0001850938FALSE2024Q112/31P1MP3Mxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purewti:bank_accountwti:financial_institution00018509382024-01-012024-03-3100018509382024-05-1300018509382024-03-3100018509382023-12-3100018509382023-01-012023-03-310001850938us-gaap:CommonStockMember2022-12-310001850938us-gaap:AdditionalPaidInCapitalMember2022-12-310001850938wti:CumulativeReturnOfCapitalDistributionsMember2022-12-310001850938wti:DistributableIncomeLossMember2022-12-3100018509382022-12-310001850938wti:DistributableIncomeLossMember2023-01-012023-03-310001850938us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001850938us-gaap:CommonStockMember2023-03-310001850938us-gaap:AdditionalPaidInCapitalMember2023-03-310001850938wti:CumulativeReturnOfCapitalDistributionsMember2023-03-310001850938wti:DistributableIncomeLossMember2023-03-3100018509382023-03-310001850938us-gaap:CommonStockMember2023-12-310001850938us-gaap:AdditionalPaidInCapitalMember2023-12-310001850938wti:CumulativeReturnOfCapitalDistributionsMember2023-12-310001850938wti:DistributableIncomeLossMember2023-12-310001850938wti:DistributableIncomeLossMember2024-01-012024-03-310001850938us-gaap:CommonStockMember2024-03-310001850938us-gaap:AdditionalPaidInCapitalMember2024-03-310001850938wti:CumulativeReturnOfCapitalDistributionsMember2024-03-310001850938wti:DistributableIncomeLossMember2024-03-310001850938Biolojic Design Ltd., Senior Secured2024-03-310001850938Mazen Animal Health Inc., Senior Secured2024-03-310001850938Ukko Inc., Senior Secured2024-03-310001850938wti:LoanInvestmentsBiotechnologyMember2024-03-310001850938Canary Connect, Inc., Senior Secured 12024-03-310001850938Canary Connect, Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsComputersAndStorageMemberwti:CanaryConnectIncMember2024-03-310001850938Proto, Inc., Senior Secured 12024-03-310001850938Proto, Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsComputersAndStorageMemberwti:ProtoIncMember2024-03-310001850938wti:LoanInvestmentsComputersAndStorageMember2024-03-310001850938D2C Store, Inc., Senior Secured2024-03-310001850938Findigs, Inc., Senior Secured2024-03-310001850938Miami Labs, Inc., Senior Secured2024-03-310001850938OneLocal, Inc., Senior Secured2024-03-310001850938Pixalate, Inc., Senior Secured 12024-03-310001850938Pixalate, Inc., Senior Secured 22024-03-310001850938wti:PixalateIncMemberwti:LoanInvestmentsInternetMember2024-03-310001850938Quantcast Corp., Senior Secured2024-03-310001850938Realm Living, Inc., Senior Secured2024-03-310001850938RenoFi, Inc., Senior Secured 12024-03-310001850938RenoFi, Inc., Senior Secured 22024-03-310001850938wti:RenoFiIncMemberwti:LoanInvestmentsInternetMember2024-03-310001850938RetailerX, Inc., Senior Secured 12024-03-310001850938RetailerX, Inc., Senior Secured 22024-03-310001850938wti:RetailerXIncMemberwti:LoanInvestmentsInternetMember2024-03-310001850938Vinvesto, Inc., Senior Secured 12024-03-310001850938Vinvesto, Inc., Senior Secured 22024-03-310001850938wti:VinvestoIncMemberwti:LoanInvestmentsInternetMember2024-03-310001850938Wildxyz, Inc., Senior Secured2024-03-310001850938wti:LoanInvestmentsInternetMember2024-03-310001850938Akadeum Life Sciences, Inc., Senior Secured2024-03-310001850938Gallant Pet, Inc., Senior Secured2024-03-310001850938wti:LoanInvestmentsMedicalDevicesMember2024-03-310001850938CarePoint, Inc., Senior Secured2024-03-310001850938GoForward, Inc., Senior Secured2024-03-310001850938Grayce, Inc., Senior Secured2024-03-310001850938Julie Products Inc., Senior Secured 12024-03-310001850938Julie Products Inc., Senior Secured 22024-03-310001850938Julie Products Inc., Senior Secured 32024-03-310001850938wti:LoanInvestmentsOtherHealthcareMemberwti:JulieProductsIncMember2024-03-310001850938KBS, Inc., Senior Secured2024-03-310001850938Minded, Inc., Senior Secured2024-03-310001850938Modern Animal, Inc., Senior Secured2024-03-310001850938Open Inc., Senior Secured 12024-03-310001850938Open Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsOtherHealthcareMemberwti:OpenIncMember2024-03-310001850938PrecisionOS Technology Inc. , Senior Secured2024-03-310001850938Yuva Biosciences, Inc., Senior Secured2024-03-310001850938wti:LoanInvestmentsOtherHealthcareMember2024-03-310001850938Airspeed, Inc., Senior Secured 12024-03-310001850938Airspeed, Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:AirspeedIncMember2024-03-310001850938AL Services, Senior Secured2024-03-310001850938ArroFi Inc., Senior Secured2024-03-310001850938Azumo, Inc., Senior Secured2024-03-310001850938Badiani Limited , Senior Secured 12024-03-310001850938Badiani Limited , Senior Secured 22024-03-310001850938Badiani Limited , Senior Secured 32024-03-310001850938wti:BadianiLimitedMember2024-03-310001850938Bankroll Club, LLC, Senior Secured2024-03-310001850938Beekeeper's Naturals, Inc, Senior Secured 12024-03-310001850938Beekeeper's Naturals, Inc , Senior Secured 22024-03-310001850938Beekeeper's Naturals, Inc , Senior Secured 32024-03-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:BeekeepersNaturalsIncMember2024-03-310001850938Bryte, Inc., Senior Secured2024-03-310001850938Ceres Imaging, Inc., Senior Secured2024-03-310001850938Chairman Me, Inc., Senior Secured2024-03-310001850938Copia Global Inc., Senior Secured2024-03-310001850938CornerUp, Inc., Senior Secured 12024-03-310001850938CornerUp, Inc., Senior Secured 22024-03-310001850938wti:CornerUpIncMemberwti:LoanInvestmentsOtherTechnologyMember2024-03-310001850938Creoate Limited , Senior Secured 12024-03-310001850938Creoate Limited , Senior Secured 22024-03-310001850938Creoate Limited , Senior Secured 32024-03-310001850938Creoate Limited , Senior Secured 42024-03-310001850938Creoate Limited , Senior Secured 52024-03-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:CreoateLimitedMember2024-03-310001850938Daybase, Inc., Senior Secured2024-03-310001850938Eguana Technologies, Inc. , Senior Secured 12024-03-310001850938Eguana Technologies, Inc. , Senior Secured 22024-03-310001850938wti:EguanaTechnologiesIncMemberwti:LoanInvestmentsOtherTechnologyMember2024-03-310001850938Fanimal, Inc., Senior Secured 12024-03-310001850938Fanimal, Inc., Senior Secured 22024-03-310001850938Fanimal, Inc., Senior Secured 32024-03-310001850938Fanimal, Inc., Senior Secured 42024-03-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:FanimalIncMember2024-03-310001850938Heading Health Inc., Senior Secured2024-03-310001850938High Definition Vehicle Insurance, Inc., Senior Secured2024-03-310001850938Higher Ground Education, Inc., Senior Secured 12024-03-310001850938Higher Ground Education, Inc., Senior Secured 22024-03-310001850938wti:HigherGroundEducationInc.Memberwti:LoanInvestmentsOtherTechnologyMember2024-03-310001850938Hint, Inc., Senior Secured2024-03-310001850938Holo, Inc., Senior Secured 12024-03-310001850938Hyphen Technologies, Inc., Senior Secured2024-03-310001850938Intuition Robotics, Inc., Senior Secured2024-03-310001850938Jiko Group, Inc., Senior Secured2024-03-310001850938Joy Memories, Inc, Senior Secured 12024-03-310001850938Joy Memories, Inc, Senior Secured 22024-03-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:JoyMemoriesIncMember2024-03-310001850938Kibeam Learning, Inc., Senior Secured2024-03-310001850938Lacuna Technologies, Inc., Senior Secured 12024-03-310001850938LendTable Inc., Senior Secured 12024-03-310001850938LendTable Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:LendTableIncMember2024-03-310001850938Literati, Inc., Senior Secured 12024-03-310001850938Logistech Solutions Pte. Ltd., Senior Secured 12024-03-310001850938Logistech Solutions Pte. Ltd., Senior Secured 22024-03-310001850938wti:LogistechSolutionsPteLtdMemberwti:LoanInvestmentsOtherTechnologyMember2024-03-310001850938Maker Wine Company, Senior Secured2024-03-310001850938Markai Holdings, LLC, Senior Secured2024-03-310001850938Mavenform, Inc., Senior Secured2024-03-310001850938NeoSensory, Inc., Senior Secured2024-03-310001850938NewGlobe Education, Inc. , Senior Secured2024-03-310001850938Ocho Holdings Co., Senior Secured2024-03-310001850938Plant Prefab, Inc., Senior Secured2024-03-310001850938PlantBaby, Inc., Senior Secured 12024-03-310001850938PlantBaby, Inc., Senior Secured 22024-03-310001850938PlantBaby, Inc., Senior Secured 32024-03-310001850938PlantBaby, Inc., Senior Secured 42024-03-310001850938PlantBaby, Inc., Senior Secured 52024-03-310001850938wti:PlantBabyIncMemberwti:LoanInvestmentsOtherTechnologyMember2024-03-310001850938Platform Science, Inc., Senior Secured 12024-03-310001850938Platform Science, Inc., Senior Secured 22024-03-310001850938wti:PlatformScienceIncMemberwti:LoanInvestmentsOtherTechnologyMember2024-03-310001850938Reali Inc., Senior Secured2024-03-310001850938Ripple Foods, PBC, Senior Secured2024-03-310001850938Rise Gardens, Inc., Senior Secured2024-03-310001850938Romaine Empire, Inc., Senior Secured2024-03-310001850938Runzy, Inc., Senior Secured 12024-03-310001850938Runzy, Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:RunzyIncMember2024-03-310001850938Scripta Insights, Inc., Senior Secured 12024-03-310001850938Scripta Insights, Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:ScriptaInsightsIncMember2024-03-310001850938SISU Aesthetics Clinic, Inc., Senior Secured 12024-03-310001850938SISU Aesthetics Clinic, Inc., Senior Secured 22024-03-310001850938wti:SISUAestheticsClinicIncMemberwti:LoanInvestmentsOtherTechnologyMember2024-03-310001850938State Affairs, Inc., Senior Secured 12024-03-310001850938State Affairs, Inc., Senior Secured 22024-03-310001850938State Affairs, Inc., Senior Secured 32024-03-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:StateAffairsIncMember2024-03-310001850938Sun Day Carwash, Inc., Senior Secured 12024-03-310001850938Sun Day Carwash, Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:SunDayCarwashIncMember2024-03-310001850938Supplant, Inc. , Senior Secured 12024-03-310001850938Supplant, Inc. , Senior Secured 22024-03-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:SupplantIncMember2024-03-310001850938TheSquareFoot, Inc., Senior Secured2024-03-310001850938Titan Health & Security Technologies, Inc., Senior Secured2024-03-310001850938TLNT Inc., Senior Secured2024-03-310001850938TomoCredit, Inc., Senior Secured 12024-03-310001850938TomoCredit, Inc., Senior Secured 22024-03-310001850938TomoCredit, Inc., Senior Secured 32024-03-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:TomoCreditIncMember2024-03-310001850938Umbra Lab, Inc., Senior Secured 12024-03-310001850938Umbra Lab, Inc., Senior Secured 22024-03-310001850938wti:UmbraLabIncMemberwti:LoanInvestmentsOtherTechnologyMember2024-03-310001850938Virtuix Holdings, Inc., Senior Secured2024-03-310001850938Wellth, Inc., Senior Secured 12024-03-310001850938Wellth, Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:WellthIncMember2024-03-310001850938World Wrapps II, Inc., Senior Secured 12024-03-310001850938World Wrapps II, Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:WorldWrappsIIIncMember2024-03-310001850938Zeno Technologies, Inc., Senior Secured 12024-03-310001850938Zeno Technologies, Inc., Senior Secured 22024-03-310001850938wti:ZenoTechnologiesIncMemberwti:LoanInvestmentsOtherTechnologyMember2024-03-310001850938Zimeno Inc., Senior Secured 12024-03-310001850938Zimeno Inc., Senior Secured 22024-03-310001850938wti:ZimenoIncMemberwti:LoanInvestmentsOtherTechnologyMember2024-03-310001850938wti:LoanInvestmentsOtherTechnologyMember2024-03-310001850938Axiado Corporation, Senior Secured 12024-03-310001850938Axiado Corporation, Senior Secured 22024-03-310001850938wti:LoanInvestmentsSecurityMemberwti:AxiadoCorporationMember2024-03-310001850938wti:LoanInvestmentsSecurityMember2024-03-310001850938Terradepth, Inc., Senior Secured2024-03-310001850938wti:LoanInvestmentsSemiconductorsAndEquipmentMember2024-03-310001850938Abacum Inc., Senior Secured2024-03-310001850938Actual Systems, Inc., Senior Secured2024-03-310001850938Auterion, Inc., Senior Secured2024-03-310001850938Bite Investments (Cayman) Limited, Senior Secured2024-03-310001850938Blackcart, Inc., Senior Secured2024-03-310001850938BlueCart, Inc., Senior Secured 12024-03-310001850938BlueCart, Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsSoftwareMemberwti:BlueCartIncMember2024-03-310001850938Bound Rates, Inc., Senior Secured2024-03-310001850938Canopy Technology Corp., Senior Secured 12024-03-310001850938Canopy Technology Corp., Senior Secured 22024-03-310001850938wti:LoanInvestmentsSoftwareMemberwti:CanopyTechnologyCorpMember2024-03-310001850938Chowbus, Inc., Senior Secured2024-03-310001850938Common Sun, Inc, Senior Secured 12024-03-310001850938Common Sun, Inc, Senior Secured 22024-03-310001850938wti:LoanInvestmentsSoftwareMemberwti:CommonSunIncMember2024-03-310001850938Eskalera, Inc., Senior Secured2024-03-310001850938Family First, Inc, Senior Secured2024-03-310001850938Form Remodel, Inc., Senior Secured 12024-03-310001850938Form Remodel, Inc., Senior Secured 22024-03-310001850938Form Remodel, Inc., Senior Secured 32024-03-310001850938Form Remodel, Inc., Senior Secured 42024-03-310001850938wti:LoanInvestmentsSoftwareMemberwti:FormRemodelIncMember2024-03-310001850938FutureProof Technologies, Inc., Senior Secured2024-03-310001850938Gladly Software, Inc., Senior Secured2024-03-310001850938Grokker, Inc., Senior Secured2024-03-310001850938HaystacksAI, Inc., Senior Secured 12024-03-310001850938HaystacksAI, Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsSoftwareMemberwti:HaystacksAIIncMember2024-03-310001850938Hdata, Inc., Senior Secured2024-03-310001850938Hoken Holdings Inc., Senior Secured2024-03-310001850938Ioogo Inc., Senior Secured 12024-03-310001850938Ioogo Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsSoftwareMemberwti:IoogoIncMember2024-03-310001850938Journey Builders, Inc., Senior Secured2024-03-310001850938Ketch Kloud, Inc., Senior Secured2024-03-310001850938Kolors, Inc., Senior Secured 12024-03-310001850938Kolors, Inc. , Senior Secured 22024-03-310001850938wti:LoanInvestmentsSoftwareMemberwti:KolorsInc.Member2024-03-310001850938Kushki Group Holdings Ltd. , Senior Secured2024-03-310001850938Make Cents Technologies Inc., Senior Secured 12024-03-310001850938Make Cents Technologies Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsSoftwareMemberwti:MakeCentsTechnologiesInc.Member2024-03-310001850938Merlyn Mind, Inc., Senior Secured2024-03-310001850938Migo Money, Inc., Senior Secured2024-03-310001850938NopSec Inc., Senior Secured2024-03-310001850938Ocurate, Inc., Senior Secured2024-03-310001850938Overalls, Inc., Senior Secured 12024-03-310001850938Overalls, Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsSoftwareMemberwti:OverallsIncMember2024-03-310001850938Parkoursc, Inc., Senior Secured2024-03-310001850938Ratio Technologies, Inc., Senior Secured 12024-03-310001850938Ratio Technologies, Inc., Senior Secured 22024-03-310001850938Ratio Technologies, Inc., Senior Secured 32024-03-310001850938wti:LoanInvestmentsSoftwareMemberwti:RatioTechnologiesIncMember2024-03-310001850938Safe Securities Inc., Senior Secured 12024-03-310001850938Safe Securities Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsSoftwareMemberwti:SafeSecuritiesIncMember2024-03-310001850938Scaleup Finance Group ApS, Senior Secured 12024-03-310001850938Scaleup Finance Group ApS, Senior Secured 22024-03-310001850938wti:LoanInvestmentsSoftwareMemberwti:ScaleupFinanceGroupApSMember2024-03-310001850938Semsee Corp., Senior Secured2024-03-310001850938Sonatus, Inc, Senior Secured 12024-03-310001850938Sonatus, Inc, Senior Secured 22024-03-310001850938wti:LoanInvestmentsSoftwareMemberwti:SonatusIncMember2024-03-310001850938Traction Apps, Inc., Senior Secured2024-03-310001850938UCM Digital Health, Inc., Senior Secured2024-03-310001850938Vesta Housing, Inc., Senior Secured 12024-03-310001850938Vesta Housing, Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsSoftwareMemberwti:VestaHousingIncMember2024-03-310001850938WorkRails, Inc., Senior Secured2024-03-310001850938wti:LoanInvestmentsSoftwareMember2024-03-3100018509382045 Studio, Inc., Senior Secured2024-03-310001850938iLearningEngines Inc., Senior Secured 12024-03-310001850938iLearningEngines Inc., Senior Secured 22024-03-310001850938wti:LoanInvestmentsTechnologyServicesMemberwti:ILearningEnginesIncMember2024-03-310001850938Klar Holdings Limited, Senior Secured2024-03-310001850938Loansnap Holdings Inc., Senior Secured2024-03-310001850938MAYD Group GmbH, Senior Secured2024-03-310001850938Surround Group, Inc., Senior Secured2024-03-310001850938Techspert.IO Limited, Senior Secured 12024-03-310001850938Techspert.IO Limited, Senior Secured 22024-03-310001850938wti:LoanInvestmentsTechnologyServicesMemberwti:TechspertIOLimitedMember2024-03-310001850938wti:LoanInvestmentsTechnologyServicesMember2024-03-310001850938Juvo Mobile, Inc., Senior Secured 12024-03-310001850938Juvo Mobile, Inc., Senior Secured 22024-03-310001850938Juvo Mobile, Inc., Senior Secured 32024-03-310001850938Juvo Mobile, Inc., Senior Secured2024-03-310001850938wti:JuvoMobileIncMemberwti:LoanInvestmentsWirelessMember2024-03-310001850938wti:LoanInvestmentsWirelessMember2024-03-310001850938First American Government Obligations Fund - Class Z2024-03-310001850938wti:SecuredOvernightFinancingRateSOFRMemberwti:ZionsBancorporationNAMembersrt:MaximumMemberwti:InterestRateCollarCapRate530FloorRate365Maturity12312024Member2024-03-310001850938wti:SecuredOvernightFinancingRateSOFRMembersrt:MinimumMemberwti:ZionsBancorporationNAMemberwti:InterestRateCollarCapRate530FloorRate365Maturity12312024Member2024-03-310001850938wti:ZionsBancorporationNAMemberwti:InterestRateCollarCapRate530FloorRate365Maturity12312024Member2024-03-310001850938wti:SecuredOvernightFinancingRateSOFRMemberwti:InterestRateCollarCapRate530FloorRate230Maturity12312025Memberwti:ZionsBancorporationNAMembersrt:MaximumMember2024-03-310001850938wti:SecuredOvernightFinancingRateSOFRMemberwti:InterestRateCollarCapRate530FloorRate230Maturity12312025Membersrt:MinimumMemberwti:ZionsBancorporationNAMember2024-03-310001850938wti:InterestRateCollarCapRate530FloorRate230Maturity12312025Memberwti:ZionsBancorporationNAMember2024-03-310001850938wti:InterestRateCollarMember2024-03-310001850938Biolojic Design Ltd., Senior Secured2023-12-310001850938Mazen Animal Health Inc., Senior Secured2023-12-310001850938Ukko Inc., Senior Secured2023-12-310001850938wti:LoanInvestmentsBiotechnologyMember2023-12-310001850938Canary Connect, Inc., Senior Secured 12023-12-310001850938Canary Connect, Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsComputersAndStorageMemberwti:CanaryConnectIncMember2023-12-310001850938Proto, Inc., Senior Secured 12023-12-310001850938Proto, Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsComputersAndStorageMemberwti:ProtoIncMember2023-12-310001850938wti:LoanInvestmentsComputersAndStorageMember2023-12-310001850938Ainsly, Inc., Senior Secured 12023-12-310001850938Ainsly, Inc., Senior Secured 22023-12-310001850938wti:AinslyIncMemberwti:LoanInvestmentsInternetMember2023-12-310001850938D2C Store, Inc., Senior Secured2023-12-310001850938Findigs, Inc., Senior Secured2023-12-310001850938Miami Labs, Inc., Senior Secured2023-12-310001850938OneLocal, Inc., Senior Secured2023-12-310001850938Pixalate, Inc., Senior Secured 12023-12-310001850938Pixalate, Inc., Senior Secured 22023-12-310001850938wti:PixalateIncMemberwti:LoanInvestmentsInternetMember2023-12-310001850938Quantcast Corp., Senior Secured2023-12-310001850938Realm Living, Inc., Senior Secured2023-12-310001850938RenoFi, Inc., Senior Secured 12023-12-310001850938RenoFi, Inc., Senior Secured 22023-12-310001850938wti:RenoFiIncMemberwti:LoanInvestmentsInternetMember2023-12-310001850938RetailerX, Inc., Senior Secured 12023-12-310001850938RetailerX, Inc., Senior Secured 22023-12-310001850938wti:RetailerXIncMemberwti:LoanInvestmentsInternetMember2023-12-310001850938Vinvesto, Inc., Senior Secured 12023-12-310001850938Vinvesto, Inc., Senior Secured 22023-12-310001850938wti:VinvestoIncMemberwti:LoanInvestmentsInternetMember2023-12-310001850938Wildxyz, Inc., Senior Secured2023-12-310001850938wti:LoanInvestmentsInternetMember2023-12-310001850938Akadeum Life Sciences, Inc., Senior Secured2023-12-310001850938Gallant Pet, Inc., Senior Secured2023-12-310001850938wti:LoanInvestmentsMedicalDevicesMember2023-12-310001850938CarePoint, Inc., Senior Secured2023-12-310001850938GoForward, Inc., Senior Secured2023-12-310001850938Grayce, Inc., Senior Secured2023-12-310001850938Julie Products Inc., Senior Secured 12023-12-310001850938Julie Products Inc., Senior Secured 22023-12-310001850938Julie Products Inc., Senior Secured 32023-12-310001850938wti:LoanInvestmentsOtherHealthcareMemberwti:JulieProductsIncMember2023-12-310001850938KBS, Inc., Senior Secured2023-12-310001850938Minded, Inc., Senior Secured2023-12-310001850938Open Inc., Senior Secured 12023-12-310001850938Open Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsOtherHealthcareMemberwti:OpenIncMember2023-12-310001850938PrecisionOS Technology Inc., Senior Secured2023-12-310001850938Yuva Biosciences, Inc., Senior Secured2023-12-310001850938wti:LoanInvestmentsOtherHealthcareMember2023-12-310001850938Airspeed, Inc., Senior Secured 12023-12-310001850938Airspeed, Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:AirspeedIncMember2023-12-310001850938AL Services, Senior Secured2023-12-310001850938ArroFi Inc., Senior Secured2023-12-310001850938Azumo, Inc., Senior Secured2023-12-310001850938Badiani Limited, Senior Secured 12023-12-310001850938Badiani Limited, Senior Secured 22023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:BadianiLimitedMember2023-12-310001850938Bankroll Club, LLC, Senior Secured 12023-12-310001850938Beekeeper's Naturals, Inc, Senior Secured 12023-12-310001850938Beekeeper's Naturals, Inc, Senior Secured 22023-12-310001850938Beekeeper's Naturals, Inc, Senior Secured 32023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:BeekeepersNaturalsIncMember2023-12-310001850938Bryte, Inc., Senior Secured2023-12-310001850938Ceres Imaging, Inc., Senior Secured 12023-12-310001850938Ceres Imaging, Inc., Senior Secured 22023-12-310001850938wti:CeresImagingIncMemberwti:LoanInvestmentsOtherTechnologyMember2023-12-310001850938Chairman Me, Inc., Senior Secured2023-12-310001850938Copia Global Inc., Senior Secured 12023-12-310001850938CornerUp, Inc., Senior Secured 12023-12-310001850938CornerUp, Inc., Senior Secured 22023-12-310001850938wti:CornerUpIncMemberwti:LoanInvestmentsOtherTechnologyMember2023-12-310001850938Creoate Limited, Senior Secured 12023-12-310001850938Creoate Limited, Senior Secured 22023-12-310001850938Creoate Limited, Senior Secured 32023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:CreoateLimitedMember2023-12-310001850938Daybase, Inc., Senior Secured2023-12-310001850938EasyKnock, Inc., Senior Secured 12023-12-310001850938EasyKnock, Inc., Senior Secured 22023-12-310001850938EasyKnock, Inc., Senior Secured 32023-12-310001850938wti:EasyKnockIncMemberwti:LoanInvestmentsOtherTechnologyMember2023-12-310001850938Eguana Technologies, Inc., Senior Secured 12023-12-310001850938Eguana Technologies, Inc., Senior Secured 22023-12-310001850938wti:EguanaTechnologiesIncMemberwti:LoanInvestmentsOtherTechnologyMember2023-12-310001850938Fanimal, Inc., Senior Secured 12023-12-310001850938Fanimal, Inc., Senior Secured 22023-12-310001850938Fanimal, Inc., Senior Secured 32023-12-310001850938Fanimal, Inc., Senior Secured 42023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:FanimalIncMember2023-12-310001850938Heading Health Inc., Senior Secured 12023-12-310001850938High Definition Vehicle Insurance, Inc.., Senior Secured 12023-12-310001850938Higher Ground Education, Inc., Senior Secured 12023-12-310001850938Hint, Inc., Senior Secured2023-12-310001850938Holo, Inc., Senior Secured 12023-12-310001850938Holo, Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:HoloIncMember2023-12-310001850938Hyphen Technologies, Inc., Senior Secured2023-12-310001850938Intuition Robotics, Inc., Senior Secured2023-12-310001850938Jiko Group, Inc., Senior Secured2023-12-310001850938Joy Memories, Inc, Senior Secured 12023-12-310001850938Joy Memories, Inc, Senior Secured 22023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:JoyMemoriesIncMember2023-12-310001850938Kibeam Learning, Inc., Senior Secured2023-12-310001850938Lacuna Technologies, Inc., Senior Secured 12023-12-310001850938LendTable Inc., Senior Secured 12023-12-310001850938LendTable Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:LendTableIncMember2023-12-310001850938Literati, Inc., Senior Secured 12023-12-310001850938Logistech Solutions Pte. Ltd., Senior Secured 12023-12-310001850938Logistech Solutions Pte. Ltd., Senior Secured 22023-12-310001850938wti:LogistechSolutionsPteLtdMemberwti:LoanInvestmentsOtherTechnologyMember2023-12-310001850938Maker Wine Company, Senior Secured2023-12-310001850938Markai Holdings, LLC, Senior Secured2023-12-310001850938Mavenform, Inc., Senior Secured2023-12-310001850938NewGlobe Education, Inc., Senior Secured2023-12-310001850938Ocho Holdings Co., Senior Secured 12023-12-310001850938Plant Prefab, Inc., Senior Secured2023-12-310001850938PlantBaby, inc., Senior Secured 12023-12-310001850938PlantBaby, inc., Senior Secured 22023-12-310001850938PlantBaby, inc., Senior Secured 32023-12-310001850938PlantBaby, inc., Senior Secured 42023-12-310001850938PlantBaby, inc., Senior Secured 52023-12-310001850938wti:PlantBabyIncMemberwti:LoanInvestmentsOtherTechnologyMember2023-12-310001850938Platform Science, Inc., Senior Secured 12023-12-310001850938Platform Science, Inc., Senior Secured 22023-12-310001850938wti:PlatformScienceIncMemberwti:LoanInvestmentsOtherTechnologyMember2023-12-310001850938Reali Inc., Senior Secured2023-12-310001850938Ripple Foods, PBC, Senior Secured2023-12-310001850938Rise Gardens, Inc., Senior Secured 12023-12-310001850938Rise Gardens, Inc., Senior Secured 22023-12-310001850938wti:RiseGardensIncMemberwti:LoanInvestmentsOtherTechnologyMember2023-12-310001850938Romaine Empire, Inc., Senior Secured 12023-12-310001850938Runzy, Inc., Senior Secured 12023-12-310001850938Runzy, Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:RunzyIncMember2023-12-310001850938Scripta Insights, Inc., Senior Secured 12023-12-310001850938Scripta Insights, Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:ScriptaInsightsIncMember2023-12-310001850938SISU Aesthetics Clinic, Inc., Senior Secured 12023-12-310001850938SISU Aesthetics Clinic, Inc., Senior Secured 22023-12-310001850938wti:SISUAestheticsClinicIncMemberwti:LoanInvestmentsOtherTechnologyMember2023-12-310001850938State Affairs, Inc., Senior Secured 12023-12-310001850938State Affairs, Inc., Senior Secured 22023-12-310001850938State Affairs, Inc., Senior Secured 32023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:StateAffairsIncMember2023-12-310001850938Sun Day Carwash, Inc., Senior Secured 12023-12-310001850938Sun Day Carwash, Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:SunDayCarwashIncMember2023-12-310001850938Supplant, Inc., Senior Secured 12023-12-310001850938Supplant, Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:SupplantIncMember2023-12-310001850938TheSquareFoot, Inc., Senior Secured2023-12-310001850938Titan Health & Security Technologies, Inc., Senior Secured2023-12-310001850938TLNT Inc., Senior Secured 12023-12-310001850938TLNT Inc., Senior Secured 22023-12-310001850938TLNT Inc., Senior Secured 32023-12-310001850938TLNT Inc., Senior Secured 42023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:TLNTIncMember2023-12-310001850938TomoCredit, Inc., Senior Secured 12023-12-310001850938TomoCredit, Inc., Senior Secured 22023-12-310001850938TomoCredit, Inc., Senior Secured 32023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:TomoCreditIncMember2023-12-310001850938Umbra Lab, Inc., Senior Secured 12023-12-310001850938Umbra Lab, Inc., Senior Secured 22023-12-310001850938wti:UmbraLabIncMemberwti:LoanInvestmentsOtherTechnologyMember2023-12-310001850938Virtuix Holdings, Inc., Senior Secured2023-12-310001850938Wellth, Inc., Senior Secured 12023-12-310001850938Wellth, Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:WellthIncMember2023-12-310001850938World Wrapps II, Inc., Senior Secured 12023-12-310001850938World Wrapps II, Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsOtherTechnologyMemberwti:WorldWrappsIIIncMember2023-12-310001850938Zeno Technologies, Inc., Senior Secured 12023-12-310001850938Zeno Technologies, Inc., Senior Secured 22023-12-310001850938wti:ZenoTechnologiesIncMemberwti:LoanInvestmentsOtherTechnologyMember2023-12-310001850938Zimeno Inc., Senior Secured 12023-12-310001850938Zimeno Inc., Senior Secured 22023-12-310001850938wti:ZimenoIncMemberwti:LoanInvestmentsOtherTechnologyMember2023-12-310001850938wti:LoanInvestmentsOtherTechnologyMember2023-12-310001850938Axiado Corporation, Senior Secured 12023-12-310001850938Axiado Corporation, Senior Secured 22023-12-310001850938wti:LoanInvestmentsSecurityMemberwti:AxiadoCorporationMember2023-12-310001850938Lassen Peak, Inc., Senior Secured2023-12-310001850938wti:LoanInvestmentsSecurityMember2023-12-310001850938Terradepth, Inc., Senior Secured2023-12-310001850938wti:LoanInvestmentsSemiconductorsAndEquipmentMember2023-12-310001850938Abacum Inc., Senior Secured2023-12-310001850938Actual Systems, Inc., Senior Secured2023-12-310001850938Auterion, Inc., Senior Secured2023-12-310001850938Bite Investments (Cayman) Limited, Senior Secured2023-12-310001850938Blackcart, Inc., Senior Secured2023-12-310001850938BlueCart, Inc., Senior Secured 12023-12-310001850938BlueCart, Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsSoftwareMemberwti:BlueCartIncMember2023-12-310001850938Bound Rates, Inc., Senior Secured2023-12-310001850938Canopy Technology Corp., Senior Secured 12023-12-310001850938Canopy Technology Corp., Senior Secured 22023-12-310001850938wti:LoanInvestmentsSoftwareMemberwti:CanopyTechnologyCorpMember2023-12-310001850938Chowbus, Inc., Senior Secured2023-12-310001850938Common Sun, Inc, Senior Secured 12023-12-310001850938Common Sun, Inc, Senior Secured 22023-12-310001850938wti:LoanInvestmentsSoftwareMemberwti:CommonSunIncMember2023-12-310001850938Eskalera, Inc., Senior Secured2023-12-310001850938Family First, Inc, Senior Secured2023-12-310001850938Form Remodel, Inc., Senior Secured 12023-12-310001850938Form Remodel, Inc., Senior Secured 22023-12-310001850938Form Remodel, Inc., Senior Secured 32023-12-310001850938Form Remodel, Inc., Senior Secured 42023-12-310001850938wti:LoanInvestmentsSoftwareMemberwti:FormRemodelIncMember2023-12-310001850938FutureProof Technologies, Inc., Senior Secured2023-12-310001850938Gladly Software, Inc., Senior Secured2023-12-310001850938Grokker, Inc., Senior Secured2023-12-310001850938HaystacksAI, Inc., Senior Secured 12023-12-310001850938HaystacksAI, Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsSoftwareMemberwti:HaystacksAIIncMember2023-12-310001850938Hdata, Inc., Senior Secured2023-12-310001850938Hoken Holdings Inc., Senior Secured2023-12-310001850938Ioogo Inc., Senior Secured 12023-12-310001850938Ioogo Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsSoftwareMemberwti:IoogoIncMember2023-12-310001850938Journey Builders, Inc., Senior Secured 12023-12-310001850938Ketch Kloud, Inc., Senior Secured2023-12-310001850938Kolors, Inc., Senior Secured 2023-12-310001850938Kushki Group Holdings Ltd., Senior Secured2023-12-310001850938Make Cents Technologies Inc., Senior Secured2023-12-310001850938Merlyn Mind, Inc., Senior Secured2023-12-310001850938Migo Money, Inc., Senior Secured2023-12-310001850938NopSec Inc., Senior Secured2023-12-310001850938Ocurate, Inc., Senior Secured 12023-12-310001850938Ocurate, Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsSoftwareMemberwti:OcurateIncMember2023-12-310001850938Overalls, Inc., Senior Secured 12023-12-310001850938Overalls, Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsSoftwareMemberwti:OverallsIncMember2023-12-310001850938Parkoursc, Inc., Senior Secured2023-12-310001850938Ratio Technologies, Inc., Senior Secured 12023-12-310001850938Ratio Technologies, Inc., Senior Secured 22023-12-310001850938Ratio Technologies, Inc., Senior Secured 32023-12-310001850938wti:LoanInvestmentsSoftwareMemberwti:RatioTechnologiesIncMember2023-12-310001850938Safe Securities Inc., Senior Secured 12023-12-310001850938Safe Securities Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsSoftwareMemberwti:SafeSecuritiesIncMember2023-12-310001850938Scaleup Finance Group ApS, Senior Secured 12023-12-310001850938Scaleup Finance Group ApS, Senior Secured 22023-12-310001850938wti:LoanInvestmentsSoftwareMemberwti:ScaleupFinanceGroupApSMember2023-12-310001850938Semsee Corp., Senior Secured2023-12-310001850938Sonatus, Inc, Senior Secured 12023-12-310001850938Sonatus, Inc, Senior Secured 22023-12-310001850938wti:LoanInvestmentsSoftwareMemberwti:SonatusIncMember2023-12-310001850938Traction Apps, Inc., Senior Secured2023-12-310001850938UCM Digital Health, Inc., Senior Secured2023-12-310001850938Vesta Housing, Inc., Senior Secured 12023-12-310001850938Vesta Housing, Inc., Senior Secured 22023-12-310001850938wti:LoanInvestmentsSoftwareMemberwti:VestaHousingIncMember2023-12-310001850938WorkRails, Inc., Senior Secured2023-12-310001850938wti:LoanInvestmentsSoftwareMember2023-12-3100018509382045 Studio, Inc., Senior Secured 2023-12-310001850938iLearningEngines Inc., Senior Secured2023-12-310001850938iLearningEngines Inc., Senior Secured 12023-12-310001850938iLearningEngines Inc., Senior Secured 22023-12-310001850938iLearningEngines Inc., Senior Secured 32023-12-310001850938iLearningEngines Inc., Senior Secured 42023-12-310001850938wti:LoanInvestmentsTechnologyServicesMemberwti:ILearningEnginesIncMember2023-12-310001850938Klar Holdings Limited, Senior Secured2023-12-310001850938Loansnap Holdings Inc., Senior Secured2023-12-310001850938MAYD Group GmbH, Senior Secured2023-12-310001850938Surround Group, Inc., Senior Secured2023-12-310001850938Techspert.IO Limited, Senior Secured 12023-12-310001850938Techspert.IO Limited, Senior Secured 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Inc., Software2024-03-310001850938Charlie Financial Inc., Other Healthcare2024-03-310001850938Creoate Limited, Other Technology2024-03-310001850938Findigs, Inc., Internet2024-03-310001850938GoForward, Inc., Other Healthcare2024-03-310001850938Hdata, Inc., Software2024-03-310001850938High Definition Vehicle Insurance, Inc., Other Technology2024-03-310001850938Kushki Group Holdings Ltd., Software2024-03-310001850938Merlin Labs, Inc., Other Technology2024-03-310001850938Modern Animal, Inc., Other Healthcare2024-03-310001850938NeoSensory, Inc., Other Technology2024-03-310001850938Ripple Foods, PBC, Other Technology2024-03-310001850938Runzy, Inc., Other Technology2024-03-310001850938Safe Securities Inc., Software2024-03-310001850938Swiftly Systems, Inc., Software2024-03-3100018509382045 Studio, Inc., Technology Services2023-12-310001850938Badiani Limited, Other Technology2023-12-310001850938Charlie Financial Inc., Other Healthcare2023-12-310001850938Findigs, Inc., Internet2023-12-310001850938GoForward, Inc., Other Healthcare2023-12-310001850938Hdata, Inc., Software2023-12-310001850938High Definition Vehicle Insurance, Inc., Other Technology2023-12-310001850938Higher Ground Education, Inc., Other Technology2023-12-310001850938Kolors, Inc., Software2023-12-310001850938Kushki Group Holdings Ltd., Software2023-12-310001850938Make Cents Technologies Inc., Software2023-12-310001850938Modern Animal, Inc., Other Healthcare2023-12-310001850938Ripple Foods, PBC, Other Technology2023-12-310001850938Runzy, Inc., Other Technology2023-12-310001850938Safe Securities Inc., Software2023-12-310001850938Semsee Corp., Software2023-12-310001850938Swiftly Systems, Inc., Software2023-12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

