wti-20260630

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 June 30, 2026


[ ]			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)


Maryland			85-3539868
(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:


Class						Outstanding as of August 13, 2026
Common Stock, $0.001 par value						100,000

WTI FUND X, INC.

INDEX


PART I — FINANCIAL INFORMATION

Item 1.			Financial Statements

			Condensed Statements of Assets and Liabilities (Unaudited)
			As of June 30, 2026 and December 31, 2025

			Condensed Statements of Operations (Unaudited)
			For the three and six months ended June 30, 2026 and 2025

			Condensed Statements of Changes in Net Assets (Unaudited)
			For the three and six months ended June 30, 2026 and 2025

			Condensed Statements of Cash Flows (Unaudited)
			For the six months ended June 30, 2026 and 2025

			Condensed Schedules of Investments (Unaudited)
			As of June 30, 2026 and December 31, 2025

			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 JUNE 30, 2026 AND DECEMBER 31, 2025


	June 30, 2026		December 31, 2025
ASSETS
Loans, at estimated fair value
(amortized cost of $361,596,615 and $430,925,365, respectively)	$	324,437,972	$	398,113,300
Derivative asset	132,744		—
Cash	16,175,832		24,221,249
Dividend and interest receivables	4,391,409		6,270,312
Other assets	942,630		852,611


Total assets	346,080,587		429,457,472

LIABILITIES
Borrowings under debt facility	128,000,000		232,500,000
Accrued management fees	1,562,500		1,562,500
Derivative liability	1,468		149,057

Accounts payable and other accrued liabilities	1,569,442		2,213,565
Total liabilities	131,133,410		236,425,122

NET ASSETS	$	214,947,177	$	193,032,350

Analysis of Net Assets:

Capital paid in on shares of capital stock	$	384,000,000	$	358,000,000
Cumulative return of capital distributions	(132,019,639)		(130,763,657)
Total distributable losses	(37,033,184)		(34,203,993)
Net assets (equivalent to $2,149.47 and $1,930.32 per share based on 100,000 shares of capital stock outstanding - see Notes 5 and 11)	$	214,947,177	$	193,032,350

Commitments & Contingent Liabilities:
Unexpired unfunded commitments (see Note 9)	$	85,750,000	$	82,500,000

See notes to condensed financial statements (unaudited).

WTI FUND X, INC.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025


	For the Three Months Ended June 30, 2026		For the Three Months Ended June 30, 2025		For the Six Months Ended June 30, 2026		For the Six Months Ended June 30, 2025

INVESTMENT INCOME:
Interest on loans	$	18,266,838	$	19,991,231	$	46,203,918	$	36,772,075
Other income	67,429		1,034,669		101,905		1,265,569
Total investment income	18,334,267		21,025,900		46,305,823		38,037,644

EXPENSES:
Management fees	1,562,500		1,875,000		3,125,000		3,750,000

Interest expense	2,666,695		3,862,968		5,926,122		7,902,775
Banking and professional fees	139,735		210,237		211,888		530,322
Other operating expenses	41,841		79,994		147,646		120,326
Total expenses	4,410,771		6,028,199		9,410,656		12,303,423
Net investment income	13,923,496		14,997,701		36,895,167		25,734,221

Net realized loss from loans	(205,616)		(101,895)		(1,407,968)		(101,895)

Net change in unrealized loss from loans	(2,077,761)		(1,659,758)		(4,346,578)		(9,330,440)
Net change in unrealized gain (loss) from derivative instruments	125,529		(3,607)		280,333		(103,780)

Net realized and change in unrealized loss from loans and derivative instruments	(2,157,848)		(1,765,260)		(5,474,213)		(9,536,115)
Net increase in net assets resulting from operations	$	11,765,648	$	13,232,441	$	31,420,954	$	16,198,106

Amounts per common share:
Net increase in net assets resulting from operations per share	$	117.66	$	132.32	$	314.21	$	161.98
Weighted average shares outstanding	100,000		100,000		100,000		100,000

See notes to condensed financial statements (unaudited).

WTI FUND X, INC.

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025


	Common Stock
	Shares	Par Value		Additional Paid-in Capital		Return of Capital Distributions		Total Distributable Losses		Net Assets
Balance at March 31, 2025	100,000	$	100	$	357,999,900	$	(80,420,780)	$	(35,832,473)	$	241,746,747
Net increase in net assets resulting from operations	—	—		—		—		13,232,441		13,232,441
Distributions of income to shareholder	—	—		—		—		(14,895,806)		(14,895,806)
Return of capital to shareholder	—	—		—		(14,767,256)		—		(14,767,256)

Balance at June 30, 2025	100,000	$	100	$	357,999,900	$	(95,188,036)	$	(37,495,838)	$	225,316,126

Balance at March 31, 2026	100,000	$	100	$	357,999,900	$	(132,019,639)	$	(36,318,007)	$	189,662,354
Net increase in net assets resulting from operations	—	—		—		—		11,765,648		11,765,648
Distributions of income to shareholder	—	—		—		—		(12,480,825)		(12,480,825)

Contributions from shareholder	—	—		26,000,000		—		—		26,000,000
Balance at June 30, 2026	100,000	$	100	$	383,999,900	$	(132,019,639)	$	(37,033,184)	$	214,947,177

Balance at December 31, 2024	100,000	$	100	$	335,999,900	$	(77,592,923)	$	(28,061,618)	$	230,345,459
Net increase in net assets resulting from operations	—	—		—		—		16,198,106		16,198,106
Distributions of income to shareholder	—	—		—		—		(25,632,326)		(25,632,326)
Return of capital to shareholder	—	—		—		(17,595,113)		—		(17,595,113)
Contributions from shareholder	—	—		22,000,000		—		—		22,000,000
Balance at June 30, 2025	100,000	$	100	$	357,999,900	$	(95,188,036)	$	(37,495,838)	$	225,316,126

Balance at December 31, 2025	100,000	$	100	$	357,999,900	$	(130,763,657)	$	(34,203,993)	$	193,032,350
Net increase in net assets resulting from operations	—	—		—		—		31,420,954		31,420,954
Distributions of income to shareholder	—	—		—		—		(34,250,145)		(34,250,145)
Return of capital to shareholder	—	—		—		(1,255,982)		—		(1,255,982)
Contributions from shareholder	—	—		26,000,000		—		—		26,000,000
Balance at June 30, 2026	100,000	$	100	$	383,999,900	$	(132,019,639)	$	(37,033,184)	$	214,947,177

See notes to condensed financial statements (unaudited).

WTI FUND X, INC.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025


	For the Six Months Ended June 30, 2026		For the Six Months Ended June 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$	31,420,954	$	16,198,106
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Net realized loss from loans	1,407,968		101,895

Net change in unrealized loss from loans	4,346,578		9,330,440
Net change in unrealized gain (loss) from derivative instruments	(280,333)		103,780
Amortization of deferred costs related to debt facility	221,073		221,073
Origination of loans	(65,350,000)		(60,487,000)
Principal payments on loans, net of accretion	131,149,812		60,452,689
Acquisition of equity securities	(6,385,157)		(6,726,268)
Changes in operating assets and liabilities:
Net decrease in dividend and interest receivables	1,878,903		532,156
Net (increase) decrease in other assets	(311,092)		126,821
Net decrease in accounts payable, other accrued liabilities and accrued management fees	(644,123)		(138,014)
Net cash provided by operating activities	97,454,583		19,715,678

CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions to shareholder	(27,000,000)		(31,700,000)
Contributions from shareholder	26,000,000		22,000,000
Borrowings under debt facility	—		7,000,000
Repayments of borrowings under debt facility	(104,500,000)		(32,000,000)


Net cash used in financing activities	(105,500,000)		(34,700,000)

Net decrease in cash and cash equivalents	(8,045,417)		(14,984,322)

CASH AND CASH EQUIVALENTS:
Beginning of period	24,221,249		25,245,995
End of period	$	16,175,832	$	10,261,673

SUPPLEMENTAL DISCLOSURES:

CASH PAID DURING THE PERIOD:
Interest - Debt facility	$	6,191,714	$	7,731,234
NON-CASH OPERATING AND FINANCING ACTIVITIES:
Distributions of equity securities to shareholder	$	8,506,127	$	11,527,439
Receipt of equity securities as repayment of loans	$	2,120,970	$	4,801,171

See notes to condensed financial statements (unaudited).

WTI FUND X, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)

AS OF JUNE 30, 2026


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date

Biotechnology
	Biolojic Design Ltd. ** ^		Senior Secured	12.5%		$	10,574,925	$	10,087,058	$	10,087,058	6/1/2029
	Mazen Animal Health Inc.		Senior Secured	14.3%		3,145,079		3,059,863		2,107,972		*
	Teiko Bio, Inc.		Senior Secured	12.5%		750,000		678,865		678,865		5/1/2029
	Teiko Bio, Inc.		Senior Secured	12.5%		750,000		729,228		729,228		10/1/2029
	Teiko Bio, Inc. Subtotal			12.5%		1,500,000		1,408,093		1,408,093
Biotechnology Total		6.3%				$	15,220,004	$	14,555,014	$	13,603,123

Computers & Storage
	Proto, Inc.		Senior Secured	13.0%	17.8%	$	641,161	$	633,589	$	633,589	7/1/2028
Computers & Storage Total		0.3%				$	641,161	$	633,589	$	633,589

Internet
	BossBites Inc.		Senior Secured	12.0%		$	1,500,000	$	1,431,785	$	1,431,785	4/1/2029
	D2C Store, Inc.		Senior Secured	10.0%		669,717		535,312		535,312		1/1/2027
	Findigs, Inc.		Senior Secured	13.5%		1,662,956		1,623,938		1,623,938		7/1/2027
	OneLocal, Inc. ** ^		Senior Secured	12.3%		16,268		16,163		16,163		7/1/2026
	Quantcast Corp.		Senior Secured	12.0%		5,963,573		3,634,951		5,857,049		*
	Realm Living, Inc.		Senior Secured	15.7%		2,180,728		1,923,574		1,923,574		3/1/2029
	RetailerX, Inc.		Senior Secured	11.0%		7,188,763		6,483,557		6,011,653		*
	Slice Solutions, Inc.		Senior Secured	11.0%		5,000,000		4,586,152		4,586,152		5/1/2031
	Threedium, Inc. ** ^		Senior Secured	13.3%		639,542		580,424		580,424		12/1/2027
Internet Total		10.5%				$	24,821,547	$	20,815,856	$	22,566,050

Medical Devices
	Akadeum Life Sciences, Inc.		Senior Secured	14.3%		$	1,301,593	$	1,209,338	$	1,209,338	9/1/2027
	eXo Imaging, Inc.		Senior Secured	12.5%		3,750,000		3,346,011		3,346,011		12/1/2028
	Gallant Pet, Inc.		Senior Secured	13.3%		1,491,239		1,397,877		1,397,877		5/1/2028
	Gallant Pet, Inc.		Senior Secured	14.0%		309,160		304,849		304,849		10/1/2026
	Gallant Pet, Inc.		Senior Secured	13.0%		894,159		894,158		894,158		5/1/2028
	Gallant Pet, Inc. Subtotal					2,694,558		2,596,884		2,596,884
Medical Devices Total		3.3%				$	7,746,151	$	7,152,233	$	7,152,233

