UBS Group AG reports 24.54% decrease in ownership of WHF / WhiteHorse Finance, Inc.

화이트호스 파이낸스, Inc.

US ˙ NasdaqGS ˙ US96524V1061

Security	WHF / WhiteHorse Finance, Inc.
Institution	UBS Group AG
Latest Disclosed Ownership	31,535 shares
Latest Disclosed Value	$ 233,359

On May 5, 2026 - UBS Group AG filed a 13F-HR form disclosing ownership of 31,535 shares of WhiteHorse Finance, Inc. (US:WHF) valued at $233,359 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 29, 2026 disclosing 41,791 shares of WhiteHorse Finance, Inc.. This represents a change in shares of -24.54% during the quarter. The current value of the position is $210,023 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	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-05-05	2026-03-31	13F	WHITEHORSE FIN	COM	96524V106	31,535	-10,256	-24.54	233	-19.66	0.0000
2026-01-29	2025-12-31	13F	WHITEHORSE FIN	COM	96524V106	41,791	-25,368	-37.77	290	-37.50	0.0000
2025-11-13	2025-09-30	13F	WHITEHORSE FIN	COM	96524V106	67,159	8,337	14.17	465	-9.37	0.0001
2025-08-14	2025-06-30	13F	WHITEHORSE FIN	COM	96524V106	58,822	37,294	173.23	513	147.34	0.0001
2025-05-13	2025-03-31	13F	WHITEHORSE FIN	COM	96524V106	21,528	-13,398	-38.36	208	-38.76	0.0000
2025-02-14	2024-12-31	13F	WHITEHORSE FIN	COM	96524V106	34,926	-13,950	-28.54	338	-40.18	0.0001
2024-11-14	2024-09-30	13F	WHITEHORSE FIN	COM	96524V106	48,876	-10,427	-17.58	565	-22.28	0.0001
2024-08-14	2024-06-30	13F	WHITEHORSE FIN	COM	96524V106	59,303	-123,807	-67.61	728	-67.97	0.0002
2024-05-13	2024-03-31	13F	WHITEHORSE FIN	COM	96524V106	183,110	2,161	1.19	2,271	2.02	0.0006
2024-02-09	2023-12-31	13F	WHITEHORSE FIN	COM	96524V106	180,949	-13,559	-6.97	2,226	-10.39	0.0007
2023-11-09	2023-09-30	13F	WHITEHORSE FIN	COM	96524V106	194,508	-2,171	-1.10	2,484	-1.59	0.0009
2023-08-11	2023-06-30	13F	WHITEHORSE FIN	COM	96524V106	196,679	-1,810	-0.91	2,523	1.53	0.0009
2023-05-12	2023-03-31	13F	WHITEHORSE FIN	COM	96524V106	198,489	-48,576	-19.66	2,485	-22.92	0.0009
2023-02-08	2022-12-31	13F	WHITEHORSE FIN	COM	96524V106	247,065	15,599	6.74	3,224	25.50	0.0012
2022-11-10	2022-09-30	13F	WHITEHORSE FIN	COM	96524V106	231,466	-6,942	-2.91	2,569	-18.00	0.0011
2022-08-10	2022-06-30	13F	WHITEHORSE FIN	COM	96524V106	238,408	-14,540	-5.75	3,133	-17.86	0.0013
2022-05-16	2022-03-31	13F	WHITEHORSE FIN	COM	96524V106	252,948	-25,842	-9.27	3,814	-11.73	0.0013
2022-02-14	2021-12-31	13F	WHITEHORSE FIN	COM	96524V106	278,790	-48,246	-14.75	4,321	-13.20	0.0012
2021-11-15	2021-09-30	13F	WHITEHORSE FIN	COM	96524V106	327,036	-20,018	-5.77	4,978	-3.73	0.0016
2021-08-13	2021-06-30	13F	WHITEHORSE FIN	COM	96524V106	347,054	21,705	6.67	5,171	4.78	0.0017
