10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ______________

Commission file number 814-01253

Venture Lending & Leasing IX, Inc.

(Exact Name of Registrant as specified in its charter)

Maryland	82-2040715
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
104 La Mesa Drive, Suite 102, Portola Valley, CA	94028
(Address of principal executive offices)	(Zip Code)

(650) 234-4300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [x]  No [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [x]   No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]	Accelerated filer [ ]	Non-accelerated filer [x]	Smaller reporting company [ ]
Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes [ ] No [x]

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Class	Outstanding as of August 11, 2023
Common Stock, $0.001 par value	100,000

VENTURE LENDING & LEASING IX, INC.

INDEX

PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Statements of Assets and Liabilities (Unaudited)
	As of June 30, 2023 and December 31, 2022
	Condensed Statements of Operations (Unaudited)
	For the three and six months ended June 30, 2023 and 2022
	Condensed Statements of Changes in Net Assets (Unaudited)
	For the three and six months ended June 30, 2023 and 2022
	Condensed Statements of Cash Flows (Unaudited)
	For the six months ended June 30, 2023 and 2022
	Condensed Schedules of Investments (Unaudited)
	As of June 30, 2023 and December 31, 2022
	Condensed Schedules of Derivative Instruments (Unaudited)
	As of June 30, 2023 and December 31, 2022
	Notes to Condensed Financial Statements (Unaudited)
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.	Quantitative and Qualitative Disclosures About Market Risk
Item 4.	Controls and Procedures
PART II — OTHER INFORMATION
Item 1.	Legal Proceedings
Item 1A.	Risk Factors
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.	Defaults Upon Senior Securities
Item 4.	Mine Safety Disclosures
Item 5.	Other Information
Item 6.	Exhibits
SIGNATURES

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

VENTURE LENDING & LEASING IX, INC.

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

	June 30, 2023		December 31, 2022
ASSETS
Loans, at estimated fair value
(cost of $440,674,148 and $521,905,950)	$	406,252,272	$	489,691,665
Derivative assets	6,336,162		10,644,351
Cash and cash equivalents	11,140,670		7,074,657
Dividend and interest receivables	5,070,410		6,374,578
Other assets	1,728,360		3,411,846
Total assets	430,527,874		517,197,097
LIABILITIES
Borrowings under debt facility	182,500,000		244,500,000
Accrued management fees	1,437,500		1,437,500
Accounts payable and other accrued liabilities	1,714,143		3,047,302
Total liabilities	185,651,643		248,984,802
NET ASSETS	$	244,876,231	$	268,212,295
Analysis of Net Assets:
Capital paid in on shares of capital stock	$	407,125,000	$	407,125,000
Cumulative return of capital distributions	(133,014,765)		(116,194,481)
Total distributable losses	(29,234,004)		(22,718,224)
Net assets (equivalent to $2,448.76 and $2,682.12 per share based on 100,000 shares of capital stock outstanding - See Note 5 and Note 11)	$	244,876,231	$	268,212,295
Commitments & Contingent Liabilities:
Unexpired unfunded commitments (See Note 10)	$	15,312,500	$	68,075,000

See notes to condensed financial statements (unaudited).

3

VENTURE LENDING & LEASING IX, INC.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

	For the Three Months Ended June 30, 2023		For the Three Months Ended June 30, 2022		For the Six Months Ended June 30, 2023		For the Six Months Ended June 30, 2022
INVESTMENT INCOME:
Interest on loans	$	20,420,140	$	21,499,283	$	39,057,737	$	42,512,977
Other income	458,242		78,347		1,525,886		158,303
Total investment income	20,878,382		21,577,630		40,583,623		42,671,280
EXPENSES:
Management fees	1,437,500		1,725,000		2,875,000		3,450,000
Interest expense	4,700,873		2,628,152		9,249,896		4,785,022
Banking and professional fees	25,167		84,896		200,656		392,493
Other operating expenses	64,605		27,957		94,996		56,065
Total expenses	6,228,145		4,466,005		12,420,548		8,683,580
Net investment income	14,650,237		17,111,625		28,163,075		33,987,700
Net realized gain (loss) from loans	—		(2,249,093)		1,256		(2,577,831)
Net realized gain from derivative instruments	4,086,256		882,045		5,691,293		717,583
Net change in unrealized gain (loss) from loans	(1,997,316)		2,060,255		(2,207,591)		1,700,274
Net change in unrealized gain (loss) from derivative instruments	(2,276,959)		590,763		(4,308,189)		6,005,767
Net realized and change in unrealized gain (loss) from loans and derivative instruments	(188,019)		1,283,970		(823,231)		5,845,793
Net increase in net assets resulting from operations	$	14,462,218	$	18,395,595	$	27,339,844	$	39,833,493
Amounts per common share:
Net increase in net assets resulting from operations per share	$	144.62	$	183.96	$	273.40	$	398.33
Weighted average shares outstanding	100,000		100,000		100,000		100,000

See notes to condensed financial statements (unaudited).

4

VENTURE LENDING & LEASING IX, INC.

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

	Common Stock
	Shares	Par Value		Additional Paid-in Capital		Return of Capital Distributions		Total Distributable Losses		Net Assets
Balance at March 31, 2022	100,000	$	100	$	358,124,900	$	(104,933,372)	$	(13,122,939)	$	240,068,689
Net increase in net assets resulting from operations	—	—		—		—		18,395,595		18,395,595
Distribution of income to shareholder	—	—		—		—		(11,073,873)		(11,073,873)
Contributions from shareholder	—	—		7,500,000		—		—		7,500,000
Balance at June 30, 2022	100,000	$	100	$	365,624,900	$	(104,933,372)	$	(5,801,217)	$	254,890,411
Balance at March 31, 2023	100,000	$	100	$	407,124,900	$	(116,194,481)	$	(10,804,980)	$	280,125,539
Net increase in net assets resulting from operations	—	—		—		—		14,462,218		14,462,218
Distribution of income to shareholder	—	—		—		—		(32,891,242)		(32,891,242)
Return of capital to shareholder	—	—		—		(16,820,284)		—		(16,820,284)
Balance at June 30, 2023	100,000	$	100	$	407,124,900	$	(133,014,765)	$	(29,234,004)	$	244,876,231
Balance at December 31, 2021	100,000	$	100	$	345,624,900	$	(97,253,486)	$	(18,177,963)	$	230,193,551
Net increase in net assets resulting from operations	—	—		—		—		39,833,493		39,833,493
Distribution of income to shareholder	—	—		—		—		(27,456,747)		(27,456,747)
Return of capital to shareholder	—	—		—		(7,679,886)		—		(7,679,886)
Contributions from shareholder	—	—		20,000,000		—		—		20,000,000
Balance at June 30, 2022	100,000	$	100	$	365,624,900	$	(104,933,372)	$	(5,801,217)	$	254,890,411
Balance at December 31, 2022	100,000	$	100	$	407,124,900	$	(116,194,481)	$	(22,718,224)	$	268,212,295
Net increase in net assets resulting from operations	—	—		—		—		27,339,844		27,339,844
Distributions of income to shareholder	—	—		—		—		(33,855,624)		(33,855,624)
Return of capital to shareholder	—	—		—		(16,820,284)		—		(16,820,284)
Balance at June 30, 2023	100,000	$	100	$	407,124,900	$	(133,014,765)	$	(29,234,004)	$	244,876,231

See notes to condensed financial statements (unaudited).

5

VENTURE LENDING & LEASING IX INC.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022

	For the Six Months Ended June 30, 2023		For the Six Months Ended June 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$	27,339,844	$	39,833,493
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Net realized (gain) loss from loans	(1,256)		2,577,831
Net realized gain from derivative instruments	(5,691,293)		(717,583)
Net change in unrealized (gain) loss from loans	2,207,591		(1,700,274)
Net change in unrealized (gain) loss from derivative instruments	4,308,189		(6,005,767)
Amortization of deferred costs related to borrowing facility	531,983		466,457
Origination of loans	(25,312,500)		(107,475,000)
Principal payments on loans, net of accretion	104,585,880		100,857,426
Proceeds from sale of loan	—		1,800,000
Acquisition of equity securities	(720,230)		(7,811,592)
Change in operating assets and liabilities:
Net decrease in dividend and interest receivables	1,304,168		602,482
Net (increase) decrease in other assets	1,151,503		(448,800)
Net decrease in accounts payable, other accrued liabilities and accrued management fees	(1,333,159)		(1,902,855)
Net cash provided by operating activities	108,370,720		20,075,818
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions to shareholder	(47,996,000)		(25,000,000)
Contributions from shareholder	—		20,000,000
Borrowings under debt facility	6,500,000		56,500,000
Repayments of borrowings under debt facility	(68,500,000)		(52,500,000)
Payments made for derivative instruments	—		(202,417)
Payments received from derivative instruments	5,691,293		920,000
Payments of bank facility fees and costs	—		(376,771)
Net cash used in financing activities	(104,304,707)		(659,188)
Net increase in cash and cash equivalents	4,066,013		19,416,630
CASH AND CASH EQUIVALENTS:
Beginning of period	7,074,657		6,939,126
End of period	$	11,140,670	$	26,355,756
SUPPLEMENTAL DISCLOSURES:
CASH PAID DURING THE PERIOD:
Interest - Debt facility	$	8,780,980	$	4,077,722
NON-CASH OPERATING AND FINANCING ACTIVITIES:
Distributions of equity securities to shareholder	$	2,679,908	$	10,136,633
Receipt of equity securities as repayment of loans	$	1,959,678	$	2,325,041

See notes to condensed financial statements (unaudited).

6

VENTURE LENDING & LEASING IX, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)

AS OF JUNE 30, 2023

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Cost		Fair Value (d)		Final Maturity Date
Biotechnology
	Calysta, Inc.		Senior Secured	11.8%		$	5,229,271	$	5,030,426	$	5,030,426	6/1/2025
	Genomic Prediction, Inc.		Senior Secured	11.0%		658,043		634,460		634,460		1/1/2025
	GLO Pharma, Inc.		Senior Secured	10.5%		1,250,203		1,224,690		1,224,690		12/1/2024
	GLO Pharma, Inc.		Senior Secured	10.5%		1,874,356		1,851,143		1,851,143		12/1/2024
	GLO Pharma, Inc. Subtotal					3,124,559		3,075,833		3,075,833
	Ukko Inc.		Senior Secured	11.5%		3,500,000		3,303,113		3,303,113		5/1/2026
Biotechnology Total		4.9%				$	12,511,873	$	12,043,832	$	12,043,832
Computers & Storage
	Canary Connect, Inc.		Senior Secured	12.0%		$	2,625,822	$	2,588,389	$	2,588,389	3/1/2024
	Canary Connect, Inc.		Senior Secured	12.0%		656,709		652,418		652,418		3/1/2024
	Canary Connect, Inc.		Senior Secured	11.8%		14,821,346		14,358,432		14,358,432		3/1/2026
	Canary Connect, Inc. Subtotal					18,103,877		17,599,239		17,599,239
	Proto, Inc.		Senior Secured	12.5%		1,296,227		1,222,532		1,222,532		10/1/2025
	Proto, Inc.		Senior Secured	12.8%		1,296,471		1,296,470		1,296,470		10/1/2025
	Proto, Inc. Subtotal					2,592,698		2,519,002		2,519,002
Computers & Storage Total		8.2%				$	20,696,575	$	20,118,241	$	20,118,241
Enterprise Networking
	Diamanti, Inc.		Senior Secured	11.0%		$	5,648,224	$	4,123,744	$	4,123,744	*
Enterprise Networking		1.7%				$	5,648,224	$	4,123,744	$	4,123,744
Internet
	10club Pte Ltd. ** ^		Senior Secured	12.0%		$	5,264,876	$	4,571,029	$	4,571,029	11/1/2025
	Ainsly, Inc. ** ^		Senior Secured	12.5%		256,219		182,039		182,039		7/1/2025
	Ainsly, Inc. ** ^		Senior Secured	12.5%		170,813		170,805		170,805		7/1/2025
	Ainsly, Inc. ** ^		Senior Secured	12.5%		28,325		27,897		27,897		9/1/2023
	Ainsly, Inc. Subtotal ** ^					455,357		380,741		380,741
	D2C Store, Inc.		Senior Secured	10.0%		1,952,500		1,649,617		1,649,617		*
	Good Counsel, LLC		Senior Secured	12.3%		2,795,683		2,707,628		2,707,628		10/1/2025
	iZENEtech, Inc. ** ^		Senior Secured	12.3%		3,001,339		3,015,442		2,808,190		*
	Kings Mountain I LLC		Senior Secured	11.5%		150,000		139,027		117,414		*
	Miami Labs, Inc.		Senior Secured	13.3%		7,500,000		7,065,152		7,065,152		5/1/2026
	OneLocal, Inc. ** ^		Senior Secured	12.0%		1,389,018		1,320,343		1,320,343		1/1/2025
	Osix Corporation		Senior Secured	12.3%		3,679,812		3,369,724		3,369,724		*
	Pixalate, Inc.		Senior Secured	12.5%		4,522,505		4,313,033		4,313,033		4/1/2025
	Quantcast Corp.		Senior Secured	12.0%		12,500,000		11,558,720		11,558,720		7/1/2026
	RenoFi, Inc.		Senior Secured	12.0%		222,154		220,351		220,351		12/1/2023
	RenoFi, Inc.		Senior Secured	11.5%		1,265,221		1,169,675		1,169,675		7/1/2025
	RenoFi, Inc.		Senior Secured	11.5%		1,354,001		1,335,317		1,335,317		9/1/2025
	RenoFi, Inc. Subtotal					2,841,376		2,725,343		2,725,343
	Residently USA, LLC ** ^		Senior Secured	12.0%		402,811		384,812		374,604		9/1/2024
	RetailerX, Inc.		Senior Secured	11.0%		989,529		975,268		975,268		1/1/2026
	RetailerX, Inc.		Senior Secured	11.0%		1,921,414		1,843,221		1,843,221		11/1/2025
	RetailerX, Inc.		Senior Secured	12.0%		1,382,196		1,352,147		1,352,147		2/1/2025
	RetailerX, Inc.		Senior Secured	11.0%		989,944		972,930		972,930		4/1/2026
	RetailerX, Inc.		Senior Secured	12.0%		397,191		390,813		390,813		5/1/2024
	RetailerX, Inc. Subtotal					5,680,274		5,534,379		5,534,379

7

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Cost		Fair Value (d)		Final Maturity Date
	Serface Care, Inc.		Senior Secured	12.3%		597,411		344,785		—		*
	Stay Alfred, Inc.		Senior Secured	18.0%		4,921,822		3,408,326		193,603		*
	Usual Beverage Co.		Senior Secured	12.0%		1,699,532		1,629,519		284,813		*
	Verishop, Inc.		Senior Secured	12.6%		1,550,491		1,538,028		1,538,028		12/1/2024
	Vinvesto, Inc.		Senior Secured	14.8%		250,000		223,402		223,402		5/1/2026
	Vinvesto, Inc.		Senior Secured	15.0%		250,000		250,000		250,000		5/1/2026
	Vinvesto, Inc. Subtotal					500,000		473,402		473,402
Internet Total		20.8%				$	61,404,807	$	56,129,050	$	50,985,763
Medical Devices
	3D Bio Holdings, Inc.		Senior Secured	11.5%		$	991,516	$	896,247	$	896,247	*
	Anutra Medical, Inc.		Senior Secured	18.0%		398,742		346,750		265,129		*
	CytoVale, Inc.		Senior Secured	12.0%		2,000,244		1,972,267		1,972,267		1/1/2025
	Medrobotics Corporation, Inc.		Senior Secured	18.0%		10,000,000		8,895,103		—		*
	Norbert Health, Inc.		Senior Secured	12.3%		432,133		415,220		415,220		6/1/2024
	Serpex Medical Inc.		Senior Secured	11.0%		728,328		707,002		707,002		11/1/2025
	Siren Care, Inc.		Senior Secured	13.5%		654,024		650,077		650,077		1/1/2025
Medical Devices Total		2.0%				$	15,204,987	$	13,882,666	$	4,905,942
Other Healthcare
	Elysium Health, Inc.		Senior Secured	12.0%		$	4,446,507	$	4,217,012	$	4,217,012	2/1/2025
	GoForward, Inc.		Senior Secured	11.5%		1,343,517		1,333,215		1,333,215		6/1/2024
	GoForward, Inc.		Senior Secured	11.5%		700,470		694,412		694,412		9/1/2023
	GoForward, Inc. Subtotal					2,043,987		2,027,627		2,027,627
	Grayce, Inc.		Senior Secured	11.8%		314,072		310,618		310,618		12/1/2024
	Grayce, Inc.		Senior Secured	14.0%		750,000		703,496		703,496		2/1/2026
	Grayce, Inc.		Senior Secured	11.8%		530,957		516,681		516,681		9/1/2024
	Grayce, Inc. Subtotal					1,595,029		1,530,795		1,530,795
	Hello Heart Inc.		Senior Secured	11.0%		138,278		137,905		137,905		11/1/2023
	Hello Heart Inc.		Senior Secured	11.0%		857,377		836,150		836,150		6/1/2024
	Hello Heart Inc.		Senior Secured	11.0%		1,623,886		1,610,440		1,610,440		6/1/2025
	Hello Heart Inc. Subtotal					2,619,541		2,584,495		2,584,495
	Honeybee Health, Inc.		Senior Secured	11.0%		1,817,415		1,716,730		1,716,730		9/1/2025
	Julie Products Inc.		Senior Secured	15.3%		375,000		364,074		364,074		4/1/2026
	Julie Products Inc.		Senior Secured	15.8%		375,000		363,583		363,583		6/1/2026
	Julie Products Inc.		Senior Secured	13.0%		1,000,000		940,641		940,641		9/1/2025
	Julie Products Inc. Subtotal					1,750,000		1,668,298		1,668,298
	KBS, Inc.		Senior Secured	14.0%		250,000		223,662		223,662		6/1/2026
	Minded, Inc.		Senior Secured	12.0%		1,256,621		1,222,405		1,222,405		12/1/2024
	Minded, Inc.		Senior Secured	10.5%		1,500,000		1,446,550		1,446,550		12/1/2025
	Minded, Inc. Subtotal					2,756,621		2,668,955		2,668,955
	Open Inc.		Senior Secured	13.5%		500,000		470,462		470,462		3/1/2026
	Open Inc.		Senior Secured	14.8%		500,000		490,997		490,997		3/1/2026
	Open Inc. Subtotal					1,000,000		961,459		961,459
	Oula Health, Inc.		Senior Secured	12.0%		219,980		216,253		216,253		2/1/2024
	Oula Health, Inc.		Senior Secured	12.0%		162,803		161,534		161,534		7/1/2024
	Oula Health, Inc. Subtotal					382,783		377,787		377,787
	PrecisionOS Technology Inc. ** ^		Senior Secured	12.0%		853,270		813,895		813,895		7/1/2025
	Therapydia, Inc.		Senior Secured	12.0%		1,777,402		1,735,479		1,735,479		7/1/2026
	Tia, Inc.		Senior Secured	11.8%		793,077		763,688		763,688		5/1/2024
	Tia, Inc.		Senior Secured	11.8%		1,326,405		1,316,426		1,316,426		9/1/2024
	Tia, Inc. Subtotal					2,119,482		2,080,114		2,080,114
	Vessel Health, Inc.		Senior Secured	12.0%		697,710		530,000		530,000		1/1/2025
	Yes Health, Inc.		Senior Secured	12.0%		1,773,262		1,705,392		—		*
	Yuva Biosciences, Inc.		Senior Secured	13.3%		250,000		219,877		219,877		5/1/2026
Other Healthcare Total		9.6%				$	26,133,009	$	25,061,577	$	23,356,185

8

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Cost		Fair Value (d)		Final Maturity Date
Other Technology
	8i Corporation		Senior Secured	12.0%		$	333,271	$	329,231	$	329,231	12/1/2023
	Aclima, Inc.		Senior Secured	12.0%		299,211		293,682		293,682		10/1/2023
	Airspeed, Inc.		Senior Secured	11.0%		625,000		585,756		585,756		1/1/2026
	Airspeed, Inc.		Senior Secured	11.0%		625,000		625,000		625,000		7/1/2026
	Airspeed, Inc. Subtotal					1,250,000		1,210,756		1,210,756
	Antitoxin Technologies Inc. ** ^		Senior Secured	11.5%		918,215		654,269		199,251		*
	Azumo, Inc.		Senior Secured	12.8%		1,500,000		1,385,790		1,385,790		1/1/2026
	Bankroll Club, LLC		Senior Secured	13.3%		1,000,000		883,250		611,923		1/1/2026
	Bankroll Club, LLC		Senior Secured	14.8%		1,000,000		1,000,000		692,808		1/1/2026
	Bankroll Club, LLC		Senior Secured	12.0%		1,129,823		1,044,617		723,719		4/1/2025
	Bankroll Club, LLC		Senior Secured	12.0%		1,130,193		1,130,192		783,006		4/1/2025
	Bankroll Club, LLC Subtotal					4,260,016		4,058,059		2,811,456
	Beautiful Beanfields, Inc.		Senior Secured	6.0%		275,000		255,324		255,324		*
	BloomTech Inc.		Senior Secured	11.3%		253,122		253,122		253,122		5/1/2026
	Brave Care Technologies, Inc.		Senior Secured	12.0%		1,195,534		1,158,792		1,158,792		9/1/2024
	Bryte, Inc.		Senior Secured	10.0%		1,875,663		1,807,916		1,807,916		4/1/2025
	Candy Club Holdings, Inc. **		Senior Secured	12.0%		6,166,737		5,802,074		4,799,254		*
	Ceres Imaging, Inc.		Senior Secured	12.0%		1,506,581		1,437,375		1,437,375		4/1/2025
	Ceres Imaging, Inc.		Senior Secured	12.0%		1,731,231		1,692,900		1,692,900		4/1/2026
	Ceres Imaging, Inc. Subtotal					3,237,812		3,130,275		3,130,275
	Content Adjacent, Inc.		Senior Secured	12.0%		1,421,216		1,318,129		1,318,129		7/1/2024
	Copia Global Inc. ** ^		Senior Secured	12.0%		3,750,000		3,606,943		3,606,943		1/1/2026
	Copia Global Inc. ** ^		Senior Secured	12.0%		3,750,000		3,694,546		3,694,546		7/1/2026
	Copia Global Inc. Subtotal ** ^					7,500,000		7,301,489		7,301,489
	CornerUp, Inc.		Senior Secured	15.0%		250,000		205,899		205,899		3/1/2026
	CornerUp, Inc.		Senior Secured	15.0%		250,000		244,440		244,440		4/1/2026
	CornerUp, Inc. Subtotal					500,000		450,339		450,339
	Creoate Limited ** ^		Senior Secured	11.8%		750,000		712,516		712,516		12/1/2025
	Creoate Limited ** ^		Senior Secured	14.0%		250,000		245,039		245,039		3/1/2026
	Creoate Limited Subtotal ** ^					1,000,000		957,555		957,555
	Daybase, Inc.		Senior Secured	11.0%		2,018,671		1,887,449		59,732		*
	EasyKnock, Inc.		Senior Secured	11.5%		2,354,994		2,141,948		2,141,948		10/1/2025
	EasyKnock, Inc.		Senior Secured	11.5%		2,500,000		2,439,788		2,439,788		12/1/2025
	EasyKnock, Inc.		Senior Secured	11.5%		2,500,000		2,420,921		2,420,921		5/1/2026
	EasyKnock, Inc. Subtotal					7,354,994		7,002,657		7,002,657
	Eguana Technologies, Inc. ** ^		Senior Secured	12.0%		1,884,202		1,758,239		1,758,239		4/1/2025
	Eguana Technologies, Inc. ** ^		Senior Secured	12.0%		2,184,953		2,131,956		2,131,956		8/1/2025
	Eguana Technologies, Inc. Subtotal ** ^					4,069,155		3,890,195		3,890,195
	Fanimal, Inc.		Senior Secured	11.8%		226,270		197,763		197,763		2/1/2026
	Fanimal, Inc.		Senior Secured	11.8%		375,000		366,779		366,779		7/1/2026
	Fanimal, Inc. Subtotal					601,270		564,542		564,542
	Fitplan, Inc. ** ^		Senior Secured	12.5%		236,896		224,713		224,713		11/1/2023
	Flo Water, Inc.		Senior Secured	11.8%		379,769		376,080		376,080		12/1/2023
	Hadrian Automation, Inc.		Senior Secured	11.5%		1,898,817		1,851,809		1,851,809		2/1/2025
	Heading Health Inc.		Senior Secured	12.5%		315,032		295,213		160,822		12/1/2024
	Heading Health Inc.		Senior Secured	13.5%		750,000		668,480		364,167		2/1/2026
	Heading Health Inc. Subtotal					1,065,032		963,693		524,989
	Higher Ground Education, Inc.		Senior Secured	12.5%		2,970,611		2,905,709		2,905,709		2/1/2025

9

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal	Cost	Fair Value (d)	Final Maturity Date
	Higher Ground Education, Inc.		Senior Secured	12.5%		4,892,258	4,771,732	4,771,732	6/1/2025
	Higher Ground Education, Inc.		Senior Secured	12.5%		34,992	34,938	34,938	8/1/2023
	Higher Ground Education, Inc. Subtotal					7,897,861	7,712,379	7,712,379
	Hint, Inc.		Senior Secured	12.0%		6,438,420	5,691,478	5,691,478	5/1/2025
	Holo, Inc.		Senior Secured	13.5%		1,000,000	916,913	916,913	12/1/2025
	Holo, Inc.		Senior Secured	15.5%		500,000	482,017	482,017	5/1/2026
	Holo, Inc. Subtotal					1,500,000	1,398,930	1,398,930
	Hyphen Technologies, Inc.		Senior Secured	11.5%		3,000,000	2,868,727	2,868,727	3/1/2026
	Hyphen Technologies, Inc.		Senior Secured	12.0%		1,163,002	1,132,727	1,132,727	7/1/2024
	Hyphen Technologies, Inc. Subtotal					4,163,002	4,001,454	4,001,454
	Intergalactic Foods Corporation		Senior Secured	12.0%		330,035	320,178	320,178	1/1/2025
	Intuition Robotics, Inc. ** ^		Senior Secured	12.0%		2,428,717	2,344,739	2,344,739	11/1/2025
	Invert Robotics Group, Ltd. ** ^		Senior Secured	13.0%		1,324,640	1,256,027	1,256,027	1/1/2025
	Joy Memories, Inc		Senior Secured	12.0%		1,500,000	1,387,293	1,387,293	12/1/2025
	Kinoo, Inc.		Senior Secured	11.5%		752,761	722,112	722,112	6/1/2025
	Lacuna Technologies, Inc.		Senior Secured	12.0%		2,472,354	2,432,858	2,432,858	1/1/2026
	Lacuna Technologies, Inc.		Senior Secured	12.0%		1,175,581	1,121,053	1,121,053	5/1/2025
	Lacuna Technologies, Inc. Subtotal					3,647,935	3,553,911	3,553,911
	LendTable Inc.		Senior Secured	13.5%		2,000,000	1,891,726	1,891,726	3/1/2026
	LendTable Inc.		Senior Secured	14.8%		1,500,000	1,460,837	1,460,837	9/1/2026
	LendTable Inc. Subtotal					3,500,000	3,352,563	3,352,563
	Level Home, Inc.		Senior Secured	11.8%		6,909,308	6,854,628	6,854,628	2/1/2025
	Level Home, Inc.		Senior Secured	11.8%		7,829,261	7,582,646	7,582,646	5/1/2025
	Level Home, Inc. Subtotal					14,738,569	14,437,274	14,437,274
	Literati, Inc.		Senior Secured	11.3%		2,257,154	2,225,727	2,225,727	9/1/2025
	Literati, Inc.		Senior Secured	11.3%		4,512,831	4,320,303	4,320,303	9/1/2025
	Literati, Inc. Subtotal					6,769,985	6,546,030	6,546,030
	Logistech Solutions Pte. Ltd. ** ^		Senior Secured	12.8%		1,000,000	977,102	977,102	10/1/2026
	Logistech Solutions Pte. Ltd. ** ^		Senior Secured	11.5%		500,000	421,697	421,697	12/1/2025
	Logistech Solutions Pte. Ltd. Subtotal ** ^					1,500,000	1,398,799	1,398,799
	Mavenform, Inc.		Senior Secured	11.0%		465,979	460,116	460,116	10/1/2025
	Mavenform, Inc.		Senior Secured	11.5%		429,955	422,028	422,028	6/1/2024
	Mavenform, Inc.		Senior Secured	11.5%		406,474	402,321	402,321	6/1/2025
	Mavenform, Inc.		Senior Secured	11.0%		1,264,667	1,230,355	1,230,355	7/1/2025
	Mavenform, Inc. Subtotal					2,567,075	2,514,820	2,514,820
	Merlin Labs, Inc.		Senior Secured	11.0%		2,086,319	2,024,418	2,024,418	6/1/2025
	MinoMonsters, Inc. ** ^		Senior Secured	11.5%		1,407,081	1,384,121	1,384,121	10/1/2024
	Momentus, Inc. **		Senior Secured	12.0%		8,904,313	8,813,237	8,813,237	2/1/2024
	Natomas Labs, Inc.		Senior Secured	13.3%		5,697,573	5,288,365	5,288,365	9/1/2025
	NewGlobe Education, Inc. ** ^		Senior Secured	12.5%		1,380,811	1,371,482	1,371,482	12/1/2023
	Noteleaf, Inc.		Senior Secured	18.0%		2,277,124	1,836,011	—	*
	Nue Life Health, Inc.		Senior Secured	11.5%		1,536,944	1,442,503	502,190	6/1/2026
	Ocho Holdings Co.		Senior Secured	11.3%		313,561	309,901	309,901	12/1/2024
	Ocho Holdings Co.		Senior Secured	11.3%		313,425	302,590	302,590	12/1/2024
	Ocho Holdings Co. Subtotal					626,986	612,491	612,491
	OnePointOne, Inc.		Senior Secured	12.0%		586,803	583,023	583,023	2/1/2024
	OnePointOne, Inc.		Senior Secured	12.0%		586,492	575,096	575,096	2/1/2024

10

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal	Cost	Fair Value (d)	Final Maturity Date
	OnePointOne, Inc. Subtotal					1,173,295	1,158,119	1,158,119
	Opya, Inc.		Senior Secured	12.0%		113,956	113,074	113,074	11/1/2023
	Phase Four, Inc.		Senior Secured	11.5%		941,060	911,857	911,857	12/1/2024
	Phase Four, Inc.		Senior Secured	11.5%		873,411	859,623	859,623	8/1/2025
	Phase Four, Inc. Subtotal					1,814,471	1,771,480	1,771,480
	Plant Prefab, Inc.		Senior Secured	11.0%		1,188,523	1,175,338	1,175,338	11/1/2024
	Plant Prefab, Inc.		Senior Secured	12.4%		1,500,000	1,408,079	1,408,079	12/1/2025
	Plant Prefab, Inc.		Senior Secured	11.0%		1,487,765	1,445,708	1,445,708	8/1/2024
	Plant Prefab, Inc. Subtotal					4,176,288	4,029,125	4,029,125
	PlantBaby, inc.		Senior Secured	13.8%		125,000	109,437	109,437	1/1/2026
	PlantBaby, inc.		Senior Secured	12.0%		117,794	115,026	115,026	10/1/2025
	PlantBaby, inc.		Senior Secured	12.0%		198,172	184,822	184,822	5/1/2025
	PlantBaby, inc.		Senior Secured	14.3%		125,000	119,770	119,770	5/1/2026
	PlantBaby, inc.		Senior Secured	12.0%		106,659	104,393	104,393	7/1/2025
	PlantBaby, inc. Subtotal					672,625	633,448	633,448
	Platform Science, Inc.		Senior Secured	11.5%		595,548	591,312	591,312	10/1/2023
	Platform Science, Inc.		Senior Secured	12.5%		5,000,000	4,655,935	4,655,935	2/1/2026
	Platform Science, Inc.		Senior Secured	12.5%		5,000,000	4,914,870	4,914,870	3/1/2026
	Platform Science, Inc. Subtotal					10,595,548	10,162,117	10,162,117
	Privoro Holdings, Inc.		Senior Secured	12.0%		669,372	656,964	656,964	4/1/2024
	Reali Inc.		Senior Secured	12.5%		11,581,268	8,839,665	119,190	*
	Rise Gardens, Inc.		Senior Secured	11.8%		500,000	488,778	488,778	10/1/2026
	Rise Gardens, Inc.		Senior Secured	11.8%		971,392	936,931	936,931	11/1/2025
	Rise Gardens, Inc. Subtotal					1,471,392	1,425,709	1,425,709
	Romaine Empire, Inc.		Senior Secured	14.5%		2,963,187	2,891,518	2,891,518	1/1/2027
	Romaine Empire, Inc.		Senior Secured	12.0%		2,967,451	2,727,743	2,727,743	12/1/2026
	Romaine Empire, Inc.		Senior Secured	13.5%		2,964,130	2,900,336	2,900,336	12/1/2026
	Romaine Empire, Inc.		Senior Secured	12.3%		566,104	563,028	563,028	9/1/2023
	Romaine Empire, Inc. Subtotal					9,460,872	9,082,625	9,082,625
	Setex Technologies, Inc.		Senior Secured	12.3%		623,749	594,063	594,063	8/1/2024
	SISU Aesthetics Clinic, Inc. ** ^		Senior Secured	13.5%		1,000,000	957,625	957,625	4/1/2026
	SISU Aesthetics Clinic, Inc. ** ^		Senior Secured	14.0%		750,000	742,699	742,699	5/1/2026
	SISU Aesthetics Clinic, Inc. Subtotal ** ^					1,750,000	1,700,324	1,700,324
	SMS OPCO LLC		Senior Secured	8.0%		29,942	11,192	—	*
	Supplant, Inc. ** ^		Senior Secured	13.0%		2,000,000	1,892,214	1,892,214	7/1/2026
	Sustainable Living Partners, LLC		Senior Secured	12.5%		13,689,730	12,816,811	12,816,811	*
	The Farm Project, PBC.		Senior Secured	12.0%		2,970,380	2,888,898	2,888,898	1/1/2025
	The Safe and Fair Food Company LLC		Senior Secured	12.3%		1,226,618	1,159,453	1,159,453	9/1/2024
	TheSquareFoot, Inc.		Senior Secured	18.0%		660,608	357,189	—	*
	Titan Health & Security Technologies, Inc.		Senior Secured	12.0%		1,324,421	1,275,616	1,275,616	8/1/2025
	TLNT Inc.		Senior Secured	14.8%		125,000	122,078	122,078	4/1/2026
	TLNT Inc.		Senior Secured	14.3%		375,000	336,053	336,053	4/1/2026
	TLNT Inc.		Senior Secured	15.3%		312,500	304,082	304,082	8/1/2026
	TLNT Inc. Subtotal					812,500	762,213	762,213
	TomoCredit, Inc.		Senior Secured	12.5%		67,961	67,217	67,217	9/1/2023
	TomoCredit, Inc.		Senior Secured	12.5%		45,329	45,329	45,329	9/1/2023
	TomoCredit, Inc. Subtotal					113,290	112,546	112,546
	Umbra Lab, Inc.		Senior Secured	13.5%		5,000,000	4,816,002	4,816,002	4/1/2026
	Umbra Lab, Inc.		Senior Secured	12.0%		2,156,470	2,128,706	2,128,706	6/1/2024
	Umbra Lab, Inc.		Senior Secured	12.0%		2,157,255	2,125,727	2,125,727	6/1/2024
	Umbra Lab, Inc. Subtotal					9,313,725	9,070,435	9,070,435

11

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Cost		Fair Value (d)		Final Maturity Date
	Veev Group, Inc.		Senior Secured	12.5%		12,587,531		12,336,252		12,336,252		12/1/2024
	Velo Holdings Limited		Senior Secured	12.0%		2,471,720		1,510,732		1,510,732		*
	Virtuix Holdings, Inc.		Senior Secured	12.3%		456,754		445,136		445,136		9/1/2025
	Wellth, Inc.		Senior Secured	12.0%		942,206		890,763		890,763		4/1/2025
	Wellth, Inc.		Senior Secured	12.0%		565,404		553,887		553,887		4/1/2025
	Wellth, Inc. Subtotal					1,507,610		1,444,650		1,444,650
	Wheels Labs, Inc. **		Senior Secured	12.0%		1,000,000		898,983		898,983		*
	World Wrapps II, Inc.		Senior Secured	12.0%		215,637		215,637		215,637		6/1/2024
	World Wrapps II, Inc.		Senior Secured	12.0%		215,889		215,889		215,889		6/1/2024
	World Wrapps II, Inc.		Senior Secured	12.0%		215,622		194,996		194,996		6/1/2024
	World Wrapps II, Inc. Subtotal					647,148		626,522		626,522
	Zeno Technologies, Inc.		Senior Secured	10.0%		212,516		212,514		212,514		7/1/2025
	Zeno Technologies, Inc.		Senior Secured	10.0%		212,516		196,538		196,538		7/1/2025
	Zeno Technologies, Inc. Subtotal					425,032		409,052		409,052
	Zimeno Inc.		Senior Secured	11.5%		6,250,000		5,933,768		5,933,768		1/1/2026
	Zimeno Inc.		Senior Secured	11.5%		6,250,000		6,106,156		6,106,156		10/1/2026
	Zimeno Inc. Subtotal					12,500,000		12,039,924		12,039,924
Other Technology Total		85.7%				$	240,426,397	$	226,763,086	$	209,927,044
Security
	Axiado Corporation		Senior Secured	10.5%		$	2,000,000	$	1,870,064	$	1,870,064	10/1/2025
	Axiado Corporation		Senior Secured	10.5%		2,000,000		1,999,978		1,999,978		10/1/2025
	Axiado Corporation Subtotal					4,000,000		3,870,042		3,870,042
	Lassen Peak, Inc.		Senior Secured	11.0%		186,024		180,607		180,607		8/1/2024
	Popily, Inc.		Senior Secured	12.5%		1,998,517		1,559,440		1,107,863		*
Security Total		2.1%				$	6,184,541	$	5,610,089	$	5,158,512
Software
	Abacum Inc. ** ^		Senior Secured	13.5%		$	1,500,000	$	1,357,241	$	1,357,241	10/1/2026
	Afero, Inc.		Senior Secured	12.3%		645,978		627,158		627,158		1/1/2024
	BackboneAI Inc.		Senior Secured	12.3%		286,451		284,461		281,567		8/1/2024
	Big Run Studios, Inc.		Senior Secured	11.5%		627,396		620,974		620,974		12/1/2024
	Big Run Studios, Inc.		Senior Secured	11.5%		994,250		969,230		969,230		8/1/2024
	Big Run Studios, Inc. Subtotal					1,621,646		1,590,204		1,590,204
	Bizly, Inc.		Senior Secured	12.5%		1,636,661		1,590,583		1,590,583		12/1/2025
	BlueCart, Inc.		Senior Secured	12.5%		1,500,000		1,410,816		1,410,816		2/1/2026
	BlueCart, Inc.		Senior Secured	14.8%		250,000		242,848		242,848		2/1/2026
	BlueCart, Inc. Subtotal					1,750,000		1,653,664		1,653,664
	Canopy Technology Corp.		Senior Secured	13.5%		1,458,080		1,375,558		1,375,558		11/1/2025
	Canopy Technology Corp.		Senior Secured	15.0%		1,000,000		977,199		977,199		3/1/2026
	Canopy Technology Corp. Subtotal					2,458,080		2,352,757		2,352,757
	Chowbus, Inc.		Senior Secured	12.0%		3,584,506		3,261,699		3,261,699		3/1/2025
	Clarified Inc.		Senior Secured	12.0%		594,515		557,251		557,251		5/1/2025
	Common Sun, Inc		Senior Secured	11.0%		500,000		499,993		499,993		1/1/2027
	Common Sun, Inc		Senior Secured	11.0%		1,500,000		1,421,346		1,421,346		7/1/2026
	Common Sun, Inc Subtotal					2,000,000		1,921,339		1,921,339
	Eskalera, Inc.		Senior Secured	12.0%		1,483,412		1,410,349		1,410,349		2/1/2026
	Form Remodel, Inc.		Senior Secured	11.0%		500,000		459,942		459,942		12/1/2025
	Form Remodel, Inc.		Senior Secured	11.0%		500,000		492,841		492,841		2/1/2026
	Form Remodel, Inc.		Senior Secured	11.0%		500,000		491,327		491,327		6/1/2026
	Form Remodel, Inc.		Senior Secured	11.0%		500,000		490,521		490,521		8/1/2026
	Form Remodel, Inc. Subtotal					2,000,000		1,934,631		1,934,631
	FutureProof Technologies, Inc.		Senior Secured	13.5%		1,000,000		925,694		925,694		6/1/2026

12

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Cost		Fair Value (d)		Final Maturity Date
	Grokker, Inc.		Senior Secured	11.5%		617,973		603,466		603,466		3/1/2025
	Grokker, Inc.		Senior Secured	11.5%		476,563		462,653		462,653		4/1/2026
	Grokker, Inc. Subtotal					1,094,536		1,066,119		1,066,119
	HaystacksAI, Inc.		Senior Secured	11.0%		500,000		500,000		500,000		1/1/2026
	HaystacksAI, Inc.		Senior Secured	11.0%		500,000		468,059		468,059		1/1/2026
	HaystacksAI, Inc. Subtotal					1,000,000		968,059		968,059
	Hoken Holdings Inc.		Senior Secured	13.0%		625,000		557,311		557,311		5/1/2026
	Journey Builders, Inc.		Senior Secured	11.0%		500,000		469,458		469,458		1/1/2026
	Journey Builders, Inc.		Senior Secured	11.0%		500,000		499,994		499,994		1/1/2026
	Journey Builders, Inc. Subtotal					1,000,000		969,452		969,452
	Ketch Kloud, Inc.		Senior Secured	13.0%		7,000,000		6,673,019		6,673,019		10/1/2026
	Ocurate, Inc.		Senior Secured	11.5%		470,999		464,222		464,222		10/1/2025
	Ocurate, Inc.		Senior Secured	11.5%		470,999		450,926		450,926		10/1/2025
	Ocurate, Inc. Subtotal					941,998		915,148		915,148
	Overalls, Inc.		Senior Secured	13.5%		500,000		460,065		460,065		4/1/2026
	Overalls, Inc.		Senior Secured	15.5%		250,000		250,000		250,000		4/1/2026
	Overalls, Inc. Subtotal					750,000		710,065		710,065
	Parkoursc, Inc.		Senior Secured	12.0%		104,415		103,806		103,806		8/1/2023
	Parkoursc, Inc.		Senior Secured	12.0%		367,349		365,124		365,124		9/1/2024
	Parkoursc, Inc. Subtotal					471,764		468,930		468,930
	Ratio Technologies, Inc.		Senior Secured	11.0%		200,000		161,401		161,401		1/1/2027
	Ratio Technologies, Inc.		Senior Secured	11.0%		478,000		470,047		470,047		1/1/2027
	Ratio Technologies, Inc.		Senior Secured	11.0%		1,322,000		1,300,298		1,300,298		1/1/2027
	Ratio Technologies, Inc. Subtotal					2,000,000		1,931,746		1,931,746
	Safe Securities Inc.		Senior Secured	11.5%		942,772		929,344		929,344		4/1/2026
	Safe Securities Inc.		Senior Secured	11.5%		4,637,389		4,500,647		4,500,647		9/1/2025
	Safe Securities Inc. Subtotal					5,580,161		5,429,991		5,429,991
	SF Insuretech, Inc.		Senior Secured	13.5%		1,977,343		1,685,632		1,685,632		5/1/2026
	SF Insuretech, Inc.		Senior Secured	11.8%		1,493,568		1,459,896		1,459,896		8/1/2024
	SF Insuretech, Inc. Subtotal					3,470,911		3,145,528		3,145,528
	Sonatus, Inc		Senior Secured	12.5%		113,288		111,443		111,443		9/1/2023
	Swiftly Systems, Inc.		Senior Secured	11.5%		1,410,627		1,377,172		1,377,172		1/1/2025
	Swiftly Systems, Inc.		Senior Secured	11.5%		2,408,839		2,237,868		2,237,868		10/1/2024
	Swiftly Systems, Inc. Subtotal					3,819,466		3,615,040		3,615,040
	Terragon, Inc. ** ^		Senior Secured	12.0%		198,741		176,767		176,767		5/1/2024
	Traction Apps, Inc. ** ^		Senior Secured	12.0%		750,000		723,322		723,322		12/1/2025
	Truthset, Inc.		Senior Secured	12.5%		326,739		274,328		225,636		9/1/2024
	UCM Digital Health, Inc.		Senior Secured	12.5%		1,597,359		1,479,116		1,479,116		4/1/2026
	Vesta Housing, Inc.		Senior Secured	11.8%		1,375,000		1,342,910		1,342,910		6/1/2026
	Vesta Housing, Inc.		Senior Secured	11.8%		1,375,000		1,285,863		1,285,863		6/1/2026
	Vesta Housing, Inc. Subtotal					2,750,000		2,628,773		2,628,773
	WorkRails, Inc.		Senior Secured	12.0%		455,117		397,034		47,012		*
	Workspot, Inc.		Senior Secured	12.0%		558,193		552,779		552,779		11/1/2023
	Workspot, Inc.		Senior Secured	12.0%		328,413		323,063		323,063		3/1/2024
	Workspot, Inc. Subtotal					886,606		875,842		875,842
Software Total		21.3%				$	55,392,935	$	52,584,064	$	52,182,456
Technology Services
	iLearningEngines Inc.		Senior Secured	11.5%		$	1,317,982	$	1,284,210	$	1,284,210	1/1/2025
	iLearningEngines Inc.		Senior Secured	11.5%		2,474,812		2,406,777		2,406,777		1/1/2026
	iLearningEngines Inc.		Senior Secured	11.5%		1,407,569		772,242		772,242		10/1/2024
	iLearningEngines Inc.		Senior Secured	11.5%		1,882,492		1,799,328		1,799,328		4/1/2025
	iLearningEngines Inc.		Senior Secured	11.5%		3,441,887		3,310,620		3,310,620		6/1/2024
	iLearningEngines Inc.		Senior Secured	11.5%		2,184,332		2,133,062		2,133,062		8/1/2025

13

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Cost		Fair Value (d)		Final Maturity Date
	iLearningEngines Inc. Subtotal					12,709,074		11,706,239		11,706,239
	Klar Holdings Limited ** ^		Senior Secured	12.0%		1,078,589		1,050,508		1,050,508		6/1/2024
	Klar Holdings Limited ** ^		Senior Secured	14.2%	4.0%	19,409		19,342		19,342		7/1/2023
	Klar Holdings Limited ** ^		Senior Secured	12.0%	3.0%	1,301,585		1,289,985		1,289,985		8/1/2024
	Klar Holdings Limited ** ^		Senior Secured	11.8%		4,367,940		4,155,894		4,155,894		8/1/2025
	Klar Holdings Limited Subtotal ** ^					6,767,523		6,515,729		6,515,729
	Loansnap Holdings Inc. **		Senior Secured	10.3%		3,982,300		3,844,263		2,937,017		*
Technology Services Total		8.7%				$	23,458,897	$	22,066,231	$	21,158,985
Wireless
	AirVine Scientific, Inc.		Senior Secured	10.8%		$	267,617	$	261,354	$	261,354	6/1/2024
	AirVine Scientific, Inc.		Senior Secured	10.8%		267,752		265,058		265,058		6/1/2024
	AirVine Scientific, Inc. Subtotal					535,369		526,412		526,412
	Juvo Mobile, Inc. **		Senior Secured	12.0%		1,500,000		1,416,751		1,416,751		7/1/2026
	MeshPlusPlus, Inc.		Senior Secured	12.5%		247,203		241,302		241,302		3/1/2024
	MeshPlusPlus, Inc.		Senior Secured	12.5%		108,204		107,103		107,103		6/1/2024
	MeshPlusPlus, Inc. Subtotal					355,407		348,405		348,405
Wireless Total		0.9%				$	2,390,776	$	2,291,568	$	2,291,568
	Grand Total	165.9%				$	469,453,021	$	440,674,148	$	406,252,272

	Percent of Net Assets	Cost		Fair Value
Cash Equivalents
First American Government Obligations Fund	4.3%	$	10,640,670	$	10,640,670
Total Cash Equivalents	4.3%	$	10,640,670	$	10,640,670

* As of June 30, 2023, loans with a cost basis of $70.2 million and a fair value of $38.5 million were classified as non-accrual. These loans have been accelerated from their original maturity and are due in their entirety. During the period for which these loans have been on non-accrual status, no interest income has been recognized.

**Indicates assets that the Fund deems “non-qualifying assets.” As of June 30, 2023, 14.6% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an “eligible portfolio company,” as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund's investments in all eligible portfolio companies, and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.

^ Entity is not domiciled in the United States and does not have its principal place of business in the United States.

(a) The percentage of net assets that each industry group represents is shown with the industry totals (the sum of the percentages does not equal 100% because the percentages are based on net assets as opposed to total loans).

(b) The interest rate is the designated annual interest rate exclusive of any original issue discount, fees or end of term payment.

(c) The end of term payments are contractually due on the maturity date and are in addition to the interest rate shown. End of term payments are the percentage of the final payment divided by the original loan amount and are amortized over the full term of the loan.

(d) There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.

    As of June 30, 2023, all loans were made to non-affiliates.

See notes to condensed financial statements (unaudited).

