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, 2024

[  ] 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 814-01414

WTI Fund X, Inc.

(Exact Name of Registrant as specified in its charter)

Maryland	85-3539868
(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 13, 2024
Common Stock, $0.001 par value	100,000

WTI FUND X, INC.

INDEX

PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Statements of Assets and Liabilities (Unaudited)
	As of June 30, 2024 and December 31, 2023
	Condensed Statements of Operations (Unaudited)
	For the three and six months ended June 30, 2024 and 2023
	Condensed Statements of Changes in Net Assets (Unaudited)
	For the three and six months ended June 30, 2024 and 2023
	Condensed Statements of Cash Flows (Unaudited)
	For the six months ended June 30, 2024 and 2023
	Condensed Schedules of Investments (Unaudited)
	As of June 30, 2024 and December 31, 2023
	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

WTI FUND X, INC.

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

	June 30, 2024		December 31, 2023
ASSETS
Loans, at estimated fair value
(cost of $410,921,860 and $417,993,719, respectively)	$	380,905,915	$	403,600,113
Derivative assets	56,623		—
Cash and cash equivalents	26,821,359		17,230,603
Dividend and interest receivables	5,702,176		5,867,057
Other assets	2,854,503		3,600,930
Total assets	416,340,576		430,298,703
LIABILITIES
Borrowings under debt facility	125,000,000		197,500,000
Accrued management fees	1,968,750		1,968,750
Derivative liability	—		110,917
Accounts payable and other accrued liabilities	2,441,639		3,416,900
Total liabilities	129,410,389		202,996,567
NET ASSETS	$	286,930,187	$	227,302,136
Analysis of Net Assets:
Capital paid in on shares of capital stock	$	336,000,000	$	276,000,000
Cumulative return of capital distributions	(32,950,470)		(32,950,470)
Total distributable losses	(16,119,343)		(15,747,394)
Net assets (equivalent to $2,869.30 and $2,273.02 per share based on 100,000 shares of capital stock outstanding - See Notes 5 and 11)	$	286,930,187	$	227,302,136
Commitments & Contingent Liabilities:
Unexpired unfunded commitments (See Note 10)	$	125,092,000	$	132,250,000

See notes to condensed financial statements (unaudited).

3

WTI FUND X, INC.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023

	For the Three Months Ended June 30, 2024		For the Three Months Ended June 30, 2023		For the Six Months Ended June 30, 2024		For the Six Months Ended June 30, 2023
INVESTMENT INCOME:
Interest on loans	$	24,602,371	$	14,550,186	$	42,421,309	$	26,609,187
Other income	537,073		234,618		729,731		397,745
Total investment income	25,139,444		14,784,804		43,151,040		27,006,932
EXPENSES:
Management fees	1,968,750		2,000,000		3,937,500		4,000,000
Interest expense	3,272,216		3,407,742		7,153,316		6,363,285
Banking and professional fees	142,965		37,740		338,065		168,788
Other operating expenses	159,454		45,790		217,713		74,678
Total expenses	5,543,385		5,491,272		11,646,594		10,606,751
Net investment income	19,596,059		9,293,532		31,504,446		16,400,181
Net realized gain from derivative instruments	6,057		—		15,928		—
Net change in unrealized loss from loans	(12,994,002)		(1,171,518)		(15,622,339)		(2,275,019)
Net change in unrealized gain (loss) from derivative instruments	(6,599)		—		167,540		—
Net realized and change in unrealized loss from loans and derivative instruments	(12,994,544)		(1,171,518)		(15,438,871)		(2,275,019)
Net increase in net assets resulting from operations	$	6,601,515	$	8,122,014	$	16,065,575	$	14,125,162
Amounts per common share:
Net increase in net assets resulting from operations per share	$	66.02	$	81.22	$	160.66	$	141.25
Weighted average shares outstanding	100,000		100,000		100,000		100,000

See notes to condensed financial statements (unaudited).

4

WTI FUND X, INC.

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023

	Common Stock
	Shares	Par Value		Additional Paid-in Capital		Return of Capital Distributions		Total Distributable Losses		Net Assets
Balance at March 31, 2023	100,000	$	100	$	180,999,900	$	(21,884,926)	$	(5,522,350)	$	153,592,724
Net increase in net assets resulting from operations	—	—		—		—		8,122,014		8,122,014
Distributions of income to shareholder	—	—		—		—		(2,955,751)		(2,955,751)
Balance at June 30, 2023	100,000	$	100	$	180,999,900	$	(21,884,926)	$	(356,087)	$	158,758,987
Balance at March 31, 2024	100,000	$	100	$	275,999,900	$	(32,950,470)	$	(12,330,835)	$	230,718,695
Net increase in net assets resulting from operations	—	—		—		—		6,601,515		6,601,515
Distributions of income to shareholder	—	—		—		—		(10,390,023)		(10,390,023)
Contributions from shareholder	—	—		60,000,000		—		—		60,000,000
Balance at June 30, 2024	100,000	$	100	$	335,999,900	$	(32,950,470)	$	(16,119,343)	$	286,930,187
Balance at December 31, 2022	100,000	$	100	$	142,499,900	$	(21,884,926)	$	(6,884,276)	$	113,730,798
Net increase in net assets resulting from operations	—	—		—		—		14,125,162		14,125,162
Distributions of income to shareholder	—	—		—		—		(7,596,973)		(7,596,973)
Contributions from shareholder	—	—		38,500,000		—		—		38,500,000
Balance at June 30, 2023	100,000	$	100	$	180,999,900	$	(21,884,926)	$	(356,087)	$	158,758,987
Balance at December 31, 2023	100,000	$	100	$	275,999,900	$	(32,950,470)	$	(15,747,394)	$	227,302,136
Net increase in net assets resulting from operations	—	—		—		—		16,065,575		16,065,575
Distributions of income to shareholder	—	—		—		—		(16,437,524)		(16,437,524)
Contributions from shareholder	—	—		60,000,000		—		—		60,000,000
Balance at June 30, 2024	100,000	$	100	$	335,999,900	$	(32,950,470)	$	(16,119,343)	$	286,930,187

See notes to condensed financial statements (unaudited).

5

WTI FUND X, INC.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023

	For the Six Months Ended June 30, 2024		For the Six Months Ended June 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$	16,065,575	$	14,125,162
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in realized gain from derivative instruments	(15,928)		—
Net change in unrealized loss from loans	15,622,339		2,275,019
Net change in unrealized gain from derivative instruments	(167,540)		—
Amortization of deferred costs related to debt facility	221,073		217,161
Origination of loans	(90,408,000)		(94,062,500)
Principal payments on loans, net of accretion	93,324,621		30,965,905
Acquisition of equity securities	(9,016,286)		(6,737,646)
Changes in operating assets and liabilities:
Net (increase) decrease in dividend and interest receivables	164,881		(916,389)
Net (increase) decrease in other assets	525,354		(450,732)
Net increase (decrease) in accounts payable, other accrued liabilities and accrued management fees	(975,261)		1,019,966
Net cash provided by (used in) operating activities	25,340,828		(53,564,054)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions to shareholder	(3,266,000)		—
Contributions from shareholder	60,000,000		38,500,000
Borrowings under debt facility	—		61,000,000
Repayments of borrowings under debt facility	(72,500,000)		(16,500,000)
Payments of debt facility fees and costs	—		(41,080)
Payments received for derivative instruments	15,928		—
Net cash provided by (used in) financing activities	(15,750,072)		82,958,920
Net increase in cash and cash equivalents	9,590,756		29,394,866
CASH AND CASH EQUIVALENTS:
Beginning of period	17,230,603		9,516,910
End of period	$	26,821,359	$	38,911,776
SUPPLEMENTAL DISCLOSURES:
CASH PAID DURING THE PERIOD:
Interest - Debt facility	$	7,434,508	$	5,754,639
NON-CASH OPERATING AND FINANCING ACTIVITIES:
Distributions of equity securities to shareholder	$	13,171,524	$	7,596,973
Receipt of equity securities as repayment of loans	$	4,155,238	$	859,327

See notes to condensed financial statements (unaudited).

6

WTI FUND X, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)

AS OF JUNE 30, 2024

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
	Biolojic Design Ltd. ** ^		Senior Secured	12.5%	4.0%	$	4,419,636	$	4,339,075	$	4,339,075	8/1/2026
	Mazen Animal Health Inc.		Senior Secured	14.3%		3,544,848		3,415,795		3,415,795		8/1/2026
	Ukko Inc.		Senior Secured	11.5%		2,771,658		2,675,509		2,675,509		5/1/2026
Biotechnology Total		3.6%				$	10,736,142	$	10,430,379	$	10,430,379
Computers & Storage
	Canary Connect, Inc.		Senior Secured	12.0%	7.6%	$	3,624,490	$	3,617,137	$	3,617,137	7/1/2027
	Canary Connect, Inc.		Senior Secured	12.0%	6.6%	1,375,510		1,379,778		1,379,778		7/1/2027
	Canary Connect, Inc. Subtotal					5,000,000		4,996,915		4,996,915
	Proto, Inc.		Senior Secured	12.5%		787,171		759,952		759,952		10/1/2025
	Proto, Inc.		Senior Secured	12.8%		788,234		788,233		788,233		10/1/2025
	Proto, Inc. Subtotal					1,575,405		1,548,185		1,548,185
Computers & Storage Total		2.3%				$	6,575,405	$	6,545,100	$	6,545,100
Internet
	D2C Store, Inc.		Senior Secured	10.0%		$	1,405,572	$	1,042,688	$	1,042,688	*
	Findigs, Inc.		Senior Secured	13.5%		3,500,000		3,263,129		3,263,129		7/1/2027
	Miami Labs, Inc.		Senior Secured	13.3%		7,227,364		6,994,857		6,994,857		5/1/2026
	OneLocal, Inc. ** ^		Senior Secured	12.0%		700,751		688,200		688,200		1/1/2025
	Pixalate, Inc.		Senior Secured	12.8%	2.5%	1,000,000		890,226		890,226		2/1/2027
	Pixalate, Inc.		Senior Secured	13.0%	2.5%	1,000,000		1,005,449		1,005,449		4/1/2027
	Pixalate, Inc. Subtotal					2,000,000		1,895,675		1,895,675
	Quantcast Corp.		Senior Secured	12.0%		10,669,695		10,174,201		10,174,201		7/1/2026
	Realm Living, Inc.		Senior Secured	13.0%		3,180,272		3,079,443		3,079,443		5/1/2026
	RetailerX, Inc.		Senior Secured	10.0%		3,844,084		3,844,084		3,844,084		12/31/2024
	RetailerX, Inc.		Senior Secured	11.0%		3,682,371		3,576,182		3,576,182		7/1/2026
	RetailerX, Inc. Subtotal					7,526,455		7,420,266		7,420,266
	Vinvesto, Inc.		Senior Secured	14.8%		199,681		186,278		186,278		5/1/2026
	Vinvesto, Inc.		Senior Secured	15.0%		199,811		199,811		199,811		5/1/2026
	Vinvesto, Inc. Subtotal					399,492		386,089		386,089
	Wildxyz, Inc.		Senior Secured	12.8%		2,000,000		1,947,533		1,947,533		9/1/2027
Internet Total		12.9%				$	38,609,601	$	36,892,081	$	36,892,081
Medical Devices
	Akadeum Life Sciences, Inc.		Senior Secured	14.3%		$	2,000,000	$	1,884,322	$	1,884,322	1/1/2027
	Gallant Pet, Inc.		Senior Secured	14.0%		1,887,576		1,748,491		1,748,491		10/1/2026
Medical Devices Total		1.2%				$	3,887,576	$	3,632,813	$	3,632,813

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
Other Healthcare
	CarePoint, Inc. ** ^		Senior Secured	13.8%	5.0%	$	856,386	$	755,552	$	755,552	7/1/2026
	GoForward, Inc.		Senior Secured	12.8%		19,428,650		17,152,028		17,152,028		1/1/2027
	Grayce, Inc.		Senior Secured	14.0%		528,877		508,211		508,211		2/1/2026
	Julie Products Inc.		Senior Secured	13.0%		591,850		570,975		570,975		9/1/2025
	Julie Products Inc.		Senior Secured	15.3%		314,942		309,557		309,557		4/1/2026
	Julie Products Inc.		Senior Secured	15.8%		339,731		333,638		333,638		6/1/2026
	Julie Products Inc. Subtotal					1,246,523		1,214,170		1,214,170
	KBS, Inc.		Senior Secured	14.0%		206,828		193,161		193,161		6/1/2026
	Minded, Inc.		Senior Secured	10.5%		1,357,150		1,142,275		—		*
	Modern Animal, Inc.		Senior Secured	12.8%		5,000,000		4,236,563		4,236,563		8/1/2027
	Open Inc.		Senior Secured	14.8%		368,986		364,798		364,798		3/1/2026
	Open Inc.		Senior Secured	13.5%		367,430		353,842		353,842		3/1/2026
	Open Inc. Subtotal					736,416		718,640		718,640
	PrecisionOS Technology Inc. ** ^		Senior Secured	12.0%		470,581		458,481		458,481		7/1/2025
	Yuva Biosciences, Inc.		Senior Secured	13.3%		198,898		183,809		183,809		5/1/2026
Other Healthcare Total		8.9%				$	30,030,309	$	26,562,890	$	25,420,615
Other Technology
	Airspeed, Inc.		Senior Secured	11.0%		$	1,101,447	$	1,008,180	$	1,008,180	5/1/2027
	AL Services ** ^		Senior Secured	12.5%		233,257		221,402		221,402		7/1/2025
	American Castanea PBC		Senior Secured	11.8%	6.7%	250,000		6,580		6,580		12/1/2027
	ArroFi Inc.		Senior Secured	11.3%		1,901,394		1,843,390		1,843,390		4/1/2026
	Azumo, Inc.		Senior Secured	12.8%		1,005,484		956,933		956,933		1/1/2026
	Badiani Limited ** ^		Senior Secured	13.5%		914,838		869,820		869,820		9/1/2026
	Badiani Limited ** ^		Senior Secured	13.8%		500,000		490,690		490,690		1/1/2027
	Badiani Limited ** ^		Senior Secured	13.8%		500,000		488,722		488,722		5/1/2027
	Badiani Limited ** ^ Subtotal					1,914,838		1,849,232		1,849,232
	Bankroll Club, LLC		Senior Secured	14.0%		1,965,212		1,795,513		449,191		*
	Bryte, Inc.		Senior Secured	10.0%		1,694,943		1,708,964		1,088,694		*
	Cella Farms Inc.			11.8%	2.0%	1,500,000		1,423,043		1,423,043		12/1/2027
	Ceres Imaging, Inc.		Senior Secured	12.0%		2,843,184		2,781,445		2,781,445		*
	Chairman Me, Inc.		Senior Secured	12.0%		626,831		591,508		—		*
	Copia Global Inc. ** ^		Senior Secured	12.0%		7,745,971		7,693,807		—		*
	CornerUp, Inc.		Senior Secured	15.0%		392,046		359,248		—		*
	Creoate Limited ** ^		Senior Secured	12.8%	1.0%	485,000		468,902		468,902		1/1/2028
	Creoate Limited ** ^		Senior Secured	12.8%	1.0%	550,000		535,218		535,218		12/1/2027
	Creoate Limited ** ^		Senior Secured	12.8%	1.0%	740,000		721,421		721,421		11/1/2027
	Creoate Limited ** ^		Senior Secured	12.8%	1.0%	1,000,000		890,846		890,846		8/1/2027
	Creoate Limited ** ^		Senior Secured	14.0%		184,027		181,759		181,759		3/1/2026
	Creoate Limited ** ^		Senior Secured	12.8%	1.0%	633,000		617,653		617,653		10/1/2027
	Creoate Limited ** ^		Senior Secured	15.5%		500,000		490,972		490,972		2/1/2027
	Creoate Limited ** ^		Senior Secured	11.8%		476,470		461,389		461,389		12/1/2025
	Creoate Limited ** ^ Subtotal		Senior Secured			4,568,497		4,368,160		4,368,160
	Daybase, Inc.		Senior Secured	11.0%		1,265,000		1,129,983		—		*

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
	Eguana Technologies, Inc. ** ^		Senior Secured	12.0%		2,950,130	2,970,310	2,797,875	*
	Fanimal, Inc.		Senior Secured	11.8%		375,000	367,213	367,213	7/1/2027
	Fanimal, Inc.		Senior Secured	11.8%		274,318	270,193	270,193	7/1/2026
	Fanimal, Inc.		Senior Secured	11.8%		232,444	228,131	228,131	3/1/2027
	Fanimal, Inc.		Senior Secured	11.8%		149,707	137,063	137,063	2/1/2026
	Fanimal, Inc. Subtotal					1,031,469	1,002,600	1,002,600
	Heading Health Inc.		Senior Secured	13.2%		1,065,032	981,215	266,176	*
	High Definition Vehicle Insurance, Inc.		Senior Secured	14.5%		12,500,000	11,939,586	11,939,586	4/1/2027
	Higher Ground Education, Inc.		Senior Secured	15.0%		9,863,047	5,870,421	5,870,421	5/1/2027
	Higher Ground Education, Inc.		Senior Secured	15.0%		4,936,507	3,241,218	3,241,218	6/1/2027
	Higher Ground Education, Inc.		Senior Secured	15.0%		4,932,912	4,932,912	4,932,912	5/1/2027
	Higher Ground Education, Inc. Subtotal					19,732,466	14,044,551	14,044,551
	Hint, Inc.		Senior Secured	12.0%		3,263,186	3,061,924	3,061,924	5/1/2025
	Holo, Inc.		Senior Secured	13.5%		536,867	423,869	423,869	*
	Hyphen Technologies, Inc.		Senior Secured	11.5%		2,189,518	2,130,100	2,130,100	3/1/2026
	Intuition Robotics, Inc. ** ^		Senior Secured	12.0%		1,509,376	1,477,132	1,477,132	11/1/2025
	Jiko Group, Inc.		Senior Secured	12.0%		338,311	336,425	336,425	9/1/2024
	Joy Memories, Inc		Senior Secured	12.8%	1.5%	4,873,992	4,689,716	4,689,716	2/1/2027
	Joy Memories, Inc		Senior Secured	12.0%		954,045	908,314	908,314	12/1/2025
	Joy Memories, Inc Subtotal					5,828,037	5,598,030	5,598,030
	Kibeam Learning, Inc.		Senior Secured	11.5%		450,116	438,864	438,864	6/1/2025
	Lacuna Technologies, Inc.		Senior Secured	12.0%		3,432,568	3,240,601	—	*
	LendTable Inc.		Senior Secured	14.8%		1,374,198	1,352,100	1,352,100	9/1/2026
	LendTable Inc.		Senior Secured	13.5%		1,469,721	1,419,970	1,419,970	3/1/2026
	LendTable Inc. Subtotal					2,843,919	2,772,070	2,772,070
	Logistech Solutions Pte. Ltd. ** ^		Senior Secured	12.8%		942,906	929,753	929,753	10/1/2026
	Logistech Solutions Pte. Ltd. ** ^		Senior Secured	11.5%		317,278	284,861	284,861	12/1/2025
	Logistech Solutions Pte. Ltd. ** ^ Subtotal					1,260,184	1,214,614	1,214,614
	Maker Wine Company		Senior Secured	11.8%		146,363	144,357	144,357	2/1/2025
	Markai Holdings, LLC		Senior Secured	6.3%		868,452	814,588	24,757	*
	Mavenform, Inc.		Senior Secured	13.5%		4,000,000	3,791,457	3,791,457	4/1/2027
	Merlin Labs, Inc.		Senior Secured	13.5%	3.5%	12,500,000	10,692,080	10,692,080	2/1/2027
	NeoSensory, Inc.		Senior Secured	14.0%		750,000	469,451	469,451	7/1/2027
	NewGlobe Education, Inc. ** ^		Senior Secured	12.5%	4.6%	25,000,000	22,854,126	22,854,126	10/1/2027
	NewGlobe Education, Inc. ** ^		Senior Secured	12.5%		2,231,011	2,209,690	2,209,690	12/1/2024
	NewGlobe Education, Inc. ** ^ Subtotal					27,231,011	25,063,816	25,063,816
	Ocho Holdings Co.		Senior Secured	11.3%		296,330	431,799	431,799	12/1/2024
	Plant Prefab, Inc.		Senior Secured	12.4%		1,236,363	1,167,670	1,167,670	6/1/2026
	PlantBaby, Inc.		Senior Secured	12.0%		58,823	58,132	58,132	7/1/2025
	PlantBaby, Inc.		Senior Secured	12.0%		100,538	97,002	97,002	5/1/2025
	PlantBaby, Inc.		Senior Secured	12.0%		71,368	70,358	70,358	10/1/2025
	PlantBaby, Inc.		Senior Secured	14.3%		99,710	97,121	97,121	5/1/2026
	PlantBaby, Inc.		Senior Secured	13.8%		84,144	77,399	77,399	1/1/2026
	PlantBaby, Inc. Subtotal					414,583	400,012	400,012

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
	Platform Science, Inc.		Senior Secured	12.5%			3,661,782	3,623,245	3,623,245	3/1/2026
	Platform Science, Inc.		Senior Secured	12.5%			3,505,772	3,354,061	3,354,061	2/1/2026
	Platform Science, Inc. Subtotal						7,167,554	6,977,306	6,977,306
	Reali Inc.		Senior Secured	12.5%			3,586,031	2,630,866	7,322	*
	Ripple Foods, PBC		Senior Secured	12.0%	2.5	%	4,000,000	3,832,447	3,832,447	8/1/2027
	Ripple Foods, PBC		Senior Secured	12.0%	2.5	%	6,000,000	5,421,478	5,421,478	3/1/2027
	Ripple Foods, PBC Subtotal						10,000,000	9,253,925	9,253,925
	Rise Gardens, Inc.		Senior Secured	11.8%			1,380,944	1,201,703	616,757	*
	Romaine Empire, Inc.		Senior Secured	13.5%			8,887,530	8,671,762	8,671,762	12/1/2027
	Runzy, Inc.		Senior Secured	14.5%			250,000	248,368	248,368	8/1/2027
	Runzy, Inc.		Senior Secured	14.3%			250,000	242,561	242,561	6/1/2027
	Runzy, Inc. Subtotal						500,000	490,929	490,929
	Scripta Insights, Inc.		Senior Secured	12.0%			181,553	180,211	180,211	4/1/2025
	Scripta Insights, Inc.		Senior Secured	12.0%			725,892	714,555	714,555	4/1/2025
	Scripta Insights, Inc. Subtotal						907,445	894,766	894,766
	SISU Aesthetics Clinic, Inc. ** ^		Senior Secured	14.0%			597,871	594,287	594,287	5/1/2026
	SISU Aesthetics Clinic, Inc. ** ^		Senior Secured	13.5%			765,808	745,654	745,654	4/1/2026
	SISU Aesthetics Clinic, Inc. ** ^ Subtotal						1,363,679	1,339,941	1,339,941
	State Affairs, Inc.		Senior Secured	13.8%			1,000,000	918,895	918,895	10/1/2026
	State Affairs, Inc.		Senior Secured	14.0%			1,500,000	1,472,301	1,472,301	1/1/2027
	State Affairs, Inc.		Senior Secured	13.8%			1,000,000	983,327	983,327	11/1/2026
	State Affairs, Inc. Subtotal						3,500,000	3,374,523	3,374,523
	Sun Day Carwash, Inc.		Senior Secured	13.5%	2.0%		2,000,000	1,970,946	1,970,946	1/1/2027
	Sun Day Carwash, Inc.		Senior Secured	13.5%	2.0%		4,000,000	3,799,291	3,799,291	1/1/2027
	Sun Day Carwash, Inc. Subtotal						6,000,000	5,770,237	5,770,237
	Supplant, Inc. ** ^		Senior Secured	16.0%			500,000	492,012	492,012	12/1/2026
	Supplant, Inc. ** ^		Senior Secured	13.0%			1,710,372	1,653,549	1,653,549	7/1/2026
	Supplant, Inc. ** ^ Subtotal						2,210,372	2,145,561	2,145,561
	TheSquareFoot, Inc.		Senior Secured	18.0%			628,478	325,058	—	*
	Titan Health & Security Technologies, Inc.		Senior Secured	12.0%			756,281	740,314	740,314	8/1/2025
	TLNT Inc.		Senior Secured	15.0%			1,068,549	1,011,697	—	*
	TomoCredit, Inc.		Senior Secured	13.8%			3,000,000	2,877,998	2,877,998	4/1/2027
	TomoCredit, Inc.		Senior Secured	11.5%			644,956	644,956	644,956	6/1/2025
	TomoCredit, Inc.		Senior Secured	11.5%			644,866	627,905	627,905	6/1/2025
	TomoCredit, Inc. Subtotal						4,289,822	4,150,859	4,150,859
	Umbra Lab, Inc.		Senior Secured	13.5%			7,500,000	7,033,035	7,033,035	1/1/2028
	Umbra Lab, Inc.		Senior Secured	13.5%			3,829,039	3,741,640	3,741,640	4/1/2026
	Umbra Lab, Inc.		Senior Secured	15.3%			5,667,960	5,499,332	5,499,332	10/1/2026
	Umbra Lab, Inc. Subtotal						16,996,999	16,274,007	16,274,007
	Virtuix Holdings, Inc.		Senior Secured	12.3%			269,386	265,361	265,361	9/1/2025
	Wellth, Inc.		Senior Secured	12.0%			272,381	269,653	269,653	4/1/2025
	Wellth, Inc.		Senior Secured	12.0%			453,904	441,568	441,568	4/1/2025
	Wellth, Inc. Subtotal						726,285	711,221	711,221

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
	World Wrapps II, Inc.		Senior Secured	12.5%	8.4%	400,000		404,448		404,448		7/1/2027
	World Wrapps II, Inc.		Senior Secured	12.5%	9.1%	600,000		451,661		451,661		7/1/2027
	World Wrapps II, Inc. Subtotal					1,000,000		856,109		856,109
	Zeno Technologies, Inc.		Senior Secured	10.0%		248,985		240,414		240,414		*
	Zimeno Inc.		Senior Secured	11.5%		5,887,584		5,805,543		5,805,543		10/1/2026
	Zimeno Inc.		Senior Secured	11.5%		4,167,326		4,034,846		4,034,846		1/1/2026
	Zimeno Inc. Subtotal					10,054,910		9,840,389		9,840,389
Other Technology Total		62.1%				$	216,925,635	$	199,511,457	$	178,307,168
Security
	Axiado Corporation		Senior Secured	10.5%		$	1,380,050	$	1,380,041	$	1,380,041	10/1/2025
	Axiado Corporation		Senior Secured	10.5%		1,380,050		1,331,510		1,331,510		10/1/2025
	Axiado Corporation Subtotal					2,760,100		2,711,551		2,711,551
Security Total		0.9%				$	2,760,100	$	2,711,551	$	2,711,551
Semiconductors & Equipment
	Terradepth, Inc.		Senior Secured	11.5%		$	5,106,408	$	4,768,636	$	4,768,636	12/1/2026
Semiconductors & Equipment Total		1.7%				$	5,106,408	$	4,768,636	$	4,768,636
Software
	Abacum Inc. ** ^		Senior Secured	13.5%		$	1,415,154	$	1,345,722	$	1,345,722	10/1/2026
	Actual Systems, Inc.		Senior Secured	12.0%		431,482		418,180		418,180		6/1/2025
	Auterion, Inc. ** ^		Senior Secured	12.5%		1,594,321		1,561,260		1,561,260		5/1/2025
	Bite Investments (Cayman) Limited ** ^		Senior Secured	12.0%		387,024		379,376		379,376		1/1/2025
	Blackcart, Inc. ** ^		Senior Secured	13.3%	6.4%	1,000,000		956,952		956,952		1/1/2027
	Bloomboard, Inc.		Senior Secured	12.0%	3.0%	3,500,000		3,205,504		3,205,504		10/1/2027
	BlueCart, Inc.		Senior Secured	14.8%		176,792		173,624		173,624		2/1/2026
	BlueCart, Inc.		Senior Secured	12.5%		1,051,732		1,012,498		1,012,498		2/1/2026
	BlueCart, Inc. Subtotal					1,228,524		1,186,122		1,186,122
	Bound Rates, Inc. ** ^		Senior Secured	12.0%		1,078,065		1,061,481		1,061,481		6/1/2025
	Bound Rates, Inc. ** ^		Senior Secured	13.0%		1,500,000		1,383,029		1,383,029		12/1/2027
	Bound Rates, Inc. ** ^ Subtotal					2,578,065		2,444,510		2,444,510
	Canopy Technology Corp.		Senior Secured	15.0%		738,592		728,094		728,094		3/1/2026
	Canopy Technology Corp.		Senior Secured	13.5%		912,458		880,269		880,269		11/1/2025
	Canopy Technology Corp. Subtotal					1,651,050		1,608,363		1,608,363
	Chowbus, Inc.		Senior Secured	12.0%		1,608,079		1,539,183		1,539,183		3/1/2025
	Common Sun, Inc		Senior Secured	11.0%		1,093,830		1,054,293		1,054,293		7/1/2026
	Common Sun, Inc		Senior Secured	11.0%		440,082		440,079		440,079		1/1/2027
	Common Sun, Inc Subtotal					1,533,912		1,494,372		1,494,372
	Eskalera, Inc.		Senior Secured	12.0%		1,395,241		1,357,073		1,357,073		10/1/2026
	Family First, Inc		Senior Secured	12.0%	7.4%	4,000,000		3,869,104		3,869,104		10/1/2027

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
	Form Remodel, Inc.		Senior Secured	11.0%		440,972	435,908	435,908	8/1/2026
	Form Remodel, Inc.		Senior Secured	11.0%		348,556	345,470	345,470	2/1/2026
	Form Remodel, Inc.		Senior Secured	11.0%		316,539	300,368	300,368	12/1/2025
	Form Remodel, Inc.		Senior Secured	11.0%		410,833	406,497	406,497	6/1/2026
	Form Remodel, Inc. Subtotal					1,516,900	1,488,243	1,488,243
	FutureProof Technologies, Inc.		Senior Secured	13.5%		826,379	788,201	788,201	6/1/2026
	Grokker, Inc.		Senior Secured	11.5%		326,004	319,587	319,587	4/1/2026
	HaystacksAI, Inc.		Senior Secured	12.3%		809,810	779,055	779,055	6/1/2027
	Hdata, Inc.		Senior Secured	12.8%	2.5%	471,453	436,022	436,022	10/1/2026
	Hoken Holdings Inc.		Senior Secured	13.0%		496,918	463,158	463,158	5/1/2026
	Ioogo Inc.		Senior Secured	13.5%		4,830,303	4,616,297	—	*
	Ketch Kloud, Inc.		Senior Secured	13.0%		6,972,400	6,692,654	6,692,654	4/1/2027
	Kolors, Inc. ** ^		Senior Secured	13.3%	2.5%	3,000,000	2,845,797	2,845,797	2/1/2027
	Kolors, Inc. ** ^		Senior Secured	13.5%	2.5%	2,000,000	1,948,940	1,948,940	6/1/2027
	Kolors, Inc. ** ^ Subtotal					5,000,000	4,794,737	4,794,737
	Kushki Group Holdings Ltd. ** ^		Senior Secured	13.0%		10,000,000	8,979,633	8,979,633	2/1/2027
	Make Cents Technologies Inc.		Senior Secured	13.5%		6,000,000	5,659,204	5,659,204	1/1/2027
	Make Cents Technologies Inc.		Senior Secured	13.8%		4,000,000	3,658,700	3,658,700	7/1/2027
	Make Cents Technologies Inc. Subtotal					10,000,000	9,317,904	9,317,904
	Merlyn Mind, Inc.		Senior Secured	13.8%		10,000,000	9,578,206	9,578,206	3/1/2027
	Migo Money, Inc. ** ^		Senior Secured	11.5%		1,206,906	1,237,274	725,714	*
	NopSec Inc.		Senior Secured	12.0%		425,551	420,795	420,795	1/1/2025
	Ocurate, Inc.		Senior Secured	11.5%		730,049	743,735	672,523	10/1/2025
	Overalls, Inc.		Senior Secured	15.5%		192,604	192,604	192,604	4/1/2026
	Overalls, Inc.		Senior Secured	13.5%		382,904	363,747	363,747	4/1/2026
	Overalls, Inc. Subtotal					575,508	556,351	556,351
	Parkoursc, Inc.		Senior Secured	12.8%	1.0%	2,610,609	2,510,159	2,510,159	10/1/2026
	Parkoursc, Inc.		Senior Secured	13.0%		1,000,000	896,360	896,360	10/1/2027
	Parkoursc, Inc. Subtotal					3,610,609	3,406,519	3,406,519
	Ratio Technologies, Inc.		Senior Secured	11.0%		370,304	365,809	365,809	1/1/2027
	Ratio Technologies, Inc.		Senior Secured	11.0%		1,024,146	1,011,882	1,011,882	1/1/2027
	Ratio Technologies, Inc.		Senior Secured	11.0%		154,939	132,359	132,359	1/1/2027
	Ratio Technologies, Inc. Subtotal					1,549,389	1,510,050	1,510,050
	Safe Securities Inc.		Senior Secured	12.3%	1.0%	3,000,000	2,948,895	2,948,895	10/1/2027
	Safe Securities Inc.		Senior Secured	12.3%	1.0%	3,000,000	2,761,156	2,761,156	10/1/2027
	Safe Securities Inc. Subtotal					6,000,000	5,710,051	5,710,051
	Scaleup Finance Group ApS ** ^		Senior Secured	15.8%		1,250,000	1,224,240	1,224,240	1/1/2027
	Scaleup Finance Group ApS ** ^		Senior Secured	15.0%		1,036,460	973,171	973,171	6/1/2026
	Scaleup Finance Group ApS ** ^ Subtotal					2,286,460	2,197,411	2,197,411
	Semsee Corp.		Senior Secured	14.3%	1.0%	3,000,000	2,817,720	2,817,720	1/1/2027
	Sonatus, Inc		Senior Secured	12.5%		3,149,263	3,060,844	3,060,844	12/1/2025
	Sonatus, Inc		Senior Secured	12.5%		1,115,462	1,098,172	1,098,172	12/1/2024
	Sonatus, Inc Subtotal					4,264,725	4,159,016	4,159,016
	Traction Apps, Inc. ** ^		Senior Secured	12.0%		669,230	687,621	420,442	*

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
	UCM Digital Health, Inc.		Senior Secured	12.5%		1,405,884		1,307,491		1,307,491		10/1/2026
	Vesta Housing, Inc.		Senior Secured	11.8%		970,037		926,075		926,075		6/1/2026
	Vesta Housing, Inc.		Senior Secured	11.8%		970,037		954,357		954,357		6/1/2026
	Vesta Housing, Inc. Subtotal					1,940,074		1,880,432		1,880,432
	WorkRails, Inc.		Senior Secured	12.0%		432,693		318,063		318,063		*
Software Total		31.8%				$	101,670,097	$	96,571,947	$	91,105,699
Technology Services
	2045 Studio, Inc.		Senior Secured	13.8%		$	750,000	$	698,079	$	698,079	1/1/2027
	Klar Holdings Limited ** ^		Senior Secured	11.8%		2,488,845		2,419,341		2,419,341		8/1/2025
	Loansnap Holdings Inc. **		Senior Secured	10.3%		3,669,060		3,480,373		1,876,123		*
	MAYD Group GmbH ** ^		Senior Secured	13.8%		2,480,536		2,271,204		1,672,321		*
	Surround Group, Inc.		Senior Secured	14.3%		767,543		736,342		736,342		4/1/2026
	Techspert.IO Limited ** ^		Senior Secured	14.8%		1,750,000		1,712,949		1,712,949		3/1/2027
	Techspert.IO Limited ** ^		Senior Secured	13.8%		1,446,979		1,384,395		1,384,395		6/1/2026
	Techspert.IO Limited ** ^ Subtotal					3,196,979		3,097,344		3,097,344
Technology Services Total		3.7%				$	13,352,963	$	12,702,683	$	10,499,550
Wireless
	Juvo Mobile, Inc. **		Senior Secured	12.5%	4.9%	$	2,000,000	$	1,905,320	$	1,905,320	7/1/2027
	Juvo Mobile, Inc. **		Senior Secured	12.0%		1,280,363		1,236,725		1,236,725		7/1/2026
	Juvo Mobile, Inc. **		Senior Secured	15.5%		429,580		422,547		422,547		7/1/2026
	Juvo Mobile, Inc. ** Subtotal					3,709,943		3,564,592		3,564,592
	Nextivity, Inc.		Senior Secured	12.5%	8.4%	$	8,000,000	$	7,027,731	$	7,027,731	12/1/2027
Wireless Total		3.7%				$	11,709,943	$	10,592,323	$	10,592,323
	Grand Total	132.8%				$	441,364,179	$	410,921,860	$	380,905,915

	Ticker Symbol	Percent of Net Assets	Cost		Fair Value
Cash Equivalents
First American Government Obligations Fund - Class Z	FGZXX	9.3%	$	26,621,359	$	26,621,359
Total Cash Equivalents		9.3%	$	26,621,359	$	26,621,359

13

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	Notional Amount		Fair Value		Upfront payments/receipts		Unrealized appreciation (e)
Derivative Instruments - Interest Rate Collar Agreements
Floating interest rate of 1 mo. USD-SOFR CME Term with a cap rate of 5.3000% to be received monthly	Floating interest rate of 1 mo. USD-SOFR CME Term with a floor rate of 3.6500% to be paid monthly	Zions Bancorporation, N.A.	12/31/2024	$	50,000,000	$	15,409	$	—	$	15,409
Floating interest rate of 1 mo. USD-SOFR CME Term with a cap rate of 5.3000% to be received monthly	Floating interest rate of 1 mo. USD-SOFR CME Term with a floor rate of 2.3000% to be paid monthly	Zions Bancorporation, N.A.	12/31/2025	50,000,000		41,214		—		41,214
Total				$	100,000,000	$	56,623	$	—	$	56,623

* As of June 30, 2024, loans with a cost basis of $44.7 million and a fair value of $14.8 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, 2024, 20.4% 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.

