Wti Fund XI Inc.

11/13/2025 | Press release | Distributed by Public on 11/13/2025 15:04

Quarterly Report for Quarter Ending September 30, 2025 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
In addition to the historical information contained herein, the information in this Quarterly Report on Form 10-Q contains certain "forward-looking statements" within the meaning of the securities laws. These forward-looking statements reflect the current view of the Fund with respect to future events and financial performance and are subject to several risks and uncertainties, many of which are beyond the Fund's control. All statements, other than statements of historical facts included in this Quarterly Report, regarding the strategy, future operations, financial position, estimated revenues, projected costs, prospects, plans and objectives of the Fund are forward-looking statements. For example, statements in this Form 10-Q regarding the potential future impact of the Ukraine War, conflicts in the Middle East, the current U.S. government administration, global tariff policies, worldwide inflation, interest rate volatility and natural disasters on the Fund's business and results of operations are forward-looking statements. When used in this report, the words "will," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All forward-looking statements speak only as of the date of this report. The Fund does not undertake any obligation to update or revise publicly any forward-looking statements, whether resulting from new information, future events or otherwise, except as required by law.
The reader of this Quarterly Report should understand that all such forward-looking statements are subject to various uncertainties and risks that could affect their outcome. The Fund's actual results could differ materially from those suggested by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, variances in the actual versus projected growth in assets, return on assets, loan losses, expenses, rates charged on loans and earned on securities investments, competition and macro-economic changes including inflation, interest rate expectations, among other factors including those set forth in the section of this Quarterly Report titled "Risk Factors" and in Item 1A - "Risk Factors" in the Fund's 2024 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. The Fund's Registration Statement on Form 10 became effective on April 1, 2024 and the Fund elected to be treated as a BDC on April 11, 2024. On June 25, 2024, the Company called and received its first capital and made its first capital contribution to the Fund on the following day. The Fund commenced its investment activities on June 26, 2024. 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 act as a diversified investment company within the meaning of Section 5(b)(1) of the 1940 Act.
The Fund expects to be treated as a RIC under the Code for federal income tax purposes. Pursuant to this election, the Fund generally will not have to pay corporate-level taxes if a sufficient amount of income is 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) and all distributions out of its earnings and profits will be taxable to the members of the Company as taxable 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 and it 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 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 X
The Manager also serves as the investment manager for Fund X. So long as Fund X has capital available to invest in loan transactions with final maturities earlier than December 31, 2031 (the date on which Fund X's existence automatically expires),the Fund may invest in each portfolio company in which Fund X invests, subject to the approval of the Fund's Board. The Manager's allocation process is designed to allocate investment opportunities fairly and equitably among the Fund and Fund X 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 X, and other clients advised by the Manager, is subject to the Conditions with which the funds are currently complying while seeking certain exemptive relief from the SEC from the provisions of Sections 17(d) and 57 of the 1940 Act and Rule 17d-1 thereunder. To the extent that clients, other than Fund X, 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, 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. There is no readily available market price or secondary market for the loans made by the Fund to borrowers, hence the Manager determines fair value based on a transaction that would occur in the most advantageous market and the estimates are subject to high levels of judgment and uncertainty. The Fund's loan investments are considered Level 3 fair value measurements in the fair value hierarchy due to the lack of observability over many of the important inputs used in determining fair value. In particular, the Manager has identified the fair value of the Fund's loan investments that exhibit indicators of the potential for credit deterioration and the completeness of those loan investments, as a critical accounting matter that may involve significant and material estimates and inputs from the Manager in determining the fair value of those loan investments.
Critical judgments and inputs in determining the fair value of a loan include the estimated timing and amount of future cash flows and probability of future payments, based on the assessment of payment history, available cash and "burn rate," revenues, net income or loss, operating results, financial strength of borrower, prospects for the borrower's raising future equity rounds, likelihood of sale or acquisition of the borrower, length of expected holding period of the loan, collateral position, the timing and amount of liquidation of collateral for loans that are experiencing significant credit deterioration and, as a result, collection becomes collateral-dependent, as well as an evaluation of the general interest rate environment. Management has evaluated these factors and has concluded that the effect of a deterioration in the quality of the underlying collateral, increase in the size of the loan, increase in the estimated time to recovery, and increase in the effective yield rate would each have the effect of decreasing the fair value of loan investments. The risk profile of a loan changes when events occur that impact the credit analysis of the borrower and the loan. Such changes result in the fair value being adjusted from par value of the individual loan. Where the risk profile is consistent with the original underwriting, the cost basis of substantially all loans approximates fair value.
