wti-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


[X]			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


[ ]			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ______________

Commission file number 814-01718

WTI Fund XI, Inc.

(Exact Name of Registrant as specified in its charter)


Maryland			92-1737785
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

104 La Mesa Drive, Suite 102, Portola Valley, CA			94028
(Address of principal executive offices)			(Zip Code)

(650) 234-4300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate 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 [x] No [ ]

Indicate 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 [x] No [ ]

Indicate 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.

Large accelerated filer [ ]

Accelerated filer [ ]

Non-accelerated filer [x]

Smaller reporting company [ ]

Emerging growth company [ ]

If 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. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [x]

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:


Class						Outstanding as of August 13, 2026
Common Stock, $0.001 par value						100,000

WTI FUND XI, INC.

INDEX


PART I — FINANCIAL INFORMATION

Item 1.			Financial Statements

			Condensed Statements of Assets and Liabilities (Unaudited)
			As of June 30, 2026 and December 31, 2025

			Condensed Statements of Operations (Unaudited)
			For the three and six months ended June 30, 2026 and 2025

			Condensed Statements of Changes in Net Assets (Unaudited)
			For the three and six months ended June 30, 2026 and 2025

			Condensed Statements of Cash Flows (Unaudited)
			For the six months ended June 30, 2026 and 2025

			Condensed Schedules of Investments (Unaudited)
			As of June 30, 2026 and December 31, 2025




			Notes to Condensed Financial Statements (Unaudited)

Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.			Quantitative and Qualitative Disclosures About Market Risk

Item 4.			Controls and Procedures

PART II — OTHER INFORMATION

Item 1.			Legal Proceedings

Item 1A.			Risk Factors

Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.			Defaults Upon Senior Securities

Item 4.			Mine Safety Disclosures

Item 5.			Other Information

Item 6.			Exhibits

SIGNATURES

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

WTI FUND XI, INC.

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

AS OF JUNE 30, 2026 AND DECEMBER 31, 2025


	June 30, 2026		December 31, 2025
ASSETS

Loans, at estimated fair value
(amortized cost of $93,230,476 and $48,835,889, respectively)	$	93,230,476	$	48,835,889
Cash	12,787,069		6,085,901
Dividend and interest receivables	1,352,627		1,044,410
Other assets	913,364		1,124,372
Total assets	108,283,536		57,090,572

LIABILITIES
Borrowings under debt facility	66,000,000		28,500,000
Accrued management fees	1,553,530		1,610,685
Accounts payable and other accrued liabilities	837,898		586,146
Total liabilities	68,391,428		30,696,831

NET ASSETS	$	39,892,108	$	26,393,741

Analysis of Net Assets:

Capital paid in on shares of capital stock	$	61,425,000	$	40,825,000
Cumulative return of capital distributions	(17,556,403)		(10,454,770)
Total distributable losses	(3,976,489)		(3,976,489)
Net assets (equivalent to $398.92 and $263.94 per share based on 100,000 shares of capital stock outstanding - see Note 5 and Note 10)	$	39,892,108	$	26,393,741

Commitments & Contingent Liabilities:
Unexpired unfunded commitments (see Note 8)	$	36,000,000	$	17,500,000

See notes to condensed financial statements (unaudited).

WTI FUND XI, INC.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025


	For the Three Months Ended June 30, 2026		For the Three Months Ended June 30, 2025		For the Six Months Ended June 30, 2026		For the Six Months Ended June 30, 2025

INVESTMENT INCOME:
Interest on loans	$	4,566,628	$	2,261,659	$	9,050,895	$	3,992,697
Other income	26,775		49,142		31,441		139,783
Total investment income	4,593,403		2,310,801		9,082,336		4,132,480

EXPENSES:
Management fees	1,553,530		$	1,533,485	$	3,089,988	$	3,081,428
Interest expense	1,246,258		883,477		2,191,426		1,744,274
Banking and professional fees	91,413		88,518		142,695		156,015


Other operating expenses	33,446		69,493		102,734		111,967
Total expenses	2,924,647		2,574,973		5,526,843		5,093,684
Net investment income (loss)	1,668,756		(264,172)		3,555,493		(961,204)







Net increase (decrease) in net assets resulting from operations	$	1,668,756	$	(264,172)	$	3,555,493	$	(961,204)

Amounts per common share:
Net increase (decrease) in net assets resulting from operations per share	$	16.69	$	(2.64)	$	35.55	$	(9.61)
Weighted average shares outstanding	100,000		100,000		100,000		100,000

See notes to condensed financial statements (unaudited).

WTI FUND XI, INC.

