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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 Jun 30, 2023
215 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| S••••••• G••••• I••• | term loan first lien | $1.0M | $935,036 100c | 14.30% | |
| F••••••••• T••••••••• I••• | term loan first lien | $1.0M | $925,694 100c | 13.50% | |
| B•••••• L•••••• | term loan first lien | $1.0M | $920,504 100c | 13.50% | |
| B••••••••• I••• | term loan first lien | $1.0M | $919,600 100c | 13.30% | |
| O•••••••• I••• | term loan first lien | $958,053 | $918,424 100c | 12.00% | |
| H•••• I••• | term loan first lien | $1.0M | $916,913 100c | 13.50% | |
| W•••••• I••• | term loan first lien | $942,206 | $890,763 100c | 12.00% | |
| S•••• A••••••• I••• | term loan first lien | $1.0M | $865,808 100c | 13.80% | |
| P••••••••• T••••••••• I••• | term loan first lien | $853,270 | $813,895 100c | 12.00% | |
| C••••••••• I••• | term loan first lien | $1.0M | $809,426 100c | 13.80% | |
| B••••••••• N•••••••• I•• | term loan first lien | $798,855 | $786,432 100c | 12.00% | |
| B••••••••• N•••••••• I•• | term loan first lien | $799,159 | $785,604 100c | 12.00% | |
| i••••••••• I••• | term loan first lien | $1.4M | $772,242 100c | 11.50% | |
| A••••• S••••••• I••• | term loan first lien | $814,400 | $767,976 100c | 12.00% | |
| S••• A••••••••• C•••••• I••• | term loan first lien | $750,000 | $742,699 100c | 14.00% | |
| T••••••• A•••• I••• | term loan first lien | $750,000 | $723,322 100c | 12.00% | |
| K••••• I••• | term loan first lien | $752,761 | $722,112 100c | 11.50% | |
| B••••••• C•••• L•• | term loan first lien | $1.0M | $716,034 72c | 14.80% | |
| C•••••• L•••••• | term loan first lien | $750,000 | $712,516 100c | 11.80% | |
| S••••• M•••••• I••• | term loan first lien | $728,328 | $707,002 100c | 11.00% | |
| G•••••• I••• | term loan first lien | $750,000 | $703,496 100c | 14.00% | |
| B••••••• C•••• L•• | term loan first lien | $1.0M | $632,437 72c | 13.30% | |
| A•••••••• I••• | term loan first lien | $625,000 | $625,000 100c | 11.00% | |
| A•••••••• I••• | term loan first lien | $625,000 | $585,756 100c | 11.00% | |
| H•••• H••••••• I••• | term loan first lien | $625,000 | $557,311 100c | 13.00% | |
| C•••••••• I••• | term loan first lien | $594,515 | $557,251 100c | 12.00% | |
| W•••••• I••• | term loan first lien | $565,404 | $553,887 100c | 12.00% | |
| M••••• H•••••••• L•• | term loan first lien | $868,452 | $517,544 64c | 6.30% | |
| N•• L••• H•••••• I••• | term loan first lien | $1.5M | $502,190 35c | 11.50% | |
| H••••••••• I••• | term loan first lien | $500,000 | $500,000 100c | 11.00% | |
| J•••••• B•••••••• I••• | term loan first lien | $500,000 | $499,994 100c | 11.00% | |
| C••••• S••• I•• | term loan first lien | $500,000 | $499,993 100c | 11.00% | |
| F••• R••••••• I••• | term loan first lien | $500,000 | $492,841 100c | 11.00% | |
| F••• R••••••• I••• | term loan first lien | $500,000 | $491,327 100c | 11.00% | |
| O••• I••• | term loan first lien | $500,000 | $490,997 100c | 14.80% | |
| F••• R••••••• I••• | term loan first lien | $500,000 | $490,521 100c | 11.00% | |
| R••• G••••••• I••• | term loan first lien | $500,000 | $488,778 100c | 11.80% | |
| H•••• I••• | term loan first lien | $500,000 | $482,017 100c | 15.50% | |
| O••• I••• | term loan first lien | $500,000 | $470,462 100c | 13.50% | |
| R•••• T••••••••• I••• | term loan first lien | $478,000 | $470,047 100c | 11.00% | |
| J•••••• B•••••••• I••• | term loan first lien | $500,000 | $469,458 100c | 11.00% | |
| H••••••••• I••• | term loan first lien | $500,000 | $468,059 100c | 11.00% | |
| O••••••• I••• | term loan first lien | $470,999 | $464,222 100c | 11.50% | |
| G••••••• I••• | term loan first lien | $476,563 | $462,653 100c | 11.50% | |
| O•••••••• I••• | term loan first lien | $500,000 | $460,065 100c | 13.50% | |
| F••• R••••••• I••• | term loan first lien | $500,000 | $459,942 100c | 11.00% | |
| O••••••• I••• | term loan first lien | $470,999 | $450,926 100c | 11.50% | |
| V•••••• H•••••••• I••• | term loan first lien | $456,754 | $445,136 100c | 12.30% | |
