Company Quick10K Filing
Quick10K
Whitehorse Finance
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-09-13 Regulation FD, Exhibits
8-K 2019-08-01 Earnings, Officers, Shareholder Vote, Regulation FD, Exhibits
8-K 2019-07-19 Enter Agreement, Off-BS Arrangement
8-K 2019-07-10 Other Events, Exhibits
8-K 2019-06-14 Enter Agreement, Exhibits
8-K 2019-06-13 Regulation FD, Exhibits
8-K 2019-06-10 Regulation FD, Exhibits
8-K 2019-05-08 Earnings, Regulation FD, Exhibits
8-K 2019-04-16 Other Events, Exhibits
8-K 2019-03-15 Regulation FD, Exhibits
8-K 2019-03-06 Earnings, Regulation FD, Exhibits
8-K 2019-02-08 Other Events, Exhibits
8-K 2019-01-14 Enter Agreement, Regulation FD, Exhibits
8-K 2018-12-06 Regulation FD, Exhibits
8-K 2018-11-19 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-11-06 Enter Agreement, Earnings, Regulation FD, Exhibits
8-K 2018-10-10 Other Events, Exhibits
8-K 2018-09-07 Regulation FD, Exhibits
8-K 2018-09-04 Regulation FD, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-08-01 Shareholder Vote
8-K 2018-07-16 Other Events, Exhibits
8-K 2018-07-13 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-07-10 Other Events, Exhibits
8-K 2018-06-05 Regulation FD, Exhibits
8-K 2018-05-15 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-05-03 Earnings, Other Events, Exhibits
8-K 2018-04-19 Other Events, Exhibits
8-K 2018-03-12 Regulation FD, Exhibits
8-K 2018-03-02 Earnings, Exhibits
8-K 2018-02-08 Other Events, Exhibits
8-K 2018-01-12 Regulation FD, Exhibits
HEES H&E Equipment Services 860
CIK Pinnacle Foods 373
AQB Aquabounty Technologies 63
FPF Futures Portfolio Fund 0
OCSL Oaktree Specialty Lending 0
DFP Delphi Financial Group 0
DUSA Dusa Pharmaceuticals 0
GBDC Golub Capital 0
SAB Grupo Casa Saba 0
CSA TH Merger Company 0
WHF 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Organization
Note 2 - Summary of Significant Accounting Policies
Note 3 - Investments
Note 4 - Fair Value Measurements
Note 5 - Borrowings
Note 6 - Related Party Transactions
Note 7 - Commitments and Contingencies
Note 8 - Financial Highlights
Note 9 - Change in Net Assets Resulting From Operations per Common Share
Note 10 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors -
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 tv525586_ex10-1.htm
EX-31.1 tv525586_ex31-1.htm
EX-31.2 tv525586_ex31-2.htm
EX-32.1 tv525586_ex32-1.htm
EX-32.2 tv525586_ex32-2.htm

Whitehorse Finance Earnings 2019-06-30

WHF 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 tv525586_10q.htm FORM 10-Q

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

Form 10-Q

 

(Mark One)

 

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2019

or

 

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from  ______________ to ______________

 

Commission file number: 814-00967

 

WHITEHORSE FINANCE, INC.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware 45-4247759
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)

 

1450 Brickell Avenue, 31st Floor

Miami, Florida

33131
(Address of Principal Executive Offices) (Zip Code)

 

(305) 381-6999

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act: 

 

Title of Each Class   Trading Symbol(s)   Name of Each Exchange on Which
Registered
Common Stock, par value $0.001 per share   WHF  

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market) 

6.50% Notes due 2025   WHFBZ  

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market) 

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  x   No  ¨

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ¨    No  ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ¨ Accelerated filer x
       
Non-accelerated filer ¨ Smaller reporting company ¨
       
    Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).  Yes  ¨    No  x

 

As of August 9, 2019 the Registrant had 20,546,032 shares of common stock, $0.001 par value, outstanding.

 

 

 

 

 

 

WHITEHORSE FINANCE, INC.

 

TABLE OF CONTENTS

 

    Page
Part I. Financial Information 3
Item 1. Financial Statements 3
  Consolidated Statements of Assets and Liabilities as of June 30, 2019 (Unaudited) and December 31, 2018 3
  Consolidated Statements of Operations for the three and six months ended June 30, 2019 (Unaudited) and 2018 (Unaudited) 4
  Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2019 (Unaudited) and 2018 (Unaudited) 5
  Consolidated Statements of Cash Flows for the six months ended June 30, 2019 (Unaudited) and 2018 (Unaudited) 7
  Consolidated Schedules of Investments as of June 30, 2019 (Unaudited) and December 31, 2018 8
  Notes to the Consolidated Financial Statements (Unaudited) 17
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 36
Item 3. Quantitative and Qualitative Disclosures about Market Risk 50
Item 4. Controls and Procedures 50
Part II. Other Information 51
Item 1. Legal Proceedings 51
Item 1A. Risk Factors 51
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53
Item 3. Defaults Upon Senior Securities 53
Item 4. Mine Safety Disclosures 53
Item 5. Other Information 53
Item 6. Exhibits 53

 

 2 

 

 

Part I. Financial Information

 

Item 1. Financial Statements 

 

WhiteHorse Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

 

   June 30, 2019   December 31, 2018 
   (Unaudited)     
Assets          
Investments, at fair value          
Non-controlled/non-affiliate company investments  $525,192   $459,399 
Non-controlled affiliate company investments   9,645    10,165 
Total investments, at fair value (amortized cost $540,708 and $477,839, respectively)   534,837    469,564 
Cash and cash equivalents   16,586    24,148 
Restricted cash and cash equivalents   33,810    9,584 
Interest receivable   5,256    4,616 
Receivables from investments sold   2,083    5,608 
Prepaid expenses and other receivables   545    575 
Total assets  $593,117   $514,095 
           
