Series C funding to US companies has dried up and growth stage funding has disappeared. Late stage investors are in trouble with no one willing to lead follow-on rounds with outdated valuations. Dry powder is abundant but unwilling to be deployed with VCs preferring new startups with fresh cap tables. The convert market has also dried up. Incentives to mark down their portfolios are low, resulting in delayed decaying. One company validated a third of its mark and sold it using that number as their new valuation, while every other organization did not touch their outdated valuation.