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Senior Secured 42026-03-310001987731Creoate Limited | Senior Secured 52026-03-310001987731Creoate Limited | Senior Secured 62026-03-310001987731Creoate Limited | Senior Secured 72026-03-310001987731Creoate Limited | Senior Secured 82026-03-310001987731Creoate Limited | Senior Secured 92026-03-310001987731Creoate Limited | Senior Secured 102026-03-310001987731Creoate Limited | Senior Secured 112026-03-310001987731wti:CreoateLimitedMemberwti:LoanInvestmentsOtherTechnologyMember2026-03-310001987731Daisyco, Inc. | Senior Secured2026-03-310001987731Fortull, Inc. | Senior Secured 12026-03-310001987731Fortull, Inc. | Senior Secured 22026-03-310001987731wti:FortullInc.Memberwti:LoanInvestmentsOtherTechnologyMember2026-03-310001987731Gold Words, LLC | Senior Secured2026-03-310001987731Hint, Inc. | Senior Secured2026-03-310001987731Innventure LLC | Senior Secured2026-03-310001987731Kindred Motorworks, Inc. | Senior Secured2026-03-310001987731Owlet Baby Care, Inc. | Senior 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22025-12-310001987731wti:ManifoldInc.Memberwti:LoanInvestmentsSoftwareMember2025-12-310001987731Merlyn Mind, Inc. | Senior Secured2025-12-310001987731Safe Securities Inc. | Senior Secured2025-12-310001987731Standard Dental OpCo, Inc. | Senior Secured 12025-12-310001987731Standard Dental OpCo, Inc. | Senior Secured 22025-12-310001987731wti:StandardDentalOpCoInc.Memberwti:LoanInvestmentsSoftwareMember2025-12-310001987731Truepic Inc. | Senior Secured 12025-12-310001987731Truepic Inc. | Senior Secured 22025-12-310001987731wti:TruepicInc.Memberwti:LoanInvestmentsSoftwareMember2025-12-310001987731Vesta Housing, Inc. | Senior Secured 12025-12-310001987731Vesta Housing, Inc. | Senior Secured 22025-12-310001987731Vesta Housing, Inc. | Senior Secured 32025-12-310001987731wti:VestaHousingInc.Memberwti:LoanInvestmentsSoftwareMember2025-12-310001987731ZeroCater, Inc. | Senior Secured2025-12-310001987731wti:LoanInvestmentsSoftwareMember2025-12-310001987731Ava Finance, Inc. | Senior Secured 12025-12-310001987731Ava Finance, Inc. | Senior Secured 22025-12-310001987731Ava Finance, Inc. | Senior Secured 32025-12-310001987731Ava Finance, Inc. | Senior Secured 42025-12-310001987731Ava Finance, Inc. | Senior Secured 52025-12-310001987731Ava Finance, Inc. | Senior Secured 62025-12-310001987731Ava Finance, Inc. | Senior Secured 72025-12-310001987731wti:AvaFinanceInc.Memberwti:LoanInvestmentsTechnologyServicesMember2025-12-310001987731Klar Holdings Limited | Senior Secured 12025-12-310001987731Klar Holdings Limited | Senior Secured 22025-12-310001987731Klar Holdings Limited | Senior Secured 32025-12-310001987731wti:KlarHoldingsLimitedMemberwti:LoanInvestmentsTechnologyServicesMember2025-12-310001987731Prima Holdings Limited | Senior Secured2025-12-310001987731wti:LoanInvestmentsTechnologyServicesMember2025-12-310001987731Juvo Mobile, Inc. | Senior 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended March 31, 2026


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

For the transition period from ___________ to ______________

Commission file number 814-01718

WTI Fund XI, Inc.

(Exact Name of Registrant as specified in its charter)


Maryland			92-1737785
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

104 La Mesa Drive, Suite 102, Portola Valley, CA			94028
(Address of principal executive offices)			(Zip Code)

(650) 234-4300

(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						100,000

WTI FUND XI, INC.

INDEX


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

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

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

WTI FUND XI, INC.

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

AS OF MARCH 31, 2026 AND DECEMBER 31, 2025


	March 31, 2026		December 31, 2025
ASSETS

Loans, at estimated fair value
(amortized cost of $66,761,212 and $48,835,889, respectively)	$	66,761,212	$	48,835,889

Cash	14,965,207		6,085,901
Dividend and interest receivables	957,885		1,044,410

Other assets	1,224,221		1,124,372
Total assets	83,908,525		57,090,572

LIABILITIES
Borrowings under debt facility	50,500,000		28,500,000
Accrued management fees	1,536,458		1,610,685
Accounts payable and other accrued liabilities	906,740		586,146
Total liabilities	52,943,198		30,696,831

NET ASSETS	$	30,965,327	$	26,393,741

Analysis of Net Assets:

Capital paid in on shares of capital stock	$	47,825,000	$	40,825,000
Cumulative return of capital distributions	(12,883,184)		(10,454,770)
Total distributable losses	(3,976,489)		(3,976,489)
Net assets (equivalent to $309.65 and $263.94 per share based on 100,000 shares of capital stock outstanding - see Note 5 and Note 10)	$	30,965,327	$	26,393,741

Commitments & Contingent Liabilities:
Unexpired unfunded commitments (see Note 8)	$	30,500,000	$	17,500,000

See notes to condensed financial statements (unaudited).

WTI FUND XI, 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:
Interest on loans	$	4,484,266	$	1,731,038
Other income	4,666		90,641
Total investment income	4,488,932		1,821,679

EXPENSES:
Management fees	1,536,458		$	1,547,943
Interest expense	945,168		860,796
Banking and professional fees	51,283		67,497


Other operating expenses	69,287		42,475
Total expenses	2,602,196		2,518,711
Net investment income (loss)	1,886,736		(697,032)







Net increase (decrease) in net assets resulting from operations	$	1,886,736	$	(697,032)

Amounts per common share:
Net increase (decrease) in net assets resulting from operations per share	$	18.87	$	(6.97)
Weighted average shares outstanding	100,000		100,000

See notes to condensed financial statements (unaudited).

