{"url_path":"/sec/cik-0001944831/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1944831/0001944831-26-000016-index.html","accession_number":"0001944831-26-000016","cik":"0001944831","ticker":null,"issuer_name":"Willow Tree Capital Corp","edgar_url":"https://www.sec.gov/Archives/edgar/data/1944831/0001944831-26-000016-index.html","primary_entity_key":"0001944831","primary_entity_name":"Willow Tree Capital Corp"},"word_count":5456,"has_tables":true,"body_markdown":"wt-20260331\n000194483112-312026Q1falsehttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLoss11xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purewt:loanwt:borrowerwt:componentwt:segment00019448312026-01-012026-03-3100019448312026-05-1300019448312026-03-3100019448312025-12-3100019448312025-01-012025-03-3100019448312024-12-3100019448312025-03-310001944831Neptune Platform Buyer, LLC | Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Neptune Platform Buyer, LLC | Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Neptune Platform Buyer, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Neptune Platform Buyer, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Neptune Platform Buyer, LLC | Delayed Draw Term Loan 3 | Non-Affiliated Issuer2026-03-310001944831Stellant Midco, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831SV-AERO Holdings, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831SV-AERO Holdings, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831Systems Planning And Analysis, Inc. | Term Loan | Non-Affiliated Issuer2026-03-310001944831Systems Planning And Analysis, Inc. | Revolver | Non-Affiliated Issuer2026-03-310001944831Systems Planning And Analysis, Inc. | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Systems Planning And Analysis, Inc. | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Systems Planning And Analysis, Inc. | Delayed Draw Term Loan 3 | Non-Affiliated Issuer2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberwt:AerospaceAndDefenseMember2026-03-310001944831Ambient Enterprises Holdco, LLC | Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Ambient Enterprises Holdco, LLC | Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Ambient Enterprises Holdco, LLC | Term Loan 3 | Non-Affiliated Issuer2026-03-310001944831Ambient Enterprises Holdco, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Ambient Enterprises Holdco, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Ambient Enterprises Holdco, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Ambient Enterprises Holdco, LLC | Delayed Draw Term Loan 3 | Non-Affiliated Issuer2026-03-310001944831Ambient Enterprises Holdco, LLC | Delayed Draw Term Loan 4 | Non-Affiliated Issuer2026-03-310001944831American Combustion Industries, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831American Combustion Industries, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831American Combustion Industries, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831American Combustion Industries, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Cards Live Oak Holdings Inc. | Term Loan | Non-Affiliated Issuer2026-03-310001944831Cards Live Oak Holdings Inc. | Revolver | Non-Affiliated Issuer2026-03-310001944831Cards Live Oak Holdings Inc. | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831ESCP DTFS Inc. | Term Loan | Non-Affiliated Issuer2026-03-310001944831KAMC Holdings, Inc. | Term Loan | Non-Affiliated Issuer2026-03-310001944831KAMC Holdings, Inc. | Revolver | Non-Affiliated Issuer2026-03-310001944831NWP Acquisition Holdings, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831NWP Acquisition Holdings, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831NWP Acquisition Holdings, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831WRM Wastewater Merger Sub, Inc. | Term Loan | Non-Affiliated Issuer2026-03-310001944831WRM Wastewater Merger Sub, Inc. | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberwt:CommercialServicesAndSuppliersMember2026-03-310001944831Elessent Clean Technologies Inc. | Term Loan | Non-Affiliated Issuer2026-03-310001944831Elessent Clean Technologies Inc. | Revolver | Non-Affiliated Issuer2026-03-310001944831Legacy Precast Buyer | Term Loan | Non-Affiliated Issuer2026-03-310001944831Legacy Precast Buyer | Revolver | Non-Affiliated Issuer2026-03-310001944831Legacy Precast Buyer | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberwt:ConstructionAndEngineeringMember2026-03-310001944831Key Container Borrower, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831Key Container Borrower, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Key Container Borrower, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2026-03-310001944831Apex Service Partners, LLC | Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Apex Service Partners, LLC | Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Apex Service Partners, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Apex Service Partners, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Apex Service Partners, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Apex Service Partners, LLC | Delayed Draw Term Loan 3 | Non-Affiliated Issuer2026-03-310001944831Del-Air Heating, Air Conditioning & Refrigeration, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831Del-Air Heating, Air Conditioning & Refrigeration, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Del-Air Heating, Air Conditioning & Refrigeration, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831IFH Franchisee Holdings, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831IFH Franchisee Holdings, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831Sandlot Baseball BorrowerCo, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Sandlot Baseball BorrowerCo, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Sandlot Baseball BorrowerCo, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberwt:DiversifiedConsumerServicesMember2026-03-310001944831Offen, Inc. | Term Loan | Non-Affiliated Issuer2026-03-310001944831Offen, Inc. | Revolver | Non-Affiliated Issuer2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberwt:EnergyEquipmentServicesMember2026-03-310001944831Amerspirit FL, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831Amerspirit FL, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Amerspirit FL, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EntertainmentSectorMember2026-03-310001944831Electronic Merchant Systems, LLC | Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Electronic Merchant Systems, LLC | Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831GC Waves Holdings, Inc. | Term Loan | Non-Affiliated Issuer2026-03-310001944831GC Waves Holdings, Inc. | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831GC Waves Holdings, Inc. | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Pathstone Family Office, LLC | Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Pathstone Family Office, LLC | Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Pathstone Family Office, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Pathstone Family Office, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Pathstone Family Office, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831RPX Corporation | Term Loan | Non-Affiliated Issuer2026-03-310001944831RPX Corporation | Revolver | Non-Affiliated Issuer2026-03-310001944831Wealth Enhancement Group, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Wealth Enhancement Group, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Wealth Enhancement Group, LLC | Delayed Draw Term Loan 3 | Non-Affiliated Issuer2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:FinancialServicesSectorMember2026-03-310001944831Beacon Oral Specialists | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Beacon Oral Specialists | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Bristol Hospice, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831Bristol Hospice, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Cvausa Management, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831Cvausa Management, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Cvausa Management, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831Dentive Capital, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831Dentive Capital, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Dentive Capital, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Dentive Capital, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Dermcare Holdings, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831Dermcare Management, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Dermcare Management, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831GMLx Buyer LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831GMLx Buyer LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831LCM SDC Holdings, LLC | Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831LCM SDC Holdings, LLC | Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831LCM SDC Holdings, LLC | Term Loan 3 | Non-Affiliated Issuer2026-03-310001944831LCM SDC Holdings, LLC | Term Loan 4 | Non-Affiliated Issuer2026-03-310001944831LCM SDC Holdings, LLC | Term Loan 5 | Non-Affiliated Issuer2026-03-310001944831LCM SDC Holdings, LLC | Term Loan 6 | Non-Affiliated Issuer2026-03-310001944831LCM SDC Holdings, LLC | Term Loan 7 | Non-Affiliated Issuer2026-03-310001944831LCM SDC Holdings, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831OPCO Borrower, LLC | Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831OPCO Borrower, LLC | Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Regent Surgical