{"url_path":"/sec/cik-0001999538/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/1999538/0001376474-26-000364-index.html","accession_number":"0001376474-26-000364","cik":"0001999538","ticker":null,"issuer_name":"X1 Capital Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1999538/0001376474-26-000364-index.html","primary_entity_key":"0001999538","primary_entity_name":"X1 Capital Inc."},"word_count":1244,"has_tables":true,"body_markdown":"X1 CAPITAL INC. - Form 10-Q SEC filing\n\n0001999538\n--06-30\nfalse\n2026\nQ3\n\niso4217:USD\n\nxbrli:shares\n\niso4217:USD\n\nxbrli:shares\n\nxbrli:pure\n\n0001999538\n\n2025-07-01\n2026-03-31\n\n0001999538\n\n2026-03-31\n\n0001999538\n\n2026-04-17\n\n0001999538\n\n2026-03-31\n2026-03-31\n\n0001999538\n\n2025-06-30\n\n0001999538\n\n2026-01-01\n2026-03-31\n\n0001999538\n\n2025-04-01\n2025-06-30\n\n0001999538\n\n2024-07-01\n2025-03-31\n\n0001999538\n\n2024-10-01\n2025-06-30\n\n0001999538\n\n2025-01-01\n2025-03-31\n\n0001999538\n\n2024-12-31\n\n0001999538\n\n2025-03-31\n\n0001999538\n\n2024-06-30\n\n0001999538\n\n2024-09-30\n\n \n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n**WASHINGTON, D.C. 20549**\n\n \n\n \n\n**FORM 10-Q**\n\n \n\n**(Mark One)**\n\n☑ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**For the period ended March 31, 2026**\n\n**OR**\n\n☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**Commission File Number: 814-01672**\n\n \n\nX1 CAPITAL INC.\n\n**(Exact Name of Registrant as Specified in Charter)**\n\n \n\n \n\n**Maryland**\n\n**(State or other jurisdiction of**\n\n**incorporation or registration)**\n\n \n\n**6637 S Winding Brook Dr.**\n\n**Fairhope, AL**\n\n**(Address of principal executive office)**\n\n \n\n**93-2414793**\n\n**(I.R.S. Employer**\n\n**Identification No.)**\n\n \n\n \n\n**36532**\n\n**(Zip Code)**\n\n \n\n**(713) 614-7755**\n\n**(Registrant’s telephone number, including area code)**\n\n \n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nNone\n\nNone\n\nNone\n\n \n\n \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 þ No o\n\n \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 þ No o\n\n1\n\n \n\n \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 definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n¨\n\nAccelerated filer\n\n¨\n\nNon-accelerated filer\n\n☐ (do not check if a smaller reporting company)\n\nSmaller reporting company\n\n¨\n\n \n\n \n\nEmerging growth company\n\n☑\n\n \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. ☑\n\n \n\nIndicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO þ\n\n \n\nAs of April 17, 2026, the registrant had 240 shares of common stock, $0.01 par value per share, outstanding.\n\n2\n\n \n\n**TABLE OF CONTENTS**\n\n \n\n[PART I. CONSOLIDATED FINANCIAL INFORMATION](#a1)\n\n[6](#a1)\n\n[Item 1. Financial Statements](#a2)\n\n[6](#a2)\n\n[Statements of Assets and Liabilities](#a3)\n\n[6](#a3)\n\n[Statement of Operations](#a4)\n\n[7](#a4)\n\n[Consolidated Statement of Changes in Net Assets](#a5)\n\n[8](#a5)\n\n[Statements of Cash Flow](#a6)\n\n[9](#a6)\n\n[Consolidated Schedule of Investments](#a7)\n\n[10](#a7)\n\n[Notes to Financial Statements (Unaudited)](#a8)\n\n[12](#a8)\n\n[Item 1. Notes to Consolidated Financials](#a9)\n\n[12](#a9)\n\n[Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations](#a10)\n\n[18](#a10)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#a11)\n\n[21](#a11)\n\n[Item 4. Controls and Procedures](#a12)\n\n[22](#a12)\n\n[PART II: OTHER INFORMATION](#a13)\n\n[23](#a13)\n\n[Item 1. Legal Proceedings](#a14)\n\n[23](#a14)\n\n[Item 1A. Risk Factors](#a15)\n\n[23](#a15)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#a16)\n\n[41](#a16)\n\n[Item 3. Defaults Upon Senior Securities](#a17)\n\n[41](#a17)\n\n[Item 4. Mine Safety Disclosures](#a18)\n\n[41](#a18)\n\n[Item 5. Other Information](#a19)\n\n[41](#a19)\n\n[Item 6. Exhibits](#a20)\n\n[42](#a20)\n\n[SIGNATURES](#a21)\n\n[43](#a21)\n\n3\n\n \n\n**FORWARD-LOOKING STATEMENTS**\n\n \n\nThis Quarterly Report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties, and other factors, and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as \"anticipates,\" \"expects,\" \"intends,\" \"plans,\" \"will,\" \"may,\" \"continue,\" \"believes,\" \"seeks,\" \"estimates,\" \"would,\" \"could,\" \"should,\" \"targets,\" \"projects,\" \"outlook,\" \"potential,\" \"predicts\" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation:\n\n \n\n·An economic downturn could impair our portfolio companies' ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies. \n\n \n\n·Such an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies. \n\n \n\n· A contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities \n\n \n\n·Interest rate volatility could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy. \n\n \n\n·To the extent we invest in foreign companies or invest in companies that have significant foreign exposure, factors such as currency fluctuations and geopolitical events could adversely affect the results of our investments, including risks related to payments denominated in foreign currency rather than U.S. dollars. \n\n \n\n·Our future operating results. \n\n \n\n·Our business prospects and the prospects of our portfolio companies. \n\n \n\n·Our contractual arrangements and relationships with third parties. \n\n \n\n·The ability of our portfolio companies to achieve their objectives. \n\n \n\n·Competition with other entities and affiliates for investment opportunities. \n\n \n\n·The speculative and illiquid nature of our investments. \n\n \n\n·The use of borrowed money to finance a portion of our investments. \n\n \n\n·The adequacy of our financing sources and working capital. \n\n \n\n·The loss of key personnel. \n\n \n\n·The timing of cash flows, if any, from the operations of our portfolio companies. \n\n \n\n·The ability to locate suitable investments for us and to monitor and administer our investments. \n\n \n\n·The ability to attract and retain highly talented professionals. \n\n \n\n·Our ability to qualify and maintain our qualification as a regulated investment company (\"RIC\") under Subchapter M of the Internal Revenue Code of 1986, as amended (the \"Code\"), and as a BDC. \n\n4\n\n \n\n·The effect of legal, tax, and regulatory changes. \n\n \n\n**·**The other risks, uncertainties, and other factors we identify under \"Item 1A. Risk Factors\" and elsewhere in this Registration Statement and recent 10K filing. \n\n \n\nFor further information, please see Risk Factors” of Part II of this quarterly report and Item 1A, \"Risk Factors\" of Part I of our Annual Report on Form 10-K, and our Form 10 filing.\n\n \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 could also be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Statement should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this Quarterly Statement. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this Quarterly Statement are excluded from the safe harbor protection provided by Section 21E of the Exchange Act.\n\n5\n\n \n\n**PART I. CONSOLIDATED FINANCIAL INFORMATION**"}