WM CAPITAL PARTNERS SEC REVIEW 2026
INDEPENDENT VERDICT
WM Capital Partners presents one of the clearer examples in this batch of a sponsor whose numbered Form D vehicles are better understood as transaction-specific investment entities than as sequential flagship blind-pool funds. On September 21, 2026, two new vehicles appeared together in Regulation D tracking: WM Capital Partners 96, LLC with approximately $10.8 million of reported capital and WM Capital Partners 97, LLC with approximately $5.025 million. Both are identified as Austin, Texas real-estate offerings relying on Rule 506(b). This naming pattern is consistent with WM Capital's much longer SEC history: public EDGAR records show dozens of individually numbered entities going back more than a decade, including WM Capital Partners XLVI, WM Capital Partners 58, WM Capital Partners 83, WM Capital Partners 93 and WM Capital Partners 95. Across those records, Scott Whitworth repeatedly appears as an executive or authorized signer, while WM Capital GP, LLC or WMCP GP, LLC appears as managing-member or promoter. The September 2026 filings therefore look less like the creation of a new investment manager and more like the continuation of WM Capital's established practice of creating separate LLCs for individual loans, real-estate transactions or other investment opportunities.
The sponsor-level evidence is substantially deeper than the two new Form D amounts. WM Capital Partners says it was founded in 2008 and has deployed more than $1.0 billion since inception. The firm now operates from 1111 West 6th Street, Building A, Suite 410, Austin, Texas and describes three principal investment areas: Opportunistic Credit, Private Equity and Real Assets. Its credit strategy is particularly relevant to the numbered vehicles because WM says it provides tailored capital where speed and price certainty matter and has experience across real estate, maritime assets, aviation, operating businesses, heavy machinery and equipment. The firm also describes itself as a purchaser of loans from banks and financial institutions seeking rapid, confidential execution. This flexible credit mandate helps explain why many WM vehicles are small or mid-sized LLCs rather than one continuously offered pooled fund. A $5 million or $10.8 million Form D can be economically significant if the issuer is funding one mortgage, loan acquisition, distressed asset or structured transaction; it should not be interpreted as the total size of WM Capital's business.
WM Capital Partners 97 is especially useful because public litigation records provide asset-level evidence beyond the Form D. New York court materials in a commercial mortgage foreclosure case identify WM Capital Partners 97 LLC as plaintiff in litigation involving Libbie Mugrabi LLC and a Water Mill, New York property. The matter traces back to a 2024 foreclosure proceeding originally involving SSA NE Assets LLC, and by March 2026 court papers identify WM Capital Partners 97 LLC as plaintiff following a February 2026 judgment of foreclosure and sale. Separate foreclosure-property indexing reports a mortgage balance of approximately $4.844 million and an April 2026 auction process. This evidence is unusually important because the September 2026 Form D later reports approximately $5.025 million for WM Capital Partners 97—an amount close enough to the publicly indexed mortgage balance to make the foreclosure exposure a material diligence lead. It would be too strong to state that the entire $5.025 million offering financed this exact loan without the subscription and loan-assignment documents, but the court record independently confirms that WM Capital Partners 97 is not merely a shell name: it has operated as a creditor in an actual commercial real-estate enforcement process.
The history of prior numbered issuers reinforces this transaction-specific model. WM Capital Partners 58 filed from New York in 2016; WM Capital Partners 83 later filed from Austin and identified WM Capital GP, LLC as managing member; WM Capital Partners 93 and 95 continued the Austin structure in 2025 with WMCP GP, LLC and Scott Whitworth in related-person roles. The address evolution—from 500 Fifth Avenue and 885 Third Avenue in New York to Congress Avenue, West 5th Street and now West 6th Street in Austin—tracks an operating business that moved its principal base rather than a series of unrelated entities sharing a name. This continuity is valuable for verification, but investors should still keep every numbered LLC legally separate. Fund 96 capital should not be attributed to Fund 97, historic WM entities should not be added together as current AUM, and the sponsor's $1 billion-plus cumulative deployment should not be represented as current assets under management. Each numbered LLC can have its own collateral, borrower, maturity, leverage, recovery profile and investor economics.