WTI FUND XI, INC.

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025


	Common Stock
	Shares	Par Value		Additional Paid-in Capital		Return of Capital Distributions		Total Distributable Losses		Net Assets
Balance at December 31, 2024	100,000	$	100	$	22,324,900	$	(5,909,639)	$	(3,742,874)	$	12,672,487
Net decrease in net assets resulting from operations	—	—		—		—		(697,032)		(697,032)

Return of capital to shareholder	—	—		—		(1,833,699)		—		(1,833,699)
Contributions from shareholder	—	—		10,000,000		—		—		10,000,000
Balance at March 31, 2025	100,000	$	100	$	32,324,900	$	(7,743,338)	$	(4,439,906)	$	20,141,756






















Balance at December 31, 2025	100,000	$	100	$	40,824,900	$	(10,454,770)	$	(3,976,489)	$	26,393,741
Net increase in net assets resulting from operations	—	—		—		—		1,886,736		1,886,736
Distributions of income to shareholder	—	—		—		—		(1,886,736)		(1,886,736)
Return of capital to shareholder	—	—		—		(2,428,414)		—		(2,428,414)
Contributions from shareholder	—	—		7,000,000		—		—		7,000,000
Balance at March 31, 2026	100,000	$	100	$	47,824,900	$	(12,883,184)	$	(3,976,489)	$	30,965,327

See notes to condensed financial statements (unaudited).

WTI FUND XI, 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:
Net increase (decrease) in net assets resulting from operations	$	1,886,736	$	(697,032)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:




Amortization of deferred costs related to debt facility	169,121		166,730
Origination of loans	(27,350,000)		(14,279,000)
Principal payments on loans, net of accretion	9,350,232		1,388,587

Acquisition of equity securities	(2,240,705)		(1,833,699)
Change in operating assets and liabilities:
Net (increase) decrease in dividend and interest receivables	86,525		(200,085)
Net increase (decrease) in other assets	(268,171)		12,867
Net increase (decrease) in accounts payable, other accrued liabilities and accrued management fees	245,568		(148,146)
Net cash used in operating activities	(18,120,694)		(15,589,778)

CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions to shareholder	(2,000,000)		—
Contributions from shareholder	7,000,000		10,000,000
Borrowings under debt facility	22,000,000		4,000,000
Repayments of borrowings under debt facility	—		(3,000,000)


Payments of bank facility fees and costs	—		(1,695)
Net cash provided by financing activities	27,000,000		10,998,305

Net increase (decrease) in cash and cash equivalents	8,879,306		(4,591,473)

CASH AND CASH EQUIVALENTS:
Beginning of period	6,085,901		9,535,729
End of period	$	14,965,207	$	4,944,256

SUPPLEMENTAL DISCLOSURES:
CASH PAID DURING THE PERIOD:
Interest - Debt facility	$	777,322	$	705,155
NON-CASH OPERATING AND FINANCING ACTIVITIES:
Distributions of equity securities to shareholder	$	2,315,150	$	1,833,699
Receipt of equity securities as repayment of loans	$	74,445	$	—

See notes to condensed financial statements (unaudited).

WTI FUND XI, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)

AS OF MARCH 31, 2026


Industry	Borrower	Percent of Net Assets (a)		Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
Biotechnology
	Biolojic Design Ltd. ** ^			Senior Secured	12.5%	3.0%	$	1,177,621	$	1,163,695	$	1,163,695	7/1/2028
	Biolojic Design Ltd. ** ^			Senior Secured	12.5%	3.0%	2,355,242		2,253,083		2,253,083		7/1/2028
	Biolojic Design Ltd. Subtotal ** ^						3,532,863		3,416,778		3,416,778
	Teiko Bio, Inc.			Senior Secured	12.5%		250,000		223,433		223,433		5/1/2029
Biotechnology Total		11.8	%				$	3,782,863	$	3,640,211	$	3,640,211

Computers & Storage
	Proto, Inc.			Senior Secured	13.0%	17.8%	$	235,607	$	225,522	$	225,522	7/1/2028
Computers & Storage Total		0.7	%				$	235,607	$	225,522	$	225,522

Internet
	BossBites Inc.			Senior Secured	12.0%		$	1,500,000	$	1,413,342	$	1,413,342	4/1/2029
	Realm Living, Inc.			Senior Secured	12.5%		327,131		316,623		316,623		6/1/2027
Internet Total		5.6	%				$	1,827,131	$	1,729,965	$	1,729,965

Medical Devices
	eXo Imaging, Inc.			Senior Secured	12.5%		$	1,250,000	$	1,093,444	$	1,093,444	12/1/2028
	Gallant Pet, Inc.			Senior Secured	13.0%		331,617		331,617		331,617		5/1/2028
	Gallant Pet, Inc.			Senior Secured	13.3%		552,897		514,327		514,327		5/1/2028
	Gallant Pet, Inc. Subtotal						884,514		845,944		845,944
Medical Devices Total		6.3	%				$	2,134,514	$	1,939,388	$	1,939,388

Other Healthcare
	Lark Technologies, Inc.			Senior Secured	13.5%		$	3,208,938	$	2,665,372	$	2,665,372	4/1/2028
	MeMed Diagnostics Ltd. ** ^			Senior Secured	11.0%	7.6%	1,500,000		1,134,708		1,134,708		10/1/2029
	Vitable, Inc.			Senior Secured	13.0%		1,500,000		1,427,124		1,427,124		4/1/2029
	Vitable, Inc.			Senior Secured	13.0%		1,000,000		972,313		972,313		4/1/2029
	Vitable, Inc. Subtotal						2,500,000		2,399,437		2,399,437
Other Healthcare Total		20.0	%				$	7,208,938	$	6,199,517	$	6,199,517

