WhiteHorse Finance, Inc. Announces Second Quarter 2021 Earnings Results and Declares Quarterly Distribution of $0.355 Per Share
NEW YORK, Aug. 9, 2021 /PRNewswire/ — WhiteHorse Finance, Inc. (« WhiteHorse Finance » or the « Company ») (Nasdaq: WHF) today announced its financial results for the quarter ended June 30, 2021. In addition, the Company’s board of directors has declared a distribution of $0.355 per share with respect to the quarter ending September 30, 2021. The distribution will be payable on October 4, 2021 to stockholders of record as of September 20, 2021.
Second Quarter 2021 Summary Highlights
-
Net Asset Value of $319.6 million, or $15.42 per share
-
Investment portfolio(1) totaling $670.5 million
-
STRS JV investment portfolio totaling $209.5 million
-
Gross investment deployments(2) of $103.8 million for the second quarter, including new originations of $96.3 million and $7.5 million of fundings for add-ons to existing investments
-
Net investment income of $6.1 million, or $0.296 per share
-
Core net investment income of $7.0 million, or $0.338 per share(3)
-
Second quarter distribution of $0.355 per share
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(1) Includes investments in WHF STRS Ohio Senior Loan Fund LLC (« STRS JV »), an unconsolidated joint venture, totaling $61.9 million, at fair value. |
|
(2) Excludes investments made in STRS JV. |
|
(3) « 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. |
Stuart Aronson, WhiteHorse Finance’s Chief Executive Officer, commented, « During the second quarter, we successfully originated seven first lien loans and one second lien deal, contributing $96.3 million of gross deployment. The origination volume increased leverage to 1.14x, and our net asset value rose to $15.42 per share driven by mark-to-market gains in our portfolio, representing the second highest per share level since the Company’s initial public offering. With SureFit placed back on accrual, the investment portfolio remains strong with only one investment remaining on non-accrual status. Looking forward, the pipeline is very active for existing deal paydowns, refinancings and new deals for the second half of 2021. In this fast-paced environment, we will continue to leverage our three-tiered sourcing approach and rigorous underwriting standards to maintain and grow a healthy portfolio, generating robust cash flows to support our dividend and ultimately enhancing value for our shareholders. »
Portfolio and Investment Activity
As of June 30, 2021, the fair value of WhiteHorse Finance’s investment portfolio was $670.5 million, compared with $617.0 million as of March 31, 2021. The portfolio as of June 30, 2021 consisted of 97 positions across 67 companies with a weighted average effective yield of 9.5% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV) was $7.1 million with the overall portfolio comprised of approximately 84.0% first lien secured loans, 4.4% second lien secured loans, 2.4% equity and 9.2% in investments in STRS JV. Almost all loans were variable rate investments (primarily indexed to the London Interbank Offered Rate) with fixed rate securities representing only 0.4% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.
During the three months ended June 30, 2021, WhiteHorse Finance made investments in eight new portfolio companies totaling $96.3 million and added a total of $7.5 million to six existing portfolio companies. Proceeds from sales and repayments totaled approximately $30.8 million for the quarter ended June 30, 2021, driven by two full realizations in NMFC Senior Loan Program I LLC and Comniscient Technologies LLC.
In addition to the transactions discussed above, during the three months ended June 30, 2021, WhiteHorse Finance transferred assets comprised of four new portfolio companies and three add-on investments totaling $31.8 million to STRS JV in exchange for a net investment in STRS JV of $6.6 million as well as cash proceeds of $25.2 million.
WHF STRS Ohio Senior Loan Fund LLC
As of June 30, 2021, STRS JV’s portfolio totaled $209.5 million, consisted of 25 portfolio companies and had a weighted average effective yield of 8.1% on its portfolio.
Results of Operations
For the three months ended June 30, 2021, the Company’s net investment income was approximately $6.1 million, compared with approximately $5.2 million for the same periods in the prior year, representing an increase of approximately 17.3%. The increase in net investment income for the year-over-year period was primarily attributable to higher interest income earned on a comparatively larger portfolio and higher investment income generated from the Company’s investment in STRS JV, partially offset by higher incentive fees accrued for the quarter ended June 30, 2021. For the three months ended June 30, 2021, the Company’s investment in STRS JV generated an annualized, gross investment yield of approximately 13.8%.
For the three months ended June 30, 2021, core net investment income (as defined above) was $7.0 million, compared with $5.2 million for the same period in the prior year, representing an increase of approximately 34.6%.
For the three months ended June 30, 2021, WhiteHorse Finance reported net realized and unrealized gains on investments and foreign currency transactions of $4.4 million. This compares with net realized and unrealized gains on investments and foreign currency transactions of $17.6 million for the three months ended June 30, 2020. The decrease for the year-over-year period was primarily attributable to higher prior-year unrealized gains generated on markups in the portfolio as a result of overall market stability and price recovery from the COVID-19 pandemic.
WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $10.5 million for the three months ended June 30, 2021, which compares with a net increase of $22.8 million for the three months ended June 30, 2020.
WhiteHorse Finance’s net asset value was $319.6 million, or $15.42 per share, as of June 30, 2021, as compared with $314.3 million, or $15.27 per share, as of March 31, 2021.
Liquidity and Capital Resources
As of June 30, 2021, WhiteHorse Finance had cash and cash equivalents of $17.8 million, as compared with $24.5 million as of March 31, 2021, inclusive of restricted cash. As of June 30, 2021, the Company also had $46.5 million of undrawn capacity under its revolving credit facility.
Distributions
The Company’s Board of Directors has declared a distribution of $0.355 per share with respect to the quarter ending September 30, 2021. The distribution will be payable on October 4, 2021 to stockholders of record as of September 20, 2021.
On May 10, 2021, the Company declared a distribution of $0.355 per share for the quarter ended June 30, 2021, consistent with distributions declared for the thirty-fifth consecutive quarter since the Company’s initial public offering. The distribution was paid on July 2, 2021 to stockholders of record as of June 18, 2021.
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 second quarter results at 1:00 p.m. ET on Monday, August 9, 2021. To access the teleconference, please dial 877-876-9174 (domestic and international) approximately 10 minutes before the teleconference’s scheduled start time and reference Conference ID #WHFQ221. Investors may also access the call on the investor relations portion of the Company’s website at 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 August 16, 2021. The teleconference replay can be accessed by dialing 877-274-8339 (domestic and 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 $45 billion of capital under management(4) 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.
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(4) Based on total capital commitments managed 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 nor did the Company incur any costs with refinancing any of its indebtedness for the quarters ended June 30, 2021 and June 30, 2020.
