Lien Secured Delayed Draw Loan 0.75 % SOFR (3M) 5.25 % 8.94 % 12/22/25 12/22/31 Meta Buyer LLC (d/b/a Metagenics, LLC)(7)(8) First Lien Secured Revolving Loan 0.75 % SOFR (3M) 5.25 % 8.94 % 12/22/25 12/22/31 12,031 12,027 4.7 Real Estate Services— Camp Facility Services Holdings, LLC (d/b/a Camp Construction Services, Inc.)(28) First Lien Secured Term Loan 1.00 % SOFR (1M) 6.50 % 10.32 % 11/16/21 11/16/27 10,294 10,230 9,781 3.8 Monarch Collective Holdings, LLC(30) First Lien Secured Term Loan 1.50 % SOFR (3M) 7.25 % 10.92 % 01/10/24 01/10/29 9,212 9,073 9,061 3.5 Monarch Collective Holdings, LLC(28) First Lien Secured Delayed Draw Loan 1.50 % SOFR (3M) 7.25 % 10.97 % 01/10/24 01/10/29 1,579 1,562 1,553 0.6 20,865 20,395 7.9 Research & Consulting Services— M&M OpCo, LLC (d/b/a Escalent, Inc.)(28) First Lien Secured Term Loan 1.00 % SOFR (3M) 6.00 % 9.67 % 04/07/23 04/09/29 4,827 4,748 4,827 1.9 M&M OpCo, LLC (d/b/a Escalent, Inc.)(7)(29) First Lien Secured Revolving Loan 1.00 % SOFR (3M) 6.00 % 9.67 % 04/07/23 04/09/29 4 4,748 4,831 1.9 Specialized Consumer Services— Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)(28) First Lien Secured Term Loan 1.00 % SOFR (1M) 8.00 % 11.82 % 12/02/22 12/02/27 5,032 4,974 5,021 1.9 Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)(7)(30) First Lien Secured Delayed Draw Loan 1.00 % SOFR (1M) 8.00 % 11.82 % 12/02/22 12/02/27 1,652 1,637 1,653 0.6 Salon Republic Holdings, LLC (d/b/a Salon Republic, LLC)(7)(8) First Lien Secured Revolving Loan 1.00 % SOFR (1M) 8.00 % 11.82 % 12/02/22 12/02/27 8 Texas Express Wash, LLC (d/b/a ClearWater Express Wash)(30) First Lien Secured Term Loan 1.00 % SOFR (1M) 6.50 % 10.23 % 11/26/25 11/26/30 11,128 10,778 10,776 4.1 Texas Express Wash, LLC (d/b/a ClearWater Express Wash)(7)(8) First Lien Secured Delayed Draw Loan 1.00 % SOFR (1M) 6.50 % 10.23 % 11/26/25 11/26/30 Texas Express Wash, LLC (d/b/a ClearWater Express Wash)(29) Second Lien Secured Term Loan N/A N/A 14.00 % 14.00% (7.00% 11/26/25 11/26/31 1,569 1,436 1,435 0.6 Cash + 7.00% PIK) Texas Express Wash, LLC (d/b/a ClearWater Express Wash)(7)(8) First Lien Secured Revolving Loan 1.00 % SOFR (1M) 6.50 % 10.23 % 11/26/25 11/26/30 104 100 100 18,925 18,993 7.2 Specialized Finance— Rewards Network Inc.(28) First Lien Secured Term Loan 0.75 % SOFR (3M) 6.00 % 9.76 % 12/05/25 12/05/31 10,213 10,036 10,034 3.9 Rewards Network Inc.(7)(8) First Lien Secured Delayed Draw Loan 0.75 % SOFR (3M) 6.00 % 9.76 % 12/05/25 12/05/31 Rewards Network Inc.(7)(8) First Lien Secured Revolving Loan 0.75 % SOFR (1M) 6.00 % 9.82 % 12/05/25 12/05/31 638 627 627 0.2 WHF STRS Ohio Senior Loan Fund LLC(7)(8)(9)(11)(14)(18) Subordinated Note N/A SOFR (1M) 6.50 % 10.18 % 07/19/19 N/A 84,416 84,416 84,416 32.5 95,079 95,077 36.6 Systems Software— Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)(6)(7)(9)(22)(23)(27)(29) First Lien Secured Delayed Draw Loan 1.00 % SOFR (1M) 8.00 % 11.99% PIK 01/03/24 01/04/27 781 775 1,240 0.5 Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)(6)(22)(27)(29) Unsecured Loan N/A N/A 9.00 % 9.00% PIK 01/03/24 07/02/29 636 627 636 0.2 Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC)(6)(22)(27)(29) Unsecured Loan N/A N/A 9.00 % 9.00% PIK 01/03/24 07/02/29 650 642 650 0.3 LogicMonitor, Inc.(30) First Lien Secured Term Loan 0.75 % SOFR (3M) 5.50 % 9.34 % 11/19/24 11/19/31 8,220 8,130 8,186 3.2 LogicMonitor, Inc.(29) First Lien Secured Delayed Draw Loan 0.75 % SOFR (3M) 5.50 % 9.34 % 12/02/25 11/19/31 LogicMonitor, Inc.(7)(29) First Lien Secured Revolving Loan 0.75 % SOFR (3M) 5.50 % 9.34 % 11/19/24 11/19/31 5 Ribbon Communications Operating Company, Inc. (d/b/a Ribbon Communications Inc.)