The actual value of the loans may differ from Management's estimates, which would affect net change in net assets resulting from operations as well as assets.
The Impact of the Ukraine War, Conflicts in the Middle East, Worldwide Inflation, Interest Rate Volatility, Global Tariffs and Natural Disasters on Results of Operations and Liquidity & Capital Resources
Global and domestic financial markets have experienced an increase in volatility as concerns about the impact of higher inflation, interest rate volatility, a potential slowdown in economic activity, the conflicts in the Middle East, the Ukraine War, and the outbreak of other hostilities or conflict (such as the Houthi attacks on marine vessels in and around the Red Sea), the impact of the current U.S. government administration, global tariff policies and extreme weather patterns or natural disasters (such as the 2025 Southern California wildfires) have weighed on market participants. These factors have created disruptions in supply chains and economic activity and have had a particularly adverse impact on certain industries. These uncertainties can ultimately impact the overall supply and demand of the market through changing spreads, deal terms and structures. The Fund is unable to predict the full impact of these macroeconomic events on the Fund's liquidity and capital resources.
The Fund is continuing to maintain close communications with its loan portfolio companies, both those already funded and those in the pipeline, to proactively assess and manage potential risks. In addition, Management maintains oversight analysis of credits across the Fund's loan investment portfolio in an attempt to manage the potential credit risk and improve loan performance. Certain loans may have inherent increased credit risk due to the nature of the underlying business and its ability to maintain operations in the current economic environment.
Management is also monitoring the Fund's continued access to capital resources through periodic and timely communication with the bank syndicate and the Company's members. In addition, the Fund will take proactive steps to ensure and maintain an appropriate liquidity position based on its circumstances. The Fund believes its existing cash balance, scheduled monthly payments from borrowers, and access to capital from its debt facility and the Company's members will be sufficient to satisfy its working capital needs, debt repayments, and other liquidity requirements associated with its existing operations.
Results of Operations - For the Three and Nine Months Ended September 30, 2025 and 2024
There is limited analysis on the operational results for the period ended September 30, 2024 as the Fund only commenced investment operations in June 2024.
Analysis of Interest Income
Total investment income for the three and nine months ended September 30, 2025 was $2.6 million and $6.7 million, respectively. Total investment income for both the three and nine months ended September 30, 2024, was $0.5 million. Investment income primarily consisted of interest on the venture loans outstanding. The remaining income consisted of dividends on the temporary investment of cash.
Interest is calculated using the effective interest method, and rates earned by the Fund will fluctuate based on many factors including early payoffs, volatility of values ascribed to warrants and new loans funded during the year.
Warrants and equity securities received in connection with loan transactions are considered to be free standing contracts that are both legally detachable and separately exercisable from the related loan transactions and are measured at fair value at the time of acquisition; the non-cash portion of interest income represents the accretion of the discount of these warrants over the life of the loan.
The following table shows the average outstanding balance, interest income, and weighted average interest rate for the cash and non-cash portion of interest income for all loans as all loans are performing for the three months ended September 30, 2025 and 2024.
For the Three Months Ended September 30, 2025
For the Three Months Ended September 30, 2024
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
All Loans $ 42,257,639 $ 2,545,712 15.70% 8.40% $ 8,558,506 $ 376,841 13.22% 4.39%
Interest income for all loans increased by $2.2 million, or 575.5% for the three months ended September 30, 2025 compared to the same period in 2024. The increase is primarily due to the increase in the loan investment portfolio. The average outstanding balance for all loans increasedby $33.7million, or 393.8% for the three months ended September 30, 2025 compared to the same period in 2024.
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 nine months ended September 30, 2025 and for the period from June 26, 2024, commencement of investment operations, through September 30, 2024.
For the Nine Months Ended September 30, 2025 For the Period Ended September 30, 2024*
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
All Loans $ 36,972,953 $ 6,538,409 15.49% 8.09% $ 8,558,506 $ 382,246 12.64% 4.17%
*From June 26, 2024, commencement of investment operations, through September 30, 2024.