The following table provides a reconciliation of net investment income to core net investment income for the three months ended June 30, 2021 and June 30, 2020 (in thousands, except per share data):
|
June 30, 2021 |
June 30, 2020 |
|||||||||||||||
|
Amount |
Per Share Amounts |
Amount |
Per Share Amounts |
|||||||||||||
|
Net investment income |
$ |
6,100 |
$ |
0.296 |
$ |
5,240 |
$ |
0.255 |
||||||||
|
Net impact of costs associated with refinancing of indebtedness |
– |
– |
– |
– |
||||||||||||
|
Accrual for capital gains incentive fee |
882 |
0.042 |
– |
– |
||||||||||||
|
Net impact of excise tax expense related to net realized gains and losses |
– |
– |
– |
– |
||||||||||||
|
Core net investment income |
$ |
6,982 |
$ |
0.338 |
$ |
5,240 |
$ |
0.255 |
||||||||
|
WhiteHorse Finance, Inc. |
||||||||
|
June 30, 2021 |
December 31, 2020 |
|||||||
|
(Unaudited) |
||||||||
|
Assets |
||||||||
|
Investments, at fair value |
||||||||
|
Non-controlled/non-affiliate company investments |
$ |
602,576 |
$ |
623,777 |
||||
|
Non-controlled affiliate company investments |
6,008 |
15,717 |
||||||
|
Controlled affiliate company investments |
61,891 |
51,241 |
||||||
|
Total investments, at fair value (amortized cost $678,680 and $695,429, respectively) |
670,475 |
690,735 |
||||||
|
Cash and cash equivalents |
10,329 |
8,062 |
||||||
|
Restricted cash and cash equivalents |
7,037 |
7,549 |
||||||
|
Restricted foreign currency (cost of $378 and $319, respectively) |
397 |
333 |
||||||
|
Interest and dividend receivable |
7,076 |
6,532 |
||||||
|
Amounts receivable on unsettled investment transactions |
1,021 |
4,717 |
||||||
|
Escrow receivable |
2,236 |
– |
||||||
|
Prepaid expenses and other receivables |
1,154 |
1,061 |
||||||
|
Total assets |
$ |
699,725 |
$ |
718,989 |
||||
|
Liabilities |
||||||||
|
Debt |
$ |
358,719 |
$ |
384,880 |
||||
|
Distributions payable |
7,357 |
7,294 |
||||||
|
Management fees payable |
3,357 |
3,354 |
||||||
|
Incentive fees payable |
6,994 |
6,117 |
||||||
|
Amounts payable on unsettled investment transactions |
– |
497 |
||||||
|
Interest payable |
1,848 |
1,870 |
||||||
|
Accounts payable and accrued expenses |
1,437 |
1,708 |
||||||
|
Advances received from unfunded credit facilities |
392 |
372 |
||||||
|
Total liabilities |
380,104 |
406,092 |
||||||
|
Commitments and contingencies |
||||||||
|
Net assets |
||||||||
|
Common stock, 20,722,596 and 20,546,032 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized |
21 |
21 |
||||||
|
Paid-in capital in excess of par |
302,711 |
300,002 |
||||||
|
Accumulated earnings |
16,889 |
12,874 |
||||||
|
Total net assets |
319,621 |
312,897 |
||||||
|
Total liabilities and total net assets |
$ |
699,725 |
$ |
718,989 |
||||
|
Number of shares outstanding |
20,722,596 |
20,546,032 |
||||||
|
Net asset value per share |
$ |
15.42 |
$ |
15.23 |
||||
|
WhiteHorse Finance, Inc. |
||||||||||||||||
|
Three months ended June |
Six months ended June |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Investment income |
||||||||||||||||
|
From non-controlled/non-affiliate company investments |
||||||||||||||||
|
Interest income |
$ |
14,148 |
$ |
12,145 |
$ |
28,960 |
$ |
25,284 |
||||||||
|
Fee income |
350 |
539 |
1,121 |
830 |
||||||||||||
|
Dividend income |
65 |
30 |
109 |
79 |
||||||||||||
|
From non-controlled affiliate company investments |
||||||||||||||||
|
Dividend income |
717 |
263 |
967 |
538 |
||||||||||||
|
From controlled affiliate company investments |
||||||||||||||||
|
Interest income |
738 |
606 |
1,457 |
1,231 |
||||||||||||
|
Dividend income |
1,325 |
240 |
2,699 |
393 |
||||||||||||
|
Total investment income |
17,343 |
13,823 |
35,313 |
28,355 |
||||||||||||
|
Expenses |
||||||||||||||||
|
Interest expense |
3,811 |
3,223 |
7,613 |
6,891 |
||||||||||||
|
Base management fees |
3,357 |
2,950 |
6,701 |
6,042 |
||||||||||||
|
Performance-based incentive fees |
2,628 |
1,311 |
4,670 |
1,752 |
||||||||||||
|
Administrative service fees |
170 |
171 |
341 |
342 |
||||||||||||
|
General and administrative expenses |
875 |
730 |
1,696 |
1,610 |
||||||||||||
|
Total expenses |
10,841 |
8,385 |
21,021 |
16,637 |
||||||||||||
|
Net investment income before excise tax |
6,502 |
5,438 |
14,292 |
11,718 |
||||||||||||
|
Excise tax |
402 |
198 |
592 |
376 |
||||||||||||
|
Net investment income after excise tax |
||||||||||||||||
6,100
5,240
13,700
11,342
Realized and unrealized gains (losses) on investments and foreign currency transactions
Net realized gains (losses)
Non-controlled/non-affiliate company investments
(555)
(77)
7,605
433
Non-controlled-affiliate company investments
–
–
–
–
Foreign currency transactions
(4)
70
(3)
67
Foreign currency forward contracts
(4)
(6)
(4)
–
Net realized gains (losses)
(563)
(13)
7,598
500
Net change in unrealized appreciation (depreciation)
Non-controlled/non-affiliate company investments