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025


	Common Stock
	Shares	Par Value		Additional Paid-in Capital		Return of Capital Distributions		Total Distributable Losses		Net Assets
Balance at March 31, 2025	100,000	$	100	$	32,324,900	$	(7,743,338)	$	(4,439,906)	$	20,141,756
Net decrease in net assets resulting from operations	—	—		—		—		(264,172)		(264,172)

Return of capital to shareholder	—	—		—		(990,826)		—		(990,826)

Balance at June 30, 2025	100,000	$	100	$	32,324,900	$	(8,734,164)	$	(4,704,078)	$	18,886,758

Balance at March 31, 2026	100,000	$	100	$	47,824,900	$	(12,883,184)	$	(3,976,489)	$	30,965,327
Net increase in net assets resulting from operations	—	—		—		—		1,668,756		1,668,756
Distributions of income to shareholder	—	—		—		—		(1,668,756)		(1,668,756)
Return of capital to shareholder	—	—		—		(4,673,219)		—		(4,673,219)
Contributions from shareholder	—	—		13,600,000		—		—		13,600,000
Balance at June 30, 2026	100,000	$	100	$	61,424,900	$	(17,556,403)	$	(3,976,489)	$	39,892,108








Balance at December 31, 2024	100,000	$	100	$	22,324,900	$	(5,909,639)	$	(3,742,874)	$	12,672,487
Net decrease in net assets resulting from operations	—	—		—		—		(961,204)		(961,204)

Return of capital to shareholder	—	—		—		(2,824,525)		—		(2,824,525)
Contributions from shareholder	—	—		10,000,000		—		—		10,000,000
Balance at June 30, 2025	100,000	$	100	$	32,324,900	$	(8,734,164)	$	(4,704,078)	$	18,886,758

Balance at December 31, 2025	100,000	$	100	$	40,824,900	$	(10,454,770)	$	(3,976,489)	$	26,393,741
Net increase in net assets resulting from operations	—	—		—		—		3,555,493		3,555,493
Distributions of income to shareholder	—	—		—		—		(3,555,493)		(3,555,493)
Return of capital to shareholder	—	—		—		(7,101,633)		—		(7,101,633)
Contributions from shareholder	—	—		20,600,000		—		—		20,600,000
Balance at June 30, 2026	100,000	$	100	$	61,424,900	$	(17,556,403)	$	(3,976,489)	$	39,892,108

See notes to condensed financial statements (unaudited).

WTI FUND XI, INC.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025


	For the Six Months Ended June 30, 2026		For the Six Months Ended June 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase (decrease) in net assets resulting from operations	$	3,555,493	$	(961,204)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:




Amortization of deferred costs related to debt facility	339,287		333,516
Origination of loans	(61,850,000)		(18,304,000)
Principal payments on loans, net of accretion	17,203,808		795,138

Acquisition of equity securities	(6,305,521)		(2,199,654)
Changes in operating assets and liabilities:
Net increase in dividend and interest receivables	(308,217)		(292,527)
Net (increase) decrease in other assets	(120,763)		14,379
Net increase (decrease) in accounts payable, other accrued liabilities and accrued management fees	194,597		(7,443)
Net cash used in operating activities	(47,291,316)		(20,621,795)

CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions to shareholder	(4,100,000)		—
Contributions from shareholder	20,600,000		10,000,000
Borrowings under debt facility	44,500,000		8,000,000
Repayments of borrowings under debt facility	(7,000,000)		(3,000,000)


Payments of bank facility fees and costs	(7,516)		(1,695)
Net cash provided by financing activities	53,992,484		14,998,305

Net increase (decrease) in cash and cash equivalents	6,701,168		(5,623,490)

CASH AND CASH EQUIVALENTS:
Beginning of period	6,085,901		9,535,729
End of period	$	12,787,069	$	3,912,239

SUPPLEMENTAL DISCLOSURES:
CASH PAID DURING THE PERIOD:
Interest - Debt facility	$	1,876,083	$	1,455,101
NON-CASH OPERATING AND FINANCING ACTIVITIES:
Distributions of equity securities to shareholder	$	6,557,126	$	2,824,525
Receipt of equity securities as repayment of loans	$	251,605	$	624,871

See notes to condensed financial statements (unaudited).

WTI FUND XI, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)

AS OF JUNE 30, 2026


Industry	Borrower	Percent of Net Assets (a)		Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
Biotechnology
	Biolojic Design Ltd. ** ^			Senior Secured	12.5%		$	3,396,804	$	3,170,173	$	3,170,173	6/1/2029
	Teiko Bio, Inc.			Senior Secured	12.5%		250,000		243,076		243,076		10/1/2029
	Teiko Bio, Inc.			Senior Secured	12.5%		250,000		226,289		226,289		5/1/2029
	Teiko Bio, Inc. Subtotal						500,000		469,365		469,365
Biotechnology Total		9.1	%				$	3,896,804	$	3,639,538	$	3,639,538

Computers & Storage
	Proto, Inc.			Senior Secured	13.0%	17.8%	$	213,720	$	211,197	$	211,197	7/1/2028
Computers & Storage Total		0.5	%				$	213,720	$	211,197	$	211,197

Internet
	Boss Bites Inc.			Senior Secured	12.0%		$	1,500,000	$	1,431,785	$	1,431,785	4/1/2029
	Realm Living, Inc.			Senior Secured	12.5%		286,441		249,630		249,630		3/1/2029
	Slice Solutions, Inc.			Senior Secured	11.0%		5,000,000		4,586,152		4,586,152		5/1/2031
Internet Total		15.7	%				$	6,786,441	$	6,267,567	$	6,267,567