Other Technology
	AI Tech Holdings, Inc.			Senior Secured	12.0%	6.5%	$	165,290	$	151,167	$	151,167	10/1/2028
	Belong, Inc.			Senior Secured	13.5%		500,000		365,302		365,302		3/1/2029
	Belong, Inc.			Senior Secured	13.0%		625,000		497,907		497,907		3/1/2029
	Belong, Inc.			Senior Secured	13.5%		250,000		221,131		221,131		3/1/2029
	Belong, Inc. Subtotal						1,375,000		1,084,340		1,084,340
	Brick Dynamics Inc.			Senior Secured	12.0%		500,000		460,301		460,301		4/1/2029
	Carbon Ridge, Inc.			Senior Secured	12.5%		375,000		360,499		360,499		1/1/2029
	Carbon Ridge, Inc.			Senior Secured	12.5%		326,077		305,526		305,526		7/1/2028
	Carbon Ridge, Inc. Subtotal						701,077		666,025		666,025
	Creoate Limited ** ^			Senior Secured	12.8%		136,993		136,001		136,001		6/1/2028
	Creoate Limited ** ^			Senior Secured	12.8%		48,397		48,034		48,034		8/1/2028
	Creoate Limited ** ^			Senior Secured	12.8%		176,285		174,994		174,994		5/1/2028
	Creoate Limited ** ^			Senior Secured	12.8%		125,000		121,882		121,882		8/1/2029
	Creoate Limited ** ^			Senior Secured	12.8%		158,237		156,818		156,818		11/1/2028
	Creoate Limited ** ^			Senior Secured	12.8%		122,284		86,007		86,007		4/1/2028
	Creoate Limited ** ^			Senior Secured	12.8%		175,000		173,420		173,420		12/1/2028
	Creoate Limited ** ^			Senior Secured	12.8%		250,000		244,034		244,034		7/1/2029


Industry	Borrower	Percent of Net Assets (a)		Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Creoate Limited ** ^			Senior Secured	12.8%		154,103		152,805		152,805		10/1/2028
	Creoate Limited ** ^			Senior Secured	12.8%		375,000		349,737		349,737		5/1/2029
	Creoate Limited ** ^			Senior Secured	12.8%		141,365		140,300		140,300		7/1/2028
	Creoate Limited Subtotal ** ^						1,862,664		1,784,032		1,784,032
	Daisyco, Inc.			Senior Secured	10.8%		1,250,000		1,159,502		1,159,502		4/1/2029
	Fortull, Inc.			Senior Secured	11.0%		125,000		106,582		106,582		1/1/2029
	Fortull, Inc.			Senior Secured	11.0%		125,000		120,372		120,372		4/1/2029
	Fortull, Inc. Subtotal						250,000		226,954		226,954
	Gold Words, LLC			Senior Secured	12.0%		156,665		153,325		153,325		12/1/2027
	Hint, Inc.			Senior Secured	13.8%		1,513,838		1,152,876		1,152,876		1/1/2028
	Innventure LLC **			Senior Secured	13.5%		4,570,967		2,493,986		2,493,986		6/1/2028
	Kindred Motorworks, Inc.			Senior Secured	12.0%	6.4%	2,354,414		2,328,339		2,328,339		7/1/2028
	Owlet Baby Care, Inc.			Senior Secured	12.0%	7.8%	1,564,658		1,422,355		1,422,355		1/1/2028
	Scripta Insights, Inc.			Senior Secured	12.5%		640,599		615,514		615,514		4/1/2028
	Umbra Lab, Inc.			Senior Secured	13.5%		1,913,986		1,860,144		1,860,144		1/1/2028
	Umbra Lab, Inc.			Senior Secured	12.5%		18,050,000		17,013,674		17,013,674		10/1/2029
	Umbra Lab, Inc. Subtotal						19,963,986		18,873,818		18,873,818
	World View Enterprises Inc.			Senior Secured	13.0%		1,000,000		754,236		754,236		3/1/2029
Other Technology Total		107.6	%				$	37,869,158	$	33,326,770	$	33,326,770

Software
	APIsecAI, Inc.			Senior Secured	12.0%		$	483,414	$	457,056	$	457,056	5/1/2028
	APIsecAI, Inc.			Senior Secured	12.0%		250,000		242,691		242,691		1/1/2029
	APIsecAI, Inc. Subtotal						733,414		699,747		699,747
	Bito Inc.			Senior Secured	12.5%		250,000		214,939		214,939		5/1/2029
	Checksum AI, Inc.			Senior Secured	11.3%		1,000,000		940,751		940,751		10/1/2029
	Confirm HR, Inc.			Senior Secured	12.0%	6.2%	187,500		158,948		158,948		11/1/2028
	Crowded Technologies, Inc.			Senior Secured	12.5%		187,500		181,551		181,551		1/1/2029
	Crowded Technologies, Inc.			Senior Secured	12.5%		187,500		156,149		156,149		12/1/2028
	Crowded Technologies, Inc. Subtotal						375,000		337,700		337,700
	Merlyn Mind, Inc.			Senior Secured	12.5%		5,557,383		4,623,595		4,623,595		1/1/2029
	Outbuild Technologies, Inc.			Senior Secured	12.0%		1,675,000		1,588,256		1,588,256		3/1/2029
	Safe Securities Inc.			Senior Secured	11.5%	1.0%	1,375,000		1,228,718		1,228,718		5/1/2029
	Truepic Inc.			Senior Secured	12.3%		182,887		158,840		158,840		12/1/2027
	Truepic Inc.			Senior Secured	12.3%		441,671		432,217		432,217		5/1/2028
	Truepic Inc. Subtotal						624,558		591,057		591,057
	Vesta Housing, Inc.			Senior Secured	15.0%	2.0%	750,000		773,750		773,750		3/1/2026
	Vesta Housing, Inc.			Senior Secured	15.0%	2.0%	500,000		514,397		514,397		4/1/2026
	Vesta Housing, Inc.			Senior Secured	15.0%	2.0%	750,000		771,819		771,819		5/1/2026
	Vesta Housing, Inc. Subtotal						2,000,000		2,059,966		2,059,966
	ZeroCater, Inc.			Senior Secured	12.5%		1,467,728		1,417,739		1,417,739		4/1/2028
Software Total		44.8	%				$	15,245,583	$	13,861,416	$	13,861,416

