NPORT-EX 2 fp0069987_nportex.htm

Wildermuth Endowment Fund

Schedule of Investments

September 30, 2021 (Unaudited)

 

Interests, Shares, Principal Amount, or Units      Fair Value 
    COMMON STOCKS — 0.0%    
    REITS — 0.0%       
 1,110   Phillips Edison & Co., Inc.    $34,086 
     TOTAL COMMON STOCKS (Cost $24,638)     34,086 
           
     COMMODITY & NATURAL RESOURCE INVESTMENTS — 2.7%     
 1,000   Casillas Petroleum Resource Partners, LLC(a)(b)(c)     607,220 
 1,976,034   CM Funding, LLC(a)(b)(c)(d)(e)     1,192,341 
 —   Kayne Anderson Energy Fund VII LP(a)(b)(c)(f)     905,754 
 182   Midcon Holdco Partners, LLC(a)(b)(c)     256,215 
 2,080,000   Thunder Investment Partners, LLC(a)(c)(d)(e)     1,149,764 
     TOTAL COMMODITY & NATURAL RESOURCE INVESTMENTS (Cost $7,194,657)     4,111,294 
           
     DIRECT PRIVATE EQUITY — 46.9%     
 41,751   Affinity Beverages, LLC(a)(b)(c)(e)     174,999 
 684   Atlas Fintech Holdings Corp. - Class A Share Interests(a)(b)(c)(e)     3,511,877 
 2,500   Clear Guide Medical, Inc. - Series A Preferred Stock(a)(b)(c)(d)(e)     3,729,714 
 134,898   Clear Guide Medical, Inc. - Series A-2 Preferred Stock(a)(b)(c)(d)(e)     744,016 
 838,424   Clear Guide Medical, Inc. - Series A-3 Preferred Stock(a)(b)(c)(d)(e)     4,433,452 
 1,543,074   Clearsense, LLC - Class C Preferred Shares(a)(b)(c)(d)(e)     11,425,188 
 835,814   Clearsense, LLC - Class D Preferred Shares(a)(c)(d)(e)     4,701,027 
 298,200   Content Management Live, LLC(a)(b)(c)(d)(e)     60,000 
 1,064,111   DSI Digital, LLC - Common Units(a)(c)(d)(e)     2,603,256 
 5,791,621   DSI Digital, LLC - Series A Convertible Preferred Units(a)(b)(c)(d)(e)     16,864,225 
 —   Level ATI HoldCo, LLC - Class A(a)(b)(c)(d)(e)     2,922,261 
 3,500,000   Metro Diner, LLC - Series B Units(a)(b)(c)(e)     2,148,205 
 1,880,968   Metro Diner, LLC - Series II Common Units(a)(b)(c)(e)     858,692 
 8,800,000   Reach Enterprises, Inc. - Common Units(a)(b)(c)(d)(e)     8,722,367 
 309,150   Reach Enterprises, Inc. - Series Seed-1 Preferred Units(a)(b)(c)(d)(e)     421,888 
 1,288,103   Reach Enterprises, Inc. - Series Seed-2 Preferred Units(a)(b)(c)(d)(e)     1,757,835 
 635,838   Waratek, Ltd. - Series B-1(a)(b)(c)(d)(e)     2,847,767 
 756,826   Waratek, Ltd. - Series B-2(a)(b)(c)(d)(e)     3,895,464 
 —   WG Pitts Caribbean, LLC - Common Units(a)(b)(c)(d)(e)     - 
     TOTAL DIRECT PRIVATE EQUITY (Cost $45,841,785)     71,822,233 
           
     DIRECT REAL ESTATE — 4.4%     
 —   Brookwood SFL Investor Co-Investment Vehicle, LLC(a)(b)(c)     1,720,305 
 439,716   Dog Wood Park of Northeast Florida, LLC(a)(c)(d)(e)     470,729 
 1,800,000   LaGrange Senior Living, LLC - Class A Interests(a)(c)(d)(e)     1,996,766 
 —   Polara Builder II, LLC(a)(c)(d)(e)     2,568,125 
     TOTAL DIRECT REAL ESTATE (Cost $4,756,134)     6,755,925 

 

See accompanying Notes to the Schedule of Investments.