Medical Devices
	eXo Imaging, Inc.			Senior Secured	12.5%		$	1,250,000	$	1,115,337	$	1,115,337	12/1/2028
	Gallant Pet, Inc.			Senior Secured	13.3%		497,080		465,959		465,959		5/1/2028
	Gallant Pet, Inc.			Senior Secured	13.0%		298,053		298,053		298,053		5/1/2028
	Gallant Pet, Inc. Subtotal						795,133		764,012		764,012
Medical Devices Total		4.7	%				$	2,045,133	$	1,879,349	$	1,879,349

Other Healthcare
	Lark Technologies, Inc.			Senior Secured	13.5%		$	2,870,852	$	2,432,734	$	2,432,734	4/1/2028
	MeMed Diagnostics Ltd. ** ^			Senior Secured	11.0%	7.6%	2,000,000		1,987,167		1,987,167		1/1/2030
	MeMed Diagnostics Ltd. ** ^			Senior Secured	11.0%	7.6%	1,500,000		1,180,153		1,180,153		10/1/2029
	MeMed Diagnostics Ltd. ** ^			Senior Secured	11.0%	7.5%	1,500,000		1,503,908		1,503,908		11/1/2029
	MeMed Diagnostics Ltd. Subtotal ** ^						5,000,000		4,671,228		4,671,228
	Vitable, Inc.			Senior Secured	13.0%		1,000,000		984,325		984,325		4/1/2029
	Vitable, Inc.			Senior Secured	13.0%		1,500,000		1,435,533		1,435,533		4/1/2029
	Vitable, Inc. Subtotal						2,500,000		2,419,858		2,419,858
Other Healthcare Total		23.9	%				$	10,370,852	$	9,523,820	$	9,523,820

Other Technology
	AI Tech Holdings, Inc.			Senior Secured	12.0%		$	151,490	$	141,076	$	141,076	10/1/2028
	Allocate Holdings Inc.			Senior Secured	10.5%		5,500,000		5,234,910		5,234,910		7/1/2031
	Belong, Inc.			Senior Secured	13.0%		625,000		512,237		512,237		3/1/2029
	Belong, Inc.			Senior Secured	13.5%		250,000		224,515		224,515		3/1/2029
	Belong, Inc.			Senior Secured	13.5%		500,000		379,853		379,853		3/1/2029
	Belong, Inc. Subtotal						1,375,000		1,116,605		1,116,605
	Brick Dynamics Inc.			Senior Secured	12.0%		500,000		465,747		465,747		4/1/2029
	Brick Dynamics Inc.			Senior Secured	12.0%		500,000		486,342		486,342		7/1/2029
	Brick Dynamics Inc. Subtotal						1,000,000		952,089		952,089
	Carbon Ridge, Inc.			Senior Secured	12.5%		295,616		278,770		278,770		7/1/2028


Industry	Borrower	Percent of Net Assets (a)		Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Carbon Ridge, Inc.			Senior Secured	12.5%		355,796		343,424		343,424		1/1/2029
	Carbon Ridge, Inc. Subtotal						651,412		622,194		622,194
	Cofertility, Inc.			Senior Secured	11.8%		750,000		637,793		637,793		8/1/2029
	Creoate Limited ** ^			Senior Secured	12.8%		123,682		122,880		122,880		6/1/2028
	Creoate Limited ** ^			Senior Secured	12.8%		44,069		43,770		43,770		8/1/2028
	Creoate Limited ** ^			Senior Secured	12.8%		125,000		122,205		122,205		8/1/2029
	Creoate Limited ** ^			Senior Secured	12.8%		250,000		244,681		244,681		7/1/2029
	Creoate Limited ** ^			Senior Secured	12.8%		141,358		140,274		140,274		10/1/2028
	Creoate Limited ** ^			Senior Secured	12.8%		128,196		127,327		127,327		7/1/2028
	Creoate Limited ** ^			Senior Secured	12.8%		145,632		144,439		144,439		11/1/2028
	Creoate Limited ** ^			Senior Secured	12.8%		161,560		160,224		160,224		12/1/2028
	Creoate Limited ** ^			Senior Secured	12.8%		109,305		79,756		79,756		4/1/2028
	Creoate Limited ** ^			Senior Secured	12.8%		375,000		352,701		352,701		5/1/2029
	Creoate Limited ** ^			Senior Secured	12.8%		158,397		157,361		157,361		5/1/2028
	Creoate Limited Subtotal ** ^						1,762,199		1,695,618		1,695,618
	Daisyco, Inc.			Senior Secured	10.8%		1,250,000		1,170,894		1,170,894		4/1/2029
	Fortull, Inc.			Senior Secured	11.0%		125,000		120,793		120,793		4/1/2029
	Fortull, Inc.			Senior Secured	11.0%		125,000		109,020		109,020		1/1/2029
	Fortull, Inc. Subtotal						250,000		229,813		229,813
	Gold Words, LLC			Senior Secured	12.0%		136,294		133,771		133,771		12/1/2027
	Grin Technology Services Inc.			Senior Secured	12.0%		1,000,000		887,804		887,804		10/1/2029
	Hint, Inc.			Senior Secured	13.8%		1,329,676		1,046,429		1,046,429		1/1/2028
	Innventure LLC **			Senior Secured	13.5%		4,130,427		2,380,150		2,380,150		6/1/2028
	Joy Memories, Inc			Senior Secured	12.8%	1.5%	4,000,000		3,259,455		3,259,455		1/1/2030
	Kindred Motorworks, Inc.			Senior Secured	12.0%		2,356,764		2,356,579		2,356,579		10/1/2028
	Scripta Insights, Inc.			Senior Secured	12.5%		572,440		552,472		552,472		4/1/2028
	Umbra Lab, Inc.			Senior Secured	12.5%		18,050,000		17,083,341		17,083,341		10/1/2029
	Umbra Lab, Inc.			Senior Secured	13.5%		1,680,653		1,639,269		1,639,269		1/1/2028
	Umbra Lab, Inc. Subtotal						19,730,653		18,722,610		18,722,610
Other Technology Total		103.1	%				$	45,946,355	$	41,140,262	$	41,140,262

