Wrenfield Holdings LLC — Q2 Board & Investment Committee Meeting
1. Attendance & quorum
Present:
- James Ellencourt — Investment Committee
- Steven Kohl — Chief Financial Officer
- Diane Marsh — Chief Operating Officer (recording)
- Robert Nguyen — Controller
Also present:
- A representative of counsel, Hale, Renner & Cottrell
- A representative of Ashborne Private Bank
Absent: None.
Quorum confirmed — all members of the Board and Investment Committee were present.
2. Call to order
The meeting was called to order at 10:00 a.m. ET. Diane Marsh, Chief Operating Officer, recorded the minutes.
3. Approval of prior minutes
The minutes of the Q1 Board & Investment Committee meeting held March 12, 2026 were reviewed and approved without amendment.
4. Business items
1. Portfolio & investment review
The Investment Committee reviewed the consolidated portfolio across the two books.
Marketable securities book — total of $1,400,000,000, held across the three custodians:
| Custodian | Subtotal |
|---|---|
| Ashborne Private Bank | $720,000,000 |
| Halstead Custody | $480,000,000 |
| Tri-Valley Community Bank | $200,000,000 |
| Grand total | $1,400,000,000 |
Private fund book — the five committed private funds:
| Measure | Amount |
|---|---|
| Commitment | $270,000,000 |
| Called-to-date | $235,000,000 |
| NAV | $288,000,000 |
The Ashborne representative confirmed the custody figures as reflected on the most recent statements. The Committee noted no material change to allocation policy this quarter.
RESOLVED: that the portfolio review as presented be received and entered into the record, with no change to the current asset-allocation policy.
2. Tax & K-1 status report (Controller)
Robert Nguyen reported on tax-year 2025 K-1 receipt for the office. He noted in particular that an amended Blackford III K-1 has been received for Wrenfield Holdings LLC, reporting Box 1 ordinary business income of $970,000. He further reported that two expected K-1s remain outstanding — Harrow Point RE II and Windham Credit — and that the office continues to follow up with the respective partnerships. Barrow Kessler & Co. has been advised of the amended figure and the two open items.
RESOLVED: that the Controller's tax & K-1 status report be received, and that the Controller continue to pursue the two outstanding K-1s (Harrow Point RE II, Windham Credit) and route the amended Blackford III figure to Barrow Kessler & Co. for the office's return preparation.
3. Governance boundary — Andrew Ellencourt liquidity distribution request
The Board received notice of a request by Andrew Ellencourt for a $400,000 liquidity distribution. Counsel advised, and the Board concurred, that this request concerns a beneficiary distribution under the Ellencourt 2012 Descendants Trust and falls to the corporate trustee, Cranbrook Trust Company, in the exercise of its fiduciary discretion. It is not a matter for the Wrenfield Holdings board and is not within the board's authority to approve.
RESOLVED: that the $400,000 liquidity distribution request of Andrew Ellencourt is a beneficiary distribution matter for the corporate trustee, Cranbrook Trust Company, under the Ellencourt 2012 Descendants Trust; that it is NOT a Holdings board action; and that the request be referred to the trustee for determination. The Board takes no action to approve the distribution at the board level.
4. Insurance renewals — falling due before September 30, 2026
The Board noted three policy renewals falling due before the end of the third quarter:
| Renewal date | Policy | Carrier |
|---|---|---|
| 2026-08-15 | Fine Art & Collections | Ardent Specialty |
| 2026-09-01 | Kettle Hollow Property / Homeowners | Granite Peak Mutual |
| 2026-09-15 | Umbrella / Excess Liability | Ardent Specialty |
These were directed to Tom Bradley for review ahead of their renewal dates.
RESOLVED: that the three upcoming renewals be directed to Tom Bradley for review and recommendation prior to their respective renewal dates.
5. Reports received
- Investment / portfolio — received (Item 1); marketable book $1,400,000,000, fund NAV $288,000,000.
- Tax / K-1 status — received (Item 2); amended Blackford III K-1, Box 1 $970,000; two K-1s outstanding.
- Counsel note — the trustee-referral position on the Andrew Ellencourt request (Item 3) was recorded on advice of counsel.
6. Actions & owners
| Action | Owner | Due |
|---|---|---|
| Pursue outstanding K-1s (Harrow Point RE II, Windham Credit) | Robert Nguyen (Controller) | Before CPA package finalization |
| Route amended Blackford III K-1 ($970,000) to Barrow Kessler & Co. | Robert Nguyen (Controller) | 2026-06-30 |
| Refer Andrew Ellencourt $400,000 distribution request to Cranbrook Trust Company | Steven Kohl (CFO) | 2026-06-18 |
| Review three upcoming insurance renewals (8/15, 9/1, 9/15) | Tom Bradley | Ahead of each renewal date |
7. Adjournment
There being no further business, the meeting was adjourned at 11:25 a.m. ET.
Next meeting: Q3 Board meeting — Thursday, September 10, 2026.
Figures reconciled to office spine as of 2026-07-21.