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W•• F••• X• I•••
Business development companymanaged by W•••••• T••••••••• I••••••••• ••••Non-traded· PORTOLA VALLEY, CA
A non-traded business development company, managed by W•••••• T••••••••• I••••••••• ••••, holding $324M across 109 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $324M
- Borrowers
- 109
- Mark on cost
- 89.7¢
- First lien
- 100%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- 27 below 80¢$73.8M principal
27 positions across 27 borrowers marked below 80¢ on cost, $73.8M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - $426M → $324Mfair value, 4 quarters
Its portfolio shrank 24% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Every headline figure, and the identifiersCIK 1850938 · file 814-01414ShowHide
Fair value
$324M
as of Jun 30, 2026
Principal held
$402M
debt pieces, the filer's figure
Cost
$362M
90c on cost, debt pieces
Unfunded
$85.8M
commitments not yet drawn
Positions
176
109 borrowers
First lien
100%
100% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
123
2 sponsors financed
Portfolio through time
Fair value by quarter end$324M as of Jun 30, 2026
Dec 31, 2022$268M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $324M | 109 | 90c | 0 | n/a |
| Mar 31, 2026 | $335M | 108 | 91c | 0 | n/a |
| Dec 31, 2025 | $398M | 114 | 92c | 0 | n/a |
| Sep 30, 2025 | $408M | 122 | 92c | 0 | n/a |
All 15 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $426M | 127 | 92c | 0 | n/a |
| Mar 31, 2025 | $452M | 132 | 93c | 0 | n/a |
| Dec 31, 2024 | $871M | 133 | 94c | 0 | n/a |
| Sep 30, 2024 | $430M | 139 | 93c | 0 | n/a |
| Jun 30, 2024 | $381M | 138 | 93c | 0 | n/a |
| Mar 31, 2024 | $395M | 140 | 96c | 0 | n/a |
| Dec 31, 2023 | $447M | 141 | 96c | 0 | n/a |
| Sep 30, 2023 | $370M | 135 | 96c | 0 | n/a |
| Jun 30, 2023 | $328M | 128 | 98c | 0 | n/a |
| Mar 31, 2023 | $300M | 117 | 98c | 0 | n/a |
| Dec 31, 2022 | $268M | 111 | 98c | 0 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
Largest facilities held, with co-lenders
- M••••• M•••• I•• first lien term loan2 BDCs hold it$28.5M 100c
- U•••• L••• I•• first lien term loan2 BDCs hold it$24.0M 100c
- H••••• G••••• E••••••••• I•• first lien term loan1 BDC hold it$23.3M 134c
- G••••••••• I•• first lien term loan1 BDC hold it$20.4M 50c
- N••••••• E••••••••• I•• first lien term loan1 BDC hold it$15.6M 100c
- I••••••••• L•• first lien term loan2 BDCs hold it$12.4M 100c
- N••••••••• I•• first lien term loan1 BDC hold it$10.7M 100c
- B••••••• D••••• L•• first lien term loan2 BDCs hold it$10.6M 100c
- S••• S••••••••• I•• first lien term loan2 BDCs hold it$8.9M 100c
- L••• T••••••••• I•• first lien term loan2 BDCs hold it$8.6M 100c
- K••• H••••••• L•••••• first lien term loan2 BDCs hold it$8.6M 100c
- R••••• F•••• first lien term loan1 BDC hold it · possible sponsor S•• V•••••••$8.0M 100c
Schedule of investments at Dec 31, 2022
206 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T••••••• A•••• I••• | term loan first lien | $750,000 | $714,536 100c | 12.00% | |
| C•••••• L•••••• | term loan first lien | $750,000 | $700,244 100c | 11.80% | |
| G•••••• I••• | term loan first lien | $750,000 | $690,595 100c | 14.00% | |
| W•••••• I••• | term loan first lien | $699,306 | $681,592 100c | 12.00% | |
| C•••••••• I••• | term loan first lien | $728,381 | $672,611 100c | 12.00% | |
| A•••••••• I••• | term loan first lien | $625,000 | $573,721 100c | 11.00% | |
| D••••••• I••• | term loan first lien | $1.3M | $548,184 47c | 11.00% | |
| H•••• H••••••• I••• | term loan first lien | $625,000 | $541,825 100c | 13.00% | |
| J•••••• B•••••••• I••• | term loan first lien | $500,000 | $499,992 100c | 11.00% | |
| H••••••••• I••• | term loan first lien | $500,000 | $499,542 100c | 11.00% | |
| C••••• S••• I•• | term loan first lien | $500,000 | $498,014 100c | 11.00% | |
| O•••••••• I••• | term loan first lien | $494,724 | $494,724 100c | 12.00% | |
| F••• R••••••• I••• | term loan first lien | $500,000 | $490,717 100c | 11.00% | |
| O••••••• I••• | term loan first lien | $500,000 | $490,615 100c | 11.50% | |
| F••• R••••••• I••• | term loan first lien | $500,000 | $489,268 100c | 11.00% | |
| V•••••• H•••••••• I••• | term loan first lien | $500,000 | $483,684 100c | 12.30% | |
| G••••••• I••• | term loan first lien | $500,000 | $481,822 100c | 11.50% | |
| O••••••• I••• | term loan first lien | $500,000 | $472,319 100c | 11.50% | |
| O•••••••• I••• | term loan first lien | $494,512 | $472,195 100c | 12.00% | |
| R•••• T••••••••• I••• | term loan first lien | $478,000 | $468,276 100c | 11.00% | |
| O••• I••• | term loan first lien | $500,000 | $462,685 100c | 13.50% | |
| J•••••• B•••••••• I••• | term loan first lien | $500,000 | $460,087 100c | 11.00% | |
| H••••••••• I••• | term loan first lien | $500,000 | $458,276 100c | 11.00% | |
| S•••••• I•••••••• I••• | term loan first lien | $466,116 | $457,374 100c | 12.00% | |
| O•••••••• I••• | term loan first lien | $500,000 | $450,282 100c | 13.50% | |
| F••• R••••••• I••• | term loan first lien | $500,000 | $446,957 100c | 11.00% | |
| A• S••••••• | term loan first lien | $494,570 | $439,877 100c | 12.50% | |
| M•••• W••• C•••••• | term loan first lien | $436,797 | $419,677 100c | 11.80% | |
| O••• H••••••• C•• | term loan first lien | $406,912 | $400,736 100c | 11.30% | |
| L•••••••• S•••••••• P••• L••• | term loan first lien | $500,000 | $397,719 100c | 11.50% | |
