LIBERTY MUTUAL HOLDING Co INC. 4

What Happened

• Liberty Mutual Holding Company Inc., reported as a 10% owner, purchased 272,890 shares of Willow Tree Capital Corp on 2026-03-23 at $16.07 per share, for a total reported acquisition value of $4,385,342. The transaction is reported as a purchase (code P), described as an open market or private purchase.

Key Details

• Transaction date and price: 2026-03-23 — 272,890 shares at $16.07 each.
• Total value: $4,385,342.
• Filing date: Form 4 filed 2026-03-25 (covers the 2026-03-23 transaction) — appears timely under standard 2-business-day rules.
• Shares owned after transaction: Not disclosed in this filing.
• Footnotes summary: The shares are held directly by Willow Tree Capital Rated Notes Feeder LLC and represent the pro rata portion of the issuer’s shares held by that feeder. Under a Note Purchase Agreement (dated April 11, 2024), certain indirect wholly-owned subsidiaries of Liberty Mutual have pro rata rights to these securities. Liberty Mutual disclaims beneficial ownership except to the extent of its pecuniary interest.

Context

• This is institutional/investment activity by a 10% owner structure (via a feeder LLC and subsidiary arrangements), not an individual executive trade. Institutional purchases can signal allocation decisions by the investor but do not necessarily reflect insider views about the company’s near-term outlook.