Other Healthcare
	Charlie Financial Inc.		Senior Secured	10.0%		$	7,000,000	$	6,820,782	$	—	*
	GoForward, Inc.		Senior Secured	12.8%		20,444,754		18,298,517		9,169,522		*
	Lark Technologies, Inc.		Senior Secured	13.5%		8,612,554		7,298,202		7,298,202		4/1/2028
	MeMed Diagnostics Ltd. ** ^		Senior Secured	11.0%	7.5%	1,500,000		1,503,908		1,503,908		11/1/2029
	MeMed Diagnostics Ltd. ** ^		Senior Secured	11.0%	7.6%	2,000,000		1,987,167		1,987,167		1/1/2030
	MeMed Diagnostics Ltd. ** ^		Senior Secured	11.0%	7.6%	1,500,000		1,180,153		1,180,153		10/1/2029
	MeMed Diagnostics Ltd. ** ^ Subtotal					5,000,000		4,671,228		4,671,228
	Vitable, Inc.		Senior Secured	13.0%		4,500,000		4,306,597		4,306,597		4/1/2029
	Vitable, Inc.		Senior Secured	13.0%		3,000,000		2,952,972		2,952,972		4/1/2029
	Vitable, Inc. Subtotal					7,500,000		7,259,569		7,259,569
Other Healthcare Total		13.2%				$	48,557,308	$	44,348,298	$	28,398,521


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)		Principal		Amortized Cost		Fair Value (d)		Final Maturity Date

Other Technology
	AI Tech Holdings, Inc.		Senior Secured	12.0%			$	454,471	$	423,225	$	423,225	10/1/2028
	Allocate Holdings Inc.		Senior Secured	10.5%			5,500,000		5,234,910		5,234,910		7/1/2031
	American Castanea PBC		Senior Secured	11.8%	6.7%		541,757		557,433		557,433		10/1/2028
	American Castanea PBC		Senior Secured	11.8%	6.7%		158,787		24,312		24,312		12/1/2027
	American Castanea PBC Subtotal						700,544		581,745		581,745
	Azumo, Inc.		Senior Secured	12.8%			957,356		913,213		453,370		*
	Badiani Limited ** ^		Senior Secured	13.6%			1,970,775		1,492,643		1,056,073		*
	Belong, Inc.		Senior Secured	13.5%			1,500,000		1,139,554		1,139,554		3/1/2029
	Belong, Inc.		Senior Secured	13.5%			750,000		673,544		673,544		3/1/2029
	Belong, Inc.		Senior Secured	13.0%			625,000		512,237		512,237		3/1/2029
	Belong, Inc. Subtotal						2,875,000		2,325,335		2,325,335
	Brick Dynamics Inc.		Senior Secured	12.0%			500,000		486,342		486,342		7/1/2029
	Brick Dynamics Inc.		Senior Secured	12.0%			500,000		465,747		465,747		4/1/2029
	Brick Dynamics Inc. Subtotal						1,000,000		952,089		952,089
	Bryte, Inc.		Senior Secured	10.0%			1,694,943		1,708,964		1,003,561		*
	Carbon Ridge, Inc.		Senior Secured	12.5%			1,067,389		1,030,273		1,030,273		1/1/2029
	Carbon Ridge, Inc.		Senior Secured	12.5%			886,849		836,308		836,308		7/1/2028
	Carbon Ridge, Inc. Subtotal						1,954,238		1,866,581		1,866,581
	Cella Farms Inc.		Senior Secured	11.8%			1,456,621		1,422,963		—		*
	Cofertility, Inc.		Senior Secured	11.8%			750,000		637,793		637,793		8/1/2029
	Coffee.ai Inc.		Senior Secured	11.0%			1,101,447		954,155		768,872		12/1/2028
	CornerUp, Inc.		Senior Secured	15.0%			392,046		359,248		—		*
	Creoate Limited ** ^		Senior Secured	12.8%			375,000		366,613		366,613		8/1/2029
	Creoate Limited ** ^		Senior Secured	12.8%			750,000		734,044		734,044		7/1/2029
	Creoate Limited ** ^		Senior Secured	12.8%			1,125,000		1,058,100		1,058,100		5/1/2029
	Creoate Limited ** ^		Senior Secured	12.8%			327,914		239,267		239,267		4/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%			371,047		368,638		368,638		6/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%			475,190		472,082		472,082		5/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%			484,680		480,670		480,670		12/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%			436,895		433,317		433,317		11/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%			424,074		420,822		420,822		10/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%	1.0	%	299,958		299,679		299,679		1/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%			384,589		381,979		381,979		7/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%	1.0	%	383,473		382,577		382,577		2/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%	1.0	%	323,995		324,128		324,128		12/1/2027
	Creoate Limited ** ^		Senior Secured	12.8%	1.0	%	413,490		414,417		414,417		11/1/2027
	Creoate Limited ** ^		Senior Secured	12.8%			132,208		131,309		131,309		8/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%	1.0	%	334,708		335,984		335,984		10/1/2027
	Creoate Limited ** ^		Senior Secured	12.8%	1.0	%	467,555		454,992		454,992		8/1/2027
	Creoate Limited ** ^		Senior Secured	15.5%			152,922		152,154		152,154		2/1/2027
	Creoate Limited ** ^ Subtotal						7,662,698		7,450,772		7,450,772
	Daisyco, Inc.		Senior Secured	10.8%			3,750,000		3,512,683		3,512,683		4/1/2029
	Eguana Technologies, Inc. ** ^		Senior Secured	12.0%			3,107,383		2,762,836		1,165,629		*
	Fanimal, Inc.		Senior Secured	11.8%			547,646		474,726		—		*
	Fortull, Inc.		Senior Secured	11.0%			375,000		362,378		362,378		4/1/2029
	Fortull, Inc.		Senior Secured	11.0%			375,000		327,059		327,059		1/1/2029
	Fortull, Inc. Subtotal						750,000		689,437		689,437
	Gold Words, LLC		Senior Secured	12.0%			408,882		401,313		401,313		12/1/2027
	Grin Technology Services Inc.		Senior Secured	12.0%			1,000,000		887,804		887,804		10/1/2029
	Heading Health Inc.		Senior Secured	12.5%			832,673		693,563		91,717		*
	High Definition Vehicle Insurance, Inc.		Senior Secured	14.5%			6,889,719		6,750,684		6,750,684		4/1/2027
	Higher Ground Education, Inc.		Senior Secured	15.0%			23,257,401		14,465,427		19,367,243		*
	Hint, Inc.		Senior Secured	13.8%			3,989,029		3,139,288		3,139,288		1/1/2028


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Holo, Inc.		Senior Secured	13.5%		204,304		26,811		26,811		*
	Innventure LLC **		Senior Secured	13.5%		12,391,281		7,140,450		7,140,450		6/1/2028
	Joy Memories, Inc		Senior Secured	12.8%	1.5%	4,000,000		3,259,455		3,259,455		1/1/2030
	Joy Memories, Inc		Senior Secured	12.0%		3,334,948		3,513,167		3,513,167		6/1/2027
	Joy Memories, Inc Subtotal					7,334,948		6,772,622		6,772,622
	Kindred Motorworks, Inc.		Senior Secured	12.0%		7,070,292		7,069,736		7,069,736		10/1/2028
	LendTable Inc.		Senior Secured	14.1%		2,414,807		2,291,370		—		*
	Logistech Solutions Pte. Ltd. ** ^		Senior Secured	12.1%		304,525		282,449		282,449		3/1/2027
	Mavenform, Inc.		Senior Secured	13.5%		4,046,035		3,508,070		2,409,036		*
	NewGlobe Education, Inc. ** ^		Senior Secured	12.5%		15,569,449		15,814,711		15,814,711		4/1/2029
	Overdrive Products Inc.		Senior Secured	13.5%		336,131		281,147		281,147		1/1/2028
	Plant Prefab, Inc.		Senior Secured	12.4%		1,231,222		712,962		712,962		*
	Ripple Foods, PBC		Senior Secured	12.0%		8,049,693		7,981,225		7,981,225		6/1/2029
	Rise Gardens, Inc.		Senior Secured	11.8%		1,380,944		1,201,703		230,195		*
	Romaine Empire, Inc.		Senior Secured	13.5%		6,289,937		6,465,076		3,610,095		12/1/2027
	Runzy, Inc.		Senior Secured	10.0%		220,000		216,452		55,568		*
	Scripta Insights, Inc.		Senior Secured	12.5%		1,717,321		1,657,415		1,657,415		4/1/2028
	Supplant, Inc. ** ^		Senior Secured	13.7%		1,801,277		1,691,973		979,119		*
	TheSquareFoot, Inc.		Senior Secured	18.0%		623,478		320,058		—		*
	TomoCredit, Inc.		Senior Secured	13.8%		1,117,297		1,103,308		1,103,308		4/1/2027
	Umbra Lab, Inc.		Senior Secured	15.3%		939,266		934,090		934,090		10/1/2026
	Umbra Lab, Inc.		Senior Secured	12.5%		18,050,000		17,083,341		17,083,341		10/1/2029
	Umbra Lab, Inc.		Senior Secured	13.5%		5,041,959		4,917,807		4,917,807		1/1/2028
	Umbra Lab, Inc. Subtotal					24,031,225		22,935,238		22,935,238
	World Wrapps II, Inc.		Senior Secured	12.5%		806,398		779,604		779,604		1/1/2029
	Zeno Technologies, Inc.		Senior Secured	10.0%		251,129		233,996		—		*
Other Technology Total		64.5%				$	170,194,565	$	148,587,773	$	138,601,815

Semiconductors & Equipment
	D2S, Inc.		Senior Secured	13.5%		$	2,500,000	$	2,217,953	$	2,217,953	5/1/2029
	Terradepth, Inc.		Senior Secured	12.5%		3,567,644		3,474,795		3,474,795		9/1/2028
Semiconductors & Equipment Total		2.6%				$	6,067,644	$	5,692,748	$	5,692,748

Software
	Abacum Inc.		Senior Secured	12.8%		$	1,191,431	$	1,175,437	$	1,175,437	5/1/2028
	Abacum Inc.		Senior Secured	13.5%		230,696		228,589		228,589		10/1/2026
	Abacum Inc. Subtotal					1,422,127		1,404,026		1,404,026
	APIsecAI, Inc.		Senior Secured	12.0%		1,301,942		1,238,342		1,238,342		5/1/2028
	APIsecAI, Inc.		Senior Secured	12.0%		750,000		730,863		730,863		1/1/2029
	APIsecAI, Inc. Subtotal					2,051,942		1,969,205		1,969,205
	Bito Inc.		Senior Secured	12.5%		750,000		655,930		655,930		5/1/2029
	Bloomboard, Inc.		Senior Secured	12.0%		4,333,940		4,063,605		4,063,605		3/1/2029
	BlueCart, Inc.		Senior Secured	14.1%		859,238		802,533		573,582		*
	Bound Rates, Inc. ** ^		Senior Secured	13.0%		958,217		928,954		928,954		12/1/2027
	Canvas Medical, Inc.		Senior Secured	12.0%		1,750,000		1,637,471		1,637,471		10/1/2029
	Checksum AI, Inc.		Senior Secured	11.3%		1,000,000		944,747		944,747		10/1/2029
	Common Sun, Inc		Senior Secured	11.0%		110,676		110,676		110,676		1/1/2027
	Common Sun, Inc		Senior Secured	11.0%		48,792		48,650		48,650		7/1/2026
	Common Sun, Inc Subtotal					159,468		159,326		159,326
	Crowded Technologies, Inc.		Senior Secured	12.5%		562,500		547,096		547,096		1/1/2029
	Crowded Technologies, Inc.		Senior Secured	12.5%		562,500		481,369		481,369		12/1/2028
	Crowded Technologies, Inc. Subtotal					1,125,000		1,028,465		1,028,465
	Eskalera, Inc.		Senior Secured	12.0%		1,231,088		1,193,618		477,603		*