[  ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ______________

Commission file number 814-01414

WTI Fund X, Inc.
(Exact Name of Registrant as specified in its charter)
Maryland85-3539868
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
104 La Mesa Drive, Suite 102, Portola Valley, CA
94028
(Address of principal executive offices)(Zip Code)

(650) 234-4300
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [x]  No [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [x ]   No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer [ ]Accelerated filer [ ]
Non-accelerated filer [x]
Smaller reporting company [ ]
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes [ ] No [x]
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
ClassOutstanding as of May 13, 2024
Common Stock, $0.001 par value100,000




WTI FUND X, INC.
INDEX
PART I — FINANCIAL INFORMATION
Item 1.Financial Statements
Condensed Statements of Assets and Liabilities (Unaudited)
As of March 31, 2024 and December 31, 2023
Condensed Statements of Operations (Unaudited)
For the three months ended March 31, 2024 and 2023
Condensed Statements of Changes in Net Assets (Unaudited)
For the three months ended March 31, 2024 and 2023
Condensed Statements of Cash Flows (Unaudited)
For the three months ended March 31, 2024 and 2023
Condensed Schedules of Investments (Unaudited)
As of March 31, 2024 and December 31, 2023
Notes to Condensed Financial Statements (Unaudited)
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
PART II — OTHER INFORMATION
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
SIGNATURES





PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

WTI FUND X, INC.

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
AS OF MARCH 31, 2024 AND DECEMBER 31, 2023

 March 31, 2024December 31, 2023
ASSETS
Loans, at estimated fair value
   (cost of $412,437,777 and $417,993,719, respectively)
$395,415,834 $403,600,113 
Derivative assets63,222  
Cash and cash equivalents21,189,022 17,230,603 
Dividend and interest receivables5,835,883 5,867,057 
Other assets2,376,421 3,600,930 
Total assets424,880,382 430,298,703 
  
LIABILITIES
Borrowings under debt facility188,000,000 197,500,000 
Accrued management fees1,968,750 1,968,750 
Derivative liability 110,917 
Accounts payable and other accrued liabilities4,192,937 3,416,900 
Total liabilities194,161,687 202,996,567 
  
NET ASSETS$230,718,695 $227,302,136 
  
Analysis of Net Assets: 
  
Capital paid in on shares of capital stock$276,000,000 $276,000,000 
Cumulative return of capital distributions(32,950,470)(32,950,470)
Total distributable losses(12,330,835)(15,747,394)
Net assets (equivalent to $2,307.19 and $2,273.02 per share based on 100,000 shares of capital stock outstanding - See Notes 5 and 11)
$230,718,695 $227,302,136 
Commitments & Contingent Liabilities:
Unexpired unfunded commitments (See Note 10)$146,617,000 $132,250,000 









See notes to condensed financial statements (unaudited).
3


WTI FUND X, INC.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

 For the Three Months Ended March 31, 2024For the Three Months Ended March 31, 2023
 
INVESTMENT INCOME:
Interest on loans$17,818,938 $12,059,001 
        Other income192,658 163,127 
Total investment income18,011,596 12,222,128 
 
EXPENSES:
Management fees1,968,750 2,000,000 
Interest expense3,881,100 2,955,543 
Banking and professional fees195,100 131,048 
Other operating expenses58,259 28,888 
Total expenses6,103,209 5,115,479 
Net investment income 11,908,387 7,106,649 
 
Net realized gain from derivative instruments9,871  
Net change in unrealized loss from loans(2,628,337)(1,103,501)
Net change in unrealized gain from derivative instruments174,139  
Net realized and change in unrealized gain (loss) from loans and derivative instruments(2,444,327)(1,103,501)
Net increase in net assets resulting from operations$9,464,060 $6,003,148 
Amounts per common share:
Net increase in net assets resulting from operations per share$94.64 $60.03 
Weighted average shares outstanding100,000 100,000 


















See notes to condensed financial statements (unaudited).
4


WTI FUND X, INC.

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023
Common Stock
SharesPar ValueAdditional Paid-in CapitalReturn of Capital DistributionsTotal Distributable LossesNet Assets
Balance at December 31, 2022
100,000 $100 $142,499,900 $(21,884,926)$(6,884,276)$113,730,798 
Net increase in net assets resulting from operations— — — — 6,003,148 6,003,148 
Distributions of income to shareholder— — — — (4,641,222)(4,641,222)
Contributions from shareholder— — 38,500,000 — — 38,500,000 
Balance at March 31, 2023
100,000 $100 $180,999,900 $(21,884,926)$(5,522,350)$153,592,724 
Balance at December 31, 2023
100,000 $100 $275,999,900 $(32,950,470)$(15,747,394)$227,302,136 
Net increase in net assets resulting from operations— — — — 9,464,060 9,464,060 
Distributions of income to shareholder— — — — (6,047,501)(6,047,501)
Balance at March 31, 2024
100,000 $100 $275,999,900 $(32,950,470)$(12,330,835)$230,718,695 


















See notes to condensed financial statements (unaudited).
5


WTI FUND X, INC.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

 For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES: 
Net increase in net assets resulting from operations$9,464,060 $6,003,148 
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: 
Net change in realized gain from derivative instruments(9,871) 
Net change in unrealized loss from loans2,628,337 1,103,501 
Net change in unrealized gain from derivative instruments(174,139) 
Amortization of deferred costs related to debt facility110,537 107,602 
Origination of loans(18,883,000)(47,500,000)
Principal payments on loans, net of accretion23,933,046 13,919,569 
Acquisition of equity securities(2,275,605)(3,857,861)
Changes in operating assets and liabilities:
Net (increase) decrease in dividend and interest receivables31,174 (623,397)
Net (increase) decrease in other assets1,113,972 (102,520)
Net increase in accounts payable, other accrued liabilities and accrued management fees776,037 474,508 
Net cash provided by (used in) operating activities16,714,548 (30,475,450)
CASH FLOWS FROM FINANCING ACTIVITIES: 
Cash distributions to shareholder(3,266,000) 
Contributions from shareholder 38,500,000 
Borrowings under debt facility 17,500,000 
Repayments of borrowings under debt facility(9,500,000)(16,500,000)
Payments received for derivative instruments9,871  
Net cash provided by (used in) financing activities(12,756,129)39,500,000 
 Net increase in cash and cash equivalents3,958,419 9,024,550 
CASH AND CASH EQUIVALENTS: 
Beginning of period17,230,603 9,516,910 
End of period$21,189,022 $18,541,460 
SUPPLEMENTAL DISCLOSURES: 
CASH PAID DURING THE PERIOD:   
Interest - Debt facility$3,824,187 $2,632,215 
NON-CASH OPERATING AND FINANCING ACTIVITIES:   
Distributions of equity securities to shareholder$2,781,501 $4,641,222 
Receipt of equity securities as repayment of loans$505,896 $783,361 


See notes to condensed financial statements (unaudited).

