# EDGAR Filing Document

**Accession Number:** 0001850938
**File Stem:** 0001850938-26-000008
**Filing Date:** 2026-5
**Character Count:** 166299
**Document Hash:** 78207fa23228812c7c4209b621c1a3f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001850938-26-000008.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001850938-26-000008

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WTI Fund X, Inc.
- **CENTRAL INDEX KEY:** 0001850938

**ORGANIZATION NAME:**
- **EIN:** 853539868
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01414
- **FILM NUMBER:** 26979270

**BUSINESS ADDRESS:**
- **STREET 1:** 104 LA MESA DRIVE
- **STREET 2:** SUITE 102
- **CITY:** PORTOLA VALLEY
- **STATE:** CA
- **ZIP:** 94028
- **BUSINESS PHONE:** (650) 234-4300

**MAIL ADDRESS:**
- **STREET 1:** 104 LA MESA DRIVE
- **STREET 2:** SUITE 102
- **CITY:** PORTOLA VALLEY
- **STATE:** CA
- **ZIP:** 94028

?xml version='1.0' encoding='ASCII'? wti-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 10-Q**

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

For the quarterly period ended March 31, 2026

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

For the transition period from ___________ to ______________

Commission file number 814-01414

**<u>WTI Fund X, Inc.</u>**

(Exact Name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| <u>Maryland</u> | <u>85-3539868</u> |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| <u>104 La Mesa Drive, Suite 102, Portola Valley, CA</u> | <u>94028</u> |
| (Address of principal executive offices) | (Zip Code) |

---

<u>(650) 234-4300</u>

(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 May 14, 2026 |
| Common Stock, $0.001 par value | 100000 |

---

------

**WTI FUND X, INC.**

**INDEX**

---

| | |
|:---|:---|
| PART I — FINANCIAL INFORMATION | PART I — FINANCIAL INFORMATION |
| Item 1. | Financial Statements |
|  | Condensed Statements of Assets and Liabilities (Unaudited) |
|  | As of March 31, 2026 and December 31, 2025 |
|  | Condensed Statements of Operations (Unaudited) |
|  | For the three months ended March 31, 2026 and 2025 |
|  | Condensed Statements of Changes in Net Assets (Unaudited) |
|  | For the three months ended March 31, 2026 and 2025 |
|  | Condensed Statements of Cash Flows (Unaudited) |
|  | For the three months ended March 31, 2026 and 2025 |
|  | Condensed Schedules of Investments (Unaudited) |
|  | As of March 31, 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 | 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 | SIGNATURES |

---

------

**PART I - FINANCIAL INFORMATION**

**<u>Item 1. Financial Statements</u>**

**WTI FUND X, INC.**

**CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)**

**AS OF MARCH 31, 2026 AND DECEMBER 31, 2025** 

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| ***ASSETS*** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, at estimated fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(amortized cost of $370,055,950 and $430,925,365, respectively) | $334975067 | $398113300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative asset | 19028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash  | 31176576 | 24221249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend and interest receivables | 4798299 | 6270312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 2685612 | 852611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 373654582 | 429457472 |
| ***LIABILITIES*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under debt facility | 180500000 | 232500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued management fees | 1562500 | 1562500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liability | 13281 | 149057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other accrued liabilities | 1916447 | 2213565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 183992228 | 236425122 |
| ***NET ASSETS*** | $189662354 | $193032350 |
| **Analysis of Net Assets:** |  |  |
| Capital paid in on shares of capital stock | $358000000 | $358000000 |
| Cumulative return of capital distributions | (132019639) | (130763657) |
| Total distributable losses | (36318007) | (34203993) |
| Net assets (equivalent to $1,896.62 and $1,930.32 per share based on 100,000 shares of capital stock outstanding - See Notes 5 and 11) | $189662354 | $193032350 |
| **Commitments & Contingent Liabilities:** |  |  |
| Unexpired unfunded commitments (See Note 9) | $91250000 | $82500000 |

---

See notes to condensed financial statements (unaudited).

------

**WTI FUND X, INC.**

**CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025**

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2025** |
| ***INVESTMENT INCOME:*** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on loans | $27937080 | $16780844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 34476 | 230900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 27971556 | 17011744 |
| ***EXPENSES:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 1562500 | 1875000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 3259427 | 4039808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banking and professional fees | 72153 | 320084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 105804 | 40332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 4999884 | 6275224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 22971672 | 10736520 |
| Net realized loss from loans | (1202352) |  |
| Net change in unrealized loss from loans | (2268818) | (7670681) |
| Net change in unrealized gain (loss) from derivative instruments | 154804 | (100174) |
| Net realized and change in unrealized loss from loans and derivative instruments | (3316366) | (7770855) |
| Net increase in net assets resulting from operations | $19655306 | $2965665 |
| Amounts per common share: |  |  |
| Net increase in net assets resulting from operations per share | $196.55 | $29.66 |
| Weighted average shares outstanding | 100000 | 100000 |

---

See notes to condensed financial statements (unaudited).

------

**WTI FUND X, INC.**

**CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | | | | |
| | **Shares** | **Par Value** |<br>**Additional Paid-in Capital** |<br>**Return of Capital Distributions** |<br>**Total Distributable Losses** |<br>**Net Assets** |
| **Balance at December 31, 2024** | 100000 | $100 | $335999900 | $(77592923) | $(28061618) | $230345459 |
| Net increase in net assets resulting from operations |  |  |  |  | 2965665 | 2965665 |
| Distributions of income to shareholder |  |  |  |  | (10736520) | (10736520) |
| Return of capital to shareholder |  |  |  | (2827857) |  | (2827857) |
| Contributions from shareholder |  |  | 22000000 |  |  | 22000000 |
| **Balance at March 31, 2025** | 100000 | $100 | $357999900 | $(80420780) | $(35832473) | $241746747 |
| **Balance at December 31, 2025** | 100000 | $100 | $357999900 | $(130763657) | $(34203993) | $193032350 |
| Net increase in net assets resulting from operations |  |  |  |  | 19655306 | 19655306 |
| Distributions of income to shareholder |  |  |  |  | (21769320) | (21769320) |
| Return of capital to shareholder |  |  |  | (1255982) |  | (1255982) |
| **Balance at March 31, 2026** | 100000 | $100 | $357999900 | $(132019639) | $(36318007) | $189662354 |

---

See notes to condensed financial statements (unaudited).

------

**WTI FUND X, INC.**

**CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2025** |
| ***CASH FLOWS FROM OPERATING ACTIVITIES:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $19655306 | $2965665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss from loans | 1202352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized loss from loans | 2268818 | 7670681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) from derivative instruments | (154804) | 100174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred costs related to debt facility | 110537 | 110537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origination of loans | (30350000) | (48412000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on loans, net of accretion | 88798602 | 27248265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of equity securities | (2306841) | (5628393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in dividend and interest receivables | 1472013 | 328127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (increase) decrease in other assets | (1943538) | 946147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in accounts payable, other accrued liabilities and accrued management fees | (297118) | 116118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 78455327 | (14554679) |
| ***CASH FLOWS FROM FINANCING ACTIVITIES:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash distributions to shareholder | (19500000) | (6700000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions from shareholder |  | 22000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under debt facility |  | 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of borrowings under debt facility | (52000000) | (19000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (71500000) | 3300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in cash and cash equivalents | 6955327 | (11254679) |
| ***CASH AND CASH EQUIVALENTS:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 24221249 | 25245995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $31176576 | $13991316 |
| ***SUPPLEMENTAL DISCLOSURES:*** |  |  |
| ***CASH PAID DURING THE PERIOD:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest - Debt facility | $3394294 | $3917528 |
| ***NON-CASH OPERATING AND FINANCING ACTIVITIES:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of equity securities to shareholder | $3525302 | $6864377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipt of equity securities as repayment of loans | $1218461 | $1235984 |

---

See notes to condensed financial statements (unaudited).

