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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 Jun 30, 2024
178 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
H•••• I•••term loan first lien$536,867$423,869
100c
13.50%
J••• M•••••• I•••term loan first lien$429,580$422,547
100c
15.50%
T••••••• A•••• I•••term loan first lien$669,230$420,442
61c
12.00%
F••• R••••••• I•••term loan first lien$410,833$406,498
100c
11.00%
R••••••••• U••• L••term loan first lien$417,588$393,365
100c
12.00%
M••••••••• I•••term loan first lien$372,149$370,314
100c
11.50%
F••••••• I•••term loan first lien$375,000$367,213
100c
11.80%
R•••• T••••••••• I•••term loan first lien$370,304$365,809
100c
11.00%
O••• I•••term loan first lien$368,986$364,798
100c
14.80%
O•••••••• I•••term loan first lien$382,904$363,747
100c
13.50%
O••• I•••term loan first lien$367,430$353,842
100c
13.50%
F••• R••••••• I•••term loan first lien$348,556$345,470
100c
11.00%
W••••• L•••• I•••term loan first lien$700,000$336,687
48c
12.00%
J•••• P••••••• I•••term loan first lien$339,731$333,638
100c
15.80%
D••••••• T•••••••• I•••term loan first lien$390,777$321,868
100c
12.00%
G••••••• I•••term loan first lien$326,004$319,587
100c
11.50%
W••••••••• I•••term loan first lien$432,693$318,063
100c
12.00%
J•••• P••••••• I•••term loan first lien$314,942$309,557
100c
15.30%
O••••••••• I•••term loan first lien$327,042$303,594
100c
12.00%
F••• R••••••• I•••term loan first lien$316,539$300,368
100c
11.00%
L•••••••• S•••••••• P••• L•••term loan first lien$317,278$284,861
100c
11.50%
B•••••••• I•••term loan first lien$283,113$283,113
100c
11.30%
T••• I•••term loan first lien$281,012$280,471
100c
11.80%
M••••••••• I•••term loan first lien$280,744$278,627
100c
11.00%
G••••••• I•••term loan first lien$280,061$276,988
100c
11.50%
F••••••• I•••term loan first lien$274,318$270,193
100c
11.80%
W•••••• I•••term loan first lien$272,381$269,653
100c
12.00%
H•••••• H••••• I•••term loan first lien$1.1M$266,176
27c
13.20%
V•••••• H•••••••• I•••term loan first lien$269,386$265,361
100c
12.30%
K••• H••••••• L••••••term loan first lien$261,915$261,413
100c
12.00%
U•••• B••••••• C••term loan first lien$1.7M$257,839
16c
12.00%
T•• S••• a•• F••• F••• C•••••• L••term loan first lien$260,497$256,752
100c
12.30%
G•••••• P••••••••• I•••term loan first lien$255,803$252,012
100c
11.00%
Z••• T••••••••• I•••term loan first lien$248,985$240,414
100c
10.00%
F••••••• I•••term loan first lien$232,444$228,131
100c
11.80%
S• I••••••••• I•••term loan first lien$226,041$224,989
100c
11.80%
M••••••••• I•••term loan first lien$214,855$213,687
100c
11.50%
V•••••••• I•••term loan first lien$199,811$199,811
100c
15.00%
K••• I•••term loan first lien$206,828$193,161
100c
14.00%
O•••••••• I•••term loan first lien$192,605$192,605
100c
15.50%
V•••••••• I•••term loan first lien$199,681$186,278
100c
14.80%
Y••• B••••••••• I•••term loan first lien$198,898$183,809
100c
13.30%
C•••••• L••••••term loan first lien$184,027$181,759
100c
14.00%
B•••••••• I•••term loan first lien$176,792$173,624
100c
14.80%
F••••••• I•••term loan first lien$149,707$137,063
100c
11.80%
R•••• T••••••••• I•••term loan first lien$154,939$132,359
100c
11.00%
B•••••••• B••••••••• I•••term loan first lien$275,000$125,523
49c
6.00%
G•••••• I•••term loan first lien$112,489$111,707
100c
11.80%
G•••••• I•••term loan first lien$110,867$110,407
100c
11.80%
P••••••••• i•••term loan first lien$99,710$97,121
100c
14.30%
P••••••••• i•••term loan first lien$100,538$97,002
100c
12.00%
H••••• T••••••••• I•••term loan first lien$94,900$94,534
100c
12.00%
T•••••••• I•••term loan first lien$108,936$92,711
88c
12.50%
P••••••••• I•••term loan first lien$77,920$77,799
100c
12.00%
P••••••••• i•••term loan first lien$84,144$77,399
100c
13.80%
T•••••••• I•••term loan first lien$74,798$76,108
100c
12.00%
P••••••••• i•••term loan first lien$71,368$70,358
100c
12.00%
G••••••••• I•••term loan first lien$117,926$60,537
100c
11.50%
P••••••••• i•••term loan first lien$58,823$58,132
100c
12.00%
P•••••• I•••term loan first lien$2.0M$50,722
3c
12.50%
K•••• M••••••• I• L••term loan first lien$70,290$42,497
90c
11.50%
R•••• I•••term loan first lien$11.3M$23,751
0c
12.50%
O••• H•••••• I•••term loan first lien$13,285$13,269
100c
12.00%
C•••• G••••• I•••term loan first lien$7.7M$0
0c
12.00%
B••••••••• I•••term loan first lien$82,500$0
0c
12.30%
S•• O••• L••term loan first lien$29,942$0
0c
8.00%
A••••• M••••••• I•••term loan first lien$398,742$0
0c
18.00%
M•••••• I•••term loan first lien$2.2M$0
0c
11.20%
T••• I•••term loan first lien$1.1M$0
0c
15.00%
T••••••••• I•••term loan first lien$628,478$0
0c
18.00%
S••• A•••••• I•••term loan first lien$4.9M$0
0c
18.00%
M••••••••• C••••••••• I•••term loan first lien$10.0M$0
0c
18.00%
L••••• T••••••••• I•••term loan first lien$3.4M$0
0c
12.00%
D••••••• I•••term loan first lien$2.0M$0
0c
11.00%
S•••••• C•••• I•••term loan first lien$597,411$0
0c
12.30%
C•••••••• I•••term loan first lien$392,046$0
0c
15.00%
N•••••••• I•••term loan first lien$2.3M$0
0c
18.00%
F•••• A••••••• G••••••••• O••••••••• F•••unstated lien unstatedNot disclosedNot disclosed
Page 2 of 2Previous
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