Warrant Wire
The hidden portfolio
Reporting: Avid Bank1 min read
- Banking
- Venture Debt
At a glance
AvidBank disclosed 141 warrant positions across 95 clients as of year-end 2025, up from 125 positions across 81 clients earlier in the year. The activity tracks growth in its venture and specialty lending business, where warrants are attached to credit facilities.
Wrnt’s perspective
Warrant books build slowly and predictably with lending activity. Outcomes do not. The eventual returns will be driven by a small number of liquidity events, carefully managed.
This is how most warrant portfolios start. Small marks, consistent use, long duration. The question is not accumulation, but whether it ever becomes something managed, measured, and realized.