------

**WTI FUND X, INC.**

**CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**AS OF MARCH 31, 2026**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Borrower** | **Percent of Net Assets (a)** | **Collateral** | **Interest Rate <br>(b)** | **End of Term Payment<br>(c)** | **Principal** | **Amortized Cost** | **Fair Value<br>(d)** | **Final Maturity Date** |
| **<u>Biotechnology</u>** | | | | | | | | | |
|  | Biolojic Design Ltd. \*\* ^ |  | Senior Secured | 12.5% | 4.0% | $946128 | $1120992 | $1120992 | 8/1/2026 |
|  | Biolojic Design Ltd. \*\* ^ |  | Senior Secured | 12.5% | 3.0% | 3532863 | 3491086 | 3491086 | 7/1/2028 |
|  | Biolojic Design Ltd. \*\* ^ |  | Senior Secured | 12.5% | 3.0% | 7065726 | 6759246 | 6759246 | 7/1/2028 |
|  | **Biolojic Design Ltd. \*\* ^ Subtotal** |  |  |  |  | **11544717** | **11371324** | **11371324** |  |
|  | Mazen Animal Health Inc. |  | Senior Secured | 14.3% |  | 3129739 | 3044523 | 2092632 | \* |
|  | Teiko Bio, Inc. |  | Senior Secured | 12.5% |  | 750000 | 670298 | 670298 | 5/1/2029 |
|  | Ukko Inc. \*\* ^ |  | Senior Secured | 11.5% |  | 266219 | 264990 | 264990 | 5/1/2026 |
| **<u>Biotechnology Total</u>** |  | **7.6%** |  |  |  | $**15690675** | $**15351135** | $**14399244** |  |
| **<u>Computers & Storage</u>** |  |  |  |  |  |  |  |  |  |
|  | Proto, Inc. |  | Senior Secured | 13.0% | 17.8% | $706820 | $676564 | $676564 | 7/1/2028 |
| **<u>Computers & Storage Total</u>** |  | **0.4%** |  |  |  | $**706820** | $**676564** | $**676564** |  |
| **<u>Internet</u>** |  |  |  |  |  |  |  |  |  |
|  | BossBites Inc. |  | Senior Secured | 12.0% |  | $1500000 | $1413342 | $1413342 | 4/1/2029 |
|  | D2C Store, Inc. |  | Senior Secured | 10.0% |  | 726630 | 536550 | 536550 | 1/1/2027 |
|  | Findigs, Inc. |  | Senior Secured | 13.5% |  | 2012643 | 1955694 | 1955694 | 7/1/2027 |
|  | OneLocal, Inc. \*\* ^ |  | Senior Secured | 12.3% |  | 64091 | 63075 | 63075 | 7/1/2026 |
|  | Quantcast Corp. |  | Senior Secured | 12.0% |  | 7260424 | 5134951 | 5134951 | \* |
|  | Realm Living, Inc. |  | Senior Secured | 15.7% |  | 2489905 | 2444153 | 2444153 | 6/1/2027 |
|  | RetailerX, Inc. |  | Senior Secured | 11.0% |  | 7240370 | 6643940 | 6172036 | \* |
|  | Threedium, Inc. \*\* ^ |  | Senior Secured | 13.3% |  | 734042 | 656563 | 656563 | 12/1/2027 |
| **<u>Internet Total</u>** |  | **9.7%** |  |  |  | $**22028105** | $**18848268** | $**18376364** |  |
| **<u>Medical Devices</u>** |  |  |  |  |  |  |  |  |  |
|  | Akadeum Life Sciences, Inc. |  | Senior Secured | 14.3% |  | $1534636 | $1407152 | $1407152 | 9/1/2027 |
|  | eXo Imaging, Inc. |  | Senior Secured | 12.5% |  | 3750000 | 3280331 | 3280331 | 12/1/2028 |
|  | Gallant Pet, Inc. |  | Senior Secured | 13.0% |  | 994852 | 994850 | 994850 | 5/1/2028 |
|  | Gallant Pet, Inc. |  | Senior Secured | 14.0% |  | 531559 | 519793 | 519793 | 10/1/2026 |
|  | Gallant Pet, Inc. |  | Senior Secured | 13.3% |  | 1658690 | 1542980 | 1542980 | 5/1/2028 |
|  | **Gallant Pet, Inc. Subtotal** |  |  |  |  | **3185101** | **3057623** | **3057623** |  |
| **<u>Medical Devices Total</u>** |  | **4.1%** |  |  |  | $**8469737** | $**7745106** | $**7745106** |  |
| **<u>Other Healthcare</u>** |  |  |  |  |  |  |  |  |  |
|  | Charlie Financial Inc. |  | Senior Secured | 12.5% | 3.9% | $3297339 | $3208369 | $620226 | 7/1/2028 |
|  | Charlie Financial Inc. |  | Senior Secured | 12.0% | 3.0% | 3296179 | 3285602 | 623353 | 7/1/2028 |
|  | **Charlie Financial Inc. Subtotal** |  |  |  |  | **6593518** | **6493971** | **1243579** |  |
|  | GoForward, Inc. |  | Senior Secured | 12.8% |  | 20428021 | 18281784 | 9152789 | \* |
|  | KBS, Inc. |  | Senior Secured | 14.0% |  | 29153 | 28817 | 28817 | 6/1/2026 |
|  | Lark Technologies, Inc. |  | Senior Secured | 13.5% |  | 9626815 | 7996115 | 7996115 | 4/1/2028 |
|  | MeMed Diagnostics Ltd. \*\* ^ |  | Senior Secured | 11.0% | 7.6% | 1500000 | 1134708 | 1134708 | 10/1/2029 |
|  | Modern Animal, Inc. |  | Senior Secured | 12.8% |  | 13419728 | 12870003 | 12870003 | 12/1/2030 |
|  | Vitable, Inc. |  | Senior Secured | 13.0% |  | 4500000 | 4281371 | 4281371 | 4/1/2029 |
|  | Vitable, Inc. |  | Senior Secured | 13.0% |  | 3000000 | 2916937 | 2916937 | 4/1/2029 |
|  | **Vitable, Inc. Subtotal** |  |  |  |  | **7500000** | **7198308** | **7198308** |  |
|  | Yuva Biosciences, Inc. |  | Senior Secured | 13.3% |  | 19387 | 19185 | 19185 | 5/1/2026 |
| **<u>Other Healthcare Total</u>** |  | **20.9%** |  |  |  | $**59116622** | $**54022891** | $**39643504** |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Borrower** | **Percent of Net Assets (a)** | **Collateral** | **Interest Rate <br>(b)** | **End of Term Payment<br>(c)** | **Principal** | **Amortized Cost** | **Fair Value<br>(d)** | **Final Maturity Date** |
| **<u>Other Technology</u>** | | | | | | | | | |
|  | AI Tech Holdings, Inc. |  | Senior Secured | 12.0% | 6.5% | $495871 | $453499 | $453499 | 10/1/2028 |
|  | American Castanea PBC |  | Senior Secured | 11.8% | 6.7%  | 182575 | 24223 | 24223 | 12/1/2027 |
|  | American Castanea PBC |  | Senior Secured | 11.8% | 6.7% | 575000 | 587293 | 587293 | 10/1/2028 |
|  | **American Castanea PBC Subtotal** |  |  |  |  | **757575** | **611516** | **611516** |  |
|  | Azumo, Inc. |  | Senior Secured | 12.8% |  | 957356 | 913213 | 453370 | \* |
|  | Badiani Limited \*\* ^ |  | Senior Secured | 13.6% |  | 1719107 | 1638961 | 1202391 | \* |
|  | Belong, Inc. |  | Senior Secured | 13.5% |  | 1500000 | 1095900 | 1095900 | 3/1/2029 |
|  | Belong, Inc. |  | Senior Secured | 13.5% |  | 750000 | 663393 | 663393 | 3/1/2029 |
|  | Belong, Inc. |  | Senior Secured | 13.0% |  | 625000 | 497907 | 497907 | 3/1/2029 |
|  | **Belong, Inc. Subtotal** |  |  |  |  | **2875000** | **2257200** | **2257200** |  |
|  | Brick Dynamics Inc. |  | Senior Secured | 12.0% |  | 500000 | 460301 | 460301 | 4/1/2029 |
|  | Bryte, Inc. |  | Senior Secured | 10.0% |  | 1694943 | 1708964 | 1003561 | \* |
|  | Carbon Ridge, Inc. |  | Senior Secured | 12.5% |  | 1125000 | 1081496 | 1081496 | 1/1/2029 |
|  | Carbon Ridge, Inc. |  | Senior Secured | 12.5% |  | 978232 | 916578 | 916578 | 7/1/2028 |
|  | **Carbon Ridge, Inc. Subtotal** |  |  |  |  | **2103232** | **1998074** | **1998074** |  |
|  | Cella Farms Inc. |  | Senior Secured | 11.8% |  | 1456621 | 1422963 | 886176 | \* |
|  | Coffee.ai Inc. |  | Senior Secured | 11.0% |  | 1101447 | 961868 | 961868 | 8/1/2028 |
|  | CornerUp, Inc. |  | Senior Secured | 15.0% |  | 392046 | 359248 | 56205 | \* |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 424095 | 420901 | 420901 | 7/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% | 1.0% | 478846 | 477804 | 477804 | 11/1/2027 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 410978 | 408003 | 408003 | 6/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 145192 | 144100 | 144100 | 8/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 462308 | 458415 | 458415 | 10/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 474710 | 470454 | 470454 | 11/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 525000 | 520259 | 520259 | 12/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 366851 | 258020 | 258020 | 4/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 1125000 | 1049210 | 1049210 | 5/1/2029 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% | 1.0% | 341904 | 340231 | 340231 | 1/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 375000 | 365644 | 365644 | 8/1/2029 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 15.5% |  | 206242 | 204871 | 204871 | 2/1/2027 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 528855 | 524982 | 524982 | 5/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% | 1.0% | 434131 | 431478 | 431478 | 2/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% | 1.0% | 391234 | 390873 | 390873 | 10/1/2027 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 750000 | 732103 | 732103 | 7/1/2029 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% | 1.0% | 558814 | 537242 | 537242 | 8/1/2027 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% | 1.0% | 372089 | 370679 | 370679 | 12/1/2027 |
|  | **Creoate Limited \*\* ^ Subtotal** |  |  |  |  | **8371249** | **8105269** | **8105269** |  |
|  | Daisyco, Inc. |  | Senior Secured | 10.8% |  | 3750000 | 3478505 | 3478505 | 4/1/2029 |
|  | Eguana Technologies, Inc. \*\* ^ |  | Senior Secured | 12.0% |  | 3107383 | 2762836 | 1714183 | \* |
|  | Fanimal, Inc. |  | Senior Secured | 11.8% |  | 547646 | 474726 |  | \* |
|  | Fortull, Inc. |  | Senior Secured | 11.0% |  | 375000 | 361115 | 361115 | 4/1/2029 |
|  | Fortull, Inc. |  | Senior Secured | 11.0% |  | 375000 | 319746 | 319746 | 1/1/2029 |
|  | **Fortull, Inc. Subtotal** |  |  |  |  | **750000** | **680861** | **680861** |  |
|  | Gold Words, LLC |  | Senior Secured | 12.0% |  | 469995 | 459975 | 459975 | 12/1/2027 |
|  | Heading Health Inc. |  | Senior Secured | 12.5% |  | 1208548 | 920690 | 179051 | \* |
|  | High Definition Vehicle Insurance, Inc. |  | Senior Secured | 14.5% |  | 8796214 | 8572020 | 8572020 | 4/1/2027 |
|  | Higher Ground Education, Inc. |  | Senior Secured | 15.0% |  | 20918631 | 14646679 | 18536917 | \* |
|  | Hint, Inc. |  | Senior Secured | 13.8% |  | 4541513 | 3458629 | 3458629 | 1/1/2028 |
|  | Holo, Inc. |  | Senior Secured | 13.5% |  | 204304 | 26811 | 26811 | \* |
|  | Innventure LLC \*\* |  | Senior Secured | 13.5% |  | 13712901 | 7481956 | 7481956 | 6/1/2028 |
|  | Joy Memories, Inc |  | Senior Secured | 12.0% |  | 3936225 | 4008455 | 4008455 | 6/1/2027 |
|  | Kindred Motorworks, Inc. |  | Senior Secured | 12.0% | 6.4% | 7063241 | 6985017 | 6985017 | 7/1/2028 |
|  | LendTable Inc. |  | Senior Secured | 14.1% |  | 2414807 | 2291370 |  | \* |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Borrower** | **Percent of Net Assets (a)** | **Collateral** | **Interest Rate <br>(b)** | **End of Term Payment<br>(c)** | **Principal** | **Amortized Cost** | **Fair Value<br>(d)** | **Final Maturity Date** |
|  | Logistech Solutions Pte. Ltd. \*\* ^ |  | Senior Secured | 12.1% |  | 352381 | 318146 | 318146 | 3/1/2027 |
|  | Mavenform, Inc. |  | Senior Secured | 13.5% |  | 4046035 | 3508070 | 2409036 | \* |
|  | NewGlobe Education, Inc. \*\* ^ |  | Senior Secured | 12.5% | 4.6% | 16730655 | 16768694 | 16768694 | 10/1/2027 |
|  | Overdrive Products Inc. |  | Senior Secured | 13.5% |  | 382797 | 312308 | 312308 | 1/1/2028 |
|  | Owlet Baby Care, Inc. |  | Senior Secured | 12.0% | 7.8%  | 4693973 | 4267066 | 4267066 | 1/1/2028 |
|  | Plant Prefab, Inc. |  | Senior Secured | 12.4% |  | 1231222 | 751900 | 751900 | \* |
|  | Ripple Foods, PBC |  | Senior Secured | 12.0% |  | 8378335 | 8275805 | 8275805 | 6/1/2029 |
