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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.

Fair value
$56.2M
Schedule of investments, 10-Q and 10-K
Borrowers
61
Schedule of investments, 10-Q and 10-K
Mark on cost
61.0¢
Schedule of investments, 10-Q and 10-K
First lien
100%
Schedule of investments, 10-Q and 10-K
Schedule of investments (65)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 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 →
  2. 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
  3. 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 →
  4. $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
65
61 borrowers
First lien
100%
100% debt by fair value
Quarters on the tape
14
since Dec 31, 2022
Facilities held
61
1 sponsors financed
Portfolio through time
Fair value by quarter end$56.2M as of Mar 31, 2026
Dec 31, 2022$490M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Mar 31, 2026$56.2M6161c0n/a
Dec 31, 2025$78.1M6866c0n/a
Sep 30, 2025$90.9M7964c0n/a
Jun 30, 2025$105M8867c0n/a
All 14 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Mar 31, 2025$130M9874c0n/a
Dec 31, 2024$302M10678c0n/a
Sep 30, 2024$175M11975c0n/a
Jun 30, 2024$203M13079c0n/a
Mar 31, 2024$253M14283c0n/a
Dec 31, 2023$347M15586c0n/a
Sep 30, 2023$355M16188c0n/a
Jun 30, 2023$406M16992c0n/a
Mar 31, 2023$464M18393c0n/a
Dec 31, 2022$490M19194c0n/a
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Mar 31, 2023
344 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
H••••• G••••• E••••••••• I•••term loan first lien$86,138$85,875
100c
12.50%
W••••••••• I•••term loan first lien$455,117$60,665
15c
12.00%
B••••••••• I•••term loan first lien$56,532$55,906
99c
12.30%
B••••••••• I•••term loan first lien$56,505$55,083
99c
12.30%
A•••••• I•••term loan first lien$55,783$54,328
100c
12.50%
H••••• G••••• E••••••••• I•••term loan first lien$52,764$52,709
100c
12.50%
S••••••• I•••term loan first lien$48,442$48,201
100c
12.30%
A•••• A•••• I•••term loan first lien$47,441$47,274
100c
12.00%
H•••• H•••• I•••term loan first lien$46,932$46,785
100c
11.00%
K••• H••••••• L••••••term loan first lien$46,979$46,532
100c
14.20%
H•••• H•••• I•••term loan first lien$37,556$37,519
100c
11.00%
H••••• G••••• E••••••••• I•••term loan first lien$34,995$34,941
100c
12.50%
R•••••• I•••term loan first lien$28,196$28,117
100c
12.00%
R•••••• I•••term loan first lien$28,181$27,933
100c
12.00%
N•••••••• I•••term loan first lien$2.3M$25,000
1c
18.00%
T••••••••• I•••term loan first lien$14,158$14,158
100c
12.50%
D••••• B••••••••• I•••term loan first lien$14,087$13,968
100c
11.00%
S•••••• C•••• I•••term loan first lien$597,411$0
0c
12.30%
T••••••••• I•••term loan first lien$691,909$0
0c
18.00%
Y•• H•••••• I•••term loan first lien$1.8M$0
0c
12.00%
S•• O••• L••term loan first lien$29,942$0
0c
8.00%
M••••••••• C••••••••• I•••term loan first lien$10.0M$0
0c
18.00%
C•••••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
Y••• B••••••••• I•••
O•••• H•••••••••
unstated lien unstatedNot disclosedNot disclosed
S•••••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
J•••• P••••••• I•••
O•••• H•••••••••
unstated lien unstatedNot disclosedNot disclosed
S••••••••• I•••
O•••• H•••••••••
unstated lien unstatedNot disclosedNot disclosed
S••• A••••••••• C•••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
A••••• I•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
M•••• L•••• I•••• I•••••••unstated lien unstatedNot disclosedNot disclosed
K••• I•••
O•••• H•••••••••
unstated lien unstatedNot disclosedNot disclosed
B•••••••• I•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
H•••• H••••••• I•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
R•••••• E•••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
L•••••••• S•••••••• P••• L•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
V•••••• H•••••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
F••••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
P••••••• S••••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
T••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
F••••••••• T••••••••• I•••
S•••••••
unstated lien unstatedNot disclosedNot disclosed
L•••••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
F•••• A••••••• G••••••••• O•••••••••unstated lien unstatedNot disclosedNot disclosed
H•••••• H••••• I•••
O•••• T•••••••••
unstated lien unstatedNot disclosedNot disclosed
J••• M•••••• I•••• W•••••••unstated lien unstatedNot disclosedNot 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