WHF on Nasdaq
WHITEFIELD LIMITED
We are an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as.4 From its latest annual report
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Last updated Oct 19, 2026.
Overview
- TickerWHF on Nasdaq1
- HeadquartersMiami, Florida1
- Incorporated inDE3
- Business address1450 Brickell Avenue, 31St Floor, Miami, Fl 331313
- Filer categoryAccelerated filer3
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We are an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for tax purposes, we have elected to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code, and intend to qualify annually for such treatment.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total investment income | $72.7M | $92.8M | $103.3M |
| Interest expense | $23.1M | $27.9M | $29.9M |
| Base management fees | $11.1M | $12.1M | $14.7M |
| Performance-based incentive fees | $6.5M | $9.3M | $10.7M |
| Administrative service fees | $683.0K | $683.0K | $683.0K |
| General and administrative expenses | $4.7M | $4.4M | $3.6M |
| Total expenses, before fees waived | $46.1M | $54.5M | $59.6M |
| Performance-based incentive fees waived | -$200.0K | ||
| Total expenses | $45.9M | $54.5M | $59.6M |
| Net investment income before excise tax | $26.8M | $38.4M | $43.7M |
| Excise tax | $662.0K | $1.1M | $965.0K |
| Net investment income after excise tax | $26.1M | $37.2M | $42.7M |
| Net realized gains (losses) | -$35.4M | -$18.0M | $5.7M |
| Foreign currency transactions | -$784.0K | -$1.0K | $950.0K |
| Foreign currency forward contracts | $602.0K | $13.0K | $27.0K |
| Net realized gains (losses) | -$35.6M | -$18.0M | $947.0K |
| Net change in unrealized appreciation (depreciation) | $24.1M | -$9.6M | -$22.0M |
| Translation of assets and liabilities in foreign currencies | $33.0K | $1.1M | -$1.2M |
| Foreign currency forward contracts | -$343.0K | $63.0K | -$40.0K |
| Net change in unrealized appreciation (depreciation) | $23.8M | -$8.4M | -$23.2M |
| Net realized and unrealized gains (losses) on investments and foreign currency transactions | -$11.8M | -$26.4M | -$22.3M |
| Net increase (decrease) in net assets resulting from operations | $14.3M | $10.9M | $20.4M |
| Basic earnings (losses) per common share | $0.62 | $0.47 | $0.88 |
| Diluted earnings (losses) per common share | $0.62 | $0.47 | $0.88 |
| Dividends and distributions declared per common share | $1.44 | $1.79 | $1.55 |
| Basic weighted average common shares outstanding | 23.2M shares | 23.2M shares | 23.2M shares |
| Diluted weighted average common shares outstanding | 23.2M shares | 23.2M shares | 23.2M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 6 quarters (quarterly), latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Total investments, at fair value (amortized cost $607,574 and $695,240, respectively) | $578.6M | $642.2M | |||
| Cash and cash equivalents | $7.0M | $12.4M | $10.7M | ||
| Restricted cash and cash equivalents | $22.3M | $14.5M | |||
| Restricted foreign currency (cost of $405 and $894, respectively) | $405.0K | $864.0K | $1.2M | ||
| Interest and dividend receivable | $5.6M | $5.6M | |||
| Amounts receivable on unsettled investment transactions | $124.0K | $112.0K | |||