4,407
15,841
(2,568)
(6,355)
Non-controlled affiliate company investments
755
871
321
(1,130)
Controlled affiliate company investments
(149)
1,111
(269)
(2,842)
Translation of assets and liabilities in foreign currencies
(40)
(237)
(102)
343
Foreign currency forward contracts
1
(2)
–
(3)
Net change in unrealized appreciation (depreciation)
…
4,974
17,584
(2,618)
(9,987)
Net realized and unrealized gains (losses) on investments
4,411
17,571
4,980
(9,487)
Net increase in net assets resulting from operations
$
10,511
$
22,811
$
18,680
$
1,855
Per Common Share Data
Basic and diluted earnings per common share
$
0.51
$
1.11
$
0.91
$
0.09
Dividends and distributions declared per common share
$
0.36
$
0.36
$
0.71
$
0.71
Basic and diluted weighted average common shares Outstanding
20,626,340
20,546,032
20,589,159
20,546,032
|
WhiteHorse Finance, Inc. |
||||||||||||||||||||||||||||
|
Issuer |
Investment |
Floor |
Spread |
Interest |
Acquisition |
Maturity |
Principal/ |
Amortized |
Fair |
Fair Value |
||||||||||||||||||
|
North America |
||||||||||||||||||||||||||||
|
Debt Investments |
||||||||||||||||||||||||||||
|
Advertising |
||||||||||||||||||||||||||||
|
SmartSign Holdings LLC |
First Lien Secured Term Loan |
1.00% |
L+ 7.50% |
8.50% |
08/21/20 |
10/11/24 |
7,705 |
$ |
7,583 |
$ |
7,705 |
2.41 |
% |
|||||||||||||||
|
7,705 |
7,583 |
7,705 |
2.41 |
|||||||||||||||||||||||||
|
Air Freight & Logistics |
||||||||||||||||||||||||||||
|
Access USA Shipping, LLC |
First Lien Secured Term Loan |
1.50% |
L+ 8.00% |
9.50% |
02/08/19 |
02/08/24 |
5,083 |
5,043 |
5,083 |
1.59 |
||||||||||||||||||
|
5,083 |
5,043 |
5,083 |
1.59 |
|||||||||||||||||||||||||
|
Application Software |
||||||||||||||||||||||||||||
|
Atlas Purchaser, Inc. (dba Aspect Software) |
Second Lien Secured Term Loan |
0.75% |
L+ 9.00% |
9.75% |
05/06/21 |
05/06/29 |
15,000 |
14,558 |
14,558 |
4.55 |
||||||||||||||||||
|
Connexity, Inc. |
First Lien Secured Term Loan |
1.50% |
L+ 8.50% |
10.00% |
05/21/20 |
05/21/25 |
9,454 |
9,234 |
9,454 |
2.96 |
||||||||||||||||||
|
Newscycle Solutions, Inc. |
First Lien Secured Term Loan |
1.00% |
L+ 7.00% |
8.00% |
06/14/19 |
12/29/22 |
3,229 |
3,202 |
3,217 |
1.01 |
||||||||||||||||||
|
Newscycle Solutions, Inc.(7) |
First Lien Secured Revolving Loan |
1.00% |
L+ 7.00% |
8.00% |
06/14/19 |
12/29/22 |
169 |
168 |
168 |
0.05 |
||||||||||||||||||
|
TaxSlayer LLC |
First Lien Secured Term Loan |
1.00% |
L+ 6.50% |
7.50% |
12/31/20 |
12/31/26 |
6,779 |
6,655 |
6,655 |
2.08 |
||||||||||||||||||
|
TaxSlayer LLC(7) |
First Lien Secured Revolving Loan |
1.00% |
L+ 6.50% |
7.50% |
12/31/20 |
12/31/26 |
– |
– |
– |
– |
||||||||||||||||||
|
34,631 |
33,817 |
34,052 |
10.65 |
|||||||||||||||||||||||||
|
Automotive Retail |
||||||||||||||||||||||||||||
|
Team Car Care Holdings, LLC(12) |
First Lien Secured Term Loan |
1.02% |
Base rate+ 7.99% |
9.01% |
02/26/18 |
02/23/23 |
15,678 |
15,561 |
15,629 |
4.89 |
||||||||||||||||||
|
15,678 |
15,561 |
15,629 |
4.89 |
|||||||||||||||||||||||||
|
Building Products |
||||||||||||||||||||||||||||
|
Drew Foam Companies Inc |
First Lien Secured Term Loan |
1.00% |
L+ 6.50% |
7.50% |
11/05/20 |
11/05/25 |
7,244 |
7,115 |
7,118 |
2.23 |
||||||||||||||||||
|
LHS Borrower, LLC |
First Lien Secured Term Loan |
1.00% |
L+ 6.75% |
7.75% |
09/30/20 |
09/30/25 |
9,567 |
9,385 |
9,496 |
2.97 |
||||||||||||||||||
|
LHS Borrower, LLC(7) |
First Lien Secured Revolving Loan |
1.00% |
L+ 6.75% |
7.75% |
09/30/20 |
09/30/25 |
– |
– |
7 |
– |
||||||||||||||||||
|
16,811 |
16,500 |
16,621 |
5.20 |
|||||||||||||||||||||||||
|
Cable & Satellite |
||||||||||||||||||||||||||||
|
Bulk Midco, LLC(15) |
First Lien Secured Term Loan |
1.00% |
L+ 7.34% |
8.34% |
06/08/18 |
06/08/23 |
15,000 |
14,913 |
14,250 |
4.46 |
||||||||||||||||||
|
15,000 |
14,913 |
14,250 |
4.46 |
|||||||||||||||||||||||||
|
Construction & Engineering |
||||||||||||||||||||||||||||
|
SFP Holding, Inc. |
First Lien Secured Term Loan |
1.00% |
L+ 6.25% |
7.25% |
06/22/21 |
09/01/23 |
2,295 |
2,246 |
2,272 |
0.71 |
||||||||||||||||||
|
Tensar Corp. |
First Lien Secured Term Loan |
1.00% |
L+ 6.75% |
7.75% |
11/20/20 |
08/20/25 |
6,965 |
6,813 |
6,930 |
2.17 |
||||||||||||||||||
|
9,260 |
9,059 |
9,202 |
2.88 |
|||||||||||||||||||||||||
|
Construction Materials |
||||||||||||||||||||||||||||
|
Claridge Products and Equipment, LLC |
First Lien Secured Term Loan |
1.00% |
L+ 6.50% |
7.50% |
12/30/20 |
12/29/25 |
7,960 |
7,817 |
7,846 |
2.45 |
||||||||||||||||||
|
Claridge Products and Equipment, LLC(7) |
First Lien Secured Revolving Loan |
1.00% |
L+ 6.50% |
7.50% |
12/30/20 |
12/29/25 |
– |
– |
3 |
– |
||||||||||||||||||
|
7,960 |
7,817 |
7,849 |
2.45 |
|||||||||||||||||||||||||
|
Commodity Chemicals |
||||||||||||||||||||||||||||
|
Flexitallic Group SAS |
First Lien Secured Term Loan |
1.00% |
L+ 6.50% |
7.50% |
