CEF Advisors AICA Event NAVigator Podcast

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 BDC

Data as of July 1, 2022
Current
Market Price $13.27 (+ $0.13)
NAV (March 31, 2022) $14.99 ( $0.00)
Fund Listed NASDAQ
Premium / Discount -11.47% (+0.87%)
Fund Info
Inception Feb. 25, 1992
Sponsor H.I.G. Capital
Website http://phx.corporate-i...
Phone (305) 381-6999
Location Florida
Incorporated Delaware
Staggered Board Yes
Objective: Attractive risk-adjusted returns; senior secured loans
Related Indexes
High Income Index
Capital & Leverage
Outstanding Shares 23,243,088
Total Assets (Reported: March 31, 2022) $838M
Estimated Total Assets $788M
Net Assets $348M
Market Cap $308M
Portfolio Turnover 51.16%
Debt-to-Equity 1.3447
Total Leverage 55.78%
Structural Leverage (out of total) 100.00%
Portfolio Leverage (out of total) 0.00%
Expense Ratio 13.18%
Non Lev Exp Ratio 7.71%
Gross Asset Expense Ratio 5.48%
Gross Asset Non Lev Exp Ratio 3.21%
Rel Lev Cost 4.08%
Discount Data
Average Discount (3 Yr) -10.80%
Discount Low(3 Yr) -60.08%
Discount High(3 Yr) 9.36%
Discount Rel Range 69.99%
Comp Discount 2.05
Discount St Dev (1Yr) 4.11
Z-Stat
Z-Stat (6mo) -1.73
Z-Stat (1Yr) -2.53
Z-Stat (3Yr) -0.05
Comp Z-Stat (6mo) -0.11
Comp Z-Stat (3Yr) 0.28
Distribution Data
Market Yield 10.70%
Income Yield 10.70%
Lev Adj NAV Yield 6.08%
Av Yield on Debt Investments 9.20
Distribution Frequency Q
Current Distribution $0.355
Current Income $0.355
Ex-Date 6/17/22
Payable Date 7/5/22
Div Growth (3yr) 0.00%
Dividend Change 228.7% on 2/27/13
Expected Div 8/8/22
RoC (1yr) 0.00%
RoC (3yr) 0.00%
Tax Dividend Data 2021 2019 - 2021
Income 83.2% 67.4%
ST Gains 0% 0%
QDI 0% 0%
LT Gains 16.9% 32.6%
RoC 0% 0%
Volume & Liquidity
Average Daily $ (K) $940
Avg Volume 30 day 69,608
Avg Volume 90 day 70,831
Volume Trend -1.73%
Comp Volume Trend -18.19%
Correlation & Volatility
Price Correlation (1yr)
vs. S&P 500 (TR)
59.0%
Price Correlation (1yr)
vs. CEFA's 12 Major CEF Sectors Index
72.0%
Price Correlation (1yr)
vs. CEFA's BDC Index
73.0%
Most Correlated Peer (Mk Pr): OCSL 75.0%
Price St Dev (1Yr) 20.1%
NAV St Dev (1Yr) 2.5%
Earnings
Earnings / Share (3/31/22) $0.368
Adj Core NII Coverage 96.76%
1 Yr Avg NII Coverage 94.99%
1 Yr Avg Adj Core NII Coverage 96.09%
NII Trend 4.62%
Adj Core NII Trend -7.24%
Performance
Price Beta (2yr)
vs. S&P 500 (TR)
0.62
Price Beta (2yr)
vs. CEFA's 12 Major CEF Sectors Index
1.03
Price Beta (2yr)
vs. CEFA's Debt-Focused Business Development Company (BDC) Index
0.88
Portfolio Data
Avg Libor Floor % 1.06%
% Loans with Libor Floor 86%

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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.

This material is presented for informational purposes only. Under no circumstances is it to be considered an offer to sell, or a solicitation to buy any investment referred to on this page. While the information contained herein is from sources believed reliable, we do not represent that it is accurate or complete and it should not be relied upon as such. Past performance is not necessarily indicative of future results. All investments involve risk including the loss of principal. Returns are presented gross of investment management fees and other appropriate fees (i.e. commissions, custodial fees, etc.).

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