WTI Fund X Signs a $125M MUFG Facility on Oct 8, 2026; Venture Lending & Leasing IX Votes to Liquidate

One manager, three funds, and a single shareholder each

Most pages on this site about BDCs cover vehicles a retail investor can buy, such as the ones in our non-traded BDC list. These three are different, and the difference matters for anyone comparing venture-debt BDCs. Each fund is a Maryland corporation with exactly 100,000 shares, all owned by one Delaware LLC. The people who put in the money are members of that LLC, not shareholders of the fund. Fund X's 10-K says the number of holders of record at March 13, 2026 was 1, and the Fund IX Form 15 gives the same count. All three are managed by Westech Investment Advisors LLC, whose ultimate parent, the Fund X filings say, is Ridgepost Capital, Inc. (formerly P10, Inc.).

Asset coverage is a BDC test: total assets less other liabilities, divided by borrowings. A BDC must keep at least 150% once it has approval for the lower threshold, which Fund X's sole shareholder gave on April 30, 2021. Fund XI sits at 160% and Fund X at 267%, which follows the fall in debt from $232.5 million to $128.0 million (our reading). For how other BDCs look on the same test, see what a BDC is, with the 2026 census.

Venture Lending & Leasing IX: what the July 16 vote did

The special meeting was held on July 16, 2026 to vote on two proposals that stand or fall together: a plan of liquidation, under which the fund distributes all of its assets to its sole shareholder, Venture Lending & Leasing IX, LLC, and dissolves, and the end of its BDC status. The 8-K (Item 5.07, accession 0001140361-26-029285) reports the same result for both.

The proxy gives the reasons in the board's words: the fund's size is falling, the cost of being an SEC reporting company and holding independent directors is outweighed by the benefit, and, as the portfolio shrinks, there is “a risk that, in the near term, the Fund will fail to meet the diversification requirements” needed for its tax status as a regulated investment company. It estimates the cost of the steps at less than $20,000 and says the manager's duties and pay do not change. Withdrawal was filed the same day as the Form 15: the Form N-54C says the fund “has distributed substantially all of its assets to its security holders and has effected, or is in the process of effecting, a winding-up of its affairs.” That is consistent with the way our list of BDC liquidations records it.

How big the fund was and how much has come back

In the first quarter of 2026 alone the fund paid $25,384,462 of return of capital to its shareholder, which is why net assets fell 27.9% in three months (our arithmetic). The distributions are in the filings, but the allocation among the LLC's individual members is not, because each member's account sits at the LLC level.

What changes for the people who own it

The proxy lists the changes in plain terms. The LLC “is not subject to the 1940 Act and will not be supervised by a board of directors the majority of whom are independent,” it will not file periodic reports with the SEC, and the LLC's shares “would continue to not be traded on any securities market.” The LLC says it will keep giving members annual audited financial statements, though the manager may seek to remove that duty later; if it does, the proxy says the Advisers Act custody rule would require an annual verification by independent auditors and quarterly statements. The wind-down is expected by December 31, 2030, with up to five one-year extensions, which would put the latest date at December 31, 2035 (our arithmetic). The fund's own charter would have ended on December 31, 2028.

On tax, the proxy expects the LLC to recognize a capital loss of about $36.0 million on an adjusted basis of about $59.3 million, and says each LLC member should recognize a long-term capital loss of about $78 per LLC share for tax year 2026. If an LLC share corresponds to $1,000 of commitment ($460.0 million over 460,000 shares), that is 7.8% of commitment (our arithmetic, inferred, not stated in the filing). The proxy calls its estimate preliminary and warns that the IRS is not bound by the board's valuation.

WTI Fund X: from ING to MUFG

The 10-Q for June 30, 2026 gave the setup. The ING facility had a $250.0 million commitment, the fund's commitment period had ended on June 30, 2026 (so it could no longer borrow against investor commitments), and the facility was due to terminate on October 18, 2026. Then the Form 8-K filed October 15, 2026 reported the replacement, signed October 8.

Three readings of this, all from the table. First, the lenders took a smaller book: $125,000,000 against $250.0 million is half the size (our arithmetic), and the debt was already down 44.9% since December 31, 2025, from $232.5 million to $128.0 million. Second, the fund borrowed $100,000,000 and repaid $95,000,000, so the term loan is $5,000,000 more than the ING balance before any revolver draw (our arithmetic). Third, the schedule ends early: ten installments from June 30, 2027 are quarter-ends through September 30, 2029, eight days before maturity (our arithmetic), so the term loan is fully repaid just before the facility ends.

The 8-K lists the covenants without numbers: a debt service coverage ratio, an interest coverage ratio, an unfunded commitment ratio, quarterly and annual loan loss reserve ratios and an asset coverage ratio, plus limits on liens, mergers, asset sales and capital expenditures. The loan agreement itself is not an exhibit to the 8-K (the only exhibit is the cover page file), so the margins and covenant levels are not public in this filing.

