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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, 2025
125 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
S••••••••• L••••• P•••••••• L••term loan first lien$14.0M$12.0M
91c
12.50%
Q•••••••• C••••term loan first lien$9.5M$9.1M
100c
12.00%
C••••• C••••••• I•••term loan first lien$9.9M$8.9M
90c
11.80%
R•••••• E•••••• I•••term loan first lien$8.7M$8.6M
100c
13.50%
K•••• K••••• I•••term loan first lien$5.9M$5.7M
100c
13.00%
M•••• L•••• I•••term loan first lien$5.5M$5.3M
100c
13.30%
R••••••••• I•••term loan first lien$5.5M$4.8M
88c
11.30%
Z••••• I•••term loan first lien$4.2M$4.1M
100c
11.50%
D•••••••• I•••term loan first lien$5.4M$3.2M
100c
11.00%
1••••• P•• L•••term loan first lien$5.4M$3.2M
66c
12.00%
E••••• T••••••••• I•••term loan first lien$3.1M$2.4M
86c
12.00%
U•••• L••• I•••term loan first lien$2.4M$2.3M
100c
13.50%
Z••••• I•••term loan first lien$2.3M$2.2M
100c
11.50%
P••••••• S••••••• I•••term loan first lien$2.2M$2.2M
100c
12.50%
H••••• G••••• E••••••••• I•••term loan first lien$2.2M$2.0M
100c
15.00%
P•••• P•••••• I•••term loan first lien$2.9M$2.0M
90c
11.60%
P••••••• S••••••• I•••term loan first lien$2.0M$2.0M
100c
12.50%
i••••••••• I•••term loan first lien$3.0M$1.8M
59c
12.30%
U••• I•••term loan first lien$1.8M$1.7M
100c
11.50%
T•• F••• P••••••• P•••term loan first lien$2.0M$1.7M
83c
15.00%
L•••••••• I•••term loan first lien$2.4M$1.6M
69c
14.10%
B••••• I•••term loan first lien$1.6M$1.6M
100c
12.50%
S•••••••• I•••term loan first lien$1.8M$1.6M
90c
13.70%
G••• C••••••• L••term loan first lien$1.7M$1.5M
100c
12.30%
H••••• T••••••••• I•••term loan first lien$1.3M$1.3M
100c
11.50%
C•••• I••••••• I•••term loan first lien$1.4M$1.2M
100c
12.00%
U•• D•••••• H•••••• I•••term loan first lien$1.3M$1.2M
100c
12.50%
M••••••••• I•••term loan first lien$1.5M$1.1M
79c
11.10%
S••• S••••••••• I•••term loan first lien$1.1M$1.1M
100c
11.50%
B••••••• C•••• L••term loan first lien$4.3M$1.1M
27c
12.90%
B••••• I•••term loan first lien$1.7M$1.0M
59c
10.00%
V••• H••••••• L••••••term loan first lien$2.5M$991,672
100c
12.00%
A••••• I•••term loan first lien$1.0M$972,873
100c
13.50%
B•••••••• I•••term loan first lien$1.1M$968,413
100c
14.10%
S• I••••••••• I•••term loan first lien$1.0M$943,493
100c
13.50%
C•••••• A•••••••• I•••term loan first lien$1.4M$927,667
73c
12.00%
C•••••••• I••term loan first lien$1.1M$917,468
100c
11.00%
K••• H••••••• L••••••term loan first lien$928,088$917,446
100c
11.80%
J••• M•••••• I•••term loan first lien$855,972$836,387
100c
12.00%
R•••• T••••••••• I•••term loan first lien$756,266$749,632
100c
11.00%
E•••••••• I•••term loan first lien$1.3M$749,154
61c
12.00%
I•••••••• R•••••••• I•••term loan first lien$742,437$734,284
100c
12.00%
J•• M•••••••• I••term loan first lien$771,511$726,401
100c
12.00%
C••••••• I•••term loan first lien$722,456$717,803
100c
11.80%
C••••• S••• I••term loan first lien$728,712$711,045
100c
11.00%
S• I••••••••• I•••term loan first lien$694,821$694,821
100c
13.50%
L•••••••• S•••••••• P••• L•••term loan first lien$669,927$663,338
100c
12.80%
L••••••• H••••••• I•••term loan first lien$4.0M$654,413
17c
10.30%
R••• G••••••• I•••term loan first lien$1.4M$649,664
54c
11.80%
S• I••••••••• I•••term loan first lien$632,080$632,080
100c
13.50%
A••••• C•••••••••term loan first lien$627,742$627,740