Health, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Regent Surgical Health, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831Salt Dental Collective, LLC | Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Salt Dental Collective, LLC | Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Salt Dental Collective, LLC | Term Loan 3 | Non-Affiliated Issuer2026-03-310001944831Salt Dental Collective, LLC | Term Loan 4 | Non-Affiliated Issuer2026-03-310001944831Salt Dental Collective, LLC | Term Loan 5 | Non-Affiliated Issuer2026-03-310001944831Salt Dental Collective, LLC | Term Loan 6 | Non-Affiliated Issuer2026-03-310001944831Salt Dental Collective, LLC | Term Loan 7 | Non-Affiliated Issuer2026-03-310001944831Salt Dental Collective, LLC | Term Loan 8 | Non-Affiliated Issuer2026-03-310001944831Salt Dental Collective, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Salt Dental Collective, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Salt Dental Collective, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Together Womens Health, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831Together Womens Health, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Together Womens Health, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831UEW Acquisition, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:HealthcareSectorMember2026-03-310001944831AG Bells, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831AG Bells, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Ampler QSR Holdings, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831Ampler QSR Holdings, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Stonebridge Companies, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831Stonebridge Companies, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Stonebridge Companies, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberwt:HotelsRestaurantsAndLeisureMember2026-03-310001944831HIG Operations Holdings, Inc. | Term Loan | Non-Affiliated Issuer2026-03-310001944831High Street Buyer, Inc. | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831World Insurance Associates, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831World Insurance Associates, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2026-03-310001944831Dukes Root Control Inc. | Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Dukes Root Control Inc. | Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Dukes Root Control Inc. | Revolver | Non-Affiliated Issuer2026-03-310001944831Dukes Root Control Inc. | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberwt:MultiUtilitiesMember2026-03-310001944831RKD Group, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831RKD Group, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831RKD Group, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831Royal Holdco Corporation | Term Loan | Non-Affiliated Issuer2026-03-310001944831Royal Holdco Corporation | Revolver | Non-Affiliated Issuer2026-03-310001944831Royal Holdco Corporation | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831Secretariat Advisors, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831Secretariat Advisors, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831VRC Companies, LLC | Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831VRC Companies, LLC | Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831VRC Companies, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831VRC Companies, LLC | Term Loan 3 | Non-Affiliated Issuer2026-03-310001944831VRC Companies, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831VRC Companies, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberwt:ProfessionalServicesMember2026-03-310001944831ACP Avenu Buyer, LLC | Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831ACP Avenu Buyer, LLC | Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831ACP Avenu Buyer, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831ACP Avenu Buyer, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831Durare Bidco LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831Durare Bidco LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831Durare Bidco LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Flexera Software LLC | Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Flexera Software LLC | Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Flexera Software LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Superjet Buyer, LLC | Term Loan 1 | Non-Affiliated Issuer2026-03-310001944831Superjet Buyer, LLC | Term Loan 2 | Non-Affiliated Issuer2026-03-310001944831Superjet Buyer, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberwt:SoftwareMember2026-03-310001944831Amylu Borrower Sub, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831Amylu Borrower Sub, LLC | Revolver | Non-Affiliated