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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 Jun 30, 2025
211 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
S•••••• F•••••• G•••• A••term loan first lien$848,196$837,180
100c
15.80%
P•••• P•••••• I•••term loan first lien$1.2M$831,527
96c
12.40%
C•••••• L••••••term loan first lien$816,112$761,150
100c
12.80%
T••••••••• L••••••term loan first lien$773,549$755,464
100c
13.80%
A•• F••••••• I•••term loan first lien$750,000$732,958
100c
10.80%
A•• F••••••• I•••term loan first lien$750,000$732,279
100c
10.80%
A•• F••••••• I•••term loan first lien$750,000$731,551
100c
10.80%
E•••••••• I•••term loan first lien$1.2M$729,403
60c
12.00%
S•••••• I•••term loan first lien$750,000$700,375
100c
11.30%
R•••• T••••••••• I•••term loan first lien$662,107$657,038
100c
11.00%
C•••••• L••••••term loan first lien$663,193$655,164
100c
12.80%
P••••• I•••term loan first lien$750,000$654,927
100c
13.00%
R••• G••••••• I•••term loan first lien$1.4M$649,664
54c
11.80%
C•••••• L••••••term loan first lien$648,000$641,519
100c
12.80%
G••• W••••• L••term loan first lien$643,015$624,151
100c
12.00%
T•••••• I•••term loan first lien$750,000$618,443
100c
12.30%
C••••• S••• I••term loan first lien$600,284$588,235
100c
11.00%
C•••• I••••••• I•••term loan first lien$750,000$586,264
80c
12.00%
A••••••• C••••••• P••term loan first lien$575,000$577,846
100c
11.80%
A•• F••••••• I•••term loan first lien$750,000$575,723
100c
10.80%
C•••••• L••••••term loan first lien$577,081$568,364
100c
12.80%
L•••••••• S•••••••• P••• L•••term loan first lien$573,134$568,322
100c
12.80%
M••• G•••• G•••term loan first lien$2.5M$549,093
24c
13.80%
A••••• I•••term loan first lien$957,356$548,094
60c
12.80%
C••••••••term loan first lien$801,496$545,136
70c
13.80%
C•••••• L••••••term loan first lien$550,652$544,419
100c
12.80%
S•••••• F•••••• G•••• A••term loan first lien$557,315$538,768
100c
15.00%
M••• M••••• I•••term loan first lien$1.2M$536,830
43c
11.50%
L•••••••• I•••term loan first lien$2.4M$532,722
23c
14.10%
C•••••• L••••••term loan first lien$525,000$518,169
100c
12.80%
V•••• H••••••• I•••term loan first lien$513,733$509,300
100c
11.80%
V•••• H••••••• I•••term loan first lien$513,733$501,184
100c
11.80%
C•••••• L••••••term loan first lien$507,766$500,933
100c
12.80%
A• T••• H•••••••• I•••term loan first lien$562,500$485,657
100c
12.00%
C•••••• L••••••term loan first lien$487,500$482,631
100c
12.80%
C•••••• L••••••term loan first lien$487,500$482,385
100c
12.80%
C•••••• L••••••term loan first lien$487,500$481,654
100c
12.80%
C•••••• L••••••term loan first lien$487,500$481,241
100c
12.80%
I•••••••• R•••••••• I•••term loan first lien$471,101$467,635
100c
12.00%
C•••••• L••••••term loan first lien$460,253$453,728
100c
12.80%
B••••••• C•••• L••term loan first lien$2.0M$450,665
25c
14.00%
C•••••• H•• I•••term loan first lien$562,500$430,587
100c
12.00%
F••••••••• T••••••••• I•••term loan first lien$441,263$430,238
100c
13.50%
C•••••• L••••••term loan first lien$465,000$424,229
100c
12.80%
D•• S••••• I•••term loan first lien$960,222$420,559
100c
10.00%
L••••••• H••••••• I•••term loan first lien$3.7M$404,984
12c
10.30%
T••••••• A•••• I•••term loan first lien$669,230$380,890
57c
12.00%
O•••••••• P••••••• I•••term loan first lien$500,000$377,399
100c
13.50%
K••• H••••••• L••••••term loan first lien$376,670$374,491
100c