14

VENTURE LENDING & LEASING IX, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)

AS OF DECEMBER 31, 2022

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Cost		Fair Value (d)		Final Maturity Date
Biotechnology
	Calysta, Inc.		Senior Secured	11.8%		$	6,356,409	$	6,061,521	$	6,061,521	6/1/2025
	Driver Bioengineering, Inc.		Senior Secured	11.0%		55,584		54,428		54,428		4/1/2023
	Driver Bioengineering, Inc.		Senior Secured	11.0%		192,798		191,887		191,887		6/1/2023
	Driver Bioengineering, Inc. Subtotal					248,382		246,315		246,315
	Genomic Prediction, Inc.		Senior Secured	11.0%		843,236		804,598		804,598		1/1/2025
	GLO Pharma, Inc.		Senior Secured	10.5%		1,625,228		1,582,163		1,582,163		12/1/2024
	GLO Pharma, Inc.		Senior Secured	10.5%		2,436,610		2,397,362		2,397,362		12/1/2024
	GLO Pharma, Inc. Subtotal					4,061,838		3,979,525		3,979,525
	Quartzy, Inc.		Senior Secured	12.0%		202,740		196,508		196,508		8/1/2023
	Quartzy, Inc.		Senior Secured	12.0%		618,402		612,373		612,373		5/1/2024
	Quartzy, Inc.		Senior Secured	12.0%		684,617		677,177		677,177		7/1/2024
	Quartzy, Inc.		Senior Secured	11.0%		1,237,478		895,384		895,384		2/1/2026
	Quartzy, Inc.		Senior Secured	11.0%		1,237,779		1,166,087		1,166,087		5/1/2026
	Quartzy, Inc.		Senior Secured	11.0%		1,238,126		1,175,663		1,175,663		8/1/2026
	Quartzy, Inc.		Senior Secured	11.0%		1,238,420		1,171,479		1,171,479		10/1/2026
	Quartzy, Inc. Subtotal					6,457,562		5,894,671		5,894,671
	Ukko Inc. ** ^		Senior Secured	11.5%		3,500,000		3,255,446		3,255,446		5/1/2026
Biotechnology Total		7.6%				$	21,467,427	$	20,242,076	$	20,242,076
Computers & Storage
	Canary Connect, Inc.		Senior Secured	12.0%		$	4,250,186	$	4,154,761	$	4,154,761	3/1/2024
	Canary Connect, Inc.		Senior Secured	11.8%		14,831,521		14,240,717		14,240,717		3/1/2026
	Canary Connect, Inc.		Senior Secured	12.8%		283,712		282,621		282,621		3/1/2023
	Canary Connect, Inc.		Senior Secured	12.0%		1,062,957		1,051,985		1,051,985		3/1/2024
	Canary Connect, Inc. Subtotal					20,428,376		19,730,084		19,730,084
	Proto, Inc.		Senior Secured	12.5%		1,375,000		1,273,897		1,273,897		10/1/2025
	Proto, Inc.		Senior Secured	12.8%		1,375,000		1,374,999		1,374,999		10/1/2025
	Proto, Inc. Subtotal					2,750,000		2,648,896		2,648,896
Computers & Storage Total		8.3%				$	23,178,376	$	22,378,980	$	22,378,980
Enterprise Networking
	Diamanti, Inc.		Senior Secured	11.0%		$	5,932,984	$	4,584,616	$	3,549,308	*
Enterprise Networking Total		1.3%				$	5,932,984	$	4,584,616	$	3,549,308
Internet
	10club Pte Ltd. ** ^		Senior Secured	12.0%		$	1,343,394	$	1,015,257	$	1,015,257	8/1/2025
	10club Pte Ltd. ** ^		Senior Secured	12.0%		4,346,160		4,253,288		4,253,288		11/1/2025
	10club Pte Ltd. Subtotal ** ^					5,689,554		5,268,545		5,268,545
	Ainsly, Inc. ** ^		Senior Secured	12.5%		300,000		196,815		196,815		7/1/2025
	Ainsly, Inc. ** ^		Senior Secured	12.5%		82,401		79,368		79,368		9/1/2023
	Ainsly, Inc. ** ^		Senior Secured	12.5%		200,000		199,989		199,989		7/1/2025
	Ainsly, Inc. Subtotal ** ^					582,401		476,172		476,172
	D2C Store, Inc.		Senior Secured	10.0%		2,500,000		2,227,117		2,227,117		*
	Good Counsel, LLC		Senior Secured	12.3%		2,967,909		2,846,304		2,846,304		10/1/2025
	iZENEtech, Inc. ** ^		Senior Secured	12.3%		3,135,994		3,045,707		3,045,707		9/1/2024
	Kings Mountain I LLC		Senior Secured	11.5%		150,000		148,754		127,141		*
	Mantra Health, Inc.		Senior Secured	12.0%		314,382		299,761		299,761		6/1/2024

15

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Cost		Fair Value (d)		Final Maturity Date
	Merchbar, Inc.		Senior Secured	11.8%		56,203		55,817		55,817		3/1/2023
	Miami Labs, Inc.		Senior Secured	13.3%		7,500,000		6,976,522		6,976,522		5/1/2026
	OneLocal, Inc. ** ^		Senior Secured	12.0%		494,724		494,724		494,724		6/1/2025
	OneLocal, Inc. ** ^		Senior Secured	12.3%		465,894		458,470		458,470		3/1/2023
	OneLocal, Inc. ** ^		Senior Secured	12.0%		494,512		472,195		472,195		6/1/2025
	OneLocal, Inc. Subtotal ** ^					1,455,130		1,425,389		1,425,389
	Osix Corporation		Senior Secured	12.0%		3,459,398		3,348,354		3,348,354		8/1/2024
	Pixalate, Inc.		Senior Secured	12.5%		5,587,212		5,267,012		5,267,012		4/1/2025
	Quantcast Corp.		Senior Secured	12.0%		12,500,000		11,234,828		11,234,828		7/1/2026
	RenoFi, Inc.		Senior Secured	11.5%		1,484,485		1,458,080		1,458,080		9/1/2025
	RenoFi, Inc.		Senior Secured	12.0%		55,533		54,685		54,685		6/1/2023
	RenoFi, Inc.		Senior Secured	12.0%		431,434		425,024		425,024		12/1/2023
	RenoFi, Inc.		Senior Secured	12.0%		55,563		55,291		55,291		6/1/2023
	RenoFi, Inc.		Senior Secured	11.5%		1,484,187		1,345,616		1,345,616		7/1/2025
	RenoFi, Inc. Subtotal					3,511,202		3,338,696		3,338,696
	Residently USA, LLC ** ^		Senior Secured	12.0%		431,102		400,185		320,718		9/1/2024
	RetailerX, Inc.		Senior Secured	11.0%		1,979,965		1,873,685		1,873,685		11/1/2025
	RetailerX, Inc.		Senior Secured	11.0%		990,089		971,291		971,291		1/1/2026
	RetailerX, Inc.		Senior Secured	12.0%		1,745,995		1,697,891		1,697,891		2/1/2025
	RetailerX, Inc.		Senior Secured	12.0%		596,200		582,061		582,061		5/1/2024
	RetailerX, Inc.		Senior Secured	11.0%		990,481		968,946		968,946		4/1/2026
	RetailerX, Inc. Subtotal					6,302,730		6,093,874		6,093,874
	Serface Care, Inc.		Senior Secured	12.3%		597,411		349,785		14,176		*
	Starface World, Inc.		Senior Secured	11.3%		752,395		743,774		743,774		10/1/2024
	Starface World, Inc.		Senior Secured	11.3%		1,879,804		1,826,099		1,826,099		10/1/2024
	Starface World, Inc.		Senior Secured	12.0%		397,328		389,068		389,068		11/1/2023
	Starface World, Inc.		Senior Secured	12.0%		232,528		230,457		230,457		1/1/2024
	Starface World, Inc.		Senior Secured	11.3%		752,562		743,229		743,229		10/1/2024
	Starface World, Inc. Subtotal					4,014,617		3,932,627		3,932,627
	Stay Alfred, Inc.		Senior Secured	18.0%		4,921,822		3,408,326		193,603		*
	Usual Beverage Co.		Senior Secured	12.0%		1,666,208		1,610,419		533,065		5/1/2025
	Verishop, Inc.		Senior Secured	12.6%		1,931,034		1,910,712		1,910,712		12/1/2024
Internet Total		22.0%				$	69,274,309	$	63,664,906	$	58,936,140
Medical Devices
	3D Bio Holdings, Inc.		Senior Secured	11.5%		$	1,060,911	$	1,021,648	$	1,021,648	3/1/2024
	Ablacon, Inc.		Senior Secured	11.0%		279,146		278,538		278,538		3/1/2023
	Ablacon, Inc.		Senior Secured	11.0%		279,043		277,395		277,395		3/1/2023
	Ablacon, Inc. Subtotal					558,189		555,933		555,933
	Anutra Medical, Inc.		Senior Secured	12.0%		429,296		415,980		415,980		7/1/2024
	CytoVale, Inc.		Senior Secured	12.0%		2,476,222		2,426,487		2,426,487		11/1/2024
	Medrobotics Corporation, Inc.		Senior Secured	18.0%		10,000,000		8,895,103		—		*
	Norbert Health, Inc.		Senior Secured	12.3%		629,233		594,039		594,039		6/1/2024
	Serpex Medical Inc.		Senior Secured	11.0%		750,000		721,020		721,020		11/1/2025
	Siren Care, Inc.		Senior Secured	12.5%		728,293		717,693		717,693		10/1/2023
	Siren Care, Inc.		Senior Secured	12.5%		364,237		362,009		362,009		10/1/2023
	Siren Care, Inc. Subtotal					1,092,530		1,079,702		1,079,702
Medical Devices Total		2.5%				$	16,996,381	$	15,709,912	$	6,814,809
Other Healthcare
	Alchera Incorporated		Senior Secured	12.0%		$	1,397,573	$	1,362,332	$	1,362,332	4/1/2025
	Alchera Incorporated		Senior Secured	12.0%		990,359		923,380		923,380		7/1/2024
	Alchera Incorporated Subtotal					2,387,932		2,285,712		2,285,712
	Elysium Health, Inc.		Senior Secured	12.0%		5,616,843		5,251,563		5,251,563		2/1/2025
	GoForward, Inc.		Senior Secured	11.5%		1,959,766		1,938,067		1,938,067		6/1/2024
	GoForward, Inc.		Senior Secured	11.5%		2,042,690		1,999,322		1,999,322		9/1/2023

16

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Cost		Fair Value (d)		Final Maturity Date
	GoForward, Inc. Subtotal					4,002,456		3,937,389		3,937,389
	Grayce, Inc.		Senior Secured	11.8%		722,542		696,273		696,273		9/1/2024
	Grayce, Inc.		Senior Secured	14.0%		750,000		690,595		690,595		2/1/2026
	Grayce, Inc.		Senior Secured	11.8%		407,104		401,285		401,285		12/1/2024
	Grayce, Inc. Subtotal					1,879,646		1,788,153		1,788,153
	Hello Heart Inc.		Senior Secured	11.0%		1,252,118		1,207,571		1,207,571		6/1/2024
	Hello Heart Inc.		Senior Secured	11.0%		185,184		183,753		183,753		4/1/2023
	Hello Heart Inc.		Senior Secured	11.0%		296,095		294,518		294,518		11/1/2023
	Hello Heart Inc.		Senior Secured	11.0%		148,189		147,825		147,825		4/1/2023
	Hello Heart Inc.		Senior Secured	11.0%		1,977,263		1,957,180		1,957,180		6/1/2025
	Hello Heart Inc. Subtotal					3,858,849		3,790,847		3,790,847
	Honeybee Health, Inc.		Senior Secured	11.0%		2,051,029		1,911,036		1,911,036		9/1/2025
	HumanAPI, Inc.		Senior Secured	11.8%		1,382,323		1,337,820		1,337,820		8/1/2024
	HumanAPI, Inc.		Senior Secured	11.8%		352,506		349,409		349,409		7/1/2023
	HumanAPI, Inc.		Senior Secured	11.8%		873,565		858,329		858,329		2/1/2025
	HumanAPI, Inc.		Senior Secured	11.8%		2,500,000		2,342,812		2,342,812		8/1/2025
	HumanAPI, Inc. Subtotal					5,108,394		4,888,370		4,888,370
	Julie Products Inc.		Senior Secured	13.0%		1,000,000		919,339		919,339		9/1/2025
	KBS, Inc.		Senior Secured	14.0%		250,000		218,018		218,018		6/1/2026
	Minded, Inc.		Senior Secured	10.5%		1,500,000		1,428,639		1,428,639		12/1/2025
	Minded, Inc.		Senior Secured	12.0%		1,627,909		1,570,511		1,570,511		12/1/2024
	Minded, Inc. Subtotal					3,127,909		2,999,150		2,999,150
	Open Inc.		Senior Secured	13.5%		500,000		462,685		462,685		3/1/2026
	Oula Health, Inc.		Senior Secured	12.0%		373,847		363,475		363,475		2/1/2024
	Oula Health, Inc.		Senior Secured	12.0%		231,128		228,587		228,587		7/1/2024
	Oula Health, Inc. Subtotal					604,975		592,062		592,062
	PrecisionOS Technology Inc. ** ^		Senior Secured	12.0%		1,000,000		942,838		942,838		7/1/2025
	Therapydia, Inc.		Senior Secured	12.0%		494,595		484,962		484,962		4/1/2026
	Therapydia, Inc.		Senior Secured	12.0%		399,320		365,747		365,747		4/1/2025
	Therapydia, Inc.		Senior Secured	12.0%	1.7%	14,158		14,030		14,030		3/1/2023
	Therapydia, Inc.		Senior Secured	12.0%		471,346		462,125		462,125		10/1/2025
	Therapydia, Inc.		Senior Secured	12.5%	1.7%	25,788		25,788		25,788		6/1/2023
	Therapydia, Inc.		Senior Secured	12.0%		494,407		486,012		486,012		1/1/2026
	Therapydia, Inc. Subtotal					1,899,614		1,838,664		1,838,664
	Tia, Inc.		Senior Secured	11.8%		1,805,010		1,786,559		1,786,559		9/1/2024
	Tia, Inc.		Senior Secured	11.8%		1,191,146		1,126,396		1,126,396		5/1/2024
	Tia, Inc. Subtotal					2,996,156		2,912,955		2,912,955
	Vessel Health, Inc.		Senior Secured	12.0%		748,525		660,408		660,408		12/1/2024
	Yes Health, Inc.		Senior Secured	12.0%		1,773,262		1,705,392		251,280		*
	Yuva Biosciences, Inc.		Senior Secured	13.3%		250,000		213,070		213,070		5/1/2026
Other Healthcare Total		13.4%				$	39,055,590	$	37,317,651	$	35,863,539
Other Technology
	8i Corporation		Senior Secured	12.0%		$	647,228	$	632,901	$	632,901	12/1/2023
	Aclima, Inc.		Senior Secured	12.0%		726,279		697,474		697,474		10/1/2023
	Airspeed, Inc.		Senior Secured	11.0%		625,000		573,721		573,721		1/1/2026
	Antitoxin Technologies Inc. ** ^		Senior Secured	11.5%		954,388		739,934		696,648		*
	ATeam Army, Inc.		Senior Secured	12.0%		186,965		185,327		185,327		4/1/2023
	Azumo, Inc.		Senior Secured	12.8%		1,500,000		1,351,813		1,351,813		1/1/2026
	Bankroll Club, LLC		Senior Secured	12.0%		1,397,393		1,267,617		1,267,617		4/1/2025
	Bankroll Club, LLC		Senior Secured	12.0%		1,397,850		1,397,850		1,397,850		4/1/2025
	Bankroll Club, LLC		Senior Secured	13.3%		1,000,000		849,655		849,655		1/1/2026
	Bankroll Club, LLC Subtotal					3,795,243		3,515,122		3,515,122
	Beautiful Beanfields, Inc.		Senior Secured	6.0%		275,000		263,574		263,574		*

17

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal	Cost	Fair Value (d)	Final Maturity Date
	BloomTech Inc.		Senior Secured	11.3%		1,281,243	1,264,684	1,264,684	7/1/2023
	BloomTech Inc.		Senior Secured	11.3%		728,813	728,813	728,813	8/1/2023
	BloomTech Inc. Subtotal					2,010,056	1,993,497	1,993,497
	Brave Care Technologies, Inc.		Senior Secured	12.0%		1,625,970	1,558,480	1,558,480	9/1/2024
	Brightside Benefit, Inc.		Senior Secured	12.4%		97,039	96,855	96,855	3/1/2023
	Bryte, Inc.		Senior Secured	10.0%		2,330,512	2,225,943	2,225,943	4/1/2025
	BW Industries, Inc.		Senior Secured	11.8%		408,466	406,837	406,837	6/1/2023
	BW Industries, Inc.		Senior Secured	11.8%		342,089	336,699	336,699	5/1/2023
	BW Industries, Inc. Subtotal					750,555	743,536	743,536
	Candy Club Holdings, Inc. **		Senior Secured	12.0%		2,400,760	2,400,760	2,400,760	5/1/2025
	Candy Club Holdings, Inc. **		Senior Secured	12.0%		3,765,977	3,272,705	2,123,781	10/1/2024
	Candy Club Holdings, Inc. Subtotal **					6,166,737	5,673,465	4,524,541
	Ceres Imaging, Inc.		Senior Secured	12.0%		1,732,319	1,683,957	1,683,957	4/1/2026
	Ceres Imaging, Inc.		Senior Secured	12.0%		1,863,377	1,757,413	1,757,413	4/1/2025
	Ceres Imaging, Inc. Subtotal					3,595,696	3,441,370	3,441,370
	Content Adjacent, Inc.		Senior Secured	12.0%		314,393	314,393	314,393	6/1/2024
	Content Adjacent, Inc.		Senior Secured	12.0%		1,256,277	1,233,403	1,233,403	6/1/2024
	Content Adjacent, Inc. Subtotal					1,570,670	1,547,796	1,547,796
	Copia Global Inc. ** ^		Senior Secured	12.0%		3,750,000	3,562,948	3,562,948	1/1/2026
	Copia Global Inc. ** ^		Senior Secured	12.0%		3,750,000	3,668,490	3,668,490	7/1/2026
	Copia Global Inc. Subtotal ** ^					7,500,000	7,231,438	7,231,438
	CornerUp, Inc.		Senior Secured	15.0%		250,000	242,058	242,058	4/1/2026
	CornerUp, Inc.		Senior Secured	15.0%		250,000	195,438	195,438	3/1/2026
	CornerUp, Inc. Subtotal					500,000	437,496	437,496
	Creoate Limited ** ^		Senior Secured	14.0%		250,000	243,708	243,708	3/1/2026
	Creoate Limited ** ^		Senior Secured	11.8%		750,000	700,244	700,244	12/1/2025
	Creoate Limited Subtotal ** ^					1,000,000	943,952	943,952
	Daybase, Inc.		Senior Secured	11.0%		2,003,671	1,872,449	860,527	*
	EasyKnock, Inc.		Senior Secured	11.5%		2,500,000	2,401,465	2,401,465	5/1/2026
	EasyKnock, Inc.		Senior Secured	11.5%		2,500,000	2,208,354	2,208,354	10/1/2025
	EasyKnock, Inc.		Senior Secured	11.5%		2,500,000	2,419,705	2,419,705	12/1/2025
	EasyKnock, Inc. Subtotal					7,500,000	7,029,524	7,029,524
	Eguana Technologies, Inc. ** ^		Senior Secured	12.0%		2,330,427	2,138,280	2,138,280	4/1/2025
	Eguana Technologies, Inc. ** ^		Senior Secured	12.0%		2,474,224	2,398,209	2,398,209	8/1/2025
	Eguana Technologies, Inc. Subtotal ** ^					4,804,651	4,536,489	4,536,489
	Fakespot, Inc.		Senior Secured	12.0%		345,688	324,881	146,499	8/1/2024
	Fakespot, Inc.		Senior Secured	12.0%		691,732	684,215	308,534	8/1/2024
	Fakespot, Inc. Subtotal					1,037,420	1,009,096	455,033
	Fanimal, Inc.		Senior Secured	11.8%		375,000	364,471	364,471	7/1/2026
	Fanimal, Inc.		Senior Secured	11.8%		250,000	212,293	212,293	2/1/2026
	Fanimal, Inc. Subtotal					625,000	576,764	576,764
	Fitplan, Inc. ** ^		Senior Secured	12.5%		505,434	455,724	455,724	11/1/2023
	Flo Water, Inc.		Senior Secured	11.8%		737,971	724,862	724,862	12/1/2023
	Hadrian Automation, Inc.		Senior Secured	11.5%		2,401,342	2,326,013	2,326,013	2/1/2025
	Heading Health Inc.		Senior Secured	13.5%		750,000	646,431	394,851	2/1/2026
	Heading Health Inc.		Senior Secured	12.5%		407,644	374,703	228,875	12/1/2024
	Heading Health Inc. Subtotal					1,157,644	1,021,134	623,726
	Higher Ground Education, Inc.		Senior Secured	12.5%		86,147	85,879	85,879	5/1/2023
	Higher Ground Education, Inc.		Senior Secured	12.5%		5,936,721	5,758,016	5,758,016	6/1/2025

18

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal	Cost	Fair Value (d)	Final Maturity Date
	Higher Ground Education, Inc.		Senior Secured	12.5%		207,813	207,283	207,283	4/1/2023
	Higher Ground Education, Inc.		Senior Secured	12.5%		135,718	135,102	135,102	8/1/2023
	Higher Ground Education, Inc.		Senior Secured	12.5%		3,748,206	3,644,473	3,644,473	2/1/2025
	Higher Ground Education, Inc.		Senior Secured	12.5%		87,938	87,636	87,636	1/1/2023
	Higher Ground Education, Inc. Subtotal					10,202,543	9,918,389	9,918,389
	Hint, Inc.		Senior Secured	12.0%		7,416,998	6,314,514	6,314,514	5/1/2025
	Hint, Inc.		Senior Secured	12.0%		1,216,016	1,187,962	1,187,962	6/1/2023
	Hint, Inc. Subtotal					8,633,014	7,502,476	7,502,476
	Holo, Inc.		Senior Secured	13.5%		1,000,000	890,813	890,813	12/1/2025
	Hyphen Technologies, Inc.		Senior Secured	11.5%		3,000,000	2,832,916	2,832,916	3/1/2026
	Hyphen Technologies, Inc.		Senior Secured	12.0%		1,651,089	1,590,761	1,590,761	7/1/2024
	Hyphen Technologies, Inc. Subtotal					4,651,089	4,423,677	4,423,677
	Intergalactic Foods Corporation		Senior Secured	12.0%		421,944	405,826	405,826	1/1/2025
	Intuition Robotics, Inc. ** ^		Senior Secured	12.0%		2,500,000	2,386,311	2,386,311	11/1/2025
	Invert Robotics Group, Ltd. ** ^		Senior Secured	13.0%		1,689,662	1,578,314	1,578,314	1/1/2025
	Jiko Group, Inc.		Senior Secured	12.0%		777,818	769,951	769,951	6/1/2023
	Joy Memories, Inc		Senior Secured	12.0%		1,500,000	1,351,073	1,351,073	12/1/2025
	Kinoo, Inc.		Senior Secured	11.5%		843,595	807,624	807,624	1/1/2025
	Lacuna Technologies, Inc.		Senior Secured	12.0%		2,473,956	2,422,050	2,422,050	1/1/2026
	Lacuna Technologies, Inc.		Senior Secured	12.0%		1,440,513	1,358,490	1,358,490	5/1/2025
	Lacuna Technologies, Inc. Subtotal					3,914,469	3,780,540	3,780,540
	LendTable Inc.		Senior Secured	13.5%		2,000,000	1,863,125	1,863,125	3/1/2026
	Level Home, Inc.		Senior Secured	11.8%		8,732,857	8,645,023	8,645,023	2/1/2025
	Level Home, Inc.		Senior Secured	11.8%		9,599,111	9,226,924	9,226,924	5/1/2025
	Level Home, Inc. Subtotal					18,331,968	17,871,947	17,871,947
	Literati, Inc.		Senior Secured	11.3%		2,475,323	2,430,878	2,430,878	9/1/2025
	Literati, Inc.		Senior Secured	11.3%		4,949,071	4,677,972	4,677,972	9/1/2025
	Literati, Inc. Subtotal					7,424,394	7,108,850	7,108,850
	Logistech Solutions Pte. Ltd. ** ^		Senior Secured	11.5%		500,000	397,719	397,719	12/1/2025
	MASC Inc.		Senior Secured	12.0%		361,462	329,755	329,755	9/1/2024
	Mavenform, Inc.		Senior Secured	11.0%		1,484,926	1,434,700	1,434,700	7/1/2025
	Mavenform, Inc.		Senior Secured	11.5%		494,366	488,175	488,175	6/1/2025
	Mavenform, Inc.		Senior Secured	11.0%		495,110	486,960	486,960	10/1/2025
	Mavenform, Inc.		Senior Secured	11.5%		627,169	610,526	610,526	6/1/2024
	Mavenform, Inc. Subtotal					3,101,571	3,020,361	3,020,361
	Merlin Labs, Inc.		Senior Secured	11.0%		2,540,327	2,448,186	2,448,186	6/1/2025
	Merlin Labs, Inc.		Senior Secured	11.0%		9,392	9,381	9,381	1/1/2023
	Merlin Labs, Inc. Subtotal					2,549,719	2,457,567	2,457,567
	MinoMonsters, Inc. ** ^		Senior Secured	11.5%		1,881,787	1,840,806	1,840,806	10/1/2024
	Momentus, Inc. **		Senior Secured	12.0%		15,132,503	14,878,285	14,878,285	2/1/2024
	Natomas Labs, Inc.		Senior Secured	12.3%		6,271,270	5,946,356	5,946,356	3/1/2025
	NewGlobe Education, Inc. ** ^		Senior Secured	12.5%		3,193,223	3,153,211	3,153,211	12/1/2023
	Noteleaf, Inc.		Senior Secured	18.0%		2,277,124	1,861,011	—	*
	Nue Life Health, Inc.		Senior Secured	11.5%		1,500,000	1,377,534	1,377,534	9/1/2025
	Ocho Holdings Co.		Senior Secured	11.3%		406,735	388,544	388,544	12/1/2024
	Ocho Holdings Co.		Senior Secured	11.3%		406,912	400,736	400,736	12/1/2024
	Ocho Holdings Co. Subtotal					813,647	789,280	789,280
	OnePointOne, Inc.		Senior Secured	12.0%		997,248	986,678	986,678	2/1/2024

19

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal	Cost	Fair Value (d)	Final Maturity Date
	OnePointOne, Inc.		Senior Secured	12.0%		996,718	965,040	965,040	2/1/2024
	OnePointOne, Inc. Subtotal					1,993,966	1,951,718	1,951,718
	Opya, Inc.		Senior Secured	12.0%		243,427	239,713	239,713	11/1/2023
	Percepto, Inc.		Senior Secured	12.2%		80,187	79,373	79,373	4/1/2023
	Phase Four, Inc.		Senior Secured	11.5%		1,220,518	1,171,490	1,171,490	12/1/2024
	Phase Four, Inc.		Senior Secured	11.5%		989,775	969,943	969,943	8/1/2025
	Phase Four, Inc. Subtotal					2,210,293	2,141,433	2,141,433
	Plant Prefab, Inc.		Senior Secured	12.4%		1,500,000	1,378,411	1,378,411	12/1/2025
	Plant Prefab, Inc.		Senior Secured	11.0%		2,069,449	1,988,919	1,988,919	8/1/2024
	Plant Prefab, Inc.		Senior Secured	11.0%		1,565,882	1,542,993	1,542,993	11/1/2024
	Plant Prefab, Inc. Subtotal					5,135,331	4,910,323	4,910,323
	PlantBaby, inc.		Senior Secured	12.0%		125,000	121,177	121,177	10/1/2025
	PlantBaby, inc.		Senior Secured	12.0%		242,794	222,830	222,830	5/1/2025
	PlantBaby, inc.		Senior Secured	13.8%		125,000	104,878	104,878	1/1/2026
	PlantBaby, inc.		Senior Secured	12.0%		125,000	121,698	121,698	7/1/2025
	PlantBaby, inc. Subtotal					617,794	570,583	570,583
	Platform Science, Inc.		Senior Secured	11.5%		1,447,334	1,425,026	1,425,026	10/1/2023
	Platform Science, Inc.		Senior Secured	12.5%		5,000,000	4,559,118	4,559,118	2/1/2026
	Platform Science, Inc.		Senior Secured	12.5%		5,000,000	4,891,547	4,891,547	3/1/2026
	Platform Science, Inc. Subtotal					11,447,334	10,875,691	10,875,691
	Privoro Holdings, Inc.		Senior Secured	12.0%		1,040,167	1,010,867	1,010,867	4/1/2024
	Reali Inc.		Senior Secured	12.5%		11,581,268	8,839,665	361,239	*
	Rise Gardens, Inc.		Senior Secured	11.8%		1,000,000	953,319	953,319	11/1/2025
	Romaine Empire, Inc.		Senior Secured	13.5%		2,955,000	2,880,629	2,880,629	12/1/2026
	Romaine Empire, Inc.		Senior Secured	12.3%		1,744,683	1,720,818	1,720,818	9/1/2023
	Romaine Empire, Inc.		Senior Secured	12.0%		2,969,338	2,685,839	2,685,839	12/1/2026
	Romaine Empire, Inc. Subtotal					7,669,021	7,287,286	7,287,286
	Saltbox, Inc.		Senior Secured	12.3%		95,429	94,606	94,606	6/1/2023
	Setex Technologies, Inc.		Senior Secured	12.3%		865,086	808,766	808,766	8/1/2024
	SISU Aesthetics Clinic, Inc. ** ^		Senior Secured	13.5%		1,000,000	943,143	943,143	4/1/2026
	SMS OPCO LLC		Senior Secured	8.0%		29,942	11,192	11,192	*
	Supplant, Inc. ** ^		Senior Secured	13.0%		2,000,000	1,869,114	1,869,114	7/1/2026
	Sustainable Living Partners, LLC		Senior Secured	12.5%		1,262,870	1,222,074	1,222,074	8/1/2023
	Sustainable Living Partners, LLC		Senior Secured	12.5%		2,472,784	2,472,784	2,472,784	7/1/2026
	Sustainable Living Partners, LLC		Senior Secured	12.5%		9,191,405	8,382,963	8,382,963	9/1/2025
	Sustainable Living Partners, LLC Subtotal					12,927,059	12,077,821	12,077,821
	The Farm Project, PBC.		Senior Secured	12.0%		3,679,645	3,546,677	3,546,677	1/1/2025
	The Safe and Fair Food Company LLC		Senior Secured	12.3%		1,667,276	1,544,749	1,544,749	9/1/2024
	TheSquareFoot, Inc.		Senior Secured	12.8%		250,000	138,378	39,862	12/1/2025
	TheSquareFoot, Inc.		Senior Secured	14.3%		300,000	244,797	70,517	2/1/2026
	TheSquareFoot, Inc. Subtotal					550,000	383,175	110,379
	Titan Health & Security Technologies, Inc.		Senior Secured	12.0%		1,500,000	1,430,281	1,430,281	8/1/2025
	TLNT Inc.		Senior Secured	14.8%		125,000	121,302	121,302	4/1/2026
	TLNT Inc.		Senior Secured	14.3%		375,000	324,556	324,556	4/1/2026
	TLNT Inc. Subtotal					500,000	445,858	445,858
	TomoCredit, Inc.		Senior Secured	12.5%		197,707	192,406	192,406	9/1/2023
	TomoCredit, Inc.		Senior Secured	12.5%		131,867	131,867	131,867	9/1/2023
	TomoCredit, Inc. Subtotal					329,574	324,273	324,273
	Umbra Lab, Inc.		Senior Secured	13.5%		5,000,000	4,769,605	4,769,605	4/1/2026
	Umbra Lab, Inc.		Senior Secured	12.0%		3,143,048	3,076,889	3,076,889	6/1/2024
	Umbra Lab, Inc.		Senior Secured	12.0%		3,141,904	3,083,612	3,083,612	6/1/2024

20

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Cost		Fair Value (d)		Final Maturity Date
	Umbra Lab, Inc. Subtotal					11,284,952		10,930,106		10,930,106
	Veev Group, Inc.		Senior Secured	12.5%		278,723		272,406		272,406		6/1/2023
	Veev Group, Inc.		Senior Secured	12.5%		16,287,975		15,866,472		15,866,472		12/1/2024
	Veev Group, Inc.		Senior Secured	12.5%		836,345		833,200		833,200		6/1/2023
	Veev Group, Inc. Subtotal					17,403,043		16,972,078		16,972,078
	Velo Holdings Limited		Senior Secured	12.0%		2,471,720		1,659,035		1,265,212		*
	Virtuix Holdings, Inc.		Senior Secured	12.3%		500,000		483,684		483,684		9/1/2025
	Wellth, Inc.		Senior Secured	12.0%		699,306		681,593		681,593		4/1/2025
	Wellth, Inc.		Senior Secured	12.0%		1,165,344		1,086,700		1,086,700		4/1/2025
	Wellth, Inc. Subtotal					1,864,650		1,768,293		1,768,293
	Wheels Labs, Inc.		Senior Secured	12.0%		1,000,000		920,675		920,675		*
	World Wrapps II, Inc.		Senior Secured	12.0%		314,154		271,958		271,958		6/1/2024
	World Wrapps II, Inc.		Senior Secured	12.0%		314,176		314,176		314,176		6/1/2024
	World Wrapps II, Inc.		Senior Secured	12.0%		314,543		314,543		314,543		6/1/2024
	World Wrapps II, Inc. Subtotal					942,873		900,677		900,677
	Zeno Technologies, Inc.		Senior Secured	10.0%		250,000		226,764		226,764		7/1/2025
	Zeno Technologies, Inc.		Senior Secured	10.0%		250,000		249,997		249,997		7/1/2025
	Zeno Technologies, Inc. Subtotal					500,000		476,761		476,761
	Zimeno Inc.		Senior Secured	11.5%		6,250,000		5,836,685		5,836,685		1/1/2026
Other Technology Total		88.8%				$	268,483,310	$	252,404,170	$	238,242,511
Security
	Axiado Corporation		Senior Secured	10.5%		$	2,000,000	$	1,992,417	$	1,992,417	10/1/2025
	Axiado Corporation		Senior Secured	10.5%		2,000,000		1,829,889		1,829,889		10/1/2025
	Axiado Corporation Subtotal					4,000,000		3,822,306		3,822,306
	Lassen Peak, Inc.		Senior Secured	11.0%		258,755		248,385		248,385		8/1/2024
	Popily, Inc.		Senior Secured	12.5%		1,998,517		1,559,439		1,107,863		*
Security Total		1.9%				$	6,257,272	$	5,630,130	$	5,178,554
Software
	Afero, Inc.		Senior Secured	12.3%		$	1,164,271	$	1,106,366	$	1,106,366	1/1/2024
	Amino, Inc.		Senior Secured	11.5%		1,978,917		1,954,128		1,954,128		6/1/2026
	Amino, Inc.		Senior Secured	11.5%		2,276,622		2,221,871		2,221,871		11/1/2025
	Amino, Inc.		Senior Secured	11.5%		1,978,855		1,958,430		1,958,430		7/1/2025
	Amino, Inc.		Senior Secured	11.5%		7,858,513		7,618,373		7,618,373		2/1/2025
	Amino, Inc. Subtotal					14,092,907		13,752,802		13,752,802
	BackboneAI Inc.		Senior Secured	12.3%		111,368		110,777		77,775		6/1/2023
	BackboneAI Inc.		Senior Secured	12.3%		298,612		295,145		207,218		5/1/2024
	BackboneAI Inc.		Senior Secured	12.3%		111,314		108,000		75,825		6/1/2023
	BackboneAI Inc. Subtotal					521,294		513,922		360,818
	Big Run Studios, Inc.		Senior Secured	11.5%		1,381,360		1,333,489		1,333,489		8/1/2024
	Big Run Studios, Inc.		Senior Secured	11.5%		813,707		802,879		802,879		12/1/2024
	Big Run Studios, Inc. Subtotal					2,195,067		2,136,368		2,136,368
	Bizly, Inc.		Senior Secured	11.5%		346,095		317,649		317,649		6/1/2025
	Bizly, Inc.		Senior Secured	11.5%		296,778		293,099		293,099		6/1/2025
	Bizly, Inc.		Senior Secured	11.5%		989,703		969,116		969,116		6/1/2025
	Bizly, Inc. Subtotal					1,632,576		1,579,864		1,579,864
	BlueCart, Inc.		Senior Secured	12.5%		1,500,000		1,385,567		1,385,567		2/1/2026
	Canopy Technology Corp.		Senior Secured	13.5%		1,500,000		1,389,140		1,389,140		11/1/2025
	Chowbus, Inc.		Senior Secured	12.0%		4,113,695		3,620,527		3,620,527		3/1/2025
	Clarified Inc.		Senior Secured	12.0%		728,381		672,611		672,611		5/1/2025
	Common Sun, Inc		Senior Secured	11.0%		1,500,000		1,401,177		1,401,177		7/1/2026
	Common Sun, Inc		Senior Secured	11.0%		500,000		498,014		498,014		1/1/2027

21

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal	Cost	Fair Value (d)	Final Maturity Date
	Common Sun, Inc Subtotal					2,000,000	1,899,191	1,899,191
	Eskalera, Inc.		Senior Secured	10.5%		111,075	110,615	110,615	3/1/2023
	Eskalera, Inc.		Senior Secured	12.0%		1,484,374	1,390,192	1,390,192	2/1/2026
	Eskalera, Inc. Subtotal					1,595,449	1,500,807	1,500,807
	Form Remodel, Inc.		Senior Secured	11.0%		500,000	489,268	489,268	6/1/2026
	Form Remodel, Inc.		Senior Secured	11.0%		500,000	490,717	490,717	2/1/2026
	Form Remodel, Inc.		Senior Secured	11.0%		500,000	446,957	446,957	12/1/2025
	Form Remodel, Inc. Subtotal					1,500,000	1,426,942	1,426,942
	FutureProof Technologies, Inc.		Senior Secured	13.5%		1,000,000	909,297	909,297	6/1/2026
	Grokker, Inc.		Senior Secured	11.5%		772,968	750,197	750,197	3/1/2025
	Grokker, Inc.		Senior Secured	11.5%		500,000	481,822	481,822	4/1/2026
	Grokker, Inc. Subtotal					1,272,968	1,232,019	1,232,019
	HaystacksAI, Inc.		Senior Secured	11.0%		500,000	499,542	499,542	1/1/2026
	HaystacksAI, Inc.		Senior Secured	11.0%		500,000	458,276	458,276	1/1/2026
	HaystacksAI, Inc. Subtotal					1,000,000	957,818	957,818
	Hoken Holdings Inc.		Senior Secured	13.0%		625,000	541,825	541,825	5/1/2026
	ICX Media, Inc.		Senior Secured	18.0%		712,318	554,085	538,868	*
	Journey Builders, Inc.		Senior Secured	11.0%		500,000	499,992	499,992	1/1/2026
	Journey Builders, Inc.		Senior Secured	11.0%		500,000	460,087	460,087	1/1/2026
	Journey Builders, Inc. Subtotal					1,000,000	960,079	960,079
	Ketch Kloud, Inc.		Senior Secured	13.0%		7,000,000	6,613,376	6,613,376	10/1/2026
	Medable, Inc.		Senior Secured	12.0%		75,514	75,399	75,399	2/1/2023
	Medable, Inc.		Senior Secured	12.0%		151,008	150,084	150,084	2/1/2023
	Medable, Inc. Subtotal					226,522	225,483	225,483
	Ocurate, Inc.		Senior Secured	11.5%		500,000	490,615	490,615	10/1/2025
	Ocurate, Inc.		Senior Secured	11.5%		500,000	472,319	472,319	10/1/2025
	Ocurate, Inc. Subtotal					1,000,000	962,934	962,934
	Overalls, Inc.		Senior Secured	13.5%		500,000	450,282	450,282	4/1/2026
	Parkoursc, Inc.		Senior Secured	12.0%		405,476	398,511	398,511	8/1/2023
	Parkoursc, Inc.		Senior Secured	12.0%		499,608	495,497	495,497	9/1/2024
	Parkoursc, Inc. Subtotal					905,084	894,008	894,008
	Ratio Technologies, Inc.		Senior Secured	11.0%		200,000	153,702	153,702	1/1/2027
	Ratio Technologies, Inc.		Senior Secured	11.0%		1,322,000	1,295,466	1,295,466	1/1/2027
	Ratio Technologies, Inc.		Senior Secured	11.0%		478,000	468,276	468,276	1/1/2027
	Ratio Technologies, Inc. Subtotal					2,000,000	1,917,444	1,917,444
	Safe Securities Inc.		Senior Secured	11.5%		5,515,552	5,320,842	5,320,842	9/1/2025
	Safe Securities Inc.		Senior Secured	11.5%		989,678	972,066	972,066	4/1/2026
	Safe Securities Inc.		Senior Secured	12.0%		37,760	37,500	37,500	2/1/2023
	Safe Securities Inc. Subtotal					6,542,990	6,330,408	6,330,408
	SF Insuretech, Inc.		Senior Secured	11.8%		2,073,872	2,009,454	2,009,454	8/1/2024
	Sonatus, Inc		Senior Secured	12.5%		329,568	316,500	316,500	9/1/2023
	StayTuned Digital, Inc.		Senior Secured	12.0%		1,732,432	1,720,017	1,720,017	2/1/2026
	StayTuned Digital, Inc.		Senior Secured	12.0%		266,300	264,747	264,747	10/1/2025
	StayTuned Digital, Inc.		Senior Secured	12.0%		865,654	864,555	864,555	8/1/2025
	StayTuned Digital, Inc.		Senior Secured	12.0%		241,605	215,760	215,760	1/1/2025
	StayTuned Digital, Inc.		Senior Secured	12.0%		1,310,443	1,304,538	1,304,538	2/1/2025
	StayTuned Digital, Inc.		Senior Secured	12.0%		98,904	98,395	98,395	6/1/2025
	StayTuned Digital, Inc. Subtotal					4,515,338	4,468,012	4,468,012
	Swiftly Systems, Inc.		Senior Secured	11.5%		1,805,537	1,750,676	1,750,676	1/1/2025
	Swiftly Systems, Inc.		Senior Secured	11.5%		3,221,507	2,920,300	2,920,300	10/1/2024
	Swiftly Systems, Inc. Subtotal					5,027,044	4,670,976	4,670,976
	Terragon, Inc. ** ^		Senior Secured	12.0%		298,319	251,147	251,147	5/1/2024
	Traction Apps, Inc. ** ^		Senior Secured	12.0%		750,000	714,536	714,536	12/1/2025
	Truthset, Inc.		Senior Secured	10.5%		336,131	321,851	273,159	1/1/2024

22

Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Cost		Fair Value (d)		Final Maturity Date
	UCM Digital Health, Inc.		Senior Secured	12.0%		865,885		846,312		846,312		10/1/2025
	UCM Digital Health, Inc.		Senior Secured	12.0%		840,485		785,510		785,510		5/1/2025
	UCM Digital Health, Inc. Subtotal					1,706,370		1,631,822		1,631,822
	Vesta Housing, Inc.		Senior Secured	11.8%		1,375,000		1,334,142		1,334,142		6/1/2026
	Vesta Housing, Inc.		Senior Secured	11.8%		1,375,000		1,262,090		1,262,090		6/1/2026
	Vesta Housing, Inc. Subtotal					2,750,000		2,596,232		2,596,232
	WorkRails, Inc.		Senior Secured	12.0%		455,117		424,340		60,837		*
	Workspot, Inc.		Senior Secured	12.0%		1,192,381		1,169,628		1,169,628		11/1/2023
	Workspot, Inc.		Senior Secured	12.0%		531,573		517,946		517,946		3/1/2024
	Workspot, Inc. Subtotal					1,723,954		1,687,574		1,687,574
Software Total		26.9%				$	76,294,235	$	72,625,609	$	72,045,093
Technology Services
	iLearningEngines Inc.		Senior Secured	11.5%		$	5,020,622	$	4,746,723	$	4,746,723	6/1/2024
	iLearningEngines Inc.		Senior Secured	11.5%		1,882,439		872,280		872,280		10/1/2024
	iLearningEngines Inc.		Senior Secured	11.5%		2,475,333		2,401,673		2,401,673		8/1/2025
	iLearningEngines Inc.		Senior Secured	11.5%		1,686,955		1,631,596		1,631,596		1/1/2025
	iLearningEngines Inc.		Senior Secured	11.5%		2,330,963		2,203,387		2,203,387		4/1/2025
	iLearningEngines Inc. Subtotal					13,396,312		11,855,659		11,855,659
	Klar Holdings Limited ** ^		Senior Secured	12.0%	3.0%	1,772,503		1,750,934		1,750,934		8/1/2024
	Klar Holdings Limited ** ^		Senior Secured	11.8%		4,948,064		4,644,823		4,644,823		8/1/2025
	Klar Holdings Limited ** ^		Senior Secured	14.2%	4.0%	73,594		72,510		72,510		7/1/2023
	Klar Holdings Limited ** ^		Senior Secured	12.0%		1,571,468		1,512,748		1,512,748		6/1/2024
	Klar Holdings Limited Subtotal ** ^					8,365,629		7,981,015		7,981,015
	Loansnap Holdings Inc. **		Senior Secured	11.0%		313,240		261,551		197,068		6/1/2023
	Loansnap Holdings Inc. **		Senior Secured	10.3%		3,669,060		3,418,324		2,575,562		5/1/2025
	Loansnap Holdings Inc. Subtotal **					3,982,300		3,679,875		2,772,630
	Zanbato, Inc.		Senior Secured	11.0%		1,140,600		1,129,359		1,129,359		9/1/2023
Technology Services Total		8.9%				$	26,884,841	$	24,645,908	$	23,738,663
Wireless
	AirVine Scientific, Inc.		Senior Secured	10.8%		$	391,060	$	377,901	$	377,901	6/1/2024
	AirVine Scientific, Inc.		Senior Secured	10.8%		391,258		385,574		385,574		6/1/2024
	AirVine Scientific, Inc. Subtotal					782,318		763,475		763,475
	Juvo Mobile, Inc. **		Senior Secured	12.0%		1,500,000		1,398,672		1,398,672		7/1/2026
	MeshPlusPlus, Inc.		Senior Secured	12.5%		399,651		384,690		384,690		3/1/2024
	MeshPlusPlus, Inc.		Senior Secured	12.5%		157,465		155,155		155,155		6/1/2024
	MeshPlusPlus, Inc. Subtotal					557,116		539,845		539,845
Wireless Total		1.0%				$	2,839,434	$	2,701,992	$	2,701,992
	Grand Total Loans	182.6%				$	556,664,159	$	521,905,950	$	489,691,665

	Percent of Net Assets	Cost		Fair Value
Cash Equivalents
First American Government Obligations	2.5%	$	6,754,823	$	6,754,823
Total Cash Equivalents	2.5%	$	6,754,823	$	6,754,823

23

*As of December 31, 2022, loans with a cost basis of $40.0 million and a fair value of $12.4 million were classified as non-accrual. These loans have been accelerated from their original maturity and are due in their entirety. During the period for which these loans have been on non-accrual status, no interest income has been recognized.

**Indicates assets that the Fund deems “non-qualifying assets.” As of December 31, 2022, 14.8% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an “eligible portfolio company,” as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund's investments in all eligible portfolio companies, and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.

^ Entity is not domiciled in the United States and does not have its principal place of business in the United States.

(a) The percentage of net assets that each industry group represents is shown with the industry totals (the sum of the percentages does not equal 100% because the percentages are based on net assets as opposed to total loans).

(b) The interest rate is the designated annual interest rate exclusive of any original issue discount, fees or end of term payment.

(c) The end of term payments are contractually due on the maturity date and are in addition to the interest rate shown. End of term payments are the percentage of the final payment divided by the original loan amount and are amortized over the full term of the loan.

(d) There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.

    As of December 31, 2022, all loans were made to non-affiliates.

See notes to condensed financial statements (unaudited).

24

VENTURE LENDING & LEASING IX, INC.

CONDENSED SCHEDULES OF DERIVATIVE INSTRUMENTS (UNAUDITED)

AS OF JUNE 30, 2023 AND DECEMBER 31, 2022

Description and terms of payments to be received from another party	Description and terms of payments to be paid to another party	Counterparty	Maturity Date	AS OF JUNE 30, 2023
				Notional Amount		Fair Value		Upfront payments/receipts		Unrealized appreciation/(depreciation) (a)
Interest Rate Collar
Floating interest rate of USD-SOFR with a cap rate of 0.86% to be received monthly	Floating interest rate of USD-SOFR with a floor rate of 0.35% to be paid monthly	Zions Bancorporation, N.A.	3/18/2024	$	24,000,000	$	837,288	$	—	$	837,288
Floating interest rate of USD-SOFR with a cap rate of 1.36%to be received monthly	Floating interest rate of USD-SOFR with a floor rate of 0.42% to be paid monthly	Zions Bancorporation, N.A.	6/30/2025	50,000,000		3,248,220		—		3,248,220
Floating interest rate of USD-SOFR with a cap rate of 2.11% to be received monthly	Floating interest rate of USD-SOFR with a floor rate of 0.53% to be paid monthly	Zions Bancorporation, N.A.	3/18/2024	90,000,000		2,250,654		—		2,250,654
Total				$	164,000,000	$	6,336,162	$	—	$	6,336,162

Description and terms of payments to be received from another party	Description and terms of payments to be paid to another party	Counterparty	Maturity Date	AS OF DECEMBER 31, 2022
				Notional Amount		Fair Value		Upfront payments/receipts		Unrealized appreciation/(depreciation) (a)
Interest Rate Collar
Floating interest rate of USD-SOFR with a cap rate of 0.86% to be received monthly	Floating interest rate of USD-SOFR with a floor rate of 0.35% to be paid monthly	Zions Bancorporation, N.A.	3/18/2024	$	87,000,000	$	4,244,303	$	—	$	4,244,303
Floating interest rate of USD-SOFR with a cap rate of 1.36% to be received monthly	Floating interest rate of USD-SOFR with a floor rate of 0.42% to be paid monthly	Zions Bancorporation, N.A.	6/30/2025	50,000,000		3,421,781		—		3,421,781
Floating interest rate of USD-SOFR with a cap rate of 2.11% to be received monthly	Floating interest rate of USD-SOFR with a floor rate of 0.53% to be paid monthly	Zions Bancorporation, N.A.	3/18/2024	90,000,000		2,978,267		—		2,978,267
Total				$	227,000,000	$	10,644,351	$	—	$	10,644,351

(a) The unrealized appreciation/(depreciation) was valued using prices or valuation based on observable inputs other than quoted price in active markets for identical assets and liabilities. See “Note 3. Fair Value Disclosures” for more information.