10/28/19 |
10/29/26 |
11,893 |
11,671 |
11,299 |
3.54 |
||||||||||||||||||
|
11,893 |
11,671 |
11,299 |
3.54 |
|||||||||||||||||||||||||
|
Consumer Finance |
||||||||||||||||||||||||||||
|
Maxitransfers Blocker Corp |
First Lien Secured Term Loan |
1.00% |
L+ 8.50% |
9.50% |
10/07/20 |
10/07/25 |
8,757 |
8,580 |
8,657 |
2.71 |
||||||||||||||||||
|
Maxitransfers Blocker Corp(4)(7) |
First Lien Secured Revolving Loan |
1.00% |
L+ 8.50% |
9.50% |
10/07/20 |
10/07/25 |
– |
– |
9 |
– |
||||||||||||||||||
|
8,757 |
8,580 |
8,666 |
2.71 |
|||||||||||||||||||||||||
|
Data Processing & Outsourced Services |
||||||||||||||||||||||||||||
|
Escalon Services Inc |
First Lien Secured Term Loan |
1.00% |
L+ 13.50% |
14.50% (13.00% Cash + 1.50% PIK) |
12/04/20 |
12/04/25 |
8,024 |
7,394 |
7,661 |
2.40 |
||||||||||||||||||
|
FPT Operating Company, LLC/ TLabs Operating Company, LLC |
First Lien Secured Term Loan |
1.00% |
L+ 8.25% |
9.25% |
12/23/16 |
06/07/24 |
24,312 |
24,095 |
24,155 |
7.56 |
||||||||||||||||||
|
Geo Logic Systems Ltd.(5)(12)(13) |
First Lien Secured Term Loan |
1.00% |
C+ 6.50% |
7.50% |
12/19/19 |
12/19/24 |
6,623 |
4,982 |
5,236 |
1.64 |
||||||||||||||||||
|
Geo Logic Systems Ltd. (5)(7)(13) |
First Lien Secured Revolving Loan |
1.00% |
C+ 6.50% |
7.50% |
12/19/19 |
12/19/24 |
– |
– |
(2) |
– |
||||||||||||||||||
|
E-Phoenix Acquisition Co. Inc. (dba Integreon) |
First Lien Secured Term Loan |
1.00% |
L+ 5.75% |
6.75% |
06/23/21 |
06/23/27 |
9,000 |
8,888 |
8,888 |
2.78 |
||||||||||||||||||
|
47,959 |
45,359 |
45,938 |
14.38 |
|||||||||||||||||||||||||
|
WhiteHorse Finance, Inc. |
||||||||||||||||||||||||||||
|
Issuer |
Investment |
Floor |
Spread |
Interest |
Acquisition |
Maturity |
Principal/ |
Amortized |
Fair |
Fair Value |
||||||||||||||||||
|
Department Stores |
||||||||||||||||||||||||||||
|
Mills Fleet Farm Group, LLC |
First Lien Secured Term Loan |
1.00% |
L+ 6.00% |
7.00% |
10/24/18 |
10/24/24 |
13,538 |
$ |
13,308 |
$ |
13,538 |
4.24 |
% |
|||||||||||||||
|
13,538 |
13,308 |
13,538 |
4.24 |
|||||||||||||||||||||||||
|
Distributors |
||||||||||||||||||||||||||||
|
Crown Brands, LLC(19) |
Second Lien Secured Term Loan |
1.50% |
L+ 10.50% |
12.00% |
12/15/20 |
01/08/26 |
4,379 |
4,287 |
3,673 |
1.15 |
||||||||||||||||||
|
Crown Brands, LLC(19) |
Second Lien Secured Delayed Draw Loan |
1.50% |
L+ 10.50% |
12.00% |
12/15/20 |
01/08/26 |
650 |
650 |
545 |
0.17 |
||||||||||||||||||
|
5,029 |
4,937 |
4,218 |
1.32 |
|||||||||||||||||||||||||
|
Diversified Chemicals |
||||||||||||||||||||||||||||
|
Sklar Holdings, Inc. |
First Lien Secured Term Loan |
1.00% |
L+ 7.75% |
8.75% |
11/13/19 |
05/13/23 |
7,451 |
7,335 |
7,451 |
2.33 |
||||||||||||||||||
|
7,451 |
7,335 |
7,451 |
2.33 |
|||||||||||||||||||||||||
|
Diversified Support Services |
||||||||||||||||||||||||||||
|
NNA Services, LLC |
First Lien Secured Term Loan |
1.50% |
L+ 7.00% |
8.50% |
10/16/18 |
10/16/23 |
13,174 |
13,032 |
13,174 |
4.12 |
||||||||||||||||||
|
13,174 |
13,032 |
13,174 |
4.12 |
|||||||||||||||||||||||||
|
Education Services |
||||||||||||||||||||||||||||
|
EducationDynamics, LLC |
First Lien Secured Term Loan |
1.00% |
L+ 7.75% |
8.75% |
11/26/19 |
11/26/24 |
12,232 |
12,059 |
12,232 |
3.83 |
||||||||||||||||||
|
12,232 |
12,059 |
12,232 |
3.83 |
|||||||||||||||||||||||||
|
Electronic Equipment & Instruments |
||||||||||||||||||||||||||||
|
LMG Holdings, Inc. |
First Lien Secured Term Loan |
1.00% |
L+ 6.50% |
7.50% |
04/30/21 |
04/30/26 |
6,836 |
6,704 |
6,704 |
2.10 |
||||||||||||||||||
|
LMG Holdings, Inc.(7) |
First Lien Secured Revolving Loan |
1.00% |
L+ 6.50% |
7.50% |
04/30/21 |
04/30/26 |
– |
– |
– |
– |
||||||||||||||||||
|
6,836 |
6,704 |
6,704 |
2.10 |
|||||||||||||||||||||||||
|
Health Care Facilities |
||||||||||||||||||||||||||||
|
Epiphany Dermatology |
First Lien Secured Term Loan |
1.00% |
L+ 7.50% |
8.50% |
12/04/20 |
06/22/23 |
3,483 |
3,415 |
3,431 |
1.07 |
||||||||||||||||||
|
Epiphany Dermatology(7) |
First Lien Secured Revolving Loan |
1.00% |
L+ 7.50% |
8.50% |
12/04/20 |
06/22/23 |
– |
– |
2 |
– |
||||||||||||||||||
|
Epiphany Dermatology(7) |
First Lien Secured Delayed Draw Loan |
1.00% |
L+ 7.50% |
8.50% |
12/04/20 |
06/22/23 |
– |
– |
14 |
– |
||||||||||||||||||
|
Grupo HIMA San Pablo, Inc.(8) |
First Lien Secured Term Loan A |
N/A |
L+ 9.00% |
9.18% |
05/05/19 |
04/30/19 |
3,855 |
3,855 |
2,146 |
0.67 |
||||||||||||||||||
|
Grupo HIMA San Pablo, Inc.(8) |
First Lien Secured Term Loan B |
1.50% |
L+ 9.00% |
10.50% |
02/01/13 |
04/30/19 |
13,511 |
13,511 |
7,521 |
2.35 |
||||||||||||||||||
|
Grupo HIMA San Pablo, Inc.(8) |
Second Lien Secured Term Loan |
N/A |
L+ 15.75% |
15.75% (13.75% Cash + 2.00% PIK) |
02/01/13 |
07/31/18 |
1,028 |
1,024 |
– |
– |
||||||||||||||||||
|
21,877 |
21,805 |
13,114 |
4.09 |
|||||||||||||||||||||||||
|
Health Care Services |
||||||||||||||||||||||||||||