Liabilities          
Debt  $245,818   $175,953 
Management and incentive fees payable   7,429    11,193 
Distributions payable   7,294    7,294 
Payables for investments purchased   13,698    445 
Accounts payable and accrued expenses   1,327    2,322 
Interest payable   1,507    1,562 
Advances received from unfunded credit facilities   112    30 
Total liabilities   277,185    198,799 
           
Commitments and contingencies (See Note 7)          
           
Net assets          
Common stock, 20,546,032 and 20,546,032 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 authorized   21    21 
Paid-in capital in excess of par   301,557    301,557 
Accumulated undistributed earnings   14,354    13,718 
Total net assets   315,932    315,296 
Total liabilities and total net assets  $593,117   $514,095 
           
Number of shares outstanding   20,546,032    20,546,032 
Net asset value per share  $15.38   $15.35 

 

See notes to the consolidated financial statements

 

 3 

 

 

WhiteHorse Finance, Inc.

Consolidated Statements of Operations (Unaudited)

(in thousands, except share and per share data)

 

   Three months ended June 30,   Six months ended June 30, 
   2019   2018   2019   2018 
Investment income                    
From non-controlled/non-affiliate company investments                    
Interest income  $12,746   $13,265   $27,238   $27,028 
Fee income   2,926    788    4,083    2,980 
From non-controlled affiliate company investments                    
Dividend income   312    601    587    1,251 
Total investment income   15,984    14,654    31,908    31,259 
                     
Expenses                    
Interest expense   3,176    2,801    6,249    5,366 
Base management fees   2,818    2,607    5,407    5,052 
Performance-based incentive fees   2,055    3,891    3,806    6,035 
Administrative service fees   159    175    317    350 
General and administrative expenses   532    573    1,214    1,271 
Total expenses, before fees waived   8,740    10,047    16,993    18,074 
Base management fee waived   (220)   -    (397)   - 
Total expenses, net of fees waived   8,520    10,047    16,596    18,074 
Net investment income before excise tax   7,464    4,607    15,312    13,185 
Excise tax   238    -    475    - 
Net investment income after excise tax   7,226    4,607    14,837    13,185 
                     
Realized and unrealized gains (losses) on investments                    
Net realized gains (losses)                    
Non-controlled/non-affiliate company investments   -    73    (2,018)   73 
Net realized gains (losses)   -    73    (2,018)   73 
Net change in unrealized appreciation (depreciation)                    
Non-controlled/non-affiliate company investments   937    1,950    2,925    (961)
Non-controlled affiliate company investments   56    12,424    (520)   20,610 
Net change in unrealized appreciation   993    14,374    2,405    19,649 
Net realized and unrealized gains on investments   993    14,447    387    19,722 
Net increase in net assets resulting from operations  $8,219   $19,054   $15,224   $32,907 
                     
Per Common Share Data                    
Basic and diluted earnings per common share  $0.41   $0.93   $0.74   $1.60 
Dividends and distributions declared per common share  $0.36   $0.36   $0.71   $0.71 
Basic and diluted weighted average common shares outstanding   20,546,032    20,531,948    20,546,032    20,531,948 

 

See notes to the consolidated financial statements

 

 4 

 

 

WhiteHorse Finance, Inc.

Consolidated Statements of Changes in Net Assets (Unaudited)

(in thousands, except share and per share data)

 

   Common Stock  

Paid-in

Capital in

Excess of

  

Accumulated

Undistributed

(Overdistributed)

   Total Net 
   Shares   Par amount   Par   Earnings   Assets 
Balance at March 31, 2018   20,531,948   $20   $302,292   $(8,796)  $293,516 
Net increase in net assets resulting from operations:                         
Net investment income after excise tax   -    -    -    4,607    4,607 
Net realized gains (losses) on investments   -    -    -    73    73 
Net change in unrealized appreciation (depreciation) on investments   -    -    -    14,374    14,374 
Distributions declared   -    -    -    (7,289)   (7,289)
Tax reclassification of stockholders’ equity   -    -    -    -    - 
Balance at June 30, 2018   20,531,948   $20   $302,292   $2,969   $305,281 
                          
Balance at March 31, 2019   20,546,032   $21   $301,557   $13,429   $315,007 
Net increase in net assets resulting from operations:                         
Net investment income after excise tax   -    -    -    7,226    7,226 
Net realized gains (losses) on investments   -    -    -    -    - 
Net change in unrealized appreciation (depreciation) on investments   -    -    -    993    993 
Distributions declared   -    -    -    (7,294)   (7,294)
Tax reclassification of stockholders’ equity   -    -    -    -    - 
Balance at June 30, 2019   20,546,032   $21   $301,557   $14,354   $315,932 

 

See notes to the consolidated financial statements

 

 5 

 

 

WhiteHorse Finance, Inc.

Consolidated Statements of Changes in Net Assets (Unaudited) - continued

(in thousands, except share and per share data)

 

   Common Stock  

Paid-in

Capital in

Excess of

  

Accumulated

Undistributed

(Overdistributed)

   Total Net 
   Shares   Par amount   Par   Earnings   Assets 
Balance at December 31, 2017   20,531,948   $20   $302,292   $(15,360)  $286,952 
Net increase in net assets resulting from operations:                         
Net investment income after excise tax   -    -    -    13,185    13,185 
Net realized gains (losses) on investments   -    -    -    73    73 
Net change in unrealized appreciation (depreciation) on investments   -    -    -    19,649    19,649 
Distributions declared   -    -    -    (14,578)   (14,578)
Tax reclassification of stockholders’ equity   -    -    -    -    - 
Balance at June 30, 2018   20,531,948   $20   $302,292   $2,969   $305,281 
                          