6




WTI FUND X, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)
AS OF MARCH 31, 2024

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate
(b)
End of Term Payment
(c)
PrincipalCostFair Value
(d)
Final Maturity Date
Biotechnology
Biolojic Design Ltd. ** ^Senior Secured12.5%4.0%$4,855,047 $4,722,594 $4,722,594 8/1/2026
Mazen Animal Health Inc.Senior Secured14.3%3,886,296 3,730,272 3,730,272 8/1/2026
Ukko Inc. Senior Secured11.5%3,089,167 2,969,371 2,969,371 5/1/2026
Biotechnology Total5.0%$11,830,510 $11,422,237 $11,422,237 
Computers & Storage
Canary Connect, Inc.Senior Secured12.0%6.6%$1,375,510 $1,371,643 $1,371,643 7/1/2027
Canary Connect, Inc.Senior Secured12.0%7.6%3,624,490 3,590,544 3,590,544 7/1/2027
Canary Connect, Inc. Subtotal5,000,000 4,962,187 4,962,187 
Proto, Inc.Senior Secured12.8%921,353 921,353 921,353 10/1/2025
Proto, Inc.Senior Secured12.5%920,386 883,224 883,224 10/1/2025
Proto, Inc. Subtotal1,841,739 1,804,577 1,804,577 
Computers & Storage Total2.9%$6,841,739 $6,766,764 $6,766,764 
Internet
D2C Store, Inc.Senior Secured10.0%$1,455,572 $1,107,688 $1,107,688 *
Findigs, Inc.Senior Secured13.5%3,500,000 3,237,296 3,237,296 7/1/2027
Miami Labs, Inc.Senior Secured13.3%7,500,000 7,213,386 7,213,386 5/1/2026
OneLocal, Inc. ** ^Senior Secured12.0%781,105 762,306 762,306 1/1/2025
Pixalate, Inc.Senior Secured12.8%2.5%1,000,000 872,106 872,106 2/1/2027
Pixalate, Inc.Senior Secured13.0%2.5%1,000,000 1,003,351 1,003,351 4/1/2027
Pixalate, Inc. Subtotal2,000,000 1,875,457 1,875,457 
Quantcast Corp.Senior Secured12.0%11,775,854 11,170,366 11,170,366 7/1/2026
Realm Living, Inc.Senior Secured13.0%3,538,389 3,413,033 3,413,033 5/1/2026
RenoFi, Inc.Senior Secured11.5%844,071 801,006 801,006 7/1/2025
RenoFi, Inc.Senior Secured11.5%940,809 931,841 931,841 9/1/2025
RenoFi, Inc. Subtotal1,784,880 1,732,847 1,732,847 
RetailerX, Inc.Senior Secured11.0%3,759,474 3,619,714 3,619,714 7/1/2026
RetailerX, Inc.Senior Secured10.0%100.0%3,747,497 3,747,497 3,747,497 6/28/2024
RetailerX, Inc. Subtotal7,506,971 7,367,211 7,367,211 
Vinvesto, Inc.Senior Secured15.0%221,799 221,799 221,799 5/1/2026
Vinvesto, Inc.Senior Secured14.8%221,719 205,153 205,153 5/1/2026
Vinvesto, Inc. Subtotal443,518 426,952 426,952 
Wildxyz, Inc.Senior Secured12.8%4.7%1,885,167 1,811,921 1,811,921 7/1/2026
Internet Total17.4%$42,171,456 $40,118,463 $40,118,463 
7


IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate
(b)
End of Term Payment
(c)
PrincipalCostFair Value
(d)
Final Maturity Date
Medical Devices
Akadeum Life Sciences, Inc.Senior Secured14.3%$2,000,000 $1,866,600 $1,866,600 1/1/2027
Gallant Pet, Inc.Senior Secured14.0%2,000,000 1,834,904 1,834,904 10/1/2026
Medical Devices Total1.6%$4,000,000 $3,701,504 $3,701,504 
Other Healthcare
CarePoint, Inc. ** ^Senior Secured13.8%5.0%$943,265 $819,592 $819,592 7/1/2026
GoForward, Inc.Senior Secured12.8%20,000,000 18,287,319 18,287,319 10/1/2026
Grayce, Inc.Senior Secured14.0%597,869 571,387 571,387 2/1/2026
Julie Products Inc.Senior Secured15.8%375,000 367,519 367,519 6/1/2026
Julie Products Inc.Senior Secured15.3%351,321 344,575 344,575 4/1/2026
Julie Products Inc.Senior Secured13.0%698,857 669,819 669,819 9/1/2025
Julie Products Inc. Subtotal1,425,178 1,381,913 1,381,913 
KBS, Inc.Senior Secured14.0%228,755 211,993 211,993 6/1/2026
Minded, Inc.Senior Secured10.5%1,357,150 1,142,275  *
Modern Animal, Inc.Senior Secured12.8%5,000,000 4,160,858 4,160,858 8/1/2027
Open Inc.Senior Secured13.5%413,034 395,808 395,808 3/1/2026
Open Inc.Senior Secured14.8%414,182 408,982 408,982 3/1/2026
Open Inc. Subtotal827,216 804,790 804,790 
PrecisionOS Technology Inc. ** ^Senior Secured12.0%570,567 552,869 552,869 7/1/2025
Yuva Biosciences, Inc.Senior Secured13.3%221,231 202,550 202,550 5/1/2026
Other Healthcare Total11.7%$31,171,231 $28,135,546 $26,993,271 
Other Technology
Airspeed, Inc.Senior Secured11.0%$588,338 $588,338 $588,338 7/1/2026
Airspeed, Inc.Senior Secured11.0%474,906 453,468 453,468 1/1/2026
Airspeed, Inc. Subtotal1,063,244 1,041,806 1,041,806 
AL Services ** ^Senior Secured12.5%282,768 265,536 265,536 7/1/2025
ArroFi Inc.Senior Secured11.3%2,130,907 2,057,860 2,057,860 4/1/2026
Azumo, Inc.Senior Secured12.8%1,146,091 1,083,000 1,083,000 1/1/2026
Badiani Limited ** ^Senior Secured13.8%500,000 489,226 489,226 1/1/2027
Badiani Limited ** ^Senior Secured13.5%1,000,000 945,958 945,958 9/1/2026
Badiani Limited ** ^Senior Secured13.8%500,000 487,324 487,324 5/1/2027
Badiani Limited ** ^ Subtotal2,000,000 1,922,508 1,922,508 
Bankroll Club, LLCSenior Secured14.0%1,965,212 1,795,513 449,191 *
Beekeeper's Naturals, Inc ** ^Senior Secured12.0%1,131,771 1,091,282 1,091,282 10/1/2025
Beekeeper's Naturals, Inc ** ^Senior Secured12.0%565,916 559,733 559,733 10/1/2025
Beekeeper's Naturals, Inc ** ^Senior Secured12.0%566,132 559,383 559,383 10/1/2025
Beekeeper's Naturals, Inc ** ^ Subtotal2,263,819 2,210,398 2,210,398 
Bryte, Inc.Senior Secured10.0%1,612,242 1,581,512 1,184,556 9/1/2025
Ceres Imaging, Inc.Senior Secured12.0%2,843,184 2,781,445 2,254,757 *
Chairman Me, Inc.Senior Secured12.0%626,831 591,508  *
Copia Global Inc. ** ^Senior Secured12.0%7,745,971 7,608,920 6,223,614 1/1/2027
8


IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate
(b)
End of Term Payment
(c)
PrincipalCostFair Value
(d)
Final Maturity Date
CornerUp, Inc.Senior Secured15.0%214,594 211,263 211,263 4/1/2026
CornerUp, Inc.Senior Secured15.0%207,205 180,734 180,734 3/1/2026
CornerUp, Inc. Subtotal421,799 391,997 391,997 
Creoate Limited ** ^Senior Secured12.8%1.0%633,000 611,550 611,550 10/1/2027
Creoate Limited ** ^Senior Secured12.8%1.0%1,000,000 878,061 878,061 8/1/2027
Creoate Limited ** ^Senior Secured14.0%206,747 203,867 203,867 3/1/2026
Creoate Limited ** ^Senior Secured15.5%500,000 489,665 489,665 2/1/2027
Creoate Limited ** ^Senior Secured11.8%547,848 527,903 527,903 12/1/2025
Creoate Limited ** ^ Subtotal2,887,595 2,711,046 2,711,046 
Daybase, Inc.Senior Secured11.0%1,265,000 1,129,983  *
Eguana Technologies, Inc. ** ^Senior Secured12.0%1,491,664 1,467,035 1,467,035 8/1/2025
Eguana Technologies, Inc. ** ^Senior Secured12.0%1,162,867 1,113,944 1,113,944 4/1/2025
Eguana Technologies, Inc. ** ^ Subtotal2,654,531 2,580,979 2,580,979 
Fanimal, Inc.Senior Secured11.8%375,000 366,177 366,177 7/1/2027
Fanimal, Inc.Senior Secured11.8%250,000 244,977 244,977 3/1/2027
Fanimal, Inc.Senior Secured11.8%169,684 153,496 153,496 2/1/2026
Fanimal, Inc.Senior Secured11.8%302,845 297,790 297,790 7/1/2026
Fanimal, Inc. Subtotal1,097,529 1,062,440 1,062,440 
Heading Health Inc.Senior Secured13.2%1,065,032 981,214 266,176 *
High Definition Vehicle Insurance, Inc.Senior Secured14.5%12,500,000 11,867,800 11,867,800 4/1/2027
Higher Ground Education, Inc.Senior Secured15.0%9,868,057 5,513,381 5,513,381 5/1/2027
Higher Ground Education, Inc.Senior Secured15.0%4,935,366 4,935,366 4,935,366 5/1/2027
Higher Ground Education, Inc. Subtotal14,803,423 10,448,747 10,448,747 
Hint, Inc.Senior Secured12.0%4,092,884 3,782,184 3,782,184 5/1/2025
Holo, Inc.Senior Secured13.5%640,007 536,369 536,369 *
Hyphen Technologies, Inc.Senior Secured11.5%2,467,051 2,391,416 2,391,416 3/1/2026
Intuition Robotics, Inc. ** ^Senior Secured12.0%1,749,511 1,706,155 1,706,155 11/1/2025
Jiko Group, Inc.Senior Secured12.0%666,673 660,217 660,217 9/1/2024
Joy Memories, IncSenior Secured12.0%1,096,641 1,036,290 1,036,290 12/1/2025
Joy Memories, IncSenior Secured12.8%1.5%5,000,000 4,776,273 4,776,273 2/1/2027
Joy Memories, Inc Subtotal6,096,641 5,812,563 5,812,563 
Kibeam Learning, Inc.Senior Secured11.5%554,824 537,901 537,901 6/1/2025
Lacuna Technologies, Inc.Senior Secured12.0%3,432,568 3,240,601  *
LendTable Inc.Senior Secured14.8%1,500,000 1,473,462 1,473,462 9/1/2026
LendTable Inc.Senior Secured13.5%1,652,134 1,589,049 1,589,049 3/1/2026
LendTable Inc. Subtotal3,152,134 3,062,511 3,062,511 
Literati, Inc.Senior Secured11.3%6,092,600 5,879,244 5,879,244 12/1/2025
Logistech Solutions Pte. Ltd. ** ^Senior Secured11.5%364,917 322,358 322,358 12/1/2025
Logistech Solutions Pte. Ltd. ** ^Senior Secured12.8%1,000,000 984,289 984,289 10/1/2026
Logistech Solutions Pte. Ltd. ** ^ Subtotal1,364,917 1,306,647 1,306,647 
Maker Wine CompanySenior Secured11.8%198,374 194,778 194,778 2/1/2025
Markai Holdings, LLCSenior Secured6.3%868,452 814,588 24,757 *
Mavenform, Inc.Senior Secured13.5%4,000,000 3,764,537 3,764,537 4/1/2027
NeoSensory, Inc.Senior Secured14.0%750,000 443,134 443,134 7/1/2027
9


IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate
(b)
End of Term Payment
(c)
PrincipalCostFair Value
(d)
Final Maturity Date
NewGlobe Education, Inc. ** ^Senior Secured12.5%3,295,564 3,250,929 3,250,929 12/1/2024
Ocho Holdings Co.Senior Secured11.3%438,389 519,108 519,108 12/1/2024
Plant Prefab, Inc.Senior Secured12.4%1,236,363 1,153,107 1,153,107 6/1/2026
PlantBaby, Inc.Senior Secured12.0%83,495 82,112 82,112 10/1/2025
PlantBaby, Inc.Senior Secured12.0%71,321 70,308 70,308 7/1/2025
PlantBaby, Inc.Senior Secured12.0%126,050 120,557 120,557 5/1/2025
PlantBaby, Inc.Senior Secured13.8%95,798 87,076 87,076 1/1/2026
PlantBaby, Inc.Senior Secured14.3%110,778 107,564 107,564 5/1/2026
PlantBaby, Inc. Subtotal487,442 467,617 467,617 
Platform Science, Inc.Senior Secured12.5%3,970,063 3,775,273 3,775,273 2/1/2026
Platform Science, Inc.Senior Secured12.5%4,121,076 4,072,025 4,072,025 3/1/2026
Platform Science, Inc. Subtotal8,091,139 7,847,298 7,847,298 
Reali Inc.Senior Secured12.5%3,586,031 2,630,866 7,322 *
Ripple Foods, PBCSenior Secured12.0%2.5 %6,000,000 5,327,830 5,327,830 3/1/2027
Rise Gardens, Inc.Senior Secured11.8%1,353,419 1,308,846 929,033 *
Romaine Empire, Inc.Senior Secured13.5%8,887,530 8,627,841 8,627,841 12/1/2027
Runzy, Inc.Senior Secured14.5%250,000 248,168 248,168 8/1/2027
Runzy, Inc.Senior Secured14.3%250,000 241,549 241,549 6/1/2027
Runzy, Inc. Subtotal500,000 489,717 489,717 
Scripta Insights, Inc.Senior Secured12.0%929,944 911,605 911,605 4/1/2025
Scripta Insights, Inc.Senior Secured12.0%232,589 230,414 230,414 4/1/2025
Scripta Insights, Inc. Subtotal1,162,533 1,142,019 1,142,019 
SISU Aesthetics Clinic, Inc. ** ^Senior Secured14.0%664,427 659,969 659,969 5/1/2026
SISU Aesthetics Clinic, Inc. ** ^Senior Secured13.5%855,990 830,692 830,692 4/1/2026
SISU Aesthetics Clinic, Inc. ** ^ Subtotal1,520,417 1,490,661 1,490,661 
State Affairs, Inc.Senior Secured13.8%1,000,000 980,600 980,600 11/1/2026
State Affairs, Inc.Senior Secured13.8%1,000,000 905,169 905,169 10/1/2026
State Affairs, Inc.Senior Secured14.0%1,500,000 1,468,328 1,468,328 1/1/2027
State Affairs, Inc. Subtotal3,500,000 3,354,097 3,354,097 
Sun Day Carwash, Inc.Senior Secured13.5%2.0%2,000,000 1,961,170 1,961,170 1/1/2027
Sun Day Carwash, Inc.Senior Secured13.5%2.0%4,000,000 3,758,467 3,758,467 1/1/2027
Sun Day Carwash, Inc. Subtotal6,000,000 5,719,637 5,719,637 
Supplant, Inc. ** ^Senior Secured13.0%1,885,509 1,816,112 1,816,112 7/1/2026
Supplant, Inc. ** ^Senior Secured16.0%500,000 490,698 490,698 12/1/2026
Supplant, Inc. ** ^ Subtotal2,385,509 2,306,810 2,306,810 
TheSquareFoot, Inc.Senior Secured18.0%628,478 325,058  *
Titan Health & Security Technologies, Inc.Senior Secured12.0%904,710 881,922 881,922 8/1/2025
TLNT Inc.Senior Secured15.0%1,068,549 1,011,697 455,433 *
TomoCredit, Inc.Senior Secured11.5%794,987 794,987 794,987 6/1/2025
TomoCredit, Inc.Senior Secured13.8%3,000,000 2,862,192 2,862,192 4/1/2027
TomoCredit, Inc.Senior Secured11.5%794,876 769,373 769,373 6/1/2025
TomoCredit, Inc. Subtotal4,589,863 4,426,552 4,426,552 
10


IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate
(b)
End of Term Payment
(c)
PrincipalCostFair Value
(d)
Final Maturity Date
Umbra Lab, Inc.Senior Secured13.5%4,279,949 4,170,209 4,170,209 4/1/2026
Umbra Lab, Inc.Senior Secured15.3%6,000,000 5,799,587 5,799,587 10/1/2026
Umbra Lab, Inc. Subtotal10,279,949 9,969,796 9,969,796 
Virtuix Holdings, Inc.Senior Secured12.3%318,378 312,758 312,758 9/1/2025
Wellth, Inc.Senior Secured12.0%348,949 344,532 344,532 4/1/2025
Wellth, Inc.Senior Secured12.0%581,499 561,586 561,586 4/1/2025
Wellth, Inc. Subtotal930,448 906,118 906,118 
World Wrapps II, Inc.Senior Secured12.5%8.4%400,000 401,790 401,790 7/1/2027
World Wrapps II, Inc.Senior Secured12.5%9.1%600,000 434,128 434,128 7/1/2027
World Wrapps II, Inc. Subtotal1,000,000 835,918 835,918 
Zeno Technologies, Inc.Senior Secured10.0%141,106 133,944 133,944 7/1/2025
Zeno Technologies, Inc.Senior Secured10.0%141,106 141,105 141,105 7/1/2025
Zeno Technologies, Inc. Subtotal282,212 275,049 275,049 
Zimeno Inc.Senior Secured11.5%6,250,000 6,151,809 6,151,809 10/1/2026
Zimeno Inc.Senior Secured11.5%4,757,128 4,584,330 4,584,330 1/1/2026
Zimeno Inc. Subtotal11,007,128 10,736,139 10,736,139 
Other Technology Total64.8%$175,955,865 $163,564,447 $149,557,535 
Security
Axiado CorporationSenior Secured10.5%$1,617,483 $1,617,471 $1,617,471 10/1/2025
Axiado CorporationSenior Secured10.5%1,617,483 1,551,000 1,551,000 10/1/2025
Axiado Corporation Subtotal3,234,966 3,168,471 3,168,471 
Security Total1.4%$3,234,966 $3,168,471 $3,168,471 
Semiconductors & Equipment
Terradepth, Inc.Senior Secured11.5%$5,152,734 $4,888,584 $4,888,584 3/1/2026
Semiconductors & Equipment Total2.1%$5,152,734 $4,888,584 $4,888,584 
Software
Abacum Inc. ** ^Senior Secured13.5%$1,500,000 $1,417,370 $1,417,370 10/1/2026
Actual Systems, Inc.Senior Secured12.0%531,540 511,569 511,569 6/1/2025
Auterion, Inc. ** ^Senior Secured12.5%1,998,509 1,947,156 1,947,156 5/1/2025
Bite Investments (Cayman) Limited ** ^Senior Secured12.0%544,815 530,159 530,159 1/1/2025
Blackcart, Inc. ** ^Senior Secured13.3%6.4%1,000,000 947,166 947,166 1/1/2027
BlueCart, Inc.Senior Secured14.8%199,680 195,618 195,618 2/1/2026
BlueCart, Inc.Senior Secured12.5%1,191,019 1,140,615 1,140,615 2/1/2026
BlueCart, Inc. Subtotal1,390,699 1,336,233 1,336,233 
Bound Rates, Inc. ** ^Senior Secured12.0%1,328,060 1,303,104 1,303,104 6/1/2025
Canopy Technology Corp.Senior Secured15.0%828,821 815,517 815,517 3/1/2026
Canopy Technology Corp.Senior Secured13.5%1,055,742 1,012,633 1,012,633 11/1/2025
Canopy Technology Corp. Subtotal1,884,563 1,828,150 1,828,150 
Chowbus, Inc.Senior Secured12.0%2,124,525 2,007,375 2,007,375 3/1/2025
Common Sun, IncSenior Secured11.0%476,250 476,246 476,246 1/1/2027
Common Sun, IncSenior Secured11.0%1,208,639 1,160,208 1,160,208 7/1/2026
Common Sun, Inc Subtotal1,684,889 1,636,454 1,636,454 
11


IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate
(b)
End of Term Payment
(c)
PrincipalCostFair Value
(d)
Final Maturity Date
Eskalera, Inc.Senior Secured12.0%1,480,998 1,435,434 1,435,434 10/1/2026
Family First, IncSenior Secured12.0%7.4%4,000,000 3,831,182 3,831,182 10/1/2027
Form Remodel, Inc.Senior Secured11.0%485,259 479,094 479,094 8/1/2026
Form Remodel, Inc.Senior Secured11.0%455,972 450,605 450,605 6/1/2026
Form Remodel, Inc.Senior Secured11.0%395,419 391,434 391,434 2/1/2026
Form Remodel, Inc.Senior Secured11.0%364,286 342,916 342,916 12/1/2025
Form Remodel, Inc. Subtotal1,700,936 1,664,049 1,664,049 
FutureProof Technologies, Inc.Senior Secured13.5%914,511 867,576 867,576 6/1/2026
Gladly Software, Inc.Senior Secured11.6%24,283,486 23,366,873 23,366,873 12/1/2026
Grokker, Inc.Senior Secured11.5%365,248 357,162 357,162 4/1/2026
HaystacksAI, Inc.Senior Secured11.0%379,983 362,527 362,527 1/1/2026
HaystacksAI, Inc.Senior Secured11.0%379,983 379,983 379,983 1/1/2026
HaystacksAI, Inc. Subtotal759,966 742,510 742,510 
Hdata, Inc.Senior Secured12.8%2.5%500,000 456,090 456,090 10/1/2026
Hoken Holdings Inc.Senior Secured13.0%552,873 511,033 511,033 5/1/2026
Ioogo Inc.Senior Secured13.5%2.0%2,000,000 1,969,061 1,969,061 11/1/2026
Ioogo Inc.Senior Secured13.5%2.0%3,000,000 2,858,088 2,858,088 9/1/2026
Ioogo Inc. Subtotal5,000,000 4,827,149 4,827,149 
Journey Builders, Inc.Senior Secured12.5%941,730 907,773 907,773 8/1/2026
Ketch Kloud, Inc.Senior Secured13.0%7,000,000 6,774,589 6,774,589 10/1/2026
Kolors, Inc. ** ^Senior Secured13.5%2.5%2,000,000 1,938,168 1,938,168 6/1/2027
Kolors, Inc. ** ^Senior Secured13.3%2.5%3,000,000 2,814,801 2,814,801 2/1/2027
Kolors, Inc. ** ^ Subtotal5,000,000 4,752,969 4,752,969 
Kushki Group Holdings Ltd. ** ^Senior Secured13.0%10,000,000 8,834,667 8,834,667 2/1/2027
Make Cents Technologies Inc.Senior Secured13.8%4,000,000 3,584,766 3,584,766 7/1/2027
Make Cents Technologies Inc.Senior Secured13.5%6,000,000 5,606,538 5,606,538 1/1/2027
Make Cents Technologies Inc. Subtotal10,000,000 9,191,304 9,191,304 
Merlyn Mind, Inc.Senior Secured13.8%10,000,000 9,520,345 9,520,345 3/1/2027
Migo Money, Inc. ** ^Senior Secured11.5%1,206,906 1,237,274 725,714 *
NopSec Inc.Senior Secured12.0%599,050 589,916 589,916 1/1/2025
Ocurate, Inc.Senior Secured11.5%730,049 703,377 703,377 10/1/2025
Overalls, Inc.Senior Secured13.5%427,995 403,999 403,999 4/1/2026
Overalls, Inc.Senior Secured15.5%214,791 214,791 214,791 4/1/2026
Overalls, Inc. Subtotal642,786 618,790 618,790 
Parkoursc, Inc.Senior Secured12.8%1.0%2,845,951 2,721,255 2,721,255 10/1/2026
Ratio Technologies, Inc.Senior Secured11.0%167,673 141,294 141,294 1/1/2027
Ratio Technologies, Inc.Senior Secured11.0%400,737 395,440 395,440 1/1/2027
Ratio Technologies, Inc.Senior Secured11.0%1,108,315 1,093,861 1,093,861 1/1/2027
Ratio Technologies, Inc. Subtotal1,676,725 1,630,595 1,630,595 
Safe Securities Inc.Senior Secured12.3%1.0%3,000,000 2,732,554 2,732,554 10/1/2027
Safe Securities Inc.Senior Secured12.3%1.0%3,000,000 2,940,332 2,940,332 10/1/2027
Safe Securities Inc. Subtotal6,000,000 5,672,886 5,672,886 
12


IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate
(b)
End of Term Payment
(c)
PrincipalCostFair Value
(d)
Final Maturity Date
Scaleup Finance Group ApS ** ^Senior Secured15.8%1,250,000 1,220,279 1,220,279 1/1/2027
Scaleup Finance Group ApS ** ^Senior Secured15.0%1,145,032 1,067,505 1,067,505 6/1/2026
Scaleup Finance Group ApS ** ^ Subtotal2,395,032 2,287,784 2,287,784 
Semsee Corp.Senior Secured14.3%1.0%3,000,000 2,786,314 2,786,314 1/1/2027
Sonatus, IncSenior Secured12.5%3,619,363 3,502,673 3,502,673 12/1/2025
Sonatus, IncSenior Secured12.5%1,647,718 1,611,582 1,611,582 12/1/2024
Sonatus, Inc Subtotal5,267,081 5,114,255 5,114,255 
Traction Apps, Inc. ** ^Senior Secured12.0%640,721 629,950 568,677 6/1/2026
UCM Digital Health, Inc.Senior Secured12.5%1,421,621 1,304,557 1,304,557 10/1/2026
Vesta Housing, Inc.Senior Secured11.8%1,075,671 1,021,467 1,021,467 6/1/2026
Vesta Housing, Inc.Senior Secured11.8%1,075,671 1,056,293 1,056,293 6/1/2026
Vesta Housing, Inc. Subtotal2,151,342 2,077,760 2,077,760 
WorkRails, Inc.Senior Secured12.0%455,117 340,563 168,083 *
Software Total51.4%$125,519,729 $119,220,717 $118,475,404 
Technology Services
2045 Studio, Inc.Senior Secured13.8%$750,000 $690,131 $690,131 1/1/2027
iLearningEngines Inc.Senior Secured11.5%5,173,047 4,911,021 4,911,021 1/1/2026
iLearningEngines Inc.Senior Secured13.0%10,000,000 9,144,069 9,144,069 11/1/2026
iLearningEngines Inc. Subtotal15,173,047 14,055,090 14,055,090 
Klar Holdings Limited ** ^Senior Secured11.8%2,979,414 2,880,436 2,880,436 8/1/2025
Loansnap Holdings Inc. **Senior Secured10.3%3,669,060 3,480,372 2,352,929 *
MAYD Group GmbH ** ^Senior Secured13.8%2,744,295 2,585,658 2,585,658 6/1/2026
Surround Group, Inc.Senior Secured14.3%857,185 818,117 818,117 4/1/2026
Techspert.IO Limited ** ^Senior Secured13.8%1,600,839 1,523,908 1,523,908 6/1/2026
Techspert.IO Limited ** ^Senior Secured14.8%1,750,000 1,707,866 1,707,866 3/1/2027
Techspert.IO Limited ** ^ Subtotal3,350,839 3,231,774 3,231,774 
Technology Services Total11.5%$29,523,840 $27,741,578 $26,614,135 
Wireless
Juvo Mobile, Inc. **Senior Secured15.5%$472,221 $463,655 $463,655 7/1/2026
Juvo Mobile, Inc. **Senior Secured12.0%1,413,102 1,359,724 1,359,724 7/1/2026
Juvo Mobile, Inc. **Senior Secured12.5%4.9 %2,000,000 1,886,087 1,886,087 7/1/2027
Juvo Mobile, Inc. ** Subtotal3,885,323 3,709,466 3,709,466 
Wireless Total1.6%$3,885,323 $3,709,466 $3,709,466 
Grand Total 171.4%$439,287,393 $412,437,777 $395,415,834 

Ticker SymbolPercent of Net AssetsCostFair Value
Cash Equivalents
First American Government Obligations Fund - Class ZFGZXX9.0%$20,787,990 $20,787,990 
Total Cash Equivalents9.0%$20,787,990 $20,787,990 

13


Description and terms of payments to be received from another partyDescription and terms of payments to be paid to another partyCounterpartyMaturity DateNotional AmountFair ValueUpfront payments/receiptsUnrealized appreciation
(e)
Derivative Instruments - Interest Rate Collar Agreements
Floating interest rate of 1 mo. USD-SOFR CME Term with a cap rate of 5.3000% to be received monthly
Floating interest rate of 1 mo. USD-SOFR CME Term with a floor rate of 3.6500% to be paid monthly
Zions Bancorporation, N.A.12/31/2024$50,000,000 $17,555 $ $17,555 
Floating interest rate of 1 mo. USD-SOFR CME Term with a cap rate of 5.3000% to be received monthly
Floating interest rate of 1 mo. USD-SOFR CME Term with a floor rate of 2.3000% to be paid monthly
Zions Bancorporation, N.A.12/31/202550,000,000 45,667  45,667 
Total$100,000,000 $63,222 $ $63,222 

* As of March 31, 2024, loans with a cost basis of $24.5 million and a fair value of $9.3 million were classified as non-accrual. These loans have been accelerated from their original maturity and are due in their entirety. During the period for which these loans have been on non-accrual status, no interest income has been recognized.

**Indicates assets that the Fund deems “non-qualifying assets.” As of March 31, 2024, 17.0% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an “eligible portfolio company,” as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund's investments in all eligible portfolio companies, and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.

^ Entity is not domiciled in the United States and does not have its principal place of business in the United States.

(a) The percentage of net assets that each industry group represents is shown with the industry totals (the sum of the percentages does not equal 100% because the percentages are based on net assets as opposed to total loans).

(b) The interest rate is the designated annual interest rate exclusive of any original issue discount, fees or end of term payment.

(c) The end of term payments are contractually due on the maturity date and are in addition to the interest rate shown. End of term payments are the percentage of the final payment divided by the original loan amount and are amortized over the full term of the loan.

(d) There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.

(e) The unrealized appreciation was valued using prices or valuation based on observable inputs other than quoted price in active markets for identical assets and liabilities. See “Note 3. Fair Value Disclosures” for more information.


As of March 31, 2024, all loans were made to non-affiliates.


See notes to condensed financial statements (unaudited).

(Intentionally left blank)
14




WTI FUND X, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)
AS OF DECEMBER 31, 2023

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate
(b)
End of Term Payment
(c)
PrincipalCostFair Value
(d)
Final Maturity Date
Biotechnology
Biolojic Design Ltd. ** ^Senior Secured12.5%4.0%$5,000,000 $4,815,056 $4,815,056 8/1/2026
Mazen Animal Health Inc.Senior Secured14.3%4,000,000 3,816,533 3,816,533 8/1/2026
Ukko Inc. Senior Secured11.5%3,398,473 3,253,318 3,253,318 5/1/2026
Biotechnology Total5.2%$12,398,473 $11,884,907 $11,884,907 
Computers & Storage
Canary Connect, Inc.Senior Secured12.0%6.6%$1,375,510 $1,364,322 $1,364,322 7/1/2027
Canary Connect, Inc.Senior Secured12.0%7.6%3,624,490 3,565,215 3,565,215 7/1/2027
Canary Connect, Inc. Subtotal5,000,000 4,929,537 4,929,537 
Proto, Inc.Senior Secured12.5%1,049,740 1,001,516 1,001,516 10/1/2025
Proto, Inc.Senior Secured12.8%1,050,540 1,050,539 1,050,539 10/1/2025
Proto, Inc. Subtotal2,100,280 2,052,055 2,052,055 
Computers & Storage Total3.1%$7,100,280 $6,981,592 $6,981,592 
Internet
Ainsly, Inc. ** ^Senior Secured12.5%$200,739 $153,231 $153,231 7/1/2025
Ainsly, Inc. ** ^Senior Secured12.5%133,826 133,821 133,821 7/1/2025
Ainsly, Inc. ** ^ Subtotal334,565 287,052 287,052 
D2C Store, Inc.Senior Secured10.0%1,905,572 1,572,688 1,572,688 *
Findigs, Inc.Senior Secured13.5%3,500,000 3,214,747 3,214,747 7/1/2027
Miami Labs, Inc.Senior Secured13.3%7,500,000 7,162,069 7,162,069 5/1/2026
OneLocal, Inc. ** ^Senior Secured12.0%859,047 833,541 833,541 1/1/2025
Pixalate, Inc.Senior Secured13.0%2.5%1,000,000 1,001,347 1,001,347 4/1/2027
Pixalate, Inc.Senior Secured12.8%2.5%1,000,000 855,173 855,173 2/1/2027
Pixalate, Inc. Subtotal2,000,000 1,856,520 1,856,520 
Quantcast Corp.Senior Secured12.0%12,500,000 11,779,146 11,779,146 7/1/2026
Realm Living, Inc.Senior Secured13.0%3,886,089 3,734,520 3,734,520 5/1/2026
RenoFi, Inc.Senior Secured11.5%988,490 929,802 929,802 7/1/2025
RenoFi, Inc.Senior Secured11.5%1,082,499 1,070,622 1,070,622 9/1/2025
RenoFi, Inc. Subtotal2,070,989 2,000,424 2,000,424 
RetailerX, Inc.Senior Secured11.0%3,834,495 3,656,561 3,656,561 7/1/2026
RetailerX, Inc.Senior Secured10.0%100.0%3,654,343 3,654,343 3,654,343 6/28/2024
RetailerX, Inc. Subtotal7,488,838 7,310,904 7,310,904 
Vinvesto, Inc.Senior Secured15.0%243,054 243,054 243,054 5/1/2026
Vinvesto, Inc.Senior Secured14.8%243,033 223,116 223,116 5/1/2026
Vinvesto, Inc. Subtotal486,087 466,170 466,170 
Wildxyz, Inc.Senior Secured12.8%4.7%2,000,000 1,898,870 1,898,870 7/1/2026
Internet Total18.6%$44,531,187 $42,116,651 $42,116,651 
15


IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate
(b)
End of Term Payment
(c)
PrincipalCostFair Value
(d)
Final Maturity Date
Medical Devices
Akadeum Life Sciences, Inc.Senior Secured14.3%$2,000,000 $1,849,886 $1,849,886 1/1/2027
Gallant Pet, Inc.Senior Secured14.0%2,000,000 1,810,178 1,810,178 10/1/2026
Medical Devices Total1.6%$4,000,000 $3,660,064 $3,660,064 
Other Healthcare
CarePoint, Inc. ** ^Senior Secured13.8%5.0%$1,000,000 $852,778 $852,778 7/1/2026
GoForward, Inc.Senior Secured12.8%20,000,000 18,027,726 18,027,726 10/1/2026
Grayce, Inc.Senior Secured14.0%664,671 631,909 631,909 2/1/2026
Julie Products Inc.Senior Secured15.3%375,000 366,817 366,817 4/1/2026
Julie Products Inc.Senior Secured15.8%375,000 366,153 366,153 6/1/2026
Julie Products Inc.Senior Secured13.0%802,628 764,447 764,447 9/1/2025
Julie Products Inc. Subtotal1,552,628 1,497,417 1,497,417 
KBS, Inc.Senior Secured14.0%250,000 229,967 229,967 6/1/2026
Minded, Inc.Senior Secured10.5%1,357,150 1,142,275  *
Open Inc.Senior Secured13.5%457,247 436,107 436,107 3/1/2026
Open Inc.Senior Secured14.8%457,878 451,414 451,414 3/1/2026
Open Inc. Subtotal915,125 887,521 887,521 
PrecisionOS Technology Inc. ** ^Senior Secured12.0%667,730 643,612 643,612 7/1/2025
Yuva Biosciences, Inc.Senior Secured13.3%242,902 220,407 220,407 5/1/2026
Other Healthcare Total10.1%$26,650,206 $24,133,612 $22,991,337 
Other Technology
Airspeed, Inc.Senior Secured11.0%$532,573 $505,660 $505,660 1/1/2026
Airspeed, Inc.Senior Secured11.0%625,000 625,000 625,000 7/1/2026
Airspeed, Inc. Subtotal1,157,573 1,130,660 1,130,660 
AL Services ** ^Senior Secured12.5%330,763 307,345 307,345 7/1/2025
ArroFi Inc.Senior Secured11.3%2,354,587 2,265,319 2,265,319 4/1/2026
Azumo, Inc.Senior Secured12.8%1,282,604 1,203,696 1,203,696 1/1/2026
Badiani Limited ** ^Senior Secured13.8%500,000 487,832 487,832 1/1/2027
Badiani Limited ** ^Senior Secured13.5%1,000,000 937,115 937,115 9/1/2026
Badiani Limited ** ^ Subtotal1,500,000 1,424,947 1,424,947 
Bankroll Club, LLCSenior Secured14.0%1,965,212 1,795,513 449,191 *
Beekeeper's Naturals, Inc ** ^Senior Secured12.0%1,291,713 1,239,031 1,239,031 10/1/2025
Beekeeper's Naturals, Inc ** ^Senior Secured12.0%646,138 637,335 637,335 10/1/2025
Beekeeper's Naturals, Inc ** ^Senior Secured12.0%645,892 637,825 637,825 10/1/2025
Beekeeper's Naturals, Inc ** ^ Subtotal2,583,743 2,514,191 2,514,191 
Bryte, Inc.Senior Secured10.0%1,680,936 1,640,717 1,640,717 9/1/2025
Ceres Imaging, Inc.Senior Secured12.0%1,127,835 1,088,832 1,088,832 4/1/2025
Ceres Imaging, Inc.Senior Secured12.0%1,630,476 1,602,801 1,602,801 4/1/2026
Ceres Imaging, Inc. Subtotal2,758,311 2,691,633 2,691,633 
Chairman Me, Inc.Senior Secured12.0%626,831 591,508  *
Copia Global Inc. ** ^Senior Secured12.0%7,699,044 7,542,825 7,542,825 1/1/2027
16


IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate
(b)
End of Term Payment
(c)
PrincipalCostFair Value
(d)
Final Maturity Date
CornerUp, Inc.Senior Secured15.0%229,002 196,822 196,822 3/1/2026
CornerUp, Inc.Senior Secured15.0%236,122 232,070 232,070 4/1/2026
CornerUp, Inc. Subtotal465,124 428,892 428,892 
Creoate Limited ** ^Senior Secured15.5%500,000 488,425 488,425 2/1/2027
Creoate Limited ** ^Senior Secured11.8%617,298 592,002 592,002 12/1/2025
Creoate Limited ** ^Senior Secured14.0%228,750 225,211 225,211 3/1/2026
Creoate Limited ** ^ Subtotal1,346,048 1,305,638 1,305,638 
Daybase, Inc.Senior Secured11.0%1,265,000 1,129,983  *
EasyKnock, Inc.Senior Secured11.5%2,427,481 2,369,345 2,369,345 5/1/2026
EasyKnock, Inc.Senior Secured11.5%1,902,781 1,763,129 1,763,129 10/1/2025
EasyKnock, Inc.Senior Secured11.5%2,056,477 2,016,015 2,016,015 12/1/2025
EasyKnock, Inc. Subtotal6,386,739 6,148,489 6,148,489 
Eguana Technologies, Inc. ** ^Senior Secured12.0%1,729,692 1,696,603 1,696,603 8/1/2025
Eguana Technologies, Inc. ** ^Senior Secured12.0%1,410,524 1,339,264 1,339,264 4/1/2025
Eguana Technologies, Inc. ** ^ Subtotal3,140,216 3,035,867 3,035,867 
Fanimal, Inc.Senior Secured11.8%330,628 324,581 324,581 7/1/2026
Fanimal, Inc.Senior Secured11.8%375,000 364,987 364,987 7/1/2027
Fanimal, Inc.Senior Secured11.8%250,000 244,279 244,279 3/1/2027
Fanimal, Inc.Senior Secured11.8%189,126 169,116 169,116 2/1/2026
Fanimal, Inc. Subtotal1,144,754 1,102,963 1,102,963 
Heading Health Inc.Senior Secured13.2%1,065,032 981,214 793,209 *
High Definition Vehicle Insurance, Inc.Senior Secured14.5%12,500,000 11,799,593 11,799,593 4/1/2027
Higher Ground Education, Inc.Senior Secured15.0%9,872,884 5,199,021 5,199,021 5/1/2027
Hint, Inc.Senior Secured12.0%4,898,181 4,458,792 4,458,792 5/1/2025
Holo, Inc.Senior Secured15.5%486,194 472,810 472,810 5/1/2026
Holo, Inc.Senior Secured13.5%826,350 769,711 769,711 12/1/2025
Holo, Inc. Subtotal1,312,544 1,242,521 1,242,521 
Hyphen Technologies, Inc.Senior Secured11.5%2,737,343 2,644,141 2,644,141 3/1/2026
Intuition Robotics, Inc. ** ^Senior Secured12.0%1,982,991 1,927,316 1,927,316 11/1/2025
Jiko Group, Inc.Senior Secured12.0%985,378 971,851 971,851 9/1/2024
Joy Memories, IncSenior Secured12.0%1,235,303 1,158,922 1,158,922 12/1/2025
Joy Memories, IncSenior Secured12.8%1.5%5,000,000 4,738,844 4,738,844 2/1/2027
Joy Memories, Inc Subtotal6,235,303 5,897,766 5,897,766 
Kibeam Learning, Inc.Senior Secured11.5%656,577 633,002 633,002 6/1/2025
Lacuna Technologies, Inc.Senior Secured12.0%3,432,568 3,240,601  *
LendTable Inc.Senior Secured14.8%1,500,000 1,469,096 1,469,096 9/1/2026
LendTable Inc.Senior Secured13.5%1,828,989 1,751,544 1,751,544 3/1/2026
LendTable Inc. Subtotal3,328,989 3,220,640 3,220,640 
Literati, Inc.Senior Secured11.3%6,548,474 6,397,107 6,397,107 3/1/2026
Logistech Solutions Pte. Ltd. ** ^Senior Secured11.5%411,295 357,702 357,702 12/1/2025
Logistech Solutions Pte. Ltd. ** ^Senior Secured12.8%1,000,000 981,817 981,817 10/1/2026
Logistech Solutions Pte. Ltd. ** ^ Subtotal1,411,295 1,339,519 1,339,519 
Maker Wine CompanySenior Secured11.8%248,887 243,291 243,291 2/1/2025
Markai Holdings, LLCSenior Secured6.3%868,452 814,588 49,543 *
Mavenform, Inc.Senior Secured13.5%4,000,000 3,739,033 3,739,033 4/1/2027
17


IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate
(b)
End of Term Payment
(c)
PrincipalCostFair Value
(d)
Final Maturity Date
NewGlobe Education, Inc. ** ^Senior Secured12.5%4,327,530 4,251,939 4,251,939 12/1/2024
Ocho Holdings Co.Senior Secured11.3%482,259 499,616 499,616 12/1/2024
Plant Prefab, Inc.Senior Secured12.4%1,236,363 1,174,111 1,174,111 12/1/2025
PlantBaby, Inc.Senior Secured12.0%83,466 82,084 82,084 7/1/2025
PlantBaby, Inc.Senior Secured12.0%95,285 93,485 93,485 10/1/2025
PlantBaby, Inc.Senior Secured14.3%121,495 117,614 117,614 5/1/2026
PlantBaby, Inc.Senior Secured13.8%107,087 96,231 96,231 1/1/2026
PlantBaby, Inc.Senior Secured12.0%150,836 143,047 143,047 5/1/2025
PlantBaby, Inc. Subtotal558,169 532,461 532,461 
Platform Science, Inc.Senior Secured12.5%4,421,154 4,179,690 4,179,690 2/1/2026
Platform Science, Inc.Senior Secured12.5%4,567,377 4,506,939 4,506,939 3/1/2026
Platform Science, Inc. Subtotal8,988,531 8,686,629 8,686,629 
Reali Inc.Senior Secured12.5%3,586,031 2,630,866 7,322 *
Ripple Foods, PBCSenior Secured12.0%2.5%6,000,000 5,181,739 5,181,739 3/1/2027
Rise Gardens, Inc.Senior Secured11.8%500,000 491,113 343,183 10/1/2026
Rise Gardens, Inc.Senior Secured11.8%792,662 769,831 537,948 11/1/2025
Rise Gardens, Inc. Subtotal1,292,662 1,260,944 881,131 
Romaine Empire, Inc.Senior Secured13.5%8,887,530 8,586,100 8,586,100 12/1/2027
Runzy, Inc.Senior Secured14.5%250,000 247,977 247,977 8/1/2027
Runzy, Inc.Senior Secured14.3%250,000 240,589 240,589 6/1/2027
Runzy, Inc. Subtotal500,000 488,566 488,566 
Scripta Insights, Inc.Senior Secured12.0%1,127,995 1,101,197 1,101,197 4/1/2025
Scripta Insights, Inc.Senior Secured12.0%282,123 278,940 278,940 4/1/2025
Scripta Insights, Inc. Subtotal1,410,118 1,380,137 1,380,137 
SISU Aesthetics Clinic, Inc. ** ^Senior Secured14.0%728,903 723,510 723,510 5/1/2026
SISU Aesthetics Clinic, Inc. ** ^Senior Secured13.5%943,438 912,621 912,621 4/1/2026
SISU Aesthetics Clinic, Inc. ** ^ Subtotal1,672,341 1,636,131 1,636,131 
State Affairs, Inc.Senior Secured14.0%1,500,000 1,464,453 1,464,453 1/1/2027
State Affairs, Inc.Senior Secured13.8%1,000,000 977,932 977,932 11/1/2026
State Affairs, Inc.Senior Secured13.8%1,000,000 891,906 891,906 10/1/2026
State Affairs, Inc. Subtotal3,500,000 3,334,291 3,334,291 
Sun Day Carwash, Inc.Senior Secured13.5%2.0%2,000,000 1,951,873 1,951,873 1/1/2027
Sun Day Carwash, Inc.Senior Secured13.5%2.0%4,000,000 3,719,925 3,719,925 1/1/2027
Sun Day Carwash, Inc. Subtotal6,000,000 5,671,798 5,671,798 
Supplant, Inc. ** ^Senior Secured16.0%500,000 489,453 489,453 12/1/2026
Supplant, Inc. ** ^Senior Secured13.0%2,000,000 1,917,423 1,917,423 7/1/2026
Supplant, Inc. ** ^ Subtotal2,500,000 2,406,876 2,406,876 
TheSquareFoot, Inc.Senior Secured18.0%628,478 325,058  *
Titan Health & Security Technologies, Inc.Senior Secured12.0%1,048,969 1,018,428 1,018,428 8/1/2025
TLNT Inc.Senior Secured15.3%312,500 305,936 191,458 8/1/2026
TLNT Inc.Senior Secured15.8%312,500 304,453 190,530 2/1/2027
TLNT Inc.Senior Secured14.3%353,987 325,391 203,633 4/1/2026
TLNT Inc.Senior Secured14.8%118,039 115,911 72,539 4/1/2026
TLNT Inc. Subtotal1,097,026 1,051,691 658,160 
18


IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate
(b)
End of Term Payment
(c)
PrincipalCostFair Value
(d)
Final Maturity Date
TomoCredit, Inc.Senior Secured11.5%940,786 940,786 940,786 6/1/2025
TomoCredit, Inc.Senior Secured13.8%3,000,000 2,847,196 2,847,196 4/1/2027
TomoCredit, Inc.Senior Secured11.5%940,655 905,134 905,134 6/1/2025
TomoCredit, Inc. Subtotal4,881,441 4,693,116 4,693,116 
Umbra Lab, Inc.Senior Secured13.5%4,717,188 4,583,466 4,583,466 4/1/2026
Umbra Lab, Inc.Senior Secured15.3%6,000,000 5,769,174 5,769,174 10/1/2026
Umbra Lab, Inc. Subtotal10,717,188 10,352,640 10,352,640 
Virtuix Holdings, Inc.Senior Secured12.3%365,971 358,553 358,553 9/1/2025
Wellth, Inc.Senior Secured12.0%423,265 416,804 416,804 4/1/2025
Wellth, Inc.Senior Secured12.0%705,341 676,303 676,303 4/1/2025
Wellth, Inc. Subtotal1,128,606 1,093,107 1,093,107 
World Wrapps II, Inc.Senior Secured12.5%9.1%600,000 418,147 418,147 7/1/2027
World Wrapps II, Inc.Senior Secured12.5%8.4%400,000 399,444 399,444 7/1/2027
World Wrapps II, Inc. Subtotal1,000,000 817,591 817,591 
Zeno Technologies, Inc.Senior Secured10.0%165,526 165,525 165,525 7/1/2025
Zeno Technologies, Inc.Senior Secured10.0%165,526 155,757 155,757 7/1/2025
Zeno Technologies, Inc. Subtotal331,052 321,282 321,282 
Zimeno Inc.Senior Secured11.5%6,250,000 6,136,157 6,136,157 10/1/2026
Zimeno Inc.Senior Secured11.5%5,331,391 5,114,486 5,114,486 1/1/2026
Zimeno Inc. Subtotal11,581,391 11,250,643 11,250,643 
Other Technology Total70.0%$183,494,039 $170,014,495 $159,031,085 
Security
Axiado CorporationSenior Secured10.5%$1,849,112 $1,849,098 $1,849,098 10/1/2025
Axiado CorporationSenior Secured10.5%1,849,112 1,762,565 1,762,565 10/1/2025
Axiado Corporation Subtotal3,698,224 3,611,663 3,611,663 
Lassen Peak, Inc.Senior Secured11.0%109,199 107,258 107,258 8/1/2024
Security Total1.6%$3,807,423 $3,718,921 $3,718,921 
Semiconductors & Equipment
Terradepth, Inc.Senior Secured11.5%$5,152,734 $4,821,317 $4,821,317 3/1/2026
Semiconductors & Equipment Total2.1%$5,152,734 $4,821,317 $4,821,317 
Software
Abacum Inc. ** ^Senior Secured13.5%$1,500,000 $1,404,738 $1,404,738 10/1/2026
Actual Systems, Inc.Senior Secured12.0%628,655 600,880 600,880 6/1/2025
Auterion, Inc. ** ^Senior Secured12.5%2,390,325 2,317,261 2,317,261 5/1/2025
Bite Investments (Cayman) Limited ** ^Senior Secured12.0%697,965 674,305 674,305 1/1/2025
Blackcart, Inc. ** ^Senior Secured13.3%6.4%1,000,000 937,915 937,915 1/1/2027
BlueCart, Inc.Senior Secured12.5%1,326,346 1,263,830 1,263,830 2/1/2026
BlueCart, Inc.Senior Secured14.8%221,804 216,774 216,774 2/1/2026
BlueCart, Inc. Subtotal1,548,150 1,480,604 1,480,604 
Bound Rates, Inc. ** ^Senior Secured12.0%1,570,704 1,535,913 1,535,913 6/1/2025
Canopy Technology Corp.Senior Secured15.0%916,006 899,683 899,683 3/1/2026
Canopy Technology Corp.Senior Secured13.5%1,194,573 1,139,433 1,139,433 11/1/2025
Canopy Technology Corp. Subtotal2,110,579 2,039,116 2,039,116 
19


IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate
(b)
End of Term Payment
(c)
PrincipalCostFair Value
(d)
Final Maturity Date
Chowbus, Inc.Senior Secured12.0%2,625,783 2,449,576 2,449,576 3/1/2025
Common Sun, IncSenior Secured11.0%500,000 499,995 499,995 1/1/2027
Common Sun, IncSenior Secured11.0%1,320,637 1,262,731 1,262,731 7/1/2026
Common Sun, Inc Subtotal1,820,637 1,762,726 1,762,726 
Eskalera, Inc.Senior Secured12.0%1,481,557 1,428,773 1,428,773 10/1/2026
Family First, IncSenior Secured12.0%7.4%4,000,000 3,795,187 3,795,187 10/1/2027
Form Remodel, Inc.Senior Secured11.0%410,822 383,743 383,743 12/1/2025
Form Remodel, Inc.Senior Secured11.0%500,000 492,701 492,701 8/1/2026
Form Remodel, Inc.Senior Secured11.0%441,105 436,137 436,137 2/1/2026
Form Remodel, Inc.Senior Secured11.0%500,000 493,526 493,526 6/1/2026
Form Remodel, Inc. Subtotal1,851,927 1,806,107 1,806,107 
FutureProof Technologies, Inc.Senior Secured13.5%1,000,000 943,769 943,769 6/1/2026
Gladly Software, Inc.Senior Secured11.6%24,716,004 23,649,871 23,649,871 12/1/2026
Grokker, Inc.Senior Secured11.5%403,473 393,586 393,586 4/1/2026
HaystacksAI, Inc.Senior Secured11.0%426,099 426,099 426,099 1/1/2026
HaystacksAI, Inc.Senior Secured11.0%426,099 404,188 404,188 1/1/2026
HaystacksAI, Inc. Subtotal852,198 830,287 830,287 
Hdata, Inc.Senior Secured12.8%2.5%500,000 448,042 448,042 10/1/2026
Hoken Holdings Inc.Senior Secured13.0%607,201 556,766 556,766 5/1/2026
Ioogo Inc.Senior Secured13.5%2.0%2,000,000 1,959,731 1,959,731 11/1/2026
Ioogo Inc.Senior Secured13.5%2.0%3,000,000 2,827,101 2,827,101 9/1/2026
Ioogo Inc. Subtotal5,000,000 4,786,832 4,786,832 
Journey Builders, Inc.Senior Secured12.5%942,299 901,246 901,246 8/1/2026
Ketch Kloud, Inc.Senior Secured13.0%7,000,000 6,739,524 6,739,524 10/1/2026
Kolors, Inc. ** ^Senior Secured13.3%2.5%3,000,000 2,785,527 2,785,527 2/1/2027
Kushki Group Holdings Ltd. ** ^Senior Secured13.0%10,000,000 8,698,661 8,698,661 2/1/2027
Make Cents Technologies Inc.Senior Secured13.5%6,000,000 5,556,761 5,556,761 1/1/2027
Merlyn Mind, Inc.Senior Secured13.8%10,000,000 9,465,482 9,465,482 3/1/2027
Migo Money, Inc. ** ^Senior Secured11.5%1,318,612 1,348,980 509,952 *
NopSec Inc.Senior Secured12.0%767,446 752,670 752,670 1/1/2025
Ocurate, Inc.Senior Secured11.5%380,556 367,489 367,489 10/1/2025
Ocurate, Inc.Senior Secured11.5%380,556 376,163 376,163 10/1/2025
Ocurate, Inc. Subtotal761,112 743,652 743,652 
Overalls, Inc.Senior Secured13.5%471,719 442,548 442,548 4/1/2026
Overalls, Inc.Senior Secured15.5%236,209 236,209 236,209 4/1/2026
Overalls, Inc. Subtotal707,928 678,757 678,757 
Parkoursc, Inc.Senior Secured12.8%1.0%3,000,000 2,850,212 2,850,212 10/1/2026
Ratio Technologies, Inc.Senior Secured11.0%180,104 149,795 149,795 1/1/2027
Ratio Technologies, Inc.Senior Secured11.0%430,449 424,310 424,310 1/1/2027
Ratio Technologies, Inc.Senior Secured11.0%1,190,488 1,173,736 1,173,736 1/1/2027
Ratio Technologies, Inc. Subtotal1,801,041 1,747,841 1,747,841 
20


IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate
(b)
End of Term Payment
(c)
PrincipalCostFair Value
(d)
Final Maturity Date
Safe Securities Inc.Senior Secured12.3%1.0%3,000,000 2,932,149 2,932,149 10/1/2027
Safe Securities Inc.Senior Secured12.3%1.0%3,000,000 2,705,481 2,705,481 10/1/2027
Safe Securities Inc. Subtotal6,000,000 5,637,630 5,637,630 
Scaleup Finance Group ApS ** ^Senior Secured15.0%1,250,000 1,157,448 1,157,448 6/1/2026
Scaleup Finance Group ApS ** ^Senior Secured15.8%1,250,000 1,216,529 1,216,529 1/1/2027
Scaleup Finance Group ApS ** ^ Subtotal2,500,000 2,373,977 2,373,977 
Semsee Corp.Senior Secured14.3%1.0%3,000,000 2,727,884 2,727,884 1/1/2027
Sonatus, IncSenior Secured12.5%4,075,074 3,927,011 3,927,011 12/1/2025
Sonatus, IncSenior Secured12.5%2,163,681 2,102,587 2,102,587 12/1/2024
Sonatus, Inc Subtotal6,238,755 6,029,598 6,029,598 
Traction Apps, Inc. ** ^Senior Secured12.0%676,801 650,923 650,923 6/1/2026
UCM Digital Health, Inc.Senior Secured12.5%1,482,990 1,399,404 1,399,404 4/1/2026
Vesta Housing, Inc.Senior Secured11.8%1,178,533 1,113,412 1,113,412 6/1/2026
Vesta Housing, Inc.Senior Secured11.8%1,178,533 1,155,197 1,155,197 6/1/2026
Vesta Housing, Inc. Subtotal2,357,066 2,268,609 2,268,609 
WorkRails, Inc.Senior Secured12.0%455,117 369,727 68,278 *
Software Total51.2%$124,314,325 $117,569,319 $116,428,842 
Technology Services
2045 Studio, Inc.Senior Secured13.8%$750,000 $682,643 $682,643 1/1/2027
iLearningEngines Inc.Senior Secured13.0%10,000,000 9,022,781 9,022,781 11/1/2026
iLearningEngines Inc.Senior Secured11.5%904,731 600,568 600,568 10/1/2024
iLearningEngines Inc.Senior Secured11.5%1,407,609 1,360,828 1,360,828 4/1/2025
iLearningEngines Inc.Senior Secured11.5%1,727,221 1,695,265 1,695,265 8/1/2025
iLearningEngines Inc.Senior Secured11.5%2,109,706 2,063,191 2,063,191 1/1/2026
iLearningEngines Inc. Subtotal16,149,267 14,742,633 14,742,633 
Klar Holdings Limited ** ^Senior Secured11.8%3,455,849 3,323,072 3,323,072 8/1/2025
Loansnap Holdings Inc. **Senior Secured10.3%3,669,060 3,480,372 2,352,928 *
MAYD Group GmbH ** ^Senior Secured13.8%3,000,000 2,810,109 2,810,109 6/1/2026
Surround Group, Inc.Senior Secured14.3%943,965 896,488 896,488 4/1/2026
Techspert.IO Limited ** ^Senior Secured14.8%1,750,000 1,703,039 1,703,039 3/1/2027
Techspert.IO Limited ** ^Senior Secured13.8%1,750,000 1,657,848 1,657,848 6/1/2026
Techspert.IO Limited ** ^ Subtotal3,500,000 3,360,887 3,360,887 
Technology Services Total12.4%$31,468,141 $29,296,204 $28,168,760 
21


IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate
(b)
End of Term Payment
(c)
PrincipalCostFair Value
(d)
Final Maturity Date
Wireless
Juvo Mobile, Inc. **Senior Secured15.5%$500,000 $489,833 $489,833 7/1/2026
Juvo Mobile, Inc. **Senior Secured12.5%2,000,000 1,870,414 1,870,414 7/1/2027
Juvo Mobile, Inc. **Senior Secured12.0%1,500,000 1,436,390 1,436,390 7/1/2026
Juvo Mobile, Inc. ** Subtotal4,000,000 3,796,637 3,796,637 
Wireless Total1.7%$4,000,000 $3,796,637 $3,796,637 
Grand Total 177.6%$446,916,808 $417,993,719 $403,600,113 
Ticker SymbolPercent of Net AssetsCostFair Value
Cash Equivalents
First American Government Obligations Fund - Class ZFGZXX7.5%$17,030,603 $17,030,603 
Total Cash Equivalents7.5%$17,030,603 $17,030,603 

Description and terms of payments to be received from another partyDescription and terms of payments to be paid to another partyCounterpartyMaturity DateNotional AmountFair ValueUpfront payments/receiptsUnrealized depreciation
(e)
Derivative Instruments - Interest Rate Collar Agreements
Floating interest rate of 1 mo. USD-SOFR CME Term with a cap rate of 5.3000% to be received monthly
Floating interest rate of 1 mo. USD-SOFR CME Term with a floor rate of 3.6500% to be paid monthly
Zions Bancorporation, N.A.12/31/2024$50,000,000 $(31,439)$ $(31,439)
Floating interest rate of 1 mo. USD-SOFR CME Term with a cap rate of 5.3000% to be received monthly
Floating interest rate of 1 mo. USD-SOFR CME Term with a floor rate of 2.3000% to be paid monthly
Zions Bancorporation, N.A.12/31/202550,000,000 (79,478) (79,478)
Total$100,000,000 $(110,917)$ $(110,917)

* As of December 31, 2023, loans with a cost basis of $19.4 million and a fair value of $5.8 million were classified as non-accrual. These loans have been accelerated from their original maturity and are due in their entirety. During the period for which these loans have been on non-accrual status, no interest income has been recognized.

**Indicates assets that the Fund deems “non-qualifying assets.” As of December 31, 2023, 17.3% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an “eligible portfolio company,” as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund's investments in all eligible portfolio companies, and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.

^ Entity is not domiciled in the United States and does not have its principal place of business in the United States.

(a) The percentage of net assets that each industry group represents is shown with the industry totals (the sum of the percentages does not equal 100% because the percentages are based on net assets as opposed to total loans).

(b) The interest rate is the designated annual interest rate exclusive of any original issue discount, fees or end of term payment.

(c) The end of term payments are contractually due on the maturity date and are in addition to the interest rate shown. End of term payments are the percentage of the final payment divided by the original loan amount and are amortized over the full term of the loan.

(d) There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.

(e) The unrealized depreciation was valued using prices or valuation based on observable inputs other than quoted price in active markets for identical assets and liabilities. See “Note 3. Fair Value Disclosures” for more information.


As of December 31, 2023, all loans were made to non-affiliates.





See notes to condensed financial statements (unaudited).


22



WTI FUND X, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
1.ORGANIZATION AND OPERATIONS OF THE FUND
    
WTI Fund X, Inc. (the “Fund”) was incorporated in Maryland on October 19, 2020 as a non-diversified, closed-end management investment company that elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) and is managed by Westech Investment Advisors LLC (the “Manager” or “Management”). All of the issued and outstanding membership interests of the Manager were acquired by P10 Intermediate Holdings LLC, a Delaware limited liability company whose ultimate parent is P10, Inc., a Delaware corporation (together, “P10”) on October 13, 2022 (the “Transaction”). The management of day-to-day operations of the Manager remains substantially unchanged and continues to be directed by the Manager’s personnel following the closing of the Transaction.

The Fund will be dissolved on December 31, 2031 unless the Board of Directors (the “Board”) opts to elect early dissolution. One hundred percent of the stock of the Fund is held by WTI Fund X, LLC (the “Company”). Prior to commencing investment operations on October 1, 2021, the Fund had no operations other than incurring organizational expenses and the sale to the Company of 100,000 shares of common stock, $0.001 par value (the “Shares”) in October 2020 and receipt of $25,000 from the Company as consideration for the purchase of the Shares. This issuance of stock was a requirement to apply for a finance lender’s license from the California Commissioner of Corporations, which was obtained on April 5, 2021.

    The Fund’s investment objective is to achieve superior risk-adjusted investment returns and it seeks to achieve that objective by providing debt financing to portfolio companies, most of which are private. The Fund generally receives warrants to acquire equity securities in connection with its portfolio investments and generally distributes these warrants to its shareholder upon receipt, or soon thereafter. The Fund also has guidelines for the percentages of total assets that are invested in different types of assets. The portfolio investments of the Fund primarily consist of debt financing to early and expansion stage venture capital-backed technology companies.

In the Manager’s opinion, the accompanying condensed interim financial statements (hereafter referred to as “financial statements”) include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of financial position and results of operations for interim periods. Certain information and note disclosures normally included in audited annual financial statements prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been omitted; however, the Fund believes that the disclosures made are adequate to make the information presented not misleading. The interim results for the three months ended March 31, 2024 are not necessarily indicative of what the results would be for a full year. These financial statements should be read in conjunction with the financial statements and the notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2023.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting and Use of Estimates
    The preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As an investment company, the Fund follows accounting and reporting guidance as set forth in Topic 946 (“Financial Services - Investment Companies”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”).

Cash and Cash Equivalents
    Cash and cash equivalents consist of cash on hand and money market mutual funds with maturities of or the ability to redeem or liquidate holdings within 90 days or less. Cash and cash equivalents are held in two bank accounts with two financial institutions, Mitsubishi UFJ Financial Group, Inc. ("MUFG Bank") and U.S. Bank National Association ("US Bank"), and as a result are subject to custodial concentration risk for cash and cash equivalents. Any cash held at US Bank in excess of the Federal Deposit Insurance Corporation (“FDIC”) limit of $250,000 is uninsured by the FDIC, while all cash held at MUFG Bank is uninsured by the FDIC. Money market mutual funds held as cash equivalents are valued at their most recently traded net asset value. Within cash and cash equivalents, as of March 31, 2024, the Fund held 20,787,990 units in the First American Government Obligations Fund Class Z (Ticker Symbol: FGZXX) valued at $1 per unit at a yield of 5.20% and $401,032 in cash, which together represented 9.18% of the net assets of the Fund. Within cash and cash equivalents, as of December 31, 2023, the Fund held 17,030,603 units in the First American Government Obligations Fund Class Z (Ticker Symbol: FGZXX) valued at $1 per unit at a yield of 5.26%, and $200,000 in cash, which together represented 7.58% of the net assets of the Fund.



23


Interest on Loans

Interest income on loans is recognized on an accrual basis using the effective interest method including amounts resulting from the accretion of discount on loans from warrants included as additional compensation as part of the loan agreements. Additionally, fees received as part of the transaction are added to the loan discount and accreted over the life of the loan.

Realized Gains and Losses from Loans

    Realized gains or losses on the sale of loans are computed using the difference between the amortized cost and the sales proceeds. Realized losses on loan write-offs are recognized when management determines that a loan is uncollectible.

Investment Valuation

    The Fund accounts for loans for which market quotations are not readily available at fair value as determined in good faith by the Manager, who has been appointed as the Fund's valuation designee, pursuant to Rule 2a-5 under the 1940 Act. Subject to the oversight of the Fund's Board, all valuations are determined under the direction of the Manager, in accordance with the valuation methods described below and Rule 2a-5.

As of March 31, 2024 and December 31, 2023, the financial statements included nonmarketable investments of $395.4 million and $403.6 million, respectively, (or 93.1% and 93.8% of total assets, respectively) with the fair values determined by the Manager in the absence of readily determinable market values. Because of the inherent uncertainty of these valuations, estimated fair values of such investments may differ significantly from the fair values that would have been used had a readily available market for the securities existed, and the differences could be material. Below is the information used by the Manager in making these estimates.

Loans

The Fund defines fair value as the price that would be received to sell an asset or paid to lower a liability in an orderly transaction between market participants at the measurement date. Because there is no readily available market price and no secondary market for substantially all of the debt investments made by the Fund in its borrowing portfolio companies, Management determines fair value based on hypothetical markets, and on several factors related to each borrower, including, but not limited to, the borrower’s payment history, available cash and “burn rate,” revenues, net income or loss, the likelihood that the borrower will be able to secure additional financing in the future, and an evaluation of the general interest rate environment. The amount of any valuation adjustment considers the estimated amount and timing of cash payments of principal and interest from the borrower and/or liquidation analysis and is determined based upon a credit analysis of the borrower and an analysis of the expected recovery from the borrower, including consideration of factors such as the nature and quality of the Fund’s security interests in collateral, the estimated fair value of the Fund’s collateral, the size of the loan, and the estimated time that will elapse before the Fund achieves a recovery. Management has evaluated these factors and has concluded that the effect of deterioration in the quality of the underlying collateral, increase in size of the loan, increase in the estimated time to recovery and increase in the hypothetical market coupon rate would have the effect of lowering the fair value of the current portfolio of loans.


Non-Accrual Loans

The Fund’s policy is to classify a loan as non-accrual when the portfolio company is delinquent for three consecutive months on its monthly loan payment, or, in the opinion of Management, either ceases or drastically curtails its operations and Management deems that it is unlikely that the loan will return to performing status. When a loan is placed on non-accrual status, all interest previously accrued but not collected is reversed for the quarter in which the loan was placed on non-accrual status. Any uncollected interest related to quarters prior to when the loan was placed on non-accrual status is added to the principal balance, and the aggregate balance of the principal and interest is evaluated in accordance with the policy for valuation of loans in determining Management’s best estimate of fair value. Interest received by the Fund on non-accrual loans will be recognized as interest income if and when the proceeds exceed the book value of the respective loan.