(9)(28) First Lien Secured Term Loan 1.00 % SOFR (1M) 6.25 % 9.97 % 06/21/24 06/21/29 8,602 8,483 8,631 3.3 Ribbon Communications Operating Company, Inc. (d/b/a Ribbon Communications Inc.)(7)(9)(29) First Lien Secured Revolving Loan 1.00 % SOFR (1M) 6.25 % 9.97 % 06/21/24 06/21/29 12 18,657 19,360 7.5 Technology Hardware, Storage & Peripherals— Telestream 2 LLC (d/b/a Telestream Holdings Corporation)(20)(30) First Lien Secured Term Loan 1.00 % SOFR (3M) 6.25 % 10.19 % 06/07/25 06/07/28 11,437 11,437 11,437 4.4 Telestream 2 LLC (d/b/a Telestream Holdings Corporation)(7)(8) First Lien Secured Revolving Loan 1.00 % SOFR (3M) 6.25 % 10.19 % 06/07/25 06/07/28 20 11,437 11,457 4.4 Transaction & Payment Processing Services— TOT Group, Inc. (d/b/a Netevia Group LLC)(28) First Lien Secured Term Loan 1.00 % SOFR (3M) 7.25 % 10.92 % 06/28/24 06/28/29 9,146 $ 9,000 $ 9,023 3.4 % TOT Group, Inc. (d/b/a Netevia Group LLC)(7)(30) First Lien Secured Delayed Draw Loan 1.00 % SOFR (3M) 7.25 % 10.92 % 06/28/24 06/28/29 1,103 1,084 1,091 0.4 TOT Group, Inc. (d/b/a Netevia Group LLC)(7)(8) First Lien Secured Revolving Loan 1.00 % SOFR (3M) 7.25 % 10.92 % 06/28/24 06/28/29 1 10,084 10,115 3.8 Total Debt Investments $ 532,286 $ 520,114 200.2 % Equity Investments(12) Advertising— Avision Holdings, LLC (d/b/a Avision Sales Group)(8) Class A LLC Interests N/A N/A N/A N/A 12/15/21 N/A 299 $ 299 $ 322 0.1 % ImageOne Industries, LLC(8) Common A Units N/A N/A N/A N/A 09/20/19 N/A 238 13 312 322 0.1 Air Freight & Logistics— Motivational CIV, LLC (d/b/a Motivational Fulfillment)(8) Class B Units N/A N/A N/A N/A 07/12/21 N/A 1,250 1,250 774 0.3 1,250 774 0.3 Application Software— Atlas Parent, LLC (d/b/a Alvaria, Inc.)(8)(35) Common Units N/A N/A N/A N/A 10/24/25 N/A 19 1,682 1,853 0.7 1,682 1,853 0.7 Broadline Retail— Ross-Simons Topco, LP (d/b/a Ross-Simons, Inc.)(8) Preferred Units N/A N/A 8.00 % 8.00% PIK 12/04/20 N/A 600 514 735 0.3 514 735 0.3 Building Products— PFB Holding Company, LLC (d/b/a PFB Corporation)(8)(13) Class A Units N/A N/A N/A N/A 12/17/21 N/A 1 24 24 Construction & Engineering— Sterling Pure Blocker, LLC (d/b/a Banner Industries, Inc.)(8) Class B Units N/A N/A N/A N/A 12/01/23 N/A 404 404 57 404 57 Diversified Chemicals— Pressurized Holdings, LLC (f/k/a Starco)(6)(8)(21) Common Units N/A N/A N/A N/A 03/16/23 N/A Pressurized Holdings, LLC (f/k/a Starco)(6)(8)(10)(21) Preferred Units N/A N/A 14.00 % 14.00% PIK 03/16/23 N/A 4,537 4,784 1.8 4,537 4,784 1.8 Diversified Support Services— Quest Events, LLC(8) Common Units N/A N/A N/A N/A 12/28/18 N/A 385 385 385 Education Services— EducationDynamics, LLC (d/b/a EDDY Enterprises, LLC)(8) Senior Preferred Units N/A N/A N/A N/A 09/15/21 N/A 167 167 Eddy Acquisitions, LLC (d/b/a EducationDynamics, LLC)(8)(10) Preferred Units N/A N/A 12.00 % 12.00 % 09/15/21 N/A 167 167 TVG I-EMSI Parent, LLC (d/b/a Media Source Inc.)(6)(8)(25) Class A Units N/A N/A N/A N/A 09/01/25 N/A 20,765 TVG I-EMSI Parent, LLC (d/b/a Media Source Inc.)(6)(8)(25) Class B Units N/A N/A N/A N/A 09/01/25 N/A 2 3,291 3,291 1.3 3,625 3,291 1.3 Environmental & Facilities Services— BPII-JL Group Holdings LP (d/b/a Juniper Landscaping Holdings LLC)(8) Class A Units N/A N/A N/A N/A 12/29/21 N/A 90 942 1,645 0.6 942 1,645 0.6 Food Distributors— Twin Ridge CRS, LP (d/b/a CRS OneSource)(8) Class A Common Units N/A N/A N/A N/A 05/10/24 N/A 63 317 264 0.1 317 264 0.1 Household Appliances— BBQ Buyer, LLC (d/b/a BBQGuys)(8) Shares N/A N/A N/A N/A 08/28/20 N/A 1,100 1,100 1,003 0.4 1,100 1,003 0.4 Industrial Machinery & Supplies & Components— BL Products Parent, LP (d/b/a Bishop Lifting Products, Inc.)