|  | Rise Gardens, Inc. |  | Senior Secured | 11.8% |  | 1380944 | 1201703 | 270549 | \* |
|  | Romaine Empire, Inc. |  | Senior Secured | 13.5% |  | 7217228 | 7344660 | 6649848 | 12/1/2027 |
|  | Runzy, Inc. |  | Senior Secured | 14.4% |  | 220000 | 216626 | 216626 | 9/1/2028 |
|  | Scripta Insights, Inc. |  | Senior Secured | 12.5% |  | 1921798 | 1846541 | 1846541 | 4/1/2028 |
|  | Sun Day Carwash, Inc. |  | Senior Secured | 13.5% | 2.0%  | 743194 | 770899 | 770899 | 1/1/2027 |
|  | Sun Day Carwash, Inc. |  | Senior Secured | 13.5% | 2.0%  | 1486388 | 1521304 | 1521304 | 1/1/2027 |
|  | **Sun Day Carwash, Inc. Subtotal** |  |  |  |  | **2229582** | **2292203** | **2292203** |  |
|  | Supplant, Inc. \*\* ^ |  | Senior Secured | 13.7% |  | 1801277 | 1691973 | 922530 | \* |
|  | TheSquareFoot, Inc. |  | Senior Secured | 18.0% |  | 623478 | 320058 |  | \* |
|  | TomoCredit, Inc. |  | Senior Secured | 13.8% |  | 1427768 | 1405150 | 1405150 | 4/1/2027 |
|  | Umbra Lab, Inc. |  | Senior Secured | 15.3% |  | 1612444 | 1598300 | 1598300 | 10/1/2026 |
|  | Umbra Lab, Inc. |  | Senior Secured | 13.5% |  | 195535 | 195117 | 195117 | 4/1/2026 |
|  | Umbra Lab, Inc. |  | Senior Secured | 13.5% |  | 5741958 | 5580430 | 5580430 | 1/1/2028 |
|  | Umbra Lab, Inc. |  | Senior Secured | 12.5% |  | 18050000 | 17013674 | 17013674 | 10/1/2029 |
|  | **Umbra Lab, Inc. Subtotal** |  |  |  |  | **25599937** | **24387521** | **24387521** |  |
|  | World View Enterprises Inc. |  | Senior Secured | 13.0% |  | 1000000 | 754236 | 754236 | 3/1/2029 |
|  | World Wrapps II, Inc. |  | Senior Secured | 12.5% |  | 860658 | 815539 | 815539 | 1/1/2029 |
|  | Zeno Technologies, Inc. |  | Senior Secured | 10.0% |  | 251129 | 233996 |  | \* |
| **<u>Other Technology Total</u>** |  | **77.3%** |  |  |  | $**174195052** | $**153851801** | $**146695508** |  |
| **<u>Semiconductors & Equipment</u>** |  |  |  |  |  |  |  |  |  |
|  | Terradepth, Inc. |  | Senior Secured | 12.5% |  | $3766988 | $3656590 | $3656590 | 9/1/2028 |
| **<u>Semiconductors & Equipment Total</u>** |  | **2.0%** |  |  |  | $**3766988** | $**3656590** | $**3656590** |  |
| **<u>Software</u>** |  |  |  |  |  |  |  |  |  |
|  | Abacum Inc. |  | Senior Secured | 13.5% |  | $396897 | $391130 | $391130 | 10/1/2026 |
|  | Abacum Inc. |  | Senior Secured | 12.8% |  | 1325985 | 1306063 | 1306063 | 5/1/2028 |
|  | **Abacum Inc. Subtotal** |  |  |  |  | **1722882** | **1697193** | **1697193** |  |
|  | APIsecAI, Inc. |  | Senior Secured | 12.0% |  | 750000 | 728071 | 728071 | 1/1/2029 |
|  | APIsecAI, Inc. |  | Senior Secured | 12.0% |  | 1450243 | 1371167 | 1371167 | 5/1/2028 |
|  | **APIsecAI, Inc. Subtotal** |  |  |  |  | **2200243** | **2099238** | **2099238** |  |
|  | Bito Inc. |  | Senior Secured | 12.5% |  | 750000 | 644816 | 644816 | 5/1/2029 |
|  | Bloomboard, Inc. |  | Senior Secured | 12.0% |  | 4203704 | 3887139 | 3887139 | 3/1/2029 |
|  | BlueCart, Inc. |  | Senior Secured | 14.1% |  | 859238 | 802533 | 705991 | \* |
|  | Bound Rates, Inc. \*\* ^ |  | Senior Secured | 13.0% |  | 1100131 | 1061502 | 1061502 | 12/1/2027 |
|  | Checksum AI, Inc. |  | Senior Secured | 11.3% |  | 1000000 | 940751 | 940751 | 10/1/2029 |
|  | Common Sun, Inc |  | Senior Secured | 11.0% |  | 155933 | 155932 | 155932 | 1/1/2027 |
|  | Common Sun, Inc |  | Senior Secured | 11.0% |  | 192437 | 191019 | 191019 | 7/1/2026 |
|  | **Common Sun, Inc Subtotal** |  |  |  |  | **348370** | **346951** | **346951** |  |
|  | Confirm HR, Inc. |  | Senior Secured | 12.0% | 6.2% | 562500 | 476844 | 476844 | 11/1/2028 |
|  | Crowded Technologies, Inc. |  | Senior Secured | 12.5% |  | 562500 | 468446 | 468446 | 12/1/2028 |
|  | Crowded Technologies, Inc. |  | Senior Secured | 12.5% |  | 562500 | 544654 | 544654 | 1/1/2029 |
|  | **Crowded Technologies, Inc. Subtotal** |  |  |  |  | **1125000** | **1013100** | **1013100** |  |
|  | Eskalera, Inc. |  | Senior Secured | 12.0% |  | 1231088 | 1201118 | 547096 | \* |
|  | Family First, Inc |  | Senior Secured | 12.0% | 7.4% | 2462485 | 2605073 | 2165906 | 10/1/2027 |
|  | Form Remodel, Inc. |  | Senior Secured | 11.0% |  | 585436 | 581935 |  | \* |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Borrower** | **Percent of Net Assets (a)** | **Collateral** | **Interest Rate <br>(b)** | **End of Term Payment<br>(c)** | **Principal** | **Amortized Cost** | **Fair Value<br>(d)** | **Final Maturity Date** |
|  | FutureProof Technologies, Inc. |  | Senior Secured | 13.5% |  | 116000 | 115076 | 115076 | 6/1/2026 |
|  | Grokker, Inc. |  | Senior Secured | 11.5% |  | 16370 | 16340 | 16340 | 4/1/2026 |
|  | Ioogo Inc. |  | Senior Secured | 13.5% |  | 4830303 | 4616297 |  | \* |
|  | Ketch Kloud, Inc. |  | Senior Secured | 13.0% |  | 3603013 | 3390485 | 3390485 | 10/1/2027 |
|  | Kolors, Inc. \*\* ^ |  | Senior Secured | 13.3% | 2.5% | 1217419 | 1250399 | 1250399 | 2/1/2027 |
|  | Kolors, Inc. \*\* ^ |  | Senior Secured | 13.5% | 2.5% | 1084395 | 1107195 | 1107195 | 6/1/2027 |
|  | **Kolors, Inc. \*\* ^ Subtotal** |  |  |  |  | **2301814** | **2357594** | **2357594** |  |
|  | Merlyn Mind, Inc. |  | Senior Secured | 13.1% |  | 25953021 | 21539725 | 21539725 | 1/1/2029 |
|  | Migo Money, Inc. \*\* ^ |  | Senior Secured | 11.5% |  | 1210106 | 1215335 | 511691 | \* |
|  | Outbuild Technologies, Inc. |  | Senior Secured | 12.0% |  | 1675000 | 1588256 | 1588256 | 3/1/2029 |
|  | Parkoursc, Inc. |  | Senior Secured | 12.9% |  | 2858698 | 2608494 | 2608494 | 9/1/2028 |
|  | Safe Securities Inc. |  | Senior Secured | 12.3% |  | 2293977 | 2288198 | 2288198 | 10/1/2027 |
|  | Safe Securities Inc. |  | Senior Secured | 12.3% | 1.0% | 1720483 | 1672122 | 1672122 | 10/1/2027 |
|  | Safe Securities Inc. |  | Senior Secured | 11.5% | 1.0% | 4125000 | 3686151 | 3686151 | 5/1/2029 |
|  | Safe Securities Inc. |  | Senior Secured | 12.3% | 1.0% | 1720483 | 1725529 | 1725529 | 10/1/2027 |
|  | **Safe Securities Inc. Subtotal** |  |  |  |  | **9859943** | **9372000** | **9372000** |  |
|  | Traction Apps, Inc. \*\* ^ |  | Senior Secured | 12.0% |  | 603216 | 471956 | 326897 | \* |
|  | Truepic Inc. |  | Senior Secured | 12.3% |  | 1325014 | 1296649 | 1296649 | 5/1/2028 |
|  | Truepic Inc. |  | Senior Secured | 12.3% |  | 548662 | 476520 | 476520 | 12/1/2027 |
|  | **Truepic Inc. Subtotal** |  |  |  |  | **1873676** | **1773169** | **1773169** |  |
|  | Vesta Housing, Inc. |  | Senior Secured | 15.0% | 2.0% | 2250000 | 2350313 | 2350313 | 3/1/2026 |
|  | Vesta Housing, Inc. |  | Senior Secured | 11.8% |  | 134189 | 133823 | 133823 | 6/1/2026 |
|  | Vesta Housing, Inc. |  | Senior Secured | 11.8% |  | 134189 | 133146 | 133146 | 6/1/2026 |
|  | Vesta Housing, Inc. |  | Senior Secured | 15.0% | 2.0% | 1500000 | 1525691 | 1525691 | 4/1/2026 |
|  | Vesta Housing, Inc. |  | Senior Secured | 15.0% | 2.0% | 2250000 | 2482315 | 2482315 | 5/1/2026 |
|  | **Vesta Housing, Inc. Subtotal** |  |  |  |  | **6268378** | **6625288** | **6625288** |  |
|  | ZeroCater, Inc. |  | Senior Secured | 12.5% |  | 4403184 | 4253214 | 4253214 | 4/1/2028 |
| **<u>Software Total</u>** |  | **36.9%** |  |  |  | $**83723799** | $**77301422** | $**70064756** |  |
| **<u>Technology Services</u>** |  |  |  |  |  |  |  |  |  |
|  | Ava Finance, Inc. |  | Senior Secured | 10.8% | 1.5% | $750000 | $632031 | $632031 | 9/1/2028 |
|  | Ava Finance, Inc. |  | Senior Secured | 10.8% | 1.5% | 750000 | 737708 | 737708 | 1/1/2029 |
|  | Ava Finance, Inc. |  | Senior Secured | 10.8% | 1.5% | 750000 | 737030 | 737030 | 11/1/2028 |
|  | Ava Finance, Inc. |  | Senior Secured | 10.8% | 1.5% | 750000 | 736981 | 736981 | 2/1/2029 |
|  | Ava Finance, Inc. |  | Senior Secured | 10.8% | 1.5% | 750000 | 738847 | 738847 | 12/1/2028 |
|  | Ava Finance, Inc. |  | Senior Secured | 10.8% | 1.5% | 375000 | 370349 | 370349 | 11/1/2028 |
|  | Ava Finance, Inc. |  | Senior Secured | 10.8% | 1.5% | 750000 | 739844 | 739844 | 10/1/2028 |
|  | **Ava Finance, Inc. Subtotal** |  |  |  |  | **4875000** | **4692790** | **4692790** |  |
|  | Klar Holdings Limited \*\* ^ |  | Senior Secured | 12.5% |  | 3089937 | 2852560 | 2852560 | 3/1/2028 |
|  | Klar Holdings Limited \*\* ^ |  | Senior Secured | 12.5% |  | 3313750 | 3266932 | 3266932 | 5/1/2028 |
|  | Klar Holdings Limited \*\* ^ |  | Senior Secured | 12.5% |  | 3202996 | 3159394 | 3159394 | 4/1/2028 |
|  | **Klar Holdings Limited \*\* ^ Subtotal** |  |  |  |  | **9606683** | **9278886** | **9278886** |  |
|  | Loansnap Holdings Inc. \*\* |  | Senior Secured | 10.3% |  | 3669060 | 3485045 |  | \* |
|  | MAYD Group GmbH \*\* ^ |  | Senior Secured | 13.8% |  | 2480536 | 2271204 | 1168473 | \* |
|  | Prima Holdings Limited \*\* ^ |  | Senior Secured | 13.0% | 2.0% | 2293324 | 2208832 | 2208832 | 1/1/2028 |
|  | Surround Group, Inc. |  | Senior Secured | 14.3% |  | 389055 | 296966 |  | \* |
| **<u>Technology Services Total</u>** |  | **9.1%** |  |  |  | $**23313658** | $**22233723** | $**17348981** |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Borrower** | **Percent of Net Assets (a)** | **Collateral** | **Interest Rate <br>(b)** | **End of Term Payment<br>(c)** | **Principal** | **Amortized Cost** | **Fair Value<br>(d)** | **Final Maturity Date** |
| **<u>Wireless</u>** | | | | | | | | | |
|  | Juvo Mobile, Inc. \*\* |  | Senior Secured | 12.5% |  | $4530848 | $4072539 | $4072539 | 6/1/2028 |
|  | Nextivity, Inc. |  | Senior Secured | 12.5% | 8.4% | 1647966 | 1731042 | 1731042 | 3/1/2028 |
|  | Nextivity, Inc. |  | Senior Secured | 12.5% | 8.5% | 4565982 | 4681691 | 4681691 | 6/1/2028 |
|  | Nextivity, Inc. |  | Senior Secured | 12.5% | 8.4% | 5857392 | 5883178 | 5883178 | 12/1/2027 |
|  | **Nextivity, Inc. Subtotal** |  |  |  |  | **12071340** | **12295911** | **12295911** |  |
| **<u>Wireless Total</u>** |  | **8.6%** |  |  |  | $**16602188** | $**16368450** | $**16368450** |  |
|  | **Grand Total** | **176.6%** |  |  |  | $**407613644** | $**370055950** | $**334975067** |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)**<br>**(e)** |
| ***Derivative Instruments - Interest Rate Collar Agreements*** | ***Derivative Instruments - Interest Rate Collar Agreements*** | ***Derivative Instruments - Interest Rate Collar Agreements*** | ***Derivative Instruments - Interest Rate Collar Agreements*** | ***Derivative Instruments - Interest Rate Collar Agreements*** | ***Derivative Instruments - Interest Rate Collar Agreements*** | ***Derivative Instruments - Interest Rate Collar Agreements*** | ***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 | $50000000 | $(13281) | $— | $(13281) |
| 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 | 50000000 | 19028 |  | 19028 |
| **Total** |  |  |  | $100000000 | $5747 | $— | $5747 |