| H•••••• H••••• I••• | term loan first lien | $750,000 | $394,852 61c | 13.50% | |
| O••• H••••••• C•• | term loan first lien | $406,735 | $388,544 100c | 11.30% | |
| F••••••• I••• | term loan first lien | $375,000 | $364,471 100c | 11.80% | |
| T••• I••• | term loan first lien | $375,000 | $324,556 100c | 14.30% | |
| S•••••••• D••••••• I••• | term loan first lien | $266,300 | $264,747 100c | 12.00% | |
| Z••• T••••••••• I••• | term loan first lien | $250,000 | $249,997 100c | 10.00% | |
| L••••• P•••• I••• | term loan first lien | $258,755 | $248,385 100c | 11.00% | |
| C•••••• L•••••• | term loan first lien | $250,000 | $243,708 100c | 14.00% | |
| C•••••••• I••• | term loan first lien | $250,000 | $242,058 100c | 15.00% | |
| H•••••• H••••• I••• | term loan first lien | $407,644 | $228,875 61c | 12.50% | |
| Z••• T••••••••• I••• | term loan first lien | $250,000 | $226,764 100c | 10.00% | |
| P••••••••• i••• | term loan first lien | $242,794 | $222,830 100c | 12.00% | |
| K••• I••• | term loan first lien | $250,000 | $218,018 100c | 14.00% | |
| S•••••••• D••••••• I••• | term loan first lien | $241,605 | $215,760 100c | 12.00% | |
| Y••• B••••••••• I••• | term loan first lien | $250,000 | $213,070 100c | 13.30% | |
| F••••••• I••• | term loan first lien | $250,000 | $212,293 100c | 11.80% | |
| A•••••• I••• | term loan first lien | $200,000 | $199,989 100c | 12.50% | |
| A•••••• I••• | term loan first lien | $300,000 | $196,815 100c | 12.50% | |
| C•••••••• I••• | term loan first lien | $250,000 | $195,438 100c | 15.00% | |
| R•••• T••••••••• I••• | term loan first lien | $200,000 | $153,702 100c | 11.00% | |
| P••••••••• i••• | term loan first lien | $125,000 | $121,698 100c | 12.00% | |
| T••• I••• | term loan first lien | $125,000 | $121,302 100c | 14.80% | |
| P••••••••• i••• | term loan first lien | $125,000 | $121,177 100c | 12.00% | |
| R•••• I••• | term loan first lien | $3.7M | $111,365 4c | 12.50% | |
| P••••••••• i••• | term loan first lien | $125,000 | $104,878 100c | 13.80% | |
| C••••••• M•• I••• | term loan first lien | $677,289 | $100,573 16c | 12.00% | |
| S•••••••• D••••••• I••• | term loan first lien | $98,904 | $98,395 100c | 12.00% | |
| T••••••••• I••• | term loan first lien | $300,000 | $70,518 29c | 14.30% | |
| W••••••••• I••• | term loan first lien | $455,117 | $60,837 14c | 12.00% | |
| T••••••••• I••• | term loan first lien | $250,000 | $39,862 29c | 12.80% | |
| H•••••• H••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| M•••• L•••• I•••• I••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C•••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| J•••• P••••••• I••• O•••• H••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C•••••• L•••••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| E••••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| R•••••• E•••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| T••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| Z••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| U••• I••• B••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| P••••••••• i••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| L•••••••• S•••••••• P••• L••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| T••••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| O••• I••• O•••• H••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| P•••• P•••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A••••• I••• S••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| L•••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| P••••••• S••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| i••••••••• I••• T••••••••• Services | unstated lien unstated | Not disclosed | Not disclosed | ||
| B••••••• C•••• L•• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C••••• T••••••••• C•••• S••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| R••• G••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| V•••••• H•••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| V•••••••• I•••• I••••••• | term loan first lien | Not disclosed | Not disclosed | ||
| F•••• A••••••• G••••••••• O••••••••• • C•••• Z• | unstated lien unstated | Not disclosed | Not disclosed | ||
| G•••••• I••• O•••• H••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| B••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| N•• L••• H•••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| K••• I••• O•••• H••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| F••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| O•••••••• I••• S••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S•••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| Y••• B••••••••• I••• O•••• H••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| F•••• A••••••• G••••••••• O••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| J••• M•••••• I•••• W••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S••• A••••••••• C•••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S•••••• S••••••• I••• S••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| L•••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S••••••••• I••• O•••• H••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| H•••• H••••••• I••• S••••••• | unstated lien unstated | Not disclosed | Not disclosed |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2022 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001850938-26-000012reported