CEF Advisors

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

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WhiteHorse Finance, Inc. (WHF)

BDC - Debt Focused

Data as of March 22, 2019
Market Price $14.33 (- $0.03)
NAV (Dec. 31, 2018) $15.35 ( $0.00)
Premium / Discount -6.64% (-0.20%)
Fund Info
Inception Feb. 25, 1992
Sponsor H.I.G. Capital
Website http://phx.corporate-i...
Phone (305) 381-6999
Objective: Attractive risk-adjusted returns; senior secured loans
Capital & Leverage
Outstanding Shares 20,546,032
Total Assets (Reported: Dec. 31, 2018) $514M
Estimated Total Assets $479M
Net Assets $315M
Market Cap $294M
Debt-to-Equity 0.5581
Total Leverage 34.23%
Structural Leverage (out of total) 100.00%
Portfolio Leverage (out of total) 0.00%
Expense Ratio 11.47%
Non Lev Exp Ratio 7.55%
Gross Asset Expense Ratio 6.72%
Gross Asset Non Lev Exp Ratio 4.42%
Rel Lev Cost 6.71%
Discount Data
Average Discount (3 Yr) -7.84%
Discount Low(3 Yr) -26.13%
Discount High(3 Yr) 10.49%
Discount Rel Range 53.21%
Comp Discount 0.59
Discount St Dev (1Yr) 5.99
Z-Stat (6mo) 1.34
Z-Stat (1Yr) 0.16
Z-Stat (3Yr) 0.14
Comp Z-Stat (6mo) 0.90
Comp Z-Stat (3Yr) 0.17
Distribution Data
Market Yield 9.91%
Income Yield 9.91%
Lev Adj NAV Yield 6.89%
Av Yield on Debt Investments 11.80
Distribution Frequency Q
Current Distribution $0.355
Current Income $0.355
Ex-Date 3/25/19
Payable Date 4/3/19
Div Growth (3yr) 0.00%
Dividend Change 228.7% on 2/27/13
Expected Div 6/5/19
RoC (1yr) 0.00%
RoC (3yr) 0.00%
Tax Dividend Data 2017 2015 - 2017
Income 95.4% 96.5%
ST Gains 0% 0%
QDI 0% 0%
LT Gains 0% 0%
RoC 4.6% 3.5%
Volume & Liquidity
Average Daily $ (M) $767
Avg Volume 30 day 85,218
Avg Volume 90 day 53,545
Volume Trend 59.15%
Comp Volume Trend 42.99%
Correlation & Volatility
Price Correlation (1yr)
vs. S&P 500 (TR)
Price Correlation (1yr)
vs. CEFA's 12 Major CEF Sectors Index
Price Correlation (1yr)
vs. CEFA's BDC Index
Most Correlated Peer (Mk Pr): SCM 70.0%
Price St Dev (1Yr) 22.2%
NAV St Dev (1Yr) 6.1%
Earnings / Share (12/31/18) $0.391
Adj Core NII Coverage 112.05%
1 Yr Avg NII Coverage 85.72%
1 Yr Avg Adj Core NII Coverage 105.34%
NII Trend -10.45%
Adj Core NII Trend -0.26%
Loan Specific Data
Maturity 3.62
Price Beta (2yr)
vs. S&P 500 (TR)
Price Beta (2yr)
vs. CEFA's 12 Major CEF Sectors Index
Price Beta (2yr)
vs. CEFA's Debt-Focused Business Development Company (BDC) Index
Portfolio Data
Avg Libor Floor % 1.00%
% Loans with Libor Floor 84%


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NOTES: Distribution type sourced from CEFdata.com. For specific information about a fund's distribution sources, visit the fund sponsor's website.

The following information applies to closed-end funds and business development companies in general: Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation (FDIC). Shares of closed-end funds (CEFs) and business development companies (BDCs) are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds and business development companies frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.

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