Interest income for all loans increased by $6.2 million, or 1,610.5% for the nine months ended September 30, 2025 compared to the period from June 26, 2024 through September 30, 2024. The increase is primarily due to the increase in the loan investment portfolio. The average outstanding balance for all loans increasedby $28.4million, or 332.0% for the nine months ended September 30, 2025 compared to the period from June 26, 2024 through September 30, 2024.
Analysis of Interest Expense
The Fund established a debt facility with MUFG Bank Ltd., on August 1, 2024 to support the investment and business operations of the Fund. 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 September 30, 2025 and the period ended September 30, 2024.
For the Three Months Ended September 30, 2025 For the Period Ended September 30, 2024*
Average Balance Interest Expense Weighted Average Interest Expense Rate Average Balance Interest Expense Weighted Average Interest Expense Rate
Debt Facility $ 29,250,000 $ 980,993 13.42 % $ 11,750,000 $ 383,948 13.07 %
*From August 1, 2024 through September 30, 2024.
Interest expense increased by $0.6 million, or 155.5%, for the three months ended September 30, 2025 compared to the same period in 2024. The increase is primarily due to the increase in the borrowings under the debt facility. The average outstanding balance for borrowings under the facility increased by $17.5 million, or 148.9%, for the three months ended September 30, 2025 compared to the same period in 2024.
The following table shows the average balance, interest expense, and weighted average interest expense rate for the nine months ended September 30, 2025 and the period ended September 30, 2024.
For the Nine Months Ended September 30, 2025 For the Period Ended September 30, 2024*
Average Balance Interest Expense Weighted Average Interest Expense Rate Average Balance Interest Expense Weighted Average Interest Expense Rate
Debt Facility $ 26,200,000 $ 2,725,266 13.87 % $ 11,750,000 $ 383,948 13.07 %
*From August 1, 2024 through September 30, 2024.
Interest expense increased by $2.3 million, or 609.8%, for the nine months ended September 30, 2025 compared to the period from August 1, 2024 through September 30, 2024. The increase is primarily due to the increase in the borrowings under the debt facility. The average outstanding balance for borrowings under the facility increased by $14.5 million, or 123.0%, for the nine months ended September 30, 2025 compared to the period from August 1, 2024 through September 30, 2024.
Analysis of Operating Expenses
The following table shows the components of operating expenses for the three and nine months ended September 30, 2025 and 2024.
For the Three Months Ended September 30, For the Nine Months Ended September 30,
Operating Expense 2025 2024 Change ($) 2025 2024 Change ($)
Management Fees $ 1,562,536 $ 1,402,657 $ 159,879 $ 4,643,964 $ 1,465,648 $ 3,178,316
Banking and professional fees 40,603 36,192 4,411 196,618 152,211 44,407
Directors' fees 33,750 33,750 - 101,250 101,250 -
Organizational costs - 2,065 (2,065) - 247,275 (247,275)
Other operating expenses 34,560 48,100 (13,540) 79,028 81,735 (2,707)
Total Operating Expenses $ 1,671,449 $ 1,522,764 $ 148,685 $ 5,020,860 $ 2,048,119 $ 2,972,741
For the period from January 1, 2025 through June 30, 2025, Management Fees were calculated at 1.575% of the Company's committed capital and for the period from July 1, 2025 through September 30, 2025, Management Fees were calculated at 1.600%. For the period from June 25, 2024 (initial capital call due date) through September 30, 2024, Management Fees were calculated at 1.575% of the Company's committed capital.
Banking and professional fees did not materially decrease for the three and nine months ended September 30, 2025 compared to the same period in 2024. Banking and professional fees include legal fees related to client acquisition, audit and tax fees and consulting fees.
Organizational costs did not materially decrease for the three months ended September 30, 2025 compared to the same period in 2024. Organizational costs decreased by $0.2 million or 100% for the nine months ended September 30, 2025 compared to the same period in 2024. The decrease is due to the Fund commencing its investment operations in June 2024. Organizational costs included legal, accounting, and other corporate services fees incurred for the formation of the Fund.
Other operating expenses did not materially decrease during the three and nine months ended September 30, 2025 compared to the same periods in 2024. Other expenses included director fees, custody fees, tax fees 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 deferred income from warrants received 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 were $0.1 million for both the three months ended September 30, 2025 and 2024. Non-recurring fees for the nine months ended September 30, 2025 and 2024 were $0.2 million and $0.1 million, respectively.
