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 JuneSeptember 30, 2022

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

For the transition period from ___________ to ______________

Commission file number 814-01253

Venture Lending & Leasing IX, Inc.
(Exact Name of Registrant as specified in its charter)
Maryland82-2040715
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
104 La Mesa Drive, Suite 102, Portola Valley, CA94028
(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 [ ]   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:
ClassOutstanding as of August 11,November 14, 2022
Common Stock, $0.001 par value100,000



VENTURE LENDING & LEASING IX, INC.
INDEX
PART I — FINANCIAL INFORMATION
Item 1.Financial Statements
Condensed Statements of Assets and Liabilities (Unaudited)
As of JuneSeptember 30, 2022 and December 31, 2021
Condensed Statements of Operations (Unaudited)
For the three and sixnine months ended JuneSeptember 30, 2022 and 2021
Condensed Statements of Changes in Net Assets (Unaudited)
For the three and sixnine months ended JuneSeptember 30, 2022 and 2021
Condensed Statements of Cash Flows (Unaudited)
For the sixnine months ended JuneSeptember 30, 2022 and 2021
Condensed Schedules of Investments (Unaudited)
As of JuneSeptember 30, 2022 and December 31, 2021
Condensed Schedules of Derivative Instruments (Unaudited)
As of JuneSeptember 30, 2022 and December 31, 2021
Notes to Condensed Financial Statements (Unaudited)
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
PART II — OTHER INFORMATION
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
SIGNATURES



PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

VENTURE LENDING & LEASING IX, INC.

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
AS OF JUNESEPTEMBER 30, 2022 AND DECEMBER 31, 2021

June 30, 2022December 31, 2021 September 30, 2022December 31, 2021
ASSETSASSETSASSETS
Loans, at estimated fair valueLoans, at estimated fair valueLoans, at estimated fair value
(cost of $501,823,924 and $501,909,222)$485,662,620 $484,047,644 
(cost of $511,863,593 and $501,909,222) (cost of $511,863,593 and $501,909,222)$484,854,427 $484,047,644 
Derivative assetsDerivative assets6,837,672 962,602 Derivative assets10,413,352 962,602 
Cash and cash equivalentsCash and cash equivalents26,355,756 6,939,126 Cash and cash equivalents15,900,887 6,939,126 
Dividend and interest receivablesDividend and interest receivables6,270,316 6,872,798 Dividend and interest receivables6,222,661 6,872,798 
Other assetsOther assets2,469,519 2,110,405 Other assets2,020,753 2,110,405 
Total assetsTotal assets527,595,883 500,932,575 Total assets519,412,080 500,932,575 
   
LIABILITIESLIABILITIESLIABILITIES
Borrowings under debt facilityBorrowings under debt facility267,000,000 263,000,000 Borrowings under debt facility253,500,000 263,000,000 
Accrued management feesAccrued management fees1,725,000 1,725,000 Accrued management fees1,437,500 1,725,000 
Derivative liabilityDerivative liability— 130,697 Derivative liability— 130,697 
Accounts payable and other accrued liabilitiesAccounts payable and other accrued liabilities3,980,472 5,883,327 Accounts payable and other accrued liabilities4,347,416 5,883,327 
Total liabilitiesTotal liabilities272,705,472 270,739,024 Total liabilities259,284,916 270,739,024 
   
NET ASSETSNET ASSETS$254,890,411 $230,193,551 NET ASSETS$260,127,164 $230,193,551 
   
Analysis of Net Assets:Analysis of Net Assets: Analysis of Net Assets: 
   
Capital paid in on shares of capital stockCapital paid in on shares of capital stock$365,625,000 $345,625,000 Capital paid in on shares of capital stock$394,125,000 $345,625,000 
Cumulative return of capital distributionsCumulative return of capital distributions(104,933,372)(97,253,486)Cumulative return of capital distributions(116,253,732)(97,253,486)
Total distributable lossesTotal distributable losses(5,801,217)(18,177,963)Total distributable losses(17,744,104)(18,177,963)
Net assets (equivalent to $2,548.90 and $2,301.94 per share based on 100,000 shares of capital stock outstanding - See Note 5 and Note 11)$254,890,411 $230,193,551 
Net assets (equivalent to $2,601.27 and $2,301.94 per share based on 100,000 shares of capital stock outstanding - See Note 5 and Note 11)Net assets (equivalent to $2,601.27 and $2,301.94 per share based on 100,000 shares of capital stock outstanding - See Note 5 and Note 11)$260,127,164 $230,193,551 
Commitments & Contingent Liabilities:Commitments & Contingent Liabilities:Commitments & Contingent Liabilities:
Unexpired unfunded commitments (See Note 10)Unexpired unfunded commitments (See Note 10)$111,738,732 $97,948,732 Unexpired unfunded commitments (See Note 10)$89,119,586 $97,948,732 






See notes to condensed financial statements (unaudited).
3

VENTURE LENDING & LEASING IX, INC.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND SIXNINE MONTHS ENDED JUNESEPTEMBER 30, 2022 AND 2021

For the Three Months Ended June 30, 2022For the Three Months Ended June 30, 2021For the Six Months Ended June 30, 2022For the Six Months Ended June 30, 2021 For the Three Months Ended September 30, 2022For the Three Months Ended September 30, 2021For the Nine Months Ended September 30, 2022For the Nine Months Ended September 30, 2021
INVESTMENT INCOME:INVESTMENT INCOME:INVESTMENT INCOME:
Interest on loansInterest on loans$21,499,283 $18,455,104 $42,512,977 $33,142,352 Interest on loans$18,651,467 $31,494,140 $61,164,444 $64,636,492 
Other interest and other income Other interest and other income78,347 444 158,303 21,999  Other interest and other income79,700 116,001 238,003 138,000 
Total investment incomeTotal investment income21,577,630 18,455,548 42,671,280 33,164,351 Total investment income18,731,167 31,610,141 61,402,447 64,774,492 
EXPENSES:EXPENSES:EXPENSES:
Management feesManagement fees1,725,000 1,811,250 3,450,000 3,622,500 Management fees1,437,500 1,725,000 4,887,500 5,347,500 
Interest expenseInterest expense2,628,1521,537,561 4,785,022 2,750,725 Interest expense3,447,0731,704,395 8,232,095 4,455,120 
Banking and professional feesBanking and professional fees84,896 640,849 392,493 742,608 Banking and professional fees118,991 181,025 511,484 923,633 
Other operating expensesOther operating expenses27,957 30,226 56,065 60,869 Other operating expenses106,273 60,682 162,339 121,552 
Total expensesTotal expenses4,466,005 4,019,886 8,683,580 7,176,702 Total expenses5,109,837 3,671,102 13,793,418 10,847,805 
Net investment incomeNet investment income17,111,625 14,435,662 33,987,700 25,987,649 Net investment income13,621,330 27,939,039 47,609,029 53,926,687 
Net realized loss from loansNet realized loss from loans(2,249,093)— (2,577,831)(119,127)Net realized loss from loans(18,209)— (2,596,040)(119,127)
Net realized gain (loss) from derivative instrumentsNet realized gain (loss) from derivative instruments882,045 (335,383)717,583 (651,085)Net realized gain (loss) from derivative instruments243,988 (356,028)961,571 (1,007,113)
Net change in unrealized gain (loss) from loans2,060,255 (543,614)1,700,274 319,612 
Net change in unrealized loss from loansNet change in unrealized loss from loans(10,847,862)(2,547,792)(9,147,588)(2,228,180)
Net change in unrealized gain from derivative instrumentsNet change in unrealized gain from derivative instruments590,763 283,465 6,005,767 692,850 Net change in unrealized gain from derivative instruments3,575,680 320,324 9,581,447 1,013,174 
Net realized and change in unrealized gain (loss) from loans and derivative instruments1,283,970 (595,532)5,845,793 242,250 
Net realized and change in unrealized loss from loans and derivative instrumentsNet realized and change in unrealized loss from loans and derivative instruments(7,046,403)(2,583,496)(1,200,610)(2,341,246)
Net increase in net assets resulting from operationsNet increase in net assets resulting from operations$18,395,595 $13,840,130 $39,833,493 $26,229,899 Net increase in net assets resulting from operations$6,574,927 $25,355,543 $46,408,419 $51,585,441 
Amounts per common share:Amounts per common share:Amounts per common share:
Net increase in net assets resulting from operations per shareNet increase in net assets resulting from operations per share$183.96 $138.40 $398.33 $262.30 Net increase in net assets resulting from operations per share$65.75 $253.56 $464.08 $515.85 
Weighted average shares outstandingWeighted average shares outstanding100,000 100,000 100,000 100,000 Weighted average shares outstanding100,000 100,000 100,000 100,000 











See notes to condensed financial statements (unaudited).
4

VENTURE LENDING & LEASING IX, INC.