Technology Services
	Ava Finance, Inc.			Senior Secured	10.8%	1.5%	$	250,000	$	246,615	$	246,615	10/1/2028
	Ava Finance, Inc.			Senior Secured	10.8%	1.5%	250,000		210,677		210,677		9/1/2028
	Ava Finance, Inc.			Senior Secured	10.8%	1.5%	125,000		123,450		123,450		11/1/2028
	Ava Finance, Inc.			Senior Secured	10.8%	1.5%	250,000		245,677		245,677		11/1/2028
	Ava Finance, Inc.			Senior Secured	10.8%	1.5%	250,000		245,661		245,661		2/1/2029
	Ava Finance, Inc.			Senior Secured	10.8%	1.5%	250,000		245,903		245,903		1/1/2029
	Ava Finance, Inc.			Senior Secured	10.8%	1.5%	250,000		246,283		246,283		12/1/2028
	Ava Finance, Inc. Subtotal						1,625,000		1,564,266		1,564,266


Industry	Borrower	Percent of Net Assets (a)		Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Klar Holdings Limited ** ^			Senior Secured	12.5%		1,067,665		1,053,131		1,053,131		4/1/2028
	Klar Holdings Limited ** ^			Senior Secured	12.5%		1,104,583		1,088,978		1,088,978		5/1/2028
	Klar Holdings Limited ** ^			Senior Secured	12.5%		1,029,979		950,854		950,854		3/1/2028
	Klar Holdings Limited Subtotal ** ^						3,202,227		3,092,963		3,092,963
	Prima Holdings Limited ** ^			Senior Secured	13.0%	2.0%	764,441		736,278		736,278		1/1/2028
Technology Services Total		17.4	%				$	5,591,668	$	5,393,507	$	5,393,507

Wireless
	Juvo Mobile, Inc. **			Senior Secured	12.5%		$	500,000	$	444,916	$	444,916	6/1/2028
Wireless Total		1.4	%				$	500,000	$	444,916	$	444,916

	Grand Total	215.6	%				$	74,395,462	$	66,761,212	$	66,761,212

**Indicates assets that the Fund deems “non-qualifying assets.” As of March 31, 2026, 16.0% 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.

(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).

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

(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.

(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.

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

See notes to condensed financial statements (unaudited).

(Intentionally left blank)

WTI FUND XI, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)

AS OF DECEMBER 31, 2025


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
Biotechnology
	Biolojic Design Ltd. ** ^		Senior Secured	12.5%	3.0%	$	2,500,000	$	2,367,516	$	2,367,516	7/1/2028
	Biolojic Design Ltd. ** ^		Senior Secured	12.5%	3.0%	1,250,000		1,227,535		1,227,535		7/1/2028
	Biolojic Design Ltd. Subtotal ** ^					3,750,000		3,595,051		3,595,051
Biotechnology Total		13.6%				$	3,750,000	$	3,595,051	$	3,595,051

Computers & Storage
	Proto, Inc.		Senior Secured	13.0%	17.8%	$	250,000	$	232,355	$	232,355	7/1/2028
Computers & Storage Total		0.9%				$	250,000	$	232,355	$	232,355

Internet
	Realm Living, Inc.		Senior Secured	12.5%		$	386,749	$	372,203	$	372,203	6/1/2027
Internet Total		1.4%				$	386,749	$	372,203	$	372,203

Medical Devices
	eXo Imaging, Inc.		Senior Secured	12.5%		$	1,250,000	$	1,073,170	$	1,073,170	12/1/2028
	Gallant Pet, Inc.		Senior Secured	13.3%		607,263		560,846		560,846		5/1/2028
	Gallant Pet, Inc.		Senior Secured	13.0%		364,325		364,325		364,325		5/1/2028
	Gallant Pet, Inc. Subtotal					971,588		925,171		925,171
Medical Devices Total		7.6%				$	2,221,588	$	1,998,341	$	1,998,341

Other Healthcare
	Lark Technologies, Inc.		Senior Secured	13.5%		$	3,537,979	$	2,884,323	$	2,884,323	4/1/2028
	Vitable, Inc.		Senior Secured	13.0%		1,500,000		1,419,220		1,419,220		4/1/2029
Other Healthcare Total		16.3%				$	5,037,979	$	4,303,543	$	4,303,543

Other Technology
	AI Tech Holdings, Inc.		Senior Secured	12.0%	6.5%	$	178,784	$	160,873	$	160,873	10/1/2028
	Belong, Inc.		Senior Secured	13.5%		250,000		217,991		217,991		3/1/2029
	Belong, Inc.		Senior Secured	13.5%		500,000		352,208		352,208		3/1/2029
	Belong, Inc. Subtotal					750,000		570,199		570,199
	Carbon Ridge, Inc.		Senior Secured	12.5%		375,000		358,472		358,472		1/1/2029
	Carbon Ridge, Inc.		Senior Secured	12.5%		355,807		331,373		331,373		7/1/2028
	Carbon Ridge, Inc. Subtotal					730,807		689,845		689,845
	Creoate Limited ** ^		Senior Secured	12.8%		52,621		52,190		52,190		8/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		149,973		148,783		148,783		6/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		162,500		160,982		160,982		10/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		175,000		173,183		173,183		12/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		250,000		241,552		241,552		7/1/2029
	Creoate Limited ** ^		Senior Secured	12.8%		193,725		192,164		192,164		5/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		375,000		346,959		346,959		5/1/2029
	Creoate Limited ** ^		Senior Secured	12.8%		162,500		160,854		160,854		11/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		134,934		125,161		125,161		4/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		154,212		152,942		152,942		7/1/2028
	Creoate Limited Subtotal ** ^					1,810,465		1,754,770		1,754,770
	Daisyco, Inc.		Senior Secured	10.8%		1,250,000		1,148,778		1,148,778		4/1/2029
	Fortull, Inc.		Senior Secured	11.0%		125,000		104,270		104,270		1/1/2029
	Gold Words, LLC		Senior Secured	12.0%		176,527		172,296		172,296		12/1/2027
	Hint, Inc.		Senior Secured	13.8%		1,654,066		1,212,785		1,212,785		1/1/2028
	Innventure LLC **		Senior Secured	13.5%		5,000,000		2,596,791		2,596,791		6/1/2028
	Kindred Motorworks, Inc.		Senior Secured	12.0%	6.4%	2,500,000		2,444,410		2,444,410		7/1/2028
	Last Energy Inc.		Senior Secured	13.8%		1,415,456		1,315,947		1,315,947		4/1/2028