| H••••• I••• | term loan first lien | $500,000 | $434,926 100c | 12.80% | |
| L•••••••• S•••••••• P••• L••• | term loan first lien | $500,000 | $421,697 100c | 11.50% | |
| H•••••• H••••• I••• | term loan first lien | $750,000 | $390,758 58c | 13.50% | |
| A• S••••••• | term loan first lien | $422,391 | $384,475 100c | 12.50% | |
| S•••••• I•••••••• I••• | term loan first lien | $376,865 | $371,186 100c | 12.00% | |
| F••••••• I••• | term loan first lien | $375,000 | $366,779 100c | 11.80% | |
| J•••• P••••••• I••• | term loan first lien | $375,000 | $364,074 100c | 15.30% | |
| J•••• P••••••• I••• | term loan first lien | $375,000 | $363,583 100c | 15.80% | |
| T••• I••• | term loan first lien | $375,000 | $336,053 100c | 14.30% | |
| M•••• W••• C•••••• | term loan first lien | $345,588 | $334,883 100c | 11.80% | |
| O••• H••••••• C•• | term loan first lien | $313,561 | $309,901 100c | 11.30% | |
| T••• I••• | term loan first lien | $312,500 | $304,082 100c | 15.30% | |
| O••• H••••••• C•• | term loan first lien | $313,425 | $302,590 100c | 11.30% | |
| C••••••• M•• I••• | term loan first lien | $641,232 | $281,804 46c | 12.00% | |
| O•••••••• I••• | term loan first lien | $250,000 | $250,000 100c | 15.50% | |
| V•••••••• I••• | term loan first lien | $250,000 | $250,000 100c | 15.00% | |
| C•••••• L•••••• | term loan first lien | $250,000 | $245,039 100c | 14.00% | |
| C•••••••• I••• | term loan first lien | $250,000 | $244,440 100c | 15.00% | |
| B•••••••• I••• | term loan first lien | $250,000 | $242,848 100c | 14.80% | |
| R••••• I••• | term loan first lien | $250,000 | $238,774 100c | 14.30% | |
| K••• I••• | term loan first lien | $250,000 | $223,662 100c | 14.00% | |
| V•••••••• I••• | term loan first lien | $250,000 | $223,402 100c | 14.80% | |
| Y••• B••••••••• I••• | term loan first lien | $250,000 | $219,877 100c | 13.30% | |
| Z••• T••••••••• I••• | term loan first lien | $212,516 | $212,514 100c | 10.00% | |
| C•••••••• I••• | term loan first lien | $250,000 | $205,899 100c | 15.00% | |
| F••••••• I••• | term loan first lien | $226,270 | $197,763 100c | 11.80% | |
| Z••• T••••••••• I••• | term loan first lien | $212,516 | $196,538 100c | 10.00% | |
| P••••••••• i••• | term loan first lien | $198,172 | $184,822 100c | 12.00% | |
| A•••••• I••• | term loan first lien | $256,219 | $182,039 100c | 12.50% | |
| L••••• P•••• I••• | term loan first lien | $186,024 | $180,607 100c | 11.00% | |
| A•••••• I••• | term loan first lien | $170,813 | $170,805 100c | 12.50% | |
| R•••• T••••••••• I••• | term loan first lien | $200,000 | $161,401 100c | 11.00% | |
| H•••••• H••••• I••• | term loan first lien | $315,032 | $134,231 45c | 12.50% | |
| T••• I••• | term loan first lien | $125,000 | $122,078 100c | 14.80% | |
| P••••••••• i••• | term loan first lien | $125,000 | $119,770 100c | 14.30% | |
| P••••••••• i••• | term loan first lien | $117,794 | $115,026 100c | 12.00% | |
| P••••••••• i••• | term loan first lien | $125,000 | $109,437 100c | 13.80% | |
| P••••••••• i••• | term loan first lien | $106,659 | $104,393 100c | 12.00% | |
| W••••••••• I••• | term loan first lien | $455,117 | $47,012 12c | 12.00% | |
| D••••••• I••• | term loan first lien | $1.3M | $37,520 3c | 11.00% | |
| R•••• I••• | term loan first lien | $3.7M | $36,745 1c | 12.50% | |
| T••••••••• I••• | term loan first lien | $660,608 | $0 0c | 18.00% | |
| A•••••• L••• S•••••••• I••• M•••••• D•••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| F••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S•••• A••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| P••••••• S••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A• S••••••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S••••••••• I••• O•••• H••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| I•••• I••• S••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| H••• D••••••••• V•••••• I••••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| T••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S•••••••• I••• O•••• T••••••••• | 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