|
CHS Therapy, LLC |
First Lien Secured Term Loan A |
1.50% |
L+ 8.50% |
10.00% |
06/14/19 |
06/14/24 |
7,326 |
7,244 |
7,325 |
2.29 |
||||||||||||||||||
|
CHS Therapy, LLC |
First Lien Secured Term Loan C |
1.50% |
L+ 8.50% |
10.00% |
10/07/20 |
06/14/24 |
901 |
886 |
901 |
0.28 |
||||||||||||||||||
|
DCA Investment Holding, LLC |
First Lien Secured Term Loan |
0.75% |
L+ 6.25% |
7.00% |
03/12/21 |
03/12/27 |
7,060 |
6,959 |
6,959 |
2.18 |
||||||||||||||||||
|
DCA Investment Holding, LLC(7) |
First Lien Secured Delayed Draw Loan |
0.75% |
L+ 6.25% |
7.00% |
03/12/21 |
03/12/27 |
– |
– |
– |
– |
||||||||||||||||||
|
Ivy Rehab Holdings LLC |
First Lien Secured Term Loan |
1.00% |
L+ 6.75% |
7.75% |
12/04/20 |
12/04/24 |
8,811 |
8,660 |
8,811 |
2.76 |
||||||||||||||||||
|
Ivy Rehab Holdings LLC(7) |
First Lien Secured Revolving Loan |
1.00% |
L+ 6.75% |
7.75% |
12/04/20 |
12/04/24 |
– |
– |
9 |
– |
||||||||||||||||||
|
Ivy Rehab Holdings LLC(7) |
First Lien Secured Delayed Draw Loan |
1.00% |
L+ 6.75% |
7.75% |
12/04/20 |
12/04/24 |
377 |
370 |
398 |
0.12 |
||||||||||||||||||
|
Lab Logistics, LLC |
First Lien Secured Term Loan |
1.00% |
L+ 7.25% |
8.25% |
10/16/19 |
09/25/23 |
1,161 |
1,141 |
1,153 |
0.36 |
||||||||||||||||||
|
Lab Logistics, LLC |
First Lien Secured Delayed Draw Loan |
1.00% |
L+ 7.25% |
8.25% |
10/16/19 |
09/25/23 |
5,210 |
5,188 |
5,210 |
1.63 |
||||||||||||||||||
|
PG Dental New Jersey Parent, LLC |
First Lien Secured Term Loan |
1.00% |
L+ 7.75% |
8.75% |
11/25/20 |
11/25/25 |
16,089 |
15,770 |
15,903 |
4.98 |
||||||||||||||||||
|
PG Dental New Jersey Parent, LLC(7) |
First Lien Secured Revolving Loan |
1.00% |
L+ 7.75% |
8.75% |
11/25/20 |
11/25/25 |
– |
– |
10 |
– |
||||||||||||||||||
|
46,935 |
46,218 |
46,679 |
14.60 |
|||||||||||||||||||||||||
|
Heavy Electrical Equipment |
||||||||||||||||||||||||||||
|
PPS CR Acquisition, Inc. (dba Power Plant Services) |
First Lien Secured Term Loan |
1.00% |
L+ 6.25% |
7.25% |
06/25/21 |
06/25/26 |
11,179 |
10,956 |
10,956 |
3.43 |
||||||||||||||||||
|
PPS CR Acquisition, Inc. (dba Power Plant Services)(7) |
First Lien Secured Revolving Loan |
1.00% |
L+ 7.25% |
8.25% |
06/25/21 |
06/25/24 |
104 |
102 |
102 |
0.03 |
||||||||||||||||||
|
11,283 |
11,058 |
11,058 |
3.46 |
|||||||||||||||||||||||||
|
Home Furnishings |
||||||||||||||||||||||||||||
|
Sure Fit Home Products, LLC |
First Lien Secured Term Loan |
1.00% |
L+ 9.75% |
10.75% |
04/12/21 |
07/13/23 |
4,982 |
4,868 |
4,434 |
1.39 |
||||||||||||||||||
|
4,982 |
4,868 |
4,434 |
1.39 |
|||||||||||||||||||||||||
|
Household Products |
||||||||||||||||||||||||||||
|
The Kyjen Company, LLC (dba Outward Hound) |
First Lien Secured Term Loan |
1.00% |
L+ 6.50% |
7.50% |
04/05/21 |
04/05/26 |
11,460 |
11,297 |
11,297 |
3.53 |
||||||||||||||||||
|
The Kyjen Company, LLC (dba Outward Hound)(7) |
First Lien Secured Revolving Loan |
1.00% |
L+ 6.50% |
7.50% |
04/05/21 |
04/05/26 |
385 |
379 |
379 |
0.12 |
||||||||||||||||||
|
11,845 |
11,676 |
11,676 |
3.65 |
|||||||||||||||||||||||||
|
Interactive Media & Services |
||||||||||||||||||||||||||||
|
What If Media Group, LLC |
First Lien Secured Term Loan |
1.00% |
L+ 7.00% |
8.00% |
10/02/19 |
10/02/24 |
17,448 |
17,194 |
17,356 |
5.43 |
||||||||||||||||||
|
17,448 |
17,194 |
17,356 |
5.43 |
|||||||||||||||||||||||||
|
Internet & Direct Marketing Retail |
||||||||||||||||||||||||||||
|
BBQ Buyer, LLC |
First Lien Secured Term Loan |
1.50% |
L+ 8.00% |
9.50% |
08/28/20 |
08/28/25 |
12,666 |
12,396 |
12,878 |
4.03 |
||||||||||||||||||
|
Luxury Brand Holdings, Inc. |
First Lien Secured Term Loan |
1.00% |
L+ 6.50% |
7.50% |
12/04/20 |
06/04/26 |
5,970 |
5,863 |
5,970 |
1.87 |
||||||||||||||||||
|
Potpourri Group, Inc. |
First Lien Secured Term Loan |
1.50% |
L+ 8.25% |
9.75% |
07/03/19 |
07/03/24 |
18,151 |
17,905 |
18,151 |
5.68 |
||||||||||||||||||
|
36,787 |
36,164 |
36,999 |
11.58 |
|||||||||||||||||||||||||
|
WhiteHorse Finance, Inc. |
|||||||||||||||||||||||||||
|
Issuer |
Investment |
Floor |
Spread |
Interest |
Acquisition |
Maturity |
Principal/ |
Amortized |
Fair |
Fair Value |
|||||||||||||||||
|
Investment Banking & Brokerage |
|||||||||||||||||||||||||||
|
JVMC Holdings Corp. (f/k/a RJO Holdings Corp) |
First Lien Secured Term Loan |
1.00% |
L+ 7.25% |
8.25% |
02/28/19 |
02/28/24 |
13,163 |
$ |
13,093 |
$ |
13,163 |
4.12 |
% |
||||||||||||||
|
13,163 |
13,093 |
13,163 |
4.12 |
||||||||||||||||||||||||
|
IT Consulting & Other Services |
|||||||||||||||||||||||||||
|
AST-Applications Software Technology LLC |
First Lien Secured Term Loan |
1.00% |
L+ 8.00% |
9.00% (8.00% Cash + 1.00% PIK) |
01/10/17 |
01/10/23 |
3,988 |
3,965 |
3,988 |
1.25 |
|||||||||||||||||
|
Cennox Holdings Limited(5)(13) |
First Lien Secured Term Loan |
1.00% |
L+ 6.00% |
7.00% |
05/04/21 |
05/04/26 |
2,880 |
3,928 |
3,906 |
1.22 |
|||||||||||||||||
|