| Prepaid expenses and other receivables | $984.0K | $1.0M | |||
| Unrealized appreciation on foreign currency forward contracts | $2.0K | $20.0K | |||
| Total assets | $615.1M | $676.8M | |||
| Debt (net of unamortized debt issuance costs of $4,666 and $2,876, respectively) | $323.8M | $353.1M | |||
| Distributions payable | $5.6M | $8.9M | |||
| Management fees payable | $2.7M | $2.9M | |||
| Incentive fees payable | $19.2M | $17.8M | |||
| Amounts payable on unsettled investment transactions | $3.5M | ||||
| Interest payable | $1.4M | $1.8M | |||
| Accounts payable and accrued expenses | $1.9M | $2.1M | |||
| Advances received from unfunded credit facilities | $490.0K | $340.0K | |||
| Unrealized depreciation on foreign currency forward contracts | $323.0K | ||||
| Total liabilities | $355.3M | $390.7M | |||
| Common stock, 22,234,045 and 23,243,088 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized | $22.0K | $23.0K | |||
| Paid-in capital in excess of par | $329.1M | $337.2M | |||
| Accumulated earnings (losses) | -$69.4M | -$51.1M | |||
| Total net assets | $259.8M | $286.1M | |||
| Total liabilities and total net assets | $615.1M | $676.8M | |||
| Net asset value per share | $11.68 | $12.31 | $13.63 | $14.30 | $15.10 |
| Investments, amortized cost | $607.6M | $695.2M | |||
| Unamortized debt issuance costs | $4.7M | $2.9M | |||
| Common stock, shares authorized | 100.0M shares | 100.0M shares | |||
| Common stock, par value | $0.00 | $0.00 | |||
| Common stock, shares issued | 22.2M shares | 23.2M shares | |||
| Common stock, share outstanding | 22.2M shares | 23.2M shares | 23.2M shares | 23.2M shares | 23.2M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Total investments, at fair value (amortized cost $607,574 and $695,240, respectively) | $578.6M | $642.2M | ||||
| Cash and cash equivalents | $7.0M | $12.4M | $10.7M | |||
| Restricted cash and cash equivalents | $22.3M | $14.5M | ||||
| Restricted foreign currency (cost of $405 and $894, respectively) | $405.0K | $864.0K | $1.2M | |||
| Interest and dividend receivable | $5.6M | $5.6M | ||||
| Amounts receivable on unsettled investment transactions | $124.0K | $112.0K | ||||
| Prepaid expenses and other receivables | $984.0K | $1.0M | ||||
| Unrealized appreciation on foreign currency forward contracts | $2.0K | $20.0K | ||||
| Total assets | $615.1M | $676.8M | ||||
| Debt (net of unamortized debt issuance costs of $4,666 and $2,876, respectively) | $323.8M | $353.1M | ||||
| Distributions payable | $5.6M | $8.9M | ||||
| Management fees payable | $2.7M | $2.9M | ||||
| Incentive fees payable | $19.2M | $17.8M | ||||
| Amounts payable on unsettled investment transactions | $3.5M | |||||
| Interest payable | $1.4M | $1.8M | ||||
| Accounts payable and accrued expenses | $1.9M | $2.1M | ||||
| Advances received from unfunded credit facilities | $490.0K | $340.0K | ||||
| Unrealized depreciation on foreign currency forward contracts | $323.0K | |||||
| Total liabilities | $355.3M | $390.7M | ||||
| Common stock, 22,234,045 and 23,243,088 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized | $22.0K | $23.0K | ||||
| Paid-in capital in excess of par | $329.1M | $337.2M | ||||
