HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL 4

What Happened

• Hershey Trust Co., as trustee in trust for Milton Hershey School (reported as a 10% owner), acquired 60,836.239 shares of Willow Tree Capital Corp on 2026-01-26. The transaction was coded as a purchase (Form 4 code P) at $16.50 per share, totaling $1,003,798.
• This was a purchase (a net buy), which is typically viewed as a bullish signal relative to a sale, though institutional purchases can reflect portfolio management rather than insight into company operations.

Key Details

• Transaction date: 2026-01-26; Filing date (Form 4): 2026-01-28 (filed two days after the trade).
• Price and amount: 60,836.239 shares at $16.50 per share; total consideration $1,003,798.
• Transaction type: P = open market or private purchase (Form 4 lists "P"); the filing does not specify whether the trade was executed on an exchange or privately.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes/plan codes: None reported in the excerpt; no 10b5-1, tax-withholding, or other special notes indicated.

Context

• This filing represents institutional/beneficial ownership activity by a 10% owner (a trustee for a school endowment), not an executive or director trade. Institutional purchases can reflect investment or portfolio allocation decisions rather than managerial views of company prospects.
• The Form 4 was filed within the typical 2-business-day window following the trade date, so the report appears timely.