Wildermuth Fund
Schedule of Investments
June 30, 2023 (Unaudited)
Interest, Shares, Principal, Amount, or Units | Fair Value | |||||||
| COMMODITY & NATURAL RESOURCE INVESTMENTS — 7.4% | ||||||||
| 1,000 | Casillas Petroleum Resource Partners, LLC(a)(b) | $ | 1,001,883 | |||||
| 1,976,034 | CM Funding, LLC(a)(b)(c)(d)(e) | 1,852,344 | ||||||
| — | Kayne Anderson Energy Fund VII LP(a)(b)(e)(f) | 1,304,978 | ||||||
| 182 | Midcon Holdco Partners, LLC(a)(b) | 285,071 | ||||||
| 2,066,031 | Thunder Investment Partners, LLC(a)(b)(c)(d) | 1,707,428 | ||||||
| TOTAL COMMODITY & NATURAL RESOURCE INVESTMENTS (Cost $7,142,153) | 6,151,704 | |||||||
| DIRECT PRIVATE EQUITY — 63.2% | ||||||||
| 41,751 | Affinity Beverages, LLC(a)(b)(d)(e) | 174,999 | ||||||
| 684 | Atlas Fintech Holdings Corp. - Class A Share Interests(a)(b)(d)(e) | 2,688,310 | ||||||
| 2,500 | Clear Guide Medical, Inc. - Series A Preferred Stock(a)(b)(c)(d)(e) | 3,771,103 | ||||||
| 134,898 | Clear Guide Medical, Inc. - Series A-2 Preferred Stock(a)(b)(c)(d)(e) | 719,414 | ||||||
| 838,423 | Clear Guide Medical, Inc. - Series A-3 Preferred Stock(a)(b)(c)(d)(e) | 4,066,329 | ||||||
| 1,543,074 | Clearsense, LLC - Class C Preferred Shares(a)(b)(c)(d)(e) | 5,401,290 | ||||||
| 835,814 | Clearsense, LLC - Class D Preferred Shares(a)(b)(c)(d)(e) | 3,403,066 | ||||||
| 2,074,115 | DSI Digital, LLC - Common Units(a)(b)(c)(d)(e) | 1,566,913 | ||||||
| 5,791,621 | DSI Digital, LLC - Series A Convertible Preferred Units(a)(b)(c)(d)(e) | 7,418,808 | ||||||
| — | Level ATI HoldCo, LLC - Class A(a)(b)(c)(d)(e) | 4,143,227 | ||||||
| 3,500,000 | Metro Diner, LLC - Series B Units(a)(b)(d)(e) | 2,569,180 | ||||||
| 1,880,968 | Metro Diner, LLC - Series II Common Units(a)(b)(d)(e) | 1,362,387 | ||||||
| 8,800,000 | Reach Enterprises, Inc. - Common Units(a)(b)(c)(d)(e) | 108,957 | ||||||
| 309,150 | Reach Enterprises, Inc. - Series Seed-1 Preferred Units(a)(b)(c)(d)(e) | 25,891 | ||||||
| 1,288,103 | Reach Enterprises, Inc. - Series Seed-2 Preferred Units(a)(b)(c)(d)(e) | 107,878 | ||||||
| 7,627,254 | Waratek, Ltd. - Common Shares(a)(b)(c)(d)(e) | 9,102,668 | ||||||
| 635,838 | Waratek, Ltd. - Series B-1(a)(b)(c)(d)(e) | 2,599,338 | ||||||
| 756,826 | Waratek, Ltd. - Series B-2(a)(b)(c)(d)(e) | 3,371,041 | ||||||
| — | WG Pitts Caribbean, LLC - Common Units(a)(b)(c)(d)(e) | - | ||||||
| TOTAL DIRECT PRIVATE EQUITY (Cost $48,734,959) | 52,600,799 | |||||||
| DIRECT REAL ESTATE — 4.2% | ||||||||
| — | Brookwood SFL Investor Co-Investment Vehicle, LLC(a)(b)(e) | 1,542,882 | ||||||
| 1,800,000 | LaGrange Senior Living, LLC - Class A Interests(a)(b)(c)(d) | 1,984,885 | ||||||
| TOTAL DIRECT REAL ESTATE (Cost $2,198,597) | 3,527,767 | |||||||