  1

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

September 30, 2021 (Unaudited)

 

Interests, Shares, Principal Amount, or Units      Fair Value 
    HEDGE FUNDS — 1.9%    
 —   EJF Trust Preferred Fund LP(a)(b)(c)(f)(g)    $693,128 
 —   iCapital Millennium Fund LP(a)(b)(c)(f)(g)     1,453,449 
 —   Rosebrook Opportunities Fund LP(a)(b)(c)(d)(f)(g)     772,357 
     TOTAL HEDGE FUNDS (Cost $2,686,172)     2,918,934 
           
     PREFERRED STOCKS — 0.2%     
     REITS — 0.2%        
 6,775   Ashford Hospitality Trust, Inc. - Series D(b)     179,538 
 5,646   Ashford Hospitality Trust, Inc. - Series F(b)     146,796 
     TOTAL PREFERRED STOCKS (Cost $317,673)     326,334 
           
     PRIVATE EQUITY DEBT — 16.5%     
$1,280,000   DSI Digital, LLC - Convertible Note, 8.00%, 3/23/2023(a)(c)(d)(e)(h)     1,280,000 
 1,225,000   Reach Enterprises, Inc. - Convertible Note, 8.00%, 4/29/2023(a)(b)(c)(d)(e)(h)     1,212,750 
 2,500,000   Reach Enterprises, Inc. - Convertible Note, 12.00%, 10/1/2022(a)(b)(c)(d)(e)(h)     2,662,500 
 7,174   Reef Capital Partners, LLC - Series A Preferred Units (a)(c)(e)     7,173,809 
 2,098,889   Sequin, Inc. - Convertible Note, 8.00%, 7/20/2023(a)(b)(c)(e)(h)     2,365,522 
 250,000   Sequin, Inc. - Promissory Note, 12.00%, 3/20/2024(a)(c)(e)     250,000 
 2,033,611   The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 1/20/2023(a)(b)(c)(e)(h)   2,310,907 
 3,191,374   Waratek, Ltd. - Convertible Note, 12.00%, 10/16/2022(a)(b)(c)(d)(e)(h)     5,031,630 
 1,732,426   Waratek, Ltd. - Secured Note, 30.00%, 3/15/2022(a)(b)(c)(d)(e)     1,787,108 
 2,623,158   WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023(a)(c)(d)(e)(i)     1,188,851 
     TOTAL PRIVATE EQUITY DEBT (Cost $23,321,341)     25,263,077 
           
     PRIVATE EQUITY FUNDS — 11.3%     
 —   Abbott Secondary Opportunities LP(a)(b)(c)(f)(g)     1,115,548 
 —   Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund(a)(b)(c)(f)(g)     2,934,552 
 —   Committed Advisors Secondary Fund III(a)(b)(c)(f)(g)     1,849,467 
 —   EJF Sidecar Fund, Series LLC - Small Financial Equities Series(a)(b)(c)(f)(g)     964,940 
 10   GPB Automotive Portfolio LP(a)(b)(c)(e)(f)     113,142 
 —   Gravity Ranch Fund I LP(a)(b)(c)(e)(f)(g)     67,065 
 —   Greenspring Opportunities V LP(a)(b)(c)(f)(g)     1,078,912 
 —   Madryn Health Partners LP(a)(b)(c)(f)(g)     2,677,380 
 —   PineBridge Secondary Partners IV SLP(a)(b)(c)(f)(g)     1,451,426 
 —   Star Mountain Diversified Credit Income Fund III LP(a)(b)(c)(f)(g)     4,177,967 
 —   Star Mountain Diversified Small Business Access Fund II LP(a)(b)(c)(f)(g)     933,087 
     TOTAL PRIVATE EQUITY FUNDS (Cost $12,565,225)     17,363,486 
           
     PRIVATE REAL ESTATE INVESTMENTS — 9.8%     
 95,075   ARCTRUST, Inc.(a)(c)(f)     1,027,764 
 4,056,721   Carlyle Europe Realty Fund, S.C.Sp.(a)(b)(c)(f)(g)     4,817,391 

 

See accompanying Notes to the Schedule of Investments.