(8) Class A Units N/A N/A N/A N/A 02/01/22 N/A 733 788 561 0.2 788 561 0.2 Interactive Media & Services— What If Media Group, LLC(8) Common Units N/A N/A N/A N/A 07/02/21 N/A 3,081 $ 851 $ 1,963 0.8 % 851 1,963 0.8 IT Consulting & Other Services— CX Holdco LLC (d/b/a Cennox Inc.)(8) Common Units N/A N/A N/A N/A 05/04/21 N/A 1,068 1,116 218 0.1 Keras Holdings, LLC (d/b/a KSM Consulting, LLC)(8) Shares N/A N/A N/A N/A 12/31/20 N/A 496 496 446 0.2 Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting Group)(8) Series A Units N/A N/A N/A N/A 04/10/23 N/A 308 0.1 Vistria Blocked MGT Investor, LP (d/b/a MGT Consulting Group)(8) Preferred Units N/A N/A N/A N/A 04/10/23 N/A 15 1,612 987 0.4 Leisure Facilities— H.I.G. Camarillo, L.P. (f/k/a Honors Holdings, LLC)(6)(8)(24) Limited Partner Interests N/A N/A N/A N/A 09/25/24 N/A Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)(8) Class A Common Stock N/A N/A N/A N/A 06/29/20 N/A 2 1,941 507 0.2 Snap Fitness Holdings, Inc. (d/b/a Lift Brands, Inc.)(8) Warrants N/A N/A N/A N/A 06/29/20 N/A 1 793 205 0.1 2,734 712 0.3 Leisure Products— Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)(6)(8)(10)(19) Preferred Stock N/A N/A 14.00 % 14.00% PIK 01/24/22 N/A 36 3,600 Playmonster Group Equity, Inc. (d/b/a Playmonster Group LLC)(6)(8)(19) Common Stock N/A N/A N/A N/A 01/24/22 N/A 72 460 4,060 Paper & Plastic Packaging Products & Materials— Max Solutions Inc.(8) Common Stock N/A N/A N/A N/A 09/29/22 N/A 4 400 400 Real Estate Services— Camp Facility Services Parent, LLC (d/b/a Camp Construction Services, Inc.)(8)(10) Preferred Units N/A N/A 10.00 % 10.00% PIK 11/16/21 N/A 15 840 31 840 31 Research & Consulting Services— Merriman Holdings LP (d/b/a Escalent, Inc.)(8) Class A Units N/A N/A N/A N/A 04/07/23 N/A 327 333 312 0.1 333 312 0.1 Specialized Consumer Services— Salon Republic Investments LLC (d/b/a Salon Republic, LLC)(8)(10) Preferred Stock N/A N/A 8.00 % 8.00% PIK 12/02/22 N/A 200 200 265 0.1 Salon Republic Investments LLC (d/b/a Salon Republic, LLC)(8) Common Stock N/A N/A N/A N/A 12/02/22 N/A 400 400 6 Texas Wash Holdings, LLC (d/b/a ClearWater Express Wash)(8) Warrants N/A N/A N/A N/A 11/26/25 N/A 197 197 0.1 797 468 0.2 Specialized Finance— WHF STRS Ohio Senior Loan Fund(7)(8)(9)(14)(18) LLC Interests N/A N/A N/A N/A 07/19/19 N/A 21,104 21,104 21,602 8.3 21,104 21,602 8.3 Systems Software— Arcserve Cayman GP LLC (d/b/a Arcserve (USA), LLC)(6)(8)(22)(27) Common Units N/A N/A N/A N/A 01/03/24 N/A 663 Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC)(6)(8)(22)(27) Common Units N/A N/A N/A N/A 01/03/24 N/A 663 19,568 9,144 3.5 19,568 9,144 3.5 Technology Hardware, Storage & Peripherals— Telestream Topco 2 LLC (d/b/a Telestream Holdings Corporation)(8)(20) Common Units N/A N/A N/A N/A 06/07/25 N/A 497 7,109 8,027 3.1 7,109 8,027 3.1 Total Equity Investments $ 75,288 $ 58,535 22.5 % Total Investments $ 607,574 $ 578,649 222.7 % Money market funds (included in cash and cash equivalents and restricted cash and cash equivalents) Goldman Sachs Financial Square Treasury Obligations Fund(16) Share class: Administration (CUSIP: 3.34 % $ 8,829 $ 8,829 3.4 38141W315) % Invesco Treasury Portfolio(16) Share class: Institutional (CUSIP: 825252406) 3.09 % 7,032 7,032 2.7 Dreyfus Treasury Obligations Cash Management Fund(16) Share class: Institutional (CUSIP: 261908107) 3.65 % 5,187 5,187 2.0 Total Money Market Funds 21,048 21,048 8.1 Total investments and money market funds $ 628,622 $ 599,697 230.8 %
Forward Currency Contracts Counterparty Currency to be Currency to be Settlement sold purchased date Unrealized Unrealized appreciation depreciation Morgan Stanley C $ 20,333 CAD $ 14,515 USD 2/6/26 $ $ (325) Morgan Stanley EUR 4,989 EUR 5,874 USD 2/6/26 2 Total $ 2 $ (325)