Issuer2026-03-310001944831Amylu Borrower Sub, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2026-03-310001944831Lash Opco, LLC | Term Loan | Non-Affiliated Issuer2026-03-310001944831Orthofeet, Inc | Term Loan | Non-Affiliated Issuer2026-03-310001944831Orthofeet, Inc | Revolver | Non-Affiliated Issuer2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberwt:SpecialtyRetailMember2026-03-310001944831us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001944831wt:NonqualifyingAssetMember2026-03-310001944831Neptune Platform Buyer, LLC | Term Loan 1 | Non-Affiliated Issuer2025-12-310001944831Neptune Platform Buyer, LLC | Term Loan 2 | Non-Affiliated Issuer2025-12-310001944831Neptune Platform Buyer, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2025-12-310001944831Neptune Platform Buyer, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2025-12-310001944831Neptune Platform Buyer, LLC | Delayed Draw Term Loan 3 | Non-Affiliated Issuer2025-12-310001944831Stellant Midco, LLC | Term Loan | Non-Affiliated Issuer2025-12-310001944831SV-AERO Holdings, LLC | Term Loan | Non-Affiliated Issuer2025-12-310001944831SV-AERO Holdings, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2025-12-310001944831Systems Planning And Analysis, Inc. | Term Loan | Non-Affiliated Issuer2025-12-310001944831Systems Planning And Analysis, Inc. | Revolver | Non-Affiliated Issuer2025-12-310001944831Systems Planning And Analysis, Inc. | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2025-12-310001944831Systems Planning And Analysis, Inc. | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2025-12-310001944831Systems Planning And Analysis, Inc. | Delayed Draw Term Loan 3 | Non-Affiliated Issuer2025-12-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberwt:AerospaceAndDefenseMember2025-12-310001944831Ambient Enterprises Holdco, LLC | Term Loan 1 | Non-Affiliated Issuer2025-12-310001944831Ambient Enterprises Holdco, LLC | Term Loan 2 | Non-Affiliated Issuer2025-12-310001944831Ambient Enterprises Holdco, LLC | Term Loan 3 | Non-Affiliated Issuer2025-12-310001944831Ambient Enterprises Holdco, LLC | Revolver | Non-Affiliated Issuer2025-12-310001944831Ambient Enterprises Holdco, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2025-12-310001944831Ambient Enterprises Holdco, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2025-12-310001944831Ambient Enterprises Holdco, LLC | Delayed Draw Term Loan 3 | Non-Affiliated Issuer2025-12-310001944831Ambient Enterprises Holdco, LLC | Delayed Draw Term Loan 4 | Non-Affiliated Issuer2025-12-310001944831American Combustion Industries, LLC | Term Loan | Non-Affiliated Issuer2025-12-310001944831American Combustion Industries, LLC | Revolver | Non-Affiliated Issuer2025-12-310001944831American Combustion Industries, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2025-12-310001944831American Combustion Industries, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2025-12-310001944831Cards Live Oak Holdings INC | Term Loan | Non-Affiliated Issuer2025-12-310001944831Cards Live Oak Holdings INC | Revolver | Non-Affiliated Issuer2025-12-310001944831Cards Live Oak Holdings INC | Delayed Draw Term Loan | Non-Affiliated Issuer2025-12-310001944831ESCP DTFS Inc. | Term Loan | Non-Affiliated Issuer2025-12-310001944831KAMC Holdings, Inc. | Term Loan | Non-Affiliated Issuer2025-12-310001944831KAMC Holdings, Inc. | Revolver | Non-Affiliated Issuer2025-12-310001944831NWP Acquisition Holdings, LLC | Term Loan | Non-Affiliated Issuer2025-12-310001944831NWP Acquisition Holdings, LLC | Revolver | Non-Affiliated Issuer2025-12-310001944831NWP Acquisition Holdings, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2025-12-310001944831TCF III Owl Buyer, LLC | Term Loan | Non-Affiliated Issuer2025-12-310001944831TCF III Owl Buyer, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2025-12-310001944831WRM Wastewater Merger Sub, Inc. | Term Loan | Non-Affiliated Issuer2025-12-310001944831WRM Wastewater Merger Sub, Inc. | Delayed Draw Term Loan | Non-Affiliated Issuer2025-12-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberwt:CommercialServicesAndSuppliersMember2025-12-310001944831Elessent Clean Technologies Inc. | Term Loan | Non-Affiliated Issuer2025-12-310001944831Elessent Clean Technologies Inc. | Revolver | Non-Affiliated Issuer2025-12-310001944831Legacy Precast Buyer | Term Loan | Non-Affiliated Issuer2025-12-310001944831Legacy Precast Buyer | Revolver | Non-Affiliated Issuer2025-12-310001944831Legacy Precast Buyer | Delayed Draw Term Loan | Non-Affiliated Issuer2025-12-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberwt:ConstructionAndEngineeringMember2025-12-310001944831Apex Service Partners, LLC | Term Loan 1 | Non-Affiliated Issuer2025-12-310001944831Apex Service Partners, LLC | Term Loan 2 | Non-Affiliated Issuer2025-12-310001944831Apex