The main diligence burden therefore sits at the asset level. For WM Capital Partners 96 and 97, investors should identify the exact borrower, collateral, lien position, loan-to-value ratio, purchase price of any acquired note, maturity date, interest rate, extension rights, default status, servicing arrangements, foreclosure costs and recovery waterfall. The Fund 97 litigation illustrates why these questions matter: distressed credit can generate attractive returns when a lender purchases or originates a well-collateralized loan at an appropriate basis, but recoveries can be delayed by litigation, appeals, property carrying costs, borrower challenges and uncertain auction proceeds. A Form D amount does not reveal whether a loan was originated at par, acquired at a discount or financed through additional leverage. WM Capital's long operating history and $1 billion-plus deployment record materially strengthen sponsor verification, while the court record provides rare asset-level evidence of real-world credit enforcement. Neither establishes the profitability of Fund 96 or 97, and neither substitutes for the underlying loan documents.
SEC SNAPSHOT
PRIMARY CURRENT VEHICLE: WM Capital Partners 96, LLC FORM D DATE: September 21, 2026 PRINCIPAL LOCATION: Austin, Texas FEDERAL EXEMPTION: Rule 506(b) REPORTED CAPITAL / OFFERING FIGURE: Approximately $10,800,000 CURRENT NAV: NOT DISCLOSED EXACT UNDERLYING ASSET: NOT PUBLICLY CONFIRMED GENERAL PARTNER / MANAGING MEMBER: REQUIRES CURRENT PRIMARY FORM D CONFIRMATION CURRENT INVESTOR COUNT: REQUIRES PRIMARY FORM D CONFIRMATION AUDITOR: NOT PUBLICLY IDENTIFIED ADMINISTRATOR: NOT PUBLICLY IDENTIFIED
SECOND CURRENT VEHICLE: WM Capital Partners 97, LLC FORM D DATE: September 21, 2026 PRINCIPAL LOCATION: Austin, Texas FEDERAL EXEMPTION: Rule 506(b) REPORTED CAPITAL / OFFERING FIGURE: Approximately $5,025,000 CURRENT NAV: NOT DISCLOSED KNOWN PUBLIC OPERATING EVIDENCE: Commercial mortgage foreclosure litigation in New York EXACT RELATIONSHIP BETWEEN $5.025M FILING AND FORECLOSURE LOAN: NOT FULLY ESTABLISHED AUDITOR: NOT PUBLICLY IDENTIFIED ADMINISTRATOR: NOT PUBLICLY IDENTIFIED
SPONSOR
BRAND: WM Capital Partners FOUNDED: 2008 HEADQUARTERS: Austin, Texas CURRENT ADDRESS: 1111 West 6th Street, Building A, Suite 410, Austin, TX 78703 CAPITAL DEPLOYED SINCE INCEPTION: More than $1.0 billion according to WM Capital CORE STRATEGIES: Opportunistic Credit; Private Equity; Real Assets INVESTMENT STYLE: Flexible, event-driven and transaction-specific CREDIT COUNTERPARTIES: Borrowers; banks; financial institutions; asset owners FOCUS ON CAPITAL PRESERVATION: COMPANY REPORTED CURRENT VERIFIED FIRM AUM: NOT PUBLICLY DISCLOSED IMPORTANT: Cumulative deployment is not current AUM
OPPORTUNISTIC CREDIT STRATEGY
PUBLICLY DISCLOSED ASSET TYPES: Real estate; maritime; aviation; operating businesses; heavy machinery; equipment LOAN PURCHASE ACTIVITY: WM states it buys loans from banks and financial institutions STRUCTURING EMPHASIS: Speed; certainty; confidentiality; tailored solutions DISTRESSED / SPECIAL SITUATIONS CAPABILITY: CONSISTENT WITH PUBLIC STRATEGY AND COURT EVIDENCE EXACT PORTFOLIO TODAY: NOT PUBLICLY DISCLOSED CURRENT DEFAULT RATE: NOT PUBLICLY DISCLOSED CURRENT REALIZED LOSS RATE: NOT PUBLICLY DISCLOSED CURRENT RECOVERY RATE: NOT PUBLICLY DISCLOSED CURRENT LOAN BOOK SIZE: NOT PUBLICLY DISCLOSED
PRIVATE EQUITY STRATEGY
PUBLIC APPROACH: Fundamental analysis; creative structuring; collaboration with portfolio companies EXACT CURRENT PORTFOLIO: NOT PUBLICLY DISCLOSED ON A COMPLETE FUND-BY-FUND BASIS PRIVATE EQUITY AUM: NOT PUBLICLY DISCLOSED RELATIONSHIP TO VEHICLES 96 / 97: NO PUBLIC EVIDENCE THAT THESE ARE PRIVATE-EQUITY VEHICLES