Balance at December 31, 2018   20,546,032   $21   $301,557   $13,718   $315,296 
Net increase in net assets resulting from operations:                         
Net investment income after excise tax   -    -    -    14,837    14,837 
Net realized gains (losses) on investments   -    -    -    (2,018)   (2,018)
Net change in unrealized appreciation (depreciation) on investments   -    -    -    2,405    2,405 
Distributions declared   -    -    -    (14,588)   (14,588)
Tax reclassification of stockholders’ equity   -    -    -    -    - 
Balance at June 30, 2019   20,546,032   $21   $301,557   $14,354   $315,932 

 

See notes to the consolidated financial statements

 

 6 

 

 

WhiteHorse Finance, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

 

  

Six months ended

June 30,

 
   2019   2018 
Cash flows from operating activities          
Net increase in net assets resulting from operations  $15,224   $32,907 
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:          
Paid-in-kind income   (1,312)   (315)
Net realized (gains) losses on investments   2,018    (73)
Net unrealized appreciation on investments   (2,405)   (19,649)
Accretion of discount   (1,957)   (2,397)
Amortization of deferred financing costs   498    389 
Acquisition of investments   (126,192)   (164,479)
Proceeds from principal payments and sales of portfolio investments   64,574    116,223 
Net changes in operating assets and liabilities:          
Interest receivable   352    (409)
Prepaid expenses and other receivables   31    (1,301)
Receivables from investments sold   2,533    (919)
Payables for investments purchased   13,253    - 
Management and incentive fees payable   (3,764)   834 
Accounts payable and accrued expenses   (995)   432 
Interest payable   (55)   132 
Advances received from unfunded credit facilities   82    20 
Net cash used in operating activities   (38,115)   (38,605)
           
Cash flows from financing activities          
Borrowings   76,700    85,100 
Repayments of debt   (7,300)   (52,300)
Deferred financing costs   (33)   - 
Distributions paid to common stockholders, net of distributions reinvested   (14,588)   (14,578)
Net cash provided by financing activities   54,779    18,222 
           
Net change in cash, cash equivalents and restricted cash   16,664    (20,383)
Cash, cash equivalents and restricted cash at beginning of period   33,732    38,936 
Cash, cash equivalents and restricted cash at end of period  $50,396   $18,553 
           
Supplemental disclosure of cash flow information:          
Interest paid  $5,805   $4,845 

 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated statements of assets and liabilities that sum to the total of the same amounts presented in the consolidated statements of cash flows:

 

   June 30, 
   2019   2018 
Cash and cash equivalents  $16,586   $14,461 
Restricted cash   33,810    4,092 
           
Total cash, cash equivalents and restricted cash presented in consolidated statements of cash flows  $50,396   $18,553 

 

See notes to the consolidated financial statements

 

 7 

 

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

June 30, 2019

(in thousands)

 

Investment Type(1)    Spread
Above
Index(2)
    Interest
Rate(3)
    Acquisition
Date(10)
   Maturity
Date
   Principal/
Share
Amount
   Amortized
Cost
   Fair
Value(11)
   Fair Value
As A
Percentage
of Net
Assets
 
North America                                        
Debt Investments                                        
Advertising                                        
Fluent, LLC                                        
First Lien Secured Term Loan    L+ 7.00%    9.40%    03/26/18   03/27/23    10,219   $10,219   $10,219    3.23%
     (0.50% Floor)                                   
Air Freight & Logistics                                        
Access USA Shipping, LLC                                        
First Lien Secured Term Loan    L+ 8.00%    10.40%    02/08/19   02/08/24    5,797    5,717    5,717    1.81 
     (1.50% Floor)                                   
Application Software                                        
Newscycle Solutions, Inc.                                        
First Lien Secured Term Loan    L+ 7.00%    9.40%    06/14/19   12/29/22    5,398    5,291    5,290    1.67 
     (1.00% Floor)                                   
First Lien Secured Revolving Loan(7)    L+ 7.00%    9.40%    06/14/19   12/29/22    193    190    190    0.06 
     (1.00% Floor)                                   
                        5,591    5,481    5,480    1.73 
Automotive Retail                                        
Team Car Care Holdings, LLC                                        
First Lien Secured Term Loan(12)    base rate+ 7.01%    12.49%    02/26/18   02/23/23    16,953    16,674    16,816    5.32 
     (1.00% Floor)                                   
Broadcasting                                        
Alpha Media, LLC                                        
First Lien Secured Term Loan    L+ 6.00%    8.48%    08/14/18   02/25/22    4,588    4,471    4,582    1.45 
     (1.00% Floor)                                   
Multicultural Radio Broadcasting, Inc.                                        
First Lien Secured Term Loan    L+ 8.00%    10.40%    12/28/17   12/28/22    17,059    16,820    17,059    5.40 
     (1.00% Floor)                                   
Rural Media Group, Inc.                                        
First Lien Secured Term Loan    L+ 7.73%    10.32%    12/29/17   12/29/22    7,133    7,036    7,048    2.23 
     (1.00% Floor)                                   
                         28,780    28,327    28,689    9.08 
Cable & Satellite                                        
Bulk Midco, LLC                                        
First Lien Secured Term Loan    L+ 7.35%    9.71%    06/08/18   06/08/23    15,000    14,823    13,977    4.42 
     (1.00% Floor)                                   
Communications Equipment                                        
Sorenson Communications, LLC                                        
First Lien Secured Term Loan    L+ 6.50%    8.83%    03/15/19   03/15/24    5,250    5,098    5,230    1.65 
     (0.00% Floor)                                   
Data Processing & Outsourced Services                                        
FPT Operating Company, LLC/                                        
TLabs Operating Company, LLC                                        
First Lien Secured Term Loan    L+ 8.25%    10.69%    06/07/19   06/07/24    25,063    24,815    24,438    7.73 
     (1.00% Floor)                                   
Department Stores                                        
Mills Fleet Farm Group, LLC                                        
First Lien Secured Term Loan    L+ 6.25%    8.65%    10/24/18   10/24/24    14,925    14,659    14,196    4.49 
     (1.00% Floor)                                   
Distributors                                        
Crown Brands, LLC                                        
First Lien Secured Term Loan    L+ 8.00%    10.40%    01/28/19   01/25/24    5,876    5,741    5,735    1.82 
     (1.50% Floor)                                   
First Lien Secured Delayed Draw Loan(7)    L+ 8.00%    10.40%    01/28/19   01/25/24    -    -    (1)   - 
     (1.50% Floor)                                   
                        5,876    5,741    5,734    1.82 
Diversified Support Services                                        
ImageOne Industries, LLC                                        
First Lien Secured Term Loan    L+ 10.00%    12.40%    01/11/18   01/11/23    7,146    6,982    6,788    2.15 
     (1.00% Floor)     (2.00 % PIK)                              
NNA Services, LLC                                        
First Lien Secured Term Loan    L+ 7.00%    9.33%    10/16/18   10/16/23    10,172    9,997    10,078    3.19 
     (1.50% Floor)                                   
Quest Events, LLC                                        
First Lien Secured Term Loan    L+ 6.00%    8.33%    12/28/18   12/28/24    10,888    10,688    10,670    3.38 
     (1.00% Floor)                                   
First Lien Secured Revolving Loan(7)    L+ 6.00%    8.33%    12/28/18   12/28/24    -    -    (2)   - 
     (1.00% Floor)                                   
                        28,206    27,667    27,534    8.72 

