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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 Dec 31, 2025
183 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
M••••••• I•••term loan first lien$750,000$707,326
100c
12.00%
B•••••••• I•••term loan first lien$859,238$705,991
88c
14.10%
P••••• I•••term loan first lien$750,000$697,064
100c
13.00%
E•••••••• I•••term loan first lien$1.2M$680,681
56c
12.00%
B•••••• I•••term loan first lien$750,000$653,973
100c
13.50%
M•••• L•••• I•••term loan first lien$675,288$651,684
100c
13.30%
U••• I•••term loan first lien$656,145$650,198
100c
11.50%May 1, 2026
B••• I•••term loan first lien$750,000$634,504
100c
12.50%
C•••••• L••••••term loan first lien$647,553$615,984
100c
12.80%
A•• F••••••• I•••term loan first lien$750,000$612,248
100c
10.80%
D•• S••••• I•••term loan first lien$856,869$610,687
100c
10.00%
A••••••• C••••••• P••term loan first lien$575,000$584,070
100c
11.80%
C•••••• L••••••term loan first lien$581,176$576,490
100c
12.80%
A••••• I•••term loan first lien$557,799$546,844
100c
13.50%
C•••••• T••••••••• I•••term loan first lien$562,500$540,278
100c
12.50%
C•••••• L••••••term loan first lien$542,453$539,282
100c
12.80%
T•••••• I•••term loan first lien$618,047$527,618
100c
12.30%
M••• M••••• I•••term loan first lien$1.2M$524,191
43c
11.50%
C•••••• L••••••term loan first lien$525,000$519,546
100c
12.80%
G••• W••••• L••term loan first lien$529,581$516,887
100c
12.00%
C•••••• L••••••term loan first lien$487,500$482,946
100c
12.80%
A• T••• H•••••••• I•••term loan first lien$536,351$482,616
100c
12.00%
C•••••• L••••••term loan first lien$487,500$482,561
100c
12.80%
C•••••• L••••••term loan first lien$483,476$478,954
100c
12.80%
C•••••• H•• I•••term loan first lien$562,500$462,032
100c
12.00%
C•••••• L••••••term loan first lien$462,636$458,825
100c
12.80%
C•••••• T••••••••• I•••term loan first lien$562,500$456,585
100c
12.50%
A••••• I•••term loan first lien$957,356$453,370
50c
12.80%
C•••••• L••••••term loan first lien$449,920$446,347
100c
12.80%
C•••••• L••••••term loan first lien$446,231$444,090
100c
12.80%
C••••••••term loan first lien$838,466$428,377
52c
13.80%
C•••••• L••••••term loan first lien$418,910$415,840
100c
12.80%
C•••••• L••••••term loan first lien$382,750$379,587
100c
12.80%
C•••••• L••••••term loan first lien$404,801$375,483
100c
12.80%
A•• F••••••• I•••term loan first lien$375,000$368,937
100c
10.80%
T••••••• A•••• I•••term loan first lien$669,126$366,951
66c
12.00%
L•••••••• S•••••••• P••• L•••term loan first lien$398,954$351,769
100c
12.10%
O•••••••• P••••••• I•••term loan first lien$428,172$341,313
100c
13.50%
C••••• S••• I••term loan first lien$332,246$328,393
100c
11.00%
F••••••• I•••term loan first lien$375,000$312,811
100c
11.00%
R••• G••••••• I•••term loan first lien$1.4M$270,549
23c
11.80%
V•••• H••••••• I•••term loan first lien$264,526$263,286
100c
11.80%
V•••• H••••••• I•••term loan first lien$264,526$260,999
100c
11.80%
H•••••• H••••• I•••term loan first lien$1.2M$260,896
28c
12.50%
C•••••• L••••••term loan first lien$257,682$255,570
100c
15.50%Feb 1, 2027
F••••••••• T••••••••• I•••term loan first lien$228,185$225,067
100c
13.50%
R••••• I•••term loan first lien$220,000$216,075
100c
14.40%
C••••• S••• I••term loan first lien$200,038$200,037
100c
11.00%
C•••••• L••••••term loan first lien$157,863$156,568
100c
12.80%
O•••••••• I•••term loan first lien$110,479$107,708
100c
12.30%
G••••••• I•••term loan first lien$64,553$64,266
100c
11.50%
O••• I•••term loan first lien$58,770$58,646
100c
14.80%
O••• I•••term loan first lien$58,001$57,588
100c
13.50%
C•••••••• I•••term loan first lien$392,046$56,205
16c
15.00%
K••• I•••term loan first lien$57,314$56,181
100c
14.00%
Y••• B••••••••• I•••term loan first lien$47,681$46,710
100c
13.30%May 1, 2026
C•••••• L••••••term loan first lien$29,154$29,086
100c
14.00%
H•••• I•••term loan first lien$204,304$26,811
100c
13.50%
A••••••• C••••••• P••term loan first lien$205,779$24,381
100c
11.80%
S••••••• G••••• I•••term loan first lien$389,055$0
0c
14.30%
F••• R••••••• I•••term loan first lien$585,436$0
0c
11.00%
Z••• T••••••••• I•••term loan first lien$251,129$0
0c
10.00%
H•••• H••••••• I•••term loan first lien$399,384$0
0c
13.00%
F••••••• I•••term loan first lien$547,646$0
0c
11.80%
B••••••••• I•••term loan first lien$842,703$0
0c
13.30%
I•••• I•••term loan first lien$4.8M$0
0c
13.50%
L•••••••• I•••term loan first lien$2.4M$0
0c
14.10%
T••••••••• I•••term loan first lien$623,478$0
0c
18.00%
L••••••• H••••••• I•••term loan first lien$3.7M$0
0c
10.30%
T•••• B••• I•••
B•••••••••
unstated lien unstatedNot disclosedNot disclosed
A•• F••••••• I•••
T••••••••• Services
unstated lien unstatedNot disclosedNot disclosed
F••••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
V••••••• I•••
O•••• H•••••••••
unstated lien unstatedNot disclosedNot disclosed
B••• I•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
A••••• I•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
D••••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
P•••• H••••••• L••••••
T••••••••• Services
unstated lien unstatedNot disclosedNot disclosed
C•••••• T••••••••• I•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
L••• T••••••••• I•••
O•••• H•••••••••
unstated lien unstatedNot disclosedNot disclosed
C•••••• L••••••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
G••••••••• I•••
O•••• H•••••••••
unstated lien unstatedNot disclosedNot disclosed
S••• S••••••••• I•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
e•• I••••••• I•••
M•••••• D••••••
unstated lien unstatedNot disclosedNot 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