Semiconductors & Equipment
	D2S, Inc.			Senior Secured	13.5%		$	2,500,000	$	2,217,953	$	2,217,953	5/1/2029
Semiconductors & Equipment Total		5.6	%				$	2,500,000	$	2,217,953	$	2,217,953

Software
	APIsecAI, Inc.			Senior Secured	12.0%		$	433,981	$	412,781	$	412,781	5/1/2028
	APIsecAI, Inc.			Senior Secured	12.0%		250,000		243,621		243,621		1/1/2029
	APIsecAI, Inc. Subtotal						683,981		656,402		656,402
	Bito Inc.			Senior Secured	12.5%		250,000		218,643		218,643		5/1/2029
	Canvas Medical, Inc.			Senior Secured	12.0%		1,750,000		1,637,471		1,637,471		10/1/2029
	Checksum AI, Inc.			Senior Secured	11.3%		1,000,000		944,747		944,747		10/1/2029
	Crowded Technologies, Inc.			Senior Secured	12.5%		187,500		160,457		160,457		12/1/2028
	Crowded Technologies, Inc.			Senior Secured	12.5%		187,500		182,365		182,365		1/1/2029
	Crowded Technologies, Inc. Subtotal						375,000		342,822		342,822
	Evolver Transformation, Inc.			Senior Secured	11.5%		5,000,000		4,588,795		4,588,795		6/1/2031
	Global Publishing Interactive, Inc.			Senior Secured	12.0%		1,000,000		899,144		899,144		1/1/2030
	Jericho Security, Inc.			Senior Secured	12.0%		750,000		610,955		610,955		10/1/2029
	Merlyn Mind, Inc.			Senior Secured	12.5%		1,750,000		821,338		821,338		7/1/2030
	Merlyn Mind, Inc.			Senior Secured	12.5%		5,557,383		4,732,762		4,732,762		1/1/2029


Industry	Borrower	Percent of Net Assets (a)		Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Merlyn Mind, Inc.			Senior Secured	12.5%		750,000		354,200		354,200		6/1/2030
	Merlyn Mind, Inc. Subtotal						8,057,383		5,908,300		5,908,300
	Outbuild Technologies, Inc.			Senior Secured	12.0%		1,675,000		1,598,882		1,598,882		3/1/2029
	Safe Securities Inc.			Senior Secured	11.5%	1.0%	1,343,152		1,216,627		1,216,627		5/1/2029
	Truepic Inc.			Senior Secured	12.3%		396,622		389,034		389,034		5/1/2028
	Truepic Inc.			Senior Secured	12.3%		159,154		140,788		140,788		12/1/2027
	Truepic Inc. Subtotal						555,776		529,822		529,822
	Vesta Housing, Inc.			Senior Secured	15.0%		1,974,052		2,014,052		2,014,052		*
	Workspot, Inc.			Senior Secured	11.8%		500,000		416,370		416,370		6/1/2029
	ZeroCater, Inc.			Senior Secured	12.5%		1,370,512		1,341,452		1,341,452		4/1/2028
Software Total		57.5	%				$	26,284,856	$	22,924,484	$	22,924,484

Technology Services
	Ava Finance, Inc.			Senior Secured	10.8%	1.5%	$	250,000	$	247,067	$	247,067	12/1/2028
	Ava Finance, Inc.			Senior Secured	10.8%	1.5%	227,984		195,568		195,568		9/1/2028
	Ava Finance, Inc.			Senior Secured	10.8%	1.5%	250,000		246,440		246,440		2/1/2029
	Ava Finance, Inc.			Senior Secured	10.8%	1.5%	121,377		120,323		120,323		11/1/2028
	Ava Finance, Inc.			Senior Secured	10.8%	1.5%	242,753		239,610		239,610		11/1/2028
	Ava Finance, Inc.			Senior Secured	10.8%	1.5%	250,000		247,438		247,438		10/1/2028
	Ava Finance, Inc.			Senior Secured	10.8%	1.5%	250,000		246,692		246,692		1/1/2029
	Ava Finance, Inc. Subtotal						1,592,114		1,543,138		1,543,138
	Klar Holdings Limited ** ^			Senior Secured	12.5%		992,208		979,685		979,685		5/1/2028
	Klar Holdings Limited ** ^			Senior Secured	12.5%		915,186		852,683		852,683		3/1/2028
	Klar Holdings Limited ** ^			Senior Secured	12.5%		954,067		942,521		942,521		4/1/2028
	Klar Holdings Limited Subtotal ** ^						2,861,461		2,774,889		2,774,889
	Prima Holdings Limited ** ^			Senior Secured	13.0%	2.0%	670,854		653,099		653,099		1/1/2028
Technology Services Total		12.5	%				$	5,124,429	$	4,971,126	$	4,971,126

