{"product_id":"whf-vrio-analysis","title":"WhiteHorse Finance, Inc. (WHF): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eUnlock the secrets to WhiteHorse Finance, Inc. (WHF)'s lasting success with this focused VRIO Analysis. By scrutinizing its Value, Rarity, Inimitability, and Organization (as summarized in \u0026amp;O4\u0026amp;), we pinpoint the exact resources driving its competitive edge. Read on to see the critical findings that determine its market future.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eWhiteHorse Finance, Inc. (WHF) - VRIO Analysis: 1. Affiliation with H.I.G. Capital\n\u003c\/h2\u003e\n\n\u003cp\u003eYou’re looking at WhiteHorse Finance, Inc. (WHF), and the key to its competitive edge starts right with its manager, H.I.G. Capital. This isn't just a service agreement; it’s a deep, structural advantage that feeds the entire operation.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue: Access to Scale and Deal Flow\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe value here is immediate: WhiteHorse Finance, Inc. gets to tap into a global alternative investment powerhouse. H.I.G. Capital, as of late 2025 reports, manages over \u003cstrong\u003e$70 billion\u003c\/strong\u003e in capital across its various funds. That kind of scale brings instant brand credibility when sourcing deals, especially in the lower middle market where WHF focuses its investment activities. Honestly, that relationship is the engine.\u003c\/p\u003e\n\n\u003cp\u003eHere’s a quick look at the scale difference, showing why this affiliation matters to WHF’s \u003cstrong\u003e$568.4 million\u003c\/strong\u003e portfolio as of September 30, 2025:\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eH.I.G. Capital Scale\u003c\/th\u003e\n\u003cth\u003eWhiteHorse Finance, Inc. (WHF) Portfolio Size (9\/30\/2025)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAssets Under Management (AUM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$70 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A (Managed Assets)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRecent Credit Fund Size (Fund IV)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$5.9 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A (Managed Assets)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Direct Lending Investment (Approx.)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$18 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$568.4 million\u003c\/strong\u003e (Fair Value)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity: A Top-Tier Manager in the BDC Space\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eIs this rare? Yes, definitely. While many Business Development Companies (BDCs) have external managers, having one affiliated with a firm the size and reputation of H.I.G. Capital - which also closed its H.I.G. WhiteHorse Middle Market Lending Fund IV at \u003cstrong\u003e$5.9 billion\u003c\/strong\u003e in August 2025 - is uncommon in this specific public vehicle category. It’s not just about having an advisor; it’s about having one that actively deploys billions in adjacent private credit markets, which feeds WHF’s pipeline.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability: Deeply Embedded and Hard to Copy\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThis relationship is difficult to imitate. It’s not something a competitor can just hire away or replicate with a simple contract change. It’s a long-standing, embedded operational structure. Competitors would need to build a similar, multi-decade track record and the deep trust required to secure a management team of this caliber. It’s sticky.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization: Structured for Exploitation\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eWhiteHorse Finance, Inc. is absolutely organized to use this affiliation. The structure itself - being externally managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital - is the mechanism. This setup is explicitly designed to channel deal flow and operational expertise from the larger platform directly into WHF’s investment process. The CEO noted in May 2025 that they are actively expanding origination capabilities across 13 regional markets, leveraging this network.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eInvestment activities managed by an H.I.G. affiliate.\u003c\/li\u003e\n\u003cli\u003eAccess to 24 originators across 13 regional markets.\u003c\/li\u003e\n\u003cli\u003eLeverages H.I.G.’s operational expertise for value creation.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage: Sustained\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eBecause the affiliation is structural, deeply embedded, and provides access to resources that competitors cannot easily replicate - like H.I.G. Capital’s \u003cstrong\u003e$70 billion\u003c\/strong\u003e AUM - this translates into a sustained competitive advantage for WhiteHorse Finance, Inc. It’s a foundational element that outlasts temporary market fluctuations.\u003c\/p\u003e\n\n\u003cp\u003eFinance: draft a sensitivity analysis on the impact of a \u003cstrong\u003e50 basis point\u003c\/strong\u003e drop in SOFR floors on Q4 2025 Net Investment Income by Friday.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eWhiteHorse Finance, Inc. (WHF) - VRIO Analysis: 2. Proprietary Deal Sourcing Network\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eDirect access to unique, non-sponsored investment opportunities, crucial when the general market pipeline is tight.