| Accumulated earnings (losses) | -$69.4M | -$51.1M | ||||
| Total net assets | $259.8M | $286.1M | ||||
| Total liabilities and total net assets | $615.1M | $676.8M | ||||
| Net asset value per share | $11.68 | $12.31 | $13.63 | $14.30 | $15.10 | $15.23 |
| Investments, amortized cost | $607.6M | $695.2M | ||||
| Unamortized debt issuance costs | $4.7M | $2.9M | ||||
| Common stock, shares authorized | 100.0M shares | 100.0M shares | ||||
| Common stock, par value | $0.00 | $0.00 | ||||
| Common stock, shares issued | 22.2M shares | 23.2M shares | ||||
| Common stock, share outstanding | 22.2M shares | 23.2M shares | 23.2M shares | 23.2M shares | 23.2M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net increase in net assets resulting from operations | $14.3M | $10.9M | $20.4M |
| Payment-in-kind income | -$2.1M | -$7.3M | |
| Net realized (gains) losses on investments | $35.4M | $18.0M | -$5.7M |
| Net realized loss on foreign currency translation | $821.0K | $30.0K | |
| Net unrealized (appreciation) depreciation on investments | -$24.1M | $9.6M | $22.0M |
| Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | -$33.0K | -$1.1M | $1.2M |
| Net unrealized (appreciation) depreciation on foreign currency forward contracts | $343.0K | -$63.0K | $40.0K |
| Accretion of discount | -$3.6M | -$4.1M | -$4.5M |
| Amortization of deferred financing costs | $1.3M | $1.7M | $1.6M |
| Acquisition of investments | -$191.7M | -$207.3M | -$145.0M |
| Proceeds from principal payments and sales of portfolio investments | $166.5M | $186.3M | $128.2M |
| Proceeds from sales of portfolio investments to STRS JV | $83.3M | $59.2M | $69.4M |
| Interest and dividend receivable | -$16.0K | $2.5M | -$335.0K |
| Prepaid expenses and other receivables | $25.0K | $202.0K | -$37.0K |
| Amounts receivable on unsettled investment transactions | -$12.0K | $231.0K | -$60.0K |
| Amounts payable on unsettled investment transactions | -$3.5M | $3.5M | |
| Management fees payable | -$272.0K | -$663.0K | -$265.0K |
| Incentive fees payable | $1.3M | $7.4M | $4.9M |
| Accounts payable and accrued expenses | -$257.0K | $52.0K | -$240.0K |
| Interest payable | -$429.0K | -$248.0K | -$705.0K |
| Advances received from unfunded credit facilities | $150.0K | $24.0K | -$509.0K |
| Net cash provided by / (used in) operating activities | $77.3M | $78.8M | $90.4M |
| Proceeds from notes issued | $174.0M | $34.5M | |
| Purchases of common stock, net of offering costs | -$7.4M | ||
| Borrowings | $39.7M | $119.3M | $132.2M |
| Repayments of debt | -$242.0M | -$153.2M | -$222.1M |
| Deferred financing costs | -$3.1M | -$1.4M | |
| Distributions paid to common stockholders, net of distributions reinvested | -$36.6M | -$41.5M | -$35.3M |
| Net cash provided by / (used in) financing activities | -$75.4M | -$75.4M | -$92.1M |
| Effect of exchange rate changes on cash | $33.0K | -$13.0K | -$21.0K |
| Net change in cash, cash equivalents and restricted cash | $1.9M | $3.3M | -$1.8M |
| Interest paid | $22.3M | $26.5M | $29.0M |
| Taxes, including excise tax, paid during the year | $1.5M | $1.4M | $1.1M |
| Distributions declared | $33.3M | $41.5M | $36.0M |
| Non-cash exchanges of investments | $5.5M |
No quarter-by-quarter statement was filed.
