Crowding: 64% of book in names held by 3+ tracked funds · 35 of 55 names · Issuers are matched on normalised name (~10% measured error each way), so crowding and overlap figures are floors. How this is measured → · full readout →

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Ranked by holdings overlap blended with size, leverage, yield and fee profile within the same asset class.

Issuers are matched on normalised name (~10% measured error each way), so crowding and overlap figures are floors. How this is measured →

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Portfolio

133 positions as of 2026-03-31 · Schedule of Investments (SEC BDC Data Sets).

✓ Reconciled — ties to the fund's reported total investments within 10% (100%).

133 holdings

Company	Fair value	Weight
World Insurance Associates, LLC	$44M	4.9%
Offen, Inc.	$41M	4.6%
Escp DTFS Inc.	$33M	3.6%
Bristol Hospice, LLC	$29M	3.2%
Apex Service Partners, LLC	$28M	3.1%
NWP Acquisition Holdings, LLC	$27M	3.0%
VRC Companies, LLC	$20M	2.3%
RPX Corporation	$20M	2.2%
Cards Live Oak Holdings Inc.	$18M	2.1%
Legacy Precast Buyer	$18M	2.0%
HIG Operations Holdings, Inc.	$18M	2.0%
OPCO Borrower, LLC	$18M	2.0%
Systems Planning And Analysis, Inc.	$17M	1.9%
Regent Surgical Health, LLC	$17M	1.9%
KAMC Holdings, Inc.	$16M	1.8%
Dermcare Management, LLC	$16M	1.7%
Pathstone Family Office, LLC	$16M	1.7%
NWP Acquisition Holdings, LLC	$15M	1.7%
Cvausa Management, LLC	$15M	1.6%
Dermcare Management, LLC	$15M	1.6%
IFH Franchisee Holdings, LLC	$14M	1.5%
Orthofeet, Inc	$13M	1.4%
Amylu Borrower Sub, LLC	$13M	1.4%
UEW Acquisition, LLC	$13M	1.4%
Stellant Midco, LLC	$12M	1.4%
Elessent Clean Technologies Inc.	$12M	1.4%
Flexera Software LLC	$12M	1.3%
OPCO Borrower, LLC	$12M	1.3%
Ambient Enterprises Holdco, LLC	$12M	1.3%
GC Waves Holdings, Inc.	$12M	1.3%
Del-Air Heating, Air Conditioning & Refrigeration, LLC	$12M	1.3%
Sandlot Baseball BorrowerCo, LLC	$11M	1.2%
LCM SDC Holdings, LLC	$11M	1.2%
Apex Service Partners, LLC	$10M	1.2%
ACP Avenu Buyer, LLC	$10M	1.1%
Electronic Merchant Systems, LLC	$10M	1.1%
American Combustion Industries, LLC	$9M	1.0%
Durare Bidco LLC	$9M	1.0%
Together Womens Health, LLC	$9M	1.0%
Dukes Root Control Inc.	$9M	0.9%
Neptune Platform Buyer, LLC	$8M	0.9%
LCM SDC Holdings, LLC	$8M	0.9%
Salt Dental Collective, LLC	$8M	0.8%
Salt Dental Collective, LLC	$7M	0.8%
ACP Avenu Buyer, LLC	$7M	0.8%
Wealth Enhancement Group, LLC	$7M	0.8%
Del-Air Heating, Air Conditioning & Refrigeration, LLC	$7M	0.8%
Apex Service Partners, LLC	$7M	0.7%
Systems Planning And Analysis, Inc.	$6M	0.7%
Salt Dental Collective, LLC	$6M	0.7%
Amerspirit FL, LLC	$6M	0.7%
Cvausa Management, LLC	$6M	0.7%
SV-AERO Holdings, LLC	$6M	0.6%
Key Container Borrower, LLC	$6M	0.6%
LCM SDC Holdings, LLC	$5M	0.6%
Superjet Buyer, LLC	$5M	0.6%
LCM SDC Holdings, LLC	$5M	0.5%
LCM SDC Holdings, LLC	$5M	0.5%
Beacon Oral Specialists	$5M	0.5%
Secretariat Advisors, LLC	$5M	0.5%
Stonebridge Companies, LLC	$5M	0.5%
Ampler QSR Holdings, LLC	$4M	0.5%
Dentive Capital, LLC	$4M	0.5%
Salt Dental Collective, LLC	$4M	0.4%
Wealth Enhancement Group, LLC	$4M	0.4%
Salt Dental Collective, LLC	$4M	0.4%
GC Waves Holdings, Inc.	$4M	0.4%
AG Bells, LLC	$4M	0.4%
Salt Dental Collective, LLC	$4M	0.4%
RKD Group, LLC	$3M	0.4%
Flexera Software LLC	$3M	0.4%
VRC Companies, LLC	$3M	0.4%
American Combustion Industries, LLC	$3M	0.3%
VRC Companies, LLC	$3M	0.3%
Wealth Enhancement Group, LLC	$3M	0.3%
High Street Buyer, Inc.	$3M	0.3%
LCM SDC Holdings, LLC	$3M	0.3%
Lash Opco, LLC	$3M	0.3%
Royal Holdco Corporation	$3M	0.3%
Neptune Platform Buyer, LLC	$2M	0.2%
Royal Holdco Corporation	$2M	0.2%
Amerspirit FL, LLC	$2M	0.2%
Dukes Root Control Inc.	$2M	0.2%
Ambient Enterprises Holdco, LLC	$2M	0.2%
Salt Dental Collective, LLC	$2M	0.2%
VRC Companies, LLC	$2M	0.2%
Del-Air Heating, Air Conditioning & Refrigeration, LLC	$2M	0.2%
Together Womens Health, LLC	$2M	0.2%
LCM SDC Holdings, LLC	$2M	0.2%
Salt Dental Collective, LLC	$2M	0.2%
Ambient Enterprises Holdco, LLC	$2M	0.2%
Ambient Enterprises Holdco, LLC	$2M	0.2%
Salt Dental Collective, LLC	$2M	0.2%
Pathstone Family Office, LLC	$1M	0.2%
WRM Wastewater Merger Sub, Inc.	$1M	0.2%
Ambient Enterprises Holdco, LLC	$1M	0.2%
Electronic Merchant Systems, LLC	$1M	0.2%
Offen, Inc.	$1M	0.1%
Apex Service Partners, LLC	$1M	0.1%
Dentive Capital, LLC	$1M	0.1%
American Combustion Industries, LLC	$1M	0.1%
Ambient Enterprises Holdco, LLC	$1M	0.1%
Superjet Buyer, LLC	$1M	0.1%
Royal Holdco Corporation	$1M	0.1%
Salt Dental Collective, LLC	$1M	0.1%
Superjet Buyer, LLC	$1M	0.1%
LCM SDC Holdings, LLC	$1M	0.1%
Dermcare Holdings, LLC	$1M	0.1%
Systems Planning And Analysis, Inc.	$1M	0.1%
Pathstone Family Office, LLC	$1M	0.1%
Amerspirit FL, LLC	$1M	0.1%
VRC Companies, LLC	$0M	0.1%
Systems Planning And Analysis, Inc.	$0M	0.1%
GC Waves Holdings, Inc.	$0M	0.0%
Amylu Borrower Sub, LLC	$0M	0.0%
Dukes Root Control Inc.	$0M	0.0%
Neptune Platform Buyer, LLC	$0M	0.0%
American Combustion Industries, LLC	$0M	0.0%
Pathstone Family Office, LLC	$0M	0.0%
Beacon Oral Specialists	$0M	0.0%
Dentive Capital, LLC	$0M	0.0%
WRM Wastewater Merger Sub, Inc.	$0M	0.0%
Pathstone Family Office, LLC	$0M	0.0%
Neptune Platform Buyer, LLC	$0M	0.0%
Apex Service Partners, LLC	$0M	0.0%
Salt Dental Collective, LLC	$0M	0.0%
Apex Service Partners, LLC	$0M	0.0%
Cards Live Oak Holdings Inc.	$0M	0.0%
Cards Live Oak Holdings Inc.	$0M	0.0%
KAMC Holdings, Inc.	$0M	0.0%
IFH Franchisee Holdings, LLC	$0M	0.0%
Stonebridge Companies, LLC	$0M	0.0%
Sandlot Baseball BorrowerCo, LLC	$0M	0.0%