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Evolver Transformation, Inc.		Senior Secured	11.5%		5,000,000		4,588,795		4,588,795		6/1/2031
	Family First, Inc		Senior Secured	12.0%		2,248,736		2,371,877		2,117,447		1/1/2028
	Form Remodel, Inc.		Senior Secured	11.0%		585,436		581,935		—		*
	Global Publishing Interactive, Inc.		Senior Secured	12.0%		1,000,000		899,144		899,144		1/1/2030
	Ioogo Inc.		Senior Secured	13.5%		4,830,303		4,616,297		—		*
	Jericho Security, Inc.		Senior Secured	12.0%		750,000		610,955		610,955		10/1/2029
	Ketch Kloud, Inc.		Senior Secured	13.0%		3,367,044		3,202,955		3,202,955		10/1/2027
	Kolors, Inc. ** ^		Senior Secured	13.5%	2.5%	882,225		912,769		912,769		6/1/2027
	Kolors, Inc. ** ^		Senior Secured	13.3%	2.5%	900,205		949,540		949,540		2/1/2027
	Kolors, Inc. ** ^ Subtotal					1,782,430		1,862,309		1,862,309
	Merlyn Mind, Inc.		Senior Secured	12.5%		750,000		354,200		354,200		6/1/2030
	Merlyn Mind, Inc.		Senior Secured	13.1%		25,953,021		22,123,337		22,123,337		1/1/2029
	Merlyn Mind, Inc.		Senior Secured	12.5%		1,750,000		821,338		821,338		7/1/2030
	Merlyn Mind, Inc. Subtotal					28,453,021		23,298,875		23,298,875
	Migo Money, Inc. ** ^		Senior Secured	11.5%		1,210,106		1,206,863		503,219		*
	Outbuild Technologies, Inc.		Senior Secured	12.0%		1,675,000		1,598,882		1,598,882		3/1/2029
	Parkoursc, Inc.		Senior Secured	12.9%		2,703,223		2,515,297		2,515,297		9/1/2028
	Safe Securities Inc.		Senior Secured	12.3%	1.0%	1,471,024		1,442,720		1,442,720		10/1/2027
	Safe Securities Inc.		Senior Secured	11.5%	1.0%	4,029,455		3,649,877		3,649,877		5/1/2029
	Safe Securities Inc.		Senior Secured	12.3%	1.0%	1,961,366		1,966,904		1,966,904		10/1/2027
	Safe Securities Inc.		Senior Secured	12.3%	1.0%	1,471,024		1,482,073		1,482,073		10/1/2027
	Safe Securities Inc. Subtotal					8,932,869		8,541,574		8,541,574
	Traction Apps, Inc. ** ^		Senior Secured	12.0%		603,216		443,503		408,306		*
	Truepic Inc.		Senior Secured	12.3%		1,189,866		1,167,101		1,167,101		5/1/2028
	Truepic Inc.		Senior Secured	12.3%		477,462		422,364		422,364		12/1/2027
	Truepic Inc. Subtotal					1,667,328		1,589,465		1,589,465
	Vesta Housing, Inc.		Senior Secured	14.8%		6,356,377		6,432,020		6,432,020		*
	Workspot, Inc.		Senior Secured	11.8%		500,000		416,370		416,370		6/1/2029
	ZeroCater, Inc.		Senior Secured	12.5%		4,111,535		4,024,353		4,024,353		4/1/2028
Software Total		35.6%				$	91,417,644	$	83,589,349	$	76,452,880

Technology Services
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	$	728,260	$	718,830	$	718,830	11/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	750,000		740,075		740,075		1/1/2029
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	750,000		741,200		741,200		12/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	364,130		360,967		360,967		11/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	750,000		742,311		742,311		10/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	750,000		739,319		739,319		2/1/2029
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	683,953		586,702		586,702		9/1/2028
	Ava Finance, Inc. Subtotal					4,776,343		4,629,404		4,629,404
	Klar Holdings Limited ** ^		Senior Secured	12.5%		2,745,557		2,558,049		2,558,049		3/1/2028
	Klar Holdings Limited ** ^		Senior Secured	12.5%		2,976,623		2,939,053		2,939,053		5/1/2028
	Klar Holdings Limited ** ^		Senior Secured	12.5%		2,862,201		2,827,563		2,827,563		4/1/2028
	Klar Holdings Limited ** ^ Subtotal					8,584,381		8,324,665		8,324,665
	Loansnap Holdings Inc. **		Senior Secured	10.3%		3,669,060		3,485,045		—		*
	MAYD Group GmbH ** ^		Senior Secured	13.8%		2,480,536		2,271,204		1,168,473		*
	Prima Holdings Limited ** ^		Senior Secured	13.0%	2.0%	2,012,562		1,959,296		1,959,296		1/1/2028
	Surround Group, Inc.		Senior Secured	14.3%		389,055		296,966		—		*
Technology Services Total		7.5%				$	21,911,937	$	20,966,580	$	16,081,838


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
Wireless
	Juvo Mobile, Inc. **		Senior Secured	12.5%		$	4,530,848	$	4,156,589	$	4,156,589	6/1/2028
	Nextivity, Inc.		Senior Secured	12.5%	8.4%	1,464,297		1,560,872		1,560,872		3/1/2028
	Nextivity, Inc.		Senior Secured	12.5%	8.4%	5,098,783		5,254,844		5,254,844		12/1/2027
	Nextivity, Inc.		Senior Secured	12.5%	8.5%	4,121,159		4,282,870		4,282,870		6/1/2028
	Nextivity, Inc. Subtotal					10,684,239		11,098,586		11,098,586
Wireless Total		7.1%				$	15,215,087	$	15,255,175	$	15,255,175

	Grand Total	150.9%				$	401,793,048	$	361,596,615	$	324,437,972


Description and terms of payments to be received from another party	Description and terms of payments to be paid to another party	Counterparty	Maturity Date	Notional Amount		Fair Value		Upfront payments/receipts		Unrealized appreciation/ (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 3.2400% to be paid monthly	Zions Bancorporation, N.A.	12/31/2026	$	50,000,000	$	(1,468)	$	—	$	(1,468)
Floating interest rate of 1 mo. USD-SOFR CME Term with a cap rate of 4.0000% to be received monthly	Floating interest rate of 1 mo. USD-SOFR CME Term with a floor rate of 2.9000% to be paid monthly	Zions Bancorporation, N.A.	12/31/2027	50,000,000		132,744		—		132,744
Total				$	100,000,000	$	131,276	$	—	$	131,276

* As of June 30, 2026, loans with a cost basis of $94.1 million and a fair value of $60.3 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 June 30, 2026, 20.1% 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 generally 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 most advantageous market and the estimates may include the use of significant unobservable inputs.

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

As of June 30, 2026, all loans were made to non-affiliates.

See notes to condensed financial statements (unaudited).

WTI FUND X, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)

AS OF DECEMBER 31, 2025


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date

Biotechnology
	Biolojic Design Ltd. ** ^		Senior Secured	12.5%	3.0%	$	7,500,000	$	7,102,545	$	7,102,545	7/1/2028
	Biolojic Design Ltd. ** ^		Senior Secured	12.5%	4.0%	1,490,871		1,643,257		1,643,257		8/1/2026
	Biolojic Design Ltd. ** ^		Senior Secured	12.5%	3.0%	3,750,000		3,682,604		3,682,604		7/1/2028
	Biolojic Design Ltd. ** ^ Subtotal					12,740,871		12,428,406		12,428,406
	Mazen Animal Health Inc.		Senior Secured	14.3%		3,104,711		3,019,495		2,260,705		*
	Ukko Inc. ** ^		Senior Secured	11.5%		656,145		650,198		650,198		5/1/2026
Biotechnology Total		7.9%				$	16,501,727	$	16,098,099	$	15,339,309

Computers & Storage
	Canary Connect, Inc.		Senior Secured	12.0%		$	5,000,000	$	5,134,605	$	5,134,605	*
	Proto, Inc.		Senior Secured	13.0%	17.8%	750,000		697,064		697,064		7/1/2028
Computers & Storage Total		3.0%				$	5,750,000	$	5,831,669	$	5,831,669

Internet
	D2C Store, Inc.		Senior Secured	10.0%		$	856,869	$	610,687	$	610,687	1/1/2027
	Findigs, Inc.		Senior Secured	13.5%		2,352,030		2,274,782		2,274,782		7/1/2027
	Giant Labs, Inc.		Senior Secured	12.8%		1,827,417		1,978,792		1,978,792		3/1/2028
	Miami Labs, Inc.		Senior Secured	13.3%		675,288		651,684		651,684		2/1/2026
	OneLocal, Inc. ** ^		Senior Secured	12.3%		110,479		107,708		107,708		7/1/2026
	Quantcast Corp.		Senior Secured	12.0%		8,528,348		6,634,951		6,634,951		*
	Realm Living, Inc.		Senior Secured	15.7%		2,942,659		2,879,242		2,879,242		6/1/2027
	RetailerX, Inc.		Senior Secured	11.0%		7,345,775		6,888,793		6,888,793		*
	Threedium, Inc. ** ^		Senior Secured	13.3%		825,945		728,737		728,737		12/1/2027
Internet Total		11.8%				$	25,464,810	$	22,755,376	$	22,755,376

Medical Devices
	Akadeum Life Sciences, Inc.		Senior Secured	14.3%		$	1,534,636	$	1,372,741	$	1,372,741	9/1/2027
	eXo Imaging, Inc.		Senior Secured	12.5%		3,750,000		3,219,508		3,219,508		12/1/2028
	Gallant Pet, Inc.		Senior Secured	13.0%		1,092,975		1,092,974		1,092,974		5/1/2028
	Gallant Pet, Inc.		Senior Secured	13.3%		1,821,790		1,682,539		1,682,539		5/1/2028
	Gallant Pet, Inc.		Senior Secured	14.0%		746,612		724,319		724,319		10/1/2026
	Gallant Pet, Inc. Subtotal					3,661,377		3,499,832		3,499,832
Medical Devices Total		4.2%				$	8,946,013	$	8,092,081	$	8,092,081

Other Healthcare
	CarePoint ** ^		Senior Secured	13.8%		$	838,466	$	831,305	$	428,377	*
	Charlie Financial Inc.		Senior Secured	12.5%	3.9%	3,500,000		3,373,727		1,987,938		7/1/2028
	Charlie Financial Inc.		Senior Secured	12.0%	3.0%	3,500,000		3,470,328		2,044,859		7/1/2028
	Charlie Financial Inc. Subtotal					7,000,000		6,844,055		4,032,797
	GoForward, Inc.		Senior Secured	12.8%		20,352,673		18,206,436		9,077,441		*
	KBS, Inc.		Senior Secured	14.0%		57,314		56,181		56,181		6/1/2026
	Lark Technologies, Inc.		Senior Secured	13.5%		10,613,936		8,652,968		8,652,968		4/1/2028
	Modern Animal, Inc.		Senior Secured	12.8%		13,419,728		12,841,490		12,841,490		12/1/2030

	Open Inc.		Senior Secured	14.8%		58,770		58,646		58,646		3/1/2026
	Open Inc.		Senior Secured	13.5%		58,001		57,588		57,588		3/1/2026
	Open Inc. Subtotal					116,771		116,234		116,234


