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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 Sep 30, 2025
189 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| P••••• I••• | term loan first lien | $750,000 | $675,399 100c | 13.00% | |
| H••••• T••••••••• I••• | term loan first lien | $671,673 | $665,667 100c | 11.50% | |
| R••• G••••••• I••• | term loan first lien | $1.4M | $649,664 54c | 11.80% | |
| B•••••• I••• | term loan first lien | $750,000 | $644,938 100c | 13.50% | |
| A••••• I••• | term loan first lien | $648,537 | $641,412 100c | 11.30% | |
| C•••••• L•••••• | term loan first lien | $631,675 | $626,109 100c | 12.80% | |
| C•••••• L•••••• | term loan first lien | $603,899 | $598,396 100c | 12.80% | |
| A•• F••••••• I••• | term loan first lien | $750,000 | $593,492 100c | 10.80% | |
| A••••••• C••••••• P•• | term loan first lien | $575,000 | $580,921 100c | 11.80% | |
| T•••••• I••• | term loan first lien | $685,158 | $574,875 100c | 12.30% | |
| C•••••••• | term loan first lien | $828,967 | $574,572 71c | 13.80% | |
| G••• W••••• L•• | term loan first lien | $587,253 | $571,607 100c | 12.00% | |
| S••••••• I•• | term loan first lien | $566,499 | $563,009 100c | 12.50% | |
| R•••• T••••••••• I••• | term loan first lien | $565,265 | $561,575 100c | 11.00% | |
| 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% | |
| M••• M••••• I••• | term loan first lien | $1.2M | $536,830 43c | 11.50% | |
| C•••••• L•••••• | term loan first lien | $531,124 | $524,578 100c | 12.80% | |
| C•••••• L•••••• | term loan first lien | $525,000 | $518,850 100c | 12.80% | |
| D•• S••••• I••• | term loan first lien | $909,323 | $500,972 100c | 10.00% | |
| A• T••• H•••••••• I••• | term loan first lien | $562,500 | $496,998 100c | 12.00% | |
| C•••••• L•••••• | term loan first lien | $499,369 | $495,267 100c | 12.80% | |
| C•••••• L•••••• | term loan first lien | $487,500 | $483,282 100c | 12.80% | |
| C•••••• L•••••• | term loan first lien | $487,500 | $483,033 100c | 12.80% | |
| C•••••• L•••••• | term loan first lien | $487,500 | $482,293 100c | 12.80% | |
| C•••••• L•••••• | term loan first lien | $487,500 | $481,894 100c | 12.80% | |
| L•••••••• S•••••••• P••• L••• | term loan first lien | $473,139 | $469,857 100c | 12.80% | |
| C••••• S••• I•• | term loan first lien | $468,197 | $460,786 100c | 11.00% | |
| C•••••• L•••••• | term loan first lien | $464,133 | $459,254 100c | 12.80% | |
| B••••••• C•••• L•• | term loan first lien | $2.0M | $450,666 25c | 14.00% | |
| C•••••• H•• I••• | term loan first lien | $562,500 | $448,034 100c | 12.00% | |
| C•••••• L•••••• | term loan first lien | $422,198 | $417,416 100c | 12.80% | |
| C•••••• L•••••• | term loan first lien | $441,435 | $406,546 100c | 12.80% | |
| T••••••• A•••• I••• | term loan first lien | $732,893 | $405,215 63c | 12.00% | |
| V•••• H••••••• I••• | term loan first lien | $391,040 | $388,439 100c | 11.80% | |
| V•••• H••••••• I••• | term loan first lien | $391,040 | $383,658 100c | 11.80% | |
| A•• F••••••• I••• | term loan first lien | $375,000 | $367,554 100c | 10.80% | |
| O•••••••• P••••••• I••• | term loan first lien | $471,902 | $367,538 100c | 13.50% | |
| F••••••••• T••••••••• I••• | term loan first lien | $336,600 | $330,095 100c | 13.50% | |
| C•••••• L•••••• | term loan first lien | $307,082 | $304,087 100c | 15.50% | |
| H•••••• H••••• I••• | term loan first lien | $1.2M | $253,305 27c | 12.50% | |
| L••••••• H••••••• I••• | term loan first lien | $3.7M | $253,286 7c | 10.30% | |
| C••••• S••• I•• | term loan first lien | $242,898 | $242,897 100c | 11.00% | |