  

See notes to consolidated financial statements

 

 8 

 

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited) - (continued)

June 30, 2019

(in thousands)

  

Investment Type(1)     Spread
Above
Index(2)
    Interest
Rate(3)
    Acquisition
Date(10)
    Maturity
Date
    Principal/
Share
Amount
    Amortized
Cost
    Fair
Value(11)
    Fair Value
As A
Percentage
of Net
Assets
 
Food Retail                                                          
AG Kings Holdings, Inc.                                                          
First Lien Secured Term Loan(8)     L+ 11.95%     14.28 %     08/10/16     08/10/21       13,046     $  12,808     $  9,784       3.10 % 
      (1.00% Floor)     (2.00 % PIK)                                              
Crews of California, Inc.                                                          
First Lien Secured Term Loan     L+ 11.00%     13.40 %     11/20/14     11/20/19       9,707       9,693       9,665       3.06  
      (1.00% Floor)     (1.00 % PIK)                                              
First Lien Secured Revolving Loan     L+ 11.00%     13.40 %     06/05/15     11/20/19       5,198       5,187       5,175       1.64  
      (1.00% Floor)     (1.00 % PIK)                                              
First Lien Secured Delayed Draw Loan     L+ 11.00%     13.40 %     03/27/15     11/20/19       2,788       2,783       2,776       0.88  
      (1.00% Floor)     (1.00 % PIK)                                              
                                30,739       30,471       27,400       8.68  
Health Care Facilities                                                          
Grupo HIMA San Pablo, Inc.                                                          
First Lien Secured Term Loan     L+ 11.00%     13.58 %     04/01/18     04/30/19       17,603       17,349       16,489       5.22  
      (1.50% Floor)                                                    
Second Lien Secured Term Loan(8)     N/A     15.75 %     02/01/13     07/31/18       1,028       1,024       103       0.03  
            (2.00 % PIK)                                              
                                18,631       18,373       16,592       5.25  
Health Care Services                                                          
Akumin Corp.                                                          
First Lien Secured Term Loan     L+ 6.00%     8.40 %     05/31/19     05/31/24       13,700       13,438       13,434       4.25  
      (1.00% Floor)                                                    
CHS Therapy, LLC                                                          
First Lien Secured Term Loan A     L+ 8.50%     10.93 %     06/14/19     06/14/24       6,861       6,725       6,724       2.13  
      (1.50% Floor)                                                    
First Lien Secured Term Loan B     L+ 8.00%     10.43 %     06/14/19     06/14/24       7,389       7,242       7,241       2.29  
      (1.50% Floor)                                                    
First Lien Secured Delayed Draw Loan(7)     L+ 8.50%     10.93 %     06/14/19     06/14/24       -       -       (32 )     (0.01 )
      (1.50% Floor)                                                    
PMA Holdco, LLC                                                          
First Lien Secured Term Loan     L+ 8.00%     10.33 %     06/28/18     06/28/23       12,949       12,729       12,840       4.06  
      (1.00% Floor)                                                    
                                40,899       40,134       40,207       12.72  
Home Furnishings                                                          
Sure Fit Home Products, LLC                                                          
First Lien Secured Term Loan     L+ 9.50%     11.83 %     10/26/18     07/13/22       5,390       5,301       5,304       1.68  
      (1.00% Floor)                                                    
Human Resources & Employment Services                                                          
Pluto Acquisition Topco, LLC                                                          
First Lien Secured Term Loan     L+ 6.56%     9.14 %     01/31/19     01/31/24       12,480       12,251       12,365       3.91  
      (1.50% Floor)                                                    
Industrial Machinery                                                          
FR Flow Control CB LLC                                                          
First Lien Secured Term Loan B     L+ 6.00%     8.39 %     05/10/19     06/28/26       7,380       7,232       7,232       2.29  
      (1.00% Floor)                                                    
First Lien Secured Term Loan C     L+ 6.00%     8.39 %     05/10/19     06/28/26       2,870       2,813       2,813       0.89  
      (1.00% Floor)                                                    
                                                           