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Vitable, Inc.		Senior Secured	13.0%		4,500,000		4,257,659		4,257,659		4/1/2029
	Yuva Biosciences, Inc.		Senior Secured	13.3%		47,681		46,710		46,710		5/1/2026
Other Healthcare Total		20.5%				$	56,946,569	$	51,853,038	$	39,509,857

Other Technology
	AI Tech Holdings, Inc.		Senior Secured	12.0%	6.5%	$	536,351	$	482,616	$	482,616	10/1/2028
	American Castanea PBC		Senior Secured	11.8%	6.7%	205,779		24,381		24,381		12/1/2027
	American Castanea PBC		Senior Secured	11.8%	6.7%	575,000		584,070		584,070		10/1/2028
	American Castanea PBC Subtotal					780,779		608,451		608,451
	Azumo, Inc.		Senior Secured	12.8%		957,356		913,213		453,370		*
	Badiani Limited ** ^		Senior Secured	13.6%		1,719,107		1,638,961		1,202,391		*
	Belong, Inc.		Senior Secured	13.5%		750,000		653,973		653,973		3/1/2029
	Belong, Inc.		Senior Secured	13.5%		1,500,000		1,056,618		1,056,618		3/1/2029
	Belong, Inc. Subtotal					2,250,000		1,710,591		1,710,591
	Bryte, Inc.		Senior Secured	10.0%		1,694,943		1,708,963		1,003,561		*
	Carbon Ridge, Inc.		Senior Secured	12.5%		1,125,000		1,075,417		1,075,417		1/1/2029
	Carbon Ridge, Inc.		Senior Secured	12.5%		1,067,422		994,119		994,119		7/1/2028
	Carbon Ridge, Inc. Subtotal					2,192,422		2,069,536		2,069,536
	Cella Farms Inc.		Senior Secured	11.8%		1,456,621		1,422,963		886,176		*
	Coffee.ai Inc.		Senior Secured	11.0%		1,101,447		936,235		936,235		8/1/2028
	CornerUp, Inc.		Senior Secured	15.0%		392,046		359,248		56,205		*
	Creoate Limited ** ^		Senior Secured	12.8%	1.0%	418,910		415,840		415,840		12/1/2027
	Creoate Limited ** ^		Senior Secured	12.8%		487,500		482,946		482,946		10/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		462,636		458,825		458,825		7/1/2028
	Creoate Limited ** ^		Senior Secured	15.5%		257,682		255,570		255,570		2/1/2027
	Creoate Limited ** ^		Senior Secured	12.8%		1,125,000		1,040,873		1,040,873		5/1/2029
	Creoate Limited ** ^		Senior Secured	12.8%	1.0%	446,231		444,090		444,090		10/1/2027
	Creoate Limited ** ^		Senior Secured	14.0%		29,154		29,086		29,086		3/1/2026
	Creoate Limited ** ^		Senior Secured	12.8%	1.0%	542,453		539,282		539,282		11/1/2027
	Creoate Limited ** ^		Senior Secured	12.8%	1.0%	382,750		379,587		379,587		1/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		157,863		156,568		156,568		8/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		404,801		375,483		375,483		4/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		581,176		576,490		576,490		5/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		449,920		446,347		446,347		6/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%	1.0%	483,476		478,954		478,954		2/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		525,000		519,546		519,546		12/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%	1.0%	647,553		615,984		615,984		8/1/2027
	Creoate Limited ** ^		Senior Secured	12.8%		487,500		482,561		482,561		11/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		750,000		724,656		724,656		7/1/2029
	Creoate Limited ** ^ Subtotal					8,639,605		8,422,688		8,422,688
	Daisyco, Inc.		Senior Secured	10.8%		3,750,000		3,446,333		3,446,333		4/1/2029
	Eguana Technologies, Inc. ** ^		Senior Secured	12.0%		3,107,383		2,762,835		1,714,182		*
	Fanimal, Inc.		Senior Secured	11.8%		547,646		479,476		—		*
	Fortull, Inc.		Senior Secured	11.0%		375,000		312,811		312,811		1/1/2029
	Gold Words, LLC		Senior Secured	12.0%		529,581		516,887		516,887		12/1/2027
	Heading Health Inc.		Senior Secured	12.5%		1,208,548		941,507		260,896		*
	High Definition Vehicle Insurance, Inc.		Senior Secured	14.5%		9,217,489		8,962,198		8,962,198		4/1/2027
	Higher Ground Education, Inc.		Senior Secured	15.0%		20,918,631		14,646,680		18,536,918		*
	Hint, Inc.		Senior Secured	13.8%		4,962,197		3,638,353		3,638,353		1/1/2028
	Holo, Inc.		Senior Secured	13.5%		204,304		26,811		26,811		*
	Innventure LLC **		Senior Secured	13.5%		15,000,000		7,790,373		7,790,373		6/1/2028
	Joy Memories, Inc		Senior Secured	12.0%		4,522,031		4,481,160		4,481,160		6/1/2027
	Kindred Motorworks, Inc.		Senior Secured	12.0%	6.4%	7,500,000		7,333,230		7,333,230		7/1/2028
	Last Energy Inc.		Senior Secured	13.8%		4,246,369		3,947,839		3,947,839		4/1/2028
	LendTable Inc.		Senior Secured	14.1%		2,414,807		2,291,370		—		*


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Logistech Solutions Pte. Ltd. ** ^		Senior Secured	12.1%		398,954		351,769		351,769		3/1/2027
	Mavenform, Inc.		Senior Secured	13.5%		4,046,035		3,508,070		2,409,036		*
	Merlin Labs, Inc.		Senior Secured	13.5%		29,787,671		27,860,348		27,860,348		6/1/2027
	NewGlobe Education, Inc. ** ^		Senior Secured	12.5%	4.6%	19,087,946		18,847,298		18,847,298		10/1/2027
	Overdrive Products Inc.		Senior Secured	13.5%		428,172		341,313		341,313		1/1/2028
	Owlet Baby Care, Inc. **		Senior Secured	12.0%	7.8%	5,259,169		4,651,074		4,651,074		1/1/2028
	Plant Prefab, Inc.		Senior Secured	12.4%		1,231,222		789,991		789,991		*
	Ripple Foods, PBC		Senior Secured	12.0%		8,422,058		8,286,535		8,286,535		6/1/2029
	Rise Gardens, Inc.		Senior Secured	11.8%		1,380,944		1,201,703		270,549		*
	Romaine Empire, Inc.		Senior Secured	13.5%		8,118,564		8,195,815		8,195,815		12/1/2027
	Runzy, Inc.		Senior Secured	14.4%		220,000		216,075		216,075		9/1/2028
	Scripta Insights, Inc.		Senior Secured	12.5%		2,121,189		2,029,603		2,029,603		4/1/2028
	Sun Day Carwash, Inc.		Senior Secured	13.5%	2.0%	1,901,330		1,913,005		1,913,005		1/1/2027
	Sun Day Carwash, Inc.		Senior Secured	13.5%	2.0%	950,665		972,589		972,589		1/1/2027
	Sun Day Carwash, Inc. Subtotal					2,851,995		2,885,594		2,885,594
	Supplant, Inc. ** ^		Senior Secured	13.7%		1,801,277		1,691,973		922,530		*
	TheSquareFoot, Inc.		Senior Secured	18.0%		623,478		320,058		—		*
	TomoCredit, Inc.		Senior Secured	13.8%		1,728,664		1,695,856		1,695,856		4/1/2027
	Umbra Lab, Inc.		Senior Secured	15.3%		2,261,449		2,234,617		2,234,617		10/1/2026
	Umbra Lab, Inc.		Senior Secured	13.5%		769,183		765,188		765,188		4/1/2026
	Umbra Lab, Inc.		Senior Secured	13.5%		6,422,575		6,220,716		6,220,716		1/1/2028
	Umbra Lab, Inc. Subtotal					9,453,207		9,220,521		9,220,521
	World Wrapps II, Inc.		Senior Secured	12.5%		893,065		830,136		830,136		1/1/2029
	Zeno Technologies, Inc.		Senior Secured	10.0%		251,129		233,996		—		*
	Zimeno Inc.		Senior Secured	11.5%		4,854,287		4,734,337		4,233,256		*
Other Technology Total		89.5%				$	203,183,689	$	179,743,393	$	172,837,110

Semiconductors & Equipment
	Terradepth, Inc.		Senior Secured	12.5%		$	3,960,229	$	3,831,814	$	3,831,814	9/1/2028
Semiconductors & Equipment Total		2.0%				$	3,960,229	$	3,831,814	$	3,831,814

Software
	Abacum Inc.		Senior Secured	12.8%		$	1,457,168	$	1,433,077	$	1,433,077	5/1/2028
	Abacum Inc.		Senior Secured	13.5%		557,799		546,844		546,844		10/1/2026
	Abacum Inc. Subtotal					2,014,967		1,979,921		1,979,921
	APIsecAI, Inc.		Senior Secured	12.0%		1,500,000		1,405,172		1,405,172		5/1/2028
	APIsecAI, Inc.		Senior Secured	12.0%		750,000		722,718		722,718		1/1/2029
	APIsecAI, Inc. Subtotal					2,250,000		2,127,890		2,127,890
	Bito Inc.		Senior Secured	12.5%		750,000		634,504		634,504		5/1/2029
	Blackcart, Inc. ** ^		Senior Secured	13.3%		842,703		826,153		—		*
	Bloomboard, Inc.		Senior Secured	12.0%		4,303,351		4,249,241		4,249,241		3/1/2028
	BlueCart, Inc.		Senior Secured	14.1%		859,238		802,533		705,991		*
	Bound Rates, Inc. ** ^		Senior Secured	13.0%		1,238,214		1,189,414		1,189,414		12/1/2027
	Common Sun, Inc		Senior Secured	11.0%		332,246		328,393		328,393		7/1/2026
	Common Sun, Inc		Senior Secured	11.0%		200,038		200,037		200,037		1/1/2027
	Common Sun, Inc Subtotal					532,284		528,430		528,430
	Confirm HR, Inc.		Senior Secured	12.0%	6.2%	562,500		462,032		462,032		11/1/2028
	Crowded Technologies, Inc.		Senior Secured	12.5%		562,500		456,585		456,585		12/1/2028
	Crowded Technologies, Inc.		Senior Secured	12.5%		562,500		540,278		540,278		1/1/2029
	Crowded Technologies, Inc. Subtotal					1,125,000		996,863		996,863
	Eskalera, Inc.		Senior Secured	12.0%		1,231,088		1,208,618		680,681		*
	Family First, Inc		Senior Secured	12.0%	7.4%	2,811,034		2,919,366		2,919,366		10/1/2027