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
FOR THE THREE AND SIXNINE MONTHS ENDED JUNESEPTEMBER 30, 2022 AND 2021
Common StockCommon Stock
SharesPar ValueAdditional Paid-in CapitalReturn of Capital DistributionsTotal Distributable LossesNet Assets SharesPar ValueAdditional Paid-in CapitalReturn of Capital DistributionsTotal Distributable LossesNet Assets
Balance at March 31, 2021 (a)
100,000 $100 $257,124,900 $(63,265,335)$(13,618,771)$180,240,894 
Balance at June 30, 2021 (a)
Balance at June 30, 2021 (a)
100,000 $100 $316,624,900 $(69,569,254)0$(13,878,920)$233,176,826 
Net increase in net assets resulting from operationsNet increase in net assets resulting from operations— — — — 13,840,130 13,840,130 Net increase in net assets resulting from operations— — — — 25,355,543 25,355,543 
Distribution of income to shareholderDistribution of income to shareholder— — — — (14,100,279)(14,100,279)Distribution of income to shareholder— — — — (27,583,011)(27,583,011)
Return of capital to shareholderReturn of capital to shareholder— — — (6,303,919)— (6,303,919)Return of capital to shareholder— — — 13,078,160 — 13,078,160 
Contributions from shareholderContributions from shareholder— — 59,500,000 — — 59,500,000 Contributions from shareholder— — 27,500,000 — — 27,500,000 
Balance at June 30, 2021 (a)
100,000 $100 $316,624,900 $(69,569,254)$(13,878,920)$233,176,826 
Balance at September 30, 2021 (a)
Balance at September 30, 2021 (a)
100,000 $100 $344,124,900 $(56,491,094)$(16,106,388)$271,527,518 
Balance at March 31, 2022100,000 $100 $358,124,900 $(104,933,372)$(13,122,939)$240,068,689 
Balance at June 30, 2022Balance at June 30, 2022100,000 $100 $365,624,900 $(104,933,372)$(5,801,217)$254,890,411 
Net increase in net assets resulting from operationsNet increase in net assets resulting from operations— — — — 18,395,595 18,395,595 Net increase in net assets resulting from operations— — — — 6,574,927 6,574,927 
Distribution of income to shareholderDistribution of income to shareholder— — — — (11,073,873)(11,073,873)Distribution of income to shareholder— — — — (18,517,814)(18,517,814)
Return of capital to shareholderReturn of capital to shareholder— — — (11,320,360)— (11,320,360)
Contributions from shareholderContributions from shareholder— — 7,500,000 — — 7,500,000 Contributions from shareholder— — 28,500,000 — — 28,500,000 
Balance at June 30, 2022100,000 $100 $365,624,900 $(104,933,372)$(5,801,217)$254,890,411 
Balance at September 30, 2022Balance at September 30, 2022100,000 $100 $394,124,900 $(116,253,732)$(17,744,104)$260,127,164 
Balance at December 31, 2020 (a)
Balance at December 31, 2020 (a)
100,000 $100 $243,124,900 $(44,906,782)$(14,891,383)$183,326,835 
Balance at December 31, 2020 (a)
100,000 $100 $243,124,900 $(44,906,782)$(14,891,383)$183,326,835 
Net increase in net assets resulting from operationsNet increase in net assets resulting from operations— — — — 26,229,899 26,229,899 Net increase in net assets resulting from operations— — — — 51,585,441 51,585,441 
Distribution of income to shareholderDistribution of income to shareholder— — — — (25,217,436)(25,217,436)Distribution of income to shareholder— — — — (52,800,446)(52,800,446)
Return of capital to shareholderReturn of capital to shareholder— — — (24,662,472)— (24,662,472)Return of capital to shareholder— — — (11,584,312)— (11,584,312)
Contributions from shareholderContributions from shareholder— — 73,500,000 — — 73,500,000 Contributions from shareholder— — 101,000,000 — — 101,000,000 
Balance at June 30, 2021 (a)
100,000 $100 $316,624,900 $(69,569,254)$(13,878,920)$233,176,826 
Balance at September 30, 2021 (a)
Balance at September 30, 2021 (a)
100,000 $100 $344,124,900 $(56,491,094)$(16,106,388)$271,527,518 
Balance at December 31, 2021Balance at December 31, 2021100,000 $100 $345,624,900 $(97,253,486)$(18,177,963)$230,193,551 Balance at December 31, 2021100,000 $100 $345,624,900 $(97,253,486)$(18,177,963)$230,193,551 
Net increase in net assets resulting from operationsNet increase in net assets resulting from operations— — — — 39,833,493 39,833,493 Net increase in net assets resulting from operations— — — — 46,408,419 46,408,419 
Distribution of income to shareholderDistribution of income to shareholder— — — — (27,456,747)(27,456,747)Distribution of income to shareholder— — — — (45,974,560)(45,974,560)
Return of capital to shareholderReturn of capital to shareholder— — — (7,679,886)— (7,679,886)Return of capital to shareholder— — — (19,000,246)— (19,000,246)
Contributions from shareholderContributions from shareholder— — 20,000,000 — — 20,000,000 Contributions from shareholder— — 48,500,000 — — 48,500,000 
Balance at June 30, 2022100,000 $100 $365,624,900 $(104,933,372)$(5,801,217)$254,890,411 
Balance at September 30, 2022Balance at September 30, 2022100,000 $100 $394,124,900 $(116,253,732)$(17,744,104)$260,127,164 

(a) Additional prior period information is shown for comparability with current period presentation.








See notes to condensed financial statements (unaudited).
5

VENTURE LENDING & LEASING IX INC.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIXNINE MONTHS ENDED JUNESEPTEMBER 30, 2022 AND 2021

For the Six Months Ended June 30, 2022
For the Six Months Ended June 30, 2021 (a)
 For the Nine Months Ended September 30, 2022
For the Nine Months Ended September 30, 2021 (a)
CASH FLOWS FROM OPERATING ACTIVITIES:CASH FLOWS FROM OPERATING ACTIVITIES: CASH FLOWS FROM OPERATING ACTIVITIES: 
Net increase in net assets resulting from operationsNet increase in net assets resulting from operations$39,833,493 $26,229,899 Net increase in net assets resulting from operations$46,408,419 $51,585,441 
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: 
Net realized loss from loansNet realized loss from loans2,577,831 119,127 Net realized loss from loans2,596,040 119,127 
Net realized (gain) loss from derivative instrumentsNet realized (gain) loss from derivative instruments(717,583)651,085 Net realized (gain) loss from derivative instruments(961,571)1,007,113 
Net change in unrealized gain from loans(1,700,274)(319,612)
Net change in unrealized loss from loansNet change in unrealized loss from loans9,147,588 2,228,180 
Net change in unrealized gain from derivative instrumentsNet change in unrealized gain from derivative instruments(6,005,767)(692,850)Net change in unrealized gain from derivative instruments(9,581,447)(1,013,174)
Amortization of deferred costs related to borrowing facilityAmortization of deferred costs related to borrowing facility466,457 360,569 Amortization of deferred costs related to borrowing facility732,448 577,416 
Origination of loans Origination of loans(107,475,000)(168,925,000) Origination of loans(160,094,146)(313,790,000)
Principal payments on loans, net of accretion Principal payments on loans, net of accretion100,857,426 71,572,269  Principal payments on loans, net of accretion143,254,264 153,144,358 
Proceeds from sale of loan Proceeds from sale of loan1,800,000 —  Proceeds from sale of loan1,800,000 — 
Acquisition of equity securities Acquisition of equity securities(7,811,592)(16,053,620) Acquisition of equity securities(10,985,335)(30,290,739)
Change in operating assets and liabilities:Change in operating assets and liabilities:Change in operating assets and liabilities:
Net (increase) decrease in dividend and interest receivablesNet (increase) decrease in dividend and interest receivables602,482 (1,560,833)Net (increase) decrease in dividend and interest receivables650,137 (2,377,312)
Net increase in other assetsNet increase in other assets(448,800)(97,835)Net increase in other assets(266,025)(359,707)
Net increase (decrease) in accounts payable, other accrued liabilities and accrued management feesNet increase (decrease) in accounts payable, other accrued liabilities and accrued management fees(1,902,855)480,474 Net increase (decrease) in accounts payable, other accrued liabilities and accrued management fees(1,823,411)1,854,931 
Net cash provided by (used in) operating activitiesNet cash provided by (used in) operating activities20,075,818 (88,236,327)Net cash provided by (used in) operating activities20,876,961 (137,314,366)
CASH FLOWS FROM FINANCING ACTIVITIES:CASH FLOWS FROM FINANCING ACTIVITIES: CASH FLOWS FROM FINANCING ACTIVITIES: 
Cash distributions to shareholderCash distributions to shareholder(25,000,000)(33,800,000)Cash distributions to shareholder(51,500,000)(33,800,000)
Contributions from shareholderContributions from shareholder20,000,000 73,500,000 Contributions from shareholder48,500,000 101,000,000 
Borrowings under debt facilityBorrowings under debt facility56,500,000 91,200,000 Borrowings under debt facility88,000,000 195,200,000 
Repayments of borrowings under debt facilityRepayments of borrowings under debt facility(52,500,000)(46,700,000)Repayments of borrowings under debt facility(97,500,000)(72,700,000)
Payments made for derivative instrumentsPayments made for derivative instruments(202,417)(651,085)Payments made for derivative instruments(202,417)(1,007,113)
Payments received from derivative instrumentsPayments received from derivative instruments920,000 — Payments received from derivative instruments1,163,988 — 
Payments of bank facility fees and costsPayments of bank facility fees and costs(376,771)(2,317,250)Payments of bank facility fees and costs(376,771)(2,317,250)
Net cash provided by (used in) financing activitiesNet cash provided by (used in) financing activities(659,188)81,231,665 Net cash provided by (used in) financing activities(11,915,200)186,375,637 
Net increase (decrease) in cash and cash equivalents19,416,630 (7,004,662)
Net increase in cash and cash equivalentsNet increase in cash and cash equivalents8,961,761 49,061,271 
CASH AND CASH EQUIVALENTS:CASH AND CASH EQUIVALENTS: CASH AND CASH EQUIVALENTS: 
Beginning of periodBeginning of period6,939,126 12,497,243 Beginning of period6,939,126 12,497,243 
End of periodEnd of period$26,355,756 $5,492,581 End of period$15,900,887 $61,558,514 
SUPPLEMENTAL DISCLOSURES:SUPPLEMENTAL DISCLOSURES: SUPPLEMENTAL DISCLOSURES: 
CASH PAID DURING THE PERIOD:CASH PAID DURING THE PERIOD:   CASH PAID DURING THE PERIOD:   
Interest - Debt facilityInterest - Debt facility$4,077,722 $2,034,290 Interest - Debt facility$6,892,275 $3,400,946 
NON-CASH OPERATING AND FINANCING ACTIVITIES:NON-CASH OPERATING AND FINANCING ACTIVITIES:   NON-CASH OPERATING AND FINANCING ACTIVITIES:   
Distributions of equity securities to shareholderDistributions of equity securities to shareholder$10,136,633 $16,079,908 Distributions of equity securities to shareholder$13,474,806 $30,584,758 
Receipt of equity securities as repayment of loansReceipt of equity securities as repayment of loans$2,325,041 $26,288 Receipt of equity securities as repayment of loans$2,489,471 $294,020 
(a) Certain prior period information has been merged to conform to current presentation.
(a) Certain prior period information has been merged to conform to current presentation.
(a) Certain prior period information has been merged to conform to current presentation.
See notes to condensed financial statements (unaudited).
6