__________________________________ (1) Except as otherwise noted, all investments are non-controlled/non-affiliate investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), provide collateral for the Company's credit facility, and are domiciled in the United States. (2) The investments bear interest at a rate that may be determined by reference to SOFR, CORRA, Prime, or EurIBOR, which resets monthly, quarterly or semiannually. The one, three and six-month SOFR were 3.7%, 3.7% and 3.6%, respectively, as of December 31, 2025. The Prime was 6.8% as of December 31, 2025. The three-month CORRA was 2.3%. The one, three and six-month EurIBOR was 1.9%, 2.0% and 2.1%, respectively, as of December 31, 2025. (3) The interest rate is the “all-in-rate” including the current index and spread, the fixed rate, and the payment-in-kind (“PIK”) interest rate, as the case may be. (4) Except as otherwise noted, all of the Company's portfolio company investments, which as of the date of the consolidated schedule of investments represented 222.7% of the Company's net assets or 94.1% of the Company's total assets, are subject to legal restrictions on sales. (5) The fair value of each investment was determined using significant unobservable inputs. (6) Investment is a non-controlled/affiliate investment as defined by the 1940 Act. (7) The investment has an unfunded commitment in addition to any amounts presented in the consolidated schedule of investments as of December 31, 2025. (8) The investment or a portion of the investment does not provide collateral for the Company's credit facility and the 2025 CLO Securitization. (9) Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of total assets. Qualifying assets represented 79.4% of total assets as of the date of the consolidated schedule of investments. (10) Preferred equity investment is a non-income producing security. (11) Security is perpetual with no defined maturity date. (12) Ownership of certain equity investments may occur through a holding company or partnership. (13) Principal amount is non-USD denominated and is based in Canadian dollars. (14) Investment is a controlled affiliate investment as defined by the 1940 Act. (15) Principal amount is denominated in Euros. (16) The rate shown is the annualized seven-day yield as of December 31, 2025. (17) The investment is on non-accrual status. (18) On January 14, 2019, the Company entered into an agreement with State Teachers Retirement System of Ohio, a public pension fund established under Ohio law (“STRS Ohio”), to create WHF STRS Ohio Senior Loan Fund, LLC (“STRS JV”), a joint venture, which invests primarily in senior secured first and second lien term loans. (19) On January 24, 2022, as part of a restructuring agreement between the Company and PlayMonster LLC, the Company's first lien secured term loan and delayed draw loan investments to PlayMonster LLC were converted into a new first lien secured term loan, preferred stock and common stock of Playmonster Group LLC. (20) In June 2025, as part of a restructuring agreement between the Company and Telestream Holdings Corporation, the Company's first lien secured term loan and revolver investments to Telestream Holdings Corporation were converted into a new first lien secured term loan of Telestream 2 LLC (d/b/a Telestream Holdings Corporation) and common equity of Telestream Topco 2 LLC (d/b/a Telestream Holdings Corporation). (21) In March 2023, as part of a restructuring agreement between the Company and Sklar Holdings, Inc (d/b/a Starco), the Company's first lien