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eDedicated direct lending team of 69 investment and origination professionals.\u003c\/li\u003e\n\u003cli\u003eApproximately 70 WhiteHorse deal professionals dedicated to sourcing and underwriting for WHF.\u003c\/li\u003e\n\u003cli\u003eRegional footprint with 22 dedicated direct lending originators in 13 North American offices.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eRare; the network provides a distinct origination advantage.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eWhiteHorse Finance Portfolio (Since 2013)\u003c\/th\u003e\n\u003cth\u003eBroader Middle Market Average\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAll-in Yield on Invested Capital\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e12.1%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e4.9%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePortfolio Company Leverage Multiple (Measured at Origination)\u003c\/td\u003e\n\u003ctd\u003eAvg. \u003cstrong\u003e3.2x\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eAvg. \u003cstrong\u003e4.9x\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eDifficult; personal relationships and established sponsor coverage take years to build.\u003c\/p\u003e\n\u003ctable\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrigination Pipeline Activity (2014 through September 2017)\u003c\/td\u003e\n\u003ctd\u003eOpportunities Reviewed: \u003cstrong\u003e2,979\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrigination Pipeline Activity (2014 through September 2017)\u003c\/td\u003e\n\u003ctd\u003eInitial Due Diligence: \u003cstrong\u003e959\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrigination Pipeline Activity (2014 through September 2017)\u003c\/td\u003e\n\u003ctd\u003eTerm Sheets Delivered: \u003cstrong\u003e39\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrigination Pipeline Activity (2014 through September 2017)\u003c\/td\u003e\n\u003ctd\u003eClosed Transactions: \u003cstrong\u003e246\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eYes; the firm is organized around this origination capability, evidenced by their activity in the non-sponsor market.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003ePortfolio Fair Value as of September 30, 2025: \u003cstrong\u003e$568.4MM\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNew originations in Q4 2024 included one non-sponsor deal.\u003c\/li\u003e\n\u003cli\u003eEarly 2025 activity included closing five new investments totaling \u003cstrong\u003e$27.8 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eSustained\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eWhiteHorse Finance, Inc. (WHF) - VRIO Analysis: 3. Senior Secured Investment Focus\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: Prioritizing downside protection by focusing on the safest part of the capital structure, as shown by \u003cstrong\u003e99.2%\u003c\/strong\u003e of the debt portfolio being first lien secured as of \u003cstrong\u003eSeptember 30, 2025\u003c\/strong\u003e.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue as of September 30, 2025\u003c\/th\u003e\n\u003cth\u003eSource Context\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eFirst Lien Secured Loans (Debt Portfolio)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e99.2%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePercentage of debt portfolio\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFirst Lien Secured Loans (Overall Portfolio at Fair Value)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e74.7%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePercentage of overall portfolio\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSecond Lien Secured Loans (Overall Portfolio at Fair Value)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePercentage of overall portfolio\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUnsecured Loans (Overall Portfolio at Fair Value)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.2%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePercentage of overall portfolio\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEquity (Overall Portfolio at Fair Value)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e5.9%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePercentage of overall portfolio\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInvestments in STRS JV (Overall Portfolio at Fair Value)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e18.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePercentage of overall portfolio\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: No; many BDCs target senior secured loans.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: Easy; competitors can easily shift their underwriting mandate to this structure.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: Yes; the investment strategy is clearly defined around this focus.