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Form Remodel, Inc.		Senior Secured	11.0%		585,436		581,935		—		*
	FutureProof Technologies, Inc.		Senior Secured	13.5%		228,185		225,067		225,067		6/1/2026
	Grokker, Inc.		Senior Secured	11.5%		64,553		64,266		64,266		4/1/2026
	Hoken Holdings Inc.		Senior Secured	13.0%		399,384		376,199		—		*
	Ioogo Inc.		Senior Secured	13.5%		4,830,303		4,616,297		—		*
	Ketch Kloud, Inc.		Senior Secured	13.0%		3,968,835		3,894,232		3,894,232		4/1/2027
	Kolors, Inc. ** ^		Senior Secured	13.3%	2.5%	1,525,028		1,538,826		1,538,826		2/1/2027
	Kolors, Inc. ** ^		Senior Secured	13.5%	2.5%	1,280,553		1,294,817		1,294,817		6/1/2027
	Kolors, Inc. ** ^ Subtotal					2,805,581		2,833,643		2,833,643
	Kushki Group Holdings Ltd. ** ^		Senior Secured	13.0%		7,028,034		6,694,819		6,694,819		8/1/2027
	Manifold Inc.		Senior Secured	12.0%	6.7%	2,185,155		2,118,157		2,118,157		5/1/2028
	Manifold Inc.		Senior Secured	12.0%	6.5%	750,000		707,326		707,326		7/1/2029
	Manifold Inc. Subtotal					2,935,155		2,825,483		2,825,483
	Merlyn Mind, Inc.		Senior Secured	13.1%		25,666,873		20,721,570		20,721,570		1/1/2029
	Migo Money, Inc. ** ^		Senior Secured	11.5%		1,210,106		1,227,835		524,191		*
	Parkoursc, Inc.		Senior Secured	12.8%	1.0%	1,023,604		1,030,773		1,030,773		10/1/2026
	Parkoursc, Inc.		Senior Secured	13.0%		764,684		724,367		724,367		10/1/2027
	Parkoursc, Inc.		Senior Secured	13.0%		914,019		895,912		895,912		3/1/2028
	Parkoursc, Inc. Subtotal					2,702,307		2,651,052		2,651,052
	Safe Securities Inc.		Senior Secured	12.3%	1.0%	1,963,449		1,961,986		1,961,986		10/1/2027
	Safe Securities Inc.		Senior Secured	12.3%		2,617,932		2,599,820		2,599,820		10/1/2027
	Safe Securities Inc.		Senior Secured	11.5%	1.0%	4,125,000		3,630,867		3,630,867		5/1/2029
	Safe Securities Inc.		Senior Secured	12.3%	1.0%	1,963,449		1,893,151		1,893,151		10/1/2027
	Safe Securities Inc. Subtotal					10,669,830		10,085,824		10,085,824
	Semsee Corp.		Senior Secured	14.3%	1.0%	1,433,470		1,414,281		1,414,281		1/1/2027
	Standard Dental OpCo, Inc.		Senior Secured	10.0%	20.1%	9,000,000		8,134,425		8,134,425		10/1/2026
	Standard Dental OpCo, Inc.		Senior Secured	10.0%	21.0%	2,250,000		2,290,726		2,290,726		10/1/2026
	Standard Dental OpCo, Inc. Subtotal					11,250,000		10,425,151		10,425,151
	Traction Apps, Inc. ** ^		Senior Secured	12.0%		669,126		557,313		366,951		*
	Truepic Inc.		Senior Secured	12.3%		1,456,903		1,422,591		1,422,591		5/1/2028
	Truepic Inc.		Senior Secured	12.3%		618,047		527,618		527,618		12/1/2027
	Truepic Inc. Subtotal					2,074,950		1,950,209		1,950,209
	Vesta Housing, Inc.		Senior Secured	15.0%	2.0%	2,250,000		2,265,000		2,265,000		5/1/2026
	Vesta Housing, Inc.		Senior Secured	11.8%		264,526		263,286		263,286		6/1/2026
	Vesta Housing, Inc.		Senior Secured	15.0%	2.0%	1,500,000		1,513,550		1,513,550		4/1/2026
	Vesta Housing, Inc.		Senior Secured	11.8%		264,526		260,999		260,999		6/1/2026
	Vesta Housing, Inc.		Senior Secured	15.0%	2.0%	2,250,000		2,244,615		2,244,615		3/1/2026
	Vesta Housing, Inc. Subtotal					6,529,052		6,547,450		6,547,450
	ZeroCater, Inc.		Senior Secured	12.5%		4,584,034		4,372,381		4,372,381		4/1/2028
Software Total		47.7%				$	108,155,593	$	99,989,972	$	92,070,903

Technology Services
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	$	375,000	$	368,937	$	368,937	11/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	750,000		734,762		734,762		2/1/2029
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	750,000		612,248		612,248		9/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	750,000		733,676		733,676		11/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	750,000		735,463		735,463		1/1/2029
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	750,000		736,615		736,615		12/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	750,000		737,504		737,504		10/1/2028
	Ava Finance, Inc. Subtotal					4,875,000		4,659,205		4,659,205
	Klar Holdings Limited ** ^		Senior Secured	12.5%		3,535,315		3,482,148		3,482,148		4/1/2028
	Klar Holdings Limited ** ^		Senior Secured	12.5%		3,642,590		3,585,948		3,585,948		5/1/2028


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Klar Holdings Limited ** ^		Senior Secured	12.5%		3,425,652		3,135,233		3,135,233		3/1/2028
	Klar Holdings Limited ** ^ Subtotal					10,603,557		10,203,329		10,203,329
	Loansnap Holdings Inc. **		Senior Secured	10.3%		3,669,060		3,485,045		—		*
	MAYD Group GmbH ** ^		Senior Secured	13.8%		2,480,536		2,271,204		1,168,473		*
	Prima Holdings Limited ** ^		Senior Secured	13.0%	2.0%	2,566,587		2,448,785		2,448,785		1/1/2028
	Surround Group, Inc.		Senior Secured	14.3%		389,055		296,966		—		*
	Techspert.IO Limited ** ^		Senior Secured	14.3%		1,594,481		1,527,273		1,527,273		9/1/2027
Technology Services Total		10.4%				$	26,178,276	$	24,891,807	$	20,007,065

Wireless
	Juvo Mobile, Inc. **		Senior Secured	12.5%		$	4,530,848	$	4,388,123	$	4,388,123	12/1/2027
	Nextivity, Inc.		Senior Secured	12.5%	8.4%	1,827,015		1,896,255		1,896,255		3/1/2028
	Nextivity, Inc.		Senior Secured	12.5%	8.4%	6,596,279		6,485,140		6,485,140		12/1/2027
	Nextivity, Inc.		Senior Secured	12.5%	8.5%	5,000,000		5,068,598		5,068,598		6/1/2028
	Nextivity, Inc. Subtotal					13,423,294		13,449,993		13,449,993
Wireless Total		9.2%				$	17,954,142	$	17,838,116	$	17,838,116

	Grand Total	206.2%				$	473,041,048	$	430,925,365	$	398,113,300


Description and terms of payments to be received from another party	Description and terms of payments to be paid to another party	Counterparty	Maturity Date	Notional Amount		Fair Value		Upfront payments/receipts		Unrealized 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 2.3000% to be paid monthly	Zions Bancorporation, N.A.	12/31/2025	$	50,000,000	$	(49,831)	$	—	$	(49,831)
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 3.2400% to be paid monthly	Zions Bancorporation, N.A.	12/31/2026	$	50,000,000	$	(99,226)	$	—	$	(99,226)
Total				$	100,000,000	$	(149,057)	$	—	$	(149,057)

* As of December 31, 2025, loans with a cost basis of $96.6 million and a fair value of $66.6 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, 2025, 21.2% 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.

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

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

As of December 31, 2025, all loans were made to non-affiliates.

See notes to condensed financial statements (unaudited).

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”) whose ultimate parent is Ridgepost Capital, Inc. (formerly known as P10, Inc.), a Delaware corporation.

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 at $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.

2. BASIS OF PRESENTATION

The accompanying condensed interim financial statements of the Fund have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) for interim financial reporting and pursuant to the requirements for reporting on Form 10-Q. Accordingly, they do not include all information and footnote disclosures required for audited annual financial statements. Certain disclosures have been omitted because they would substantially duplicate disclosures included in the Fund’s audited financial statements and related notes for the year ended December 31, 2025, which are included in the Fund’s Annual Report on Form 10-K (“Form 10-K”) filed with the United States Securities and Exchange Commission (“SEC”) on March 13, 2026. These condensed interim financial statements should be read in conjunction with the audited financial statements and notes included in the Fund’s annual report on Form 10-K as of and for the year ended December 31, 2025, including Note 2 - Summary of Significant Accounting Policies, which discusses the Fund’s significant accounting policies and estimates. In the opinion of the Manager, the accompanying condensed interim financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Fund’s financial position and results of operations for the interim periods presented. The results for the three and six months ended June 30, 2026 are not necessarily indicative of results for a full fiscal year.

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 June 30, 2026 and December 31, 2025, 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, a recovery price. The recovery 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 recovery value) based on a transaction that would occur in the most advantageous 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:


	For the Three Months Ended				For the Six Months Ended
Performing Loans	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Weighted-Average Interest Rate - Cash	19.70	%	15.89	%	22.28	%	14.55	%
Weighted-Average Interest Rate - Non-Cash	7.17	%	5.06	%	8.18	%	4.30	%
Weighted-Average Interest Rate	26.87	%	20.95	%	30.46	%	18.85	%


	For the Three Months Ended				For the Six Months Ended
All Loans	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Weighted-Average Interest Rate - Cash	16.34	%	13.79	%	19.44	%	12.80	%
Weighted-Average Interest Rate - Non-Cash	5.94	%	4.33	%	6.80	%	3.75	%
Weighted-Average Interest Rate	22.28	%	18.12	%	26.24	%	16.55	%

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 substantially all of the loans approximates fair value.

All loans as of June 30, 2026 and December 31, 2025 were pledged as collateral for the debt facility, and the Fund’s borrowings are generally collateralized by all assets of the Fund.

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.

The Fund recognizes transfers between levels, if any, on the actual date of the event of change in circumstances that caused the transfer. There were no transfers in or out of Level 1, 2 or 3 during the three and six months ended June 30, 2026 and 2025.

For fair value disclosure purposes, the Fund has identified two classes of financial instruments: loan investments and derivative instruments. 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 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 recovery values. As a result, the Fund's loan investments are classified as Level 3.

The methodologies primarily employed by Management for valuation purposes consist of valuing loans based on the most advantageous market as discussed in Note 2 - Summary of Significant Accounting Policies of the Fund’s audited financial statements included in the Form 10-K, and the “asset recovery” method. The asset recovery method is utilized once Management identifies a troubled loan. This methodology incorporates various alternative outcomes based on all available information as of the valuation date. Each outcome is assigned a weighting depending on the facts and circumstances which exist at the underlying portfolio company. In certain scenarios, Management identifies all relevant remaining assets and the expected value of the proceeds the Fund may receive for selling off tangible assets or intellectual property rights, redeploying those assets to other companies, recovering receivables, etc. In other circumstances, Management considers the portfolio company’s potential ability to raise an additional round of financing or to be acquired which then allows for full or partial recovery of the Fund’s loan.