Service Partners, LLC | Revolver | Non-Affiliated Issuer2025-12-310001944831Apex Service Partners, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2025-12-310001944831Apex Service Partners, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2025-12-310001944831Apex Service Partners, LLC | Delayed Draw Term Loan 3 | Non-Affiliated Issuer2025-12-310001944831Del-Air Heating, Air Conditioning & Refrigeration, LLC | Term Loan | Non-Affiliated Issuer2025-12-310001944831Del-Air Heating, Air Conditioning & Refrigeration, LLC | Revolver | Non-Affiliated Issuer2025-12-310001944831Del-Air Heating, Air Conditioning & Refrigeration, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2025-12-310001944831IFH Franchisee Holdings, LLC | Term Loan | Non-Affiliated Issuer2025-12-310001944831IFH Franchisee Holdings, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2025-12-310001944831Sandlot Baseball BorrowerCo, LLC | Revolver | Non-Affiliated Issuer2025-12-310001944831Sandlot Baseball BorrowerCo, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2025-12-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberwt:DiversifiedConsumerServicesMember2025-12-310001944831Offen, Inc. | Term Loan | Non-Affiliated Issuer2025-12-310001944831Offen, Inc. | Revolver | Non-Affiliated Issuer2025-12-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberwt:EnergyEquipmentServicesMember2025-12-310001944831Amerspirit FL, LLC | Term Loan | Non-Affiliated Issuer2025-12-310001944831Amerspirit FL, LLC | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2025-12-310001944831Amerspirit FL, LLC | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2025-12-310001944831us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EntertainmentSectorMember2025-12-310001944831Electronic Merchant Systems, LLC | Term Loan 1 | Non-Affiliated Issuer2025-12-310001944831Electronic Merchant Systems, LLC | Term Loan 2 | Non-Affiliated Issuer2025-12-310001944831GC Waves Holdings, Inc. | Term Loan | Non-Affiliated Issuer2025-12-310001944831GC Waves Holdings, Inc. | Delayed Draw Term Loan 1 | Non-Affiliated Issuer2025-12-310001944831GC Waves Holdings, Inc. | Delayed Draw Term Loan 2 | Non-Affiliated Issuer2025-12-310001944831Pathstone Family Office, LLC | Term Loan 1 | Non-Affiliated Issuer2025-12-310001944831Pathstone Family Office, LLC | Term Loan 2 | Non-Affiliated Issuer2025-12-310001944831Pathstone Family Office, LLC | Revolver | Non-Affiliated Issuer2025-12-310001944831Pathstone Family Office, LLC | Delayed Draw Term Loan | Non-Affiliated Issuer2025-12-310001944831RPX Corporation | Term Loan | Non-Affiliated Issuer2025-12-310001944831RPX 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Loan2026-03-310001944831Cards Live Oak Holdings Inc. | Revolver2026-03-310001944831Cvausa Management, LLC | Delayed Draw Term Loan2026-03-310001944831Cvausa Management, LLC | Revolver2026-03-310001944831Del-Air Heating, Air Conditioning & Refrigeration, LLC | Delayed Draw Term Loan2026-03-310001944831Del-Air Heating, Air Conditioning & Refrigeration, LLC | Revolver2026-03-310001944831Dentive Capital, LLC | Revolver2026-03-310001944831Dukes Root Control Inc. | Revolver2026-03-310001944831Durare Bidco LLC | Delayed Draw Term Loan2026-03-310001944831Durare Bidco LLC | Revolver2026-03-310001944831Elessent Clean Technologies Inc. | Revolver2026-03-310001944831Flexera Software LLC | Revolver2026-03-310001944831GC Waves Holdings, Inc. | Delayed Draw Term Loan2026-03-310001944831GMLx Buyer LLC | Delayed Draw Term Loan2026-03-310001944831GMLx Buyer LLC | Revolver2026-03-310001944831High Street Buyer, Inc. | Delayed Draw Term Loan2026-03-310001944831IFH Franchisee Holdings, LLC | Delayed Draw Term Loan2026-03-310001944831KAMC Holdings, Inc. | Revolver2026-03-310001944831Key Container Borrower, LLC | Delayed Draw Term Loan2026-03-310001944831Key Container Borrower, LLC | Revolver2026-03-310001944831Legacy Precast Buyer | Delayed Draw Term Loan2026-03-310001944831Legacy Precast Buyer | Revolver2026-03-310001944831Neptune Platform Buyer, LLC | Delayed Draw Term Loan 12026-03-310001944831Neptune Platform Buyer, LLC | Delayed Draw Term Loan 22026-03-310001944831Neptune Platform Buyer, LLC | Delayed Draw Term Loan 32026-03-310001944831NWP Acquisition Holdings, LLC | Delayed Draw Term Loan2026-03-310001944831NWP Acquisition Holdings, LLC | Revolver2026-03-310001944831Offen, Inc. | Revolver2026-03-310001944831Orthofeet, Inc | Revolver2026-03-310001944831Pathstone Family Office, LLC | Delayed Draw Term Loan2026-03-310001944831Pathstone Family Office, LLC | Revolver2026-03-310001944831Regent Surgical Health, LLC | Revolver2026-03-310001944831RKD Group, LLC | Delayed Draw Term Loan2026-03-310001944831RKD Group, LLC | Revolver2026-03-310001944831Royal Holdco Corporation | Delayed Draw Term Loan2026-03-310001944831Royal Holdco Corporation | Revolver2026-03-310001944831RPX Corporation | Revolver2026-03-310001944831Salt Dental Collective, LLC | Revolver2026-03-310001944831Salt Dental Collective, LLC | Delayed Draw Term Loan2026-03-310001944831Sandlot Baseball BorrowerCo, LLC | Delayed Draw Term Loan 12026-03-310001944831Sandlot Baseball BorrowerCo, LLC | Delayed Draw Term Loan 22026-03-310001944831Sandlot Baseball BorrowerCo, LLC | Revolver2026-03-310001944831Secretariat Advisors, LLC | Delayed Draw Term Loan2026-03-310001944831Stonebridge Companies, LLC | Delayed Draw Term Loan2026-03-310001944831Stonebridge Companies, LLC | Revolver2026-03-310001944831Superjet Buyer, LLC | Delayed Draw Term Loan2026-03-310001944831SV-AERO Holdings, LLC | Delayed Draw Term Loan2026-03-310001944831Systems Planning And Analysis, Inc. | Delayed Draw Term Loan2026-03-310001944831Systems Planning And Analysis, Inc. | Revolver2026-03-310001944831Together Womens Health, LLC | Delayed Draw Term Loan2026-03-310001944831Together Womens Health, LLC | Revolver2026-03-310001944831VRC Companies, LLC | Revolver2026-03-310001944831World Insurance Associates, LLC | Revolver2026-03-310001944831WRM Wastewater Merger Sub, Inc. | Delayed Draw Term Loan2026-03-310001944831ACP Avenu Buyer, LLC | Delayed Draw Term Loan2025-12-310001944831ACP Avenu Buyer, LLC | Revolver2025-12-310001944831AG Bells, LLC | Revolver2025-12-310001944831Ambient Enterprises Holdco, LLC | Delayed Draw Term Loan 12025-12-310001944831Ambient Enterprises Holdco, LLC | Delayed Draw Term Loan 22025-12-310001944831Ambient Enterprises Holdco, LLC | Revolver2025-12-310001944831American Combustion Industries, LLC | Delayed Draw Term Loan2025-12-310001944831American Combustion Industries, LLC | Revolver2025-12-310001944831Amerspirit FL, LLC | Delayed Draw Term Loan2025-12-310001944831Ampler QSR Holdings, LLC | Revolver2025-12-310001944831Amylu Borrower Sub, LLC | Delayed Draw Term Loan2025-12-310001944831Amylu Borrower Sub, LLC | Revolver2025-12-310001944831Apex Service Partners, LLC | Delayed Draw Term Loan2025-12-310001944831Apex Service Partners, LLC | Revolver2025-12-310001944831Beacon Oral Specialists | Delayed Draw Term Loan 12025-12-310001944831Beacon Oral Specialists | Delayed Draw Term Loan 22025-12-310001944831Bristol Hospice, LLC | Revolver2025-12-310001944831Cards Live Oak Holdings INC | Delayed Draw Term Loan2025-12-310001944831Cards Live Oak Holdings INC | Revolver2025-12-310001944831Cvausa Management, LLC | Delayed Draw Term Loan2025-12-310001944831Cvausa Management, LLC | Revolver2025-12-310001944831Del-Air Heating, Air Conditioning & Refrigeration, LLC | Delayed Draw Term Loan2025-12-310001944831Del-Air Heating, Air Conditioning & Refrigeration, LLC | Revolver2025-12-310001944831Dentive Capital, LLC | Revolver2025-12-310001944831Dermcare Management, LLC | Delayed Draw Term Loan2025-12-310001944831Dukes Root Control Inc. | Revolver2025-12-310001944831Durare Bidco LLC | Delayed Draw Term Loan2025-12-310001944831Durare Bidco LLC | Revolver2025-12-310001944831Elessent Clean Technologies Inc. | Revolver2025-12-310001944831Flexera Software LLC | Revolver2025-12-310001944831GC Waves Holdings, Inc. | Delayed Draw Term Loan2025-12-310001944831High Street Buyer, Inc. | Delayed Draw Term Loan2025-12-310001944831HLSG Intermediate, LLC | Delayed Draw Term Loan2025-12-310001944831HLSG Intermediate, LLC | Revolver2025-12-310001944831IFH Franchisee Holdings, LLC | Delayed Draw Term Loan2025-12-310001944831KAMC Holdings, Inc. | Revolver2025-12-310001944831Legacy Precast Buyer | Delayed Draw Term Loan2025-12-310001944831Legacy Precast Buyer | Revolver2025-12-310001944831Neptune Platform Buyer, LLC | Delayed Draw Term Loan 12025-12-310001944831Neptune Platform Buyer, LLC | Delayed Draw Term Loan 22025-12-310001944831Neptune Platform Buyer, LLC | Delayed Draw Term Loan 32025-12-310001944831NWP Acquisition Holdings, LLC | Delayed Draw Term Loan2025-12-310001944831NWP Acquisition Holdings, LLC | Revolver2025-12-310001944831Offen, Inc. | Revolver2025-12-310001944831Orthofeet, Inc | Revolver2025-12-310001944831Pathstone Family Office, LLC | Delayed Draw Term Loan2025-12-310001944831Pathstone Family Office, LLC | Revolver2025-12-310001944831Regent Surgical Health, LLC | Delayed Draw Term Loan2025-12-310001944831Regent Surgical Health, LLC | Revolver2025-12-310001944831RKD Group, LLC | Delayed Draw Term Loan2025-12-310001944831RKD Group, LLC | Revolver2025-12-310001944831Royal Holdco Corporation | Delayed Draw Term Loan2025-12-310001944831Royal Holdco Corporation | Revolver2025-12-310001944831RPX Corporation | Revolver2025-12-310001944831Salt Dental Collective, LLC | Revolver2025-12-310001944831Sandlot Baseball BorrowerCo, LLC | Delayed Draw Term Loan2025-12-310001944831Sandlot Baseball BorrowerCo, LLC | Revolver2025-12-310001944831Secretariat Advisors, LLC | Delayed Draw Term Loan2025-12-310001944831Stonebridge