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Owlet Baby Care, Inc. **		Senior Secured	12.0%	7.8%	1,753,056		1,550,358		1,550,358		1/1/2028
	Scripta Insights, Inc.		Senior Secured	12.5%		707,063		676,534		676,534		4/1/2028
	Umbra Lab, Inc.		Senior Secured	13.5%		2,140,858		2,073,572		2,073,572		1/1/2028
Other Technology Total		62.4%				$	20,192,082	$	16,471,428	$	16,471,428

Software
	APIsecAI, Inc.		Senior Secured	12.0%		$	250,000	$	240,907	$	240,907	1/1/2029
	APIsecAI, Inc.		Senior Secured	12.0%		500,000		468,391		468,391		5/1/2028
	APIsecAI, Inc. Subtotal					750,000		709,298		709,298
	Bito Inc.		Senior Secured	12.5%		250,000		211,502		211,502		5/1/2029
	Confirm HR, Inc.		Senior Secured	12.0%	6.2%	187,500		154,011		154,011		11/1/2028
	Crowded Technologies, Inc.		Senior Secured	12.5%		187,500		152,196		152,196		12/1/2028
	Crowded Technologies, Inc.		Senior Secured	12.5%		187,500		180,093		180,093		1/1/2029
	Crowded Technologies, Inc. Subtotal					375,000		332,289		332,289
	Manifold Inc.		Senior Secured	12.0%	6.7%	728,385		706,052		706,052		5/1/2028
	Manifold Inc.		Senior Secured	12.0%	6.5%	250,000		235,775		235,775		7/1/2029
	Manifold Inc. Subtotal					978,385		941,827		941,827
	Merlyn Mind, Inc.		Senior Secured	12.5%		5,498,201		4,464,422		4,464,422		1/1/2029
	Safe Securities Inc.		Senior Secured	11.5%	1.0%	1,375,000		1,210,290		1,210,290		5/1/2029
	Standard Dental OpCo, Inc.		Senior Secured	10.0%	20.1%	3,000,000		2,711,475		2,711,475		10/1/2026
	Standard Dental OpCo, Inc.		Senior Secured	10.0%	21.0%	750,000		763,575		763,575		10/1/2026
	Standard Dental OpCo, Inc. Subtotal					3,750,000		3,475,050		3,475,050
	Truepic Inc.		Senior Secured	12.3%		206,016		175,873		175,873		12/1/2027
	Truepic Inc.		Senior Secured	12.3%		485,634		474,197		474,197		5/1/2028
	Truepic Inc. Subtotal					691,650		650,070		650,070
	Vesta Housing, Inc.		Senior Secured	15.0%	2.0%	750,000		755,000		755,000		5/1/2026
	Vesta Housing, Inc.		Senior Secured	15.0%	2.0%	500,000		504,516		504,516		4/1/2026
	Vesta Housing, Inc.		Senior Secured	15.0%	2.0%	750,000		748,205		748,205		3/1/2026
	Vesta Housing, Inc. Subtotal					2,000,000		2,007,721		2,007,721
	ZeroCater, Inc.		Senior Secured	12.5%		1,528,011		1,457,461		1,457,461		4/1/2028
Software Total		59.1%				$	17,383,747	$	15,613,941	$	15,613,941

Technology Services
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	$	250,000	$	204,083	$	204,083	9/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	250,000		244,559		244,559		11/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	250,000		244,921		244,921		2/1/2029
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	250,000		245,154		245,154		1/1/2029
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	250,000		245,539		245,539		12/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	250,000		245,835		245,835		10/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	125,000		122,980		122,980		11/1/2028
	Ava Finance, Inc. Subtotal					1,625,000		1,553,071		1,553,071
	Klar Holdings Limited ** ^		Senior Secured	12.5%		1,141,884		1,045,078		1,045,078		3/1/2028
	Klar Holdings Limited ** ^		Senior Secured	12.5%		1,178,438		1,160,716		1,160,716		4/1/2028
	Klar Holdings Limited ** ^		Senior Secured	12.5%		1,214,197		1,195,316		1,195,316		5/1/2028
	Klar Holdings Limited Subtotal ** ^					3,534,519		3,401,110		3,401,110
	Prima Holdings Limited ** ^		Senior Secured	13.0%	2.0%	855,529		816,262		816,262		1/1/2028
Technology Services Total		21.9%				$	6,015,048	$	5,770,443	$	5,770,443

Wireless
	Juvo Mobile, Inc. **		Senior Secured	12.5%		$	500,000	$	478,584	$	478,584	12/1/2027
Wireless Total		1.8%				$	500,000	$	478,584	$	478,584

	Grand Total	185.0%				$	55,737,193	$	48,835,889	$	48,835,889

**Indicates assets that the Fund deems “non-qualifying assets.” As of December 31, 2025, 25.8%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.

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

As of December 31, 2025, all loans were made to non-affiliates.

See notes to condensed financial statements (unaudited).

WTI FUND XI, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

1.ORGANIZATION AND OPERATIONS OF THE FUND

WTI Fund XI, Inc. (the “Fund”) was incorporated in Maryland on February 1, 2023, 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, 2033 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 XI, LLC (the “Company”). Prior to commencing investment operations on June 26, 2024, the Fund issued 100,000 shares of common stock at $0.001 par value (the “Shares”) for $25,000 to the Company. This issuance of stock was a requirement to apply for a finance lender’s license from the California Department of Financial Protection and Innovation, which was obtained on February 13, 2024.

