NPORT-EX 2 wildermuth_123122partf.htm WILDERMUTH FUND SOI 12/31/22

 

Wildermuth Fund 

Schedule of Investments 

December 31, 2022 (Unaudited)

 

 

Interest,

Shares, Principal,

Amount, or Units

      Fair Value 
    COMMODITY & NATURAL RESOURCE INVESTMENTS — 5.4%    
 1,000   Casillas Petroleum Resource Partners, LLC(a)(b)(c)     $1,101,426 
 1,976,034   CM Funding, LLC(a)(b)(c)(d)(e)      1,750,537 
 —   Kayne Anderson Energy Fund VII LP(a)(b)(c)(f)      1,383,176 
 182   Midcon Holdco Partners, LLC(a)(b)(c)      272,787 
 2,080,000   Thunder Investment Partners, LLC(a)(c)(d)(e)      1,710,214 
     TOTAL COMMODITY & NATURAL RESOURCE INVESTMENTS (Cost $7,156,122)      6,218,140 
           
     DIRECT PRIVATE EQUITY — 59.4%     
 41,751   Affinity Beverages, LLC(a)(b)(c)(e)      174,999 
 684   Atlas Fintech Holdings Corp. - Class A Share Interests(a)(b)(c)(e)      2,637,069 
 2,500   Clear Guide Medical, Inc. - Series A Preferred Stock(a)(b)(c)(d)(e)      3,731,385 
 134,898   Clear Guide Medical, Inc. - Series A-2 Preferred Stock(a)(b)(c)(d)(e)      728,465 
 838,423   Clear Guide Medical, Inc. - Series A-3 Preferred Stock(a)(b)(c)(d)(e)      4,222,021 
 1,543,074   Clearsense, LLC - Class C Preferred Shares(a)(b)(c)(d)(e)      10,839,771 
 835,814   Clearsense, LLC - Class D Preferred Shares(a)(b)(c)(d)(e)      5,512,483 
 1,945   Content Management Live, LLC(a)(b)(c)(d)(e)      1,945 
 2,074,115   DSI Digital, LLC - Common Units(a)(b)(c)(d)(e)      3,169,466 
 5,791,621   DSI Digital, LLC - Series A Convertible Preferred Units(a)(b)(c)(d)(e)    10,554,178 
 —   Level ATI HoldCo, LLC - Class A(a)(b)(c)(d)(e)      3,457,137 
 3,500,000   Metro Diner, LLC - Series B Units(a)(b)(c)(e)      2,292,024 
 1,880,968   Metro Diner, LLC - Series II Common Units(a)(b)(c)(e)      885,040 
 8,800,000   Reach Enterprises, Inc. - Common Units(a)(b)(c)(d)(e)      3,908,866 
 309,150   Reach Enterprises, Inc. - Series Seed-1 Preferred Units(a)(b)(c)(d)(e)      209,863 
 1,288,103   Reach Enterprises, Inc. - Series Seed-2 Preferred Units(a)(b)(c)(d)(e)      874,414 
 7,627,254   Waratek, Ltd. - Common Shares(a)(b)(c)(d)(e)      8,904,489 
 635,838   Waratek, Ltd. - Series B-1(a)(b)(c)(d)(e)      2,542,746 
 756,826   Waratek, Ltd. - Series B-2(a)(b)(c)(d)(e)      3,297,648 
 —   WG Pitts Caribbean, LLC - Common Units(a)(b)(c)(d)(e)      - 
     TOTAL DIRECT PRIVATE EQUITY (Cost $48,983,159)      67,944,009 
           
     DIRECT REAL ESTATE — 7.0%     
 —   Brookwood SFL Investor Co-Investment Vehicle, LLC(a)(b)(c)      1,569,231 
 1,800,000   LaGrange Senior Living, LLC - Class A Interests(a)(c)(d)(e)      1,980,347 
 —   Polara Builder II, LLC(a)(c)(d)(e)      4,429,025 
     TOTAL DIRECT REAL ESTATE (Cost $3,959,048)      7,978,603 
           
