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FAIR VALUE DISCLOSURES
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE DISCLOSURES FAIR VALUE DISCLOSURES
The Fund provides asset-based financing primarily to start-up and emerging growth venture-backed companies pursuant to commitments whereby the Fund agrees to finance assets and provide working or growth capital up to a specified amount for the term of the commitment, upon the terms and subject to the conditions specified by such commitment. Even though these loans are generally secured by the assets of the borrowers, the Fund in most cases is subject to the credit risk of such companies. As of June 30, 2023 and December 31, 2022, the Fund’s investments in loans were primarily to companies based within the United States and were diversified among borrowers in the industry segments shown in the Condensed Schedules of Investments. All loans are senior to unsecured creditors and other secured creditors, unless otherwise indicated in the Condensed Schedules of Investments.

The Fund defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability was exchanged in an orderly transaction; it was not a forced liquidation or distressed sale. Because there is no readily available market price and no secondary market for substantially all of the loan investments made by the Fund to borrowing portfolio companies, Management determines fair value (or estimated exit value) based on a hypothetical market, and several factors related to each borrower.

Loan balances in the Condensed Schedules of Investments are listed by borrower. Typically, a borrower’s balance will be composed of several loans drawn under a commitment made by the Fund with the interest rate on each loan fixed at the time each loan is funded. Each loan drawn under a commitment has a different maturity date and amount.
The following tables show the weighted-average interest rate of the performing loans and all loans:

For the three months endedFor the six months ended
Performing LoansJune 30, 2023June 30, 2022June 30, 2023June 30, 2022
Weighted-Average Interest Rate - Cash 13.11%20.28%12.12%16.07%
Weighted-Average Interest Rate- Non-Cash2.32%2.74%2.58%3.97%
Weighted-Average Interest Rate15.43%23.02%14.70%20.04%
For the three months endedFor the six months ended
All LoansJune 30, 2023June 30, 2022June 30, 2023June 30, 2022
Weighted-Average Interest Rate - Cash9.95%21.08%13.36%18.62%
Weighted-Average Interest Rate- Non-Cash1.68%2.52%2.00%3.69%
Weighted-Average Interest Rate11.63%23.60%15.36%22.31%

Interest is calculated using the effective interest method, and rates earned by the Fund will fluctuate based on many factors including early payoffs, volatility of values ascribed to warrants and new loans funded during the period.
    
The risk profile of a loan changes when events occur that impact the credit analysis of the borrower and loan as discussed in the Fund’s loan accounting policy. Such changes result in the fair value adjustments made to the individual loans, which in accordance with U.S. GAAP, would be based on the price that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the measurement date. Where the risk profile is consistent with the original underwriting, which is primarily the case for this loan portfolio, the cost basis of the loan often approximates fair value.
Valuation Hierarchy
Under the FASB ASC Topic 820 (“Fair Value Measurement”), the Fund categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Fund’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.
    
The three levels of the fair value hierarchy are defined as follows:
Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
Level 2 Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

There were no transfers in and out of Level 1, 2 or 3 during the six months ended June 30, 2023 and 2022.

The Fund’s cash equivalents were valued at the traded net asset value of the money market fund. As a result, these measurements are classified as Level 1. The Fund’s loan investments are individually negotiated and unique, and because there is little to no market in which these assets trade, the unobservable inputs for these assets are valued using estimated exit values. As a result, the Fund’s loan investments are classified as Level 3.  
    
The following tables provide quantitative information about the Fund’s Level 3 fair value measurements of the Fund’s investments by industry as of June 30, 2023 and December 31, 2022. In addition to the techniques and inputs noted in the tables below, the Fund may also use other valuation techniques and methodologies when determining its fair value measurements.
Investment Type - Level 3
Loan InvestmentsFair Value at
June 30, 2023		Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average (a)
Biotechnology$— Asset recoveryProbability Weighing of Alternative Outcomes100% *
Internet5,171,392Hypothetical market analysisHypothetical market coupon rate
11% - 21%
13%
Asset recoveryProbability Weighing of Alternative Outcomes
5% - 100%^
Medical Devices236,633Hypothetical market analysisHypothetical market coupon rate
 *
14%
Asset recoveryProbability Weighing of Alternative Outcomes
 100%*
Other Healthcare2,179,662Hypothetical market analysisHypothetical market coupon rate
12% - 14%
14%
Asset recoveryProbability Weighing of Alternative Outcomes100% *
Other Technology6,383,241Hypothetical market analysisHypothetical market coupon rate
11% - 34%
18%
Asset recoveryProbability Weighing of Alternative Outcomes
5% - 100%^
Software741,820Hypothetical market analysisHypothetical market coupon rate
*
13%
Asset recoveryProbability Weighing of Alternative Outcomes
10% - 100%
Technology Services340,719Asset recoveryProbability Weighing of Alternative Outcomes
5% - 100%
Total Loan Investments$15,053,467 

