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 BDC

Data as of Jan. 16, 2020
Current
Market Price $13.99 (+ $0.03)
NAV (Sept. 30, 2019) $15.36 ( $0.00)
Premium / Discount -8.92% (+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
Related Indexes
Debt-Focused Business Development Company (BDC) Index
Discount CEF/BDC Index
Capital & Leverage
Outstanding Shares 20,546,032
Total Assets (Reported: Sept. 30, 2019) $566M
Estimated Total Assets $540M
Net Assets $316M
Market Cap $287M
Debt-to-Equity 0.7458
Total Leverage 41.57%
Structural Leverage (out of total) 100.00%
Portfolio Leverage (out of total) 0.00%
Expense Ratio 11.54%
Non Lev Exp Ratio 7.11%
Gross Asset Expense Ratio 6.43%
Gross Asset Non Lev Exp Ratio 3.96%
Rel Lev Cost 5.94%
Discount Data
Average Discount (3 Yr) -5.64%
Discount Low(3 Yr) -21.39%
Discount High(3 Yr) 10.49%
Discount Rel Range 39.11%
Comp Discount -7.45
Discount St Dev (1Yr) 2.47
Z-Stat
Z-Stat (6mo) 0.50
Z-Stat (1Yr) 0.05
Z-Stat (3Yr) -0.53
Comp Z-Stat (6mo) -0.39
Comp Z-Stat (3Yr) -1.03
Distribution Data
Market Yield 10.15%
Income Yield 10.15%
Lev Adj NAV Yield 6.53%
Av Yield on Debt Investments 11.00
Distribution Frequency Q
Current Distribution $0.355
Current Income $0.355
Ex-Date 12/18/19
Payable Date 1/3/20
Div Growth (3yr) 0.00%
Dividend Change 228.7% on 2/27/13
Expected Div 3/13/20
RoC (1yr) 0.00%
RoC (3yr) 0.00%
Tax Dividend Data 2018 2016 - 2018
Income 68.4% 87.9%
ST Gains 0% 0%
QDI 0% 0%
LT Gains 31.6% 10.5%
RoC 0% 1.5%
Volume & Liquidity
Average Daily $ (M) $1,712
Avg Volume 30 day 141,334
Avg Volume 90 day 122,371
Volume Trend 15.50%
Comp Volume Trend -2.95%
Correlation & Volatility
Price Correlation (1yr)
vs. S&P 500 (TR)
4.0%
Price Correlation (1yr)
vs. CEFA's 12 Major CEF Sectors Index
18.0%
Price Correlation (1yr)
vs. CEFA's BDC Index
45.0%
Most Correlated Peer (Mk Pr): SCM 63.0%
Price St Dev (1Yr) 16.1%
NAV St Dev (1Yr) 0.4%
Earnings
Earnings / Share (9/30/19) $0.421
Adj Core NII Coverage 113.73%
1 Yr Avg NII Coverage 108.07%
1 Yr Avg Adj Core NII Coverage 107.56%
NII Trend 1.48%
Adj Core NII Trend 0.36%
Performance
Price Beta (2yr)
vs. S&P 500 (TR)
0.63
Price Beta (2yr)
vs. CEFA's 12 Major CEF Sectors Index
1.02
Price Beta (2yr)
vs. CEFA's Debt-Focused Business Development Company (BDC) Index
0.98
Portfolio Data
Avg Libor Floor % 1.12%
% Loans with Libor Floor 83%

DISCLOSURES:

CEFData.com makes data for the universe of closed-end funds (CEFs) and business development companies (BDCs) available to its users. This material is not intended to be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. This site does not list all the risks associated with each fund. Investors should contact a fund’s sponsor for fund-specific risk information and/or contact a financial advisor before investing.

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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