(e) The unrealized appreciation 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.

As of June 30, 2024, all loans were made to non-affiliates.

See notes to condensed financial statements (unaudited).

(Intentionally left blank)

14

WTI FUND X, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)

AS OF DECEMBER 31, 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
	Biolojic Design Ltd. ** ^		Senior Secured	12.5%	4.0%	$	5,000,000	$	4,815,056	$	4,815,056	8/1/2026
	Mazen Animal Health Inc.		Senior Secured	14.3%		4,000,000		3,816,533		3,816,533		8/1/2026
	Ukko Inc.		Senior Secured	11.5%		3,398,473		3,253,318		3,253,318		5/1/2026
Biotechnology Total		5.2%				$	12,398,473	$	11,884,907	$	11,884,907
Computers & Storage
	Canary Connect, Inc.		Senior Secured	12.0%	6.6%	$	1,375,510	$	1,364,322	$	1,364,322	7/1/2027
	Canary Connect, Inc.		Senior Secured	12.0%	7.6%	3,624,490		3,565,215		3,565,215		7/1/2027
	Canary Connect, Inc. Subtotal					5,000,000		4,929,537		4,929,537
	Proto, Inc.		Senior Secured	12.5%		1,049,740		1,001,516		1,001,516		10/1/2025
	Proto, Inc.		Senior Secured	12.8%		1,050,540		1,050,539		1,050,539		10/1/2025
	Proto, Inc. Subtotal					2,100,280		2,052,055		2,052,055
Computers & Storage Total		3.1%				$	7,100,280	$	6,981,592	$	6,981,592
Internet
	Ainsly, Inc. ** ^		Senior Secured	12.5%		$	200,739	$	153,231	$	153,231	7/1/2025
	Ainsly, Inc. ** ^		Senior Secured	12.5%		133,826		133,821		133,821		7/1/2025
	Ainsly, Inc. ** ^ Subtotal					334,565		287,052		287,052
	D2C Store, Inc.		Senior Secured	10.0%		1,905,572		1,572,688		1,572,688		*
	Findigs, Inc.		Senior Secured	13.5%		3,500,000		3,214,747		3,214,747		7/1/2027
	Miami Labs, Inc.		Senior Secured	13.3%		7,500,000		7,162,069		7,162,069		5/1/2026
	OneLocal, Inc. ** ^		Senior Secured	12.0%		859,047		833,541		833,541		1/1/2025
	Pixalate, Inc.		Senior Secured	13.0%	2.5%	1,000,000		1,001,347		1,001,347		4/1/2027
	Pixalate, Inc.		Senior Secured	12.8%	2.5%	1,000,000		855,173		855,173		2/1/2027
	Pixalate, Inc. Subtotal					2,000,000		1,856,520		1,856,520
	Quantcast Corp.		Senior Secured	12.0%		12,500,000		11,779,146		11,779,146		7/1/2026
	Realm Living, Inc.		Senior Secured	13.0%		3,886,089		3,734,520		3,734,520		5/1/2026
	RenoFi, Inc.		Senior Secured	11.5%		988,490		929,802		929,802		7/1/2025
	RenoFi, Inc.		Senior Secured	11.5%		1,082,499		1,070,622		1,070,622		9/1/2025
	RenoFi, Inc. Subtotal					2,070,989		2,000,424		2,000,424
	RetailerX, Inc.		Senior Secured	11.0%		3,834,495		3,656,561		3,656,561		7/1/2026
	RetailerX, Inc.		Senior Secured	10.0%	100.0%	3,654,343		3,654,343		3,654,343		6/28/2024
	RetailerX, Inc. Subtotal					7,488,838		7,310,904		7,310,904
	Vinvesto, Inc.		Senior Secured	15.0%		243,054		243,054		243,054		5/1/2026
	Vinvesto, Inc.		Senior Secured	14.8%		243,033		223,116		223,116		5/1/2026
	Vinvesto, Inc. Subtotal					486,087		466,170		466,170
	Wildxyz, Inc.		Senior Secured	12.8%	4.7%	2,000,000		1,898,870		1,898,870		7/1/2026
Internet Total		18.6%				$	44,531,187	$	42,116,651	$	42,116,651

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
Medical Devices
	Akadeum Life Sciences, Inc.		Senior Secured	14.3%		$	2,000,000	$	1,849,886	$	1,849,886	1/1/2027
	Gallant Pet, Inc.		Senior Secured	14.0%		2,000,000		1,810,178		1,810,178		10/1/2026
Medical Devices Total		1.6%				$	4,000,000	$	3,660,064	$	3,660,064
Other Healthcare
	CarePoint, Inc. ** ^		Senior Secured	13.8%	5.0%	$	1,000,000	$	852,778	$	852,778	7/1/2026
	GoForward, Inc.		Senior Secured	12.8%		20,000,000		18,027,726		18,027,726		10/1/2026
	Grayce, Inc.		Senior Secured	14.0%		664,671		631,909		631,909		2/1/2026
	Julie Products Inc.		Senior Secured	15.3%		375,000		366,817		366,817		4/1/2026
	Julie Products Inc.		Senior Secured	15.8%		375,000		366,153		366,153		6/1/2026
	Julie Products Inc.		Senior Secured	13.0%		802,628		764,447		764,447		9/1/2025
	Julie Products Inc. Subtotal					1,552,628		1,497,417		1,497,417
	KBS, Inc.		Senior Secured	14.0%		250,000		229,967		229,967		6/1/2026
	Minded, Inc.		Senior Secured	10.5%		1,357,150		1,142,275		—		*
	Open Inc.		Senior Secured	13.5%		457,247		436,107		436,107		3/1/2026
	Open Inc.		Senior Secured	14.8%		457,878		451,414		451,414		3/1/2026
	Open Inc. Subtotal					915,125		887,521		887,521
	PrecisionOS Technology Inc. ** ^		Senior Secured	12.0%		667,730		643,612		643,612		7/1/2025
	Yuva Biosciences, Inc.		Senior Secured	13.3%		242,902		220,407		220,407		5/1/2026
Other Healthcare Total		10.1%				$	26,650,206	$	24,133,612	$	22,991,337
Other Technology
	Airspeed, Inc.		Senior Secured	11.0%		$	532,573	$	505,660	$	505,660	1/1/2026
	Airspeed, Inc.		Senior Secured	11.0%		625,000		625,000		625,000		7/1/2026
	Airspeed, Inc. Subtotal					1,157,573		1,130,660		1,130,660
	AL Services ** ^		Senior Secured	12.5%		330,763		307,345		307,345		7/1/2025
	ArroFi Inc.		Senior Secured	11.3%		2,354,587		2,265,319		2,265,319		4/1/2026
	Azumo, Inc.		Senior Secured	12.8%		1,282,604		1,203,696		1,203,696		1/1/2026
	Badiani Limited ** ^		Senior Secured	13.8%		500,000		487,832		487,832		1/1/2027
	Badiani Limited ** ^		Senior Secured	13.5%		1,000,000		937,115		937,115		9/1/2026
	Badiani Limited ** ^ Subtotal					1,500,000		1,424,947		1,424,947
	Bankroll Club, LLC		Senior Secured	14.0%		1,965,212		1,795,513		449,191		*
	Beekeeper's Naturals, Inc ** ^		Senior Secured	12.0%		1,291,713		1,239,031		1,239,031		10/1/2025
	Beekeeper's Naturals, Inc ** ^		Senior Secured	12.0%		646,138		637,335		637,335		10/1/2025
	Beekeeper's Naturals, Inc ** ^		Senior Secured	12.0%		645,892		637,825		637,825		10/1/2025
	Beekeeper's Naturals, Inc ** ^ Subtotal					2,583,743		2,514,191		2,514,191
	Bryte, Inc.		Senior Secured	10.0%		1,680,936		1,640,717		1,640,717		9/1/2025
	Ceres Imaging, Inc.		Senior Secured	12.0%		1,127,835		1,088,832		1,088,832		4/1/2025
	Ceres Imaging, Inc.		Senior Secured	12.0%		1,630,476		1,602,801		1,602,801		4/1/2026
	Ceres Imaging, Inc. Subtotal					2,758,311		2,691,633		2,691,633
	Chairman Me, Inc.		Senior Secured	12.0%		626,831		591,508		—		*
	Copia Global Inc. ** ^		Senior Secured	12.0%		7,699,044		7,542,825		7,542,825		1/1/2027

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
	CornerUp, Inc.		Senior Secured	15.0%		229,002	196,822	196,822	3/1/2026
	CornerUp, Inc.		Senior Secured	15.0%		236,122	232,070	232,070	4/1/2026
	CornerUp, Inc. Subtotal					465,124	428,892	428,892
	Creoate Limited ** ^		Senior Secured	15.5%		500,000	488,425	488,425	2/1/2027
	Creoate Limited ** ^		Senior Secured	11.8%		617,298	592,002	592,002	12/1/2025
	Creoate Limited ** ^		Senior Secured	14.0%		228,750	225,211	225,211	3/1/2026
	Creoate Limited ** ^ Subtotal					1,346,048	1,305,638	1,305,638
	Daybase, Inc.		Senior Secured	11.0%		1,265,000	1,129,983	—	*
	EasyKnock, Inc.		Senior Secured	11.5%		2,427,481	2,369,345	2,369,345	5/1/2026
	EasyKnock, Inc.		Senior Secured	11.5%		1,902,781	1,763,129	1,763,129	10/1/2025
	EasyKnock, Inc.		Senior Secured	11.5%		2,056,477	2,016,015	2,016,015	12/1/2025
	EasyKnock, Inc. Subtotal					6,386,739	6,148,489	6,148,489
	Eguana Technologies, Inc. ** ^		Senior Secured	12.0%		1,729,692	1,696,603	1,696,603	8/1/2025
	Eguana Technologies, Inc. ** ^		Senior Secured	12.0%		1,410,524	1,339,264	1,339,264	4/1/2025
	Eguana Technologies, Inc. ** ^ Subtotal					3,140,216	3,035,867	3,035,867
	Fanimal, Inc.		Senior Secured	11.8%		330,628	324,581	324,581	7/1/2026
	Fanimal, Inc.		Senior Secured	11.8%		375,000	364,987	364,987	7/1/2027
	Fanimal, Inc.		Senior Secured	11.8%		250,000	244,279	244,279	3/1/2027
	Fanimal, Inc.		Senior Secured	11.8%		189,126	169,116	169,116	2/1/2026
	Fanimal, Inc. Subtotal					1,144,754	1,102,963	1,102,963
	Heading Health Inc.		Senior Secured	13.2%		1,065,032	981,214	793,209	*
	High Definition Vehicle Insurance, Inc.		Senior Secured	14.5%		12,500,000	11,799,593	11,799,593	4/1/2027
	Higher Ground Education, Inc.		Senior Secured	15.0%		9,872,884	5,199,021	5,199,021	5/1/2027
	Hint, Inc.		Senior Secured	12.0%		4,898,181	4,458,792	4,458,792	5/1/2025
	Holo, Inc.		Senior Secured	15.5%		486,194	472,810	472,810	5/1/2026
	Holo, Inc.		Senior Secured	13.5%		826,350	769,711	769,711	12/1/2025
	Holo, Inc. Subtotal					1,312,544	1,242,521	1,242,521
	Hyphen Technologies, Inc.		Senior Secured	11.5%		2,737,343	2,644,141	2,644,141	3/1/2026
	Intuition Robotics, Inc. ** ^		Senior Secured	12.0%		1,982,991	1,927,316	1,927,316	11/1/2025
	Jiko Group, Inc.		Senior Secured	12.0%		985,378	971,851	971,851	9/1/2024
	Joy Memories, Inc		Senior Secured	12.0%		1,235,303	1,158,922	1,158,922	12/1/2025
	Joy Memories, Inc		Senior Secured	12.8%	1.5%	5,000,000	4,738,844	4,738,844	2/1/2027
	Joy Memories, Inc Subtotal					6,235,303	5,897,766	5,897,766
	Kibeam Learning, Inc.		Senior Secured	11.5%		656,577	633,002	633,002	6/1/2025
	Lacuna Technologies, Inc.		Senior Secured	12.0%		3,432,568	3,240,601	—	*
	LendTable Inc.		Senior Secured	14.8%		1,500,000	1,469,096	1,469,096	9/1/2026
	LendTable Inc.		Senior Secured	13.5%		1,828,989	1,751,544	1,751,544	3/1/2026
	LendTable Inc. Subtotal					3,328,989	3,220,640	3,220,640
	Literati, Inc.		Senior Secured	11.3%		6,548,474	6,397,107	6,397,107	3/1/2026
	Logistech Solutions Pte. Ltd. ** ^		Senior Secured	11.5%		411,295	357,702	357,702	12/1/2025
	Logistech Solutions Pte. Ltd. ** ^		Senior Secured	12.8%		1,000,000	981,817	981,817	10/1/2026
	Logistech Solutions Pte. Ltd. ** ^ Subtotal					1,411,295	1,339,519	1,339,519
	Maker Wine Company		Senior Secured	11.8%		248,887	243,291	243,291	2/1/2025
	Markai Holdings, LLC		Senior Secured	6.3%		868,452	814,588	49,543	*
	Mavenform, Inc.		Senior Secured	13.5%		4,000,000	3,739,033	3,739,033	4/1/2027

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
	NewGlobe Education, Inc. ** ^		Senior Secured	12.5%		4,327,530	4,251,939	4,251,939	12/1/2024
	Ocho Holdings Co.		Senior Secured	11.3%		482,259	499,616	499,616	12/1/2024
	Plant Prefab, Inc.		Senior Secured	12.4%		1,236,363	1,174,111	1,174,111	12/1/2025
	PlantBaby, Inc.		Senior Secured	12.0%		83,466	82,084	82,084	7/1/2025
	PlantBaby, Inc.		Senior Secured	12.0%		95,285	93,485	93,485	10/1/2025
	PlantBaby, Inc.		Senior Secured	14.3%		121,495	117,614	117,614	5/1/2026
	PlantBaby, Inc.		Senior Secured	13.8%		107,087	96,231	96,231	1/1/2026
	PlantBaby, Inc.		Senior Secured	12.0%		150,836	143,047	143,047	5/1/2025
	PlantBaby, Inc. Subtotal					558,169	532,461	532,461
	Platform Science, Inc.		Senior Secured	12.5%		4,421,154	4,179,690	4,179,690	2/1/2026
	Platform Science, Inc.		Senior Secured	12.5%		4,567,377	4,506,939	4,506,939	3/1/2026
	Platform Science, Inc. Subtotal					8,988,531	8,686,629	8,686,629
	Reali Inc.		Senior Secured	12.5%		3,586,031	2,630,866	7,322	*
	Ripple Foods, PBC		Senior Secured	12.0%	2.5%	6,000,000	5,181,739	5,181,739	3/1/2027
	Rise Gardens, Inc.		Senior Secured	11.8%		500,000	491,113	343,183	10/1/2026
	Rise Gardens, Inc.		Senior Secured	11.8%		792,662	769,831	537,948	11/1/2025
	Rise Gardens, Inc. Subtotal					1,292,662	1,260,944	881,131
	Romaine Empire, Inc.		Senior Secured	13.5%		8,887,530	8,586,100	8,586,100	12/1/2027
	Runzy, Inc.		Senior Secured	14.5%		250,000	247,977	247,977	8/1/2027
	Runzy, Inc.		Senior Secured	14.3%		250,000	240,589	240,589	6/1/2027
	Runzy, Inc. Subtotal					500,000	488,566	488,566
	Scripta Insights, Inc.		Senior Secured	12.0%		1,127,995	1,101,197	1,101,197	4/1/2025
	Scripta Insights, Inc.		Senior Secured	12.0%		282,123	278,940	278,940	4/1/2025
	Scripta Insights, Inc. Subtotal					1,410,118	1,380,137	1,380,137
	SISU Aesthetics Clinic, Inc. ** ^		Senior Secured	14.0%		728,903	723,510	723,510	5/1/2026
	SISU Aesthetics Clinic, Inc. ** ^		Senior Secured	13.5%		943,438	912,621	912,621	4/1/2026
	SISU Aesthetics Clinic, Inc. ** ^ Subtotal					1,672,341	1,636,131	1,636,131
	State Affairs, Inc.		Senior Secured	14.0%		1,500,000	1,464,453	1,464,453	1/1/2027
	State Affairs, Inc.		Senior Secured	13.8%		1,000,000	977,932	977,932	11/1/2026
	State Affairs, Inc.		Senior Secured	13.8%		1,000,000	891,906	891,906	10/1/2026
	State Affairs, Inc. Subtotal					3,500,000	3,334,291	3,334,291
	Sun Day Carwash, Inc.		Senior Secured	13.5%	2.0%	2,000,000	1,951,873	1,951,873	1/1/2027
	Sun Day Carwash, Inc.		Senior Secured	13.5%	2.0%	4,000,000	3,719,925	3,719,925	1/1/2027
	Sun Day Carwash, Inc. Subtotal					6,000,000	5,671,798	5,671,798
	Supplant, Inc. ** ^		Senior Secured	16.0%		500,000	489,453	489,453	12/1/2026
	Supplant, Inc. ** ^		Senior Secured	13.0%		2,000,000	1,917,423	1,917,423	7/1/2026
	Supplant, Inc. ** ^ Subtotal					2,500,000	2,406,876	2,406,876
	TheSquareFoot, Inc.		Senior Secured	18.0%		628,478	325,058	—	*
	Titan Health & Security Technologies, Inc.		Senior Secured	12.0%		1,048,969	1,018,428	1,018,428	8/1/2025
	TLNT Inc.		Senior Secured	15.3%		312,500	305,936	191,458	8/1/2026
	TLNT Inc.		Senior Secured	15.8%		312,500	304,453	190,530	2/1/2027
	TLNT Inc.		Senior Secured	14.3%		353,987	325,391	203,633	4/1/2026
	TLNT Inc.		Senior Secured	14.8%		118,039	115,911	72,539	4/1/2026
	TLNT Inc. Subtotal					1,097,026	1,051,691	658,160

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
	TomoCredit, Inc.		Senior Secured	11.5%		940,786		940,786		940,786		6/1/2025
	TomoCredit, Inc.		Senior Secured	13.8%		3,000,000		2,847,196		2,847,196		4/1/2027
	TomoCredit, Inc.		Senior Secured	11.5%		940,655		905,134		905,134		6/1/2025
	TomoCredit, Inc. Subtotal					4,881,441		4,693,116		4,693,116
	Umbra Lab, Inc.		Senior Secured	13.5%		4,717,188		4,583,466		4,583,466		4/1/2026
	Umbra Lab, Inc.		Senior Secured	15.3%		6,000,000		5,769,174		5,769,174		10/1/2026
	Umbra Lab, Inc. Subtotal					10,717,188		10,352,640		10,352,640
	Virtuix Holdings, Inc.		Senior Secured	12.3%		365,971		358,553		358,553		9/1/2025
	Wellth, Inc.		Senior Secured	12.0%		423,265		416,804		416,804		4/1/2025
	Wellth, Inc.		Senior Secured	12.0%		705,341		676,303		676,303		4/1/2025
	Wellth, Inc. Subtotal					1,128,606		1,093,107		1,093,107
	World Wrapps II, Inc.		Senior Secured	12.5%	9.1%	600,000		418,147		418,147		7/1/2027
	World Wrapps II, Inc.		Senior Secured	12.5%	8.4%	400,000		399,444		399,444		7/1/2027
	World Wrapps II, Inc. Subtotal					1,000,000		817,591		817,591
	Zeno Technologies, Inc.		Senior Secured	10.0%		165,526		165,525		165,525		7/1/2025
	Zeno Technologies, Inc.		Senior Secured	10.0%		165,526		155,757		155,757		7/1/2025
	Zeno Technologies, Inc. Subtotal					331,052		321,282		321,282
	Zimeno Inc.		Senior Secured	11.5%		6,250,000		6,136,157		6,136,157		10/1/2026
	Zimeno Inc.		Senior Secured	11.5%		5,331,391		5,114,486		5,114,486		1/1/2026
	Zimeno Inc. Subtotal					11,581,391		11,250,643		11,250,643
Other Technology Total		70.0%				$	183,494,039	$	170,014,495	$	159,031,085
Security
	Axiado Corporation		Senior Secured	10.5%		$	1,849,112	$	1,849,098	$	1,849,098	10/1/2025
	Axiado Corporation		Senior Secured	10.5%		1,849,112		1,762,565		1,762,565		10/1/2025
	Axiado Corporation Subtotal					3,698,224		3,611,663		3,611,663
	Lassen Peak, Inc.		Senior Secured	11.0%		109,199		107,258		107,258		8/1/2024
Security Total		1.6%				$	3,807,423	$	3,718,921	$	3,718,921
Semiconductors & Equipment
	Terradepth, Inc.		Senior Secured	11.5%		$	5,152,734	$	4,821,317	$	4,821,317	3/1/2026
Semiconductors & Equipment Total		2.1%				$	5,152,734	$	4,821,317	$	4,821,317
Software
	Abacum Inc. ** ^		Senior Secured	13.5%		$	1,500,000	$	1,404,738	$	1,404,738	10/1/2026
	Actual Systems, Inc.		Senior Secured	12.0%		628,655		600,880		600,880		6/1/2025
	Auterion, Inc. ** ^		Senior Secured	12.5%		2,390,325		2,317,261		2,317,261		5/1/2025
	Bite Investments (Cayman) Limited ** ^		Senior Secured	12.0%		697,965		674,305		674,305		1/1/2025
	Blackcart, Inc. ** ^		Senior Secured	13.3%	6.4%	1,000,000		937,915		937,915		1/1/2027
	BlueCart, Inc.		Senior Secured	12.5%		1,326,346		1,263,830		1,263,830		2/1/2026
	BlueCart, Inc.		Senior Secured	14.8%		221,804		216,774		216,774		2/1/2026
	BlueCart, Inc. Subtotal					1,548,150		1,480,604		1,480,604
	Bound Rates, Inc. ** ^		Senior Secured	12.0%		1,570,704		1,535,913		1,535,913		6/1/2025
	Canopy Technology Corp.		Senior Secured	15.0%		916,006		899,683		899,683		3/1/2026
	Canopy Technology Corp.		Senior Secured	13.5%		1,194,573		1,139,433		1,139,433		11/1/2025
	Canopy Technology Corp. Subtotal					2,110,579		2,039,116		2,039,116

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
	Chowbus, Inc.		Senior Secured	12.0%		2,625,783	2,449,576	2,449,576	3/1/2025
	Common Sun, Inc		Senior Secured	11.0%		500,000	499,995	499,995	1/1/2027
	Common Sun, Inc		Senior Secured	11.0%		1,320,637	1,262,731	1,262,731	7/1/2026
	Common Sun, Inc Subtotal					1,820,637	1,762,726	1,762,726
	Eskalera, Inc.		Senior Secured	12.0%		1,481,557	1,428,773	1,428,773	10/1/2026
	Family First, Inc		Senior Secured	12.0%	7.4%	4,000,000	3,795,187	3,795,187	10/1/2027
	Form Remodel, Inc.		Senior Secured	11.0%		410,822	383,743	383,743	12/1/2025
	Form Remodel, Inc.		Senior Secured	11.0%		500,000	492,701	492,701	8/1/2026
	Form Remodel, Inc.		Senior Secured	11.0%		441,105	436,137	436,137	2/1/2026
	Form Remodel, Inc.		Senior Secured	11.0%		500,000	493,526	493,526	6/1/2026
	Form Remodel, Inc. Subtotal					1,851,927	1,806,107	1,806,107
	FutureProof Technologies, Inc.		Senior Secured	13.5%		1,000,000	943,769	943,769	6/1/2026
	Gladly Software, Inc.		Senior Secured	11.6%		24,716,004	23,649,871	23,649,871	12/1/2026
	Grokker, Inc.		Senior Secured	11.5%		403,473	393,586	393,586	4/1/2026
	HaystacksAI, Inc.		Senior Secured	11.0%		426,099	426,099	426,099	1/1/2026
	HaystacksAI, Inc.		Senior Secured	11.0%		426,099	404,188	404,188	1/1/2026
	HaystacksAI, Inc. Subtotal					852,198	830,287	830,287
	Hdata, Inc.		Senior Secured	12.8%	2.5%	500,000	448,042	448,042	10/1/2026
	Hoken Holdings Inc.		Senior Secured	13.0%		607,201	556,766	556,766	5/1/2026
	Ioogo Inc.		Senior Secured	13.5%	2.0%	2,000,000	1,959,731	1,959,731	11/1/2026
	Ioogo Inc.		Senior Secured	13.5%	2.0%	3,000,000	2,827,101	2,827,101	9/1/2026
	Ioogo Inc. Subtotal					5,000,000	4,786,832	4,786,832
	Journey Builders, Inc.		Senior Secured	12.5%		942,299	901,246	901,246	8/1/2026
	Ketch Kloud, Inc.		Senior Secured	13.0%		7,000,000	6,739,524	6,739,524	10/1/2026
	Kolors, Inc. ** ^		Senior Secured	13.3%	2.5%	3,000,000	2,785,527	2,785,527	2/1/2027
	Kushki Group Holdings Ltd. ** ^		Senior Secured	13.0%		10,000,000	8,698,661	8,698,661	2/1/2027
	Make Cents Technologies Inc.		Senior Secured	13.5%		6,000,000	5,556,761	5,556,761	1/1/2027
	Merlyn Mind, Inc.		Senior Secured	13.8%		10,000,000	9,465,482	9,465,482	3/1/2027
	Migo Money, Inc. ** ^		Senior Secured	11.5%		1,318,612	1,348,980	509,952	*
	NopSec Inc.		Senior Secured	12.0%		767,446	752,670	752,670	1/1/2025
	Ocurate, Inc.		Senior Secured	11.5%		380,556	367,489	367,489	10/1/2025
	Ocurate, Inc.		Senior Secured	11.5%		380,556	376,163	376,163	10/1/2025
	Ocurate, Inc. Subtotal					761,112	743,652	743,652
	Overalls, Inc.		Senior Secured	13.5%		471,719	442,548	442,548	4/1/2026
	Overalls, Inc.		Senior Secured	15.5%		236,209	236,209	236,209	4/1/2026
	Overalls, Inc. Subtotal					707,928	678,757	678,757
	Parkoursc, Inc.		Senior Secured	12.8%	1.0%	3,000,000	2,850,212	2,850,212	10/1/2026
	Ratio Technologies, Inc.		Senior Secured	11.0%		180,104	149,795	149,795	1/1/2027
	Ratio Technologies, Inc.		Senior Secured	11.0%		430,449	424,310	424,310	1/1/2027
	Ratio Technologies, Inc.		Senior Secured	11.0%		1,190,488	1,173,736	1,173,736	1/1/2027
	Ratio Technologies, Inc. Subtotal					1,801,041	1,747,841	1,747,841

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
	Safe Securities Inc.		Senior Secured	12.3%	1.0%	3,000,000		2,932,149		2,932,149		10/1/2027
	Safe Securities Inc.		Senior Secured	12.3%	1.0%	3,000,000		2,705,481		2,705,481		10/1/2027
	Safe Securities Inc. Subtotal					6,000,000		5,637,630		5,637,630
	Scaleup Finance Group ApS ** ^		Senior Secured	15.0%		1,250,000		1,157,448		1,157,448		6/1/2026
	Scaleup Finance Group ApS ** ^		Senior Secured	15.8%		1,250,000		1,216,529		1,216,529		1/1/2027
	Scaleup Finance Group ApS ** ^ Subtotal					2,500,000		2,373,977		2,373,977
	Semsee Corp.		Senior Secured	14.3%	1.0%	3,000,000		2,727,884		2,727,884		1/1/2027
	Sonatus, Inc		Senior Secured	12.5%		4,075,074		3,927,011		3,927,011		12/1/2025
	Sonatus, Inc		Senior Secured	12.5%		2,163,681		2,102,587		2,102,587		12/1/2024
	Sonatus, Inc Subtotal					6,238,755		6,029,598		6,029,598
	Traction Apps, Inc. ** ^		Senior Secured	12.0%		676,801		650,923		650,923		6/1/2026
	UCM Digital Health, Inc.		Senior Secured	12.5%		1,482,990		1,399,404		1,399,404		4/1/2026
	Vesta Housing, Inc.		Senior Secured	11.8%		1,178,533		1,113,412		1,113,412		6/1/2026
	Vesta Housing, Inc.		Senior Secured	11.8%		1,178,533		1,155,197		1,155,197		6/1/2026
	Vesta Housing, Inc. Subtotal					2,357,066		2,268,609		2,268,609
	WorkRails, Inc.		Senior Secured	12.0%		455,117		369,727		68,278		*
Software Total		51.2%				$	124,314,325	$	117,569,319	$	116,428,842
Technology Services
	2045 Studio, Inc.		Senior Secured	13.8%		$	750,000	$	682,643	$	682,643	1/1/2027
	iLearningEngines Inc.		Senior Secured	13.0%		10,000,000		9,022,781		9,022,781		11/1/2026
	iLearningEngines Inc.		Senior Secured	11.5%		904,731		600,568		600,568		10/1/2024
	iLearningEngines Inc.		Senior Secured	11.5%		1,407,609		1,360,828		1,360,828		4/1/2025
	iLearningEngines Inc.		Senior Secured	11.5%		1,727,221		1,695,265		1,695,265		8/1/2025
	iLearningEngines Inc.		Senior Secured	11.5%		2,109,706		2,063,191		2,063,191		1/1/2026
	iLearningEngines Inc. Subtotal					16,149,267		14,742,633		14,742,633
	Klar Holdings Limited ** ^		Senior Secured	11.8%		3,455,849		3,323,072		3,323,072		8/1/2025
	Loansnap Holdings Inc. **		Senior Secured	10.3%		3,669,060		3,480,372		2,352,928		*
	MAYD Group GmbH ** ^		Senior Secured	13.8%		3,000,000		2,810,109		2,810,109		6/1/2026
	Surround Group, Inc.		Senior Secured	14.3%		943,965		896,488		896,488		4/1/2026
	Techspert.IO Limited ** ^		Senior Secured	14.8%		1,750,000		1,703,039		1,703,039		3/1/2027
	Techspert.IO Limited ** ^		Senior Secured	13.8%		1,750,000		1,657,848		1,657,848		6/1/2026
	Techspert.IO Limited ** ^ Subtotal					3,500,000		3,360,887		3,360,887
Technology Services Total		12.4%				$	31,468,141	$	29,296,204	$	28,168,760

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
Wireless
	Juvo Mobile, Inc. **		Senior Secured	15.5%		$	500,000	$	489,833	$	489,833	7/1/2026
	Juvo Mobile, Inc. **		Senior Secured	12.5%		2,000,000		1,870,414		1,870,414		7/1/2027
	Juvo Mobile, Inc. **		Senior Secured	12.0%		1,500,000		1,436,390		1,436,390		7/1/2026
	Juvo Mobile, Inc. ** Subtotal					4,000,000		3,796,637		3,796,637
Wireless Total		1.7%				$	4,000,000	$	3,796,637	$	3,796,637
	Grand Total	177.6%				$	446,916,808	$	417,993,719	$	403,600,113

	Ticker Symbol	Percent of Net Assets	Cost		Fair Value
Cash Equivalents
First American Government Obligations Fund - Class Z	FGZXX	7.5%	$	17,030,603	$	17,030,603
Total Cash Equivalents		7.5%	$	17,030,603	$	17,030,603

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	Notional Amount		Fair Value		Upfront payments/receipts		Unrealized depreciation (e)
Derivative Instruments - Interest Rate Collar Agreements
Floating interest rate of 1 mo. USD-SOFR CME Term with a cap rate of 5.3000% to be received monthly	Floating interest rate of 1 mo. USD-SOFR CME Term with a floor rate of 3.6500% to be paid monthly	Zions Bancorporation, N.A.	12/31/2024	$	50,000,000	$	(31,439)	$	—	$	(31,439)
Floating interest rate of 1 mo. USD-SOFR CME Term with a cap rate of 5.3000% to be received monthly	Floating interest rate of 1 mo. USD-SOFR CME Term with a floor rate of 2.3000% to be paid monthly	Zions Bancorporation, N.A.	12/31/2025	50,000,000		(79,478)		—		(79,478)
Total				$	100,000,000	$	(110,917)	$	—	$	(110,917)

* As of December 31, 2023, loans with a cost basis of $19.4 million and a fair value of $5.8 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, 2023, 17.3% 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.

