Financial Highlights

6 Months Ended

Jun. 30, 2025

The following are financial highlights for common shares outstanding during the six months ended June 30, 2025 (in thousands, except share and per share amounts):


	For the six months ended June 30, 2025
Per share data: (1)
Net asset value, beginning of period	$	15.76
Net investment income (loss)	0.75
Net change in unrealized appreciation (depreciation)	0.17
Net increase (decrease) in net assets from operations	0.92
Distributions declared (2)	(0.30)
Total increase (decrease) in net assets	0.62
Net asset value, end of period	$	16.38
Shares Outstanding, end of period	18,253,180
Total Return (3)	3.93		%
Ratios
Ratio of net expenses to average net assets (4)	14.87		%
Ratio of net investment income (loss) to average net assets (4)	9.38		%
Portfolio turnover rate (5)	10.28		%
Supplemental Data
Net Assets, end of period	$298,923
Weighted average shares outstanding	16,579,232
Total capital commitments, end of period	$	470,350
Asset coverage ratio	174.72		%
Ratio of total contributed capital to total committed capital, end of period	61.21		%

(1)Per share amounts are calculated based on the weighted average shares outstanding for the six months ended June 30, 2025.

(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9. Distributions and Dividend Reinvestment).

(3)Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period.

(4)Amounts are annualized. For the six months ended June 30, 2025, the ratio of total operating expenses, excluding interest and borrowing expenses, to average net assets was 4.58%.

(5)Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the period reported.

Willow Tree Capital Corp 10-Q