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 table shows the weighted-average interest rate of the loans:


	For the Three Months Ended
Performing Loans	March 31, 2026		March 31, 2025
Weighted-Average Interest Rate – Cash	24.75	%	15.14	%
Weighted Average Interest Rate – Non-Cash	8.72	%	7.52	%
Weighted-Average Interest Rate	33.47	%	22.66	%

All loans held as of March 31, 2026 and 2025 are classified as performing loans.

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 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 one class of financial instrument: loan investments. 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

Loan Investments

Fair Value at

March 31, 2026

Valuation Techniques / Methodologies

Unobservable Input

Range

Weighted Average (a)

Biotechnology

3,640,211

Most advantageous market analysis

Most advantageous market effective yield rate

17% - 19%

17%


Investment Type - Level 3
Loan Investments	Fair Value at March 31, 2026		Valuation Techniques / Methodologies	Unobservable Input	Range	Weighted Average (a)
Computers & Storage	225,522		Most advantageous market analysis	Most advantageous market effective yield rate	27% *	27%
Internet	1,729,965		Most advantageous market analysis	Most advantageous market effective yield rate	15% - 18%	16%
Medical Devices	1,939,388		Most advantageous market analysis	Most advantageous market effective yield rate	17% - 22%	20%
Other Healthcare	6,199,517		Most advantageous market analysis	Most advantageous market effective yield rate	15% - 26%	19%
Other Technology	33,326,770		Most advantageous market analysis	Most advantageous market effective yield rate	14% - 29%	17%
Software	13,861,416		Most advantageous market analysis	Most advantageous market effective yield rate	14% - 27%	20%
Technology Services	5,393,507		Most advantageous market analysis	Most advantageous market effective yield rate	14% - 19%	16%
Wireless	444,916		Most advantageous market analysis	Most advantageous market effective yield rate	23% *	23%

Total Loan Investments	$	66,761,212

(a) The weighted-average most advantageous market effective yield rates were calculated using the relative fair value of the loans.

* There is only one loan within this industry that utilizes this valuation technique.

Investment Type - Level 3

Loan Investments

Fair Value at

December 31, 2025

Valuation Techniques / Methodologies

Unobservable Input

Range

Weighted Average (a)

Biotechnology

3,595,051

Most advantageous market analysis

Most advantageous market effective yield rate

17% *

17%

Computers & Storage

232,355

Most advantageous market analysis

Most advantageous market effective yield rate

27% *

27%

Internet

372,203

Most advantageous market analysis

Most advantageous market effective yield rate

18%*

18%

Medical Devices

1,998,341

Most advantageous market analysis

Most advantageous market effective yield rate

17% -22%

20%

Other Healthcare

4,303,543

Most advantageous market analysis

Most advantageous market effective yield rate

16%*

16%

Other Technology

16,471,428

Most advantageous market analysis

Most advantageous market effective yield rate

14% - 29%

19%

Software

15,613,941

Most advantageous market analysis

Most advantageous market effective yield rate

16% - 27%

21%

Technology Services

5,770,443

Most advantageous market analysis

Most advantageous market effective yield rate

14% - 19%

16%

Wireless

478,584

Most advantageous market analysis

Most advantageous market effective yield rate

20%*

20%

Total Loan Investments

48,835,889

(a) The weighted-average most advantageous market effective yield rates were calculated using the relative fair value of the loans.

* 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. 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:	Level 1		Level 2		Level 3		Total
Loans †	$	—	$	—	$	66,761,212	$	66,761,212


Total	$	—	$	—	$	66,761,212	$	66,761,212


As of December 31, 2025
ASSETS:	Level 1		Level 2		Level 3		Total
Loans †	$	—	$	—	$	48,835,889	$	48,835,889


Total	$	—	$	—	$	48,835,889	$	48,835,889

† For a detailed listing of borrowers comprising this amount, please refer to the Condensed Schedules 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
	Loans		Warrants
Beginning balance	$	48,835,889	$	—
Acquisitions and originations	27,350,000		2,315,150
Principal payments on loans, net of accretion	(9,424,677)		—

Distributions to shareholder	—		(2,315,150)


Ending balance	$	66,761,212	$	—


	For the Three Months Ended March 31, 2025
	Loans		Warrants
Beginning balance	$	23,982,777	$	—
Acquisitions and originations	14,279,000		1,833,699
Principal payments on loans, net of accretion	(1,388,587)		—

Distributions to shareholder	—		(1,833,699)


Ending balance	$	36,873,190	$	—

There were no changes in unrealized gains (losses) from the loans still held as of March 31, 2026 and 2025.

4. EARNINGS (LOSS) PER SHARE

Basic earnings (loss) 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 $389.4 million. Total contributed capital to the Company as of March 31, 2026 and December 31, 2025, was $60.3 million and $52.3 million, respectively, of which $47.8 million and $40.8 million were contributed to the Fund, respectively.

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	$	2,000,000	$	—
Distributions of securities	2,315,150		1,833,699
Total distributions to shareholder	$	4,315,150	$	1,833,699

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 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. As of March 31, 2026 and December 31, 2025, the Fund’s asset coverage for borrowings was 161% and 192%, respectively.

On August 1, 2024, the Fund entered into a loan and security agreement with MUFG Bank Ltd. as the administrative agent and the 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.

The Fund pays interest on its borrowings. 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%. As of March 31, 2026, the Fund’s outstanding borrowings of $50.5 million, consisted of $45.5 million of 1‑month Term SOFR Loans and $5.0 million of a Reference Rate Loan. As of December 31, 2025, the Fund’s outstanding borrowings were entirely 1‑month Term SOFR Loans.

The Fund also pays a fee on the unused portion of the facility. When the Fund is using 50.00% 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.