(e) The unrealized 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.

As of December 31, 2023, all loans were made to non-affiliates.

See notes to condensed financial statements (unaudited).

22

WTI FUND X, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

1.ORGANIZATION AND OPERATIONS OF THE FUND

WTI Fund X, Inc. (the “Fund”) was incorporated in Maryland on October 19, 2020 as a non-diversified, closed-end management investment company that elected to be treated 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, 2031 unless the Board of Directors (the “Board”) opts to elect early dissolution. One hundred percent of the stock of the Fund is held by WTI Fund X, LLC (the “Company”). Prior to commencing investment operations on October 1, 2021, the Fund had no operations other than incurring organizational expenses and the sale to the Company of 100,000 shares of common stock, $0.001 par value (the “Shares”) in October 2020 and receipt of $25,000 from the Company as consideration for the purchase of the Shares. 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 April 5, 2021.

    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, 2024 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, 2023.

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”).

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 two 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, 2024, the Fund held 26,621,359 units in the First American Government Obligations Fund Class Z (Ticker Symbol: FGZXX) valued at $1 per unit at a yield of 5.20% and $200,000 in cash, which together represented 9.35% of the net assets of the Fund. Within cash and cash equivalents, as of December 31, 2023, the Fund held 17,030,603 units in the First American Government Obligations Fund Class Z (Ticker Symbol: FGZXX) valued at $1 per unit at a yield of 5.26%, and $200,000 in cash, which together represented 7.58% of the net assets of the Fund.

23

Interest on Loans

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 from warrants 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, 2024 and December 31, 2023, the financial statements included nonmarketable investments of $380.9 million and $403.6 million, respectively, (or 91.5% and 93.8% 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, 2024 and December 31, 2023, loans with a cost basis of $44.7 million and $19.4 million and a fair value of $14.8 million and $5.8 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.

24

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, 2024 and December 31, 2023, the Fund assumed the average duration of a warrant is four 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 estimated life of the facility, which currently matures on October 18, 2026. The amortization of these costs is recorded as interest expense in the Condensed Statements of Operations.

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.

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 December 31, 2024 and December 31, 2025.    

25

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, 2024 and December 31, 2023, 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, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Weighted-Average Interest Rate - Cash	19.99	%	14.62	%	17.03	%	14.29	%
Weighted-Average Interest Rate - Non-Cash	6.70	%	4.03	%	5.17	%	3.77	%
Weighted-Average Interest Rate	26.69	%	18.65	%	22.20	%	18.06	%

	For the Three Months Ended				For the Six Months Ended
All Loans	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Weighted-Average Interest Rate - Cash	19.42	%	14.48	%	16.66	%	14.14	%
Weighted-Average Interest Rate - Non-Cash	6.51	%	3.99	%	5.05	%	3.74	%
Weighted-Average Interest Rate	25.93	%	18.47	%	21.71	%	17.88	%

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. Warrants and equity securities received in connection with loan transactions are measured at fair value at the time of acquisition; the non-cash portion of interest income represents the accretion of the discount of these warrants over the life of the loan.

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, 2024 and December 31, 2023 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, 2024 and December 31, 2023, the Fund had unexpired unfunded commitments to borrowers of $125.1 million and $132.3 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.

26

There were no transfers in or out of Level 1, 2 or 3 during the six months ended June 30, 2024 and 2023.

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, 2024 and December 31, 2023. 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, 2024		Valuation Techniques / Methodologies	Unobservable Input	Range	Weighted Average(a)
Biotechnology	$	10,430,379	Hypothetical market analysis	Hypothetical market coupon rate	16% - 18%	17%
Computers & Storage	6,545,100		Hypothetical market analysis	Hypothetical market coupon rate	15% - 16%	15%
Internet	36,892,081		Hypothetical market analysis	Hypothetical market coupon rate	12% - 19%	16%
			Asset Recovery	Probability weighting of alternative outcomes	50% *
Medical Devices	3,632,813		Hypothetical market analysis	Hypothetical market coupon rate	20% - 21%	20%
Other Healthcare	25,420,615		Hypothetical market analysis	Hypothetical market coupon rate	17% - 28%	23%
			Asset Recovery	Probability weighting of alternative outcomes	100% *
Other Technology	178,307,168		Hypothetical market analysis	Hypothetical market coupon rate	14% - 54%	20%
			Asset Recovery	Probability weighting of alternative outcomes	5% - 100% ^
Security	2,711,551		Hypothetical market analysis	Hypothetical market coupon rate	*	13%
Semiconductors & Equipment	4,768,636		Hypothetical market analysis	Hypothetical market coupon rate	*	16%
Software	91,105,699		Hypothetical market analysis	Hypothetical market coupon rate	13% - 23%	18%
			Asset Recovery	Probability weighting of alternative outcomes	10% - 100% ^
Technology Services	10,499,550		Hypothetical market analysis	Hypothetical market coupon rate	16% - 20%	18%
			Asset Recovery	Probability weighting of alternative outcomes	10% - 60% ^
Wireless	10,592,323		Hypothetical market analysis	Hypothetical market coupon rate	17% - 22%	20%
Total Loan Investments	$	380,905,915

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

^ Probability weightings vary among portfolio companies within this industry based on different potential future outcomes.

* There is only one loan within the industry that utilizes this valuation technique.

27

Investment Type - Level 3
Loan Investments	Fair Value at December 31, 2023		Valuation Techniques / Methodologies	Unobservable Input	Range	Weighted Average(a)
Biotechnology	$	11,884,907	Hypothetical market analysis	Hypothetical market coupon rate	16% - 18%	17%
Computers & Storage	6,981,592		Hypothetical market analysis	Hypothetical market coupon rate	15% - 16%	15%
Internet	42,116,651		Hypothetical market analysis	Hypothetical market coupon rate	13% - 33%	17%
			Asset Recovery	Probability weighting of alternative outcomes	50%*
Medical Devices	3,660,064		Hypothetical market analysis	Hypothetical market coupon rate	20% - 21%	21%
Other Healthcare	22,991,337		Hypothetical market analysis	Hypothetical market coupon rate	17% - 28%	20%
			Asset Recovery	Probability weighting of alternative outcomes	100%*
Other Technology	159,031,085		Hypothetical market analysis	Hypothetical market coupon rate	13% - 74%	18%
			Asset Recovery	Probability weighting of alternative outcomes	10% - 100% ^
Security	3,718,921		Hypothetical market analysis	Hypothetical market coupon rate	13% - 16%	14%
Semiconductors & Equipment	4,821,317		Hypothetical market analysis	Hypothetical market coupon rate	*	18%
Software	116,428,842		Hypothetical market analysis	Hypothetical market coupon rate	13% -24% *	17%
			Asset Recovery	Probability weighting of alternative outcomes	5% - 85% ^
Technology Services	28,168,760		Hypothetical market analysis	Hypothetical market coupon rate	16% - 22%	20%
			Asset Recovery	Probability weighting of alternative outcomes	10% - 60% *
Wireless	3,796,637		Hypothetical market analysis	Hypothetical market coupon rate	*	17%
Total Loan Investments	$	403,600,113

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

^ Probability weightings vary among portfolio companies within each industry based on different potential future outcomes.

* There is only one loan within this industry that utilizes this valuation technique.

(Intentionally left blank)

28

The following tables present the balances of assets and liabilities as of June 30, 2024 and December 31, 2023 measured at fair value on a recurring basis.

As of June 30, 2024
ASSETS:	Level 1		Level 2		Level 3		Total
Loans †	$	—	$	—	$	380,905,915	$	380,905,915
Derivative assets	—		56,623		—		56,623
Cash equivalents	26,621,359		—		—		26,621,359
Total assets	$	26,621,359	$	56,623	$	380,905,915	$	407,583,897
LIABILITIES:	Level 1		Level 2		Level 3		Total
Borrowings under debt facility	$	—	$	125,000,000	$	—	$	125,000,000
Total liabilities	$	—	$	125,000,000	$	—	$	125,000,000

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

There were no Derivative liabilities as of June 30, 2024.

As of December 31, 2023
ASSETS:	Level 1		Level 2		Level 3		Total
Loans †	$	—	$	—	$	403,600,113	$	403,600,113
Cash equivalents	17,030,603		—		—		17,030,603
Total assets	$	17,030,603	$	—	$	403,600,113	$	420,630,716
LIABILITIES:	Level 1		Level 2		Level 3		Total
Borrowings under debt facility	$	—	$	197,500,000	$	—	$	197,500,000
Derivative liability	—		110,917		—		110,917
Total liabilities	$	—	$	197,610,917	$	—	$	197,610,917

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

There were no Derivative assets as of December 31, 2023.

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, 2024
	Loans		Warrants		Stock		Convertible Notes
Beginning balance	$	395,415,834	$	—	$	—	$	—
Acquisitions and originations	71,525,000		8,168,773		2,133,543		87,707
Principal payments on loans, net of accretion	(73,040,917)		—		—		—
Distributions to shareholder	—		(8,168,773)		(2,133,543)		(87,707)
Net realized loss from loans	—		—		—		—
Net change in unrealized loss from loans	(12,994,002)		—		—		—
Ending balance	$	380,905,915	$	—	$	—	$	—
Net change in unrealized loss from loans still held at June 30, 2024	$	(12,994,002)

29

	For the Six Months Ended June 30, 2024
	Loans		Warrants		Stock		Convertible Notes
Beginning balance	$	403,600,113	$	—	$	—	$	—
Acquisitions and originations	90,408,000		10,617,948		2,165,869		387,707
Principal payments on loans, net of accretion	(97,479,859)		—		—		—
Distributions to shareholder	—		(10,617,948)		(2,165,869)		(387,707)
Net change in unrealized loss from loans	(15,622,339)		—		—		—
Ending balance	$	380,905,915	$	—	$	—	$	—
Net change in unrealized loss from loans still held at June 30, 2024	$	(15,622,339)

	For the Three Months Ended June 30, 2023				For the Six Months Ended June 30, 2023
	Loans		Warrants		Loans		Warrants
Beginning balance	$	300,192,541	$	—	$	268,498,972	$	—
Acquisitions and originations	46,562,500		2,955,751		94,062,500		7,596,973
Principal payments on loans, net of accretion	(17,122,302)		—		(31,825,232)		—
Distributions to shareholder	—		(2,955,751)		—		(7,596,973)
Net change in unrealized loss from loans	(1,171,518)		—		(2,275,019)		—
Ending balance	$	328,461,221	$	—	$	328,461,221	$	—
Net change in unrealized loss from loans and other assets still held at June 30, 2023	$	(1,171,518)			$	(2,275,019)

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, 2024 and December 31, 2023, 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, as of both June 30, 2024 and December 31, 2023, was $500.0 million. Total contributed capital to the Company as of June 30, 2024 and December 31, 2023 was $375.0 million and $305.0 million, respectively, of which $336.0 million and $276.0 million were contributed to the Fund, respectively.

The chart below shows the distributions of the Fund for the six months ended June 30, 2024 and 2023:

	For the Six Months Ended June 30, 2024		For the Six Months Ended June 30, 2023
Cash distributions	$	3,266,000	$	—
Distributions of equity securities	13,171,524		7,596,973
Total distributions to shareholder	$	16,437,524	$	7,596,973

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.

30

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. BDCs are generally required to have an asset coverage of at least 200% but are permitted 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 disinterested 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 April 30, 2021, 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. As of June 30, 2024 and December 31, 2023, the Fund’s asset coverage for borrowings was 328% and 214%, respectively.

The Fund is a party to a loan and security agreement (as amended from time to time) with ING Capital LLC acting as the administrative agent and other lenders named therein, that established a secured revolving credit facility with a commitment size of $250.0 million. An additional $125.0 million is potentially available to the Fund, subject to further negotiation and credit approval, through an accordion provision.

On June 15, 2023, the Fund entered into Amendment No. 3 to the Loan and Security Agreement (the “Amendment No.3”) with lenders named therein that provides for, among other modifications (i) replacement of the interest rate benchmark from LIBOR to Secured Overnight Financing Rate (“SOFR”), and (ii) conversion of an existing LIBOR Market Index Rate Loan to an Adjusted Term SOFR Loan (as defined below). The amendments set forth in Amendment No. 3 became effective as of June 26, 2023. The first repricing of our outstanding debt to reflect the new Adjusted Term SOFR Loan rates occurred on July 3, 2023.

Borrowings by the Fund are collateralized by (i) the personal property and other assets of the Fund (“Portfolio Secured Borrowings”) and (ii) up to the sum of the unfunded capital commitments of the Company’s investors, the rights of the Manager to such capital commitments (“Subscription Secured Borrowings”). 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, an Adjusted Term SOFR Loan or a Daily Compounded SOFR Loan (each as defined below). The facility terminates on October 18, 2026, but can be accelerated in the event of default, such as the 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. Borrowings under the facility, at the Fund’s discretion, will bear interest at an annual rate of either a (i) Reference Rate, plus an Applicable Reference Rate Margin (such loan, a "Reference Rate Loan"), (ii) Adjusted Term SOFR plus the Applicable SOFR Margin (such loan, an "Adjusted Term SOFR Loan") or (iii) Daily Compounded SOFR plus the Applicable SOFR Margin (such loan, a "Daily Compounded SOFR Loan"). As of June 30, 2024, the Fund’s outstanding borrowings were entirely Adjusted Term SOFR Loans. The interest period for each Adjusted Term SOFR Loan shall at the option of the Fund be fixed at one, three or six months. Adjusted Term SOFR is a rate per annum equal to Term SOFR for the elected interest period plus a fixed SOFR Adjustment of 0.11448%, 0.26161% or 0.42826% for interest periods of one, three or six months, respectively. Applicable SOFR Margin is the sum of (a) the product of (i) the Subscription Secured Borrowings percentage calculated for such period and (ii) 1.75% and (b) the product of (i) the Portfolio Secured Borrowings percentage for such period and (ii) 2.50%. When the Fund is using 50.00% or more of the maximum amount available under the Loan Agreement, the applicable unused line fee is 0.25% of the unused portion of the loan facility; otherwise, the applicable unused line fee is 0.50% of the unused portion. The Fund pays the unused credit line fee quarterly. As of June 30, 2024 and December 31, 2023, $125.0 million and $197.5 million, respectively, was outstanding under the facility.

As of June 30, 2024 the Term SOFR rates were as follows:

1-month Term SOFR	5.3372	%
3-month Term SOFR	5.3246	%
6-month Term SOFR	5.2547	%

Bank fees and other costs of $2.2 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, 2024 and December 31, 2023, the remaining unamortized fees and costs of $1.0 million and $1.3 million, respectively, are being amortized over the expected life of the facility, which is expected to terminate on October 18, 2026.

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, 2024 and December 31, 2023, Management is not aware of instances of non-compliance with financial covenants.

31

The following is the summary of the outstanding facility draws as of June 30, 2024:

	Amount	Maturity Date	All-In Interest Rate (a)
Adjusted Term SOFR Rate Loan	$125,000,000	October 18, 2026	Variable based on 1-Month Adjusted Term SOFR rate
Total Outstanding	$125,000,000

(a) Inclusive of Applicable SOFR Margin of 2.26800% as of June 30, 2024 plus 0.11448% SOFR Adjustment.

The following is the summary of the outstanding facility draws as of December 31, 2023:

	Amount	Maturity Date	All-In Interest Rate (a)
Adjusted Term SOFR Rate Loan	$197,500,000	October 18, 2026	Variable based on 1-Month Adjusted Term SOFR rate
Total Outstanding	$197,500,000

(a) Inclusive of Applicable SOFR Margin of 2.20000% as of December 31, 2023 plus 0.11448% SOFR Adjustment.

7. MANAGEMENT FEE AND RELATED PARTIES

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, the Manager, from the date of the first capital contribution, October 1, 2021, receives an investment management fee from the Fund (the “Management Fee”). The aggregate annual amount of Management Fee for each annual period (which is comprised of four whole fiscal quarters and which, in the case of the first year, commenced on the first day of the first fiscal quarter following the first capital contribution) calculated as a percentage of committed capital, is as follows:

	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%

There will be no Management Fee payable after the ninth-year anniversary of the first capital contribution date.

For the six months ended June 30, 2024 and 2023, Management Fees were calculated at 1.575% and 1.600% of the Company's committed capital, respectively. Management Fees of $2.0 million and $3.9 million were recognized as expenses for both the three and six months ended June 30, 2024, respectively. Management Fees of 2.0 million and $4.0 million were recognized as expenses for the three and six months ended June 30, 2023, respectively.

Related Parties

Certain officers and directors of the Fund also serve as officers and directors of the Manager. The Articles of Incorporation of the Fund provide for indemnification of directors, officers, employees and agents (including the Manager) of the Fund to the fullest extent permitted by applicable state law and the 1940 Act, including the advance of expenses and reasonable counsel fees. The Articles of Incorporation of the Fund also contain a provision eliminating personal liability of a Fund director or officer to the Fund or its shareholder for monetary damages for certain breaches of their duty of care. For this reason, the Fund has acquired a directors and officers insurance policy.

32

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

The Manager also serves as the investment manager for Fund IX. So long as Fund IX had capital available to invest in loan transactions with final maturities earlier than December 31, 2028 (the date on which Fund IX’s term of existence automatically expires), the Fund was able to invest in each portfolio company in which Fund IX invested, subject to approval of the Fund's Board. The Manager’s allocation process is designed to allocate investment opportunities fairly and equitably among the Fund and Fund IX over time, and subject to board approval, may be based on a methodology taking into account investment pace, the remaining commitment periods and other relevant factors. The Fund co-invested with Fund IX through December 31, 2023, which was the end of Fund IX’s investment period.

Transactions with WTI Fund XI, Inc. ("Fund XI")

The Manager also serves as the investment manager for Fund XI. So long as Fund XI has capital available to invest in loan transactions with final maturities earlier than December 31, 2031 (the date on which the Fund's term of existence automatically expires), the Fund may invest in each portfolio company in which Fund XI invests, subject to approval of the Fund’s Board. The Manager’s allocation process is designed to allocate investment opportunities fairly and equitably among the Fund and Fund XI over time, and subject to board approval, may be based on a methodology taking into account investment pace, the remaining commitment periods and other relevant factors.

The ability of the Fund to co-invest with Fund IX, Fund XI, and other clients advised by the Manager, is subject to the conditions (the "Conditions") with which the funds are currently complying while seeking certain exemptive relief from the Securities and Exchange Commission (the "SEC") from the provisions of Sections 17(d) and 57 of the 1940 Act and Rule 17d-1 thereunder. To the extent that clients, other than Fund XI, 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.

Intercreditor Agreements

    In all transactions in which the Fund and other funds managed by the Manager invest or those in which another lender(s) has either invested or may later invest (or in the event a successor fund is raised, in which the Fund and the successor fund invest), it is expected that the Fund and other funds managed by the Manager (or the successor fund as the case may be), and/or the other lender(s) will enter into an intercreditor agreement pursuant to which the Fund and other funds managed by the Manager (or the successor fund), and/or the other lender(s), along with any predecessor funds which still have a balance outstanding, will cooperate in pursuing their remedies following a default by the common borrower. Generally, under such intercreditor agreements, each party would agree that its security interest would be treated in parity with the security interest of the other party, regardless of which security interest would have priority under applicable law. Accordingly, proceeds realized from the sale of any collateral or the exercise of any other creditor’s rights will be allocated between the Fund and other funds managed by the Manager, and any predecessor funds as described above, pro rata in accordance with the amounts of their respective investments. An exception to the foregoing arrangement would occur in situations where, for example, one of the lenders financed specific items of equipment collateral; in that case, usually the lender who financed the specific assets will have a senior lien on that asset, and the other lenders will have a junior priority lien (even though they may ratably share liens of equal priority on other assets of the common borrower). As a result of such intercreditor agreements, the Fund may have less flexibility in pursuing its remedies following a default than it would have had had there been no intercreditor agreement, and the Fund may therefore realize fewer proceeds. In addition, because the Fund and Fund IX (or the successor fund) invest at the same time in the same borrower, such borrower would be required to service two loans rather than one. Any additional administrative costs or burdens resulting therefrom may make the Fund a less attractive lender and may make it more difficult for the Fund to acquire such loans.

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.

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.	12/29/2023	$50,000,000	5.30%	3.65%	1 mo.USD-SOFR CME Term	12/31/2024
Zions Bancorporation, N.A.	12/29/2023	$50,000,000	5.30%	2.30%	1 mo.USD-SOFR CME Term	12/31/2025

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.

33

The following table shows the Fund's derivative instruments at fair value on the Fund's Condensed Statements of Assets and Liabilities as of June 30, 2024 and December 31, 2023:    

	Derivative Assets				Derivative Liabilities
Derivative Instruments	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Interest rate collar	$	56,623	$	—	$	—	$	110,917

    

The following table shows the effect of the Fund's derivative instruments on the Fund's Condensed Statements of Operations for the three and six months ended June 30, 2024 and 2023:

		For the Three Months Ended				For the Six Months Ended
Derivative Instruments	Condensed Statements of Operations Caption	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Interest rate collar	Net change in unrealized gain (loss) from derivative instruments	$	(6,599)	$	—	$	167,540	$	—
	Net realized gain from derivative instruments	$	6,057	$	—	$	15,928	$	—

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, 2024 and December 31, 2023:

	As of June 30, 2024
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.	$	56,623	$	—	$	—	$	—	$	56,623
Total	$	56,623	$	—	$	—	$	—	$	56,623

	As of December 31, 2023
Counterparties	Derivative Liability Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash collateral received		Cash Collateral Received		Net Amount (2)
Zions Bancorporation, N.A.	$	(110,917)	$	—	$	—	$	—	$	(110,917)
Total	$	(110,917)	$	—	$	—	$	—	$	(110,917)
(1) Net amount of derivative assets represents the net amount due from the counterparty to the Fund. There were no derivative liabilities as of June 30, 2024.
(2) Net amount of derivative liabilities represents the net amount owed by the Fund to the counterparty. There were no derivative assets as of December 31, 2023.

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, 2024, 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 2022.

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.

34

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, 2024 and December 31, 2023:

	As of June 30, 2024
Asset	Cost		Unrealized Appreciation		Unrealized Depreciation		Net Appreciation (Depreciation)
Loans	$	410,921,860	$	—	$	(30,015,945)	$	(30,015,945)
Derivative assets	—		56,623		—		56,623
Total	$	410,921,860	$	56,623	$	(30,015,945)	$	(29,959,322)

	As of December 31, 2023
Asset	Cost		Unrealized Appreciation		Unrealized Depreciation		Net Appreciation (Depreciation)
Loans	$	417,993,719	$	—	$	(14,393,606)	$	(14,393,606)
Total	$	417,993,719	$	—	$	(14,393,606)	$	(14,393,606)

	As of December 31, 2023
Liability	Cost		Unrealized Appreciation		Unrealized Depreciation		Net Appreciation (Depreciation)
Derivative liability	$	—	$	—	$	(110,917)	$	(110,917)
Total	$	—	$	—	$	(110,917)	$	(110,917)

There was no unrealized depreciation relating to derivative liabilities as of June 30, 2024. There was no unrealized appreciation relating to derivative assets as of December 31, 2023.

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, 2024, 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, 2024.

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, 2024, the Fund had no uncertain tax positions and no capital loss carryforwards.

10. COMMITMENTS AND CONTINGENCIES

Unexpired Unfunded Commitments

As of June 30, 2024 and December 31, 2023, the Fund’s unexpired unfunded commitments to borrowers totaled $125.1 million and $132.3 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.

35

The tables below are the Fund’s unexpired unfunded commitments as of June 30, 2024 and December 31, 2023:

Borrower	Industry	Unexpired Unfunded Commitment as of June 30, 2024		Expiration Date
Abacum Inc.	Software	$	1,500,000	12/31/24
American Castanea PBC	Other Technology	1,750,000		04/30/25
Bloomboard, Inc.	Software	1,500,000		07/31/24
Charlie Financial Inc.	Other Healthcare	7,000,000		03/31/25
Creoate Limited	Other Technology	592,000		07/31/24
Findigs, Inc.	Internet	3,500,000		07/15/24
GoForward, Inc.	Other Healthcare	30,000,000		12/31/26
High Definition Vehicle Insurance, Inc.	Other Technology	2,500,000		07/15/24
Merlin Labs, Inc.	Other Technology	22,500,000		11/01/24
Modern Animal, Inc.	Other Healthcare	25,000,000		01/31/25
NeoSensory, Inc.	Other Technology	750,000		07/30/24
Nextivity, Inc.	Wireless	7,000,000		10/31/24
Parkoursc, Inc.	Software	1,000,000		10/31/24
Runzy, Inc.	Other Technology	500,000		07/31/24
Swiftly Systems, Inc.	Software	20,000,000		12/31/24
Total		$	125,092,000

Borrower	Industry	Unexpired Unfunded Commitment as of December 31, 2023		Expiration Date
2045 Studio, Inc.	Technology Services	$	750,000	03/15/24
Badiani Limited	Other Technology	500,000		01/31/24
Charlie Financial Inc.	Other Healthcare	7,000,000		03/31/25
Findigs, Inc.	Internet	3,500,000		07/15/24
GoForward, Inc.	Other Healthcare	30,000,000		12/31/26
Hdata, Inc.	Software	500,000		04/30/24
High Definition Vehicle Insurance, Inc.	Other Technology	2,500,000		07/15/24
Higher Ground Education, Inc.	Other Technology	5,000,000		01/31/24
Kolors, Inc.	Software	2,000,000		04/30/24
Kushki Group Holdings Ltd.	Software	10,000,000		06/30/24
Make Cents Technologies Inc.	Software	10,000,000		03/31/24
Modern Animal, Inc.	Other Healthcare	30,000,000		01/31/25
Ripple Foods, PBC	Other Technology	4,000,000		04/30/24
Runzy, Inc.	Other Technology	500,000		07/31/24
Safe Securities Inc.	Software	4,000,000		06/30/24
Semsee Corp.	Software	2,000,000		03/01/24
Swiftly Systems, Inc.	Software	20,000,000		12/31/24
Total		$	132,250,000

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.

36

11. FINANCIAL HIGHLIGHTS

    U.S. GAAP requires disclosure of financial highlights of the Fund for the three and six months ended June 30, 2024 and 2023.

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 in the following table, 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, 2024			For the Three Months Ended June 30, 2023			For the Six Months Ended June 30, 2024			For the Six Months Ended June 30, 2023
Total return **	2.63		%	5.29		%	6.90		%	10.38		%
Per share amounts:
Net asset value, beginning of period	$	2,307.19		$	1,535.93		$	2,273.02		$	1,137.31
Net investment income	195.96			92.94			315.04			164.00
Net realized and change in unrealized loss from loans and derivative instruments	(129.95)			(11.72)			(154.38)			(22.75)
Net increase in net assets resulting from operations	66.01			81.22			160.66			141.25
Distributions of income to shareholder	(103.90)			(29.56)			(164.38)			(75.97)
Contributions from shareholder	600.00			—			600.00			385.00
Net asset value, end of period	$	2,869.30		$	1,587.59		$	2,869.30		$	1,587.59
Net assets, end of period	$	286,930,187		$	158,758,987		$	286,930,187		$	158,758,987
Ratios to average net assets:
Expenses *	8.65		%	14.30		%	9.63		%	15.04		%
Net investment income *	30.56		%	24.19		%	26.05		%	23.25		%
Portfolio turnover rate	—		%	—		%	—		%	—		%
Average debt outstanding	$	164,000,000		$	184,375,000		$	177,000,000		$	178,642,857

* 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.

37

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 Ukraine War, conflicts in the Middle East, worldwide inflation, rising interest rates and natural disasters 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 2023 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 October 1, 2021, the Company completed its first closing of capital contributions. On the same day, 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 instead 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.

    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. The Fund seeks to achieve that objective by providing debt financing to portfolio companies, most of which are private debt securities. 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 costs 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

38

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.

The Fund’s investment income is also expected to decline following the end of the Fund's commitment period which is on December 31, 2025. After the commitment period, the Fund may no longer make loan commitments to reinvest the proceeds of matured investments in new loans. Any proceeds will be distributed to the Company. The investment period may be extended by up to two calendar quarters at the discretion of the Manager.

Transactions with Venture Lending & Leasing IX, Inc.

The Manager also serves as the investment manager for Fund IX. So long as Fund IX had capital available to invest in loan transactions with final maturities earlier than December 31, 2028 (the date on which Fund IX’s term of existence automatically expires), the Fund was able to invest in each portfolio company in which Fund IX invested, subject to approval of the Fund's Board. The Manager’s allocation process is designed to allocate investment opportunities fairly and equitably among the Fund and Fund IX over time, and subject to board approval, may be based on a methodology taking into account investment pace, the remaining commitment periods and other relevant factors. The Fund co-invested with Fund IX through December 31, 2023, which was the end of Fund IX’s investment period.

Transactions with WTI Fund XI, Inc.

The Manager also serves as the investment manager for Fund XI. So long as Fund XI has capital available to invest in loan transactions with final maturities earlier than December 31, 2031 (the date on which the Fund's term of existence automatically expires), the Fund may invest in each portfolio company in which Fund XI invests, subject to approval of the Fund’s Board. The Manager’s allocation process is designed to allocate investment opportunities fairly and equitably among the Fund and Fund XI over time, and subject to board approval, may be based on a methodology taking into account investment pace, the remaining commitment periods and other relevant factors.

The ability of the Fund to co-invest with Fund IX, Fund XI, and other clients advised by the Manager, is subject to Conditions with which the funds are currently complying while seeking certain exemptive relief from the SEC from the provisions of Sections 17(d) and 57 of the 1940 Act and Rule 17d-1 thereunder. To the extent that clients, other than Fund XI, 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 each 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.

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.

39

The Impact of the Ukraine War, Conflicts in the Middle East, Worldwide Inflation, Rising Interest Rates and Natural Disasters on Results of Operations and Liquidity & Capital Resources

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, the risk of a broader war in the Middle East, the current conflicts in Ukraine and the Middle East, the outbreak of other hostilities or conflict (such as the Houthi attacks on marine vessels in the Red Sea) and extreme weather patterns or natural disasters (such as the 2024 earthquake in Taiwan) 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, 2024 and 2023

Analysis of Interest Income

Total investment income for the three months ended June 30, 2024 and 2023 was $25.1 million and $14.8 million, respectively. Total investment income for the six months ended June 30, 2024 and 2023 was $43.2 million and $27.0 million, respectively. Investment income primarily consisted of interest on venture loans outstanding and early loan payoffs. The remaining income consisted of interest and dividends on the temporary investment of cash.

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. Warrants and equity securities received in connection with loan transactions are measured at fair value at the time of acquisition; the non-cash portion of interest income represents the accretion of the discount of these warrants over the life of the loan.

The following table shows the average outstanding 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, 2024 and 2023.

	For the Three Months Ended June 30, 2024								For the Three Months Ended June 30, 2023
	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	$	368,674,510	$	24,602,371	19.99	%	6.70	%	$	312,039,288	$	14,550,186	14.62	%	4.03	%
All Loans	$	379,571,778	$	24,602,371	19.42	%	6.51	%	$	315,025,597	$	14,550,186	14.48	%	3.99	%

Interest income for both performing loans and all loans increased by $10.1 million, or 69.1%, for the three months ended June 30, 2024 compared to the same period in 2023. The increase is primarily due to the increased growth in the Fund's loan portfolio and early loan payoffs. The average outstanding balance for performing loans and all loans increased by $56.6 million and $64.5 million, or 18.2% and 20.5%, respectively, for the three months ended June 30, 2024 compared to the same period in 2023.

40

The following table shows the average outstanding 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, 2024 and 2023.

	For the Six Months Ended June 30, 2024								For the Six Months Ended June 30, 2023
	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	$	382,213,695	$	42,421,309	17.03	%	5.17	%	$	294,740,866	$	26,609,187	14.29	%	3.77	%
All Loans	$	390,863,884	$	42,421,309	16.66	%	5.05	%	$	297,582,264	$	26,609,187	14.14	%	3.74	%

Interest income for both performing loans and all loans increased by $15.8 million, or 59.4%, for the six months ended June 30, 2024 compared to the same period in 2023. The increase is primarily due to the increased growth in the Fund's loan portfolio and early loan payoffs. The average outstanding balance for performing loans and all loans increased by $87.5 million and $93.3 million, or 29.7% and 31.3%, respectively, for the six months ended June 30, 2024 compared to the same period in 2023.

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, 2024 and 2023.

	For the Three Months Ended June 30, 2024						For the Three Months Ended June 30, 2023
	Average Balance		Interest Expense		Weighted Average Interest Expense Rate		Average Balance		Interest Expense		Weighted Average Interest Expense Rate
Debt Facility	$	164,000,000	$	3,272,216	7.98	%	$	184,375,000	$	3,407,742	7.39	%

Interest expense decreased by $0.1 million, or 4.0%, for the three months ended June 30, 2024 compared to the same period in 2023. Interest expense for the three months ended June 30, 2024, decreased primarily due to lower average debt outstanding. The average outstanding balance for borrowings under the facility decreased by $20.4 million, or 11.1%, for the three months ended June 30, 2024 compared to the same period in 2023.

The following table shows the average balance, interest expense, and weighted average interest rate for the six months ended June 30, 2024 and 2023.

	For the Six Months Ended June 30, 2024						For the Six Months Ended June 30, 2023
	Average Balance		Interest Expense		Weighted Average Interest Expense Rate		Average Balance		Interest Expense		Weighted Average Interest Expense Rate
Debt Facility	$	177,000,000	$	7,153,316	8.08	%	$	178,642,857	$	6,363,285	7.12	%

Interest expense increased by $0.8 million, or 12.4%, for the six months ended June 30, 2024 compared to the same period in 2023. Interest expense for the six months ended June 30, 2024, increased primarily due to higher weighted average interest rate partially offset by lower interest due to repayments on the debt facility. The average outstanding balance for borrowings under the facility decreased by $1.6 million, or 0.9%, for the six months ended June 30, 2024 compared to the same period in 2023.

The Fund also uses derivative instruments to manage its exposure to interest rates on its borrowings under the debt facility. See the

discussion herein under the caption “Quantitative and Qualitative Disclosures About Market Risk” for the approximate annualized effect of

hypothetical interest rate changes in components of net assets resulting from operations.

41

Analysis of Operating Expense

The following table shows the components of operating expense for the three and six months ended June 30, 2024 and 2023.