REAL ASSETS STRATEGY
PUBLIC APPROACH: Value-driven investment across real-asset categories DOWNSIDE PROTECTION: Central sponsor theme UNCONVENTIONAL TRANSACTIONS: Explicitly within stated mandate REAL ESTATE CREDIT OVERLAP: HIGHLY RELEVANT TO NUMBERED VEHICLE STRUCTURE CURRENT REAL-ASSET PORTFOLIO VALUE: NOT PUBLICLY DISCLOSED
WM CAPITAL PARTNERS 97 FORECLOSURE EVIDENCE
CASE TYPE: Commercial mortgage foreclosure CASE NUMBER: 626050/2024 PLAINTIFF SHOWN IN 2026 COURT MATERIALS: WM Capital Partners 97 LLC DEFENDANT: Libbie Mugrabi LLC and related parties RELATED PROPERTY LOCATION: Water Mill, New York JUDGMENT OF FORECLOSURE AND SALE: February 2026 according to court materials MARCH 2026 COURT FILING: Identifies WM Capital Partners 97 LLC as plaintiff PUBLICLY INDEXED MORTGAGE BALANCE: Approximately $4,844,453 PUBLICLY INDEXED AUCTION DATE: April 30, 2026 ORIGINAL CASE PLAINTIFF: SSA NE Assets LLC appears in earlier case materials EXACT ASSIGNMENT TERMS TO WM CAPITAL PARTNERS 97: REQUIRE COURT / LOAN DOCUMENT REVIEW EXACT RECOVERY PROCEEDS: NOT PUBLICLY ESTABLISHED EXACT FINAL SALE STATUS: REQUIRES CURRENT PROPERTY / COURT RECORD IMPORTANT: Foreclosure activity demonstrates creditor enforcement, not necessarily an investment loss IMPORTANT: Foreclosure judgment does not by itself establish ultimate recovery amount
HISTORICAL SEC VEHICLE EVIDENCE
WM CAPITAL PARTNERS XLVI, LLC: SEC filing located in 2015 WM CAPITAL PARTNERS 58, LLC: SEC filing located in 2016 WM CAPITAL PARTNERS 83, LLC: SEC filing located in 2021 WM CAPITAL PARTNERS 93, LLC: SEC filing located in 2025 WM CAPITAL PARTNERS 95, LLC: SEC filing located in 2025 WM CAPITAL PARTNERS 96, LLC: SEC filing September 2026 WM CAPITAL PARTNERS 97, LLC: SEC filing September 2026 COMMON HISTORICAL PERSON: Scott Whitworth COMMON HISTORICAL GP / PROMOTER: WM Capital GP, LLC / WMCP GP, LLC COMMON HISTORICAL PHONE: 212-584-6170 SIGNIFICANCE: Supports long-running numbered-vehicle investment architecture IMPORTANT: Every numbered issuer remains a separate legal entity
ADDRESS HISTORY
EARLY NEW YORK ADDRESS: 500 Fifth Avenue, Suite 2440, New York, NY LATER NEW YORK ADDRESS: 885 Third Avenue, Suite 2403, New York, NY EARLY AUSTIN ADDRESS: 100 Congress Avenue, Suite 1510, Austin, TX LATER AUSTIN ADDRESS: 500 West 5th Street, Suite 1010, Austin, TX CURRENT WEBSITE ADDRESS: 1111 West 6th Street, Building A, Suite 410, Austin, TX PHONE CONTINUITY: 212-584-6170 INTERPRETATION: Address changes are consistent with sponsor evolution and relocation; they do not by themselves imply different managers
ENTITY / WEBSITE PENETRATION
WM Capital Partners official website — CONFIRMED Founded in 2008 — COMPANY REPORTED More than $1B deployed — COMPANY REPORTED Austin headquarters — CONFIRMED Opportunistic Credit strategy — CONFIRMED Private Equity strategy — CONFIRMED Real Assets strategy — CONFIRMED Scott Whitworth historical SEC role — CONFIRMED WM Capital GP / WMCP GP historical role — CONFIRMED WM Capital Partners 96 filing — CONFIRMED WM Capital Partners 96 approximately $10.8M — CONFIRMED IN CURRENT REG D TRACKING WM Capital Partners 97 filing — CONFIRMED WM Capital Partners 97 approximately $5.025M — CONFIRMED IN CURRENT REG D TRACKING WM Capital Partners 97 foreclosure role — INDEPENDENTLY CORROBORATED Water Mill mortgage balance approximately $4.844M — THIRD-PARTY PROPERTY / FORECLOSURE INDEX Exact Fund 96 asset — NOT PUBLICLY CONFIRMED Exact Fund 97 subscription-to-loan mapping — NOT FULLY CONFIRMED Current firmwide AUM — NOT PUBLICLY DISCLOSED Current firmwide NAV — NOT PUBLICLY DISCLOSED Current default statistics — NOT PUBLICLY DISCLOSED Current realized returns — NOT PUBLICLY DISCLOSED Current management fee by vehicle — REQUIRES OFFERING DOCUMENTS Current carried interest / profit participation — REQUIRES OFFERING DOCUMENTS Current leverage — REQUIRES VEHICLE DOCUMENTS