Companies, LLC | Delayed Draw Term Loan2025-12-310001944831Stonebridge Companies, LLC | Revolver2025-12-310001944831Superjet Buyer, LLC | Delayed Draw Term Loan2025-12-310001944831SV-AERO Holdings, LLC | Delayed Draw Term Loan2025-12-310001944831Systems Planning And Analysis, Inc. | Delayed Draw Term Loan2025-12-310001944831Systems Planning And Analysis, Inc. | Revolver2025-12-310001944831Together Womens Health, LLC | Delayed Draw Term Loan2025-12-310001944831Together Womens Health, LLC | Revolver2025-12-310001944831VRC Companies, LLC | Revolver2025-12-310001944831World Insurance Associates, LLC | Revolver2025-12-310001944831WRM Wastewater Merger Sub, Inc. | Delayed Draw Term Loan2025-12-3100019448312026-03-242026-03-2400019448312026-03-2400019448312025-03-282025-03-2800019448312025-03-280001944831wt:O2026M3AggregateDividendsMember2026-01-012026-03-3100019448312026-01-262026-01-260001944831us-gaap:SubsequentEventMember2026-04-272026-04-27\n\n[Table of Contents](#i46df815f7f75499a81794e9b957d6fb7_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nForm 10-Q\n\n(Mark One)\n\n☒\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission File Number 814-01698\n\nWillow Tree Capital Corporation\n\n(Exact name of registrant as specified in its charter)\n\nMaryland\n\n93-2706372\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n450 Park Avenue, 29th Floor, New York, NY\n\n10022\n\n(Address of principal executive offices)(Zip Code)\n\nRegistrant’s telephone number, including area code: (212) 218-1090\n\nTitle of each classTrading\nSymbol(s)Name of each exchange on which registered\n\nN/AN/AN/A\n\nIndicate 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 ☒ No ☐\n\nIndicate 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 ☒ No ☐\n\nIndicate 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.\n\nLarge accelerated filer\no\nAccelerated filer\no\n\nNon-accelerated filer\nx\nSmaller reporting company\no\n\nEmerging growth company\nx\n\nIf 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. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nAs of May 13, 2026, the registrant had 26,654,360 shares of common stock, $0.01 par value per share, outstanding.\n\n[Table of Contents](#i46df815f7f75499a81794e9b957d6fb7_7)\n\nTABLE OF CONTENTS\n\nPage\n\n[Part I - Financial Information](#i46df815f7f75499a81794e9b957d6fb7_13)\n\n[4](#i46df815f7f75499a81794e9b957d6fb7_13)\n\n[Item 1.](#i46df815f7f75499a81794e9b957d6fb7_16)\n\n[Financial Statements](#i46df815f7f75499a81794e9b957d6fb7_16)\n\n[4](#i46df815f7f75499a81794e9b957d6fb7_16)\n\nConsolidated [Statements of Assets and Liabilities](#i46df815f7f75499a81794e9b957d6fb7_19) as of March 31, 2026 (unaudited) and December 31, 2025\n\n[4](#i46df815f7f75499a81794e9b957d6fb7_19)\n\nConsolidated [Statements of Operations](#i46df815f7f75499a81794e9b957d6fb7_22) for the three months ended March 31, 2026 (unaudited) and March 31, 2025 (unaudited)\n\n[5](#i46df815f7f75499a81794e9b957d6fb7_22)\n\nConsolidated [Statements of Changes in Net Assets](#i46df815f7f75499a81794e9b957d6fb7_25) for the three months ended March 31, 2026 (unaudited) and March 31, 2025 (unaudited)\n\n[6](#i46df815f7f75499a81794e9b957d6fb7_25)\n\nConsolidated [Statement of Cash Flows](#i46df815f7f75499a81794e9b957d6fb7_28) for the three months ended March 31, 2026 (unaudited) and March 31, 2025 (unaudited)\n\n[7](#i46df815f7f75499a81794e9b957d6fb7_28)\n\nConsolidated Schedule of Investments as of March 31, 2026 (unaudited) and December 31, 2025\n\n[8](#i46df815f7f75499a81794e9b957d6fb7_31)\n\n[Notes to Financial Statements](#i46df815f7f75499a81794e9b957d6fb7_34)\n\n[21](#i46df815f7f75499a81794e9b957d6fb7_34)\n\n[Item 2.](#i46df815f7f75499a81794e9b957d6fb7_82)\n\n[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i46df815f7f75499a81794e9b957d6fb7_82)\n\n[40](#i46df815f7f75499a81794e9b957d6fb7_82)\n\n[Item 3.](#i46df815f7f75499a81794e9b957d6fb7_109)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#i46df815f7f75499a81794e9b957d6fb7_109)\n\n[57](#i46df815f7f75499a81794e9b957d6fb7_109)\n\n[Item 4.](#i46df815f7f75499a81794e9b957d6fb7_112)\n\n[Controls and Procedures](#i46df815f7f75499a81794e9b957d6fb7_112)\n\n[58](#i46df815f7f75499a81794e9b957d6fb7_112)\n\n[Part II - Other Information](#i46df815f7f75499a81794e9b957d6fb7_115)\n\n[59](#i46df815f7f75499a81794e9b957d6fb7_115)\n\n[Item 1.](#i46df815f7f75499a81794e9b957d6fb7_118)\n\n[Legal Proceedings](#i46df815f7f75499a81794e9b957d6fb7_118)\n\n[59](#i46df815f7f75499a81794e9b957d6fb7_118)\n\n[Item 1A.](#i46df815f7f75499a81794e9b957d6fb7_121)\n\n[Risk Factors](#i46df815f7f75499a81794e9b957d6fb7_121)\n\n[59](#i46df815f7f75499a81794e9b957d6fb7_121)\n\n[Item 2.](#i46df815f7f75499a81794e9b957d6fb7_124)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i46df815f7f75499a81794e9b957d6fb7_124)\n\n[59](#i46df815f7f75499a81794e9b957d6fb7_124)\n\n[Item 