     HEDGE FUNDS — 0.7%     
 —   EJF Trust Preferred Fund LP(a)(c)(f)(g)      1,099 
 —   Rosebrook Opportunities Fund LP(a)(b)(c)(d)(f)(g)      788,143 
     TOTAL HEDGE FUNDS (Cost $994,053)      789,242 
           
     PRIVATE EQUITY DEBT — 17.9%     
 500,000   Clear Guide Medical, Inc. - Convertible Note, 0.50%, 2/29/2024 (a)(c)(d)(e)(h)   500,000 
 250,000   Clear Guide Medical, Inc. - Convertible Note, 6.00%, 11/6/2023 (a)(c)(d)(e)(h)   250,000 
 4,685,000   DSI Digital, LLC - Convertible Note, 8.00%, 3/23/2023(a)(b)(c)(d)(e)(h)   5,325,553 
 3,925,000   Reach Enterprises, Inc. - Convertible Note, 8.00%, 4/29/2023(a)(b)(c)(d)(e)(h)   4,282,616 
 2,500,000   Reach Enterprises, Inc. - Convertible Note, 12.00%, 10/1/2023(a)(b)(c)(d)(e)(h)    3,137,500 

 

See accompanying notes to Schedule of Investments.

1

 

Wildermuth Fund 

Schedule of Investments - Continued 

December 31, 2022 (Unaudited)

 

 

Interest,

Shares, Principal,

Amount, or Units

      Fair Value 
    PRIVATE EQUITY DEBT (CONTINUED)    
 25,000   Reach Enterprises, Inc. - Promissory Note, 24.33%, 1/22/2023(a)(b)(c)(d)(e)(h)     25,000 
 2,098,889   Sequin, Inc. - Convertible Note, 8.00%, 7/20/2023(a)(b)(c)(e)(h)      2,553,230 
 250,000   Sequin, Inc. - Promissory Note, 12.00%, 3/20/2024(a)(c)(e)      250,000 
 2,033,611   The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 1/20/2023(a)(b)(c)(e)(h)    2,704,661 
 2,623,158   WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023(a)(c)(d)(e)(i)      1,487,208 
     TOTAL PRIVATE EQUITY DEBT (Cost $18,464,618)      20,515,768 
           
     PRIVATE EQUITY FUNDS — 6.1%     
 —   Abbott Secondary Opportunities LP(a)(b)(c)(f)(g)      851,491 
 —   Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund(a)(b)(c)(f)(g)      1,291,211 
 —   Committed Advisors Secondary Fund III(a)(b)(c)(f)(g)      1,632,659 
 —   EJF Sidecar Fund, Series LLC - Small Financial Equities Series(a)(b)(c)(f)(g)      469,447 
 10   GPB Automotive Portfolio LP(a)(b)(c)(e)(f)      296,969 
 —   Gravity Ranch Fund I LP(a)(b)(c)(e)(f)(g)      67,065 
 —   PineBridge Secondary Partners IV SLP(a)(b)(c)(f)(g)      1,532,170 
 —   StepStone VC Opportunities V, LP(a)(b)(c)(f)(g)      888,996 
     TOTAL PRIVATE EQUITY FUNDS (Cost $4,364,778)      7,030,008 
           
     PRIVATE REAL ESTATE INVESTMENTS — 6.5%     
 92,075   ARCTRUST, Inc.(a)(c)(f)      1,019,275 
 —   Cygnus Property Fund V, LLC(a)(c)(f)      656,801 
 —   Harbert Seniors Housing Fund I LP(a)(b)(c)(f)      1,650,773 
 —   Harbert Seniors Housing Fund II LP(a)(b)(c)(f)      2,556,686 
 —   RRA Credit Opportunity Fund LP(a)(c)(d)(f)      481,603 
 56   Shopoff Land Fund III LP(a)(b)(c)(f)      23,781 
 179,795   Stonehill Strategic Hotel Credit Opportunity Fund II LP(a)(c)(f)      506,946 
 —   Walton Street Real Estate Fund VIII LP(a)(b)(c)(f)      523,302 
     TOTAL PRIVATE REAL ESTATE INVESTMENTS (Cost $5,471,314)      7,419,167 
           