Cennox Holdings Limited(5)(7)(12)(13) |
First lien Secured Revolving Loan |
2.50% |
L+ 5.33% |
7.83% |
05/04/21 |
05/04/26 |
432 |
588 |
586 |
0.18 |
|||||||||||||||||
|
Core BTS, Inc. |
First Lien Secured Term Loan |
1.50% |
L+ 6.75% |
8.25% |
02/01/21 |
08/30/25 |
3,325 |
3,264 |
3,289 |
1.03 |
|||||||||||||||||
|
Core BTS, Inc. |
First Lien Secured Delayed Draw Loan |
1.50% |
L+ 6.75% |
8.25% |
02/01/21 |
08/30/25 |
1,663 |
1,631 |
1,628 |
0.51 |
|||||||||||||||||
|
12,288 |
13,376 |
13,397 |
4.19 |
||||||||||||||||||||||||
|
Leisure Facilities |
|||||||||||||||||||||||||||
|
Honors Holdings, LLC(16) |
First Lien Secured Term Loan |
1.00% |
L+ 7.81% |
8.81% (8.31% Cash + 0.50% PIK) |
09/06/19 |
09/06/24 |
9,440 |
9,300 |
9,156 |
2.86 |
|||||||||||||||||
|
Honors Holdings, LLC(16) |
First Lien Secured Delayed Draw Loan |
1.00% |
L+ 7.62% |
8.62% (8.04% Cash + 0.58% PIK) |
09/06/19 |
09/06/24 |
4,649 |
4,606 |
4,509 |
1.41 |
|||||||||||||||||
|
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.) |
First Lien Secured Term Loan A |
1.00% |
L+ 7.50% |
8.50% |
06/29/20 |
06/29/25 |
5,659 |
5,589 |
5,571 |
1.74 |
|||||||||||||||||
|
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.) |
First Lien Secured Term Loan B |
N/A |
9.50% |
9.50% (0.00% Cash + 9.50% PIK) |
06/29/20 |
06/29/25 |
1,219 |
1,196 |
1,187 |
0.37 |
|||||||||||||||||
|
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.)(9) |
First Lien Secured Term Loan C |
N/A |
9.50% |
9.50% (0.00% Cash + 9.50% PIK) |
06/29/20 |
NA |
1,268 |
1,265 |
1,218 |
0.38 |
|||||||||||||||||
|
22,235 |
21,956 |
21,641 |
6.76 |
||||||||||||||||||||||||
|
Leisure Products |
|||||||||||||||||||||||||||
|
PlayMonster LLC |
First Lien Secured Term Loan |
1.00% |
L+ 6.00% |
7.00% |
06/07/21 |
06/07/26 |
6,000 |
5,882 |
5,882 |
1.84 |
|||||||||||||||||
|
PlayMonster LLC(7) |
First Lien Secured Delayed Draw Loan |
1.00% |
L+ 6.00% |
7.00% |
06/07/21 |
06/07/26 |
– |
– |
– |
– |
|||||||||||||||||
|
6,000 |
5,882 |
5,882 |
1.84 |
||||||||||||||||||||||||
|
Office Services & Supplies |
|||||||||||||||||||||||||||
|
American Crafts, L.C. |
First Lien Secured Term Loan |
1.00% |
L+ 8.50% |
9.50% |
05/28/21 |
05/28/26 |
8,500 |
8,375 |
8,373 |
2.62 |
|||||||||||||||||
|
Empire Office, Inc. |
First Lien Secured Term Loan |
1.50% |
L+ 6.75% |
8.25% |
04/12/19 |
04/12/24 |
8,795 |
8,697 |
8,795 |
2.75 |
|||||||||||||||||
|
17,295 |
17,072 |
17,168 |
5.37 |
||||||||||||||||||||||||
|
Packaged Foods & Meats |
|||||||||||||||||||||||||||
|
Lenny & Larry’s, LLC(17) |
First Lien Secured Term Loan |
1.00% |
L+ 8.41% |
9.41% (7.69% Cash + 1.72% PIK) |
05/15/18 |
05/15/23 |
11,046 |
10,966 |
10,554 |
3.30 |
|||||||||||||||||
|
11,046 |
10,966 |
10,554 |
3.30 |
||||||||||||||||||||||||
|
Personal Products |
|||||||||||||||||||||||||||
|
Inspired Beauty Brands, Inc. |
First Lien Secured Term Loan |
1.00% |
L+ 7.00% |
8.00% |
12/30/20 |
12/30/25 |
12,475 |
12,250 |
12,250 |
3.83 |
|||||||||||||||||
|
Inspired Beauty Brands, Inc.(7) |
First Lien Secured Revolving Loan |
1.00% |
L+ 7.00% |
8.00% |
12/30/20 |
12/30/25 |
– |
– |
– |
– |
|||||||||||||||||
|
12,475 |
12,250 |
12,250 |
3.83 |
||||||||||||||||||||||||
|
Property & Casualty Insurance |
|||||||||||||||||||||||||||
|
Policy Services Company, LLC (5) |
First Lien Secured Term Loan |
1.00% |
L+ 6.00% |
7.00% |
03/06/20 |
05/31/24 |
6,062 |
5,851 |
5,940 |
1.86 |
|||||||||||||||||
|
6,062 |
5,851 |
5,940 |
1.86 |
||||||||||||||||||||||||
|
Research & Consulting Services |
|||||||||||||||||||||||||||
|
ALM Media, LLC |
First Lien Secured Term Loan |
1.00% |
L+ 7.00% |
8.00% |
11/25/19 |
11/25/24 |
14,527 |
14,330 |
14,091 |
4.41 |
|||||||||||||||||
|
Nelson Worldwide, LLC |
First Lien Secured Term Loan |
1.00% |
L+ 10.25% |
11.25% (10.25% Cash + 1.00% PIK) |
01/09/18 |
01/09/23 |
10,639 |
10,558 |
10,533 |
3.30 |
|||||||||||||||||
|
25,166 |
24,888 |
24,624 |
7.71 |
||||||||||||||||||||||||
|
Restaurants |
|||||||||||||||||||||||||||
|
LS GFG Holdings Inc. |
First Lien Secured Term Loan |
1.00% |
L+ 8.00% |
9.00% (7.00% Cash + 2.00% PIK) |
11/30/18 |
11/19/25 |
10,842 |
10,155 |
10,842 |
3.39 |
|||||||||||||||||
|
10,842 |
10,155 |
10,842 |
3.39 |
||||||||||||||||||||||||
|
Specialized Consumer Services |
|||||||||||||||||||||||||||
|
True Blue Car Wash, LLC |
First Lien Secured Term Loan |
1.00% |
L+ 7.12% |
8.12% |
10/17/19 |
10/17/24 |
4,293 |
4,236 |
4,293 |
1.34 |
|||||||||||||||||
|
True Blue Car Wash, LLC(7) |
First Lien Secured Delayed Draw Loan |
1.00% |
L+ 7.12% |
8.12% |
10/17/19 |
10/17/24 |
2,943 |
2,913 |
2,942 |
0.92 |
|||||||||||||||||
|
7,236 |
7,149 |
7,235 |
2.26 |
||||||||||||||||||||||||
|
Specialized Finance |
|||||||||||||||||||||||||||
|
Golden Pear Funding Assetco, LLC(5) |
Second Lien Secured Term Loan |
1.00% |
L+ 10.50% |
11.50% |
09/20/18 |
03/20/24 |
10,938 |
10,829 |
10,938 |
3.42 |