VENTURE LENDING & LEASING IX, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)
AS OF JUNESEPTEMBER 30, 2022

IndustryIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity DateIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
BiotechnologyBiotechnology
Calysta, Inc.Senior Secured11.8%$6,895,743 $6,547,712 $6,547,712 6/1/2025
Biotechnology
Calysta, Inc.Senior Secured11.8%7,419,5397,015,3257,015,3256/1/2025Driver Bioengineering, Inc.Senior Secured11.0%95,960 92,80792,8074/1/2023
Driver Bioengineering, Inc.Senior Secured11.0%375,324372,069372,0696/1/2023Driver Bioengineering, Inc.Senior Secured11.0%285,310 283,395283,3956/1/2023
Driver Bioengineering, Inc.Senior Secured11.0%135,247129,214129,2144/1/2023Driver Bioengineering, Inc. Subtotal381,270 376,202376,202
Driver Bioengineering, Inc. Subtotal510,571501,283501,283Genomic Prediction, Inc.Senior Secured11.0%932,100 884,854884,8541/1/2025
Genomic Prediction, Inc.Senior Secured11.0%990,096933,704933,7041/1/2025GLO Pharma, Inc.Senior Secured10.5%2,706,906 2,658,3542,658,35412/1/2024
GLO Pharma, Inc.Senior Secured10.5%2,970,2302,911,5872,911,58712/1/2024GLO Pharma, Inc.Senior Secured10.5%1,805,517 1,752,2871,752,28712/1/2024
GLO Pharma, Inc.Senior Secured10.5%1,981,1551,916,9171,916,91712/1/2024GLO Pharma, Inc. Subtotal4,512,423 4,410,6414,410,641
GLO Pharma, Inc. Subtotal4,951,3854,828,5044,828,504Quartzy, Inc.Senior Secured12.0%781,366 771,662771,6627/1/2024
Quartzy, Inc.Senior Secured12.0%812,859802,423802,4235/1/2024Quartzy, Inc.Senior Secured12.0%717,081 708,976708,9765/1/2024
Quartzy, Inc.Senior Secured12.0%875,271863,059863,0597/1/2024Quartzy, Inc.Senior Secured11.0%1,238,110 1,158,7481,158,7485/1/2026
Quartzy, Inc.Senior Secured12.0%344,548327,311327,3118/1/2023Quartzy, Inc.Senior Secured11.0%1,238,448 1,170,1111,170,1118/1/2026
Quartzy, Inc.Senior Secured11.0%1,238,4321,151,6681,151,6685/1/2026Quartzy, Inc.Senior Secured11.0%1,237,818 858,563858,5632/1/2026
Quartzy, Inc.Senior Secured11.0%1,238,148824,596824,5962/1/2026Quartzy, Inc.Senior Secured12.0%274,702 263,577263,5778/1/2023
Quartzy, Inc. Subtotal4,509,2583,969,0573,969,057Quartzy, Inc. Subtotal5,487,525 4,931,6374,931,637
Biotechnology TotalBiotechnology Total6.8%$ 18,380,849$ 17,247,873$ 17,247,873Biotechnology Total6.6%$18,209,061 $17,151,046 $17,151,046 
Computers & StorageComputers & StorageComputers & Storage
Canary Connect, Inc.Senior Secured12.0%$5,026,717 $4,893,752 $4,893,752 3/1/2024
Canary Connect, Inc.Senior Secured12.0%1,257,164 1,241,8531,241,8533/1/2024
Canary Connect, Inc.Senior Secured12.8%824,850817,033817,0333/1/2023Canary Connect, Inc.Senior Secured11.8%14,836,389 14,184,85814,184,8583/1/2026
Canary Connect, Inc.Senior Secured11.8%14,841,11714,130,90714,130,9073/1/2026Canary Connect, Inc.Senior Secured12.8%558,570 554,838554,8383/1/2023
Canary Connect, Inc.Senior Secured12.0%1,445,6601,425,4031,425,4033/1/2024Canary Connect, Inc. Subtotal21,678,840 20,875,30120,875,301
Canary Connect, Inc.Senior Secured12.0%5,780,4105,604,7615,604,7613/1/2024Proto, Inc.Senior Secured12.5%1,375,000 1,260,9951,260,99510/1/2025
Canary Connect, Inc. Subtotal22,892,03721,978,10421,978,104Proto, Inc.Senior Secured12.8%1,375,000 1,374,9991,374,99910/1/2025
Proto, Inc.Senior Secured12.5%1,375,0001,244,0031,244,00310/1/2025Proto, Inc. Subtotal2,750,000 2,635,9942,635,994
Computers & Storage TotalComputers & Storage Total9.1%$ 24,267,037$ 23,222,107$ 23,222,107Computers & Storage Total9.0%$24,428,840 $23,511,295 $23,511,295 
Enterprise NetworkingEnterprise NetworkingEnterprise Networking
Diamanti, Inc.Senior Secured11.0%5,972,9844,838,4163,803,108*Diamanti, Inc.Senior Secured11.0%$5,972,984 $4,584,616 $3,549,307 *
Enterprise Networking TotalEnterprise Networking Total1.5%$ 5,972,984$ 4,838,416$ 3,803,108Enterprise Networking Total1.4%$5,972,984 $4,584,616 $3,549,307 
InternetInternetInternet
10club Pte Ltd. ** ^Senior Secured12.0%4,451,9054,331,9554,331,95511/1/202510club Pte Ltd. ** ^Senior Secured12.0%$4,450,447 $4,343,811 $4,343,811 11/1/2025
10club Pte Ltd. ** ^Senior Secured12.0%1,483,5311,056,0981,056,0988/1/202510club Pte Ltd. ** ^Senior Secured12.0%1,448,768 1,070,7941,070,7948/1/2025
10club Pte Ltd. Subtotal ** ^5,935,4365,388,0535,388,05310club Pte Ltd. Subtotal ** ^5,899,215 5,414,6055,414,605
Ainsly, Inc. ** ^Senior Secured12.5%56,93756,45856,4588/1/2022Ainsly, Inc. ** ^Senior Secured12.5%108,204 103,092103,0929/1/2023
Ainsly, Inc. ** ^Senior Secured12.5%18,98018,98018,9808/1/2022Ainsly, Inc. ** ^Senior Secured12.5%300,000 183,569183,5697/1/2025
Ainsly, Inc. ** ^Senior Secured12.5%133,217125,568125,5689/1/2023Ainsly, Inc. Subtotal ** ^408,204 286,661286,661
Ainsly, Inc. Subtotal ** ^209,134201,006201,006D2C Store, Inc.Senior Secured12.0%2,500,000 2,270,2742,270,27412/1/2025
D2C Store, Inc.Senior Secured12.0%2,500,0002,247,4112,247,41112/1/2025Good Counsel, LLCSenior Secured12.3%2,968,869 2,831,3042,831,30410/1/2025
iZENEtech, Inc. ** ^Senior Secured12.3%3,915,8313,774,5893,774,5899/1/2024iZENEtech, Inc. ** ^Senior Secured12.3%3,531,853 3,417,2093,417,2099/1/2024
Mantra Health, Inc.Senior Secured12.0%407,271382,845382,8456/1/2024Mantra Health, Inc.Senior Secured12.0%361,520 342,247342,2476/1/2024
Merchbar, Inc.Senior Secured11.8%163,799161,033161,0333/1/2023Merchbar, Inc.Senior Secured11.8%110,787 109,467109,4673/1/2023
OneLocal, Inc. ** ^Senior Secured12.0%493,500493,500493,5006/1/2025OneLocal, Inc. ** ^Senior Secured12.0%494,880 494,880494,8806/1/2025
OneLocal, Inc. ** ^Senior Secured12.3%661,033634,766634,7663/1/2023OneLocal, Inc. ** ^Senior Secured12.0%494,674 468,603468,6036/1/2025
OneLocal, Inc. ** ^Senior Secured12.0%494,830465,150465,1506/1/2025
OneLocal, Inc. Subtotal ** ^1,649,3631,593,4161,593,416
Osix CorporationSenior Secured12.0%4,369,9234,192,5114,192,5118/1/2024
7

IndustryIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity DateIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
OneLocal, Inc. ** ^Senior Secured12.3%564,950 548,732548,7323/1/2023
OneLocal, Inc. Subtotal ** ^1,554,504 1,512,2151,512,215
Pixalate, Inc.Senior Secured12.5%5,930,6015,490,4505,490,4504/1/2025Osix CorporationSenior Secured12.0%3,921,455 3,778,7733,778,7738/1/2024
Proper Labs, Inc.Senior Secured11.5%1,440,8411,360,5941,360,59411/1/2024Pixalate, Inc.Senior Secured12.5%5,928,404 5,547,2825,547,2824/1/2025
RenoFi, Inc.Senior Secured11.5%1,485,0641,304,7781,304,7787/1/2025Proper Labs, Inc.Senior Secured11.5%1,309,584 1,243,364412,44711/1/2024
RenoFi, Inc.Senior Secured12.0%628,585615,135615,13512/1/2023RenoFi, Inc.Senior Secured11.5%1,484,632 1,324,7101,324,7107/1/2025
RenoFi, Inc.Senior Secured11.5%1,485,3451,451,5621,451,5629/1/2025RenoFi, Inc.Senior Secured11.5%1,484,921 1,454,7701,454,7709/1/2025
RenoFi, Inc.Senior Secured12.0%107,906106,937106,9376/1/2023RenoFi, Inc.Senior Secured12.0%82,125 81,55481,5546/1/2023
RenoFi, Inc.Senior Secured12.0%107,847104,846104,8466/1/2023RenoFi, Inc.Senior Secured12.0%82,080 80,30780,3076/1/2023
RenoFi, Inc. Subtotal3,814,7473,583,2583,583,258RenoFi, Inc.Senior Secured12.0%531,480 521,833521,83312/1/2023
Residently USA, LLC ** ^Senior Secured12.0%235,770235,770235,77012/1/2023RenoFi, Inc. Subtotal3,665,238 3,463,1743,463,174
Residently USA, LLC ** ^Senior Secured12.0%293,342283,107283,1072/1/2023Residently USA, LLC ** ^Senior Secured12.0%433,128 412,643333,1769/1/2024
Residently USA, LLC Subtotal ** ^529,112518,877518,877RetailerX, Inc.Senior Secured12.0%691,337 672,357672,3575/1/2024
RetailerX, Inc.Senior Secured11.0%990,619967,546967,5461/1/2026RetailerX, Inc.Senior Secured11.0%990,739 967,042967,0424/1/2026
RetailerX, Inc.Senior Secured11.0%1,981,0371,848,6081,848,60811/1/2025RetailerX, Inc.Senior Secured11.0%1,919,909 1,861,5601,861,5602/1/2025
RetailerX, Inc.Senior Secured11.0%1,977,1951,908,2331,908,2332/1/2025RetailerX, Inc.Senior Secured11.0%1,980,508 1,860,9201,860,92011/1/2025
RetailerX, Inc.Senior Secured12.0%783,676759,277759,2775/1/2024RetailerX, Inc.Senior Secured11.0%990,357 969,391969,3911/1/2026
RetailerX, Inc. Subtotal5,732,5275,483,6645,483,664RetailerX, Inc. Subtotal6,572,850 6,331,2706,331,270
Serface Care, Inc.Senior Secured12.3%597,411379,78518,930*Serface Care, Inc.Senior Secured12.3%597,411 364,78518,929*
Starface World, Inc.Senior Secured11.3%932,172918,860918,86010/1/2024Starface World, Inc.Senior Secured11.3%2,107,527 2,039,9592,039,95910/1/2024
Starface World, Inc.Senior Secured12.0%596,406578,123578,12311/1/2023Starface World, Inc.Senior Secured12.0%282,050 279,019279,0191/1/2024
Starface World, Inc.Senior Secured11.3%932,378917,970917,97010/1/2024Starface World, Inc.Senior Secured11.3%843,728 831,970831,97010/1/2024
Starface World, Inc.Senior Secured11.3%2,328,9632,246,2872,246,28710/1/2024Starface World, Inc.Senior Secured11.3%843,542 832,679832,67910/1/2024
Starface World, Inc.Senior Secured12.0%330,115325,969325,9691/1/2024Starface World, Inc.Senior Secured12.0%498,352 485,512485,51211/1/2023
Starface World, Inc. Subtotal5,120,0344,987,2094,987,209Starface World, Inc. Subtotal4,575,199 4,469,1394,469,139
Stay Alfred, Inc.Senior Secured18.0%4,921,8223,408,32617,235*Stay Alfred, Inc.Senior Secured18.0%4,921,822 3,408,326193,603*
Usual Beverage Co.Senior Secured12.0%1,821,4961,740,4271,285,12211/1/2024Usual Beverage Co.Senior Secured12.0%1,724,619 1,657,5371,202,23211/1/2024
Verishop, Inc.Senior Secured12.0%1,346,4221,336,4211,336,42112/1/2023Verishop, Inc.Senior Secured12.0%1,137,995 1,116,1261,116,12612/1/2023
Verishop, Inc.Senior Secured12.0%1,345,9131,315,4271,315,42712/1/2023Verishop, Inc.Senior Secured12.0%1,138,426 1,131,2631,131,26312/1/2023
Verishop, Inc. Subtotal2,692,3352,651,8482,651,848Verishop, Inc. Subtotal2,276,421 2,247,3892,247,389
Internet TotalInternet Total17.0%$ 51,751,683$ 47,545,302$ 43,338,051Internet Total17.0%$53,261,083 $49,107,664 $44,181,396 
Medical DevicesMedical DevicesMedical Devices
3D Bio Holdings, Inc.Senior Secured11.5%1,444,5611,372,4381,372,4383/1/20243D Bio Holdings, Inc.Senior Secured11.5%$1,255,481 $1,200,827 $1,200,827 3/1/2024
Ablacon, Inc.Senior Secured11.0%814,726802,883802,8833/1/2023Ablacon, Inc.Senior Secured11.0%550,550 544,906544,9063/1/2023
Ablacon, Inc.Senior Secured11.0%815,026810,640810,6403/1/2023Ablacon, Inc.Senior Secured11.0%550,753 548,667548,6673/1/2023
Ablacon, Inc. Subtotal1,629,7521,613,5231,613,523Ablacon, Inc. Subtotal1,101,303 1,093,5731,093,573
Anutra Medical, Inc.Senior Secured12.0%37,40137,11537,11510/1/2022Anutra Medical, Inc.Senior Secured12.0%489,964 472,630472,6307/1/2024
Anutra Medical, Inc.Senior Secured12.0%548,847527,079527,0797/1/2024Anutra Medical, Inc.Senior Secured12.0%9,490 9,4619,46110/1/2022
Anutra Medical, Inc. Subtotal586,248564,194564,194Anutra Medical, Inc. Subtotal499,454 482,091482,091
CytoVale, Inc.Senior Secured12.0%17,49717,47817,4787/1/2022CytoVale, Inc.Senior Secured12.0%214,335 209,971209,97110/1/2023
CytoVale, Inc.Senior Secured12.0%885,545870,288870,28811/1/2024CytoVale, Inc.Senior Secured12.0%805,328 792,761792,76111/1/2024
CytoVale, Inc.Senior Secured12.0%1,664,6541,608,5701,608,5709/1/2024CytoVale, Inc.Senior Secured12.0%229,776 228,002228,00211/1/2023
CytoVale, Inc.Senior Secured12.0%259,982253,606253,60610/1/2023CytoVale, Inc.Senior Secured12.0%1,500,996 1,455,5001,455,5009/1/2024
CytoVale, Inc.Senior Secured12.0%274,986272,454272,45411/1/2023CytoVale, Inc. Subtotal2,750,435 2,686,2342,686,234
CytoVale, Inc. Subtotal3,102,6643,022,3963,022,396Medrobotics Corporation, Inc.Senior Secured18.0%10,000,000 8,895,102709,541*
Medrobotics Corporation, Inc.Senior Secured18.0%10,000,0008,895,103947,174*Norbert Health, Inc.Senior Secured12.3%723,369 677,042677,0426/1/2024
Norbert Health, Inc.Senior Secured12.3%814,681756,049756,0496/1/2024Serpex Medical Inc.Senior Secured11.0%750,000 717,383717,38311/1/2025
Serpex Medical Inc.Senior Secured11.0%750,000713,830713,83011/1/2025Siren Care, Inc.Senior Secured12.5%932,465 915,329915,32910/1/2023
Siren Care, Inc.Senior Secured12.5%1,130,3881,105,3621,105,36210/1/2023Siren Care, Inc.Senior Secured12.5%466,349 462,741462,74110/1/2023
Siren Care, Inc.Senior Secured12.5%565,335560,058560,05810/1/2023Siren Care, Inc. Subtotal1,398,814 1,378,0701,378,070
Siren Care, Inc. Subtotal1,695,7231,665,4201,665,420SVN Med, LLCSenior Secured15.0%538,835 483,325483,32512/1/2023
SVN Med, LLCSenior Secured15.0%635,069558,885558,88512/1/2023SVN Med, LLCSenior Secured15.0%1,077,394 969,815969,81512/1/2023
SVN Med, LLCSenior Secured15.0%1,269,8131,122,1041,122,10412/1/2023SVN Med, LLC Subtotal1,616,229 1,453,1401,453,140
SVN Med, LLC Subtotal1,904,8821,680,9891,680,989
Medical Devices TotalMedical Devices Total4.8%$ 21,928,511$ 20,283,942$ 12,336,013Medical Devices Total4.0%$20,095,085 $18,583,462 $10,397,901 
8

IndustryIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity DateIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Other HealthcareOther HealthcareOther Healthcare
Alchera IncorporatedSenior Secured12.0%1,483,9351,435,1851,435,1854/1/2025
Alchera IncorporatedSenior Secured12.0%1,266,1571,157,4691,157,4697/1/2024Alchera IncorporatedSenior Secured12.0%$1,130,316 $1,043,452 $1,043,452 7/1/2024
Alchera Incorporated Subtotal2,750,0922,592,6542,592,654Alchera IncorporatedSenior Secured12.0%1,483,448 1,441,3741,441,3744/1/2025
Elysium Health, Inc.Senior Secured12.0%6,719,3526,195,9026,195,9022/1/2025Alchera Incorporated Subtotal2,613,764 2,484,8262,484,826
GoForward, Inc.Senior Secured11.5%2,541,7392,505,1572,505,1576/1/2024Elysium Health, Inc.Senior Secured12.0%6,176,325 5,734,5015,734,5012/1/2025
GoForward, Inc.Senior Secured11.5%3,310,2573,199,8353,199,8359/1/2023GoForward, Inc.Senior Secured11.5%2,685,541 2,612,0902,612,0909/1/2023
GoForward, Inc. Subtotal5,851,9965,704,9925,704,992GoForward, Inc.Senior Secured11.5%2,254,915 2,226,1812,226,1816/1/2024
Grayce, Inc.Senior Secured11.8%903,247862,145862,1459/1/2024GoForward, Inc. Subtotal4,940,456 4,838,2714,838,271
Grayce, Inc.Senior Secured11.8%494,853486,190486,19012/1/2024Grayce, Inc.Senior Secured11.8%451,620 444,434444,43412/1/2024
Grayce, Inc. Subtotal1,398,1001,348,3351,348,335Grayce, Inc.Senior Secured11.8%814,215 780,857780,8579/1/2024
Hello Heart Inc.Senior Secured11.0%360,574358,649358,6494/1/2023Grayce, Inc. Subtotal1,265,835 1,225,2911,225,291
Hello Heart Inc.Senior Secured11.0%445,504441,983441,98311/1/2023Hello Heart Inc.Senior Secured11.0%319,703 315,780315,7804/1/2023
Hello Heart Inc.Senior Secured11.0%1,625,8291,550,9941,550,9946/1/2024Hello Heart Inc.Senior Secured11.0%255,835 254,836254,8364/1/2023
Hello Heart Inc.Senior Secured11.0%1,978,4791,951,5531,951,5536/1/2025Hello Heart Inc.Senior Secured11.0%1,441,531 1,382,6461,382,6466/1/2024
Hello Heart Inc.Senior Secured11.0%450,590443,045443,0454/1/2023Hello Heart Inc.Senior Secured11.0%371,822 369,360369,36011/1/2023
Hello Heart Inc. Subtotal4,860,9764,746,2244,746,224Hello Heart Inc.Senior Secured11.0%1,977,879 1,954,3251,954,3256/1/2025
Honeybee Health, Inc.Senior Secured11.0%813,093751,415751,4156/1/2024Hello Heart Inc. Subtotal4,366,770 4,276,9474,276,947
Honeybee Health, Inc.Senior Secured11.0%1,626,5881,626,5881,626,5886/1/2024Honeybee Health, Inc.Senior Secured11.0%720,923 672,271672,2716/1/2024
Honeybee Health, Inc. Subtotal2,439,6812,378,0032,378,003Honeybee Health, Inc.Senior Secured11.0%1,442,204 1,442,2041,442,2046/1/2024
HumanAPI, Inc.Senior Secured11.8%2,500,0002,297,6422,297,6428/1/2025Honeybee Health, Inc. Subtotal2,163,127 2,114,4752,114,475
HumanAPI, Inc.Senior Secured11.8%989,587967,694967,6942/1/2025HumanAPI, Inc.Senior Secured11.8%960,849 942,347942,3472/1/2025
HumanAPI, Inc.Senior Secured11.8%1,747,1541,675,9981,675,9988/1/2024HumanAPI, Inc.Senior Secured11.8%567,258 559,987559,9877/1/2023
HumanAPI, Inc.Senior Secured11.8%775,824762,714762,7147/1/2023HumanAPI, Inc.Senior Secured11.8%2,500,000 2,319,8792,319,8798/1/2025
HumanAPI, Inc. Subtotal6,012,5655,704,0485,704,048HumanAPI, Inc.Senior Secured11.8%1,567,405 1,510,2001,510,2008/1/2024
Minded, Inc.Senior Secured10.5%1,500,0001,411,8101,411,81012/1/2025HumanAPI, Inc. Subtotal5,595,512 5,332,4135,332,413
Minded, Inc.Senior Secured12.0%1,977,6791,892,5861,892,58612/1/2024Julie Products Inc.Senior Secured13.0%1,000,000 909,408909,4089/1/2025
Minded, Inc. Subtotal3,477,6793,304,3963,304,396Minded, Inc.Senior Secured12.0%1,805,404 1,734,6771,734,67712/1/2024
Oula Health, Inc.Senior Secured12.0%295,493291,322291,3227/1/2024Minded, Inc.Senior Secured10.5%1,500,000 1,420,1271,420,12712/1/2025
Oula Health, Inc.Senior Secured12.0%518,797498,998498,9982/1/2024Minded, Inc. Subtotal3,305,404 3,154,8043,154,804
Oula Health, Inc. Subtotal814,290790,320790,320Oula Health, Inc.Senior Secured12.0%447,404 432,639432,6392/1/2024
PrecisionOS Technology Inc. ** ^Senior Secured12.0%1,000,000927,677927,6777/1/2025Oula Health, Inc.Senior Secured12.0%263,791 260,476260,4767/1/2024
Therapydia, Inc.Senior Secured12.0%494,731484,151484,1511/1/2026Oula Health, Inc. Subtotal711,195 693,115693,115
Therapydia, Inc.Senior Secured12.0%494,633482,565482,56510/1/2025PrecisionOS Technology Inc. ** ^Senior Secured12.0%1,000,000 933,950933,9507/1/2025
Therapydia, Inc.Senior Secured12.0%1.7%37,06336,26636,2663/1/2023Therapydia, Inc.Senior Secured12.0%494,471 483,810483,81010/1/2025
Therapydia, Inc.Senior Secured12.0%494,909483,131483,1314/1/2026Therapydia, Inc.Senior Secured12.0%494,754 484,031484,0314/1/2026
Therapydia, Inc.Senior Secured12.0%471,350424,571424,5714/1/2025Therapydia, Inc.Senior Secured12.0%435,872 395,882395,8824/1/2025
Therapydia, Inc.Senior Secured12.5%1.7%47,99347,99347,9936/1/2023Therapydia, Inc.Senior Secured12.0%494,571 485,066485,0661/1/2026
Therapydia, Inc. Subtotal2,040,6791,958,6771,958,677Therapydia, Inc.Senior Secured12.0%1.7%25,788 25,39125,3913/1/2023
Tia, Inc.Senior Secured11.8%1,566,6081,455,5551,455,5555/1/2024Therapydia, Inc.Senior Secured12.5%1.7%37,063 37,06337,0636/1/2023
Tia, Inc.Senior Secured11.8%2,256,4372,227,4282,227,4289/1/2024Therapydia, Inc. Subtotal1,982,519 1,911,2431,911,243
Tia, Inc. Subtotal3,823,0453,682,9833,682,983Tia, Inc.Senior Secured11.8%1,381,621 1,294,9681,294,9685/1/2024
Vessel Health, Inc.Senior Secured12.0%451,507430,981430,9813/1/2024Tia, Inc.Senior Secured11.8%2,034,022 2,010,5352,010,5359/1/2024
Vessel Health, Inc.Senior Secured12.0%451,574451,574451,5743/1/2024Tia, Inc. Subtotal3,415,643 3,305,5033,305,503
Vessel Health, Inc. Subtotal903,081882,555882,555Vessel Health, Inc.Senior Secured12.0%785,330 682,512682,51212/1/2024
Yes Health, Inc.Senior Secured12.0%989,729968,900968,9006/1/2025Yes Health, Inc.Senior Secured12.0%989,418 971,164971,1646/1/2025
Yes Health, Inc.Senior Secured12.0%932,032889,413889,41310/1/2024Yes Health, Inc.Senior Secured12.0%844,132 809,234809,23410/1/2024
Yes Health, Inc. Subtotal1,921,7611,858,3131,858,313Yes Health, Inc. Subtotal1,833,550 1,780,3981,780,398
Other Healthcare TotalOther Healthcare Total16.5%$ 44,013,297$ 42,075,079$ 42,075,079Other Healthcare Total15.1%$41,155,430 $39,377,657 $39,377,657 
Other TechnologyOther TechnologyOther Technology
8E14 Networks, Inc.Senior Secured13.0%1,021,559971,439971,439*8E14 Networks, Inc.Senior Secured13.0%$1,021,559 $971,438 $971,438 *
8i CorporationSenior Secured12.0%942,990912,995912,99512/1/20238i CorporationSenior Secured12.0%797,316 775,777775,77712/1/2023
Aclima, Inc.Senior Secured12.0%930,440 884,048884,04810/1/2023
Airspeed, Inc.Senior Secured11.0%625,000 569,646569,6461/1/2026
9

