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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 Sep 30, 2025
91 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
S••••••••• L••••• P•••••••• L••term loan first lien$14.0M$12.0M
91c
12.50%
C••••• C••••••• I•••term loan first lien$9.9M$9.5M
96c
11.80%
R•••••• E•••••• I•••term loan first lien$8.3M$8.3M
100c
13.50%
Q•••••••• C••••term loan first lien$9.5M$8.1M
100c
12.00%
R••••••••• I•••term loan first lien$5.9M$5.1M
100c
11.30%
K•••• K••••• I•••term loan first lien$4.6M$4.5M
100c
13.00%
Z••••• I•••term loan first lien$4.9M$4.2M
89c
11.50%
D•••••••• I•••term loan first lien$5.4M$3.0M
100c
11.00%
M•••• L•••• I•••term loan first lien$2.4M$2.3M
100c
13.30%
E••••• T••••••••• I•••term loan first lien$3.1M$2.2M
81c
12.00%
H••••• G••••• E••••••••• I•••term loan first lien$2.2M$2.0M
100c
15.00%
P•••• P•••••• I•••term loan first lien$2.9M$1.9M
95c
11.60%
U•••• L••• I•••term loan first lien$1.3M$1.3M
100c
13.50%
i••••••••• I•••term loan first lien$3.0M$1.1M
38c
12.30%
J••• M•••••• I•••term loan first lien$1.1M$1.1M
100c
12.00%
G••• C••••••• I•••term loan first lien$1.2M$1.1M
100c
12.30%
U••• I•••term loan first lien$1.0M$1.0M
100c
11.50%
B••••• I•••term loan first lien$1.7M$1.0M
59c
10.00%
B••••••• C•••• L••term loan first lien$4.3M$974,181
25c
12.90%
C•••••••• I•••term loan first lien$1.1M$966,876
100c
11.00%
C•••••• A•••••••• I•••term loan first lien$1.4M$927,667
73c
12.00%
S•••••••• I•••term loan first lien$1.8M$922,530
55c
13.70%
V••• H••••••• L••••••term loan first lien$2.5M$917,520
100c
12.00%
M••••••••• I•••term loan first lien$1.5M$854,761
66c
11.10%
U•• D•••••• H•••••• I•••term loan first lien$1.2M$827,956
76c
12.50%
B•••••••• I•••term loan first lien$859,238$802,533
100c
14.10%
E•••••••• I•••term loan first lien$1.2M$802,090
68c
12.00%
A••••• I•••term loan first lien$713,212$695,558
100c
13.50%
H••••• T••••••••• I•••term loan first lien$671,673$665,667
100c
11.50%
R••• G••••••• I•••term loan first lien$1.4M$649,664
54c
11.80%
J•• M•••••••• I••term loan first lien$640,740$614,551
100c
12.00%
S• I••••••••• I•••term loan first lien$593,358$571,018
100c
13.50%
R•••• T••••••••• I•••term loan first lien$565,265$561,575
100c
11.00%
A••••• I•••term loan first lien$957,356$548,094
60c
12.80%
S• I••••••••• I•••term loan first lien$502,440$502,440
100c
13.50%
D•• S••••• I•••term loan first lien$909,323$500,972
100c
10.00%
L•••••••• S•••••••• P••• L•••term loan first lien$473,139$469,857
100c
12.80%
C••••• S••• I••term loan first lien$468,197$460,786
100c
11.00%
S• I••••••••• I•••term loan first lien$435,361$435,361
100c
13.50%
T••••••• A•••• I•••term loan first lien$732,893$405,215
63c
12.00%
V•••• H••••••• I•••term loan first lien$391,040$388,439
100c
11.80%
V•••• H••••••• I•••term loan first lien$391,040$383,658
100c
11.80%
F••••••••• T••••••••• I•••term loan first lien$336,600$330,095
100c
13.50%
B•••••••• I•••term loan first lien$325,647$325,647
100c
11.30%