                                10,250       10,045       10,045       3.18  

Internet Retail

                                                         
Clarus Commerce, LLC                                                          
First Lien Secured Term Loan     L+ 8.34%     10.78 %     03/09/18     03/09/23       17,100       16,950       17,100       5.41  
      (1.00% Floor)                                                    
Internet Services & Infrastructure                                                          
London Trust Media Incorporated                                                          
First Lien Secured Term Loan     L+ 8.00%     10.58 %     02/01/18     02/01/23       10,638       10,523       10,638       3.37  
      (1.00% Floor)                                                    
StackPath, LLC & Highwinds Capital, Inc.                                                          
First Lien Secured Term Loan(8)     L+ 9.50%     12.14 %     04/03/19     02/02/24       15,240       15,005       11,430       3.62  
      (1.00% Floor)     (12.14 % PIK)                                              
                                25,878       25,528       22,068       6.99  
Investment Banking & Brokerage                                                          
Arcole Acquisition Corp(5)                                                          
First Lien Secured Term Loan A     L+ 7.25%     9.77 %     11/29/18     11/30/23       6,592       6,485       6,522       2.06  
      (1.00% Floor)                                                    
First Lien Secured Term Loan B     L+ 14.50%     17.02 %     11/29/18     11/30/23       1,837       1,808       1,818       0.58  
      (1.00% Floor)     (1.50 % PIK)                                              
JVMC Holdings Corp. (f/k/a RJO Holdings Corp)                                                          
First Lien Secured Term Loan     L+ 6.50%     8.90 %     02/28/19     02/28/24       16,624       16,469       16,532       5.23  
      (1.00% Floor)                                                    
First Lien Secured Delayed Draw Loan(7)     L+ 6.50%     8.90 %     02/28/19     02/28/24       -       -       6       -  
      (1.00% Floor)                                                    
                                25,053       24,762       24,878       7.87  
IT Consulting & Other Services                                                          
AST-Applications Software Technology LLC                                                          
First Lien Secured Term Loan     L+ 8.00%     10.40 %     01/10/17     01/10/23       4,235       4,178       4,108       1.30  
      (1.00% Floor)     (1.00 % PIK)                                              
Leisure Facilities                                                          
Honors Holdings, LLC                                                          
First Lien Secured Term Loan     L+ 8.80%     11.45 %     07/17/18     07/17/23       7,500       7,409       7,500       2.37  
      (0.00% Floor)                                                    
Lift Brands, Inc.                                                          
First Lien Secured Term Loan     L+ 7.00%     9.33 %     04/16/18     04/16/23       10,803       10,631       10,501       3.32  
      (1.00% Floor)                                                    
First Lien Secured Revolving Loan(7)     L+ 6.00%     11.50 %     04/16/18     04/16/23       203       200       191       0.06  
      (1.00% Floor)                                                    
Planet Fit Indy 10 LLC                                                          
First Lien Incremental Term Loan     L+ 7.25%     9.66 %     11/30/17     03/07/22       12,890       12,691       12,878       4.08  
      (1.00% Floor)                                                    
First Lien Initial Delayed Draw Loan     L+ 7.25%     9.81 %     11/30/17     03/07/22       6,167       6,151       6,162       1.95  
      (1.00% Floor)                                                    
First Lien Initial Term Loan     L+ 7.25%     9.72 %     11/30/17     03/07/22       130       129       130       0.04  
      (1.00% Floor)                                                    
                                37,693       37,211       37,362       11.82  
Office Services & Supplies                                                          
Empire Office, Inc.                                                          
First Lien Secured Term Loan     L+ 7.00%     9.40 %     04/12/19     04/12/24       12,541       12,301       12,318       3.90  
      (1.50% Floor)                                                    
Other Diversified Financial Services                                                          
Sigue Corporation(4)                                                          
Second Lien Secured Term Loan     L+ 12.00%     14.33 %     12/27/13     09/30/19       24,904       24,905       24,656       7.80  
      (1.00% Floor)                                                    

 

See notes to consolidated financial statements

 

 9 

 

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited) - (continued)

June 30, 2019

(in thousands)

 

Investment Type(1)     Spread
Above
Index(2)
    Interest
Rate(3)
    Acquisition
Date(10)
    Maturity
Date
    Principal/
Share
Amount
    Amortized
Cost
    Fair
Value(11)
    Fair Value
As A
Percentage
of Net
Assets
 
Packaged Foods & Meats                                                          
Lenny & Larry's, LLC                                                          
First Lien Secured Term Loan     L+ 8.00%     10.40 %     05/15/18     05/15/23       12,313     $ 12,122     11,943       3.78 % 
      (1.00% Floor)     (1.19 % PIK)                                              
Poultry Holdings, LLC                                                          
First Lien Secured Term Loan     L+ 5.75%     8.15 %     06/28/19     06/28/25       7,846       7,689       7,689       2.43  
      (1.00% Floor)                                                    
                                                           
                                20,159       19,811       19,632       6.21  
Research & Consulting Services                                                          
Nelson Worldwide, LLC                                                          
First Lien Secured Term Loan     L+ 8.75%     11.33 %     01/09/18     01/09/23       13,780       13,537       13,439       4.25  
      (1.00% Floor)                                                    
Restaurants                                                          
LS GFG Holdings Inc.                                                          
First Lien Secured Term Loan     L+ 6.00%
    8.40 %     11/30/18     11/19/25       10,288       10,005       9,969       3.16  
      (0.00% Floor)                                                    
                                                           
Specialized Finance                                                          
Golden Pear Funding Assetco, LLC(5)                                                          
Second Lien Secured Term Loan     L+ 10.50%     12.94 %     09/20/18     03/20/24       17,500       17,200       17,441       5.52  
      (1.00% Floor)                                                    
Oasis Legal Finance, LLC(5)                                                          
Second Lien Secured Term Loan     L+ 10.75%     13.19 %     09/09/16     03/09/22       20,000       19,805       20,000       6.33  
      (1.00% Floor)                                                    
                                37,500       37,005       37,441       11.85  
Systems Software                                                          
arcserve (USA) LLC                                                          
First Lien Secured Term Loan     L+ 6.00%     8.52 %     05/01/19     05/01/24       8,750       8,581       8,581       2.72  
      (1.00% Floor)                                                    
First Lien Secured Revolving Loan(7)     L+ 6.00%     8.52 %     05/01/19     05/01/24       -       -       -       -  
      (1.00% Floor)                         8,750       8,581       8,581       2.72  
Technology Hardware, Storage & Peripherals                                                          
Source Code Midco, LLC                                                          
First Lien Secured Term Loan     L+ 8.25%     10.83 %     05/04/18     05/04/23       13,818       13,553       13,785       4.36  
      (1.00% Floor)                                                    
Trucking                                                          
Sunteck / TTS Holdings, LLC                                                          
Second Lien Secured Term Loan     L+ 9.00%     11.41 %     12/15/16     06/15/22       3,500       3,467       3,500       1.11  
      (1.00% Floor)                                                    
Total Debt Investments                               535,248       527,590       518,780       164.19  
                                                           