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Aclima, Inc.Senior Secured12.0%1,128,5971,061,1001,061,10010/1/2023
Antitoxin Technologies Inc. ** ^Senior Secured11.9%977,915833,818803,26912/1/2023
ATeam Army, Inc.Senior Secured12.0%453,822445,226445,2264/1/2023
Bankroll Club, LLCSenior Secured12.0%1,484,2181,484,2181,484,2184/1/2025
Bankroll Club, LLCSenior Secured12.0%1,483,7521,306,0771,306,0774/1/2025
Bankroll Club, LLC Subtotal2,967,9702,790,2952,790,295
Beautiful Beanfields, Inc.Senior Secured6.0%275,000 271,587271,587*
BloomTech Inc.Senior Secured11.3%1,240,8081,240,8081,240,8088/1/2023
BloomTech Inc.Senior Secured11.3%2,314,7732,263,2422,263,2427/1/2023
BloomTech Inc. Subtotal3,555,5813,504,0503,504,050
Brave Care Technologies, Inc.Senior Secured12.0%2,031,4601,926,0451,926,0459/1/2024
Brightside Benefit, Inc.Senior Secured12.4%282,382281,057281,0573/1/2023
Brightside Benefit, Inc.Senior Secured12.1%72,56772,02072,0209/1/2022
Brightside Benefit, Inc. Subtotal354,949353,077353,077
Bryte, Inc.Senior Secured10.0%2,477,9072,332,8172,332,8174/1/2025
BW Industries, Inc.Senior Secured11.8%731,193708,613708,6135/1/2023
BW Industries, Inc.Senior Secured11.8%793,736787,928787,9286/1/2023
BW Industries, Inc. Subtotal1,524,9291,496,5411,496,541
Candy Club Holdings, Inc. **Senior Secured12.0%4,657,8533,914,1423,914,14210/1/2024
Candy Club Holdings, Inc. **Senior Secured12.0%2,473,1872,473,1872,473,1875/1/2025
Candy Club Holdings, Inc. Subtotal **7,131,0406,387,3296,387,329
Ceres Imaging, Inc.Senior Secured12.0%1,978,5251,832,6411,832,6414/1/2025
Content Adjacent, Inc.Senior Secured12.0%1,627,4631,589,0181,589,0186/1/2024
Content Adjacent, Inc.Senior Secured12.0%407,285407,285407,2856/1/2024
Content Adjacent, Inc. Subtotal2,034,7481,996,3031,996,303
Copia Global Inc. ** ^Senior Secured12.0%3,750,0003,526,9753,526,9751/1/2026
Coterie Applications, Inc.Senior Secured11.0%4,952,4394,848,2054,848,2051/1/2026
Coterie Applications, Inc.Senior Secured12.5%532,681503,963503,9639/1/2023
Coterie Applications, Inc.Senior Secured12.5%723,621723,621723,6213/1/2024
Coterie Applications, Inc.Senior Secured12.5%407,368407,368407,3686/1/2024
Coterie Applications, Inc.Senior Secured11.0%2,475,3322,283,1552,283,1559/1/2025
Coterie Applications, Inc. Subtotal9,091,4418,766,3128,766,312
Daybase, Inc.Senior Secured12.0%903,146844,854844,8549/1/2024
Daybase, Inc.Senior Secured11.0%1,250,0001,166,9061,166,90611/1/2025
Daybase, Inc. Subtotal2,153,1462,011,7602,011,760
EasyKnock, Inc.Senior Secured11.5%2,500,0002,400,8392,400,83912/1/2025
EasyKnock, Inc.Senior Secured11.5%2,500,0002,136,3462,136,34610/1/2025
EasyKnock, Inc. Subtotal5,000,0004,537,1854,537,185
Eguana Technologies, Inc. ** ^Senior Secured12.0%2,474,3862,210,8932,210,8934/1/2025
Fakespot, Inc.Senior Secured12.0%873,798861,740635,5408/1/2024
Fakespot, Inc.Senior Secured12.0%436,674403,611297,6668/1/2024
Fakespot, Inc. Subtotal1,310,4721,265,351933,206
Fitplan, Inc. ** ^Senior Secured12.5%757,785650,788650,78811/1/2023
Flo Water, Inc.Senior Secured11.8%1,075,8321,048,3271,048,32712/1/2023
Hadrian Automation, Inc.Senior Secured11.5%2,721,2842,613,1882,613,1882/1/2025
Heading Health Inc.Senior Secured12.5%494,674446,277446,27712/1/2024
Higher Ground Education, Inc.Senior Secured12.5%4,478,9254,329,6694,329,6692/1/2025
IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Antitoxin Technologies Inc. ** ^Senior Secured11.9%882,139 776,980675,93312/1/2023
ATeam Army, Inc.Senior Secured12.0%322,385 317,905317,9054/1/2023
Azumo, Inc.Senior Secured12.8%1,500,000 1,325,7951,325,7951/1/2026
Bankroll Club, LLCSenior Secured12.0%1,483,259 1,329,0751,329,0754/1/2025
Bankroll Club, LLCSenior Secured12.0%1,483,739 1,483,7391,483,7394/1/2025
Bankroll Club, LLC Subtotal2,966,998 2,812,8142,812,814
Beautiful Beanfields, Inc.Senior Secured6.0%275,000 267,699267,699*
BloomTech Inc.Senior Secured11.3%1,805,241 1,773,4131,773,4137/1/2023
BloomTech Inc.Senior Secured11.3%988,393 988,393988,3938/1/2023
BloomTech Inc. Subtotal2,793,634 2,761,8062,761,806
Brave Care Technologies, Inc.Senior Secured12.0%1,831,741 1,746,1111,746,1119/1/2024
Brightside Benefit, Inc.Senior Secured12.4%191,137 190,505190,5053/1/2023
Bryte, Inc.Senior Secured10.0%2,477,353 2,352,2932,352,2934/1/2025
BW Industries, Inc.Senior Secured11.8%539,485 526,863526,8635/1/2023
BW Industries, Inc.Senior Secured11.8%603,916 600,496600,4966/1/2023
BW Industries, Inc. Subtotal1,143,401 1,127,3591,127,359
Candy Club Holdings, Inc. **Senior Secured12.0%2,472,375 2,472,3752,472,3755/1/2025
Candy Club Holdings, Inc. **Senior Secured12.0%4,218,570 3,604,4363,604,43610/1/2024
Candy Club Holdings, Inc. Subtotal **6,690,945 6,076,8116,076,811
Ceres Imaging, Inc.Senior Secured12.0%1,977,874 1,851,6491,851,6494/1/2025
Content Adjacent, Inc.Senior Secured12.0%361,532 361,532361,5326/1/2024
Content Adjacent, Inc.Senior Secured12.0%1,444,640 1,414,3971,414,3976/1/2024
Content Adjacent, Inc. Subtotal1,806,172 1,775,9291,775,929
Copia Global Inc. ** ^Senior Secured12.0%3,750,000 3,542,1623,542,1621/1/2026
Coterie Applications, Inc.Senior Secured11.0%2,474,645 2,305,7872,305,7879/1/2025
Coterie Applications, Inc.Senior Secured12.5%361,812 361,812361,8126/1/2024
Coterie Applications, Inc.Senior Secured12.5%629,634 629,634629,6343/1/2024
Coterie Applications, Inc.Senior Secured12.5%432,664 413,480413,4809/1/2023
Coterie Applications, Inc.Senior Secured11.0%4,951,114 4,857,5984,857,5981/1/2026
Coterie Applications, Inc. Subtotal8,849,869 8,568,3118,568,311
Creoate Limited ** ^Senior Secured11.8%750,000 694,466694,46612/1/2025
Daybase, Inc.Senior Secured12.0%814,354 766,960766,9609/1/2024
Daybase, Inc.Senior Secured11.0%1,250,000 1,179,8851,179,88511/1/2025
Daybase, Inc. Subtotal2,064,354 1,946,8451,946,845
EasyKnock, Inc.Senior Secured11.5%2,500,000 2,410,1622,410,16212/1/2025
EasyKnock, Inc.Senior Secured11.5%2,500,000 2,171,6462,171,64610/1/2025
EasyKnock, Inc. Subtotal5,000,000 4,581,8084,581,808
Eguana Technologies, Inc. ** ^Senior Secured12.0%2,473,610 2,245,1482,245,1484/1/2025
Eguana Technologies, Inc. ** ^Senior Secured12.0%2,474,982 2,387,6572,387,6578/1/2025
Eguana Technologies, Inc. Subtotal ** ^4,948,592 4,632,8054,632,805
Fakespot, Inc.Senior Secured12.0%784,124 774,445397,9318/1/2024
Fakespot, Inc.Senior Secured12.0%391,860 365,197187,6488/1/2024
Fakespot, Inc. Subtotal1,175,984 1,139,642585,579
Fanimal, Inc.Senior Secured11.8%250,000 207,916207,9162/1/2026
Fitplan, Inc. ** ^Senior Secured12.5%633,571 557,378557,37811/1/2023
Flo Water, Inc.Senior Secured11.8%909,370 889,641889,64112/1/2023
Hadrian Automation, Inc.Senior Secured11.5%2,642,024 2,550,6052,550,6052/1/2025
10