Bank fees and other costs of $2.0 million incurred in connection with the acquisition of the facility have been capitalized and are amortized to interest expense on a straight-line basis over the expected life of the facility, which is expected to terminate on August 1, 2027. As of March 31, 2026 and December 31, 2025, the remaining unamortized fees and costs amounted to $0.9 million and $1.1 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 debt 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 equal to at least 20% of the outstanding borrowings if subscription borrowing base is less than 25% of the Fund’s borrowing base. As of March 31, 2026 and December 31, 2025, Management is not aware of instances of non-compliance with financial covenants and the Fund is not yet required to comply with the minimum derivative requirement.

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, $50.5 million and $28.5 million, respectively, was outstanding under the debt facility, with a weighted average all-in interest rate of 6.4% and 6.3%, 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, June 25, 2024, 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:


						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 1.600% and 1.575% of the Company’s committed capital, respectively. Management Fees of $1.5 million were recognized as expenses for both the three months ended March 31, 2026 and 2025.

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 acquired a directors and officers insurance policy.

Transactions with WTI Fund X, Inc. (“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 (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.

8. COMMITMENTS AND CONTINGENCIES

Unexpired Unfunded Commitments

As of March 31, 2026 and December 31, 2025, the Fund’s unexpired unfunded commitments to borrowers totaled $30.5 million and $17.5 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 table below is the Fund’s unexpired unfunded commitments as of March 31, 2026:


Borrower	Industry	Unexpired Unfunded Commitment as of March 31, 2026		Expiration Date
Abacum Inc.	Software	$	5,000,000	03/31/2027
Belong, Inc.	Other Technology	375,000		07/31/2026
Brick Dynamics Inc.	Other Technology	500,000		05/31/2026
Canvas Medical, Inc.	Software	1,750,000		04/09/2026
Crowded Technologies, Inc.	Software	375,000		07/31/2026
Daisyco, Inc.	Other Technology	1,250,000		06/30/2026
eXo Imaging, Inc.	Medical Devices	1,250,000		07/31/2026
Fortull, Inc.	Other Technology	125,000		10/31/2026
Lark Technologies, Inc.	Other Healthcare	2,500,000		04/30/2026
Lucra Inc.	Software	3,000,000		07/31/2027
MeMed Diagnostics Ltd.	Other Healthcare	3,500,000		06/30/2026
Orion Longevity, Inc.	Other Technology	3,500,000		04/30/2027
Outbuild Technologies, Inc.	Software	1,000,000		07/31/2026
Prima Holdings Limited	Technology Services	1,000,000		04/30/2026
Safe Securities Inc.	Software	3,625,000		06/30/2027
Teiko Bio, Inc.	Biotechnology	250,000		06/30/2026
World View Enterprises Inc.	Other Technology	1,500,000		01/31/2027






Total		$	30,500,000

The table below is the Fund’s unexpired unfunded commitments as of December 31, 2025:


Borrower	Industry	Unexpired Unfunded Commitment as of December 31, 2025		Expiration Date
Abacum Inc.	Software	$	5,000,000	03/31/2027
Ava Finance, Inc.	Technology Services	500,000		03/31/2026
Bito Inc.	Software	125,000		03/31/2026
Creoate Limited	Other Technology	125,000		01/31/2026
Crowded Technologies, Inc.	Software	375,000		07/31/2026
Daisyco, Inc.	Other Technology	1,250,000		06/30/2026
eXo Imaging, Inc.	Medical Devices	1,250,000		07/31/2026
Fortull, Inc.	Other Technology	250,000		10/31/2026
Lark Technologies, Inc.	Other Healthcare	2,500,000		04/30/2026
Prima Holdings Limited	Technology Services	1,000,000		04/30/2026
Safe Securities Inc.	Software	3,625,000		06/30/2027
Teiko Bio, Inc.	Biotechnology	500,000		06/30/2026
Vitable, Inc.	Other Healthcare	1,000,000		03/14/2026


Total		$	17,500,000

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.

9. 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.

10. FINANCIAL HIGHLIGHTS

U.S. GAAP requires disclosure of financial highlights of the Fund for the three months ended March 31, 2026 and 2025.

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 (loss) to average net assets, calculated below, are annualized and are computed based upon the aggregate weighted average net assets of the Fund for the periods presented. Net investment income (loss) 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.

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**	7.12		%	(4.41		%)

Per share amounts:
Net asset value, beginning of period	$	263.94		$	126.72
Net investment income (loss)	18.87			(6.97)

Net increase (decrease) in net assets resulting from operations	18.87			(6.97)
Distributions of income to shareholder	(18.87)			—
Return of capital to shareholder	(24.29)			(18.33)
Contributions from shareholder	70.00			100.00
Net asset value, end of period	309.65			201.42
Net assets, end of period	30,965,327			$	20,141,756

Ratios to average net assets:

Expenses*	39.11		%	59.55		%
Net investment income (loss)*	28.36		%	(16.48		%)
Portfolio turn-over rate	—		%	—		%
Average debt outstanding	$	36,500,000		$	23,250,000

*Annualized
**Total return amounts presented above are not annualized.

11. 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.

Item 2. 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. 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. 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 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 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 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, 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 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 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, 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 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 $4.5 million and $1.8 million, respectively. Investment income primarily consisted of interest on the venture loans outstanding and early payoffs. The remaining income consisted of dividends on the temporary investment of cash and other income from the forfeiture of commitment fees and deferred income from warrants.

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 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
	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	$	53,591,042	$	4,484,266	24.75%	8.72%	$	30,554,440	$	1,731,038	15.14%	7.52%

Interest income for all loans increased by $2.8 million, or 159.1% for the three months ended March 31, 2026 compared to the same period in 2025. The increase is primarily due to the increase in the loan investment portfolio and interest income from early payoffs. The average outstanding balance for all loans increased by $23.0 million, or 75.4% for the three months ended March 31, 2026 compared to the same period in 2025. All loans consisted only of performing loans as of March 31, 2026 and 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 outstanding 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, 2025
	Average Balance		Interest Expense		Weighted Average Interest Expense Rate	Average Balance		Interest Expense		Weighted Average Interest Expense Rate
Debt Facility	$	36,500,000	$	945,168	10.36%	$	23,250,000	$	860,796	14.81%

Interest expense increased by $0.1 million, or 9.8%, for the three months ended March 31, 2026 compared to the same period in 2025. 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 $13.3 million, or 57.0%, for the three months ended March 31, 2026 compared to the same period in 2025.

