# EDGAR Filing Document

**Accession Number:** 0001944831
**File Stem:** 0000950170-25-101339
**Filing Date:** 2025-8
**Character Count:** 17071
**Document Hash:** d5312398775fe9f0b82597373a811e5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-101339.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0000950170-25-101339

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Willow Tree Capital Corp
- **CENTRAL INDEX KEY:** 0001944831

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94752
- **FILM NUMBER:** 251175727

**BUSINESS ADDRESS:**
- **STREET 1:** 450 PARK AVENUE
- **STREET 2:** 29TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (212) 218-1099

**MAIL ADDRESS:**
- **STREET 1:** 450 PARK AVENUE
- **STREET 2:** 29TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LIBERTY MUTUAL HOLDING CO
- **CENTRAL INDEX KEY:** 0001142872

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** FOUR TIMES SQUARE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 100366522

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**Issuer:** Willow Tree Capital Corporation

**Title of Class of Securities:** Common Stock, par value $0.01 ("Common Stock")

**CUSIP Number:** 000000000

**Date of Event Which Requires Filing of this Statement:** 07/31/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [x] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Liberty Mutual Holding Company Inc. | Names of Reporting Persons<br>Liberty Mutual Holding Company Inc. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>MA | Citizenship or Place of Organization<br>MA |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>3222959 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>3222959 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3222959 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3222959 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>15.8% | Percent of Class Represented by Amount in Row (9)<br>15.8% |
| 12. | Type of Reporting Person (See Instructions)<br>HC | Type of Reporting Person (See Instructions)<br>HC |

---

| 1. | Names of Reporting Persons<br>Liberty Mutual Insurance Company | Names of Reporting Persons<br>Liberty Mutual Insurance Company |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>MA | Citizenship or Place of Organization<br>MA |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1289078 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1289078 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1289078 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1289078 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>6.3% | Percent of Class Represented by Amount in Row (9)<br>6.3% |
| 12. | Type of Reporting Person (See Instructions)<br>IC | Type of Reporting Person (See Instructions)<br>IC |

---

| 1. | Names of Reporting Persons<br>Peerless Insurance Company | Names of Reporting Persons<br>Peerless Insurance Company |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>NH | Citizenship or Place of Organization<br>NH |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>966676 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>966676 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>966676 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>966676 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.7% | Percent of Class Represented by Amount in Row (9)<br>4.7% |
| 12. | Type of Reporting Person (See Instructions)<br>IC | Type of Reporting Person (See Instructions)<br>IC |

---

| 1. | Names of Reporting Persons<br>Safeco Insurance Company of America | Names of Reporting Persons<br>Safeco Insurance Company of America |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>NH | Citizenship or Place of Organization<br>NH |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>483602 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>483602 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>483602 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>483602 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.4% | Percent of Class Represented by Amount in Row (9)<br>2.4% |
| 12. | Type of Reporting Person (See Instructions)<br>IC | Type of Reporting Person (See Instructions)<br>IC |

---

| 1. | Names of Reporting Persons<br>The Ohio Casualty Insurance Company | Names of Reporting Persons<br>The Ohio Casualty Insurance Company |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>NH | Citizenship or Place of Organization<br>NH |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>483602 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>483602 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>483602 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>483602 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.4% | Percent of Class Represented by Amount in Row (9)<br>2.4% |
| 12. | Type of Reporting Person (See Instructions)<br>IC | Type of Reporting Person (See Instructions)<br>IC |

---

**Item 1(a). Name of Issuer:**
Willow Tree Capital Corporation

**Item 1(b). Address of Issuer's Principal Executive Offices:**
450 Park Avenue, 29th Floor, New York, New York 10022

**Item 2(a). Name of Person Filing:**
This statement is filed on behalf of the following persons (collectively, the "Reporting Persons"):
(i) Liberty Mutual Holding Company Inc.
(ii) Liberty Mutual Insurance Company
(iii) Peerless Insurance Company
(iv) The Ohio Casualty Insurance Company
(v) Safeco Insurance Company of America

The Reporting Persons have entered into a Joint Filing Agreement, dated November 15, 2024, a copy of which is attached to this Schedule 13G as Exhibit A, pursuant to which such Reporting Persons have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended.