Wireless
	Juvo Mobile, Inc. **			Senior Secured	12.5%		$	500,000	$	455,180	$	455,180	6/1/2028
Wireless Total		1.1	%				$	500,000	$	455,180	$	455,180

	Grand Total	233.7	%				$	103,668,590	$	93,230,476	$	93,230,476

* As of June 30, 2026, loans with a cost basis and fair value of $2.0 million were classified as non-accrual. These loans have been accelerated from their original maturity and are due in their entirety. During the period for which these loans have been on non-accrual status, no interest income has been recognized.

**Indicates assets that the Fund deems “non-qualifying assets.” As of June 30, 2026, 14.9% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an “eligible portfolio company,” as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund’s investments in all eligible portfolio companies, and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.

^ Entity is not domiciled in the United States and does not have its principal place of business in the United States.

(a) The percentage of net assets that each industry group represents is shown with the industry totals (the sum of the percentages does not equal 100% because the percentages are based on net assets as opposed to total loans).

(b) The interest rate is the designated annual interest rate exclusive of any original issue discount, fees or end of term payment.

(c) The end of term payments are contractually due on the maturity date and are in addition to the interest rate shown. End of term payments are generally the percentage of the final payment divided by the original loan amount and are amortized over the full term of the loan.

(d) There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a most advantageous market and the estimates may include the use of significant unobservable inputs.

As of June 30, 2026, all loans were made to non-affiliates.

See notes to condensed financial statements (unaudited).

WTI FUND XI, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)

AS OF DECEMBER 31, 2025


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
Biotechnology
	Biolojic Design Ltd. ** ^		Senior Secured	12.5%	3.0%	$	2,500,000	$	2,367,516	$	2,367,516	7/1/2028
	Biolojic Design Ltd. ** ^		Senior Secured	12.5%	3.0%	1,250,000		1,227,535		1,227,535		7/1/2028
	Biolojic Design Ltd. Subtotal ** ^					3,750,000		3,595,051		3,595,051
Biotechnology Total		13.6%				$	3,750,000	$	3,595,051	$	3,595,051

Computers & Storage
	Proto, Inc.		Senior Secured	13.0%	17.8%	$	250,000	$	232,355	$	232,355	7/1/2028
Computers & Storage Total		0.9%				$	250,000	$	232,355	$	232,355

Internet
	Realm Living, Inc.		Senior Secured	12.5%		$	386,749	$	372,203	$	372,203	6/1/2027
Internet Total		1.4%				$	386,749	$	372,203	$	372,203

Medical Devices
	eXo Imaging, Inc.		Senior Secured	12.5%		$	1,250,000	$	1,073,170	$	1,073,170	12/1/2028
	Gallant Pet, Inc.		Senior Secured	13.3%		607,263		560,846		560,846		5/1/2028
	Gallant Pet, Inc.		Senior Secured	13.0%		364,325		364,325		364,325		5/1/2028
	Gallant Pet, Inc. Subtotal					971,588		925,171		925,171
Medical Devices Total		7.6%				$	2,221,588	$	1,998,341	$	1,998,341

Other Healthcare
	Lark Technologies, Inc.		Senior Secured	13.5%		$	3,537,979	$	2,884,323	$	2,884,323	4/1/2028
	Vitable, Inc.		Senior Secured	13.0%		1,500,000		1,419,220		1,419,220		4/1/2029
Other Healthcare Total		16.3%				$	5,037,979	$	4,303,543	$	4,303,543

Other Technology
	AI Tech Holdings, Inc.		Senior Secured	12.0%	6.5%	$	178,784	$	160,873	$	160,873	10/1/2028
	Belong, Inc.		Senior Secured	13.5%		250,000		217,991		217,991		3/1/2029
	Belong, Inc.		Senior Secured	13.5%		500,000		352,208		352,208		3/1/2029
	Belong, Inc. Subtotal					750,000		570,199		570,199
	Carbon Ridge, Inc.		Senior Secured	12.5%		375,000		358,472		358,472		1/1/2029
	Carbon Ridge, Inc.		Senior Secured	12.5%		355,807		331,373		331,373		7/1/2028
	Carbon Ridge, Inc. Subtotal					730,807		689,845		689,845
	Creoate Limited ** ^		Senior Secured	12.8%		52,621		52,190		52,190		8/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		149,973		148,783		148,783		6/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		162,500		160,982		160,982		10/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		175,000		173,183		173,183		12/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		250,000		241,552		241,552		7/1/2029
	Creoate Limited ** ^		Senior Secured	12.8%		193,725		192,164		192,164		5/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		375,000		346,959		346,959		5/1/2029
	Creoate Limited ** ^		Senior Secured	12.8%		162,500		160,854		160,854		11/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		134,934		125,161		125,161		4/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%		154,212		152,942		152,942		7/1/2028
	Creoate Limited Subtotal ** ^					1,810,465		1,754,770		1,754,770
	Daisyco, Inc.		Senior Secured	10.8%		1,250,000		1,148,778		1,148,778		4/1/2029
	Fortull, Inc.		Senior Secured	11.0%		125,000		104,270		104,270		1/1/2029
	Gold Words, LLC		Senior Secured	12.0%		176,527		172,296		172,296		12/1/2027
	Hint, Inc.		Senior Secured	13.8%		1,654,066		1,212,785		1,212,785		1/1/2028
	Innventure LLC **		Senior Secured	13.5%		5,000,000		2,596,791		2,596,791		6/1/2028
	Kindred Motorworks, Inc.		Senior Secured	12.0%	6.4%	2,500,000		2,444,410		2,444,410		7/1/2028
	Last Energy Inc.		Senior Secured	13.8%		1,415,456		1,315,947		1,315,947		4/1/2028