---

\* As of March 31, 2026, loans with a cost basis of $82.9 million and a fair value of $54.2 million were classified as non-accrual. These loans have been accelerated from their original maturity and are due in their entirety. During the period for which these loans have been on non-accrual status, no interest income has been recognized.

\*\*Indicates assets that the Fund deems "non-qualifying assets." As of March 31, 2026, 19.4% 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

As of March 31, 2026, all loans were made to non-affiliates.

See notes to condensed financial statements (unaudited).

*(Intentionally left blank)*

------

**WTI FUND X, INC.**

**CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**AS OF DECEMBER 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Borrower** | **Percent of Net Assets (a)** | **Collateral** | **Interest Rate <br>(b)** | **End of Term Payment<br>(c)** | **Principal** | **Amortized Cost** | **Fair Value<br>(d)** | **Final Maturity Date** |
| **<u>Biotechnology</u>** | | | | | | | | | |
|  | Biolojic Design Ltd. \*\* ^ |  | Senior Secured | 12.5% | 3.0% | $7500000 | $7102545 | $7102545 | 7/1/2028 |
|  | Biolojic Design Ltd. \*\* ^ |  | Senior Secured | 12.5% | 4.0% | 1490871 | 1643257 | 1643257 | 8/1/2026 |
|  | Biolojic Design Ltd. \*\* ^ |  | Senior Secured | 12.5% | 3.0% | 3750000 | 3682604 | 3682604 | 7/1/2028 |
|  | **Biolojic Design Ltd. \*\* ^ Subtotal** |  |  |  |  | **12740871** | **12428406** | **12428406** |  |
|  | Mazen Animal Health Inc. |  | Senior Secured | 14.3% |  | 3104711 | 3019495 | 2260705 | \* |
|  | Ukko Inc. \*\* ^ |  | Senior Secured | 11.5% |  | 656145 | 650198 | 650198 | 5/1/2026 |
| **<u>Biotechnology Total</u>** |  | **7.9%** |  |  |  | $**16501727** | $**16098099** | $**15339309** |  |
| **<u>Computers & Storage</u>** |  |  |  |  |  |  |  |  |  |
|  | Canary Connect, Inc. |  | Senior Secured | 12.0% |  | $5000000 | $5134605 | $5134605 | \* |
|  | Proto, Inc. |  | Senior Secured | 13.0% | 17.8% | 750000 | 697064 | 697064 | 7/1/2028 |
| **<u>Computers & Storage Total</u>** |  | **3.0%** |  |  |  | $**5750000** | $**5831669** | $**5831669** |  |
| **<u>Internet</u>** |  |  |  |  |  |  |  |  |  |
|  | D2C Store, Inc. |  | Senior Secured | 10.0% |  | $856869 | $610687 | $610687 | 1/1/2027 |
|  | Findigs, Inc. |  | Senior Secured | 13.5% |  | 2352030 | 2274782 | 2274782 | 7/1/2027 |
|  | Giant Labs, Inc. |  | Senior Secured | 12.8% |  | 1827417 | 1978792 | 1978792 | 3/1/2028 |
|  | Miami Labs, Inc. |  | Senior Secured | 13.3% |  | 675288 | 651684 | 651684 | 2/1/2026 |
|  | OneLocal, Inc. \*\* ^ |  | Senior Secured | 12.3% |  | 110479 | 107708 | 107708 | 7/1/2026 |
|  | Quantcast Corp. |  | Senior Secured | 12.0% |  | 8528348 | 6634951 | 6634951 | \* |
|  | Realm Living, Inc. |  | Senior Secured | 15.7% |  | 2942659 | 2879242 | 2879242 | 6/1/2027 |
|  | RetailerX, Inc. |  | Senior Secured | 11.0% |  | 7345775 | 6888793 | 6888793 | \* |
|  | Threedium, Inc. \*\* ^ |  | Senior Secured | 13.3% |  | 825945 | 728737 | 728737 | 12/1/2027 |
| **<u>Internet Total</u>** |  | **11.8%** |  |  |  | $**25464810** | $**22755376** | $**22755376** |  |
| **<u>Medical Devices</u>** |  |  |  |  |  |  |  |  |  |
|  | Akadeum Life Sciences, Inc. |  | Senior Secured | 14.3% |  | $1534636 | $1372741 | $1372741 | 9/1/2027 |
|  | eXo Imaging, Inc. |  | Senior Secured | 12.5% |  | 3750000 | 3219508 | 3219508 | 12/1/2028 |
|  | Gallant Pet, Inc. |  | Senior Secured | 13.0% |  | 1092975 | 1092974 | 1092974 | 5/1/2028 |
|  | Gallant Pet, Inc. |  | Senior Secured | 13.3% |  | 1821790 | 1682539 | 1682539 | 5/1/2028 |
|  | Gallant Pet, Inc. |  | Senior Secured | 14.0% |  | 746612 | 724319 | 724319 | 10/1/2026 |
|  | **Gallant Pet, Inc. Subtotal** |  |  |  |  | **3661377** | **3499832** | **3499832** |  |
| **<u>Medical Devices Total</u>** |  | **4.2%** |  |  |  | $**8946013** | $**8092081** | $**8092081** |  |
| **<u>Other Healthcare</u>** |  |  |  |  |  |  |  |  |  |
|  | CarePoint \*\* ^ |  | Senior Secured | 13.8% |  | $838466 | $831305 | $428377 | \* |
|  | Charlie Financial Inc. |  | Senior Secured | 12.5% | 3.9% | 3500000 | 3373727 | 1987938 | 7/1/2028 |
|  | Charlie Financial Inc. |  | Senior Secured | 12.0% | 3.0% | 3500000 | 3470328 | 2044859 | 7/1/2028 |
|  | **Charlie Financial Inc. Subtotal** |  |  |  |  | **7000000** | **6844055** | **4032797** |  |
|  | GoForward, Inc. |  | Senior Secured | 12.8% |  | 20352673 | 18206436 | 9077441 | \* |
|  | KBS, Inc. |  | Senior Secured | 14.0% |  | 57314 | 56181 | 56181 | 6/1/2026 |
|  | Lark Technologies, Inc. |  | Senior Secured | 13.5% |  | 10613936 | 8652968 | 8652968 | 4/1/2028 |
|  | Modern Animal, Inc. |  | Senior Secured | 12.8% |  | 13419728 | 12841490 | 12841490 | 12/1/2030 |
|  | Open Inc. |  | Senior Secured | 14.8% |  | 58770 | 58646 | 58646 | 3/1/2026 |
|  | Open Inc. |  | Senior Secured | 13.5% |  | 58001 | 57588 | 57588 | 3/1/2026 |
|  | **Open Inc. Subtotal** |  |  |  |  | **116771** | **116234** | **116234** |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Borrower** | **Percent of Net Assets (a)** | **Collateral** | **Interest Rate <br>(b)** | **End of Term Payment<br>(c)** | **Principal** | **Amortized Cost** | **Fair Value<br>(d)** | **Final Maturity Date** |
|  | Vitable, Inc. |  | Senior Secured | 13.0% |  | 4500000 | 4257659 | 4257659 | 4/1/2029 |
|  | Yuva Biosciences, Inc. |  | Senior Secured | 13.3% |  | 47681 | 46710 | 46710 | 5/1/2026 |
| **<u>Other Healthcare Total</u>** |  | **20.5%** |  |  |  | $**56946569** | $**51853038** | $**39509857** |  |
| **<u>Other Technology</u>** |  |  |  |  |  |  |  |  |  |
|  | AI Tech Holdings, Inc. |  | Senior Secured | 12.0% | 6.5% | $536351 | $482616 | $482616 | 10/1/2028 |
|  | American Castanea PBC |  | Senior Secured | 11.8% | 6.7% | 205779 | 24381 | 24381 | 12/1/2027 |
|  | American Castanea PBC |  | Senior Secured | 11.8% | 6.7% | 575000 | 584070 | 584070 | 10/1/2028 |
|  | **American Castanea PBC Subtotal** |  |  |  |  | **780779** | **608451** | **608451** |  |
|  | Azumo, Inc. |  | Senior Secured | 12.8% |  | 957356 | 913213 | 453370 | \* |
|  | Badiani Limited \*\* ^ |  | Senior Secured | 13.6% |  | 1719107 | 1638961 | 1202391 | \* |
|  | Belong, Inc. |  | Senior Secured | 13.5% |  | 750000 | 653973 | 653973 | 3/1/2029 |
|  | Belong, Inc. |  | Senior Secured | 13.5% |  | 1500000 | 1056618 | 1056618 | 3/1/2029 |
|  | **Belong, Inc. Subtotal** |  |  |  |  | **2250000** | **1710591** | **1710591** |  |
|  | Bryte, Inc. |  | Senior Secured | 10.0% |  | 1694943 | 1708963 | 1003561 | \* |
|  | Carbon Ridge, Inc. |  | Senior Secured | 12.5% |  | 1125000 | 1075417 | 1075417 | 1/1/2029 |
|  | Carbon Ridge, Inc. |  | Senior Secured | 12.5% |  | 1067422 | 994119 | 994119 | 7/1/2028 |
|  | **Carbon Ridge, Inc. Subtotal** |  |  |  |  | **2192422** | **2069536** | **2069536** |  |
|  | Cella Farms Inc. |  | Senior Secured | 11.8% |  | 1456621 | 1422963 | 886176 | \* |
|  | Coffee.ai Inc. |  | Senior Secured | 11.0% |  | 1101447 | 936235 | 936235 | 8/1/2028 |
|  | CornerUp, Inc. |  | Senior Secured | 15.0% |  | 392046 | 359248 | 56205 | \* |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% | 1.0% | 418910 | 415840 | 415840 | 12/1/2027 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 487500 | 482946 | 482946 | 10/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 462636 | 458825 | 458825 | 7/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 15.5% |  | 257682 | 255570 | 255570 | 2/1/2027 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 1125000 | 1040873 | 1040873 | 5/1/2029 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% | 1.0% | 446231 | 444090 | 444090 | 10/1/2027 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 14.0% |  | 29154 | 29086 | 29086 | 3/1/2026 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% | 1.0% | 542453 | 539282 | 539282 | 11/1/2027 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% | 1.0% | 382750 | 379587 | 379587 | 1/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 157863 | 156568 | 156568 | 8/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 404801 | 375483 | 375483 | 4/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 581176 | 576490 | 576490 | 5/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 449920 | 446347 | 446347 | 6/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% | 1.0% | 483476 | 478954 | 478954 | 2/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 525000 | 519546 | 519546 | 12/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% | 1.0% | 647553 | 615984 | 615984 | 8/1/2027 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 487500 | 482561 | 482561 | 11/1/2028 |
|  | Creoate Limited \*\* ^ |  | Senior Secured | 12.8% |  | 750000 | 724656 | 724656 | 7/1/2029 |
|  | **Creoate Limited \*\* ^ Subtotal** |  |  |  |  | **8639605** | **8422688** | **8422688** |  |
|  | Daisyco, Inc. |  | Senior Secured | 10.8% |  | 3750000 | 3446333 | 3446333 | 4/1/2029 |
|  | Eguana Technologies, Inc. \*\* ^ |  | Senior Secured | 12.0% |  | 3107383 | 2762835 | 1714182 | \* |
|  | Fanimal, Inc. |  | Senior Secured | 11.8% |  | 547646 | 479476 |  | \* |
|  | Fortull, Inc. |  | Senior Secured | 11.0% |  | 375000 | 312811 | 312811 | 1/1/2029 |
|  | Gold Words, LLC |  | Senior Secured | 12.0% |  | 529581 | 516887 | 516887 | 12/1/2027 |
|  | Heading Health Inc. |  | Senior Secured | 12.5% |  | 1208548 | 941507 | 260896 | \* |
|  | High Definition Vehicle Insurance, Inc. |  | Senior Secured | 14.5% |  | 9217489 | 8962198 | 8962198 | 4/1/2027 |
|  | Higher Ground Education, Inc. |  | Senior Secured | 15.0% |  | 20918631 | 14646680 | 18536918 | \* |
|  | Hint, Inc. |  | Senior Secured | 13.8% |  | 4962197 | 3638353 | 3638353 | 1/1/2028 |
|  | Holo, Inc. |  | Senior Secured | 13.5% |  | 204304 | 26811 | 26811 | \* |
|  | Innventure LLC \*\* |  | Senior Secured | 13.5% |  | 15000000 | 7790373 | 7790373 | 6/1/2028 |
|  | Joy Memories, Inc |  | Senior Secured | 12.0% |  | 4522031 | 4481160 | 4481160 | 6/1/2027 |
|  | Kindred Motorworks, Inc. |  | Senior Secured | 12.0% | 6.4% | 7500000 | 7333230 | 7333230 | 7/1/2028 |
|  | Last Energy Inc. |  | Senior Secured | 13.8% |  | 4246369 | 3947839 | 3947839 | 4/1/2028 |
|  | LendTable Inc. |  | Senior Secured | 14.1% |  | 2414807 | 2291370 |  | \* |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Borrower** | **Percent of Net Assets (a)** | **Collateral** | **Interest Rate <br>(b)** | **End of Term Payment<br>(c)** | **Principal** | **Amortized Cost** | **Fair Value<br>(d)** | **Final Maturity Date** |
|  | Logistech Solutions Pte. Ltd. \*\* ^ |  | Senior Secured | 12.1% |  | 398954 | 351769 | 351769 | 3/1/2027 |
|  | Mavenform, Inc. |  | Senior Secured | 13.5% |  | 4046035 | 3508070 | 2409036 | \* |
|  | Merlin Labs, Inc. |  | Senior Secured | 13.5% |  | 29787671 | 27860348 | 27860348 | 6/1/2027 |
|  | NewGlobe Education, Inc. \*\* ^ |  | Senior Secured | 12.5% | 4.6% | 19087946 | 18847298 | 18847298 | 10/1/2027 |
|  | Overdrive Products Inc. |  | Senior Secured | 13.5% |  | 428172 | 341313 | 341313 | 1/1/2028 |
|  | Owlet Baby Care, Inc. \*\* |  | Senior Secured | 12.0% | 7.8% | 5259169 | 4651074 | 4651074 | 1/1/2028 |
|  | Plant Prefab, Inc. |  | Senior Secured | 12.4% |  | 1231222 | 789991 | 789991 | \* |
|  | Ripple Foods, PBC |  | Senior Secured | 12.0% |  | 8422058 | 8286535 | 8286535 | 6/1/2029 |
|  | Rise Gardens, Inc. |  | Senior Secured | 11.8% |  | 1380944 | 1201703 | 270549 | \* |
|  | Romaine Empire, Inc. |  | Senior Secured | 13.5% |  | 8118564 | 8195815 | 8195815 | 12/1/2027 |