     PUBLIC REAL ESTATE INVESTMENT DEBT — 0.1%     
 121,157   Cottonwood Communities, Inc. - Promissory Note, 7.00%, 1/1/2031(a)(c)(e)      121,157 
     TOTAL PUBLIC REAL ESTATE INVESTMENT DEBT (Cost $121,156)      121,157 
           
     WARRANTS — 0.7%     
 44   Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 12/31/2023(a)(b)(c)(e)    - 
 1,442   Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date 1/21/2028(a)(b)(c)(e)    1,846 
 6,410   Sequin, Inc., Exercise Price $0.001, Expiration Date 3/30/2026(a)(b)(c)(e)      - 
 646,328   Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 1/22/2028(a)(b)(c)(d)(e)    748,789 
     TOTAL WARRANTS (Cost $0)      750,635 

 

See accompanying notes to Schedule of Investments.

2

 

Wildermuth Fund 

Schedule of Investments - Continued 

December 31, 2022 (Unaudited)

 

 

Interest,

Shares, Principal,

Amount, or Units

      Fair Value 
    SHORT-TERM INVESTMENTS — 2.2%    
 2,548,976   Fidelity Institutional Government Portfolio - Institutional Class, 4.00%(j)      2,548,976 
     TOTAL SHORT-TERM INVESTMENTS (Cost $2,548,976)      2,548,976 
           
     TOTAL INVESTMENTS — 106.0% (Cost $92,063,224)      121,315,705 
     Liabilities less other assets — (6.0)%      (6,899,786)
           
     TOTAL NET ASSETS — 100.0%     $114,415,919 

 

LLC – Limited Liability Company

 

LP – Limited Partnership

 

SLP – Special Limited Partnership

 

(a) Illiquid Security. As of December 31, 2022 these securities amounted to $118,766,729 representing 103.80% of total net assets.
   
(b) Non-income Producing
   
(c)

Restricted Security. As of December 31, 2022 these securities amounted to $118,766,729 representing 103.80% of total net assets. Please refer to Investments in Restricted Securities, in the Notes to the Schedule of Investments. 

   
(d) Denotes an investment in an affiliated entity. Please refer to Investments in Affiliated Issuers, in the Notes to the Schedule of Investments.
   
(e) Level 3 security in accordance with fair value hierarchy.
   
(f) Private Fund. As of December 31, 2022 these securities amounted to $16,621,593 representing 14.53% of total net assets.
   
(g) Private Investment Company. As of December 31, 2022 these securities amounted to $7,522,281 representing 6.57% of total net assets.
   
(h) Payment-in-kind (PIK) security in which the issuer makes interest payments in the form of additional securities, as opposed to cash payouts. These additional securities generally have the same terms as the original holdings.
   
(i) Security is in default.
   
(j) Represents the current rate as of December 31, 2022.

 

See accompanying notes to Schedule of Investments.

3

 

Wildermuth Endowment Fund 

Notes to the Schedule of Investments

December 31, 2022 (Unaudited)

 

 

Investments in Restricted Securities - Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund’s investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

 

Additional information on each restricted security held by the Fund on December 31, 2022 is as follows:

 

Security 

Initial

Acquisition Date

 

Interests, Shares, Principal Amount, or Units

   Cost  

Fair

Value

  