CAPITAL INTERPRETATION
$10.8M FUND 96: Current public Regulation D figure for WM Capital Partners 96 $5.025M FUND 97: Current public Regulation D figure for WM Capital Partners 97 $1B+ DEPLOYED: Sponsor-level cumulative historical deployment since 2008 $1B+ IS NOT: Current AUM; current NAV; capital in Funds 96 and 97 $4.844M MORTGAGE BALANCE: Publicly indexed foreclosure balance associated with Fund 97 litigation $4.844M IS NOT AUTOMATICALLY: Fund 97 cost basis; Fund 97 NAV; final recovery DO NOT ADD HISTORICAL NUMBERED VEHICLES AS CURRENT AUM: Many vehicles may have repaid, realized or liquidated FORM D SALES / OFFERING FIGURES: Capital-formation data, not portfolio valuation
CORE INVESTOR QUESTIONS
What exact asset does WM Capital Partners 96 own What exact asset or loan does WM Capital Partners 97 own Was Fund 97 capital used to acquire the Water Mill mortgage At what price was the mortgage acquired Was the note purchased at par or a discount Who was the original lender When was the loan assigned to WM Capital Partners 97 What is the original principal balance What is the current accrued balance What interest rate applies What default interest applies What maturity date applied What extension rights existed What collateral secures the loan Is WM in first-lien position Are there subordinate liens What guaranties exist What is the property's appraised value What was the appraisal date What loan-to-value ratio exists at cost What loan-to-value ratio exists at current value What foreclosure expenses have been incurred What legal fees are charged to the vehicle Can those costs be recovered from the borrower Was the April 2026 auction completed Was the property sold to a third party Did WM credit-bid at foreclosure Does WM currently own the property as REO What carrying costs apply if WM owns the property What taxes, insurance and maintenance costs are accruing What is the expected recovery How long could litigation continue Are appeals pending What is the estimated investor IRR under base-case recovery What is the downside recovery scenario What management fee applies Does WM receive an origination fee Does WM receive an acquisition fee when buying a loan Does WM receive a servicing fee Does WM receive default interest in addition to investor returns How are expenses allocated Does WM co-invest alongside LPs What percentage of each vehicle is sponsor capital Can WM finance the vehicle with leverage Are there warehouse lines Can the vehicle pledge its mortgage to another lender Who services the loan Who controls foreclosure decisions Who is the auditor Who is the administrator What investor reporting is provided When are distributions made Can investors redeem before resolution What happens if litigation lasts several additional years
CORE RISKS
Commercial real-estate credit risk; borrower default; foreclosure delay; litigation risk; appeal risk; collateral valuation risk; auction-price risk; property-market decline; carrying-cost risk; tax and insurance expense; note-purchase pricing risk; lien-priority risk; title risk; guarantor collectability risk; concentration in one loan or asset; illiquidity; uncertain recovery timing; legal-fee drag; servicing conflicts; sponsor discretion; leverage risk; refinancing risk; acquisition of distressed debt; REO ownership risk; property management risk after foreclosure; $10.8M and $5.025M Form D figures are not current NAV; $1B+ historical deployment is not current AUM.