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Owlet Baby Care, Inc. **		Senior Secured	12.0%	7.8%	1,753,056		1,550,358		1,550,358		1/1/2028
	Scripta Insights, Inc.		Senior Secured	12.5%		707,063		676,534		676,534		4/1/2028
	Umbra Lab, Inc.		Senior Secured	13.5%		2,140,858		2,073,572		2,073,572		1/1/2028
Other Technology Total		62.4%				$	20,192,082	$	16,471,428	$	16,471,428

Software
	APIsecAI, Inc.		Senior Secured	12.0%		$	250,000	$	240,907	$	240,907	1/1/2029
	APIsecAI, Inc.		Senior Secured	12.0%		500,000		468,391		468,391		5/1/2028
	APIsecAI, Inc. Subtotal					750,000		709,298		709,298
	Bito Inc.		Senior Secured	12.5%		250,000		211,502		211,502		5/1/2029
	Confirm HR, Inc.		Senior Secured	12.0%	6.2%	187,500		154,011		154,011		11/1/2028
	Crowded Technologies, Inc.		Senior Secured	12.5%		187,500		152,196		152,196		12/1/2028
	Crowded Technologies, Inc.		Senior Secured	12.5%		187,500		180,093		180,093		1/1/2029
	Crowded Technologies, Inc. Subtotal					375,000		332,289		332,289
	Manifold Inc.		Senior Secured	12.0%	6.7%	728,385		706,052		706,052		5/1/2028
	Manifold Inc.		Senior Secured	12.0%	6.5%	250,000		235,775		235,775		7/1/2029
	Manifold Inc. Subtotal					978,385		941,827		941,827
	Merlyn Mind, Inc.		Senior Secured	12.5%		5,498,201		4,464,422		4,464,422		1/1/2029
	Safe Securities Inc.		Senior Secured	11.5%	1.0%	1,375,000		1,210,290		1,210,290		5/1/2029
	Standard Dental OpCo, Inc.		Senior Secured	10.0%	20.1%	3,000,000		2,711,475		2,711,475		10/1/2026
	Standard Dental OpCo, Inc.		Senior Secured	10.0%	21.0%	750,000		763,575		763,575		10/1/2026
	Standard Dental OpCo, Inc. Subtotal					3,750,000		3,475,050		3,475,050
	Truepic Inc.		Senior Secured	12.3%		206,016		175,873		175,873		12/1/2027
	Truepic Inc.		Senior Secured	12.3%		485,634		474,197		474,197		5/1/2028
	Truepic Inc. Subtotal					691,650		650,070		650,070
	Vesta Housing, Inc.		Senior Secured	15.0%	2.0%	750,000		755,000		755,000		5/1/2026
	Vesta Housing, Inc.		Senior Secured	15.0%	2.0%	500,000		504,516		504,516		4/1/2026
	Vesta Housing, Inc.		Senior Secured	15.0%	2.0%	750,000		748,205		748,205		3/1/2026
	Vesta Housing, Inc. Subtotal					2,000,000		2,007,721		2,007,721
	ZeroCater, Inc.		Senior Secured	12.5%		1,528,011		1,457,461		1,457,461		4/1/2028
Software Total		59.1%				$	17,383,747	$	15,613,941	$	15,613,941

Technology Services
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	$	250,000	$	204,083	$	204,083	9/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	250,000		244,559		244,559		11/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	250,000		244,921		244,921		2/1/2029
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	250,000		245,154		245,154		1/1/2029
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	250,000		245,539		245,539		12/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	250,000		245,835		245,835		10/1/2028
	Ava Finance, Inc.		Senior Secured	10.8%	1.5%	125,000		122,980		122,980		11/1/2028
	Ava Finance, Inc. Subtotal					1,625,000		1,553,071		1,553,071
	Klar Holdings Limited ** ^		Senior Secured	12.5%		1,141,884		1,045,078		1,045,078		3/1/2028
	Klar Holdings Limited ** ^		Senior Secured	12.5%		1,178,438		1,160,716		1,160,716		4/1/2028
	Klar Holdings Limited ** ^		Senior Secured	12.5%		1,214,197		1,195,316		1,195,316		5/1/2028
	Klar Holdings Limited Subtotal ** ^					3,534,519		3,401,110		3,401,110
	Prima Holdings Limited ** ^		Senior Secured	13.0%	2.0%	855,529		816,262		816,262		1/1/2028
Technology Services Total		21.9%				$	6,015,048	$	5,770,443	$	5,770,443