2  

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

September 30, 2021 (Unaudited)

 

Interests, Shares, Principal Amount, or Units      Fair Value 
    PRIVATE REAL ESTATE INVESTMENTS (CONTINUED)    
 —   Cygnus Property Fund V, LLC(a)(b)(c)(f)    $3,009,382 
 —   Harbert Seniors Housing Fund I LP(a)(b)(c)(f)     1,503,997 
 —   Harbert Seniors Housing Fund II LP(a)(b)(c)(f)     1,690,736 
 —   RRA Credit Opportunity Fund LP(a)(b)(c)(d)(f)     1,289,189 
 56   Shopoff Land Fund III LP(a)(c)(f)     33,053 
 661,079   Stonehill Strategic Hotel Credit Opportunity Fund II LP(a)(b)(c)(f)     1,024,134 
 —   Walton Street Real Estate Fund VIII LP(a)(b)(c)(f)     640,675 
     TOTAL PRIVATE REAL ESTATE INVESTMENTS (Cost $11,215,698)     15,036,321 
           
     PUBLIC REAL ESTATE INVESTMENT DEBT — 0.1%     
$132,271   Cottonwood Communities, Inc. - Promissory Note, 7.00%, 1/1/2031(a)(c)(e)     132,271 
     TOTAL PUBLIC REAL ESTATE INVESTMENT DEBT (Cost $132,270)     132,271 
           
     PUBLIC REAL ESTATE INVESTMENTS — 2.8%     
 317,991   Cottonwood Communities, Inc. - Class A Common Stock(a)(c)     4,097,473 
 136,771   Highlands REIT, Inc.(a)(b)(c)     16,959 
 15,329   Inventrust Properties Corp.(a)(c)     199,268 
     TOTAL PUBLIC REAL ESTATE INVESTMENTS (Cost $3,233,488)     4,313,700 
           
     WARRANTS — 0.8%     
 100   Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date 12/30/2021(a)(b)(c)(e)   0 
 44   Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 12/30/2022(a)(b)(c)(e)   0 
 475   Atlas Fintech Holdings Corp., Exercise Price $8,000, Expiration Date 12/30/2021(a)(b)(c)(e)   0 
 1,442   Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date 1/21/2028(a)(b)(c)(e)   1,846 
 6,410   Sequin, Inc., Exercise Price $0.001, Expiration Date 3/30/2026(a)(c)(e)     0 
 646,328   Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 1/22/2028(a)(b)(c)(d)(e)   1,157,235 
     TOTAL WARRANTS (Cost $0)     1,159,081 
           
     SHORT-TERM INVESTMENTS — 1.9%     
 2,884,651   Fidelity Institutional Government Portfolio - Institutional Class, 0.01%(j)     2,884,651 
     TOTAL SHORT-TERM INVESTMENTS (Cost $2,884,651)     2,884,651 
           
     TOTAL INVESTMENTS — 99.3% (Cost $114,173,732)     152,121,393 
     Other assets less liabilities — 0.7%     1,005,412 
     TOTAL NET ASSETS — 100.0%    $153,126,805 

 

LLC – Limited Liability Company
LP – Limited Partnership
REIT – Real Estate Investment Trusts
SLP – Special Limited Partnership

 

See accompanying Notes to the Schedule of Investments. 

  3

 

Wildermuth Endowment Fund

Schedule of Investments - Continued

September 30, 2021 (Unaudited)

 

(a) Illiquid Security. As of September 30, 2021 these securities amounted to $148,876,322 representing 97.22% of total net assets.
(b) Non-income Producing
(c) Restricted Security. As of September 30, 2021 these securities amounted to $148,876,322 representing 97.22% of total net assets. Please refer to  Investments in Restricted Securities, in the Notes to the Schedule of Investments.
(d) Denotes an investment in an affiliated entity. Please refer to Investments in Affiliated Issuers, in the Notes to the Schedule of Investments.
(e) Level 3 security in accordance with fair value hierarchy.
(f) Private Fund. As of September 30, 2021 these securities amounted to $36,224,495 representing 23.66% of total net assets.
(g) Private Investment Company. As of September 30, 2021 these securities amounted to $24,986,669 representing 16.32% of total net assets.
(h) Payment-in-kind (PIK) security in which the issuer makes interest payments in the form of additional securities, as opposed to cash payouts. These additional securities generally have the same terms as the original holdings.
(i) Security is in default.
(j) Represents the current rate as of September 30, 2021.

 

See accompanying notes to Schedule of Investments. 