If a borrower of a non-accrual loan resumes making regular payments and Management believes that such borrower has regained the ability to service the loan on a sustainable basis, the loan is reclassified back to accrual or performing status. Interest that would have been accrued during the time a loan was classified as non-accrual will be added back to the remaining payment schedule, causing a change in the effective interest rate.

As of March 31, 2024 and December 31, 2023, loans with a cost basis of $24.5 million and $19.4 million and a fair value of $9.3 million and $5.8 million, respectively, were classified as non-accrual.

Warrants and Equity Securities

Warrants and equity securities received in connection with loan transactions are measured at fair value at the time of acquisition. Warrants are valued based on a Black-Scholes option pricing model which considers, among several factors, the underlying stock value, expected term, volatility, and risk-free interest rate. It is anticipated that such securities will be distributed by the Fund to the Company simultaneously with, or shortly following, their acquisition.
24



The underlying asset value is estimated based on available information.

Volatility, or the amount of uncertainty or risk about the size of the changes in the warrant price, is based on an index of publicly traded companies grouped by industry and which are similar in nature to the underlying portfolio companies issuing the warrant (“Industry Index”). The volatility assumption for each Industry Index is based on the average volatility for individual public companies within the portfolio company’s industry for a period of time approximating the expected life of the warrants. A hypothetical increase in the volatility of the warrants used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants.

The remaining expected lives of warrants are based on historical experience of the average life of the warrants, as warrants are often exercised in the event of acquisitions, mergers, or initial public offerings and terminated due to events such as bankruptcies, restructuring activities, or additional financings. These events cause the expected term to be less than the remaining contractual term of the warrants. As of March 31, 2024 and December 31, 2023, the Fund assumed the average duration of a warrant is four years. The effect of a hypothetical increase in the estimated initial term of the warrants used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants. However, the estimated initial term of the warrants is one factor, of many, used in the valuation of warrants, and by itself does not have a significant impact on the results of operations.

The risk-free interest rate is derived from the constant maturity tables issued by the U.S. Treasury Department. The effect of a hypothetical increase in the estimated risk-free rate used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants.

Other Assets and Liabilities

Other assets include costs incurred in conjunction with borrowings under the Fund's debt facility and are stated at initial cost. These costs are amortized over the estimated life of the facility, which currently matures on October 18, 2026. The amortization of these costs is recorded as interest expense in the Condensed Statements of Operations.

The fair values of other assets and accrued liabilities are estimated at their carrying values because of the short-term nature of these assets and liabilities.

The carrying value of the borrowings under the debt facility approximates their fair value based on the borrowing rates available to the Fund.


Commitment Fees

    Unearned income and commitment fees on loans are recognized using the effective-interest method over the term of the loan. Commitment fees are carried as liabilities when received for commitments upon which no draws have been made. When the first draw is made, the fee is treated as unearned income and is recognized as described above. If a draw is never made, the forfeited commitment fee less any applicable legal costs becomes recognized as other income after the commitment expires.

Derivative Instruments
    
The Fund uses derivative instruments to manage its exposure to changes in interest rates on expected borrowings under its debt facility, as the Fund originates fixed rate loans (see Note 8).

Derivative instruments are primarily valued on the basis of quotes obtained from banks, brokers and dealers and adjusted for counterparty risk and the optionality of the interest rate terms. The valuation of the derivative instruments also considers the future expected interest rates on the notional principal balance remaining which is comparable to what a prospective acquirer would pay on the measurement date. Valuation pricing models consider inputs such as forward rates, anticipated interest rate volatility relating to the reference rate, as well as time value and other factors underlying derivative instruments.

The Fund is a party to master netting arrangements with Zions Bancorporation, N.A., however, the Fund has elected not to offset assets and liabilities under these arrangements for financial statement presentation purposes. Contracts are recorded at gross fair value in either derivative assets or derivative liability in the Condensed Statements of Assets and Liabilities, depending on whether the fair value of the contract is in favor of the Fund or the counterparty. The changes in fair value are recorded in net change in unrealized gain (loss) from derivative instruments in the Condensed Statements of Operations and the monthly interest received or paid on the contract, if any, is recorded in net realized gain (loss) from derivative instruments in the Condensed Statements of Operations.

The interest rate collar instruments are contractually scheduled to terminate on December 31, 2024 and December 31, 2025.    



25


3. FAIR VALUE DISCLOSURES

The Fund provides asset-based financing primarily to start-up and emerging growth venture-backed companies pursuant to commitments whereby the Fund agrees to finance assets and provide working or growth capital up to a specified amount for the term of the commitment, upon the terms and subject to the conditions specified by such commitment. Even though these loans are generally secured by the assets of the borrowers, the Fund in most cases is subject to the credit risk of such companies. As of March 31, 2024 and December 31, 2023, the Fund’s investments in loans were primarily to companies based within the United States and were diversified among borrowers in the industry segments shown in the Condensed Schedules of Investments. All loans are senior to unsecured creditors and other secured creditors, unless otherwise indicated in the Condensed Schedules of Investments.

The Fund defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability was exchanged in an orderly transaction; it was not a forced liquidation or distressed sale. Because there is no readily available market price and no secondary market for substantially all of the loan investments made by the Fund to borrowing portfolio companies, Management determines fair value (or estimated exit value) based on a hypothetical market, and several factors related to each borrower.

Loan balances in the Condensed Schedules of Investments are listed by borrower. Typically, a borrower’s balance will be composed of several loans drawn under a commitment made by the Fund with the interest rate on each loan fixed at the time each loan is funded. Each loan drawn under a commitment has a different maturity date and amount.

The following tables show the weighted-average interest rate of the performing loans and all loans:

Performing LoansFor the Three Months Ended March 31, 2024For the Three Months Ended March 31, 2023
Weighted-Average Interest Rate - Cash10.57 %13.86 %
Weighted-Average Interest Rate - Non-Cash7.40 %3.48 %
Weighted-Average Interest Rate17.97 %17.34 %

All LoansFor the Three Months Ended March 31, 2024For the Three Months Ended March 31, 2023
Weighted-Average Interest Rate - Cash10.39 %13.74 %
Weighted-Average Interest Rate - Non-Cash7.28 %3.44 %
Weighted-Average Interest Rate17.67 %17.18 %

Interest is calculated using the effective interest method, and rates earned by the Fund will fluctuate based on many factors including early payoffs, volatility of values ascribed to warrants and new loans funded during the period. Warrants and equity securities received in connection with loan transactions are measured at fair value at the time of acquisition; the non-cash portion of interest income represents the accretion of the discount of these warrants over the life of the loan.

The risk profile of a loan changes when events occur that impact the credit analysis of the borrower and loan as discussed in the Fund’s loan accounting policy. Such changes result in the fair value adjustments made to the individual loans, which in accordance with U.S. GAAP, would be based on the price that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the measurement date. Where the risk profile is consistent with the original underwriting, the cost basis of the loan often approximates fair value.

All loans as of March 31, 2024 and December 31, 2023 were pledged as collateral for the debt facility, and the Fund’s borrowings are generally collateralized by all assets of the Fund. As of March 31, 2024 and December 31, 2023, the Fund had unexpired unfunded commitments to borrowers of $146.6 million and $132.3 million, respectively.


Valuation Hierarchy

Under the FASB ASC Topic 820 (“Fair Value Measurement”), the Fund categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Fund’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.

The three levels of the fair value hierarchy are defined as follows:

Level 1
Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
Level 2
Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3
Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
26



There were no transfers in or out of Level 1, 2 or 3 during the three months ended March 31, 2024 and 2023.

The Fund’s cash equivalents were valued at the traded net asset value of the money market fund. As a result, these measurements are classified as Level 1. The Fund's derivative instruments are based on quotes from the market makers that derive fair values from market data, and therefore, are classified as Level 2. The Fund’s borrowings under the debt facility are also classified as Level 2, because the carrying values of the borrowings are based on rates that are observable at commonly quoted intervals, which are Level 2 inputs, and that approximate fair values. The Fund’s loan investments are individually negotiated and unique, and because there is little to no market in which these assets trade, the unobservable inputs for these assets are valued using estimated exit values. As a result, the Fund's loan investments are classified as Level 3.

The following tables provide quantitative information about the Fund’s Level 3 fair value measurements of the Fund’s investments by industry as of March 31, 2024 and December 31, 2023. In addition to the techniques and inputs noted in the tables below, the Fund may also use other valuation techniques and methodologies when determining its fair value measurements.

Investment Type - Level 3
Loan Investments
Fair Value at March 31, 2024
Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average(a)
Biotechnology$11,422,237 Hypothetical market analysisHypothetical market coupon rate
15% - 18%
17%
Computers & Storage6,766,764 Hypothetical market analysisHypothetical market coupon rate
15% - 15%
15%
Internet40,118,463 Hypothetical market analysisHypothetical market coupon rate
13% - 19%
16%
Asset RecoveryProbability weighting of alternative outcomes
50% *
Medical Devices3,701,504 Hypothetical market analysisHypothetical market coupon rate
19% - 21%
20%
Other Healthcare26,993,271 Hypothetical market analysisHypothetical market coupon rate
17% - 27%
20%
Asset RecoveryProbability weighting of alternative outcomes
100% *
Other Technology149,557,535 Hypothetical market analysisHypothetical market coupon rate
13% - 54%
18%
Asset RecoveryProbability weighting of alternative outcomes
5% - 100% ^
Security3,168,471 Hypothetical market analysisHypothetical market coupon rate *13%
Semiconductors & Equipment4,888,584 Hypothetical market analysisHypothetical market coupon rate *18%
Software118,475,404 Hypothetical market analysisHypothetical market coupon rate
13% - 34%
17%
Asset RecoveryProbability weighting of alternative outcomes
10% - 75% ^
Technology Services26,614,135 Hypothetical market analysisHypothetical market coupon rate
16% - 19%
18%
Asset RecoveryProbability weighting of alternative outcomes
10% - 60% *
Wireless3,709,466 Hypothetical market analysisHypothetical market coupon rate *17%
Total Loan Investments$395,415,834 

(a) The weighted-average hypothetical market coupon rates were calculated using the relative fair value of the loans.
^ Probability weightings vary among portfolio companies within this industry based on different potential future outcomes.
* There is only one loan within the industry that utilizes this valuation technique.


27


Investment Type - Level 3
Loan Investments
Fair Value at December 31, 2023
Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average(a)
Biotechnology$11,884,907 Hypothetical market analysisHypothetical market coupon rate
16% - 18%
17%
Computers & Storage6,981,592 Hypothetical market analysisHypothetical market coupon rate
15% - 16%
15%
Internet42,116,651 Hypothetical market analysisHypothetical market coupon rate
13% - 33%
17%
Asset RecoveryProbability weighting of alternative outcomes
50% *
Medical Devices3,660,064 Hypothetical market analysisHypothetical market coupon rate
20% - 21%
21%
Other Healthcare22,991,337 Hypothetical market analysisHypothetical market coupon rate
17% - 28%
20%
Asset RecoveryProbability weighting of alternative outcomes
100%*
Other Technology159,031,085 Hypothetical market analysisHypothetical market coupon rate
13% - 74%
18%
Asset RecoveryProbability weighting of alternative outcomes
10% - 100% ^
Security3,718,921 Hypothetical market analysisHypothetical market coupon rate
13% - 16%
14%
Semiconductors & Equipment4,821,317 Hypothetical market analysisHypothetical market coupon rate *18%
Software116,428,842 Hypothetical market analysisHypothetical market coupon rate
13% -24% *
17%
Asset RecoveryProbability weighting of alternative outcomes
5% - 85% ^
Technology Services28,168,760 Hypothetical market analysisHypothetical market coupon rate
16% - 22%
20%
Asset RecoveryProbability weighting of alternative outcomes
10% - 60% *
Wireless3,796,637 Hypothetical market analysisHypothetical market coupon rate*17%
Total Loan Investments$403,600,113 

(a) The weighted-average hypothetical market coupon rates were calculated using the relative fair value of the loans.
^ Probability weightings vary among portfolio companies within each industry based on different potential future outcomes.
* There is only one loan within this industry that utilizes this valuation technique.




(Intentionally left blank)
28


The following tables present the balances of assets and liabilities as of March 31, 2024 and December 31, 2023 measured at fair value on a recurring basis.

As of March 31, 2024
ASSETS:Level 1Level 2Level 3Total
Loans †$ $ $395,415,834 $395,415,834 
Derivative assets 63,222  63,222 
Cash equivalents20,787,990   20,787,990 
Total assets$20,787,990 $63,222 $395,415,834 $416,267,046 
LIABILITIES:Level 1Level 2Level 3Total
Borrowings under debt facility$ $188,000,000 $ $188,000,000 
Total liabilities$ $188,000,000 $ $188,000,000 

† For a detailed listing of borrowers comprising this amount, please refer to the Condensed Schedule of Investments.

There were no Derivative liabilities as of March 31, 2024.

As of December 31, 2023
ASSETS:Level 1Level 2Level 3Total
Loans †$ $ $403,600,113 $403,600,113 
Cash equivalents17,030,603   17,030,603 
Total assets$17,030,603 $ $403,600,113 $420,630,716 
LIABILITIES:Level 1Level 2Level 3Total
Borrowings under debt facility$ $197,500,000 $ $197,500,000 
Derivative liability 110,917  110,917 
Total liabilities$ $197,610,917 $ $197,610,917 

† For a detailed listing of borrowers comprising this amount, please refer to the Condensed Schedule of Investments.

There were no Derivative assets as of December 31, 2023.

The following tables provide a summary of changes in Level 3 assets measured at fair value on a recurring basis:

For the Three Months Ended March 31, 2024
LoansWarrantsStocksConvertible Notes
Beginning balance$403,600,113 $— $— $— 
Acquisitions and originations18,883,000 2,449,175 32,326 300,000 
Principal payments on loans, net of accretion(24,438,942)— — — 
Distributions to shareholder— (2,449,175)(32,326)(300,000)
Net change in unrealized loss from loans(2,628,337)— — — 
Ending balance$395,415,834 $ $ $ 
Net change in unrealized loss from loans still held at March 31, 2024
$(2,628,337)




29


For the Three Months Ended March 31, 2023
LoansWarrants
Beginning balance$268,498,972 $ 
Acquisitions and originations47,500,000 4,641,222 
Principal payments on loans, net of accretion(14,702,930)— 
Distributions to shareholder— (4,641,222)
Net change in unrealized loss from loans(1,103,501)— 
Ending balance$300,192,541 $ 
Net change in unrealized loss from loans and other assets still held at March 31, 2023
$(1,103,501)
4. EARNINGS PER SHARE
    
        Basic earnings per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average common shares outstanding. Diluted earnings (loss) per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average common shares outstanding, including the dilutive effects of potential common shares (e.g., stock options). The Fund has no instruments that would be potential common shares; thus, reported basic and diluted earnings (loss) per share are the same.
5. CAPITAL STOCK
    
As of both March 31, 2024 and December 31, 2023, there were 10,000,000 shares of $0.001 par value common stock authorized, and 100,000 shares issued and outstanding. Total committed capital of the Company, as of both March 31, 2024 and December 31, 2023, was $500.0 million. Total contributed capital to the Company as of both March 31, 2024 and December 31, 2023 was $305.0 million, of which $276.0 million was contributed to the Fund as of both March 31, 2024 and December 31, 2023.

The chart below shows the distributions of the Fund for the three months ended March 31, 2024 and 2023:
 For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023
Cash distributions$3,266,000 $ 
Distributions of equity securities2,781,501 4,641,222 
Total distributions to shareholder$6,047,501 $4,641,222 
Final classification of the distributions as either a return of capital or a distribution of income is an annual determination made at the end of each year dependent upon the Fund’s current year cumulative earnings and profits.


6. DEBT FACILITY

The 1940 Act requires a BDC to meet certain levels of asset coverage with respect to its outstanding “senior securities,” which typically consist of outstanding borrowings under credit facilities and other debt instruments. Historically, BDCs have only been allowed to incur indebtedness by issuing senior securities if their asset coverage equals at least 200% after giving effect to such borrowings. The Small Business Credit Availability Act, which was signed into law on March 23, 2018, added a new Section 61(a)(2) to the 1940 Act that permits BDCs like the Fund to increase the amount of indebtedness they may incur by lowering the asset coverage requirement from 200% to 150% if they make certain disclosures and obtain the approval by either (1) a “required majority,” as defined in Section 57(o) of the 1940 Act, of the BDC’s board of directors, including a majority of disinterested directors, with effectiveness one year after the date of such approval or (2) a majority of votes cast at a special or annual meeting of the BDC’s shareholders at which a quorum is present, which is effective the day after such stockholder approval.

On April 30, 2021, the sole shareholder of the Fund approved the application to the Fund of a minimum asset coverage ratio of 150%, pursuant to Section 61(a)(2) of the 1940 Act to provide the Fund with maximum leverage flexibility. The 150% asset coverage ratio became effective for the Fund on April 30, 2021. As of March 31, 2024 and December 31, 2023, the Fund’s asset coverage for borrowings was 222% and 214%, respectively.

On October 18, 2021, the Fund along with the Company and WTI Fund X GP, LLC (together with the Company, the "Guarantors") entered into a Loan and Security Agreement (the "Loan Agreement") with ING Capital LLC that established a secured revolving loan facility in an initial amount of up to $125.0 million with the option to request that borrowing availability be increased up to $375.0 million, subject to further negotiation and credit approval.


30


On December 17, 2021, the Fund entered into an Assignment, Assumption and Accession Agreement and Amendment No. 1 to the Loan Agreement with ING Capital LLC and Zions Bancorporation N.A. dba California Bank & Trust, with participation from Wells Fargo Bank, N.A., Bank Leumi USA, Bank of Hope and MUFG Union Bank, N.A., that increased the size of the facility to $250.0 million. An additional $125.0 million is potentially available to the Fund, subject to further negotiation and credit approval, through an accordion provision. Effective January 18, 2022, ING Capital assigned $30.0 million of its commitment in the debt facility to City National Bank.

On June 15, 2023, the Fund along with the Guarantors, entered into an Amendment No. 3 to the Loan Agreement with lenders named therein that provides for, among other modifications (i) replacement of the interest rate benchmark from LIBOR to Secured Overnight Financing Rate (“SOFR”), and (ii) conversion of an existing LIBOR Market Index Rate Loan to an Adjusted Term SOFR Loan (as defined below). The amendments set forth in Amendment No. 3 became effective as of June 26, 2023. The first repricing of our outstanding debt to reflect the new Adjusted Term SOFR Loan rates occurred on July 3, 2023.

Borrowings by the Fund are collateralized by (i) the personal property and other assets of the Fund (“Portfolio Secured Borrowings”) and (ii) up to the sum of the unfunded capital commitments of the Company’s investors, the rights of the Manager to such capital commitments (“Subscription Secured Borrowings”). In the event of default, the Manager's right to receive management fees from the Fund is subordinate to the liens of the lenders. Loans under the facility may be, at the option of the Fund, a Reference Rate Loan, an Adjusted Term SOFR Loan or a Daily Compounded SOFR Loan (each as defined below). As of March 31, 2024, all of the Fund’s outstanding borrowings were Adjusted Term SOFR Rate Loans. The facility terminates on October 18, 2026, but can be accelerated in the event of default, such as the failure by the Fund to make timely interest or principal payments.

The Fund pays interest on its borrowings and a fee on the unused portion of the facility. Under the Loan Agreement, borrowings under the facility, at the Fund’s discretion, will bear interest at an annual rate of either a (i) Reference Rate, plus an Applicable Reference Rate Margin (such loan, a "Reference Rate Loan"), (ii) Adjusted Term SOFR plus the Applicable SOFR Margin (such loan, an "Adjusted Term SOFR Loan") or (iii) Daily Compounded SOFR plus the Applicable SOFR Margin (such loan, a "Daily Compounded SOFR Loan"). As of December 31, 2023, the Fund’s outstanding borrowings were entirely Adjusted Term SOFR Loans. The interest period for each Adjusted Term SOFR Loan shall at the option of the Fund be fixed at one, three or six months. Adjusted Term SOFR is a rate per annum equal to Term SOFR for the elected interest period plus a fixed SOFR Adjustment of 0.11448%, 0.26161% or 0.42826% for interest periods of one, three or six months, respectively. Applicable SOFR Margin is the sum of (a) the product of (i) the Subscription Secured Borrowings percentage calculated for such period and (ii) 1.75% and (b) the product of (i) the Portfolio Secured Borrowings percentage for such period and (ii) 2.50%. When the Fund is using 50.00% or more of the maximum amount available under the Loan Agreement, the applicable unused line fee is 0.25% of the unused portion of the loan facility; otherwise, the applicable unused line fee is 0.50% of the unused portion. The Fund pays the unused credit line fee quarterly. As of March 31, 2024 and December 31, 2023, $188.0 million and $197.5 million, respectively, was outstanding under the facility.

As of March 31, 2024 the Term SOFR rates were as follows:
1-month Term SOFR5.3287 %
3-month Term SOFR5.2982 %
6-month Term SOFR5.2178 %

Bank fees and other costs of $2.2 million incurred in connection with the acquisition and amendment of the facility have been capitalized and are amortized to interest expense on a straight-line basis over the expected life of the facility. As of March 31, 2024 and December 31, 2023, the remaining unamortized fees and costs of $1.1 million and $1.3 million, respectively, are being amortized over the expected life of the facility, which is expected to terminate on October 18, 2026.

The facility is revolving and as such does not have a specified repayment schedule, although advances are secured by the assets of the Fund and thus repayments will be required as assets decline. The facility contains various covenants including financial covenants related to: (i) minimum debt service coverage ratio, (ii) interest coverage ratio, (iii) unfunded commitment ratio, (iv) maximum quarterly loan loss reserve ratio, (v) maximum annual loan loss reserve ratio and (vi) maximum loan loss test. There are also various restrictive covenants, including limitations on: (i) the incurrence of liens, (ii) consolidations, mergers and asset sales and (iii) capital expenditures. As of March 31, 2024 and December 31, 2023, Management is not aware of instances of non-compliance with financial covenants.

The following is the summary of the outstanding facility draws as of March 31, 2024:

AmountMaturity Date
All-In Interest Rate (a)
Adjusted Term SOFR Rate Loan $188,000,000 October 18, 2026Variable based on 1-Month Adjusted Term SOFR rate
Total Outstanding$188,000,000 
(a) Inclusive of Applicable SOFR Margin of 2.16600% as calculated for this period plus 0.11448% SOFR Adjustment.