Wireless
	Juvo Mobile, Inc. **		Senior Secured	12.5%		$	500,000	$	478,584	$	478,584	12/1/2027
Wireless Total		1.8%				$	500,000	$	478,584	$	478,584

	Grand Total	185.0%				$	55,737,193	$	48,835,889	$	48,835,889

**Indicates assets that the Fund deems “non-qualifying assets.” As of December 31, 2025, 25.8% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an “eligible portfolio company,” as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund’s investments in all eligible portfolio companies, and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.

^ Entity is not domiciled in the United States and does not have its principal place of business in the United States.

(b) The interest rate is the designated annual interest rate exclusive of any original issue discount, fees or end of term payment.

As of December 31, 2025, all loans were made to non-affiliates.

See notes to condensed financial statements (unaudited).

WTI FUND XI, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

1.ORGANIZATION AND OPERATIONS OF THE FUND

WTI Fund XI, Inc. (the “Fund”) was incorporated in Maryland on February 1, 2023, as a non-diversified, closed-end management investment company that elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) and is managed by Westech Investment Advisors LLC (the “Manager” or “Management”) whose ultimate parent is Ridgepost Capital, Inc. (formerly known as P10, Inc.), a Delaware corporation.

The Fund will be dissolved on December 31, 2033 unless the Board of Directors (the “Board”) opts to elect early dissolution. One hundred percent of the stock of the Fund is held by WTI Fund XI, LLC (the “Company”). Prior to commencing investment operations on June 26, 2024, the Fund issued 100,000 shares of common stock at $0.001 par value (the “Shares”) for $25,000 to the Company. This issuance of stock was a requirement to apply for a finance lender’s license from the California Department of Financial Protection and Innovation, which was obtained on February 13, 2024.

The Fund’s investment objective is to achieve superior risk-adjusted investment returns and it seeks to achieve that objective by providing debt financing to portfolio companies, most of which are private. The Fund generally receives warrants to acquire equity securities in connection with its portfolio investments and generally distributes these warrants to its shareholder upon receipt, or soon thereafter. The Fund also has guidelines for the percentages of total assets that are invested in different types of assets. The portfolio investments of the Fund primarily consist of debt financing to early and expansion stage venture capital-backed technology companies.

2. BASIS OF PRESENTATION

The accompanying condensed interim financial statements of the Fund have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) for interim financial reporting and pursuant to the requirements for reporting on Form 10‑Q. Accordingly, they do not include all information and footnote disclosures required for audited annual financial statements. Certain disclosures have been omitted because they would substantially duplicate disclosures included in the Fund’s audited financial statements and related notes for the year ended December 31, 2025, which are included in the Fund’s Annual Report on Form 10‑K (“Form 10-K”) filed with the United States Securities and Exchange Commission (“SEC”) on March 13, 2026. These condensed interim financial statements should be read in conjunction with the audited financial statements and notes included in the Fund’s annual report on Form 10-K as of and for the year ended December 31, 2025, including Note 2 - Summary of Significant Accounting Policies, which discusses the Fund’s significant accounting policies and estimates. In the opinion of the Manager, the accompanying condensed interim financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Fund’s financial position and results of operations for the interim periods presented. The results for the three and six months ended June 30, 2026 are not necessarily indicative of results for a full fiscal year.

3. FAIR VALUE DISCLOSURES

The Fund provides asset-based financing primarily to start-up and emerging growth venture-backed companies pursuant to commitments whereby the Fund agrees to finance assets and provide working or growth capital up to a specified amount for the term of the commitment, upon the terms and subject to the conditions specified by such commitment. Even though these loans are generally secured by the assets of the borrowers, the Fund in most cases is subject to the credit risk of such companies. As of June 30, 2026 and December 31, 2025, the Fund’s investments in loans were primarily to companies based within the United States and were diversified among borrowers in the industry segments shown in the Condensed Schedules of Investments. All loans are senior to unsecured creditors and other secured creditors, unless otherwise indicated in the Condensed Schedules of Investments.

The Fund defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, a recovery price. The recovery price assumes the asset or liability was exchanged in an orderly transaction; it was not a forced liquidation or distressed sale. Because there is no readily available market price and no secondary market for substantially all of the loan investments made by the Fund to borrowing portfolio companies, Management determines fair value (or estimated recovery value) based on a transaction that would occur in the most advantageous market and several factors related to each borrower.

Loan balances in the Condensed Schedules of Investments are listed by borrower. Typically, a borrower’s balance will be composed of several loans drawn under a commitment made by the Fund with the interest rate on each loan fixed at the time each loan is funded. Each loan drawn under a commitment has a different maturity date and amount.