|||||||||||||||||
|
WHF STRS Ohio Senior Loan Fund LLC(4)(5)(7)(9)(14) |
Subordinated Note |
N/A |
L+ 6.50% |
6.59% |
07/19/19 |
N/A |
49,809 |
49,809 |
49,809 |
15.58 |
|||||||||||||||||
|
60,747 |
60,638 |
60,747 |
19.00 |
||||||||||||||||||||||||
|
Systems Software |
|||||||||||||||||||||||||||
|
IDIG Parent LLC |
First Lien Secured Term Loan |
1.00% |
L+ 6.50% |
7.50% |
02/17/21 |
12/15/26 |
4,263 |
4,224 |
4,223 |
1.32 |
|||||||||||||||||
|
IDIG Parent LLC(7) |
First Lien Secured Delayed Draw Loan |
1.00% |
L+ 6.50% |
7.50% |
02/17/21 |
12/15/26 |
– |
– |
– |
– |
|||||||||||||||||
|
IDIG Parent LLC(7) |
First Lien Secured Revolving Loan |
1.00% |
L+ 6.50% |
7.50% |
02/17/21 |
12/15/26 |
– |
– |
– |
– |
|||||||||||||||||
|
4,263 |
4,224 |
4,223 |
1.32 |
||||||||||||||||||||||||
|
WhiteHorse Finance, Inc. |
||||||||||||||||||||||||||||
|
Issuer |
Investment |
Floor |
Spread |
Interest |
Acquisition |
Maturity |
Principal/ |
Amortized |
Fair |
Fair Value |
||||||||||||||||||
|
Technology Hardware, Storage & Peripherals |
||||||||||||||||||||||||||||
|
Arcstor Midco, LLC |
First Lien Secured Term Loan |
1.00% |
L+ 7.00% |
8.00% |
03/16/21 |
03/16/27 |
19,451 |
$ |
19,081 |
$ |
19,081 |
5.97 |
% |
|||||||||||||||
|
Source Code Midco, LLC |
First Lien Secured Term Loan |
1.00% |
L+ 8.25% |
9.25% |
05/04/18 |
05/04/23 |
21,700 |
21,470 |
21,700 |
6.79 |
||||||||||||||||||
|
Telestream Holdings Corporation |
First Lien Secured Term Loan |
1.00% |
L+ 8.75% |
9.75% |
10/15/20 |
10/15/25 |
15,155 |
14,738 |
14,882 |
4.66 |
||||||||||||||||||
|
Telestream Holdings Corporation(7) |
First Lien Secured Revolving Loan |
1.00% |
L+ 8.75% |
9.75% |
10/15/20 |
10/15/25 |
– |
– |
14 |
– |
||||||||||||||||||
|
56,306 |
55,289 |
55,677 |
17.42 |
|||||||||||||||||||||||||
|
Trading Companies & Distributors |
||||||||||||||||||||||||||||
|
LINC Systems, LLC |
First Lien Secured Term Loan |
1.00% |
L+ 6.50% |
7.50% |
02/24/21 |
02/24/26 |
4,167 |
4,090 |
4,090 |
1.28 |
||||||||||||||||||
|
LINC Systems, LLC(7) |
First Lien Secured Revolving Loan |
1.00% |
L+ 6.50% |
7.50% |
02/24/21 |
02/24/26 |
– |
– |
– |
– |
||||||||||||||||||
|
4,167 |
4,090 |
4,090 |
1.28 |
|||||||||||||||||||||||||
|
Total Debt Investments |
659,445 |
$ |
649,140 |
$ |
642,360 |
200.95 |
% |
|||||||||||||||||||||
|
Equity Investments |
||||||||||||||||||||||||||||
|
Data Processing & Outsourced Services |
||||||||||||||||||||||||||||
|
Escalon Services Inc(4) |
Warrants |
N/A |
N/A |
N/A |
12/04/20 |
N/A |
709 |
$ |
476 |
$ |
482 |
0.15 |
% |
|||||||||||||||
|
476 |
482 |
0.15 |
||||||||||||||||||||||||||
|
Diversified Support Services |
||||||||||||||||||||||||||||
|
Quest Events, LLC(4) |
Preferred Units |
N/A |
N/A |
N/A |
12/28/18 |
12/08/25 |
317 |
317 |
– |
– |
||||||||||||||||||
|
ImageOne Industries, LLC(4) |
Common A Units |
N/A |
N/A |
N/A |
09/20/19 |
N/A |
225 |
– |
164 |
0.05 |
||||||||||||||||||
|
317 |
164 |
0.05 |
||||||||||||||||||||||||||
|
Health Care Services |
||||||||||||||||||||||||||||
|
Lab Logistics(4) |
Preferred Units |
N/A |
N/A |
N/A |
10/29/19 |
N/A |
2 |
857 |
905 |
0.28 |
||||||||||||||||||
|
857 |
905 |
0.28 |
||||||||||||||||||||||||||
|
Internet & Direct Marketing Retail |
||||||||||||||||||||||||||||
|
BBQ Buyer, LLC(4) |
Shares |
N/A |
N/A |
N/A |
08/28/20 |
N/A |
1,100 |
1,100 |
2,728 |
0.85 |
||||||||||||||||||
|
Ross-Simons Topco, LP(4) |
Preferred Units |
N/A |
N/A |
N/A |
12/04/20 |
N/A |
600 |
600 |
840 |
0.26 |
||||||||||||||||||
|
1,700 |
3,568 |
1.11 |
||||||||||||||||||||||||||
|
Investment Banking & Brokerage |
||||||||||||||||||||||||||||
|
Arcole Holding Corp.(4)(5)(6)(18) |
Shares |
N/A |
N/A |
N/A |
10/01/20 |
N/A |
– |
6,944 |
6,008 |
1.88 |
||||||||||||||||||
|
6,944 |
6,008 |
1.88 |
||||||||||||||||||||||||||
|
IT Consulting & Other Services |
||||||||||||||||||||||||||||
|
CX Holdco LLC(4) |
Common Units |
N/A |
N/A |
N/A |
05/04/21 |
N/A |
660 |
660 |
660 |
0.21 |
||||||||||||||||||
|
Keras Holdings, LLC(4) |
Shares |
N/A |
N/A |
N/A |
12/31/20 |
N/A |
496 |
496 |
496 |
0.16 |
||||||||||||||||||
|
1,156 |
1,156 |
0.37 |
||||||||||||||||||||||||||
|
Leisure Facilities |
||||||||||||||||||||||||||||
|
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.)(4) |
Class A Common Stock |
N/A |
N/A |
N/A |
06/29/20 |
N/A |
2 |
1,955 |
184 |
0.06 |
||||||||||||||||||
|
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.)(4) |
Warrants |
N/A |
N/A |
N/A |
06/29/20 |
06/28/28 |
1 |
793 |
75 |
0.02 |
||||||||||||||||||
|
2,748 |
259 |
0.08 |
||||||||||||||||||||||||||
|
Other Diversified Financial Services |
||||||||||||||||||||||||||||
|
SFS Global Holding Company(4) |
Warrants |
N/A |
N/A |
N/A |
06/28/18 |
12/28/25 |
– |
– |
– |
– |
||||||||||||||||||
|
Sigue Corporation(4) |
Warrants |
N/A |
N/A |
N/A |
06/28/18 |
12/28/25 |
22 |
2,890 |
3,491 |
1.09 |
||||||||||||||||||
|
2,890 |