See notes to condensed financial statements (unaudited).

25

VENTURE LENDING & LEASING IX, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

1.ORGANIZATION AND OPERATIONS OF THE FUND

Venture Lending & Leasing IX, Inc. (the “Fund”) was incorporated in Maryland on June 28, 2017 as a non-diversified, closed-end management investment company electing status as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) and is managed by Westech Investment Advisors, LLC (the “Manager” or “Management”). All of the issued and outstanding membership interests of the Manager were acquired by P10 Intermediate Holdings LLC, a Delaware limited liability company whose ultimate parent is P10, Inc., a Delaware corporation (together, “P10”) on October 13, 2022 (the “Transaction”). The management of day-to-day operations of the Manager remains substantially unchanged and continues to be directed by the Manager’s personnel following the closing of the Transaction.

The Fund will be dissolved on December 31, 2028 unless the Board of Directors (the “Board”) opts to elect early dissolution. One hundred percent of the stock of the Fund is held by Venture Lending & Leasing IX, LLC (the “Company”). Prior to commencing operations on May 2, 2018, the Fund had no operations other than accruing organizational expenses and the sale to the Company of 100,000 shares of common stock, $0.001 par value for $25,000 in June 2017. This issuance of stock was a requirement to apply for a finance lender’s license from the California Commissioner of Corporations, which was obtained on September 22, 2017.

The Fund’s investment objective is to achieve superior risk-adjusted investment returns and it seeks to achieve that objective by providing debt financing to portfolio companies, most of which are private. The Fund generally receives warrants to acquire equity securities in connection with its portfolio investments and generally distributes these warrants to its shareholder upon receipt, or soon thereafter. The Fund also has guidelines for the percentages of total assets that are invested in different types of assets. The portfolio investments of the Fund primarily consist of debt financing to early and expansion stage venture capital-backed technology companies.

In the Manager’s opinion, the accompanying condensed interim financial statements (hereafter referred to as “financial statements”) include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of financial position and results of operations for interim periods. Certain information and note disclosures normally included in audited annual financial statements prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been omitted; however, the Fund believes that the disclosures made are adequate to make the information presented not misleading. The interim results for the three and six months ended June 30, 2023 are not necessarily indicative of what the results would be for a full year. These financial statements should be read in conjunction with the financial statements and the notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2022.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting and Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As an investment company, the Fund follows accounting and reporting guidance as set forth in Topic 946 (“Financial Services - Investment Companies”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”).

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Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and money market mutual funds with maturities of or the ability to redeem or liquidate holdings within 90 days or less. Cash and cash equivalents are held in three bank accounts with two financial institutions, Mitsubishi UFJ Financial Group, Inc. ("MUFG Bank") and U.S. Bank National Association ("US Bank"), and as a result are subject to custodial concentration risk for cash and cash equivalents. Any cash held at US Bank in excess of the Federal Deposit Insurance Corporation (“FDIC”) limit of $250,000 is uninsured by the FDIC, while all cash held at MUFG Bank is uninsured by the FDIC. Money market mutual funds held as cash equivalents are valued at their most recently traded net asset value. Within cash and cash equivalents, as of June 30, 2023, the Fund held 10,640,670 units in the First American Government Obligations Fund valued at $1 per unit at a yield of 4.97% and $500,000 in cash, which together represented 4.55% of the net assets of the Fund. Within cash and cash equivalents, as of December 31, 2022, the Fund held 6,754,823 units in the First American Government Obligations Fund valued at $1 per unit at a yield of 4.06%, and $319,834 in cash, which together represented 2.64% of the net assets of the Fund.

Interest Income

Interest income on loans is recognized on an accrual basis using the effective interest method including amounts resulting from the accretion of discount on loans included as additional compensation as part of the loan agreements. Additionally, fees received as part of the transaction are added to the loan discount and accreted over the life of the loan.

Realized Gains and Losses from Loans

Realized gains or losses on the sale of loans are computed using the difference between the amortized cost and the sales proceeds. Realized losses on loan write-offs are recognized when management determines that a loan is uncollectible.

Investment Valuation

    The Fund accounts for loans for which market quotations are not readily available at fair value as determined in good faith by the Manager, who has been appointed as the Fund's valuation designee, pursuant to Rule 2a-5 under the 1940 Act. Subject to the oversight of the Fund's Board, all valuations are determined under the direction of the Manager, in accordance with the valuation methods described below and Rule 2a-5.

As of June 30, 2023 and December 31, 2022, the financial statements included nonmarketable investments of $406.3 million and $489.7 million, respectively, (or 94.4% and 94.7% of total assets, respectively), with the fair values determined by the Manager in the absence of readily determinable market values. Because of the inherent uncertainty of these valuations, estimated fair values of such investments may differ significantly from the fair values that would have been used had a readily available market for the securities existed, and the differences could be material. Below is the information used by the Manager in making these estimates.

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Loans

The Fund defines fair value as the price that would be received to sell an asset or paid to lower a liability in an orderly transaction between market participants at the measurement date. Because there is no readily available market price and no secondary market for substantially all of the debt investments made by the Fund in its borrowing portfolio companies, Management determines fair value based on hypothetical markets, and on several factors related to each borrower, including, but not limited to, the borrower’s payment history, available cash and “burn rate,” revenues, net income or loss, the likelihood that the borrower will be able to secure additional financing in the future, and an evaluation of the general interest rate environment. The amount of any valuation adjustment considers the estimated amount and timing of cash payments of principal and interest from the borrower and/or liquidation analysis and is determined based upon a credit analysis of the borrower and an analysis of the expected recovery from the borrower, including consideration of factors such as the nature and quality of the Fund’s security interests in collateral, the estimated fair value of the Fund’s collateral, the size of the loan, and the estimated time that will elapse before the Fund achieves a recovery. Management has evaluated these factors and has concluded that the effect of deterioration in the quality of the underlying collateral, increase in size of the loan, increase in the estimated time to recovery and increase in the hypothetical market coupon rate would have the effect of lowering the fair value of the current portfolio of loans.

Non-Accrual Loans

The Fund’s policy is to classify a loan as non-accrual when the portfolio company is delinquent for three consecutive months on its monthly loan payment, or, in the opinion of Management, either ceases or drastically curtails its operations and Management deems that it is unlikely that the loan will return to performing status. When a loan is placed on non-accrual status, all interest previously accrued but not collected is reversed for the quarter in which the loan was placed on non-accrual status. Any uncollected interest related to quarters prior to when the loan was placed on non-accrual status is added to the principal balance, and the aggregate balance of the principal and interest is evaluated in accordance with the policy for valuation of loans in determining Management’s best estimate of fair value. Interest received by the Fund on non-accrual loans will be recognized as interest income if and when the proceeds exceed the book value of the respective loan.

If a borrower of a non-accrual loan resumes making regular payments and Management believes that such borrower has regained the ability to service the loan on a sustainable basis, the loan is reclassified back to accrual or performing status. Interest that would have been accrued during the time a loan was classified as non-accrual will be added back to the remaining payment schedule causing a change in the effective interest rate.

As of June 30, 2023 and December 31, 2022, loans with a cost basis of $70.2 million and $40.0 million and a fair value of $38.5 million and $12.4 million, respectively, were classified as non-accrual.

Warrants and Equity Securities

Warrants and equity securities received in connection with loan transactions are measured at fair value at the time of acquisition. Warrants are valued based on a Black-Scholes option pricing model which considers, among several factors, the underlying stock value, expected term, volatility, and risk-free interest rate. It is anticipated that such securities will be distributed by the Fund to the Company simultaneously with, or shortly following, their acquisition.

The underlying asset value is estimated based on available information.

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Volatility, or the amount of uncertainty or risk about the size of the changes in the warrant price, is based on an index of publicly traded companies grouped by industry and which are similar in nature to the underlying portfolio companies issuing the warrant (“Industry Index”). The volatility assumption for each Industry Index is based on the average volatility for individual public companies within the portfolio company’s industry for a period of time approximating the expected life of the warrants. A hypothetical increase in the volatility of the warrants used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants.

The remaining expected lives of warrants are based on historical experience of the average life of the warrants, as warrants are often exercised in the event of acquisitions, mergers, or initial public offerings and terminated due to events such as bankruptcies, restructuring activities, or additional financings. These events cause the expected term to be less than the remaining contractual term of the warrants. As of June 30, 2023 and December 31, 2022, the Fund assumed the average duration of a warrant is 4.0 years. The effect of a hypothetical increase in the estimated initial term of the warrants used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants. However, the estimated initial term of the warrants is one factor, of many, used in the valuation of warrants, and by itself does not have a significant impact on the results of operations.

The risk-free interest rate is derived from the constant maturity tables issued by the U.S. Treasury Department. The effect of a hypothetical increase in the estimated risk-free rate used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants.

Other Assets and Liabilities

Other assets include costs incurred in conjunction with borrowings under the Fund’s debt facility and are stated at initial cost. These costs are amortized over the term of the facility.

The fair values of other assets and accrued liabilities are estimated at their carrying values because of the short-term nature of these assets and liabilities.

The carrying value of the borrowings under the debt facility approximates their fair value based on the borrowing rates available to the Fund.

Deferred Debt Facility Fees

The deferred debt facility fees and costs associated with the debt facility are included in Other assets in the Condensed Statements of Assets and Liabilities and are being amortized over the estimated life of the facility, which currently matures on March 18, 2024. The amortization of these costs is recorded as interest expense in the Condensed Statements of Operations.

Commitment Fees

Unearned income and commitment fees on loans are recognized using the effective-interest method over the term of the loan. Commitment fees are carried as liabilities when received for commitments upon which no draws have been made. When the first draw is made, the fee is treated as unearned income and is recognized as described above. If a draw is never made, the forfeited commitment fee less any applicable legal costs becomes recognized as other income after the commitment expires.

Derivative Instruments

The Fund uses derivative instruments to manage its exposure to changes in interest rates on expected borrowings under its debt facility, as the Fund originates fixed rate loans (see Note 8).

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Derivative instruments are primarily valued on the basis of quotes obtained from banks, brokers and dealers and adjusted for counterparty risk and the optionality of the interest rate terms. The valuation of the derivative instruments also considers the future expected interest rates on the notional principal balance remaining which is comparable to what a prospective acquirer would pay on the measurement date. Valuation pricing models consider inputs such as forward rates, anticipated interest rate volatility relating to the reference rate, as well as time value and other factors underlying derivative instruments.

The Fund is a party to master netting arrangements with Zions Bancorporation, N.A., however, the Fund has elected not to offset assets and liabilities under these arrangements for financial statement presentation purposes. Contracts are recorded at gross fair value in either derivative assets or derivative liability in the Condensed Statements of Assets and Liabilities, depending on whether the fair value of the contract is in favor of the Fund or the counterparty. The changes in fair value are recorded in net change in unrealized gain (loss) from derivative instruments in the Condensed Statements of Operations and the monthly interest received or paid on the contract, if any, is recorded in net realized gain (loss) from derivative instruments in the Condensed Statements of Operations.

The interest rate collar instruments are contractually scheduled to terminate on March 18, 2024 and June 30, 2025.    

3. 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.

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The following tables show the weighted-average interest rate of the performing loans and all loans.

	For the Three Months Ended				For the Six Months Ended
Performing Loans	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Weighted-Average Interest Rate - Cash	16.23	%	13.93	%	14.50	%	13.28	%
Weighted Average Interest Rate - Non-Cash	4.02	%	3.59	%	3.61	%	3.75	%
Weighted-Average Interest Rate	20.25	%	17.52	%	18.11	%	17.03	%

	For the Three Months Ended				For the Six Months Ended
All Loans	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Weighted-Average Interest Rate - Cash	15.17	%	13.75	%	13.82	%	13.56	%
Weighted Average Interest Rate - Non-Cash	3.75	%	3.53	%	3.43	%	3.68	%
Weighted-Average Interest Rate	18.92	%	17.28	%	17.25	%	17.24	%

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, the cost basis of the loan often approximates fair value.

All loans as of June 30, 2023 and December 31, 2022 were pledged as collateral for the debt facility, and the Fund’s borrowings are generally collateralized by all assets of the Fund. As of June 30, 2023 and December 31, 2022, the Fund had unexpired unfunded commitments to borrowers of $15.3 million and $68.1 million, respectively.

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.

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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 derivative instruments are based on quotes from the market makers that derive fair values from market data, and therefore, are classified as Level 2. The Fund’s borrowings under the debt facility are also classified as Level 2, because the carrying values of the borrowings are based on rates that are observable at commonly quoted intervals, which are Level 2 inputs, and that approximate fair values. 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 Investments	Fair Value at June 30, 2023	Valuation Techniques / Methodologies	Unobservable Input	Range	Weighted Average (a)
Biotechnology	$12,043,832	Hypothetical market analysis	Hypothetical market coupon rate	13% - 16%	15%
Computers & Storage	20,118,241	Hypothetical market analysis	Hypothetical market coupon rate	14% - 16%	14%
Enterprise Networking	4,123,744	Asset Recovery	Probability weighting of alternative outcomes	10% - 50% *
Internet	50,985,763	Hypothetical market analysis	Hypothetical market coupon rate	14% - 31%	17%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 100%^
Medical Devices	4,905,942	Hypothetical market analysis	Hypothetical market coupon rate	14% - 20%	15%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 100%^
Other Healthcare	23,356,185	Hypothetical market analysis	Hypothetical market coupon rate	13% - 34%	17%
		Asset Recovery	Probability weighting of alternative outcomes	100%*
Other Technology	209,927,044	Hypothetical market analysis	Hypothetical market coupon rate	11% - 34%	16%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 100%^
Security	5,158,512	Hypothetical market analysis	Hypothetical market coupon rate	13% - 16%	14%
		Asset Recovery	Probability weighting of alternative outcomes	100%*
Software	52,182,456	Hypothetical market analysis	Hypothetical market coupon rate	13% - 37%	17%
		Asset Recovery	Probability weighing of alternative outcomes	5% - 90%^
Technology Services	21,158,985	Hypothetical market analysis	Hypothetical market coupon rate	16% - 22%	20%
		Asset Recovery	Probability weighing of alternative outcomes	20% - 40%*
Wireless	2,291,568	Hypothetical market analysis	Hypothetical market coupon rate	14% - 17%	16%
Total Loan Investments	$406,252,272

(a) The weighted-average hypothetical market coupon rates were calculated using the relative fair value of the loans.

* There is only one loan within the industry.

^ Probability weightings vary among loan investments within each industry based on different potential future outcomes.

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Investment Type - Level 3
Loan Investments	Fair Value at December 31, 2022	Valuation Techniques / Methodologies	Unobservable Input	Range	Weighted Average (a)
Biotechnology	$20,242,076	Hypothetical market analysis	Hypothetical market coupon rate	13% - 17%	15%
Computers & Storage	22,378,980	Hypothetical market analysis	Hypothetical market coupon rate	14% - 16%	14%
Enterprise Networking	3,549,308	Asset Recovery	Probability weighting of alternative outcomes	10% - 40% *
Internet	58,936,140	Hypothetical market analysis	Hypothetical market coupon rate	14% - 30%	16%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 100%^
Medical Devices	6,814,809	Hypothetical market analysis	Hypothetical market coupon rate	13% - 20%	15%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 95%^
Other Healthcare	35,863,539	Hypothetical market analysis	Hypothetical market coupon rate	13% - 22%	16%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 80%*
Other Technology	238,242,511	Hypothetical market analysis	Hypothetical market coupon rate	14% - 34%	16%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 100%^
Security	5,178,554	Hypothetical market analysis	Hypothetical market coupon rate	13% - 16%	14%
		Asset Recovery	Probability weighting of alternative outcomes	100%*
Software	72,045,093	Hypothetical market analysis	Hypothetical market coupon rate	13% - 37%	16%
		Asset Recovery	Probability weighing of alternative outcomes	5% - 80%^
Technology Services	23,738,663	Hypothetical market analysis	Hypothetical market coupon rate	13% - 24%	20%
		Asset Recovery	Probability weighting of alternative outcomes	25%*
Wireless	2,701,992	Hypothetical market analysis	Hypothetical market coupon rate	14% - 17%	16%
Total Loan Investments	$489,691,665

(a) The weighted-average hypothetical market coupon rates were calculated using the relative fair value of the loans.

* There is only one loan within the industry.

^ Probability weightings vary among loan investments within each industry based on different potential future outcomes.

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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 1		Level 2		Level 3		Total
Loans†	$	—	$	—	$	406,252,272	$	406,252,272
Derivative assets	—		6,336,162		—		6,336,162
Cash equivalents	10,640,670		—		—		10,640,670
Total	$	10,640,670	$	6,336,162	$	406,252,272	$	423,229,104
LIABILITIES:	Level 1		Level 2		Level 3		Total
Borrowings under debt facility	$	—	$	182,500,000	$	—	$	182,500,000
Total	$	—	$	182,500,000	$	—	$	182,500,000

As of December 31, 2022
ASSETS:	Level 1		Level 2		Level 3		Total
Loans†	$	—	$	—	$	489,691,665	$	489,691,665
Derivative assets	—		10,644,351		—		10,644,351
Cash equivalents	6,754,823		—		—		6,754,823
Total	$	6,754,823	$	10,644,351	$	489,691,665	$	507,090,839
LIABILITIES:	Level 1		Level 2		Level 3		Total
Borrowings under debt facility	$	—	$	244,500,000	$	—	$	244,500,000
Total	$	—	$	244,500,000	$	—	$	244,500,000

† 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
	Loans		Warrants		Loans		Warrants
Beginning balance	$	463,976,758	$	—	$	489,691,665	$	—
Acquisitions and originations	8,812,500		1,715,526		25,312,500		2,679,908
Principal payments on loans, net of accretion	(64,539,670)		—		(106,545,558)		—
Distributions to shareholder	—		(1,715,526)		—		(2,679,908)
Net realized gain from loans	—		—		1,256		—
Net change in unrealized loss from loans	(1,997,316)		—		(2,207,591)		—
Ending balance	$	406,252,272	$	—	$	406,252,272	$	—
Net change in unrealized loss from loans relating to loans still held at June 30, 2023	$	(2,155,217)			$	(2,892,362)

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	For the Three Months Ended June 30, 2022						For the Six Months Ended June 30, 2022
	Loans		Warrants		Other		Loans		Warrants		Stocks		Other
Beginning balance	$	498,257,047	$	—	$	—	$	484,047,644	$	—	$	—	$	—
Acquisitions and originations	56,750,000		4,073,772		100		107,475,000		8,045,774		2,090,759		100
Principal payments on loans, net of accretion	(67,355,589)		—		—		(103,182,467)		—		—		—
Proceeds from sale of loan	(1,800,000)		—		—		(1,800,000)		—		—		—
Distributions to shareholder	—		(4,073,772)		(100)		—		(8,045,774)		(2,090,759)		(100)
Net realized loss from loans	(2,249,093)		—		—		(2,577,831)		—		—		—
Net change in unrealized gain from loans	2,060,255		—		—		1,700,274		—		—		—
Ending balance	$	485,662,620	$	—	$	—	$	485,662,620	$	—	$	—	$	—
Net change in unrealized loss from loans relating to loans still held at June 30, 2022	$	(970,854)					$	(1,146,852)

4.    EARNINGS PER SHARE

Basic earnings per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average common shares outstanding. Diluted earnings (loss) per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average common shares outstanding, including the dilutive effects of potential common shares (e.g., stock options). The Fund has no instruments that would be potential common shares; thus, reported basic and diluted earnings (loss) per share are the same.

5.    CAPITAL STOCK

As of both June 30, 2023 and December 31, 2022, there were 10,000,000 shares of $0.001 par value common stock authorized, and 100,000 shares issued and outstanding. Total committed capital of the Company, which had been fully called and received as of both June 30, 2023 and December 31, 2022, was $460.0 million of which $407.1 million was contributed to the Fund.

The chart below shows the distributions of the Fund for the six months ended June 30, 2023 and 2022.

	For the Six Months Ended June 30, 2023		For the Six Months Ended June 30, 2022
Cash distributions	$	47,996,000	$	25,000,000
Distributions of equity securities	2,679,908		10,136,633
Total distributions to shareholder	$	50,675,908	$	35,136,633

Final classification of the distributions as either a return of capital or a distribution of income is an annual determination made at the end of each year dependent upon the Fund’s current year cumulative earnings and profits.

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6. DEBT FACILITY

The 1940 Act requires a BDC to meet certain levels of asset coverage with respect to its outstanding “senior securities,” which typically consist of outstanding borrowings under credit facilities and other debt instruments. Historically, BDCs have only been allowed to incur indebtedness by issuing senior securities if their asset coverage equals at least 200% after giving effect to such borrowings. The Small Business Credit Availability Act, which was signed into law on March 23, 2018, added a new Section 61(a)(2) to the 1940 Act that permits BDCs like the Fund to increase the amount of indebtedness they may incur by lowering the asset coverage requirement from 200% to 150% if they make certain disclosures and obtain the approval by either (1) a “required majority,” as defined in Section 57(o) of the 1940 Act, of the BDC’s board of directors, including a majority of non-interested directors within the meaning of Section 2(a)(19) of the 1940 Act (“Independent Directors”), with effectiveness one year after the date of such approval or (2) a majority of votes cast at a special or annual meeting of the BDC’s shareholders at which a quorum is present, which is effective the day after such stockholder approval.

On December 5, 2018, the required majority of the Fund’s Board, including a majority of its Independent Directors, unanimously determined it to be in the best interests of the Fund and its sole shareholder, the Company, to provide the Fund with maximum leverage flexibility, and approved the application to the Fund of a minimum asset coverage ratio of 150%, pursuant to Section 61(a)(2) of the 1940 Act, which would double the Fund’s borrowing limits, subject to approval by the Company, as the sole shareholder, via the pass-through voting of its members. Thereafter, at a special meeting of shareholders held on April 24, 2019, the Fund’s sole shareholder, the Company, approved the proposal to apply the reduced asset coverage requirement to the Fund. The 150% asset coverage ratio became effective for the Fund on April 25, 2019. As of June 30, 2023 and December 31, 2022, the Fund’s asset coverage for borrowings was 233% and 209%, respectively.

On May 17, 2022, the Fund, entered into a First Amendment to the Amended and Restated Loan and Security Agreement (the “First Amendment”) with MUFG Union Bank Ltd. as the administrative agent and with lenders named therein. The First Amendment provides for, among other modifications (i) an increase in the size of the facility to $400.0 million, (ii) replacement of the interest rate benchmark from LIBOR to Secured Overnight Financing Rate (“SOFR”), and (iii) conversion of an existing LIBOR Market Index Rate Loan to a Daily Simple SOFR Rate Loan.

Borrowings of the Fund are collateralized by all of the assets of the Fund. In the event of default, the Manager's right to receive management fees from the Fund is subordinate to the liens of the lenders. Loans under the facility may be, at the option of the Fund, a Reference Rate Loan or a SOFR Rate Loan (calculated at Daily Simple SOFR or another applicable Term SOFR Reference Rate). As of June 30, 2023, the Fund’s outstanding borrowings were entirely based on the Daily Simple SOFR Rate Loan. The facility terminates on March 18, 2024, but can be accelerated in the event of default, such as failure by the Fund to make timely interest or principal payments.

The Fund pays interest on its borrowings and a fee on the unused portion of the facility. Under the First Amendment, interest is charged to the Fund based on its borrowings at, pursuant to the election of the Fund, an annual rate equal to either (i) the Reference Rate plus 1.50%, (ii) for a SOFR Rate Loan with an interest period of one month, SOFR plus 2.60% or (iii) for a SOFR Rate Loan with an interest period of three months, SOFR plus 2.65%. When the Fund is using 50.00% or more of the maximum amount available under the Loan Agreement, the applicable commitment fee is 0.25% of the unused portion of the loan facility; otherwise, the applicable commitment fee is 0.50% of the unused portion. The Fund pays the unused credit line fee quarterly. As of June 30, 2023 and December 31, 2022, $182.5 million and $244.5 million, respectively, was outstanding under the facility.

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As of June 30, 2023, the SOFR rate was as follows:

Overnight	5.0900	%
Daily Simple SOFR	5.0500	%
30-day Average SOFR	5.0653	%
90-day Average SOFR	4.9957	%

Bank fees and other costs of $4.0 million incurred in connection with the acquisition and amendment of the facility have been capitalized and are amortized to interest expense on a straight-line basis over the expected life of the facility. As of June 30, 2023 and December 31, 2022, the remaining unamortized fees and costs of $0.8 million and $1.3 million, respectively, are being amortized over the expected life of the facility, which is expected to terminate on March 18, 2024.    

The facility is revolving and as such does not have a specified repayment schedule, although advances are secured by the assets of the Fund and thus repayments will be required as assets decline. The facility contains various covenants including financial covenants related to: (i) minimum debt service coverage ratio, (ii) interest coverage ratio, (iii) unfunded commitment ratio, (iv) maximum quarterly loan loss reserve ratio, (v) maximum annual loan loss reserve ratio and (vi) maximum loan loss test. There are also various restrictive covenants, including limitations on: (i) the incurrence of liens, (ii) consolidations, mergers and asset sales and (iii) capital expenditures. As of June 30, 2023 and December 31, 2022, Management is not aware of instances of non-compliance with financial covenants.

The following is the summary of the outstanding facility draws as of June 30, 2023 and December 31, 2022:

	June 30, 2023		December 31, 2022		Maturity Date	All-In Interest Rate(a)
SOFR Rate Loan	$	182,500,000	$	244,500,000	March 18, 2024	Variable based on Daily Simple SOFR rate
Total Outstanding	$	182,500,000	$	244,500,000

(a)Inclusive of 2.60% applicable SOFR Rate Loan margin plus Daily Simple SOFR rate.

7.    MANAGEMENT FEE

On October 13, 2022, in connection with the Transaction, the Fund entered into a new investment management agreement (the “Current Agreement”), by and between the Fund and the Manager, that replaced the previous investment management agreement entered into between the Fund and the Manager (the “Previous Agreement”). The closing of the Transaction constituted a change of control of the Manager which caused the Previous Agreement to terminate. Significant terms of the Current Agreement are the same as those of the Previous Agreement, including the fee rates described below.

As compensation for its services to the Fund, from the date of the first capital call, May 1, 2018, the Manager receives a management fee (“Management Fee”) computed and paid at the end of the quarter at an annual rate of the Company’s committed equity capital (regardless of when or if the capital was called) based on the following schedule of annual percentages:

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	Management Fee
Year 1	1.575%
Year 2	1.600%
Year 3	1.575%
Year 4	1.500%
Year 5	1.250%
Year 6	0.900%
Year 7	0.600%
Year 8	0.350%
Year 9	0.150%

For the three and six months ended June 30, 2023 and 2022, Management Fees were calculated at 1.250% and 1.500% of the Company's committed capital, respectively.

Management Fees of $1.4 million and $1.7 million were recognized as expenses for the three months ended June 30, 2023 and 2022, respectively. Management Fees of $2.9 million and $3.5 million were recognized as expenses for the six months ended June 30, 2023 and 2022, respectively.

8.    DERIVATIVE INSTRUMENTS

The Fund uses derivative instruments to manage its exposure to interest rates on expected borrowings under its debt facility, as the Fund originates fixed rate loans.

Interest Rate Collar

The Fund entered into interest rate collar transactions with Zions Bancorporation, N.A. dba California Bank & Trust. Certain information related to the Fund's interest rate collar contracts is presented below:

Counterparties	Effective Date	Notional Amount	Cap	Floor	Index	Maturity Date
Zions Bancorporation, N.A.	06/01/2022	$24,000,000	0.86%	0.35%	USD-SOFR rate	03/18/2024
Zions Bancorporation, N.A.	05/31/2022	$50,000,000	1.36%	0.42%	USD-SOFR rate	06/30/2025
Zions Bancorporation, N.A.	06/01/2022	$90,000,000	2.11%	0.53%	USD-SOFR rate	03/18/2024

The interest rate collar mitigates the Fund's exposure to interest rate fluctuations on variable rate index of the debt facility. The collar establishes a range where the Fund pays the counterparty if the SOFR rate falls below the established floor rate, and the counterparty will pay the Fund if the SOFR rate exceeds the established cap rate. The interest rate collar settles monthly.

The following table shows the Fund's derivative instruments at fair value on the Fund's Condensed Statement of Assets and Liabilities as of June 30, 2023 and December 31, 2022.

	Derivative Assets
Derivative Instruments	June 30, 2023		December 31, 2022
Interest rate collar	$	6,336,162	$	10,644,351

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The following table shows the effect of the Fund's derivative instruments on the Fund's Condensed Statement of Operations:

		For the Three Months Ended				For the Six Months Ended
Derivative Instruments	Condensed Statements of Operation Caption	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Interest rate collar	Net change in unrealized gain (loss) from derivative instruments	$	(2,276,959)	$	590,763	$	(4,308,189)	$	6,005,767
	Net realized gain from derivative instruments	$	4,086,256	$	882,045	$	5,691,293	$	717,583

The following table shows the Fund's assets and liabilities related to derivatives by counterparty, net of amounts available for offset under the master netting agreement and net of any collateral received or pledged by the Fund for such assets and liabilities as of June 30, 2023 and December 31, 2022:

	As of June 30, 2023
Counterparties	Derivative Asset Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash collateral received		Cash Collateral Received		Net Amount (1)
Zions Bancorporation, N.A.	$	6,336,162	$	—	$	—	$	—	$	6,336,162
Total	$	6,336,162	$	—	$	—	$	—	$	6,336,162
	As of December 31, 2022
Counterparties	Derivative Asset Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash collateral received		Cash Collateral Received		Net Amount (1)
Zions Bancorporation, N.A.	$	10,644,351	$	—	$	—	$	—	$	10,644,351
Total	$	10,644,351	$	—	$	—	$	—	$	10,644,351
(1) Net amount of derivative assets represents the net amount due from the counterparty to the Fund.
(2) Net amount of derivative liabilities represents the net amount owed by the Fund to the counterparty. There were no derivative liabilities as of June 30, 2023 and December 31, 2022.

9. TAX STATUS

The Fund has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986 (the "Code") and operates in a manner to qualify for the tax treatment applicable to RICs. Failing to maintain at least 70% of total assets in "qualifying assets" will result in the loss of BDC status, resulting in losing its favorable tax treatment as a RIC. As of June 30, 2023, the Fund has met the BDC and RIC requirements. The Fund elected to be treated for federal income tax purposes as a RIC under the Code with the filing of its federal income tax return for 2019.

In order to qualify for favorable tax treatment as a RIC, the Fund is required to distribute annually to its shareholder at least 90% of its investment company taxable income, as defined by the Code. To avoid federal excise taxes, the Fund must distribute annually at least 98% of its ordinary income and 98.2% of net capital gains from the current year and any undistributed ordinary income and net capital gains from the preceding years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If the Fund chooses to do so, all other things being equal, this would increase expenses and reduce the amount available to be distributed to its shareholder. The Fund will accrue excise tax on estimated undistributed taxable income as required.

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Below are tables summarizing the cost of investments for federal income tax purposes and the appreciation and depreciation of the investments reported on the Condensed Schedules of Investments and Condensed Statements of Assets and Liabilities as of June 30, 2023 and December 31, 2022:

Asset	As of June 30, 2023
	Cost		Unrealized Appreciation		Unrealized Depreciation		Net Appreciation (Depreciation)
Loans	$	440,674,148	$	—	$	(34,421,876)	$	(34,421,876)
Derivative assets	—		6,336,162		—		6,336,162
Total	$	440,674,148	$	6,336,162	$	(34,421,876)	$	(28,085,714)

	As of December 31, 2022
Asset	Cost		Unrealized Appreciation		Unrealized Depreciation		Net Appreciation (Depreciation)
Loans	$	521,905,950	$	—	$	(32,214,285)	$	(32,214,285)
Derivative assets	—		10,644,351		—		10,644,351
Total	$	—	$	10,644,351	$	(32,214,285)	$	(21,569,934)

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP.  These book/tax differences are either temporary or permanent in nature.  To the extent these differences are permanent, they are charged or credited to paid-in-capital or accumulated net realized gain (loss), as appropriate, in the period that the differences arise.  Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses.  These differences are generally determined in conjunction with the preparation of the Fund’s annual RIC tax return.

Book and tax basis differences relating to shareholder dividends and distributions and other permanent book and tax differences are reclassified among the Fund’s capital accounts.  In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP. The determination of the tax attributes of the Fund’s distributions is made annually as of the end of the Fund’s taxable year and is generally based upon its taxable income for the full taxable year and distributions paid for the full taxable year. As a result, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Fund’s distributions for a full taxable year. As of June 30, 2023, the Fund had determined the tax attributes of its distributions taxable year-to-date to be from its current and accumulated earnings and profits. There is not yet, however, certainty as to what the actual tax attributes of the Fund’s distributions to the shareholders will be by the year-ending December 31, 2023.

The Fund anticipates distributing all distributable earnings by the end of the year. The Fund may pay distributions in excess of its taxable net investment income.  This excess would be a tax-free return of capital in the period and reduce the shareholder’s tax basis in its shares.

The Fund’s tax returns remain open for examination by the federal government for a period of three years and California tax authorities for a period of four years from when they are filed.  As of June 30, 2023, the Fund had no uncertain tax positions and no capital loss carryforwards.

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10. COMMITMENTS AND CONTINGENCIES

Unexpired Unfunded Commitments

As of June 30, 2023 and December 31, 2022, the Fund’s unexpired unfunded commitments to borrowers totaled $15.3 million and $68.1 million, respectively. Because venture loans are privately negotiated transactions, investments in these assets are relatively illiquid. It is the Manager’s experience that not all unexpired unfunded commitments will be used by the borrowers. Many credit agreements contain provisions which are milestone dependent and not all borrowers will achieve these milestones. Additionally, the Fund’s credit agreements contain provisions that give relief from funding obligations in the event the borrower has a material adverse change to its financial condition. Therefore, the unexpired unfunded commitments do not necessarily reflect future cash requirements or future investments for the Fund.

The tables below are the Fund’s unexpired unfunded commitments as of June 30, 2023 and December 31, 2022:

Borrower	Industry	Unexpired Unfunded Commitment as of June 30, 2023		Expiration Date
Abacum Inc.	Software	$	1,500,000	12/31/2023
Fanimal, Inc.	Other Technology	625,000		12/31/2023
FutureProof Technologies, Inc.	Software	1,250,000		07/31/2023
Hoken Holdings Inc.	Software	625,000		07/31/2023
Platform Science, Inc.	Other Technology	5,000,000		09/30/2023
SF Insuretech, Inc.	Software	3,000,000		12/30/2023
Snoqualmie, Inc.	Other Healthcare	1,750,000		09/15/2023
Supplant, Inc.	Other Technology	1,000,000		07/30/2023
TLNT Inc.	Other Technology	312,500		07/31/2023
Yuva Biosciences, Inc.	Other Healthcare	250,000		07/31/2023
Total		$	15,312,500

Borrower	Industry	Unexpired Unfunded Commitment as of December 31, 2022		Expiration Date
Abacum Inc.	Software	$	3,000,000	12/31/2023
Airspeed, Inc.	Other Technology	625,000		03/31/2023
Azumo, Inc.	Other Technology	1,000,000		03/31/2023
Bankroll Club, LLC	Other Technology	1,000,000		01/31/2023
BlueCart, Inc.	Software	500,000		04/30/2023
Bryte, Inc.	Other Technology	2,500,000		01/31/2023
Canopy Technology Corp.	Software	1,000,000		02/28/2023
CornerUp, Inc.	Other Technology	1,000,000		06/30/2023
Creoate Limited	Other Technology	500,000		03/31/2023
EasyKnock, Inc.	Other Technology	2,500,000		01/31/2023
Fanimal, Inc.	Other Technology	625,000		12/31/2023
Form Remodel, Inc.	Software	500,000		01/31/2023
FutureProof Technologies, Inc.	Software	1,250,000		07/31/2023
Grayce, Inc.	Other Healthcare	750,000		03/31/2023
Heading Health Inc.	Other Technology	750,000		06/30/2023
Hoken Holdings Inc.	Software	625,000		07/31/2023
Holo, Inc.	Other Technology	500,000		01/15/2023
continued to next page

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Borrower	Industry	Unexpired Unfunded Commitment as of December 31, 2022		Expiration Date
iLearningEngines Inc.	Technology Services	2,500,000		01/31/2023
Julie Products Inc.	Other Healthcare	750,000		06/30/2023
Juvo Mobile, Inc.	Wireless	1,000,000		03/31/2023
KBS, Inc.	Other Healthcare	500,000		05/30/2023
LendTable Inc.	Other Technology	1,500,000		07/31/2023
Literati, Inc.	Other Technology	2,500,000		03/31/2023
Logistech Solutions Pte. Ltd.	Other Technology	3,500,000		05/31/2023
Miami Labs, Inc.	Internet	7,500,000		06/30/2023
Nue Life Health, Inc.	Other Technology	2,500,000		01/31/2023
Open Inc.	Other Healthcare	500,000		01/31/2023
Overalls, Inc.	Software	500,000		03/31/2023
Plant Prefab, Inc.	Other Technology	1,500,000		03/31/2023
PlantBaby, inc.	Other Technology	125,000		01/31/2023
Platform Science, Inc.	Other Technology	5,000,000		09/30/2023
Rise Gardens, Inc.	Other Technology	500,000		02/28/2023
Romaine Empire, Inc.	Other Technology	3,000,000		04/30/2023
SISU Aesthetics Clinic, Inc.	Other Technology	1,500,000		06/30/2023
Snoqualmie, Inc.	Other Healthcare	1,750,000		09/15/2023
Supplant, Inc.	Other Technology	1,000,000		07/30/2023
TheSquareFoot, Inc.	Other Technology	1,200,000		03/31/2023
TLNT Inc.	Other Technology	625,000		04/30/2023
Ukko Inc.	Biotechnology	2,500,000		03/31/2023
Vinvesto, Inc.	Internet	500,000		02/28/2023
Virtuix Holdings, Inc.	Other Technology	500,000		05/31/2023
Yuva Biosciences, Inc.	Other Healthcare	250,000		07/31/2023
Zimeno Inc.	Other Technology	6,250,000		01/29/2023
Total		$	68,075,000

Contingencies

In the normal course of business, the Manager may enter into certain contracts, on behalf of the Fund, that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made that have not yet occurred. Currently, no such claims exist or are expected to arise and, accordingly, the Fund has not accrued any liability in connection with such indemnifications.

11. FINANCIAL HIGHLIGHTS

U.S. GAAP requires disclosure of financial highlights of the Fund for the three and six months ended June 30, 2023 and 2022.

The total rate of return is defined as the return based on the change in value during the period of a theoretical investment made at the beginning of the period. The total rate of return assumes a constant rate of return for the Fund during the period reported and weights each cash flow by the amount of time held in the Fund. This required methodology differs from an internal rate of return.

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The ratios of expenses and net investment income to average net assets, calculated below, are annualized and are computed based upon the aggregate weighted average net assets of the Fund for the periods presented. Net investment income is inclusive of all investment income, net of expenses and excludes realized or unrealized gains and losses.

Beginning and ending net asset values per share are based on the beginning and ending number of shares outstanding. Other per share information is calculated based upon the aggregate weighted average net assets of the Fund for the periods presented.

The following per share data and ratios have been derived from the information provided in the financial statements:

	For the Three Months Ended June 30, 2023			For the Three Months Ended June 30, 2022			For the Six Months Ended June 30, 2023			For the Six Months Ended June 30, 2022
Total return**	5.77		%	7.68		%	10.84		%	17.77		%
Per share amounts:
Net asset value, beginning of period	$	2,801.26		$	2,400.69		$	2,682.12		$	2,301.94
Net investment income	146.50			171.12			281.63			339.88
Net realized and change in unrealized gain (loss) from loans and derivative instruments	(1.89)			12.83			(8.23)			58.45
Net increase in net assets resulting from operations	144.61			183.95			273.40			398.33
Distributions of income to shareholder	(328.91)			(110.74)			(338.56)			(274.57)
Return of capital to shareholder	(168.20)			—			(168.20)			(76.80)
Contributions from shareholder	—			75.00			—			200.00
Net asset value, end of period	2,448.76			2,548.90			2,448.76			2,548.90
Net assets, end of period	244,876,231			$	254,890,411		$	244,876,231		$	254,890,411
Ratios to average net assets:
Expenses*	9.72		%	7.29		%	9.47		%	7.31		%
Net investment income*	22.87		%	27.95		%	21.48		%	28.59		%
Portfolio turn-over rate	—		%	0.37		%	—		%	0.37		%
Average debt outstanding	$	215,250,000		$	277,500,000		$	225,214,286		$	273,571,429
*Annualized
**Total return amounts presented above are not annualized.

12.     SUBSEQUENT EVENTS

The Fund evaluated subsequent events through the date of this Quarterly Report on Form 10-Q and determined that no subsequent events had occurred that would require accrual or disclosure in the financial statements.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

In addition to the historical information contained herein, the information in this Quarterly Report on Form 10-Q contains certain “forward-looking statements” within the meaning of the securities laws. These forward-looking statements reflect the current view of the Fund with respect to future events and financial performance and are subject to several risks and uncertainties, many of which are beyond the Fund’s control. All statements, other than statements of historical facts included in this Quarterly Report, regarding the strategy, future operations, financial position, estimated revenues, projected costs, prospects, plans and objectives of the Fund are forward-looking statements. For example, statements in this Form 10-Q regarding the potential future impact of the COVID-19 pandemic on the Fund’s business and results of operations are forward-looking statements. When used in this report, the words “will,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All forward-looking statements speak only as of the date of this report. The Fund does not undertake any obligation to update or revise publicly any forward-looking statements, whether resulting from new information, future events or otherwise, except as required by law.

The reader of this Quarterly Report should understand that all such forward-looking statements are subject to various uncertainties and risks that could affect their outcome. The Fund’s actual results could differ materially from those suggested by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, variances in the actual versus projected growth in assets, return on assets, loan losses, expenses, rates charged on loans and earned on securities investments, competition and macro-economic changes including inflation, interest rate expectations, among other factors including those set forth in the section of this Quarterly Report titled “Risk Factors” and in Item 1A - “Risk Factors” in the Fund’s 2022 Annual Report on Form 10-K. This entire Quarterly Report should be read to put such forward-looking statements in context and to gain a more complete understanding of the uncertainties and risks involved in the Fund’s business.

Overview

The Fund is 100% owned by the Company. The Fund’s shares of common stock, at $0.001 par value, were sold to its sole shareholder, the Company, under a stock purchase agreement. The Fund has issued 100,000 of the Fund’s 10,000,000 authorized shares. The Company may make additional capital contributions to the Fund.

The Fund provides financing and advisory services to a variety of carefully selected venture-backed companies that have received equity funding from traditional sources of venture capital equity funding (i.e. a professionally managed venture capital firm), as well as non-traditional sources of venture capital equity funding (e.g., angel investors, strategic investors, family offices, crowdfunding investment platforms, etc.) (collectively, “Venture-Backed Companies”), primarily throughout the United States with a focus on growth-oriented companies. The Fund’s portfolio consists of companies in the communications, information services, media, technology (including software and technology-enabled business services), biotechnology, and medical devices industry sectors, among others. The Fund’s capital is generally used by its portfolio companies to finance acquisitions of fixed assets and working capital. On May 1, 2018, the Company called and received its first capital from investors. On May 2, 2018, the Fund made its first investment and became a non-diversified, closed-end investment company that elected to be treated as a BDC under the 1940 Act. While the Fund intends to operate as a non-diversified investment company within the meaning of Section 5(b)(2) of the 1940 Act, from time to time, the Fund may act as a diversified investment company within the meaning of Section 5(b)(1) of the 1940 Act.

The Fund elected to be treated as a RIC under the Code for federal income tax purposes. Pursuant to this election, the Fund generally will not have to pay corporate-level taxes on any income distributed to its shareholder as dividends, allowing the Company to substantially reduce or eliminate its corporate-level tax liability.

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The Fund will seek to meet the ongoing requirements, including the diversification requirements, to qualify as a RIC under the Code. If the Fund fails to meet these requirements, it will be taxed as an ordinary corporation on its taxable income for that year (even if that income is distributed to the members of the Company as ordinary income); thus, such income will be subject to a double layer of taxation. There is no assurance that the Fund will meet the ongoing requirements to qualify as a RIC for tax purposes.

The Fund’s investment objective is to achieve superior risk-adjusted investment returns and it seeks to achieve that objective by providing debt financing to portfolio companies, most of which are private. The Fund generally receives warrants to acquire equity securities in connection with its portfolio investments and generally distributes these warrants to its shareholder upon receipt, or soon thereafter. The Fund also has guidelines for the percentages of total assets that are invested in different types of assets.

The portfolio investments of the Fund primarily consist of debt financing to Venture-Backed Companies in the technology sector. The borrower’s ability to repay its loans may be adversely impacted by several factors, and as a result, the loan may not be fully repaid. Furthermore, the Fund’s security interest in any collateral over the borrower’s assets may be insufficient to make up any shortfall in payments. Some of our portfolio companies may be impacted by rising inflation, which could have a material impact on their results of operations, specifically cost and revenues. As such, rising inflation may have an adverse impact on the portfolio borrowers’ ability to maintain their good credit standing, as well as their ability to pay their interest and principal obligations to the Fund. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations.

 Transactions with Venture Lending & Leasing VIII, Inc. (“Fund VIII”)  

The Manager also serves as investment manager for Fund VIII.  The Fund’s Board determined that so long as Fund VIII has capital available to invest in loan transactions with final maturities earlier than December 31, 2025 (the date on which Fund VIII will be dissolved), the Fund may invest in each portfolio company in which Fund VIII invests.  Generally, the amount of each investment will be allocated 50% to the Fund and 50% to Fund VIII, or such other allocations as may be determined by the respective Fund Boards, so long as the Fund has capital available to invest. Effective March 31, 2020, Fund VIII was no longer permitted to enter new commitments to borrowers; however, Fund VIII was permitted to fund existing commitments in which the Fund might also be invested. Fund VIII's last commitment expired on September 30, 2021. The ability of the Fund to co-invest with Fund VIII, and other clients advised by the Manager, is subject to the conditions (“Conditions”) with which the Funds are currently complying while seeking certain exemptive relief from the Securities and Exchange Commission (“SEC”) from the provisions of Sections 17(d) and 57 of the 1940 Act and Rule 17d-1 thereunder. The Manager has exercised and the Board ratified its discretion to extend the Fund’s investment period for two additional quarters, thereby allowing the Fund to make new commitments through December 31, 2022 and to fund commitments through December 31, 2023, the end of the Fund’s investment period. To the extent that clients, other than Fund VIII, advised by the Manager (but in which the Manager has no proprietary interest) invest in opportunities available to the Fund, the Manager will allocate such opportunities among the Fund and such other clients in a manner deemed fair and equitable considering all of the circumstances in accordance with the Conditions.

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Transactions with WTI Fund X, Inc. (“Fund X”)  

The Manager also serves as the investment manager for Fund X. The Fund’s Board determined that so long as Fund X has capital available to invest in loan transactions with final maturities earlier than December 31, 2031 (the date on which Fund X will be dissolved), the Fund may invest in each portfolio company in which Fund X invests. Generally, the amount of each investment will be allocated 50% to the Fund and 50% to Fund X, or such other allocations as may be determined by the respective Fund Boards, so long as the Fund has capital available to invest. The ability of the Fund to co-invest with Fund X, and other clients advised by the Manager, is subject to the Conditions described above. The Manager has exercised and the Board ratified its discretion to extend the Fund’s investment period for two additional quarters, thereby allowing the Fund to make new commitments through December 31, 2022 and to fund commitments through December 31, 2023, the end of the Fund’s investment period. To the extent that clients, other than Fund X, advised by the Manager (but in which the Manager has no proprietary interest) invest in opportunities available to the Fund, the Manager will allocate such opportunities among the Fund and such other clients in a manner deemed fair and equitable considering all of the circumstances in accordance with the Conditions.

Critical Accounting Policies, Practices and Estimates

Critical Accounting Policies and Practices are those accounting policies and practices that are both the most important to the portrayal of the Fund’s net assets and results of operations and require the most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Critical accounting estimates are accounting estimates where the nature of the estimates is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and the impact of the estimates on net assets or operating performance is material.

In evaluating the most critical accounting policies and estimates, the Manager has identified the estimation of fair value of the Fund’s loan investments along with the completeness of loans exhibiting indicators of potential credit deterioration as the most critical of the accounting policies and accounting estimates applied to the Fund’s reporting of net assets or operating performance. In accordance with U.S. GAAP, 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. There is no readily available market price or secondary market for the loans made by the Fund to borrowers, hence the Manager determines fair value based on a hypothetical market and the estimates are subject to high levels of judgment and uncertainty. The Fund’s loan investments are considered Level 3 fair value measurements in the fair value hierarchy due to the lack of observability over many of the important inputs used in determining fair value. In particular, the Manager has identified the fair value of the Fund’s loan investments that exhibit indicators of the potential for credit deterioration and the completeness of those loan investments, as a critical accounting matter that may involve significant and material estimates and inputs from the Manager in determining the fair value of those loan investments.

Critical judgments and inputs in determining the fair value of a loan include the estimated timing and amount of future cash flows and probability of future payments, based on the assessment of payment history, available cash and “burn rate,” revenues, net income or loss, operating results, financial strength of borrower, prospects for the borrower’s raising future equity rounds, likelihood of sale or acquisition of the borrower, length of expected holding period of the loan, collateral position, the timing and amount of liquidation of collateral for loans that are experiencing significant credit deterioration and, as a result, collection becomes collateral-dependent, as well as an evaluation of the general interest rate environment. Management has evaluated these factors and has concluded that the effect of a deterioration in the quality of the underlying collateral, increase in the size of the loan, increase in the estimated time to recovery, and increase in the hypothetical market coupon rate would have the effect of decreasing the fair value of loan investments. The risk profile of a loan changes when events occur that impact the credit analysis of the borrower and the loan. Such changes result in the fair value being adjusted from par value of the individual loan. Where the risk profile is consistent with the original underwriting, the par value of the loan often approximates fair value.