The following tables show the weighted-average interest rate of the performing loans and all loans:


	For the Three Months Ended				For the Six Months Ended
Performing Loans	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Weighted-Average Interest Rate – Cash	15.72	%	15.17	%	19.44	%	15.28	%
Weighted-Average Interest Rate – Non-Cash	7.69	%	8.00	%	8.13	%	7.86	%
Weighted-Average Interest Rate	23.41	%	23.17	%	27.57	%	23.14	%


	For the Three Months Ended				For the Six Months Ended
All Loans	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Weighted-Average Interest Rate – Cash	15.62	%	15.17	%	19.36	%	15.28	%
Weighted-Average Interest Rate – Non-Cash	7.64	%	8.00	%	8.09	%	7.86	%
Weighted-Average Interest Rate	23.26	%	23.17	%	27.45	%	23.14	%

Interest is calculated using the effective interest method, and rates earned by the Fund will fluctuate based on many factors including early payoffs, volatility of values ascribed to warrants and new loans funded during the period. Warrants and equity securities received in connection with loan transactions are measured at fair value at the time of acquisition; the non-cash portion of interest income represents the accretion of the discount of these warrants over the life of the loan.

The risk profile of a loan changes when events occur that impact the credit analysis of the borrower and loan as discussed in the Fund’s loan accounting policy. Such changes result in the fair value adjustments made to the individual loans, which in accordance with U.S. GAAP, would be based on the price that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the measurement date. Where the risk profile is consistent with the original underwriting, the cost basis of substantially all of the loans approximates fair value.

All loans as of June 30, 2026 and 2025 were pledged as collateral for the debt facility, and the Fund’s borrowings are generally collateralized by all assets of the Fund.

Valuation Hierarchy

Under the FASB ASC Topic 820 (“Fair Value Measurement”), the Fund categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Fund’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.

The three levels of the fair value hierarchy are defined as follows:


Level 1						Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
Level 2						Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3						Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The Fund recognizes transfers between levels, if any, on the actual date of the event of change in circumstances that caused the transfer. There were no transfers in or out of Level 1, 2 or 3 during the three and six months ended June 30, 2026 and 2025.

For fair value disclosure purposes, the Fund has identified one class of financial instrument: loan investments. The Fund’s loan investments are individually negotiated and unique, and because there is little to no market in which these assets trade, the unobservable inputs for these assets are valued using estimated recovery values. As a result, the Fund’s loan investments are classified as Level 3.

The methodologies primarily employed by Management for valuation purposes consist of valuing loans based on the most advantageous market, as discussed in Note 2 - Summary of Significant Accounting Policies of the Fund’s audited financial statements included in the Form 10-K, and the “asset recovery” method. The asset recovery method is utilized once Management identifies a troubled loan. This methodology incorporates various alternative outcomes based on all available information as of the valuation date. Each outcome is assigned a weighting depending on the facts and circumstances which exist at the underlying portfolio company. In certain scenarios, Management identifies all relevant remaining assets and the expected value of the proceeds the Fund may receive for selling off tangible assets or intellectual property rights, redeploying those assets to other companies, recovering receivables, etc. In other circumstances, Management considers the portfolio company’s potential ability to raise an additional round of financing or to be acquired which then allows for full or partial recovery of the Fund’s loan.

The following tables provide quantitative information about the Fund’s Level 3 fair value measurements of the Fund’s investments by industry as of June 30, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the tables below, the Fund may also use other valuation techniques and methodologies when determining its fair value measurements.


Investment Type - Level 3
Loan Investments	Fair Value at June 30, 2026		Valuation Techniques / Methodologies	Unobservable Input	Range	Weighted Average (a)
Biotechnology	$	3,639,538	Most advantageous market analysis	Most advantageous market effective yield rate	16% - 18%	18%
Computers & Storage	211,197		Most advantageous market analysis	Most advantageous market effective yield rate	27% *	27%
Internet	6,267,567		Most advantageous market analysis	Most advantageous market effective yield rate	14% - 21%	15%
Medical Devices	1,879,349		Most advantageous market analysis	Most advantageous market effective yield rate	17% - 22%	20%
Other Healthcare	9,523,820		Most advantageous market analysis	Most advantageous market effective yield rate	15% - 17%	16%
Other Technology	41,140,262		Most advantageous market analysis	Most advantageous market effective yield rate	12% - 28%	16%
Semiconductors & Equipment	2,217,953		Most advantageous market analysis	Most advantageous market effective yield rate	21% *	21%
Software	22,924,484		Most advantageous market analysis	Most advantageous market effective yield rate	14% - 29%	20%
			Asset recovery	Probability weighing of alternative outcomes	20% - 40% ^*
Technology Services	4,971,126		Most advantageous market analysis	Most advantageous market effective yield rate	14% - 19%	16%
Wireless	455,180		Most advantageous market analysis	Most advantageous market effective yield rate	23% *	23%

Total Loan Investments	$	93,230,476

(a) The weighted-average most advantageous market effective yield rates were calculated using the relative fair value of the loans.

* There is only one loan within this industry that utilizes this valuation technique.

^ Probability weightings vary among loan investments within each industry based on different potential future outcomes.

Investment Type - Level 3

Loan Investments

Fair Value at

December 31, 2025

Valuation Techniques / Methodologies

Unobservable Input

Range

Weighted Average (a)

Biotechnology

3,595,051