Director-linked entities buy WHF shares in market

WhiteHorse Finance, Inc. director-linked entities increased their stake through a series of open-market purchases of common stock.

Rhea-AI Filing Summary

WhiteHorse Finance, Inc. director-linked entities increased their stake through a series of open-market purchases of common stock. Over May 27–29, 2026, entities associated with John Bolduc bought a total of 21,420 shares at weighted average prices between $6.76 and $6.91 per share.

The shares are held indirectly by Bolduc-related vehicles, including Bolduc Family LP and Bolduc Investments X, LLC, and Bolduc disclaims beneficial ownership except for his pecuniary interest. Following these transactions, his indirect holdings reported in this filing rose to 295,327 shares of WhiteHorse Finance common stock.

Insider Trade Summary

Net Buyer: 21,420 shares

Net Buy 6 txns

Insider BOLDUC JOHN

Role Director

Bought 21,420 shs ($146K)

Type	Security	Shares	Price	Value
Purchase	Common Stock, par value $0.001 per share	3,570	$6.76	$24K
Purchase	Common Stock, par value $0.001 per share	3,570	$6.76	$24K
Purchase	Common Stock, par value $0.001 per share	3,570	$6.81	$24K
Purchase	Common Stock, par value $0.001 per share	3,570	$6.81	$24K
Purchase	Common Stock, par value $0.001 per share	3,570	$6.91	$25K
Purchase	Common Stock, par value $0.001 per share	3,570	$6.90	$25K

Holdings After Transaction: Common Stock, par value $0.001 per share — 291,920 shares (Indirect, See Footnote)

Footnotes (8)

1. F1. 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. F2. 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. F3. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.72 to $6.79, 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. F4. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.72 to $6.79, 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.
5. F5. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.76 to $6.85, 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.
6. F6. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.76 to $6.85, 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.
7. F7. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.83 to $6.96, 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.
8. F8. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.83 to $6.97, 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.

Key Figures

Total shares purchased: 21,420 shares Per-transaction size: 3,570 shares Purchase prices: $6.76–$6.91/share +3 more

6 metrics

Total shares purchased 21,420 shares Open-market common stock purchases over May 27–29, 2026

Per-transaction size 3,570 shares Shares bought in each of six non-derivative transactions

Purchase prices $6.76–$6.91/share Weighted average prices for reported purchases

Holdings after trades 295,327 shares Indirect common stock holdings after May 29, 2026 transaction

Transactions classified as buys 6 buy transactions All non-derivative transactions are open-market purchases (code P)

Net share change 21,420 shares Net-buy shares across all reported transactions

Key Terms

open-market purchase, weighted average price, beneficial ownership, pecuniary interest, +1 more

5 terms

open-market purchase financial

"transaction_action: "open-market purchase" for each common stock transaction"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

beneficial ownership financial

"Mr. Bolduc disclaims beneficial ownership of shares of common stock held by Bolduc Family LP..."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of his pecuniary interest therein."

indirect ownership financial

"direct_or_indirect: "I" and ownership_type: "indirect" for all transactions"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did WHF report for John Bolduc in this Form 4?

Entities associated with director John Bolduc reported open-market purchases totaling 21,420 shares of WhiteHorse Finance common stock over May 27–29, 2026, at weighted average prices between $6.76 and $6.91 per share.

How many WHF shares do John Bolduc-related entities hold after these trades?

After the reported purchases, entities associated with John Bolduc hold 295,327 shares of WhiteHorse Finance common stock indirectly. This figure reflects the total non-derivative holdings following the final transaction on May 29, 2026, as stated in the Form 4 data.

Were the WHF insider purchases by John Bolduc direct or indirect holdings?

All reported purchases are classified as indirect holdings. The shares are owned through entities such as Bolduc Family LP and Bolduc Investments X, LLC, with Bolduc reporting them indirectly and disclaiming beneficial ownership except for his pecuniary interest.

What prices were paid for the WHF shares in these insider purchases?

The transactions list weighted average purchase prices of $6.76, $6.81, $6.90, and $6.91 per share. Footnotes explain these averages reflect multiple trades within price ranges such as $6.72–$6.79 and $6.83–$6.97, inclusive.

How many separate WHF insider purchase transactions did John Bolduc report?

The Form 4 data shows six separate non-derivative purchase transactions. Each transaction involved 3,570 shares of WhiteHorse Finance common stock, executed on May 27, 28, and 29, 2026, for a combined total of 21,420 shares bought indirectly.

What disclaimers about beneficial ownership does John Bolduc include in this WHF filing?

Footnotes state that Bolduc is affiliated with Bolduc Family LP and Bolduc Investments X, LLC, which own the reported shares. He disclaims beneficial ownership of common stock held by these entities, except to the extent of his pecuniary interest in them.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/29/2026 - 06:44 PM Learn about SEC filing dates

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^*

BOLDUC JOHN

(Last) (First) (Middle)

C/O WHITEHORSE FINANCE, INC.

1450 BRICKELL AVENUE, 31ST FLOOR

(Street)

MIAMI FLORIDA 33131

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/27/2026

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

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

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

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	05/29/2026		P		3,570	A	$6.76(3)	295,327	I	See Footnote(1)
Common Stock, par value $0.001 per share	05/29/2026		P		3,570	A	$6.76(4)	291,920	I	See Footnote(2)
Common Stock, par value $0.001 per share	05/28/2026		P		3,570	A	$6.81(5)	291,757	I	See Footnote(1)
Common Stock, par value $0.001 per share	05/28/2026		P		3,570	A	$6.81(6)	288,350	I	See Footnote(2)
Common Stock, par value $0.001 per share	05/27/2026		P		3,570	A	$6.91(7)	288,187	I	See Footnote(1)
Common Stock, par value $0.001 per share	05/27/2026		P		3,570	A	$6.9(8)	284,780	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 $6.72 to $6.79, 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 $6.72 to $6.79, 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.

5. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.76 to $6.85, 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.

6. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.76 to $6.85, 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.

7. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.83 to $6.96, 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.

8. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.83 to $6.97, 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.

	/s/ Marco Collazos, Attorney-in-Fact for John Bolduc	05/29/2026
	** 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.
* Form 4: SEC 1474 (03-26)