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
Operating Expense	2024		2023		Change ($)		2024		2023		Change ($)
Management Fees	$	1,968,750	$	2,000,000	$	(31,250)	$	3,937,500	$	4,000,000	$	(62,500)
Banking and professional fees	142,965		37,740		105,225		338,065		168,788		169,277
Other operating expenses	159,454		45,790		113,664		217,713		74,678		143,035
Total Operating Expense	$	2,271,169	$	2,083,530	$	187,639	$	4,493,278	$	4,243,466	$	249,812

Management Fees for the three months ended June 30, 2024 and 2023 were both $2.0 million. For the period from January 1, 2024 through June 30, 2024, Management Fees were calculated at 1.575% of the Company's committed capital. For the same period in 2023, Management Fees were calculated at an annual percentage of 1.600% of the Company's committed capital.

Banking and professional fees increased by less than $0.1 million and $0.2 million, respectively, for the three and six months ended June 30, 2024 compared to the same period in 2023. These expenses included legal fees, tax preparation fees and other consulting and professional service fees.

Other operating expenses increased by less than $0.1 million and $0.2 million, respectively, for the three and six months ended June 30, 2024 compared to the same periods in 2023. Other operating expense included director fees, custody fees, taxes, insurance 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, 2024 and 2023 were $0.4 million and $0.5 million, respectively. Non-recurring fees for the six months ended June 30, 2024 and 2023 were $0.5 million and $0.8 million, respectively.

Net Investment Income

Net investment income for the three months ended June 30, 2024 and 2023 was $19.6 million and $9.3 million, respectively. Net investment income for the six months ended June 30, 2024 and 2023 was $31.5 million and $16.4 million, respectively.

Realized and Change in Unrealized Gains (Losses)

There were no realized gains (losses) from loans for the three and six months ended June 30, 2024 and 2023.

Net realized gain from derivative instruments was less than $0.01 million and $0.02 million, respectively, for the three and six months ended June 30, 2024. There were no realized gains (losses) from derivative instruments for the same periods in 2023. 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.

Net change in unrealized loss from loans for the three months ended June 30, 2024 and 2023 was $13.0 million and $1.2 million, respectively. Net change in unrealized loss from loans for the six months ended June 30, 2024 and 2023 was $15.6 million and $2.3 million, respectively. The net change in unrealized loss from loans consisted of fair value adjustments to the loans resulting from the improvement or deterioration in certain portfolio companies' performance.

Net change in unrealized gain (loss) from derivative instruments for the three and six months ended June 30, 2024 was less than $(0.01) million and $0.2 million, respectively. There were no unrealized gains (losses) from derivative instruments for the same periods in 2023. The net change in unrealized gain (loss) 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, 2024 and 2023 was $6.6 million and $8.1 million, respectively. On a per share basis, the net increase in net assets resulting from operations for the three months ended June 30, 2024 and 2023 was $66.02 and $81.22, respectively.

42

Net increase in net assets resulting from operations for the six months ended June 30, 2024 and 2023 was $16.1 million and $14.1 million, respectively. On a per share basis, the net increase in net assets resulting from operations for the six months ended June 30, 2024 and 2023 was $160.66 and $141.25, respectively.

Liquidity and Capital Resources – June 30, 2024 and December 31, 2023

    The Fund is owned entirely by the Company. The Company is expected, but not required, to 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. Total capital contributed to the Fund was $336.0 million and $276.0 million as of June 30, 2024 and December 31, 2023, respectively. As of both June 30, 2024 and December 31, 2023, the Company had subscriptions for capital in the amount of $500.0 million, of which $375.0 million and $305.0 million had been called and received. As of June 30, 2024, $125.0 million of capital remains uncalled and the uncalled capital expires on the Fund’s fifth anniversary of its first investment unless extended. Management is permitted to extend the Fund’s investment period by up to two (2) additional calendar quarters in its sole and absolute discretion. The Company has made $33.2 million in recallable distributions to its investors, as permitted under its operating agreement between the Company’s managing member and members of the Company.

The changes in cash for the six months ended June 30, 2024 and 2023 were as follows:

	For the Six Months Ended June 30, 2024		For the Six Months Ended June 30, 2023
Net cash provided by (used in) operating activities	$	25,340,828	$	(53,564,054)
Net cash provided by (used in) financing activities	(15,750,072)		82,958,920
Net increase in cash and cash equivalents	$	9,590,756	$	29,394,866

As of June 30, 2024 and December 31, 2023, 9.35% and 7.58%, respectively, of the Fund’s net assets consisted of cash and cash equivalents.

The Fund is a party to a loan and security agreement (as amended from time to time) with ING Capital LLC acting as the administrative agent and other lenders named therein, that established a secured revolving credit facility with a commitment size of $250.0 million. An additional $125.0 million is potentially available to the Fund, subject to further negotiation and credit approval, through an accordion provision.

Borrowings by the Fund are collateralized by (i) the personal property and other assets of the Fund (“Portfolio Secured Borrowings”) and (ii) up to the sum of the unfunded capital commitments of the Company’s investors, the rights of the Manager to such capital commitments (“Subscription Secured Borrowings”). The Fund pays interest on its borrowings and a fee on the unused portion of the facility. Borrowings under the facility, at the Fund’s discretion, will bear interest at an annual rate of either a (i) Reference Rate, plus an Applicable Reference Rate Margin (such loan, a "Reference Rate Loan"), (ii) Adjusted Term SOFR plus the Applicable SOFR Margin (such loan, an "Adjusted Term SOFR Loan") or (iii) Daily Compounded SOFR plus the Applicable SOFR Margin (such loan, a "Daily Compounded SOFR Loan"). As of June 30, 2024, the Fund’s outstanding borrowings were entirely Adjusted Term SOFR Loans. The interest period for each Adjusted Term SOFR Loan shall at the option of the Fund be fixed at one, three or six months. Adjusted Term SOFR is a rate per annum equal to Term SOFR for the elected interest period plus a fixed SOFR Adjustment of 0.11448%, 0.26161% or 0.42826% for interest periods of one, three or six months, respectively. Applicable SOFR Margin is the sum of (a) the product of (i) the Subscription Secured Borrowings percentage calculated for such period and (ii) 1.75% and (b) the product of (i) the Portfolio Secured Borrowings percentage for such period and (ii) 2.50%. When the Fund is using 50.00% or more of the maximum amount available under the Loan Agreement, the applicable unused line fee is 0.25% of the unused portion of the loan facility; otherwise, the applicable unused line fee is 0.50% of the unused portion. The Fund pays the unused credit line fee quarterly. The facility terminates on October 18, 2026, 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, 2024, $125.0 million was outstanding under the facility.

Amounts disbursed under the Fund’s loan commitments were $90.4 million for the six months ended June 30, 2024. Net loan amounts outstanding after amortization and valuation adjustments decreased by $22.7 million for the same period. Unexpired unfunded commitments totaled $125.1 million as of June 30, 2024.

As of	Cumulative Amount Disbursed	Principal Reductions and Fair Market Adjustments	Balance Outstanding - Fair Value	Unexpired Unfunded Commitments
June 30, 2024	$642.7 million	$261.8 million	$380.9 million	$125.1 million
December 31, 2023	$552.3 million	$148.7 million	$403.6 million	$132.3 million

The unexpired unfunded commitments by portfolio company as of June 30, 2024 and December 31, 2023 are detailed in Note 10 to the financial statements included in this filing.

43

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, 2024, the Fund had a cash balance of $26.8 million and $174.0 million in scheduled loan receivable payments over the next twelve months. Additionally, the Fund has access to uncalled capital of $125.0 million and recallable capital of $33.2 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 30, 2021, 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, 2024, the Fund’s asset coverage ratio was 328%.

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.

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, 2024, the outstanding debt balance was $125.0 million with a floating interest rate based on a daily 1- month Adjusted Term SOFR rate of 5.3372%, for which the Fund had derivative instruments in place with a ceiling of 5.30% on $100.0 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, 2024. 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.

44

Based on the Fund’s Condensed Statements of Assets and Liabilities as of June 30, 2024, 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, and cash balances.

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
(2.00)%	$	(536,427)	$	(1,000,000)	$	2,500,000	$	963,573
(1.00)%	$	(268,214)	$	—	$	1,250,000	$	981,786
(0.50)%	$	(134,107)	$	—	$	625,000	$	490,893
0.50%	$	134,107	$	500,000	$	(625,000)	$	9,107
1.00%	$	268,214	$	1,000,000	$	(1,250,000)	$	18,214
2.00%	$	536,427	$	2,000,000	$	(2,500,000)	$	36,427

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

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, 2024 that have materially affected, or are reasonably likely to materially affect, the Fund’s internal control over financial reporting.

45

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 2023 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, 2024, 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).

46

Item 6. Exhibits

Exhibit Number	Description
3.1	Articles of Incorporation of the Fund as filed with the Maryland Secretary of State on October 19, 2020, incorporated by reference to Exhibit 3.1 of the Fund’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on May 10, 2021.
3.2	Amended & Restated Bylaws of the Fund, incorporated by reference to Exhibit 3.1 of the Fund’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 21, 2023.
4.1	Stock Purchase Agreement, dated October 15, 2020, between the Fund and the Company, incorporated by reference to Exhibit 4.1 of the Fund’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on May 10, 2021.
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).

47

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.

WTI Fund X, 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 13, 2024	Date:	August 13, 2024

48

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 WTI Fund X, 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 13, 2024

/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 WTI Fund X, 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 13, 2024

/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 WTI Fund X, Inc. (the “Fund”) on Form 10-Q for the period ending June 30, 2024 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 13, 2024

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 WTI Fund X, Inc. (the “Fund”) on Form 10-Q for the period ending June 30, 2024 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 13, 2024

XML

COVER - shares	6 Months Ended
	Jun. 30, 2024	Aug. 13, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Securities Act File Number	814-01414
Entity Registrant Name	WTI Fund X, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	85-3539868
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	0001850938
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

XML

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) - USD ($)	Jun. 30, 2024		Dec. 31, 2023
ASSETS
Loans, at estimated fair value (cost of $412,437,777 and $417,993,719 respectively)	$ 380,905,915	[1]	$ 403,600,113
Derivative assets	56,623		0
Cash and cash equivalents	26,821,359		17,230,603
Dividend and interest receivables	5,702,176		5,867,057
Other assets	2,854,503		3,600,930
Total assets	416,340,576		430,298,703
LIABILITIES
Borrowings under debt facility	125,000,000		197,500,000
Accrued management fees	1,968,750		1,968,750
Derivative liability	0		110,917
Accounts payable and other accrued liabilities	2,441,639		3,416,900
Total liabilities	129,410,389		202,996,567
NET ASSETS	286,930,187		227,302,136
Analysis of Net Assets:
Capital paid in on shares of capital stock	336,000,000		276,000,000
Cumulative return of capital distributions	(32,950,470)		(32,950,470)
Total distributable losses	(16,119,343)		(15,747,394)
Net assets (equivalent to $2,869.30 and $2,273.02 per share based on $100,000 shares of capital stock outstanding - See Notes 5 and 11)	286,930,187		227,302,136
Commitments & Contingent Liabilities:
Unexpired unfunded commitments (See Note 10)	$ 125,092,000		$ 132,250,000

[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.

XML

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) (Parenthetical) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Cost	$ 410,921,860		$ 417,993,719
Net assets per share (in dollars per share)	$ 2,869.3	$ 2,307.19	$ 2,273.02	$ 1,587.59	$ 1,535.93	$ 1,137.31
Shares outstanding (in shares)	100,000		100,000

XML

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
INVESTMENT INCOME:
Interest on loans	$ 24,602,371	$ 14,550,186	$ 42,421,309	$ 26,609,187
Other income	537,073	234,618	729,731	397,745
Total investment income	25,139,444	14,784,804	43,151,040	27,006,932
EXPENSES:
Management fees	1,968,750	2,000,000	3,937,500	4,000,000
Interest expense	3,272,216	3,407,742	7,153,316	6,363,285
Banking and professional fees	142,965	37,740	338,065	168,788
Other operating expenses	159,454	45,790	217,713	74,678
Total expenses	5,543,385	5,491,272	11,646,594	10,606,751
Net investment income	19,596,059	9,293,532	31,504,446	16,400,181
Net realized gain from derivative instruments	6,057	0	15,928	0
Net change in unrealized loss from loans	(12,994,002)	(1,171,518)	(15,622,339)	(2,275,019)
Net change in unrealized gain (loss) from derivative instruments	(6,599)	0	167,540	0
Net realized and change in unrealized loss from loans and derivative instruments	(12,994,544)	(1,171,518)	(15,438,871)	(2,275,019)
Net increase in net assets resulting from operations	$ 6,601,515	$ 8,122,014	$ 16,065,575	$ 14,125,162
Amounts per common share:
Net increase in net assets resulting from operations per share, basic (in dollars per share)	$ 66.02	$ 81.22	$ 160.66	$ 141.25
Net increase in net assets resulting from operations per share, diluted (in dollars per share)	$ 66.02	$ 81.22	$ 160.66	$ 141.25
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investment Company, Net Assets [Roll Forward]
Beginning balance (in shares)			100,000
Beginning balance	$ 230,718,695	$ 153,592,724	$ 227,302,136	$ 113,730,798
Net increase in net assets resulting from operations	6,601,515	8,122,014	16,065,575	14,125,162
Distributions of income to shareholder	(10,390,023)	(2,955,751)	(16,437,524)	(7,596,973)
Contributions from shareholder	$ 60,000,000		$ 60,000,000	38,500,000
Ending balance (in shares)	100,000		100,000
Ending balance	$ 286,930,187	$ 158,758,987	$ 286,930,187	$ 158,758,987
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	275,999,900	180,999,900	275,999,900	142,499,900
Contributions from shareholder	60,000,000		60,000,000	38,500,000
Ending balance	335,999,900	180,999,900	335,999,900	180,999,900
Return of Capital Distributions
Investment Company, Net Assets [Roll Forward]
Beginning balance	(32,950,470)	(21,884,926)	(32,950,470)	(21,884,926)
Ending balance	(32,950,470)	(21,884,926)	(32,950,470)	(21,884,926)
Total Distributable Losses
Investment Company, Net Assets [Roll Forward]
Beginning balance	(12,330,835)	(5,522,350)	(15,747,394)	(6,884,276)
Net increase in net assets resulting from operations	6,601,515	8,122,014	16,065,575	14,125,162
Distributions of income to shareholder	(10,390,023)	(2,955,751)	(16,437,524)	(7,596,973)
Ending balance	$ (16,119,343)	$ (356,087)	$ (16,119,343)	$ (356,087)

XML

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$ 16,065,575	$ 14,125,162
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in realized gain from derivative instruments	(15,928)	0
Net change in unrealized loss from loans	15,622,339	2,275,019
Net change in unrealized gain from derivative instruments	(167,540)	0
Amortization of deferred costs related to debt facility	221,073	217,161
Origination of loans	(90,408,000)	(94,062,500)
Principal payments on loans, net of accretion	93,324,621	30,965,905
Acquisition of equity securities	(9,016,286)	(6,737,646)
Changes in operating assets and liabilities:
Net (increase) decrease in dividend and interest receivables	164,881	(916,389)
Net (increase) decrease in other assets	525,354	(450,732)
Net increase (decrease) in accounts payable, other accrued liabilities and accrued management fees	(975,261)	1,019,966
Net cash provided by (used in) operating activities	25,340,828	(53,564,054)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions to shareholder	(3,266,000)	0
Contributions from shareholder	60,000,000	38,500,000
Borrowings under debt facility	0	61,000,000
Repayments of borrowings under debt facility	(72,500,000)	(16,500,000)
Payments of debt facility fees and costs	0	(41,080)
Payments received for derivative instruments	15,928	0
Net cash provided by (used in) financing activities	(15,750,072)	82,958,920
Net increase in cash and cash equivalents	9,590,756	29,394,866
CASH AND CASH EQUIVALENTS:
Beginning of period	17,230,603	9,516,910
End of period	26,821,359	38,911,776
CASH PAID DURING THE PERIOD:
Interest - Debt facility	7,434,508	5,754,639
NON-CASH OPERATING AND FINANCING ACTIVITIES:
Distributions of equity securities to shareholder	13,171,524	7,596,973
Receipt of equity securities as repayment of loans	$ 4,155,238	$ 859,327