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Temporary\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003ePortfolio at Fair Value as of \u003cstrong\u003eSeptember 30, 2025\u003c\/strong\u003e: \u003cstrong\u003e$568.4 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eWeighted Average Effective Yield on Income-Producing Debt Investments: \u003cstrong\u003e11.6%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNonaccrual Investments as a Percentage of Debt Portfolio at Fair Value: \u003cstrong\u003e2.7%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eAsset Coverage Ratio as of \u003cstrong\u003eSeptember 30, 2025\u003c\/strong\u003e: \u003cstrong\u003e180.7%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNet Effective Debt-to-Equity Ratio (after adjusting for cash on hand) as of Q3 2025: \u003cstrong\u003e1.07x\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eQuarterly Distribution Declared for Q3 2025: \u003cstrong\u003e$0.25 per share\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFixed Rate Investments Percentage of Debt Investments at Fair Value (Q3 2025): \u003cstrong\u003e0.9%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eWhiteHorse Finance, Inc. (WHF) - VRIO Analysis: 4. Strategic Joint Venture with STRS\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: Generates accretive income, returning a mid-teens return on equity. The JV portfolio had an aggregate fair value of \u003cstrong\u003e$341.5 million\u003c\/strong\u003e as of September 30, 2025. The Company's return on its investment in STRS JV at the end of Q3 2025 was \u003cstrong\u003e13.8%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eAmount\/Value\u003c\/th\u003e\n\u003cth\u003eDate\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eSTRS JV Portfolio Fair Value\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$341.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWHF Investment in STRS JV (Fair Value)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$105.8 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWHF Investment in STRS JV (Fair Value)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$107.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ4 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAssets Transferred to STRS JV\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$24.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAssets Transferred to STRS JV\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$17.0 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ1 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: \u003cstrong\u003eRare\u003c\/strong\u003e; a large, established, and consistently high-performing joint venture with a major pension fund is not common.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: \u003cstrong\u003eDifficult\u003c\/strong\u003e; requires finding and securing a large, committed institutional partner like the State Teachers Retirement System of Ohio.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: \u003cstrong\u003eYes\u003c\/strong\u003e; management actively transfers assets to the JV, showing operational integration. Assets transferred during Q3 2025 totaled \u003cstrong\u003e$24.2 million\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\nAssets transferred to STRS JV during Q3 2025: \u003cstrong\u003e$24.2 million\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003cli\u003e\nAssets transferred to STRS JV during Q1 2025: \u003cstrong\u003e$17.0 million\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003cli\u003e\nAssets transferred to STRS JV during Q4 2024: \u003cstrong\u003e$13.7 million\u003c\/strong\u003e.\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: \u003cstrong\u003eSustained\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eWhiteHorse Finance, Inc. (WHF) - VRIO Analysis: 5. Experienced Restructuring and Workout Team\n\u003c\/h2\u003e\n\u003cp\u003e\nThe capability of the management team to actively resolve underperforming assets is a critical component of WhiteHorse Finance's operational framework.\n\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eVRIO Attribute\u003c\/th\u003e\n\u003cth\u003eAssessment\u003c\/th\u003e\n\u003cth\u003eSupporting Real-Life Data\/Metrics\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eActive management and resolution of underperforming investments.\u003c\/td\u003e\n\u003ctd\u003eNet realized losses of \u003cstrong\u003e$1.8 million\u003c\/strong\u003e in Q3 2025, primarily driven by the realization on the investment restructuring to MSI Information Services, Inc.. Subsequent to Q3 2025, a restructuring of Alveria (formerly Aspect Software) was completed, exchanging debt for cash and equity at the marked value.. Non-accrual investments dropped to \u003cstrong\u003e2.7%\u003c\/strong\u003e of the debt portfolio by Q3 2025..\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRarity\u003c\/td\u003e\n\u003ctd\u003eDedicated, experienced team focused on restructuring is not universal across all BDCs.\u003c\/td\u003e\n\u003ctd\u003eThe Adviser voluntarily reduced the incentive fee from \u003cstrong\u003e20.00%\u003c\/strong\u003e to \u003cstrong\u003e17.50%\u003c\/strong\u003e for two fiscal quarters ending December 31, 2025, and March 31, 2026, to support earnings coverage..\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eImitability\u003c\/td\u003e\n\u003ctd\u003eRequires retaining specific, specialized talent.\u003c\/td\u003e\n\u003ctd\u003eThe total investment portfolio fair value was \u003cstrong\u003e$568.4 million\u003c\/strong\u003e as of September 30, 2025, across 66 companies..\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrganization\u003c\/td\u003e\n\u003ctd\u003eTeam is clearly deployed to address legacy issues.\u003c\/td\u003e\n\u003ctd\u003eNet Investment Income (NII) for Q3 2025 was \u003cstrong\u003e$6.1 million\u003c\/strong\u003e, or \u003cstrong\u003e$0.263\u003c\/strong\u003e per share.. The quarterly distribution was reset to \u003cstrong\u003e$0.25\u003c\/strong\u003e per share for the quarter ended September 30, 2025..