% of Net

Assets

 
Abbott Secondary Opportunities LP  April 13, 2017  -   909,340   851,491   0.74%
Affinity Beverages, LLC  February 21, 2020  41,751   175,000   174,999   0.15%
ARCTRUST, Inc.  June 30, 2016  92,075   1,000,536   1,019,275   0.89%
Atlas Fintech Holdings Corp. - Class A Share Interests  December 20, 2016  684   3,126,329   2,637,069   2.30%
Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 12/31/2023  December 20, 2016  44   -   -   0.00%
Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund  April 2, 2018  -   398,630   1,291,211   1.13%
Brookwood SFL Investor Co-Investment Vehicle, LLC  November 3, 2017  -   447,490   1,569,231   1.37%
Casillas Petroleum Resource Partners, LLC  October 11, 2016  1,000   1,000,000   1,101,426   0.96%
Clear Guide Medical, Inc. - Convertible Note, 0.50%, 2/29/2024  August 15, 2022  500,000   500,000   500,000   0.44%
Clear Guide Medical, Inc. - Convertible Note, 6.00%, 11/6/2023  January 6, 2022  250,000   250,000   250,000   0.22%
Clear Guide Medical, Inc. - Series A Preferred Stock  April 19, 2016  2,500   2,250,000   3,731,385   3.26%
Clear Guide Medical, Inc. - Series A-2 Preferred Stock  March 6, 2018  134,898   500,000   728,465   0.64%
Clear Guide Medical, Inc. - Series A-3 Preferred Stock  July 16, 2018  838,423   3,085,394   4,222,021   3.69%
Clearsense, LLC - Class C Preferred Shares  February 20, 2019  1,543,074   6,799,865   10,839,771   9.48%
Clearsense, LLC - Class D Preferred Shares  April 28, 2021  835,814   3,000,000   5,512,483   4.82%
CM Funding, LLC  December 14, 2018  1,976,034   1,976,034   1,750,537   1.53%
Committed Advisors Secondary Fund III  March 30, 2017  -   564,847   1,632,659   1.43%
Content Management Live, LLC  December 17, 2019  1,945   248,200   1,945   0.00%
Cottonwood Communities, Inc. - Promissory Note, 7.00%, 1/1/2031  June 22, 2021  121,157   121,156   121,157   0.11%
Cygnus Property Fund V, LLC  October 30, 2018  -   286,658   656,801   0.57%
DSI Digital, LLC - Common Units  April 26, 2021  2,074,115   1,000,000   3,169,466   2.77%
DSI Digital, LLC - Convertible Note, 8.00%, 3/23/2023  March 24, 2021  4,685,000   4,685,000   5,325,553   4.66%
DSI Digital, LLC - Series A Convertible Preferred Units  November 29, 2017  5,791,621   8,560,000   10,554,178   9.23%
EJF Sidecar Fund, Series LLC - Small Financial Equities Series  October 25, 2017  -   157,808   469,447   0.41%
EJF Trust Preferred Fund LP  August 23, 2017  -   -   1,099   0.00%
GPB Automotive Portfolio LP  March 13, 2015  10   500,000   296,969   0.26%
Gravity Ranch Fund I LP  June 13, 2017  -   500,000   67,065   0.06%
Harbert Seniors Housing Fund I LP  February 24, 2017  -   1,243,147   1,650,773   1.44%
Harbert Seniors Housing Fund II LP  September 10, 2019  -   2,497,168   2,556,686   2.23%
Kayne Anderson Energy Fund VII LP  September 12, 2016  -   1,918,230   1,383,176   1.21%
LaGrange Senior Living, LLC - Class A Interests  September 11, 2019  1,800,000   1,800,000   1,980,347   1.73%
