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 June 2, 2023
Market Price $11.74 (+ $0.19)
NAV (March 31, 2023) $14.20 ( $0.00)
Fund Listed NASDAQ
Premium / Discount -17.32% (+1.34%)
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
Discount CEF/BDC Index
Capital & Leverage
Outstanding Shares 23,243,088
Total Assets (Reported: March 31, 2023) $781M
Estimated Total Assets $721M
Net Assets $330M
Market Cap $273M
Portfolio Turnover 19.80%
Debt-to-Equity 1.2838
Total Leverage 54.24%
Structural Leverage (out of total) 100.00%
Portfolio Leverage (out of total) 0.00%
Expense Ratio 18.67%
Non Lev Exp Ratio 9.58%
Gross Asset Expense Ratio 7.92%
Gross Asset Non Lev Exp Ratio 4.06%
Rel Lev Cost 7.10%
Discount Data
Average Discount (3 Yr) -8.90%
Discount Low(3 Yr) -37.17%
Discount High(3 Yr) 9.36%
Discount Rel Range (3 Yr) 42.64%
Comp Discount -5.41
Discount St Dev (1Yr) 5.62
Z-Stat (6mo) -1.36
Z-Stat (1Yr) -1.09
Z-Stat (3Yr) -0.79
Comp Z-Stat (6mo) -1.14
Comp Z-Stat (3Yr) -0.49
Distribution Data
Market Yield 12.61%
Income Yield 12.61%
Lev Adj NAV Yield 6.76%
Av Yield on Debt Investments 13.20
Distribution Frequency Q
Current Distribution $0.370
Current Income $0.370
Ex-Date 6/20/23
Payable Date 7/5/23
Div Growth (3yr) 4.23%
Dividend Change 4.2% on 5/9/23
Expected Div 8/9/23
RoC (1yr) 0.00%
RoC (3yr) 0.00%
Tax Dividend Data 2022 2020 - 2022
Income 100% 88.8%
ST Gains 0% 0%
QDI 0% 0%
LT Gains 0% 11.2%
RoC 0% 0%
Volume & Liquidity
Average Daily $ (K) $661
Avg Volume 30 day 49,211
Avg Volume 90 day 56,317
Volume Trend -12.62%
Comp Volume Trend -1.42%
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): OCSL 74.0%
Price St Dev (1Yr) 27.7%
NAV St Dev (1Yr) 3.4%
Earnings / Share (3/31/23) $0.461
Adj Core NII Coverage 124.47%
1 Yr Avg NII Coverage 118.13%
1 Yr Avg Adj Core NII Coverage 114.37%
NII Trend 23.42%
Adj Core NII Trend 32.75%
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 % 1.01%
% Loans with Libor Floor 88%


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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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