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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.

Fair value
$324M
Schedule of investments, 10-Q and 10-K
Borrowers
109
Schedule of investments, 10-Q and 10-K
Mark on cost
89.7¢
Schedule of investments, 10-Q and 10-K
First lien
100%
Schedule of investments, 10-Q and 10-K
Schedule of investments (176)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 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
  2. $426M → $324M
    fair value, 4 quarters

    Its portfolio shrank 24% at fair value over the last four quarters.

    Q2 2026 · The book is shrinking.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1850938 · file 814-01414Show
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$324M10990c0n/a
Mar 31, 2026$335M10891c0n/a
Dec 31, 2025$398M11492c0n/a
Sep 30, 2025$408M12292c0n/a
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$426M12792c0n/a
Mar 31, 2025$452M13293c0n/a
Dec 31, 2024$871M13394c0n/a
Sep 30, 2024$430M13993c0n/a
Jun 30, 2024$381M13893c0n/a
Mar 31, 2024$395M14096c0n/a
Dec 31, 2023$447M14196c0n/a
Sep 30, 2023$370M13596c0n/a
Jun 30, 2023$328M12898c0n/a
Mar 31, 2023$300M11798c0n/a
Dec 31, 2022$268M11198c0n/a
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Sep 30, 2023
222 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
C••••• T••••••••• C••••term loan first lien$1.0M$980,444
100c
15.00%
L•••••••• S•••••••• P••• L•••term loan first lien$1.0M$979,431
100c
12.80%
S•••• A••••••• I•••term loan first lien$1.0M$975,230
100c
13.80%
S••• A••••••••• C•••••• I•••term loan first lien$1.0M$963,349
100c
13.50%
S••••••• G••••• I•••term loan first lien$1.0M$943,671
100c
14.30%
F••••••••• T••••••••• I•••term loan first lien$1.0M$934,572
100c
13.50%
B••••••••• I•••term loan first lien$1.0M$929,072
100c
13.30%
B•••••• L••••••term loan first lien$1.0M$928,665
100c
13.50%
N••••• I•••term loan first lien$930,890$909,296
100c
12.00%
J•••••• B•••••••• I•••term loan first lien$971,105$893,937
100c
12.50%
S•••• A••••••• I•••term loan first lien$1.0M$878,607
100c
13.80%
O•••••••• I•••term loan first lien$909,304$876,821
100c
12.00%
R••• G••••••• I•••term loan first lien$883,494$855,110
100c
11.80%
J•••• P••••••• I•••term loan first lien$903,093$854,815
100c
13.00%
H•••• I•••term loan first lien$914,822$845,464
100c
13.50%
P•••••••• I•••term loan first lien$1.0M$839,171
100c
12.80%
C••••••••• I•••term loan first lien$1.0M$830,485
100c
13.80%
B••• I••••••••• ••••••• L••••••term loan first lien$846,611$812,108
100c
12.00%
W•••••• I•••term loan first lien$825,541$785,955
100c
12.00%
S••• A••••••••• C•••••• I•••term loan first lien$750,000$743,640
100c
14.00%
P••••••••• T••••••••• I•••term loan first lien$762,030$730,694
100c
12.00%
B••••••••• N•••••••• I••term loan first lien$723,515$713,364
100c
12.00%
B••••••••• N•••••••• I••term loan first lien$723,790$712,714
100c
12.00%
i••••••••• I•••term loan first lien$1.2M$697,924
100c
11.50%
G•••••• I•••term loan first lien$729,187$689,680
100c
14.00%
A••••• S••••••• I•••term loan first lien$722,914$686,293
100c
12.00%
K••••• L•••••••• I•••term loan first lien$705,357$678,003
100c
11.50%
2••• S•••••• I•••term loan first lien$750,000$677,095
100c
13.80%
T••••••• A•••• I•••term loan first lien$699,505$655,808
100c
12.00%
C•••••• L••••••term loan first lien$684,743$653,610
100c
11.80%
S••••• M•••••• I•••term loan first lien$661,848$644,311
100c
11.00%
A•••••••• I•••term loan first lien$625,000$625,000
100c
11.00%
H•••• H••••••• I•••term loan first lien$625,000$565,763
100c
13.00%
A•••••••• I•••term loan first lien$588,687$555,825
100c
11.00%
M••••• H•••••••• L••term loan first lien$868,452$517,544
64c
6.30%
C••••• S••• I••term loan first lien$500,000$499,994
100c
11.00%
F••• R••••••• I•••term loan first lien$500,000$492,416
100c
11.00%
O••• I•••term loan first lien$500,000$492,164
100c
14.80%
F••• R••••••• I•••term loan first lien$500,000$491,600
