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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
R•••• T••••••••• I•••term loan first lien$114,412$101,870
100c
11.00%
O••• H••••••• C••term loan first lien$218,789$98,282
46c
11.30%
F••• R••••••• I•••term loan first lien$199,613$92,372
47c
11.00%
H•••• I•••term loan first lien$242,433$89,505
100c
13.50%
T•••••••• I•••term loan first lien$74,798$76,108
100c
12.00%
F••• R••••••• I•••term loan first lien$164,825$72,534
45c
11.00%
P••••••••• i•••term loan first lien$63,909$62,842
100c
14.30%
P••••••••• i•••term loan first lien$46,570$44,418
100c
13.80%
P•••••• I•••term loan first lien$2.0M$34,704
2c
12.50%
P••••••••• i•••term loan first lien$32,640$32,417
100c
12.00%
F••••••• I•••term loan first lien$578,498$23,956
5c
11.80%
R•••• I•••term loan first lien$11.3M$23,751
0c
12.50%
P••••••••• i•••term loan first lien$19,119$18,944
100c
12.00%
P••••••••• i•••term loan first lien$18,926$18,845
100c
12.00%
G••••••••• I•••term loan first lien$119,423$16,463
17c
11.50%
S•• O••• L••term loan first lien$29,942$0
0c
8.00%
S••• A•••••• I•••term loan first lien$4.9M$0
0c
18.00%
B•••••••• B••••••••• I•••term loan first lien$275,000$0
0c
6.00%
S•••••• C•••• I•••term loan first lien$597,411$0
0c
12.30%
M••••••••• C••••••••• I•••term loan first lien$10.0M$0
0c
18.00%
T••••••••• I•••term loan first lien$628,478$0
0c
18.00%
H•••• H••••••• I•••term loan first lien$399,384$0
0c
13.00%
N•••••••• I•••term loan first lien$2.3M$0
0c
18.00%
A••••• M••••••• I•••term loan first lien$398,742$0
0c
18.00%
F•••• A••••••• G••••••••• O••••••••• F••• • C•••• Z•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