Is 214,947,177 the net assets? Yes, and here is what moved it

It is. The Condensed Statement of Assets and Liabilities in the June 30, 2026 10-Q reads “NET ASSETS $ 214,947,177,” equal to $2,149.47 on 100,000 shares. Total assets were $346,080,587 and total liabilities $131,133,410. The change from December 31, 2025:

So the per-share figure rose 11.4% because the LLC called $26,000,000 and paid it into the fund, not because the loans earned it; the 10-Q's own six-month total return is 17.02%, not annualized, which uses its method. Cumulative return-of-capital distributions stand at $132,019,639 against $384,000,000 of capital paid in, 34.4% (our arithmetic). Investors have also received $150.8 million in recallable distributions at the LLC level, which the operating agreement lets the manager call back. Of the LLC's $500.0 million of subscriptions, $427.0 million (85.4%, our arithmetic) has been called and $73.0 million remains uncalled; that $73.0 million is part of the collateral the MUFG lenders hold.

Management fees are set as a percentage of committed capital on a nine-year schedule in the 10-K: 1.250% in year 5, 0.900% in year 6. At $500.0 million committed, year 5 is $6,250,000 a year, matching the $1,562,500 booked each quarter. The first capital contribution was October 1, 2021, so on our reading of the schedule fee year 6 begins October 1, 2026 (the $1,875,000 booked in the second quarter of 2025 matches the 1.500% of year 4). If committed capital stays at $500.0 million, the quarterly fee would drop to $1,125,000, 28.0% lower (our arithmetic). The Q3 10-Q will show whether that happened.

The credit picture: loans at 89.7% of cost, 18.6% of the book not accruing

Percentages in the table are our arithmetic. The filing says the non-accrual loans “have been accelerated from their original maturity and are due in their entirety” and that no interest income has been recognized on them. That is a property of venture debt: loans go to young companies, usually with warrants that the fund hands to its shareholder, and when a company stops hitting milestones the loan is accelerated and valued at what the manager expects to recover. At Fund IX the same marks were lower: non-accrual loans at $39.0 million fair value against $74.2 million cost (52.6%), against 64.1% at Fund X (our arithmetic). The unfunded commitments to borrowers ($85.75 million) matter too, because the fund must be able to fund them when borrowers meet milestones, which is what the new revolver and the uncalled capital are for.

How this differs from a non-traded BDC you can buy

If you are choosing between BDCs rather than holding one of these, the structure is the point. The vehicles here have no offering price, no distribution reinvestment plan and no quarterly tender; your cash comes back as the manager collects loans and decides to distribute. A retail non-traded BDC sells shares to the public, and its exit is a periodic tender at a NAV, as in the examples in our BDC liquidation tracker. Listed venture-debt lenders such as Trinity Capital, Hercules Capital and Runway Growth Finance are the same asset class with a market price. What a Westech fund member gets in return is a drawdown fund: commitments, capital calls, distributions that can be recalled, a fixed life and, at the end, a liquidation inside a private LLC.

What a reader can do with this

• If you are an LLC member in Fund IX: the liquidation steps are done at the fund level, but the loans and the manager's fee continue inside the LLC, outside SEC filing. Keep the LLC's annual audited statements, since they are now the only audited record, and ask for your share of the estimated $36.0 million loss before filing 2026 taxes.
• If you are an LLC member in Fund X: read the Q3 10-Q due about November 16, 2026 (45 days after quarter end, rolled over a weekend; our arithmetic). Check the debt line, the first MUFG-period covenant language, the non-accrual figure and whether another capital call follows the $26,000,000. At June 30, 2026, $60.3 million of WTI Fund X's loans at fair value were on non-accrual, 28.1% of its $214.9 million of net assets (our arithmetic).
• If you are comparing venture-debt BDCs: ask whether you are buying a market price (listed), a NAV with a tender (retail non-traded) or a drawdown commitment (this structure), and what each does when the loans slow. The census on what a BDC is shows the asset coverage of every BDC in one list.
• If your money is in a vehicle that is winding down: the questions are the same wherever it sits: when does cash return, what is recallable, and what is the tax character of each payment.

FAQ

All figures are from the filings cited, read on EDGAR on November 5, 2026: WTI Fund X, Inc. (CIK 1850938) Form 8-K of October 15, 2026 (0001140361-26-039761), Form 10-Q for June 30, 2026 (0001850938-26-000012), Form 10-K for 2025 (0001850938-26-000002) and Form 8-K of May 26, 2026 (0001140361-26-022853); WTI Fund XI, Inc. (CIK 1987731) Form 10-Q for June 30, 2026 (0001987731-26-000012); Venture Lending & Leasing IX, Inc. (CIK 1717310) Form 8-K of July 22, 2026 (0001140361-26-029285), DEF 14A of June 17, 2026 (0001140361-26-025586), Form 10-Q for March 31, 2026 (0001717310-26-000009), Form 15-12G (0001717310-26-000018) and Form N-54C (0001717310-26-000017). Percentages, margins, the no-capital-call comparison and the date arithmetic are ours. This is analysis of public documents, not investment, legal or tax advice.