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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
L••••• T••••••••• I•••term loan first lien$3.4M$0
0c
12.00%
C••••••• M•• I•••term loan first lien$626,831$0
0c
12.00%
T••••••••• I•••term loan first lien$641,330$0
0c
18.00%
M••• C•••• T••••••••• I•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
R••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
T••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
S••• S••••••••• I•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
F••••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
K••••• G•••• H••••••• L•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
2••• S•••••• I•••
T••••••••• Services
unstated lien unstatedNot disclosedNot disclosed
B•••••• L••••••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
T••••••••• L••••••
T••••••••• Services
unstated lien unstatedNot disclosedNot disclosed
S•••••• S••••••• I•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
A••••• I•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
F•••• A••••••• G••••••••• O••••••••• F••• • C•••• Z•unstated lien unstatedNot disclosedNot disclosed
K•••••• I•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
M••••••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
H••• D••••••••• V•••••• I••••••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
H••••• I•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
C••••• C••••••• I•••• C•••••••• • S••••••unstated lien unstatedNot disclosedNot disclosed
A•••••• L••• S•••••••• I•••
M•••••• D••••••
unstated lien unstatedNot disclosedNot disclosed
G••••••••• I•••
O•••• H•••••••••
unstated lien unstatedNot disclosedNot disclosed
Page 3 of 3Previous
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