Form 4: Director Bolduc Boosts WhiteHorse Finance Stake

WhiteHorse Finance Director John Bolduc increased his indirect beneficial ownership in the company's common stock through multiple purchases in mid-November 2025.

Summary

• John Bolduc, a Director of WhiteHorse Finance, Inc. (WHF), acquired a total of 28,300 shares of the company's common stock through multiple transactions.
• The purchases occurred on November 13, 2025, and November 14, 2025.
• Shares were acquired at weighted average prices ranging from $6.87 to $6.91 per share.
• The transactions were executed pursuant to a Rule 10b5-1(c) plan.
• Following these transactions, Mr. Bolduc's total indirect beneficial ownership in WhiteHorse Finance, Inc. increased to 500,815 shares.
• These shares are held indirectly through Bolduc Family LP (251,985 shares) and Bolduc Investments X, LLC (248,830 shares), with Mr. Bolduc disclaiming beneficial ownership except to the extent of his pecuniary interest.

Sentiment

Score: 8

Explanation: The significant open-market purchases by a director indicate strong insider confidence in the company's valuation and future performance, which is a positive signal for investors.

Positives

• Director John Bolduc's acquisition of 28,300 shares of common stock signals strong insider confidence in WhiteHorse Finance's future prospects.
• The purchases were made at prices between $6.87 and $6.91 per share, indicating management's belief in the company's current valuation.
• The transactions were conducted under a Rule 10b5-1 plan, suggesting a pre-planned investment strategy rather than opportunistic trading.

Future Outlook

This filing does not contain specific forward-looking statements or guidance regarding the company's future performance.

Industry Context

Insider buying, particularly by a director, is generally viewed as a positive indicator within the financial services industry, signaling management's confidence in the company's valuation and future prospects, potentially influencing investor sentiment.

Related Party Transactions

• Director John Bolduc, a related party, engaged in multiple open-market purchases of WhiteHorse Finance, Inc. common stock.

Stakeholder Impact

• Shareholders may interpret the director's increased stake as a positive signal of confidence in the company's future, potentially leading to increased investor interest.
• Employees and other stakeholders might view this as a sign of stability and positive internal outlook.

Key Dates

Recommendation

The director's substantial open-market purchases of company stock, executed under a Rule 10b5-1 plan, suggest strong insider confidence in the company's valuation and future performance. This typically signals a positive outlook for investors, warranting a 'buy' recommendation based on this insider activity.

Keywords

WhiteHorse Finance, WHF, Insider Buying, Form 4, Director Stock Purchase, Equity Acquisition, Beneficial Ownership, Rule 10b5-1