Asset categories (by fair value)

Term Loan74.9%

Other24.2%

Revolver0.8%

Crowding: 64% of book in names held by 3+ funds · 23% sole-holder

35 names held by 3+ funds · 14 sole-holder · Issuers are matched on normalised name (~10% measured error each way), so crowding and overlap figures are floors. How this is measured →

Source: AltsVault · SEC filings

see which of these names are crowded →

Credit marks

Fair value against cost across this fund's filed Schedule of Investments — read off the marks the filer itself reported, not a rating.

1.01× cost

FV-weighted average · median 1.00×

Over 130 debt positions, $900M at fair value · 2 trimmed, 1 excluded (equity or no usable cost).

Marked below cost

Below 95¢ of cost<1% · $0M of $900M

Below 90¢ of cost<1% · $0M of $900M

Below 85¢ of cost0% · $0M of $900M

Seniority mix — of stated fair value

seniority classified on 100% of the book ($900M of $900M)

First lien (explicit lien wording only — a floor)0% · $0M

Second lien0% · $0M

Other debt100% · $900M

Equity & warrants0% · $0M

Debt positions are identified by a filed principal amount — a proxy measured 82% precise against positions that also state an instrument (18% carry an equity-side label instead). Marks outside 0.01×–2.00× of cost are held out of the aggregates above as extraction artifacts, not credit opinion (2 held out this quarter).

Source: AltsVault · SEC filings · as of 2026-03-31

Willow Tree Capital Corp

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Portfolio

Credit marks

Metrics

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Portfolio

Credit marks

Metrics