4  

 

Wildermuth Endowment Fund

 

Notes to the Schedule of Investments

September 30, 2021 (Unaudited)

 

Investments in Restricted Securities - Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund’s investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

 

Additional information on each restricted security held by the Fund on September 30, 2021 is as follows:

 

Security  Initial Acquisition Date  Shares, Principal Amount, or Units   Cost   Fair Value   % of Net Assets 
Abbott Secondary Opportunities LP  April 13, 2017   -    $159,924   $1,115,548    0.73%
Affinity Beverages, LLC  February 21, 2020   41,751    175,000    174,999    0.11%
ARCTRUST, Inc.  June 30, 2016   95,075    896,493    1,027,764    0.67%
Atlas Fintech Holdings Corp. - Class A Share Interests  December 20, 2016   684    3,126,329    3,511,877    2.29%
Atlas Fintech Holdings Corp., Exercise Price $13,000, Expiration Date 12/30/2021  December 20, 2016   100    -    -    0.00%
Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 12/30/2022  December 20, 2016   44    -    -    0.00%
Atlas Fintech Holdings Corp., Exercise Price $8,000, Expiration Date 12/30/2021  December 23, 2019   475    -    -    0.00%
Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund  April 2, 2018   -    1,475,551    2,934,552    1.92%
Brookwood SFL Investor Co-Investment Vehicle, LLC  November 3, 2017   -    862,576    1,720,305    1.12%
Carlyle Europe Realty Fund, S.C.Sp.  December 19, 2018   4,056,721    4,684,195    4,817,391    3.15%
Casillas Petroleum Resource Partners, LLC  October 11, 2016   1,000    1,000,000    607,220    0.40%
Clear Guide Medical, Inc. - Series A Preferred Stock  April 19, 2016   2,500    2,250,000    3,729,714    2.44%
Clear Guide Medical, Inc. - Series A-2 Preferred Stock  March 6, 2018   134,898    500,000    744,016    0.49%
Clear Guide Medical, Inc. - Series A-3 Preferred Stock  July 16, 2018   838,424    3,085,394    4,433,452    2.89%
Clearsense, LLC - Class C Preferred Shares  February 20, 2019   1,543,074    6,799,865    11,425,188    7.46%
Clearsense, LLC - Class D Preferred Shares  April 28, 2021   835,814    3,000,000    4,701,027    3.07%
CM Funding, LLC  December 14, 2018   1,976,034    1,976,034    1,192,341    0.78%
Committed Advisors Secondary Fund III  March 30, 2017   -    1,114,912    1,849,467    1.21%
Content Management Live, LLC  December 17, 2019   298,200    298,200    60,000    0.04%
Cottonwood Communities, Inc. - Class A Common Stock  June 2, 2021   317,991    2,867,736    4,097,473    2.68%
Cottonwood Communities, Inc. - Promissory Note, 7.00%, 1/1/2031  June 22, 2021   132,271    132,270    132,271    0.09%
Cygnus Property Fund V, LLC  October 30, 2018   -    668,649    3,009,382    1.96%
Dog Wood Park of Northeast Florida, LLC  March 21, 2017   439,716    382,000    470,729    0.31%
DSI Digital, LLC - Common Units  April 26, 2021   1,064,111    1,000,000    2,603,256    1.70%
DSI Digital, LLC - Convertible Note, 8.00%, 3/23/2023  March 24, 2021   1,280,000    1,280,000    1,280,000    0.84%
DSI Digital, LLC - Series A Convertible Preferred Units  November 29, 2017   5,791,621    8,560,000    16,864,225    11.01%
EJF Sidecar Fund, Series LLC - Small Financial Equities Series  October 25, 2017   -    692,527    964,940    0.63%
EJF Trust Preferred Fund LP  August 23, 2017   -    518,605    693,128    0.45%
GPB Automotive Portfolio LP  March 13, 2015   10    500,000    113,142    0.07%
Gravity Ranch Fund I LP  June 13, 2017   -    500,000    67,065    0.04%
Greenspring Opportunities V LP  January 18, 2018   -    604,500    1,078,912    0.70%
Harbert Seniors Housing Fund I LP  February 24, 2017   -    1,185,283    1,503,997    0.98%
Harbert Seniors Housing Fund II LP  September 10, 2019   -    1,849,421    1,690,736    1.10%
Highlands REIT, Inc.  April 28, 2016   136,771    34,827    16,959    0.01%