The following tables provide quantitative information about the Fund’s Level 3 fair value measurements of the Fund’s investments by industry as of June 30, 2026 and December 31, 2025. 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 June 30, 2026

Valuation Techniques / Methodologies

Unobservable Input

Range

Weighted Average(a)

Biotechnology

13,603,123

Most advantageous market analysis

Most advantageous market effective yield rate

16% - 17%

17%

Asset Recovery

Probability weighting of alternative outcomes

10% - 25%*^

Computers & Storage

633,589

Most advantageous market analysis

Most advantageous market effective yield rate

27% *

27%

Internet

22,566,050

Most advantageous market analysis

Most advantageous market effective yield rate

14% - 26%

17%

Asset Recovery

Probability weighting of alternative outcomes

15% - 65% ^

Medical Devices

7,152,233

Most advantageous market analysis

Most advantageous market effective yield rate

18% - 26%

21%

Other Healthcare

28,398,521

Most advantageous market analysis

Most advantageous market effective yield rate

15% - 17%

16%

Asset Recovery

Probability weighting of alternative outcomes

15% - 100% ^

Other Technology

138,601,815

Most advantageous market analysis

Most advantageous market effective yield rate

12% - 29%

16%

Asset Recovery

Probability weighting of alternative outcomes

10% - 100% ^

Semiconductors & Equipment

5,692,748

Most advantageous market analysis

Most advantageous market effective yield rate

14% - 21%

17%

Software

76,452,880

Most advantageous market analysis

Most advantageous market effective yield rate

11% - 27%

21%

Asset Recovery

Probability weighting of alternative outcomes

10% - 100%^

Technology Services

16,081,838

Most advantageous market analysis

Most advantageous market effective yield rate

14% - 19%

16%

Asset Recovery

Probability weighting of alternative outcomes

25% - 100% ^

Wireless

15,255,175

Most advantageous market analysis

Most advantageous market effective yield rate

18% - 22%

19%

Total Loan Investments

324,437,972

(a) The weighted-average most advantageous market effective yield 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 this industry that utilizes this valuation technique.

Investment Type - Level 3

Loan Investments

Fair Value at December 31, 2025

Valuation Techniques / Methodologies

Unobservable Input

Range

Weighted Average(a)

Biotechnology

15,339,309

Most advantageous market analysis

Most advantageous market effective yield rate

15% - 17%

17%

Asset Recovery

Probability weighting of alternative outcomes

25% *

Computers & Storage

5,831,669

Most advantageous market analysis

Most advantageous market effective yield rate

27% *

27%

Asset Recovery

Probability weighting of alternative outcomes

30% - 40% *

Internet

22,755,376

Most advantageous market analysis

Most advantageous market effective yield rate

16% - 26%

19%

Asset Recovery

Probability weighting of alternative outcomes

10% - 65% ^

Investment Type - Level 3

Loan Investments

Fair Value at December 31, 2025

Valuation Techniques / Methodologies

Unobservable Input

Range

Weighted Average(a)

Medical Devices

8,092,081

Most advantageous market analysis

Most advantageous market effective yield rate

18% - 26%

21%

Other Healthcare

39,509,857

Most advantageous market analysis

Most advantageous market effective yield rate

14% - 22%

15%

Asset Recovery

Probability weighting of alternative outcomes

5% - 50% ^

Other Technology

172,837,110

Most advantageous market analysis

Most advantageous market effective yield rate

14% - 29%

20%

Asset Recovery

Probability weighting of alternative outcomes

5% - 100% ^

Semiconductors & Equipment

3,831,814

Most advantageous market analysis

Most advantageous market effective yield rate

14% *

14%

Software

92,070,903

Most advantageous market analysis

Most advantageous market effective yield rate

13% - 27%

20%

Asset Recovery

Probability weighting of alternative outcomes

5% - 100% ^

Technology Services

20,007,065

Most advantageous market analysis

Most advantageous market effective yield rate

14% - 20%

16%

Asset Recovery

Probability weighting of alternative outcomes

25% - 100% ^

Wireless

17,838,116

Most advantageous market analysis

Most advantageous market effective yield rate

18%

Total Loan Investments

398,113,300

(a) The weighted-average most advantageous market effective yield 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.

Increases (or decreases) in the most advantageous market effective yield rate, in isolation, could result in a significantly lower (or higher) fair value measurement. Likewise, increases (or decreases) in the probability weighting of unfavorable outcomes could decrease (increase) the fair value of the loan investments significantly. These sensitivities vary across industry segments and individual borrowers.

The following tables present the balances of assets and liabilities as of June 30, 2026 and December 31, 2025 measured at fair value on a recurring basis:


As of June 30, 2026
ASSETS:	Level 1		Level 2		Level 3		Total
Loans †	$	—	$	—	$	324,437,972	$	324,437,972
Derivative assets	—		132,744		—		132,744

Total assets	$	—	$	132,744	$	324,437,972	$	324,570,716

LIABILITIES:	Level 1		Level 2		Level 3		Total

Derivative liabilities	$	—	$	1,468	$	—	$	1,468
Total liabilities	$	—	$	1,468	$	—	$	1,468

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


As of December 31, 2025
ASSETS:	Level 1		Level 2		Level 3		Total
Loans †	$	—	$	—	$	398,113,300	$	398,113,300


Total assets	$	—	$	—	$	398,113,300	$	398,113,300

LIABILITIES:	Level 1		Level 2		Level 3		Total
Derivative liabilities	$	—	$	149,057	$	—	$	149,057
Total liabilities	$	—	$	149,057	$	—	$	149,057

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

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 June 30, 2026
	Loans		Warrants
Beginning balance	$	334,975,067	$	—
Acquisitions and originations	35,000,000		4,980,825
Principal payments on loans, net of accretion	(43,253,718)		—
Distributions to shareholder	—		(4,980,825)
Net realized loss from loans	(205,616)		—
Net change in unrealized loss from loans	(2,077,761)		—
Ending balance	$	324,437,972	$	—

Net change in unrealized loss from loans still held at June 30, 2026	$	(2,077,761)


	For the Six Months Ended June 30, 2026
	Loans		Warrants
Beginning balance	$	398,113,300	$	—
Acquisitions and originations	65,350,000		8,506,127
Principal payments on loans, net of accretion	(133,270,782)		—
Distributions to shareholder	—		(8,506,127)
Net realized loss from loans	(1,407,968)		—
Net change in unrealized loss from loans	(4,346,578)		—
Ending balance	$	324,437,972	$	—

Net change in unrealized loss from loans still held at June 30, 2026	$	(6,452,939)


	For the Three Months Ended June 30, 2025
	Loans		Warrants		Convertible Notes
Beginning balance	$	452,389,465	$	—	$	—
Acquisitions and originations	12,075,000		4,552,187		110,875
Principal payments on loans, net of accretion	(36,769,611)		—		—
Distributions to shareholder	—		(4,552,187)		(110,875)
Net realized loss from loans	(101,895)		—		—
Net change in unrealized loss from loans	(1,659,759)		—		—
Ending balance	$	425,933,200	$	—	$	—

Net change in unrealized loss from loans still held at June 30, 2025	$	(1,787,473)


	For the Six Months Ended June 30, 2025
	Loans		Warrants		Convertible Notes
Beginning balance	$	440,132,395	$	—	$	—
Acquisitions and originations	60,487,000		10,616,688		910,751
Principal payments on loans, net of accretion	(65,253,860)		—		—
Distributions to shareholder	—		(10,616,688)		(910,751)
Net realized loss from loans	(101,895)		—		—
Net change in unrealized loss from loans	(9,330,440)		—		—
Ending balance	$	425,933,200	$	—	$	—

Net change in unrealized loss from loans still held at June 30, 2025	$	(9,581,140)

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 June 30, 2026 and December 31, 2025, 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 June 30, 2026 and December 31, 2025, was $500.0 million. As of June 30, 2026 and December 31, 2025, total contributed capital to the Company was $427.0 million and $400.0 million, respectively, of which $384.0 million and $358.0 million was contributed to the Fund, respectively.

The chart below shows the distributions of the Fund for the six months ended June 30, 2026 and 2025.


	For the Six Months Ended June 30, 2026		For the Six Months Ended June 30, 2025
Cash distributions	$	27,000,000	$	31,700,000
Distributions of securities	8,506,127		11,527,439
Total distributions to shareholder	$	35,506,127	$	43,227,439

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. BDCs are generally required to have an asset coverage of at least 200% but are permitted 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 shareholder approval.

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. As of June 30, 2026 and December 31, 2025, the Fund’s asset coverage for borrowings was 267% and 183%, respectively.

The Fund is a party to a loan and security agreement (as amended and restated from time to time, the “Loan and Security Agreement”) with ING Capital LLC acting as the administrative agent and the other lenders named therein, that established a secured revolving credit facility with a commitment size of $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.

The Fund pays interest on its borrowings and a fee on the unused portion of the facility. 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 June 30, 2026, the Fund’s outstanding borrowings were entirely 1-month 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.

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 life of the facility, which is expected to terminate on October 18, 2026. As of June 30, 2026 and December 31, 2025, the remaining unamortized fees and costs are $0.1 million and $0.4 million, respectively.

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. The Fund is also required to maintain derivative instruments covering a notional principal amount of at least 20% of the aggregate principal balance of the outstanding borrowings (the “Minimum Hedge Percentage”). The Fund is required to comply with this Minimum Hedge Percentage only after the date on which the Subscription Secured Borrowings percentage is less than 25% of the Fund’s borrowing base (see Note 8). As of both June 30, 2026 and December 31, 2025, Management is not aware of instances of non-compliance with financial covenants.

The carrying value of the Fund’s borrowings under the debt facility approximates fair value. The fair value of the borrowings leverages rates that are observable at commonly quoted intervals, which is classified as a Level 2 fair value measurement in the fair value hierarchy. As of June 30, 2026 and December 31, 2025, $128.0 million and $232.5 million, respectively, was outstanding under the debt facility, with a weighted average all-in interest rate of 5.89% and 6.16%, respectively.

7. MANAGEMENT FEE AND RELATED PARTIES

Management Fee

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 the 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 1						1.575%
Year 2						1.600%
Year 3						1.575%
Year 4						1.500%
Year 5						1.250%
Year 6						0.900%
Year 7						0.600%
Year 8						0.350%
Year 9						0.150%

There will be no Management Fee payable after the ninth-year anniversary of the first capital contribution date.

For the three and six months ended June 30, 2026 and 2025, Management Fees were calculated at 1.250% and 1.500% of the Company’s committed capital, respectively. Management Fees of $1.6 million and $1.9 million were recognized as expenses for the three months ended June 30, 2026 and 2025, respectively. Management Fees of $3.1 million and $3.8 million were recognized as expenses for the six months ended June 30, 2026 and 2025, respectively.

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 WTI Fund XI, Inc. (“Fund XI”)

The Manager also serves as the investment manager for Fund XI. So long as Fund XI has capital available to invest in loan transactions with final maturities earlier than December 31, 2031 (the date on which the Fund’s term of existence automatically expires), the Fund may invest in each portfolio company in which Fund XI invests, subject to the approval of the Fund’s Board. The Manager’s allocation process is designed to allocate investment opportunities fairly and equitably among the Fund and Fund XI over time and subject to the respective funds’ board approval, may be based on a methodology taking into account investment pace, the remaining commitment periods and other relevant factors.

The ability of the Fund to co-invest with Fund XI and other clients advised by the Manager is subject to the conditions (the “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 XI, 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.

8. DERIVATIVE INSTRUMENTS

The Fund uses derivative instruments to manage its exposure to interest rates on expected borrowings under its debt facility (see Note 6), 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:

Counterparties

Effective Date

Notional Amount

Cap

Floor

Index

Maturity Date

Zions Bancorporation, N.A.

12/31/2024

$50,000,000

5.30%

3.24%

1 mo.USD-SOFR CME Term

12/31/2026

Zions Bancorporation, N.A.