| HEDGE FUNDS — 0.7% | ||||||||
| — | Rosebrook Opportunities Fund LP(a)(b)(c)(e)(f)(g) | 603,602 | ||||||
| TOTAL HEDGE FUNDS (Cost $994,053) | 603,602 | |||||||
| PRIVATE EQUITY DEBT — 25.7% | ||||||||
| 750,000 | Clear Guide Medical, Inc. - Convertible Note, 0.50%, 2/29/2024(a)(b)(c)(d)(e)(h) | 696,350 | ||||||
| 250,000 | Clear Guide Medical, Inc. - Convertible Note, 6.00%, 11/6/2023(a)(b)(c)(d)(e)(h) | 241,387 | ||||||
| 5,515,000 | DSI Digital, LLC - Convertible Note, 8.00%, 3/31/2025(a)(b)(c)(d)(e)(h) | 8,151,885 | ||||||
| 5,745,250 | Reach Enterprises, Inc. - Convertible Note, 8.00%, 7/30/2023(a)(b)(c)(d)(e)(h) | 5,051,868 | ||||||
| 2,500,000 | Reach Enterprises, Inc. - Convertible Note, 12.00%, 10/1/2023(a)(b)(c)(d)(e)(h) | 2,668,750 | ||||||
| 2,098,889 | Sequin, Inc. - Convertible Note, 8.00%, 7/20/2023(a)(b)(d)(e)(h) | 479,564 | ||||||
| 200,000 | Sequin, Inc. - Convertible Note, 12.00%, 5/30/2024(a)(b)(d)(h) | 200,000 | ||||||
| 250,000 | Sequin, Inc. - Promissory Note, 12.00%, 3/20/2024(a)(b)(d) | 53,592 | ||||||
See accompanying notes to Schedule of Investments.
1
Wildermuth Fund
Schedule of Investments - Continued
June 30, 2023 (Unaudited)
Interest, Shares, Principal, Amount, or Units | Fair Value | |||||||
| PRIVATE EQUITY DEBT (CONTINUED) | ||||||||
| 2,033,611 | The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 12/31/2023(a)(b)(d)(e)(h) | $ | 1,997,427 | |||||
| 4,436,896 | WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2026(a)(b)(c)(d)(i) | 1,826,180 | ||||||
| TOTAL PRIVATE EQUITY DEBT (Cost $23,353,606) | 21,367,003 | |||||||
| PRIVATE EQUITY FUNDS — 7.5% | ||||||||
| — | Abbott Secondary Opportunities LP(a)(b)(e)(f)(g) | 834,471 | ||||||
| — | Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund(a)(b)(e)(f)(g) | 1,292,877 | ||||||
| — | Committed Advisors Secondary Fund III(a)(b)(e)(f)(g) | 1,470,054 | ||||||
| — | EJF Sidecar Fund, Series LLC - Small Financial Equities Series(a)(b)(f)(g) | 248,578 | ||||||
| 10 | GPB Automotive Portfolio LP(a)(b)(d)(e)(f) | 294,008 | ||||||
| — | Gravity Ranch Fund I LP(a)(b)(d)(e)(f)(g) | 67,065 | ||||||
| — | PineBridge Secondary Partners IV SLP(a)(b)(e)(f)(g) | 1,274,064 | ||||||
| — | StepStone VC Opportunities V, LP(a)(b)(e)(f)(g) | 790,981 | ||||||
| TOTAL PRIVATE EQUITY FUNDS (Cost $4,056,409) | 6,272,098 | |||||||
| PRIVATE REAL ESTATE INVESTMENTS — 7.3% | ||||||||
| 92,075 | ARCTRUST, Inc.(a)(b)(f) | 954,821 | ||||||
| — | Cygnus Property Fund V, LLC(a)(b)(e)(f) | 52,179 | ||||||
| — | Harbert Seniors Housing Fund I LP(a)(b)(e)(f) | 1,401,408 | ||||||
| — | Harbert Seniors Housing Fund II LP(a)(b)(e)(f) | 2,684,271 | ||||||
| 56 | Shopoff Land Fund III LP(a)(b)(e)(f) | 51,520 | ||||||