PRIMARY EVIDENCE REVIEWED
U.S. REGULATION D PUBLIC FILING TRACKERS WM Capital Partners 96, LLC September 21, 2026 Approximately $10.8 million Rule 506(b)
U.S. REGULATION D PUBLIC FILING TRACKERS WM Capital Partners 97, LLC September 21, 2026 Approximately $5.025 million Rule 506(b)
U.S. SECURITIES AND EXCHANGE COMMISSION WM Capital Partners 95, LLC Historical Form D
U.S. SECURITIES AND EXCHANGE COMMISSION WM Capital Partners 93, LLC Historical Form D
U.S. SECURITIES AND EXCHANGE COMMISSION WM Capital Partners 83, LLC Historical Form D
U.S. SECURITIES AND EXCHANGE COMMISSION WM Capital Partners 58, LLC Historical Form D
U.S. SECURITIES AND EXCHANGE COMMISSION WM Capital Partners XLVI, LLC Historical Form D
WM CAPITAL PARTNERS OFFICIAL WEBSITE Firm history More than $1.0B deployed Opportunistic Credit Private Equity Real Assets Austin office
NEW YORK COURT RECORDS Commercial mortgage foreclosure WM Capital Partners 97 LLC Libbie Mugrabi LLC Index No. 626050/2024 2024-2026
PUBLIC FORECLOSURE / PROPERTY RECORD INDEX Water Mill, New York Approximately $4.844M mortgage balance 2026 foreclosure timeline Used as collateral-context evidence only
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering.
It does not mean that the SEC has approved WM Capital Partners, Fund 96, Fund 97, the underlying real estate, any mortgage valuation or any projected recovery.
The September 21, 2026 filings establish two new WM Capital vehicles with approximately $10.8 million and $5.025 million in current Regulation D tracking.
Those numbers describe specific offering activity.
They do not establish current NAV, expected investor return or the value ultimately recovered from collateral.
INDEPENDENT ASSESSMENT
WM Capital Partners is unusually well suited to an asset-level research approach because its long history of separately numbered LLCs suggests that each vehicle may correspond to a distinct transaction rather than a broad diversified fund.
The sponsor itself is well established.
Its official website reports an operating history beginning in 2008, more than $1 billion of capital deployed and an opportunistic mandate spanning credit, private equity and real assets.
The stronger evidence, however, comes from WM Capital Partners 97.
Public court documents show the entity acting as a real creditor in a New York commercial foreclosure, giving researchers a rare view into how WM's opportunistic-credit strategy operates when a borrower defaults.
That evidence improves verification while simultaneously highlighting the central risk.
Distressed and special-situation lending can produce returns through high coupons, discounted loan purchases and collateral recoveries, but investors may wait years for litigation, foreclosure and asset disposition to conclude.
The correct diligence question for Fund 96 and Fund 97 is therefore not simply whether WM Capital exists.
It is what each LLC owns, what basis WM paid, what collateral protects the investment, how long recovery may take and how much of the ultimate proceeds remain after legal costs, servicing expenses, management fees and any sponsor economics.
Form D verifies the vehicles.
The website verifies the sponsor.
The foreclosure record verifies real-world credit enforcement.
None of those sources, by themselves, establishes the final investor return.