100c
11.00%
R••• G••••••• I•••term loan first lien$500,000$489,933
100c
11.80%
J••• M•••••• I•••term loan first lien$500,000$488,283
100c
15.50%
S•••••••• I•••term loan first lien$500,000$488,262
100c
16.00%
W•••••• I•••term loan first lien$495,395$486,560
100c
12.00%
B•••••• L••••••term loan first lien$500,000$486,516
100c
13.80%
H•••• I•••term loan first lien$500,000$484,277
100c
15.50%
F••• R••••••• I•••term loan first lien$485,555$479,519
100c
11.00%
O••• I•••term loan first lien$500,000$474,665
100c
13.50%
H••••••••• I•••term loan first lien$470,968$470,968
100c
11.00%
O•••••••• I•••term loan first lien$500,000$465,379
100c
13.50%
R•••• T••••••••• I•••term loan first lien$459,358$452,333
100c
11.00%
H••••••••• I•••term loan first lien$470,968$444,217
100c
11.00%
H••••• I•••term loan first lien$500,000$440,410
100c
12.80%
B••••••• C•••• L••term loan first lien$2.0M$432,143
24c
14.00%
G••••••• I•••term loan first lien$440,618$428,794
100c
11.50%
F••• R••••••• I•••term loan first lien$456,099$422,800
100c
11.00%
O••••••• I•••term loan first lien$426,501$420,974
100c
11.50%
O••••••• I•••term loan first lien$426,501$410,096
100c
11.50%
V•••••• H•••••••• I•••term loan first lien$412,133$402,719
100c
12.30%
L•••••••• S•••••••• P••• L•••term loan first lien$456,363$390,868
100c
11.50%
H•••••• H••••• I•••term loan first lien$1.1M$389,506
40c
13.20%
J•••• P••••••• I•••term loan first lien$375,000$365,423
100c
15.30%
J•••• P••••••• I•••term loan first lien$375,000$364,847
100c
15.80%
F••••••• I•••term loan first lien$357,609$350,506
100c
11.80%
A• S•••••••term loan first lien$377,289$346,953
100c
12.50%
T••• I•••term loan first lien$375,000$341,147
100c
14.30%
S•••••• I•••••••• I•••term loan first lien$330,201$325,847
100c
12.00%
T••• I•••term loan first lien$312,500$304,994
100c
15.30%
M•••• W••• C••••••term loan first lien$297,944$289,970
100c
11.80%
O••• H••••••• C••term loan first lien$264,889$262,269
100c
11.30%
O••• H••••••• C••term loan first lien$264,774$257,001
100c
11.30%
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%
R••••• I•••term loan first lien$250,000$247,794
100c
14.50%
C•••••• L••••••term loan first lien$250,000$245,752
100c
14.00%
C•••••••• I•••term loan first lien$250,000$245,186
100c
15.00%
F••••••• I•••term loan first lien$250,000$243,603
100c
11.80%
R••••• I•••term loan first lien$250,000$239,668
100c
14.30%
B•••••••• I•••term loan first lien$243,132$237,062
100c
14.80%
K••• I•••term loan first lien$250,000$226,748
100c
14.00%
V•••••••• I•••term loan first lien$250,000$226,668
100c
14.80%
Y••• B••••••••• I•••term loan first lien$250,000$223,608
100c
13.30%
C•••••••• I•••term loan first lien$250,000$211,795
100c
15.00%
Z••• T••••••••• I•••term loan first lien$189,344$189,342
100c
10.00%
F••••••• I•••term loan first lien$208,007$183,896
100c
11.80%
Z••• T••••••••• I•••term loan first lien$189,344$176,640
100c
10.00%
A•••••• I•••term loan first lien$228,956$168,596
100c
12.50%
N•• L••• H•••••• I•••term loan first lien$1.6M$164,830
11c
11.50%
P••••••••• i•••term loan first lien$174,891$164,485
100c
12.00%
R•••• T••••••••• I•••term loan first lien$192,200$157,812
100c
11.00%
A•••••• I•••term loan first lien$152,637$152,631
100c
12.50%
L••••• P•••• I•••term loan first lien$148,137$144,657
100c
11.00%
T••• I•••term loan first lien$125,000$122,471
100c
14.80%
P••••••••• i•••term loan first lien$125,000$120,434
100c
14.30%
P••••••••• i•••term loan first lien$117,996$104,852
100c
13.80%
P••••••••• i•••term loan first lien$106,728$104,466
100c
12.00%
P••••••••• i•••term loan first lien$95,254$93,454
100c
12.00%
M•••••• I•••term loan first lien$1.4M$84,332
7c
10.50%
D••••••• I•••term loan first lien$1.3M$55,594
5c
11.00%
R•••• I•••term loan first lien$3.7M$36,745
1c
12.50%
W••••••••• I•••term loan first lien$455,117$33,358
9c
12.00%
Page 2 of 3PreviousNext
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