| 124,099 | Stonehill Strategic Hotel Credit Opportunity Fund II LP(a)(b)(f) | 441,755 | ||||||
| — | Walton Street Real Estate Fund VIII LP(a)(b)(e)(f) | 450,812 | ||||||
| TOTAL PRIVATE REAL ESTATE INVESTMENTS (Cost $5,348,674) | 6,036,766 | |||||||
| PUBLIC NON-TRADED REAL ESTATE INVESTMENT DEBT — 0.1% | ||||||||
| 116,110 | Cottonwood Communities, Inc. - Promissory Note, 7.00%, 1/1/2031(a)(b)(d) | 116,110 | ||||||
| TOTAL PUBLIC NON-TRADED REAL ESTATE INVESTMENT DEBT (Cost $116,110) | 116,110 | |||||||
| WARRANTS — 1.4% | ||||||||
| 44 | Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 12/30/2023(a)(b)(d)(e) | - | ||||||
| 483,827 | DSI Digital, LLC, Exercise Price $0.01, Expiration Date 3/28/2025(a)(b)(c)(d)(e) | 362,906 | ||||||
| 1,442 | Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date 1/21/2028(a)(b)(d)(e) | 1,846 | ||||||
| 6,410 | Sequin, Inc., Exercise Price $0.001, Expiration Date 3/30/2026(a)(b)(d)(e) | - | ||||||
| 646,328 | Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 1/22/2028(a)(b)(c)(d)(e) | 765,455 | ||||||
| TOTAL WARRANTS (Cost $0) | 1,130,207 | |||||||
| SHORT-TERM INVESTMENTS — 0.1% | ||||||||
| 94,849 | Fidelity Institutional Government Portfolio - Institutional Class, 4.92%(j) | 94,849 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $94,849) | 94,849 | |||||||
| TOTAL INVESTMENTS — 117.6% (Cost $92,039,410) | 97,900,905 | |||||||
| Liabilities less other assets — (17.6)% | (14,675,736 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 83,225,169 | ||||||
See accompanying notes to Schedule of Investments.
2
Wildermuth Fund
Schedule of Investments - Continued
June 30, 2023 (Unaudited)
| LLC – Limited Liability Company |
| LP – Limited Partnership |
| SLP – Special Limited Partnership |
| (a) | Illiquid Security. As of June 30, 2023 these securities amounted to $97,806,056 representing 117.5% of total net assets. |
| (b) | Restricted Security. As of June 30, 2023 these securities amounted to $97,806,056 representing 117.5% of total net assets. Please refer to Investments in Restricted Securities, in the Notes to the Schedule of Investments. |
| (c) | Denotes an investment in an affiliated entity. Please refer to Investments in Affiliated Issuers, in the Notes to the Schedule of Investments. |
| (d) | Level 3 security in accordance with fair value hierarchy. |
| (e) | Non-income Producing |
| (f) | Private Fund. As of June 30, 2023 these securities amounted to $14,217,444 representing 17.1% of total net assets. |
| (g) | Private Investment Company. As of June 30, 2023 these securities amounted to $6,581,692 representing 7.9% 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 June 30, 2023. |
See accompanying notes to Schedule of Investments.
