Our Team

Firm Principals

Jay Carvell, CFA
Portfolio Manager

Jay Carvell is a founding member of WhiteHorse Capital Partners, and co-manages the WhiteHorse portfolios. Mr. Carvell has been active in par and distressed markets since 1997. Prior to founding WhiteHorse, Mr. Carvell was a Portfolio Manager for Highland Capital Management, L.P. Earlier in his career, he was a Director in the restructuring practice at PricewaterhouseCoopers, LLP, where he represented debtors and creditors in bankruptcies and work outs across multiple industries. Mr. Carvell is a Dallas native and holds both a B.A. and an M.B.A. from The University of Texas at Austin.
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Ethan Underwood, CFA
Portfolio Manager

Ethan Underwood is a founding member of WhiteHorse Capital Partners, and co-manages the WhiteHorse Capital portfolios. Mr. Underwood has been active in par and distressed markets since 1997. Prior to founding WhiteHorse, he was a Portfolio Manager for Highland Capital Management, L.P. Earlier in his career, Mr. Underwood worked in the restructuring practice of PricewaterhouseCoopers, LLP, where he provided strategic financial and operational consulting to distressed companies and parties involved in the bankruptcy process across several industries. During his tenures with previous employers, Mr. Underwood handled numerous different work outs and restructurings across multiple industries. Mr. Underwood is a San Angelo, Texas, native and holds a B.B.A. in Finance with a concentration in International Business from The University of Texas at Austin.
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Jarred Worley, CPA
Risk Manager

Jarred Worley is a founding member of WhiteHorse Capital Partners, and is responsible for risk management and back office operations. Mr. Worley has been active in banking and structured finance since 1995. Prior to founding WhiteHorse, he was responsible for managing a portfolio of CDO/CLO funds in excess of $6 billion at Highland Capital Management, L.P., where his primary responsibilities included asset allocation, investor relations, portfolio structuring, and oversight of compliance/reporting. In addition, Mr. Worley was responsible for managing all phases of the back-office operations including settlement, portfolio accounting, cash flow management, trustee relations and software/systems administration. Prior to joining Highland, Mr. Worley worked as a Corporate Underwriter with Bank One and Comerica Bank, with experience in underwriting middle market, real estate, energy, and agricultural credits. Additional duties included managing Comerica’s Middle Market Credit Department in Houston, Texas. Mr. Worley received a B.B.A. in Accounting with a concentration in Finance from The University of Texas at Austin.
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Investment Team

Stephen Raggio, CFA
Portfolio Analyst
Joined WhiteHorse: 2004
Focus: Airlines, Broadcasting, Printing/Publishing

Prior to joining WhiteHorse Capital Partners, Mr. Raggio managed a $1.3 billion equity portfolio focused on the Mid-Cap Energy and Industrial Sectors for the Teacher Retirement System of Texas. Previously, he was employed at Dain Rauscher Wessels, where he focused on Energy Investment Banking. Mr. Raggio holds a B.B.A. in Finance from Southern Methodist University and an M.B.A. from The University of Texas at Austin.
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Nate Stinchcomb, CFA
Portfolio Analyst
Joined WhiteHorse: 2004
Focus: Power Generation, Retail

Prior to joining WhiteHorse Capital Partners, Mr. Stinchcomb was employed by Credit Lyonnais where he gained experience in the Mergers and Acquisitions Advisory, Equity Capital Markets and Diversified Lending areas. Mr. Stinchcomb holds a B.S. in Business Administration from The University of Arkansas at Fayetteville.
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Jeffrey Fahrenholz
Portfolio Analyst
Joined WhiteHorse: 2006
Focus: Telecom, Financial Services, Cable, Real Estate

Prior to joining WhiteHorse Capital Partners, Mr. Fahrenholz worked as an Analyst in the investment banking division of Credit Suisse Securities. At Credit Suisse he covered clients in the diversified industrial and service sectors, with experience in mergers and acquisitions advisory and public and private securities transactions. Mr. Fahrenholz holds a B.A. in Economics from Davidson College and is a CFA Level II candidate.
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Brendon Fischer, CFA
Portfolio Analyst
Joined WhiteHorse: 2005
Focus: Chemicals, Healthcare, Forest Products, Packaging