46

The actual value of the loans may differ from Management’s estimates, which would affect net change in net assets resulting from operations as well as assets.

COVID-19, the Ukraine War, the Impact of Worldwide Inflation and Rising Interest Rates on Results of Operations and Liquidity & Capital Resources

The effects of the COVID-19 pandemic and the related actions by governments around the world to attempt to contain the spread of the virus had an impact on a number of the Fund’s portfolio companies’ business and operations. Uncertainty remains regarding the full extent of the long-term economic impact on the Fund’s business operations, results of operations, and access to liquidity and capital resources. The impact on the Fund will depend on many factors beyond the Fund’s control, including, without limitations, (i) the timing, extent, trajectory, and duration of the pandemic (ii) the restrictions and advisories put in place to combat the pandemic, (iii) the effects of the pandemic and measures to combat the pandemic on the financial markets, and (iv) the impact on the economy overall, all of which are highly uncertain and cannot be predicted. In addition, the impact on local economies is uncertain and the speed of economic recovery may vary across different industries both domestically and globally.

Global and domestic financial markets have experienced an increase in volatility as concerns about the impact of higher inflation, rising interest rates, a potential recession and the current conflict in Ukraine have weighed on market participants. These factors have created disruptions in supply chains and economic activity and have had a particularly adverse impact on certain industries. These uncertainties can ultimately impact the overall supply and demand of the market through changing spreads, deal terms and structures. The Fund is unable to predict the full impact of these macroeconomic events on the Fund's liquidity and capital resources.

The Fund is continuing to maintain close communications with its loan portfolio companies to proactively assess and manage potential risks. In addition, Management is continuing to maintain oversight analysis of credits across the Fund's loan investment portfolio in an attempt to manage the potential credit risk and improve loan performance. Certain loans may have inherent increased credit risk due to the nature of the underlying business and its ability to maintain operations in the current economic environment.

Management is also monitoring the Fund’s continued access to capital resources through periodic and timely communication with the bank syndicate and the Company’s members. In addition, the Fund will take proactive steps to ensure and maintain an appropriate liquidity position based on its circumstances. The Fund believes its existing cash balance, scheduled monthly payments from borrowers, and access to capital from its debt facility and the Company’s members will be sufficient to satisfy its working capital needs, debt repayments, and other liquidity requirements associated with its existing operations.

Results of Operations - For the Three and Six Months Ended June 30, 2023 and 2022

Analysis of Interest Income

Total investment income for the three months ended June 30, 2023 and 2022 was $20.9 million and $21.6 million, respectively. Total investment income for the six months ended June 30, 2023 and 2022 was $40.6 million and $42.7 million, respectively. Investment income primarily consisted of interest on the venture loans outstanding and early payoff. The remaining income consisted of interest and dividends on the temporary investment of cash and other income from commitment fees and warrants.

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 year.

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The following table shows the average balance, interest income, and weighted average interest rate for the cash and non-cash portion of interest income for the three months ended June 30, 2023 and 2022.

	For the Three Months Ended June 30, 2023						For the Three Months Ended June 30, 2022
	Average Outstanding Balance		Interest Income		Weighted Average Interest Rate - Cash Portion	Weighted Average Interest Rate - Non-Cash Portion	Average Outstanding Balance		Interest Income		Weighted Average Interest Rate - Cash Portion	Weighted Average Interest Rate - Non-Cash Portion
Performing Loans	$	402,886,956	$	20,398,955	16.23%	4.02%	$	489,059,355	$	21,424,283	13.93%	3.59%
All Loans	$	431,647,355	$	20,420,140	15.17%	3.75%	$	497,550,443	$	21,499,283	13.75%	3.53%

Interest income for both performing loans and all loans decreased by $1.0 million and $1.1 million, or 4.8% and 5.0%, respectively, for the three months ended June 30, 2023 compared to the same period in 2022. The decrease is primarily due to decrease in the loan investment portfolio. The average outstanding balance for performing loans and all loans decreased by $86.2 million and $65.9 million, or 17.6% and 13.2%, respectively, for the three months ended June 30, 2023 compared to the same period in 2022.

The following table shows the average balance, interest income, and weighted average interest rate for the cash and non-cash portion of interest income for the six months ended June 30, 2023 and 2022.

	For the Six Months Ended June 30, 2023						For the Six Months Ended June 30, 2022
	Average Outstanding Balance		Interest Income		Weighted Average Interest Rate - Cash Portion	Weighted Average Interest Rate - Non-Cash Portion	Average Outstanding Balance		Interest Income		Weighted Average Interest Rate - Cash Portion	Weighted Average Interest Rate - Non-Cash Portion
Performing Loans	$	431,141,462	$	39,036,551	14.50%	3.61%	$	484,464,023	$	41,258,471	13.28%	3.75%
All Loans	$	452,819,218	$	39,057,737	13.82%	3.43%	$	493,128,696	$	42,512,977	13.56%	3.68%

Interest income for both performing loans and all loans decreased by $2.2 million and $3.5 million, or 5.4% and 8.1%, respectively, for the six months ended June 30, 2023 compared to the same period in 2022. The decrease is primarily due to decrease in the loan investment portfolio. The average outstanding balance for performing loans and all loans decreased by $53.3 million and $40.3 million, or 11.0% and 8.2%, respectively, for the six months ended June 30, 2023 compared to the same period in 2022.

Analysis of Interest Expense

Interest expense was comprised of amounts related to interest on debt amounts drawn down, unused credit line fees, and amounts amortized from deferred fees incurred in conjunction with the debt facility.

The following table shows the average balance, interest expense, and weighted average interest rate for the three months ended June 30, 2023 and 2022.

	For the Three Months Ended June 30, 2023						For the Three Months Ended June 30, 2022
	Average Balance		Interest Expense		Weighted Average Interest Expense Rate		Average Balance		Interest Expense		Weighted Average Interest Expense Rate
Bank Facility	$	215,250,000	$	4,700,873	8.74	%	$	277,500,000	$	2,628,152	3.79	%

Interest expense increased by $2.1 million or 78.9%, for the three months ended June 30, 2023 compared to the same period in 2022. The increase is primarily due to a higher weighted average interest rate.

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The following table shows the average balance, interest expense, and weighted average interest rate for the six months ended June 30, 2023 and 2022.

	For the Six Months Ended June 30, 2023						For the Six Months Ended June 30, 2022
	Average Balance		Interest Expense		Weighted Average Interest Expense Rate		Average Balance		Interest Expense		Weighted Average Interest Expense Rate
Bank Facility	$	225,214,286	$	9,249,896	8.21	%	$	273,571,429	$	4,785,022	3.50	%

Interest expense increased by $4.5 million or 93.3%, for the six months ended June 30, 2023 compared to the same period in 2022. The increase is primarily due to a higher weighted average interest rate.

Analysis of Operating Expense

The following table shows the components of operating expense for the three months ended June 30, 2023 and 2022.

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
Operating Expense	2023		2022		Change ($)		2023		2022		Change ($)
Management fees	$	1,437,500	$	1,725,000	$	(287,500)	$	2,875,000	$	3,450,000	$	(575,000)
Banking and professional fees	$	25,167	$	84,896	$	(59,729)	$	200,656	$	392,493	$	(191,837)
Other operating expenses	$	64,605	$	27,957	$	36,648	$	94,996	$	56,065	$	38,931
Total Operating Expense	$	1,527,272	$	1,837,853	$	(310,581)	$	3,170,652	$	3,898,558	$	(727,906)

For the period from January 1, 2023 through June 30, 2023, management fees were calculated at 1.250% of the Company's committed capital. For the same period in 2022, management fees were calculated at 1.500% of the Company's committed capital.

Banking and professional fees decreased by $0.1 million and $0.2 million, or 70.4% and 48.9% for the three and six months ended June 30, 2023 compared to the same period in 2022. Decrease in banking and professional fees were primarily due to lower legal fees associated with non-performing loans and reversal of litigation reserves during the period ended June 30, 2023.

Other operating expenses did not materially increase for the three and six months ended June 30, 2023 compared to the same period in 2022. These expenses included director fees, custody fees, tax fees and other expenses related to the operations of the Fund.

Non-recurring fees

The Fund may receive non-recurring fees in connection with the origination and servicing of portfolio loans. Transactions in this category may include forfeited commitment fees and unamortized warrants that become recognized as other income after the loan commitment period expires. Other non-recurring fees include pre-payment fees which are recognized as other income in the period received. Legal fee reimbursements for deal due diligence and drafting of documents are recognized as offsets against legal expenses. Non-recurring fees for the three months ended June 30, 2023 and 2022 totaled $0.1 million and $0.4 million, respectively. Non-recurring fees for the six months ended June 30, 2023 and 2022 totaled $0.9 million and $0.7 million, respectively.

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Net investment income for the three months ended June 30, 2023 and 2022 was $14.7 million and $17.1 million, respectively. Net investment income for the six months ended June 30, 2023 and 2022 was $28.2 million and $34.0 million, respectively.

Realized and Change in Unrealized Gains (Losses)

Net realized gain (loss) from loans was $0 and $(2.2) million for the three months ended June 30, 2023 and 2022, respectively. Net realized gain (loss) from loans was less than $0.1 million and $(2.6) million for the six months ended June 30, 2023 and 2022, respectively. Realized losses consisted of loans that were written off.

Net realized gain from derivative instruments was $4.1 million and $0.9 million for the three months ended June 30, 2023 and 2022, respectively. Net realized gain from derivative instruments was $5.7 million and $0.7 million for the six months ended June 30, 2023 and 2022, respectively. Realized gains were the result of interest being received by the Fund on the derivative instruments when the cap rates of the interest rate collars were lower than the floating rate. Realized gains for the period ended June 30, 2023 and 2022 also include proceeds from termination of collar contracts with Zion Bancorporation, N.A. and MUFG Union Bank, N.A.

Net change in unrealized gain (loss) from loans was $(2.0) million and $2.1 million for the three months ended June 30, 2023 and 2022, respectively. Net change in unrealized gain (loss) from loans was $(2.2) million and $1.7 million for the six months ended June 30, 2023 and 2022, respectively. The net change in unrealized gain (loss) from loans consisted of fair value adjustments taken against loans resulting from the improvement or deterioration in certain portfolio companies’ performance.

Net change in unrealized gain (loss) from derivative instruments was $(2.3) million and $0.6 million for the three months ended June 30, 2023 and 2022, respectively. Net change in unrealized gain (loss) from derivative instruments was $(4.3) million and $6.0 million for the six months ended June 30, 2023 and 2022, respectively. The net change in unrealized gain from derivative instruments consisted of fair market value adjustments to the derivative instruments and is a reflection of the market’s outlook on the economy and the future of interest rate changes, as well as realization of prior unrealized gains and losses.

Net increase in net assets resulting from operations for the three months ended June 30, 2023 and 2022 was $14.5 million and $18.4 million, respectively. On a per share basis, the net increase in net assets resulting from operations for the three months ended June 30, 2023 and 2022 was $144.62 and $183.96, respectively.

Net increase in net assets resulting from operations for the six months ended June 30, 2023 and 2022 was $27.3 million and $39.8 million, respectively. On a per share basis, the net increase in net assets resulting from operations for the six months ended June 30, 2023 and 2022 was $273.40 and $398.33, respectively.

Liquidity and Capital Resources – June 30, 2023 and December 31, 2022

The Fund is owned entirely by the Company. The Company may make further contributions to the capital of the Fund to the extent of the Company’s members’ capital commitment to the Company and excess cash balances of the Company. As of both June 30, 2023 and December 31, 2022, the Company's subscriptions for capital in the amount of $460.0 million had been fully called and received. Total capital contributed to the Fund was $407.1 million as of June 30, 2023 and December 31, 2022. The Company has made $187.7 million in recallable distributions to its investors, as permitted under its operating agreement between the Company’s managing member and members of the Company.

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The changes in cash for the six months ended June 30, 2023 and 2022 were as follows:

	For the Six Months Ended June 30, 2023		For the Six Months Ended June 30, 2022
Net cash provided by operating activities	$	108,370,720	$	20,075,818
Net cash used in financing activities	(104,304,707)		(659,188)
Net increase in cash and cash equivalents	$	4,066,013	$	19,416,630

As of June 30, 2023 and December 31, 2022, 4.55% and 2.64%, respectively, of the Fund’s net assets consisted of cash and cash equivalents.     

On December 20, 2018, the Fund entered into a syndicated loan agreement led by MUFG Union Bank, N.A., Wells Fargo Securities, LLC and ING Capital LLC, with participation from Zions Bancorporation, N.A., doing business as California Bank & Trust, Bank Leumi USA, Umpqua Bank, HSBC Bank USA, N.A., and First Bank that established a secured revolving loan facility in an initial amount of up to $200.0 million with the option to request that borrowing availability be increased up to $400.0 million, subject to further negotiation and credit approval. On March 18, 2021, the Fund entered into an Amendment to the Loan and Security Agreement with MUFG Union Bank, N.A., Wells Fargo Securities, LLC, Wells Fargo Bank, N.A. and ING Capital, LLC, with participation from TIAA, FSB, Bank Leumi USA, HSBC Bank USA, N.A., Umpqua Bank, Zions Bancorporation, N.A., doing business as California Bank & Trust, Hitachi Capital America Corp, First Bank, and Bank of Hope, that increased the size of the facility to $350 million and extended the term of the facility (the “Amended and Restated Loan and Security Agreement”). On May 17, 2022, the Fund, entered into a First Amendment to the Amended and Restated Loan and Security Agreement (the “First Amendment”) with lenders named therein. The First Amendment provides for, among other modifications (i) an increase in the size of the facility to $400 million, (ii) replacement of the interest rate benchmark from LIBOR to Secured Overnight Financing Rate (“SOFR”), and (iii) conversion of an existing LIBOR Market Index Rate Loan to a Daily Simple SOFR Rate Loan.

Borrowings by the Fund are collateralized by all the assets of the Fund. Loans under the facility may be, at the option of the Fund, a Reference Rate Loan, a SOFR Rate Loan (calculated at Daily Simple SOFR or another applicable Term SOFR Reference Rate) The Fund pays interest on its borrowings and also pays a fee on the unused portion of the facility. The facility terminates on March 18, 2024, but can be accelerated in the event of default, such as the failure by the Fund to make timely interest or principal payments. As of June 30, 2023, $182.5 million was outstanding under the facility.

For the six months ended June 30, 2023 and since the start of its investment operation in May 2018, the Fund invested its assets in venture loans. Amounts disbursed under the Fund’s loan commitments were $25.3 million for the six months ended June 30, 2023. Net loan amounts outstanding after amortization and valuation adjustments decreased by $83.4 million for the same period. Unexpired unfunded commitments totaled $15.3 million as of June 30, 2023.

As of	Cumulative Amount Disbursed	Principal Reductions and Fair Market Adjustments	Balance Outstanding - Fair Value	Unexpired Unfunded Commitments
June 30, 2023	$1,083.6 million	$677.3 million	$406.3 million	$15.3 million
December 31, 2022	$1,058.3 million	$568.6 million	$489.7 million	$68.1 million

The unexpired unfunded commitments by portfolio company as of June 30, 2023 and December 31, 2022 are detailed in Note 10 to the financial statements included in this filing.

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Because venture loans are privately negotiated transactions, investments in these assets are relatively illiquid. It is Management’s experience that not all unexpired unfunded commitments will be used by borrowers. Many credit agreements contain provisions that are milestone dependent and not all borrowers will achieve these milestones. Additionally, the Fund’s credit agreements contain provisions that give relief from funding obligations in the event the borrower has a materially adverse change in its financial condition. Therefore, the unexpired unfunded commitments do not necessarily reflect future cash requirements or future investments for the Fund.

The Fund seeks to maintain the requirements to qualify for the special pass-through status available to RICs under the Code, and thus to be relieved of federal income tax on that part of its net investment income and realized capital gains that it distributes to its shareholder. To qualify as a RIC, the Fund must distribute to its shareholder for each taxable year at least 90% of its investment company taxable income (consisting generally of net investment income and net short-term capital gain) (the “Distribution Requirement”). To the extent that the terms of the Fund’s venture loans provide for the receipt by the Fund of additional interest at the end of the loan term or provide for the receipt by the Fund of a purchase price for the asset at the end of the loan term (“residual income”), the Fund would be required to accrue such residual income over the life of the loan, and to include such accrued undistributed income in its gross income for each taxable year even if it receives no portion of such residual income in that year. Thus, in order to meet the Distribution Requirement and avoid payment of income taxes or an excise tax on undistributed income, the Fund may be required in a particular year to distribute as a dividend an amount in excess of the total amount of income it actually receives. Those distributions will be made from the Fund’s cash assets, from amounts received through amortization of loans or from borrowed funds.

As of June 30, 2023, the Fund had a cash balance of $11.1 million and approximately $206.2 million in scheduled loan receivable payments over the next twelve months. Additionally, the Fund has access to recallable capital of $187.7 million as a liquidity source, and a borrowing base that grows as it funds additional commitments. These amounts are sufficient to meet the current commitment backlog and operational expenses of the Fund over the next year. The Fund regularly evaluates potential future liquidity resources and demands before making additional future commitments.

On April 24, 2019, the Fund’s sole shareholder, the Company, approved a reduced asset coverage ratio of 150% for the Fund as permitted in Section 61(a)(2) of the 1940 Act. Accordingly, the Fund is permitted to borrow in any amount so long as its asset coverage ratio, as defined in the 1940 Act, is at least 150% after giving effect to such borrowings. As of June 30, 2023, the Fund’s asset coverage ratio was 233%.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Fund’s business activities contain various elements of risk, of which Management considers interest rate and credit risk to be the principal types of risks. Because the Fund considers the management of risk essential to conducting its business and to maintaining profitability, the Fund’s risk management procedures are designed to identify and analyze the Fund’s risks, to set appropriate policies and limits and to continually monitor these risks and limits by means of reliable administrative and information systems and other policies and programs.  

The Fund manages its market risk by maintaining a portfolio that is diverse by industry, size of investment, stage of development, and borrower. The Fund has limited exposure to public market price fluctuations as the Fund primarily invests in private business enterprises and distributes all equity investments upon receipt to the Company.

The Fund’s investments are subject to market risk based on several factors, including, but not limited to, the borrower’s credit history, available cash, support of the borrower’s underlying investors, available liquidity, “burn rate,” revenue income, security interest, secondary markets for collateral, the size of the loan, term of the loan and the ability to exit via initial public offering or merger and acquisition.

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The Fund’s exposure to interest rate sensitivity is regularly monitored and analyzed by measuring the characteristics of assets and liabilities. The Fund utilizes various methods to assess interest rate risk in terms of the potential effect on interest income net of interest expense, the value of net assets and the value at risk in an effort to ensure that the Fund is insulated from any significant adverse effects from changes in interest rates. As of June 30, 2023, the outstanding debt balance was $182.5 million at a floating interest rate based on a Daily Simple SOFR Rate of 5.05%, for which the Fund had derivative instruments in place with a weighted-average ceiling of 1.70% on $164.0 million with an interest rate collar, leaving the Fund with exposure to interest rate changes on the un-hedged portion of the loan.

Because all of the Fund’s loans impose a fixed interest rate upon funding, changes in short-term interest rates will not directly affect interest income associated with the loan portfolio as of June 30, 2023. However, those changes could have the potential to change the Fund’s ability to originate loan commitments, acquire and renew bank facilities, and engage in other investment activities. Further, changes in short-term interest rates could also affect interest rate expense, realized gain from investments and interest on the Fund’s short-term investments.

Based on the Fund’s Condensed Statements of Assets and Liabilities as of June 30, 2023, the following table shows the approximate annualized increase (decrease) in components of net assets resulting from operations of hypothetical base rate changes in interest rates, assuming no changes in investments, borrowings, cash balances and derivative instruments.

 

Effect of Interest Rate Change By	Increase (Decrease) Other Income		Gain (Loss) from Interest Rate Collar		(Increase) Decrease Interest Expense		Increase (Decrease) in Total Income
(0.50)%	$	(55,703)	$	(820,000)	$	912,500	$	36,797
1%	$	111,407	$	1,640,000	$	(1,825,000)	$	(73,593)
2%	$	222,813	$	3,280,000	$	(3,650,000)	$	(147,187)
3%	$	334,220	$	4,920,000	$	(5,475,000)	$	(220,780)
4%	$	445,627	$	6,560,000	$	(7,300,000)	$	(294,373)
5%	$	557,034	$	8,200,000	$	(9,125,000)	$	(367,966)

Additionally, a change in the interest rate may affect the fair value of the derivative instruments and affect net change in unrealized gain or loss from derivative instruments. The amount of any such effect will be contingent upon market expectations for future interest rate changes. Any increases in expected future rates will increase the fair value of the derivative instruments while any rate decreases will decrease the fair value.

Although Management believes that the foregoing analysis is indicative of the Fund’s sensitivity to interest rate changes, it does not take into consideration potential changes in the credit market, credit quality, size and composition of the assets in the portfolio. It also does not assume any new fundings to borrowers, repayments from borrowers or defaults on borrowings. Accordingly, no assurances can be given that actual results would not differ materially from the table above.

Because the Fund currently borrows, its net investment income is highly dependent upon the difference between the rate at which it borrows and the rate at which it invests the amounts borrowed. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on the Fund’s investment activities and net investment income. The Fund’s exposure to movement in short-term interest rates stems from the Fund borrowing at a floating interest rate but then making loans with a fixed rate at the time the loans are extended. The Fund, therefore, attempts to limit its interest rate risk by acquiring derivative instruments to hedge its interest rate exposure.

The Fund is not sensitive to changes in foreign currency exchange rates, commodity prices and other market rates or prices.

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Item 4.  Controls and Procedures

Disclosure Controls and Procedures:

At the end of the period covered by this report, the Fund carried out an evaluation under the supervision and with the participation of its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Fund’s disclosure controls and procedures pursuant to Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934 (“Exchange Act”). Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that the Fund’s disclosure controls and procedures were effective as of the end of the period in ensuring that information required to be disclosed was recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and in providing reasonable assurance that information required to be disclosed by the Fund in such reports is accumulated and communicated to the Fund’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Controls:

There have not been any changes in the Fund’s internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the Fund’s fiscal quarter ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, the Fund’s internal control over financial reporting.

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PART II — OTHER INFORMATION

Item 1.  Legal Proceedings

The Fund may become party to certain lawsuits from time to time in the normal course of business. While the outcome of any legal proceedings cannot now be predicted with certainty, the Fund does not expect any such proceedings will have a material effect upon the Fund’s financial condition or results of operation. Management is not aware of any pending legal proceedings involving the Fund. The Fund is not a party to any material legal proceedings.

Item 1A. Risk Factors

There have been no material changes to the risk factors reported in the Fund’s 2022 Annual Report on Form 10-K.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3.  Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5.  Other Information

During the fiscal quarter ended June 30, 2023, no director or officer of the Fund adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" (in each case, as defined in Item 408 of Regulation S-K).

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Item 6.  Exhibits

Exhibit	Exhibit Title
3.1	Amended and Restated Articles of Incorporation of the Fund as filed with the Maryland Secretary of State on September 25, 2017, incorporated by reference to Exhibit 3.1 to the Fund’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on October 18, 2017.
3.2	Amended and Restated Bylaws of the Fund, incorporated by reference to Exhibit 3.2 to the Fund’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on October 18, 2017.
4.1	Purchase Agreement, dated June 28, 2017, between the Fund and the Company, incorporated by reference to Exhibit 4.1 to the Fund’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on October 18, 2017.
10.1	Investment Management Agreement, dated October 13, 2022, by and between the Fund and Westech Investment Advisors LLC, incorporated by reference to Exhibit 10.1 to the Fund’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 18, 2022.
31.1	Chief Executive Officer certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Rules 13a -14(a) and 15d-14(a) Certification)
31.2	Chief Financial Officer certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Rules 13a -14(a) and 15d-14(a) Certification).
32.1	Chief Executive Officer certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Section 1350 Certification).
32.2	Chief Financial Officer certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Section 1350 Certification).

56

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

VENTURE LENDING & LEASING IX, INC.

(Registrant)

By:	/s/ David R. Wanek	By:	/s/ Jared S. Thear
David R. Wanek		Jared S. Thear
President and Chief Executive Officer		Chief Financial Officer
(Principal Executive Officer)		(Principal Financial Officer)
Date:	August 11, 2023	Date:	August 11, 2023

57

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a), AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David R. Wanek, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Venture Lending & Leasing IX, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d -15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 11, 2023

/s/ David R. Wanek

David R. Wanek

President and Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES13a-14(a) AND 15d-14(a), AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jared S. Thear, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Venture Lending & Leasing IX, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d -15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 11, 2023

/s/ Jared S. Thear

Jared S. Thear

Chief Financial Officer

(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Venture Lending & Leasing IX, Inc. (the "Fund") on Form 10-Q for the period ending June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David R. Wanek, Chief Executive Officer of the Fund, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Fund.

/s/ David R. Wanek

David R. Wanek

President and Chief Executive Officer

(Principal Executive Officer)

Date: August 11, 2023

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Venture Lending & Leasing IX, Inc. (the "Fund") on Form 10-Q for the period ending June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Jared S. Thear, Chief Financial Officer of the Fund, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Fund.

/s/ Jared S. Thear

Jared S. Thear

Chief Financial Officer

(Principal Financial Officer)

Date: August 11, 2023

XML

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 11, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Securities Act File Number	814-01253
Entity Registrant Name	Venture Lending & Leasing IX, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-2040715
Entity Address, Address Line One	104 La Mesa Drive
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Portola Valley
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94028
City Area Code	650
Local Phone Number	234-4300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100,000
Entity Central Index Key	0001717310
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

XML

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) - USD ($)	Jun. 30, 2023		Dec. 31, 2022
ASSETS
Loans, at estimated fair value (cost of $440,674,148 and $521,905,950)	$ 406,252,272	[1]	$ 489,691,665	[2]
Derivative assets	6,336,162		10,644,351
Cash and cash equivalents	11,140,670		7,074,657
Dividend and interest receivables	5,070,410		6,374,578
Other assets	1,728,360		3,411,846
Total assets	430,527,874		517,197,097
LIABILITIES
Borrowings under debt facility	182,500,000		244,500,000
Accrued management fees	1,437,500		1,437,500
Accounts payable and other accrued liabilities	1,714,143		3,047,302
Total liabilities	185,651,643		248,984,802
NET ASSETS	244,876,231		268,212,295
Analysis of Net Assets:
Capital paid in on shares of capital stock	407,125,000		407,125,000
Cumulative return of capital distributions	(133,014,765)		(116,194,481)
Total distributable losses	(29,234,004)		(22,718,224)
NET ASSETS	244,876,231		268,212,295
Commitments & Contingent Liabilities:
Unexpired unfunded commitments (See Note 10)	$ 15,312,500		$ 68,075,000

[1] There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.

[2] There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.

XML

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
INVESTMENT INCOME:
Interest on loans	$ 20,420,140	$ 21,499,283	$ 39,057,737	$ 42,512,977
Other income	458,242	78,347	1,525,886	158,303
Total investment income	20,878,382	21,577,630	40,583,623	42,671,280
EXPENSES:
Management fees	1,437,500	1,725,000	2,875,000	3,450,000
Interest expense	4,700,873	2,628,152	9,249,896	4,785,022
Banking and professional fees	25,167	84,896	200,656	392,493
Other operating expenses	64,605	27,957	94,996	56,065
Total expenses	6,228,145	4,466,005	12,420,548	8,683,580
Net investment income	14,650,237	17,111,625	28,163,075	33,987,700
Net realized gain (loss) from loans	0	(2,249,093)	1,256	(2,577,831)
Net realized gain from derivative instruments	4,086,256	882,045	5,691,293	717,583
Net change in unrealized gain (loss) from loans	(1,997,316)	2,060,255	(2,207,591)	1,700,274
Net change in unrealized gain (loss) from derivative instruments	(2,276,959)	590,763	(4,308,189)	6,005,767
Net realized and change in unrealized gain (loss) from loans and derivative instruments	(188,019)	1,283,970	(823,231)	5,845,793
Net increase in net assets resulting from operations	$ 14,462,218	$ 18,395,595	$ 27,339,844	$ 39,833,493
Amounts per common share:
Net increase in net assets resulting from operations per share, basic (in dollars per share)	$ 144.62	$ 183.96	$ 273.40	$ 398.33
Net increase in net assets resulting from operations per share, diluted (in dollars per share)	$ 144.62	$ 183.96	$ 273.40	$ 398.33
Weighted average shares outstanding, basic (in shares)	100,000	100,000	100,000	100,000
Weighted average shares outstanding, diluted (in shares)	100,000	100,000	100,000	100,000

XML

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment Company, Net Assets [Roll Forward]
Beginning balance (in shares)			100,000
Beginning balance	$ 280,125,539	$ 240,068,689	$ 268,212,295	$ 230,193,551
Net increase in net assets resulting from operations	14,462,218	18,395,595	27,339,844	39,833,493
Distribution of income to shareholder	(32,891,242)	(11,073,873)	(33,855,624)	(27,456,747)
Return of capital to shareholder	$ (16,820,284)		$ (16,820,284)	(7,679,886)
Contributions from shareholder		7,500,000		20,000,000
Ending balance (in shares)	100,000		100,000
Ending balance	$ 244,876,231	$ 254,890,411	$ 244,876,231	$ 254,890,411
Common Stock
Investment Company, Net Assets [Roll Forward]
Beginning balance (in shares)	100,000	100,000	100,000	100,000
Beginning balance	$ 100	$ 100	$ 100	$ 100
Ending balance (in shares)	100,000	100,000	100,000	100,000
Ending balance	$ 100	$ 100	$ 100	$ 100
Additional Paid-in Capital
Investment Company, Net Assets [Roll Forward]
Beginning balance	407,124,900	358,124,900	407,124,900	345,624,900
Contributions from shareholder		7,500,000		20,000,000
Ending balance	407,124,900	365,624,900	407,124,900	365,624,900
Return of Capital Distributions
Investment Company, Net Assets [Roll Forward]
Beginning balance	(116,194,481)	(104,933,372)	(116,194,481)	(97,253,486)
Return of capital to shareholder	(16,820,284)		(16,820,284)	(7,679,886)
Ending balance	(133,014,765)	(104,933,372)	(133,014,765)	(104,933,372)
Total Distributable Losses
Investment Company, Net Assets [Roll Forward]
Beginning balance	(10,804,980)	(13,122,939)	(22,718,224)	(18,177,963)
Net increase in net assets resulting from operations	14,462,218	18,395,595	27,339,844	39,833,493
Distribution of income to shareholder	(32,891,242)	(11,073,873)	(33,855,624)	(27,456,747)
Ending balance	$ (29,234,004)	$ (5,801,217)	$ (29,234,004)	$ (5,801,217)

XML

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$ 27,339,844	$ 39,833,493
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Net realized (gain) loss from loans	(1,256)	2,577,831
Net realized gain from derivative instruments	(5,691,293)	(717,583)
Net change in unrealized (gain) loss from loans	2,207,591	(1,700,274)
Net change in unrealized (gain) loss from derivative instruments	4,308,189	(6,005,767)
Amortization of deferred costs related to borrowing facility	531,983	466,457
Origination of loans	(25,312,500)	(107,475,000)
Principal payments on loans, net of accretion	104,585,880	100,857,426
Proceeds from sale of loan	0	1,800,000
Acquisition of equity securities	(720,230)	(7,811,592)
Change in operating assets and liabilities:
Net decrease in dividend and interest receivables	1,304,168	602,482
Net (increase) decrease in other assets	1,151,503	(448,800)
Net decrease in accounts payable, other accrued liabilities and accrued management fees	(1,333,159)	(1,902,855)
Net cash provided by operating activities	108,370,720	20,075,818
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions to shareholder	(47,996,000)	(25,000,000)
Contributions from shareholder	0	20,000,000
Borrowings under debt facility	6,500,000	56,500,000
Repayments of borrowings under debt facility	(68,500,000)	(52,500,000)
Payments made for derivative instruments	0	(202,417)
Payments received from derivative instruments	5,691,293	920,000
Payments of bank facility fees and costs	0	(376,771)
Net cash used in financing activities	(104,304,707)	(659,188)
Net increase in cash and cash equivalents	4,066,013	19,416,630
CASH AND CASH EQUIVALENTS:
Beginning of period	7,074,657	6,939,126
End of period	11,140,670	26,355,756
CASH PAID DURING THE PERIOD:
Interest - Debt facility	8,780,980	4,077,722
NON-CASH OPERATING AND FINANCING ACTIVITIES:
Distributions of equity securities to shareholder	2,679,908	10,136,633
Receipt of equity securities as repayment of loans	$ 1,959,678	$ 2,325,041