Equity Investments                                                          
Advertising                                                          
Fluent, Inc. (f/k/a Cogint, Inc.)(4)(9)     N/A     N/A     11/28/17     N/A       187       560     1,017       0.32  
                                                           
Diversified Support Services                                                          
Quest Events, LLC                                                          
Preferred Units(4)     N/A     N/A     12/28/18     12/08/25       317       317       317       0.10  
                                                           
Food Retail                                                          
Crews of California, Inc. Warrants (4)     N/A     N/A     11/20/14     12/31/24       -       -       11       -  
Nicholas & Associates, LLC Warrants(4)     N/A     N/A     11/20/14     12/31/24       3       -       227       0.07  
Pinnacle Management Group, LLC Warrants(4)     N/A     N/A     11/20/14     12/31/24       3       -       227       0.07  
RC3 Enterprises, LLC Warrants(4)     N/A     N/A     11/20/14     12/31/24       3       -       227       0.07  
                                9       -       692       0.21  
                                                           
Health Care Services                                                          
PMA Holdco, LLC Warrants(4)     N/A     N/A     06/28/18     06/28/28       8       -       452       0.14  
                                                           
Other Diversified Financial Services                                                          
RCS Creditor Trust Class B Units(4)(6)     N/A     N/A     10/01/17     N/A       143       -       5       -  
                                                           
SFS Global Holding Company Warrants(4)     N/A     N/A     06/28/18     12/28/25       -       -       -       -  
                                                           
Sigue Corporation Warrants(4)     N/A     N/A     06/28/18     12/28/25       16       2,212       3,167       1.00  
                                159       2,212       3,172       1.00  
Specialized Finance                                                          
NMFC Senior Loan Program I LLC Units (4)(5)(6)     N/A     N/A     08/13/14     08/31/21       10,000       10,029       9,640       3.05  
                                                           
Trucking                                                          
Fox Rent A Car, Inc. Warrants(4)     N/A     N/A     10/26/16     12/31/22       -       -       767       0.24  
                                                           
Total Equity Investments                               10,680       13,118       16,057       5.06  
                                                           
Total Investments                               545,928     $ 540,708     $ 534,837       169.25 %

 

See notes to consolidated financial statements

 

 10 

 

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited) - (continued)

June 30, 2019

(in thousands)

 

(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, or the U.S. Prime Rate as published by the Wall Street Journal (“Prime” or “P”). The one, three and six-month LIBOR were 2.4%, 2.3% and 2.2%, respectively, as of June 30, 2019. The Prime was 5.5% as of June 30, 2019.

 

(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 91% 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, 2019. See Note 7.

 

(8) The investment is on non-accrual status.

 

(9) The fair value of the investment was determined using observable inputs. See Note 4. There are no legal restrictions on sales of the investment.

 

(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 169% of the Company’s net assets or 90% of the Company’s total assets, are subject to legal restrictions on sales.

 

(11) Except as otherwise noted, the fair value of each investment was determined using significant unobservable inputs. See Note 4.

 

(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.

 

See notes to consolidated financial statements

 

 11 

 

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2018

(in thousands)

 

Investment Type(1)   

Spread

Above

Index (2)

  

Interest

Rate (3)

    Acquisition Date (10)  

Maturity

Date

  

Principal/

Share

Amount

  

Amortized

Cost

  

Fair

Value (11)

  

Fair Value

As A

Percentage

of Net

Assets

 
North America                                       
Debt Investments                                       
Advertising                                       
Fluent, LLC                                       
First Lien Secured Term Loan    L+ 7.00%
(0.50% Floor)
   9.52%   03/26/18   03/27/23    10,771   $10,771   $10,771    3.42%
Outcome Health                                       
First Lien Secured Term Loan    L+ 9.50%
(1.00% Floor)
  

12.31%

(3.00% PIK)

   12/22/16   12/22/21    7,943    7,581    6,408    2.03 
                       18,714    18,352    17,179    5.45 
Automotive Retail                                       
Team Car Care Holdings, LLC                                       
First Lien Secured Term Loan  (12)    base rate+ 7.99%
(1.00% Floor)
   10.54%   02/26/18   02/23/23    17,183    16,862    16,840    5.34 
Broadcasting                                       
Alpha Media, LLC                                       
First Lien Secured Term Loan    L+ 6.50%
(1.00% Floor)
   9.00%   08/14/18   02/25/22    10,877    10,546    10,493    3.33 
Multicultural Radio Broadcasting, Inc.                                       
First Lien Secured Term Loan    L+ 8.00%
(1.00% Floor)
   10.52%   12/28/17   12/28/22    17,882    17,597    17,739    5.63 
Rural Media Group, Inc.                                       
First Lien Secured Term Loan    L+ 7.86%
(1.00% Floor)
   10.38%   12/29/17   12/29/22    7,000    6,888    6,860    2.18 
                       35,759    35,031    35,092    11.14 
Cable & Satellite                                       
Bulk Midco, LLC                                       
First Lien Secured Term Loan    L+ 7.33%
(1.00% Floor)
   10.10%   06/08/18   06/08/23    15,000    14,801    14,700    4.66 
Data Processing & Outsourced Services                                       
FPT Operating Company, LLC/ TLabs Operating Company, LLC                                       
First Lien Secured Term Loan    L+ 8.25%
(1.00% Floor)
   10.60%   12/23/16   12/23/21    25,394    25,096    24,707    7.84 
Department Stores                                       
Mills Fleet Farm Group, LLC                                       
First Lien Secured Term Loan    L+ 6.25%
(1.00% Floor)
   8.77%   10/24/18   10/24/24    15,000    14,708    14,707    4.66 
Diversified Support Services                                       
Account Control Technology Holdings, Inc.                                       
First Lien Secured Term Loan    L+ 8.75%
(1.00% Floor)
   11.28%   04/28/17   04/28/22    3,933    3,857    3,920    1.24 
ImageOne Industries, LLC                                       
First Lien Secured Term Loan    L+ 10.00%
(1.00% Floor)
  