iCapital Millennium Fund LP  December 20, 2018   -    1,000,000    1,453,449    0.95%
Inventrust Properties Corp.  March 2, 2015   15,329    330,925    199,268    0.13%
Kayne Anderson Energy Fund VII LP  September 12, 2016   -    1,956,765    905,754    0.59%
LaGrange Senior Living, LLC - Class A Interests  September 11, 2019   1,800,000    1,800,000    1,996,766    1.30%
Level ATI HoldCo, LLC - Class A  September 10, 2018   -    1,690,000    2,922,261    1.91%
Madryn Health Partners LP  September 28, 2018   -    1,853,180    2,677,380    1.75%
Metro Diner, LLC - Series B Units  November 16, 2017   3,500,000    2,276,542    2,148,205    1.40%
Metro Diner, LLC - Series II Common Units  November 16, 2017   1,880,968    1,223,458    858,692    0.56%
Midcon Holdco Partners, LLC  December 29, 2020   182    181,858    256,215    0.17%
PineBridge Secondary Partners IV SLP  September 19, 2017   -    1,109,817    1,451,426    0.95%
Polara Builder II, LLC  June 15, 2018   -    1,711,558    2,568,125    1.68%
Reach Enterprises, Inc. - Common Units  August 8, 2019   8,800,000    2,758,800    8,722,367    5.70%
Reach Enterprises, Inc. - Convertible Note, 8.00%, 4/29/2023  April 30, 2021   1,225,000    1,225,000    1,212,750    0.79%
Reach Enterprises, Inc. - Convertible Note, 12.00%, 10/1/2022  October 2, 2020   2,500,000    2,500,000    2,662,500    1.74%
Reach Enterprises, Inc. - Series Seed-1 Preferred Units  August 5, 2020   309,150    458,001    421,888    0.28%
Reach Enterprises, Inc. - Series Seed-2 Preferred Units  July 15, 2020   1,288,103    1,526,647    1,757,835    1.15%
Reef Capital Partners, LLC - Series A Preferred Units  December 28, 2020   7,174    6,812,923    7,173,809    4.68%
Rosebrook Opportunities Fund LP  February 2, 2017   -    1,167,567    772,357    0.50%
RRA Credit Opportunity Fund LP  December 12, 2017   -    789,036    1,289,189    0.84%
Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date 1/21/2028  February 6, 2018   1,442    -    1,846    0.00%
Sequin, Inc. - Convertible Note, 8.00%, 7/20/2023  July 22, 2020   2,098,889    2,098,889    2,365,522    1.54%
Sequin, Inc. - Promissory Note, 12.00%, 3/20/2024  March 31, 2021   250,000    250,000    250,000    0.16%
Sequin, Inc., Exercise Price $0.001, Expiration Date 3/30/2026  March 31, 2021   6,410    -    -    0.00%
Shopoff Land Fund III LP  April 28, 2015   56    40,203    33,053    0.02%
Star Mountain Diversified Credit Income Fund III LP  June 20, 2019   -    3,846,316    4,177,967    2.73%
Star Mountain Diversified Small Business Access Fund II LP  June 2, 2017   -    708,498    933,087    0.61%
Stonehill Strategic Hotel Credit Opportunity Fund II LP  July 18, 2016   661,079    661,078    1,024,134    0.67%
The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 1/20/2023  July 22, 2020   2,033,611    2,033,611    2,310,907    1.51%
Thunder Investment Partners, LLC  November 2, 2018   2,080,000    2,080,000    1,149,764    0.75%
Walton Street Real Estate Fund VIII LP  May 24, 2017   -    441,340    640,675    0.42%
Waratek, Ltd. - Convertible Note, 12.00%, 10/16/2022  March 25, 2019   3,191,374    3,191,374    5,031,630    3.29%
Waratek, Ltd. - Secured Note, 30.00%, 3/15/2022  March 15, 2021   1,732,426    1,732,426    1,787,108    1.17%
Waratek, Ltd. - Series B-1  June 5, 2018   635,838    2,990,569    2,847,767    1.86%
Waratek, Ltd. - Series B-2  December 28, 2017   756,826    3,696,940    3,895,464    2.54%
Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 1/22/2028  June 5, 2018   646,328    -    1,157,235    0.76%
WG Pitts Caribbean, LLC - Common Units  October 12, 2018   -    426,040    -    0.00%
WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023  August 14, 2020   2,623,158    2,197,118    1,188,851    0.78%
           $110,946,770   $148,876,322      