XML

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED) - USD ($)		Jun. 30, 2024		Dec. 31, 2023
Percent of Net Assets		132.80%	[1]	177.60%	[2]
Principal		$ 441,364,179		$ 446,916,808
Cost		410,921,860		417,993,719
Fair Value		$ 380,905,915	[3]	$ 403,600,113
Percent Of Net Assets, Cash Equivalents		9.30%		7.50%
Cost, Cash Equivalents		$ 26,621,359		$ 17,030,603
Fair Value, Cash Equivalents		26,621,359		17,030,603
Interest Rate Collar
Notional Amount		100,000,000		100,000,000
Derivative, Fair Value, Net		56,623		(110,917)
Upfront payments/receipts		0		0
Unrealized depreciation		56,623	[4]	(110,917)	[5]
Zions Bancorporation, N.A. | Interest Rate Collar, Cap Rate 5.30%, Floor Rate 3.65%, Maturity 12/31/2024
Notional Amount		50,000,000		50,000,000
Derivative, Fair Value, Net		15,409		(31,439)
Upfront payments/receipts		0		0
Unrealized depreciation		15,409	[4]	(31,439)	[5]
Zions Bancorporation, N.A. | Interest Rate Collar, Cap Rate 5.30%, Floor Rate 2.30%, Maturity 12/31/2025
Notional Amount		50,000,000		50,000,000
Derivative, Fair Value, Net		41,214		(79,478)
Upfront payments/receipts		0		0
Unrealized depreciation		$ 41,214	[4]	$ (79,478)	[5]
Zions Bancorporation, N.A. | Maximum | Interest Rate Collar, Cap Rate 5.30%, Floor Rate 3.65%, Maturity 12/31/2024
Floating interest rate		5.30%		5.30%
Zions Bancorporation, N.A. | Maximum | Interest Rate Collar, Cap Rate 5.30%, Floor Rate 2.30%, Maturity 12/31/2025
Floating interest rate		5.30%		5.30%
Zions Bancorporation, N.A. | Minimum | Interest Rate Collar, Cap Rate 5.30%, Floor Rate 3.65%, Maturity 12/31/2024
Floating interest rate		3.65%		3.65%
Zions Bancorporation, N.A. | Minimum | Interest Rate Collar, Cap Rate 5.30%, Floor Rate 2.30%, Maturity 12/31/2025
Floating interest rate		2.30%		2.30%
Biotechnology
Percent of Net Assets		3.60%	[1]	5.20%	[2]
Principal		$ 10,736,142		$ 12,398,473
Cost		10,430,379		11,884,907
Fair Value		$ 10,430,379	[3]	$ 11,884,907	[6]
Computers & Storage
Percent of Net Assets		2.30%	[1]	3.10%	[2]
Principal		$ 6,575,405		$ 7,100,280
Cost		6,545,100		6,981,592
Fair Value		$ 6,545,100	[3]	$ 6,981,592	[6]
Internet
Percent of Net Assets		12.90%	[1]	18.60%	[2]
Principal		$ 38,609,601		$ 44,531,187
Cost		36,892,081		42,116,651
Fair Value		$ 36,892,081	[3]	$ 42,116,651	[6]
Medical Devices
Percent of Net Assets		1.20%	[1]	1.60%	[2]
Principal		$ 3,887,576		$ 4,000,000
Cost		3,632,813		3,660,064
Fair Value		$ 3,632,813	[3]	$ 3,660,064	[6]
Other Healthcare
Percent of Net Assets		8.90%	[1]	10.10%	[2]
Principal		$ 30,030,309		$ 26,650,206
Cost		26,562,890		24,133,612
Fair Value		$ 25,420,615	[3]	$ 22,991,337	[6]
Other Technology
Percent of Net Assets		62.10%	[1]	70.00%	[2]
Principal		$ 216,925,635		$ 183,494,039
Cost		199,511,457		170,014,495
Fair Value		$ 178,307,168	[3]	$ 159,031,085	[6]
Security
Percent of Net Assets		0.90%	[1]	1.60%	[2]
Principal		$ 2,760,100		$ 3,807,423
Cost		2,711,551		3,718,921
Fair Value		$ 2,711,551	[3]	$ 3,718,921	[6]
Semiconductors & Equipment
Percent of Net Assets		1.70%	[1]	2.10%	[2]
Principal		$ 5,106,408		$ 5,152,734
Cost		4,768,636		4,821,317
Fair Value		$ 4,768,636	[3]	$ 4,821,317	[6]
Software
Percent of Net Assets		31.80%	[1]	51.20%	[2]
Principal		$ 101,670,097		$ 124,314,325
Cost		96,571,947		117,569,319
Fair Value		$ 91,105,699	[3]	$ 116,428,842	[6]
Technology Services
Percent of Net Assets		3.70%	[1]	12.40%	[2]
Principal		$ 13,352,963		$ 31,468,141
Cost		12,702,683		29,296,204
Fair Value		$ 10,499,550	[3]	$ 28,168,760	[6]
Wireless
Percent of Net Assets		3.70%	[1]	1.70%	[2]
Principal		$ 11,709,943		$ 4,000,000
Cost		10,592,323		3,796,637
Fair Value		10,592,323	[3]	3,796,637	[6]
Canary Connect, Inc. | Computers & Storage
Principal		5,000,000		5,000,000
Cost		4,996,915		4,929,537
Fair Value		4,996,915	[3]	4,929,537	[6]
Proto, Inc. | Computers & Storage
Principal		1,575,405		2,100,280
Cost		1,548,185		2,052,055
Fair Value		1,548,185	[3]	2,052,055	[6]
Pixalate, Inc. | Internet
Principal		2,000,000		2,000,000
Cost		1,895,675		1,856,520
Fair Value		1,895,675	[3]	1,856,520	[6]
RenoFi, Inc. | Internet
Principal				2,070,989
Cost				2,000,424
Fair Value	[6]			2,000,424
RetailerX, Inc. | Internet
Principal		7,526,455		7,488,838
Cost		7,420,266		7,310,904
Fair Value		7,420,266	[3]	7,310,904	[6]
Vinvesto, Inc. | Internet
Principal		399,492		486,087
Cost		386,089		466,170
Fair Value		386,089	[3]	466,170	[6]
Julie Products Inc. | Other Healthcare
Principal		1,246,523		1,552,628
Cost		1,214,170		1,497,417
Fair Value		1,214,170	[3]	1,497,417	[6]
Open Inc. | Other Healthcare
Principal		736,416		915,125
Cost		718,640		887,521
Fair Value		718,640	[3]	887,521	[6]
Ainsly, Inc. | Internet
Principal	[7],[8]			334,565
Cost	[7],[8]			287,052
Fair Value	[6],[7],[8]			287,052
Airspeed, Inc. | Other Technology
Principal				1,157,573
Cost				1,130,660
Fair Value	[6]			1,130,660
Badiani Limited
Principal	[9],[10]	1,914,838
Cost	[9],[10]	1,849,232
Fair Value	[3],[9],[10]	1,849,232
Badiani Limited | Other Technology
Principal	[7],[8]			1,500,000
Cost	[7],[8]			1,424,947
Fair Value	[6],[7],[8]			1,424,947
Beekeeper's Naturals, Inc | Other Technology
Principal	[7],[8]			2,583,743
Cost	[7],[8]			2,514,191
Fair Value	[6],[7],[8]			2,514,191
CornerUp, Inc. | Other Technology
Principal				465,124
Cost				428,892
Fair Value	[6]			428,892
Creoate Limited | Other Technology
Principal		4,568,497	[9],[10]	1,346,048	[7],[8]
Cost		4,368,160	[9],[10]	1,305,638	[7],[8]
Fair Value		4,368,160	[3],[9],[10]	1,305,638	[6],[7],[8]
Eguana Technologies, Inc. | Other Technology
Principal	[7],[8]			3,140,216
Cost	[7],[8]			3,035,867
Fair Value	[6],[7],[8]			3,035,867
Fanimal, Inc. | Other Technology
Principal		1,031,469		1,144,754
Cost		1,002,600		1,102,963
Fair Value		1,002,600	[3]	1,102,963	[6]
Higher Ground Education, Inc. | Other Technology
Principal		19,732,466
Cost		14,044,551
Fair Value	[3]	14,044,551
Joy Memories, Inc | Other Technology
Principal		5,828,037		6,235,303
Cost		5,598,030		5,897,766
Fair Value		5,598,030	[3]	5,897,766	[6]
LendTable Inc. | Other Technology
Principal		2,843,919		3,328,989
Cost		2,772,070		3,220,640
Fair Value		2,772,070	[3]	3,220,640	[6]
Logistech Solutions Pte. Ltd. | Other Technology
Principal		1,260,184	[9],[10]	1,411,295	[7],[8]
Cost		1,214,614	[9],[10]	1,339,519	[7],[8]
Fair Value		1,214,614	[3],[9],[10]	1,339,519	[6],[7],[8]
New Globe Education, Inc. | Other Technology
Principal		27,231,011
Cost		25,063,816
Fair Value	[3]	25,063,816
PlantBaby, Inc. | Other Technology
Principal		414,583		558,169
Cost		400,012		532,461
Fair Value		400,012	[3]	532,461	[6]
Platform Science, Inc. | Other Technology
Principal		7,167,554		8,988,531
Cost		6,977,306		8,686,629
Fair Value		6,977,306	[3]	8,686,629	[6]
Ripple Foods, PBC | Other Technology
Principal		10,000,000
Cost		9,253,925
Fair Value	[3]	9,253,925
Runzy, Inc. | Other Technology
Principal		500,000		500,000
Cost		490,929		488,566
Fair Value		490,929	[3]	488,566	[6]
Scripta Insights, Inc. | Other Technology
Principal		907,445		1,410,118
Cost		894,766		1,380,137
Fair Value		894,766	[3]	1,380,137	[6]
SISU Aesthetics Clinic, Inc. | Other Technology
Principal		1,363,679	[9],[10]	1,672,341	[7],[8]
Cost		1,339,941	[9],[10]	1,636,131	[7],[8]
Fair Value		1,339,941	[3],[9],[10]	1,636,131	[6],[7],[8]
State Affairs, Inc. | Other Technology
Principal		3,500,000		3,500,000
Cost		3,374,523		3,334,291
Fair Value		3,374,523	[3]	3,334,291	[6]
Sun Day Carwash, Inc. | Other Technology
Principal		6,000,000		6,000,000
Cost		5,770,237		5,671,798
Fair Value		5,770,237	[3]	5,671,798	[6]
Supplant, Inc. | Other Technology
Principal		2,210,372	[9],[10]	2,500,000	[7],[8]
Cost		2,145,561	[9],[10]	2,406,876	[7],[8]
Fair Value		2,145,561	[3],[9],[10]	2,406,876	[6],[7],[8]
TomoCredit, Inc. | Other Technology
Principal		4,289,822		4,881,441
Cost		4,150,859		4,693,116
Fair Value		4,150,859	[3]	4,693,116	[6]
Umbra Lab, Inc. | Other Technology
Principal		16,996,999		10,717,188
Cost		16,274,007		10,352,640
Fair Value		16,274,007	[3]	10,352,640	[6]
Wellth, Inc. | Other Technology
Principal		726,285		1,128,606
Cost		711,221		1,093,107
Fair Value		711,221	[3]	1,093,107	[6]
World Wrapps II, Inc. | Other Technology
Principal		1,000,000		1,000,000
Cost		856,109		817,591
Fair Value		856,109	[3]	817,591	[6]
Zeno Technologies, Inc. | Other Technology
Principal				331,052
Cost				321,282
Fair Value	[6]			321,282
Zimeno Inc. | Other Technology
Principal		10,054,910		11,581,391
Cost		9,840,389		11,250,643
Fair Value		9,840,389	[3]	11,250,643	[6]
Axiado Corporation | Security
Principal		2,760,100		3,698,224
Cost		2,711,551		3,611,663
Fair Value		2,711,551	[3]	3,611,663	[6]
BlueCart, Inc. | Software
Principal		1,228,524		1,548,150
Cost		1,186,122		1,480,604
Fair Value		1,186,122	[3]	1,480,604	[6]
Bound Rates, Inc. | Software
Principal		2,578,065
Cost		2,444,510
Fair Value	[3]	2,444,510
Canopy Technology Corp. | Software
Principal		1,651,050		2,110,579
Cost		1,608,363		2,039,116
Fair Value		1,608,363	[3]	2,039,116	[6]
Common Sun, Inc | Software
Principal		1,533,912		1,820,637
Cost		1,494,372		1,762,726
Fair Value		1,494,372	[3]	1,762,726	[6]
Form Remodel, Inc. | Software
Principal		1,516,900		1,851,927
Cost		1,488,243		1,806,107
Fair Value		1,488,243	[3]	1,806,107	[6]
HaystacksAI, Inc. | Software
Principal				852,198
Cost				830,287
Fair Value	[6]			830,287
Ioogo Inc. | Software
Principal				5,000,000
Cost				4,786,832
Fair Value	[6]			4,786,832
Kolors, Inc. | Software
Principal	[9],[10]	5,000,000
Cost	[9],[10]	4,794,737
Fair Value	[3],[9],[10]	4,794,737
Make Cents Technologies Inc. | Software
Principal		10,000,000
Cost		9,317,904
Fair Value	[3]	9,317,904
Overalls, Inc. | Software
Principal		575,508		707,928
Cost		556,351		678,757
Fair Value		556,351	[3]	678,757	[6]
Parkoursc, Inc. | Software
Principal		3,610,609
Cost		3,406,519
Fair Value	[3]	3,406,519
Ratio Technologies, Inc. | Software
Principal		1,549,389		1,801,041
Cost		1,510,050		1,747,841
Fair Value		1,510,050	[3]	1,747,841	[6]
Safe Securities Inc. | Software
Principal		6,000,000		6,000,000
Cost		5,710,051		5,637,630
Fair Value		5,710,051	[3]	5,637,630	[6]
Scaleup Finance Group ApS | Software
Principal		2,286,460	[9],[10]	2,500,000	[7],[8]
Cost		2,197,411	[9],[10]	2,373,977	[7],[8]
Fair Value		2,197,411	[3],[9],[10]	2,373,977	[6],[7],[8]
Sonatus, Inc | Software
Principal		4,264,725		6,238,755
Cost		4,159,016		6,029,598
Fair Value		4,159,016	[3]	6,029,598	[6]
Vesta Housing, Inc. | Software
Principal		1,940,074		2,357,066
Cost		1,880,432		2,268,609
Fair Value		1,880,432	[3]	2,268,609	[6]
iLearningEngines Inc. | Technology Services
Principal				16,149,267
Cost				14,742,633
Fair Value	[6]			14,742,633
Techspert.IO Limited | Technology Services
Principal		3,196,979	[9],[10]	3,500,000	[7],[8]
Cost		3,097,344	[9],[10]	3,360,887	[7],[8]
Fair Value		3,097,344	[3],[9],[10]	3,360,887	[6],[7],[8]
Juvo Mobile, Inc. | Wireless
Principal		3,709,943	[10]	4,000,000	[8]
Cost		3,564,592	[10]	3,796,637	[8]
Fair Value		$ 3,564,592	[3],[10]	3,796,637	[6],[8]
Ceres Imaging, Inc. | Other Technology
Principal				2,758,311
Cost				2,691,633
Fair Value	[6]			2,691,633
EasyKnock, Inc. | Other Technology
Principal				6,386,739
Cost				6,148,489
Fair Value	[6]			6,148,489
Holo, Inc. | Other Technology
Principal				1,312,544
Cost				1,242,521
Fair Value	[6]			1,242,521
Rise Gardens, Inc. | Other Technology
Principal				1,292,662
Cost				1,260,944
Fair Value	[6]			881,131
TLNT Inc. | Other Technology
Principal				1,097,026
Cost				1,051,691
Fair Value	[6]			658,160
Ocurate, Inc. | Software
Principal				761,112
Cost				743,652
Fair Value	[6]			$ 743,652
Investment, Identifier [Axis]: 2045 Studio, Inc., Senior Secured
Interest Rate	[11]	13.80%
Principal		$ 750,000
Cost		698,079
Fair Value	[3]	$ 698,079
Investment, Identifier [Axis]: 2045 Studio, Inc., Senior Secured
Interest Rate	[12]			13.80%
Principal				$ 750,000
Cost				682,643
Fair Value	[6]			$ 682,643
Investment, Identifier [Axis]: AL Services, Senior Secured
Interest Rate		12.50%	[9],[10],[11]	12.50%	[7],[8],[12]
Principal		$ 233,257	[9],[10]	$ 330,763	[7],[8]
Cost		221,402	[9],[10]	307,345	[7],[8]
Fair Value		$ 221,402	[3],[9],[10]	$ 307,345	[6],[7],[8]
Investment, Identifier [Axis]: Abacum Inc., Senior Secured
Interest Rate		13.50%	[9],[10],[11]	13.50%	[7],[8],[12]
Principal		$ 1,415,154	[9],[10]	$ 1,500,000	[7],[8]
Cost		1,345,722	[9],[10]	1,404,738	[7],[8]
Fair Value		$ 1,345,722	[3],[9],[10]	$ 1,404,738	[6],[7],[8]
Investment, Identifier [Axis]: Actual Systems, Inc., Senior Secured
Interest Rate		12.00%	[11]	12.00%	[12]
Principal		$ 431,482		$ 628,655
Cost		418,180		600,880
Fair Value		$ 418,180	[3]	$ 600,880	[6]
Investment, Identifier [Axis]: Ainsly, Inc., Senior Secured 1
Interest Rate	[7],[8],[12]			12.50%
Principal	[7],[8]			$ 200,739
Cost	[7],[8]			153,231
Fair Value	[6],[7],[8]			$ 153,231
Investment, Identifier [Axis]: Ainsly, Inc., Senior Secured 2
Interest Rate	[7],[8],[12]			12.50%
Principal	[7],[8]			$ 133,826
Cost	[7],[8]			133,821
Fair Value	[6],[7],[8]			$ 133,821
Investment, Identifier [Axis]: Airspeed, Inc., Senior Secured 1
Interest Rate		11.00%	[11]	11.00%	[12]
Principal		$ 1,101,447		$ 532,573
Cost		1,008,180		505,660
Fair Value		$ 1,008,180	[3]	$ 505,660	[6]
Investment, Identifier [Axis]: Airspeed, Inc., Senior Secured 2
Interest Rate	[12]			11.00%
Principal				$ 625,000
Cost				625,000
Fair Value	[6]			$ 625,000
Investment, Identifier [Axis]: Akadeum Life Sciences, Inc., Senior Secured
Interest Rate		14.30%	[11]	14.30%	[12]
Principal		$ 2,000,000		$ 2,000,000
Cost		1,884,322		1,849,886
Fair Value		$ 1,884,322	[3]	$ 1,849,886	[6]
Investment, Identifier [Axis]: American Castanea PBC, Senior Secured
Interest Rate	[11]	11.80%
End of Term Payment	[13]	6.70%
Principal		$ 250,000
Cost		6,580
Fair Value	[3]	$ 6,580
Investment, Identifier [Axis]: ArroFi Inc., Senior Secured
Interest Rate		11.30%	[11]	11.30%	[12]
Principal		$ 1,901,394		$ 2,354,587
Cost		1,843,390		2,265,319
Fair Value		$ 1,843,390	[3]	$ 2,265,319	[6]
Investment, Identifier [Axis]: Auterion, Inc., Senior Secured
Interest Rate		12.50%	[9],[10],[11]	12.50%	[7],[8],[12]
Principal		$ 1,594,321	[9],[10]	$ 2,390,325	[7],[8]
Cost		1,561,260	[9],[10]	2,317,261	[7],[8]
Fair Value		$ 1,561,260	[3],[9],[10]	$ 2,317,261	[6],[7],[8]
Investment, Identifier [Axis]: Axiado Corporation, Senior Secured 1
Interest Rate		10.50%	[11]	10.50%	[12]
Principal		$ 1,380,050		$ 1,849,112
Cost		1,380,041		1,849,098
Fair Value		$ 1,380,041	[3]	$ 1,849,098	[6]
Investment, Identifier [Axis]: Axiado Corporation, Senior Secured 2
Interest Rate		10.50%	[11]	10.50%	[12]
Principal		$ 1,380,050		$ 1,849,112
Cost		1,331,510		1,762,565
Fair Value		$ 1,331,510	[3]	$ 1,762,565	[6]
Investment, Identifier [Axis]: Azumo, Inc., Senior Secured
Interest Rate		12.80%	[11]	12.80%	[12]
Principal		$ 1,005,484		$ 1,282,604
Cost		956,933		1,203,696
Fair Value		$ 956,933	[3]	$ 1,203,696	[6]
Investment, Identifier [Axis]: Badiani Limited , Senior Secured 1
Interest Rate	[9],[10],[11]	13.50%
Principal	[9],[10]	$ 914,838
Cost	[9],[10]	869,820
Fair Value	[3],[9],[10]	$ 869,820
Investment, Identifier [Axis]: Badiani Limited , Senior Secured 2
Interest Rate	[9],[10],[11]	13.80%
Principal	[9],[10]	$ 500,000
Cost	[9],[10]	490,690
Fair Value	[3],[9],[10]	$ 490,690
Investment, Identifier [Axis]: Badiani Limited , Senior Secured 3
Interest Rate	[9],[10],[11]	13.80%
Principal	[9],[10]	$ 500,000
Cost	[9],[10]	488,722
Fair Value	[3],[9],[10]	$ 488,722
Investment, Identifier [Axis]: Badiani Limited, Senior Secured 1
Interest Rate	[7],[8],[12]			13.80%
Principal	[7],[8]			$ 500,000
Cost	[7],[8]			487,832
Fair Value	[6],[7],[8]			$ 487,832
Investment, Identifier [Axis]: Badiani Limited, Senior Secured 2
Interest Rate	[7],[8],[12]			13.50%
Principal	[7],[8]			$ 1,000,000
Cost	[7],[8]			937,115
Fair Value	[6],[7],[8]			$ 937,115
Investment, Identifier [Axis]: Bankroll Club, LLC, Senior Secured
Interest Rate	[11]	14.00%
Principal		$ 1,965,212
Cost		1,795,513
Fair Value	[3]	$ 449,191
Investment, Identifier [Axis]: Bankroll Club, LLC, Senior Secured 1
Interest Rate	[12]			14.00%
Principal				$ 1,965,212
Cost				1,795,513
Fair Value	[6]			$ 449,191
Investment, Identifier [Axis]: Beekeeper's Naturals, Inc, Senior Secured 1
Interest Rate	[7],[8],[12]			12.00%
Principal	[7],[8]			$ 1,291,713
Cost	[7],[8]			1,239,031
Fair Value	[6],[7],[8]			$ 1,239,031
Investment, Identifier [Axis]: Beekeeper's Naturals, Inc, Senior Secured 2
Interest Rate	[7],[8],[12]			12.00%
Principal	[7],[8]			$ 646,138
Cost	[7],[8]			637,335
Fair Value	[6],[7],[8]			$ 637,335
Investment, Identifier [Axis]: Beekeeper's Naturals, Inc, Senior Secured 3
Interest Rate	[7],[8],[12]			12.00%
Principal	[7],[8]			$ 645,892
Cost	[7],[8]			637,825
Fair Value	[6],[7],[8]			$ 637,825
Investment, Identifier [Axis]: Biolojic Design Ltd., Senior Secured
Interest Rate		12.50%	[9],[10],[11]	12.50%	[7],[8],[12]
End of Term Payment		4.00%	[9],[10],[13]	4.00%	[7],[8],[14]
Principal		$ 4,419,636	[9],[10]	$ 5,000,000	[7],[8]
Cost		4,339,075	[9],[10]	4,815,056	[7],[8]
Fair Value		$ 4,339,075	[3],[9],[10]	$ 4,815,056	[6],[7],[8]
Investment, Identifier [Axis]: Bite Investments (Cayman) Limited, Senior Secured
Interest Rate		12.00%	[9],[10],[11]	12.00%	[7],[8],[12]
Principal		$ 387,024	[9],[10]	$ 697,965	[7],[8]
Cost		379,376	[9],[10]	674,305	[7],[8]
Fair Value		$ 379,376	[3],[9],[10]	$ 674,305	[6],[7],[8]
Investment, Identifier [Axis]: Blackcart, Inc., Senior Secured
Interest Rate		13.30%	[9],[10],[11]	13.30%	[7],[8],[12]
End of Term Payment		6.40%	[9],[10],[13]	6.40%	[7],[8],[14]
Principal		$ 1,000,000	[9],[10]	$ 1,000,000	[7],[8]
Cost		956,952	[9],[10]	937,915	[7],[8]
Fair Value		$ 956,952	[3],[9],[10]	$ 937,915	[6],[7],[8]
Investment, Identifier [Axis]: Bloomboard, Inc., Senior Secured
Interest Rate	[11]	12.00%
End of Term Payment	[13]	3.00%
Principal		$ 3,500,000
Cost		3,205,504
Fair Value	[3]	$ 3,205,504
Investment, Identifier [Axis]: BlueCart, Inc., Senior Secured 1
Interest Rate		14.80%	[11]	12.50%	[12]
Principal		$ 176,792		$ 1,326,346
Cost		173,624		1,263,830
Fair Value		$ 173,624	[3]	$ 1,263,830	[6]
Investment, Identifier [Axis]: BlueCart, Inc., Senior Secured 2
Interest Rate		12.50%	[11]	14.80%	[12]
Principal		$ 1,051,732		$ 221,804
Cost		1,012,498		216,774
Fair Value		$ 1,012,498	[3]	$ 216,774	[6]
Investment, Identifier [Axis]: Bound Rates, Inc., Senior Secured
Interest Rate	[7],[8],[12]			12.00%
Principal	[7],[8]			$ 1,570,704
Cost	[7],[8]			1,535,913
Fair Value	[6],[7],[8]			$ 1,535,913
Investment, Identifier [Axis]: Bound Rates, Inc., Senior Secured 1
Interest Rate	[9],[10],[11]	12.00%
Principal	[9],[10]	$ 1,078,065
Cost	[9],[10]	1,061,481
Fair Value	[3],[9],[10]	$ 1,061,481
Investment, Identifier [Axis]: Bound Rates, Inc., Senior Secured 2
Interest Rate	[9],[10],[11]	13.00%
Principal	[9],[10]	$ 1,500,000
Cost	[9],[10]	1,383,029
Fair Value	[3],[9],[10]	$ 1,383,029
Investment, Identifier [Axis]: Bryte, Inc., Senior Secured
Interest Rate		10.00%	[11]	10.00%	[12]
Principal		$ 1,694,943		$ 1,680,936
Cost		1,708,964		1,640,717
Fair Value		$ 1,088,694	[3]	$ 1,640,717	[6]
Investment, Identifier [Axis]: Canary Connect, Inc., Senior Secured 1
Interest Rate		12.00%	[11]	12.00%	[12]
End of Term Payment		7.60%	[13]	6.60%	[14]
Principal		$ 3,624,490		$ 1,375,510
Cost		3,617,137		1,364,322
Fair Value		$ 3,617,137	[3]	$ 1,364,322	[6]
Investment, Identifier [Axis]: Canary Connect, Inc., Senior Secured 2
Interest Rate		12.00%	[11]	12.00%	[12]
End of Term Payment		6.60%	[13]	7.60%	[14]
Principal		$ 1,375,510		$ 3,624,490
Cost		1,379,778		3,565,215
Fair Value		$ 1,379,778	[3]	$ 3,565,215	[6]
Investment, Identifier [Axis]: Canopy Technology Corp., Senior Secured 1
Interest Rate		15.00%	[11]	15.00%	[12]
Principal		$ 738,592		$ 916,006
Cost		728,094		899,683
Fair Value		$ 728,094	[3]	$ 899,683	[6]
Investment, Identifier [Axis]: Canopy Technology Corp., Senior Secured 2
Interest Rate		13.50%	[11]	13.50%	[12]
Principal		$ 912,458		$ 1,194,573
Cost		880,269		1,139,433
Fair Value		$ 880,269	[3]	$ 1,139,433	[6]
Investment, Identifier [Axis]: CarePoint, Inc., Senior Secured
Interest Rate		13.80%	[9],[10],[11]	13.80%	[7],[8],[12]
End of Term Payment		5.00%	[9],[10],[13]	5.00%	[7],[8],[14]
Principal		$ 856,386	[9],[10]	$ 1,000,000	[7],[8]
Cost		755,552	[9],[10]	852,778	[7],[8]
Fair Value		$ 755,552	[3],[9],[10]	$ 852,778	[6],[7],[8]
Investment, Identifier [Axis]: Cella Farms Inc.
Interest Rate	[11]	11.80%
End of Term Payment	[13]	2.00%
Principal		$ 1,500,000
Cost		1,423,043
Fair Value	[3]	$ 1,423,043
Investment, Identifier [Axis]: Ceres Imaging, Inc., Senior Secured
Interest Rate	[11]	12.00%
Principal		$ 2,843,184
Cost		2,781,445
Fair Value	[3]	$ 2,781,445
Investment, Identifier [Axis]: Ceres Imaging, Inc., Senior Secured 1
Interest Rate	[12]			12.00%
Principal				$ 1,127,835
Cost				1,088,832
Fair Value	[6]			$ 1,088,832
Investment, Identifier [Axis]: Ceres Imaging, Inc., Senior Secured 2
Interest Rate	[12]			12.00%
Principal				$ 1,630,476
Cost				1,602,801
Fair Value	[6]			$ 1,602,801
Investment, Identifier [Axis]: Chairman Me, Inc., Senior Secured
Interest Rate		12.00%	[11]	12.00%	[12]
Principal		$ 626,831		$ 626,831
Cost		591,508		591,508
Fair Value		$ 0	[3]	$ 0	[6]
Investment, Identifier [Axis]: Chowbus, Inc., Senior Secured
Interest Rate		12.00%	[11]	12.00%	[12]
Principal		$ 1,608,079		$ 2,625,783
Cost		1,539,183		2,449,576
Fair Value		$ 1,539,183	[3]	$ 2,449,576	[6]
Investment, Identifier [Axis]: Common Sun, Inc, Senior Secured 1
Interest Rate		11.00%	[11]	11.00%	[12]
Principal		$ 1,093,830		$ 500,000
Cost		1,054,293		499,995
Fair Value		$ 1,054,293	[3]	$ 499,995	[6]
Investment, Identifier [Axis]: Common Sun, Inc, Senior Secured 2
Interest Rate		11.00%	[11]	11.00%	[12]
Principal		$ 440,082		$ 1,320,637
Cost		440,079		1,262,731
Fair Value		$ 440,079	[3]	$ 1,262,731	[6]
Investment, Identifier [Axis]: Copia Global Inc., Senior Secured
Interest Rate	[9],[10],[11]	12.00%
Principal	[9],[10]	$ 7,745,971
Cost	[9],[10]	7,693,807
Fair Value	[3],[9],[10]	$ 0
Investment, Identifier [Axis]: Copia Global Inc., Senior Secured 1
Interest Rate	[7],[8],[12]			12.00%
Principal	[7],[8]			$ 7,699,044
Cost	[7],[8]			7,542,825
Fair Value	[6],[7],[8]			$ 7,542,825
Investment, Identifier [Axis]: CornerUp, Inc., Senior Secured 1
Interest Rate		15.00%	[11]	15.00%	[12]
Principal		$ 392,046		$ 229,002
Cost		359,248		196,822
Fair Value		$ 0	[3]	$ 196,822	[6]
Investment, Identifier [Axis]: CornerUp, Inc., Senior Secured 2
Interest Rate	[12]			15.00%
Principal				$ 236,122
Cost				232,070
Fair Value	[6]			$ 232,070
Investment, Identifier [Axis]: Creoate Limited , Senior Secured 1
Interest Rate	[9],[10],[11]	12.80%
End of Term Payment	[9],[10],[13]	1.00%
Principal	[9],[10]	$ 485,000
Cost	[9],[10]	468,902
Fair Value	[3],[9],[10]	$ 468,902
Investment, Identifier [Axis]: Creoate Limited , Senior Secured 2
Interest Rate	[9],[10],[11]	12.80%
End of Term Payment	[9],[10],[13]	1.00%
Principal	[9],[10]	$ 550,000
Cost	[9],[10]	535,218
Fair Value	[3],[9],[10]	$ 535,218
Investment, Identifier [Axis]: Creoate Limited , Senior Secured 3
Interest Rate	[9],[10],[11]	12.80%
End of Term Payment	[9],[10],[13]	1.00%
Principal	[9],[10]	$ 740,000
Cost	[9],[10]	721,421
Fair Value	[3],[9],[10]	$ 721,421
Investment, Identifier [Axis]: Creoate Limited , Senior Secured 4
Interest Rate	[9],[10],[11]	12.80%
End of Term Payment	[9],[10],[13]	1.00%
Principal	[9],[10]	$ 1,000,000
Cost	[9],[10]	890,846
Fair Value	[3],[9],[10]	$ 890,846
Investment, Identifier [Axis]: Creoate Limited , Senior Secured 5
Interest Rate	[9],[10],[11]	14.00%
Principal	[9],[10]	$ 184,027
Cost	[9],[10]	181,759
Fair Value	[3],[9],[10]	$ 181,759
Investment, Identifier [Axis]: Creoate Limited , Senior Secured 6
Interest Rate	[9],[10],[11]	12.80%
End of Term Payment	[9],[10],[13]	1.00%
Principal	[9],[10]	$ 633,000
Cost	[9],[10]	617,653
Fair Value	[3],[9],[10]	$ 617,653
Investment, Identifier [Axis]: Creoate Limited , Senior Secured 7
Interest Rate	[9],[10],[11]	15.50%
Principal	[9],[10]	$ 500,000
Cost	[9],[10]	490,972
Fair Value	[3],[9],[10]	$ 490,972
Investment, Identifier [Axis]: Creoate Limited , Senior Secured 8
Interest Rate	[9],[10],[11]	11.80%
Principal	[9],[10]	$ 476,470
Cost	[9],[10]	461,389
Fair Value	[3],[9],[10]	$ 461,389
Investment, Identifier [Axis]: Creoate Limited, Senior Secured 1
Interest Rate	[7],[8],[12]			15.50%
Principal	[7],[8]			$ 500,000
Cost	[7],[8]			488,425
Fair Value	[6],[7],[8]			$ 488,425
Investment, Identifier [Axis]: Creoate Limited, Senior Secured 2
Interest Rate	[7],[8],[12]			11.80%
Principal	[7],[8]			$ 617,298
Cost	[7],[8]			592,002
Fair Value	[6],[7],[8]			$ 592,002
Investment, Identifier [Axis]: Creoate Limited, Senior Secured 3
Interest Rate	[7],[8],[12]			14.00%
Principal	[7],[8]			$ 228,750
Cost	[7],[8]			225,211
Fair Value	[6],[7],[8]			$ 225,211
Investment, Identifier [Axis]: D2C Store, Inc., Senior Secured
Interest Rate		10.00%	[11]	10.00%	[12]
Principal		$ 1,405,572		$ 1,905,572
Cost		1,042,688		1,572,688
Fair Value		$ 1,042,688	[3]	$ 1,572,688	[6]
Investment, Identifier [Axis]: Daybase, Inc., Senior Secured
Interest Rate		11.00%	[11]	11.00%	[12]
Principal		$ 1,265,000		$ 1,265,000
Cost		1,129,983		1,129,983
Fair Value		$ 0	[3]	$ 0	[6]
Investment, Identifier [Axis]: EasyKnock, Inc., Senior Secured 1
Interest Rate	[12]			11.50%
Principal				$ 2,427,481
Cost				2,369,345
Fair Value	[6]			$ 2,369,345
Investment, Identifier [Axis]: EasyKnock, Inc., Senior Secured 2
Interest Rate	[12]			11.50%
Principal				$ 1,902,781
Cost				1,763,129
Fair Value	[6]			$ 1,763,129
Investment, Identifier [Axis]: EasyKnock, Inc., Senior Secured 3
Interest Rate	[12]			11.50%
Principal				$ 2,056,477
Cost				2,016,015
Fair Value	[6]			$ 2,016,015
Investment, Identifier [Axis]: Eguana Technologies, Inc. , Senior Secured 1
Interest Rate	[9],[10],[11]	12.00%
Principal	[9],[10]	$ 2,950,130
Cost	[9],[10]	2,970,310
Fair Value	[3],[9],[10]	$ 2,797,875
Investment, Identifier [Axis]: Eguana Technologies, Inc., Senior Secured 1
Interest Rate	[7],[8],[12]			12.00%
Principal	[7],[8]			$ 1,729,692
Cost	[7],[8]			1,696,603
Fair Value	[6],[7],[8]			$ 1,696,603
Investment, Identifier [Axis]: Eguana Technologies, Inc., Senior Secured 2
Interest Rate	[7],[8],[12]			12.00%
Principal	[7],[8]			$ 1,410,524
Cost	[7],[8]			1,339,264
Fair Value	[6],[7],[8]			$ 1,339,264
Investment, Identifier [Axis]: Eskalera, Inc., Senior Secured
Interest Rate		12.00%	[11]	12.00%	[12]
Principal		$ 1,395,241		$ 1,481,557
Cost		1,357,073		1,428,773
Fair Value		$ 1,357,073	[3]	$ 1,428,773	[6]
Investment, Identifier [Axis]: Family First, Inc, Senior Secured
Interest Rate		12.00%	[11]	12.00%	[12]
End of Term Payment		7.40%	[13]	7.40%	[14]
Principal		$ 4,000,000		$ 4,000,000
Cost		3,869,104		3,795,187
Fair Value		$ 3,869,104	[3]	$ 3,795,187	[6]
Investment, Identifier [Axis]: Fanimal, Inc., Senior Secured 1
Interest Rate		11.80%	[11]	11.80%	[12]
Principal		$ 375,000		$ 330,628
Cost		367,213		324,581
Fair Value		$ 367,213	[3]	$ 324,581	[6]
Investment, Identifier [Axis]: Fanimal, Inc., Senior Secured 2
Interest Rate		11.80%	[11]	11.80%	[12]
Principal		$ 274,318		$ 375,000
Cost		270,193		364,987
Fair Value		$ 270,193	[3]	$ 364,987	[6]
Investment, Identifier [Axis]: Fanimal, Inc., Senior Secured 3
Interest Rate		11.80%	[11]	11.80%	[12]
Principal		$ 232,444		$ 250,000
Cost		228,131		244,279
Fair Value		$ 228,131	[3]	$ 244,279	[6]
Investment, Identifier [Axis]: Fanimal, Inc., Senior Secured 4
Interest Rate		11.80%	[11]	11.80%	[12]
Principal		$ 149,707		$ 189,126
Cost		137,063		169,116
Fair Value		$ 137,063	[3]	$ 169,116	[6]
Investment, Identifier [Axis]: Findigs, Inc., Senior Secured
Interest Rate		13.50%	[11]	13.50%	[12]
Principal		$ 3,500,000		$ 3,500,000
Cost		3,263,129		3,214,747
Fair Value		$ 3,263,129	[3]	$ 3,214,747	[6]
Investment, Identifier [Axis]: First American Government Obligations Fund - Class Z
Percent Of Net Assets, Cash Equivalents		9.30%		7.50%
Cost, Cash Equivalents		$ 26,621,359		$ 17,030,603
Fair Value, Cash Equivalents		$ 26,621,359		$ 17,030,603
Investment, Identifier [Axis]: Form Remodel, Inc., Senior Secured 1
Interest Rate		11.00%	[11]	11.00%	[12]
Principal		$ 440,972		$ 410,822
Cost		435,908		383,743
Fair Value		$ 435,908	[3]	$ 383,743	[6]
Investment, Identifier [Axis]: Form Remodel, Inc., Senior Secured 2
Interest Rate		11.00%	[11]	11.00%	[12]
Principal		$ 348,556		$ 500,000
Cost		345,470		492,701
Fair Value		$ 345,470	[3]	$ 492,701	[6]
Investment, Identifier [Axis]: Form Remodel, Inc., Senior Secured 3
Interest Rate		11.00%	[11]	11.00%	[12]
Principal		$ 316,539		$ 441,105
Cost		300,368		436,137
Fair Value		$ 300,368	[3]	$ 436,137	[6]
Investment, Identifier [Axis]: Form Remodel, Inc., Senior Secured 4
Interest Rate		11.00%	[11]	11.00%	[12]
Principal		$ 410,833		$ 500,000
Cost		406,497		493,526
Fair Value		$ 406,497	[3]	$ 493,526	[6]
Investment, Identifier [Axis]: FutureProof Technologies, Inc., Senior Secured
Interest Rate		13.50%	[11]	13.50%	[12]
Principal		$ 826,379		$ 1,000,000
Cost		788,201		943,769
Fair Value		$ 788,201	[3]	$ 943,769	[6]
Investment, Identifier [Axis]: Gallant Pet, Inc., Senior Secured
Interest Rate		14.00%	[11]	14.00%	[12]
Principal		$ 1,887,576		$ 2,000,000
Cost		1,748,491		1,810,178
Fair Value		$ 1,748,491	[3]	$ 1,810,178	[6]
Investment, Identifier [Axis]: Gladly Software, Inc., Senior Secured
Interest Rate	[12]			11.60%
Principal				$ 24,716,004
Cost				23,649,871
Fair Value	[6]			$ 23,649,871
Investment, Identifier [Axis]: GoForward, Inc., Senior Secured
Interest Rate		12.80%	[11]	12.80%	[12]
Principal		$ 19,428,650		$ 20,000,000
Cost		17,152,028		18,027,726
Fair Value		$ 17,152,028	[3]	$ 18,027,726	[6]
Investment, Identifier [Axis]: Grayce, Inc., Senior Secured
Interest Rate		14.00%	[11]	14.00%	[12]
Principal		$ 528,877		$ 664,671
Cost		508,211		631,909
Fair Value		$ 508,211	[3]	$ 631,909	[6]
Investment, Identifier [Axis]: Grokker, Inc., Senior Secured
Interest Rate		11.50%	[11]	11.50%	[12]
Principal		$ 326,004		$ 403,473
Cost		319,587		393,586
Fair Value		$ 319,587	[3]	$ 393,586	[6]
Investment, Identifier [Axis]: HaystacksAI, Inc., Senior Secured 1
Interest Rate		12.30%	[11]	11.00%	[12]
Principal		$ 809,810		$ 426,099
Cost		779,055		426,099
Fair Value		$ 779,055	[3]	$ 426,099	[6]
Investment, Identifier [Axis]: HaystacksAI, Inc., Senior Secured 2
Interest Rate	[12]			11.00%
Principal				$ 426,099
Cost				404,188
Fair Value	[6]			$ 404,188
Investment, Identifier [Axis]: Hdata, Inc., Senior Secured
Interest Rate		12.80%	[11]	12.80%	[12]
End of Term Payment		2.50%	[13]	2.50%	[14]
Principal		$ 471,453		$ 500,000
Cost		436,022		448,042
Fair Value		$ 436,022	[3]	$ 448,042	[6]
Investment, Identifier [Axis]: Heading Health Inc., Senior Secured
Interest Rate	[11]	13.20%
Principal		$ 1,065,032
Cost		981,215
Fair Value	[3]	$ 266,176
Investment, Identifier [Axis]: Heading Health Inc., Senior Secured 1
Interest Rate	[12]			13.20%
Principal				$ 1,065,032
Cost				981,214
Fair Value	[6]			$ 793,209
Investment, Identifier [Axis]: High Definition Vehicle Insurance, Inc., Senior Secured
Interest Rate	[11]	14.50%
Principal		$ 12,500,000
Cost		11,939,586
Fair Value	[3]	$ 11,939,586
Investment, Identifier [Axis]: High Definition Vehicle Insurance, Inc.., Senior Secured 1
Interest Rate	[12]			14.50%
Principal				$ 12,500,000
Cost				11,799,593
Fair Value	[6]			$ 11,799,593
Investment, Identifier [Axis]: Higher Ground Education, Inc., Senior Secured 1
Interest Rate		15.00%	[11]	15.00%	[12]
Principal		$ 9,863,047		$ 9,872,884
Cost		5,870,421		5,199,021
Fair Value		$ 5,870,421	[3]	$ 5,199,021	[6]
Investment, Identifier [Axis]: Higher Ground Education, Inc., Senior Secured 2
Interest Rate	[11]	15.00%
Principal		$ 4,936,507
Cost		3,241,218
Fair Value	[3]	$ 3,241,218
Investment, Identifier [Axis]: Higher Ground Education, Inc., Senior Secured 3
Interest Rate	[11]	15.00%
Principal		$ 4,932,912
Cost		4,932,912
Fair Value	[3]	$ 4,932,912
Investment, Identifier [Axis]: Hint, Inc., Senior Secured
Interest Rate		12.00%	[11]	12.00%	[12]
Principal		$ 3,263,186		$ 4,898,181
Cost		3,061,924		4,458,792
Fair Value		$ 3,061,924	[3]	$ 4,458,792	[6]
Investment, Identifier [Axis]: Hoken Holdings Inc., Senior Secured
Interest Rate		13.00%	[11]	13.00%	[12]
Principal		$ 496,918		$ 607,201
Cost		463,158		556,766
Fair Value		$ 463,158	[3]	$ 556,766	[6]
Investment, Identifier [Axis]: Holo, Inc., Senior Secured 1
Interest Rate		13.50%	[11]	15.50%	[12]
Principal		$ 536,867		$ 486,194
Cost		423,869		472,810
Fair Value		$ 423,869	[3]	$ 472,810	[6]
Investment, Identifier [Axis]: Holo, Inc., Senior Secured 2
Interest Rate	[12]			13.50%
Principal				$ 826,350
Cost				769,711
Fair Value	[6]			$ 769,711
Investment, Identifier [Axis]: Hyphen Technologies, Inc., Senior Secured
Interest Rate		11.50%	[11]	11.50%	[12]
Principal		$ 2,189,518		$ 2,737,343
Cost		2,130,100		2,644,141
Fair Value		$ 2,130,100	[3]	$ 2,644,141	[6]
Investment, Identifier [Axis]: Intuition Robotics, Inc., Senior Secured
Interest Rate		12.00%	[9],[10],[11]	12.00%	[7],[8],[12]