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Higher Ground Education, Inc.Senior Secured12.5%183,800182,673182,6735/1/2023
Higher Ground Education, Inc.Senior Secured12.5%230,373228,651228,6518/1/2023
Higher Ground Education, Inc.Senior Secured12.5%503,819501,024501,0244/1/2023
Higher Ground Education, Inc.Senior Secured12.5%6,918,2206,673,3116,673,3116/1/2025
Higher Ground Education, Inc.Senior Secured12.5%596,851588,788588,7881/1/2023
Higher Ground Education, Inc. Subtotal12,911,98812,504,11612,504,116
Hint, Inc.Senior Secured12.0%2,361,5582,262,6972,262,6976/1/2023
Hint, Inc.Senior Secured12.0%7,421,8085,990,9375,990,9375/1/2025
Hint, Inc. Subtotal9,783,3668,253,6348,253,634
Hyphen Technologies, Inc.Senior Secured12.0%2,110,8892,012,3712,012,3717/1/2024
Inscopix, Inc.Senior Secured12.0%4,943,0764,847,7814,847,7814/1/2025
Intergalactic Foods CorporationSenior Secured12.0%494,508471,028471,0281/1/2025
Intuition Robotics, Inc. ** ^Senior Secured12.0%2,500,0002,358,6052,358,60511/1/2025
Invert Robotics Group, Ltd. ** ^Senior Secured13.0%1,976,5811,815,5951,815,5951/1/2025
Jiko Group, Inc.Senior Secured12.0%1,510,5581,482,6291,482,6296/1/2023
Kinoo, Inc.Senior Secured11.5%989,590937,149937,1491/1/2025
Lacuna Technologies, Inc.Senior Secured12.0%1,483,9681,373,0811,373,0815/1/2025
Level Home, Inc.Senior Secured11.8%9,892,7729,766,4199,766,4192/1/2025
Level Home, Inc.Senior Secured11.8%9,889,6829,384,7619,384,7615/1/2025
Level Home, Inc. Subtotal19,782,45419,151,18019,151,180
Literati, Inc.Senior Secured11.3%4,951,8444,606,5154,606,5159/1/2025
Logistech Solutions Pte. Ltd. ** ^Senior Secured11.5%500,000376,532376,53212/1/2025
Luva Inc.Senior Secured11.3%495,179485,973485,97312/1/2024
Luva Inc.Senior Secured11.3%494,964467,974467,97412/1/2024
Luva Inc. Subtotal990,143953,947953,947
MASC Inc.Senior Secured12.0%451,605402,505402,5059/1/2024
Mavenform, Inc.Senior Secured11.5%813,413785,445785,4456/1/2024
Mavenform, Inc.Senior Secured11.5%494,679486,393486,3936/1/2025
Mavenform, Inc.Senior Secured11.0%1,485,7321,419,7131,419,7137/1/2025
Mavenform, Inc.Senior Secured11.0%495,371485,054485,05410/1/2025
Mavenform, Inc. Subtotal3,289,1953,176,6053,176,605
Merlin Labs, Inc.Senior Secured11.0%2,970,1472,843,3822,843,3826/1/2025
Merlin Labs, Inc.Senior Secured11.0%63,97663,69663,6961/1/2023
Merlin Labs, Inc. Subtotal3,034,1232,907,0782,907,078
MinoMonsters, Inc. ** ^Senior Secured11.5%2,330,0892,266,9772,266,97710/1/2024
Momentus, Inc. **Senior Secured12.0%20,999,74020,513,03520,513,0352/1/2024
Natomas Labs, Inc.Senior Secured12.3%2,257,5212,141,6712,141,6719/1/2024
Natomas Labs, Inc.Senior Secured12.3%1,384,9321,364,2011,364,2012/1/2024
Natomas Labs, Inc.Senior Secured12.3%2,076,3671,995,4511,995,4512/1/2024
Natomas Labs, Inc.Senior Secured12.3%1,354,7041,330,7891,330,7899/1/2024
Natomas Labs, Inc. Subtotal7,073,5246,832,1126,832,112
NewGlobe Schools, Inc. ** ^Senior Secured12.5%6,041,7585,945,4065,945,40612/1/2023
Noteleaf, Inc.Senior Secured18.0%2,277,1241,861,011250,616*
Nue Life Health, Inc.Senior Secured11.5%1,500,0001,344,7301,344,7309/1/2025
OnePointOne, Inc.Senior Secured12.0%1,383,9051,363,6341,363,6342/1/2024
OnePointOne, Inc.Senior Secured12.0%1,383,1691,322,7641,322,7642/1/2024
OnePointOne, Inc. Subtotal2,767,0742,686,3982,686,398
Opya, Inc.Senior Secured12.0%365,394357,158357,15811/1/2023
Percepto, Inc.Senior Secured12.2%464,259457,007457,0074/1/2023
IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Heading Health Inc.Senior Secured12.5%451,835 411,428411,42812/1/2024
Higher Ground Education, Inc.Senior Secured12.5%358,117 356,663356,6634/1/2023
Higher Ground Education, Inc.Senior Secured12.5%6,435,098 6,224,2096,224,2096/1/2025
Higher Ground Education, Inc.Senior Secured12.5%4,119,244 3,993,5183,993,5182/1/2025
Higher Ground Education, Inc.Senior Secured12.5%183,781 182,675182,6758/1/2023
Higher Ground Education, Inc.Senior Secured12.5%346,350 343,400343,4001/1/2023
Higher Ground Education, Inc.Senior Secured12.5%135,732 135,104135,1045/1/2023
Higher Ground Education, Inc. Subtotal11,578,322 11,235,56911,235,569
Hint, Inc.Senior Secured12.0%7,419,439 6,147,6706,147,6705/1/2025
Hint, Inc.Senior Secured12.0%1,797,335 1,738,7831,738,7836/1/2023
Hint, Inc. Subtotal9,216,774 7,886,4537,886,453
Holo, Inc.Senior Secured13.5%1,000,000 878,744878,74412/1/2025
Hyphen Technologies, Inc.Senior Secured12.0%1,884,420 1,805,9321,805,9327/1/2024
Hyphen Technologies, Inc.Senior Secured11.5%3,000,000 2,815,9722,815,9723/1/2026
Hyphen Technologies, Inc. Subtotal4,884,420 4,621,9044,621,904
Inscopix, Inc.Senior Secured12.0%4,941,351 4,859,1734,859,1734/1/2025
Intergalactic Foods CorporationSenior Secured12.0%465,882 446,192446,1921/1/2025
Intuition Robotics, Inc. ** ^Senior Secured12.0%2,500,000 2,372,2712,372,27111/1/2025
Invert Robotics Group, Ltd. ** ^Senior Secured13.0%1,863,511 1,728,0031,728,0031/1/2025
Jiko Group, Inc.Senior Secured12.0%1,149,656 1,133,1751,133,1756/1/2023
Joy Memories, IncSenior Secured12.0%1,500,000 1,334,1801,334,18012/1/2025
Kinoo, Inc.Senior Secured11.5%931,966 888,007888,0071/1/2025
Lacuna Technologies, Inc.Senior Secured12.0%2,474,722 2,416,9082,416,9081/1/2026
Lacuna Technologies, Inc.Senior Secured12.0%1,483,482 1,386,7261,386,7265/1/2025
Lacuna Technologies, Inc. Subtotal3,958,204 3,803,6343,803,634
Level Home, Inc.Senior Secured11.8%9,605,422 9,498,7019,498,7012/1/2025
Level Home, Inc.Senior Secured11.8%9,886,399 9,446,6129,446,6125/1/2025
Level Home, Inc. Subtotal19,491,821 18,945,31318,945,313
Literati, Inc.Senior Secured11.3%4,950,477 4,641,5684,641,5689/1/2025
Literati, Inc.Senior Secured11.3%2,476,004 2,425,2362,425,2369/1/2025
Literati, Inc. Subtotal7,426,481 7,066,8047,066,804
Logistech Solutions Pte. Ltd. ** ^Senior Secured11.5%500,000 386,840386,84012/1/2025
Luva Inc.Senior Secured11.3%451,663 444,032444,03212/1/2024
Luva Inc.Senior Secured11.3%451,467 429,043429,04312/1/2024
Luva Inc. Subtotal903,130 873,075873,075
MASC Inc.Senior Secured12.0%407,207 367,151367,1519/1/2024
Mavenform, Inc.Senior Secured11.5%494,525 487,270487,2706/1/2025
Mavenform, Inc.Senior Secured11.5%721,623 699,620699,6206/1/2024
Mavenform, Inc.Senior Secured11.0%495,242 485,993485,99310/1/2025
Mavenform, Inc.Senior Secured11.0%1,485,334 1,427,0791,427,0797/1/2025
Mavenform, Inc. Subtotal3,196,724 3,099,9623,099,962
Merlin Labs, Inc.Senior Secured11.0%2,758,178 2,649,2322,649,2326/1/2025
Merlin Labs, Inc.Senior Secured11.0%37,058 36,95636,9561/1/2023
Merlin Labs, Inc. Subtotal2,795,236 2,686,1882,686,188
MinoMonsters, Inc. ** ^Senior Secured11.5%2,109,145 2,057,5752,057,57510/1/2024
Momentus, Inc. **Senior Secured12.0%18,109,904 17,747,48717,747,4872/1/2024
Natomas Labs, Inc.Senior Secured12.3%6,591,588 6,345,7696,345,7693/1/2025
11