XML

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED) - USD ($)		Jun. 30, 2023		Dec. 31, 2022
Percent of Net Assets		165.90%	[1]	182.60%	[2]
Percent of Net Assets, Cash Equivalents		4.30%		2.50%
Principal		$ 469,453,021		$ 556,664,159
Cost		440,674,148		521,905,950
Cost, Cash Equivalents		10,640,670		6,754,823
Fair Value		406,252,272	[3]	489,691,665	[4]
Fair Value, Cash Equivalents		$ 10,640,670		$ 6,754,823
Biotechnology
Percent of Net Assets		4.90%	[1]	7.60%	[2]
Principal		$ 12,511,873		$ 21,467,427
Cost		12,043,832		20,242,076
Fair Value		$ 12,043,832	[3]	$ 20,242,076	[4]
Computers & Storage
Percent of Net Assets		8.20%	[1]	8.30%	[2]
Principal		$ 20,696,575		$ 23,178,376
Cost		20,118,241		22,378,980
Fair Value		$ 20,118,241	[3]	$ 22,378,980	[4]
Enterprise Networking
Percent of Net Assets		1.70%	[1]	1.30%	[2]
Principal		$ 5,648,224		$ 5,932,984
Cost		4,123,744		4,584,616
Fair Value		$ 4,123,744	[3]	$ 3,549,308	[4]
Internet
Percent of Net Assets		20.80%	[1]	22.00%	[2]
Principal		$ 61,404,807		$ 69,274,309
Cost		56,129,050		63,664,906
Fair Value		$ 50,985,763	[3]	$ 58,936,140	[4]
Medical Devices
Percent of Net Assets		2.00%	[1]	2.50%	[2]
Principal		$ 15,204,987		$ 16,996,381
Cost		13,882,666		15,709,912
Fair Value		$ 4,905,942	[3]	$ 6,814,809	[4]
Other Healthcare
Percent of Net Assets		9.60%	[1]	13.40%	[2]
Principal		$ 26,133,009		$ 39,055,590
Cost		25,061,577		37,317,651
Fair Value		$ 23,356,185	[3]	$ 35,863,539	[4]
Other Technology
Percent of Net Assets		85.70%	[1]	88.80%	[2]
Principal		$ 240,426,397		$ 268,483,310
Cost		226,763,086		252,404,170
Fair Value		$ 209,927,044	[3]	$ 238,242,511	[4]
Security
Percent of Net Assets		2.10%	[1]	1.90%	[2]
Principal		$ 6,184,541		$ 6,257,272
Cost		5,610,089		5,630,130
Fair Value		$ 5,158,512	[3]	$ 5,178,554	[4]
Software
Percent of Net Assets		21.30%	[1]	26.90%	[2]
Principal		$ 55,392,935		$ 76,294,235
Cost		52,584,064		72,625,609
Fair Value		$ 52,182,456	[3]	$ 72,045,093	[4]
Technology Services
Percent of Net Assets		8.70%	[1]	8.90%	[2]
Principal		$ 23,458,897		$ 26,884,841
Cost		22,066,231		24,645,908
Fair Value		$ 21,158,985	[3]	$ 23,738,663	[4]
Wireless
Percent of Net Assets		0.90%	[1]	1.00%	[2]
Principal		$ 2,390,776		$ 2,839,434
Cost		2,291,568		2,701,992
Fair Value		2,291,568	[3]	2,701,992	[4]
Driver Bioengineering, Inc. | Biotechnology
Principal				248,382
Cost				246,315
Fair Value	[4]			246,315
GLO Pharma, Inc. | Biotechnology
Principal		3,124,559		4,061,838
Cost		3,075,833		3,979,525
Fair Value		3,075,833	[3]	3,979,525	[4]
Quartzy, Inc. | Biotechnology
Principal				6,457,562
Cost				5,894,671
Fair Value	[4]			5,894,671
Canary Connect, Inc. | Computers & Storage
Principal		18,103,877		20,428,376
Cost		17,599,239		19,730,084
Fair Value		17,599,239	[3]	19,730,084	[4]
Proto, Inc. | Computers & Storage
Principal		2,592,698		2,750,000
Cost		2,519,002		2,648,896
Fair Value		2,519,002	[3]	2,648,896	[4]
10club Pte Ltd. | Internet
Principal	[5],[6]			5,689,554
Cost	[5],[6]			5,268,545
Fair Value	[4],[5],[6]			5,268,545
Ainsly, Inc. | Internet
Principal		455,357		582,401	[5],[6]
Cost		380,741		476,172	[5],[6]
Fair Value		380,741	[3]	476,172	[4],[5],[6]
OneLocal, Inc. | Internet
Principal	[5],[6]			1,455,130
Cost	[5],[6]			1,425,389
Fair Value	[4],[5],[6]			1,425,389
RenoFi, Inc. | Internet
Principal		2,841,376		3,511,202
Cost		2,725,343		3,338,696
Fair Value		2,725,343	[3]	3,338,696	[4]
RetailerX, Inc. | Internet
Principal		5,680,274		6,302,730
Cost		5,534,379		6,093,874
Fair Value		5,534,379	[3]	6,093,874	[4]
Starface World, Inc. | Internet
Principal				4,014,617
Cost				3,932,627
Fair Value	[4]			3,932,627
Vinvesto, Inc. | Internet
Principal		500,000
Cost		473,402
Fair Value	[3]	473,402
Ablacon, Inc. | Medical Devices
Principal				558,189
Cost				555,933
Fair Value	[4]			555,933
Siren Care, Inc. | Medical Devices
Principal				1,092,530
Cost				1,079,702
Fair Value	[4]			1,079,702
Alchera Incorporated | Other Healthcare
Principal				2,387,932
Cost				2,285,712
Fair Value	[4]			2,285,712
GoForward, Inc. | Other Healthcare
Principal		2,043,987		4,002,456
Cost		2,027,627		3,937,389
Fair Value		2,027,627	[3]	3,937,389	[4]
Grayce, Inc. | Other Healthcare
Principal		1,595,029		1,879,646
Cost		1,530,795		1,788,153
Fair Value		1,530,795	[3]	1,788,153	[4]
Hello Heart Inc. | Other Healthcare
Principal		2,619,541		3,858,849
Cost		2,584,495		3,790,847
Fair Value		2,584,495	[3]	3,790,847	[4]
HumanAPI, Inc. | Other Healthcare
Principal				5,108,394
Cost				4,888,370
Fair Value	[4]			4,888,370
Julie Products Inc. | Other Healthcare
Principal		1,750,000
Cost		1,668,298
Fair Value	[3]	1,668,298
Minded, Inc. | Other Healthcare
Principal		2,756,621		3,127,909
Cost		2,668,955		2,999,150
Fair Value		2,668,955	[3]	2,999,150	[4]
Open Inc. | Other Healthcare
Principal		1,000,000
Cost		961,459
Fair Value	[3]	961,459
Oula Health, Inc. | Other Healthcare
Principal		382,783		604,975
Cost		377,787		592,062
Fair Value		377,787	[3]	592,062	[4]
Therapydia, Inc. | Other Healthcare
Principal				1,899,614
Cost				1,838,664
Fair Value	[4]			1,838,664
Tia, Inc. | Other Healthcare
Principal		2,119,482		2,996,156
Cost		2,080,114		2,912,955
Fair Value		2,080,114	[3]	2,912,955	[4]
Airspeed, Inc. | Other Technology
Principal		1,250,000
Cost		1,210,756
Fair Value	[3]	1,210,756
Bankroll Club, LLC | Other Technology
Principal		4,260,016		3,795,243
Cost		4,058,059		3,515,122
Fair Value		2,811,456	[3]	3,515,122	[4]
BloomTech Inc. | Other Technology
Principal				2,010,056
Cost				1,993,497
Fair Value	[4]			1,993,497
BW Industries, Inc. | Other Technology
Principal				750,555
Cost				743,536
Fair Value	[4]			743,536
Candy Club Holdings, Inc. | Other Technology
Principal	[6]			6,166,737
Cost	[6]			5,673,465
Fair Value	[4],[6]			4,524,541
Ceres Imaging, Inc. | Other Technology
Principal		3,237,812		3,595,696
Cost		3,130,275		3,441,370
Fair Value		3,130,275	[3]	3,441,370	[4]
Content Adjacent, Inc. | Other Technology
Principal				1,570,670
Cost				1,547,796
Fair Value	[4]			1,547,796
Copia Global Inc. | Other Technology
Principal		7,500,000	[7],[8]	7,500,000	[5],[6]
Cost		7,301,489	[7],[8]	7,231,438	[5],[6]
Fair Value		7,301,489	[3],[7],[8]	7,231,438	[4],[5],[6]
CornerUp, Inc. | Other Technology
Principal		500,000		500,000
Cost		450,339		437,496
Fair Value		450,339	[3]	437,496	[4]
Creoate Limited | Other Technology
Principal		1,000,000	[7],[8]	1,000,000	[5],[6]
Cost		957,555	[7],[8]	943,952	[5],[6]
Fair Value		957,555	[3],[7],[8]	943,952	[4],[5],[6]
EasyKnock, Inc. | Other Technology
Principal		7,354,994		7,500,000
Cost		7,002,657		7,029,524
Fair Value		7,002,657	[3]	7,029,524	[4]
Eguana Technologies, Inc. | Other Technology
Principal		4,069,155	[7],[8]	4,804,651	[5],[6]
Cost		3,890,195	[7],[8]	4,536,489	[5],[6]
Fair Value		3,890,195	[3],[7],[8]	4,536,489	[4],[5],[6]
Fakespot, Inc. | Other Technology
Principal				1,037,420
Cost				1,009,096
Fair Value	[4]			455,033
Fanimal, Inc. | Other Technology
Principal		601,270		625,000
Cost		564,542		576,764
Fair Value		564,542	[3]	576,764	[4]
Heading Health Inc. | Other Technology
Principal		1,065,032		1,157,644
Cost		963,693		1,021,134
Fair Value		524,989	[3]	623,726	[4]
Higher Ground Education, Inc. | Other Technology
Principal		7,897,861		10,202,543
Cost		7,712,379		9,918,389
Fair Value		7,712,379	[3]	9,918,389	[4]
Hint, Inc. | Other Technology
Principal				8,633,014
Cost				7,502,476
Fair Value	[4]			7,502,476
Holo, Inc. | Other Technology
Principal		1,500,000
Cost		1,398,930
Fair Value	[3]	1,398,930
Hyphen Technologies, Inc. | Other Technology
Principal		4,163,002		4,651,089
Cost		4,001,454		4,423,677
Fair Value		4,001,454	[3]	4,423,677	[4]
Lacuna Technologies, Inc. | Other Technology
Principal		3,647,935		3,914,469
Cost		3,553,911		3,780,540
Fair Value		3,553,911	[3]	3,780,540	[4]
LendTable Inc. | Other Technology
Principal		3,500,000
Cost		3,352,563
Fair Value	[3]	3,352,563
Level Home, Inc. | Other Technology
Principal		14,738,569		18,331,968
Cost		14,437,274		17,871,947
Fair Value		14,437,274	[3]	17,871,947	[4]
Literati, Inc. | Other Technology
Principal		6,769,985		7,424,394
Cost		6,546,030		7,108,850
Fair Value		6,546,030	[3]	7,108,850	[4]
Logistech Solutions Pte. Ltd. | Other Technology
Principal	[7],[8]	1,500,000
Cost	[7],[8]	1,398,799
Fair Value	[3],[7],[8]	1,398,799
Mavenform, Inc. | Other Technology
Principal		2,567,075		3,101,571
Cost		2,514,820		3,020,361
Fair Value		2,514,820	[3]	3,020,361	[4]
Merlin Labs, Inc. | Other Technology
Principal				2,549,719
Cost				2,457,567
Fair Value	[4]			2,457,567
Ocho Holdings Co. | Other Technology
Principal		626,986		813,647
Cost		612,491		789,280
Fair Value		612,491	[3]	789,280	[4]
OnePointOne, Inc. | Other Technology
Principal		1,173,295		1,993,966
Cost		1,158,119		1,951,718
Fair Value		1,158,119	[3]	1,951,718	[4]
Phase Four, Inc. | Other Technology
Principal		1,814,471		2,210,293
Cost		1,771,480		2,141,433
Fair Value		1,771,480	[3]	2,141,433	[4]
Plant Prefab, Inc. | Other Technology
Principal		4,176,288		5,135,331
Cost		4,029,125		4,910,323
Fair Value		4,029,125	[3]	4,910,323	[4]
PlantBaby, inc. | Other Technology
Principal		672,625		617,794
Cost		633,448		570,583
Fair Value		633,448	[3]	570,583	[4]
Platform Science, Inc. | Other Technology
Principal		10,595,548		11,447,334
Cost		10,162,117		10,875,691
Fair Value		10,162,117	[3]	10,875,691	[4]
Rise Gardens, Inc. | Other Technology
Principal		1,471,392
Cost		1,425,709
Fair Value	[3]	1,425,709
Romaine Empire, Inc. | Other Technology
Principal		9,460,872		7,669,021
Cost		9,082,625		7,287,286
Fair Value		9,082,625	[3]	7,287,286	[4]
SISU Aesthetics Clinic, Inc. | Other Technology
Principal	[7],[8]	1,750,000
Cost	[7],[8]	1,700,324
Fair Value	[3],[7],[8]	1,700,324
Sustainable Living Partners, LLC | Other Technology
Principal				12,927,059
Cost				12,077,821
Fair Value	[4]			12,077,821
TheSquareFoot, Inc. | Other Technology
Principal				550,000
Cost				383,175
Fair Value	[4]			110,379
TLNT Inc. | Other Technology
Principal		812,500		500,000
Cost		762,213		445,858
Fair Value		762,213	[3]	445,858	[4]
TomoCredit, Inc. | Other Technology
Principal		113,290		329,574
Cost		112,546		324,273
Fair Value		112,546	[3]	324,273	[4]
Umbra Lab, Inc. | Other Technology
Principal		9,313,725		11,284,952
Cost		9,070,435		10,930,106
Fair Value		9,070,435	[3]	10,930,106	[4]
Veev Group, Inc. | Other Technology
Principal				17,403,043
Cost				16,972,078
Fair Value	[4]			16,972,078
Wellth, Inc. | Other Technology
Principal		1,507,610		1,864,650
Cost		1,444,650		1,768,293
Fair Value		1,444,650	[3]	1,768,293	[4]
World Wrapps II, Inc. | Other Technology
Principal		647,148		942,873
Cost		626,522		900,677
Fair Value		626,522	[3]	900,677	[4]
Zeno Technologies, Inc. | Other Technology
Principal		425,032		500,000
Cost		409,052		476,761
Fair Value		409,052	[3]	476,761	[4]
Zimeno Inc. | Other Technology
Principal		12,500,000
Cost		12,039,924
Fair Value	[3]	12,039,924
Axiado Corporation | Security
Principal		4,000,000		4,000,000
Cost		3,870,042		3,822,306
Fair Value		3,870,042	[3]	3,822,306	[4]
Amino, Inc. | Software
Principal				14,092,907
Cost				13,752,802
Fair Value	[4]			13,752,802
BackboneAI Inc. | Software
Principal				521,294
Cost				513,922
Fair Value	[4]			360,818
Big Run Studios, Inc. | Software
Principal		1,621,646		2,195,067
Cost		1,590,204		2,136,368
Fair Value		1,590,204	[3]	2,136,368	[4]
Bizly, Inc. | Software
Principal				1,632,576
Cost				1,579,864
Fair Value	[4]			1,579,864
BlueCart, Inc. | Software
Principal		1,750,000
Cost		1,653,664
Fair Value	[3]	1,653,664
Canopy Technology Corp. | Software
Principal		2,458,080
Cost		2,352,757
Fair Value	[3]	2,352,757
Common Sun, Inc | Software
Principal		2,000,000		2,000,000
Cost		1,921,339		1,899,191
Fair Value		1,921,339	[3]	1,899,191	[4]
Eskalera, Inc. | Software
Principal				1,595,449
Cost				1,500,807
Fair Value	[4]			1,500,807
Form Remodel, Inc. | Software
Principal		2,000,000		1,500,000
Cost		1,934,631		1,426,942
Fair Value		1,934,631	[3]	1,426,942	[4]
Grokker, Inc. | Software
Principal		1,094,536		1,272,968
Cost		1,066,119		1,232,019
Fair Value		1,066,119	[3]	1,232,019	[4]
HaystacksAI, Inc. | Software
Principal		1,000,000		1,000,000
Cost		968,059		957,818
Fair Value		968,059	[3]	957,818	[4]
Journey Builders, Inc. | Software
Principal		1,000,000		1,000,000
Cost		969,452		960,079
Fair Value		969,452	[3]	960,079	[4]
Medable, Inc. | Software
Principal				226,522
Cost				225,483
Fair Value	[4]			225,483
Ocurate, Inc. | Software
Principal		941,998		1,000,000
Cost		915,148		962,934
Fair Value		915,148	[3]	962,934	[4]
Overalls, Inc. | Software
Principal		750,000
Cost		710,065
Fair Value	[3]	710,065
Parkoursc, Inc. | Software
Principal		471,764		905,084
Cost		468,930		894,008
Fair Value		468,930	[3]	894,008	[4]
Ratio Technologies, Inc. | Software
Principal		2,000,000		2,000,000
Cost		1,931,746		1,917,444
Fair Value		1,931,746	[3]	1,917,444	[4]
Safe Securities Inc. | Software
Principal		5,580,161		6,542,990
Cost		5,429,991		6,330,408
Fair Value		5,429,991	[3]	6,330,408	[4]
SF Insuretech, Inc. | Software
Principal		3,470,911
Cost		3,145,528
Fair Value	[3]	3,145,528
StayTuned Digital, Inc. | Software
Principal				4,515,338
Cost				4,468,012
Fair Value	[4]			4,468,012
Swiftly Systems, Inc. | Software
Principal		3,819,466		5,027,044
Cost		3,615,040		4,670,976
Fair Value		3,615,040	[3]	4,670,976	[4]
UCM Digital Health, Inc. | Software
Principal				1,706,370
Cost				1,631,822
Fair Value	[4]			1,631,822
Vesta Housing, Inc. | Software
Principal		2,750,000		2,750,000
Cost		2,628,773		2,596,232
Fair Value		2,628,773	[3]	2,596,232	[4]
Workspot, Inc. | Software
Principal		886,606		1,723,954
Cost		875,842		1,687,574
Fair Value		875,842	[3]	1,687,574	[4]
iLearningEngines Inc. | Technology Services
Principal		12,709,074		13,396,312
Cost		11,706,239		11,855,659
Fair Value		11,706,239	[3]	11,855,659	[4]
Klar Holdings Limited | Technology Services
Principal		6,767,523	[7],[8]	8,365,629	[5],[6]
Cost		6,515,729	[7],[8]	7,981,015	[5],[6]
Fair Value		6,515,729	[3],[7],[8]	7,981,015	[4],[5],[6]
Loansnap Holdings Inc. | Technology Services
Principal	[6]			3,982,300
Cost	[6]			3,679,875
Fair Value	[4],[6]			2,772,630
AirVine Scientific, Inc. | Wireless
Principal		535,369		782,318
Cost		526,412		763,475
Fair Value		526,412	[3]	763,475	[4]
MeshPlusPlus, Inc. | Wireless
Principal		355,407		557,116
Cost		348,405		539,845
Fair Value		$ 348,405	[3]	$ 539,845	[4]
Investment, Identifier [Axis]: 10club Pte Ltd., Senior Secured
Interest Rate	[7],[8],[9]	12.00%
Principal	[7],[8]	$ 5,264,876
Cost	[7],[8]	4,571,029
Fair Value	[3],[7],[8]	$ 4,571,029
Investment, Identifier [Axis]: 10club Pte Ltd., Senior Secured 1
Interest Rate	[5],[6],[10]			12.00%
Principal	[5],[6]			$ 1,343,394
Cost	[5],[6]			1,015,257
Fair Value	[4],[5],[6]			$ 1,015,257
Investment, Identifier [Axis]: 10club Pte Ltd., Senior Secured 2
Interest Rate	[5],[6],[10]			12.00%
Principal	[5],[6]			$ 4,346,160
Cost	[5],[6]			4,253,288
Fair Value	[4],[5],[6]			$ 4,253,288
Investment, Identifier [Axis]: 3D Bio Holdings, Inc., Senior Secured
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 991,516		$ 1,060,911
Cost		896,247		1,021,648
Fair Value		$ 896,247	[3]	$ 1,021,648	[4]
Investment, Identifier [Axis]: 8i Corporation, Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 333,271		$ 647,228
Cost		329,231		632,901
Fair Value		$ 329,231	[3]	$ 632,901	[4]
Investment, Identifier [Axis]: ATeam Army, Inc., Senior Secured
Interest Rate	[10]			12.00%
Principal				$ 186,965
Cost				185,327
Fair Value	[4]			$ 185,327
Investment, Identifier [Axis]: Abacum Inc., Senior Secured
Interest Rate	[7],[8],[9]	13.50%
Principal	[7],[8]	$ 1,500,000
Cost	[7],[8]	1,357,241
Fair Value	[3],[7],[8]	$ 1,357,241
Investment, Identifier [Axis]: Ablacon, Inc., Senior Secured 1
Interest Rate	[10]			11.00%
Principal				$ 279,146
Cost				278,538
Fair Value	[4]			$ 278,538
Investment, Identifier [Axis]: Ablacon, Inc., Senior Secured 2
Interest Rate	[10]			11.00%
Principal				$ 279,043
Cost				277,395
Fair Value	[4]			$ 277,395
Investment, Identifier [Axis]: Aclima, Inc., Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 299,211		$ 726,279
Cost		293,682		697,474
Fair Value		$ 293,682	[3]	$ 697,474	[4]
Investment, Identifier [Axis]: Afero, Inc., Senior Secured
Interest Rate		12.30%	[9]	12.30%	[10]
Principal		$ 645,978		$ 1,164,271
Cost		627,158		1,106,366
Fair Value		$ 627,158	[3]	$ 1,106,366	[4]
Investment, Identifier [Axis]: Ainsly, Inc., Senior Secured 1
Interest Rate		12.50%	[7],[8],[9]	12.50%	[5],[6],[10]
Principal		$ 256,219	[7],[8]	$ 300,000	[5],[6]
Cost		182,039	[7],[8]	196,815	[5],[6]
Fair Value		$ 182,039	[3],[7],[8]	$ 196,815	[4],[5],[6]
Investment, Identifier [Axis]: Ainsly, Inc., Senior Secured 2
Interest Rate		12.50%	[7],[8],[9]	12.50%	[5],[6],[10]
Principal		$ 170,813	[7],[8]	$ 82,401	[5],[6]
Cost		170,805	[7],[8]	79,368	[5],[6]
Fair Value		$ 170,805	[3],[7],[8]	$ 79,368	[4],[5],[6]
Investment, Identifier [Axis]: Ainsly, Inc., Senior Secured 3
Interest Rate		12.50%	[7],[8],[9]	12.50%	[5],[6],[10]
Principal		$ 28,325	[7],[8]	$ 200,000	[5],[6]
Cost		27,897	[7],[8]	199,989	[5],[6]
Fair Value		$ 27,897	[3],[7],[8]	$ 199,989	[4],[5],[6]
Investment, Identifier [Axis]: AirVine Scientific, Inc., Senior Secured 1
Interest Rate		10.80%	[9]	10.80%	[10]
Principal		$ 267,617		$ 391,060
Cost		261,354		377,901
Fair Value		$ 261,354	[3]	$ 377,901	[4]
Investment, Identifier [Axis]: AirVine Scientific, Inc., Senior Secured 2
Interest Rate		10.80%	[9]	10.80%	[10]
Principal		$ 267,752		$ 391,258
Cost		265,058		385,574
Fair Value		$ 265,058	[3]	$ 385,574	[4]
Investment, Identifier [Axis]: Airspeed, Inc., Senior Secured
Interest Rate	[10]			11.00%
Principal				$ 625,000
Cost				573,721
Fair Value	[4]			$ 573,721
Investment, Identifier [Axis]: Airspeed, Inc., Senior Secured 1
Interest Rate	[9]	11.00%
Principal		$ 625,000
Cost		585,756
Fair Value	[3]	$ 585,756
Investment, Identifier [Axis]: Airspeed, Inc., Senior Secured 2
Interest Rate	[9]	11.00%
Principal		$ 625,000
Cost		625,000
Fair Value	[3]	$ 625,000
Investment, Identifier [Axis]: Alchera Incorporated, Senior Secured 1
Interest Rate	[10]			12.00%
Principal				$ 1,397,573
Cost				1,362,332
Fair Value	[4]			$ 1,362,332
Investment, Identifier [Axis]: Alchera Incorporated, Senior Secured 2
Interest Rate	[10]			12.00%
Principal				$ 990,359
Cost				923,380
Fair Value	[4]			$ 923,380
Investment, Identifier [Axis]: Amino, Inc., Senior Secured 1
Interest Rate	[10]			11.50%
Principal				$ 1,978,917
Cost				1,954,128
Fair Value	[4]			$ 1,954,128
Investment, Identifier [Axis]: Amino, Inc., Senior Secured 2
Interest Rate	[10]			11.50%
Principal				$ 2,276,622
Cost				2,221,871
Fair Value	[4]			$ 2,221,871
Investment, Identifier [Axis]: Amino, Inc., Senior Secured 3
Interest Rate	[10]			11.50%
Principal				$ 1,978,855
Cost				1,958,430
Fair Value	[4]			$ 1,958,430
Investment, Identifier [Axis]: Amino, Inc., Senior Secured 4
Interest Rate	[10]			11.50%
Principal				$ 7,858,513
Cost				7,618,373
Fair Value	[4]			$ 7,618,373
Investment, Identifier [Axis]: Antitoxin Technologies Inc., Senior Secured
Interest Rate		11.50%	[7],[8],[9]	11.50%	[5],[6],[10]
Principal		$ 918,215	[7],[8]	$ 954,388	[5],[6]
Cost		654,269	[7],[8]	739,934	[5],[6]
Fair Value		$ 199,251	[3],[7],[8]	$ 696,648	[4],[5],[6]
Investment, Identifier [Axis]: Anutra Medical, Inc., Senior Secured
Interest Rate		18.00%	[9]	12.00%	[10]
Principal		$ 398,742		$ 429,296
Cost		346,750		415,980
Fair Value		$ 265,129	[3]	$ 415,980	[4]
Investment, Identifier [Axis]: Axiado Corporation, Senior Secured 1
Interest Rate		10.50%	[9]	10.50%	[10]
Principal		$ 2,000,000		$ 2,000,000
Cost		1,870,064		1,992,417
Fair Value		$ 1,870,064	[3]	$ 1,992,417	[4]
Investment, Identifier [Axis]: Axiado Corporation, Senior Secured 2
Interest Rate		10.50%	[9]	10.50%	[10]
Principal		$ 2,000,000		$ 2,000,000
Cost		1,999,978		1,829,889
Fair Value		$ 1,999,978	[3]	$ 1,829,889	[4]
Investment, Identifier [Axis]: Azumo, Inc., Senior Secured
Interest Rate		12.80%	[9]	12.80%	[10]
Principal		$ 1,500,000		$ 1,500,000
Cost		1,385,790		1,351,813
Fair Value		$ 1,385,790	[3]	$ 1,351,813	[4]
Investment, Identifier [Axis]: BW Industries, Inc., Senior Secured 1
Interest Rate	[10]			11.80%
Principal				$ 408,466
Cost				406,837
Fair Value	[4]			$ 406,837
Investment, Identifier [Axis]: BW Industries, Inc., Senior Secured 2
Interest Rate	[10]			11.80%
Principal				$ 342,089
Cost				336,699
Fair Value	[4]			$ 336,699
Investment, Identifier [Axis]: BackboneAI Inc., Senior Secured
Interest Rate	[9]	12.30%
Principal		$ 286,451
Cost		284,461
Fair Value	[3]	$ 281,567
Investment, Identifier [Axis]: BackboneAI Inc., Senior Secured 1
Interest Rate	[10]			12.30%
Principal				$ 111,368
Cost				110,777
Fair Value	[4]			$ 77,775
Investment, Identifier [Axis]: BackboneAI Inc., Senior Secured 2
Interest Rate	[10]			12.30%
Principal				$ 298,612
Cost				295,145
Fair Value	[4]			$ 207,218
Investment, Identifier [Axis]: BackboneAI Inc., Senior Secured 3
Interest Rate	[10]			12.30%
Principal				$ 111,314
Cost				108,000
Fair Value	[4]			$ 75,825
Investment, Identifier [Axis]: Bankroll Club, LLC, Senior Secured 1
Interest Rate		13.30%	[9]	12.00%	[10]
Principal		$ 1,000,000		$ 1,397,393
Cost		883,250		1,267,617
Fair Value		$ 611,923	[3]	$ 1,267,617	[4]
Investment, Identifier [Axis]: Bankroll Club, LLC, Senior Secured 2
Interest Rate		14.80%	[9]	12.00%	[10]
Principal		$ 1,000,000		$ 1,397,850
Cost		1,000,000		1,397,850
Fair Value		$ 692,808	[3]	$ 1,397,850	[4]
Investment, Identifier [Axis]: Bankroll Club, LLC, Senior Secured 3
Interest Rate		12.00%	[9]	13.30%	[10]
Principal		$ 1,129,823		$ 1,000,000
Cost		1,044,617		849,655
Fair Value		$ 723,719	[3]	$ 849,655	[4]
Investment, Identifier [Axis]: Bankroll Club, LLC, Senior Secured 4
Interest Rate	[9]	12.00%
Principal		$ 1,130,193
Cost		1,130,192
Fair Value	[3]	$ 783,006
Investment, Identifier [Axis]: Beautiful Beanfields, Inc., Senior Secured
Interest Rate		6.00%	[9]	6.00%	[10]
Principal		$ 275,000		$ 275,000
Cost		255,324		263,574
Fair Value		$ 255,324	[3]	$ 263,574	[4]
Investment, Identifier [Axis]: Big Run Studios, Inc., Senior Secured 1
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 627,396		$ 1,381,360
Cost		620,974		1,333,489
Fair Value		$ 620,974	[3]	$ 1,333,489	[4]
Investment, Identifier [Axis]: Big Run Studios, Inc., Senior Secured 2
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 994,250		$ 813,707
Cost		969,230		802,879
Fair Value		$ 969,230	[3]	$ 802,879	[4]
Investment, Identifier [Axis]: Bizly, Inc., Senior Secured
Interest Rate	[9]	12.50%
Principal		$ 1,636,661
Cost		1,590,583
Fair Value	[3]	$ 1,590,583
Investment, Identifier [Axis]: Bizly, Inc., Senior Secured 1
Interest Rate	[10]			11.50%
Principal				$ 346,095
Cost				317,649
Fair Value	[4]			$ 317,649
Investment, Identifier [Axis]: Bizly, Inc., Senior Secured 2
Interest Rate	[10]			11.50%
Principal				$ 296,778
Cost				293,099
Fair Value	[4]			$ 293,099
Investment, Identifier [Axis]: Bizly, Inc., Senior Secured 3
Interest Rate	[10]			11.50%
Principal				$ 989,703
Cost				969,116
Fair Value	[4]			$ 969,116
Investment, Identifier [Axis]: BloomTech Inc., Senior Secured
Interest Rate	[9]	11.30%
Principal		$ 253,122
Cost		253,122
Fair Value	[3]	$ 253,122
Investment, Identifier [Axis]: BloomTech Inc., Senior Secured 1
Interest Rate	[10]			11.30%
Principal				$ 1,281,243
Cost				1,264,684
Fair Value	[4]			$ 1,264,684
Investment, Identifier [Axis]: BloomTech Inc., Senior Secured 2
Interest Rate	[10]			11.30%
Principal				$ 728,813
Cost				728,813
Fair Value	[4]			$ 728,813
Investment, Identifier [Axis]: BlueCart, Inc., Senior Secured
Interest Rate	[10]			12.50%
Principal				$ 1,500,000
Cost				1,385,567
Fair Value	[4]			$ 1,385,567
Investment, Identifier [Axis]: BlueCart, Inc., Senior Secured 1
Interest Rate	[9]	12.50%
Principal		$ 1,500,000
Cost		1,410,816
Fair Value	[3]	$ 1,410,816
Investment, Identifier [Axis]: BlueCart, Inc., Senior Secured 2
Interest Rate	[9]	14.80%
Principal		$ 250,000
Cost		242,848
Fair Value	[3]	$ 242,848
Investment, Identifier [Axis]: Brave Care Technologies, Inc., Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 1,195,534		$ 1,625,970
Cost		1,158,792		1,558,480
Fair Value		$ 1,158,792	[3]	$ 1,558,480	[4]
Investment, Identifier [Axis]: Brightside Benefit, Inc., Senior Secured
Interest Rate	[10]			12.40%
Principal				$ 97,039
Cost				96,855
Fair Value	[4]			$ 96,855
Investment, Identifier [Axis]: Bryte, Inc., Senior Secured
Interest Rate		10.00%	[9]	10.00%	[10]
Principal		$ 1,875,663		$ 2,330,512
Cost		1,807,916		2,225,943
Fair Value		$ 1,807,916	[3]	$ 2,225,943	[4]
Investment, Identifier [Axis]: Calysta, Inc., Senior Secured
Interest Rate		11.80%	[9]	11.80%	[10]
Principal		$ 5,229,271		$ 6,356,409
Cost		5,030,426		6,061,521
Fair Value		$ 5,030,426	[3]	$ 6,061,521	[4]
Investment, Identifier [Axis]: Canary Connect, Inc., Senior Secured 1
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 2,625,822		$ 4,250,186
Cost		2,588,389		4,154,761
Fair Value		$ 2,588,389	[3]	$ 4,154,761	[4]
Investment, Identifier [Axis]: Canary Connect, Inc., Senior Secured 2
Interest Rate		12.00%	[9]	11.80%	[10]
Principal		$ 656,709		$ 14,831,521
Cost		652,418		14,240,717
Fair Value		$ 652,418	[3]	$ 14,240,717	[4]
Investment, Identifier [Axis]: Canary Connect, Inc., Senior Secured 3
Interest Rate		11.80%	[9]	12.80%	[10]
Principal		$ 14,821,346		$ 283,712
Cost		14,358,432		282,621
Fair Value		$ 14,358,432	[3]	$ 282,621	[4]
Investment, Identifier [Axis]: Canary Connect, Inc., Senior Secured 4
Interest Rate	[10]			12.00%
Principal				$ 1,062,957
Cost				1,051,985
Fair Value	[4]			$ 1,051,985
Investment, Identifier [Axis]: Candy Club Holdings, Inc., Senior Secured
Interest Rate	[8],[9]	12.00%
Principal	[8]	$ 6,166,737
Cost	[8]	5,802,074
Fair Value	[3],[8]	$ 4,799,254
Investment, Identifier [Axis]: Candy Club Holdings, Inc., Senior Secured 1
Interest Rate	[6],[10]			12.00%
Principal	[6]			$ 2,400,760
Cost	[6]			2,400,760
Fair Value	[4],[6]			$ 2,400,760
Investment, Identifier [Axis]: Candy Club Holdings, Inc., Senior Secured 2
Interest Rate	[6],[10]			12.00%
Principal	[6]			$ 3,765,977
Cost	[6]			3,272,705
Fair Value	[4],[6]			$ 2,123,781
Investment, Identifier [Axis]: Canopy Technology Corp., Senior Secured
Interest Rate	[10]			13.50%
Principal				$ 1,500,000
Cost				1,389,140
Fair Value	[4]			$ 1,389,140
Investment, Identifier [Axis]: Canopy Technology Corp., Senior Secured 1
Interest Rate	[9]	13.50%
Principal		$ 1,458,080
Cost		1,375,558
Fair Value	[3]	$ 1,375,558
Investment, Identifier [Axis]: Canopy Technology Corp., Senior Secured 2
Interest Rate	[9]	15.00%
Principal		$ 1,000,000
Cost		977,199
Fair Value	[3]	$ 977,199
Investment, Identifier [Axis]: Ceres Imaging, Inc., Senior Secured 1
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 1,506,581		$ 1,732,319
Cost		1,437,375		1,683,957
Fair Value		$ 1,437,375	[3]	$ 1,683,957	[4]
Investment, Identifier [Axis]: Ceres Imaging, Inc., Senior Secured 2
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 1,731,231		$ 1,863,377
Cost		1,692,900		1,757,413
Fair Value		$ 1,692,900	[3]	$ 1,757,413	[4]
Investment, Identifier [Axis]: Chowbus, Inc., Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 3,584,506		$ 4,113,695
Cost		3,261,699		3,620,527
Fair Value		$ 3,261,699	[3]	$ 3,620,527	[4]
Investment, Identifier [Axis]: Clarified Inc., Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 594,515		$ 728,381
Cost		557,251		672,611
Fair Value		$ 557,251	[3]	$ 672,611	[4]
Investment, Identifier [Axis]: Common Sun, Inc, Senior Secured 1
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 500,000		$ 1,500,000
Cost		499,993		1,401,177
Fair Value		$ 499,993	[3]	$ 1,401,177	[4]
Investment, Identifier [Axis]: Common Sun, Inc, Senior Secured 2
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 1,500,000		$ 500,000
Cost		1,421,346		498,014
Fair Value		$ 1,421,346	[3]	$ 498,014	[4]
Investment, Identifier [Axis]: Content Adjacent, Inc., Senior Secured
Interest Rate	[9]	12.00%
Principal		$ 1,421,216
Cost		1,318,129
Fair Value	[3]	$ 1,318,129
Investment, Identifier [Axis]: Content Adjacent, Inc., Senior Secured 1
Interest Rate	[10]			12.00%
Principal				$ 314,393
Cost				314,393
Fair Value	[4]			$ 314,393
Investment, Identifier [Axis]: Content Adjacent, Inc., Senior Secured 2
Interest Rate	[10]			12.00%
Principal				$ 1,256,277
Cost				1,233,403
Fair Value	[4]			$ 1,233,403
Investment, Identifier [Axis]: Copia Global Inc., Senior Secured 1
Interest Rate		12.00%	[7],[8],[9]	12.00%	[5],[6],[10]
Principal		$ 3,750,000	[7],[8]	$ 3,750,000	[5],[6]
Cost		3,606,943	[7],[8]	3,562,948	[5],[6]
Fair Value		$ 3,606,943	[3],[7],[8]	$ 3,562,948	[4],[5],[6]
Investment, Identifier [Axis]: Copia Global Inc., Senior Secured 2
Interest Rate		12.00%	[7],[8],[9]	12.00%	[5],[6],[10]
Principal		$ 3,750,000	[7],[8]	$ 3,750,000	[5],[6]
Cost		3,694,546	[7],[8]	3,668,490	[5],[6]
Fair Value		$ 3,694,546	[3],[7],[8]	$ 3,668,490	[4],[5],[6]
Investment, Identifier [Axis]: CornerUp, Inc., Senior Secured 1
Interest Rate		15.00%	[9]	15.00%	[10]
Principal		$ 250,000		$ 250,000
Cost		205,899		242,058
Fair Value		$ 205,899	[3]	$ 242,058	[4]
Investment, Identifier [Axis]: CornerUp, Inc., Senior Secured 2
Interest Rate		15.00%	[9]	15.00%	[10]
Principal		$ 250,000		$ 250,000
Cost		244,440		195,438
Fair Value		$ 244,440	[3]	$ 195,438	[4]
Investment, Identifier [Axis]: Creoate Limited, Senior Secured 1
Interest Rate		11.80%	[7],[8],[9]	14.00%	[5],[6],[10]
Principal		$ 750,000	[7],[8]	$ 250,000	[5],[6]
Cost		712,516	[7],[8]	243,708	[5],[6]
Fair Value		$ 712,516	[3],[7],[8]	$ 243,708	[4],[5],[6]
Investment, Identifier [Axis]: Creoate Limited, Senior Secured 2
Interest Rate		14.00%	[7],[8],[9]	11.80%	[5],[6],[10]
Principal		$ 250,000	[7],[8]	$ 750,000	[5],[6]
Cost		245,039	[7],[8]	700,244	[5],[6]
Fair Value		$ 245,039	[3],[7],[8]	$ 700,244	[4],[5],[6]
Investment, Identifier [Axis]: CytoVale, Inc., Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 2,000,244		$ 2,476,222
Cost		1,972,267		2,426,487
Fair Value		$ 1,972,267	[3]	$ 2,426,487	[4]
Investment, Identifier [Axis]: D2C Store, Inc., Senior Secured
Interest Rate		10.00%	[9]	10.00%	[10]
Principal		$ 1,952,500		$ 2,500,000
Cost		1,649,617		2,227,117
Fair Value		$ 1,649,617	[3]	$ 2,227,117	[4]
Investment, Identifier [Axis]: Daybase, Inc., Senior Secured
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 2,018,671		$ 2,003,671
Cost		1,887,449		1,872,449
Fair Value		$ 59,732	[3]	$ 860,527	[4]
Investment, Identifier [Axis]: Diamanti, Inc., Senior Secured
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 5,648,224		$ 5,932,984
Cost		4,123,744		4,584,616
Fair Value		$ 4,123,744	[3]	$ 3,549,308	[4]
Investment, Identifier [Axis]: Driver Bioengineering, Inc., Senior Secured 1
Interest Rate	[10]			11.00%
Principal				$ 55,584
Cost				54,428
Fair Value	[4]			$ 54,428
Investment, Identifier [Axis]: Driver Bioengineering, Inc., Senior Secured 2
Interest Rate	[10]			11.00%
Principal				$ 192,798
Cost				191,887
Fair Value	[4]			$ 191,887
Investment, Identifier [Axis]: EasyKnock, Inc., Senior Secured 1
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 2,354,994		$ 2,500,000
Cost		2,141,948		2,401,465
Fair Value		$ 2,141,948	[3]	$ 2,401,465	[4]
Investment, Identifier [Axis]: EasyKnock, Inc., Senior Secured 2
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 2,500,000		$ 2,500,000
Cost		2,439,788		2,208,354
Fair Value		$ 2,439,788	[3]	$ 2,208,354	[4]
Investment, Identifier [Axis]: EasyKnock, Inc., Senior Secured 3
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 2,500,000		$ 2,500,000
Cost		2,420,921		2,419,705
Fair Value		$ 2,420,921	[3]	$ 2,419,705	[4]
Investment, Identifier [Axis]: Eguana Technologies, Inc., Senior Secured 1
Interest Rate		12.00%	[7],[8],[9]	12.00%	[5],[6],[10]
Principal		$ 1,884,202	[7],[8]	$ 2,330,427	[5],[6]
Cost		1,758,239	[7],[8]	2,138,280	[5],[6]
Fair Value		$ 1,758,239	[3],[7],[8]	$ 2,138,280	[4],[5],[6]
Investment, Identifier [Axis]: Eguana Technologies, Inc., Senior Secured 2
Interest Rate		12.00%	[7],[8],[9]	12.00%	[5],[6],[10]
Principal		$ 2,184,953	[7],[8]	$ 2,474,224	[5],[6]
Cost		2,131,956	[7],[8]	2,398,209	[5],[6]
Fair Value		$ 2,131,956	[3],[7],[8]	$ 2,398,209	[4],[5],[6]
Investment, Identifier [Axis]: Elysium Health, Inc., Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 4,446,507		$ 5,616,843
Cost		4,217,012		5,251,563
Fair Value		$ 4,217,012	[3]	$ 5,251,563	[4]
Investment, Identifier [Axis]: Eskalera, Inc., Senior Secured
Interest Rate	[9]	12.00%
Principal		$ 1,483,412
Cost		1,410,349
Fair Value	[3]	$ 1,410,349
Investment, Identifier [Axis]: Eskalera, Inc., Senior Secured 1
Interest Rate	[10]			10.50%
Principal				$ 111,075
Cost				110,615
Fair Value	[4]			$ 110,615
Investment, Identifier [Axis]: Eskalera, Inc., Senior Secured 2
Interest Rate	[10]			12.00%
Principal				$ 1,484,374
Cost				1,390,192
Fair Value	[4]			$ 1,390,192
Investment, Identifier [Axis]: Fakespot, Inc., Senior Secured 1
Interest Rate	[10]			12.00%
Principal				$ 345,688
Cost				324,881
Fair Value	[4]			$ 146,499
Investment, Identifier [Axis]: Fakespot, Inc., Senior Secured 2
Interest Rate	[10]			12.00%
Principal				$ 691,732
Cost				684,215
Fair Value	[4]			$ 308,534
Investment, Identifier [Axis]: Fanimal, Inc., Senior Secured 1
Interest Rate		11.80%	[9]	11.80%	[10]
Principal		$ 226,270		$ 375,000
Cost		197,763		364,471
Fair Value		$ 197,763	[3]	$ 364,471	[4]
Investment, Identifier [Axis]: Fanimal, Inc., Senior Secured 2
Interest Rate		11.80%	[9]	11.80%	[10]
Principal		$ 375,000		$ 250,000
Cost		366,779		212,293
Fair Value		$ 366,779	[3]	$ 212,293	[4]
Investment, Identifier [Axis]: First American Government Obligations
Percent of Net Assets, Cash Equivalents				2.50%
Cost, Cash Equivalents				$ 6,754,823
Fair Value, Cash Equivalents				$ 6,754,823
Investment, Identifier [Axis]: First American Government Obligations Fund
Percent of Net Assets, Cash Equivalents		4.30%
Cost, Cash Equivalents		$ 10,640,670
Fair Value, Cash Equivalents		$ 10,640,670
Investment, Identifier [Axis]: Fitplan, Inc., Senior Secured
Interest Rate		12.50%	[7],[8],[9]	12.50%	[5],[6],[10]
Principal		$ 236,896	[7],[8]	$ 505,434	[5],[6]
Cost		224,713	[7],[8]	455,724	[5],[6]
Fair Value		$ 224,713	[3],[7],[8]	$ 455,724	[4],[5],[6]
Investment, Identifier [Axis]: Flo Water, Inc., Senior Secured
Interest Rate		11.80%	[9]	11.80%	[10]
Principal		$ 379,769		$ 737,971
Cost		376,080		724,862
Fair Value		$ 376,080	[3]	$ 724,862	[4]
Investment, Identifier [Axis]: Form Remodel, Inc., Senior Secured 1
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 500,000		$ 500,000
Cost		459,942		489,268
Fair Value		$ 459,942	[3]	$ 489,268	[4]
Investment, Identifier [Axis]: Form Remodel, Inc., Senior Secured 2
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 500,000		$ 500,000
Cost		492,841		490,717
Fair Value		$ 492,841	[3]	$ 490,717	[4]
Investment, Identifier [Axis]: Form Remodel, Inc., Senior Secured 3
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 500,000		$ 500,000
Cost		491,327		446,957
Fair Value		$ 491,327	[3]	$ 446,957	[4]
Investment, Identifier [Axis]: Form Remodel, Inc., Senior Secured 4
Interest Rate	[9]	11.00%
Principal		$ 500,000
Cost		490,521
Fair Value	[3]	$ 490,521
Investment, Identifier [Axis]: FutureProof Technologies, Inc., Senior Secured
Interest Rate		13.50%	[9]	13.50%	[10]
Principal		$ 1,000,000		$ 1,000,000
Cost		925,694		909,297
Fair Value		$ 925,694	[3]	$ 909,297	[4]
Investment, Identifier [Axis]: GLO Pharma, Inc., Senior Secured 1
Interest Rate		10.50%	[9]	10.50%	[10]
Principal		$ 1,250,203		$ 1,625,228
Cost		1,224,690		1,582,163
Fair Value		$ 1,224,690	[3]	$ 1,582,163	[4]
Investment, Identifier [Axis]: GLO Pharma, Inc., Senior Secured 2
Interest Rate		10.50%	[9]	10.50%	[10]
Principal		$ 1,874,356		$ 2,436,610
Cost		1,851,143		2,397,362
Fair Value		$ 1,851,143	[3]	$ 2,397,362	[4]
Investment, Identifier [Axis]: Genomic Prediction, Inc., Senior Secured
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 658,043		$ 843,236
Cost		634,460		804,598
Fair Value		$ 634,460	[3]	$ 804,598	[4]
Investment, Identifier [Axis]: GoForward, Inc., Senior Secured 1
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 1,343,517		$ 1,959,766
Cost		1,333,215		1,938,067
Fair Value		$ 1,333,215	[3]	$ 1,938,067	[4]
Investment, Identifier [Axis]: GoForward, Inc., Senior Secured 2
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 700,470		$ 2,042,690
Cost		694,412		1,999,322
Fair Value		$ 694,412	[3]	$ 1,999,322	[4]
Investment, Identifier [Axis]: Good Counsel, LLC, Senior Secured
Interest Rate		12.30%	[9]	12.30%	[10]
Principal		$ 2,795,683		$ 2,967,909
Cost		2,707,628		2,846,304
Fair Value		$ 2,707,628	[3]	$ 2,846,304	[4]
Investment, Identifier [Axis]: Grayce, Inc., Senior Secured 1
Interest Rate		11.80%	[9]	11.80%	[10]
Principal		$ 314,072		$ 722,542
Cost		310,618		696,273
Fair Value		$ 310,618	[3]	$ 696,273	[4]
Investment, Identifier [Axis]: Grayce, Inc., Senior Secured 2
Interest Rate		14.00%	[9]	14.00%	[10]
Principal		$ 750,000		$ 750,000
Cost		703,496		690,595
Fair Value		$ 703,496	[3]	$ 690,595	[4]
Investment, Identifier [Axis]: Grayce, Inc., Senior Secured 3
Interest Rate		11.80%	[9]	11.80%	[10]
Principal		$ 530,957		$ 407,104
Cost		516,681		401,285
Fair Value		$ 516,681	[3]	$ 401,285	[4]
Investment, Identifier [Axis]: Grokker, Inc., Senior Secured 1
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 617,973		$ 772,968
Cost		603,466		750,197
Fair Value		$ 603,466	[3]	$ 750,197	[4]
Investment, Identifier [Axis]: Grokker, Inc., Senior Secured 2
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 476,563		$ 500,000
Cost		462,653		481,822
Fair Value		$ 462,653	[3]	$ 481,822	[4]
Investment, Identifier [Axis]: Hadrian Automation, Inc., Senior Secured
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 1,898,817		$ 2,401,342
Cost		1,851,809		2,326,013
Fair Value		$ 1,851,809	[3]	$ 2,326,013	[4]
Investment, Identifier [Axis]: HaystacksAI, Inc., Senior Secured 1
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 500,000		$ 500,000
Cost		500,000		499,542
Fair Value		$ 500,000	[3]	$ 499,542	[4]
Investment, Identifier [Axis]: HaystacksAI, Inc., Senior Secured 2
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 500,000		$ 500,000
Cost		468,059		458,276
Fair Value		$ 468,059	[3]	$ 458,276	[4]
Investment, Identifier [Axis]: Heading Health Inc., Senior Secured 1
Interest Rate		12.50%	[9]	13.50%	[10]
Principal		$ 315,032		$ 750,000
Cost		295,213		646,431
Fair Value		$ 160,822	[3]	$ 394,851	[4]
Investment, Identifier [Axis]: Heading Health Inc., Senior Secured 2
Interest Rate		13.50%	[9]	12.50%	[10]
Principal		$ 750,000		$ 407,644
Cost		668,480		374,703
Fair Value		$ 364,167	[3]	$ 228,875	[4]
Investment, Identifier [Axis]: Hello Heart Inc., Senior Secured 1
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 138,278		$ 1,252,118
Cost		137,905		1,207,571
Fair Value		$ 137,905	[3]	$ 1,207,571	[4]
Investment, Identifier [Axis]: Hello Heart Inc., Senior Secured 2
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 857,377		$ 185,184
Cost		836,150		183,753
Fair Value		$ 836,150	[3]	$ 183,753	[4]
Investment, Identifier [Axis]: Hello Heart Inc., Senior Secured 3
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 1,623,886		$ 296,095
Cost		1,610,440		294,518
Fair Value		$ 1,610,440	[3]	$ 294,518	[4]
Investment, Identifier [Axis]: Hello Heart Inc., Senior Secured 4
Interest Rate	[10]			11.00%
Principal				$ 148,189
Cost				147,825
Fair Value	[4]			$ 147,825
Investment, Identifier [Axis]: Hello Heart Inc., Senior Secured 5
Interest Rate	[10]			11.00%
Principal				$ 1,977,263
Cost				1,957,180
Fair Value	[4]			$ 1,957,180
Investment, Identifier [Axis]: Higher Ground Education, Inc., Senior Secured 1
Interest Rate		12.50%	[9]	12.50%	[10]
Principal		$ 2,970,611		$ 86,147
Cost		2,905,709		85,879
Fair Value		$ 2,905,709	[3]	$ 85,879	[4]
Investment, Identifier [Axis]: Higher Ground Education, Inc., Senior Secured 2
Interest Rate		12.50%	[9]	12.50%	[10]
Principal		$ 4,892,258		$ 5,936,721
Cost		4,771,732		5,758,016
Fair Value		$ 4,771,732	[3]	$ 5,758,016	[4]
Investment, Identifier [Axis]: Higher Ground Education, Inc., Senior Secured 3
Interest Rate		12.50%	[9]	12.50%	[10]
Principal		$ 34,992		$ 207,813
Cost		34,938		207,283
Fair Value		$ 34,938	[3]	$ 207,283	[4]
Investment, Identifier [Axis]: Higher Ground Education, Inc., Senior Secured 4
Interest Rate	[10]			12.50%
Principal				$ 135,718
Cost				135,102
Fair Value	[4]			$ 135,102
Investment, Identifier [Axis]: Higher Ground Education, Inc., Senior Secured 5
Interest Rate	[10]			12.50%
Principal				$ 3,748,206
Cost				3,644,473
Fair Value	[4]			$ 3,644,473
Investment, Identifier [Axis]: Higher Ground Education, Inc., Senior Secured 6
Interest Rate	[10]			12.50%
Principal				$ 87,938
Cost				87,636
Fair Value	[4]			$ 87,636
Investment, Identifier [Axis]: Hint, Inc., Senior Secured 1
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 6,438,420		$ 7,416,998
Cost		5,691,478		6,314,514
Fair Value		$ 5,691,478	[3]	$ 6,314,514	[4]
Investment, Identifier [Axis]: Hint, Inc., Senior Secured 2
Interest Rate	[10]			12.00%
Principal				$ 1,216,016
Cost				1,187,962
Fair Value	[4]			$ 1,187,962
Investment, Identifier [Axis]: Hoken Holdings Inc., Senior Secured
Interest Rate		13.00%	[9]	13.00%	[10]
Principal		$ 625,000		$ 625,000
Cost		557,311		541,825
Fair Value		$ 557,311	[3]	$ 541,825	[4]
Investment, Identifier [Axis]: Holo, Inc., Senior Secured
Interest Rate	[10]			13.50%
Principal				$ 1,000,000
Cost				890,813
Fair Value	[4]			$ 890,813
Investment, Identifier [Axis]: Holo, Inc., Senior Secured 1
Interest Rate	[9]	13.50%
Principal		$ 1,000,000
Cost		916,913
Fair Value	[3]	$ 916,913
Investment, Identifier [Axis]: Holo, Inc., Senior Secured 2
Interest Rate	[9]	15.50%
Principal		$ 500,000
Cost		482,017
Fair Value	[3]	$ 482,017
Investment, Identifier [Axis]: Honeybee Health, Inc., Senior Secured
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 1,817,415		$ 2,051,029
Cost		1,716,730		1,911,036
Fair Value		$ 1,716,730	[3]	$ 1,911,036	[4]
Investment, Identifier [Axis]: HumanAPI, Inc., Senior Secured 1
Interest Rate	[10]			11.80%
Principal				$ 1,382,323
Cost				1,337,820
Fair Value	[4]			$ 1,337,820
Investment, Identifier [Axis]: HumanAPI, Inc., Senior Secured 2
Interest Rate	[10]			11.80%
Principal				$ 352,506
Cost				349,409
Fair Value	[4]			$ 349,409
Investment, Identifier [Axis]: HumanAPI, Inc., Senior Secured 3
Interest Rate	[10]			11.80%
Principal				$ 873,565
Cost				858,329
Fair Value	[4]			$ 858,329
Investment, Identifier [Axis]: HumanAPI, Inc., Senior Secured 4
Interest Rate	[10]			11.80%
Principal				$ 2,500,000
Cost				2,342,812
Fair Value	[4]			$ 2,342,812
Investment, Identifier [Axis]: Hyphen Technologies, Inc., Senior Secured 1
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 3,000,000		$ 3,000,000
Cost		2,868,727		2,832,916
Fair Value		$ 2,868,727	[3]	$ 2,832,916	[4]
Investment, Identifier [Axis]: Hyphen Technologies, Inc., Senior Secured 2
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 1,163,002		$ 1,651,089
Cost		1,132,727		1,590,761
Fair Value		$ 1,132,727	[3]	$ 1,590,761	[4]
Investment, Identifier [Axis]: ICX Media, Inc., Senior Secured
Interest Rate	[10]			18.00%
Principal				$ 712,318
Cost				554,085
Fair Value	[4]			$ 538,868
Investment, Identifier [Axis]: Intergalactic Foods Corporation, Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 330,035		$ 421,944
Cost		320,178		405,826
Fair Value		$ 320,178	[3]	$ 405,826	[4]
Investment, Identifier [Axis]: Intuition Robotics, Inc., Senior Secured
Interest Rate		12.00%	[7],[8],[9]	12.00%	[5],[6],[10]
Principal		$ 2,428,717	[7],[8]	$ 2,500,000	[5],[6]
Cost		2,344,739	[7],[8]	2,386,311	[5],[6]
Fair Value		$ 2,344,739	[3],[7],[8]	$ 2,386,311	[4],[5],[6]
Investment, Identifier [Axis]: Invert Robotics Group, Ltd., Senior Secured
Interest Rate		13.00%	[7],[8],[9]	13.00%	[5],[6],[10]
Principal		$ 1,324,640	[7],[8]	$ 1,689,662	[5],[6]
Cost		1,256,027	[7],[8]	1,578,314	[5],[6]
Fair Value		$ 1,256,027	[3],[7],[8]	$ 1,578,314	[4],[5],[6]
Investment, Identifier [Axis]: Jiko Group, Inc., Senior Secured
Interest Rate	[10]			12.00%
Principal				$ 777,818
Cost				769,951
Fair Value	[4]			$ 769,951
Investment, Identifier [Axis]: Journey Builders, Inc., Senior Secured 1
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 500,000		$ 500,000
Cost		469,458		499,992