|  | Runzy, Inc. |  | Senior Secured | 14.4% |  | 220000 | 216075 | 216075 | 9/1/2028 |
|  | Scripta Insights, Inc. |  | Senior Secured | 12.5% |  | 2121189 | 2029603 | 2029603 | 4/1/2028 |
|  | Sun Day Carwash, Inc. |  | Senior Secured | 13.5% | 2.0% | 1901330 | 1913005 | 1913005 | 1/1/2027 |
|  | Sun Day Carwash, Inc. |  | Senior Secured | 13.5% | 2.0% | 950665 | 972589 | 972589 | 1/1/2027 |
|  | **Sun Day Carwash, Inc. Subtotal** |  |  |  |  | **2851995** | **2885594** | **2885594** |  |
|  | Supplant, Inc. \*\* ^ |  | Senior Secured | 13.7% |  | 1801277 | 1691973 | 922530 | \* |
|  | TheSquareFoot, Inc. |  | Senior Secured | 18.0% |  | 623478 | 320058 |  | \* |
|  | TomoCredit, Inc. |  | Senior Secured | 13.8% |  | 1728664 | 1695856 | 1695856 | 4/1/2027 |
|  | Umbra Lab, Inc. |  | Senior Secured | 15.3% |  | 2261449 | 2234617 | 2234617 | 10/1/2026 |
|  | Umbra Lab, Inc. |  | Senior Secured | 13.5% |  | 769183 | 765188 | 765188 | 4/1/2026 |
|  | Umbra Lab, Inc. |  | Senior Secured | 13.5% |  | 6422575 | 6220716 | 6220716 | 1/1/2028 |
|  | **Umbra Lab, Inc. Subtotal** |  |  |  |  | **9453207** | **9220521** | **9220521** |  |
|  | World Wrapps II, Inc. |  | Senior Secured | 12.5% |  | 893065 | 830136 | 830136 | 1/1/2029 |
|  | Zeno Technologies, Inc. |  | Senior Secured | 10.0% |  | 251129 | 233996 |  | \* |
|  | Zimeno Inc. |  | Senior Secured | 11.5% |  | 4854287 | 4734337 | 4233256 | \* |
| **<u>Other Technology Total</u>** |  | **89.5%** |  |  |  | $**203183689** | $**179743393** | $**172837110** |  |
| **<u>Semiconductors & Equipment</u>** |  |  |  |  |  |  |  |  |  |
|  | Terradepth, Inc. |  | Senior Secured | 12.5% |  | $3960229 | $3831814 | $3831814 | 9/1/2028 |
| **<u>Semiconductors & Equipment Total</u>** |  | **2.0%** |  |  |  | $**3960229** | $**3831814** | $**3831814** |  |
| **<u>Software</u>** |  |  |  |  |  |  |  |  |  |
|  | Abacum Inc. |  | Senior Secured | 12.8% |  | $1457168 | $1433077 | $1433077 | 5/1/2028 |
|  | Abacum Inc. |  | Senior Secured | 13.5% |  | 557799 | 546844 | 546844 | 10/1/2026 |
|  | **Abacum Inc. Subtotal** |  |  |  |  | **2014967** | **1979921** | **1979921** |  |
|  | APIsecAI, Inc. |  | Senior Secured | 12.0% |  | 1500000 | 1405172 | 1405172 | 5/1/2028 |
|  | APIsecAI, Inc. |  | Senior Secured | 12.0% |  | 750000 | 722718 | 722718 | 1/1/2029 |
|  | **APIsecAI, Inc. Subtotal** |  |  |  |  | **2250000** | **2127890** | **2127890** |  |
|  | Bito Inc. |  | Senior Secured | 12.5% |  | 750000 | 634504 | 634504 | 5/1/2029 |
|  | Blackcart, Inc. \*\* ^ |  | Senior Secured | 13.3% |  | 842703 | 826153 |  | \* |
|  | Bloomboard, Inc. |  | Senior Secured | 12.0% |  | 4303351 | 4249241 | 4249241 | 3/1/2028 |
|  | BlueCart, Inc. |  | Senior Secured | 14.1% |  | 859238 | 802533 | 705991 | \* |
|  | Bound Rates, Inc. \*\* ^ |  | Senior Secured | 13.0% |  | 1238214 | 1189414 | 1189414 | 12/1/2027 |
|  | Common Sun, Inc |  | Senior Secured | 11.0% |  | 332246 | 328393 | 328393 | 7/1/2026 |
|  | Common Sun, Inc |  | Senior Secured | 11.0% |  | 200038 | 200037 | 200037 | 1/1/2027 |
|  | **Common Sun, Inc Subtotal** |  |  |  |  | **532284** | **528430** | **528430** |  |
|  | Confirm HR, Inc. |  | Senior Secured | 12.0% | 6.2% | 562500 | 462032 | 462032 | 11/1/2028 |
|  | Crowded Technologies, Inc. |  | Senior Secured | 12.5% |  | 562500 | 456585 | 456585 | 12/1/2028 |
|  | Crowded Technologies, Inc. |  | Senior Secured | 12.5% |  | 562500 | 540278 | 540278 | 1/1/2029 |
|  | **Crowded Technologies, Inc. Subtotal** |  |  |  |  | **1125000** | **996863** | **996863** |  |
|  | Eskalera, Inc. |  | Senior Secured | 12.0% |  | 1231088 | 1208618 | 680681 | \* |
|  | Family First, Inc |  | Senior Secured | 12.0% | 7.4% | 2811034 | 2919366 | 2919366 | 10/1/2027 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Borrower** | **Percent of Net Assets (a)** | **Collateral** | **Interest Rate <br>(b)** | **End of Term Payment<br>(c)** | **Principal** | **Amortized Cost** | **Fair Value<br>(d)** | **Final Maturity Date** |
|  | Form Remodel, Inc. |  | Senior Secured | 11.0% |  | 585436 | 581935 |  | \* |
|  | FutureProof Technologies, Inc. |  | Senior Secured | 13.5% |  | 228185 | 225067 | 225067 | 6/1/2026 |
|  | Grokker, Inc. |  | Senior Secured | 11.5% |  | 64553 | 64266 | 64266 | 4/1/2026 |
|  | Hoken Holdings Inc. |  | Senior Secured | 13.0% |  | 399384 | 376199 |  | \* |
|  | Ioogo Inc. |  | Senior Secured | 13.5% |  | 4830303 | 4616297 |  | \* |
|  | Ketch Kloud, Inc. |  | Senior Secured | 13.0% |  | 3968835 | 3894232 | 3894232 | 4/1/2027 |
|  | Kolors, Inc. \*\* ^ |  | Senior Secured | 13.3% | 2.5% | 1525028 | 1538826 | 1538826 | 2/1/2027 |
|  | Kolors, Inc. \*\* ^ |  | Senior Secured | 13.5% | 2.5% | 1280553 | 1294817 | 1294817 | 6/1/2027 |
|  | **Kolors, Inc. \*\* ^ Subtotal** |  |  |  |  | **2805581** | **2833643** | **2833643** |  |
|  | Kushki Group Holdings Ltd. \*\* ^ |  | Senior Secured | 13.0% |  | 7028034 | 6694819 | 6694819 | 8/1/2027 |
|  | Manifold Inc. |  | Senior Secured | 12.0% | 6.7% | 2185155 | 2118157 | 2118157 | 5/1/2028 |
|  | Manifold Inc. |  | Senior Secured | 12.0% | 6.5% | 750000 | 707326 | 707326 | 7/1/2029 |
|  | **Manifold Inc. Subtotal** |  |  |  |  | **2935155** | **2825483** | **2825483** |  |
|  | Merlyn Mind, Inc. |  | Senior Secured | 13.1% |  | 25666873 | 20721570 | 20721570 | 1/1/2029 |
|  | Migo Money, Inc. \*\* ^ |  | Senior Secured | 11.5% |  | 1210106 | 1227835 | 524191 | \* |
|  | Parkoursc, Inc. |  | Senior Secured | 12.8% | 1.0% | 1023604 | 1030773 | 1030773 | 10/1/2026 |
|  | Parkoursc, Inc. |  | Senior Secured | 13.0% |  | 764684 | 724367 | 724367 | 10/1/2027 |
|  | Parkoursc, Inc. |  | Senior Secured | 13.0% |  | 914019 | 895912 | 895912 | 3/1/2028 |
|  | **Parkoursc, Inc. Subtotal** |  |  |  |  | **2702307** | **2651052** | **2651052** |  |
|  | Safe Securities Inc. |  | Senior Secured | 12.3% | 1.0% | 1963449 | 1961986 | 1961986 | 10/1/2027 |
|  | Safe Securities Inc. |  | Senior Secured | 12.3% |  | 2617932 | 2599820 | 2599820 | 10/1/2027 |
|  | Safe Securities Inc. |  | Senior Secured | 11.5% | 1.0% | 4125000 | 3630867 | 3630867 | 5/1/2029 |
|  | Safe Securities Inc. |  | Senior Secured | 12.3% | 1.0% | 1963449 | 1893151 | 1893151 | 10/1/2027 |
|  | **Safe Securities Inc. Subtotal** |  |  |  |  | **10669830** | **10085824** | **10085824** |  |
|  | Semsee Corp. |  | Senior Secured | 14.3% | 1.0% | 1433470 | 1414281 | 1414281 | 1/1/2027 |
|  | Standard Dental OpCo, Inc. |  | Senior Secured | 10.0% | 20.1% | 9000000 | 8134425 | 8134425 | 10/1/2026 |
|  | Standard Dental OpCo, Inc. |  | Senior Secured | 10.0% | 21.0% | 2250000 | 2290726 | 2290726 | 10/1/2026 |
|  | **Standard Dental OpCo, Inc. Subtotal** |  |  |  |  | **11250000** | **10425151** | **10425151** |  |
|  | Traction Apps, Inc. \*\* ^ |  | Senior Secured | 12.0% |  | 669126 | 557313 | 366951 | \* |
|  | Truepic Inc. |  | Senior Secured | 12.3% |  | 1456903 | 1422591 | 1422591 | 5/1/2028 |
|  | Truepic Inc. |  | Senior Secured | 12.3% |  | 618047 | 527618 | 527618 | 12/1/2027 |
|  | **Truepic Inc. Subtotal** |  |  |  |  | **2074950** | **1950209** | **1950209** |  |
|  | Vesta Housing, Inc. |  | Senior Secured | 15.0% | 2.0% | 2250000 | 2265000 | 2265000 | 5/1/2026 |
|  | Vesta Housing, Inc. |  | Senior Secured | 11.8% |  | 264526 | 263286 | 263286 | 6/1/2026 |
|  | Vesta Housing, Inc. |  | Senior Secured | 15.0% | 2.0% | 1500000 | 1513550 | 1513550 | 4/1/2026 |
|  | Vesta Housing, Inc. |  | Senior Secured | 11.8% |  | 264526 | 260999 | 260999 | 6/1/2026 |
|  | Vesta Housing, Inc. |  | Senior Secured | 15.0% | 2.0% | 2250000 | 2244615 | 2244615 | 3/1/2026 |
|  | **Vesta Housing, Inc. Subtotal** |  |  |  |  | **6529052** | **6547450** | **6547450** |  |
|  | ZeroCater, Inc. |  | Senior Secured | 12.5% |  | 4584034 | 4372381 | 4372381 | 4/1/2028 |
| **<u>Software Total</u>** |  | **47.7%** |  |  |  | $**108155593** | $**99989972** | $**92070903** |  |
| **<u>Technology Services</u>** |  |  |  |  |  |  |  |  |  |
|  | Ava Finance, Inc. |  | Senior Secured | 10.8% | 1.5% | $375000 | $368937 | $368937 | 11/1/2028 |
|  | Ava Finance, Inc. |  | Senior Secured | 10.8% | 1.5% | 750000 | 734762 | 734762 | 2/1/2029 |
|  | Ava Finance, Inc. |  | Senior Secured | 10.8% | 1.5% | 750000 | 612248 | 612248 | 9/1/2028 |
|  | Ava Finance, Inc. |  | Senior Secured | 10.8% | 1.5% | 750000 | 733676 | 733676 | 11/1/2028 |
|  | Ava Finance, Inc. |  | Senior Secured | 10.8% | 1.5% | 750000 | 735463 | 735463 | 1/1/2029 |
|  | Ava Finance, Inc. |  | Senior Secured | 10.8% | 1.5% | 750000 | 736615 | 736615 | 12/1/2028 |
|  | Ava Finance, Inc. |  | Senior Secured | 10.8% | 1.5% | 750000 | 737504 | 737504 | 10/1/2028 |
|  | **Ava Finance, Inc. Subtotal** |  |  |  |  | **4875000** | **4659205** | **4659205** |  |
|  | Klar Holdings Limited \*\* ^ |  | Senior Secured | 12.5% |  | 3535315 | 3482148 | 3482148 | 4/1/2028 |
|  | Klar Holdings Limited \*\* ^ |  | Senior Secured | 12.5% |  | 3642590 | 3585948 | 3585948 | 5/1/2028 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry** | **Borrower** | **Percent of Net Assets (a)** | **Collateral** | **Interest Rate <br>(b)** | **End of Term Payment<br>(c)** | **Principal** | **Amortized Cost** | **Fair Value<br>(d)** | **Final Maturity Date** |
|  | Klar Holdings Limited \*\* ^ |  | Senior Secured | 12.5% |  | 3425652 | 3135233 | 3135233 | 3/1/2028 |
|  | **Klar Holdings Limited \*\* ^ Subtotal** |  |  |  |  | **10603557** | **10203329** | **10203329** |  |
|  | Loansnap Holdings Inc. \*\* |  | Senior Secured | 10.3% |  | 3669060 | 3485045 |  | \* |
|  | MAYD Group GmbH \*\* ^ |  | Senior Secured | 13.8% |  | 2480536 | 2271204 | 1168473 | \* |
|  | Prima Holdings Limited \*\* ^ |  | Senior Secured | 13.0% | 2.0% | 2566587 | 2448785 | 2448785 | 1/1/2028 |
|  | Surround Group, Inc. |  | Senior Secured | 14.3% |  | 389055 | 296966 |  | \* |
|  | Techspert.IO Limited \*\* ^ |  | Senior Secured | 14.3% |  | 1594481 | 1527273 | 1527273 | 9/1/2027 |
| **<u>Technology Services Total</u>** |  | **10.4%** |  |  |  | $**26178276** | $**24891807** | $**20007065** |  |
| **<u>Wireless</u>** |  |  |  |  |  |  |  |  |  |
|  | Juvo Mobile, Inc. \*\* |  | Senior Secured | 12.5% |  | $4530848 | $4388123 | $4388123 | 12/1/2027 |
|  | Nextivity, Inc. |  | Senior Secured | 12.5% | 8.4% | 1827015 | 1896255 | 1896255 | 3/1/2028 |
|  | Nextivity, Inc. |  | Senior Secured | 12.5% | 8.4% | 6596279 | 6485140 | 6485140 | 12/1/2027 |
|  | Nextivity, Inc. |  | Senior Secured | 12.5% | 8.5% | 5000000 | 5068598 | 5068598 | 6/1/2028 |
|  | **Nextivity, Inc. Subtotal** |  |  |  |  | **13423294** | **13449993** | **13449993** |  |
| **<u>Wireless Total</u>** |  | **9.2%** |  |  |  | $**17954142** | $**17838116** | $**17838116** |  |
|  | **Grand Total** | **206.2%** |  |  |  | $**473041048** | $**430925365** | $**398113300** |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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<br>(e)** |
| ***Derivative Instruments - Interest Rate Collar Agreements*** | ***Derivative Instruments - Interest Rate Collar Agreements*** | ***Derivative Instruments - Interest Rate Collar Agreements*** | ***Derivative Instruments - Interest Rate Collar Agreements*** | ***Derivative Instruments - Interest Rate Collar Agreements*** | ***Derivative Instruments - Interest Rate Collar Agreements*** | ***Derivative Instruments - Interest Rate Collar Agreements*** | ***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 | $50000000 | $(49831) | $— | $(49831) |
| 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 | $50000000 | $(99226) | $— | $(99226) |
| **Total** |  |  |  | $100000000 | $(149057) | $— | $(149057) |