secured term loan investment was converted into a new second lien secured term loan to Chase Products Co. (f/k/a Starco) and preferred units and common units of Pressurized Holdings, LLC (f/k/a Starco). (22) In January 2024, as part of a restructuring agreement between the Company and Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC), the Company's first lien secured term loan and priority first lien delayed draw loan investments in Arcstor Midco, LLC (d/b/ a Arcserve (USA), LLC), converted into a new first lien secured delayed draw loan and unsecured notes in Arcserve Cayman Opco LP (d/b/a Arcserve (USA), LLC) and common equity of Arcserve Cayman GP LLC (d/b/a Arcserve (USA), LLC), and Arcserve Cayman Topco LP (d/b/a Arcserve (USA), LLC). (23) As part of the restructuring agreement between the Company and Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC), fair value on the first lien secured delayed draw loan includes a preferred return that is earned on capital funded. (24) In September 2024, as part of a restructuring agreement between the Company and Honors Holdings, LLC (d/b/a Orange Theory), the Company's first lien secured term loan, delayed draw loan and revolver investments to Honors Holdings, LLC (d/b/a Orange Theory) were converted into a new first lien secured term loan of Camarillo Fitness Holdings, LLC (f/k/a Honors Holdings, LLC) and common equity of H.I.G. Camarillo, L.P. (f/k/a Honors Holdings, LLC). (25) In September 2025, as part of a restructuring agreement between the Company and MSI Information Services, Inc., the Company's first lien secured term loan and revolver investments in MSI Information Services, Inc., were converted into a new first lien secured term loan and revolver investments of Media Source, LLC (d/b/a Media Source Inc.) and into common equity in TVG I- E-MSI Acquisition, LLC (d/b/a Media Source, Inc). (26) The issuer is domiciled in Canada. (27) The issuer is domiciled in Cayman Islands. (28) Security or portion of the security pledged as collateral for the 2025 CLO Securitization. (29) Security or portion of the security pledged as collateral for the Company's credit facility. (30) Security or portion of the security pledged as collateral for the Company's credit facility and the 2025 CLO Securitization. (31) The investment was comprised of two contracts, which were indexed to Prime and SOFR (1M). (32) The investment was comprised of two contracts, which were indexed to Prime and SOFR (3M). (33) The investment was comprised of two contracts, which were indexed to Prime and SOFR (6M). (34) The investment was comprised of two contracts, which were indexed to SOFR (1M) and SOFR (3M). (35) In October 2025, as part of a restructuring agreement between the Company and Alvaria Holdco (Cayman) (d/b/a Aspect Software, Inc.), a portion of the Company's first lien secured term loan investments in Alvaria Holdco (Cayman) (d/b/a Aspect Software, Inc.), were converted into common equity in Atlas Parent, LLC (d/b/a Alvaria, Inc.).
Contacts Stuart Aronson WhiteHorse Finance, Inc. 212-506-0500 saronson@higwhitehorse.com— or Joyson Thomas WhiteHorse Finance, Inc. 305-379-2322 jthomas@higwhitehorse.com— or Robert BrinbergRose & Company212-257-5932whitehorse@roseandco.com—
View original content:https://www.prnewswire.com/news-releases/whitehorse-finance-inc-announces-fourth-quarter-and-full-year-2025-earnings-results-and-declares-quarterly-distribution-of-0-25-per-share-and-supplemental-distribution-of-0-01-per-share-302700581.html
SOURCE WhiteHorse Finance, Inc.
https://rt.newswire.ca/rt.gif?NewsItemId=NY98565&Transmission_Id=202603020730PR_NEWS_USPR_____NY98565&DateId=20260302