31



The following is the summary of the outstanding facility draws as of December 31, 2023:

AmountMaturity Date
All-In Interest Rate (a)
Adjusted Term SOFR Rate Loan (b)
$197,500,000 October 18, 2026Variable based on 1-Month Adjusted Term SOFR rate
Total Outstanding$197,500,000 
(a) Inclusive of Applicable SOFR Margin of 2.20000% as calculated for this period plus 0.11448% SOFR Adjustment.
(b) On July 3, 2023, converted to an Adjusted Term SOFR Rate Loan as defined in Amendment No. 3.
7. MANAGEMENT FEE AND RELATED PARTIES

Management

On October 13, 2022, in connection with the Transaction, the Fund entered into a new investment management agreement (the “Current Agreement”), by and between the Fund and the Manager, that replaced the previous investment management agreement entered into between the Fund and the Manager (the “Previous Agreement”). The closing of the Transaction constituted a change of control of the Manager which caused the Previous Agreement to terminate. Significant terms of the Current Agreement are the same as those of the Previous Agreement, including the fee rates described below.

As compensation for its services to the Fund, the Manager, from the date of the first capital contribution, October 1, 2021, receives an investment management fee from the Fund (the “Management Fee”). The aggregate annual amount of Management Fee for each annual period (which is comprised of four whole fiscal quarters and which, in the case of the first year, commenced on the first day of the first fiscal quarter following the first capital contribution) calculated as a percentage of committed capital, is as follows:
Management Fee
Year 11.575%
Year 21.600%
Year 31.575%
Year 41.500%
Year 51.250%
Year 60.900%
Year 70.600%
Year 80.350%
Year 90.150%
There will be no Management Fee payable after the ninth-year anniversary of the first capital contribution date.

For the three months ended March 31, 2024 and 2023, Management Fees were calculated at 1.575% and 1.600% of the Company's committed capital, respectively. Management Fees of $2.0 million was recognized as expenses for both the three months ended March 31, 2024 and 2023.

Related Parties
Certain officers and directors of the Fund also serve as officers and directors of the Manager. The Articles of Incorporation of the Fund provide for indemnification of directors, officers, employees and agents (including the Manager) of the Fund to the fullest extent permitted by applicable state law and the 1940 Act, including the advance of expenses and reasonable counsel fees. The Articles of Incorporation of the Fund also contain a provision eliminating personal liability of a Fund director or officer to the Fund or its shareholder for monetary damages for certain breaches of their duty of care. For this reason, the Fund has acquired a directors and officers insurance policy.
Transactions with Venture Lending & Leasing IX, Inc. (“Fund IX”)  
    The Manager also serves as the investment manager for Fund IX. The Fund’s Board determined that so long as Fund IX had capital available to invest in loan transactions with final maturities earlier than December 31, 2028 (the date on which Fund IX’s term of existence automatically expires), the Fund was able to invest in each portfolio company in which Fund IX invested. Generally, the amount of each investment was allocated 50% to the Fund and 50% to Fund IX, or such other allocations as determined by the respective funds' board of directors, so long as the funds had capital available to invest. The Fund co-invested with Fund IX through December 31, 2023, which was the end of Fund IX’s investment period.


32


The ability of the Fund to co-invest with Fund IX, and other clients advised by the Manager, is subject to the conditions (“Conditions”) with which the funds are currently complying while seeking certain exemptive relief from the Securities and Exchange Commission (“SEC”) from the provisions of Sections 17(d) and 57 of the 1940 Act and Rule 17d-1 thereunder. To the extent that clients, other than Fund IX, advised by the Manager (but in which the Manager has no proprietary interest) invest in opportunities available to the Fund, the Manager will allocate such opportunities among the Fund and such other clients in a manner deemed fair and equitable considering all of the circumstances in accordance with the Conditions.
Intercreditor Agreements
    In all transactions in which the Fund and other funds managed by the Manager invest or those in which another lender(s) has either invested or may later invest (or in the event a successor fund is raised, in which the Fund and the successor fund invest), it is expected that the Fund and other funds managed by the Manager (or the successor fund as the case may be), and/or the other lender(s) will enter into an intercreditor agreement pursuant to which the Fund and other funds managed by the Manager (or the successor fund), and/or the other lender(s), along with any predecessor funds which still have a balance outstanding, will cooperate in pursuing their remedies following a default by the common borrower. Generally, under such intercreditor agreements, each party would agree that its security interest would be treated in parity with the security interest of the other party, regardless of which security interest would have priority under applicable law. Accordingly, proceeds realized from the sale of any collateral or the exercise of any other creditor’s rights will be allocated between the Fund and other funds managed by the Manager, and any predecessor funds as described above, pro rata in accordance with the amounts of their respective investments. An exception to the foregoing arrangement would occur in situations where, for example, one of the lenders financed specific items of equipment collateral; in that case, usually the lender who financed the specific assets will have a senior lien on that asset, and the other lenders will have a junior priority lien (even though they may ratably share liens of equal priority on other assets of the common borrower). As a result of such intercreditor agreements, the Fund may have less flexibility in pursuing its remedies following a default than it would have had had there been no intercreditor agreement, and the Fund may therefore realize fewer proceeds. In addition, because the Fund and Fund IX (or the successor fund) invest at the same time in the same borrower, such borrower would be required to service two loans rather than one. Any additional administrative costs or burdens resulting therefrom may make the Fund a less attractive lender and may make it more difficult for the Fund to acquire such loans.


8.    DERIVATIVE INSTRUMENTS

The Fund uses derivative instruments to manage its exposure to interest rates on expected borrowings under its debt facility, as the Fund originates fixed rate loans.

The Fund entered into interest rate collar transactions with Zions Bancorporation, N.A. dba California Bank & Trust. Certain information related to the Fund's interest rate collar contracts is presented below:

CounterpartiesEffective DateNotional AmountCapFloorIndexMaturity Date
Zions Bancorporation, N.A. 12/29/2023$50,000,0005.30%3.65%1 mo.USD-SOFR CME Term12/31/2024
Zions Bancorporation, N.A.12/29/2023$50,000,0005.30%2.30%1 mo.USD-SOFR CME Term12/31/2025

The interest rate collar mitigates the Fund's exposure to interest rate fluctuations on variable rate index of the debt facility. The collar establishes a range where the Fund pays the counterparty if the SOFR rate falls below the established floor rate, and the counterparty will pay the Fund if the SOFR rate exceeds the established cap rate. The interest rate collar settles monthly.

The following table shows the Fund's derivative instruments at fair value on the Fund's Condensed Statements of Assets and Liabilities as of March 31, 2024 and December 31, 2023:    

Derivative AssetsDerivative Liabilities
Derivative InstrumentsMarch 31, 2024December 31, 2023March 31, 2024December 31, 2023
Interest rate collar$63,222 $ $ $110,917 
    
The following table shows the effect of the Fund's derivative instruments on the Fund's Condensed Statements of Operations for the three months ended March 31, 2024 and 2023:

For the Three Months Ended March 31,
Derivative InstrumentsCondensed Statements of Operations Caption20242023
Interest rate collarNet change in unrealized gain from derivative instruments$174,139 $ 
Net realized gain from derivative instruments$9,871 $ 



33



The following table shows the Fund's assets and liabilities related to derivatives by counterparty, net of amounts available for offset under the master netting agreement and net of any collateral received or pledged by the Fund for such assets and liabilities as of March 31, 2024 and December 31, 2023:

As of March 31, 2024
CounterpartiesDerivative Asset Subject to Master Netting AgreementDerivatives Available for OffsetNon-cash collateral receivedCash Collateral Received
Net Amount (1)
Zions Bancorporation, N.A.$63,222 $ $ $ $63,222 
Total$63,222 $ $ $ $63,222 
As of December 31, 2023
CounterpartiesDerivative Liability Subject to Master Netting AgreementDerivatives Available for OffsetNon-cash collateral receivedCash Collateral Received
Net Amount (2)
Zions Bancorporation, N.A.$(110,917)$ $ $ $(110,917)
Total$(110,917)$ $ $ $(110,917)
(1) Net amount of derivative assets represents the net amount due from the counterparty to the Fund. There were no derivative liabilities as of March 31, 2024.
(2) Net amount of derivative liabilities represents the net amount owed by the Fund to the counterparty. There were no derivative assets as of December 31, 2023.

9. TAX STATUS

The Fund has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986 (the "Code") and operates in a manner to qualify for the tax treatment applicable to RICs. Failing to maintain at least 70% of total assets in "qualifying assets" will result in the loss of BDC status, resulting in losing its favorable tax treatment as a RIC. As of March 31, 2024, the Fund has met the BDC and RIC requirements. The Fund elected to be treated for federal income tax purposes as a RIC under the Code with the filing of its federal income tax return for 2022.

In order to qualify for favorable tax treatment as a RIC, the Fund is required to distribute annually to its shareholder at least 90% of its investment company taxable income, as defined by the Code. To avoid federal excise taxes, the Fund must distribute annually at least 98% of its ordinary income and 98.2% of net capital gains from the current year and any undistributed ordinary income and net capital gains from the preceding years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If the Fund chooses to do so, all other things being equal, this would increase expenses and reduce the amount available to be distributed to its shareholder. The Fund will accrue excise tax on estimated undistributed taxable income as required.

Below are tables summarizing the cost of investments for federal income tax purposes and the appreciation and depreciation of the investments reported on the Condensed Schedules of Investments and Condensed Statements of Assets and Liabilities as of March 31, 2024 and December 31, 2023:

As of March 31, 2024
AssetCostUnrealized AppreciationUnrealized DepreciationNet Appreciation (Depreciation)
Loans$412,437,777 $ $(17,021,943)$(17,021,943)
Derivative assets 63,222  63,222 
Total$412,437,777 $63,222 $(17,021,943)$(16,958,721)

As of December 31, 2023
AssetCostUnrealized AppreciationUnrealized DepreciationNet Appreciation (Depreciation)
Loans$417,993,719 $ $(14,393,606)$(14,393,606)
Total$417,993,719 $ $(14,393,606)$(14,393,606)

As of December 31, 2023
LiabilityCostUnrealized AppreciationUnrealized DepreciationNet Appreciation (Depreciation)
Derivative liability $ $ $(110,917)$(110,917)
Total$ $ $(110,917)$(110,917)

34


There was no unrealized depreciation relating to derivative liabilities as of March 31, 2024. There was no unrealized appreciation relating to derivative assets as of December 31, 2023.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in-capital or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non- deductible expenses. These differences are generally determined in conjunction with the preparation of the Fund’s annual RIC tax return.

Book and tax basis differences relating to shareholder dividends and distributions and other permanent book and tax differences are reclassified among the Fund’s capital accounts. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP. The determination of the tax attributes of the Fund’s distributions is made annually as of the end of the Fund’s taxable year and is generally based upon its taxable income for the full taxable year and distributions paid for the full taxable year. As a result, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Fund’s distributions for a full taxable year. As of March 31, 2024, the Fund had determined the tax attributes of its distributions taxable year-to-date to be from its current and accumulated earnings and profits. There is not yet, however, certainty as to what the actual tax attributes of the Fund’s distributions to the shareholders will be by the year ending December 31, 2024.

The Fund anticipates distributing all distributable earnings by the end of the year. The Fund may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce the shareholder’s tax basis in its shares.

The Fund’s tax returns remain open for examination by the federal government for a period of three years and California tax authorities for a period of four years from when they are filed. As of March 31, 2024, the Fund had no uncertain tax positions and no capital loss carryforwards.


10. COMMITMENTS AND CONTINGENCIES

Unexpired Unfunded Commitments

As of March 31, 2024 and December 31, 2023, the Fund’s unexpired unfunded commitments to borrowers totaled $146.6 million and $132.3 million, respectively. Because venture loans are privately negotiated transactions, investments in these assets are relatively illiquid. It is the Manager’s experience that not all unexpired unfunded commitments will be used by the borrowers. Many credit agreements contain provisions which are milestone dependent and not all borrowers will achieve these milestones. Additionally, the Fund’s credit agreements contain provisions that give relief from funding obligations in the event the borrower has a material adverse change to its financial condition. Therefore, the unexpired unfunded commitments do not necessarily reflect future cash requirements or future investments for the Fund.

The tables below are the Fund’s unexpired unfunded commitments as of March 31, 2024 and December 31, 2023:

BorrowerIndustry
Unexpired Unfunded Commitment as of March 31, 2024
Expiration Date
Abacum Inc.Software$1,500,000 12/31/26
Charlie Financial Inc.Other Healthcare7,000,000 03/31/25
Creoate LimitedOther Technology2,367,000 01/31/25
Findigs, Inc.Internet3,500,000 12/31/24
GoForward, Inc.Other Healthcare30,000,000 12/31/24
Hdata, Inc.Software500,000 11/01/24
High Definition Vehicle Insurance, Inc.Other Technology2,500,000 07/31/24
Kushki Group Holdings Ltd.Software10,000,000 07/15/24
Merlin Labs, Inc.Other Technology35,000,000 07/15/24
Modern Animal, Inc.Other Healthcare25,000,000 06/30/24
NeoSensory, Inc.Other Technology750,000 06/30/24
Ripple Foods, PBCOther Technology4,000,000 06/30/24
Runzy, Inc.Other Technology500,000 04/30/24
Safe Securities Inc.Software4,000,000 04/30/24
Swiftly Systems, Inc.Software20,000,000 04/30/24
Total$146,617,000 

35



BorrowerIndustry
Unexpired Unfunded Commitment as of December 31, 2023
Expiration Date
2045 Studio, Inc.Technology Services$750,000 03/15/24
Badiani LimitedOther Technology500,000 01/31/24
Charlie Financial Inc.Other Healthcare7,000,000 03/31/25
Findigs, Inc.Internet3,500,000 07/15/24
GoForward, Inc.Other Healthcare30,000,000 12/31/26
Hdata, Inc.Software500,000 04/30/24
High Definition Vehicle Insurance, Inc.Other Technology2,500,000 07/15/24
Higher Ground Education, Inc.Other Technology5,000,000 01/31/24
Kolors, Inc.Software2,000,000 04/30/24
Kushki Group Holdings Ltd.Software10,000,000 06/30/24
Make Cents Technologies Inc.Software10,000,000 03/31/24
Modern Animal, Inc.Other Healthcare30,000,000 01/31/25
Ripple Foods, PBCOther Technology4,000,000 04/30/24
Runzy, Inc.Other Technology500,000 07/31/24
Safe Securities Inc.Software4,000,000 06/30/24
Semsee Corp.Software2,000,000 03/01/24
Swiftly Systems, Inc.Software20,000,000 12/31/24
Total$132,250,000 

Contingencies

In the normal course of business, the Manager may enter into certain contracts, on behalf of the Fund, that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made that have not yet occurred. Currently, no such claims exist or are expected to arise and, accordingly, the Fund has not accrued any liability in connection with such indemnifications.
11. FINANCIAL HIGHLIGHTS

    U.S. GAAP requires disclosure of financial highlights of the Fund for the three months ended March 31, 2024 and 2023.
    
The total rate of return is defined as the return based on the change in value during the period of a theoretical investment made at the beginning of the period. The total rate of return assumes a constant rate of return for the Fund during the period reported and weights each cash flow by the amount of time held in the Fund. This required methodology differs from an internal rate of return.

    The ratios of expenses and net investment income to average net assets, calculated in the following table, are annualized and are computed based upon the aggregate weighted average net assets of the Fund for the periods presented. Net investment income is inclusive of all investment income net of expenses and excludes realized or unrealized gains and losses.

    Beginning and ending net asset values per share are based on the beginning and ending number of shares outstanding. Other per share information is calculated based upon the aggregate weighted average net assets of the Fund for the periods presented.
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The following per share data and ratios have been derived from the information provided in the financial statements:

 For the Three Months Ended March 31, 2024For the Three Months Ended March 31, 2023
 
Total return **4.16 %4.83 %
 
Per share amounts:
Net asset value, beginning of period$2,273.02 $1,137.31 
Net investment income119.08 71.07 
Net realized and change in unrealized loss from loans and derivative instruments(24.44)(11.04)
Net increase in net assets resulting from operations94.64 60.03 
Distributions of income to shareholder(60.47)(46.41)
Contributions from shareholder 385.00 
Net asset value, end of period$2,307.19 $1,535.93 
Net assets, end of period$230,718,695 $153,592,724 
 
Ratios to average net assets:
Expenses *10.74 %15.94 %
Net investment income *20.95 %22.15 %
Portfolio turnover rate  % %
           Average debt outstanding$192,750,000 $169,875,000 

* Annualized.
** Total return amounts presented above are not annualized.

12. SUBSEQUENT EVENTS

    The Fund evaluated subsequent events through the date of this Quarterly Report on Form 10-Q and determined that no subsequent events had occurred that would require accrual or disclosure in the financial statements.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

    In addition to the historical information contained herein, the information in this Quarterly Report on Form 10-Q contains certain “forward-looking statements” within the meaning of the securities laws. These forward-looking statements reflect the current view of the Fund with respect to future events and financial performance and are subject to several risks and uncertainties, many of which are beyond the Fund’s control. All statements, other than statements of historical facts included in this Quarterly Report, regarding the strategy, future operations, financial position, estimated revenues, projected costs, prospects, plans and objectives of the Fund are forward-looking statements. For example, statements in this Form 10-Q regarding the potential future impact of the Ukraine War, conflicts in the Middle East, worldwide inflation, rising interest rates and natural disasters on the Fund’s business and results of operations are forward-looking statements. When used in this report, the words “will,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All forward-looking statements speak only as of the date of this report. The Fund does not undertake any obligation to update or revise publicly any forward-looking statements, whether resulting from new information, future events or otherwise, except as required by law.

    The reader of this Quarterly Report should understand that all such forward-looking statements are subject to various uncertainties and risks that could affect their outcome. The Fund’s actual results could differ materially from those suggested by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, variances in the actual versus projected growth in assets, return on assets, loan losses, expenses, rates charged on loans and earned on securities investments, competition and macro-economic changes including inflation, interest rate expectations, among other factors including those set forth in the section of this Quarterly Report titled “Risk Factors” and in Item 1A - “Risk Factors” in the Fund’s 2023 Annual Report on Form 10-K. This entire Quarterly Report should be read to put such forward-looking statements in context and to gain a more complete understanding of the uncertainties and risks involved in the Fund’s business.

Overview

    The Fund is 100% owned by the Company. The Fund’s shares of common stock, at $0.001 par value, were sold to its sole shareholder, the Company, under a stock purchase agreement. The Fund has issued 100,000 of the Fund’s 10,000,000 authorized shares. The Company may make additional capital contributions to the Fund.

    The Fund provides financing and advisory services to a variety of carefully selected venture-backed companies that have received equity funding from traditional sources of venture capital equity funding (i.e. a professionally managed venture capital firm), as well as non-traditional sources of venture capital equity funding (e.g., angel investors, strategic investors, family offices, crowdfunding investment platforms, etc.) (collectively, “Venture-Backed Companies”), primarily throughout the United States with a focus on growth-oriented companies. The Fund’s portfolio consists of companies in the communications, information services, media, technology (including software and technology-enabled business services), biotechnology, and medical devices industry sectors, among others. The Fund’s capital is generally used by its portfolio companies to finance acquisitions of fixed assets and working capital. On October 1, 2021, the Company completed its first closing of capital contributions. On the same day, the Fund made its first investment and became a non-diversified, closed-end investment company that elected to be treated as a BDC under the 1940 Act. While the Fund intends to operate as a non-diversified investment company within the meaning of Section 5(b)(2) of the 1940 Act, from time to time, the Fund may instead act as a diversified investment company within the meaning of Section 5(b)(1) of the 1940 Act.

The Fund elected to be treated as a RIC under the Code for federal income tax purposes. Pursuant to this election, the Fund generally will not have to pay corporate-level taxes on any income distributed to its shareholder as dividends, allowing the Company to substantially reduce or eliminate its corporate-level tax liability.

    The Fund will seek to meet the ongoing requirements, including the diversification requirements, to qualify as a RIC under the Code. If the Fund fails to meet these requirements, it will be taxed as an ordinary corporation on its taxable income for that year (even if that income is distributed to the members of the Company as ordinary income); thus, such income will be subject to a double layer of taxation. There is no assurance that the Fund will meet the ongoing requirements to qualify as a RIC for tax purposes.

    The Fund’s investment objective is to achieve superior risk-adjusted investment returns. The Fund seeks to achieve that objective by providing debt financing to portfolio companies, most of which are private debt securities. The Fund generally receives warrants to acquire equity securities in connection with its portfolio investments and generally distributes these warrants to its shareholder upon receipt, or soon thereafter. The Fund also has guidelines for the percentages of total assets that are invested in different types of assets.

    The portfolio investments of the Fund primarily consist of debt financing to Venture-Backed Companies in the technology sector. The borrower’s ability to repay its loans may be adversely impacted by several factors, and as a result, the loan may not be fully repaid. Furthermore, the Fund’s security interest in any collateral over the borrower’s assets may be insufficient to make up any shortfall in payments. Some of our portfolio companies may be impacted by rising inflation, which could have a material impact on their results of operations, specifically costs and revenues. As such, rising inflation may have an adverse impact on the portfolio borrowers’ ability to maintain their good credit standing, as well as their ability to pay their interest and principal obligations to the Fund. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations.

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The Fund’s investment income is also expected to decline following the end of the Fund's commitment period which is on December 31, 2025. After the commitment period, the Fund may no longer make loan commitments to reinvest the proceeds of matured investments in new loans. Any proceeds will be distributed to the Company. The investment period may be extended by up to two calendar quarters at the discretion of the Manager.

Transactions with Venture Lending & Leasing IX, Inc. (“Fund IX”)

The Manager also serves as the investment manager for Fund IX. The Fund’s Board of Directors determined that so long as Fund IX had capital available to invest in loan transactions with final maturities earlier than December 31, 2028 (the date on which Fund IX’s term of existence automatically expires), the Fund was able to invest in each portfolio company in which Fund IX invested. Generally, the amount of each investment was allocated 50% to the Fund and 50% to Fund IX, or such other allocations as determined by the respective funds' board of directors, so long as the funds had capital available to invest. The Fund co-invested with Fund IX, through December 31, 2023, which was the end of Fund IX’s investment period.
The ability of the Fund to co-invest with Fund IX, and other clients advised by the Manager, is subject to the conditions (“Conditions”) with which the funds are currently complying while seeking certain exemptive relief from the SEC from the provisions of Sections 17(d) and 57 of the 1940 Act and Rule 17d-1 thereunder. To the extent that clients, other than Fund IX, advised by the Manager (but in which the Manager has no proprietary interest) invest in opportunities available to the Fund, the Manager will allocate such opportunities among the Fund and such other clients in a manner deemed fair and equitable considering all of the circumstances in accordance with the Conditions.
Critical Accounting Policies, Practices and Estimates
Critical Accounting Policies and Practices are those accounting policies and practices that are both the most important to the portrayal of the Fund’s net assets and results of operations and require the most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Critical accounting estimates are accounting estimates where the nature of the estimates is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and the impact of the estimates on net assets or operating performance is material.

In evaluating the most critical accounting policies and estimates, the Manager has identified the estimation of fair value of the Fund’s loan investments along with the completeness of loans exhibiting indicators of potential credit deterioration as the most critical of the accounting policies and accounting estimates applied to the Fund’s reporting of net assets or operating performance. In accordance with U.S. GAAP, the Fund defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability was exchanged in an orderly transaction; it was not a forced liquidation or distressed sale. There is no readily available market price or secondary market for the loans made by the Fund to borrowers, hence the Manager determines fair value based on a hypothetical market and the estimates are subject to high levels of judgment and uncertainty. The Fund’s loan investments are considered Level 3 fair value measurements in the fair value hierarchy due to the lack of observability over many of the important inputs used in determining fair value. In particular, the Manager has identified the fair value of the Fund’s loan investments that exhibit indicators of the potential for credit deterioration and the completeness of those loan investments, as a critical accounting matter that may involve significant and material estimates and inputs from the Manager in determining the fair value of those loan investments.

