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V•••••• L•••••• • L•••••• I•• I•••

Business development companymanaged by W•••••• T••••••••• I••••••••• ••••Non-traded· PORTOLA VALLEY, CA

A non-traded business development company, managed by W•••••• T••••••••• I••••••••• ••••, holding $56.2M across 61 borrowers at Mar 31, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-03-31 · the latest schedule of investments read for this BDC

Fair value: $56.2M
Borrowers: 61
Mark on cost: 61.0¢
First lien: 100%

Schedule of investments (65)Quarter by quarter Sponsors

As of 2026-03-31 · the latest schedule of investments read for this BDC

What matters now

66.4¢ → 61.0¢
book mark on cost
Marked its book down from 66.4¢ to 61.0¢ on the dollar in the quarter to Mar 31, 2026.
Q1 2026 · The whole portfolio was marked down; net asset value follows.
Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
26 below 80¢
$48.5M principal
26 positions across 26 borrowers marked below 80¢ on cost, $48.5M principal.
Q1 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 31 Mar 2026
68 → 61
borrowers
Lost a net 7 borrowers in the quarter to Mar 31, 2026, to 61.
Q1 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →
$130M → $56.2M
fair value, 4 quarters
Its portfolio shrank 57% at fair value over the last four quarters.
Q1 2026 · The book is shrinking.
Factthe schedule's fair value, a year apartQuarter by quarter →

Every headline figure, and the identifiersCIK 1717310 · file 814-01253Show

Fair value

$56.2M

as of Mar 31, 2026

Principal held

$107M

debt pieces, the filer's figure

Cost

$92.2M

61c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

61 borrowers

First lien

100%

100% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

1 sponsors financed

Portfolio through time

Fair value by quarter end$56.2M as of Mar 31, 2026

Dec 31, 2022$490M then

Quarter	Fair value	Borrowers	On cost	Avg spread
Mar 31, 2026	$56.2M	61	61c	n/a
Dec 31, 2025	$78.1M	68	66c	n/a
Sep 30, 2025	$90.9M	79	64c	n/a
Jun 30, 2025	$105M	88	67c	n/a

All 14 quarters

Quarter	Fair value	Borrowers	On cost	Avg spread
Mar 31, 2025	$130M	98	74c	n/a
Dec 31, 2024	$302M	106	78c	n/a
Sep 30, 2024	$175M	119	75c	n/a
Jun 30, 2024	$203M	130	79c	n/a
Mar 31, 2024	$253M	142	83c	n/a
Dec 31, 2023	$347M	155	86c	n/a
Sep 30, 2023	$355M	161	88c	n/a
Jun 30, 2023	$406M	169	92c	n/a
Mar 31, 2023	$464M	183	93c	n/a
Dec 31, 2022	$490M	191	94c	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked

Full timeline · 20 events

Lender left a facilityDec 31, 2025
••• Locked
Lender left a facilityDec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
Marked down (one lender)Dec 31, 2025
••• Locked
Lender left a facilitySep 30, 2025
••• Locked
Lender left a facilitySep 30, 2025
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

S••••••••• L••••• P•••••••• L•• first lien term loan
1 BDC hold it
$14.7M 86c
M••••••••• C••••••••• I•• first lien term loan
1 BDC hold it
$10.0M n/a
Q•••••••• C••• first lien term loan
3 BDCs hold it · matures Jun 30, 2029
$7.3M 100c
R•••••• E•••••• I•• first lien term loan
1 BDC hold it
$7.2M 91c
R••••••••• I•• first lien term loan
1 BDC hold it
$5.8M 100c
1••••• P•• L•• first lien term loan
1 BDC hold it
$5.5M 2c
D•••••••• I•• first lien term loan
1 BDC hold it
$5.4M 100c
L••••••• H••••••• I•• first lien term loan
1 BDC hold it
$4.0M n/a
K•••• K••••• I•• first lien term loan
1 BDC hold it
$3.6M 100c
E••••• T••••••••• I•• first lien term loan
1 BDC hold it
$3.1M 62c
i••••••••• I•• first lien term loan
1 BDC hold it
$3.0M 31c
P•••• P•••••• I•• first lien term loan
1 BDC hold it
$2.9M 88c