Principal		$ 1,509,376	[9],[10]	$ 1,982,991	[7],[8]
Cost		1,477,132	[9],[10]	1,927,316	[7],[8]
Fair Value		$ 1,477,132	[3],[9],[10]	$ 1,927,316	[6],[7],[8]
Investment, Identifier [Axis]: Ioogo Inc., Senior Secured 1
Interest Rate		13.50%	[11]	13.50%	[12]
End of Term Payment			[13]	2.00%	[14]
Principal		$ 4,830,303		$ 2,000,000
Cost		4,616,297		1,959,731
Fair Value		$ 0	[3]	$ 1,959,731	[6]
Investment, Identifier [Axis]: Ioogo Inc., Senior Secured 2
Interest Rate	[12]			13.50%
End of Term Payment	[14]			2.00%
Principal				$ 3,000,000
Cost				2,827,101
Fair Value	[6]			$ 2,827,101
Investment, Identifier [Axis]: Jiko Group, Inc., Senior Secured
Interest Rate		12.00%	[11]	12.00%	[12]
Principal		$ 338,311		$ 985,378
Cost		336,425		971,851
Fair Value		$ 336,425	[3]	$ 971,851	[6]
Investment, Identifier [Axis]: Journey Builders, Inc., Senior Secured 1
Interest Rate	[12]			12.50%
Principal				$ 942,299
Cost				901,246
Fair Value	[6]			$ 901,246
Investment, Identifier [Axis]: Joy Memories, Inc, Senior Secured 1
Interest Rate		12.80%	[11]	12.00%	[12]
End of Term Payment	[13]	1.50%
Principal		$ 4,873,992		$ 1,235,303
Cost		4,689,716		1,158,922
Fair Value		$ 4,689,716	[3]	$ 1,158,922	[6]
Investment, Identifier [Axis]: Joy Memories, Inc, Senior Secured 2
Interest Rate		12.00%	[11]	12.80%	[12]
End of Term Payment			[13]	1.50%	[14]
Principal		$ 954,045		$ 5,000,000
Cost		908,314		4,738,844
Fair Value		$ 908,314	[3]	$ 4,738,844	[6]
Investment, Identifier [Axis]: Julie Products Inc., Senior Secured 1
Interest Rate		13.00%	[11]	15.30%	[12]
Principal		$ 591,850		$ 375,000
Cost		570,975		366,817
Fair Value		$ 570,975	[3]	$ 366,817	[6]
Investment, Identifier [Axis]: Julie Products Inc., Senior Secured 2
Interest Rate		15.30%	[11]	15.80%	[12]
Principal		$ 314,942		$ 375,000
Cost		309,557		366,153
Fair Value		$ 309,557	[3]	$ 366,153	[6]
Investment, Identifier [Axis]: Julie Products Inc., Senior Secured 3
Interest Rate		15.80%	[11]	13.00%	[12]
Principal		$ 339,731		$ 802,628
Cost		333,638		764,447
Fair Value		$ 333,638	[3]	$ 764,447	[6]
Investment, Identifier [Axis]: Juvo Mobile, Inc., Senior Secured 1
Interest Rate		12.50%	[10],[11]	15.50%	[8],[12]
End of Term Payment	[10],[13]	4.90%
Principal		$ 2,000,000	[10]	$ 500,000	[8]
Cost		1,905,320	[10]	489,833	[8]
Fair Value		$ 1,905,320	[3],[10]	$ 489,833	[6],[8]
Investment, Identifier [Axis]: Juvo Mobile, Inc., Senior Secured 2
Interest Rate		12.00%	[10],[11]	12.50%	[8],[12]
Principal		$ 1,280,363	[10]	$ 2,000,000	[8]
Cost		1,236,725	[10]	1,870,414	[8]
Fair Value		$ 1,236,725	[3],[10]	$ 1,870,414	[6],[8]
Investment, Identifier [Axis]: Juvo Mobile, Inc., Senior Secured 3
Interest Rate		15.50%	[10],[11]	12.00%	[8],[12]
End of Term Payment	[13]
Principal		$ 429,580	[10]	$ 1,500,000	[8]
Cost		422,547	[10]	1,436,390	[8]
Fair Value		$ 422,547	[3],[10]	$ 1,436,390	[6],[8]
Investment, Identifier [Axis]: KBS, Inc., Senior Secured
Interest Rate		14.00%	[11]	14.00%	[12]
Principal		$ 206,828		$ 250,000
Cost		193,161		229,967
Fair Value		$ 193,161	[3]	$ 229,967	[6]
Investment, Identifier [Axis]: Ketch Kloud, Inc., Senior Secured
Interest Rate		13.00%	[11]	13.00%	[12]
Principal		$ 6,972,400		$ 7,000,000
Cost		6,692,654		6,739,524
Fair Value		$ 6,692,654	[3]	$ 6,739,524	[6]
Investment, Identifier [Axis]: Kibeam Learning, Inc., Senior Secured
Interest Rate		11.50%	[11]	11.50%	[12]
Principal		$ 450,116		$ 656,577
Cost		438,864		633,002
Fair Value		$ 438,864	[3]	$ 633,002	[6]
Investment, Identifier [Axis]: Klar Holdings Limited, Senior Secured
Interest Rate		11.80%	[9],[10],[11]	11.80%	[7],[8],[12]
Principal		$ 2,488,845	[9],[10]	$ 3,455,849	[7],[8]
Cost		2,419,341	[9],[10]	3,323,072	[7],[8]
Fair Value		$ 2,419,341	[3],[9],[10]	$ 3,323,072	[6],[7],[8]
Investment, Identifier [Axis]: Kolors, Inc. , Senior Secured 2
Interest Rate	[9],[10],[11]	13.50%
End of Term Payment	[9],[10],[13]	2.50%
Principal	[9],[10]	$ 2,000,000
Cost	[9],[10]	1,948,940
Fair Value	[3],[9],[10]	$ 1,948,940
Investment, Identifier [Axis]: Kolors, Inc., Senior Secured
Interest Rate	[7],[8],[12]			13.30%
End of Term Payment	[7],[8],[14]			2.50%
Principal	[7],[8]			$ 3,000,000
Cost	[7],[8]			2,785,527
Fair Value	[6],[7],[8]			$ 2,785,527
Investment, Identifier [Axis]: Kolors, Inc., Senior Secured 1
Interest Rate	[9],[10],[11]	13.30%
End of Term Payment	[9],[10],[13]	2.50%
Principal	[9],[10]	$ 3,000,000
Cost	[9],[10]	2,845,797
Fair Value	[3],[9],[10]	$ 2,845,797
Investment, Identifier [Axis]: Kushki Group Holdings Ltd. , Senior Secured
Interest Rate	[9],[10],[11]	13.00%
Principal	[9],[10]	$ 10,000,000
Cost	[9],[10]	8,979,633
Fair Value	[3],[9],[10]	$ 8,979,633
Investment, Identifier [Axis]: Kushki Group Holdings Ltd., Senior Secured
Interest Rate	[7],[8],[12]			13.00%
Principal	[7],[8]			$ 10,000,000
Cost	[7],[8]			8,698,661
Fair Value	[6],[7],[8]			$ 8,698,661
Investment, Identifier [Axis]: Lacuna Technologies, Inc., Senior Secured 1
Interest Rate		12.00%	[11]	12.00%	[12]
Principal		$ 3,432,568		$ 3,432,568
Cost		3,240,601		3,240,601
Fair Value		$ 0	[3]	$ 0	[6]
Investment, Identifier [Axis]: Lassen Peak, Inc., Senior Secured
Interest Rate	[12]			11.00%
Principal				$ 109,199
Cost				107,258
Fair Value	[6]			$ 107,258
Investment, Identifier [Axis]: LendTable Inc., Senior Secured 1
Interest Rate		14.80%	[11]	14.80%	[12]
Principal		$ 1,374,198		$ 1,500,000
Cost		1,352,100		1,469,096
Fair Value		$ 1,352,100	[3]	$ 1,469,096	[6]
Investment, Identifier [Axis]: LendTable Inc., Senior Secured 2
Interest Rate		13.50%	[11]	13.50%	[12]
Principal		$ 1,469,721		$ 1,828,989
Cost		1,419,970		1,751,544
Fair Value		$ 1,419,970	[3]	$ 1,751,544	[6]
Investment, Identifier [Axis]: Literati, Inc., Senior Secured 1
Interest Rate	[12]			11.30%
Principal				$ 6,548,474
Cost				6,397,107
Fair Value	[6]			$ 6,397,107
Investment, Identifier [Axis]: Loansnap Holdings Inc., Senior Secured
Interest Rate		10.30%	[10],[11]	10.30%	[8],[12]
Principal		$ 3,669,060	[10]	$ 3,669,060	[8]
Cost		3,480,373	[10]	3,480,372	[8]
Fair Value		$ 1,876,123	[3],[10]	$ 2,352,928	[6],[8]
Investment, Identifier [Axis]: Logistech Solutions Pte. Ltd., Senior Secured 1
Interest Rate		12.80%	[9],[10],[11]	11.50%	[7],[8],[12]
Principal		$ 942,906	[9],[10]	$ 411,295	[7],[8]
Cost		929,753	[9],[10]	357,702	[7],[8]
Fair Value		$ 929,753	[3],[9],[10]	$ 357,702	[6],[7],[8]
Investment, Identifier [Axis]: Logistech Solutions Pte. Ltd., Senior Secured 2
Interest Rate		11.50%	[9],[10],[11]	12.80%	[7],[8],[12]
Principal		$ 317,278	[9],[10]	$ 1,000,000	[7],[8]
Cost		284,861	[9],[10]	981,817	[7],[8]
Fair Value		$ 284,861	[3],[9],[10]	$ 981,817	[6],[7],[8]
Investment, Identifier [Axis]: MAYD Group GmbH, Senior Secured
Interest Rate		13.80%	[9],[10],[11]	13.80%	[7],[8],[12]
Principal		$ 2,480,536	[9],[10]	$ 3,000,000	[7],[8]
Cost		2,271,204	[9],[10]	2,810,109	[7],[8]
Fair Value		$ 1,672,321	[3],[9],[10]	$ 2,810,109	[6],[7],[8]
Investment, Identifier [Axis]: Make Cents Technologies Inc., Senior Secured
Interest Rate	[12]			13.50%
Principal				$ 6,000,000
Cost				5,556,761
Fair Value	[6]			$ 5,556,761
Investment, Identifier [Axis]: Make Cents Technologies Inc., Senior Secured 1
Interest Rate	[11]	13.50%
Principal		$ 6,000,000
Cost		5,659,204
Fair Value	[3]	$ 5,659,204
Investment, Identifier [Axis]: Make Cents Technologies Inc., Senior Secured 2
Interest Rate	[11]	13.80%
Principal		$ 4,000,000
Cost		3,658,700
Fair Value	[3]	$ 3,658,700
Investment, Identifier [Axis]: Maker Wine Company, Senior Secured
Interest Rate		11.80%	[11]	11.80%	[12]
Principal		$ 146,363		$ 248,887
Cost		144,357		243,291
Fair Value		$ 144,357	[3]	$ 243,291	[6]
Investment, Identifier [Axis]: Markai Holdings, LLC, Senior Secured
Interest Rate		6.30%	[11]	6.30%	[12]
Principal		$ 868,452		$ 868,452
Cost		814,588		814,588
Fair Value		$ 24,757	[3]	$ 49,543	[6]
Investment, Identifier [Axis]: Mavenform, Inc., Senior Secured
Interest Rate		13.50%	[11]	13.50%	[12]
Principal		$ 4,000,000		$ 4,000,000
Cost		3,791,457		3,739,033
Fair Value		$ 3,791,457	[3]	$ 3,739,033	[6]
Investment, Identifier [Axis]: Mazen Animal Health Inc., Senior Secured
Interest Rate		14.30%	[11]	14.30%	[12]
Principal		$ 3,544,848		$ 4,000,000
Cost		3,415,795		3,816,533
Fair Value		$ 3,415,795	[3]	$ 3,816,533	[6]
Investment, Identifier [Axis]: Merlin Labs, Inc., Senior Secured
Interest Rate	[11]	13.50%
End of Term Payment		3.50%
Principal		$ 12,500,000
Cost		10,692,080
Fair Value	[3]	$ 10,692,080
Investment, Identifier [Axis]: Merlyn Mind, Inc., Senior Secured
Interest Rate		13.80%	[11]	13.80%	[12]
Principal		$ 10,000,000		$ 10,000,000
Cost		9,578,206		9,465,482
Fair Value		$ 9,578,206	[3]	$ 9,465,482	[6]
Investment, Identifier [Axis]: Miami Labs, Inc., Senior Secured
Interest Rate		13.30%	[11]	13.30%	[12]
Principal		$ 7,227,364		$ 7,500,000
Cost		6,994,857		7,162,069
Fair Value		$ 6,994,857	[3]	$ 7,162,069	[6]
Investment, Identifier [Axis]: Migo Money, Inc., Senior Secured
Interest Rate		11.50%	[9],[10],[11]	11.50%	[7],[8],[12]
Principal		$ 1,206,906	[9],[10]	$ 1,318,612	[7],[8]
Cost		1,237,274	[9],[10]	1,348,980	[7],[8]
Fair Value		$ 725,714	[3],[9],[10]	$ 509,952	[6],[7],[8]
Investment, Identifier [Axis]: Minded, Inc., Senior Secured
Interest Rate		10.50%	[11]	10.50%	[12]
Principal		$ 1,357,150		$ 1,357,150
Cost		1,142,275		1,142,275
Fair Value		$ 0	[3]	$ 0	[6]
Investment, Identifier [Axis]: Modern Animal, Inc., Senior Secured
Interest Rate	[11]	12.80%
Principal		$ 5,000,000
Cost		4,236,563
Fair Value	[3]	$ 4,236,563
Investment, Identifier [Axis]: NeoSensory, Inc., Senior Secured
Interest Rate	[11]	14.00%
Principal		$ 750,000
Cost		469,451
Fair Value	[3]	$ 469,451
Investment, Identifier [Axis]: NewGlobe Education, Inc. , Senior Secured 1
Interest Rate	[9],[10],[11]	12.50%
End of Term Payment	[9],[10],[13]	4.60%
Principal	[9],[10]	$ 25,000,000
Cost	[9],[10]	22,854,126
Fair Value	[3],[9],[10]	$ 22,854,126
Investment, Identifier [Axis]: NewGlobe Education, Inc. , Senior Secured 2
Interest Rate	[11]	12.50%
Principal		$ 2,231,011
Cost		2,209,690
Fair Value	[3]	$ 2,209,690
Investment, Identifier [Axis]: NewGlobe Education, Inc., Senior Secured
Interest Rate	[7],[8],[12]			12.50%
Principal	[7],[8]			$ 4,327,530
Cost	[7],[8]			4,251,939
Fair Value	[6],[7],[8]			$ 4,251,939
Investment, Identifier [Axis]: Nextivity, Inc. Senior Secured
Interest Rate	[11]	12.50%
End of Term Payment	[13]	8.40%
Principal		$ 8,000,000
Cost		7,027,731
Fair Value	[3]	$ 7,027,731
Investment, Identifier [Axis]: NopSec Inc., Senior Secured
Interest Rate		12.00%	[11]	12.00%	[12]
Principal		$ 425,551		$ 767,446
Cost		420,795		752,670
Fair Value		$ 420,795	[3]	$ 752,670	[6]
Investment, Identifier [Axis]: Ocho Holdings Co., Senior Secured
Interest Rate	[11]	11.30%
Principal		$ 296,330
Cost		431,799
Fair Value	[3]	$ 431,799
Investment, Identifier [Axis]: Ocho Holdings Co., Senior Secured 1
Interest Rate	[12]			11.30%
Principal				$ 482,259
Cost				499,616
Fair Value	[6]			$ 499,616
Investment, Identifier [Axis]: Ocurate, Inc., Senior Secured
Interest Rate	[11]	11.50%
Principal		$ 730,049
Cost		743,735
Fair Value	[3]	$ 672,523
Investment, Identifier [Axis]: Ocurate, Inc., Senior Secured 1
Interest Rate	[12]			11.50%
Principal				$ 380,556
Cost				367,489
Fair Value	[6]			$ 367,489
Investment, Identifier [Axis]: Ocurate, Inc., Senior Secured 2
Interest Rate	[12]			11.50%
Principal				$ 380,556
Cost				376,163
Fair Value	[6]			$ 376,163
Investment, Identifier [Axis]: OneLocal, Inc., Senior Secured
Interest Rate		12.00%	[9],[10],[11]	12.00%	[7],[8],[12]
Principal		$ 700,751	[9],[10]	$ 859,047	[7],[8]
Cost		688,200	[9],[10]	833,541	[7],[8]
Fair Value		$ 688,200	[3],[9],[10]	$ 833,541	[6],[7],[8]
Investment, Identifier [Axis]: Open Inc., Senior Secured 1
Interest Rate		14.80%	[11]	13.50%	[12]
Principal		$ 368,986		$ 457,247
Cost		364,798		436,107
Fair Value		$ 364,798	[3]	$ 436,107	[6]
Investment, Identifier [Axis]: Open Inc., Senior Secured 2
Interest Rate		13.50%	[11]	14.80%	[12]
Principal		$ 367,430		$ 457,878
Cost		353,842		451,414
Fair Value		$ 353,842	[3]	$ 451,414	[6]
Investment, Identifier [Axis]: Overalls, Inc., Senior Secured 1
Interest Rate		15.50%	[11]	13.50%	[12]
Principal		$ 192,604		$ 471,719
Cost		192,604		442,548
Fair Value		$ 192,604	[3]	$ 442,548	[6]
Investment, Identifier [Axis]: Overalls, Inc., Senior Secured 2
Interest Rate		13.50%	[11]	15.50%	[12]
Principal		$ 382,904		$ 236,209
Cost		363,747		236,209
Fair Value		$ 363,747	[3]	$ 236,209	[6]
Investment, Identifier [Axis]: Parkoursc, Inc., Senior Secured
Interest Rate	[12]			12.80%
End of Term Payment	[14]			1.00%
Principal				$ 3,000,000
Cost				2,850,212
Fair Value	[6]			$ 2,850,212
Investment, Identifier [Axis]: Parkoursc, Inc., Senior Secured 1
Interest Rate	[11]	12.80%
End of Term Payment	[13]	1.00%
Principal		$ 2,610,609
Cost		2,510,159
Fair Value	[3]	$ 2,510,159
Investment, Identifier [Axis]: Parkoursc, Inc., Senior Secured 2
Interest Rate	[11]	13.00%
Principal		$ 1,000,000
Cost		896,360
Fair Value	[3]	$ 896,360
Investment, Identifier [Axis]: Pixalate, Inc., Senior Secured 1
Interest Rate		12.80%	[11]	13.00%	[12]
End of Term Payment		2.50%	[13]	2.50%	[14]
Principal		$ 1,000,000		$ 1,000,000
Cost		890,226		1,001,347
Fair Value		$ 890,226	[3]	$ 1,001,347	[6]
Investment, Identifier [Axis]: Pixalate, Inc., Senior Secured 2
Interest Rate		13.00%	[11]	12.80%	[12]
End of Term Payment		2.50%	[13]	2.50%	[14]
Principal		$ 1,000,000		$ 1,000,000
Cost		1,005,449		855,173
Fair Value		$ 1,005,449	[3]	$ 855,173	[6]
Investment, Identifier [Axis]: Plant Prefab, Inc., Senior Secured
Interest Rate		12.40%	[11]	12.40%	[12]
Principal		$ 1,236,363		$ 1,236,363
Cost		1,167,670		1,174,111
Fair Value		$ 1,167,670	[3]	$ 1,174,111	[6]
Investment, Identifier [Axis]: PlantBaby, Inc., Senior Secured 1
Interest Rate	[11]	12.00%
Principal		$ 58,823
Cost		58,132
Fair Value	[3]	$ 58,132
Investment, Identifier [Axis]: PlantBaby, Inc., Senior Secured 2
Interest Rate	[11]	12.00%
Principal		$ 100,538
Cost		97,002
Fair Value	[3]	$ 97,002
Investment, Identifier [Axis]: PlantBaby, Inc., Senior Secured 3
Interest Rate	[11]	12.00%
Principal		$ 71,368
Cost		70,358
Fair Value	[3]	$ 70,358
Investment, Identifier [Axis]: PlantBaby, Inc., Senior Secured 4
Interest Rate	[11]	14.30%
Principal		$ 99,710
Cost		97,121
Fair Value	[3]	$ 97,121
Investment, Identifier [Axis]: PlantBaby, Inc., Senior Secured 5
Interest Rate	[11]	13.80%
Principal		$ 84,144
Cost		77,399
Fair Value	[3]	$ 77,399
Investment, Identifier [Axis]: PlantBaby, inc., Senior Secured 1
Interest Rate	[12]			12.00%
Principal				$ 83,466
Cost				82,084
Fair Value	[6]			$ 82,084
Investment, Identifier [Axis]: PlantBaby, inc., Senior Secured 2
Interest Rate	[12]			12.00%
Principal				$ 95,285
Cost				93,485
Fair Value	[6]			$ 93,485
Investment, Identifier [Axis]: PlantBaby, inc., Senior Secured 3
Interest Rate	[12]			14.30%
Principal				$ 121,495
Cost				117,614
Fair Value	[6]			$ 117,614
Investment, Identifier [Axis]: PlantBaby, inc., Senior Secured 4
Interest Rate	[12]			13.80%
Principal				$ 107,087
Cost				96,231
Fair Value	[6]			$ 96,231
Investment, Identifier [Axis]: PlantBaby, inc., Senior Secured 5
Interest Rate	[12]			12.00%
Principal				$ 150,836
Cost				143,047
Fair Value	[6]			$ 143,047
Investment, Identifier [Axis]: Platform Science, Inc., Senior Secured 1
Interest Rate		12.50%	[11]	12.50%	[12]
Principal		$ 3,661,782		$ 4,421,154
Cost		3,623,245		4,179,690
Fair Value		$ 3,623,245	[3]	$ 4,179,690	[6]
Investment, Identifier [Axis]: Platform Science, Inc., Senior Secured 2
Interest Rate		12.50%	[11]	12.50%	[12]
Principal		$ 3,505,772		$ 4,567,377
Cost		3,354,061		4,506,939
Fair Value		$ 3,354,061	[3]	$ 4,506,939	[6]
Investment, Identifier [Axis]: PrecisionOS Technology Inc. , Senior Secured
Interest Rate	[9],[10],[11]	12.00%
Principal	[9],[10]	$ 470,581
Cost	[9],[10]	458,481
Fair Value	[3],[9],[10]	$ 458,481
Investment, Identifier [Axis]: PrecisionOS Technology Inc., Senior Secured
Interest Rate	[7],[8],[12]			12.00%
Principal	[7],[8]			$ 667,730
Cost	[7],[8]			643,612
Fair Value	[6],[7],[8]			$ 643,612
Investment, Identifier [Axis]: Proto, Inc., Senior Secured 1
Interest Rate		12.50%	[11]	12.50%	[12]
Principal		$ 787,171		$ 1,049,740
Cost		759,952		1,001,516
Fair Value		$ 759,952	[3]	$ 1,001,516	[6]
Investment, Identifier [Axis]: Proto, Inc., Senior Secured 2
Interest Rate		12.80%	[11]	12.80%	[12]
Principal		$ 788,234		$ 1,050,540
Cost		788,233		1,050,539
Fair Value		$ 788,233	[3]	$ 1,050,539	[6]
Investment, Identifier [Axis]: Quantcast Corp., Senior Secured
Interest Rate		12.00%	[11]	12.00%	[12]
Principal		$ 10,669,695		$ 12,500,000
Cost		10,174,201		11,779,146
Fair Value		$ 10,174,201	[3]	$ 11,779,146	[6]
Investment, Identifier [Axis]: Ratio Technologies, Inc., Senior Secured 1
Interest Rate		11.00%	[11]	11.00%	[12]
Principal		$ 370,304		$ 180,104
Cost		365,809		149,795
Fair Value		$ 365,809	[3]	$ 149,795	[6]
Investment, Identifier [Axis]: Ratio Technologies, Inc., Senior Secured 2
Interest Rate		11.00%	[11]	11.00%	[12]
Principal		$ 1,024,146		$ 430,449
Cost		1,011,882		424,310
Fair Value		$ 1,011,882	[3]	$ 424,310	[6]
Investment, Identifier [Axis]: Ratio Technologies, Inc., Senior Secured 3
Interest Rate		11.00%	[11]	11.00%	[12]
Principal		$ 154,939		$ 1,190,488
Cost		132,359		1,173,736
Fair Value		$ 132,359	[3]	$ 1,173,736	[6]
Investment, Identifier [Axis]: Reali Inc., Senior Secured
Interest Rate		12.50%	[11]	12.50%	[12]
Principal		$ 3,586,031		$ 3,586,031
Cost		2,630,866		2,630,866
Fair Value		$ 7,322	[3]	$ 7,322	[6]
Investment, Identifier [Axis]: Realm Living, Inc., Senior Secured
Interest Rate		13.00%	[11]	13.00%	[12]
Principal		$ 3,180,272		$ 3,886,089
Cost		3,079,443		3,734,520
Fair Value		$ 3,079,443	[3]	$ 3,734,520	[6]
Investment, Identifier [Axis]: RenoFi, Inc., Senior Secured 1
Interest Rate	[12]			11.50%
Principal				$ 988,490
Cost				929,802
Fair Value	[6]			$ 929,802
Investment, Identifier [Axis]: RenoFi, Inc., Senior Secured 2
Interest Rate	[12]			11.50%
Principal				$ 1,082,499
Cost				1,070,622
Fair Value	[6]			$ 1,070,622
Investment, Identifier [Axis]: RetailerX, Inc., Senior Secured 1
Interest Rate		10.00%	[11]	11.00%	[12]
Principal		$ 3,844,084		$ 3,834,495
Cost		3,844,084		3,656,561
Fair Value		$ 3,844,084	[3]	$ 3,656,561	[6]
Investment, Identifier [Axis]: RetailerX, Inc., Senior Secured 2
Interest Rate		11.00%	[11]	10.00%	[12]
End of Term Payment			[13]	100.00%	[14]
Principal		$ 3,682,371		$ 3,654,343
Cost		3,576,182		3,654,343
Fair Value		$ 3,576,182	[3]	$ 3,654,343	[6]
Investment, Identifier [Axis]: Ripple Foods, PBC, Senior Secured
Interest Rate	[12]			12.00%
End of Term Payment	[14]			2.50%
Principal				$ 6,000,000
Cost				5,181,739
Fair Value	[6]			$ 5,181,739
Investment, Identifier [Axis]: Ripple Foods, PBC, Senior Secured 1
Interest Rate	[11]	12.00%
End of Term Payment	[13]	2.50%
Principal		$ 4,000,000
Cost		3,832,447
Fair Value	[3]	$ 3,832,447
Investment, Identifier [Axis]: Ripple Foods, PBC, Senior Secured 2
Interest Rate	[11]	12.00%
End of Term Payment	[13]	2.50%
Principal		$ 6,000,000
Cost		5,421,478
Fair Value	[3]	$ 5,421,478
Investment, Identifier [Axis]: Rise Gardens, Inc., Senior Secured
Interest Rate	[11]	11.80%
Principal		$ 1,380,944
Cost		1,201,703
Fair Value	[3]	$ 616,757
Investment, Identifier [Axis]: Rise Gardens, Inc., Senior Secured 1
Interest Rate	[12]			11.80%
Principal				$ 500,000
Cost				491,113
Fair Value	[6]			$ 343,183
Investment, Identifier [Axis]: Rise Gardens, Inc., Senior Secured 2
Interest Rate	[12]			11.80%
Principal				$ 792,662
Cost				769,831
Fair Value	[6]			$ 537,948
Investment, Identifier [Axis]: Romaine Empire, Inc., Senior Secured
Interest Rate	[11]	13.50%
Principal		$ 8,887,530
Cost		8,671,762
Fair Value	[3]	$ 8,671,762
Investment, Identifier [Axis]: Romaine Empire, Inc., Senior Secured 1
Interest Rate	[12]			13.50%
Principal				$ 8,887,530
Cost				8,586,100
Fair Value	[6]			$ 8,586,100
Investment, Identifier [Axis]: Runzy, Inc., Senior Secured 1
Interest Rate		14.50%	[11]	14.50%	[12]
Principal		$ 250,000		$ 250,000
Cost		248,368		247,977
Fair Value		$ 248,368	[3]	$ 247,977	[6]
Investment, Identifier [Axis]: Runzy, Inc., Senior Secured 2
Interest Rate		14.30%	[11]	14.30%	[12]
Principal		$ 250,000		$ 250,000
Cost		242,561		240,589
Fair Value		$ 242,561	[3]	$ 240,589	[6]
Investment, Identifier [Axis]: SISU Aesthetics Clinic, Inc., Senior Secured 1
Interest Rate		14.00%	[9],[10],[11]	14.00%	[7],[8],[12]
Principal		$ 597,871	[9],[10]	$ 728,903	[7],[8]
Cost		594,287	[9],[10]	723,510	[7],[8]
Fair Value		$ 594,287	[3],[9],[10]	$ 723,510	[6],[7],[8]
Investment, Identifier [Axis]: SISU Aesthetics Clinic, Inc., Senior Secured 2
Interest Rate		13.50%	[9],[10],[11]	13.50%	[7],[8],[12]
Principal		$ 765,808	[9],[10]	$ 943,438	[7],[8]
Cost		745,654	[9],[10]	912,621	[7],[8]
Fair Value		$ 745,654	[3],[9],[10]	$ 912,621	[6],[7],[8]
Investment, Identifier [Axis]: Safe Securities Inc., Senior Secured 1
Interest Rate		12.30%	[11]	12.30%	[12]
End of Term Payment		1.00%	[13]	1.00%	[14]
Principal		$ 3,000,000		$ 3,000,000
Cost		2,948,895		2,932,149
Fair Value		$ 2,948,895	[3]	$ 2,932,149	[6]
Investment, Identifier [Axis]: Safe Securities Inc., Senior Secured 2
Interest Rate		12.30%	[11]	12.30%	[12]
End of Term Payment		1.00%	[13]	1.00%	[14]
Principal		$ 3,000,000		$ 3,000,000
Cost		2,761,156		2,705,481
Fair Value		$ 2,761,156	[3]	$ 2,705,481	[6]
Investment, Identifier [Axis]: Scaleup Finance Group ApS, Senior Secured 1
Interest Rate		15.80%	[9],[10],[11]	15.00%	[7],[8],[12]
Principal		$ 1,250,000	[9],[10]	$ 1,250,000	[7],[8]
Cost		1,224,240	[9],[10]	1,157,448	[7],[8]
Fair Value		$ 1,224,240	[3],[9],[10]	$ 1,157,448	[6],[7],[8]
Investment, Identifier [Axis]: Scaleup Finance Group ApS, Senior Secured 2
Interest Rate		15.00%	[9],[10],[11]	15.80%	[7],[8],[12]
Principal		$ 1,036,460	[9],[10]	$ 1,250,000	[7],[8]
Cost		973,171	[9],[10]	1,216,529	[7],[8]
Fair Value		$ 973,171	[3],[9],[10]	$ 1,216,529	[6],[7],[8]
Investment, Identifier [Axis]: Scripta Insights, Inc., Senior Secured 1
Interest Rate		12.00%	[11]	12.00%	[12]
Principal		$ 181,553		$ 1,127,995
Cost		180,211		1,101,197
Fair Value		$ 180,211	[3]	$ 1,101,197	[6]
Investment, Identifier [Axis]: Scripta Insights, Inc., Senior Secured 2
Interest Rate		12.00%	[11]	12.00%	[12]
Principal		$ 725,892		$ 282,123
Cost		714,555		278,940
Fair Value		$ 714,555	[3]	$ 278,940	[6]
Investment, Identifier [Axis]: Semsee Corp., Senior Secured
Interest Rate		14.30%	[11]	14.30%	[12]
End of Term Payment		1.00%	[13]	1.00%	[14]
Principal		$ 3,000,000		$ 3,000,000
Cost		2,817,720		2,727,884
Fair Value		$ 2,817,720	[3]	$ 2,727,884	[6]
Investment, Identifier [Axis]: Sonatus, Inc, Senior Secured 1
Interest Rate		12.50%	[11]	12.50%	[12]
Principal		$ 3,149,263		$ 4,075,074
Cost		3,060,844		3,927,011
Fair Value		$ 3,060,844	[3]	$ 3,927,011	[6]
Investment, Identifier [Axis]: Sonatus, Inc, Senior Secured 2
Interest Rate		12.50%	[11]	12.50%	[12]
Principal		$ 1,115,462		$ 2,163,681
Cost		1,098,172		2,102,587
Fair Value		$ 1,098,172	[3]	$ 2,102,587	[6]
Investment, Identifier [Axis]: State Affairs, Inc., Senior Secured 1
Interest Rate		13.80%	[11]	14.00%	[12]
Principal		$ 1,000,000		$ 1,500,000
Cost		918,895		1,464,453
Fair Value		$ 918,895	[3]	$ 1,464,453	[6]
Investment, Identifier [Axis]: State Affairs, Inc., Senior Secured 2
Interest Rate		14.00%	[11]	13.80%	[12]
Principal		$ 1,500,000		$ 1,000,000
Cost		1,472,301		977,932
Fair Value		$ 1,472,301	[3]	$ 977,932	[6]
Investment, Identifier [Axis]: State Affairs, Inc., Senior Secured 3
Interest Rate		13.80%	[11]	13.80%	[12]
Principal		$ 1,000,000		$ 1,000,000
Cost		983,327		891,906
Fair Value		$ 983,327	[3]	$ 891,906	[6]
Investment, Identifier [Axis]: Sun Day Carwash, Inc., Senior Secured 1
Interest Rate		13.50%	[11]	13.50%	[12]
End of Term Payment		2.00%	[13]	2.00%	[14]
Principal		$ 2,000,000		$ 2,000,000
Cost		1,970,946		1,951,873
Fair Value		$ 1,970,946	[3]	$ 1,951,873	[6]
Investment, Identifier [Axis]: Sun Day Carwash, Inc., Senior Secured 2
Interest Rate		13.50%	[11]	13.50%	[12]
End of Term Payment		2.00%	[13]	2.00%	[14]
Principal		$ 4,000,000		$ 4,000,000
Cost		3,799,291		3,719,925
Fair Value		$ 3,799,291	[3]	$ 3,719,925	[6]
Investment, Identifier [Axis]: Supplant, Inc. , Senior Secured 1
Interest Rate	[9],[10],[11]	16.00%
Principal	[9],[10]	$ 500,000
Cost	[9],[10]	492,012
Fair Value	[3],[9],[10]	$ 492,012
Investment, Identifier [Axis]: Supplant, Inc. , Senior Secured 2
Interest Rate	[9],[10],[11]	13.00%
Principal	[9],[10]	$ 1,710,372
Cost	[9],[10]	1,653,549
Fair Value	[3],[9],[10]	$ 1,653,549
Investment, Identifier [Axis]: Supplant, Inc., Senior Secured 1
Interest Rate	[7],[8],[12]			16.00%
Principal	[7],[8]			$ 500,000
Cost	[7],[8]			489,453
Fair Value	[6],[7],[8]			$ 489,453
Investment, Identifier [Axis]: Supplant, Inc., Senior Secured 2
Interest Rate	[7],[8],[12]			13.00%
Principal	[7],[8]			$ 2,000,000
Cost	[7],[8]			1,917,423
Fair Value	[6],[7],[8]			$ 1,917,423
Investment, Identifier [Axis]: Surround Group, Inc., Senior Secured
Interest Rate		14.30%	[11]	14.30%	[12]
Principal		$ 767,543		$ 943,965
Cost		736,342		896,488
Fair Value		$ 736,342	[3]	$ 896,488	[6]
Investment, Identifier [Axis]: TLNT Inc., Senior Secured
Interest Rate	[11]	15.00%
Principal		$ 1,068,549
Cost		1,011,697
Fair Value	[3]	$ 0
Investment, Identifier [Axis]: TLNT Inc., Senior Secured 1
Interest Rate	[12]			15.30%
Principal				$ 312,500
Cost				305,936
Fair Value	[6]			$ 191,458
Investment, Identifier [Axis]: TLNT Inc., Senior Secured 2
Interest Rate	[12]			15.80%
Principal				$ 312,500
Cost				304,453
Fair Value	[6]			$ 190,530
Investment, Identifier [Axis]: TLNT Inc., Senior Secured 3
Interest Rate	[12]			14.30%
Principal				$ 353,987
Cost				325,391
Fair Value	[6]			$ 203,633
Investment, Identifier [Axis]: TLNT Inc., Senior Secured 4
Interest Rate	[12]			14.80%
Principal				$ 118,039
Cost				115,911
Fair Value	[6]			$ 72,539
Investment, Identifier [Axis]: Techspert.IO Limited, Senior Secured 1
Interest Rate		14.80%	[9],[10],[11]	14.80%	[7],[8],[12]
Principal		$ 1,750,000	[9],[10]	$ 1,750,000	[7],[8]
Cost		1,712,949	[9],[10]	1,703,039	[7],[8]
Fair Value		$ 1,712,949	[3],[9],[10]	$ 1,703,039	[6],[7],[8]
Investment, Identifier [Axis]: Techspert.IO Limited, Senior Secured 2
Interest Rate		13.80%	[9],[10],[11]	13.80%	[7],[8],[12]
Principal		$ 1,446,979	[9],[10]	$ 1,750,000	[7],[8]
Cost		1,384,395	[9],[10]	1,657,848	[7],[8]
Fair Value		$ 1,384,395	[3],[9],[10]	$ 1,657,848	[6],[7],[8]
Investment, Identifier [Axis]: Terradepth, Inc., Senior Secured
Interest Rate		11.50%	[11]	11.50%	[12]
Principal		$ 5,106,408		$ 5,152,734
Cost		4,768,636		4,821,317
Fair Value		$ 4,768,636	[3]	$ 4,821,317	[6]
Investment, Identifier [Axis]: TheSquareFoot, Inc., Senior Secured
Interest Rate		18.00%	[11]	18.00%	[12]
Principal		$ 628,478		$ 628,478
Cost		325,058		325,058
Fair Value		$ 0	[3]	$ 0	[6]
Investment, Identifier [Axis]: Titan Health & Security Technologies, Inc., Senior Secured
Interest Rate		12.00%	[11]	12.00%	[12]
Principal		$ 756,281		$ 1,048,969
Cost		740,314		1,018,428
Fair Value		$ 740,314	[3]	$ 1,018,428	[6]
Investment, Identifier [Axis]: TomoCredit, Inc., Senior Secured 1
Interest Rate		13.80%	[11]	11.50%	[12]
Principal		$ 3,000,000		$ 940,786
Cost		2,877,998		940,786
Fair Value		$ 2,877,998	[3]	$ 940,786	[6]
Investment, Identifier [Axis]: TomoCredit, Inc., Senior Secured 2
Interest Rate		11.50%	[11]	13.80%	[12]
Principal		$ 644,956		$ 3,000,000
Cost		644,956		2,847,196
Fair Value		$ 644,956	[3]	$ 2,847,196	[6]
Investment, Identifier [Axis]: TomoCredit, Inc., Senior Secured 3
Interest Rate		11.50%	[11]	11.50%	[12]
Principal		$ 644,866		$ 940,655
Cost		627,905		905,134
Fair Value		$ 627,905	[3]	$ 905,134	[6]
Investment, Identifier [Axis]: Traction Apps, Inc., Senior Secured
Interest Rate		12.00%	[9],[10],[11]	12.00%	[7],[8],[12]
Principal		$ 669,230	[9],[10]	$ 676,801	[7],[8]
Cost		687,621	[9],[10]	650,923	[7],[8]
Fair Value		$ 420,442	[3],[9],[10]	$ 650,923	[6],[7],[8]
Investment, Identifier [Axis]: UCM Digital Health, Inc., Senior Secured
Interest Rate		12.50%	[11]	12.50%	[12]
Principal		$ 1,405,884		$ 1,482,990
Cost		1,307,491		1,399,404
Fair Value		$ 1,307,491	[3]	$ 1,399,404	[6]
Investment, Identifier [Axis]: Ukko Inc., Senior Secured
Interest Rate		11.50%	[11]	11.50%	[12]
Principal		$ 2,771,658		$ 3,398,473
Cost		2,675,509		3,253,318
Fair Value		$ 2,675,509	[3]	$ 3,253,318	[6]
Investment, Identifier [Axis]: Umbra Lab, Inc., Senior Secured 1
Interest Rate		13.50%	[11]	13.50%	[12]
Principal		$ 7,500,000		$ 4,717,188
Cost		7,033,035		4,583,466
Fair Value		$ 7,033,035	[3]	$ 4,583,466	[6]
Investment, Identifier [Axis]: Umbra Lab, Inc., Senior Secured 2
Interest Rate		13.50%	[11]	15.30%	[12]
Principal		$ 3,829,039		$ 6,000,000
Cost		3,741,640		5,769,174
Fair Value		$ 3,741,640	[3]	$ 5,769,174	[6]
Investment, Identifier [Axis]: Umbra Lab, Inc., Senior Secured 3
Interest Rate	[11]	15.30%
Principal		$ 5,667,960
Cost		5,499,332
Fair Value	[3]	$ 5,499,332
Investment, Identifier [Axis]: Vesta Housing, Inc., Senior Secured 1
Interest Rate		11.80%	[11]	11.80%	[12]
Principal		$ 970,037		$ 1,178,533
Cost		926,075		1,113,412
Fair Value		$ 926,075	[3]	$ 1,113,412	[6]
Investment, Identifier [Axis]: Vesta Housing, Inc., Senior Secured 2
Interest Rate		11.80%	[11]	11.80%	[12]
Principal		$ 970,037		$ 1,178,533
Cost		954,357		1,155,197
Fair Value		$ 954,357	[3]	$ 1,155,197	[6]
Investment, Identifier [Axis]: Vinvesto, Inc., Senior Secured 1
Interest Rate		14.80%	[11]	15.00%	[12]
Principal		$ 199,681		$ 243,054
Cost		186,278		243,054
Fair Value		$ 186,278	[3]	$ 243,054	[6]
Investment, Identifier [Axis]: Vinvesto, Inc., Senior Secured 2
Interest Rate		15.00%	[11]	14.80%	[12]
Principal		$ 199,811		$ 243,033
Cost		199,811		223,116
Fair Value		$ 199,811	[3]	$ 223,116	[6]
Investment, Identifier [Axis]: Virtuix Holdings, Inc., Senior Secured
Interest Rate		12.30%	[11]	12.30%	[12]
Principal		$ 269,386		$ 365,971
Cost		265,361		358,553
Fair Value		$ 265,361	[3]	$ 358,553	[6]
Investment, Identifier [Axis]: Wellth, Inc., Senior Secured 1
Interest Rate		12.00%	[11]	12.00%	[12]
Principal		$ 272,381		$ 423,265
Cost		269,653		416,804
Fair Value		$ 269,653	[3]	$ 416,804	[6]
Investment, Identifier [Axis]: Wellth, Inc., Senior Secured 2
Interest Rate		12.00%	[11]	12.00%	[12]
Principal		$ 453,904		$ 705,341
Cost		441,568		676,303
Fair Value		$ 441,568	[3]	$ 676,303	[6]
Investment, Identifier [Axis]: Wildxyz, Inc., Senior Secured
Interest Rate		12.80%	[11]	12.80%	[12]
End of Term Payment			[13]	4.70%	[14]
Principal		$ 2,000,000		$ 2,000,000
Cost		1,947,533		1,898,870
Fair Value		$ 1,947,533	[3]	$ 1,898,870	[6]
Investment, Identifier [Axis]: WorkRails, Inc., Senior Secured
Interest Rate		12.00%	[11]	12.00%	[12]
Principal		$ 432,693		$ 455,117
Cost		318,063		369,727
Fair Value		$ 318,063	[3]	$ 68,278	[6]
Investment, Identifier [Axis]: World Wrapps II, Inc., Senior Secured 1
Interest Rate		12.50%	[11]	12.50%	[12]
End of Term Payment		8.40%	[13]	9.10%	[14]
Principal		$ 400,000		$ 600,000
Cost		404,448		418,147
Fair Value		$ 404,448	[3]	$ 418,147	[6]
Investment, Identifier [Axis]: World Wrapps II, Inc., Senior Secured 2
Interest Rate		12.50%	[11]	12.50%	[12]
End of Term Payment		9.10%	[13]	8.40%	[14]
Principal		$ 600,000		$ 400,000
Cost		451,661		399,444
Fair Value		$ 451,661	[3]	$ 399,444	[6]
Investment, Identifier [Axis]: Yuva Biosciences, Inc., Senior Secured
Interest Rate		13.30%	[11]	13.30%	[12]
Principal		$ 198,898		$ 242,902
Cost		183,809		220,407
Fair Value		$ 183,809	[3]	$ 220,407	[6]
Investment, Identifier [Axis]: Zeno Technologies, Inc., Senior Secured 1
Interest Rate		10.00%	[11]	10.00%	[12]
Principal		$ 248,985		$ 165,526
Cost		240,414		165,525
Fair Value		$ 240,414	[3]	$ 165,525	[6]
Investment, Identifier [Axis]: Zeno Technologies, Inc., Senior Secured 2
Interest Rate	[12]			10.00%
Principal				$ 165,526
Cost				155,757
Fair Value	[6]			$ 155,757
Investment, Identifier [Axis]: Zimeno Inc., Senior Secured 1
Interest Rate		11.50%	[11]	11.50%	[12]
Principal		$ 5,887,584		$ 6,250,000
Cost		5,805,543		6,136,157
Fair Value		$ 5,805,543	[3]	$ 6,136,157	[6]
Investment, Identifier [Axis]: Zimeno Inc., Senior Secured 2
Interest Rate		11.50%	[11]	11.50%	[12]
Principal		$ 4,167,326		$ 5,331,391
Cost		4,034,846		5,114,486
Fair Value		$ 4,034,846	[3]	$ 5,114,486	[6]
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured
Interest Rate	[12]			13.00%
Principal				$ 10,000,000
Cost				9,022,781
Fair Value	[6]			$ 9,022,781
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 1
Interest Rate	[12]			11.50%
Principal				$ 904,731
Cost				600,568
Fair Value	[6]			$ 600,568
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 2
Interest Rate	[12]			11.50%
Principal				$ 1,407,609
Cost				1,360,828
Fair Value	[6]			$ 1,360,828
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 3
Interest Rate	[12]			11.50%
Principal				$ 1,727,221
Cost				1,695,265
Fair Value	[6]			$ 1,695,265
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 4
Interest Rate	[12]			11.50%
Principal				$ 2,109,706
Cost				2,063,191
Fair Value	[6]			$ 2,063,191