3
Wildermuth Fund
Notes to the Schedule of Investments
June 30, 2023 (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 June 30, 2023 is as follows:
| Security | Initial Acquisition Date | Interests, Shares, | Cost | Fair Value | % of Net Assets | |||||||||||
| Abbott Secondary Opportunities LP | April 13, 2017 | - | 829,224 | 834,471 | 1.0 | % | ||||||||||
| Affinity Beverages, LLC | February 21, 2020 | 41,751 | 175,000 | 174,999 | 0.2 | % | ||||||||||
| ARCTRUST, Inc. | June 30, 2016 | 92,075 | 1,000,536 | 954,821 | 1.2 | % | ||||||||||
| Atlas Fintech Holdings Corp. - Class A Share Interests | December 20, 2016 | 684 | 3,126,329 | 2,688,310 | 3.2 | % | ||||||||||
| Atlas Fintech Holdings Corp., Exercise Price $14,950, Expiration Date 12/30/2023 | December 20, 2016 | 44 | - | - | 0.0 | % | ||||||||||
| Auda Capital SCS SICAV SIF - Auda Asia Secondary Fund | April 2, 2018 | - | 398,630 | 1,292,877 | 1.6 | % | ||||||||||
| Brookwood SFL Investor Co-Investment Vehicle, LLC | November 3, 2017 | - | 398,597 | 1,542,882 | 1.9 | % | ||||||||||
| Casillas Petroleum Resource Partners, LLC | October 11, 2016 | 1,000 | 1,000,000 | 1,001,883 | 1.2 | % | ||||||||||
| Clear Guide Medical, Inc. - Convertible Note, 0.50%, 2/29/2024 | August 15, 2022 | 750,000 | 750,000 | 696,350 | 0.8 | % | ||||||||||
| Clear Guide Medical, Inc. - Convertible Note, 6.00%, 11/6/2023 | January 6, 2022 | 250,000 | 250,000 | 241,387 | 0.3 | % | ||||||||||
| Clear Guide Medical, Inc. - Series A Preferred Stock | April 19, 2016 | 2,500 | 2,250,000 | 3,771,103 | 4.5 | % | ||||||||||
| Clear Guide Medical, Inc. - Series A-2 Preferred Stock | March 6, 2018 | 134,898 | 500,000 | 719,414 | 0.9 | % | ||||||||||
| Clear Guide Medical, Inc. - Series A-3 Preferred Stock | July 16, 2018 | 838,423 | 3,085,394 | 4,066,329 | 4.9 | % | ||||||||||
| Clearsense, LLC - Class C Preferred Shares | February 20, 2019 | 1,543,074 | 6,799,865 | 5,401,290 | 6.5 | % | ||||||||||
| Clearsense, LLC - Class D Preferred Shares | April 28, 2021 | 835,814 | 3,000,000 | 3,403,066 | 4.1 | % | ||||||||||
| CM Funding, LLC | December 14, 2018 | 1,976,034 | 1,976,034 | 1,852,344 | 2.2 | % | ||||||||||
| Committed Advisors Secondary Fund III | March 30, 2017 | - | 448,609 | 1,470,054 | 1.8 | % | ||||||||||
| Cottonwood Communities, Inc. - Promissory Note, 7.00%, 1/1/2031 | June 22, 2021 | 116,110 | 116,110 | 116,110 | 0.1 | % | ||||||||||
| Cygnus Property Fund V, LLC | October 30, 2018 | - | - | 52,179 | 0.1 | % | ||||||||||
| DSI Digital, LLC - Common Units | April 26, 2021 | 2,074,115 | 1,000,000 | 1,566,913 | 1.9 | % | ||||||||||
| DSI Digital, LLC - Convertible Note, 8.00%, 3/31/2025 | March 24, 2021 | 5,515,000 | 5,515,000 | 8,151,885 | 9.8 | % | ||||||||||