2021-05-12	2021-03-31	13F	WHITEHORSE FIN	COM	96524V106	325,349	25,100	8.36	4,935	20.78	0.0016
2021-02-11	2020-12-31	13F	WHITEHORSE FIN	COM	96524V106	300,249	-49,338	-14.11	4,086	19.40	0.0014
2020-11-12	2020-09-30	13F	WHITEHORSE FIN	COM	96524V106	349,587	37,544	12.03	3,422	6.47	0.0013
2020-07-31	2020-06-30	13F	WHITEHORSE FIN	COM	96524V106	312,043	-3,729	-1.18	3,214	43.74	0.0014
2020-05-01	2020-03-31	13F	WHITEHORSE FIN	COM	96524V106	315,772	-157,165	-33.23	2,236	-65.49	0.0011
2020-02-14	2019-12-31	13F	WHITEHORSE FIN	COM	96524V106	472,937	156,542	49.48	6,479	47.02	0.0023
2019-11-14	2019-09-30	13F	WHITEHORSE FIN	COM	96524V106	316,395	49,699	18.64	4,407	20.18	0.0017
2019-08-14	2019-06-30	13F	WHITEHORSE FIN	COM	96524V106	266,696	66,765	33.39	3,667	29.17	0.0014
2019-05-14	2019-03-31	13F	WHITEHORSE FIN	COM	96524V106	199,931	9,391	4.93	2,839	17.12	0.0012
2019-02-14	2018-12-31	13F	WHITEHORSE FIN	COM	96524V106	190,540	-9,082	-4.55	2,424	-12.65	0.0011
2018-11-14	2018-09-30	13F	WHITEHORSE FIN	COM	96524V106	199,622	20,448	11.41	2,775	6.73	0.0011
2018-08-14	2018-06-30	13F	WHITEHORSE FIN	COM	96524V106	179,174	4,322	2.47	2,600	19.71	0.0011
2018-05-15	2018-03-31	13F	WHITEHORSE FIN	COM	96524V106	174,852	-39,233	-18.33	2,172	-24.40	0.0009
2018-02-14	2017-12-31	13F	WHITEHORSE FIN	COM	96524V106	214,085	-12,291	-5.43	2,873	-13.96	0.0012
2017-11-14	2017-09-30	13F	WHITEHORSE FIN	COM	96524V106	226,376	71,876	46.52	3,339	61.69	0.0015
2017-11-14	2017-06-30	13F/A-1	WHITEHORSE FIN	COM	96524V106	154,500	-137,083	-47.01	2,065	-48.68	0.0011
2017-08-14	2017-06-30	13F	WHITEHORSE FIN	COM	96524V106	154,500	-137,083		2,065
2017-11-14	2017-03-31	13F/A-1	WHITEHORSE FIN	COM	96524V106	291,583	6,584	2.31	4,024	16.00	0.0022
2017-05-12	2017-03-31	13F	WHITEHORSE FIN	COM	96524V106	291,583	6,584		4,024
2017-02-14	2016-12-31	13F	WHITEHORSE FIN	COM	96524V106	284,999	14,285	5.28	3,469	17.28	0.0019
2016-11-14	2016-09-30	13F	WHITEHORSE FIN	COM	96524V106	270,714	3,872	1.45	2,958	2.42	0.0018
2016-08-12	2016-06-30	13F	WHITEHORSE FIN	COM	96524V106	266,842	-9,357	-3.39	2,888	0.73	0.0018
2016-05-12	2016-03-31	13F	WHITEHORSE FIN	COM	96524V106	276,199	-22,448	-7.52	2,867	-16.37	0.0019
2016-02-16	2015-12-31	13F	WHITEHORSE FIN	COM	96524V106	298,647	-5,329	-1.75	3,428	-3.11	0.0022
2015-11-13	2015-09-30	13F	WHITEHORSE FIN	COM	96524V106	303,976	-194,682	-39.04	3,538	-43.96	0.0025
2015-08-14	2015-06-30	13F	WHITEHORSE FIN	COM	96524V106	498,658	179,313	56.15	6,313	59.18	0.0042
2015-05-14	2015-03-31	13F	WHITEHORSE FIN	COM	96524V106	319,345	-51,820	-13.96	3,966	-7.49	0.0027
2015-02-17	2014-12-31	13F	WHITEHORSE FIN	COM	96524V106	371,165	371,165		4,287		0.0030

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.