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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 Mar 31, 2025
228 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
S•••••• F•••••• G•••• A••term loan first lien$963,428$949,130
100c
15.80%
P••••••••• I•••term loan first lien$1.0M$926,840
100c
13.00%
T••••••••• L••••••term loan first lien$950,529$923,375
100c
13.80%
C•••••••• I•••term loan first lien$1.1M$917,468
100c
11.00%
K••• H••••••• L••••••term loan first lien$928,088$917,446
100c
11.80%
W•••• W••••• I•• I•••term loan first lien$1.0M$886,277
100c
12.50%
P•••• P•••••• I•••term loan first lien$1.2M$870,465
96c
12.40%
J••• M•••••• I•••term loan first lien$855,972$836,387
100c
12.00%
T••••••••• I•••term loan first lien$1.0M$835,905
100c
13.30%
C•••••• L••••••term loan first lien$896,256$828,181
100c
12.80%
R•••• T••••••••• I•••term loan first lien$756,266$749,632
100c
11.00%
E•••••••• I•••term loan first lien$1.3M$749,154
61c
12.00%
J••• M•••••• I•••term loan first lien$750,000$734,877
100c
12.50%
I•••••••• R•••••••• I•••term loan first lien$742,437$734,284
100c
12.00%
A•• F••••••• I•••term loan first lien$750,000$730,514
100c
10.80%
C••••• S••• I••term loan first lien$728,712$711,045
100c
11.00%
C•••••• L••••••term loan first lien$720,587$709,875
100c
12.80%
M••• G•••• G•••term loan first lien$2.5M$699,654
31c
13.80%
J••• M•••••• I•••term loan first lien$750,000$692,760
100c
12.50%
S•••••• I•••term loan first lien$750,000$692,009
100c
11.30%
G••• W••••• L••term loan first lien$697,093$674,794
100c
12.00%
L•••••••• S•••••••• P••• L•••term loan first lien$669,927$663,338
100c
12.80%
S•••••• F•••••• G•••• A••term loan first lien$683,795$656,047
100c
15.00%
R••• G••••••• I•••term loan first lien$1.4M$649,664
54c
11.80%
C•••••• L••••••term loan first lien$648,000$640,634
100c
12.80%
P••••• I•••term loan first lien$750,000$635,798
100c
13.00%
A••••• C•••••••••term loan first lien$627,742$627,740
100c
10.50%
V•••• H••••••• I•••term loan first lien$632,799$626,106
100c
11.80%
A••••• C•••••••••term loan first lien$627,742$617,024
100c
10.50%
V•••• H••••••• I•••term loan first lien$632,799$613,898
100c
11.80%
H•••• I•••term loan first lien$620,177$610,155
100c
12.00%
L••••••• H••••••• I•••term loan first lien$3.7M$607,379
17c
10.30%
T•••••• I•••term loan first lien$750,000$597,798
100c
12.30%
C•••••• L••••••term loan first lien$600,293$591,790
100c
12.80%
C•••••• L••••••term loan first lien$592,000$581,061
100c
12.80%
A••••••• C••••••• P••term loan first lien$575,000$569,557
100c
11.80%
A•• F••••••• I•••term loan first lien$750,000$559,077
100c
10.80%
B••••••••• I•••term loan first lien$765,018$548,221
73c
13.30%
A••••• I•••term loan first lien$957,356$548,094
60c
12.80%
C•••••• L••••••term loan first lien$550,000$541,098
100c
12.80%
M••• M••••• I•••term loan first lien$1.2M$536,830
43c
11.50%
F••••••••• T••••••••• I•••term loan first lien$542,383$525,826
100c
13.50%
N••••••••• I•••term loan first lien$707,314$514,545
100c
14.00%
B••••••• C•••• L••term loan first lien$2.0M$486,606
27c
14.00%
C•••••• L••••••term loan first lien$487,500$482,003
100c
12.80%
C•••••• L••••••term loan first lien$487,500$481,759
100c
12.80%
C•••••• L••••••term loan first lien$487,500$480,348
100c
12.80%
C•••••• L••••••term loan first lien$485,000$476,653
100c
12.80%
A• T••• H•••••••• I•••term loan first lien$562,500$474,953
100c
12.00%
