Business Context and Reporting Period
This Form 8-K Current Report was filed by WhiteHorse Finance, Inc. on January 14, 2019. The filing reports the entry into a material definitive agreement on that date to establish a joint venture with the State Teachers Retirement System of Ohio (STRS Ohio).
Key Financial Metrics
This filing does not report standard financial performance metrics such as revenue, profit, cash flow, margins, or existing debt levels. The primary financial data disclosed relates to capital commitments for a new joint venture:
- Joint Venture Name: WHF STRS Ohio Senior Loan Fund LLC
- Investment Focus: Lower middle market, senior secured debt facilities
- Total Committed Capital: Up to $125 million in subordinated notes and equity
- WhiteHorse Finance Commitment: Up to $75 million
- STRS Ohio Commitment: Up to $50 million
- Target Third-Party Financing: Up to $250 million
Material Changes
The material change reported is the formation of the joint venture with STRS Ohio. This represents a strategic expansion into co-managing a new investment vehicle rather than a change in historical operating results.
Guidance, Outlook, and Risks
The filing includes a press release issued on January 18, 2019, announcing the launch of the joint venture. The document contains forward-looking statements regarding the joint venture's activities. Management notes that actual results may differ materially from these statements due to various risks and uncertainties. The company explicitly states it undertakes no duty to update any forward-looking statements made in this report.
Key Facts for Investor Verification
- Verify the final closing amount of the $125 million committed capital versus the maximum potential commitment.
- Confirm the status of the intended $250 million in third-party financing.
- Review the specific terms of the limited liability company operating agreement governing the joint venture.
- Check subsequent filings for updates on the deployment of capital into senior secured debt facilities.