---

\* 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

As of December 31, 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, $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 months ended March 31, 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 March 31, 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 Three Months Ended** |
|<br>**Performing Loans** | **March 31, 2026** | **March 31, 2025** |
| Weighted-Average Interest Rate - Cash | 24.76% | 13.26% |
| Weighted-Average Interest Rate - Non-Cash | 9.14% | 3.58% |
| Weighted-Average Interest Rate | 33.90% | 16.84% |

---

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
|<br>**All Loans** | **March 31, 2026** | **March 31, 2025** |
| Weighted-Average Interest Rate - Cash | 22.40% | 11.77% |
| Weighted-Average Interest Rate - Non-Cash | 7.63% | 3.17% |
| Weighted-Average Interest Rate | 30.03% | 14.94% |

---

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 March 31, 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 months ended March 31, 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 March 31, 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** | **Investment Type - Level 3** | **Investment Type - Level 3** | **Investment Type - Level 3** | **Investment Type - Level 3** | |
| **Loan Investments** | **Fair Value at March 31, 2026** | **Valuation Techniques / Methodologies** | **Unobservable Input** | **Range** | **Weighted Average**<sup>(a)</sup> |
| Biotechnology | $14399244 | Most advantageous market analysis | Most advantageous market effective yield rate | 15% - 19% | 17% |
| Biotechnology | $14399244 | Asset Recovery | Probability weighting of alternative outcomes | 10% - 25%\* |  |
| Computers & Storage | 676564 | Most advantageous market analysis | Most advantageous market effective yield rate | 27% \* | 27% |
| Internet | 18376364 | Most advantageous market analysis | Most advantageous market effective yield rate | 15% - 26% | 17% |
| Internet | 18376364 | Asset Recovery | Probability weighting of alternative outcomes | 10% - 65% ^ |  |
| Medical Devices | 7745106 | Most advantageous market analysis | Most advantageous market effective yield rate | 18% - 26% | 21% |
| Other Healthcare | 39643504 | Most advantageous market analysis | Most advantageous market effective yield rate | 14% - 26% | 15% |
| Other Healthcare | 39643504 | Asset Recovery | Probability weighting of alternative outcomes | 5% - 80% ^ |  |
| Other Technology | 146695508 | Most advantageous market analysis | Most advantageous market effective yield rate | 14% - 29% | 18% |
| Other Technology | 146695508 | Asset Recovery | Probability weighting of alternative outcomes | 5% - 100% ^ |  |
| Semiconductors & Equipment | 3656590 | Most advantageous market analysis | Most advantageous market effective yield rate | 15% \* | 15% |
| Software | 70064756 | Most advantageous market analysis | Most advantageous market effective yield rate | 13% - 27% | 21% |
| Software | 70064756 | Asset Recovery | Probability weighting of alternative outcomes | 5% - 100%^ |  |
| Technology Services | 17348981 | Most advantageous market analysis | Most advantageous market effective yield rate | 14% - 19% | 16% |
| Technology Services | 17348981 | Asset Recovery | Probability weighting of alternative outcomes | 25% - 100% ^ |  |
| Wireless | 16368450 | Most advantageous market analysis | Most advantageous market effective yield rate | 18% - 22% | 19% |
| Total Loan Investments | $334975067 |  |  |  |  |

---

<sup>(a)</sup> 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** | **Investment Type - Level 3** | **Investment Type - Level 3** | **Investment Type - Level 3** | **Investment Type - Level 3** | |
| **Loan Investments** | **Fair Value at December 31, 2025** | **Valuation Techniques / Methodologies** | **Unobservable Input** | **Range** | **Weighted Average**<sup>(a)</sup> |
| Biotechnology | 15339309 | Most advantageous market analysis | Most advantageous market effective yield rate | 15% - 17% | 17% |
|  |  | Asset Recovery | Probability weighting of alternative outcomes | 25% \* |  |
| Computers & Storage | 5831669 | Most advantageous market analysis | Most advantageous market effective yield rate | 27% \* | 27% |
| Computers & Storage |  | Asset Recovery | Probability weighting of alternative outcomes | 30% - 40% \* |  |
| Internet | 22755376 | Most advantageous market analysis | Most advantageous market effective yield rate | 16% - 26%  | 19% |
| Internet | 22755376 | Asset Recovery | Probability weighting of alternative outcomes | 10% - 65% ^ |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type - Level 3** | **Investment Type - Level 3** | **Investment Type - Level 3** | **Investment Type - Level 3** | **Investment Type - Level 3** | |
| **Loan Investments** | **Fair Value at December 31, 2025** | **Valuation Techniques / Methodologies** | **Unobservable Input** | **Range** | **Weighted Average**<sup>(a)</sup> |
| Medical Devices | 8092081 | Most advantageous market analysis | Most advantageous market effective yield rate | 18% - 26% | 21% |
| Other Healthcare | 39509857 | Most advantageous market analysis | Most advantageous market effective yield rate | 14% - 22% | 15% |
| Other Healthcare | 39509857 | Asset Recovery | Probability weighting of alternative outcomes | 5% - 50% ^ |  |
| Other Technology | 172837110 | Most advantageous market analysis | Most advantageous market effective yield rate | 14% - 29%  | 20% |
| Other Technology | 172837110 | Asset Recovery | Probability weighting of alternative outcomes | 5% - 100% ^ |  |
| Semiconductors & Equipment | 3831814 | Most advantageous market analysis | Most advantageous market effective yield rate | 14% \* | 14% |
| Software | 92070903 | Most advantageous market analysis | Most advantageous market effective yield rate | 13% - 27%  | 20% |
| Software | 92070903 | Asset Recovery | Probability weighting of alternative outcomes | 5% - 100% ^ |  |
| Technology Services | 20007065 | Most advantageous market analysis | Most advantageous market effective yield rate | 14% - 20%  | 16% |
| Technology Services | 20007065 | Asset Recovery | Probability weighting of alternative outcomes | 25% - 100% ^ |  |
| Wireless | 17838116 | Most advantageous market analysis | Most advantageous market effective yield rate | 18% | 18% |
| Total Loan Investments | $398113300 |  |  |  |  |

