WhiteHorse Finance, Inc.
US ˙ NasdaqGS ˙ US96524V1061

SecurityWHF / WhiteHorse Finance, Inc.
InstitutionMorgan Stanley
Latest Disclosed Ownership34,996 shares
Latest Disclosed Value $ 258,976
Morgan Stanley reports 26.71% increase in ownership of WHF / WhiteHorse Finance, Inc.

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 34,996 shares of WhiteHorse Finance, Inc. (US:WHF) valued at $258,970 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 27,619 shares of WhiteHorse Finance, Inc.. This represents a change in shares of 26.71% during the quarter. The current value of the position is $233,423 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F WHITEHORSE FIN COM 96524V106 34,996 7,377 26.71 259 35.08 0.0000
2026-05-27 2025-12-31 13F/A-1 WHITEHORSE FIN COM 96524V106 27,619 19,937 259.53 192 260.38 0.0000
2026-02-13 2025-12-31 13F WHITEHORSE FIN COM 96524V106 27,619 19,937 192 0.0000
2026-05-27 2025-09-30 13F/A-1 WHITEHORSE FIN COM 96524V106 7,682 -10,985 -58.85 53 -67.28 0.0000
2025-11-14 2025-09-30 13F WHITEHORSE FIN COM 96524V106 7,682 -10,985 53 0.0000
2025-08-15 2025-06-30 13F WHITEHORSE FIN COM 96524V106 18,667 -7,390 -28.36 163 -35.46 0.0000
2025-05-15 2025-03-31 13F WHITEHORSE FIN COM 96524V106 26,057 -20,918 -44.53 251 -44.71 0.0000
2025-05-15 2024-12-31 13F/A-1 WHITEHORSE FIN COM 96524V106 46,975 -4,010 -7.87 455 -22.92 0.0000
2025-02-14 2024-12-31 13F WHITEHORSE FIN COM 96524V106 46,975 -4,010 455 0.0000
2025-05-14 2024-09-30 13F/A-2 WHITEHORSE FIN COM 96524V106 50,985 -114,107 -69.12 590 -70.91 0.0000
2025-02-14 2024-09-30 13F/A-1 WHITEHORSE FIN COM 96524V106 50,985 -114,107 590 0.0000
2024-11-14 2024-09-30 13F WHITEHORSE FIN COM 96524V106 50,985 -114,107 590 0.0000
2025-05-14 2024-06-30 13F/A-2 WHITEHORSE FIN COM 96524V106 165,092 5,797 3.64 2,026 2.53 0.0002
2024-10-17 2024-06-30 13F/A-1 WHITEHORSE FIN COM 96524V106 165,092 5,797 2,026 0.0002
2024-08-14 2024-06-30 13F WHITEHORSE FIN COM 96524V106 165,092 5,797 2,026 0.0002
2024-10-17 2024-03-31 13F/A-2 WHITEHORSE FIN COM 96524V106 159,295 12,702 8.66 1,975 9.54 0.0002
2024-08-16 2024-03-31 13F/A-1 WHITEHORSE FIN COM 96524V106 159,295 12,702 1,975 0.0000
2024-05-15 2024-03-31 13F WHITEHORSE FIN COM 96524V106 159,295 12,702 1,975 0.0002
2024-08-16 2023-12-31 13F/A-1 WHITEHORSE FIN COM 96524V106 146,593 1,151 0.79 1,803 -2.91 0.0002
2024-02-13 2023-12-31 13F WHITEHORSE FIN COM 96524V106 146,593 1,151 1,803 0.0002
2023-11-15 2023-09-30 13F WHITEHORSE FIN COM 96524V106 145,442 75,471 107.86 1,857 107.02 0.0002
2023-08-14 2023-06-30 13F WHITEHORSE FIN COM 96524V106 69,971 27,885 66.26 898 70.53 0.0001
2023-05-15 2023-03-31 13F WHITEHORSE FIN COM 96524V106 42,086 17,011 67.84 527 60.86 0.0001
2023-02-14 2022-12-31 13F WHITEHORSE FIN COM 96524V106 25,075 1,077 4.49 327 22.93 0.0000
2022-11-14 2022-09-30 13F WHITEHORSE FIN COM 96524V106 23,998 2,441 11.32 266 -6.01 0.0000
2022-10-27 2022-06-30 13F/A-1 WHITEHORSE FIN COM 96524V106 21,557 2,766 14.72 283 0.00 0.0000
2022-08-15 2022-06-30 13F WHITEHORSE FIN COM 96524V106 21,557 2,766 283 0.0000
2022-10-27 2022-03-31 13F/A-1 WHITEHORSE FIN COM 96524V106 18,791 986 5.54 283 2.54 0.0000
2022-05-13 2022-03-31 13F WHITEHORSE FIN COM 96524V106 18,791 986 283 0.0000
2022-02-14 2021-12-31 13F WHITEHORSE FIN COM 96524V106 17,805 327 1.87 276 3.76 0.0000
2021-11-15 2021-09-30 13F WHITEHORSE FIN COM 96524V106 17,478 617 3.66 266 5.98 0.0000
2021-08-23 2021-06-30 13F/A-1 WHITEHORSE FIN COM 96524V106 16,861 -3,320 -16.45 251 -17.97 0.0000
2021-08-16 2021-06-30 13F WHITEHORSE FIN COM 96524V106 16,861 -3,320 251 0.0000
2021-05-17 2021-03-31 13F WHITEHORSE FIN COM 96524V106 20,181 -1,497 -6.91 306 3.73 0.0000