Leadership
Who has led WHITEFIELD LIMITED, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
201520202025
- Chief executive officerStuart D. Aronson Jun 1, 2016 to now11
- Chief executive officerJames Demus Carvell Iii. Dec 4, 2012 to Nov 27, 201512
- Chief financial officerJoyson Thomas Aug 7, 2019 to now13
- Chief financial officerEdward J. Giordano Aug 12, 2016 to Aug 12, 201614
- Chief financial officerGerhard Lombard Jun 17, 2014 to Mar 9, 201615
- Chief financial officerAlastair G. C. Merrick Dec 4, 2012 to Dec 4, 201216
- Chief operating officerWilliam D. Markert Aug 12, 2014 to Aug 12, 201417
- Chief operating officerEthan M. Underwood Dec 4, 2012 to Dec 10, 201218
Board members and other officers (10)
- Chief Compliance OfficerMarco A. Collazos Nov 17, 2014 to Mar 18, 202019
- Board memberJohn Paul Volpe Apr 18, 2024 to now20
- Board memberStuart D. Aronson Mar 12, 2018 to now21
- Board memberG. Stacy Smith Aug 11, 2015 to Mar 6, 202022
- Board memberWilliam D. Markert Aug 12, 2014 to Aug 12, 201417
- Board memberAlexander W. Pease Dec 4, 2012 to Dec 4, 201223
- Board memberJames Demus Carvell Iii. Dec 4, 2012 to Nov 27, 201512
- Board memberJohn Bolduc Dec 4, 2012 to now24
- Board memberRick D. Puckett Dec 4, 2012 to Oct 10, 201725
- Board memberTom C. Davis Dec 4, 2012 to Dec 16, 201426
Former names
- WhiteHorse Finance, LLCSep 7, 2012 to Dec 4, 20123
Timeline
Filings
180 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 77 major events, 34 insider forms, 2 large holders, 45 other. The latest 20:
- Oct 14, 20268-K/A EDGAR
- Oct 14, 20268-K EDGAR
- Sep 15, 20268-K EDGAR
- Aug 19, 2026EFFECT EDGAR
- Aug 18, 2026N-2/A EDGAR
- Aug 10, 20268-K EDGAR
- Aug 10, 202610-Q EDGAR
- Aug 4, 20268-K EDGAR
- Jul 28, 20268-K EDGAR
- Jul 13, 2026N-2 EDGAR
- Jun 18, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 18, 2026DEF 14A EDGAR
- Jun 16, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 5, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 3, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 2, 20264 OWNERSHIP DOCUMENT EDGAR
- May 29, 20264 OWNERSHIP DOCUMENT EDGAR
- May 26, 20264 OWNERSHIP DOCUMENT EDGAR
- May 26, 20264 OWNERSHIP DOCUMENT EDGAR
- May 7, 20268-K EDGAR
The 180 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
54 open-market trades by officers, directors and large owners since October 2021: 51 buys and 3 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 18, 2026 | BOLDUC JOHNDirector | Buy | 15,380 | $6.49 | $99.8K | Form 4 |
| Jun 15, 2026 | Aronson Stuart DChief Executive Officer | Buy | 15,000 | $6.41 | $96.2K | Form 4 |
| Jun 5, 2026 | BOLDUC JOHNDirector | Buy | 7,140 | $6.76 | $48.3K | Form 4 |
| Jun 4, 2026 | BOLDUC JOHNDirector | Buy | 7,140 | $6.88 | $49.1K | Form 4 |
| Jun 2, 2026 | BOLDUC JOHNDirector | Buy | 7,140 | $6.81 | $48.6K | Form 4 |
| Jun 1, 2026 | BOLDUC JOHNDirector | Buy | 7,140 | $6.88 | $49.1K | Form 4 |
| May 29, 2026 | Volpe John PaulDirector | Buy | 1,000 | $6.74 | $6.7K | Form 4 |
| May 29, 2026 | BOLDUC JOHNDirector | Buy | 7,140 | $6.76 | $48.3K | Form 4 |
| May 28, 2026 | BOLDUC JOHNDirector | Buy | 7,140 | $6.81 | $48.6K | Form 4 |
| May 27, 2026 | BOLDUC JOHNDirector | Buy | 7,140 | $6.91 | $49.3K | Form 4 |
| May 22, 2026 | Aronson Stuart DChief Executive Officer | Buy | 12,000 | $6.39 | $76.7K | Form 4 |
