WHFMEDIUM SIGNALOPERATIONAL10-K

WHF shows significant portfolio turnover with multiple new investments added while exiting several positions, coupled with strong earnings growth but concerning cash depletion.

The extensive changes in portfolio holdings indicate active capital deployment and portfolio optimization, suggesting WHF is rotating into new opportunities while harvesting returns from mature investments. However, the combination of strong net income growth alongside a material decline in cash reserves warrants monitoring of liquidity management and capital allocation efficiency.

Comparing 2026-03-06 vs 2025-03-07View on EDGAR →
FINANCIAL ANALYSIS

WHF delivered strong operational performance with net income surging 32.1% to $14.3M, demonstrating effective portfolio management and value creation. However, cash and equivalents declined sharply by 43.4% to $7.0M, indicating significant capital deployment or distributions that reduced liquidity cushion. The divergence between strong earnings growth and declining cash position suggests active investment activity that investors should monitor for sustainability and returns on deployed capital.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-43.4%
$12.4M$7.0M

Cash declined 43.4% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Net Income
P&L
+32.1%
$10.9M$14.3M

Net income grew 32.1% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-03-06
PRIOR — 2025-03-07
ADDED
Preferred Stock 2025-12-31 0001552198 Playmonster Group Equity, Inc Common Stock 2025-12-31 0001552198 PFB Holding Company, LLC Class A Units 2025-12-31 0001552198 Motivational CIV, LLC Class B Units 2025-12-31 0001552198 Merriman Holdings LP (d/b/a Escalent, Inc.) Class A Units 2025-12-31 0001552198 Max Solutions Inc.
(d/b/a The Weather Company, LLC) First Lien Secured Revolving Loan 2025-12-31 0001552198 Whitestone Home Furnishings, LLC (d/b/a Saatva, Inc.) First Lien Secured Term Loan 2025-12-31 0001552198 WCHG Buyer, Inc.
First Lien Secured Term Loan 2025-12-31 0001552198 Wamp;A Intermediate Co., LLC First Lien Secured Term Loan 2025-12-31 0001552198 Wamp;A Intermediate Co., LLC First Lien Secured Revolving Loan 2025-12-31 0001552198 Wamp;A Intermediate Co., LLC First Lien Secured Delayed Draw Loan 2025-12-31 0001552198 W Electric Intermediate Holdings, LLC First Lien Secured Term Loan 2025-12-31 0001552198 UserZoom Technologies, Inc.
First Lien Secured Term Loan 2025-12-31 0001552198 Turnberry Solutions., First Lien Secured Term Loan 2025-12-31 0001552198 Turnberry Solutions., First Lien Secured Revolving Loan 2025-12-31 0001552198 TriplePoint Acquisition Holdings LLC First Lien Secured Term Loan 2025-12-31 0001552198 TriplePoint Acquisition Holdings LLC First Lien Secured Revolving Loan 2025-12-31 0001552198 Trimlite Buyer LLC First Lien Secured Term Loan 2025-12-31 0001552198 Transervice Holdings, Inc.
First Lien Secured Term Loan 2025-12-31 0001552198 Surge Amuze Holdings Inc.
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REMOVED
Common Stock 2023-12-31 0001552198 Lift Brands, Inc First Lien Secured Term Loan B 2023-12-31 0001552198 Keras Holdings, LLC Shares 2023-12-31 0001552198 ImageOne Industries, LLC Common A Units 2023-12-31 0001552198 EducationDynamics, LLC Subordinated Unsecured Term Loa 2023-12-31 0001552198 Eddy Acquisitions, LLC Preferred Units 2023-12-31 0001552198 CX Holdco LLC Common Units 2023-12-31 0001552198 Chase Products Co.
First Lien Secured Term Loan 2024-12-31 0001552198 MSI Information Services, Inc.
First Lien Secured Revolving Loan 2024-12-31 0001552198 Maxor Acquisition, Inc.
(d/b/a Maxor National Pharmacy Services, LLC) First Lien Secured Delayed Draw Loan 2024-12-31 0001552198 Max Solutions, Inc., First Lien Secured Term Loan 2024-12-31 0001552198 Max Solutions, Inc., First Lien Secured Revolving Loan 2024-12-31 0001552198 Max Solutions, Inc., First Lien Secured Delayed Draw Loan 2024-12-31 0001552198 Marlin DTC-LS Midco 2, LLC, First Lien Secured Term Loan 2024-12-31 0001552198 Marlin DTC-LS Midco 2, LLC First Lien Secured Revolving Loan 2024-12-31 0001552198 Mamp;M OpCo.
First Lien Secured Term Loan 2024-12-31 0001552198 LogicMonitor, Inc.
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