---

<sup>(a)</sup> 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 March 31, 2026 and December 31, 2025 measured at fair value on a recurring basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of March 31, 2026** | | | | |
| ***ASSETS:*** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans † | $— | $— | $334975067 | $334975067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets |  | 19028 |  | 19028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $— | $19028 | $334975067 | $334994095 |
| ***LIABILITIES:*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | $— | $13281 | $— | $13281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $— | $13281 | $— | $13281 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2025** | | | | |
| ***ASSETS:*** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans † | $— | $— | $398113300 | $398113300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $— | $— | $398113300 | $398113300 |
| ***LIABILITIES:*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | $— | $149057 | $— | $149057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $— | $149057 | $— | $149057 |

---

† 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 March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | **Loans** | **Warrants** |
| Beginning balance | $398113300 | $— |
| Acquisitions and originations | 30350000 | 3525302 |
| Principal payments on loans, net of accretion | (90017063) |  |
| Distributions to shareholder |  | (3525302) |
| Net realized loss from loans | (1202352) |  |
| Net change in unrealized loss from loans | (2268818) |  |
| Ending balance | $334975067 | $— |
| Net change in unrealized loss from loans still held at March 31, 2026  | $(4375179) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
| | **Loans** | **Warrants** | **Convertible Notes** |
| Beginning balance | $440132395 | $— | $— |
| Acquisitions and originations | 48412000 | 6064501 | 799876 |
| Principal payments on loans, net of accretion | (28484249) |  |  |
| Distributions to shareholder |  | (6064501) | (799876) |
| Net change in unrealized loss from loans | (7670681) |  |  |
| Ending balance | $452389465 | $— | $— |
| Net change in unrealized loss from loans still held at March 31, 2025  | $(7908661) |  |  |

---

**4. EARNINGS PER SHARE**

Basic earnings per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average common shares outstanding. Diluted earnings (loss) per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average common shares outstanding, including the dilutive effects of potential common shares (e.g., stock options). The Fund has no instruments that would be potential common shares; thus, reported basic and diluted earnings (loss) per share are the same.

**5. CAPITAL STOCK**

As of both March 31, 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 March 31, 2026 and December 31, 2025, was $500.0 million. As of both March 31, 2026 and December 31, 2025, total contributed capital to the Company was $400.0 million, of which $358.0 million was contributed to the Fund.

------

The chart below shows the distributions of the Fund for the three months ended March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2025** |
| Cash distributions | $19500000 | $6700000 |
| Distributions of securities | 3525302 | 6864377 |
| Total distributions to shareholder | $23025302 | $13564377 |

---

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 stockholder 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 March 31, 2026 and December 31, 2025, the Fund's asset coverage for borrowings was 205% 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.

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

The Fund pays interest on its borrowings and a fee on the unused portion of the facility. 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 March 31, 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 March 31, 2026 and December 31, 2025, the remaining unamortized fees and costs are $0.3 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 Borrowing Base (see Note 8). As of both March 31, 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 March 31, 2026 and December 31, 2025, $180.5 million and $232.5 million, respectively, was outstanding under the debt facility, with a weighted average all-in interest rate of 5.93827% and 6.15690%, 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:

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| | |
|:---|:---|
| | **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 months ended March 31, 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 March 31, 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 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.**&nbsp;&nbsp;&nbsp;&nbsp;**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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparties** | **Effective Date** | **Notional Amount** | **Cap** | **Floor** | **Index** | **Maturity Date** |
| Zions Bancorporation, N.A. | 12/31/2024 | $50000000 | 5.30% | 3.24% | 1 mo.USD-SOFR CME Term | 12/31/2026 |
| Zions Bancorporation, N.A. | 12/31/2025 | $50000000 | 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 March 31, 2026 and December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Derivative Assets** | **Derivative Assets** | **Derivative Liabilities** | **Derivative Liabilities** |
|<br>**Derivative Instruments** | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| Interest rate collar | $19028 | $— | $13281 | $149057 |

---

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 Three Months Ended** |
|<br>**Derivative Instruments** |<br>**Condensed Statements of Operations Caption** | **March 31, 2026** | **March 31, 2025** |
| Interest rate collar | Net change in unrealized gain (loss) from derivative instruments | $154804 | $(100174) |

---

The following table shows the Fund's assets and liabilities related to derivatives by counterparty, net of amounts available for offset under the master netting agreement and net of any collateral received or pledged by the Fund for such assets and liabilities as of March 31, 2026 and December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|<br>**Counterparties** | **Derivative Asset Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Pledged** | **Cash Collateral Pledged** | **Net Amount** <sup>(1)</sup> |
| Zions Bancorporation, N.A. | $19028 | $— | $— | $— | $19028 |
| Total | $19028 | $— | $— | $— | $19028 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|<br>**Counterparties** | **Derivative Liability Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Pledged** | **Cash Collateral Pledged** | **Net Amount** <sup>(2)</sup> |
| Zions Bancorporation, N.A. | $(13281) | $— | $— | $— | $(13281) |
| **Total** | $(13281) | $— | $— | $— | $(13281) |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|<br>**Counterparties** | **Derivative Liability Subject to Master Netting Agreement** | **Derivatives Available for Offset** | **Non-cash Collateral Pledged** | **Cash Collateral Pledged** | **Net Amount** <sup>(2)</sup> |
| Zions Bancorporation, N.A. | $(149057) | $— | $— | $— | $(149057) |
| **Total** | $(149057) | $— | $— | $— | $(149057) |
| <sup>(1)</sup> Net amount of derivative assets represents the net amount due from the counterparty to the Fund.  | <sup>(1)</sup> Net amount of derivative assets represents the net amount due from the counterparty to the Fund.  | <sup>(1)</sup> Net amount of derivative assets represents the net amount due from the counterparty to the Fund.  | <sup>(1)</sup> Net amount of derivative assets represents the net amount due from the counterparty to the Fund.  | <sup>(1)</sup> Net amount of derivative assets represents the net amount due from the counterparty to the Fund.  | <sup>(1)</sup> Net amount of derivative assets represents the net amount due from the counterparty to the Fund.  |
| <sup>(2)</sup> Net amount of derivative liabilities represents the net amount owed by the Fund to the counterparty.  | <sup>(2)</sup> Net amount of derivative liabilities represents the net amount owed by the Fund to the counterparty.  | <sup>(2)</sup> Net amount of derivative liabilities represents the net amount owed by the Fund to the counterparty.  | <sup>(2)</sup> Net amount of derivative liabilities represents the net amount owed by the Fund to the counterparty.  | <sup>(2)</sup> Net amount of derivative liabilities represents the net amount owed by the Fund to the counterparty.  | <sup>(2)</sup> 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 March 31, 2026 and December 31, 2025, the Fund's unexpired unfunded commitments to borrowers totaled $91.3 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 March 31, 2026 and December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Industry** | **Unexpired Unfunded Commitment as of March 31, 2026** | **Expiration Date** |
| Abacum Inc. | Software | $15000000 | 03/31/27 |
| Belong, Inc. | Other Technology | 375000 | 07/31/26 |
| Brick Dynamics Inc. | Other Technology | 500000 | 05/31/26 |
| Canvas Medical, Inc. | Software | 1750000 | 04/09/26 |
| Crowded Technologies, Inc. | Software | 1125000 | 07/31/26 |
| Daisyco, Inc. | Other Technology | 3750000 | 06/30/26 |
| eXo Imaging, Inc. | Medical Devices | 3750000 | 07/31/26 |
| Fortull, Inc. | Other Technology | 375000 | 10/31/26 |
| GoForward, Inc. | Other Healthcare | 30000000 | 12/31/26 |
| Lark Technologies, Inc. | Other Healthcare | 7500000 | 04/30/26 |
| Lucra Inc. | Software | 3000000 | 07/31/27 |
| MeMed Diagnostics Ltd. | Other Healthcare | 3500000 | 06/30/26 |
| Orion Longevity, Inc. | Other Technology | 3500000 | 04/30/27 |
| Outbuild Technologies, Inc. | Software | 1000000 | 07/31/26 |
| Prima Holdings Limited | Technology Services | 3000000 | 04/30/26 |
| Safe Securities Inc. | Software | 10875000 | 06/30/27 |
| Teiko Bio, Inc. | Biotechnology | 750000 | 06/30/26 |
| World View Enterprises Inc. | Other Technology | 1500000 | 01/31/27 |
| Total |  | $91250000 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Industry** | **Unexpired Unfunded Commitment as of December 31, 2025** | **Expiration Date** |
| Abacum Inc. | Software | $15000000 | 03/31/27 |
| Ava Finance, Inc. | Technology Services | 1500000 | 03/31/26 |
| Bito Inc. | Software | 375000 | 03/31/26 |
| Creoate Limited | Other Technology | 375000 | 01/31/26 |
| Crowded Technologies, Inc. | Software | 1125000 | 07/31/26 |
| Daisyco, Inc. | Other Technology | 3750000 | 06/30/26 |
| eXo Imaging, Inc. | Medical Devices | 3750000 | 07/31/26 |
| Fortull, Inc. | Other Technology | 750000 | 10/31/26 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Industry** | **Unexpired Unfunded Commitment as of December 31, 2025** | **Expiration Date** |
| GoForward, Inc. | Other Healthcare | 30000000 | 12/31/26 |
| Lark Technologies, Inc. | Other Healthcare | 7500000 | 04/30/26 |
| Prima Holdings Limited | Technology Services | 3000000 | 04/30/26 |
| Safe Securities Inc. | Software | 10875000 | 06/30/27 |
| Teiko Bio, Inc. | Biotechnology | 1500000 | 06/30/26 |
| Vitable, Inc. | Other Healthcare | 3000000 | 03/14/26 |
| Total |  | $82500000 |  |

---

**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 months ended March 31, 2026 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

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.

*(Intentionally left blank)*

------

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

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2025** |
| Total return\*\* | 10.20% | 1.21% |
| Per share amounts: |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $1930.32 | $2303.45 |
| &nbsp;&nbsp;&nbsp;Net investment income | 229.72 | 107.37 |
| &nbsp;&nbsp;&nbsp;Net realized and change in unrealized loss from loans and derivative instruments | (33.17) | (77.71) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 196.55 | 29.66 |
| &nbsp;&nbsp;&nbsp;Distributions of income to shareholder | (217.69) | (107.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital to shareholder | (12.56) | (28.28) |
| &nbsp;&nbsp;&nbsp;Contributions from shareholder |  | 220.00 |
| Net asset value, end of period | $1896.62 | $2417.47 |
| Net assets, end of period | $189662354 | $241746747 |
| Ratios to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses\* | 10.36% | 10.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income\* | 47.61% | 17.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average debt outstanding | $213250000 | $234750000 |

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\*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.

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**<u>Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations</u>**

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 has been extended by two calendar quarters through June 30, 2026. After the commitment period, the Fund may no longer make loan commitments to reinvest the proceeds of matured investments in new loans. Any proceeds will be distributed to the Company.