3,491 |
1.09 |
||||||||||||||||||||||||||
|
Specialized Finance |
||||||||||||||||||||||||||||
|
WHF STRS Ohio Senior Loan Fund(4)(5)(7)(14) |
LLC Interests |
N/A |
N/A |
N/A |
07/19/19 |
N/A |
12,452 |
12,452 |
12,082 |
3.78 |
||||||||||||||||||
|
12,452 |
12,082 |
3.78 |
||||||||||||||||||||||||||
|
Total Equity Investments |
$ |
29,540 |
$ |
28,115 |
8.79 |
% |
||||||||||||||||||||||
|
Total Investments |
$ |
678,680 |
$ |
670,475 |
209.74 |
% |
||||||||||||||||||||||
|
WhiteHorse Finance, Inc. |
||||||||||||||||||||
|
Forward Currency Contracts |
||||||||||||||||||||
|
Currency to be |
Currency to be |
Unrealized |
Unrealized |
|||||||||||||||||
|
Counterparty |
sold |
purchased |
Settlement date |
appreciation ($) |
depreciation ($) |
|||||||||||||||
|
Morgan Stanley |
C$ |
86 CAD |
$ |
67 USD |
07/28/2021 |
$ |
– |
$ |
– |
|||||||||||
|
$ |
– |
$ |
– |
|||||||||||||||||
|
(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 »), and provide collateral for the Company’s credit facility. |
|
(2) |
The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (« LIBOR » or « L »), which resets monthly, quarterly or semiannually, the Canadian Dollar Offered Rate (« CDOR » or « C »), or the U.S. Prime Rate as published by the Wall Street Journal (« Prime » or « P »). The one, three and six-month USD LIBOR were 0.1%, 0.1% and 0.2%, respectively, as of June 30, 2021. The one, three and six-month GBP LIBOR were all 0.1% as of June 30, 2021. The CDOR and Prime was 0.4% and 3.25%, respectively, as of June 30, 2021. |
|
(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) |
The investment or a portion of the investment does not provide collateral for the Company’s credit facility. |
|
(5) |
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 86.5% of total assets as of the date of the consolidated schedule of investments. |
|
(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 June 30, 2021. |
|
(8) |
The investment is on non-accrual status. |
|
(9) |
Security is perpetual with no defined maturity date. |
|
(10) |
Except as otherwise noted, all of the Company’s portfolio company investments, which as of the date of the consolidated schedule of investments represented 209.8% of the Company’s net assets or 95.8% of the Company’s total assets, are subject to legal restrictions on sales. |
|
(11) |
The fair value of each investment was determined using significant unobservable inputs. |
|
(12) |
The investment was comprised of two contracts, which were indexed to different base rates, L and P, respectively. The Spread Above Index and Interest Rate presented represent the weighted average of both contracts. |
|
(13) |
Principal amount is non-USD denominated and is based in Canadian dollars or British Pounds. |
|
(14) |
Investment is a controlled affiliate investment as defined by the 1940 Act. 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. |
|
(15) |
In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest in the amount of 2.75% on its « last out » tranche of the portfolio company’s senior term debt, which was previously syndicated into « first out » and « last out » tranches, whereby the « first out » tranche will have priority as to the « last out » tranche with respect to payments of principal, interest and any other amounts due thereunder. |
|
(16) |
In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest in the amount of 3.50% on its « last out » tranche of the portfolio company’s senior term debt, which was previously syndicated into « first out » and « last out » tranches, whereby the « first out » tranche will have priority as to the « last out » tranche with respect to payments of principal, interest and any other amounts due thereunder. |
|
(17) |
In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest in the amount of 3.00% on its « last out » tranche of the portfolio company’s senior term debt, which was previously syndicated into « first out » and « last out » tranches, whereby the « first out » tranche will have priority as to the « last out » tranche with respect to payments of principal, interest and any other amounts due thereunder. |
|
(18) |
On October 1, 2020, as part of a restructuring agreement between the Company and Arcole Acquisition Corp, the Company’s investments in first lien secured term loans to Arcole Acquisition Corp were converted into common shares of Arcole Holding Corp. |
|
(19) |
At the option of the issuer, interest can be paid in cash or cash and PIK. The issuer may elect to pay up to 2.00% PIK. |
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
Alex Jorgensen
Prosek Partners
646-818-9059
ajorgensen@prosek.com
View original content:https://www.prnewswire.com/news-releases/whitehorse-finance-inc-announces-second-quarter-2021-earnings-results-and-declares-quarterly-distribution-of-0-355-per-share-301350796.html
SOURCE WhiteHorse Finance, Inc.