\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompetitive Advantage\u003c\/td\u003e\n\u003ctd\u003eTemporary\u003c\/td\u003e\n\u003ctd\u003eNet unrealized losses on investments totaled \u003cstrong\u003e$4.9 million\u003c\/strong\u003e in Q3 2025, driven by markdowns on Camarillo Fitness Holdings, LLC and Alvaria Holdco..\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\nThe team's focus on portfolio repositioning is evident through specific actions taken during the reporting period.\n\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\nPortfolio composition as of September 30, 2025:\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e74.7%\u003c\/strong\u003e first lien secured loans.\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e18.6%\u003c\/strong\u003e in investments in STRS JV.\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003cli\u003e\nGross investment deployments in Q3 2025 totaled \u003cstrong\u003e$14.3 million\u003c\/strong\u003e in new portfolio companies and \u003cstrong\u003e$4.9 million\u003c\/strong\u003e in add-on investments to existing companies.\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eWhiteHorse Finance, Inc. (WHF) - VRIO Analysis: 6. Deep Investment Committee Expertise\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Rigorous credit underwriting based on fundamental analysis, supported by an 11-person investment committee boasting an aggregate industry experience of \u003cstrong\u003emore than 250 years\u003c\/strong\u003e as of February 29, 2024.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e \u003cstrong\u003eRare\u003c\/strong\u003e; the sheer depth of aggregate experience on the committee is a high bar.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e \u003cstrong\u003eDifficult\u003c\/strong\u003e; experience is built over decades and cannot be bought instantly.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e \u003cstrong\u003eYes\u003c\/strong\u003e; this committee is the final gatekeeper for the investment strategy.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e \u003cstrong\u003eSustained\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe Investment Committee, comprised of senior investment professionals from H.I.G. Capital, provides access to deep underwriting and deal origination experience under the Staffing Agreement.\u003c\/p\u003e\n\u003cp\u003eKey operational and experience metrics related to the investment process:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eInvestment Committee aggregate industry experience: \u003cstrong\u003emore than 250 years\u003c\/strong\u003e (as of February 29, 2024).\u003c\/li\u003e\n\u003cli\u003eH.I.G. Capital AUM: approximately \u003cstrong\u003e$63 billion\u003c\/strong\u003e (as of December 31, 2024).\u003c\/li\u003e\n\u003cli\u003eBase Management Fee (Effective January 1, 2024): \u003cstrong\u003e1.75%\u003c\/strong\u003e annually.\u003c\/li\u003e\n\u003cli\u003eInvestment portfolio fair value: approximately \u003cstrong\u003e$642.2 million\u003c\/strong\u003e (as of December 31, 2024).\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThe committee's oversight is integral to the investment strategy, which targets lower middle market companies.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eDate\/Context\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNumber of Portfolio Positions\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e127\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of December 31, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNumber of Portfolio Companies\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e71\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of December 31, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePortfolio Fair Value\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$642.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of December 31, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAverage Debt Investment Size (Historical)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$6.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of December 31, 2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePercentage of Portfolio in First Lien Secured Loans\u003c\/td\u003e\n\u003ctd\u003eApproximately \u003cstrong\u003e79.9%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eAs of December 31, 2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe committee structure ensures that each investment is subject to rigorous review, leveraging the extensive background of H.I.G. Capital's senior investment professionals in deal origination, credit underwriting, and portfolio monitoring.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eWhiteHorse Finance, Inc. (WHF) - VRIO Analysis: 7. CLO Securitization Capability\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Access to non-bank, term funding, as demonstrated by the \u003cstrong\u003e$298.15 million\u003c\/strong\u003e CLO securitization completed in June 2025, which was used to repay outstanding borrowings under the Revolving Credit Facility.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e \u003cstrong\u003eUncommon\u003c\/strong\u003e; executing complex collateralized loan obligation (CLO) structures requires specialized legal and financial infrastructure.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e \u003cstrong\u003eModerately Difficult\u003c\/strong\u003e; requires infrastructure and market timing that many smaller BDCs lack.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e \u003cstrong\u003eYes\u003c\/strong\u003e; the successful execution in mid-2025 proves the capability is operational.