| R••••• I••• | term loan first lien | $220,000 | $215,458 100c | 14.40% | |
| R•••• T••••••••• I••• | term loan first lien | $204,385 | $203,033 100c | 11.00% | |
| C•••••• L•••••• | term loan first lien | $162,000 | $160,494 100c | 12.80% | |
| O•••••••• I••• | term loan first lien | $155,475 | $150,174 100c | 12.30% | |
| L•••••••• I••• | term loan first lien | $2.4M | $122,760 5c | 14.10% | |
| O••• I••• | term loan first lien | $115,411 | $114,967 100c | 14.80% | |
| O••• I••• | term loan first lien | $114,074 | $112,671 100c | 13.50% | |
| G••••••• I••• | term loan first lien | $111,362 | $110,576 100c | 11.50% | |
| C•••••••• I••• | term loan first lien | $392,046 | $106,205 30c | 15.00% | |
| A••••• C••••••••• | term loan first lien | $92,102 | $92,102 100c | 10.50% | |
| A••••• C••••••••• | term loan first lien | $92,102 | $91,710 100c | 10.50% | |
| C•••••• L•••••• | term loan first lien | $85,423 | $84,831 100c | 11.80% | |
| K••• I••• | term loan first lien | $84,493 | $82,135 100c | 14.00% | |
| R•••• T••••••••• I••• | term loan first lien | $85,517 | $78,410 100c | 11.00% | |
| Y••• B••••••••• I••• | term loan first lien | $75,044 | $72,782 100c | 13.30% | |
| C•••••• L•••••• | term loan first lien | $57,304 | $57,071 100c | 14.00% | |
| L•••••••• S•••••••• P••• L••• | term loan first lien | $56,796 | $55,476 100c | 11.50% | |
| P••••• I••• | term loan first lien | $53,335 | $53,335 100c | 12.80% | |
| P••••• I••• | term loan first lien | $53,182 | $52,958 100c | 12.50% | |
| F••• R••••••• I••• | term loan first lien | $585,436 | $52,336 9c | 11.00% | |
| H•••• I••• | term loan first lien | $204,304 | $26,811 100c | 13.50% | |
| A••••••• C••••••• P•• | term loan first lien | $228,254 | $24,429 100c | 11.80% | |
| F••••••• I••• | term loan first lien | $547,646 | $23,507 5c | 11.80% | |
| R•••• I••• | term loan first lien | $3.5M | $13,727 1c | 12.50% | |
| S••••••• G••••• I••• | term loan first lien | $389,055 | $0 0c | 14.30% | |
| Z••• T••••••••• I••• | term loan first lien | $251,129 | $0 0c | 10.00% | |
| I•••• I••• | term loan first lien | $4.8M | $0 0c | 13.50% | |
| C••••••• M•• I••• | term loan first lien | $626,831 | $0 0c | 12.00% | |
| B••••••••• I••• | term loan first lien | $842,703 | $0 0c | 13.30% | |
| 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% | |
| L••• T••••••••• I••• O•••• H••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C•••••• H•• I••• S••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| M••••••• I••• S••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C•••••• L•••••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C••••• I••• S••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A•••••••• I••• S••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A••••• I••• S••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A•• F••••••• I••• T••••••••• Services | unstated lien unstated | Not disclosed | Not disclosed | ||
| T•••• B••• I••• B••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S••••••• D••••• O•••• I••• S••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| P•••• H••••••• L•••••• T••••••••• Services | unstated lien unstated | Not disclosed | Not disclosed | ||
| D••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| V••••••• I••• O•••• H••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| F••••••• I••• O•••• T••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| G••••••••• I••• O•••• H••••••••• | unstated lien unstated | Not disclosed | Not disclosed |
Page 2 of 2Previous
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