| May 21, 2026 | Thomas JoysonChief Financial Officer | Buy | 3,000 | $6.62 | $19.9K | Form 4 |
| May 21, 2026 | Aronson Stuart DChief Executive Officer | Buy | 20,000 | $6.67 | $133.4K | Form 4 |
| Mar 23, 2026 | Aronson Stuart DChief Executive Officer | Buy | 8,000 | $6.95 | $55.6K | Form 4 |
| Mar 20, 2026 | Aronson Stuart DChief Executive Officer | Buy | 5,000 | $7.10 | $35.5K | Form 4 |
| Mar 16, 2026 | BOLDUC JOHNDirector | Buy | 8,390 | $7.12 | $59.8K | Form 4 |
| Mar 13, 2026 | Volpe John PaulDirector | Buy | 1,000 | $7.18 | $7.2K | Form 4 |
| Mar 13, 2026 | BOLDUC JOHNDirector | Buy | 8,390 | $7.14 | $59.9K | Form 4 |
| Mar 12, 2026 | BOLDUC JOHNDirector | Buy | 8,390 | $7.14 | $59.9K | Form 4 |
| Mar 6, 2026 | BOLDUC JOHNDirector | Buy | 8,276 | $7.25 | $60.0K | Form 4 |
All 54 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Anthony TamerSC 13D/A, 1 filing May 31, 202427
- Sami MnaymnehSC 13D/A, 1 filing May 31, 202428
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 49. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Lalia Capital, LLC | 712,769 | $4.8M | 2.3% | +23,664 |
| Two Sigma Investments, LP | 430,600 | $2.9M | 0.0% | −4,972 |
| Ethos Financial Group, LLC | 360,532 | $2.4M | 0.2% | +116,592 |
| CastleKnight Management LP | 205,656 | $1.4M | 0.1% | −86,800 |
| Bank Of America Corp /de/ | 185,006 | $1.2M | 0.0% | +2 |
| Legal & General Group Plc | 174,879 | $1.2M | 0.0% | +5,805 |
| Bank Of Montreal /can/ | 114,842 | $769.4K | 0.0% | No change |
| Raymond James Financial Inc | 105,501 | $706.9K | 0.0% | +83,075 |
| Blue Trust, Inc. | 95,601 | $640.5K | 0.0% | No change |
| Trexquant Investment LP | 90,532 | $606.6K | 0.0% | +23,046 |
| LPL Financial LLC | 75,986 | $509.1K | 0.0% | +6,221 |
| BlackRock, Inc. | 71,135 | $476.6K | 0.0% | −1,811 |
| Sound Income Strategies, LLC | 70,994 | $475.7K | 0.0% | −1,817 |
| UBS Group AG | 57,392 | $384.5K | 0.0% | +25,857 |
| Marshall Wace, Llp | 55,073 | $369.0K | 0.0% | −21,193 |
| Basso Capital Management, L.P. | 52,500 | $351.8K | 0.1% | −7,500 |
| Closed-End Fund Advisors, Inc. | 44,996 | $301.5K | 0.3% | +175 |
| O'shaughnessy Asset Management, LLC | 44,403 | $297.5K | 0.0% | +27,505 |
| Gables Capital Management Inc. | 43,865 | $293.9K | 0.1% | −7,109 |
| Virtus Investment Advisers, LLC | 41,578 | $278.6K | 0.1% | −18,988 |
| Snowden Capital Advisors LLC | 30,473 | $211.8K | 0.0% | +1,256 |
| Dimension Capital Management LLC | 28,337 | $189.9K | 0.0% | No change |
| Vident Advisory, LLC | 24,281 | $162.7K | 0.0% | +1,038 |
| Susquehanna International Group, Llp | 22,208 | $148.8K | 0.0% | −15,718 |
| Nomura Holdings Inc | 20,000 | $134.0K | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
Links
- WikidataQ109627152
- SEC EDGARCIK 1552198
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataWHITEFIELD LIMITED on Wikidata
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- 20SEC EDGARJohn Paul Volpe, Board member
- 21SEC EDGARStuart D. Aronson, Board member
- 22SEC EDGARG. Stacy Smith, Board member
- 23SEC EDGARAlexander W. Pease, Board member
- 24SEC EDGARJohn Bolduc, Board member
- 25SEC EDGARRick D. Puckett, Board member
- 26SEC EDGARTom C. Davis, Board member
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