The 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 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 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 exit, 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 Macroeconomic 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 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 macroeconomic events 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 Months Ended March 31, 2026 and 2025**

***Analysis of Interest Income***

Total investment income for the three months ended March 31, 2026 and 2025 was $28.0 million and $17.0 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 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 March 31, 2026 and 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 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 | $310370738 | $26304571 | 24.76% | 9.14% | $398247459 | $16765077 | 13.26% | 3.58% |
| All Loans | $372178586 | $27937080 | 22.40% | 7.63% | $449303539 | $16780844 | 11.77% | 3.17% |

---

Interest income for performing loans and all loans increased by $9.5 million and $11.2 million, or 56.9% and 66.5%, respectively, for the three months ended March 31, 2026 compared to the same period in 2025. The increase is primarily due to an increased number of early loan payoffs during the three months ended March 31, 2026 compared to the same period in 2025. The average outstanding balance for performing loans decreased by $87.9 million or 22.1%, for the three months ended March 31, 2026 compared to the same period in 2025. The average outstanding balance for all loans decreased by $77.1 million or 17.2%, for the three months ended March 31, 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 rate for the three months ended March 31, 2026 and 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
| | **Average Balance** | **Interest Expense** | **Weighted Average Interest Expense Rate** | **Average Balance** | **Interest Expense** | **Weighted Average Interest Expense Rate** |
| Debt Facility | $213250000 | $3259427 | 6.11% | $234750000 | $4039808 | 6.88% |

---

Interest expense decreased by $0.8 million, or 19.3%, for the three months ended March 31, 2026 compared to the same period in 2025. Interest expense for the three months ended March 31, 2026, decreased primarily due to lower average debt outstanding and also lower average interest rates. The average outstanding balance for borrowings under the facility decreased by $21.5 million, or 9.2%, for the three months ended March 31, 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 Expense***

The following table shows the components of operating expense for the three months ended March 31, 2026 and 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| **Operating Expense** | **2026** | **2025** | **Change ($)** |
| Management Fees | $1562500 | $1875000 | $(312500) |
| Banking and professional fees | 72153 | 320084 | (247931) |
| Other operating expenses | 105804 | 40332 | 65472 |
| **Total Operating Expense** | $**1740457** | $**2235416** | $**(494959)** |

---

Management Fees for the three months ended March 31, 2026 and 2025 were $1.6 million and $1.9 million, respectively. For the three months ended March 31, 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 $0.2 million for the three months ended March 31, 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 increased by less than $0.1 million for the three months ended March 31, 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 March 31, 2026 and 2025 were $0.3 million and $0.2 million**,** respectively.

***Net Investment Income***

Net investment income for the three months ended March 31, 2026 and 2025 was $23.0 million and $10.7 million, respectively.

***Realized and Change in Unrealized Gains (Losses)***

Net realized losses from loans for the three months ended March 31, 2026 was $1.2 million. There were no net realized gains (losses) from loans for the comparative period in 2025.

Net change in unrealized loss from loans was $2.3 million and $7.7 million for the three months ended March 31, 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 $0.2 million and $(0.1) million for the three months ended March 31, 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 March 31, 2026 and 2025 was $19.7 million and $3.0 million, respectively. On a per share basis, the net increase in net assets resulting from operations for the three months ended March 31, 2026 and 2025 was $196.55 and $29.66, respectively.

**Liquidity and Capital Resources – March 31, 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 $358.0 million as of both March 31, 2026 and December 31, 2025. As of both March 31, 2026 and December 31, 2025, the Company had subscriptions for capital in the amount of $500.0 million, of which $400.0 million, 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 March 31, 2026, $100.0 million of capital remains uncalled, originally set to expire on the fifth anniversary of the Fund's first investment and has since been extended by two additional quarters. 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 three months ended March 31, 2026 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2025** |
| Net cash provided by (used in) operating activities | $78455327 | $(14554679) |
| Net cash provided by (used in) financing activities | (71500000) | 3300000 |
| Net increase (decrease) in cash and cash equivalents | $6955327 | $(11254679) |

---

As of March 31, 2026 and December 31, 2025, 16.44% and 12.55%, respectively, of the Fund's net assets consisted of cash and cash equivalents.

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 by the Fund are collateralized by (i) the personal property and other assets of the Fund ("Portfolio Secured Borrowings") and (ii) up to the sum of the unfunded capital commitments of the Company's investors, the rights of the Manager to such capital commitments ("Subscription Secured Borrowings"). The Fund pays interest on its borrowings and a fee on the unused portion of the facility. 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 March 31, 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. The facility terminates on October 18, 2026, but can be accelerated in the event of default, such as the failure by the Fund to make timely interest or principal payments. As of March 31, 2026, $180.5 million was outstanding under the facility.

------

Amounts disbursed under the Fund's loan commitments were $30.3 million for the three months ended March 31, 2026. Net loan amounts outstanding after amortization and valuation adjustments decreased by $63.1 million for the same period. Unexpired unfunded commitments totaled $91.3 million as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of** | **Cumulative Amount Disbursed** | **Principal Reductions and Fair Market Adjustments** | **Balance Outstanding - Fair Value** | **Unexpired Unfunded Commitments** |
| March 31, 2026 | $907.1 million | $572.1 million | $335.0 million | $91.3 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 March 31, 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 March 31, 2026, the Fund had a cash balance of $31.2 million and $152.3 million in scheduled loan receivable payments over the next twelve months. Additionally, the Fund has access to uncalled capital of $100.0 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. The Fund regularly evaluates potential future liquidity resources and demands before making additional future commitments.

On April 30, 2021, the Fund's sole shareholder, the Company, approved a reduced asset coverage ratio of 150% for the Fund as permitted in Section 61(a)(2) of the 1940 Act. Accordingly, the Fund is permitted to borrow in any amount so long as its asset coverage ratio, as defined in the 1940 Act, is at least 150% after giving effect to such borrowings. As of March 31, 2026, the Fund's asset coverage ratio was 205%.

**<u>Item 3. Quantitative and Qualitative Disclosures About Market Risk</u>**

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 March 31, 2026, the outstanding debt balance was $180.5 million with a floating interest rate based on a daily 1-month Adjusted Term SOFR rate of 3.6648%, 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 March 31, 2026. However, those changes could have the potential to change the Fund's ability to originate loan commitments, acquire and renew bank facilities, and engage in other investment activities. Further, changes in short-term interest rates could also affect interest expense and interest on the Fund's short-term investments.

Based on the Fund's Condensed Statements of Assets and Liabilities as of March 31, 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)% | $(623532) | $(1405160) | $3610000 | $1581308 |
| (1.00)% | $(311766) | $(405160) | $1805000 | $1088074 |
| (0.50)% | $(155883) | $(37580) | $902500 | $709037 |
| 0.50% | $155883 | $82420 | $(902500) | $(664197) |
| 1.00% | $311766 | $332420 | $(1805000) | $(1160814) |
| 2.00% | $623532 | $1014840 | $(3610000) | $(1971628) |

---

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.

**<u>Item 4. Controls and Procedures</u>**

**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 March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

------

**PART II — OTHER INFORMATION**

**<u>Item 1. Legal Proceedings</u>**

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.

**<u>Item 1A. Risk Factors</u>**

None**.**

**<u>Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</u>**

None.

**<u>Item 3. Defaults Upon Senior Securities</u>**

Not applicable.

**<u>Item 4. Mine Safety Disclosures</u>**

Not applicable.

**<u>Item 5. Other Information</u>**

**<u>Rule 10b5-1 Trading Arrangements</u>**

During the fiscal quarter ended March 31, 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).

------

**<u>Item 6. Exhibits</u>**

---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** |
| 3.1 | <u>[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](https://www.sec.gov/Archives/edgar/data/1850938/000114036121016657/nt10021433x4_ex3-1.htm)[filed with the Securities and Exchange Commission on May 10, 2021.](https://www.sec.gov/Archives/edgar/data/1850938/000114036121016657/nt10021433x4_ex3-1.htm)</u> |
| 3.2 | <u>[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.](https://www.sec.gov/Archives/edgar/data/1850938/000114036123012658/brhc10050024_ex3-1.htm)</u> |
| 4.1 | <u>[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.](https://www.sec.gov/Archives/edgar/data/1850938/000114036121008202/nt10021433x1_ex4-1.htm)</u> |
| 10.1 | <u>[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.](https://www.sec.gov/Archives/edgar/data/1850938/000114036122037616/brhc10043062_ex10-1.htm)</u> |
| 10.2 | <u>[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](https://www.sec.gov/Archives/edgar/data/1850938/000185093826000002/wtix-computersharecustod.htm)[, incorporated by ref](https://www.sec.gov/Archives/edgar/data/1850938/000185093826000002/wtix-computersharecustod.htm)[erence to](https://www.sec.gov/Archives/edgar/data/1850938/000185093826000002/wtix-computersharecustod.htm)[Exhibit 10.2 to the Fund's 10-K filed with the Securities Exchange Commission on M](https://www.sec.gov/Archives/edgar/data/1850938/000185093826000002/wtix-computersharecustod.htm)[a](https://www.sec.gov/Archives/edgar/data/1850938/000185093826000002/wtix-computersharecustod.htm)[rch 13, 2026.](https://www.sec.gov/Archives/edgar/data/1850938/000185093826000002/wtix-computersharecustod.htm)</u> |
| 10.3 | <u>[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.](https://www.sec.gov/Archives/edgar/data/1850938/000185093825000023/generaltermsandcondition.htm)</u> |
| 31.1 | <u>[Chief Executive Officer certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Rules 13a -14(a) and 15d-14(a) Certification).](wti1010q03312026ex311.htm)</u> |
| 31.2 | <u>[Chief Financial Officer certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Rules 13a -14(a) and 15d-14(a) Certification).](wti1010q03312026ex312.htm)</u> |
| 32.1 | <u>[Chief Executive Officer certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Section 1350 Certification).](wti1010q03312026ex321.htm)</u> |
| 32.2 | <u>[Chief Financial Officer certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Section 1350 Certification).](wti1010q03312026ex322.htm)</u> |

---

------

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: | <u>/s/ David R. Wanek</u> | By: | <u>/s/ Jared S. Thear</u> |
| David R. Wanek | David R. Wanek | Jared S. Thear | Jared S. Thear |
| President and Chief Executive Officer | President and Chief Executive Officer | Chief Financial Officer | Chief Financial Officer |
| (Principal Executive Officer) | (Principal Executive Officer) | (Principal Financial Officer) | (Principal Financial Officer) |
| Date: | May 14, 2026 | Date: | May 14, 2026 |

---

## Exhibit 31.1

Exhibit 31.1

**CERTIFICATION PURSUANT TO** 

**RULES 13a-14(a) AND 15d-14(a), AS ADOPTED PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, David R. Wanek, certify that:

1. I have reviewed this quarterly report on Form 10-Q of WTI Fund X, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d -15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 14, 2026

<u>/s/ David R. Wanek</u>

David R. Wanek

President and Chief Executive Officer**&nbsp;&nbsp;&nbsp;&nbsp;**

(Principal Executive Officer)

## Exhibit 31.2

Exhibit 31.2

**CERTIFICATION PURSUANT TO** 

**RULES13a-14(a) AND 15d-14(a), AS ADOPTED PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Jared S. Thear, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of WTI Fund X, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d -15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 14, 2026

<u>/s/ Jared S. Thear</u>

Jared S. Thear

Chief Financial Officer

(Principal Financial Officer)

## Exhibit 32.1

Exhibit 32.1

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of WTI Fund X, Inc. (the "Fund") on Form 10-Q for the period ending March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David R. Wanek, Chief Executive Officer of the Fund, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Fund.

<u>/s/ David R. Wanek</u>

David R. Wanek

President and Chief Executive Officer**&nbsp;&nbsp;&nbsp;&nbsp;**

(Principal Executive Officer)

Date: May 14, 2026

## Exhibit 32.2

Exhibit 32.2

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of WTI Fund X, Inc. (the "Fund") on Form 10-Q for the period ending March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Jared S. Thear, Chief Financial Officer of the Fund, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Fund.

<u>/s/ Jared S. Thear</u>

Jared S. Thear

Chief Financial Officer

(Principal Financial Officer)

Date: May 14, 2026

<br>