Analysis of Operating Expenses

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


	For the Three Months Ended March 31
Operating Expense	2026		2025		Change ($)
Management Fees	$	1,536,458	$	1,547,943	$	(11,485)
Banking and professional fees	51,283		67,497		(16,214)
Other operating expenses	69,287		42,475		26,812
Total Operating Expenses	$	1,657,028	$	1,657,915	$	(887)

For the three months ended March 31, 2026 and 2025, Management Fees were calculated at 1.600% and 1.575%, respectively, of the Company’s committed capital. Management Fees for the three months ended March 31, 2025 included catch-up fees related to commitments that closed during the quarter, calculated retroactively from the date of the first capital contribution, June 25, 2024 through March 31, 2025.

Banking and professional fees did not materially decrease for the three months ended March 31, 2026 compared to the same period in 2025. Banking and professional fees include legal fees related to client acquisition, audit and tax fees and consulting fees.

Other operating expenses did not materially increase during the three months ended March 31, 2026 compared to the same period in 2025. Other expenses included director fees, printing expense, 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 for the three months ended March 31, 2026 and 2025 were $0.2 million and $0.1 million, respectively.

Net Investment Income (Loss)

Net investment income (loss) for the three months ended March 31, 2026 and 2025 was $1.9 million and $(0.7) million, 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 as of March 31, 2026 and December 31, 2025 was $47.8 million and $40.8 million, respectively. As of both March 31, 2026 and December 31, 2025, the Company had subscriptions for capital in the amount of $389.4 million, of which $60.3 million and $52.3 million, respectively, had been called and received. As of March 31, 2026, $329.1 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 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 used in operating activities	$	(18,120,694)	$	(15,589,778)
Net cash provided by financing activities	27,000,000		10,998,305
Net increase (decrease) in cash and cash equivalents	$	8,879,306	$	(4,591,473)

As of March 31, 2026 and December 31, 2025, 48.3% and 23.1%, respectively, of the Fund’s net assets consisted of cash.

The Fund is a party to 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 March 31, 2026, $50.5 million was outstanding under the facility.

Amounts disbursed under the Fund’s loan commitments were $27.4 million for the three months ended March 31, 2026. Net loan amounts outstanding after amortization increased by $17.9 million for the same period. Unexpired unfunded commitments totaled $30.5 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

$87.2 million

$20.4 million

$66.8 million

$30.5 million

December 31, 2025

$59.8 million

$11.0 million

$48.8 million

$17.5 million

The unexpired unfunded commitments by portfolio company as of March 31, 2026 and December 31, 2025 are detailed in Note 8 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 March 31, 2026 , the Fund had a cash balance of $15.0 million and $26.0 million in scheduled loan receivable payments over the next twelve months. Additionally, the Fund has access to uncalled capital of $329.1 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 March 31, 2026, the Fund’s asset coverage ratio was 161%.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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 Fund’s outstanding debt balance of $50.5 million, consisted of (i) $45.5 million bearing interest at a floating rate based on Term SOFR of 3.7% and (ii) $5.0 million bearing interest at a fixed reference rate of 6.8%, which converted after three U.S. government securities days to a floating rate based on Term SOFR of 3.7%.

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 or borrowings.


Effect of Interest Rate Change By	Increase (Decrease) in Other Income	(Increase) Decrease in Interest Expense	Increase (Decrease) in Total Income
(2.00)%	$(299,304)	$1,010,000	$710,696
(1.00)%	$(149,652)	$505,000	$355,348
(0.50)%	$(74,826)	$252,500	$177,674
0.50%	$74,826	$(252,500)	$(177,674)
1.00%	$149,652	$(505,000)	$(355,348)
2.00%	$299,304	$(1,010,000)	$(710,696)

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.

Item 4. Controls and Procedures

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

Item 1. Legal Proceedings

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.

Item 1A. Risk Factors

None.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Arrangements

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).

Item 6. Exhibits


Exhibit			Exhibit Title

3.1			Articles of Incorporation of the Fund as filed with the Maryland Secretary of State on February 1, 2023, incorporated by reference to Exhibit 3.1 to the Fund’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on February 1, 2024.

3.2			Bylaws of the Fund, incorporated by reference to Exhibit 3.2 to the Fund’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on February 1, 2024.

4.1			Stock Purchase Agreement, dated February 1, 2023, between the Fund and the Company, incorporated by reference to Exhibit 4.1 to the Fund’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on February 1, 2024.

10.1			Investment Management Agreement, dated September 28, 2023, by and between the Fund and Westech Investment Advisors LLC, incorporated by reference to Exhibit 10.2 to the Fund’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on February 1, 2024.

10.2			Form of Custodial Agreement between the Fund and Computershare Trust Company, National Association, dated January 29, 2024, incorporated by reference to Exhibit 10.2 to the Fund's Registration Statement on Form 10 filed with the Securities and Exchange Commission on February 1, 2024.

10.3			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 10.3 to the Fund’s 10-Q filed with the Securities and Exchange Commission on November 13, 2025.

31.1			Chief Executive Officer certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Rules 13a -14(a) and 15d-14(a) Certification)

31.2			Chief Financial Officer certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Rules 13a -14(a) and 15d-14(a) Certification).

32.1			Chief Executive Officer certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Section 1350 Certification).

32.2			Chief Financial Officer certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Section 1350 Certification).

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 XI, INC.

(Registrant)

By:

/s/David R. Wanek

By:

/s/Jared S. Thear

David R. Wanek

Jared S. Thear

President and Chief Executive Officer

Chief Financial Officer

(Principal Executive Officer)

(Principal Financial Officer)

Date:

May 14, 2026

Date:

May 14, 2026

WTI Fund XI, Inc. 10-Q