[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] The unrealized appreciation 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.

[5] The unrealized 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.

[6] 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.

[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 December 31, 2023, 17.3% 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] Entity is not domiciled in the United States and does not have its principal place of business in the United States.

[10] Indicates assets that the Fund deems “non-qualifying assets.” As of June 30, 2024, 20.4% 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.

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

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

[13] 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.

[14] 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.

XML

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Loans with costs basis classified as non-accrual	$ 44.7	$ 19.4
Loans with fair value classified as non-accrual	$ 14.8	$ 5.8
Total assets representing non-qualifying assets, percentage	20.40%	17.30%

XML

ORGANIZATION AND OPERATIONS OF THE FUND

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND OPERATIONS OF THE FUND

ORGANIZATION AND OPERATIONS OF THE FUND

WTI Fund X, Inc. (the “Fund”) was incorporated in Maryland on October 19, 2020 as a non-diversified, closed-end management investment company that elected to be treated 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, 2031 unless the Board of Directors (the “Board”) opts to elect early dissolution. One hundred percent of the stock of the Fund is held by WTI Fund X, LLC (the “Company”). Prior to commencing investment operations on October 1, 2021, the Fund had no operations other than incurring organizational expenses and the sale to the Company of 100,000 shares of common stock, $0.001 par value (the “Shares”) in October 2020 and receipt of $25,000 from the Company as consideration for the purchase of the Shares. 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 April 5, 2021.

    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, 2024 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, 2023.

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2024

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 two 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, 2024, the Fund held 26,621,359 units in the First American Government Obligations Fund Class Z (Ticker Symbol: FGZXX) valued at $1 per unit at a yield of 5.20% and $200,000 in cash, which together represented 9.35% of the net assets of the Fund. Within cash and cash equivalents, as of December 31, 2023, the Fund held 17,030,603 units in the First American Government Obligations Fund Class Z (Ticker Symbol: FGZXX) valued at $1 per unit at a yield of 5.26%, and $200,000 in cash, which together represented 7.58% of the net assets of the Fund.

Interest on Loans

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 from warrants 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, 2024 and December 31, 2023, the financial statements included nonmarketable investments of $380.9 million and $403.6 million, respectively, (or 91.5% and 93.8% 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, 2024 and December 31, 2023, loans with a cost basis of $44.7 million and $19.4 million and a fair value of $14.8 million and $5.8 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, 2024 and December 31, 2023, the Fund assumed the average duration of a warrant is four 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 estimated life of the facility, which currently matures on October 18, 2026. The amortization of these costs is recorded as interest expense in the Condensed Statements of Operations.

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.

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 December 31, 2024 and December 31, 2025.

XML

FAIR VALUE DISCLOSURES

6 Months Ended

Jun. 30, 2024

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, 2024 and December 31, 2023, 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, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Weighted-Average Interest Rate - Cash	19.99	%	14.62	%	17.03	%	14.29	%
Weighted-Average Interest Rate - Non-Cash	6.70	%	4.03	%	5.17	%	3.77	%
Weighted-Average Interest Rate	26.69	%	18.65	%	22.20	%	18.06	%

	For the Three Months Ended				For the Six Months Ended
All Loans	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Weighted-Average Interest Rate - Cash	19.42	%	14.48	%	16.66	%	14.14	%
Weighted-Average Interest Rate - Non-Cash	6.51	%	3.99	%	5.05	%	3.74	%
Weighted-Average Interest Rate	25.93	%	18.47	%	21.71	%	17.88	%

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. Warrants and equity securities received in connection with loan transactions are measured at fair value at the time of acquisition; the non-cash portion of interest income represents the accretion of the discount of these warrants over the life of the loan.

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, 2024 and December 31, 2023 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, 2024 and December 31, 2023, the Fund had unexpired unfunded commitments to borrowers of $125.1 million and $132.3 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 or out of Level 1, 2 or 3 during the six months ended June 30, 2024 and 2023.

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, 2024 and December 31, 2023. 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, 2024		Valuation Techniques / Methodologies	Unobservable Input	Range	Weighted Average(a)
Biotechnology	$	10,430,379	Hypothetical market analysis	Hypothetical market coupon rate	16% - 18%	17%
Computers & Storage	6,545,100		Hypothetical market analysis	Hypothetical market coupon rate	15% - 16%	15%
Internet	36,892,081		Hypothetical market analysis	Hypothetical market coupon rate	12% - 19%	16%
			Asset Recovery	Probability weighting of alternative outcomes	50% *
Medical Devices	3,632,813		Hypothetical market analysis	Hypothetical market coupon rate	20% - 21%	20%
Other Healthcare	25,420,615		Hypothetical market analysis	Hypothetical market coupon rate	17% - 28%	23%
			Asset Recovery	Probability weighting of alternative outcomes	100% *
Other Technology	178,307,168		Hypothetical market analysis	Hypothetical market coupon rate	14% - 54%	20%
			Asset Recovery	Probability weighting of alternative outcomes	5% - 100% ^
Security	2,711,551		Hypothetical market analysis	Hypothetical market coupon rate	*	13%
Semiconductors & Equipment	4,768,636		Hypothetical market analysis	Hypothetical market coupon rate	*	16%
Software	91,105,699		Hypothetical market analysis	Hypothetical market coupon rate	13% - 23%	18%
			Asset Recovery	Probability weighting of alternative outcomes	10% - 100% ^
Technology Services	10,499,550		Hypothetical market analysis	Hypothetical market coupon rate	16% - 20%	18%
			Asset Recovery	Probability weighting of alternative outcomes	10% - 60% ^
Wireless	10,592,323		Hypothetical market analysis	Hypothetical market coupon rate	17% - 22%	20%
Total Loan Investments	$	380,905,915

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

^ Probability weightings vary among portfolio companies within this industry based on different potential future outcomes.

* There is only one loan within the industry that utilizes this valuation technique.

Investment Type - Level 3
Loan Investments	Fair Value at December 31, 2023		Valuation Techniques / Methodologies	Unobservable Input	Range	Weighted Average(a)
Biotechnology	$	11,884,907	Hypothetical market analysis	Hypothetical market coupon rate	16% - 18%	17%
Computers & Storage	6,981,592		Hypothetical market analysis	Hypothetical market coupon rate	15% - 16%	15%
Internet	42,116,651		Hypothetical market analysis	Hypothetical market coupon rate	13% - 33%	17%
			Asset Recovery	Probability weighting of alternative outcomes	50%*
Medical Devices	3,660,064		Hypothetical market analysis	Hypothetical market coupon rate	20% - 21%	21%
Other Healthcare	22,991,337		Hypothetical market analysis	Hypothetical market coupon rate	17% - 28%	20%
			Asset Recovery	Probability weighting of alternative outcomes	100%*
Other Technology	159,031,085		Hypothetical market analysis	Hypothetical market coupon rate	13% - 74%	18%
			Asset Recovery	Probability weighting of alternative outcomes	10% - 100% ^
Security	3,718,921		Hypothetical market analysis	Hypothetical market coupon rate	13% - 16%	14%
Semiconductors & Equipment	4,821,317		Hypothetical market analysis	Hypothetical market coupon rate	*	18%
Software	116,428,842		Hypothetical market analysis	Hypothetical market coupon rate	13% -24% *	17%
			Asset Recovery	Probability weighting of alternative outcomes	5% - 85% ^
Technology Services	28,168,760		Hypothetical market analysis	Hypothetical market coupon rate	16% - 22%	20%
			Asset Recovery	Probability weighting of alternative outcomes	10% - 60% *
Wireless	3,796,637		Hypothetical market analysis	Hypothetical market coupon rate	*	17%
Total Loan Investments	$	403,600,113

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

^ Probability weightings vary among portfolio companies within each industry based on different potential future outcomes.

* There is only one loan within this industry that utilizes this valuation technique.

(Intentionally left blank)

The following tables present the balances of assets and liabilities as of June 30, 2024 and December 31, 2023 measured at fair value on a recurring basis.

As of June 30, 2024
ASSETS:	Level 1		Level 2		Level 3		Total
Loans †	$	—	$	—	$	380,905,915	$	380,905,915
Derivative assets	—		56,623		—		56,623
Cash equivalents	26,621,359		—		—		26,621,359
Total assets	$	26,621,359	$	56,623	$	380,905,915	$	407,583,897
LIABILITIES:	Level 1		Level 2		Level 3		Total
Borrowings under debt facility	$	—	$	125,000,000	$	—	$	125,000,000
Total liabilities	$	—	$	125,000,000	$	—	$	125,000,000

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

There were no Derivative liabilities as of June 30, 2024.

As of December 31, 2023
ASSETS:	Level 1		Level 2		Level 3		Total
Loans †	$	—	$	—	$	403,600,113	$	403,600,113
Cash equivalents	17,030,603		—		—		17,030,603
Total assets	$	17,030,603	$	—	$	403,600,113	$	420,630,716
LIABILITIES:	Level 1		Level 2		Level 3		Total
Borrowings under debt facility	$	—	$	197,500,000	$	—	$	197,500,000
Derivative liability	—		110,917		—		110,917
Total liabilities	$	—	$	197,610,917	$	—	$	197,610,917

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

There were no Derivative assets as of December 31, 2023.

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, 2024
	Loans		Warrants		Stock		Convertible Notes
Beginning balance	$	395,415,834	$	—	$	—	$	—
Acquisitions and originations	71,525,000		8,168,773		2,133,543		87,707
Principal payments on loans, net of accretion	(73,040,917)		—		—		—
Distributions to shareholder	—		(8,168,773)		(2,133,543)		(87,707)
Net realized loss from loans	—		—		—		—
Net change in unrealized loss from loans	(12,994,002)		—		—		—
Ending balance	$	380,905,915	$	—	$	—	$	—
Net change in unrealized loss from loans still held at June 30, 2024	$	(12,994,002)

	For the Six Months Ended June 30, 2024
	Loans		Warrants		Stock		Convertible Notes
Beginning balance	$	403,600,113	$	—	$	—	$	—
Acquisitions and originations	90,408,000		10,617,948		2,165,869		387,707
Principal payments on loans, net of accretion	(97,479,859)		—		—		—
Distributions to shareholder	—		(10,617,948)		(2,165,869)		(387,707)
Net change in unrealized loss from loans	(15,622,339)		—		—		—
Ending balance	$	380,905,915	$	—	$	—	$	—
Net change in unrealized loss from loans still held at June 30, 2024	$	(15,622,339)

	For the Three Months Ended June 30, 2023				For the Six Months Ended June 30, 2023
	Loans		Warrants		Loans		Warrants
Beginning balance	$	300,192,541	$	—	$	268,498,972	$	—
Acquisitions and originations	46,562,500		2,955,751		94,062,500		7,596,973
Principal payments on loans, net of accretion	(17,122,302)		—		(31,825,232)		—
Distributions to shareholder	—		(2,955,751)		—		(7,596,973)
Net change in unrealized loss from loans	(1,171,518)		—		(2,275,019)		—
Ending balance	$	328,461,221	$	—	$	328,461,221	$	—
Net change in unrealized loss from loans and other assets still held at June 30, 2023	$	(1,171,518)			$	(2,275,019)

XML

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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.

XML

CAPITAL STOCK

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

CAPITAL STOCK

CAPITAL STOCK

As of both June 30, 2024 and December 31, 2023, 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, as of both June 30, 2024 and December 31, 2023, was $500.0 million. Total contributed capital to the Company as of June 30, 2024 and December 31, 2023 was $375.0 million and $305.0 million, respectively, of which $336.0 million and $276.0 million were contributed to the Fund, respectively.

The chart below shows the distributions of the Fund for the six months ended June 30, 2024 and 2023:

	For the Six Months Ended June 30, 2024		For the Six Months Ended June 30, 2023
Cash distributions	$	3,266,000	$	—
Distributions of equity securities	13,171,524		7,596,973
Total distributions to shareholder	$	16,437,524	$	7,596,973

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.

XML

DEBT FACILITY

6 Months Ended

Jun. 30, 2024

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. BDCs are generally required to have an asset coverage of at least 200% but are permitted 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 disinterested 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 April 30, 2021, 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. As of June 30, 2024 and December 31, 2023, the Fund’s asset coverage for borrowings was 328% and 214%, respectively.

The Fund is a party to a loan and security agreement (as amended from time to time) with ING Capital LLC acting as the administrative agent and other lenders named therein, that established a secured revolving credit facility with a commitment size of $250.0 million. An additional $125.0 million is potentially available to the Fund, subject to further negotiation and credit approval, through an accordion provision.

On June 15, 2023, the Fund entered into Amendment No. 3 to the Loan and Security Agreement (the “Amendment No.3”) with lenders named therein that provides for, among other modifications (i) replacement of the interest rate benchmark from LIBOR to Secured Overnight Financing Rate (“SOFR”), and (ii) conversion of an existing LIBOR Market Index Rate Loan to an Adjusted Term SOFR Loan (as defined below). The amendments set forth in Amendment No. 3 became effective as of June 26, 2023. The first repricing of our outstanding debt to reflect the new Adjusted Term SOFR Loan rates occurred on July 3, 2023.

Borrowings by the Fund are collateralized by (i) the personal property and other assets of the Fund (“Portfolio Secured Borrowings”) and (ii) up to the sum of the unfunded capital commitments of the Company’s investors, the rights of the Manager to such capital commitments (“Subscription Secured Borrowings”). 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, an Adjusted Term SOFR Loan or a Daily Compounded SOFR Loan (each as defined below). The facility terminates on October 18, 2026, but can be accelerated in the event of default, such as the 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. Borrowings under the facility, at the Fund’s discretion, will bear interest at an annual rate of either a (i) Reference Rate, plus an Applicable Reference Rate Margin (such loan, a "Reference Rate Loan"), (ii) Adjusted Term SOFR plus the Applicable SOFR Margin (such loan, an "Adjusted Term SOFR Loan") or (iii) Daily Compounded SOFR plus the Applicable SOFR Margin (such loan, a "Daily Compounded SOFR Loan"). As of June 30, 2024, the Fund’s outstanding borrowings were entirely Adjusted Term SOFR Loans. The interest period for each Adjusted Term SOFR Loan shall at the option of the Fund be fixed at one, three or six months. Adjusted Term SOFR is a rate per annum equal to Term SOFR for the elected interest period plus a fixed SOFR Adjustment of 0.11448%, 0.26161% or 0.42826% for interest periods of one, three or six months, respectively. Applicable SOFR Margin is the sum of (a) the product of (i) the Subscription Secured Borrowings percentage calculated for such period and (ii) 1.75% and (b) the product of (i) the Portfolio Secured Borrowings percentage for such period and (ii) 2.50%. When the Fund is using 50.00% or more of the maximum amount available under the Loan Agreement, the applicable unused line fee is 0.25% of the unused portion of the loan facility; otherwise, the applicable unused line fee is 0.50% of the unused portion. The Fund pays the unused credit line fee quarterly. As of June 30, 2024 and December 31, 2023, $125.0 million and $197.5 million, respectively, was outstanding under the facility.

As of June 30, 2024 the Term SOFR rates were as follows:

1-month Term SOFR	5.3372	%
3-month Term SOFR	5.3246	%
6-month Term SOFR	5.2547	%

Bank fees and other costs of $2.2 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, 2024 and December 31, 2023, the remaining unamortized fees and costs of $1.0 million and $1.3 million, respectively, are being amortized over the expected life of the facility, which is expected to terminate on October 18, 2026.

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, 2024 and December 31, 2023, 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, 2024:

	Amount	Maturity Date	All-In Interest Rate (a)
Adjusted Term SOFR Rate Loan	$125,000,000	October 18, 2026	Variable based on 1-Month Adjusted Term SOFR rate
Total Outstanding	$125,000,000

(a) Inclusive of Applicable SOFR Margin of 2.26800% as of June 30, 2024 plus 0.11448% SOFR Adjustment.

The following is the summary of the outstanding facility draws as of December 31, 2023:

	Amount	Maturity Date	All-In Interest Rate (a)
Adjusted Term SOFR Rate Loan	$197,500,000	October 18, 2026	Variable based on 1-Month Adjusted Term SOFR rate
Total Outstanding	$197,500,000

(a) Inclusive of Applicable SOFR Margin of 2.20000% as of December 31, 2023 plus 0.11448% SOFR Adjustment.

XML

MANAGEMENT FEE AND RELATED PARTIES

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

MANAGEMENT FEE AND RELATED PARTIES

MANAGEMENT FEE AND RELATED PARTIES

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, the Manager, from the date of the first capital contribution, October 1, 2021, receives an investment management fee from the Fund (the “Management Fee”). The aggregate annual amount of Management Fee for each annual period (which is comprised of four whole fiscal quarters and which, in the case of the first year, commenced on the first day of the first fiscal quarter following the first capital contribution) calculated as a percentage of committed capital, is as follows:

	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%

There will be no Management Fee payable after the ninth-year anniversary of the first capital contribution date.

For the six months ended June 30, 2024 and 2023, Management Fees were calculated at 1.575% and 1.600% of the Company's committed capital, respectively. Management Fees of $2.0 million and $3.9 million were recognized as expenses for both the three and six months ended June 30, 2024, respectively. Management Fees of 2.0 million and $4.0 million were recognized as expenses for the three and six months ended June 30, 2023, respectively.

Related Parties

Certain officers and directors of the Fund also serve as officers and directors of the Manager. The Articles of Incorporation of the Fund provide for indemnification of directors, officers, employees and agents (including the Manager) of the Fund to the fullest extent permitted by applicable state law and the 1940 Act, including the advance of expenses and reasonable counsel fees. The Articles of Incorporation of the Fund also contain a provision eliminating personal liability of a Fund director or officer to the Fund or its shareholder for monetary damages for certain breaches of their duty of care. For this reason, the Fund has acquired a directors and officers insurance policy.

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

The Manager also serves as the investment manager for Fund IX. So long as Fund IX had capital available to invest in loan transactions with final maturities earlier than December 31, 2028 (the date on which Fund IX’s term of existence automatically expires), the Fund was able to invest in each portfolio company in which Fund IX invested, subject to approval of the Fund's Board. The Manager’s allocation process is designed to allocate investment opportunities fairly and equitably among the Fund and Fund IX over time, and subject to board approval, may be based on a methodology taking into account investment pace, the remaining commitment periods and other relevant factors. The Fund co-invested with Fund IX through December 31, 2023, which was the end of Fund IX’s investment period.

Transactions with WTI Fund XI, Inc. ("Fund XI")

The Manager also serves as the investment manager for Fund XI. So long as Fund XI has capital available to invest in loan transactions with final maturities earlier than December 31, 2031 (the date on which the Fund's term of existence automatically expires), the Fund may invest in each portfolio company in which Fund XI invests, subject to approval of the Fund’s Board. The Manager’s allocation process is designed to allocate investment opportunities fairly and equitably among the Fund and Fund XI over time, and subject to board approval, may be based on a methodology taking into account investment pace, the remaining commitment periods and other relevant factors.

The ability of the Fund to co-invest with Fund IX, Fund XI, and other clients advised by the Manager, is subject to the conditions (the "Conditions") with which the funds are currently complying while seeking certain exemptive relief from the Securities and Exchange Commission (the "SEC") from the provisions of Sections 17(d) and 57 of the 1940 Act and Rule 17d-1 thereunder. To the extent that clients, other than Fund XI, 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.

Intercreditor Agreements

    In all transactions in which the Fund and other funds managed by the Manager invest or those in which another lender(s) has either invested or may later invest (or in the event a successor fund is raised, in which the Fund and the successor fund invest), it is expected that the Fund and other funds managed by the Manager (or the successor fund as the case may be), and/or the other lender(s) will enter into an intercreditor agreement pursuant to which the Fund and other funds managed by the Manager (or the successor fund), and/or the other lender(s), along with any predecessor funds which still have a balance outstanding, will cooperate in pursuing their remedies following a default by the common borrower. Generally, under such intercreditor agreements, each party would agree that its security interest would be treated in parity with the security interest of the other party, regardless of which security interest would have priority under applicable law. Accordingly, proceeds realized from the sale of any collateral or the exercise of any other creditor’s rights will be allocated between the Fund and other funds managed by the Manager, and any predecessor funds as described above, pro rata in accordance with the amounts of their respective investments. An exception to the foregoing arrangement would occur in situations where, for example, one of the lenders financed specific items of equipment collateral; in that case, usually the lender who financed the specific assets will have a senior lien on that asset, and the other lenders will have a junior priority lien (even though they may ratably share liens of equal priority on other assets of the common borrower). As a result of such intercreditor agreements, the Fund may have less flexibility in pursuing its remedies following a default than it would have had had there been no intercreditor agreement, and the Fund may therefore realize fewer proceeds. In addition, because the Fund and Fund IX (or the successor fund) invest at the same time in the same borrower, such borrower would be required to service two loans rather than one. Any additional administrative costs or burdens resulting therefrom may make the Fund a less attractive lender and may make it more difficult for the Fund to acquire such loans.

XML

DERIVATIVE INSTRUMENTS

6 Months Ended

Jun. 30, 2024

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.

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.	12/29/2023	$50,000,000	5.30%	3.65%	1 mo.USD-SOFR CME Term	12/31/2024
Zions Bancorporation, N.A.	12/29/2023	$50,000,000	5.30%	2.30%	1 mo.USD-SOFR CME Term	12/31/2025

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 Statements of Assets and Liabilities as of June 30, 2024 and December 31, 2023:    

	Derivative Assets				Derivative Liabilities
Derivative Instruments	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Interest rate collar	$	56,623	$	—	$	—	$	110,917

    

The following table shows the effect of the Fund's derivative instruments on the Fund's Condensed Statements of Operations for the three and six months ended June 30, 2024 and 2023:

		For the Three Months Ended				For the Six Months Ended
Derivative Instruments	Condensed Statements of Operations Caption	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Interest rate collar	Net change in unrealized gain (loss) from derivative instruments	$	(6,599)	$	—	$	167,540	$	—
	Net realized gain from derivative instruments	$	6,057	$	—	$	15,928	$	—

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, 2024 and December 31, 2023:

	As of June 30, 2024
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.	$	56,623	$	—	$	—	$	—	$	56,623
Total	$	56,623	$	—	$	—	$	—	$	56,623

	As of December 31, 2023
Counterparties	Derivative Liability Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash collateral received		Cash Collateral Received		Net Amount (2)
Zions Bancorporation, N.A.	$	(110,917)	$	—	$	—	$	—	$	(110,917)
Total	$	(110,917)	$	—	$	—	$	—	$	(110,917)
(1) Net amount of derivative assets represents the net amount due from the counterparty to the Fund. There were no derivative liabilities as of June 30, 2024.
(2) Net amount of derivative liabilities represents the net amount owed by the Fund to the counterparty. There were no derivative assets as of December 31, 2023.

XML

TAX STATUS

6 Months Ended

Jun. 30, 2024

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, 2024, 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 2022.

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, 2024 and December 31, 2023:

	As of June 30, 2024
Asset	Cost		Unrealized Appreciation		Unrealized Depreciation		Net Appreciation (Depreciation)
Loans	$	410,921,860	$	—	$	(30,015,945)	$	(30,015,945)
Derivative assets	—		56,623		—		56,623
Total	$	410,921,860	$	56,623	$	(30,015,945)	$	(29,959,322)

	As of December 31, 2023
Asset	Cost		Unrealized Appreciation		Unrealized Depreciation		Net Appreciation (Depreciation)
Loans	$	417,993,719	$	—	$	(14,393,606)	$	(14,393,606)
Total	$	417,993,719	$	—	$	(14,393,606)	$	(14,393,606)

	As of December 31, 2023
Liability	Cost		Unrealized Appreciation		Unrealized Depreciation		Net Appreciation (Depreciation)
Derivative liability	$	—	$	—	$	(110,917)	$	(110,917)
Total	$	—	$	—	$	(110,917)	$	(110,917)

There was no unrealized depreciation relating to derivative liabilities as of June 30, 2024. There was no unrealized appreciation relating to derivative assets as of December 31, 2023.

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, 2024, 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, 2024.

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, 2024, the Fund had no uncertain tax positions and no capital loss carryforwards.

XML

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Unexpired Unfunded Commitments

As of June 30, 2024 and December 31, 2023, the Fund’s unexpired unfunded commitments to borrowers totaled $125.1 million and $132.3 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, 2024 and December 31, 2023:

Borrower	Industry	Unexpired Unfunded Commitment as of June 30, 2024		Expiration Date
Abacum Inc.	Software	$	1,500,000	12/31/24
American Castanea PBC	Other Technology	1,750,000		04/30/25
Bloomboard, Inc.	Software	1,500,000		07/31/24
Charlie Financial Inc.	Other Healthcare	7,000,000		03/31/25
Creoate Limited	Other Technology	592,000		07/31/24
Findigs, Inc.	Internet	3,500,000		07/15/24
GoForward, Inc.	Other Healthcare	30,000,000		12/31/26
High Definition Vehicle Insurance, Inc.	Other Technology	2,500,000		07/15/24
Merlin Labs, Inc.	Other Technology	22,500,000		11/01/24
Modern Animal, Inc.	Other Healthcare	25,000,000		01/31/25
NeoSensory, Inc.	Other Technology	750,000		07/30/24
Nextivity, Inc.	Wireless	7,000,000		10/31/24
Parkoursc, Inc.	Software	1,000,000		10/31/24
Runzy, Inc.	Other Technology	500,000		07/31/24
Swiftly Systems, Inc.	Software	20,000,000		12/31/24
Total		$	125,092,000

Borrower	Industry	Unexpired Unfunded Commitment as of December 31, 2023		Expiration Date
2045 Studio, Inc.	Technology Services	$	750,000	03/15/24
Badiani Limited	Other Technology	500,000		01/31/24
Charlie Financial Inc.	Other Healthcare	7,000,000		03/31/25
Findigs, Inc.	Internet	3,500,000		07/15/24
GoForward, Inc.	Other Healthcare	30,000,000		12/31/26
Hdata, Inc.	Software	500,000		04/30/24
High Definition Vehicle Insurance, Inc.	Other Technology	2,500,000		07/15/24
Higher Ground Education, Inc.	Other Technology	5,000,000		01/31/24
Kolors, Inc.	Software	2,000,000		04/30/24
Kushki Group Holdings Ltd.	Software	10,000,000		06/30/24
Make Cents Technologies Inc.	Software	10,000,000		03/31/24
Modern Animal, Inc.	Other Healthcare	30,000,000		01/31/25
Ripple Foods, PBC	Other Technology	4,000,000		04/30/24
Runzy, Inc.	Other Technology	500,000		07/31/24
Safe Securities Inc.	Software	4,000,000		06/30/24
Semsee Corp.	Software	2,000,000		03/01/24
Swiftly Systems, Inc.	Software	20,000,000		12/31/24
Total		$	132,250,000

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.

XML

FINANCIAL HIGHLIGHTS

6 Months Ended

Jun. 30, 2024

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, 2024 and 2023.

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 in the following table, 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, 2024			For the Three Months Ended June 30, 2023			For the Six Months Ended June 30, 2024			For the Six Months Ended June 30, 2023
Total return **	2.63		%	5.29		%	6.90		%	10.38		%
Per share amounts:
Net asset value, beginning of period	$	2,307.19		$	1,535.93		$	2,273.02		$	1,137.31
Net investment income	195.96			92.94			315.04			164.00
Net realized and change in unrealized loss from loans and derivative instruments	(129.95)			(11.72)			(154.38)			(22.75)
Net increase in net assets resulting from operations	66.01			81.22			160.66			141.25
Distributions of income to shareholder	(103.90)			(29.56)			(164.38)			(75.97)
Contributions from shareholder	600.00			—			600.00			385.00
Net asset value, end of period	$	2,869.30		$	1,587.59		$	2,869.30		$	1,587.59
Net assets, end of period	$	286,930,187		$	158,758,987		$	286,930,187		$	158,758,987
Ratios to average net assets:
Expenses *	8.65		%	14.30		%	9.63		%	15.04		%
Net investment income *	30.56		%	24.19		%	26.05		%	23.25		%
Portfolio turnover rate	—		%	—		%	—		%	—		%
Average debt outstanding	$	164,000,000		$	184,375,000		$	177,000,000		$	178,642,857

* Annualized.

** Total return amounts presented above are not annualized.

XML

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

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.

XML

Pay vs Performance Disclosure - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 6,601,515	$ 8,122,014	$ 16,065,575	$ 14,125,162

XML

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of Accounting

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”).

Use of Estimates

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

    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 two 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 on Loans

Interest on Loans

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 from warrants 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 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

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, 2024 and December 31, 2023, the financial statements included nonmarketable investments of $380.9 million and $403.6 million, respectively, (or 91.5% and 93.8% 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, 2024 and December 31, 2023, loans with a cost basis of $44.7 million and $19.4 million and a fair value of $14.8 million and $5.8 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, 2024 and December 31, 2023, the Fund assumed the average duration of a warrant is four 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 estimated life of the facility, which currently matures on October 18, 2026. The amortization of these costs is recorded as interest expense in the Condensed Statements of Operations.

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.

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.

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, 2024, 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 2022.

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, 2024, 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, 2024.

XML

FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of 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, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Weighted-Average Interest Rate - Cash	19.99	%	14.62	%	17.03	%	14.29	%
Weighted-Average Interest Rate - Non-Cash	6.70	%	4.03	%	5.17	%	3.77	%
Weighted-Average Interest Rate	26.69	%	18.65	%	22.20	%	18.06	%

	For the Three Months Ended				For the Six Months Ended
All Loans	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Weighted-Average Interest Rate - Cash	19.42	%	14.48	%	16.66	%	14.14	%
Weighted-Average Interest Rate - Non-Cash	6.51	%	3.99	%	5.05	%	3.74	%
Weighted-Average Interest Rate	25.93	%	18.47	%	21.71	%	17.88	%

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, 2024 and December 31, 2023. 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, 2024		Valuation Techniques / Methodologies	Unobservable Input	Range	Weighted Average(a)
Biotechnology	$	10,430,379	Hypothetical market analysis	Hypothetical market coupon rate	16% - 18%	17%
Computers & Storage	6,545,100		Hypothetical market analysis	Hypothetical market coupon rate	15% - 16%	15%
Internet	36,892,081		Hypothetical market analysis	Hypothetical market coupon rate	12% - 19%	16%
			Asset Recovery	Probability weighting of alternative outcomes	50% *
Medical Devices	3,632,813		Hypothetical market analysis	Hypothetical market coupon rate	20% - 21%	20%
Other Healthcare	25,420,615		Hypothetical market analysis	Hypothetical market coupon rate	17% - 28%	23%
			Asset Recovery	Probability weighting of alternative outcomes	100% *
Other Technology	178,307,168		Hypothetical market analysis	Hypothetical market coupon rate	14% - 54%	20%
			Asset Recovery	Probability weighting of alternative outcomes	5% - 100% ^
Security	2,711,551		Hypothetical market analysis	Hypothetical market coupon rate	*	13%
Semiconductors & Equipment	4,768,636		Hypothetical market analysis	Hypothetical market coupon rate	*	16%
Software	91,105,699		Hypothetical market analysis	Hypothetical market coupon rate	13% - 23%	18%
			Asset Recovery	Probability weighting of alternative outcomes	10% - 100% ^
Technology Services	10,499,550		Hypothetical market analysis	Hypothetical market coupon rate	16% - 20%	18%
			Asset Recovery	Probability weighting of alternative outcomes	10% - 60% ^
Wireless	10,592,323		Hypothetical market analysis	Hypothetical market coupon rate	17% - 22%	20%
Total Loan Investments	$	380,905,915

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

^ Probability weightings vary among portfolio companies within this industry based on different potential future outcomes.