Fair Value		$ 469,458	[3]	$ 499,992	[4]
Investment, Identifier [Axis]: Journey Builders, Inc., Senior Secured 2
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 500,000		$ 500,000
Cost		499,994		460,087
Fair Value		$ 499,994	[3]	$ 460,087	[4]
Investment, Identifier [Axis]: Joy Memories, Inc, Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 1,500,000		$ 1,500,000
Cost		1,387,293		1,351,073
Fair Value		$ 1,387,293	[3]	$ 1,351,073	[4]
Investment, Identifier [Axis]: Julie Products Inc., Senior Secured
Interest Rate	[10]			13.00%
Principal				$ 1,000,000
Cost				919,339
Fair Value	[4]			$ 919,339
Investment, Identifier [Axis]: Julie Products Inc., Senior Secured 1
Interest Rate	[9]	15.30%
Principal		$ 375,000
Cost		364,074
Fair Value	[3]	$ 364,074
Investment, Identifier [Axis]: Julie Products Inc., Senior Secured 2
Interest Rate	[9]	15.80%
Principal		$ 375,000
Cost		363,583
Fair Value	[3]	$ 363,583
Investment, Identifier [Axis]: Julie Products Inc., Senior Secured 3
Interest Rate	[9]	13.00%
Principal		$ 1,000,000
Cost		940,641
Fair Value	[3]	$ 940,641
Investment, Identifier [Axis]: Juvo Mobile, Inc., Senior Secured
Interest Rate		12.00%	[8],[9]	12.00%	[6],[10]
Principal		$ 1,500,000	[8]	$ 1,500,000	[6]
Cost		1,416,751	[8]	1,398,672	[6]
Fair Value		$ 1,416,751	[3],[8]	$ 1,398,672	[4],[6]
Investment, Identifier [Axis]: KBS, Inc., Senior Secured
Interest Rate		14.00%	[9]	14.00%	[10]
Principal		$ 250,000		$ 250,000
Cost		223,662		218,018
Fair Value		$ 223,662	[3]	$ 218,018	[4]
Investment, Identifier [Axis]: Ketch Kloud, Inc., Senior Secured
Interest Rate		13.00%	[9]	13.00%	[10]
Principal		$ 7,000,000		$ 7,000,000
Cost		6,673,019		6,613,376
Fair Value		$ 6,673,019	[3]	$ 6,613,376	[4]
Investment, Identifier [Axis]: Kings Mountain I LLC, Senior Secured
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 150,000		$ 150,000
Cost		139,027		148,754
Fair Value		$ 117,414	[3]	$ 127,141	[4]
Investment, Identifier [Axis]: Kinoo, Inc., Senior Secured
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 752,761		$ 843,595
Cost		722,112		807,624
Fair Value		$ 722,112	[3]	$ 807,624	[4]
Investment, Identifier [Axis]: Klar Holdings Limited, Senior Secured 1
Interest Rate		12.00%	[7],[8],[9]	12.00%	[5],[6],[10]
End of Term Payment	[11]			3.00%
Principal		$ 1,078,589	[7],[8]	$ 1,772,503	[5],[6]
Cost		1,050,508	[7],[8]	1,750,934	[5],[6]
Fair Value		$ 1,050,508	[3],[7],[8]	$ 1,750,934	[4],[5],[6]
Investment, Identifier [Axis]: Klar Holdings Limited, Senior Secured 2
Interest Rate		14.20%	[7],[8],[9]	11.80%	[5],[6],[10]
End of Term Payment	[7],[8],[12]	4.00%
Principal		$ 19,409	[7],[8]	$ 4,948,064	[5],[6]
Cost		19,342	[7],[8]	4,644,823	[5],[6]
Fair Value		$ 19,342	[3],[7],[8]	$ 4,644,823	[4],[5],[6]
Investment, Identifier [Axis]: Klar Holdings Limited, Senior Secured 3
Interest Rate		12.00%	[7],[8],[9]	14.20%	[5],[6],[10]
End of Term Payment		3.00%	[7],[8],[12]	4.00%	[11]
Principal		$ 1,301,585	[7],[8]	$ 73,594	[5],[6]
Cost		1,289,985	[7],[8]	72,510	[5],[6]
Fair Value		$ 1,289,985	[3],[7],[8]	$ 72,510	[4],[5],[6]
Investment, Identifier [Axis]: Klar Holdings Limited, Senior Secured 4
Interest Rate		11.80%	[7],[8],[9]	12.00%	[5],[6],[10]
Principal		$ 4,367,940	[7],[8]	$ 1,571,468	[5],[6]
Cost		4,155,894	[7],[8]	1,512,748	[5],[6]
Fair Value		$ 4,155,894	[3],[7],[8]	$ 1,512,748	[4],[5],[6]
Investment, Identifier [Axis]: Lacuna Technologies, Inc., Senior Secured 1
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 2,472,354		$ 2,473,956
Cost		2,432,858		2,422,050
Fair Value		$ 2,432,858	[3]	$ 2,422,050	[4]
Investment, Identifier [Axis]: Lacuna Technologies, Inc., Senior Secured 2
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 1,175,581		$ 1,440,513
Cost		1,121,053		1,358,490
Fair Value		$ 1,121,053	[3]	$ 1,358,490	[4]
Investment, Identifier [Axis]: Lassen Peak, Inc., Senior Secured
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 186,024		$ 258,755
Cost		180,607		248,385
Fair Value		$ 180,607	[3]	$ 248,385	[4]
Investment, Identifier [Axis]: LendTable Inc., Senior Secured
Interest Rate	[10]			13.50%
Principal				$ 2,000,000
Cost				1,863,125
Fair Value	[4]			$ 1,863,125
Investment, Identifier [Axis]: LendTable Inc., Senior Secured 1
Interest Rate	[9]	13.50%
Principal		$ 2,000,000
Cost		1,891,726
Fair Value	[3]	$ 1,891,726
Investment, Identifier [Axis]: LendTable Inc., Senior Secured 2
Interest Rate	[9]	14.80%
Principal		$ 1,500,000
Cost		1,460,837
Fair Value	[3]	$ 1,460,837
Investment, Identifier [Axis]: Level Home, Inc., Senior Secured 1
Interest Rate		11.80%	[9]	11.80%	[10]
Principal		$ 6,909,308		$ 8,732,857
Cost		6,854,628		8,645,023
Fair Value		$ 6,854,628	[3]	$ 8,645,023	[4]
Investment, Identifier [Axis]: Level Home, Inc., Senior Secured 2
Interest Rate		11.80%	[9]	11.80%	[10]
Principal		$ 7,829,261		$ 9,599,111
Cost		7,582,646		9,226,924
Fair Value		$ 7,582,646	[3]	$ 9,226,924	[4]
Investment, Identifier [Axis]: Literati, Inc., Senior Secured 1
Interest Rate		11.30%	[9]	11.30%	[10]
Principal		$ 2,257,154		$ 2,475,323
Cost		2,225,727		2,430,878
Fair Value		$ 2,225,727	[3]	$ 2,430,878	[4]
Investment, Identifier [Axis]: Literati, Inc., Senior Secured 2
Interest Rate		11.30%	[9]	11.30%	[10]
Principal		$ 4,512,831		$ 4,949,071
Cost		4,320,303		4,677,972
Fair Value		$ 4,320,303	[3]	$ 4,677,972	[4]
Investment, Identifier [Axis]: Loansnap Holdings Inc., Senior Secured
Interest Rate	[8],[9]	10.30%
Principal	[8]	$ 3,982,300
Cost	[8]	3,844,263
Fair Value	[3],[8]	$ 2,937,017
Investment, Identifier [Axis]: Loansnap Holdings Inc., Senior Secured 1
Interest Rate	[6],[10]			11.00%
Principal	[6]			$ 313,240
Cost	[6]			261,551
Fair Value	[4],[6]			$ 197,068
Investment, Identifier [Axis]: Loansnap Holdings Inc., Senior Secured 2
Interest Rate	[6],[10]			10.30%
Principal	[6]			$ 3,669,060
Cost	[6]			3,418,324
Fair Value	[4],[6]			$ 2,575,562
Investment, Identifier [Axis]: Logistech Solutions Pte. Ltd., Senior Secured
Interest Rate	[5],[6],[10]			11.50%
Principal	[5],[6]			$ 500,000
Cost	[5],[6]			397,719
Fair Value	[4],[5],[6]			$ 397,719
Investment, Identifier [Axis]: Logistech Solutions Pte. Ltd., Senior Secured 1
Interest Rate	[7],[8],[9]	12.80%
Principal	[7],[8]	$ 1,000,000
Cost	[7],[8]	977,102
Fair Value	[3],[7],[8]	$ 977,102
Investment, Identifier [Axis]: Logistech Solutions Pte. Ltd., Senior Secured 2
Interest Rate	[7],[8],[9]	11.50%
Principal	[7],[8]	$ 500,000
Cost	[7],[8]	421,697
Fair Value	[3],[7],[8]	$ 421,697
Investment, Identifier [Axis]: MASC Inc., Senior Secured
Interest Rate	[10]			12.00%
Principal				$ 361,462
Cost				329,755
Fair Value	[4]			$ 329,755
Investment, Identifier [Axis]: Mantra Health, Inc., Senior Secured
Interest Rate	[10]			12.00%
Principal				$ 314,382
Cost				299,761
Fair Value	[4]			$ 299,761
Investment, Identifier [Axis]: Mavenform, Inc., Senior Secured 1
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 465,979		$ 1,484,926
Cost		460,116		1,434,700
Fair Value		$ 460,116	[3]	$ 1,434,700	[4]
Investment, Identifier [Axis]: Mavenform, Inc., Senior Secured 2
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 429,955		$ 494,366
Cost		422,028		488,175
Fair Value		$ 422,028	[3]	$ 488,175	[4]
Investment, Identifier [Axis]: Mavenform, Inc., Senior Secured 3
Interest Rate		11.50%	[9]	11.00%	[10]
Principal		$ 406,474		$ 495,110
Cost		402,321		486,960
Fair Value		$ 402,321	[3]	$ 486,960	[4]
Investment, Identifier [Axis]: Mavenform, Inc., Senior Secured 4
Interest Rate		11.00%	[9]	11.50%	[10]
Principal		$ 1,264,667		$ 627,169
Cost		1,230,355		610,526
Fair Value		$ 1,230,355	[3]	$ 610,526	[4]
Investment, Identifier [Axis]: Medable, Inc., Senior Secured 1
Interest Rate	[10]			12.00%
Principal				$ 75,514
Cost				75,399
Fair Value	[4]			$ 75,399
Investment, Identifier [Axis]: Medable, Inc., Senior Secured 2
Interest Rate	[10]			12.00%
Principal				$ 151,008
Cost				150,084
Fair Value	[4]			$ 150,084
Investment, Identifier [Axis]: Medrobotics Corporation, Inc., Senior Secured
Interest Rate		18.00%	[9]	18.00%	[10]
Principal		$ 10,000,000		$ 10,000,000
Cost		8,895,103		8,895,103
Fair Value		$ 0	[3]	$ 0	[4]
Investment, Identifier [Axis]: Merchbar, Inc., Senior Secured
Interest Rate	[10]			11.80%
Principal				$ 56,203
Cost				55,817
Fair Value	[4]			$ 55,817
Investment, Identifier [Axis]: Merlin Labs, Inc., Senior Secured
Interest Rate	[9]	11.00%
Principal		$ 2,086,319
Cost		2,024,418
Fair Value	[3]	$ 2,024,418
Investment, Identifier [Axis]: Merlin Labs, Inc., Senior Secured 1
Interest Rate	[10]			11.00%
Principal				$ 2,540,327
Cost				2,448,186
Fair Value	[4]			$ 2,448,186
Investment, Identifier [Axis]: Merlin Labs, Inc., Senior Secured 2
Interest Rate	[10]			11.00%
Principal				$ 9,392
Cost				9,381
Fair Value	[4]			$ 9,381
Investment, Identifier [Axis]: MeshPlusPlus, Inc., Senior Secured 1
Interest Rate		12.50%	[9]	12.50%	[10]
Principal		$ 247,203		$ 399,651
Cost		241,302		384,690
Fair Value		$ 241,302	[3]	$ 384,690	[4]
Investment, Identifier [Axis]: MeshPlusPlus, Inc., Senior Secured 2
Interest Rate		12.50%	[9]	12.50%	[10]
Principal		$ 108,204		$ 157,465
Cost		107,103		155,155
Fair Value		$ 107,103	[3]	$ 155,155	[4]
Investment, Identifier [Axis]: Miami Labs, Inc., Senior Secured
Interest Rate		13.30%	[9]	13.30%	[10]
Principal		$ 7,500,000		$ 7,500,000
Cost		7,065,152		6,976,522
Fair Value		$ 7,065,152	[3]	$ 6,976,522	[4]
Investment, Identifier [Axis]: Minded, Inc., Senior Secured 1
Interest Rate		12.00%	[9]	10.50%	[10]
Principal		$ 1,256,621		$ 1,500,000
Cost		1,222,405		1,428,639
Fair Value		$ 1,222,405	[3]	$ 1,428,639	[4]
Investment, Identifier [Axis]: Minded, Inc., Senior Secured 2
Interest Rate		10.50%	[9]	12.00%	[10]
Principal		$ 1,500,000		$ 1,627,909
Cost		1,446,550		1,570,511
Fair Value		$ 1,446,550	[3]	$ 1,570,511	[4]
Investment, Identifier [Axis]: MinoMonsters, Inc., Senior Secured
Interest Rate		11.50%	[7],[8],[9]	11.50%	[5],[6],[10]
Principal		$ 1,407,081	[7],[8]	$ 1,881,787	[5],[6]
Cost		1,384,121	[7],[8]	1,840,806	[5],[6]
Fair Value		$ 1,384,121	[3],[7],[8]	$ 1,840,806	[4],[5],[6]
Investment, Identifier [Axis]: Momentus, Inc., Senior Secured
Interest Rate		12.00%	[8],[9]	12.00%	[6],[10]
Principal		$ 8,904,313	[8]	$ 15,132,503	[6]
Cost		8,813,237	[8]	14,878,285	[6]
Fair Value		$ 8,813,237	[3],[8]	$ 14,878,285	[4],[6]
Investment, Identifier [Axis]: Natomas Labs, Inc., Senior Secured
Interest Rate		13.30%	[9]	12.30%	[10]
Principal		$ 5,697,573		$ 6,271,270
Cost		5,288,365		5,946,356
Fair Value		$ 5,288,365	[3]	$ 5,946,356	[4]
Investment, Identifier [Axis]: NewGlobe Education, Inc., Senior Secured
Interest Rate		12.50%	[7],[8],[9]	12.50%	[5],[6],[10]
Principal		$ 1,380,811	[7],[8]	$ 3,193,223	[5],[6]
Cost		1,371,482	[7],[8]	3,153,211	[5],[6]
Fair Value		$ 1,371,482	[3],[7],[8]	$ 3,153,211	[4],[5],[6]
Investment, Identifier [Axis]: Norbert Health, Inc., Senior Secured
Interest Rate		12.30%	[9]	12.30%	[10]
Principal		$ 432,133		$ 629,233
Cost		415,220		594,039
Fair Value		$ 415,220	[3]	$ 594,039	[4]
Investment, Identifier [Axis]: Noteleaf, Inc., Senior Secured
Interest Rate		18.00%	[9]	18.00%	[10]
Principal		$ 2,277,124		$ 2,277,124
Cost		1,836,011		1,861,011
Fair Value		$ 0	[3]	$ 0	[4]
Investment, Identifier [Axis]: Nue Life Health, Inc., Senior Secured
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 1,536,944		$ 1,500,000
Cost		1,442,503		1,377,534
Fair Value		$ 502,190	[3]	$ 1,377,534	[4]
Investment, Identifier [Axis]: Ocho Holdings Co., Senior Secured 1
Interest Rate		11.30%	[9]	11.30%	[10]
Principal		$ 313,561		$ 406,735
Cost		309,901		388,544
Fair Value		$ 309,901	[3]	$ 388,544	[4]
Investment, Identifier [Axis]: Ocho Holdings Co., Senior Secured 2
Interest Rate		11.30%	[9]	11.30%	[10]
Principal		$ 313,425		$ 406,912
Cost		302,590		400,736
Fair Value		$ 302,590	[3]	$ 400,736	[4]
Investment, Identifier [Axis]: Ocurate, Inc., Senior Secured 1
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 470,999		$ 500,000
Cost		464,222		490,615
Fair Value		$ 464,222	[3]	$ 490,615	[4]
Investment, Identifier [Axis]: Ocurate, Inc., Senior Secured 2
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 470,999		$ 500,000
Cost		450,926		472,319
Fair Value		$ 450,926	[3]	$ 472,319	[4]
Investment, Identifier [Axis]: OneLocal, Inc., Senior Secured
Interest Rate	[7],[8],[9]	12.00%
Principal	[7],[8]	$ 1,389,018
Cost	[7],[8]	1,320,343
Fair Value	[3],[7],[8]	$ 1,320,343
Investment, Identifier [Axis]: OneLocal, Inc., Senior Secured 1
Interest Rate	[5],[6],[10]			12.00%
Principal	[5],[6]			$ 494,724
Cost	[5],[6]			494,724
Fair Value	[4],[5],[6]			$ 494,724
Investment, Identifier [Axis]: OneLocal, Inc., Senior Secured 2
Interest Rate	[5],[6],[10]			12.30%
Principal	[5],[6]			$ 465,894
Cost	[5],[6]			458,470
Fair Value	[4],[5],[6]			$ 458,470
Investment, Identifier [Axis]: OneLocal, Inc., Senior Secured 3
Interest Rate	[5],[6],[10]			12.00%
Principal	[5],[6]			$ 494,512
Cost	[5],[6]			472,195
Fair Value	[4],[5],[6]			$ 472,195
Investment, Identifier [Axis]: OnePointOne, Inc., Senior Secured 1
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 586,803		$ 997,248
Cost		583,023		986,678
Fair Value		$ 583,023	[3]	$ 986,678	[4]
Investment, Identifier [Axis]: OnePointOne, Inc., Senior Secured 2
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 586,492		$ 996,718
Cost		575,096		965,040
Fair Value		$ 575,096	[3]	$ 965,040	[4]
Investment, Identifier [Axis]: Open Inc., Senior Secured
Interest Rate	[10]			13.50%
Principal				$ 500,000
Cost				462,685
Fair Value	[4]			$ 462,685
Investment, Identifier [Axis]: Open Inc., Senior Secured 1
Interest Rate	[9]	13.50%
Principal		$ 500,000
Cost		470,462
Fair Value	[3]	$ 470,462
Investment, Identifier [Axis]: Open Inc., Senior Secured 2
Interest Rate	[9]	14.80%
Principal		$ 500,000
Cost		490,997
Fair Value	[3]	$ 490,997
Investment, Identifier [Axis]: Opya, Inc., Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 113,956		$ 243,427
Cost		113,074		239,713
Fair Value		$ 113,074	[3]	$ 239,713	[4]
Investment, Identifier [Axis]: Osix Corporation, Senior Secured
Interest Rate		12.30%	[9]	12.00%	[10]
Principal		$ 3,679,812		$ 3,459,398
Cost		3,369,724		3,348,354
Fair Value		$ 3,369,724	[3]	$ 3,348,354	[4]
Investment, Identifier [Axis]: Oula Health, Inc., Senior Secured 1
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 219,980		$ 373,847
Cost		216,253		363,475
Fair Value		$ 216,253	[3]	$ 363,475	[4]
Investment, Identifier [Axis]: Oula Health, Inc., Senior Secured 2
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 162,803		$ 231,128
Cost		161,534		228,587
Fair Value		$ 161,534	[3]	$ 228,587	[4]
Investment, Identifier [Axis]: Overalls, Inc., Senior Secured
Interest Rate	[10]			13.50%
Principal				$ 500,000
Cost				450,282
Fair Value	[4]			$ 450,282
Investment, Identifier [Axis]: Overalls, Inc., Senior Secured 1
Interest Rate	[9]	13.50%
Principal		$ 500,000
Cost		460,065
Fair Value	[3]	$ 460,065
Investment, Identifier [Axis]: Overalls, Inc., Senior Secured 2
Interest Rate	[9]	15.50%
Principal		$ 250,000
Cost		250,000
Fair Value	[3]	$ 250,000
Investment, Identifier [Axis]: Parkoursc, Inc., Senior Secured 1
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 104,415		$ 405,476
Cost		103,806		398,511
Fair Value		$ 103,806	[3]	$ 398,511	[4]
Investment, Identifier [Axis]: Parkoursc, Inc., Senior Secured 2
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 367,349		$ 499,608
Cost		365,124		495,497
Fair Value		$ 365,124	[3]	$ 495,497	[4]
Investment, Identifier [Axis]: Percepto, Inc., Senior Secured
Interest Rate	[10]			12.20%
Principal				$ 80,187
Cost				79,373
Fair Value	[4]			$ 79,373
Investment, Identifier [Axis]: Phase Four, Inc., Senior Secured 1
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 941,060		$ 1,220,518
Cost		911,857		1,171,490
Fair Value		$ 911,857	[3]	$ 1,171,490	[4]
Investment, Identifier [Axis]: Phase Four, Inc., Senior Secured 2
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 873,411		$ 989,775
Cost		859,623		969,943
Fair Value		$ 859,623	[3]	$ 969,943	[4]
Investment, Identifier [Axis]: Pixalate, Inc., Senior Secured
Interest Rate		12.50%	[9]	12.50%	[10]
Principal		$ 4,522,505		$ 5,587,212
Cost		4,313,033		5,267,012
Fair Value		$ 4,313,033	[3]	$ 5,267,012	[4]
Investment, Identifier [Axis]: Plant Prefab, Inc., Senior Secured 1
Interest Rate		11.00%	[9]	12.40%	[10]
Principal		$ 1,188,523		$ 1,500,000
Cost		1,175,338		1,378,411
Fair Value		$ 1,175,338	[3]	$ 1,378,411	[4]
Investment, Identifier [Axis]: Plant Prefab, Inc., Senior Secured 2
Interest Rate		12.40%	[9]	11.00%	[10]
Principal		$ 1,500,000		$ 2,069,449
Cost		1,408,079		1,988,919
Fair Value		$ 1,408,079	[3]	$ 1,988,919	[4]
Investment, Identifier [Axis]: Plant Prefab, Inc., Senior Secured 3
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 1,487,765		$ 1,565,882
Cost		1,445,708		1,542,993
Fair Value		$ 1,445,708	[3]	$ 1,542,993	[4]
Investment, Identifier [Axis]: PlantBaby, inc., Senior Secured 1
Interest Rate		13.80%	[9]	12.00%	[10]
Principal		$ 125,000		$ 125,000
Cost		109,437		121,177
Fair Value		$ 109,437	[3]	$ 121,177	[4]
Investment, Identifier [Axis]: PlantBaby, inc., Senior Secured 2
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 117,794		$ 242,794
Cost		115,026		222,830
Fair Value		$ 115,026	[3]	$ 222,830	[4]
Investment, Identifier [Axis]: PlantBaby, inc., Senior Secured 3
Interest Rate		12.00%	[9]	13.80%	[10]
Principal		$ 198,172		$ 125,000
Cost		184,822		104,878
Fair Value		$ 184,822	[3]	$ 104,878	[4]
Investment, Identifier [Axis]: PlantBaby, inc., Senior Secured 4
Interest Rate		14.30%	[9]	12.00%	[10]
Principal		$ 125,000		$ 125,000
Cost		119,770		121,698
Fair Value		$ 119,770	[3]	$ 121,698	[4]
Investment, Identifier [Axis]: PlantBaby, inc., Senior Secured 5
Interest Rate	[9]	12.00%
Principal		$ 106,659
Cost		104,393
Fair Value	[3]	$ 104,393
Investment, Identifier [Axis]: Platform Science, Inc., Senior Secured 1
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 595,548		$ 1,447,334
Cost		591,312		1,425,026
Fair Value		$ 591,312	[3]	$ 1,425,026	[4]
Investment, Identifier [Axis]: Platform Science, Inc., Senior Secured 2
Interest Rate		12.50%	[9]	12.50%	[10]
Principal		$ 5,000,000		$ 5,000,000
Cost		4,655,935		4,559,118
Fair Value		$ 4,655,935	[3]	$ 4,559,118	[4]
Investment, Identifier [Axis]: Platform Science, Inc., Senior Secured 3
Interest Rate		12.50%	[9]	12.50%	[10]
Principal		$ 5,000,000		$ 5,000,000
Cost		4,914,870		4,891,547
Fair Value		$ 4,914,870	[3]	$ 4,891,547	[4]
Investment, Identifier [Axis]: Popily, Inc., Senior Secured
Interest Rate		12.50%	[9]	12.50%	[10]
Principal		$ 1,998,517		$ 1,998,517
Cost		1,559,440		1,559,439
Fair Value		$ 1,107,863	[3]	$ 1,107,863	[4]
Investment, Identifier [Axis]: PrecisionOS Technology Inc., Senior Secured
Interest Rate		12.00%	[7],[8],[9]	12.00%	[5],[6],[10]
Principal		$ 853,270	[7],[8]	$ 1,000,000	[5],[6]
Cost		813,895	[7],[8]	942,838	[5],[6]
Fair Value		$ 813,895	[3],[7],[8]	$ 942,838	[4],[5],[6]
Investment, Identifier [Axis]: Privoro Holdings, Inc., Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 669,372		$ 1,040,167
Cost		656,964		1,010,867
Fair Value		$ 656,964	[3]	$ 1,010,867	[4]
Investment, Identifier [Axis]: Proto, Inc., Senior Secured 1
Interest Rate		12.50%	[9]	12.50%	[10]
Principal		$ 1,296,227		$ 1,375,000
Cost		1,222,532		1,273,897
Fair Value		$ 1,222,532	[3]	$ 1,273,897	[4]
Investment, Identifier [Axis]: Proto, Inc., Senior Secured 2
Interest Rate		12.80%	[9]	12.80%	[10]
Principal		$ 1,296,471		$ 1,375,000
Cost		1,296,470		1,374,999
Fair Value		$ 1,296,470	[3]	$ 1,374,999	[4]
Investment, Identifier [Axis]: Quantcast Corp., Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 12,500,000		$ 12,500,000
Cost		11,558,720		11,234,828
Fair Value		$ 11,558,720	[3]	$ 11,234,828	[4]
Investment, Identifier [Axis]: Quartzy, Inc., Senior Secured 1
Interest Rate	[10]			12.00%
Principal				$ 202,740
Cost				196,508
Fair Value	[4]			$ 196,508
Investment, Identifier [Axis]: Quartzy, Inc., Senior Secured 2
Interest Rate	[10]			12.00%
Principal				$ 618,402
Cost				612,373
Fair Value	[4]			$ 612,373
Investment, Identifier [Axis]: Quartzy, Inc., Senior Secured 3
Interest Rate	[10]			12.00%
Principal				$ 684,617
Cost				677,177
Fair Value	[4]			$ 677,177
Investment, Identifier [Axis]: Quartzy, Inc., Senior Secured 4
Interest Rate	[10]			11.00%
Principal				$ 1,237,478
Cost				895,384
Fair Value	[4]			$ 895,384
Investment, Identifier [Axis]: Quartzy, Inc., Senior Secured 5
Interest Rate	[10]			11.00%
Principal				$ 1,237,779
Cost				1,166,087
Fair Value	[4]			$ 1,166,087
Investment, Identifier [Axis]: Quartzy, Inc., Senior Secured 6
Interest Rate	[10]			11.00%
Principal				$ 1,238,126
Cost				1,175,663
Fair Value	[4]			$ 1,175,663
Investment, Identifier [Axis]: Quartzy, Inc., Senior Secured 7
Interest Rate	[10]			11.00%
Principal				$ 1,238,420
Cost				1,171,479
Fair Value	[4]			$ 1,171,479
Investment, Identifier [Axis]: Ratio Technologies, Inc., Senior Secured 1
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 200,000		$ 200,000
Cost		161,401		153,702
Fair Value		$ 161,401	[3]	$ 153,702	[4]
Investment, Identifier [Axis]: Ratio Technologies, Inc., Senior Secured 2
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 478,000		$ 1,322,000
Cost		470,047		1,295,466
Fair Value		$ 470,047	[3]	$ 1,295,466	[4]
Investment, Identifier [Axis]: Ratio Technologies, Inc., Senior Secured 3
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 1,322,000		$ 478,000
Cost		1,300,298		468,276
Fair Value		$ 1,300,298	[3]	$ 468,276	[4]
Investment, Identifier [Axis]: Reali Inc., Senior Secured
Interest Rate		12.50%	[9]	12.50%	[10]
Principal		$ 11,581,268		$ 11,581,268
Cost		8,839,665		8,839,665
Fair Value		$ 119,190	[3]	$ 361,239	[4]
Investment, Identifier [Axis]: RenoFi, Inc., Senior Secured 1
Interest Rate		12.00%	[9]	11.50%	[10]
Principal		$ 222,154		$ 1,484,485
Cost		220,351		1,458,080
Fair Value		$ 220,351	[3]	$ 1,458,080	[4]
Investment, Identifier [Axis]: RenoFi, Inc., Senior Secured 2
Interest Rate		11.50%	[9]	12.00%	[10]
Principal		$ 1,265,221		$ 55,533
Cost		1,169,675		54,685
Fair Value		$ 1,169,675	[3]	$ 54,685	[4]
Investment, Identifier [Axis]: RenoFi, Inc., Senior Secured 3
Interest Rate		11.50%	[9]	12.00%	[10]
Principal		$ 1,354,001		$ 431,434
Cost		1,335,317		425,024
Fair Value		$ 1,335,317	[3]	$ 425,024	[4]
Investment, Identifier [Axis]: RenoFi, Inc., Senior Secured 4
Interest Rate	[10]			12.00%
Principal				$ 55,563
Cost				55,291
Fair Value	[4]			$ 55,291
Investment, Identifier [Axis]: RenoFi, Inc., Senior Secured 5
Interest Rate	[10]			11.50%
Principal				$ 1,484,187
Cost				1,345,616
Fair Value	[4]			$ 1,345,616
Investment, Identifier [Axis]: Residently USA, LLC, Senior Secured
Interest Rate		12.00%	[7],[8],[9]	12.00%	[5],[10]
Principal		$ 402,811	[7],[8]	$ 431,102	[5]
Cost		384,812	[7],[8]	400,185	[5]
Fair Value		$ 374,604	[3],[7],[8]	$ 320,718	[4],[5]
Investment, Identifier [Axis]: RetailerX, Inc., Senior Secured 1
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 989,529		$ 1,979,965
Cost		975,268		1,873,685
Fair Value		$ 975,268	[3]	$ 1,873,685	[4]
Investment, Identifier [Axis]: RetailerX, Inc., Senior Secured 2
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 1,921,414		$ 990,089
Cost		1,843,221		971,291
Fair Value		$ 1,843,221	[3]	$ 971,291	[4]
Investment, Identifier [Axis]: RetailerX, Inc., Senior Secured 3
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 1,382,196		$ 1,745,995
Cost		1,352,147		1,697,891
Fair Value		$ 1,352,147	[3]	$ 1,697,891	[4]
Investment, Identifier [Axis]: RetailerX, Inc., Senior Secured 4
Interest Rate		11.00%	[9]	12.00%	[10]
Principal		$ 989,944		$ 596,200
Cost		972,930		582,061
Fair Value		$ 972,930	[3]	$ 582,061	[4]
Investment, Identifier [Axis]: RetailerX, Inc., Senior Secured 5
Interest Rate		12.00%	[9]	11.00%	[10]
Principal		$ 397,191		$ 990,481
Cost		390,813		968,946
Fair Value		$ 390,813	[3]	$ 968,946	[4]
Investment, Identifier [Axis]: Rise Gardens, Inc., Senior Secured
Interest Rate	[10]			11.80%
Principal				$ 1,000,000
Cost				953,319
Fair Value	[4]			$ 953,319
Investment, Identifier [Axis]: Rise Gardens, Inc., Senior Secured 1
Interest Rate	[9]	11.80%
Principal		$ 500,000
Cost		488,778
Fair Value	[3]	$ 488,778
Investment, Identifier [Axis]: Rise Gardens, Inc., Senior Secured 2
Interest Rate	[9]	11.80%
Principal		$ 971,392
Cost		936,931
Fair Value	[3]	$ 936,931
Investment, Identifier [Axis]: Romaine Empire, Inc., Senior Secured 1
Interest Rate		14.50%	[9]	13.50%	[10]
Principal		$ 2,963,187		$ 2,955,000
Cost		2,891,518		2,880,629
Fair Value		$ 2,891,518	[3]	$ 2,880,629	[4]
Investment, Identifier [Axis]: Romaine Empire, Inc., Senior Secured 2
Interest Rate		12.00%	[9]	12.30%	[10]
Principal		$ 2,967,451		$ 1,744,683
Cost		2,727,743		1,720,818
Fair Value		$ 2,727,743	[3]	$ 1,720,818	[4]
Investment, Identifier [Axis]: Romaine Empire, Inc., Senior Secured 3
Interest Rate		13.50%	[9]	12.00%	[10]
Principal		$ 2,964,130		$ 2,969,338
Cost		2,900,336		2,685,839
Fair Value		$ 2,900,336	[3]	$ 2,685,839	[4]
Investment, Identifier [Axis]: Romaine Empire, Inc., Senior Secured 4
Interest Rate	[9]	12.30%
Principal		$ 566,104
Cost		563,028
Fair Value	[3]	$ 563,028
Investment, Identifier [Axis]: SF Insuretech, Inc., Senior Secured
Interest Rate	[10]			11.80%
Principal				$ 2,073,872
Cost				2,009,454
Fair Value	[4]			$ 2,009,454
Investment, Identifier [Axis]: SF Insuretech, Inc., Senior Secured 1
Interest Rate	[9]	13.50%
Principal		$ 1,977,343
Cost		1,685,632
Fair Value	[3]	$ 1,685,632
Investment, Identifier [Axis]: SF Insuretech, Inc., Senior Secured 2
Interest Rate	[9]	11.80%
Principal		$ 1,493,568
Cost		1,459,896
Fair Value	[3]	$ 1,459,896
Investment, Identifier [Axis]: SISU Aesthetics Clinic, Inc., Senior Secured
Interest Rate	[5],[6],[10]			13.50%
Principal	[5],[6]			$ 1,000,000
Cost	[5],[6]			943,143
Fair Value	[4],[5],[6]			$ 943,143
Investment, Identifier [Axis]: SISU Aesthetics Clinic, Inc., Senior Secured 1
Interest Rate	[7],[8],[9]	13.50%
Principal	[7],[8]	$ 1,000,000
Cost	[7],[8]	957,625
Fair Value	[3],[7],[8]	$ 957,625
Investment, Identifier [Axis]: SISU Aesthetics Clinic, Inc., Senior Secured 2
Interest Rate	[7],[8],[9]	14.00%
Principal	[7],[8]	$ 750,000
Cost	[7],[8]	742,699
Fair Value	[3],[7],[8]	$ 742,699
Investment, Identifier [Axis]: SMS OPCO LLC, Senior Secured
Interest Rate		8.00%	[9]	8.00%	[10]
Principal		$ 29,942		$ 29,942
Cost		11,192		11,192
Fair Value		$ 0	[3]	$ 11,192	[4]
Investment, Identifier [Axis]: Safe Securities Inc., Senior Secured 1
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 942,772		$ 5,515,552
Cost		929,344		5,320,842
Fair Value		$ 929,344	[3]	$ 5,320,842	[4]
Investment, Identifier [Axis]: Safe Securities Inc., Senior Secured 2
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 4,637,389		$ 989,678
Cost		4,500,647		972,066
Fair Value		$ 4,500,647	[3]	$ 972,066	[4]
Investment, Identifier [Axis]: Safe Securities Inc., Senior Secured 3
Interest Rate	[10]			12.00%
Principal				$ 37,760
Cost				37,500
Fair Value	[4]			$ 37,500
Investment, Identifier [Axis]: Saltbox, Inc., Senior Secured
Interest Rate	[10]			12.30%
Principal				$ 95,429
Cost				94,606
Fair Value	[4]			$ 94,606
Investment, Identifier [Axis]: Serface Care, Inc., Senior Secured
Interest Rate		12.30%	[9]	12.30%	[10]
Principal		$ 597,411		$ 597,411
Cost		344,785		349,785
Fair Value		$ 0	[3]	$ 14,176	[4]
Investment, Identifier [Axis]: Serpex Medical Inc., Senior Secured
Interest Rate		11.00%	[9]	11.00%	[10]
Principal		$ 728,328		$ 750,000
Cost		707,002		721,020
Fair Value		$ 707,002	[3]	$ 721,020	[4]
Investment, Identifier [Axis]: Setex Technologies, Inc., Senior Secured
Interest Rate		12.30%	[9]	12.30%	[10]
Principal		$ 623,749		$ 865,086
Cost		594,063		808,766
Fair Value		$ 594,063	[3]	$ 808,766	[4]
Investment, Identifier [Axis]: Siren Care, Inc., Senior Secured 1
Interest Rate		13.50%	[9]	12.50%	[10]
Principal		$ 654,024		$ 728,293
Cost		650,077		717,693
Fair Value		$ 650,077	[3]	$ 717,693	[4]
Investment, Identifier [Axis]: Siren Care, Inc., Senior Secured 2
Interest Rate	[10]			12.50%
Principal				$ 364,237
Cost				362,009
Fair Value	[4]			$ 362,009
Investment, Identifier [Axis]: Sonatus, Inc, Senior Secured
Interest Rate		12.50%	[9]	12.50%	[10]
Principal		$ 113,288		$ 329,568
Cost		111,443		316,500
Fair Value		$ 111,443	[3]	$ 316,500	[4]
Investment, Identifier [Axis]: Starface World, Inc., Senior Secured 1
Interest Rate	[10]			11.30%
Principal				$ 752,395
Cost				743,774
Fair Value	[4]			$ 743,774
Investment, Identifier [Axis]: Starface World, Inc., Senior Secured 2
Interest Rate	[10]			11.30%
Principal				$ 1,879,804
Cost				1,826,099
Fair Value	[4]			$ 1,826,099
Investment, Identifier [Axis]: Starface World, Inc., Senior Secured 3
Interest Rate	[10]			12.00%
Principal				$ 397,328
Cost				389,068
Fair Value	[4]			$ 389,068
Investment, Identifier [Axis]: Starface World, Inc., Senior Secured 4
Interest Rate	[10]			12.00%
Principal				$ 232,528
Cost				230,457
Fair Value	[4]			$ 230,457
Investment, Identifier [Axis]: Starface World, Inc., Senior Secured 5
Interest Rate	[10]			11.30%
Principal				$ 752,562
Cost				743,229
Fair Value	[4]			$ 743,229
Investment, Identifier [Axis]: Stay Alfred, Inc., Senior Secured
Interest Rate		18.00%	[9]	18.00%	[10]
Principal		$ 4,921,822		$ 4,921,822
Cost		3,408,326		3,408,326
Fair Value		$ 193,603	[3]	$ 193,603	[4]
Investment, Identifier [Axis]: StayTuned Digital, Inc., Senior Secured 1
Interest Rate	[10]			12.00%
Principal				$ 1,732,432
Cost				1,720,017
Fair Value	[4]			$ 1,720,017
Investment, Identifier [Axis]: StayTuned Digital, Inc., Senior Secured 2
Interest Rate	[10]			12.00%
Principal				$ 266,300
Cost				264,747
Fair Value	[4]			$ 264,747
Investment, Identifier [Axis]: StayTuned Digital, Inc., Senior Secured 3
Interest Rate	[10]			12.00%
Principal				$ 865,654
Cost				864,555
Fair Value	[4]			$ 864,555
Investment, Identifier [Axis]: StayTuned Digital, Inc., Senior Secured 4
Interest Rate	[10]			12.00%
Principal				$ 241,605
Cost				215,760
Fair Value	[4]			$ 215,760
Investment, Identifier [Axis]: StayTuned Digital, Inc., Senior Secured 5
Interest Rate	[10]			12.00%
Principal				$ 1,310,443
Cost				1,304,538
Fair Value	[4]			$ 1,304,538
Investment, Identifier [Axis]: StayTuned Digital, Inc., Senior Secured 6
Interest Rate	[10]			12.00%
Principal				$ 98,904
Cost				98,395
Fair Value	[4]			$ 98,395
Investment, Identifier [Axis]: Supplant, Inc., Senior Secured
Interest Rate		13.00%	[7],[8],[9]	13.00%	[5],[6],[10]
Principal		$ 2,000,000	[7],[8]	$ 2,000,000	[5],[6]
Cost		1,892,214	[7],[8]	1,869,114	[5],[6]
Fair Value		$ 1,892,214	[3],[7],[8]	$ 1,869,114	[4],[5],[6]
Investment, Identifier [Axis]: Sustainable Living Partners, LLC, Senior Secured
Interest Rate	[9]	12.50%
Principal		$ 13,689,730
Cost		12,816,811
Fair Value	[3]	$ 12,816,811
Investment, Identifier [Axis]: Sustainable Living Partners, LLC, Senior Secured 1
Interest Rate	[10]			12.50%
Principal				$ 1,262,870
Cost				1,222,074
Fair Value	[4]			$ 1,222,074
Investment, Identifier [Axis]: Sustainable Living Partners, LLC, Senior Secured 2
Interest Rate	[10]			12.50%
Principal				$ 2,472,784
Cost				2,472,784
Fair Value	[4]			$ 2,472,784
Investment, Identifier [Axis]: Sustainable Living Partners, LLC, Senior Secured 3
Interest Rate	[10]			12.50%
Principal				$ 9,191,405
Cost				8,382,963
Fair Value	[4]			$ 8,382,963
Investment, Identifier [Axis]: Swiftly Systems, Inc., Senior Secured 1
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 1,410,627		$ 1,805,537
Cost		1,377,172		1,750,676
Fair Value		$ 1,377,172	[3]	$ 1,750,676	[4]
Investment, Identifier [Axis]: Swiftly Systems, Inc., Senior Secured 2
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 2,408,839		$ 3,221,507
Cost		2,237,868		2,920,300
Fair Value		$ 2,237,868	[3]	$ 2,920,300	[4]
Investment, Identifier [Axis]: TLNT Inc., Senior Secured 1
Interest Rate		14.80%	[9]	14.80%	[10]
Principal		$ 125,000		$ 125,000
Cost		122,078		121,302
Fair Value		$ 122,078	[3]	$ 121,302	[4]
Investment, Identifier [Axis]: TLNT Inc., Senior Secured 2
Interest Rate		14.30%	[9]	14.30%	[10]
Principal		$ 375,000		$ 375,000
Cost		336,053		324,556
Fair Value		$ 336,053	[3]	$ 324,556	[4]
Investment, Identifier [Axis]: TLNT Inc., Senior Secured 3
Interest Rate	[9]	15.30%
Principal		$ 312,500
Cost		304,082
Fair Value	[3]	$ 304,082
Investment, Identifier [Axis]: Terragon, Inc., Senior Secured
Interest Rate		12.00%	[7],[8],[9]	12.00%	[5],[6],[10]
Principal		$ 198,741	[7],[8]	$ 298,319	[5],[6]
Cost		176,767	[7],[8]	251,147	[5],[6]
Fair Value		$ 176,767	[3],[7],[8]	$ 251,147	[4],[5],[6]
Investment, Identifier [Axis]: The Farm Project, PBC., Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 2,970,380		$ 3,679,645
Cost		2,888,898		3,546,677
Fair Value		$ 2,888,898	[3]	$ 3,546,677	[4]
Investment, Identifier [Axis]: The Safe and Fair Food Company LLC, Senior Secured
Interest Rate		12.30%	[9]	12.30%	[10]
Principal		$ 1,226,618		$ 1,667,276
Cost		1,159,453		1,544,749
Fair Value		$ 1,159,453	[3]	$ 1,544,749	[4]
Investment, Identifier [Axis]: TheSquareFoot, Inc., Senior Secured
Interest Rate	[9]	18.00%
Principal		$ 660,608
Cost		357,189
Fair Value	[3]	$ 0
Investment, Identifier [Axis]: TheSquareFoot, Inc., Senior Secured 1
Interest Rate	[10]			12.80%
Principal				$ 250,000
Cost				138,378
Fair Value	[4]			$ 39,862
Investment, Identifier [Axis]: TheSquareFoot, Inc., Senior Secured 2
Interest Rate	[10]			14.30%
Principal				$ 300,000
Cost				244,797
Fair Value	[4]			$ 70,517
Investment, Identifier [Axis]: Therapydia, Inc., Senior Secured
Interest Rate	[9]	12.00%
Principal		$ 1,777,402
Cost		1,735,479
Fair Value	[3]	$ 1,735,479
Investment, Identifier [Axis]: Therapydia, Inc., Senior Secured 1
Interest Rate	[10]			12.00%
Principal				$ 494,595
Cost				484,962
Fair Value	[4]			$ 484,962
Investment, Identifier [Axis]: Therapydia, Inc., Senior Secured 2
Interest Rate	[10]			12.00%
Principal				$ 399,320
Cost				365,747
Fair Value	[4]			$ 365,747
Investment, Identifier [Axis]: Therapydia, Inc., Senior Secured 3
Interest Rate	[10]			12.00%
End of Term Payment	[11]			1.70%
Principal				$ 14,158
Cost				14,030
Fair Value	[4]			$ 14,030
Investment, Identifier [Axis]: Therapydia, Inc., Senior Secured 4
Interest Rate	[10]			12.00%
Principal				$ 471,346
Cost				462,125
Fair Value	[4]			$ 462,125
Investment, Identifier [Axis]: Therapydia, Inc., Senior Secured 5
Interest Rate	[10]			12.50%
End of Term Payment	[11]			1.70%
Principal				$ 25,788
Cost				25,788
Fair Value	[4]			$ 25,788
Investment, Identifier [Axis]: Therapydia, Inc., Senior Secured 6
Interest Rate	[10]			12.00%
Principal				$ 494,407
Cost				486,012
Fair Value	[4]			$ 486,012
Investment, Identifier [Axis]: Tia, Inc., Senior Secured 1
Interest Rate		11.80%	[9]	11.80%	[10]
Principal		$ 793,077		$ 1,805,010
Cost		763,688		1,786,559
Fair Value		$ 763,688	[3]	$ 1,786,559	[4]
Investment, Identifier [Axis]: Tia, Inc., Senior Secured 2
Interest Rate		11.80%	[9]	11.80%	[10]
Principal		$ 1,326,405		$ 1,191,146
Cost		1,316,426		1,126,396
Fair Value		$ 1,316,426	[3]	$ 1,126,396	[4]
Investment, Identifier [Axis]: Titan Health & Security Technologies, Inc., Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 1,324,421		$ 1,500,000
Cost		1,275,616		1,430,281
Fair Value		$ 1,275,616	[3]	$ 1,430,281	[4]
Investment, Identifier [Axis]: TomoCredit, Inc., Senior Secured 1
Interest Rate		12.50%	[9]	12.50%	[10]
Principal		$ 67,961		$ 197,707
Cost		67,217		192,406
Fair Value		$ 67,217	[3]	$ 192,406	[4]
Investment, Identifier [Axis]: TomoCredit, Inc., Senior Secured 2
Interest Rate		12.50%	[9]	12.50%	[10]
Principal		$ 45,329		$ 131,867
Cost		45,329		131,867
Fair Value		$ 45,329	[3]	$ 131,867	[4]
Investment, Identifier [Axis]: Traction Apps, Inc., Senior Secured
Interest Rate		12.00%	[7],[8],[9]	12.00%	[5],[6],[10]
Principal		$ 750,000	[7],[8]	$ 750,000	[5],[6]
Cost		723,322	[7],[8]	714,536	[5],[6]
Fair Value		$ 723,322	[3],[7],[8]	$ 714,536	[4],[5],[6]
Investment, Identifier [Axis]: Truthset, Inc., Senior Secured
Interest Rate		12.50%	[9]	10.50%	[10]
Principal		$ 326,739		$ 336,131
Cost		274,328		321,851
Fair Value		$ 225,636	[3]	$ 273,159	[4]
Investment, Identifier [Axis]: UCM Digital Health, Inc., Senior Secured
Interest Rate	[9]	12.50%
Principal		$ 1,597,359
Cost		1,479,116
Fair Value	[3]	$ 1,479,116
Investment, Identifier [Axis]: UCM Digital Health, Inc., Senior Secured 1
Interest Rate	[10]			12.00%
Principal				$ 865,885
Cost				846,312
Fair Value	[4]			$ 846,312
Investment, Identifier [Axis]: UCM Digital Health, Inc., Senior Secured 2
Interest Rate	[10]			12.00%
Principal				$ 840,485
Cost				785,510
Fair Value	[4]			$ 785,510
Investment, Identifier [Axis]: Ukko Inc., Senior Secured
Interest Rate		11.50%	[9]	11.50%	[5],[6],[10]
Principal		$ 3,500,000		$ 3,500,000	[5],[6]
Cost		3,303,113		3,255,446	[5],[6]
Fair Value		$ 3,303,113	[3]	$ 3,255,446	[4],[5],[6]
Investment, Identifier [Axis]: Umbra Lab, Inc., Senior Secured 1
Interest Rate		13.50%	[9]	13.50%	[10]
Principal		$ 5,000,000		$ 5,000,000
Cost		4,816,002		4,769,605
Fair Value		$ 4,816,002	[3]	$ 4,769,605	[4]
Investment, Identifier [Axis]: Umbra Lab, Inc., Senior Secured 2
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 2,156,470		$ 3,143,048
Cost		2,128,706		3,076,889
Fair Value		$ 2,128,706	[3]	$ 3,076,889	[4]
Investment, Identifier [Axis]: Umbra Lab, Inc., Senior Secured 3
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 2,157,255		$ 3,141,904
Cost		2,125,727		3,083,612
Fair Value		$ 2,125,727	[3]	$ 3,083,612	[4]
Investment, Identifier [Axis]: Usual Beverage Co., Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 1,699,532		$ 1,666,208
Cost		1,629,519		1,610,419
Fair Value		$ 284,813	[3]	$ 533,065	[4]
Investment, Identifier [Axis]: Veev Group, Inc., Senior Secured 1
Interest Rate	[10]			12.50%
Principal				$ 278,723
Cost				272,406
Fair Value	[4]			$ 272,406
Investment, Identifier [Axis]: Veev Group, Inc., Senior Secured 2
Interest Rate	[10]			12.50%
Principal				$ 16,287,975
Cost				15,866,472
Fair Value	[4]			$ 15,866,472
Investment, Identifier [Axis]: Veev Group, Inc., Senior Secured 3
Interest Rate		12.50%	[9]	12.50%	[10]
Principal		$ 12,587,531		$ 836,345
Cost		12,336,252		833,200
Fair Value		$ 12,336,252	[3]	$ 833,200	[4]
Investment, Identifier [Axis]: Velo Holdings Limited, Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 2,471,720		$ 2,471,720
Cost		1,510,732		1,659,035
Fair Value		$ 1,510,732	[3]	$ 1,265,212	[4]
Investment, Identifier [Axis]: Verishop, Inc., Senior Secured
Interest Rate		12.60%	[9]	12.60%	[10]
Principal		$ 1,550,491		$ 1,931,034
Cost		1,538,028		1,910,712
Fair Value		$ 1,538,028	[3]	$ 1,910,712	[4]
Investment, Identifier [Axis]: Vessel Health, Inc., Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 697,710		$ 748,525
Cost		530,000		660,408
Fair Value		$ 530,000	[3]	$ 660,408	[4]
Investment, Identifier [Axis]: Vesta Housing, Inc., Senior Secured 1
Interest Rate		11.80%	[9]	11.80%	[10]
Principal		$ 1,375,000		$ 1,375,000
Cost		1,342,910		1,334,142
Fair Value		$ 1,342,910	[3]	$ 1,334,142	[4]
Investment, Identifier [Axis]: Vesta Housing, Inc., Senior Secured 2
Interest Rate		11.80%	[9]	11.80%	[10]
Principal		$ 1,375,000		$ 1,375,000
Cost		1,285,863		1,262,090
Fair Value		$ 1,285,863	[3]	$ 1,262,090	[4]
Investment, Identifier [Axis]: Vinvesto, Inc., Senior Secured 1
Interest Rate	[9]	14.80%
Principal		$ 250,000
Cost		223,402
Fair Value	[3]	$ 223,402
Investment, Identifier [Axis]: Vinvesto, Inc., Senior Secured 2
Interest Rate	[9]	15.00%
Principal		$ 250,000
Cost		250,000
Fair Value	[3]	$ 250,000
Investment, Identifier [Axis]: Virtuix Holdings, Inc., Senior Secured
Interest Rate		12.30%	[9]	12.30%	[10]
Principal		$ 456,754		$ 500,000
Cost		445,136		483,684
Fair Value		$ 445,136	[3]	$ 483,684	[4]
Investment, Identifier [Axis]: Wellth, Inc., Senior Secured 1
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 942,206		$ 699,306
Cost		890,763		681,593
Fair Value		$ 890,763	[3]	$ 681,593	[4]
Investment, Identifier [Axis]: Wellth, Inc., Senior Secured 2
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 565,404		$ 1,165,344
Cost		553,887		1,086,700
Fair Value		$ 553,887	[3]	$ 1,086,700	[4]
Investment, Identifier [Axis]: Wheels Labs, Inc., Senior Secured
Interest Rate		12.00%	[8],[9]	12.00%	[10]
Principal		$ 1,000,000	[8]	$ 1,000,000
Cost		898,983	[8]	920,675
Fair Value		$ 898,983	[3],[8]	$ 920,675	[4]
Investment, Identifier [Axis]: WorkRails, Inc., Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 455,117		$ 455,117
Cost		397,034		424,340
Fair Value		$ 47,012	[3]	$ 60,837	[4]
Investment, Identifier [Axis]: Workspot, Inc., Senior Secured 1
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 558,193		$ 1,192,381
Cost		552,779		1,169,628
Fair Value		$ 552,779	[3]	$ 1,169,628	[4]
Investment, Identifier [Axis]: Workspot, Inc., Senior Secured 2
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 328,413		$ 531,573
Cost		323,063		517,946
Fair Value		$ 323,063	[3]	$ 517,946	[4]
Investment, Identifier [Axis]: World Wrapps II, Inc., Senior Secured 1
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 215,637		$ 314,154
Cost		215,637		271,958
Fair Value		$ 215,637	[3]	$ 271,958	[4]
Investment, Identifier [Axis]: World Wrapps II, Inc., Senior Secured 2
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 215,889		$ 314,176
Cost		215,889		314,176
Fair Value		$ 215,889	[3]	$ 314,176	[4]
Investment, Identifier [Axis]: World Wrapps II, Inc., Senior Secured 3
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 215,622		$ 314,543
Cost		194,996		314,543
Fair Value		$ 194,996	[3]	$ 314,543	[4]
Investment, Identifier [Axis]: Yes Health, Inc., Senior Secured
Interest Rate		12.00%	[9]	12.00%	[10]
Principal		$ 1,773,262		$ 1,773,262
Cost		1,705,392		1,705,392
Fair Value		$ 0	[3]	$ 251,280	[4]
Investment, Identifier [Axis]: Yuva Biosciences, Inc., Senior Secured
Interest Rate		13.30%	[9]	13.30%	[10]
Principal		$ 250,000		$ 250,000
Cost		219,877		213,070
Fair Value		$ 219,877	[3]	$ 213,070	[4]
Investment, Identifier [Axis]: Zanbato, Inc., Senior Secured
Interest Rate	[10]			11.00%
Principal				$ 1,140,600
Cost				1,129,359
Fair Value	[4]			$ 1,129,359
Investment, Identifier [Axis]: Zeno Technologies, Inc., Senior Secured 1
Interest Rate		10.00%	[9]	10.00%	[10]
Principal		$ 212,516		$ 250,000
Cost		212,514		226,764
Fair Value		$ 212,514	[3]	$ 226,764	[4]
Investment, Identifier [Axis]: Zeno Technologies, Inc., Senior Secured 2
Interest Rate		10.00%	[9]	10.00%	[10]
Principal		$ 212,516		$ 250,000
Cost		196,538		249,997
Fair Value		$ 196,538	[3]	$ 249,997	[4]
Investment, Identifier [Axis]: Zimeno Inc., Senior Secured
Interest Rate	[10]			11.50%
Principal				$ 6,250,000
Cost				5,836,685
Fair Value	[4]			$ 5,836,685
Investment, Identifier [Axis]: Zimeno Inc., Senior Secured 1
Interest Rate	[9]	11.50%
Principal		$ 6,250,000
Cost		5,933,768
Fair Value	[3]	$ 5,933,768
Investment, Identifier [Axis]: Zimeno Inc., Senior Secured 2
Interest Rate	[9]	11.50%
Principal		$ 6,250,000
Cost		6,106,156
Fair Value	[3]	$ 6,106,156
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 1
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 1,317,982		$ 5,020,622
Cost		1,284,210		4,746,723
Fair Value		$ 1,284,210	[3]	$ 4,746,723	[4]
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 2
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 2,474,812		$ 1,882,439
Cost		2,406,777		872,280
Fair Value		$ 2,406,777	[3]	$ 872,280	[4]
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 3
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 1,407,569		$ 2,475,333
Cost		772,242		2,401,673
Fair Value		$ 772,242	[3]	$ 2,401,673	[4]
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 4
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 1,882,492		$ 1,686,955
Cost		1,799,328		1,631,596
Fair Value		$ 1,799,328	[3]	$ 1,631,596	[4]
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 5
Interest Rate		11.50%	[9]	11.50%	[10]
Principal		$ 3,441,887		$ 2,330,963
Cost		3,310,620		2,203,387
Fair Value		$ 3,310,620	[3]	$ 2,203,387	[4]
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 6
Interest Rate	[9]	11.50%
Principal		$ 2,184,332
Cost		2,133,062
Fair Value	[3]	$ 2,133,062
Investment, Identifier [Axis]: iZENEtech, Inc., Senior Secured
Interest Rate		12.30%	[7],[8],[9]	12.30%	[5],[6],[10]
Principal		$ 3,001,339	[7],[8]	$ 3,135,994	[5],[6]
Cost		3,015,442	[7],[8]	3,045,707	[5],[6]
Fair Value		$ 2,808,190	[3],[7],[8]	$ 3,045,707	[4],[5],[6]