Level ATI HoldCo, LLC - Class A  September 10, 2018  -   1,690,000   3,457,137   3.02%
Metro Diner, LLC - Series B Units  November 16, 2017  3,500,000   2,276,542   2,292,024   2.00%
Metro Diner, LLC - Series II Common Units  November 16, 2017  1,880,968   1,223,458   885,040   0.77%
Midcon Holdco Partners, LLC  December 29, 2020  182   181,858   272,787   0.24%
PineBridge Secondary Partners IV SLP  September 19, 2017  -   940,903   1,532,170   1.34%
Polara Builder II, LLC  December 26, 2019  -   1,711,558   4,429,025   3.87%
Reach Enterprises, Inc. - Common Units  August 8, 2019  8,800,000   2,758,800   3,908,866   3.42%
Reach Enterprises, Inc. - Convertible Note, 8.00%, 4/29/2023  April 30, 2021  3,925,000   3,925,000   4,282,616   3.74%
Reach Enterprises, Inc. - Convertible Note, 12.00%, 10/1/2023  October 2, 2020  2,500,000   2,500,000   3,137,500   2.74%
Reach Enterprises, Inc. - Promissory Note, 24.33%, 1/22/2023  December 22, 2022  25,000   25,000   25,000   0.02%
Reach Enterprises, Inc. - Series Seed-1 Preferred Units  August 5, 2020  309,150   458,001   209,863   0.18%
Reach Enterprises, Inc. - Series Seed-2 Preferred Units  July 15, 2020  1,288,103   1,526,647   874,414   0.76%
Rosebrook Opportunities Fund LP  February 2, 2017  -   994,053   788,143   0.69%
RRA Credit Opportunity Fund LP  December 12, 2017  -   -   481,603   0.42%
Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date 1/21/2028  February 6, 2018  1,442   -   1,846   0.00%
Sequin, Inc. - Convertible Note, 8.00%, 7/20/2023  July 22, 2020  2,098,889   2,098,889   2,553,229   2.23%
Sequin, Inc., Exercise Price $0.001, Expiration Date 3/30/2026  March 31, 2021  6,410   -   -   0.00%
Sequin, Inc. - Promissory Note, 12.00%, 3/20/2024  March 31, 2021  250,000   250,000   250,000   0.22%
Shopoff Land Fund III LP  April 28, 2015  56   34,846   23,781   0.02%
StepStone VC Opportunities V, LP  January 18, 2018  -   393,250   888,996   0.78%
Stonehill Strategic Hotel Credit Opportunity Fund II LP  July 18, 2016  179,795   179,795   506,946   0.44%
The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 1/20/2023  July 22, 2020  2,033,611   2,033,611   2,704,661   2.36%
Thunder Investment Partners, LLC  November 2, 2018  2,080,000   2,080,000   1,710,214   1.49%
Walton Street Real Estate Fund VIII LP  May 24, 2017  -   229,164   523,302   0.46%
Waratek, Ltd. - Common Shares  November 24, 2021  7,627,254   3,191,374   8,904,489   7.80%
Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 1/22/2028  June 5, 2018  646,328   -   748,790   0.65%
Waratek, Ltd. - Series B-1  June 5, 2018  635,838   2,990,569   2,542,746   2.22%
Waratek, Ltd. - Series B-2  December 28, 2017  756,826   3,696,940   3,297,648   2.89%
WG Pitts Caribbean, LLC - Common Units  October 12, 2018  -   426,040   -   0.00%
WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023  August 14, 2020  2,623,158   2,197,118   1,487,208   1.30%
          $ 89,514,248   $ 118,766,729     