2021-02-16 2020-12-31 13F WHITEHORSE FIN COM 96524V106 21,678 -1,272 -5.54 295 31.11 0.0000
2020-11-13 2020-09-30 13F WHITEHORSE FIN COM 96524V106 22,950 -386 -1.65 225 -6.25 0.0000
2020-08-14 2020-06-30 13F WHITEHORSE FIN COM 96524V106 23,336 -10,982 -32.00 240 -1.23 0.0001
2020-05-26 2020-03-31 13F/A-1 WHITEHORSE FIN COM 96524V106 34,318 -138,930 -80.19 243 -89.76 0.0001
2020-05-15 2020-03-31 13F WHITEHORSE FIN COM 96524V106 34,318 -138,930 243 18.6675
2020-02-14 2019-12-31 13F WHITEHORSE FIN COM 96524V106 173,248 33,847 24.28 2,373 22.19 0.0006
2019-11-14 2019-09-30 13F WHITEHORSE FIN COM 96524V106 139,401 3,567 2.63 1,942 3.96 0.0005
2019-08-14 2019-06-30 13F WHITEHORSE FIN COM 96524V106 135,834 29,902 28.23 1,868 24.20 0.0005
2019-05-15 2019-03-31 13F WHITEHORSE FIN COM 96524V106 105,932 74 0.07 1,504 11.74 0.0004
2019-02-14 2018-12-31 13F WHITEHORSE FIN COM 96524V106 105,858 2,867 2.78 1,346 -5.94 0.0004
2019-04-23 2018-09-30 13F/A-2 WHITEHORSE FIN COM 96524V106 102,991 -6,913 -6.29 1,431 -10.28 0.0004
2018-11-20 2018-09-30 13F/A-1 WHITEHORSE FIN COM 96524V106 102,991 0 1,431 0.0004
2018-11-14 2018-09-30 13F WHITEHORSE FIN COM 96524V106 102,991 -6,913 1,431
2019-04-23 2018-06-30 13F/A-1 WHITEHORSE FIN COM 96524V106 109,904 -10,516 -8.73 1,595 6.62 0.0004
2018-08-14 2018-06-30 13F WHITEHORSE FIN COM 96524V106 109,904 -10,516 1,595
2019-04-23 2018-03-31 13F/A-1 WHITEHORSE FIN COM 96524V106 120,420 -115,031 -48.86 1,496 -52.66 0.0004
2018-05-14 2018-03-31 13F WHITEHORSE FIN COM 96524V106 120,420 -115,031 1,496
2019-04-23 2017-12-31 13F/A-1 WHITEHORSE FIN COM 96524V106 235,451 15,181 6.89 3,160 -2.74 0.0009
2018-02-14 2017-12-31 13F WHITEHORSE FIN COM 96524V106 235,451 15,181 3,160
2017-11-14 2017-09-30 13F WHITEHORSE FIN COM 96524V106 220,270 58,429 36.10 3,249 50.14 0.0010
2017-08-11 2017-06-30 13F WHITEHORSE FIN COM 96524V106 161,841 11,180 7.42 2,164 4.14 0.0007
2017-05-22 2017-03-31 13F/A-1 WHITEHORSE FIN COM 96524V106 150,661 -1,517 -1.00 2,078 12.14 0.0006
2017-05-12 2017-03-31 13F WHITEHORSE FIN COM 96524V106 150,661 2,078
2017-02-22 2016-12-31 13F/A-1 WHITEHORSE FIN COM 96524V106 152,178 18,263 13.64 1,853 26.57 0.0006
2017-02-13 2016-12-31 13F WHITEHORSE FIN COM 96524V106 152,178 1,853
2016-11-10 2016-09-30 13F WHITEHORSE FIN COM 96524V106 133,915 9,287 7.45 1,464 8.61 0.0005
2016-08-12 2016-06-30 13F WHITEHORSE FIN COM 96524V106 124,628 -4,746 -3.67 1,348 0.30 0.0005
2016-05-12 2016-03-31 13F WHITEHORSE FIN COM 96524V106 129,374 -6,324 -4.66 1,344 -13.68 0.0005
2016-02-09 2015-12-31 13F WHITEHORSE FIN COM 96524V106 135,698 29,263 27.49 1,557 25.56 0.0006
2016-02-08 2015-09-30 13F/A-1 WHITEHORSE FIN COM 96524V106 106,435 32,757 44.46 1,240 32.90 0.0005
2015-11-09 2015-09-30 13F WHITEHORSE FIN COM 96524V106 106,435 1,240
2015-08-12 2015-06-30 13F WHITEHORSE FIN COM 96524V106 73,678 25,872 54.12 933 57.34 0.0003
2015-05-14 2015-03-31 13F WHITEHORSE FIN COM 96524V106 47,806 13,706 40.19 593 50.51 0.0002
2015-02-13 2014-12-31 13F WHITEHORSE FIN COM 96524V106 34,100 12,351 56.79 394 36.81 0.0001
2014-12-16 2014-09-30 13F/A-1 WHITEHORSE FIN COM 96524V106 21,749 3,544 19.47 288 12.50 0.0001
2014-11-14 2014-09-30 13F WHITEHORSE FIN COM 96524V106 21,749 288
2014-05-13 2014-03-31 13F WHITEHORSE FIN COM 96524V106 18,205 679 3.87 256 -3.03 0.0001
2014-02-13 2013-12-31 13F WHITEHORSE FIN COM 96524V106 17,526 2,315 15.22 264 14.78 0.0001
2013-11-13 2013-09-30 13F White Horse Finance COM 96524V106 15,211 3,208 26.73 230 21.05 0.0001
2013-08-08 2013-06-30 13F White Horse Finance COM 96524V106 12,003 12,003 190 0.0001
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.