12.52%

(2.00% PIK)

   01/11/18   01/11/23    7,264    7,082    6,683    2.12 
NNA Services, LLC                                       
First Lien Secured Term Loan    L+ 7.00%    9.80%   10/16/18   10/16/23    10,434    10,234    10,202    3.24 

 

See notes to consolidated financial statements

 

 12 

 

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments - (continued)

December 31, 2018

(in thousands)

 

Investment Type(1)   

Spread

Above

Index (2)

 

 

Interest

Rate (3)

    Acquisition Date (10)  

Maturity

Date

  

Principal/

Share

Amount

  

Amortized

Cost

  

Fair

Value (11)

  

Fair Value

As A

Percentage

of Net

Assets

 
Quest Events, LLC                                      
First Lien Secured Term Loan    L+ 6.00%   8.81%   12/28/18   12/28/24    10,942   $10,724   $10,724    3.40%
First Lien Secured Revolving Loan  (7)    L+ 6.00%   8.81%   12/28/18   12/28/24    -    -    -    - 
                      32,573    31,897    31,529    10.00 
Food Retail                                      
AG Kings Holdings, Inc.                                      
First Lien Secured Term Loan    L+ 9.95%
(1.00% Floor)
   12.75%   08/10/16   08/10/21    13,031    12,737    11,076    3.51 
Crews of California, Inc.                                      
First Lien Secured Term Loan    L+ 11.00%
(1.00% Floor)
   

13.44%

(1.00% PIK)

   11/20/14   11/20/19    10,354    10,320    10,251    3.25 
First Lien Secured Revolving Loan    L+ 11.00%
(1.00% Floor)
   

13.44%

(1.00% PIK)

   06/05/15   11/20/19    5,171    5,148    5,120    1.62 
First Lien Secured Delayed Draw Loan    L+ 11.00%
(1.00% Floor)
   

13.44%

(1.00% PIK)

   03/27/15   11/20/19    2,974    2,961    2,944    0.93 
                      31,530    31,166    29,391    9.31 
Health Care Facilities                                      
Grupo HIMA San Pablo, Inc.                                      
First Lien Secured Term Loan    L+ 9.00%
(1.50% Floor)
   11.52%   04/01/18   05/31/19    14,065    14,065    11,955    3.79 
Second Lien Secured Term Loan  (8)    N/A   

15.75%

(2.00% PIK)

   02/01/13   07/31/18    1,028    1,024    103    0.03 
                      15,093    15,089    12,058    3.82 
Health Care Services                                      
PMA Holdco, LLC                                      
First Lien Secured Term Loan    L+ 7.50%
(1.00% Floor)
   10.30%   06/28/18   06/28/23    14,875    14,591    14,577    4.62 
Home Furnishings                                      
Sure Fit Home Products, LLC                                      
First Lien Secured Term Loan    L+ 9.50%
(1.00% Floor)
   12.31%   10/26/18   07/13/22    5,530    5,424    5,392    1.71 
Internet Retail                                      
Clarus Commerce, LLC                                      
First Lien Secured Term Loan    L+ 8.42%
(1.00% Floor)
   10.95%   03/09/18   03/09/23    17,100    16,930    17,100    5.42 
Internet Services & Infrastructure                                      
London Trust Media Incorporated                                      
First Lien Secured Term Loan    L+ 8.00%
(1.00% Floor)
   10.53%   02/01/18   02/01/23    10,925    10,791    10,816    3.43 
StackPath, LLC & Highwinds Capital, Inc.                                      
Second Lien Secured Term Loan    L+ 9.50%
(1.00% Floor)
   12.33%   02/03/17   02/02/24    18,000    17,673    14,760    4.68 
                      28,925    28,464    25,576    8.11 

 

See notes to consolidated financial statements

 

 13 

 

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments - (continued)

December 31, 2018

(in thousands)

 

Investment Type(1)   

Spread

Above

Index (2)

 

 

Interest

Rate (3)

    Acquisition Date (10)  

Maturity

Date

  

Principal/

Share

Amount

  

Amortized

Cost

  

Fair

Value (11)

  

Fair Value

As A

Percentage

of Net

Assets

 
Investment Banking & Brokerage                                      
Arcole Acquisition Corp(5)                                      
First Lien Secured Term Loan A    L+ 7.25%
(1.00% Floor)
   9.96%   11/29/18   11/30/23    7,588   $7,451   $7,448    2.36%
First Lien Secured Term Loan B    L+ 14.50%
(1.00% Floor)
   

17.21%

(1.50% PIK)

   11/29/18   11/30/23    1,870    1,837    1,836    0.58 
JVMC Holdings Corp.
(f/k/a RJO Holdings Corp)
                                     
First Lien First Out Secured Term Loan    L+ 8.02%
(1.00% Floor)
   10.54%   05/05/17   05/05/22    12,488    12,300    12,726    4.04 
First Lien Last Out Secured Term Loan    L+ 12.00%
(1.00% Floor)
   14.52%   05/05/17   05/05/22    4,625    4,555    4,713    1.49 
                      26,571    26,143    26,723    8.47 
IT Consulting & Other Services                                      
AST-Applications Software Technology LLC                                      
First Lien Secured Term Loan    L+ 8.00%
(1.00% Floor)
   