| DSI Digital, LLC - Series A Convertible Preferred Units | November 29, 2017 | 5,791,621 | 8,560,000 | 7,418,808 | 8.9 | % | ||||||||||
| DSI Digital, LLC, Exercise Price $0.01, Expiration Date 3/28/2025 | February 28, 2023 | 483,827 | - | 362,906 | 0.4 | % | ||||||||||
| EJF Sidecar Fund, Series LLC - Small Financial Equities Series | October 25, 2017 | - | 270,695 | 248,578 | 0.3 | % | ||||||||||
| GPB Automotive Portfolio LP | March 13, 2015 | 10 | 500,000 | 294,008 | 0.4 | % | ||||||||||
| Gravity Ranch Fund I LP | June 13, 2017 | - | 500,000 | 67,065 | 0.1 | % | ||||||||||
| Harbert Seniors Housing Fund I LP | February 24, 2017 | - | 1,271,672 | 1,401,408 | 1.7 | % | ||||||||||
| Harbert Seniors Housing Fund II LP | September 10, 2019 | - | 2,742,490 | 2,684,271 | 3.2 | % | ||||||||||
| Kayne Anderson Energy Fund VII LP | September 12, 2016 | - | 1,918,230 | 1,304,978 | 1.6 | % | ||||||||||
| LaGrange Senior Living, LLC - Class A Interests | September 11, 2019 | 1,800,000 | 1,800,000 | 1,984,885 | 2.4 | % | ||||||||||
| Level ATI HoldCo, LLC - Class A | September 10, 2018 | - | 1,690,000 | 4,143,227 | 5.0 | % | ||||||||||
| Metro Diner, LLC - Series B Units | November 16, 2017 | 3,500,000 | 2,276,542 | 2,569,180 | 3.1 | % | ||||||||||
| Metro Diner, LLC - Series II Common Units | November 16, 2017 | 1,880,968 | 1,223,458 | 1,362,387 | 1.6 | % | ||||||||||
| Midcon Holdco Partners, LLC | December 29, 2020 | 182 | 181,858 | 285,071 | 0.3 | % | ||||||||||
| PineBridge Secondary Partners IV SLP | September 19, 2017 | - | 730,627 | 1,274,064 | 1.5 | % | ||||||||||
| Reach Enterprises, Inc. - Common Units | August 8, 2019 | 8,800,000 | 2,758,800 | 108,957 | 0.1 | % | ||||||||||
| Reach Enterprises, Inc. - Convertible Note, 8.00%, 7/30/2023 | April 30, 2021 | 5,745,250 | 5,745,250 | 5,051,868 | 6.1 | % | ||||||||||
| Reach Enterprises, Inc. - Convertible Note, 12.00%, 10/1/2023 | October 2, 2020 | 2,500,000 | 2,500,000 | 2,668,750 | 3.2 | % | ||||||||||
| Reach Enterprises, Inc. - Series Seed-1 Preferred Units | August 5, 2020 | 309,150 | 458,001 | 25,891 | 0.0 | % | ||||||||||
| Reach Enterprises, Inc. - Series Seed-2 Preferred Units | July 15, 2020 | 1,288,103 | 1,526,647 | 107,878 | 0.1 | % | ||||||||||
| Rosebrook Opportunities Fund LP | February 2, 2017 | - | 994,053 | 603,602 | 0.7 | % | ||||||||||
| Schweizer RSG, LLC, Exercise Price $112.50, Expiration Date 1/21/2028 | February 6, 2018 | 1,442 | - | 1,846 | 0.0 | % | ||||||||||
| Sequin, Inc. - Convertible Note, 8.00%, 7/20/2023 | July 22, 2020 | 2,098,889 | 2,098,889 | 479,564 | 0.6 | % | ||||||||||
| Sequin, Inc. - Convertible Note, 12.00%, 3/20/2024 | May 30, 2023 | 200,000 | 200,000 | 200,000 | 0.2 | % | ||||||||||
| Sequin, Inc., Exercise Price $0.001, Expiration Date 3/30/2026 | March 31, 2021 | 6,410 | - | - | 0.0 | % | ||||||||||
