Wildermuth Fund (WESFX) Liquidation: No Payout Yet, Holdings Down 73% to $19.8 Million by December 2025

What the fund was, and what the premise gets wrong

Wildermuth Fund launched in 2013 as the Wildermuth Endowment Strategy Fund and was run by Wildermuth Advisory, LLC. It was registered under the Investment Company Act as an interval fund: it offered, once a quarter, to buy back at least 5% of its shares at NAV, and holders could tender into that window and nowhere else. It is often described as a real estate or endowment-style fund. Its own reports say otherwise. The April 2026 letter describes the portfolio as “minority equity and debt holdings in early-stage private companies, and investments into other third party managed private funds”. The largest positions were a construction-software company, a Java security company, a hospital data company, a loyalty-marketing company and a medical device company. The companies in the letter’s write-down table are technology, healthcare and consumer businesses.

It was also levered. The fund took a $10 million bank loan in January 2022, “to provide interim funding for share redemptions and other short-term working capital needs” in the manager’s words, and added $4.5 million in December 2022. At March 31, 2024 the schedule of investments shows illiquid securities worth 125.2% of net assets (the loan is why a figure above 100% is possible).

NAV and net assets, as reported

Sources: financial highlights and statements of assets and liabilities in each report. The March 2026 per-share figure is net assets of $4,388,553.84 divided by 8,281,292 shares, the count in the March 2024 report and in the January 2024 proxy; the N-PORT shows no share sales or redemptions in the quarter, but it does not report a share count.

A worked example (our arithmetic). A holder who put $100,000 into Class I at $13.80 in March 2022 owned about 7,246 shares. At $5.32 (March 2024) they were worth about $38,551; at $4.39 (September 2024), about $31,812; at the N-PORT-implied $0.53, about $3,840. This ignores the small distributions of 2022 and 2023 and any sale price in the open market (there is none).

The N-PORT numbers run high

The fund files Form N-PORT every quarter, which is why it is the only source after March 2025. The catch: those figures are produced before the audit. Where an audited or semi-annual report later exists, the N-PORT was higher.

For the quarters since, there is no later report to compare with. Net assets by N-PORT were $29.3 million (December 31, 2024), $27.3 million (March 2025), $26.8 million (June 2025), $15.6 million (September 2025), $15.0 million (December 2025) and $4.4 million (March 31, 2026). The March 2026 filing reports a monthly return of -70.59% for March alone. Read them as a direction, not as a number you could sell at.

The repurchase offers: demand outgrew the 5% window

An interval fund has to offer a minimum of 5% of its shares each quarter; if more is tendered, each holder is cut back pro rata. This fund's offers were oversubscribed every quarter from July 2020, and the share of requests honored kept falling.

Sources: note 6 (repurchase offers) in the annual reports, accessions 0001398344-21-006054, 0001398344-22-005612, 0001213900-23-047776 and 0001213900-25-003327. Tendered and taken are sums of Class A, C and I shares from the report; the percentage is our arithmetic. The CSV has all 14 offers from January 2020, by class.

Over the five offers from April 2022 to April 2023, holders asked to sell 15,724,165 shares and the fund bought 2,393,342, or 15.2% (our arithmetic). The fund paid out $54,758,816 for shares redeemed in the year to March 31, 2023 and $4,956,698 in the April 2023 offer. The tendered count for the final offer, 39.14% of all shares outstanding, is the fund's own figure. Two months later the door shut.

The liquidation, step by step

• June 16, 2023: the last distribution on the fund’s website, $0.1006 per Class A share, paid two weeks before the plan.
• June 22, 2023: a prospectus supplement says the fund "will no longer accept any new purchases".
• June 29, 2023: the board, "based upon the recommendation of Wildermuth Advisory, LLC", approves a plan of liquidation. Repurchase offers are suspended "through the final distribution of the Fund’s assets". The fund's own FAQ gives the reasons as "a decline in assets under management, lack of investor interest, market conditions, including liquidity" and the adviser's input.
• August 14, 2023: Class A and Class C shares are converted into Class I.
• November 1, 2023: Wildermuth Advisory is terminated; BW Asset Management Ltd., a Kroll subsidiary, takes over as interim adviser. The proxy says the former adviser “lacked the financial resources” to continue, and the adviser’s expense cap ended the same day.
• February 29, 2024: shareholders approve BW Asset Management as adviser. The fee rises from 1.50% to 2.00% of net assets.
• June 10, 2024: the annual report for the year to March 31, 2024 falls due. It is filed on January 14, 2025, about seven months late. The semi-annual report for September 30, 2024 follows on March 3, 2025.
• May 30, 2025 and December 10, 2025: the fund asks the SEC for more time, first for the year to March 31, 2025 (a change of auditor), then for the six months to September 30, 2025. It says it will not make a final distribution until audited and semi-annual statements are filed. EDGAR shows neither report.
• October 29, 2025: a securities class action is filed in the District of New Jersey.
• April 2, 2026: the manager writes to shareholders (below).
• May 29, 2026: the last filing on EDGAR, an N-PORT for March 31, 2026. We found no N-PORT for June 30, 2026 as of November 10, 2026.