12/31/2025

$50,000,000

4.00%

2.90%

1 mo.USD-SOFR CME Term

12/31/2027

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 June 30, 2026 and December 31, 2025:


	Derivative Assets				Derivative Liabilities
Derivative Instruments	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Interest rate collar	$	132,744	$	—	$	1,468	$	149,057

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				For the Six Months Ended
Derivative Instruments	Condensed Statements of Operations Caption	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Interest rate collar	Net change in unrealized gain (loss) from derivative instruments	$	125,529	$	(3,607)	$	280,333	$	(103,780)

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 June 30, 2026 and December 31, 2025:


	As of June 30, 2026
Counterparties	Derivative Asset Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Pledged		Cash Collateral Pledged		Net Amount (1)
Zions Bancorporation, N.A.	$	132,744	$	—	$	—	$	—	$	132,744
Total	$	132,744	$	—	$	—	$	—	$	132,744


	As of June 30, 2026
Counterparties	Derivative Liability Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Pledged		Cash Collateral Pledged		Net Amount (2)
Zions Bancorporation, N.A.	$	(1,468)	$	—	$	—	$	—	$	(1,468)
Total	$	(1,468)	$	—	$	—	$	—	$	(1,468)


	As of December 31, 2025
Counterparties	Derivative Liability Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Pledged		Cash Collateral Pledged		Net Amount (2)
Zions Bancorporation, N.A.	$	(149,057)	$	—	$	—	$	—	$	(149,057)
Total	$	(149,057)	$	—	$	—	$	—	$	(149,057)

(1) Net amount of derivative assets represents the net amount due from the counterparty to the Fund.
(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, 2025.

9. COMMITMENTS AND CONTINGENCIES

Unexpired Unfunded Commitments

As of June 30, 2026 and December 31, 2025, the Fund’s unexpired unfunded commitments to borrowers totaled $85.8 million and $82.5 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 June 30, 2026 and December 31, 2025:


Borrower	Industry	Unexpired Unfunded Commitment as of June 30, 2026		Expiration Date
Abacum Inc.	Software	$	15,000,000	03/31/27
Belong, Inc.	Other Technology	375,000		07/31/26
Cofertility, Inc.	Other Technology	1,250,000		02/15/27
Crowded Technologies, Inc.	Software	1,125,000		07/31/26
eXo Imaging, Inc.	Medical Devices	3,750,000		07/31/26
Fortull, Inc.	Other Technology	375,000		10/31/26
Global Publishing Interactive, Inc.	Software	750,000		02/28/27
GoForward, Inc.	Other Healthcare	30,000,000		12/31/26


Borrower	Industry	Unexpired Unfunded Commitment as of June 30, 2026		Expiration Date
Jericho Security, Inc.	Software	250,000		10/31/26
Lucra Inc.	Software	3,000,000		07/31/27
Merlyn Mind, Inc.	Software	5,000,000		12/31/26
Orion Longevity, Inc.	Other Technology	3,500,000		09/30/26
Outbuild Technologies, Inc.	Software	1,000,000		07/31/26
Pioneers Educaton, Inc.	Other Technology	4,000,000		12/31/26
Safe Securities Inc.	Software	10,875,000		06/30/27
Slice Solutions, Inc.	Internet	2,500,000		12/15/26
Workspot, Inc.	Software	1,500,000		06/30/29
World View Enterprises Inc.	Other Technology	1,500,000		01/31/27
Total		$	85,750,000


Borrower	Industry	Unexpired Unfunded Commitment as of December 31, 2025		Expiration Date
Abacum Inc.	Software	$	15,000,000	03/31/27
Ava Finance, Inc.	Technology Services	1,500,000		03/31/26
Bito Inc.	Software	375,000		03/31/26
Creoate Limited	Other Technology	375,000		01/31/26
Crowded Technologies, Inc.	Software	1,125,000		07/31/26
Daisyco, Inc.	Other Technology	3,750,000		06/30/26
eXo Imaging, Inc.	Medical Devices	3,750,000		07/31/26
Fortull, Inc.	Other Technology	750,000		10/31/26
GoForward, Inc.	Other Healthcare	30,000,000		12/31/26
Lark Technologies, Inc.	Other Healthcare	7,500,000		04/30/26
Prima Holdings Limited	Technology Services	3,000,000		04/30/26
Safe Securities Inc.	Software	10,875,000		06/30/27
Teiko Bio, Inc.	Biotechnology	1,500,000		06/30/26
Vitable, Inc.	Other Healthcare	3,000,000		03/14/26
Total		$	82,500,000

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.

10. SEGMENT INFORMATION

The Fund operates through a single operating and reportable segment with an objective to invest and generate returns by providing debt financing to start-up and emerging growth venture-backed companies across various geographies, primarily in the U.S.; revenues are derived from interest income earned on the debt financing. The Fund’s chief operating decision maker (“CODM”) is comprised of the officers of the Fund (inclusive of the Chief Executive Officer and Chief Financial Officer, among others) and evaluates segment performance and makes operating decisions of the Fund based on the net increase (or decrease) in net assets from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in deciding whether to reinvest in the segment (i.e., loan fundings), call capital, pay dividends or service its debt. As the Fund’s operations comprise a single reportable segment, the segment assets are reflected on the accompanying Condensed Statements of Assets and Liabilities as “Total assets” and the significant segment expenses are listed on the accompanying Condensed Statements of Operations.

11. FINANCIAL HIGHLIGHTS

U.S. GAAP requires disclosure of financial highlights of the Fund for the three and six months ended June 30, 2026 and 2025.

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 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.

The following per share data and ratios have been derived from the information provided in the financial statements:


	For the Three Months Ended June 30, 2026			For the Three Months Ended June 30, 2025			For the Six Months Ended June 30, 2026			For the Six Months Ended June 30, 2025

Total return**	6.19		%	5.48		%	17.02		%	6.76		%

Per share amounts:
Net asset value, beginning of period	$	1,896.62		$	2,417.47		$	1,930.32		$	2,303.45
Net investment income	139.23			149.98			368.95			257.34
Net realized and change in unrealized loss from loans and derivative instruments	(21.57)			(17.66)			(54.74)			(95.36)
Net increase in net assets resulting from operations	117.66			132.32			314.21			161.98

Distributions of income to shareholder	(124.81)			(148.96)			(342.50)			(256.32)
Return of capital to shareholder	—			(147.67)			(12.56)			(175.95)
Contributions from shareholder	260.00			—			260.00			220.00
Net asset value, end of period	$	2,149.47		$	2,253.16		$	2,149.47		$	2,253.16

Net assets, end of period	$	214,947,177		$	225,316,126		$	214,947,177		$	225,316,126

Ratios to average net assets:

Expenses*	9.27		%	9.98		%	9.82		%	10.09		%
Net investment income*	29.26		%	24.83		%	38.50		%	21.10		%
Portfolio turnover rate	—		%	—		%	—		%	—		%
Average debt outstanding	$	159,875,000		$	219,750,000		$	187,428,571		$	227,214,286

*Annualized

**Total return amounts presented above are not annualized

12. SUBSEQUENT EVENTS

Management 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.

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. 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 2025 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 regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986 (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 the Fund’s 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 the Fund’s portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of the Fund’s investments could result in future unrealized losses and therefore reduce the Fund’s net assets resulting from operations.

The Fund’s investment income is also expected to decline following the end of the Fund’s commitment period which was extended by two calendar quarters through June 30, 2026. As the commitment period has now ended as of June 30, 2026, 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 Fund operates through a single operating and reportable segment for financial reporting purposes, consistent with how the officers of the Fund (inclusive of the Chief Executive Officer and Chief Financial Officer, among others), who are the Fund’s CODM, evaluate financial performance and allocate resources.

Transactions with Fund XI

The Manager also serves as the investment manager for Fund XI. So long as Fund XI has capital available to invest in loan transactions with final maturities earlier than December 31, 2031 (the date on which the Fund’s term of existence automatically expires), the Fund may invest in each portfolio company in which Fund XI invests, subject to the approval of the Fund’s Board. The Manager’s allocation process is designed to allocate investment opportunities fairly and equitably among the Fund and Fund XI over time, and subject to board approval, may be based on a methodology taking into account investment pace, the remaining commitment periods and other relevant factors.

The ability of the Fund to co-invest with Fund XI and other clients advised by the Manager is subject to the 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 XI, 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 transaction that would occur in the most advantageous 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 effective yield 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 cost basis of substantially all loans 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.

The Impact of Macro-level Conditions on Results of Operations and Liquidity & Capital Resources

Global and domestic financial markets remain volatile due to persistent inflationary pressures, interest rate fluctuations, and concerns about slowing economic growth. Geopolitical tensions, including the ongoing Ukraine War, war in the Middle East, in particular, involving the United States, Israel, Iran and the Gulf States, and continued instability in global shipping lanes have disrupted trade routes and supply chains. Recent escalations in the South China Sea and renewed cyberattacks targeting critical infrastructure have added to global uncertainty. Additionally, evolving U.S. government policies, global tariff regimes, and extreme weather events underscore the continuing political risk and risk of natural disasters and climate-related disruptions. These factors have created interruptions 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 macro risks on the Fund’s financial condition, including its 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 and Six Months Ended June 30, 2026 and 2025

Analysis of Interest Income

Total investment income for the three months ended June 30, 2026 and 2025 was $18.3 million and $21.0 million, respectively. Total investment income for the six months ended June 30, 2026 and 2025 was $46.3 million and $38.0 million, respectively. Investment income 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 considered to be free standing contracts that are both legally detachable and separately exercisable from the related loan transactions and 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 June 30, 2026 and 2025:


	For the Three Months Ended June 30, 2026								For the Three Months Ended June 30, 2025
	Average Outstanding Balance		Interest Income		Weighted Average Interest Rate - Cash Portion		Weighted Average Interest Rate - Non-Cash Portion		Average Outstanding Balance		Interest Income		Weighted Average Interest Rate - Cash Portion		Weighted Average Interest Rate - Non-Cash Portion
Performing Loans	$	271,902,215	$	18,266,838	19.70	%	7.17	%	$	377,544,380	$	19,777,353	15.89	%	5.06	%
All Loans	$	327,936,253	$	18,266,838	16.34	%	5.94	%	$	441,342,063	$	19,991,231	13.79	%	4.33	%

Interest income for performing loans and all loans decreased by $1.5 million and $1.7 million, or 7.6% and 8.6%, respectively, for the three months ended June 30, 2026 compared to the same period in 2025. This is primarily attributable to a decline in the loan investment portfolio, which resulted in lower income, partially offset by higher income attributable to an increased number of early loan payoffs during the three months ended June 30, 2026 compared to the same period in 2025. The average outstanding balance for performing loans decreased by $105.6 million or 28.0%, for the three months ended June 30, 2026 compared to the same period in 2025. The average outstanding balance for all loans decreased by $113.4 million or 25.7%, for the three months ended June 30, 2026 compared to the same period in 2025.

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 six months ended June 30, 2026 and 2025.


	For the Six Months Ended June 30, 2026								For the Six Months Ended June 30, 2025
	Average Outstanding Balance		Interest Income		Weighted Average Interest Rate - Cash Portion		Weighted Average Interest Rate - Non-Cash Portion		Average Outstanding Balance		Interest Income		Weighted Average Interest Rate - Cash Portion		Weighted Average Interest Rate - Non-Cash Portion
Performing Loans	$	292,620,283	$	44,571,409	22.28	%	8.18	%	$	387,812,526	$	36,542,429	14.55	%	4.30	%
All Loans	$	352,212,041	$	46,203,918	19.44	%	6.80	%	$	444,313,278	$	36,772,075	12.80	%	3.75	%

Interest income for both performing loans and all loans increased by $8.0 million and $9.4 million, or 22.0% and 25.6%, respectively, for the six months ended June 30, 2026 compared to the same period in 2025. The increase is primarily due to an increased number of early loan payoffs partially offset by lower interest income resulting from an increase in maturing loans, wherein the amortization schedule shifts to a greater proportion of each payment now being applied to the principal balance rather than interest during the six months ended June 30, 2026 in comparison to the same period in 2025. The average outstanding balance for performing loans and all loans decreased by $95.2 million and $92.1 million, or 24.5% and 20.7%, respectively, for the six months ended June 30, 2026 compared to the same period in 2025.