| Sequin, Inc. - Promissory Note, 12.00%, 3/20/2024 | March 31, 2021 | 250,000 | 250,000 | 53,592 | 0.1 | % | ||||||||||
| Shopoff Land Fund III LP | April 28, 2015 | 56 | 34,846 | 51,520 | 0.1 | % | ||||||||||
| StepStone VC Opportunities V, L.P. | January 18, 2018 | - | 378,625 | 790,981 | 1.0 | % | ||||||||||
| Stonehill Strategic Hotel Credit Opportunity Fund II LP | July 18, 2016 | 124,099 | 124,099 | 441,755 | 0.5 | % | ||||||||||
| The Work Shop Limited T/A RIP Global - Convertible Note, 12.00%, 12/31/2023 | July 22, 2020 | 2,033,611 | 2,033,611 | 1,997,427 | 2.4 | % | ||||||||||
| Thunder Investment Partners, LLC | November 2, 2018 | 2,066,031 | 2,066,031 | 1,707,428 | 2.1 | % | ||||||||||
| Walton Street Real Estate Fund VIII LP | May 24, 2017 | - | 175,030 | 450,812 | 0.5 | % | ||||||||||
| Waratek, Ltd. - Common Shares | November 24, 2021 | 7,627,254 | 3,191,374 | 9,102,668 | 10.8 | % | ||||||||||
| Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 1/22/2028 | June 5, 2018 | 646,328 | - | 765,455 | 0.9 | % | ||||||||||
| Waratek, Ltd. - Series B-1 | June 5, 2018 | 635,838 | 2,990,569 | 2,599,338 | 3.1 | % | ||||||||||
| Waratek, Ltd. - Series B-2 | December 28, 2017 | 756,826 | 3,696,940 | 3,371,041 | 4.1 | % | ||||||||||
| WG Pitts Caribbean, LLC - Common Units | October 12, 2018 | - | 426,040 | - | 0.0 | % | ||||||||||
| WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2026 | August 14, 2020 | 4,436,896 | 4,010,856 | 1,826,180 | 2.2 | % | ||||||||||
| $ | 91,944,561 | $ | 97,806,056 | |||||||||||||
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 June 30, 2023 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 Value April 1, 2023 | Purchases or Conversions | Sales or Conversions | Change
in Unrealized Appreciation (Depreciation) | Net Realized Gain (Loss) | Tax
Basis or Return of Capital Adjustments | Ending Value June 30, 2023 | Investment Income | ||||||||||||||||||||||||
| Clear Guide Medical, Inc. - Convertible Note - 0.50%, 2/29/2024(1) | $ | 696,350 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 696,350 | - | |||||||||||||||||
| Clear Guide Medical, Inc. - Convertible Note - 6.00%, 11/6/2023(1) | 241,387 | - | - | - | - | - | 241,387 | - | ||||||||||||||||||||||||
| Clear Guide Medical, Inc. - Series A Preferred Stock(1) | 3,771,103 | - | - | - | - | - | 3,771,103 | - | ||||||||||||||||||||||||
| Clear Guide Medical, Inc. - Series A-2 Preferred Stock(1) | 719,414 | - | - | - | - | - | 719,414 | - | ||||||||||||||||||||||||
| Clear Guide Medical, Inc. - Series A-3 Preferred Stock(1) | 4,066,329 | - | - | - | - | - | 4,066,329 | - | ||||||||||||||||||||||||
| Clearsense, LLC - Class C Preferred Shares | 5,401,290 | - | - | - | - | - | 5,401,290 | - | ||||||||||||||||||||||||
| Clearsense, LLC - Class D Preferred Shares | 3,403,066 | - | - | - | - | - | 3,403,066 | - | ||||||||||||||||||||||||