**Item 2(b). Address of Principal Business Office:**
The principal business office of each Reporting Person is:
175 Berkeley Street, Boston, MA 02116

**Item 2(c). Citizenship:**
(i) Liberty Mutual Holding Company Inc. - Massachusetts; (ii) Liberty Mutual Insurance Company - Massachusetts; (iii) Peerless Insurance Company - New Hampshire; (iv) The Ohio Casualty Insurance Company - New Hampshire; (v) Safeco Insurance Company of America - New Hampshire

**Item 2(d). Title of Class of Securities:**
Common Stock, par value $0.01 ("Common Stock")

**Item 2(e). CUSIP Number:**
000000000

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [x] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

See the responses to Item 9 on the attached cover pages.

**(b) Percent of class:**

See the responses to Item 11 of the attached cover pages. The percentages reported in Item 11 are based on 20,401,739 shares of Common Stock outstanding as of July 2, 2025, following a capital call completed by the Issuer on July 2, 2025.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

See the responses to Item 5 on the attached cover pages.

**(ii) Shared power to vote or to direct the vote:**

See the responses to Item 6 on the attached cover pages.

**(iii) Sole power to dispose or to direct the disposition of:**

See the responses to Item 7 on the attached cover pages.

**(iv) Shared power to dispose or to direct the disposition of:**

See the responses to Item 8 on the attached cover pages.
The shares of Common Stock reported herein are held directly by Willow Tree Capital Rated Notes Feeder LLC ("Willow Tree Feeder") and represent the pro rata portion of shares of Common Stock held by Willow Tree Feeder that the Reporting Persons may be deemed to beneficially own pursuant to the Note Purchase Agreement (the "Note Purchase Agreement"), dated April 11, 2024, entered into by Liberty Mutual Insurance Company, Peerless Insurance Company, Safeco Insurance Company of America and The Ohio Casualty Insurance Company (collectively, the "Subsidiaries") and Willow Tree Feeder, granting the Subsidiaries certain pro rata rights with respect to the shares of Common Stock held by Willow Tree Feeder.
Pursuant to the rights granted in the Note Purchase Agreement, the Subsidiaries may be deemed to have beneficial ownership over their respective pro rata shares of Common Stock held by Willow Tree Feeder as follows: (i) 1,289,078 shares of Common Stock by Liberty Mutual Insurance Company; (ii) 966,676 shares of Common Stock by Peerless Insurance Company; (iii) 483,602 shares of Common Stock by Safeco Insurance Company of America; and (iv) 483,602 shares of Common Stock by The Ohio Casualty Insurance Company.
Liberty Mutual Holding Company Inc. ("LMHC") may be deemed to have beneficial ownership over the Subsidiaries' aggregate pro rata share of shares of Common Stock held directly by Willow Tree Feeder because each of the Subsidiaries is an indirect wholly-owned subsidiary of LMHC. LMHC disclaims beneficial ownership of these securities.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

The identification and classification of each Reporting Person is set forth in the responses to Item 12 of the attached cover pages.

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Liberty Mutual Holding Company Inc.**

**Date:** 08/01/2025

**By:** /s/ Vlad Barbalat

**Name & Title:** Executive Vice President

**Liberty Mutual Insurance Company**

**Date:** 08/01/2025

**By:** /s/ Vlad Barbalat

**Name & Title:** Executive Vice President

**Peerless Insurance Company**

**Date:** 08/01/2025

**By:** /s/ Vlad Barbalat

**Name & Title:** Executive Vice President

**Safeco Insurance Company of America**

**Date:** 08/01/2025

**By:** /s/ Vlad Barbalat

**Name & Title:** Executive Vice President

**The Ohio Casualty Insurance Company**

**Date:** 08/01/2025

**By:** /s/ Vlad Barbalat

**Name & Title:** Executive Vice President