T••••••• A•••• I•••term loan first lien$669,230$420,442
61c
12.00%
C••••••••term loan first lien$776,911$418,814
57c
13.80%
C•••••• L••••••term loan first lien$465,000$418,565
100c
12.80%
C•••••• L••••••term loan first lien$400,006$394,865
100c
15.50%
D•• S••••• I•••term loan first lien$1.0M$362,688
100c
10.00%
P••••• I•••term loan first lien$361,469$361,468
100c
12.80%
O•••••••• P••••••• I•••term loan first lien$500,000$360,511
100c
13.50%
P••••• I•••term loan first lien$360,657$354,589
100c
12.50%
C••••• S••• I••term loan first lien$324,972$324,970
100c
11.00%
A•••••••• I•••term loan first lien$303,555$301,940
100c
12.50%
J••• M•••••• I•••term loan first lien$290,675$287,479
100c
15.50%
B•••• R••••• I•••term loan first lien$281,701$280,338
100c
12.00%
T•••• H••••• • S••••••• T••••••••• I•••term loan first lien$282,411$279,956
100c
12.00%
R•••• T••••••••• I•••term loan first lien$273,446$271,014
100c
11.00%
H•••••• H••••• I•••term loan first lien$1.2M$253,305
27c
12.50%
C•••••• L••••••term loan first lien$248,771$244,501
100c
11.80%
J•••• P••••••• I•••term loan first lien$248,397$244,425
100c
13.00%
Z••• T••••••••• I•••term loan first lien$251,129$233,996
100c
10.00%
O•••••••• I•••term loan first lien$241,457$229,018
100c
12.30%
J•••• P••••••• I•••term loan first lien$224,710$222,058
100c
15.80%
O••• I•••term loan first lien$222,452$220,999
100c
14.80%
O••• I•••term loan first lien$220,549$215,573
100c
13.50%
R••••• I•••term loan first lien$220,000$213,969
100c
14.40%
G••••••• I•••term loan first lien$200,918$198,453
100c
11.50%
J•••• P••••••• I•••term loan first lien$196,661$194,557
100c
15.30%
T••••••••• I•••term loan first lien$168,224$168,224
100c
11.50%
T••••••••• I•••term loan first lien$168,200$166,802
100c
11.50%
C•••••• L••••••term loan first lien$162,000$160,089
100c
12.80%
L•••••••• S•••••••• P••• L•••term loan first lien$165,507$156,120
100c
11.50%
P••••••••• T••••••••• I•••term loan first lien$151,410$149,975
100c
12.00%
F••• R••••••• I•••term loan first lien$300,112$137,649
46c
11.00%
K••• I•••term loan first lien$135,984$130,013
100c
14.00%
V•••••••• I•••term loan first lien$128,399$128,399
100c
15.00%
F••• R••••••• I•••term loan first lien$267,299$122,712
46c
11.00%
V•••••••• I•••term loan first lien$128,206$122,610
100c
14.80%
Y••• B••••••••• I•••term loan first lien$127,040$120,770
100c
13.30%
K••••• L•••••••• I•••term loan first lien$117,404$116,477
100c
11.50%
V•••••• H•••••••• I•••term loan first lien$112,754$111,997
100c
12.30%
A••••• S••••••• I•••term loan first lien$112,748$111,646
100c
12.00%
C•••••• L••••••term loan first lien$110,655$109,828
100c
14.00%
C•••••••• I•••term loan first lien$392,046$106,206
30c
15.00%
R•••• T••••••••• I•••term loan first lien$114,412$101,870
100c
11.00%
O••• H••••••• C••term loan first lien$218,789$98,282
46c
11.30%
F••• R••••••• I•••term loan first lien$199,613$91,797
46c
11.00%
H•••• I•••term loan first lien$242,433$89,505
100c
13.50%
S•••••• I•••••••• I•••term loan first lien$75,882$75,662
100c
12.00%
F••• R••••••• I•••term loan first lien$164,825$74,070
46c
11.00%
2••• S•••••• I•••term loan first lien$574,627$69,991
13c
13.80%
P••••••••• I•••term loan first lien$63,909$62,842
100c
14.30%
P••••••••• I•••term loan first lien$46,570$44,418
100c
13.80%
P••••••••• I•••term loan first lien$32,640$32,417
100c
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