| CM Funding, LLC(1) | 1,852,344 | - | - | - | - | - | 1,852,344 | - | ||||||||||||||||||||||||
| DSI Digital, LLC - Common Units Units(1) | 1,566,913 | - | - | - | - | - | 1,566,913 | - | ||||||||||||||||||||||||
| DSI Digital, LLC - Convertible Note, 8.00%, 3/31/2025(1) | 7,546,397 | 410,000 | - | 195,488 | - | - | 8,151,885 | - | ||||||||||||||||||||||||
| DSI Digital, LLC - Series A Convertible Preferred Units(1) | 7,418,808 | - | - | - | - | - | 7,418,808 | - | ||||||||||||||||||||||||
| DSI Digital, Exercise Price 0.01 Euro, Expiration Date 03/29/2025(1) | 362,906 | - | - | - | - | - | 362,906 | - | ||||||||||||||||||||||||
| LaGrange Senior Living, LLC - Class A Interests(1) | 1,984,885 | - | - | - | - | - | 1,984,885 | 53,852 | ||||||||||||||||||||||||
| Level ATI HoldCo, LLC - Class A(1) | 4,143,227 | - | - | - | - | - | 4,143,227 | - | ||||||||||||||||||||||||
| Reach Enterprises, Inc. - Common Units(1) | 108,957 | - | - | - | - | - | 108,957 | - | ||||||||||||||||||||||||
| Reach Enterprises, Inc. - Convertible Note - 8.00%, 7/30/2023(1) | 4,514,668 | 680,000 | - | (142,800 | ) | - | - | 5,051,868 | - | |||||||||||||||||||||||
| Reach Enterprises, Inc. - Convertible Note - 12.00%, 10/1/2023(1) | 2,668,750 | - | - | - | - | - | 2,668,750 | - | ||||||||||||||||||||||||
| Reach Enterprises, Inc. - Series Seed-1 Preferred Units (1) | 25,891 | - | - | - | - | - | 25,891 | - | ||||||||||||||||||||||||
| Reach Enterprises, Inc. - Series Seed-2 Preferred Units (1) | 107,878 | - | - | - | - | - | 107,878 | - | ||||||||||||||||||||||||
| Rosebrook Opportunities Fund LP(1) | 603,602 | - | - | - | - | - | 603,602 | - | ||||||||||||||||||||||||
| Thunder Investment Partners, LLC(1) | 1,707,428 | - | - | 1,368 | - | (1,368 | ) | 1,707,428 | 48,401 | |||||||||||||||||||||||
| Waratek, Ltd. - Common Shares(1) | 7,072,061 | - | - | 2,030,607 | - | - | 9,102,668 | - | ||||||||||||||||||||||||
| Waratek, Ltd. - Series B-1(1) | 2,535,342 | - | - | 63,996 | - | - | 2,599,338 | - | ||||||||||||||||||||||||
| Waratek, Ltd. - Series B-2(1) | 3,214,250 | - | - | 156,791 | - | - | 3,371,041 | - | ||||||||||||||||||||||||
| Waratek, Ltd., Exercise Price 0.01 Euro, Expiration Date 01/22/2028(1) | 593,642 | - | - | 171,813 | - | - | 765,455 | - | ||||||||||||||||||||||||
| WG Pitts Caribbean, LLC - Common Units(1) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
| WG Pitts Caribbean, LLC - Promissory Note, 12.00%, 3/31/2026(1) | 1,826,180 | - | - | - | - | - | 1,826,180 | 150,538 | ||||||||||||||||||||||||
| $ | 68,153,068 | $ | 1,090,000 | $ | - | $ | 2,477,263 | $ | - | $ | (1,368 | ) | $ | 71,718,963 | $ | 252,791 | ||||||||||||||||
| (1) | Affliated investments for which ownership exceeds 25% of the Investment Fund’s Capital. |
5