[1] The percentage of net assets that each industry group represents is shown with the industry totals (the sum of the percentages does not equal 100% because the percentages are based on net assets as opposed to total loans).

[2] The percentage of net assets that each industry group represents is shown with the industry totals (the sum of the percentages does not equal 100% because the percentages are based on net assets as opposed to total loans).

[3] There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.

[4] There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.

[5] Entity is not domiciled in the United States and does not have its principal place of business in the United States.

[6] Indicates assets that the Fund deems “non-qualifying assets.” As of December 31, 2022, 14.8% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an “eligible portfolio company,” as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund's investments in all eligible portfolio companies, and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.

[7] Entity is not domiciled in the United States and does not have its principal place of business in the United States.

[8] Indicates assets that the Fund deems “non-qualifying assets.” As of June 30, 2023, 14.6% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an “eligible portfolio company,” as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund's investments in all eligible portfolio companies, and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.

[9] The interest rate is the designated annual interest rate exclusive of any original issue discount, fees or end of term payment.

[10] The interest rate is the designated annual interest rate exclusive of any original issue discount, fees or end of term payment.

[11] The end of term payments are contractually due on the maturity date and are in addition to the interest rate shown. End of term payments are the percentage of the final payment divided by the original loan amount and are amortized over the full term of the loan.

[12] The end of term payments are contractually due on the maturity date and are in addition to the interest rate shown. End of term payments are the percentage of the final payment divided by the original loan amount and are amortized over the full term of the loan.

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CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) (Parenthetical) - USD ($)	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Cost	$ 440,674,148		$ 521,905,950
Net assets per share (in dollars per share)	$ 2,448.76	$ 2,801.26	$ 2,682.12	$ 2,548.9	$ 2,400.69	$ 2,301.94
Shares of capital stock outstanding (in shares)	100,000		100,000

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CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Loans with costs basis classified as non-accrual	$ 70.2	$ 40.0
Loans with fair value classified as non-accrual	$ 38.5	$ 12.4
Total assets representing non-qualifying assets, percentage	14.60%	14.80%

XML

CONDENSED SCHEDULES OF DERIVATIVE INSTRUMENTS (UNAUDITED) - USD ($)		Jun. 30, 2023	Dec. 31, 2022
Net Appreciation (Depreciation)		$ (28,085,714)	$ (21,569,934)
Interest Rate Collar
Notional Amount		164,000,000	227,000,000
Fair Value		6,336,162	10,644,351
Net Appreciation (Depreciation)	[1]	6,336,162	10,644,351
Zions Bancorporation, N.A. | Interest Rate Collar, Cap Rate 0.86%, Floor Rate 0.35%, Maturity 3/18/2024
Notional Amount		24,000,000	87,000,000
Fair Value		837,288	4,244,303
Net Appreciation (Depreciation)	[1]	$ 837,288	$ 4,244,303
Zions Bancorporation, N.A. | Interest Rate Collar, Cap Rate 0.86%, Floor Rate 0.35%, Maturity 3/18/2024 | Secured Overnight Financing Rate (SOFR) | Cap
Floating interest rate		0.86%	0.86%
Zions Bancorporation, N.A. | Interest Rate Collar, Cap Rate 0.86%, Floor Rate 0.35%, Maturity 3/18/2024 | Secured Overnight Financing Rate (SOFR) | Floor
Floating interest rate		0.35%	0.35%
Zions Bancorporation, N.A. | Interest Rate Collar, Cap Rate 1.36%, Floor Rate 0.42%, Maturity 6/30/2025
Notional Amount		$ 50,000,000	$ 50,000,000
Fair Value		3,248,220	3,421,781
Net Appreciation (Depreciation)	[1]	$ 3,248,220	$ 3,421,781
Zions Bancorporation, N.A. | Interest Rate Collar, Cap Rate 1.36%, Floor Rate 0.42%, Maturity 6/30/2025 | Secured Overnight Financing Rate (SOFR) | Cap
Floating interest rate		1.36%	1.36%
Zions Bancorporation, N.A. | Interest Rate Collar, Cap Rate 1.36%, Floor Rate 0.42%, Maturity 6/30/2025 | Secured Overnight Financing Rate (SOFR) | Floor
Floating interest rate		0.42%	0.42%
Zions Bancorporation, N.A. | Interest Rate Collar, Cap Rate 2.11%, Floor Rate 0.53%, Maturity 3/18/2024
Notional Amount		$ 90,000,000	$ 90,000,000
Fair Value		2,250,654	2,978,267
Net Appreciation (Depreciation)	[1]	$ 2,250,654	$ 2,978,267
Zions Bancorporation, N.A. | Interest Rate Collar, Cap Rate 2.11%, Floor Rate 0.53%, Maturity 3/18/2024 | Secured Overnight Financing Rate (SOFR) | Cap
Floating interest rate		2.11%	2.11%
Zions Bancorporation, N.A. | Interest Rate Collar, Cap Rate 2.11%, Floor Rate 0.53%, Maturity 3/18/2024 | Secured Overnight Financing Rate (SOFR) | Floor
Floating interest rate		0.53%	0.53%

[1] The unrealized appreciation/(depreciation) was valued using prices or valuation based on observable inputs other than quoted price in active markets for identical assets and liabilities. See “Note 3. Fair Value Disclosures” for more information.

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ORGANIZATION AND OPERATIONS OF THE FUND

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND OPERATIONS OF THE FUND

ORGANIZATION AND OPERATIONS OF THE FUND

Venture Lending & Leasing IX, Inc. (the “Fund”) was incorporated in Maryland on June 28, 2017 as a non-diversified, closed-end management investment company electing status as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) and is managed by Westech Investment Advisors, LLC (the “Manager” or “Management”). All of the issued and outstanding membership interests of the Manager were acquired by P10 Intermediate Holdings LLC, a Delaware limited liability company whose ultimate parent is P10, Inc., a Delaware corporation (together, “P10”) on October 13, 2022 (the “Transaction”). The management of day-to-day operations of the Manager remains substantially unchanged and continues to be directed by the Manager’s personnel following the closing of the Transaction.

The Fund will be dissolved on December 31, 2028 unless the Board of Directors (the “Board”) opts to elect early dissolution. One hundred percent of the stock of the Fund is held by Venture Lending & Leasing IX, LLC (the “Company”). Prior to commencing operations on May 2, 2018, the Fund had no operations other than accruing organizational expenses and the sale to the Company of 100,000 shares of common stock, $0.001 par value for $25,000 in June 2017. This issuance of stock was a requirement to apply for a finance lender’s license from the California Commissioner of Corporations, which was obtained on September 22, 2017.

The Fund’s investment objective is to achieve superior risk-adjusted investment returns and it seeks to achieve that objective by providing debt financing to portfolio companies, most of which are private. The Fund generally receives warrants to acquire equity securities in connection with its portfolio investments and generally distributes these warrants to its shareholder upon receipt, or soon thereafter. The Fund also has guidelines for the percentages of total assets that are invested in different types of assets. The portfolio investments of the Fund primarily consist of debt financing to early and expansion stage venture capital-backed technology companies.

In the Manager’s opinion, the accompanying condensed interim financial statements (hereafter referred to as “financial statements”) include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of financial position and results of operations for interim periods. Certain information and note disclosures normally included in audited annual financial statements prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been omitted; however, the Fund believes that the disclosures made are adequate to make the information presented not misleading. The interim results for the three and six months ended June 30, 2023 are not necessarily indicative of what the results would be for a full year. These financial statements should be read in conjunction with the financial statements and the notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2022.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting and Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As an investment company, the Fund follows accounting and reporting guidance as set forth in Topic 946 (“Financial Services - Investment Companies”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”).

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and money market mutual funds with maturities of or the ability to redeem or liquidate holdings within 90 days or less. Cash and cash equivalents are held in three bank accounts with two financial institutions, Mitsubishi UFJ Financial Group, Inc. ("MUFG Bank") and U.S. Bank National Association ("US Bank"), and as a result are subject to custodial concentration risk for cash and cash equivalents. Any cash held at US Bank in excess of the Federal Deposit Insurance Corporation (“FDIC”) limit of $250,000 is uninsured by the FDIC, while all cash held at MUFG Bank is uninsured by the FDIC. Money market mutual funds held as cash equivalents are valued at their most recently traded net asset value. Within cash and cash equivalents, as of June 30, 2023, the Fund held 10,640,670 units in the First American Government Obligations Fund valued at $1 per unit at a yield of 4.97% and $500,000 in cash, which together represented 4.55% of the net assets of the Fund. Within cash and cash equivalents, as of December 31, 2022, the Fund held 6,754,823 units in the First American Government Obligations Fund valued at $1 per unit at a yield of 4.06%, and $319,834 in cash, which together represented 2.64% of the net assets of the Fund.

Interest Income

Interest income on loans is recognized on an accrual basis using the effective interest method including amounts resulting from the accretion of discount on loans included as additional compensation as part of the loan agreements. Additionally, fees received as part of the transaction are added to the loan discount and accreted over the life of the loan.

Realized Gains and Losses from Loans

Realized gains or losses on the sale of loans are computed using the difference between the amortized cost and the sales proceeds. Realized losses on loan write-offs are recognized when management determines that a loan is uncollectible.

Investment Valuation

    The Fund accounts for loans for which market quotations are not readily available at fair value as determined in good faith by the Manager, who has been appointed as the Fund's valuation designee, pursuant to Rule 2a-5 under the 1940 Act. Subject to the oversight of the Fund's Board, all valuations are determined under the direction of the Manager, in accordance with the valuation methods described below and Rule 2a-5.

As of June 30, 2023 and December 31, 2022, the financial statements included nonmarketable investments of $406.3 million and $489.7 million, respectively, (or 94.4% and 94.7% of total assets, respectively), with the fair values determined by the Manager in the absence of readily determinable market values. Because of the inherent uncertainty of these valuations, estimated fair values of such investments may differ significantly from the fair values that would have been used had a readily available market for the securities existed, and the differences could be material. Below is the information used by the Manager in making these estimates.

Loans

The Fund defines fair value as the price that would be received to sell an asset or paid to lower a liability in an orderly transaction between market participants at the measurement date. Because there is no readily available market price and no secondary market for substantially all of the debt investments made by the Fund in its borrowing portfolio companies, Management determines fair value based on hypothetical markets, and on several factors related to each borrower, including, but not limited to, the borrower’s payment history, available cash and “burn rate,” revenues, net income or loss, the likelihood that the borrower will be able to secure additional financing in the future, and an evaluation of the general interest rate environment. The amount of any valuation adjustment considers the estimated amount and timing of cash payments of principal and interest from the borrower and/or liquidation analysis and is determined based upon a credit analysis of the borrower and an analysis of the expected recovery from the borrower, including consideration of factors such as the nature and quality of the Fund’s security interests in collateral, the estimated fair value of the Fund’s collateral, the size of the loan, and the estimated time that will elapse before the Fund achieves a recovery. Management has evaluated these factors and has concluded that the effect of deterioration in the quality of the underlying collateral, increase in size of the loan, increase in the estimated time to recovery and increase in the hypothetical market coupon rate would have the effect of lowering the fair value of the current portfolio of loans.

Non-Accrual Loans

The Fund’s policy is to classify a loan as non-accrual when the portfolio company is delinquent for three consecutive months on its monthly loan payment, or, in the opinion of Management, either ceases or drastically curtails its operations and Management deems that it is unlikely that the loan will return to performing status. When a loan is placed on non-accrual status, all interest previously accrued but not collected is reversed for the quarter in which the loan was placed on non-accrual status. Any uncollected interest related to quarters prior to when the loan was placed on non-accrual status is added to the principal balance, and the aggregate balance of the principal and interest is evaluated in accordance with the policy for valuation of loans in determining Management’s best estimate of fair value. Interest received by the Fund on non-accrual loans will be recognized as interest income if and when the proceeds exceed the book value of the respective loan.

If a borrower of a non-accrual loan resumes making regular payments and Management believes that such borrower has regained the ability to service the loan on a sustainable basis, the loan is reclassified back to accrual or performing status. Interest that would have been accrued during the time a loan was classified as non-accrual will be added back to the remaining payment schedule causing a change in the effective interest rate.

As of June 30, 2023 and December 31, 2022, loans with a cost basis of $70.2 million and $40.0 million and a fair value of $38.5 million and $12.4 million, respectively, were classified as non-accrual.

Warrants and Equity Securities

Warrants and equity securities received in connection with loan transactions are measured at fair value at the time of acquisition. Warrants are valued based on a Black-Scholes option pricing model which considers, among several factors, the underlying stock value, expected term, volatility, and risk-free interest rate. It is anticipated that such securities will be distributed by the Fund to the Company simultaneously with, or shortly following, their acquisition.

The underlying asset value is estimated based on available information.

Volatility, or the amount of uncertainty or risk about the size of the changes in the warrant price, is based on an index of publicly traded companies grouped by industry and which are similar in nature to the underlying portfolio companies issuing the warrant (“Industry Index”). The volatility assumption for each Industry Index is based on the average volatility for individual public companies within the portfolio company’s industry for a period of time approximating the expected life of the warrants. A hypothetical increase in the volatility of the warrants used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants.

The remaining expected lives of warrants are based on historical experience of the average life of the warrants, as warrants are often exercised in the event of acquisitions, mergers, or initial public offerings and terminated due to events such as bankruptcies, restructuring activities, or additional financings. These events cause the expected term to be less than the remaining contractual term of the warrants. As of June 30, 2023 and December 31, 2022, the Fund assumed the average duration of a warrant is 4.0 years. The effect of a hypothetical increase in the estimated initial term of the warrants used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants. However, the estimated initial term of the warrants is one factor, of many, used in the valuation of warrants, and by itself does not have a significant impact on the results of operations.

The risk-free interest rate is derived from the constant maturity tables issued by the U.S. Treasury Department. The effect of a hypothetical increase in the estimated risk-free rate used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants.

Other Assets and Liabilities

Other assets include costs incurred in conjunction with borrowings under the Fund’s debt facility and are stated at initial cost. These costs are amortized over the term of the facility.

The fair values of other assets and accrued liabilities are estimated at their carrying values because of the short-term nature of these assets and liabilities.

The carrying value of the borrowings under the debt facility approximates their fair value based on the borrowing rates available to the Fund.

Deferred Debt Facility Fees

The deferred debt facility fees and costs associated with the debt facility are included in Other assets in the Condensed Statements of Assets and Liabilities and are being amortized over the estimated life of the facility, which currently matures on March 18, 2024. The amortization of these costs is recorded as interest expense in the Condensed Statements of Operations.

Commitment Fees

Unearned income and commitment fees on loans are recognized using the effective-interest method over the term of the loan. Commitment fees are carried as liabilities when received for commitments upon which no draws have been made. When the first draw is made, the fee is treated as unearned income and is recognized as described above. If a draw is never made, the forfeited commitment fee less any applicable legal costs becomes recognized as other income after the commitment expires.

Derivative Instruments

The Fund uses derivative instruments to manage its exposure to changes in interest rates on expected borrowings under its debt facility, as the Fund originates fixed rate loans (see Note 8).

Derivative instruments are primarily valued on the basis of quotes obtained from banks, brokers and dealers and adjusted for counterparty risk and the optionality of the interest rate terms. The valuation of the derivative instruments also considers the future expected interest rates on the notional principal balance remaining which is comparable to what a prospective acquirer would pay on the measurement date. Valuation pricing models consider inputs such as forward rates, anticipated interest rate volatility relating to the reference rate, as well as time value and other factors underlying derivative instruments.

The Fund is a party to master netting arrangements with Zions Bancorporation, N.A., however, the Fund has elected not to offset assets and liabilities under these arrangements for financial statement presentation purposes. Contracts are recorded at gross fair value in either derivative assets or derivative liability in the Condensed Statements of Assets and Liabilities, depending on whether the fair value of the contract is in favor of the Fund or the counterparty. The changes in fair value are recorded in net change in unrealized gain (loss) from derivative instruments in the Condensed Statements of Operations and the monthly interest received or paid on the contract, if any, is recorded in net realized gain (loss) from derivative instruments in the Condensed Statements of Operations.

The interest rate collar instruments are contractually scheduled to terminate on March 18, 2024 and June 30, 2025.

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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 Ended				For the Six Months Ended
Performing Loans	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Weighted-Average Interest Rate - Cash	16.23	%	13.93	%	14.50	%	13.28	%
Weighted Average Interest Rate - Non-Cash	4.02	%	3.59	%	3.61	%	3.75	%
Weighted-Average Interest Rate	20.25	%	17.52	%	18.11	%	17.03	%

	For the Three Months Ended				For the Six Months Ended
All Loans	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Weighted-Average Interest Rate - Cash	15.17	%	13.75	%	13.82	%	13.56	%
Weighted Average Interest Rate - Non-Cash	3.75	%	3.53	%	3.43	%	3.68	%
Weighted-Average Interest Rate	18.92	%	17.28	%	17.25	%	17.24	%

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, the cost basis of the loan often approximates fair value.

All loans as of June 30, 2023 and December 31, 2022 were pledged as collateral for the debt facility, and the Fund’s borrowings are generally collateralized by all assets of the Fund. As of June 30, 2023 and December 31, 2022, the Fund had unexpired unfunded commitments to borrowers of $15.3 million and $68.1 million, respectively.

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 derivative instruments are based on quotes from the market makers that derive fair values from market data, and therefore, are classified as Level 2. The Fund’s borrowings under the debt facility are also classified as Level 2, because the carrying values of the borrowings are based on rates that are observable at commonly quoted intervals, which are Level 2 inputs, and that approximate fair values. 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 Investments	Fair Value at June 30, 2023	Valuation Techniques / Methodologies	Unobservable Input	Range	Weighted Average (a)
Biotechnology	$12,043,832	Hypothetical market analysis	Hypothetical market coupon rate	13% - 16%	15%
Computers & Storage	20,118,241	Hypothetical market analysis	Hypothetical market coupon rate	14% - 16%	14%
Enterprise Networking	4,123,744	Asset Recovery	Probability weighting of alternative outcomes	10% - 50% *
Internet	50,985,763	Hypothetical market analysis	Hypothetical market coupon rate	14% - 31%	17%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 100%^
Medical Devices	4,905,942	Hypothetical market analysis	Hypothetical market coupon rate	14% - 20%	15%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 100%^
Other Healthcare	23,356,185	Hypothetical market analysis	Hypothetical market coupon rate	13% - 34%	17%
		Asset Recovery	Probability weighting of alternative outcomes	100%*
Other Technology	209,927,044	Hypothetical market analysis	Hypothetical market coupon rate	11% - 34%	16%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 100%^
Security	5,158,512	Hypothetical market analysis	Hypothetical market coupon rate	13% - 16%	14%
		Asset Recovery	Probability weighting of alternative outcomes	100%*
Software	52,182,456	Hypothetical market analysis	Hypothetical market coupon rate	13% - 37%	17%
		Asset Recovery	Probability weighing of alternative outcomes	5% - 90%^
Technology Services	21,158,985	Hypothetical market analysis	Hypothetical market coupon rate	16% - 22%	20%
		Asset Recovery	Probability weighing of alternative outcomes	20% - 40%*
Wireless	2,291,568	Hypothetical market analysis	Hypothetical market coupon rate	14% - 17%	16%
Total Loan Investments	$406,252,272

(a) The weighted-average hypothetical market coupon rates were calculated using the relative fair value of the loans.

* There is only one loan within the industry.

^ Probability weightings vary among loan investments within each industry based on different potential future outcomes.

Investment Type - Level 3
Loan Investments	Fair Value at December 31, 2022	Valuation Techniques / Methodologies	Unobservable Input	Range	Weighted Average (a)
Biotechnology	$20,242,076	Hypothetical market analysis	Hypothetical market coupon rate	13% - 17%	15%
Computers & Storage	22,378,980	Hypothetical market analysis	Hypothetical market coupon rate	14% - 16%	14%
Enterprise Networking	3,549,308	Asset Recovery	Probability weighting of alternative outcomes	10% - 40% *
Internet	58,936,140	Hypothetical market analysis	Hypothetical market coupon rate	14% - 30%	16%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 100%^
Medical Devices	6,814,809	Hypothetical market analysis	Hypothetical market coupon rate	13% - 20%	15%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 95%^
Other Healthcare	35,863,539	Hypothetical market analysis	Hypothetical market coupon rate	13% - 22%	16%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 80%*
Other Technology	238,242,511	Hypothetical market analysis	Hypothetical market coupon rate	14% - 34%	16%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 100%^
Security	5,178,554	Hypothetical market analysis	Hypothetical market coupon rate	13% - 16%	14%
		Asset Recovery	Probability weighting of alternative outcomes	100%*
Software	72,045,093	Hypothetical market analysis	Hypothetical market coupon rate	13% - 37%	16%
		Asset Recovery	Probability weighing of alternative outcomes	5% - 80%^
Technology Services	23,738,663	Hypothetical market analysis	Hypothetical market coupon rate	13% - 24%	20%
		Asset Recovery	Probability weighting of alternative outcomes	25%*
Wireless	2,701,992	Hypothetical market analysis	Hypothetical market coupon rate	14% - 17%	16%
Total Loan Investments	$489,691,665

(a) The weighted-average hypothetical market coupon rates were calculated using the relative fair value of the loans.

* There is only one loan within the industry.

^ Probability weightings vary among loan investments 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 1		Level 2		Level 3		Total
Loans†	$	—	$	—	$	406,252,272	$	406,252,272
Derivative assets	—		6,336,162		—		6,336,162
Cash equivalents	10,640,670		—		—		10,640,670
Total	$	10,640,670	$	6,336,162	$	406,252,272	$	423,229,104
LIABILITIES:	Level 1		Level 2		Level 3		Total
Borrowings under debt facility	$	—	$	182,500,000	$	—	$	182,500,000
Total	$	—	$	182,500,000	$	—	$	182,500,000

As of December 31, 2022
ASSETS:	Level 1		Level 2		Level 3		Total
Loans†	$	—	$	—	$	489,691,665	$	489,691,665
Derivative assets	—		10,644,351		—		10,644,351
Cash equivalents	6,754,823		—		—		6,754,823
Total	$	6,754,823	$	10,644,351	$	489,691,665	$	507,090,839
LIABILITIES:	Level 1		Level 2		Level 3		Total
Borrowings under debt facility	$	—	$	244,500,000	$	—	$	244,500,000
Total	$	—	$	244,500,000	$	—	$	244,500,000

† 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
	Loans		Warrants		Loans		Warrants
Beginning balance	$	463,976,758	$	—	$	489,691,665	$	—
Acquisitions and originations	8,812,500		1,715,526		25,312,500		2,679,908
Principal payments on loans, net of accretion	(64,539,670)		—		(106,545,558)		—
Distributions to shareholder	—		(1,715,526)		—		(2,679,908)
Net realized gain from loans	—		—		1,256		—
Net change in unrealized loss from loans	(1,997,316)		—		(2,207,591)		—
Ending balance	$	406,252,272	$	—	$	406,252,272	$	—
Net change in unrealized loss from loans relating to loans still held at June 30, 2023	$	(2,155,217)			$	(2,892,362)

	For the Three Months Ended June 30, 2022						For the Six Months Ended June 30, 2022
	Loans		Warrants		Other		Loans		Warrants		Stocks		Other
Beginning balance	$	498,257,047	$	—	$	—	$	484,047,644	$	—	$	—	$	—
Acquisitions and originations	56,750,000		4,073,772		100		107,475,000		8,045,774		2,090,759		100
Principal payments on loans, net of accretion	(67,355,589)		—		—		(103,182,467)		—		—		—
Proceeds from sale of loan	(1,800,000)		—		—		(1,800,000)		—		—		—
Distributions to shareholder	—		(4,073,772)		(100)		—		(8,045,774)		(2,090,759)		(100)
Net realized loss from loans	(2,249,093)		—		—		(2,577,831)		—		—		—
Net change in unrealized gain from loans	2,060,255		—		—		1,700,274		—		—		—
Ending balance	$	485,662,620	$	—	$	—	$	485,662,620	$	—	$	—	$	—
Net change in unrealized loss from loans relating to loans still held at June 30, 2022	$	(970,854)					$	(1,146,852)

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EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHAREBasic earnings per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average common shares outstanding. Diluted earnings (loss) per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average common shares outstanding, including the dilutive effects of potential common shares (e.g., stock options). The Fund has no instruments that would be potential common shares; thus, reported basic and diluted earnings (loss) per share are the same.

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CAPITAL STOCK

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

CAPITAL STOCK

CAPITAL STOCK

As of both June 30, 2023 and December 31, 2022, there were 10,000,000 shares of $0.001 par value common stock authorized, and 100,000 shares issued and outstanding. Total committed capital of the Company, which had been fully called and received as of both June 30, 2023 and December 31, 2022, was $460.0 million of which $407.1 million was contributed to the Fund.

The chart below shows the distributions of the Fund for the six months ended June 30, 2023 and 2022.

	For the Six Months Ended June 30, 2023		For the Six Months Ended June 30, 2022
Cash distributions	$	47,996,000	$	25,000,000
Distributions of equity securities	2,679,908		10,136,633
Total distributions to shareholder	$	50,675,908	$	35,136,633

Final classification of the distributions as either a return of capital or a distribution of income is an annual determination made at the end of each year dependent upon the Fund’s current year cumulative earnings and profits.

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DEBT FACILITY

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

DEBT FACILITY

DEBT FACILITY

The 1940 Act requires a BDC to meet certain levels of asset coverage with respect to its outstanding “senior securities,” which typically consist of outstanding borrowings under credit facilities and other debt instruments. Historically, BDCs have only been allowed to incur indebtedness by issuing senior securities if their asset coverage equals at least 200% after giving effect to such borrowings. The Small Business Credit Availability Act, which was signed into law on March 23, 2018, added a new Section 61(a)(2) to the 1940 Act that permits BDCs like the Fund to increase the amount of indebtedness they may incur by lowering the asset coverage requirement from 200% to 150% if they make certain disclosures and obtain the approval by either (1) a “required majority,” as defined in Section 57(o) of the 1940 Act, of the BDC’s board of directors, including a majority of non-interested directors within the meaning of Section 2(a)(19) of the 1940 Act (“Independent Directors”), with effectiveness one year after the date of such approval or (2) a majority of votes cast at a special or annual meeting of the BDC’s shareholders at which a quorum is present, which is effective the day after such stockholder approval.

On December 5, 2018, the required majority of the Fund’s Board, including a majority of its Independent Directors, unanimously determined it to be in the best interests of the Fund and its sole shareholder, the Company, to provide the Fund with maximum leverage flexibility, and approved the application to the Fund of a minimum asset coverage ratio of 150%, pursuant to Section 61(a)(2) of the 1940 Act, which would double the Fund’s borrowing limits, subject to approval by the Company, as the sole shareholder, via the pass-through voting of its members. Thereafter, at a special meeting of shareholders held on April 24, 2019, the Fund’s sole shareholder, the Company, approved the proposal to apply the reduced asset coverage requirement to the Fund. The 150% asset coverage ratio became effective for the Fund on April 25, 2019. As of June 30, 2023 and December 31, 2022, the Fund’s asset coverage for borrowings was 233% and 209%, respectively.

On May 17, 2022, the Fund, entered into a First Amendment to the Amended and Restated Loan and Security Agreement (the “First Amendment”) with MUFG Union Bank Ltd. as the administrative agent and with lenders named therein. The First Amendment provides for, among other modifications (i) an increase in the size of the facility to $400.0 million, (ii) replacement of the interest rate benchmark from LIBOR to Secured Overnight Financing Rate (“SOFR”), and (iii) conversion of an existing LIBOR Market Index Rate Loan to a Daily Simple SOFR Rate Loan.

Borrowings of the Fund are collateralized by all of the assets of the Fund. In the event of default, the Manager's right to receive management fees from the Fund is subordinate to the liens of the lenders. Loans under the facility may be, at the option of the Fund, a Reference Rate Loan or a SOFR Rate Loan (calculated at Daily Simple SOFR or another applicable Term SOFR Reference Rate). As of June 30, 2023, the Fund’s outstanding borrowings were entirely based on the Daily Simple SOFR Rate Loan. The facility terminates on March 18, 2024, but can be accelerated in the event of default, such as failure by the Fund to make timely interest or principal payments.

The Fund pays interest on its borrowings and a fee on the unused portion of the facility. Under the First Amendment, interest is charged to the Fund based on its borrowings at, pursuant to the election of the Fund, an annual rate equal to either (i) the Reference Rate plus 1.50%, (ii) for a SOFR Rate Loan with an interest period of one month, SOFR plus 2.60% or (iii) for a SOFR Rate Loan with an interest period of three months, SOFR plus 2.65%. When the Fund is using 50.00% or more of the maximum amount available under the Loan Agreement, the applicable commitment fee is 0.25% of the unused portion of the loan facility; otherwise, the applicable commitment fee is 0.50% of the unused portion. The Fund pays the unused credit line fee quarterly. As of June 30, 2023 and December 31, 2022, $182.5 million and $244.5 million, respectively, was outstanding under the facility.

As of June 30, 2023, the SOFR rate was as follows:

Overnight	5.0900	%
Daily Simple SOFR	5.0500	%
30-day Average SOFR	5.0653	%
90-day Average SOFR	4.9957	%

Bank fees and other costs of $4.0 million incurred in connection with the acquisition and amendment of the facility have been capitalized and are amortized to interest expense on a straight-line basis over the expected life of the facility. As of June 30, 2023 and December 31, 2022, the remaining unamortized fees and costs of $0.8 million and $1.3 million, respectively, are being amortized over the expected life of the facility, which is expected to terminate on March 18, 2024.    

The facility is revolving and as such does not have a specified repayment schedule, although advances are secured by the assets of the Fund and thus repayments will be required as assets decline. The facility contains various covenants including financial covenants related to: (i) minimum debt service coverage ratio, (ii) interest coverage ratio, (iii) unfunded commitment ratio, (iv) maximum quarterly loan loss reserve ratio, (v) maximum annual loan loss reserve ratio and (vi) maximum loan loss test. There are also various restrictive covenants, including limitations on: (i) the incurrence of liens, (ii) consolidations, mergers and asset sales and (iii) capital expenditures. As of June 30, 2023 and December 31, 2022, Management is not aware of instances of non-compliance with financial covenants.

The following is the summary of the outstanding facility draws as of June 30, 2023 and December 31, 2022:

	June 30, 2023		December 31, 2022		Maturity Date	All-In Interest Rate(a)
SOFR Rate Loan	$	182,500,000	$	244,500,000	March 18, 2024	Variable based on Daily Simple SOFR rate
Total Outstanding	$	182,500,000	$	244,500,000

(a)Inclusive of 2.60% applicable SOFR Rate Loan margin plus Daily Simple SOFR rate.

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MANAGEMENT FEE

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

MANAGEMENT FEE

MANAGEMENT FEE

On October 13, 2022, in connection with the Transaction, the Fund entered into a new investment management agreement (the “Current Agreement”), by and between the Fund and the Manager, that replaced the previous investment management agreement entered into between the Fund and the Manager (the “Previous Agreement”). The closing of the Transaction constituted a change of control of the Manager which caused the Previous Agreement to terminate. Significant terms of the Current Agreement are the same as those of the Previous Agreement, including the fee rates described below.

As compensation for its services to the Fund, from the date of the first capital call, May 1, 2018, the Manager receives a management fee (“Management Fee”) computed and paid at the end of the quarter at an annual rate of the Company’s committed equity capital (regardless of when or if the capital was called) based on the following schedule of annual percentages:

	Management Fee
Year 1	1.575%
Year 2	1.600%
Year 3	1.575%
Year 4	1.500%
Year 5	1.250%
Year 6	0.900%
Year 7	0.600%
Year 8	0.350%
Year 9	0.150%

For the three and six months ended June 30, 2023 and 2022, Management Fees were calculated at 1.250% and 1.500% of the Company's committed capital, respectively.

Management Fees of $1.4 million and $1.7 million were recognized as expenses for the three months ended June 30, 2023 and 2022, respectively. Management Fees of $2.9 million and $3.5 million were recognized as expenses for the six months ended June 30, 2023 and 2022, respectively.

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DERIVATIVE INSTRUMENTS

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

The Fund uses derivative instruments to manage its exposure to interest rates on expected borrowings under its debt facility, as the Fund originates fixed rate loans.

Interest Rate Collar

The Fund entered into interest rate collar transactions with Zions Bancorporation, N.A. dba California Bank & Trust. Certain information related to the Fund's interest rate collar contracts is presented below:

Counterparties	Effective Date	Notional Amount	Cap	Floor	Index	Maturity Date
Zions Bancorporation, N.A.	06/01/2022	$24,000,000	0.86%	0.35%	USD-SOFR rate	03/18/2024
Zions Bancorporation, N.A.	05/31/2022	$50,000,000	1.36%	0.42%	USD-SOFR rate	06/30/2025
Zions Bancorporation, N.A.	06/01/2022	$90,000,000	2.11%	0.53%	USD-SOFR rate	03/18/2024

The interest rate collar mitigates the Fund's exposure to interest rate fluctuations on variable rate index of the debt facility. The collar establishes a range where the Fund pays the counterparty if the SOFR rate falls below the established floor rate, and the counterparty will pay the Fund if the SOFR rate exceeds the established cap rate. The interest rate collar settles monthly.

The following table shows the Fund's derivative instruments at fair value on the Fund's Condensed Statement of Assets and Liabilities as of June 30, 2023 and December 31, 2022.

	Derivative Assets
Derivative Instruments	June 30, 2023		December 31, 2022
Interest rate collar	$	6,336,162	$	10,644,351

The following table shows the effect of the Fund's derivative instruments on the Fund's Condensed Statement of Operations:

		For the Three Months Ended				For the Six Months Ended
Derivative Instruments	Condensed Statements of Operation Caption	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Interest rate collar	Net change in unrealized gain (loss) from derivative instruments	$	(2,276,959)	$	590,763	$	(4,308,189)	$	6,005,767
	Net realized gain from derivative instruments	$	4,086,256	$	882,045	$	5,691,293	$	717,583

The following table shows the Fund's assets and liabilities related to derivatives by counterparty, net of amounts available for offset under the master netting agreement and net of any collateral received or pledged by the Fund for such assets and liabilities as of June 30, 2023 and December 31, 2022:

	As of June 30, 2023
Counterparties	Derivative Asset Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash collateral received		Cash Collateral Received		Net Amount (1)
Zions Bancorporation, N.A.	$	6,336,162	$	—	$	—	$	—	$	6,336,162
Total	$	6,336,162	$	—	$	—	$	—	$	6,336,162
	As of December 31, 2022
Counterparties	Derivative Asset Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash collateral received		Cash Collateral Received		Net Amount (1)
Zions Bancorporation, N.A.	$	10,644,351	$	—	$	—	$	—	$	10,644,351
Total	$	10,644,351	$	—	$	—	$	—	$	10,644,351
(1) Net amount of derivative assets represents the net amount due from the counterparty to the Fund.
(2) Net amount of derivative liabilities represents the net amount owed by the Fund to the counterparty. There were no derivative liabilities as of June 30, 2023 and December 31, 2022.

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TAX STATUS

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

TAX STATUS

TAX STATUS

The Fund has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986 (the "Code") and operates in a manner to qualify for the tax treatment applicable to RICs. Failing to maintain at least 70% of total assets in "qualifying assets" will result in the loss of BDC status, resulting in losing its favorable tax treatment as a RIC. As of June 30, 2023, the Fund has met the BDC and RIC requirements. The Fund elected to be treated for federal income tax purposes as a RIC under the Code with the filing of its federal income tax return for 2019.

In order to qualify for favorable tax treatment as a RIC, the Fund is required to distribute annually to its shareholder at least 90% of its investment company taxable income, as defined by the Code. To avoid federal excise taxes, the Fund must distribute annually at least 98% of its ordinary income and 98.2% of net capital gains from the current year and any undistributed ordinary income and net capital gains from the preceding years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If the Fund chooses to do so, all other things being equal, this would increase expenses and reduce the amount available to be distributed to its shareholder. The Fund will accrue excise tax on estimated undistributed taxable income as required.

Below are tables summarizing the cost of investments for federal income tax purposes and the appreciation and depreciation of the investments reported on the Condensed Schedules of Investments and Condensed Statements of Assets and Liabilities as of June 30, 2023 and December 31, 2022:

Asset	As of June 30, 2023
	Cost		Unrealized Appreciation		Unrealized Depreciation		Net Appreciation (Depreciation)
Loans	$	440,674,148	$	—	$	(34,421,876)	$	(34,421,876)
Derivative assets	—		6,336,162		—		6,336,162
Total	$	440,674,148	$	6,336,162	$	(34,421,876)	$	(28,085,714)

	As of December 31, 2022
Asset	Cost		Unrealized Appreciation		Unrealized Depreciation		Net Appreciation (Depreciation)
Loans	$	521,905,950	$	—	$	(32,214,285)	$	(32,214,285)
Derivative assets	—		10,644,351		—		10,644,351
Total	$	—	$	10,644,351	$	(32,214,285)	$	(21,569,934)

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP.  These book/tax differences are either temporary or permanent in nature.  To the extent these differences are permanent, they are charged or credited to paid-in-capital or accumulated net realized gain (loss), as appropriate, in the period that the differences arise.  Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses.  These differences are generally determined in conjunction with the preparation of the Fund’s annual RIC tax return.

Book and tax basis differences relating to shareholder dividends and distributions and other permanent book and tax differences are reclassified among the Fund’s capital accounts.  In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP. The determination of the tax attributes of the Fund’s distributions is made annually as of the end of the Fund’s taxable year and is generally based upon its taxable income for the full taxable year and distributions paid for the full taxable year. As a result, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Fund’s distributions for a full taxable year. As of June 30, 2023, the Fund had determined the tax attributes of its distributions taxable year-to-date to be from its current and accumulated earnings and profits. There is not yet, however, certainty as to what the actual tax attributes of the Fund’s distributions to the shareholders will be by the year-ending December 31, 2023.

The Fund anticipates distributing all distributable earnings by the end of the year. The Fund may pay distributions in excess of its taxable net investment income.  This excess would be a tax-free return of capital in the period and reduce the shareholder’s tax basis in its shares.

The Fund’s tax returns remain open for examination by the federal government for a period of three years and California tax authorities for a period of four years from when they are filed.  As of June 30, 2023, the Fund had no uncertain tax positions and no capital loss carryforwards.

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Unexpired Unfunded Commitments

As of June 30, 2023 and December 31, 2022, the Fund’s unexpired unfunded commitments to borrowers totaled $15.3 million and $68.1 million, respectively. Because venture loans are privately negotiated transactions, investments in these assets are relatively illiquid. It is the Manager’s experience that not all unexpired unfunded commitments will be used by the borrowers. Many credit agreements contain provisions which are milestone dependent and not all borrowers will achieve these milestones. Additionally, the Fund’s credit agreements contain provisions that give relief from funding obligations in the event the borrower has a material adverse change to its financial condition. Therefore, the unexpired unfunded commitments do not necessarily reflect future cash requirements or future investments for the Fund.

The tables below are the Fund’s unexpired unfunded commitments as of June 30, 2023 and December 31, 2022:

Borrower	Industry	Unexpired Unfunded Commitment as of June 30, 2023		Expiration Date
Abacum Inc.	Software	$	1,500,000	12/31/2023
Fanimal, Inc.	Other Technology	625,000		12/31/2023
FutureProof Technologies, Inc.	Software	1,250,000		07/31/2023
Hoken Holdings Inc.	Software	625,000		07/31/2023
Platform Science, Inc.	Other Technology	5,000,000		09/30/2023
SF Insuretech, Inc.	Software	3,000,000		12/30/2023
Snoqualmie, Inc.	Other Healthcare	1,750,000		09/15/2023
Supplant, Inc.	Other Technology	1,000,000		07/30/2023
TLNT Inc.	Other Technology	312,500		07/31/2023
Yuva Biosciences, Inc.	Other Healthcare	250,000		07/31/2023
Total		$	15,312,500

Borrower	Industry	Unexpired Unfunded Commitment as of December 31, 2022		Expiration Date
Abacum Inc.	Software	$	3,000,000	12/31/2023
Airspeed, Inc.	Other Technology	625,000		03/31/2023
Azumo, Inc.	Other Technology	1,000,000		03/31/2023
Bankroll Club, LLC	Other Technology	1,000,000		01/31/2023
BlueCart, Inc.	Software	500,000		04/30/2023
Bryte, Inc.	Other Technology	2,500,000		01/31/2023
Canopy Technology Corp.	Software	1,000,000		02/28/2023
CornerUp, Inc.	Other Technology	1,000,000		06/30/2023
Creoate Limited	Other Technology	500,000		03/31/2023
EasyKnock, Inc.	Other Technology	2,500,000		01/31/2023
Fanimal, Inc.	Other Technology	625,000		12/31/2023
Form Remodel, Inc.	Software	500,000		01/31/2023
FutureProof Technologies, Inc.	Software	1,250,000		07/31/2023
Grayce, Inc.	Other Healthcare	750,000		03/31/2023
Heading Health Inc.	Other Technology	750,000		06/30/2023
Hoken Holdings Inc.	Software	625,000		07/31/2023
Holo, Inc.	Other Technology	500,000		01/15/2023
continued to next page

Borrower	Industry	Unexpired Unfunded Commitment as of December 31, 2022		Expiration Date
iLearningEngines Inc.	Technology Services	2,500,000		01/31/2023
Julie Products Inc.	Other Healthcare	750,000		06/30/2023
Juvo Mobile, Inc.	Wireless	1,000,000		03/31/2023
KBS, Inc.	Other Healthcare	500,000		05/30/2023
LendTable Inc.	Other Technology	1,500,000		07/31/2023
Literati, Inc.	Other Technology	2,500,000		03/31/2023
Logistech Solutions Pte. Ltd.	Other Technology	3,500,000		05/31/2023
Miami Labs, Inc.	Internet	7,500,000		06/30/2023
Nue Life Health, Inc.	Other Technology	2,500,000		01/31/2023
Open Inc.	Other Healthcare	500,000		01/31/2023
Overalls, Inc.	Software	500,000		03/31/2023
Plant Prefab, Inc.	Other Technology	1,500,000		03/31/2023
PlantBaby, inc.	Other Technology	125,000		01/31/2023
Platform Science, Inc.	Other Technology	5,000,000		09/30/2023
Rise Gardens, Inc.	Other Technology	500,000		02/28/2023
Romaine Empire, Inc.	Other Technology	3,000,000		04/30/2023
SISU Aesthetics Clinic, Inc.	Other Technology	1,500,000		06/30/2023
Snoqualmie, Inc.	Other Healthcare	1,750,000		09/15/2023
Supplant, Inc.	Other Technology	1,000,000		07/30/2023
TheSquareFoot, Inc.	Other Technology	1,200,000		03/31/2023
TLNT Inc.	Other Technology	625,000		04/30/2023
Ukko Inc.	Biotechnology	2,500,000		03/31/2023
Vinvesto, Inc.	Internet	500,000		02/28/2023
Virtuix Holdings, Inc.	Other Technology	500,000		05/31/2023
Yuva Biosciences, Inc.	Other Healthcare	250,000		07/31/2023
Zimeno Inc.	Other Technology	6,250,000		01/29/2023
Total		$	68,075,000

Contingencies

In the normal course of business, the Manager may enter into certain contracts, on behalf of the Fund, that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made that have not yet occurred. Currently, no such claims exist or are expected to arise and, accordingly, the Fund has not accrued any liability in connection with such indemnifications.

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FINANCIAL HIGHLIGHTS

6 Months Ended

Jun. 30, 2023

Investment Company [Abstract]

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS

U.S. GAAP requires disclosure of financial highlights of the Fund for the three and six months ended June 30, 2023 and 2022.

The total rate of return is defined as the return based on the change in value during the period of a theoretical investment made at the beginning of the period. The total rate of return assumes a constant rate of return for the Fund during the period reported and weights each cash flow by the amount of time held in the Fund. This required methodology differs from an internal rate of return.

The ratios of expenses and net investment income to average net assets, calculated below, are annualized and are computed based upon the aggregate weighted average net assets of the Fund for the periods presented. Net investment income is inclusive of all investment income, net of expenses and excludes realized or unrealized gains and losses.

Beginning and ending net asset values per share are based on the beginning and ending number of shares outstanding. Other per share information is calculated based upon the aggregate weighted average net assets of the Fund for the periods presented.

The following per share data and ratios have been derived from the information provided in the financial statements:

	For the Three Months Ended June 30, 2023			For the Three Months Ended June 30, 2022			For the Six Months Ended June 30, 2023			For the Six Months Ended June 30, 2022
Total return**	5.77		%	7.68		%	10.84		%	17.77		%
Per share amounts:
Net asset value, beginning of period	$	2,801.26		$	2,400.69		$	2,682.12		$	2,301.94
Net investment income	146.50			171.12			281.63			339.88
Net realized and change in unrealized gain (loss) from loans and derivative instruments	(1.89)			12.83			(8.23)			58.45
Net increase in net assets resulting from operations	144.61			183.95			273.40			398.33
Distributions of income to shareholder	(328.91)			(110.74)			(338.56)			(274.57)
Return of capital to shareholder	(168.20)			—			(168.20)			(76.80)
Contributions from shareholder	—			75.00			—			200.00
Net asset value, end of period	2,448.76			2,548.90			2,448.76			2,548.90
Net assets, end of period	244,876,231			$	254,890,411		$	244,876,231		$	254,890,411
Ratios to average net assets:
Expenses*	9.72		%	7.29		%	9.47		%	7.31		%
Net investment income*	22.87		%	27.95		%	21.48		%	28.59		%
Portfolio turn-over rate	—		%	0.37		%	—		%	0.37		%
Average debt outstanding	$	215,250,000		$	277,500,000		$	225,214,286		$	273,571,429
*Annualized
**Total return amounts presented above are not annualized.

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SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSThe Fund evaluated subsequent events through the date of this Quarterly Report on Form 10-Q and determined that no subsequent events had occurred that would require accrual or disclosure in the financial statements.

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Pay vs Performance Disclosure - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net increase in net assets resulting from operations	$ 14,462,218	$ 18,395,595	$ 27,339,844	$ 39,833,493

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Accounting

Basis of Accounting and Use of EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As an investment company, the Fund follows accounting and reporting guidance as set forth in Topic 946 (“Financial Services - Investment Companies”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”).

Use of Estimates

Basis of Accounting and Use of EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As an investment company, the Fund follows accounting and reporting guidance as set forth in Topic 946 (“Financial Services - Investment Companies”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”).

Cash and Cash Equivalents

Cash and Cash EquivalentsCash and cash equivalents consist of cash on hand and money market mutual funds with maturities of or the ability to redeem or liquidate holdings within 90 days or less. Cash and cash equivalents are held in three bank accounts with two financial institutions, Mitsubishi UFJ Financial Group, Inc. ("MUFG Bank") and U.S. Bank National Association ("US Bank"), and as a result are subject to custodial concentration risk for cash and cash equivalents. Any cash held at US Bank in excess of the Federal Deposit Insurance Corporation (“FDIC”) limit of $250,000 is uninsured by the FDIC, while all cash held at MUFG Bank is uninsured by the FDIC. Money market mutual funds held as cash equivalents are valued at their most recently traded net asset value.

Interest Income

Interest IncomeInterest income on loans is recognized on an accrual basis using the effective interest method including amounts resulting from the accretion of discount on loans included as additional compensation as part of the loan agreements. Additionally, fees received as part of the transaction are added to the loan discount and accreted over the life of the loan.

Realized Gains and Losses from Loans

Realized Gains and Losses from LoansRealized gains or losses on the sale of loans are computed using the difference between the amortized cost and the sales proceeds. Realized losses on loan write-offs are recognized when management determines that a loan is uncollectible.

Investment Valuation

Investment Valuation

    The Fund accounts for loans for which market quotations are not readily available at fair value as determined in good faith by the Manager, who has been appointed as the Fund's valuation designee, pursuant to Rule 2a-5 under the 1940 Act. Subject to the oversight of the Fund's Board, all valuations are determined under the direction of the Manager, in accordance with the valuation methods described below and Rule 2a-5.

As of June 30, 2023 and December 31, 2022, the financial statements included nonmarketable investments of $406.3 million and $489.7 million, respectively, (or 94.4% and 94.7% of total assets, respectively), with the fair values determined by the Manager in the absence of readily determinable market values. Because of the inherent uncertainty of these valuations, estimated fair values of such investments may differ significantly from the fair values that would have been used had a readily available market for the securities existed, and the differences could be material. Below is the information used by the Manager in making these estimates.

Loans

The Fund defines fair value as the price that would be received to sell an asset or paid to lower a liability in an orderly transaction between market participants at the measurement date. Because there is no readily available market price and no secondary market for substantially all of the debt investments made by the Fund in its borrowing portfolio companies, Management determines fair value based on hypothetical markets, and on several factors related to each borrower, including, but not limited to, the borrower’s payment history, available cash and “burn rate,” revenues, net income or loss, the likelihood that the borrower will be able to secure additional financing in the future, and an evaluation of the general interest rate environment. The amount of any valuation adjustment considers the estimated amount and timing of cash payments of principal and interest from the borrower and/or liquidation analysis and is determined based upon a credit analysis of the borrower and an analysis of the expected recovery from the borrower, including consideration of factors such as the nature and quality of the Fund’s security interests in collateral, the estimated fair value of the Fund’s collateral, the size of the loan, and the estimated time that will elapse before the Fund achieves a recovery. Management has evaluated these factors and has concluded that the effect of deterioration in the quality of the underlying collateral, increase in size of the loan, increase in the estimated time to recovery and increase in the hypothetical market coupon rate would have the effect of lowering the fair value of the current portfolio of loans.

Non-Accrual Loans

The Fund’s policy is to classify a loan as non-accrual when the portfolio company is delinquent for three consecutive months on its monthly loan payment, or, in the opinion of Management, either ceases or drastically curtails its operations and Management deems that it is unlikely that the loan will return to performing status. When a loan is placed on non-accrual status, all interest previously accrued but not collected is reversed for the quarter in which the loan was placed on non-accrual status. Any uncollected interest related to quarters prior to when the loan was placed on non-accrual status is added to the principal balance, and the aggregate balance of the principal and interest is evaluated in accordance with the policy for valuation of loans in determining Management’s best estimate of fair value. Interest received by the Fund on non-accrual loans will be recognized as interest income if and when the proceeds exceed the book value of the respective loan.