10.52%

(1.00% PIK)

   01/10/17   01/10/23    4,214    4,148    4,088    1.30 
                                       
Leisure Facilities                                      
Planet Fit Indy 10 LLC                                      
First Lien Incremental Term Loan    L+ 7.25%
(1.00% Floor)
   10.04%   11/30/17   03/07/22    9,892    9,735    9,841    3.12 
First Lien Initial Delayed Draw Loan    L+ 7.25%
(1.00% Floor)
   9.82%   11/30/17   03/07/22    6,183    6,163    6,153    1.95 
First Lien Initial Term Loan    L+ 7.25%
(1.00% Floor)
   10.02%   11/30/17   03/07/22    130    129    130    0.04 
Lift Brands, Inc.                                      
First Lien Secured Term Loan    L+ 7.00%
(1.00% Floor)
   9.80%   04/16/18   04/16/23    10,858    10,663    10,433    3.31 
First Lien Secured Revolving Loan  (7)    L+ 7.00%
(1.00% Floor)
   9.09%   04/16/18   04/16/23    128    126    110    0.03 
Honors Holdings, LLC (Orange Theory)                                      
First Lien Secured Term Loan    L+ 8.94%
(0.00% Floor)
   11.37%   07/17/18   07/17/23    7,500    7,398    7,355    2.33 
                      34,691    34,214    34,022    10.78 
Oil & Gas Exploration & Production                                      
Caelus Energy Alaska O3, LLC                                      
Second Lien Secured Term Loan    L+ 7.50%
   10.30%   04/04/14   04/15/20    17,342    16,876    17,342    5.50 
                                       
Other Diversified Financial Services                                      
Sigue Corporation(4)                                      
Second Lien Secured Term Loan    L+ 12.00%
(1.00% Floor)
   14.80%   12/27/13   09/30/19    24,904    24,904    24,344    7.72 
                                       
Packaged Foods & Meats                                      
Lenny & Larry’s, LLC                                      
First Lien Secured Term Loan    L+ 6.84%
(1.00% Floor)
   9.29%   05/15/18   05/15/23    13,449    13,214    12,777    4.05 

 

See notes to consolidated financial statements

 

 14 

 

  

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments - (continued)

December 31, 2018

(in thousands)

 

Investment Type(1)   

Spread

Above

Index (2)

 

 

Interest

Rate (3)

    Acquisition Date (10)  

Maturity

Date

  

Principal/

Share

Amount

  

Amortized

Cost

  

Fair

Value (11)

  

Fair Value

As A

Percentage

of Net

Assets

 
Research & Consulting Services                                      
Nelson Worldwide, LLC                                      
First Lien Secured Term Loan    L+ 8.75%
(1.00% Floor)
   11.16%   01/09/18   01/09/23    14,303   $14,016   $13,903    4.41%
Restaurants                                      
LS GFG Holdings Inc.                                      
First Lien Secured Term Loan    L+ 6.00%
   8.47%   11/30/18   11/19/25    10,340    10,033    10,020    3.18 
Specialized Finance                                      
Golden Pear Funding Assetco, LLC  (5)                                      
Second Lien Secured Term Loan    L+ 10.50%
(1.00% Floor)
   12.85%   09/20/18   03/20/24    17,500    17,168    17,150    5.44 
Oasis Legal Finance, LLC(5)                                      
Second Lien Secured Term Loan    L+ 10.75%
(1.00% Floor)
   13.10%   09/09/16   03/09/22    20,000    19,768    20,000    6.34 
                      37,500    36,936    37,150    11.78 
Technology Hardware, Storage & Peripherals                                      
Source Code Midco, LLC                                      
First Lien Secured Term Loan    L+ 8.75%
(1.00% Floor)
   11.28%   05/04/18   05/04/23    14,182    13,874    13,898    4.41 
Trucking                                      
Sunteck / TTS Holdings, LLC                                      
Second Lien Secured Term Loan    L+ 9.00%
(1.00% Floor)
   11.79%   12/15/16   06/15/22    3,500    3,462    3,468    1.10 
Total Debt Investments                     473,672    466,231    456,583    144.78 
Equity Investments                                      
Advertising                                      
Fluent, Inc. (f/k/a Cogint, Inc.) (4)(9)    N/A   N/A   11/28/17   12/08/25    187    560    706    0.22%
Diversified Support Services                                      
Quest Events, LLC                                      
Preferred Units(4)    N/A   N/A   12/28/18   12/08/25    317    317    317    0.10 
Food Retail                                      
Crews of California, Inc. Warrants  (4)    N/A   N/A   11/20/14   12/31/24    -    -    6    - 
Nicholas & Associates, LLC Warrants  (4)    N/A   N/A   11/20/14   12/31/24    2    -    131    0.04 
Pinnacle Management Group, LLC Warrants  (4)    N/A   N/A   11/20/14   12/31/24    2    -    131    0.04 
RC3 Enterprises, LLC Warrants  (4)    N/A   N/A   11/20/14   12/31/24    2    -    131    0.04 
                      6    -    399    0.12 
Health Care Services                                      
PMA Holdco, LLC Warrants (4)    N/A   N/A   06/28/18   N/A    8    -    393    0.12 

 

See notes to consolidated financial statements

 

 15 

 

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments - (continued)

December 31, 2018

(in thousands)

 

Investment Type(1)   

Spread

Above

Index (2)

 

 

Interest

Rate (3)

   Acquisition Date (10)  

Maturity

Date

  

Principal/

Share

Amount

  

Amortized

Cost

  

Fair

Value (11)

  

Fair Value

As A

Percentage

of Net

Assets

 
Other Diversified Financial Services                                      
RCS Creditor Trust Class B Units  (4)(6)    N/A   N/A   10/01/17   N/A    143   $-   $535    0.17%
SFS Global Holding Company Warrants  (4)    N/A   N/A   06/28/18   N/A    -