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 expense rate for the three months ended June 30, 2026 and 2025.


	For the Three Months Ended June 30, 2026						For the Three Months Ended June 30, 2025
	Average Balance		Interest Expense		Weighted Average Interest Expense Rate		Average Balance		Interest Expense		Weighted Average Interest Expense Rate
Debt Facility	$	159,875,000	$	2,666,695	6.67	%	$	219,750,000	$	3,862,968	7.03	%

Interest expense decreased by $1.2 million, or 31.0%, for the three months ended June 30, 2026 compared to the same period in 2025. Interest expense for the three months ended June 30, 2026, decreased primarily due to lower average debt outstanding and also lower weighted average interest rates. The average outstanding balance for borrowings under the facility decreased by $59.9 million, or 27.2%, for the three months ended June 30, 2026 compared to the same period in 2025.

The following table shows the average balance, interest expense, and weighted average interest rate for the six months ended June 30, 2026 and 2025.


	For the Six Months Ended June 30, 2026						For the Six Months Ended June 30, 2025
	Average Balance		Interest Expense		Weighted Average Interest Expense Rate		Average Balance		Interest Expense		Weighted Average Interest Expense Rate
Debt Facility	$	187,428,571	$	5,926,122	6.32	%	$	227,214,286	$	7,902,775	6.96	%

Interest expense decreased by $2.0 million, or 25.0%, for the six months ended June 30, 2026 compared to the same period in 2025. Interest expense for the six months ended June 30, 2026, decreased due to lower average debt outstanding and also lower weighted average interest rates. The average outstanding balance for borrowings under the facility decreased by $39.8 million, or 17.5%, for the six months ended June 30, 2026 compared to the same period in 2025.

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 Expenses

The following table shows the components of operating expenses for the three and six months ended June 30, 2026 and 2025.


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
Operating Expense	2026		2025		Change ($)		2026		2025		Change ($)

Management Fees	$	1,562,500	$	1,875,000	$	(312,500)	$	3,125,000	$	3,750,000	$	(625,000)
Banking and professional fees	139,735		210,237		(70,502)		211,888		530,322		(318,434)
Other operating expenses	41,841		79,994		(38,153)		147,646		120,326		27,320
Total Operating Expenses	$	1,744,076	$	2,165,231	$	(421,155)	$	3,484,534	$	4,400,648	$	(916,114)

For the three and six months ended June 30, 2026 and 2025, Management Fees were calculated at 1.250% and 1.500% of the Company’s committed capital, respectively.

Banking and professional fees decreased by less than $0.1 million and $0.3 million, or 33.5% and 60.0%, respectively, for the three and six months ended June 30, 2026 compared to the same period in 2025. These expenses included legal fees, tax preparation fees and other consulting and professional service fees.

Other operating expenses decreased by less than $0.1 million, or 47.7% for the three months ended June 30, 2026 compared to the same period in 2025. Other operating expenses increased by less than $0.1 million, or 22.7% for the six months ended June 30, 2026 compared to the same period in 2025. 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 June 30, 2026 and 2025 were $0.2 million and $0.9 million, respectively. Non-recurring fees for the six months ended June 30, 2026 and 2025 were $0.5 million and $1.2 million, respectively.

Net Investment Income

Net investment income for the three months ended June 30, 2026 and 2025 was $13.9 million and $15.0 million, respectively. Net

investment income for the six months ended June 30, 2026 and 2025 was $36.9 million and $25.7 million, respectively.

Realized and Change in Unrealized Gains (Losses)

Net realized losses from loans was $0.2 million and $0.1 million, for the three months ended June 30, 2026 and 2025, respectively. Net realized losses from loans was $1.4 million and $0.1 million, for the six months ended June 30, 2026 and 2025, respectively. Realized losses consisted of loans that were written off.

Net change in unrealized loss from loans was $2.1 million and $1.7 million for the three months ended June 30, 2026 and 2025, respectively. Net change in unrealized loss from loans was $4.3 million and $9.3 million for the six months ended June 30, 2026 and 2025, 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 (loss) from derivative instruments was $0.1 million and less than $(0.1) million for the three months ended June 30, 2026 and 2025, respectively. Net change in unrealized gain (loss) from derivative instruments was $0.3 million and $(0.1) million for the six months ended June 30, 2026 and 2025, respectively. The net change in unrealized gain (loss) 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.

Net increase in net assets resulting from operations for the three months ended June 30, 2026 and 2025 was $11.8 million and $13.2 million, respectively. On a per share basis, the net increase in net assets resulting from operations for the three months ended June 30, 2026 and 2025 was $117.66 and $132.32, respectively.

Net increase in net assets resulting from operations for the six months ended June 30, 2026 and 2025 was $31.4 million and $16.2 million, respectively. On a per share basis, the net increase in net assets resulting from operations for the six months ended June 30, 2026 and 2025 was $314.21 and $161.98, respectively.

Liquidity and Capital Resources – June 30, 2026 and December 31, 2025

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 $384.0 million and $358.0 million as of June 30, 2026 and December 31, 2025, respectively. As of both June 30, 2026 and December 31, 2025, the Company had subscriptions for capital in the amount of $500.0 million, of which $427.0 million and $400.0 million, respectively, had been called and received. The Manager exercised, and the Board of Directors ratified, its discretion to extend the Fund’s investment period for two additional quarters after December 31, 2025, thereby allowing the Fund to make new commitments through June 30, 2026 and to fund commitments through June 30, 2027, the end of the Fund’s investment period. As of June 30, 2026, $73.0 million of capital remains uncalled. The Company has made $150.8 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 six months ended June 30, 2026 and 2025 were as follows:


	For the Six Months Ended June 30, 2026		For the Six Months Ended June 30, 2025
Net cash provided by operating activities	$	97,454,583	$	19,715,678
Net cash used in financing activities	(105,500,000)		(34,700,000)
Net decrease in cash and cash equivalents	$	(8,045,417)	$	(14,984,322)

As of June 30, 2026 and December 31, 2025, 7.53% and 12.55%, respectively, of the Fund’s net assets consisted of cash.

The Fund is a party to the Loan and Security Agreement (as amended and restated from time to time) with ING Capital LLC acting as the administrative agent and the other lenders named therein, that established a secured revolving credit facility with a commitment size of $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.

Borrowings of 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. The Subscription Secured Borrowings component of the facility expires on the commitment period expiration date. Upon expiration of the Fund’s commitment period on June 30, 2026, the Fund is no longer permitted to incur borrowings under the Subscription Secured Borrowings component. 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 mandatory principal payments, if any. The Fund is currently evaluating options to extend, renew or replace the existing facility. 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). The Fund pays interest on its borrowings and a fee on the unused portion of the facility. 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 June 30, 2026, 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 June 30, 2026, $128.0 million was outstanding under the facility.

Amounts disbursed under the Fund’s loan commitments were $65.3 million for the six months ended June 30, 2026. Net loan amounts outstanding after amortization and valuation adjustments decreased by $73.7 million for the same period. Unexpired unfunded commitments totaled $85.8 million as of June 30, 2026.

As of

Cumulative Amount Disbursed

Principal Reductions and Fair Market Adjustments

Balance Outstanding - Fair Value

Unexpired Unfunded Commitments

June 30, 2026

$942.1 million

$617.7 million

$324.4 million

$85.8 million

December 31, 2025

$876.8 million

$478.7 million

$398.1 million

$82.5 million

The unexpired unfunded commitments by portfolio company as of June 30, 2026 and December 31, 2025 are detailed in Note 9 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 June 30, 2026, the Fund had a cash balance of $16.2 million and $137.5 million in scheduled loan receivable payments over the next twelve months. Additionally, the Fund has access to uncalled capital of $73.0 million and recallable capital of $150.8 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.

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 June 30, 2026, the Fund’s asset coverage ratio was 267%.

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.

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 June 30, 2026, the outstanding debt balance was $128.0 million with a floating interest rate based on a daily 1-month Adjusted Term SOFR rate of 3.65197%, for which the Fund had derivative instruments in place in the form of interest rate collars with a weighted average ceiling and floor of 4.65% and 3.07%, respectively, on $100.0 million, 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 June 30, 2026. However, those changes could have the potential to change the Fund’s ability to acquire and renew bank facilities, and engage in other investment activities. Further, changes in short-term interest rates could also affect interest expense and interest on the Fund’s short-term investments.

Based on the Fund’s Condensed Statements of Assets and Liabilities as of June 30, 2026, 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, cash balances and derivative instruments.


Effect of Interest Rate Change By	Increase (Decrease) in Other Income		Gain (Loss) from Interest Rate Collar		(Increase) Decrease in Interest Expense		Increase (Decrease) in Total Income
(2.00)%	$	(323,517)	$	(1,418,030)	$	2,560,000	$	818,453
(1.00)%	$	(161,758)	$	(418,030)	$	1,280,000	$	700,212
(0.50)%	$	(80,879)	$	(44,015)	$	640,000	$	515,106
0.50%	$	80,879	$	75,985	$	(640,000)	$	(483,136)
1.00%	$	161,758	$	325,985	$	(1,280,000)	$	(792,257)
2.00%	$	323,517	$	1,001,970	$	(2,560,000)	$	(1,234,513)

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.

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 June 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Fund’s internal control over financial reporting.

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 operations. 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

None.

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

Rule 10b5-1 Trading Arrangements

During the fiscal quarter ended June 30, 2026, 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).

Item 6. Exhibits


Exhibit Number			Description
3.1			Articles of Incorporation of the Fund as filed with the Maryland Secretary of State on October 19, 2020, incorporated by reference to Exhibit 3.1 of the Fund’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on May 10, 2021.
3.2			Amended & Restated Bylaws of the Fund, incorporated by reference to Exhibit 3.1 of the Fund’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 21, 2023.
4.1			Stock Purchase Agreement, dated October 15, 2020, between the Fund and the Company, incorporated by reference to Exhibit 4.1 of the Fund’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on May 10, 2021.
10.1			Investment Management Agreement, dated October 13, 2022, by and between the Fund and Westech Investment Advisors LLC, incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 18, 2022.
10.2			Amended and Restated Custodial Agreement between the Fund and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association) dated as of October 16, 2025, incorporated by reference to Exhibit 10.2 to the Fund's 10-K filed with the Securities and Exchange Commission on March 13, 2026.
10.3			Safra National Bank of New York Account Agreement General Terms and Conditions and Custody Addendum, dated September 9, 2025, by and between Westech Investment Advisors LLC, on behalf of the Fund, and Safra National Bank of New York, incorporated by reference to Exhibit 10.2 to the Fund's 10-Q filed with the Securities and Exchange Commission on November 13, 2025.
31.1			Chief Executive Officer certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Rules 13a -14(a) and 15d-14(a) Certification).
31.2			Chief Financial Officer certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Rules 13a -14(a) and 15d-14(a) Certification).
32.1			Chief Executive Officer certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Section 1350 Certification).
32.2			Chief Financial Officer certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Section 1350 Certification).

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. Wanek	By:	/s/ Jared S. Thear
David R. Wanek		Jared S. Thear
President and Chief Executive Officer		Chief Financial Officer
(Principal Executive Officer)		(Principal Financial Officer)
Date:	August 13, 2026	Date:	August 13, 2026