3.](#i46df815f7f75499a81794e9b957d6fb7_127)\n\n[Defaults Upon Senior Securities](#i46df815f7f75499a81794e9b957d6fb7_127)\n\n[59](#i46df815f7f75499a81794e9b957d6fb7_127)\n\n[Item 4.](#i46df815f7f75499a81794e9b957d6fb7_130)\n\n[Mine Safety Disclosures](#i46df815f7f75499a81794e9b957d6fb7_130)\n\n[59](#i46df815f7f75499a81794e9b957d6fb7_130)\n\n[Item 5.](#i46df815f7f75499a81794e9b957d6fb7_133)\n\n[Other Information](#i46df815f7f75499a81794e9b957d6fb7_133)\n\n[59](#i46df815f7f75499a81794e9b957d6fb7_133)\n\n[Item 6.](#i46df815f7f75499a81794e9b957d6fb7_136)\n\n[Exhibits](#i46df815f7f75499a81794e9b957d6fb7_136)\n\n[60](#i46df815f7f75499a81794e9b957d6fb7_136)\n\n[Signatures](#i46df815f7f75499a81794e9b957d6fb7_139)\n\n[61](#i46df815f7f75499a81794e9b957d6fb7_139)\n\ni\n\n[Table of Contents](#i46df815f7f75499a81794e9b957d6fb7_7)\n\nCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q contains forward-looking statements regarding the plans and objectives of management for future operations. Any such forward-looking statements may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “target,” “goals,” “plan,” “forecast,” “project,” other variations on these words or comparable terminology, or the negative of these words. These forward-looking statements are based on assumptions that may be incorrect, and we cannot assure you that the projections included in these forward-looking statements will come to pass. Our actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including the factors discussed in Item 1A entitled “Risk Factors” in Part I in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, Item 1A entitled “Risk Factors” in Part II of this Quarterly Report on Form 10-Q and elsewhere in this Quarterly Report on Form 10-Q.\n\nThe following factors are among those that may cause actual results to differ materially from our forward-looking statements:\n\n•Our future operating results;\n\n•Our business prospects and prospects of our portfolio companies;\n\n•The ability of our portfolio companies to achieve their objectives;\n\n•Changes in political, economic, or industry conditions, the interest rate environment, imposition of tariffs, the risk of future government shutdowns or conditions affecting the financial and capital markets;\n\n•Our contractual arrangements and relationships with third parties;\n\n•Volatility of leveraged loan markets;\n\n•The adequacy of our financing sources and working capital;\n\n•Risk of borrower default;\n\n•Interest rate volatility could adversely affect our results, particularly because we intend to use leverage as part of our investment strategy;\n\n•Actual and potential conflicts of interest with Willow Tree Capital Corp Advisors LLC (the \"Adviser\") and its affiliates;\n\n•Our ability to make distributions;\n\n•Changes to the fair value of our investments;\n\n•Geo-political conditions, including revolution, insurgency or war including those arising out of the ongoing war between Russia and Ukraine, the conflicts in the Middle East, the ongoing turmoil in Europe and South America, and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China;\n\n•The impact of increased competition among other entities and our affiliates for investment opportunities;\n\n•Competition with other entities and our affiliates for investment opportunities;\n\n•The ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;\n\n•The ability of our Adviser to attract and retain highly talented professionals;\n\n•Risks related to the uncertainty of the value of our portfolio investments, particularly those having no liquid trading market;\n\n•Our ability to qualify for and maintain tax treatment as a regulated investment company (\"RIC\") under Subchapter M of the Internal Revenue Code of 1986, as amended (the \"Code\"), and as a business development company (\"BDC\") under the Investment Company Act of 1940, as amended (the \"1940 Act\");\n\n•The impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks, and the increasing use of artificial intelligence and machine learning technology; and\n\n•Future changes in laws or regulations and conditions in our operating areas.\n\nAlthough we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. We have based the forward-looking statements included in this Quarterly Report on Form 10-Q on information available to us on the date of this Quarterly Report on Form 10-Q, and we assume no obligation to update any such forward-looking statements, unless we are required to do so by applicable law. However, you are advised to consult any additional disclosures that we may make directly to you or through reports that we may file in the future with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.\n\nii\n\n[Table of Contents](#i46df815f7f75499a81794e9b957d6fb7_7)\n\nPart I. Financial Information"}