If a borrower of a non-accrual loan resumes making regular payments and Management believes that such borrower has regained the ability to service the loan on a sustainable basis, the loan is reclassified back to accrual or performing status. Interest that would have been accrued during the time a loan was classified as non-accrual will be added back to the remaining payment schedule causing a change in the effective interest rate.

As of June 30, 2023 and December 31, 2022, loans with a cost basis of $70.2 million and $40.0 million and a fair value of $38.5 million and $12.4 million, respectively, were classified as non-accrual.

Warrants and Equity Securities

Warrants and equity securities received in connection with loan transactions are measured at fair value at the time of acquisition. Warrants are valued based on a Black-Scholes option pricing model which considers, among several factors, the underlying stock value, expected term, volatility, and risk-free interest rate. It is anticipated that such securities will be distributed by the Fund to the Company simultaneously with, or shortly following, their acquisition.

The underlying asset value is estimated based on available information.

Volatility, or the amount of uncertainty or risk about the size of the changes in the warrant price, is based on an index of publicly traded companies grouped by industry and which are similar in nature to the underlying portfolio companies issuing the warrant (“Industry Index”). The volatility assumption for each Industry Index is based on the average volatility for individual public companies within the portfolio company’s industry for a period of time approximating the expected life of the warrants. A hypothetical increase in the volatility of the warrants used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants.

The remaining expected lives of warrants are based on historical experience of the average life of the warrants, as warrants are often exercised in the event of acquisitions, mergers, or initial public offerings and terminated due to events such as bankruptcies, restructuring activities, or additional financings. These events cause the expected term to be less than the remaining contractual term of the warrants. As of June 30, 2023 and December 31, 2022, the Fund assumed the average duration of a warrant is 4.0 years. The effect of a hypothetical increase in the estimated initial term of the warrants used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants. However, the estimated initial term of the warrants is one factor, of many, used in the valuation of warrants, and by itself does not have a significant impact on the results of operations.

The risk-free interest rate is derived from the constant maturity tables issued by the U.S. Treasury Department. The effect of a hypothetical increase in the estimated risk-free rate used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants.

Other Assets and Liabilities

Other Assets and Liabilities

Other assets include costs incurred in conjunction with borrowings under the Fund’s debt facility and are stated at initial cost. These costs are amortized over the term of the facility.

The fair values of other assets and accrued liabilities are estimated at their carrying values because of the short-term nature of these assets and liabilities.

The carrying value of the borrowings under the debt facility approximates their fair value based on the borrowing rates available to the Fund.

Deferred Debt Facility Fees

Deferred Debt Facility Fees

The deferred debt facility fees and costs associated with the debt facility are included in Other assets in the Condensed Statements of Assets and Liabilities and are being amortized over the estimated life of the facility, which currently matures on March 18, 2024. The amortization of these costs is recorded as interest expense in the Condensed Statements of Operations.

Commitment Fees

Commitment Fees

Unearned income and commitment fees on loans are recognized using the effective-interest method over the term of the loan. Commitment fees are carried as liabilities when received for commitments upon which no draws have been made. When the first draw is made, the fee is treated as unearned income and is recognized as described above. If a draw is never made, the forfeited commitment fee less any applicable legal costs becomes recognized as other income after the commitment expires.

Derivative Instruments

Derivative Instruments

The Fund uses derivative instruments to manage its exposure to changes in interest rates on expected borrowings under its debt facility, as the Fund originates fixed rate loans (see Note 8).

Derivative instruments are primarily valued on the basis of quotes obtained from banks, brokers and dealers and adjusted for counterparty risk and the optionality of the interest rate terms. The valuation of the derivative instruments also considers the future expected interest rates on the notional principal balance remaining which is comparable to what a prospective acquirer would pay on the measurement date. Valuation pricing models consider inputs such as forward rates, anticipated interest rate volatility relating to the reference rate, as well as time value and other factors underlying derivative instruments.

The Fund is a party to master netting arrangements with Zions Bancorporation, N.A., however, the Fund has elected not to offset assets and liabilities under these arrangements for financial statement presentation purposes. Contracts are recorded at gross fair value in either derivative assets or derivative liability in the Condensed Statements of Assets and Liabilities, depending on whether the fair value of the contract is in favor of the Fund or the counterparty. The changes in fair value are recorded in net change in unrealized gain (loss) from derivative instruments in the Condensed Statements of Operations and the monthly interest received or paid on the contract, if any, is recorded in net realized gain (loss) from derivative instruments in the Condensed Statements of Operations.

The interest rate collar instruments are contractually scheduled to terminate on March 18, 2024 and June 30, 2025.

Earnings per Share

Basic earnings per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average common shares outstanding. Diluted earnings (loss) per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average common shares outstanding, including the dilutive effects of potential common shares (e.g., stock options). The Fund has no instruments that would be potential common shares; thus, reported basic and diluted earnings (loss) per share are the same.

Tax Status

The Fund has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986 (the "Code") and operates in a manner to qualify for the tax treatment applicable to RICs. Failing to maintain at least 70% of total assets in "qualifying assets" will result in the loss of BDC status, resulting in losing its favorable tax treatment as a RIC. As of June 30, 2023, the Fund has met the BDC and RIC requirements. The Fund elected to be treated for federal income tax purposes as a RIC under the Code with the filing of its federal income tax return for 2019.

In order to qualify for favorable tax treatment as a RIC, the Fund is required to distribute annually to its shareholder at least 90% of its investment company taxable income, as defined by the Code. To avoid federal excise taxes, the Fund must distribute annually at least 98% of its ordinary income and 98.2% of net capital gains from the current year and any undistributed ordinary income and net capital gains from the preceding years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If the Fund chooses to do so, all other things being equal, this would increase expenses and reduce the amount available to be distributed to its shareholder. The Fund will accrue excise tax on estimated undistributed taxable income as required.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP.  These book/tax differences are either temporary or permanent in nature.  To the extent these differences are permanent, they are charged or credited to paid-in-capital or accumulated net realized gain (loss), as appropriate, in the period that the differences arise.  Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses.  These differences are generally determined in conjunction with the preparation of the Fund’s annual RIC tax return.

Book and tax basis differences relating to shareholder dividends and distributions and other permanent book and tax differences are reclassified among the Fund’s capital accounts.  In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP. The determination of the tax attributes of the Fund’s distributions is made annually as of the end of the Fund’s taxable year and is generally based upon its taxable income for the full taxable year and distributions paid for the full taxable year. As a result, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Fund’s distributions for a full taxable year. As of June 30, 2023, the Fund had determined the tax attributes of its distributions taxable year-to-date to be from its current and accumulated earnings and profits. There is not yet, however, certainty as to what the actual tax attributes of the Fund’s distributions to the shareholders will be by the year-ending December 31, 2023.

The Fund anticipates distributing all distributable earnings by the end of the year. The Fund may pay distributions in excess of its taxable net investment income.  This excess would be a tax-free return of capital in the period and reduce the shareholder’s tax basis in its shares.

The Fund’s tax returns remain open for examination by the federal government for a period of three years and California tax authorities for a period of four years from when they are filed.

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FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Weighted Average Interest Rate of Performing and All Loans

The following tables show the weighted-average interest rate of the performing loans and all loans.

	For the Three Months Ended				For the Six Months Ended
Performing Loans	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Weighted-Average Interest Rate - Cash	16.23	%	13.93	%	14.50	%	13.28	%
Weighted Average Interest Rate - Non-Cash	4.02	%	3.59	%	3.61	%	3.75	%
Weighted-Average Interest Rate	20.25	%	17.52	%	18.11	%	17.03	%

	For the Three Months Ended				For the Six Months Ended
All Loans	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Weighted-Average Interest Rate - Cash	15.17	%	13.75	%	13.82	%	13.56	%
Weighted Average Interest Rate - Non-Cash	3.75	%	3.53	%	3.43	%	3.68	%
Weighted-Average Interest Rate	18.92	%	17.28	%	17.25	%	17.24	%

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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 Investments	Fair Value at June 30, 2023	Valuation Techniques / Methodologies	Unobservable Input	Range	Weighted Average (a)
Biotechnology	$12,043,832	Hypothetical market analysis	Hypothetical market coupon rate	13% - 16%	15%
Computers & Storage	20,118,241	Hypothetical market analysis	Hypothetical market coupon rate	14% - 16%	14%
Enterprise Networking	4,123,744	Asset Recovery	Probability weighting of alternative outcomes	10% - 50% *
Internet	50,985,763	Hypothetical market analysis	Hypothetical market coupon rate	14% - 31%	17%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 100%^
Medical Devices	4,905,942	Hypothetical market analysis	Hypothetical market coupon rate	14% - 20%	15%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 100%^
Other Healthcare	23,356,185	Hypothetical market analysis	Hypothetical market coupon rate	13% - 34%	17%
		Asset Recovery	Probability weighting of alternative outcomes	100%*
Other Technology	209,927,044	Hypothetical market analysis	Hypothetical market coupon rate	11% - 34%	16%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 100%^
Security	5,158,512	Hypothetical market analysis	Hypothetical market coupon rate	13% - 16%	14%
		Asset Recovery	Probability weighting of alternative outcomes	100%*
Software	52,182,456	Hypothetical market analysis	Hypothetical market coupon rate	13% - 37%	17%
		Asset Recovery	Probability weighing of alternative outcomes	5% - 90%^
Technology Services	21,158,985	Hypothetical market analysis	Hypothetical market coupon rate	16% - 22%	20%
		Asset Recovery	Probability weighing of alternative outcomes	20% - 40%*
Wireless	2,291,568	Hypothetical market analysis	Hypothetical market coupon rate	14% - 17%	16%
Total Loan Investments	$406,252,272

(a) The weighted-average hypothetical market coupon rates were calculated using the relative fair value of the loans.

* There is only one loan within the industry.

^ Probability weightings vary among loan investments within each industry based on different potential future outcomes.

Investment Type - Level 3
Loan Investments	Fair Value at December 31, 2022	Valuation Techniques / Methodologies	Unobservable Input	Range	Weighted Average (a)
Biotechnology	$20,242,076	Hypothetical market analysis	Hypothetical market coupon rate	13% - 17%	15%
Computers & Storage	22,378,980	Hypothetical market analysis	Hypothetical market coupon rate	14% - 16%	14%
Enterprise Networking	3,549,308	Asset Recovery	Probability weighting of alternative outcomes	10% - 40% *
Internet	58,936,140	Hypothetical market analysis	Hypothetical market coupon rate	14% - 30%	16%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 100%^
Medical Devices	6,814,809	Hypothetical market analysis	Hypothetical market coupon rate	13% - 20%	15%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 95%^
Other Healthcare	35,863,539	Hypothetical market analysis	Hypothetical market coupon rate	13% - 22%	16%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 80%*
Other Technology	238,242,511	Hypothetical market analysis	Hypothetical market coupon rate	14% - 34%	16%
		Asset Recovery	Probability weighting of alternative outcomes	5% - 100%^
Security	5,178,554	Hypothetical market analysis	Hypothetical market coupon rate	13% - 16%	14%
		Asset Recovery	Probability weighting of alternative outcomes	100%*
Software	72,045,093	Hypothetical market analysis	Hypothetical market coupon rate	13% - 37%	16%
		Asset Recovery	Probability weighing of alternative outcomes	5% - 80%^
Technology Services	23,738,663	Hypothetical market analysis	Hypothetical market coupon rate	13% - 24%	20%
		Asset Recovery	Probability weighting of alternative outcomes	25%*
Wireless	2,701,992	Hypothetical market analysis	Hypothetical market coupon rate	14% - 17%	16%
Total Loan Investments	$489,691,665

(a) The weighted-average hypothetical market coupon rates were calculated using the relative fair value of the loans.

* There is only one loan within the industry.

^ Probability weightings vary among loan investments within each industry based on different potential future outcomes.

Assets and Liabilities Measured At Fair Value On Recurring Basis

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 1		Level 2		Level 3		Total
Loans†	$	—	$	—	$	406,252,272	$	406,252,272
Derivative assets	—		6,336,162		—		6,336,162
Cash equivalents	10,640,670		—		—		10,640,670
Total	$	10,640,670	$	6,336,162	$	406,252,272	$	423,229,104
LIABILITIES:	Level 1		Level 2		Level 3		Total
Borrowings under debt facility	$	—	$	182,500,000	$	—	$	182,500,000
Total	$	—	$	182,500,000	$	—	$	182,500,000

As of December 31, 2022
ASSETS:	Level 1		Level 2		Level 3		Total
Loans†	$	—	$	—	$	489,691,665	$	489,691,665
Derivative assets	—		10,644,351		—		10,644,351
Cash equivalents	6,754,823		—		—		6,754,823
Total	$	6,754,823	$	10,644,351	$	489,691,665	$	507,090,839
LIABILITIES:	Level 1		Level 2		Level 3		Total
Borrowings under debt facility	$	—	$	244,500,000	$	—	$	244,500,000
Total	$	—	$	244,500,000	$	—	$	244,500,000

† For a detailed listing of borrowers comprising this amount, please refer to the Condensed Schedules of Investments.

Summary of Changes in Level 3 Assets Measured At Fair Value on Recurring Basis

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
	Loans		Warrants		Loans		Warrants
Beginning balance	$	463,976,758	$	—	$	489,691,665	$	—
Acquisitions and originations	8,812,500		1,715,526		25,312,500		2,679,908
Principal payments on loans, net of accretion	(64,539,670)		—		(106,545,558)		—
Distributions to shareholder	—		(1,715,526)		—		(2,679,908)
Net realized gain from loans	—		—		1,256		—
Net change in unrealized loss from loans	(1,997,316)		—		(2,207,591)		—
Ending balance	$	406,252,272	$	—	$	406,252,272	$	—
Net change in unrealized loss from loans relating to loans still held at June 30, 2023	$	(2,155,217)			$	(2,892,362)

	For the Three Months Ended June 30, 2022						For the Six Months Ended June 30, 2022
	Loans		Warrants		Other		Loans		Warrants		Stocks		Other
Beginning balance	$	498,257,047	$	—	$	—	$	484,047,644	$	—	$	—	$	—
Acquisitions and originations	56,750,000		4,073,772		100		107,475,000		8,045,774		2,090,759		100
Principal payments on loans, net of accretion	(67,355,589)		—		—		(103,182,467)		—		—		—
Proceeds from sale of loan	(1,800,000)		—		—		(1,800,000)		—		—		—
Distributions to shareholder	—		(4,073,772)		(100)		—		(8,045,774)		(2,090,759)		(100)
Net realized loss from loans	(2,249,093)		—		—		(2,577,831)		—		—		—
Net change in unrealized gain from loans	2,060,255		—		—		1,700,274		—		—		—
Ending balance	$	485,662,620	$	—	$	—	$	485,662,620	$	—	$	—	$	—
Net change in unrealized loss from loans relating to loans still held at June 30, 2022	$	(970,854)					$	(1,146,852)

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CAPITAL STOCK (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Distributions of Capital Stock

The chart below shows the distributions of the Fund for the six months ended June 30, 2023 and 2022.

	For the Six Months Ended June 30, 2023		For the Six Months Ended June 30, 2022
Cash distributions	$	47,996,000	$	25,000,000
Distributions of equity securities	2,679,908		10,136,633
Total distributions to shareholder	$	50,675,908	$	35,136,633

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DEBT FACILITY (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

SOFR Rate

As of June 30, 2023, the SOFR rate was as follows:

Overnight	5.0900	%
Daily Simple SOFR	5.0500	%
30-day Average SOFR	5.0653	%
90-day Average SOFR	4.9957	%

Summary of the Outstanding Facility Draws

The following is the summary of the outstanding facility draws as of June 30, 2023 and December 31, 2022:

	June 30, 2023		December 31, 2022		Maturity Date	All-In Interest Rate(a)
SOFR Rate Loan	$	182,500,000	$	244,500,000	March 18, 2024	Variable based on Daily Simple SOFR rate
Total Outstanding	$	182,500,000	$	244,500,000

(a)Inclusive of 2.60% applicable SOFR Rate Loan margin plus Daily Simple SOFR rate.

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MANAGEMENT FEE (Tables)

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Management Fees

As compensation for its services to the Fund, from the date of the first capital call, May 1, 2018, the Manager receives a management fee (“Management Fee”) computed and paid at the end of the quarter at an annual rate of the Company’s committed equity capital (regardless of when or if the capital was called) based on the following schedule of annual percentages:

	Management Fee
Year 1	1.575%
Year 2	1.600%
Year 3	1.575%
Year 4	1.500%
Year 5	1.250%
Year 6	0.900%
Year 7	0.600%
Year 8	0.350%
Year 9	0.150%

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DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivatives

The Fund entered into interest rate collar transactions with Zions Bancorporation, N.A. dba California Bank & Trust. Certain information related to the Fund's interest rate collar contracts is presented below:

Counterparties	Effective Date	Notional Amount	Cap	Floor	Index	Maturity Date
Zions Bancorporation, N.A.	06/01/2022	$24,000,000	0.86%	0.35%	USD-SOFR rate	03/18/2024
Zions Bancorporation, N.A.	05/31/2022	$50,000,000	1.36%	0.42%	USD-SOFR rate	06/30/2025
Zions Bancorporation, N.A.	06/01/2022	$90,000,000	2.11%	0.53%	USD-SOFR rate	03/18/2024

Fair Value of Derivative Assets and Liabilities

The following table shows the Fund's derivative instruments at fair value on the Fund's Condensed Statement of Assets and Liabilities as of June 30, 2023 and December 31, 2022.

	Derivative Assets
Derivative Instruments	June 30, 2023		December 31, 2022
Interest rate collar	$	6,336,162	$	10,644,351

Fair Value of Derivative Assets and Liabilities

The following table shows the Fund's derivative instruments at fair value on the Fund's Condensed Statement of Assets and Liabilities as of June 30, 2023 and December 31, 2022.

	Derivative Assets
Derivative Instruments	June 30, 2023		December 31, 2022
Interest rate collar	$	6,336,162	$	10,644,351

Effect of Derivative Instruments on Statements of Operations

The following table shows the effect of the Fund's derivative instruments on the Fund's Condensed Statement of Operations:

		For the Three Months Ended				For the Six Months Ended
Derivative Instruments	Condensed Statements of Operation Caption	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Interest rate collar	Net change in unrealized gain (loss) from derivative instruments	$	(2,276,959)	$	590,763	$	(4,308,189)	$	6,005,767
	Net realized gain from derivative instruments	$	4,086,256	$	882,045	$	5,691,293	$	717,583

Derivatives, Offsetting Assets

The following table shows the Fund's assets and liabilities related to derivatives by counterparty, net of amounts available for offset under the master netting agreement and net of any collateral received or pledged by the Fund for such assets and liabilities as of June 30, 2023 and December 31, 2022:

	As of June 30, 2023
Counterparties	Derivative Asset Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash collateral received		Cash Collateral Received		Net Amount (1)
Zions Bancorporation, N.A.	$	6,336,162	$	—	$	—	$	—	$	6,336,162
Total	$	6,336,162	$	—	$	—	$	—	$	6,336,162
	As of December 31, 2022
Counterparties	Derivative Asset Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash collateral received		Cash Collateral Received		Net Amount (1)
Zions Bancorporation, N.A.	$	10,644,351	$	—	$	—	$	—	$	10,644,351
Total	$	10,644,351	$	—	$	—	$	—	$	10,644,351
(1) Net amount of derivative assets represents the net amount due from the counterparty to the Fund.
(2) Net amount of derivative liabilities represents the net amount owed by the Fund to the counterparty. There were no derivative liabilities as of June 30, 2023 and December 31, 2022.

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TAX STATUS (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Cost of Investments for Federal Income Tax Purposes and Appreciation (Depreciation) of Investments

Below are tables summarizing the cost of investments for federal income tax purposes and the appreciation and depreciation of the investments reported on the Condensed Schedules of Investments and Condensed Statements of Assets and Liabilities as of June 30, 2023 and December 31, 2022:

Asset	As of June 30, 2023
	Cost		Unrealized Appreciation		Unrealized Depreciation		Net Appreciation (Depreciation)
Loans	$	440,674,148	$	—	$	(34,421,876)	$	(34,421,876)
Derivative assets	—		6,336,162		—		6,336,162
Total	$	440,674,148	$	6,336,162	$	(34,421,876)	$	(28,085,714)

	As of December 31, 2022
Asset	Cost		Unrealized Appreciation		Unrealized Depreciation		Net Appreciation (Depreciation)
Loans	$	521,905,950	$	—	$	(32,214,285)	$	(32,214,285)
Derivative assets	—		10,644,351		—		10,644,351
Total	$	—	$	10,644,351	$	(32,214,285)	$	(21,569,934)

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COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Unexpired Unfunded Commitments

The tables below are the Fund’s unexpired unfunded commitments as of June 30, 2023 and December 31, 2022:

Borrower	Industry	Unexpired Unfunded Commitment as of June 30, 2023		Expiration Date
Abacum Inc.	Software	$	1,500,000	12/31/2023
Fanimal, Inc.	Other Technology	625,000		12/31/2023
FutureProof Technologies, Inc.	Software	1,250,000		07/31/2023
Hoken Holdings Inc.	Software	625,000		07/31/2023
Platform Science, Inc.	Other Technology	5,000,000		09/30/2023
SF Insuretech, Inc.	Software	3,000,000		12/30/2023
Snoqualmie, Inc.	Other Healthcare	1,750,000		09/15/2023
Supplant, Inc.	Other Technology	1,000,000		07/30/2023
TLNT Inc.	Other Technology	312,500		07/31/2023
Yuva Biosciences, Inc.	Other Healthcare	250,000		07/31/2023
Total		$	15,312,500

Borrower	Industry	Unexpired Unfunded Commitment as of December 31, 2022		Expiration Date
Abacum Inc.	Software	$	3,000,000	12/31/2023
Airspeed, Inc.	Other Technology	625,000		03/31/2023
Azumo, Inc.	Other Technology	1,000,000		03/31/2023
Bankroll Club, LLC	Other Technology	1,000,000		01/31/2023
BlueCart, Inc.	Software	500,000		04/30/2023
Bryte, Inc.	Other Technology	2,500,000		01/31/2023
Canopy Technology Corp.	Software	1,000,000		02/28/2023
CornerUp, Inc.	Other Technology	1,000,000		06/30/2023
Creoate Limited	Other Technology	500,000		03/31/2023
EasyKnock, Inc.	Other Technology	2,500,000		01/31/2023
Fanimal, Inc.	Other Technology	625,000		12/31/2023
Form Remodel, Inc.	Software	500,000		01/31/2023
FutureProof Technologies, Inc.	Software	1,250,000		07/31/2023
Grayce, Inc.	Other Healthcare	750,000		03/31/2023
Heading Health Inc.	Other Technology	750,000		06/30/2023
Hoken Holdings Inc.	Software	625,000		07/31/2023
Holo, Inc.	Other Technology	500,000		01/15/2023
continued to next page

Borrower	Industry	Unexpired Unfunded Commitment as of December 31, 2022		Expiration Date
iLearningEngines Inc.	Technology Services	2,500,000		01/31/2023
Julie Products Inc.	Other Healthcare	750,000		06/30/2023
Juvo Mobile, Inc.	Wireless	1,000,000		03/31/2023
KBS, Inc.	Other Healthcare	500,000		05/30/2023
LendTable Inc.	Other Technology	1,500,000		07/31/2023
Literati, Inc.	Other Technology	2,500,000		03/31/2023
Logistech Solutions Pte. Ltd.	Other Technology	3,500,000		05/31/2023
Miami Labs, Inc.	Internet	7,500,000		06/30/2023
Nue Life Health, Inc.	Other Technology	2,500,000		01/31/2023
Open Inc.	Other Healthcare	500,000		01/31/2023
Overalls, Inc.	Software	500,000		03/31/2023
Plant Prefab, Inc.	Other Technology	1,500,000		03/31/2023
PlantBaby, inc.	Other Technology	125,000		01/31/2023
Platform Science, Inc.	Other Technology	5,000,000		09/30/2023
Rise Gardens, Inc.	Other Technology	500,000		02/28/2023
Romaine Empire, Inc.	Other Technology	3,000,000		04/30/2023
SISU Aesthetics Clinic, Inc.	Other Technology	1,500,000		06/30/2023
Snoqualmie, Inc.	Other Healthcare	1,750,000		09/15/2023
Supplant, Inc.	Other Technology	1,000,000		07/30/2023
TheSquareFoot, Inc.	Other Technology	1,200,000		03/31/2023
TLNT Inc.	Other Technology	625,000		04/30/2023
Ukko Inc.	Biotechnology	2,500,000		03/31/2023
Vinvesto, Inc.	Internet	500,000		02/28/2023
Virtuix Holdings, Inc.	Other Technology	500,000		05/31/2023
Yuva Biosciences, Inc.	Other Healthcare	250,000		07/31/2023
Zimeno Inc.	Other Technology	6,250,000		01/29/2023
Total		$	68,075,000

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FINANCIAL HIGHLIGHTS (Tables)

6 Months Ended

Jun. 30, 2023

Investment Company [Abstract]

Schedule of Financial Highlights

The following per share data and ratios have been derived from the information provided in the financial statements:

	For the Three Months Ended June 30, 2023			For the Three Months Ended June 30, 2022			For the Six Months Ended June 30, 2023			For the Six Months Ended June 30, 2022
Total return**	5.77		%	7.68		%	10.84		%	17.77		%
Per share amounts:
Net asset value, beginning of period	$	2,801.26		$	2,400.69		$	2,682.12		$	2,301.94
Net investment income	146.50			171.12			281.63			339.88
Net realized and change in unrealized gain (loss) from loans and derivative instruments	(1.89)			12.83			(8.23)			58.45
Net increase in net assets resulting from operations	144.61			183.95			273.40			398.33
Distributions of income to shareholder	(328.91)			(110.74)			(338.56)			(274.57)
Return of capital to shareholder	(168.20)			—			(168.20)			(76.80)
Contributions from shareholder	—			75.00			—			200.00
Net asset value, end of period	2,448.76			2,548.90			2,448.76			2,548.90
Net assets, end of period	244,876,231			$	254,890,411		$	244,876,231		$	254,890,411
Ratios to average net assets:
Expenses*	9.72		%	7.29		%	9.47		%	7.31		%
Net investment income*	22.87		%	27.95		%	21.48		%	28.59		%
Portfolio turn-over rate	—		%	0.37		%	—		%	0.37		%
Average debt outstanding	$	215,250,000		$	277,500,000		$	225,214,286		$	273,571,429
*Annualized
**Total return amounts presented above are not annualized.

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ORGANIZATION AND OPERATIONS OF THE FUND (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2023	Dec. 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Investment Company, Regulated Status [true false]		true
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Venture Lending & Leasing IX, Inc.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued in sale (in shares)	100,000
Common stock, par value (in dollars per share)	$ 0.001
Proceeds from purchase of shares	$ 25
Venture Lending & Leasing IX, Inc. | Venture Lending & Leasing IX, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage		100.00%

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) financial_institution bank_account $ / shares shares		Dec. 31, 2022 USD ($) $ / shares shares
Summary of Investment Holdings [Line Items]
Investment Company, Accounting and Reporting under Topic 946 [true false]	true
Number of bank accounts | bank_account	3
Number of financial institutions | financial_institution	2
Cash	$ 500,000		$ 319,834
Percent of net assets, cash and cash equivalents	4.55%		2.64%
Percent of net assets	165.90%	[1]	182.60%	[2]
Loans	$ 406,252,272	[3]	$ 489,691,665	[4]
Percent of assets	94.40%		94.70%
Loans with costs basis classified as non-accrual	$ 70,200,000		$ 40,000,000
Loans with fair value classified as non-accrual	$ 38,500,000		$ 12,400,000
Average duration of warrant (in years)	4 years		4 years
First American Government Obligations Fund
Summary of Investment Holdings [Line Items]
Shares issued in period (in shares) | shares	10,640,670		6,754,823
Issuance of shares (in dollars per share) | $ / shares	$ 1		$ 1
Yield	4.97%		4.06%

[1] The percentage of net assets that each industry group represents is shown with the industry totals (the sum of the percentages does not equal 100% because the percentages are based on net assets as opposed to total loans).

[2] The percentage of net assets that each industry group represents is shown with the industry totals (the sum of the percentages does not equal 100% because the percentages are based on net assets as opposed to total loans).

[3] There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.

[4] There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.

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FAIR VALUE DISCLOSURES - Weighted Average Interest Rate of Performing and All Loans (Details) - Weighted Average	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted-Average Interest Rate - Cash	15.17%	13.75%	13.82%	13.56%
Weighted Average Interest Rate - Non-Cash	3.75%	3.53%	3.43%	3.68%
Weighted-Average Interest Rate	18.92%	17.28%	17.25%	17.24%
Performing Loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted-Average Interest Rate - Cash	16.23%	13.93%	14.50%	13.28%
Weighted Average Interest Rate - Non-Cash	4.02%	3.59%	3.61%	3.75%
Weighted-Average Interest Rate	20.25%	17.52%	18.11%	17.03%

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FAIR VALUE DISCLOSURES - Narrative (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Unexpired unfunded commitments	$ 15,312,500	$ 68,075,000

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FAIR VALUE DISCLOSURES - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) loan		Dec. 31, 2022 USD ($) loan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 406,252,272	[1]	$ 489,691,665	[2]
Number of loans within the industry | loan	1		1
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 406,252,272		$ 489,691,665
Level 3 | Biotechnology | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 12,043,832		$ 20,242,076
Level 3 | Biotechnology | Hypothetical market analysis | Minimum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.13		0.13
Level 3 | Biotechnology | Hypothetical market analysis | Maximum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.17
Level 3 | Biotechnology | Hypothetical market analysis | Weighted Average | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.15		0.15
Level 3 | Computers & Storage | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 20,118,241		$ 22,378,980
Level 3 | Computers & Storage | Hypothetical market analysis | Minimum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.14
Level 3 | Computers & Storage | Hypothetical market analysis | Maximum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.16
Level 3 | Computers & Storage | Hypothetical market analysis | Weighted Average | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.14
Level 3 | Enterprise Networking | Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 4,123,744		$ 3,549,308
Level 3 | Enterprise Networking | Asset Recovery | Minimum | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.10		0.10
Level 3 | Enterprise Networking | Asset Recovery | Maximum | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.50		0.40
Level 3 | Internet | Hypothetical market analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 50,985,763		$ 58,936,140
Level 3 | Internet | Hypothetical market analysis | Minimum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.14
Level 3 | Internet | Hypothetical market analysis | Maximum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.31		0.30
Level 3 | Internet | Hypothetical market analysis | Weighted Average | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.17		0.16
Level 3 | Internet | Asset Recovery | Minimum | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.05		0.05
Level 3 | Internet | Asset Recovery | Maximum | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1		1
Level 3 | Medical Devices | Hypothetical market analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 4,905,942		$ 6,814,809
Level 3 | Medical Devices | Hypothetical market analysis | Minimum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.13
Level 3 | Medical Devices | Hypothetical market analysis | Maximum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.20		0.20
Level 3 | Medical Devices | Hypothetical market analysis | Weighted Average | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.15		0.15
Level 3 | Medical Devices | Asset Recovery | Minimum | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.05		0.05
Level 3 | Medical Devices | Asset Recovery | Maximum | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1		0.95
Level 3 | Other Healthcare | Hypothetical market analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 23,356,185		$ 35,863,539
Level 3 | Other Healthcare | Hypothetical market analysis | Minimum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.13		0.13
Level 3 | Other Healthcare | Hypothetical market analysis | Maximum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.34		0.22
Level 3 | Other Healthcare | Hypothetical market analysis | Weighted Average | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.17		0.16
Level 3 | Other Healthcare | Asset Recovery | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1
Level 3 | Other Healthcare | Asset Recovery | Minimum | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.05
Level 3 | Other Healthcare | Asset Recovery | Maximum | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.80
Level 3 | Other Technology | Hypothetical market analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 209,927,044		$ 238,242,511
Level 3 | Other Technology | Hypothetical market analysis | Minimum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.11		0.14
Level 3 | Other Technology | Hypothetical market analysis | Maximum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.34		0.34
Level 3 | Other Technology | Hypothetical market analysis | Weighted Average | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.16
Level 3 | Other Technology | Asset Recovery | Minimum | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.05		0.05
Level 3 | Other Technology | Asset Recovery | Maximum | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1		1
Level 3 | Security | Hypothetical market analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 5,158,512		$ 5,178,554
Level 3 | Security | Hypothetical market analysis | Minimum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.13		0.13
Level 3 | Security | Hypothetical market analysis | Maximum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.16
Level 3 | Security | Hypothetical market analysis | Weighted Average | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.14
Level 3 | Security | Asset Recovery | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1		1
Level 3 | Software | Hypothetical market analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 52,182,456		$ 72,045,093
Level 3 | Software | Hypothetical market analysis | Minimum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.13		0.13
Level 3 | Software | Hypothetical market analysis | Maximum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.37		0.37
Level 3 | Software | Hypothetical market analysis | Weighted Average | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.17		0.16
Level 3 | Software | Asset Recovery | Minimum | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.05		0.05
Level 3 | Software | Asset Recovery | Maximum | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.90		0.80
Level 3 | Technology Services | Hypothetical market analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 21,158,985		$ 23,738,663
Level 3 | Technology Services | Hypothetical market analysis | Minimum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.13
Level 3 | Technology Services | Hypothetical market analysis | Maximum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.22		0.24
Level 3 | Technology Services | Hypothetical market analysis | Weighted Average | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.20		0.20
Level 3 | Technology Services | Asset Recovery | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.25
Level 3 | Technology Services | Asset Recovery | Minimum | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.20
Level 3 | Technology Services | Asset Recovery | Maximum | Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.40
Level 3 | Wireless | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 2,291,568		$ 2,701,992
Level 3 | Wireless | Hypothetical market analysis | Minimum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.14
Level 3 | Wireless | Hypothetical market analysis | Maximum | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.17		0.17
Level 3 | Wireless | Hypothetical market analysis | Weighted Average | Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.16

[1] There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.

[2] There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.

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FAIR VALUE DISCLOSURES - Assets and Liabilities Measured At Fair Value On Recurring Basis (Details) - USD ($)	Jun. 30, 2023		Dec. 31, 2022
ASSETS:
Loans	$ 406,252,272	[1]	$ 489,691,665	[2]
Derivative assets	6,336,162		10,644,351
Cash equivalents	10,640,670		6,754,823
Total	423,229,104		507,090,839
LIABILITIES:
Borrowings under debt facility	182,500,000		244,500,000
Total	182,500,000		244,500,000
Level 1
ASSETS:
Loans	0		0
Derivative assets	0		0
Cash equivalents	10,640,670		6,754,823
Total	10,640,670		6,754,823
LIABILITIES:
Borrowings under debt facility	0		0
Total	0		0
Level 2
ASSETS:
Loans	0		0
Derivative assets	6,336,162		10,644,351
Cash equivalents	0		0
Total	6,336,162		10,644,351
LIABILITIES:
Borrowings under debt facility	182,500,000		244,500,000
Total	182,500,000		244,500,000
Level 3
ASSETS:
Loans	406,252,272		489,691,665
Derivative assets	0		0
Cash equivalents	0		0
Total	406,252,272		489,691,665
LIABILITIES:
Borrowings under debt facility	0		0
Total	$ 0		$ 0

[1] There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.

[2] There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.

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FAIR VALUE DISCLOSURES - Summary of Changes in Level 3 Assets Measured At Fair Value on Recurring Basis (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 463,976,758	$ 498,257,047	$ 489,691,665	$ 484,047,644
Acquisitions and originations	8,812,500	56,750,000	25,312,500	107,475,000
Principal payments on loans, net of accretion and Distributions to shareholder	(64,539,670)	(67,355,589)	(106,545,558)	(103,182,467)
Proceeds from sale of loan		(1,800,000)		(1,800,000)
Ending balance	406,252,272	485,662,620	406,252,272	485,662,620
Loans | Net realized gain from loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net change in unrealized gain (loss) and realized gain (loss) from loans	0	(2,249,093)	1,256	(2,577,831)
Loans | Net change in unrealized loss from loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net change in unrealized gain (loss) and realized gain (loss) from loans	(1,997,316)	2,060,255	(2,207,591)	1,700,274
Loans | Net change in unrealized loss from loans relating to loans still held
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net change in unrealized gain (loss) and realized gain (loss) from loans	(2,155,217)	(970,854)	(2,892,362)	(1,146,852)
Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	0	0	0
Acquisitions and originations	1,715,526	4,073,772	2,679,908	8,045,774
Principal payments on loans, net of accretion and Distributions to shareholder	(1,715,526)	(4,073,772)	(2,679,908)	(8,045,774)
Ending balance	$ 0	0	$ 0	0
Stocks
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance				0
Acquisitions and originations				2,090,759
Principal payments on loans, net of accretion and Distributions to shareholder				(2,090,759)
Ending balance		0		0
Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		0		0
Acquisitions and originations		100		100
Principal payments on loans, net of accretion and Distributions to shareholder		(100)		(100)
Ending balance		$ 0		$ 0

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CAPITAL STOCK - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Capital Unit [Line Items]
Shares authorized (in shares)	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Shares issued (in shares)	100,000	100,000
Shares of capital stock outstanding (in shares)	100,000	100,000
Committed capital	$ 460.0	$ 460.0
Venture Lending & Leasing IX, LLC
Capital Unit [Line Items]
Contributed capital to shareholder	$ 407.1	$ 407.1

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CAPITAL STOCK - Distributions of Capital Stock (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Dividends Payable [Line Items]
Total distributions to shareholder	$ 50,675,908	$ 35,136,633
Cash distributions
Dividends Payable [Line Items]
Total distributions to shareholder	47,996,000	25,000,000
Distributions of equity securities
Dividends Payable [Line Items]
Total distributions to shareholder	$ 2,679,908	$ 10,136,633

XML

DEBT FACILITY - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	May 17, 2022
Debt Instrument [Line Items]
Asset coverage ratio	233.00%	209.00%
Borrowings under debt facility	$ 182,500,000	$ 244,500,000
Revolving Credit Facility | Loan Agreement | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 400,000,000
Percentage of maximum amount available	50.00%
Borrowings under debt facility	$ 182,500,000	244,500,000
Bank fees and other costs			$ 4,000,000
Unamortized fees and costs	$ 800,000	$ 1,300,000
Revolving Credit Facility | Loan Agreement | Line of Credit | Floor
Debt Instrument [Line Items]
Commitment fee	0.25%
Revolving Credit Facility | Loan Agreement | Line of Credit | Cap
Debt Instrument [Line Items]
Commitment fee	0.50%
Revolving Credit Facility | Loan Agreement | Line of Credit | Reference Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility | Loan Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR) Rate Loan | Floor
Debt Instrument [Line Items]
Interest period (in months)	1 month
Revolving Credit Facility | Loan Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR) Rate Loan | Cap
Debt Instrument [Line Items]
Interest period (in months)	3 months
Revolving Credit Facility | Loan Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.60%
Revolving Credit Facility | Loan Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR) | Floor
Debt Instrument [Line Items]
Basis spread on variable rate	2.60%
Revolving Credit Facility | Loan Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR) | Cap
Debt Instrument [Line Items]
Basis spread on variable rate	2.65%

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DEBT FACILITY - SOFR Rate (Details) - Revolving Credit Facility - Loan Agreement - Line of Credit - Secured Overnight Financing Rate (SOFR)	6 Months Ended
	Jun. 30, 2023
Debt Instrument [Line Items]
Basis spread on variable rate	2.60%
Variable Rate Component One
Debt Instrument [Line Items]
Basis spread on variable rate	5.09%
Variable Rate Component Two
Debt Instrument [Line Items]
Basis spread on variable rate	5.05%
Variable Rate Component Three
Debt Instrument [Line Items]
Basis spread on variable rate	5.0653%
Variable Rate Component Four
Debt Instrument [Line Items]
Basis spread on variable rate	4.9957%

XML

DEBT FACILITY - Summary of the Outstanding Facility Draws (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Borrowings under debt facility	$ 182,500,000	$ 244,500,000
Revolving Credit Facility | Loan Agreement | Line of Credit
Debt Instrument [Line Items]
Borrowings under debt facility	$ 182,500,000	$ 244,500,000
Revolving Credit Facility | Loan Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.60%

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MANAGEMENT FEE - Management Fees (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Management Fee	1.25%	1.50%	1.25%	1.50%
Year 1
Related Party Transaction [Line Items]
Management Fee			1.575%
Year 2
Related Party Transaction [Line Items]
Management Fee			1.60%
Year 3
Related Party Transaction [Line Items]
Management Fee			1.575%
Year 4
Related Party Transaction [Line Items]
Management Fee			1.50%
Year 5
Related Party Transaction [Line Items]
Management Fee			1.25%
Year 6
Related Party Transaction [Line Items]
Management Fee			0.90%
Year 7
Related Party Transaction [Line Items]
Management Fee			0.60%
Year 8
Related Party Transaction [Line Items]
Management Fee			0.35%
Year 9
Related Party Transaction [Line Items]
Management Fee			0.15%

XML

MANAGEMENT FEE - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transactions [Abstract]
Management fee rate	1.25%	1.50%	1.25%	1.50%
Management fees	$ 1,437,500	$ 1,725,000	$ 2,875,000	$ 3,450,000

XML

DERIVATIVE INSTRUMENTS - Summary of Derivatives (Details) - Zions Bancorporation, N.A. - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Interest Rate Collar, Cap Rate 0.86%, Floor Rate 0.35%, Maturity 3/18/2024
Derivative [Line Items]
Notional Amount	$ 24	$ 87
Interest Rate Collar, Cap Rate 1.36%, Floor Rate 0.42%, Maturity 6/30/2025
Derivative [Line Items]
Notional Amount	50	50
Interest Rate Collar, Cap Rate 2.11%, Floor Rate 0.53%, Maturity 3/18/2024
Derivative [Line Items]
Notional Amount	$ 90	$ 90
Cap | Interest Rate Collar, Cap Rate 0.86%, Floor Rate 0.35%, Maturity 3/18/2024
Derivative [Line Items]
Interest rate	0.86%
Cap | Interest Rate Collar, Cap Rate 1.36%, Floor Rate 0.42%, Maturity 6/30/2025
Derivative [Line Items]
Interest rate	1.36%
Cap | Interest Rate Collar, Cap Rate 2.11%, Floor Rate 0.53%, Maturity 3/18/2024
Derivative [Line Items]
Interest rate	2.11%
Floor | Interest Rate Collar, Cap Rate 0.86%, Floor Rate 0.35%, Maturity 3/18/2024
Derivative [Line Items]
Interest rate	0.35%
Floor | Interest Rate Collar, Cap Rate 1.36%, Floor Rate 0.42%, Maturity 6/30/2025
Derivative [Line Items]
Interest rate	0.42%
Floor | Interest Rate Collar, Cap Rate 2.11%, Floor Rate 0.53%, Maturity 3/18/2024
Derivative [Line Items]
Interest rate	0.53%

XML

DERIVATIVE INSTRUMENTS - Fair Value of Derivative Assets and Liabilities (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative Assets	$ 6,336,162	$ 10,644,351
Interest rate collar
Derivative [Line Items]
Derivative Assets	$ 6,336,162	$ 10,644,351

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DERIVATIVE INSTRUMENTS - Effect of Derivative Instruments on Statements of Operations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative [Line Items]
Net change in unrealized gain (loss) from derivative instruments	$ (2,276,959)	$ 590,763	$ (4,308,189)	$ 6,005,767
Net realized gain from derivative instruments	4,086,256	882,045	5,691,293	717,583
Interest rate collar
Derivative [Line Items]
Net change in unrealized gain (loss) from derivative instruments	(2,276,959)	590,763	(4,308,189)	6,005,767
Net realized gain from derivative instruments	$ 4,086,256	$ 882,045	$ 5,691,293	$ 717,583

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DERIVATIVE INSTRUMENTS - Derivatives, Offsetting Assets (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Asset Subject to Master Netting Agreement	$ 6,336,162	$ 10,644,351
Derivatives Available for Offset	0	0
Non-cash collateral received	0	0
Cash Collateral Received	0	0
Net Amount	6,336,162	10,644,351
Derivative liability	$ 0	$ 0

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TAX STATUS (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Cost	$ 440,674,148	$ 0
Unrealized Appreciation	6,336,162	10,644,351
Unrealized Depreciation	(34,421,876)	(32,214,285)
Net Appreciation (Depreciation)	(28,085,714)	(21,569,934)
Loans
Schedule of Investments [Line Items]
Cost	440,674,148	521,905,950
Unrealized Appreciation	0	0
Unrealized Depreciation	(34,421,876)	(32,214,285)
Net Appreciation (Depreciation)	(34,421,876)	(32,214,285)
Derivative assets
Schedule of Investments [Line Items]
Cost	0	0
Unrealized Appreciation	6,336,162	10,644,351
Unrealized Depreciation	0	0
Net Appreciation (Depreciation)	$ 6,336,162	$ 10,644,351

XML

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Unexpired unfunded commitments to borrowers	$ 15,312,500	$ 68,075,000

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COMMITMENTS AND CONTINGENCIES - Unexpired Unfunded Commitments (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	$ 15,312,500	$ 68,075,000
Investment, Identifier [Axis]: Abacum Inc., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	1,500,000	3,000,000
Investment, Identifier [Axis]: Airspeed, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		625,000
Investment, Identifier [Axis]: Azumo, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		1,000,000
Investment, Identifier [Axis]: Bankroll Club, LLC, Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		1,000,000
Investment, Identifier [Axis]: BlueCart, Inc., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		500,000
Investment, Identifier [Axis]: Bryte, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		2,500,000
Investment, Identifier [Axis]: Canopy Technology Corp., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		1,000,000
Investment, Identifier [Axis]: CornerUp, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		1,000,000
Investment, Identifier [Axis]: Creoate Limited, Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		500,000
Investment, Identifier [Axis]: EasyKnock, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		2,500,000
Investment, Identifier [Axis]: Fanimal, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	625,000	625,000
Investment, Identifier [Axis]: Form Remodel, Inc., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		500,000
Investment, Identifier [Axis]: FutureProof Technologies, Inc., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	1,250,000	1,250,000
Investment, Identifier [Axis]: Grayce, Inc., Other Healthcare
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		750,000
Investment, Identifier [Axis]: Heading Health Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		750,000
Investment, Identifier [Axis]: Hoken Holdings Inc., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	625,000	625,000
Investment, Identifier [Axis]: Holo, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		500,000
Investment, Identifier [Axis]: Julie Products Inc., Other Healthcare
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		750,000
Investment, Identifier [Axis]: Juvo Mobile, Inc., Wireless
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		1,000,000
Investment, Identifier [Axis]: KBS, Inc., Other Healthcare
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		500,000
Investment, Identifier [Axis]: LendTable Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		1,500,000
Investment, Identifier [Axis]: Literati, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		2,500,000
Investment, Identifier [Axis]: Logistech Solutions Pte. Ltd., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		3,500,000
Investment, Identifier [Axis]: Miami Labs, Inc., Internet
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		7,500,000
Investment, Identifier [Axis]: Nue Life Health, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		2,500,000
Investment, Identifier [Axis]: Open Inc., Other Healthcare
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		500,000
Investment, Identifier [Axis]: Overalls, Inc., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		500,000
Investment, Identifier [Axis]: Plant Prefab, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		1,500,000
Investment, Identifier [Axis]: PlantBaby, inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		125,000
Investment, Identifier [Axis]: Platform Science, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	5,000,000	5,000,000
Investment, Identifier [Axis]: Rise Gardens, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		500,000
Investment, Identifier [Axis]: Romaine Empire, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		3,000,000
Investment, Identifier [Axis]: SF Insuretech, Inc., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	3,000,000
Investment, Identifier [Axis]: SISU Aesthetics Clinic, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		1,500,000
Investment, Identifier [Axis]: Snoqualmie, Inc., Other Healthcare
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	1,750,000	1,750,000
Investment, Identifier [Axis]: Supplant, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	1,000,000	1,000,000
Investment, Identifier [Axis]: TLNT Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	312,500	625,000
Investment, Identifier [Axis]: TheSquareFoot, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		1,200,000
Investment, Identifier [Axis]: Ukko Inc., Biotechnology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		2,500,000
Investment, Identifier [Axis]: Vinvesto, Inc., Internet
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		500,000
Investment, Identifier [Axis]: Virtuix Holdings, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		500,000
Investment, Identifier [Axis]: Yuva Biosciences, Inc., Other Healthcare
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	$ 250,000	250,000
Investment, Identifier [Axis]: Zimeno Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		6,250,000
Investment, Identifier [Axis]: iLearningEngines Inc., Technology Services
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		$ 2,500,000

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FINANCIAL HIGHLIGHTS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Investment Company [Abstract]
Total return	5.77%	7.68%	10.84%	17.77%
Per share amounts:
Net asset value, beginning of period (in dollars per share)	$ 2,801.26	$ 2,400.69	$ 2,682.12	$ 2,301.94
Net investment income (in dollars per share)	146.50	171.12	281.63	339.88
Net realized and change in unrealized gain (loss) from loans and derivative instruments (in dollars per share)	(1.89)	12.83	(8.23)	58.45
Net increase in net assets resulting from operations (in dollars per share)	144.61	183.95	273.40	398.33
Distributions of income to shareholder (in dollars per share)	(328.91)	(110.74)	(338.56)	(274.57)
Return of capital to shareholder (in dollars per share)	(168.20)	0	(168.20)	(76.80)
Contributions from shareholder (in dollars per share)	0	75.00	0	200.00
Net asset value, end of period (in dollars per share)	$ 2,448.76	$ 2,548.9	$ 2,448.76	$ 2,548.9
Net assets, end of period	$ 244,876,231	$ 254,890,411	$ 244,876,231	$ 254,890,411	$ 280,125,539	$ 268,212,295	$ 240,068,689	$ 230,193,551
Ratios to average net assets:
Expenses	9.72%	7.29%	9.47%	7.31%
Net investment income	22.87%	27.95%	21.48%	28.59%
Portfolio turn-over rate	0.00%	0.37%	0.00%	0.37%
Average debt outstanding	$ 215,250,000	$ 277,500,000	$ 225,214,286	$ 273,571,429