Prior to joining WhiteHorse Capital Partners, Mr. Fischer served as a Senior Research Analyst with Ulland Investment Advisors. During his tenure, he covered small cap growth stocks in the Energy, Healthcare and Technology industries. Mr. Fischer holds a B.A. in Economics from Carleton College and an M.B.A. from The University of Texas at Austin.
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Amy Kennedy Graham
Portfolio Analyst
Joined WhiteHorse: 2005
Focus: Cable, Financial Services, Insurance, Technology

Prior to joining WhiteHorse Capital Partners, Ms. Graham worked as an analyst in the Global Portfolio Management unit of the Corporate and Investment Bank at Bank of America focusing on credit underwriting and analysis for the Retail industry portfolio. Ms. Graham holds a B.G.S. from the University of Kansas and an M.B.A. from The University of Missouri at Kansas City.
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Marcus Graham
Portfolio Analyst
Joined WhiteHorse: 2007
Focus: Energy, Food, Financials, Structured Products

Prior to joining WhiteHorse Capital Partners, Mr. Graham was an analyst at an energy-focused equity hedge fund covering exploration and production and oilfield service equities. Previously, he worked as an Equity Research Associate at Banc of America Securities. At Banc of America, he covered the Oil and Gas Exploration and Production industry, and produced primary research on the crude oil, refined products, and natural gas markets. Mr. Graham holds a B.S. in Engineering from Texas A&M University and an M.B.A. from The University of Texas at Austin.
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Nathan Hall

Portfolio Analyst
Joined WhiteHorse: 2007
Focus: Auto, Chemicals, Consumer and Technology

Prior to joining WhiteHorse Capital Partners, Mr. Hall was a Portfolio Analyst at Highland Capital Management, L.P., where he assisted in managing a portfolio of over $2 billion, including par and distressed bank debt, high yield bonds and equities in the automotive and equipment rental sectors. Prior to joining Highland, he was an Analyst in Wells Fargo’s middle market commercial banking group in Houston, Texas. Mr. Hall holds a B.B.A. in Finance from Texas A&M University.
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Michael Latham, CFA
Portfolio Analyst
Joined WhiteHorse: 2007
Focus: Telecom, Technology, Building Materials

Prior to joining WhiteHorse Capital Partners, Mr. Latham served as a Credit Analyst in the Commercial & Industrial Group at Regions Financial where he led the underwriting of corporate loan transactions to mid-market companies. Previously, he was a Senior Analyst in the Valuation Services Group at Arthur Andersen. Mr. Latham holds a B.B.A from The University of Texas at Austin and an M.B.A. from The University of Chicago.
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Robert Myers
Portfolio Analyst
Joined WhiteHorse: 2008
Focus: General Portfolio

Prior to joining WhiteHorse Capital Partners, Robert Myers interned in the Assurance & Advisory Group with Ernst & Young, where he performed audits for public and private companies. Mr. Myers holds a B.B.A. in Finance from The University of Texas at Austin and supports the general portfolio.
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Farris Shenaq

Portfolio Analyst
Joined WhiteHorse: 2008
Focus: General Portfolio

Prior to joining WhiteHorse Capital Partners, Mr. Shenaq worked as an Analyst in Investment Banking with Triarc Financial, focusing on private placements across various industries. Previously, he worked in the Private Wealth Management division of Merrill Lynch, providing account management services to a variety of clients and small businesses. Mr. Shenaq holds a B.B.A. in Finance from The University of Texas at Austin.
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Amar Vallurupalli
Portfolio Analyst
Joined WhiteHorse: 2005
Focus: Healthcare, Packaging, Power Generation

Prior to joining WhiteHorse Capital Partners, Mr. Vallurupalli was an Investment Banking Analyst at Citigroup Global Markets. At Citigroup, his primary focus was mergers and acquisitions advisory across various industries. Before joining Citigroup, he was an Analyst in the Leverage Finance Group at Bear Stearns where he concentrated on acquisition financings and recapitalizations. Mr. Vallurupalli holds a B.S. in Finance and International Business from the Stern School of Business at New York University.
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Josh Weinstein, CFA
Portfolio Analyst
Joined WhiteHorse: 2006
Focus: Healthcare, Printing & Publishing, Aerospace & Defense, Industrials

Prior to joining WhiteHorse Capital Partners, Mr. Weinstein worked as an Associate in the Private Wealth Management unit of Morgan Stanley, providing brokerage and account management services. Previously, he was employed at Citigroup Asset Management, where he analyzed potential institutional sales opportunities. Mr. Weinstein holds a B.A. in Economics and Mathematics from Columbia University and an M.B.A. from The University of Southern California.
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