WhiteHorse Finance (WHF) director John Bolduc logs multiple share buys

Rhea-AI Filing Summary

WhiteHorse Finance, Inc. director John Bolduc reported multiple open-market purchases of the company’s common stock on a Form 4. On December 23, 2025, entities associated with him purchased 7,100 shares at a weighted average price of $6.99 per share and another 7,100 shares at a weighted average price of $7.00 per share, with actual trade prices ranging from $6.98 to $7.00.

On December 24, 2025, related entities bought 4,613 shares and 4,361 shares, each at a weighted average price of $6.99 per share, at prices between $6.96 and $7.00. The shares are held indirectly through Bolduc Family LP and Bolduc Investments X, LLC, and Bolduc disclaims beneficial ownership beyond his pecuniary interest in these entities.

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)
12/23/2025

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	12/23/2025		P		7,100	A	$6.99(3)	259,085	I	See Footnote(1)
Common Stock, par value $0.001 per share	12/23/2025		P		7,100	A	$7(4)	255,930	I	See Footnote(2)
Common Stock, par value $0.001 per share	12/24/2025		P		4,613	A	$6.99(5)	263,698	I	See Footnote(1)
Common Stock, par value $0.001 per share	12/24/2025		P		4,361	A	$6.99(6)	260,291	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 $6.98 to $7.00, 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 $6.98 to $7.00, 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 $6.96 to $7.00, 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 $6.96 to $7.00, 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	12/29/2025
	** 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).
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FAQ

What insider transactions did WhiteHorse Finance (WHF) disclose in this Form 4?

The filing shows director John Bolduc reporting four open-market purchases of WhiteHorse Finance, Inc. common stock on December 23 and 24, 2025, in blocks of 7,100, 7,100, 4,613, and 4,361 shares.

At what prices did John Bolduc’s affiliated entities buy WHF shares?

The reported purchases were at weighted average prices of $6.99, $7.00, $6.99, and $6.99 per share, with underlying trades executed in ranges of $6.96–$7.00 or $6.98–$7.00 per share.

How are John Bolduc’s holdings in WhiteHorse Finance (WHF) structured?

The shares are held indirectly through Bolduc Family LP and Bolduc Investments X, LLC. Bolduc reports these holdings but disclaims beneficial ownership beyond his pecuniary interest in each entity.

What is John Bolduc’s relationship to WhiteHorse Finance (WHF)?

John Bolduc is identified as a director of WhiteHorse Finance, Inc. on the Form 4 and is therefore considered an insider for reporting purposes.

Were the WHF shares in this Form 4 acquired or sold?

All reported transactions are coded as “P” for open-market or private purchases, indicating acquisitions of WhiteHorse Finance common stock rather than sales.

Do the reported prices represent single trades or averages for WHF stock?

The filing notes that the prices in Column 4 are weighted average prices, with the actual trades executed in multiple transactions within stated price ranges. Detailed trade breakdowns are available from Bolduc upon request.