Net Investment Loss
Net investment loss for the three months ended September 30, 2025and 2024was $0.1 millionand $1.5 million, respectively. Net investment loss for the nine months ended September 30, 2025 and 2024 was $1.0 million and $2.0 million, respectively.
Liquidity and Capital Resources - September 30, 2025 and December 31, 2024
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 as of September 30, 2025 and December 31, 2024 was $32.3 million and $22.3 million, respectively. As of September 30, 2025, the Company had subscriptions for capital in the amount of $387.4 million, of which $42.6 million had been called and received. As of September 30, 2025, $344.8 million of capital remains uncalled and the uncalled capital expires on the Fund's fifth anniversary of its first investment unless extended. Management is permitted to extend the Fund's investment period by up to two (2) additional calendar quarters in its sole and absolute discretion.
The Fund expects to generate cash primarily from further contributions from the Company to the extent of the Company's members' capital commitment to the Company, cash flows from its operations and any financing arrangements it may enter into in the future.
The changes in cash for the nine months ended September 30, 2025 and 2024 were as follows:
For the Nine Months Ended September 30, 2025
For the Nine Months Ended September 30, 2024
Net cash used in operating activities $ (25,456,885) $ (16,741,369)
Net cash provided by financing activities 22,980,955 28,006,554
Net increase (decrease) in cash and cash equivalents $ (2,475,930) $ 11,265,185
As of September 30, 2025 and December 31, 2024, 38.9% and 75.2%, respectively, of the Fund's net assets consisted of cash and cash equivalents.
On August 1, 2024, the Fund entered into a loan and security agreement with MUFG Bank Ltd. as the administrative agent and with lenders named therein that established a secured revolving credit facility in an initial amount of up to $250.0 million with the option to request that borrowing availability be increased up to $500.0 million, subject to further negotiation and credit approval.
Borrowings by the Fund are collateralized by (i) all portfolio investments and substantially all other assets held by the Fund and its subsidiaries, (ii) all equity interests of the Company in the Fund and all direct or indirect subsidiaries of the Fund, and (iii) the pledge of the uncalled capital commitments of all investors in the Company. 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) Term SOFR plus the Applicable SOFR Margin (such loan, a "Term SOFR Loan") or (iii) Daily Compounded SOFR plus the Applicable SOFR Margin (such loan, a "Daily Compounded SOFR Loan"). The interest period for each Term SOFR Loan shall at the option of the Fund be fixed at one, three or six months. Applicable SOFR Margin is the sum of (a) the product of (i) the Subscription Percentage calculated for such period and (ii) 2.50% and (b) the product of (i) the Portfolio Leverage Percentage for such period and (ii) 3.00%. When the Fund is using 50% or more of the maximum amount available under the loan agreement, the applicable commitment fee is 0.25% of the unused portion of the loan facility; otherwise, the applicable commitment fee is 0.50% of the unused portion. The Fund pays the unused credit line fee quarterly. The facility terminates on August 1, 2027, 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 September 30, 2025, $34.0 million was outstanding under the facility.
Amounts disbursed under the Fund's loan commitments were $23.1 million for the nine months ended September 30, 2025. Net loan amounts outstanding after amortization increased by $21.3 million for the same period. Unexpired unfunded commitments totaled $18.3 million as of September 30, 2025.
As of Cumulative Amount Disbursed Principal Reductions and Fair Market Adjustments Balance Outstanding - Fair Value Unexpired Unfunded Commitments
September 30, 2025 $52.8 million $7.5 million $45.3 million $18.3 million
December 31, 2024
$29.7 million $5.7 million $24.0 million $17.1 million
The unexpired unfunded commitments by portfolio company as of September 30, 2025 and December 31, 2024 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 will seek 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 September 30, 2025, the Fund had a cash balance of $7.1 million and $22.1 million in scheduled loan receivable payments over the next twelve months. Additionally, the Fund has access to uncalled capital of $344.8 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 September 28, 2023, 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 September 30, 2025, the Fund's asset coverage ratio was 153%.
Wti Fund XI Inc. published this content on November 13, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on November 13, 2025 at 21:04 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]