What the April 2026 letter says is left

BW Asset Management's letter is the only recent account of the portfolio. It values the investments at $96,215,397 on November 1, 2023 and $19,788,241 on December 31, 2025, and says “The value of the Investments has decreased by USD70.5 million (or 73.3%) in the Period.” Seven positions explain $56.2 million of it:

Source: BW Asset Management Ltd., letter to shareholders dated April 2, 2026 (the table of valuation movements and the company-by-company text).

Then the letter turns to the loan. The fund received $10 million from Renasant Bank in January 2022 and $4.5 million in December 2022; the balance is $14.5 million with monthly interest, and the bank holds security over all of the fund's assets. The fund received a loan facility with an outstanding balance of $14.5 million that must be repaid before any distribution. The manager continues: “the current forecasts indicate that there is a high probability that there will be insufficient residual funds available to facilitate a distribution to shareholders, following the repayment of the loan facilities”, and any payout would need exits “at values significantly exceeding current expectations and in a shorter timeframe, which is considered unlikely.”

Our arithmetic on the waterfall. On December 31, 2025 the letter's investments were $19.8 million and the loan $14.5 million, leaving about $5.3 million before accrued interest, advisory fees (2.00% of net assets), audit, legal and administration costs. The N-PORT for March 31, 2026 shows total assets of $20,969,334 and total liabilities of $16,580,780, a gap of $4.4 million. Every dollar of cost or write-down from here comes out of that gap first.

Who is accountable, and what is only alleged

The October 29, 2025 complaint (U.S. District Court, District of New Jersey, No. 3:25-cv-17032) names the fund, its former adviser and its auditor during the class period among the defendants, on behalf of buyers of Class A, C and I shares from November 1, 2020 through June 29, 2023. It alleges that the fund's valuations were not supported and that, in the complaint's words, “by October 2024, the value of the Fund’s investments had dropped by 63.6% and the NAV had declined by 73.7%” compared with March 2022. These are the plaintiff's allegations; we have not seen a response or a ruling. The fund's own explanation, in its March 2023 annual report, was that the year's decline was driven mainly by “the recent valuation adjustment to our positions in Clearsense, LLC”.

What a reader can do with this

• Do not wait on a repurchase offer. None has been made since April 2023 and the plan says none will be until the final distribution.
• Read the cost basis and the loss on your own statements. The fund says it "does not intend to qualify as a regulated investment company" and is taxed as a corporation. When and how a holder can claim a loss on a fund that may end with no payout is a question for a tax professional with your statements in hand.
• Use the one public channel. The April 2026 letter gives the manager's address for shareholder questions, dl.wildermuthinvestors@kroll.com. The fund's website (wildermuthfund.com) posts its supplements and letters.
• Watch what is filed. An annual report for the year to March 31, 2025, a Form N-8F (the form that ends an investment company's registration) or a further letter would be the first hard data since March 2026.
• Compare other wind-downs. The mechanics differ by fund: see our interval funds liquidated in 2026, the USQ Core Real Estate Fund liquidation, where holders have been paid at least $5.45 a share (our arithmetic), and our list of interval funds.

This is analysis of public documents, not investment, legal or tax advice.

FAQ

Sources: Wildermuth Fund (CIK 1586009) Forms N-CSR (accessions 0001398344-21-006054, 0001398344-22-005612, 0001398344-22-011744, 0001213900-23-047776, 0001213900-25-003327), N-CSRS (0001213900-23-094276, 0001839882-25-012855), N-PORT (0001145549-23-031602 through 0002000324-26-002133), Forms 497 (0001213900-23-051038, 0001213900-23-052922, 0001213900-23-082813, 0001213900-25-119939), DEF 14A (0001140361-24-000190), Forms 40-8B25 (0001213900-25-049532, 0001213900-25-119937) on SEC EDGAR; the fund's distribution history page and its letter to shareholders of April 2, 2026 at wildermuthfund.com; and the complaint in No. 3:25-cv-17032 (D.N.J.). Read on November 10, 2026. The last filing on EDGAR for this fund is dated May 29, 2026.