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e \u003cstrong\u003eTemporary\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cp\u003eThe successful execution of the CLO transaction in June 2025 provides tangible evidence of the capability's value and operational organization, utilizing a consolidated subsidiary, WhiteHorse Finance CLO I, LLC.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\/Detail\u003c\/th\u003e\n\u003cth\u003eDate\/Context\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal CLO Transaction Size\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$298.15 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eJune 10, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePurpose of Proceeds\u003c\/td\u003e\n\u003ctd\u003eRepay outstanding borrowings under the Revolving Credit Facility\u003c\/td\u003e\n\u003ctd\u003eJune 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSecured Notes Issued\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$218.0 million\u003c\/strong\u003e total\u003c\/td\u003e\n\u003ctd\u003eJune 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSubordinated Notes Retained\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$70.15 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eJune 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDebt Maturity Date\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMay 25, 2037\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eCLO Transaction\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReinvestment Period End Date\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMay 25, 2029\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eCLO Transaction\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe structure of the financing involved specific tranches and interest rate mechanisms:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$164 million\u003c\/strong\u003e of AAA(sf) Class A Notes, bearing interest at three-month SOFR plus \u003cstrong\u003e1.70%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$30 million\u003c\/strong\u003e of AA(sf) Class B Notes, bearing interest at three-month SOFR plus \u003cstrong\u003e2.15%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$24 million\u003c\/strong\u003e of A(sf) Class C Notes, bearing interest at three-month SOFR plus \u003cstrong\u003e2.80%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eBorrowing of \u003cstrong\u003e$10.0 million\u003c\/strong\u003e via a secured loan.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eThe successful execution is contextualized by the firm's overall financial metrics around the time of the transaction:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eMarket Capitalization: \u003cstrong\u003e$232.199 million\u003c\/strong\u003e (at announcement).\u003c\/li\u003e\n\u003cli\u003eGross Leverage: Increased to \u003cstrong\u003e1.34x\u003c\/strong\u003e (from 1.30x in Q1 2025).\u003c\/li\u003e\n\u003cli\u003eNet Leverage: \u003cstrong\u003e1.22x\u003c\/strong\u003e (as of June 30, 2025).\u003c\/li\u003e\n\u003cli\u003eAvailable Revolving Credit Facility Draw: Approximately \u003cstrong\u003e$100.0 million\u003c\/strong\u003e (as of June 30, 2025).\u003c\/li\u003e\n\u003cli\u003eTotal Diversified Investment Portfolio: \u003cstrong\u003e$568.4 million\u003c\/strong\u003e (as of 9\/30\/2025).\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eWhiteHorse Finance, Inc. (WHF) - VRIO Analysis: 8. Adviser Incentive Fee Alignment\n\u003c\/h2\u003e\n\u003cp\u003e\nThe alignment of the Investment Adviser's incentive structure with shareholder interests is quantified by the following financial adjustments and related metrics.\n\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eVRIO Component Focus\u003c\/th\u003e\n\u003cth\u003eFinancial Metric\u003c\/th\u003e\n\u003cth\u003eReported Amount\/Rate\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eValue Support\u003c\/td\u003e\n\u003ctd\u003eOriginal Stated Annual Incentive Fee Rate\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e20.00%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eValue Support\u003c\/td\u003e\n\u003ctd\u003eVoluntarily Reduced Incentive Fee Rate\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e17.50%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eValue Support\u003c\/td\u003e\n\u003ctd\u003eIncentive Fee Reduction Magnitude\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e2.5\u003c\/strong\u003e point reduction\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eValue Support\u003c\/td\u003e\n\u003ctd\u003eDuration of Fee Reduction\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e2\u003c\/strong\u003e fiscal quarters\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrganization Support\u003c\/td\u003e\n\u003ctd\u003eEnd Date of Fee Reduction Period\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMarch 31, 2026\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrganization Support\u003c\/td\u003e\n\u003ctd\u003eQuarterly Distribution Declared (Q3 2025)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$0.25\u003c\/strong\u003e per share\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eContextual Data\u003c\/td\u003e\n\u003ctd\u003eQuarterly Distribution Declared (Q2 2025)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$0.385\u003c\/strong\u003e per share\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eContextual Data\u003c\/td\u003e\n\u003ctd\u003eInvestment Portfolio Fair Value (as of 09\/30\/2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$568.