4

 

Investments in Affiliated Issuers - An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities. Issuers that are affiliates of the Fund at period-end are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of certain security shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of December 31, 2022 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

 

Security Description 

Beginning

balance

April 1, 2022

  

Purchases

or Conversions

  

Sales

or Conversions

  

Change in

Unrealized

Appreciation

(Depreciation)

  

Net

Realized

Gain (Loss)

  

Tax Basis or

Return of Capital

Adjustments

  

Ending

Value

December 31, 2022

  

Investment

Income

 
Clear Guide Medical, Inc. - Convertible Note - 0.50%, 2/29/2024  $-   $500,000   $-   $-   $-   $-   $500,000    694 
Clear Guide Medical, Inc. - Convertible Note - 6.00%, 11/6/2023   250,000    -    -    -    -    -    250,000    11,302 
Clear Guide Medical, Inc. - Series A Preferred Stock   3,731,385    -    -    -    -    -    3,731,385    - 
Clear Guide Medical, Inc. - Series A-2 Preferred Stock   728,465    -    -    -    -    -    728,465    - 
Clear Guide Medical, Inc. - Series A-3 Preferred Stock   4,222,021    -    -    -    -    -    4,222,021    - 
Clearsense, LLC - Class C Preferred Shares   11,531,511    -    -    (691,740)   -    -    10,839,771    - 
Clearsense, LLC - Class D Preferred Shares   5,716,834    -    -    (204,351)   -    -    5,512,483    - 
CM Funding, LLC(1)   1,577,560    -    -    172,977    -    -    1,750,537    - 
Content Management Live, LLC(1)   60,000    -    (50,000)   (8,055)   -    -    1,945    - 
Dog Wood Park of Northeast Florida, LLC   350,078    -    (286,793)   31,922    (95,207)   -    -    (44,289)

DSI Digital, LLC - Common Units Units(1)

   3,169,466    -    -    -    -    -    3,169,466    - 

DSI Digital, LLC - Convertible Note, 8.00%, 3/23/2023(1)

   3,377,503    1,755,000    -    193,050    -    -    5,325,553    - 

DSI Digital, LLC - Series A Convertible Preferred Units(1)

   10,554,178    -    -    -    -    -    10,554,178    - 
LaGrange Senior Living, LLC - Class A Interests(1)   2,109,116    -    -    (128,769)   -    -    1,980,347    162,740 
Level ATI HoldCo, LLC - Class A(1)   3,102,526    -    -    354,611    -    -    3,457,137    - 
Polara Builder II, LLC(1)   3,800,146    -    -    628,879    -    -    4,429,025    128,953 
Reach Enterprises, Inc. - Common Units(1)   6,083,101    -    -    (2,174,235)   -    -    3,908,866    - 

Reach Enterprises, Inc. - Convertible Note - 8.00%, 4/29/2023(1)

   3,001,272    1,105,000    -    176,344    -    -    4,282,616    - 

Reach Enterprises, Inc. - Convertible Note - 12.00%, 10/1/2023(1)

   3,084,744    -    -    52,756    -    -    3,137,500    - 

Reach Enterprises, Inc. - Convertible Note - 12.00%, 10/1/2022(1)

   125,000    -    (125,000)   -    -    -    -    2,500 

Reach Enterprises, Inc. - Promissory Note - 24.33%, 1/22/2023(1)

   -    25,000    -    -    -    -    25,000    - 
Reach Enterprises, Inc. - Series Seed-1 Preferred Units (1)   316,982    -    -    (107,119)   -    -    209,863    - 
Reach Enterprises, Inc. - Series Seed-2 Preferred Units (1)   1,320,735    -    -    (446,321)   -    -    874,414    - 
Rosebrook Opportunities Fund LP(1)   877,332    -    -    -    -    (89,189)   788,143    - 
RRA Credit Opportunity Fund LP   612,091    -    -    (116,274)   -    (14,214)   481,603    177,375 
Thunder Investment Partners, LLC(1)   1,722,394    -    -    (12,180)   -    -    1,710,214    262,433 
Waratek, Ltd. - Common Shares(1)   8,590,687    -    -    313,802    -    -    8,904,489    - 
Waratek, Ltd. - Series B-1(1)   2,691,274    -    -    (148,528)   -    -    2,542,746    - 
Waratek, Ltd. - Series B-2(1)   3,510,838    -    -    (213,190)   -    -    3,297,648    - 
Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 1/22/2028(1)   722,073    -    -    26,716    -    -    748,789    - 
WG Pitts Caribbean, LLC - Common Units(1)   -    -    -    -    -    -    -    - 
WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2023(1)   1,763,130    -    -    (275,922)   -    -    1,487,208    237,162 
   $88,702,442   $3,385,000   $(461,793)  $(2,575,627)  $(95,207)  $(103,403)  $88,851,412   $938,870 

 

(1)Affliated investments for which ownership exceeds 25% of the Investment Fund's Capital.

 

5