* There is only one loan within the industry that utilizes this valuation technique.

Investment Type - Level 3
Loan Investments	Fair Value at December 31, 2023		Valuation Techniques / Methodologies	Unobservable Input	Range	Weighted Average(a)
Biotechnology	$	11,884,907	Hypothetical market analysis	Hypothetical market coupon rate	16% - 18%	17%
Computers & Storage	6,981,592		Hypothetical market analysis	Hypothetical market coupon rate	15% - 16%	15%
Internet	42,116,651		Hypothetical market analysis	Hypothetical market coupon rate	13% - 33%	17%
			Asset Recovery	Probability weighting of alternative outcomes	50%*
Medical Devices	3,660,064		Hypothetical market analysis	Hypothetical market coupon rate	20% - 21%	21%
Other Healthcare	22,991,337		Hypothetical market analysis	Hypothetical market coupon rate	17% - 28%	20%
			Asset Recovery	Probability weighting of alternative outcomes	100%*
Other Technology	159,031,085		Hypothetical market analysis	Hypothetical market coupon rate	13% - 74%	18%
			Asset Recovery	Probability weighting of alternative outcomes	10% - 100% ^
Security	3,718,921		Hypothetical market analysis	Hypothetical market coupon rate	13% - 16%	14%
Semiconductors & Equipment	4,821,317		Hypothetical market analysis	Hypothetical market coupon rate	*	18%
Software	116,428,842		Hypothetical market analysis	Hypothetical market coupon rate	13% -24% *	17%
			Asset Recovery	Probability weighting of alternative outcomes	5% - 85% ^
Technology Services	28,168,760		Hypothetical market analysis	Hypothetical market coupon rate	16% - 22%	20%
			Asset Recovery	Probability weighting of alternative outcomes	10% - 60% *
Wireless	3,796,637		Hypothetical market analysis	Hypothetical market coupon rate	*	17%
Total Loan Investments	$	403,600,113

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

^ Probability weightings vary among portfolio companies within each industry based on different potential future outcomes.

* There is only one loan within this industry that utilizes this valuation technique.

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the balances of assets and liabilities as of June 30, 2024 and December 31, 2023 measured at fair value on a recurring basis.

As of June 30, 2024
ASSETS:	Level 1		Level 2		Level 3		Total
Loans †	$	—	$	—	$	380,905,915	$	380,905,915
Derivative assets	—		56,623		—		56,623
Cash equivalents	26,621,359		—		—		26,621,359
Total assets	$	26,621,359	$	56,623	$	380,905,915	$	407,583,897
LIABILITIES:	Level 1		Level 2		Level 3		Total
Borrowings under debt facility	$	—	$	125,000,000	$	—	$	125,000,000
Total liabilities	$	—	$	125,000,000	$	—	$	125,000,000

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

There were no Derivative liabilities as of June 30, 2024.

As of December 31, 2023
ASSETS:	Level 1		Level 2		Level 3		Total
Loans †	$	—	$	—	$	403,600,113	$	403,600,113
Cash equivalents	17,030,603		—		—		17,030,603
Total assets	$	17,030,603	$	—	$	403,600,113	$	420,630,716
LIABILITIES:	Level 1		Level 2		Level 3		Total
Borrowings under debt facility	$	—	$	197,500,000	$	—	$	197,500,000
Derivative liability	—		110,917		—		110,917
Total liabilities	$	—	$	197,610,917	$	—	$	197,610,917

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

Schedule 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, 2024
	Loans		Warrants		Stock		Convertible Notes
Beginning balance	$	395,415,834	$	—	$	—	$	—
Acquisitions and originations	71,525,000		8,168,773		2,133,543		87,707
Principal payments on loans, net of accretion	(73,040,917)		—		—		—
Distributions to shareholder	—		(8,168,773)		(2,133,543)		(87,707)
Net realized loss from loans	—		—		—		—
Net change in unrealized loss from loans	(12,994,002)		—		—		—
Ending balance	$	380,905,915	$	—	$	—	$	—
Net change in unrealized loss from loans still held at June 30, 2024	$	(12,994,002)

	For the Six Months Ended June 30, 2024
	Loans		Warrants		Stock		Convertible Notes
Beginning balance	$	403,600,113	$	—	$	—	$	—
Acquisitions and originations	90,408,000		10,617,948		2,165,869		387,707
Principal payments on loans, net of accretion	(97,479,859)		—		—		—
Distributions to shareholder	—		(10,617,948)		(2,165,869)		(387,707)
Net change in unrealized loss from loans	(15,622,339)		—		—		—
Ending balance	$	380,905,915	$	—	$	—	$	—
Net change in unrealized loss from loans still held at June 30, 2024	$	(15,622,339)

	For the Three Months Ended June 30, 2023				For the Six Months Ended June 30, 2023
	Loans		Warrants		Loans		Warrants
Beginning balance	$	300,192,541	$	—	$	268,498,972	$	—
Acquisitions and originations	46,562,500		2,955,751		94,062,500		7,596,973
Principal payments on loans, net of accretion	(17,122,302)		—		(31,825,232)		—
Distributions to shareholder	—		(2,955,751)		—		(7,596,973)
Net change in unrealized loss from loans	(1,171,518)		—		(2,275,019)		—
Ending balance	$	328,461,221	$	—	$	328,461,221	$	—
Net change in unrealized loss from loans and other assets still held at June 30, 2023	$	(1,171,518)			$	(2,275,019)

XML

CAPITAL STOCK (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Distributions of Capital Stock

The chart below shows the distributions of the Fund for the six months ended June 30, 2024 and 2023:

	For the Six Months Ended June 30, 2024		For the Six Months Ended June 30, 2023
Cash distributions	$	3,266,000	$	—
Distributions of equity securities	13,171,524		7,596,973
Total distributions to shareholder	$	16,437,524	$	7,596,973

XML

DEBT FACILITY (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Term SOFR Rate

As of June 30, 2024 the Term SOFR rates were as follows:

1-month Term SOFR	5.3372	%
3-month Term SOFR	5.3246	%
6-month Term SOFR	5.2547	%

Schedule of Outstanding Facility Draws

The following is the summary of the outstanding facility draws as of June 30, 2024:

	Amount	Maturity Date	All-In Interest Rate (a)
Adjusted Term SOFR Rate Loan	$125,000,000	October 18, 2026	Variable based on 1-Month Adjusted Term SOFR rate
Total Outstanding	$125,000,000

(a) Inclusive of Applicable SOFR Margin of 2.26800% as of June 30, 2024 plus 0.11448% SOFR Adjustment.

The following is the summary of the outstanding facility draws as of December 31, 2023:

	Amount	Maturity Date	All-In Interest Rate (a)
Adjusted Term SOFR Rate Loan	$197,500,000	October 18, 2026	Variable based on 1-Month Adjusted Term SOFR rate
Total Outstanding	$197,500,000

(a) Inclusive of Applicable SOFR Margin of 2.20000% as of December 31, 2023 plus 0.11448% SOFR Adjustment.

XML

MANAGEMENT FEE AND RELATED PARTIES (Tables)

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Schedule of Management Fees

The aggregate annual amount of Management Fee for each annual period (which is comprised of four whole fiscal quarters and which, in the case of the first year, commenced on the first day of the first fiscal quarter following the first capital contribution) calculated as a percentage of committed capital, is as follows:

	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%

XML

DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule 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.	12/29/2023	$50,000,000	5.30%	3.65%	1 mo.USD-SOFR CME Term	12/31/2024
Zions Bancorporation, N.A.	12/29/2023	$50,000,000	5.30%	2.30%	1 mo.USD-SOFR CME Term	12/31/2025

Schedule of Fair Value of Derivative Liabilities

The following table shows the Fund's derivative instruments at fair value on the Fund's Condensed Statements of Assets and Liabilities as of June 30, 2024 and December 31, 2023:    

	Derivative Assets				Derivative Liabilities
Derivative Instruments	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Interest rate collar	$	56,623	$	—	$	—	$	110,917

Schedule of Fair Value of Derivative Assets

The following table shows the Fund's derivative instruments at fair value on the Fund's Condensed Statements of Assets and Liabilities as of June 30, 2024 and December 31, 2023:    

	Derivative Assets				Derivative Liabilities
Derivative Instruments	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Interest rate collar	$	56,623	$	—	$	—	$	110,917

Schedule of 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 Statements of Operations for the three and six months ended June 30, 2024 and 2023:

		For the Three Months Ended				For the Six Months Ended
Derivative Instruments	Condensed Statements of Operations Caption	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Interest rate collar	Net change in unrealized gain (loss) from derivative instruments	$	(6,599)	$	—	$	167,540	$	—
	Net realized gain from derivative instruments	$	6,057	$	—	$	15,928	$	—

Schedule of Derivatives, Offsetting Liabilities

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, 2024 and December 31, 2023:

	As of June 30, 2024
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.	$	56,623	$	—	$	—	$	—	$	56,623
Total	$	56,623	$	—	$	—	$	—	$	56,623

	As of December 31, 2023
Counterparties	Derivative Liability Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash collateral received		Cash Collateral Received		Net Amount (2)
Zions Bancorporation, N.A.	$	(110,917)	$	—	$	—	$	—	$	(110,917)
Total	$	(110,917)	$	—	$	—	$	—	$	(110,917)
(1) Net amount of derivative assets represents the net amount due from the counterparty to the Fund. There were no derivative liabilities as of June 30, 2024.
(2) Net amount of derivative liabilities represents the net amount owed by the Fund to the counterparty. There were no derivative assets as of December 31, 2023.

Schedule of 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, 2024 and December 31, 2023:

	As of June 30, 2024
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.	$	56,623	$	—	$	—	$	—	$	56,623
Total	$	56,623	$	—	$	—	$	—	$	56,623

	As of December 31, 2023
Counterparties	Derivative Liability Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash collateral received		Cash Collateral Received		Net Amount (2)
Zions Bancorporation, N.A.	$	(110,917)	$	—	$	—	$	—	$	(110,917)
Total	$	(110,917)	$	—	$	—	$	—	$	(110,917)
(1) Net amount of derivative assets represents the net amount due from the counterparty to the Fund. There were no derivative liabilities as of June 30, 2024.
(2) Net amount of derivative liabilities represents the net amount owed by the Fund to the counterparty. There were no derivative assets as of December 31, 2023.

XML

TAX STATUS (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of 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, 2024 and December 31, 2023:

	As of June 30, 2024
Asset	Cost		Unrealized Appreciation		Unrealized Depreciation		Net Appreciation (Depreciation)
Loans	$	410,921,860	$	—	$	(30,015,945)	$	(30,015,945)
Derivative assets	—		56,623		—		56,623
Total	$	410,921,860	$	56,623	$	(30,015,945)	$	(29,959,322)

	As of December 31, 2023
Asset	Cost		Unrealized Appreciation		Unrealized Depreciation		Net Appreciation (Depreciation)
Loans	$	417,993,719	$	—	$	(14,393,606)	$	(14,393,606)
Total	$	417,993,719	$	—	$	(14,393,606)	$	(14,393,606)

	As of December 31, 2023
Liability	Cost		Unrealized Appreciation		Unrealized Depreciation		Net Appreciation (Depreciation)
Derivative liability	$	—	$	—	$	(110,917)	$	(110,917)
Total	$	—	$	—	$	(110,917)	$	(110,917)

XML

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Unexpired Unfunded Commitments

The tables below are the Fund’s unexpired unfunded commitments as of June 30, 2024 and December 31, 2023:

Borrower	Industry	Unexpired Unfunded Commitment as of June 30, 2024		Expiration Date
Abacum Inc.	Software	$	1,500,000	12/31/24
American Castanea PBC	Other Technology	1,750,000		04/30/25
Bloomboard, Inc.	Software	1,500,000		07/31/24
Charlie Financial Inc.	Other Healthcare	7,000,000		03/31/25
Creoate Limited	Other Technology	592,000		07/31/24
Findigs, Inc.	Internet	3,500,000		07/15/24
GoForward, Inc.	Other Healthcare	30,000,000		12/31/26
High Definition Vehicle Insurance, Inc.	Other Technology	2,500,000		07/15/24
Merlin Labs, Inc.	Other Technology	22,500,000		11/01/24
Modern Animal, Inc.	Other Healthcare	25,000,000		01/31/25
NeoSensory, Inc.	Other Technology	750,000		07/30/24
Nextivity, Inc.	Wireless	7,000,000		10/31/24
Parkoursc, Inc.	Software	1,000,000		10/31/24
Runzy, Inc.	Other Technology	500,000		07/31/24
Swiftly Systems, Inc.	Software	20,000,000		12/31/24
Total		$	125,092,000

Borrower	Industry	Unexpired Unfunded Commitment as of December 31, 2023		Expiration Date
2045 Studio, Inc.	Technology Services	$	750,000	03/15/24
Badiani Limited	Other Technology	500,000		01/31/24
Charlie Financial Inc.	Other Healthcare	7,000,000		03/31/25
Findigs, Inc.	Internet	3,500,000		07/15/24
GoForward, Inc.	Other Healthcare	30,000,000		12/31/26
Hdata, Inc.	Software	500,000		04/30/24
High Definition Vehicle Insurance, Inc.	Other Technology	2,500,000		07/15/24
Higher Ground Education, Inc.	Other Technology	5,000,000		01/31/24
Kolors, Inc.	Software	2,000,000		04/30/24
Kushki Group Holdings Ltd.	Software	10,000,000		06/30/24
Make Cents Technologies Inc.	Software	10,000,000		03/31/24
Modern Animal, Inc.	Other Healthcare	30,000,000		01/31/25
Ripple Foods, PBC	Other Technology	4,000,000		04/30/24
Runzy, Inc.	Other Technology	500,000		07/31/24
Safe Securities Inc.	Software	4,000,000		06/30/24
Semsee Corp.	Software	2,000,000		03/01/24
Swiftly Systems, Inc.	Software	20,000,000		12/31/24
Total		$	132,250,000

XML

FINANCIAL HIGHLIGHTS (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024			For the Three Months Ended June 30, 2023			For the Six Months Ended June 30, 2024			For the Six Months Ended June 30, 2023
Total return **	2.63		%	5.29		%	6.90		%	10.38		%
Per share amounts:
Net asset value, beginning of period	$	2,307.19		$	1,535.93		$	2,273.02		$	1,137.31
Net investment income	195.96			92.94			315.04			164.00
Net realized and change in unrealized loss from loans and derivative instruments	(129.95)			(11.72)			(154.38)			(22.75)
Net increase in net assets resulting from operations	66.01			81.22			160.66			141.25
Distributions of income to shareholder	(103.90)			(29.56)			(164.38)			(75.97)
Contributions from shareholder	600.00			—			600.00			385.00
Net asset value, end of period	$	2,869.30		$	1,587.59		$	2,869.30		$	1,587.59
Net assets, end of period	$	286,930,187		$	158,758,987		$	286,930,187		$	158,758,987
Ratios to average net assets:
Expenses *	8.65		%	14.30		%	9.63		%	15.04		%
Net investment income *	30.56		%	24.19		%	26.05		%	23.25		%
Portfolio turnover rate	—		%	—		%	—		%	—		%
Average debt outstanding	$	164,000,000		$	184,375,000		$	177,000,000		$	178,642,857

* Annualized.

** Total return amounts presented above are not annualized.

XML

ORGANIZATION AND OPERATIONS OF THE FUND (Details) - USD ($)	1 Months Ended	6 Months Ended
	Oct. 31, 2020	Jun. 30, 2024	Dec. 31, 2023
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
WTI Fund X, LLC
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	$ 25,000
WTI Fund X, LLC | WTI Fund X, Inc.
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, 2024 USD ($) financial_institution bank_account $ / shares shares		Dec. 31, 2023 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	2
Number of financial institutions | financial_institution	2
Cash	$ 200,000		$ 200,000
Percent of net assets, cash and cash equivalents	9.35%		7.58%
Loans	$ 380,905,915	[1]	$ 403,600,113
Percent of assets	91.50%		93.80%
Loans with costs basis classified as non-accrual	$ 44,700,000		$ 19,400,000
Loans with fair value classified as non-accrual	$ 14,800,000		$ 5,800,000
Average duration of warrant (in years)	4 years		4 years
First American Government Obligations Fund Class Z
Summary of Investment Holdings [Line Items]
Issuance of shares (in dollars per share) | $ / shares	$ 1		$ 1
Yield	5.20%		5.26%
First American Government Obligations Fund Class Z | Capital Unit, Class Z
Summary of Investment Holdings [Line Items]
Shares issued in period (in shares) | shares	26,621,359		17,030,603

[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.

XML

FAIR VALUE DISCLOSURES - Weighted Average Interest Rate of Performing and All Loans (Details) - Weighted Average	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted-Average Interest Rate - Cash	19.42%	14.48%	16.66%	14.14%
Weighted-Average Interest Rate - Non-Cash	6.51%	3.99%	5.05%	3.74%
Weighted-Average Interest Rate			21.71%	17.88%
Performing Loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted-Average Interest Rate - Cash	19.99%	14.62%	17.03%	14.29%
Weighted-Average Interest Rate - Non-Cash	6.70%	4.03%	5.17%	3.77%
Weighted-Average Interest Rate			22.20%	18.06%

XML

FAIR VALUE DISCLOSURES - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Unexpired unfunded commitments	$ 125,092,000	$ 132,250,000

XML

FAIR VALUE DISCLOSURES - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details)	Jun. 30, 2024 USD ($)		Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 380,905,915	[1]	$ 403,600,113
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	380,905,915		403,600,113
Level 3 | Biotechnology | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 10,430,379		$ 11,884,907
Level 3 | Biotechnology | Minimum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.16
Level 3 | Biotechnology | Maximum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.18		0.18
Level 3 | Biotechnology | Weighted Average | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.17		0.17
Level 3 | Computers & Storage | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 6,545,100		$ 6,981,592
Level 3 | Computers & Storage | Minimum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.15		15
Level 3 | Computers & Storage | Maximum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.16
Level 3 | Computers & Storage | Weighted Average | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.15		0.15
Level 3 | Internet | Hypothetical Market Analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 36,892,081		$ 42,116,651
Level 3 | Internet | Probability weighting of alternative outcomes | Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.50
Level 3 | Internet | Minimum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.12		0.13
Level 3 | Internet | Minimum | Probability weighting of alternative outcomes | Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.50
Level 3 | Internet | Maximum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.19		0.33
Level 3 | Internet | Weighted Average | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.17
Level 3 | Medical Devices | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 3,632,813		$ 3,660,064
Level 3 | Medical Devices | Minimum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.20		0.20
Level 3 | Medical Devices | Maximum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.21		0.21
Level 3 | Medical Devices | Weighted Average | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.20		0.21
Level 3 | Other Healthcare | Hypothetical Market Analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value			$ 22,991,337
Level 3 | Other Healthcare | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 25,420,615
Level 3 | Other Healthcare | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			1
Level 3 | Other Healthcare | Probability weighting of alternative outcomes | Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1
Level 3 | Other Healthcare | Minimum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.17		0.17
Level 3 | Other Healthcare | Maximum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.28		0.28
Level 3 | Other Healthcare | Weighted Average | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.23		0.20
Level 3 | Other Technology | Hypothetical Market Analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 178,307,168		$ 159,031,085
Level 3 | Other Technology | Minimum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.10
Level 3 | Other Technology | Minimum | Probability weighting of alternative outcomes | Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.05		0.13
Level 3 | Other Technology | Maximum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.54		1
Level 3 | Other Technology | Maximum | Probability weighting of alternative outcomes | Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1		0.74
Level 3 | Other Technology | Weighted Average | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.20		0.18
Level 3 | Security | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 2,711,551		$ 3,718,921
Level 3 | Security | Minimum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.13
Level 3 | Security | Maximum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.16
Level 3 | Security | Weighted Average | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.13		0.14
Level 3 | Semiconductors & Equipment | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 4,768,636		$ 4,821,317
Level 3 | Semiconductors & Equipment | Weighted Average | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.18
Level 3 | Software | Hypothetical Market Analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 91,105,699		$ 116,428,842
Level 3 | Software | Minimum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.13		0.05
Level 3 | Software | Minimum | Probability weighting of alternative outcomes | Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.10		0.13
Level 3 | Software | Maximum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.23		0.85
Level 3 | Software | Maximum | Probability weighting of alternative outcomes | Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1		0.24
Level 3 | Software | Weighted Average | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.18		0.17
Level 3 | Technology Services | Hypothetical Market Analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 10,499,550		$ 28,168,760
Level 3 | Technology Services | Minimum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.10
Level 3 | Technology Services | Minimum | Probability weighting of alternative outcomes | Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.10		0.16
Level 3 | Technology Services | Maximum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.20		0.60
Level 3 | Technology Services | Maximum | Probability weighting of alternative outcomes | Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.60		0.22
Level 3 | Technology Services | Weighted Average | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.18		0.20
Level 3 | Wireless | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 10,592,323		$ 3,796,637
Level 3 | Wireless | Minimum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.17
Level 3 | Wireless | Maximum | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	22
Level 3 | Wireless | Weighted Average | Hypothetical market coupon rate | Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.20		0.17

[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.

XML

FAIR VALUE DISCLOSURES - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)	Jun. 30, 2024		Dec. 31, 2023
ASSETS:
Loans	$ 380,905,915	[1]	$ 403,600,113
Derivative assets	56,623		0
Cash equivalents	26,621,359		17,030,603
Total assets	407,583,897		420,630,716
LIABILITIES:
Borrowings under debt facility	125,000,000		197,500,000
Derivative liability	0		110,917
Total liabilities	125,000,000		197,610,917
Level 1
ASSETS:
Loans	0		0
Derivative assets	0
Cash equivalents	26,621,359		17,030,603
Total assets	26,621,359		17,030,603
LIABILITIES:
Borrowings under debt facility	0		0
Derivative liability			0
Total liabilities	0		0
Level 2
ASSETS:
Loans	0		0
Derivative assets	56,623
Cash equivalents	0		0
Total assets	56,623		0
LIABILITIES:
Borrowings under debt facility	125,000,000		197,500,000
Derivative liability			110,917
Total liabilities	125,000,000		197,610,917
Level 3
ASSETS:
Loans	380,905,915		403,600,113
Derivative assets	0
Cash equivalents	0		0
Total assets	380,905,915		403,600,113
LIABILITIES:
Borrowings under debt facility	0		0
Derivative liability			0
Total liabilities	$ 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.

XML

FAIR VALUE DISCLOSURES - Schedule of Changes in Level 3 Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 395,415,834	$ 300,192,541	$ 403,600,113	$ 268,498,972
Acquisitions and originations	71,525,000	46,562,500	90,408,000	94,062,500
Principal payments on loans, net of accretion and Distributions to shareholder	(73,040,917)	(17,122,302)	(97,479,859)	(31,825,232)
Net change in unrealized loss from loans		(1,171,518)	(15,622,339)	(2,275,019)
Ending balance	380,905,915	328,461,221	380,905,915	328,461,221
Net change in unrealized loss from loans still held	(12,994,002)		(15,622,339)
Loans | Net realized loss from loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net change in unrealized loss from loans	0
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 loss from loans	(12,994,002)
Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	0	0	0
Acquisitions and originations	8,168,773	2,955,751	10,617,948	7,596,973
Principal payments on loans, net of accretion and Distributions to shareholder		(2,955,751)	(10,617,948)	(7,596,973)
Net change in unrealized loss from loans	(8,168,773)
Ending balance	0	$ 0	0	$ 0
Stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0		0
Acquisitions and originations	2,133,543		2,165,869
Principal payments on loans, net of accretion and Distributions to shareholder	(2,133,543)		(2,165,869)
Ending balance	0		0
Convertible Notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0		0
Acquisitions and originations	87,707		387,707
Principal payments on loans, net of accretion and Distributions to shareholder	(87,707)		(387,707)
Ending balance	$ 0		$ 0

XML

CAPITAL STOCK - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
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 outstanding (in shares)	100,000	100,000
Contributions from shareholder	$ 500.0	$ 500.0
Contributed capital to shareholder	336.0	276.0
WTI Fund X, LLC
Capital Unit [Line Items]
Contributed capital to shareholder	$ 375.0	$ 305.0

XML

CAPITAL STOCK - Distributions of Capital Stock (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Capital Unit [Line Items]
Total distributions to shareholder	$ 16,437,524	$ 7,596,973
Cash distributions
Capital Unit [Line Items]
Total distributions to shareholder	3,266,000	0
Distributions of equity securities
Capital Unit [Line Items]
Total distributions to shareholder	$ 13,171,524	$ 7,596,973

XML

DEBT FACILITY - Narrative (Details) - USD ($)			6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2024	Dec. 17, 2021
Debt Instrument [Line Items]
Asset coverage ratio	328.00%	214.00%	328.00%
Borrowings under debt facility	$ 125,000,000	$ 197,500,000	$ 125,000,000
Revolving Credit Facility | Loan Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	250,000,000		250,000,000
Additional borrowing capacity	$ 125,000,000		$ 125,000,000
Revolving Credit Facility | Loan Agreement | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	2.268%	2.20%
Applicable variable rate margin, contributor one	1.75%		1.75%
Applicable variable rate margin, contributor two	2.50%		2.50%
Percentage of maximum amount available			50.00%
Borrowings under debt facility	$ 125,000,000	$ 197,500,000	$ 125,000,000
Bank fees and other costs				$ 2,200,000
Unamortized fees and costs	$ 1,000,000.0	$ 1,300,000	$ 1,000,000.0
Revolving Credit Facility | Loan Agreement | Line of Credit | Minimum
Debt Instrument [Line Items]
Unused line fee percentage			0.25%
Revolving Credit Facility | Loan Agreement | Line of Credit | Maximum
Debt Instrument [Line Items]
Unused line fee percentage			0.50%
Revolving Credit Facility | Loan Agreement | Line of Credit | 1-month Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			0.11448%
Interest period (in months)			1 month
Revolving Credit Facility | Loan Agreement | Line of Credit | 3-month Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			0.26161%
Interest period (in months)			3 months
Revolving Credit Facility | Loan Agreement | Line of Credit | 6-month Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			0.42826%
Interest period (in months)			6 months

XML

DEBT FACILITY - Schedule of the Outstanding Facility Draws (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Borrowings under debt facility	$ 125,000,000	$ 197,500,000
Revolving Credit Facility | Loan Agreement | Line of Credit
Debt Instrument [Line Items]
Borrowings under debt facility	$ 125,000,000	$ 197,500,000
Basis spread on variable rate	2.268%	2.20%
Revolving Credit Facility | Loan Agreement | Line of Credit | SOFR Adjustment
Debt Instrument [Line Items]
Basis spread on variable rate	0.11448%	0.11448%

XML

MANAGEMENT FEE AND RELATED PARTIES - Management Fees (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Management Fee	1.575%	1.60%
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 AND RELATED PARTIES - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Management fee payable	$ 1,968,750		$ 1,968,750		$ 1,968,750
Management fee rate			1.575%	1.60%
Management fees	1,968,750	$ 2,000,000	$ 3,937,500	$ 4,000,000
Year 9
Related Party Transaction [Line Items]
Management fee payable
Management fee rate			0.15%

XML

DERIVATIVE INSTRUMENTS - Schedule of Derivatives (Details) - Zions Bancorporation, N.A. - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Interest Rate Collar, Cap Rate 5.30%, Floor Rate 3.65%, Maturity 12/31/2024
Derivative [Line Items]
Notional Amount	$ 50,000,000	$ 50,000,000
Cap	5.30%
Floor	3.65%
Interest Rate Collar, Cap Rate 5.30%, Floor Rate 2.30%, Maturity 12/31/2025
Derivative [Line Items]
Notional Amount	$ 50,000,000	$ 50,000,000
Cap	5.30%
Floor	2.30%

XML

DERIVATIVE INSTRUMENTS - Fair Value of Derivative Assets and Liabilities (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative assets	$ 56,623	$ 0
Derivative liability	0	110,917
Interest rate collar
Derivative [Line Items]
Derivative assets	56,623	0
Derivative liability	$ 0	$ 110,917

XML

DERIVATIVE INSTRUMENTS - Effect of Derivative Instruments on Statements of Operations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Net change in unrealized gain (loss) from derivative instruments	$ (6,599)	$ 0	$ 167,540	$ 0
Net realized gain from derivative instruments	6,057	0	15,928	0
Interest rate collar
Derivative [Line Items]
Net change in unrealized gain (loss) from derivative instruments	(6,599)	0	167,540	0
Net realized gain from derivative instruments	$ 6,057	$ 0	$ 15,928	$ 0

XML

DERIVATIVE INSTRUMENTS - Derivatives, Offsetting Assets (Details)	Jun. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Asset Subject to Master Netting Agreement	$ 56,623
Derivatives Available for Offset	0
Non-cash collateral received	0
Cash Collateral Received	0
Net Amount	$ 56,623

XML

DERIVATIVE INSTRUMENTS - Derivatives, Offsetting Liability (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liability Subject to Master Netting Agreement		$ (110,917)
Derivatives Available for Offset		0
Non-cash collateral received		0
Cash Collateral Received		0
Net Amount		(110,917)
Derivative liability	$ 0	110,917
Derivative assets	$ 56,623	$ 0

XML

TAX STATUS - Schedule of Cost of Investments for Federal Income Tax Purposes and Appreciation (Depreciation) of Investments (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Asset
Investments, Owned, Federal Income Tax Note [Line Items]
Cost	$ 410,921,860	$ 417,993,719
Unrealized Appreciation	56,623	0
Unrealized Depreciation	(30,015,945)	(14,393,606)
Net Appreciation (Depreciation)	(29,959,322)	(14,393,606)
Liability
Investments, Owned, Federal Income Tax Note [Line Items]
Cost		0
Unrealized Appreciation		0
Unrealized Depreciation	0	(110,917)
Net Appreciation (Depreciation)		(110,917)
Derivative liability | Liability
Investments, Owned, Federal Income Tax Note [Line Items]
Cost		0
Unrealized Appreciation		0
Unrealized Depreciation		(110,917)
Net Appreciation (Depreciation)		(110,917)
Loans | Asset
Investments, Owned, Federal Income Tax Note [Line Items]
Cost	410,921,860	417,993,719
Unrealized Appreciation	0	0
Unrealized Depreciation	(30,015,945)	(14,393,606)
Net Appreciation (Depreciation)	(30,015,945)	$ (14,393,606)
Derivative assets | Asset
Investments, Owned, Federal Income Tax Note [Line Items]
Cost	0
Unrealized Appreciation	56,623
Unrealized Depreciation	0
Net Appreciation (Depreciation)	$ 56,623

XML

TAX STATUS - Narratives (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Operating loss carryforwards	$ 0
Liability
Investments, Owned, Federal Income Tax Note [Line Items]
Unrealized depreciation	0	$ 110,917
Unrealized appreciation		0
Assets
Investments, Owned, Federal Income Tax Note [Line Items]
Unrealized depreciation	30,015,945	14,393,606
Unrealized appreciation	$ 56,623	$ 0

XML

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Unexpired unfunded commitments to borrowers	$ 125,092,000	$ 132,250,000

XML

COMMITMENTS AND CONTINGENCIES - Unexpired Unfunded Commitments (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	$ 125,092,000	$ 132,250,000
Investment, Identifier [Axis]: 2045 Studio, Inc., Technology Services
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		750,000
Investment, Identifier [Axis]: Abacum Inc., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	1,500,000
Investment, Identifier [Axis]: American Castanea PBC, Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	1,750,000
Investment, Identifier [Axis]: Badiani Limited, Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		500,000
Investment, Identifier [Axis]: Bloomboard, Inc., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	1,500,000
Investment, Identifier [Axis]: Charlie Financial Inc., Other Healthcare
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	7,000,000	7,000,000
Investment, Identifier [Axis]: Creoate Limited, Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	592,000
Investment, Identifier [Axis]: Findigs, Inc., Internet
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	3,500,000	3,500,000
Investment, Identifier [Axis]: GoForward, Inc., Other Healthcare
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	30,000,000	30,000,000
Investment, Identifier [Axis]: Hdata, Inc., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		500,000
Investment, Identifier [Axis]: High Definition Vehicle Insurance, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	2,500,000	2,500,000
Investment, Identifier [Axis]: Higher Ground Education, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		5,000,000
Investment, Identifier [Axis]: Kolors, Inc., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		2,000,000
Investment, Identifier [Axis]: Kushki Group Holdings Ltd., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		10,000,000
Investment, Identifier [Axis]: Make Cents Technologies Inc., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		10,000,000
Investment, Identifier [Axis]: Merlin Labs, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	22,500,000
Investment, Identifier [Axis]: Modern Animal, Inc., Other Healthcare
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	25,000,000	30,000,000
Investment, Identifier [Axis]: NeoSensory, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	750,000
Investment, Identifier [Axis]: Nextivity, Inc., Wireless
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	7,000,000
Investment, Identifier [Axis]: Parkoursc, Inc., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	1,000,000
Investment, Identifier [Axis]: Ripple Foods, PBC, Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		4,000,000
Investment, Identifier [Axis]: Runzy, Inc., Other Technology
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	500,000	500,000
Investment, Identifier [Axis]: Safe Securities Inc., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		4,000,000
Investment, Identifier [Axis]: Semsee Corp., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment		2,000,000
Investment, Identifier [Axis]: Swiftly Systems, Inc., Software
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unexpired Unfunded Commitment	$ 20,000,000	$ 20,000,000

XML

FINANCIAL HIGHLIGHTS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Investment Company [Abstract]
Total return	2.63%	5.29%	6.90%	10.38%
Per share amounts:
Net asset value, beginning of period (in dollars per share)	$ 2,307.19	$ 1,535.93	$ 2,273.02	$ 1,137.31
Net investment income (in dollars per share)	195.96	92.94	315.04	164.00
Net realized and change in unrealized loss from loans and derivative instruments (in dollars per share)	(129.95)	(11.72)	(154.38)	(22.75)
Net increase in net assets resulting from operations (in dollars per share)	66.01	81.22	160.66	141.25
Distributions of income to shareholder (in dollars per share)	(103.90)	(29.56)	(164.38)	(75.97)
Contributions from shareholder (in dollars per share)	600.00	0	600.00	385.00
Net asset value, end of period (in dollars per share)	$ 2,869.3	$ 1,587.59	$ 2,869.3	$ 1,587.59
Net assets, end of period	$ 286,930,187	$ 158,758,987	$ 286,930,187	$ 158,758,987	$ 230,718,695	$ 227,302,136	$ 153,592,724	$ 113,730,798
Ratios to average net assets:
Expenses	8.65%	14.30%	9.63%	15.04%
Net investment income	30.56%	24.19%	26.05%	23.25%
Portfolio turnover rate	0.00%	0.00%	0.00%	0.00%
Average debt outstanding	$ 164,000,000	$ 184,375,000	$ 177,000,000	$ 178,642,857