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eContextual Data\u003c\/td\u003e\n\u003ctd\u003eWeighted Average Effective Yield on Income-Producing Debt (as of 09\/30\/2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e11.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\nThe voluntary fee reduction signals alignment, which is a temporary advantage.\n\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\nThe reduction from 20.00% to 17.50% provides immediate financial support for the new distribution level of $0.25 per share, down from the previous $0.385 per share.\n\u003c\/li\u003e\n\u003cli\u003e\nThe action was a deliberate measure approved by the board to support the distribution, effective for quarters ending through March 31, 2026.\n\u003c\/li\u003e\n\u003cli\u003e\nThe portfolio fair value as of September 30, 2025, was $568.4 million.\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eWhiteHorse Finance, Inc. (WHF) - VRIO Analysis: 9. Focus on Lower Middle Market Enterprise Values\n\u003c\/h2\u003e\n\u003cp\u003eTargeting companies with enterprise values generally between \u003cstrong\u003e\\$50MM\u003c\/strong\u003e and \u003cstrong\u003e\\$350MM\u003c\/strong\u003e, which typically offers higher yields than larger, more competitive middle-market deals.\u003c\/p\u003e\n\u003ch\u003e\u003ch\u003eValue\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003eThe focus aligns with the stated investment objective of originating senior secured loans to performing lower middle market companies. As of \u003cstrong\u003e9\/30\/2025\u003c\/strong\u003e, the total fair value of investments was \u003cstrong\u003e\\$568.4 million\u003c\/strong\u003e, with a weighted average effective yield on income-producing investments of \u003cstrong\u003e11.6%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003ch\u003e\u003ch\u003eRarity\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003eNo; this is a common BDC segment, but the specific range is a defined niche.\u003c\/p\u003e\n\u003ch\u003e\u003ch\u003eImitability\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003eEasy; competitors can easily target the same size of company.\u003c\/p\u003e\n\u003ch\u003e\u003ch\u003eOrganization\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003eYes; this focus is central to the stated investment strategy.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eInvestment deployments in Q3 \u003cstrong\u003e2025\u003c\/strong\u003e totaled \u003cstrong\u003e\\$14.3 million\u003c\/strong\u003e in two new portfolio companies.\u003c\/li\u003e\n\u003cli\u003eThe portfolio as of \u003cstrong\u003e9\/30\/2025\u003c\/strong\u003e consisted of \u003cstrong\u003e125\u003c\/strong\u003e total positions across \u003cstrong\u003e66\u003c\/strong\u003e portfolio companies.\u003c\/li\u003e\n\u003cli\u003eAverage Investment Size as of \u003cstrong\u003e9\/30\/2025\u003c\/strong\u003e was \u003cstrong\u003e\\$3.8\u003c\/strong\u003e million.\u003c\/li\u003e\n\u003cli\u003eAverage Borrower Size as of \u003cstrong\u003e9\/30\/2025\u003c\/strong\u003e was \u003cstrong\u003e\\$7.1\u003c\/strong\u003e million.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eRecent financial management actions demonstrate organizational alignment:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe quarterly distribution was reset to \u003cstrong\u003e\\$0.25\u003c\/strong\u003e per share (payable \u003cstrong\u003e1\/5\/2026\u003c\/strong\u003e) from \u003cstrong\u003e\\$0.385\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe advisor voluntarily reduced its income-based incentive fee from \u003cstrong\u003e20%\u003c\/strong\u003e to \u003cstrong\u003e17.5%\u003c\/strong\u003e for the next two fiscal quarters.\u003c\/li\u003e\n\u003cli\u003eThe board authorized a new share repurchase program up to \u003cstrong\u003e\\$15.0 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eGross leverage levels decreased to \u003cstrong\u003e1.24x\u003c\/strong\u003e at the end of Q3 \u003cstrong\u003e2025\u003c\/strong\u003e from \u003cstrong\u003e1.34x\u003c\/strong\u003e at the end of Q2 \u003cstrong\u003e2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eQ2 2025 Value\u003c\/td\u003e\n\u003ctd\u003eQ3 2025 Value\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Fair Value of Investments\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e\\$629.3\u003c\/strong\u003e million\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e\\$568.4\u003c\/strong\u003e million\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNumber of Portfolio Companies\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e71\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e66\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWeighted Average Effective Yield\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e11.9%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e11.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 Revenue\u003c\/td\u003e\n\u003ctd\u003eNot specified\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e\\$17.69 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 Net Investment Income (NII)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e\\$6.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e\\$6.1 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003ch\u003e\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003eTemporary\u003c\/p\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516282626197,"sku":"whf-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/whf-vrio-analysis.png?v=1740231720","url":"https:\/\/dcf-model.com\/es\/products\/whf-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}