100c
10.50%
V•••• H••••••• I•••term loan first lien$632,799$626,106
100c
11.80%
A••••• C•••••••••term loan first lien$627,742$617,024
100c
10.50%
V•••• H••••••• I•••term loan first lien$632,799$613,898
100c
11.80%
H•••• I•••term loan first lien$620,177$610,155
100c
12.00%
A••••• I•••term loan first lien$957,356$548,094
60c
12.80%
F••••••••• T••••••••• I•••term loan first lien$542,383$525,826
100c
13.50%
H••••••• H•••••• I•••term loan first lien$459,354$452,794
100c
11.00%
T••••••• A•••• I•••term loan first lien$669,230$420,442
61c
12.00%
C•••••• L••••••term loan first lien$400,006$394,865
100c
15.50%
S••• S••••••••• I•••term loan first lien$396,955$394,600
100c
11.50%
D•• S••••• I•••term loan first lien$1.0M$362,688
100c
10.00%
P••••• I•••term loan first lien$361,468$361,468
100c
12.80%
P••••• I•••term loan first lien$360,657$354,589
100c
12.50%
O•••••••• I•••term loan first lien$350,072$331,730
100c
12.30%
C••••• S••• I••term loan first lien$324,970$324,970
100c
11.00%
V••••• H•••••• I•••term loan first lien$711,734$318,891
52c
12.00%
B•••••••• I•••term loan first lien$307,916$307,916
100c
11.30%
J••• M•••••• I•••term loan first lien$290,675$287,479
100c
15.50%
M••••• L•••• I•••term loan first lien$286,449$285,020
100c
11.00%
T•••• H••••• • S••••••• T••••••••• I•••term loan first lien$282,411$279,956
100c
12.00%
R•••• T••••••••• I•••term loan first lien$273,446$271,014
100c
11.00%
T••••••••• I•••term loan first lien$409,822$262,819
100c
12.50%
H•••••• H••••• I•••term loan first lien$1.2M$253,305
27c
12.50%
C•••••• L••••••term loan first lien$248,771$244,501
100c
11.80%
J•••• P••••••• I•••term loan first lien$248,397$244,425
100c
13.00%
Z••• T••••••••• I•••term loan first lien$251,129$233,996
100c
10.00%
D••••••• T•••••••• I•••term loan first lien$359,964$230,290
100c
13.50%
H•••• H•••• I•••term loan first lien$222,957$222,651
100c
11.00%
J•••• P••••••• I•••term loan first lien$224,710$222,058
100c
15.80%
O••• I•••term loan first lien$222,452$220,999
100c
14.80%
R••••••••• U••• L••term loan first lien$405,041$217,158
54c
12.00%
O••• I•••term loan first lien$220,549$215,573
100c
13.50%
B•••• C••• T••••••••• I•••term loan first lien$738,617$212,313
31c
12.00%
G••••••• I•••term loan first lien$200,918$198,453
100c
11.50%
J•••• P••••••• I•••term loan first lien$196,661$194,557
100c
15.30%
L•••••••• S•••••••• P••• L•••term loan first lien$165,507$156,120
100c
11.50%
P••••••••• T••••••••• I•••term loan first lien$151,410$149,975
100c
12.00%
W••••• L•••• I•••term loan first lien$700,000$145,328
21c
12.00%
F••• R••••••• I•••term loan first lien$300,112$138,087
46c
11.00%
K••• I•••term loan first lien$135,984$130,013
100c
14.00%
V•••••••• I•••term loan first lien$128,400$128,400
100c
15.00%
F••• R••••••• I•••term loan first lien$267,299$123,234
46c
11.00%
V•••••••• I•••term loan first lien$128,206$122,609
100c
14.80%
Y••• B••••••••• I•••term loan first lien$127,040$120,770
100c
13.30%
K••••• L•••••••• I•••term loan first lien$117,404$116,477
100c
11.50%
V•••••• H•••••••• I•••term loan first lien$112,754$111,997
100c
12.30%
I••••• R••••••• G••••• L•••term loan first lien$116,312$111,018
100c
13.00%
C•••••• L••••••term loan first lien$110,655$109,828
100c
14.00%
C•••••••• I•••term loan first lien$392,046$106,206
30c
15.00%
Page 1 of 2Next
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