Critical judgments and inputs in determining the fair value of a loan include the estimated timing and amount of future cash flows and probability of future payments, based on the assessment of payment history, available cash and “burn rate,” revenues, net income or loss, operating results, financial strength of borrower, prospects for the borrower’s raising future equity rounds, likelihood of sale or acquisition of the borrower, length of expected holding period of the loan, collateral position, the timing and amount of liquidation of collateral for loans that are experiencing significant credit deterioration and, as a result, collection becomes collateral-dependent, as well as an evaluation of the general interest rate environment. Management has evaluated these factors and has concluded that the effect of a deterioration in the quality of the underlying collateral, increase in the size of the loan, increase in the estimated time to recovery, and increase in the hypothetical market coupon rate would each have the effect of decreasing the fair value of loan investments. The risk profile of a loan changes when events occur that impact the credit analysis of the borrower and the loan. Such changes result in the fair value being adjusted from par value of the individual loan. Where the risk profile is consistent with the original underwriting, the par value of the loan often approximates fair value.

The actual value of the loans may differ from Management’s estimates, which would affect net change in net assets resulting from operations as well as assets.


39


The Impact of the Ukraine War, Conflicts in the Middle East, Worldwide Inflation, Rising Interest Rates and Natural Disasters on Results of Operations and Liquidity & Capital Resources

Global and domestic financial markets have experienced an increase in volatility as concerns about the impact of higher inflation, rising interest rates, a potential recession, the risk of a broader war in the Middle East, the current conflicts in Ukraine and the Middle East, the outbreak of other hostilities or conflict (such as the Houthi attacks on marine vessels in the Red Sea) and extreme weather patterns or natural disasters (such as the 2024 earthquake in Taiwan) have weighed on market participants. These factors have created disruptions in supply chains and economic activity and have had a particularly adverse impact on certain industries. These uncertainties can ultimately impact the overall supply and demand of the market through changing spreads, deal terms and structures. The Fund is unable to predict the full impact of these macroeconomic events on the Fund's liquidity and capital resources.

The Fund is continuing to maintain close communications with its loan portfolio companies to proactively assess and manage potential risks. In addition, Management is continuing to maintain oversight analysis of credits across the Fund's loan investment portfolio in an attempt to manage the potential credit risk and improve loan performance. Certain loans may have inherent increased credit risk due to the nature of the underlying business and its ability to maintain operations in the current economic environment.

Management is also monitoring the Fund’s continued access to capital resources through periodic and timely communication with the bank syndicate and the Company’s members. In addition, the Fund will take proactive steps to ensure and maintain an appropriate liquidity position based on its circumstances. The Fund believes its existing cash balance, scheduled monthly payments from borrowers, and access to capital from its debt facility and the Company’s members will be sufficient to satisfy its working capital needs, debt repayments, and other liquidity requirements associated with its existing operations.
Results of Operations - For the Three Months Ended March 31, 2024 and 2023

Analysis of Interest Income

Total investment income for the three months ended March 31, 2024 and 2023 was $18.0 million and $12.2 million, respectively, which primarily consisted of interest on venture loans outstanding and early loan payoffs. The remaining income consisted of interest and dividends on the temporary investment of cash.

Interest is calculated using the effective interest method, and rates earned by the Fund will fluctuate based on many factors including early payoffs, volatility of values ascribed to warrants, and new loans funded during the year. Warrants and equity securities received in connection with loan transactions are measured at fair value at the time of acquisition; the non-cash portion of interest income represents the accretion of the discount of these warrants over the life of the loan.

The following table shows the average outstanding balance, interest income, and weighted average interest rate for the cash and non-cash portion of interest income for the three months ended March 31, 2024 and 2023.

For the Three Months Ended March 31, 2024For the Three Months Ended March 31, 2023
Average Outstanding BalanceInterest IncomeWeighted Average Interest Rate - Cash PortionWeighted Average Interest Rate - Non-Cash PortionAverage Outstanding BalanceInterest IncomeWeighted Average Interest Rate - Cash PortionWeighted Average Interest Rate - Non-Cash Portion
Performing Loans$396,734,051 $17,818,938 10.57 %7.40 %$278,211,600 $12,059,001 13.86 %3.48 %
All Loans$403,293,978 $17,818,938 10.39 %7.28 %$280,791,500 $12,059,001 13.74 %3.44 %
Interest income for both performing loans and all loans increased by $5.8 million, or 47.8%, for the three months ended March 31, 2024 compared to the same period in 2023. The increase is primarily due to the increased growth in the Fund's loan portfolio and early loan payoffs. The average outstanding balance for performing loans and all loans increased by $118.5 million and $122.5 million, or 42.6% and 43.6%, respectively, for the three months ended March 31, 2024 compared to the same period in 2023.



40


Analysis of Interest Expense

Interest expense was comprised of amounts related to interest on debt amounts drawn down, unused credit line fees, and amounts amortized from deferred fees incurred in conjunction with the debt facility.

The following table shows the average balance, interest expense, and weighted average interest rate for the three months ended March 31, 2024 and 2023.

For the Three Months Ended March 31, 2024For the Three Months Ended March 31, 2023
Average BalanceInterest ExpenseWeighted Average Interest Expense RateAverage BalanceInterest ExpenseWeighted Average Interest Expense Rate
Debt Facility$192,750,000 $3,881,100 8.05 %$169,875,000 $2,955,543 6.96 %

Interest expense increased by $0.9 million or 31.3% for the three months ended March 31, 2024 compared to the same period in 2023. Interest expense for the three months ended March 31, 2024, increased primarily due to higher average debt outstanding and higher weighted average interest rate. The average outstanding balance for borrowings under the facility increased by $22.9 million or 13.5% for the three months ended March 31, 2024 compared to the same period in 2023.

The Fund also uses derivative instruments to manage its exposure to interest rates on its borrowings under the debt facility. See the
discussion herein under the caption “Quantitative and Qualitative Disclosures About Market Risk” for the approximate annualized effect of
hypothetical interest rate changes in components of net assets resulting from operations.

Analysis of Operating Expense

The following table shows the components of operating expense for the three months ended March 31, 2024 and 2023.

For the Three Months Ended March 31,
Operating Expense20242023Change ($)
Management Fees$1,968,750 $2,000,000 $(31,250)
Banking and professional fees195,100 131,048 64,052 
Other operating expenses58,259 28,888 29,371 
Total Operating Expense$2,222,109 $2,159,936 $62,173 

Management Fees for the three months ended March 31, 2024 and 2023 were both $2.0 million. For the period from January 1, 2024 through March 31, 2024, Management Fees were calculated at 1.575% of the Company's committed capital. For the same period in 2023, Management Fees were calculated at an annual percentage of 1.600% of the Company's committed capital.

Banking and professional fees increased by less than $0.1 million for the three months ended March 31, 2024 compared to the same period in 2023. These expenses included legal fees, tax preparation fees and other consulting and professional service fees.

Other operating expenses increased by less than $0.1 million for the three months ended March 31, 2024 compared to the same periods in 2023. Other operating expense included director fees, custody fees, taxes, insurance and other expenses related to the operations of the Fund.

Non-recurring fees

The Fund may receive non-recurring fees in connection with the origination and servicing of portfolio loans. Transactions in this category may include forfeited commitment fees and unamortized warrants that become recognized as other income after the loan commitment period expires. Other non-recurring fees include pre-payment fees which are recognized as other income in the period received. Legal fee reimbursements for deal due diligence and drafting of documents are recognized as offsets against legal expenses. Non-recurring fees for the three months ended March 31, 2024 and 2023 were $0.1 million and $0.3 million, respectively.

Net Investment Income

Net investment income for the three months ended March 31, 2024 and 2023 was $11.9 million and $7.1 million, respectively.

Realized and Change in Unrealized Gains (Losses)

There were no realized gains (losses) from loans for the three months ended March 31, 2024 and 2023.

41


Net realized gain from derivative instruments was $0.01 million for the three months ended March 31, 2024. There were no realized gains (losses) from derivative instruments for the same period in 2023. Realized gains were the result of interest being received by the Fund on the derivative instruments when the cap rates of the interest rate collars were lower than the floating rate. Realized losses were the result of interest being paid by the Fund on the derivative instruments when the floor rates of the interest rate collars were higher than the floating rate.

Net change in unrealized loss from loans for the three months ended March 31, 2024 and 2023 was $2.6 million and $1.1 million, respectively. The net change in unrealized loss from loans consisted of fair value adjustments to the loans resulting from the improvement or deterioration in certain portfolio companies' performance.

Net change in unrealized gain from derivative instruments for the three months ended March 31, 2024 was $0.2 million. The net change in unrealized gain from derivative instruments consisted of fair market value adjustments to the derivative instruments and is a reflection of the market’s outlook on the economy and the future of interest rate changes, as well as realization of prior unrealized gains and losses. There were no unrealized gains (losses) from derivative instruments for the three months ended March 31, 2023.

Net increase in net assets resulting from operations for the three months ended March 31, 2024 and 2023 was $9.5 million and $6.0 million, respectively. On a per share basis, the net increase in net assets resulting from operations for the three months ended March 31, 2024 and 2023 was $94.64 and $60.03, respectively.


Liquidity and Capital Resources – March 31, 2024 and December 31, 2023

    The Fund is owned entirely by the Company. The Company is expected, but not required, to make further contributions to the capital of the Fund to the extent of the Company’s members’ capital commitment to the Company and excess cash balances of the Company. Total capital contributed to the Fund was $276.0 million as of both March 31, 2024 and December 31, 2023, respectively. As of both March 31, 2024 and December 31, 2023, the Company had subscriptions for capital in the amount of $500.0 million, of which $305.0 million had been called and received. As of March 31, 2024, $195.0 million of capital remains uncalled and the uncalled capital expires on the Fund’s fifth anniversary of its first investment unless extended. Management is permitted to extend the Fund’s investment period by up to two (2) additional calendar quarters in its sole and absolute discretion. The Company has made $33.2 million in recallable distributions to its investors, as permitted under its operating agreement between the Company’s managing member and members of the Company.

The changes in cash for the three months ended March 31, 2024 and 2023 were as follows:
For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023
Net cash provided by (used in) operating activities$16,714,548 $(30,475,450)
Net cash provided by (used in) financing activities(12,756,129)39,500,000 
Net increase in cash and cash equivalents$3,958,419 $9,024,550 

As of March 31, 2024 and December 31, 2023, 9.18% and 7.58%, respectively, of the Fund’s net assets consisted of cash and cash equivalents.

On October 18, 2021, the Fund entered into the Loan Agreement with ING Capital LLC, that established a secured revolving loan facility in an initial amount of up to $125.0 million with the option to request that borrowing availability be increased up to $375.0 million, subject to further negotiation and credit approval. On December 17, 2021, the Fund entered into an Assignment, Assumption and Accession Agreement and Amendment No. 1 to the Loan Agreement with ING Capital LLC and Zions Bancorporation N.A. dba California Bank & Trust, with participation from Wells Fargo Bank, N.A., Bank Leumi USA, Bank of Hope and MUFG Union Bank, N.A., that increased the size of the facility to $250.0 million. Effective January 18, 2022, ING Capital assigned $30.0 million of its commitment to City National Bank. An additional $125.0 million is potentially available to the Fund, subject to further negotiation and credit approval, through an accordion provision.

On June 15, 2023, the Fund along with the Guarantors, entered into an Amendment No. 3 to the Loan Agreement with lenders named therein that provides for, among other modifications (i) replacement of the interest rate benchmark from LIBOR to Secured Overnight Financing Rate (“SOFR”), and (ii) conversion of an existing LIBOR Market Index Rate Loan to an Adjusted Term SOFR Loan (as defined in Amendment No. 3). The amendments set forth in Amendment No. 3 became effective as of June 26, 2023. The first repricing of our outstanding debt to reflect the new Adjusted Term SOFR Loan rates occurred on July 3, 2023.

Borrowings by the Fund are collateralized by (i) the personal property and other assets of the Fund (“Portfolio Secured Borrowings”) and (ii) up to the sum of the unfunded capital commitments of the Company’s investors, the rights of the Manager to such capital commitments (“Subscription Secured Borrowings”). Borrowings by the Fund are collateralized by (i) the personal property and other assets of the Fund (“Portfolio Secured Borrowings”) and (ii) up to the sum of the unfunded capital commitments of the Company’s investors, the rights of the Manager to such capital commitments (“Subscription Secured Borrowings”). The Fund pays interest on its borrowings and a fee on the unused portion of the facility. Under the Loan Agreement, borrowings under the facility, at the Fund’s discretion, will bear interest at an annual rate of either a (i) Reference Rate, plus an Applicable Reference Rate Margin (such loan, a "Reference Rate Loan"), (ii) Adjusted Term SOFR plus the Applicable SOFR Margin (such loan, an "Adjusted Term SOFR Loan") or (iii) Daily Compounded SOFR plus the
42


Applicable SOFR Margin (such loan, a "Daily Compounded SOFR Loan"). As of March 31, 2024, the Fund’s outstanding borrowings were entirely Adjusted Term SOFR Loans. The interest period for each Adjusted Term SOFR Loan shall at the option of the Fund be fixed at one, three or six months. Adjusted Term SOFR is a rate per annum equal to Term SOFR for the elected interest period plus a fixed SOFR Adjustment of 0.11448%, 0.26161% or 0.42826% for interest periods of one, three or six months, respectively. Applicable SOFR Margin is the sum of (a) the product of (i) the Subscription Secured Borrowings percentage calculated for such period and (ii) 1.75% and (b) the product of (i) the Portfolio Secured Borrowings percentage for such period and (ii) 2.50%. When the Fund is using 50.00% or more of the maximum amount available under the Loan Agreement, the applicable unused line fee is 0.25% of the unused portion of the loan facility; otherwise, the applicable unused line fee is 0.50% of the unused portion. The Fund pays the unused credit line fee quarterly. The facility terminates on October 18, 2026, but can be accelerated in the event of default, such as the failure by the Fund to make timely interest or principal payments. As of March 31, 2024, $188.0 million was outstanding under the facility.

Amounts disbursed under the Fund’s loan commitments were $18.9 million for the three months ended March 31, 2024. Net loan amounts outstanding after amortization and valuation adjustments decreased by $8.2 million for the same period. Unexpired unfunded commitments totaled $146.6 million as of March 31, 2024.

As of Cumulative Amount Disbursed Principal Reductions and Fair Market AdjustmentsBalance Outstanding - Fair Value Unexpired Unfunded Commitments
March 31, 2024$571.2 million$175.8 million$395.4 million$146.6 million
December 31, 2023$552.3 million$148.7 million$403.6 million$132.3 million

The unexpired unfunded commitments by portfolio company as of March 31, 2024 and December 31, 2023 are detailed in Note 10 to the financial statements included in this filing.

Because venture loans are privately negotiated transactions, investments in these assets are relatively illiquid. It is Management's experience that not all unexpired unfunded commitments will be used by borrowers. Many credit agreements contain provisions that are milestone dependent and not all borrowers will achieve these milestones. Additionally, the Fund’s credit agreements contain provisions that give relief from funding obligations in the event the borrower has a materially adverse change in its financial condition. Therefore, the unexpired unfunded commitments do not necessarily reflect future cash requirements or future investments for the Fund.

The Fund seeks to maintain the requirements to qualify for the special pass-through status available to RICs under the Code, and thus to be relieved of federal income tax on that part of its net investment income and realized capital gains that it distributes to its shareholder. To qualify as a RIC, the Fund must distribute to its shareholder for each taxable year at least 90% of its investment company taxable income (consisting generally of net investment income and net short-term capital gain) (the “Distribution Requirement”). To the extent that the terms of the Fund’s venture loans provide for the receipt by the Fund of additional interest at the end of the loan term or provide for the receipt by the Fund of a purchase price for the asset at the end of the loan term (“residual income”), the Fund would be required to accrue such residual income over the life of the loan, and to include such accrued undistributed income in its gross income for each taxable year even if it receives no portion of such residual income in that year. Thus, in order to meet the Distribution Requirement and avoid payment of income taxes or an excise tax on undistributed income, the Fund may be required in a particular year to distribute as a dividend an amount in excess of the total amount of income it actually receives. Those distributions will be made from the Fund’s cash assets, from amounts received through amortization of loans or from borrowed funds.

As of March 31, 2024, the Fund had a cash balance of $21.2 million and $188.2 million in scheduled loan receivable payments over the next twelve months. Additionally, the Fund has access to uncalled capital of $195.0 million and recallable capital of $33.2 million as a liquidity source and a borrowing base that grows as it funds additional commitments. These amounts are sufficient to meet the current commitment backlog and operational expenses of the Fund over the next year. The Fund regularly evaluates potential future liquidity resources and demands before making additional future commitments.

On April 30, 2021, the Fund’s sole shareholder, the Company, approved a reduced asset coverage ratio of 150% for the Fund as permitted in Section 61(a)(2) of the 1940 Act. Accordingly, the Fund is permitted to borrow in any amount so long as its asset coverage ratio, as defined in the 1940 Act, is at least 150% after giving effect to such borrowings. As of March 31, 2024, the Fund’s asset coverage ratio was 222%.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Fund’s business activities contain various elements of risk, of which Management considers interest rate and credit risk to be the principal types of risks. Because the Fund considers the management of risk essential to conducting its business and to maintaining profitability, the Fund’s risk management procedures are designed to identify and analyze the Fund’s risks, to set appropriate policies and limits and to continually monitor these risks and limits by means of reliable administrative and information systems and other policies and programs.

The Fund manages its market risk by maintaining a portfolio that is diverse by industry, size of investment, stage of development, and borrower. The Fund has limited exposure to public market price fluctuations as the Fund primarily invests in private business enterprises and distributes all equity investments upon receipt to the Company.

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The Fund’s investments are subject to market risk based on several factors, including, but not limited to, the borrower’s credit history, available cash, support of the borrower’s underlying investors, available liquidity, “burn rate,” revenue income, security interest, secondary markets for collateral, the size of the loan, term of the loan and the ability to exit via initial public offering or merger and acquisition.

The Fund’s exposure to interest rate sensitivity is regularly monitored and analyzed by measuring the characteristics of assets and liabilities. The Fund utilizes various methods to assess interest rate risk in terms of the potential effect on interest income net of interest expense, the value of net assets and the value at risk in an effort to ensure that the Fund is insulated from any significant adverse effects from changes in interest rates. As of March 31, 2024, the outstanding debt balance was $188.0 million with a floating interest rate based on a daily 1- month Adjusted Term SOFR rate of 5.32874%, for which the Fund had derivative instruments in place with a ceiling of 5.30% on $100.0 million with an interest rate collar, leaving the Fund with exposure to interest rate changes on the un-hedged portion of the loan.

Because all of the Fund’s loans impose a fixed interest rate upon funding, changes in short-term interest rates will not directly affect interest income associated with the loan portfolio as of March 31, 2024. However, those changes could have the potential to change the Fund’s ability to originate loan commitments, acquire and renew bank facilities, and engage in other investment activities. Further, changes in short-term interest rates could also affect interest rate expense, realized gain from investments and interest on the Fund’s short-term investments.

Based on the Fund’s Condensed Statements of Assets and Liabilities as of March 31, 2024, the following table shows the approximate annualized increase (decrease) in components of net assets resulting from operations of hypothetical base rate changes in interest rates, assuming no changes in investments, borrowings, and cash balances.

Effect of Interest Rate Change ByIncrease (Decrease) Other Income Gain (Loss) from Interest Rate Collar(Increase) Decrease Interest ExpenseIncrease (Decrease) in Total Income
(0.50)%$(105,945)$(500,000)$940,000 $334,055 
1%$211,890 $1,000,000 $(1,880,000)$(668,110)
2%$423,780 $2,000,000 $(3,760,000)$(1,336,220)
3%$635,671 $3,000,000 $(5,640,000)$(2,004,329)
4%$847,561 $4,000,000 $(7,520,000)$(2,672,439)
5%$1,059,451 $5,000,000 $(9,400,000)$(3,340,549)

Additionally, a change in the interest rate may affect the fair value of the derivative instruments and affect net change in unrealized gain or loss from derivative instruments. The amount of any such effect will be contingent upon market expectations for future interest rate changes. Any increases in expected future rates will increase the fair value of the derivative instruments while any rate decreases will decrease the fair value.

Although Management believes that the foregoing analysis is indicative of the Fund’s sensitivity to interest rate changes, it does not take into consideration potential changes in the credit market, credit quality, size and composition of the assets in the portfolio. It also does not assume any new fundings to borrowers, repayments from borrowers or defaults on borrowings. Accordingly, no assurances can be given that actual results would not differ materially from the table above.

Because the Fund currently borrows, its net investment income is highly dependent upon the difference between the rate at which it borrows and the rate at which it invests the amounts borrowed. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on the Fund’s investment activities and net investment income. The Fund’s exposure to movement in short-term interest rates stems from the Fund borrowing at a floating interest rate but then making loans with a fixed rate at the time the loans are extended.

The Fund is not sensitive to changes in foreign currency exchange rates, commodity prices and other market rates or prices.


Item 4.  Controls and Procedures

Disclosure Controls and Procedures:

At the end of the period covered by this report, the Fund carried out an evaluation under the supervision and with the participation of its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Fund’s disclosure controls and procedures pursuant to Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934 (“Exchange Act”). Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that the Fund’s disclosure controls and procedures were effective as of the end of the period in ensuring that information required to be disclosed was recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and in providing reasonable assurance that information required to be disclosed by the Fund in such reports is accumulated and communicated to the Fund’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.


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Changes in Internal Controls:

    There have not been any changes in the Fund’s internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the Fund’s fiscal quarter ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, the Fund’s internal control over financial reporting.
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PART II — OTHER INFORMATION

Item 1. Legal Proceedings

The Fund may become party to certain lawsuits from time to time in the normal course of business. While the outcome of any legal proceedings cannot now be predicted with certainty, the Fund does not expect any such proceedings will have a material effect upon the Fund’s financial condition or results of operation. Management is not aware of any pending legal proceedings involving the Fund. The Fund is not a party to any material legal proceedings.

Item 1A. Risk Factors

There have been no material changes to the risk factors reported in the Fund's 2023 Annual Report on Form 10-K.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3.  Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the fiscal quarter ended March 31, 2024, no director or officer of the Fund adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (in each case, as defined in Item 408 of Regulation S-K).

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Item 6. Exhibits
Exhibit NumberDescription
3.1
3.2
4.1
10.1
31.1
31.2
32.1
32.2

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

WTI Fund X, INC.
(Registrant)

By:/s/ David R.WanekBy:/s/ Jared S. Thear
David R. WanekJared S. Thear
President and Chief Executive OfficerChief Financial Officer
(Principal Executive Officer)(Principal Financial Officer)
Date:May 13, 2024Date:May 13, 2024


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