11.80%
A•• F••••••• I•••term loan first lien$375,000$366,198
100c
10.80%
A••••• C•••••••••term loan first lien$363,513$363,512
100c
10.50%
A••••• C•••••••••term loan first lien$363,513$359,613
100c
10.50%
C•••••• L••••••term loan first lien$354,463$350,449
100c
15.50%
C••••• S••• I••term loan first lien$284,512$284,510
100c
11.00%
H•••••• H••••• I•••term loan first lien$1.2M$253,305
27c
12.50%
R•••• T••••••••• I•••term loan first lien$239,400$237,542
100c
11.00%
Z••• T••••••••• I•••term loan first lien$251,129$233,996
100c
10.00%
R••••• I•••term loan first lien$220,000$214,698
100c
14.40%
P••••• I•••term loan first lien$209,908$209,907
100c
12.80%
P••••• I•••term loan first lien$209,371$207,156
100c
12.50%
O•••••••• I•••term loan first lien$199,121$190,577
100c
12.30%
J•••• P••••••• I•••term loan first lien$183,310$181,542
100c
15.80%
O••• I•••term loan first lien$169,938$169,055
100c
14.80%
C•••••• L••••••term loan first lien$168,322$166,287
100c
11.80%
O••• I•••term loan first lien$168,228$165,288
100c
13.50%
C•••••• L••••••term loan first lien$162,000$160,289
100c
12.80%
G••••••• I•••term loan first lien$156,798$155,279
100c
11.50%
J•••• P••••••• I•••term loan first lien$154,177$152,872
100c
15.30%
J•••• P••••••• I•••term loan first lien$126,258$125,097
100c
13.00%
T•••• H••••• • S••••••• T••••••••• I•••term loan first lien$114,702$114,204
100c
12.00%
L•••••••• S•••••••• P••• L•••term loan first lien$111,949$107,442
100c
11.50%
K••• I•••term loan first lien$110,698$106,712
100c
14.00%
C•••••••• I•••term loan first lien$392,046$106,205
30c
15.00%
V•••••••• I•••term loan first lien$102,784$102,784
100c
15.00%
V•••••••• I•••term loan first lien$102,598$98,981
100c
14.80%
Y••• B••••••••• I•••term loan first lien$101,482$97,435
100c
13.30%
R•••• T••••••••• I•••term loan first lien$100,167$90,494
100c
11.00%
H•••• I•••term loan first lien$242,433$89,505
100c
13.50%
C•••••• L••••••term loan first lien$84,456$83,968
100c
14.00%
V•••••• H•••••••• I•••term loan first lien$57,258$57,038
100c
12.30%
F••• R••••••• I•••term loan first lien$250,572$53,052
21c
11.00%
B••••••••• I•••term loan first lien$842,703$47,308
6c
13.30%
F••• R••••••• I•••term loan first lien$216,807$40,961
19c
11.00%
P••••••••• T••••••••• I•••term loan first lien$38,438$38,294
100c
12.00%
A••••••• C••••••• P••term loan first lien$250,000$24,330
100c
11.80%
F••••••• I•••term loan first lien$547,646$23,507
5c
11.80%
F••• R••••••• I•••term loan first lien$147,195$15,988
11c
11.00%
R•••• I•••term loan first lien$3.6M$7,322
0c
12.50%
F••• R••••••• I•••term loan first lien$111,419$3,822
3c
11.00%
2••• S•••••• I•••term loan first lien$597,993$0
0c
13.80%
C••••••• M•• I•••term loan first lien$626,831$0
0c
12.00%
I•••• I•••term loan first lien$4.8M$0
0c
13.50%
T••••••••• I•••term loan first lien$623,478$0
0c
18.00%
H•••• H••••••• I•••term loan first lien$399,384$0
0c
13.00%
S••••••• G••••• I•••term loan first lien$389,055$0
0c
14.30%
T••••••••• I•••• I•••••••term loan first lienNot disclosedNot disclosed
B•••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
K••• H••••••• L••••••
T••••••••• Services
unstated lien unstatedNot disclosedNot disclosed
P•••• H••••••• L••••••
T••••••••• Services
unstated lien unstatedNot disclosedNot disclosed
G••••••••• I•••
O•••• H•••••••••
unstated lien unstatedNot disclosedNot disclosed
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