V••••• H•••••• I•••term loan first lien$711,734$318,891
52c
12.00%
C•••••• L••••••term loan first lien$307,082$304,087
100c
15.50%
L••••••• H••••••• I•••term loan first lien$4.0M$272,900
7c
10.30%
H•••••• H••••• I•••term loan first lien$1.2M$253,305
27c
12.50%
C••••• S••• I••term loan first lien$242,897$242,897
100c
11.00%
R••••••••• U••• L••term loan first lien$405,041$237,080
56c
12.00%
D••••••• T•••••••• I•••term loan first lien$319,582$236,955
100c
13.50%
S••• S••••••••• I•••term loan first lien$219,849$219,095
100c
11.50%
O•••••••• I•••term loan first lien$225,413$217,593
100c
12.30%
R•••• T••••••••• I•••term loan first lien$204,385$203,033
100c
11.00%
T••••••••• I•••term loan first lien$275,759$128,756
100c
12.50%
L•••••••• I•••term loan first lien$2.4M$122,760
5c
14.10%
1••••• P•• L•••term loan first lien$5.5M$117,000
2c
12.00%
O••• I•••term loan first lien$115,411$114,967
100c
14.80%
O••• I•••term loan first lien$114,074$112,671
100c
13.50%
G••••••• I•••term loan first lien$111,362$110,576
100c
11.50%
C•••••••• I•••term loan first lien$392,046$106,206
30c
15.00%
A••••• C•••••••••term loan first lien$92,102$92,102
100c
10.50%
A••••• C•••••••••term loan first lien$92,102$91,710
100c
10.50%
C•••••• L••••••term loan first lien$85,423$84,831
100c
11.80%
K••• I•••term loan first lien$84,493$82,135
100c
14.00%
R•••• T••••••••• I•••term loan first lien$85,517$78,410
100c
11.00%
T•••••••• I•••term loan first lien$74,798$76,108
100c
12.00%
Y••• B••••••••• I•••term loan first lien$75,044$72,782
100c
13.30%
P•••••• I•••term loan first lien$2.0M$57,840
4c
12.50%
C•••••• L••••••term loan first lien$57,304$57,071
100c
14.00%
L•••••••• S•••••••• P••• L•••term loan first lien$56,796$55,476
100c
11.50%
P••••• I•••term loan first lien$53,335$53,335
100c
12.80%
P••••• I•••term loan first lien$53,182$52,958
100c
12.50%
F••• R••••••• I•••term loan first lien$585,436$52,336
9c
11.00%
B•••• C••• T••••••••• I•••term loan first lien$738,617$49,104
7c
12.00%
R•••• I•••term loan first lien$11.1M$44,525
1c
12.50%
I••••• R••••••• G••••• L•••term loan first lien$63,647$42,321
100c
13.00%
G••••••••• I•••term loan first lien$122,249$40,213
41c
11.50%
H•••• I•••term loan first lien$204,304$26,811
100c
13.50%
F••••••• I•••term loan first lien$547,646$23,507
5c
11.80%
S•• O••• L••term loan first lien$29,942$0
0c
8.00%
W••••• L•••• I•••term loan first lien$700,000$0
0c
12.00%
N•••••••• I•••term loan first lien$2.3M$0
0c
18.00%
S•••••• C•••• I•••term loan first lien$597,411$0
0c
12.30%
A••••• M••••••• I•••term loan first lien$398,742$0
0c
18.00%
S••• A•••••• I•••term loan first lien$4.9M$0
0c
18.00%
Z••• T••••••••• I•••term loan first lien$251,129$0
0c
10.00%
T••••••••• I•••term loan first lien$623,478$0
0c
18.00%
B•••••••• B••••••••• I•••term loan first lien$275,000$0
0c
6.00%
H•••• H••••••• I•••term loan first lien$399,384$0
0c
13.00%
M••••••••• C••••••••• I•••term loan first lien$10.0M$0
0c
18.00%
Page 1 of 1
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