  

 

Investments in Affiliated Issuers - An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities. Issuers that are affiliates of the Fund at period-end are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of certain security shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of September 30, 2021 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

 

Security Description  Beginning balance January 1, 2021   Purchases or Conversions   Sales or Conversions   Change in Unrealized Appreciation (Depreciation)   Net Realized Gain (Loss)   Tax Basis or Return of Capital Adjustments   Ending Value September 30, 2021   Investment  Income 
Clear Guide Medical, Inc. - Series A Preferred Stock(1)  $3,931,539   $-   $-   $(201,825)  $-   $-   $3,729,714   $- 
Clear Guide Medical, Inc.  - Series A-2 Preferred Stock(1)   788,552    -    -    (44,536)   -    -    744,016    - 
Clear Guide Medical, Inc. - Series A-3 Preferred Stock(1)   4,283,658    250,000    -    (100,206)   -    -    4,433,452    - 
Clearsense, LLC - Class C Preferred Shares   12,420,172    -    -    (994,984)   -    -    11,425,188    - 
Clearsense, LLC - Class D Preferred Shares   -    3,000,000    -    1,701,027    -    -    4,701,027    - 
Clearsense, LLC - Convertible Note, 8.00%, 10/30/2022   1,755,000    -    (1,500,000)   (255,000)   -    -    -    - 
CM Funding, LLC(1)   713,430    100,000    -    378,911    -    -    1,192,341    - 
Content Management Live, LLC(1)   120,000    -    -    (60,000)   -    -    60,000    - 
Dog Wood Park of Northeast Florida, LLC   755,484    -    -    (284,755)   -    -    470,729    - 
DSI Digital, LLC  - Common Units Units(1)   -    1,000,000    -    1,603,256    -    -    2,603,256    - 
DSI Digital, LLC  - Convertible Note, 8.00%, 3/23/2023(1)   -    1,280,000    -    -    -    -    1,280,000    22,942 
DSI Digital, LLC  - Series A Convertible Preferred Units(1)   15,511,352    1,000,000    -    352,873    -    -    16,864,225    - 
LaGrange Senior Living, LLC - Class A Interests(1)   1,977,774    -    -    18,992    -    -    1,996,766    161,556 
Level ATI HoldCo, LLC - Class A(1)   2,800,673    -    -    121,588    -    -    2,922,261    - 
Park City (PCG), 12.00%, 1/1/2021   679,962    -    (679,962)   (54,397)   54,397    -    -    36,491 
Polara Builder II, LLC(1)   4,742,316    -    (2,937,010)   164,640    598,179         2,568,125    133,353 
Reach Enterprises, Inc. - Common Units(1)   9,172,932    -    -    (450,565)   -    -    8,722,367    - 
Reach Enterprises, Inc. - Convertible Note, 12.00%, 10/1/2022(1)   1,875,000    625,000    -    162,500    -    -    2,662,500    - 
Reach Enterprises, Inc. - Convertible Note, 8.00%, 4/29/2023(1)   -    1,225,000    -    (12,250)   -    -    1,212,750    - 
Reach Enterprises, Inc. - Series Seed-1 Preferred Units(1)   447,423    -    -    (25,535)   -    -    421,888    - 
Reach Enterprises, Inc. - Series Seed-2 Preferred Units(1)   1,864,232    -    -    (106,397)   -    -    1,757,835    - 
Rosebrook Opportunities Fund LP(1)   771,174    -    -    1,183    -    -    772,357    - 
RRA Credit Opportunity Fund LP   1,940,879    -    -    114,862    -    (766,552)   1,289,189    - 
Thunder Investment Partners, LLC(1)   599,872    -    -    549,892    -    -    1,149,764    120,829 
Waratek, Ltd. - Convertible Note, 12.00%, 10/16/2022   4,289,342    -    -    742,288    -    -    5,031,630    - 
Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 01/22/2028   1,224,302    -    -    (67,067)   -    -    1,157,235    - 
Waratek, Ltd. - Secured Note, 30.00%, 3/15/2022   -    1,732,426    -    54,682    -    -    1,787,108    - 
Waratek, Ltd. - Series B-1   3,013,984    -    -    (166,217)   -    -    2,847,767    - 
Waratek, Ltd. - Series B-2   4,065,792    -    -    (170,328)   -    -    3,895,464    - 
WG Pitts Caribbean, LLC - Common Units(1)   -    -    -    -    -    -    -    - 
WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023(1)   1,649,049    -    -    (460,198)   -    -    1,188,851    235,437 
   $81,393,893   $10,212,426   $(5,116,972)  $2,512,434   $652,576   $(766,552)  $88,887,805   $710,608 

 

(1) Affliated investments for which ownership exceeds 25% of the Investment Fund's Capital.