Schedule of investments at Dec 31, 2022

379 positions

Borrower	Instrument	Principal	Fair value	Rate
H••••• G••••• E••••••••• I•••	term loan first lien	$135,718	$135,102 100c	12.50%
T••••••••• I•••	term loan first lien	$131,867	$131,867 100c	12.50%
K•••• M••••••• I• L••	term loan first lien	$150,000	$127,141 85c	11.50%
P••••••••• i•••	term loan first lien	$125,000	$121,698 100c	12.00%
T••• I•••	term loan first lien	$125,000	$121,302 100c	14.80%
P••••••••• i•••	term loan first lien	$125,000	$121,177 100c	12.00%
E•••••••• I•••	term loan first lien	$111,075	$110,615 100c	10.50%
P••••••••• i•••	term loan first lien	$125,000	$104,878 100c	13.80%
S•••••••• D••••••• I•••	term loan first lien	$98,904	$98,395 100c	12.00%
B••••••••• B••••••• I•••	term loan first lien	$97,039	$96,855 100c	12.40%
S••••••• I•••	term loan first lien	$95,429	$94,606 100c	12.30%
H••••• G••••• E••••••••• I•••	term loan first lien	$87,938	$87,636 100c	12.50%
H••••• G••••• E••••••••• I•••	term loan first lien	$86,147	$85,879 100c	12.50%
P•••••••• I•••	term loan first lien	$80,187	$79,373 100c	12.20%
A•••••• I•••	term loan first lien	$82,401	$79,368 100c	12.50%
B••••••••• I•••	term loan first lien	$111,368	$77,775 70c	12.30%
B••••••••• I•••	term loan first lien	$111,314	$75,825 70c	12.30%
M••••••• I•••	term loan first lien	$75,514	$75,399 100c	12.00%
K••• H••••••• L••••••	term loan first lien	$73,594	$72,510 100c	14.20%
T••••••••• I•••	term loan first lien	$300,000	$70,517 29c	14.30%
W••••••••• I•••	term loan first lien	$455,117	$60,837 14c	12.00%
M•••••••• I•••	term loan first lien	$56,203	$55,817 100c	11.80%
R•••••• I•••	term loan first lien	$55,563	$55,291 100c	12.00%
R•••••• I•••	term loan first lien	$55,533	$54,685 100c	12.00%
D••••• B••••••••• I•••	term loan first lien	$55,584	$54,428 100c	11.00%
T••••••••• I•••	term loan first lien	$250,000	$39,862 29c	12.80%
S••• S••••••••• I•••	term loan first lien	$37,760	$37,500 100c	12.00%
T••••••••• I•••	term loan first lien	$25,788	$25,788 100c	12.50%
S•••••• C•••• I•••	term loan first lien	$597,411	$14,176 4c	12.30%
T••••••••• I•••	term loan first lien	$14,158	$14,030 100c	12.00%
S•• O••• L••	term loan first lien	$29,942	$11,192 100c	8.00%
M••••• L•••• I•••	term loan first lien	$9,392	$9,381 100c	11.00%
N•••••••• I•••	term loan first lien	$2.3M	$0 0c	18.00%
M••••••••• C••••••••• I•••	term loan first lien	$10.0M	$0 0c	18.00%
H•••• H••••••• I••• S•••••••	unstated lien unstated	Not disclosed	Not disclosed
A••••• I••• S•••••••	unstated lien unstated	Not disclosed	Not disclosed
N•• L••• H•••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
L•••••••• S•••••••• P••• L••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
J••• M•••••• I•••• W•••••••	unstated lien unstated	Not disclosed	Not disclosed
H•••••• H••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
S•••••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
O••• I••• O•••• H•••••••••	unstated lien unstated	Not disclosed	Not disclosed
G•••••• I••• O•••• H•••••••••	unstated lien unstated	Not disclosed	Not disclosed
P•••• P•••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
L•••••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
B••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
B••••••• C•••• L•• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
L•••••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
P••••••••• i••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
F••••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
M•••• L•••• I•••• I•••••••	unstated lien unstated	Not disclosed	Not disclosed
Z••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
P••••••• S••••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
H•••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
i••••••••• I••• T••••••••• Services	unstated lien unstated	Not disclosed	Not disclosed
C•••••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
K••• I••• O•••• H•••••••••	unstated lien unstated	Not disclosed	Not disclosed
V•••••••• I•••• I•••••••	term loan first lien	Not disclosed	Not disclosed
A•••••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
R•••••• E•••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
F••••••••• T••••••••• I••• S•••••••	unstated lien unstated	Not disclosed	Not disclosed
E••••••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
F•••• A••••••• G••••••••• O••••••••• F••• • C•••• Z•	unstated lien unstated	Not disclosed	Not disclosed
A••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
C•••••• L•••••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
S••• A••••••••• C•••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
O•••••••• I••• S•••••••	unstated lien unstated	Not disclosed	Not disclosed
S••••••••• I••• O•••• H•••••••••	unstated lien unstated	Not disclosed	Not disclosed
V•••••• H•••••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
U••• I••• B•••••••••	unstated lien unstated	Not disclosed	Not disclosed
T••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
F•••• A••••••• G••••••••• O•••••••••	unstated lien unstated	Not disclosed	Not disclosed
Y••• B••••••••• I••• O•••• H•••••••••	unstated lien unstated	Not disclosed	Not disclosed
B•••••••• I••• S•••••••	unstated lien unstated	Not disclosed	Not disclosed
J•••• P••••••• I••• O•••• H•••••••••	unstated lien unstated	Not disclosed	Not disclosed
T••••••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
R••• G••••••• I••• O•••• T•••••••••	unstated lien unstated	Not disclosed	Not disclosed
F••• R••••••• I••• S•••••••	unstated lien unstated	Not disclosed	Not disclosed
C••••• T••••••••• C•••• S•••••••	unstated lien unstated	Not disclosed	Not disclosed

Page 4 of 4Previous

Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2018 to 2026reported
Filings listed: 18reported10-Q and 10-K since 2022
Former names: Venture Lending & L•••••• Fund IX, Inc.reported
Latest schedule: 0001717310-26-000009reported