(a) The weighted average hypothetical market coupon rates were calculated using the fair value of the loans.
* There is only one loan within the industry.
^ Probability weightings vary among portfolio companies within each industry based on different potential future outcomes.
Investment Type - Level 3
Loan InvestmentsFair Values at
December 31, 2022		Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average (a)
Biotechnology$1,732,373 Hypothetical market analysisHypothetical market coupon rate14%14%
Asset RecoveryProbability weighting of alternative outcomes100% *
Computers and Storage282,621 Hypothetical market analysisHypothetical market coupon rate*15%
Internet6,241,043 Hypothetical market analysisHypothetical market coupon rate
11% - 22%
13%
Asset RecoveryProbability weighting of alternative outcomes
5% - 100% ^
Medical Devices3,870,685 Hypothetical market analysisHypothetical market coupon rate
13% - 14%
14%
Asset RecoveryProbability weighting of alternative outcomes
5% - 100% ^
Other Healthcare4,962,393 Hypothetical market analysisHypothetical market coupon rate
13% - 15%
15%
Asset RecoveryProbability weighting of alternative outcomes
100%^
Other Technology16,116,947 Hypothetical market analysisHypothetical market coupon rate
14% - 34%
17%
Asset RecoveryProbability weighting of alternative outcomes
1% - 100% ^
Software2,576,312 Hypothetical market analysisHypothetical market coupon rate
13% - 18%
15%
Asset RecoveryProbability weighting of alternative outcomes
5% -100%^
Technology Services400,762 Hypothetical market analysisHypothetical market coupon rate*18%
Asset RecoveryProbability weighting of alternative outcomes
3% - 60% ^
Total Loan Investments$36,183,136 
(a) The weighted average hypothetical market coupon rates were calculated using the fair value of the loans.
* There is only one loan within the industry.
^ Probability weightings vary among portfolio companies within each industry based on different potential future outcomes.
    
The following tables present the balances of assets and liabilities as of June 30, 2023 and December 31, 2022 measured at fair value on a recurring basis:

As of June 30, 2023
ASSETS:Level 1Level 2Level 3Total
Loans†
$— $— $15,053,467 $15,053,467 
Cash equivalents13,825,807 — — 13,825,807 
Total assets$13,825,807 $— $15,053,467 $28,879,274 
As of December 31, 2022
ASSETS:Level 1Level 2Level 3Total
Loans†
$— $— $36,183,136 $36,183,136 
Cash equivalents3,135,402 — — 3,135,402 
Total assets$3,135,402 $— $36,183,136 $39,318,538 

† For a detailed listing of borrowers comprising this amount, please refer to the Condensed Schedules of Investments.
    
The following tables provide a summary of changes in Level 3 assets measured at fair value on a recurring basis:
For the Three Months Ended
June 30, 2023		  For the Six Months Ended
June 30, 2023
LoansWarrantsLoansWarrants
Beginning balance$23,810,122 $— $36,183,136 $— 
Acquisitions and originations— 232,590 — 280,475 
Principal payments on loans, net of accretion(8,832,203)— (21,059,183)— 
Distributions to shareholder — (232,590)— (280,475)
Net change in unrealized gain from loans70,068 — 585,375 — 
Net realized gain (loss) from loans5,480 — (655,861)— 
Ending balance$15,053,467 $— $15,053,467 $— 
Net change in unrealized gain (loss) from loans relating to loans still held at June 30, 2023$70,068 $(213,120)

For the Three Months Ended
June 30, 2022		For the Six Months Ended
June 30, 2022
LoansWarrantsLoansWarrantsStocks
Beginning balance$89,617,574 $— $108,465,616 $— $— 
Acquisitions and originations— 67,910 — 100,172 2,090,759 
Principal payments on loans, net of accretion(28,645,452)— (49,252,086)— — 
Distributions to shareholder— (67,910)— (100,172)(2,090,759)
Net change in unrealized gain from loans1,433,959 — 3,822,491 — — 
Net realized loss from loans(1,063,601)— (1,693,541)— — 
Ending balance$61,342,480 $— $61,342,480 $— $— 
Net change in unrealized gain from loans relating to loans still held at June 30, 2022$573,918 $1,389,334