[Form 4] WhiteHorse Finance, Inc. Insider Trading Activity

Rhea-AI Filing Summary

WhiteHorse Finance, Inc. director John Bolduc reported multiple open-market purchases of the company’s common stock. On 11/13/2025 and 11/14/2025, entities affiliated with him bought a total of 28,300 shares at weighted average prices around $6.88–$6.91 per share. After these transactions, his indirect beneficial holdings through Bolduc Family LP and Bolduc Investments X, LLC were updated, with each line item in the report reflecting the new share counts for those entities. The footnotes state that the reported prices are weighted averages over multiple trades within specified price ranges, and Bolduc commits to provide detailed breakout information upon request.

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

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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^*

BOLDUC JOHN

(Last) (First) (Middle)

C/O WHITEHORSE FINANCE, INC.

1450 BRICKELL AVENUE, 31ST FLOOR

(Street)

MIAMI FL 33131

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
WhiteHorse Finance, Inc. [ WHF ]

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)
11/13/2025

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
Common Stock, par value $0.001 per share	11/13/2025		P		2,100	A	$6.91(3)	239,985	I	See Footnote(1)
Common Stock, par value $0.001 per share	11/13/2025		P		2,400	A	$6.91(4)	237,030	I	See Footnote(2)
Common Stock, par value $0.001 per share	11/13/2025		P		4,900	A	$6.89(5)	244,885	I	See Footnote(1)
Common Stock, par value $0.001 per share	11/13/2025		P		4,700	A	$6.89(6)	241,730	I	See Footnote(2)
Common Stock, par value $0.001 per share	11/14/2025		P		7,100	A	$6.88(7)	251,985	I	See Footnote(1)
Common Stock, par value $0.001 per share	11/14/2025		P		7,100	A	$6.87(8)	248,830	I	See Footnote(2)

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:

1. Mr. Bolduc is the sole shareholder of the general partner of Bolduc Family LP, which owns the reported securities. Mr. Bolduc disclaims beneficial ownership of shares of common stock held by Bolduc Family LP, except to the extent of his pecuniary interest therein.

2. Mr. Bolduc is a member of Bolduc Investments X, LLC, which owns the reported securities. Mr. Bolduc disclaims beneficial ownership of shares of common stock held by Bolduc Investments X, LLC, except to the extent of his pecuniary interest therein.

3. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.89 to $6.91, inclusive. Mr. Bolduc undertakes to provide to WhiteHorse Finance, Inc., any security holder of WhiteHorse Finance, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (3) to this Form 4.

4. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.89 to $6.93, inclusive. Mr. Bolduc undertakes to provide to WhiteHorse Finance, Inc., any security holder of WhiteHorse Finance, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (4) to this Form 4.

5. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.86 to $6.92, inclusive. Mr. Bolduc undertakes to provide to WhiteHorse Finance, Inc., any security holder of WhiteHorse Finance, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (5) to this Form 4.

6. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.86 to $6.92, inclusive. Mr. Bolduc undertakes to provide to WhiteHorse Finance, Inc., any security holder of WhiteHorse Finance, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (6) to this Form 4.

7. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.71 to $6.91, inclusive. Mr. Bolduc undertakes to provide to WhiteHorse Finance, Inc., any security holder of WhiteHorse Finance, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (7) to this Form 4.

8. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.77 to $6.91, inclusive. Mr. Bolduc undertakes to provide to WhiteHorse Finance, Inc., any security holder of WhiteHorse Finance, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (8) to this Form 4.

	/s/ Marco Collazos, Attorney-in-Fact for John Bolduc	11/14/2025
	** 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 insider transaction did WhiteHorse Finance (WHF) report in this Form 4?

The filing shows that director John Bolduc reported several open-market purchases of WhiteHorse Finance, Inc. common stock on 11/13/2025 and 11/14/2025 through entities he is associated with.

How many WhiteHorse Finance (WHF) shares did John Bolduc acquire?

The transactions disclose purchases totaling 28,300 shares of WhiteHorse Finance common stock across six separate entries reported for 11/13/2025 and 11/14/2025.

At what prices were the WhiteHorse Finance (WHF) shares purchased?

The reported prices are weighted average prices, with per-trade price ranges noted in the footnotes. The individual line items show averages such as $6.91, $6.89, $6.88, and $6.87 per share, within stated ranges like $6.71 to $6.93.

How does John Bolduc hold his WhiteHorse Finance (WHF) shares?

The form reports indirect ownership. Shares are held through entities including Bolduc Family LP and Bolduc Investments X, LLC, and Bolduc is identified as having roles in those entities.

Does John Bolduc claim full beneficial ownership of the WHF shares held by related entities?

No. The footnotes state that Bolduc disclaims beneficial ownership of shares held by Bolduc Family LP and Bolduc Investments X, LLC, except to the extent of his pecuniary interest in those entities.

Are the reported prices in the WhiteHorse Finance (WHF) Form 4 single trades or averages?

The filing explains that each reported price is a weighted average price for multiple trades executed within specified price ranges, and Bolduc undertakes to provide the detailed trade breakdowns upon request.