[Form 4] Brown-Forman Corporation Insider Trading Activity

Rhea-AI Filing Summary

WhiteHorse Finance, Inc. (WHF) filed a DEFA14A to update the “Principal Accountant Fees and Services” table in its 2025 proxy materials. The only change is the inclusion of 2024 audit-related figures for Crowe LLP, the Company’s independent public accounting firm.

• Audit Fees (2024): $565 thousand, up from $470 thousand in 2023, reflecting the cost of Crowe’s attestation of internal controls over financial reporting.
• Total Accounting Fees (2024): $595 thousand versus $540 thousand in 2023, a 10% increase.
• Audit-Related Fees and Tax Fees remained nil for both years; “All Other Fees” fell to $30 thousand from $70 thousand.

No other proxy disclosures or shareholder proposals were altered. The Board unanimously reiterates its recommendation to vote “FOR” the ratification of Crowe LLP as auditor for the fiscal year ending 31 December 2025. The virtual Annual Meeting is scheduled for 30 July 2025, and previously cast votes remain valid; shareholders are encouraged to vote electronically to minimize processing costs.

Positive

• Improved transparency: Management proactively updated shareholders with the latest 2024 audit-fee data before the Annual Meeting.
• Board continuity and confidence: Directors unanimously support retaining Crowe LLP, signaling stability in financial reporting oversight.

Negative

• Audit fees climbed ~20%: Audit expenses increased by $95K year-over-year, modestly raising administrative costs.
• Incremental cost pressure: Although small, higher professional fees marginally dilute operating efficiency.

Insights

Corporate Governance Expert

TL;DR: Routine proxy update; audit fee table revised, proposals unchanged—neutral impact.

This amendment only refreshes fee data, lifting 2024 audit costs to $565 K after Crowe LLP’s SOX internal-control attestation. Governance structure, agenda items, and voting recommendations are unaffected. With no auditor change or indication of reporting issues, investor impact is negligible.

Financial Analyst

TL;DR: $55K rise in total accounting fees is immaterial to WHF’s earnings profile.

Total fees rose 10% year-over-year, but the extra $55 K is trivial relative to WhiteHorse Finance’s multi-million-dollar net investment income. Dividend capacity, leverage metrics, and valuation drivers remain intact. The filing is informational and should not influence investment decisions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Brown Campbell P

(Last) (First) (Middle)

850 DIXIE HIGHWAY

(Street)

LOUISVILLE KY 40210

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BROWN FORMAN CORP [ BFA, BFB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class B Common	07/09/2025		G		390,000	D	$0	180,863	D
Class B Common	07/09/2025		G	V	390,000	A	$0	390,000	I	2025 CLAT
Class B Common								916,987	I	Brown Barker 2013 LLC
Class B Common								45	I	Child #1
Class B Common								45	I	Child #2
Class B Common								264,777	I	CPB 2010 #1 LLC
Class B Common								60,543	I	CPB 2010 #2 LLC
Class B Common								88,166	I	CPBee Sale 2018 LLC
Class B Common								299,326	I	CPBee Endowment 2018 LLC
Class B Common								88,166	I	CPBee Charitable 2018 LLC
Class B Common								220,090	I	GGB4 2013 Trust
Class B Common								30,285	I	Trust FBO Campbell P. Brown
Class B Common								35,625	I	Trust FBO Geo Garvin Brown IV (Irrev)
Class B Common								191,850	I	SCB 2020 LLC

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	Karleen M. Finnegan, Attorney in Fact for Campbell P. Brown	07/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What are WhiteHorse Finance’s 2024 audit fees disclosed in the DEFA14A?

The filing lists $565 thousand in audit fees for 2024.

How much did total accounting fees change from 2023 to 2024 for WHF?

Total fees rose from $540 thousand in 2023 to $595 thousand in 2024, a 10% increase.

Does the WHF board still recommend ratifying Crowe LLP as auditor for 2025?

Yes, the board unanimously recommends voting “FOR” Crowe LLP’s ratification.

When is WhiteHorse Finance’s 2025 Annual Meeting of Stockholders?

The virtual meeting is scheduled for July 30, 2025.

Do shareholders need to recast their votes because of this proxy amendment?

No. Votes already submitted remain valid; no further action is required unless a shareholder wishes to change their vote.