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Phase Four, Inc.Senior Secured11.5%1,484,4321,411,6921,411,69212/1/2024
Phase Four, Inc.Senior Secured11.5%990,342964,637964,6378/1/2025
Phase Four, Inc. Subtotal2,474,7742,376,3292,376,329
Plant Prefab, Inc.Senior Secured11.0%1,923,1371,888,4141,888,41411/1/2024
Plant Prefab, Inc.Senior Secured11.0%2,620,1432,491,2432,491,2438/1/2024
Plant Prefab, Inc.Senior Secured11.0%59,57159,11559,1158/1/2022
Plant Prefab, Inc. Subtotal4,602,8514,438,7724,438,772
PlantBaby, inc.Senior Secured12.0%250,000223,116223,1165/1/2025
Platform Science, Inc.Senior Secured11.5%2,251,7432,198,9212,198,92110/1/2023
Privoro Holdings, Inc.Senior Secured12.0%1,389,4721,337,4041,337,4044/1/2024
Reali Inc.Senior Secured12.5%11,862,32711,483,19611,483,19612/1/2024
Reali Inc.Senior Secured12.5%2,171,3212,102,6212,102,6213/1/2024
Reali Inc.Senior Secured12.5%2,130,7252,085,9892,085,9899/1/2023
Reali Inc. Subtotal16,164,37315,671,80615,671,806
Rise Gardens, Inc.Senior Secured11.8%1,000,000941,913941,91311/1/2025
Romaine Empire, Inc.Senior Secured12.3%2,853,5852,791,6252,791,6259/1/2023
Saltbox, Inc.Senior Secured12.3%185,217182,293182,2936/1/2023
Setex Technologies, Inc.Senior Secured12.3%1,092,1561,002,8191,002,8198/1/2024
SMS OPCO LLCSenior Secured8.0%30,17511,42511,425*
Sorfeo Inc.Senior Secured11.5%902,913897,248897,2489/1/2024
Sustainable Living Partners, LLCSenior Secured12.5%9,885,0988,824,2148,824,2149/1/2025
Sustainable Living Partners, LLCSenior Secured12.5%2,143,6392,031,0592,031,0598/1/2023
Sustainable Living Partners, LLC Subtotal12,028,73710,855,27310,855,273
The Farm Project, PBC.Senior Secured12.0%3,957,3173,794,4203,794,4201/1/2025
The Safe and Fair Food Company LLCSenior Secured12.3%2,081,8821,891,7881,891,7889/1/2024
Titan Health & Security Technologies, Inc.Senior Secured12.0%1,500,0001,410,0961,410,0968/1/2025
TomoCredit, Inc.Senior Secured12.5%319,631306,209306,2099/1/2023
TomoCredit, Inc.Senior Secured12.5%213,189213,189213,1899/1/2023
TomoCredit, Inc. Subtotal532,820519,398519,398
Umbra Lab, Inc.Senior Secured12.0%4,070,2273,972,2633,972,2636/1/2024
Umbra Lab, Inc.Senior Secured12.0%4,071,7103,960,5823,960,5826/1/2024
Umbra Lab, Inc. Subtotal8,141,9377,932,8457,932,845
Veev Group, Inc.Senior Secured12.5%540,644518,416518,4166/1/2023
Veev Group, Inc.Senior Secured12.5%19,765,34419,140,50019,140,50012/1/2024
Veev Group, Inc.Senior Secured12.5%1,622,2731,611,0841,611,0846/1/2023
Veev Group, Inc. Subtotal21,928,26121,270,00021,270,000
Velo Holdings LimitedSenior Secured12.0%2,471,7201,807,3391,413,516*
Virtuix Holdings, Inc.Senior Secured12.3%500,000479,214479,2149/1/2025
Wellth, Inc.Senior Secured12.0%742,497717,994717,9944/1/2025
Wellth, Inc.Senior Secured12.0%1,237,3261,129,2311,129,2314/1/2025
Wellth, Inc. Subtotal1,979,8231,847,2251,847,225
Wheels Labs, Inc.Senior Secured12.0%1,524,8531,483,3571,483,3576/1/2023
Wine Plum, Inc.Senior Secured12.5%113,285112,623112,6239/1/2022
World Wrapps II, Inc.Senior Secured12.0%406,976337,824337,8246/1/2024
World Wrapps II, Inc.Senior Secured12.0%407,480407,480407,4806/1/2024
World Wrapps II, Inc.Senior Secured12.0%407,005407,005407,0056/1/2024
World Wrapps II, Inc. Subtotal1,221,4611,152,3091,152,309
Zeno Technologies, Inc.Senior Secured10.0%250,000220,659220,6597/1/2025
Zimeno, Inc.Senior Secured11.5%6,250,0005,743,4155,743,4151/1/2026
Other Technology Total99.8%$270,888,217$256,680,136$254,313,224
Security
Lassen Peak, Inc.Senior Secured11.0%327,612311,016311,0168/1/2024
IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
NewGlobe Education, Inc. ** ^Senior Secured12.5%4,058,036 3,994,9773,994,97712/1/2023
Noteleaf, Inc.Senior Secured18.0%2,277,124 1,861,0110*
Nue Life Health, Inc.Senior Secured11.5%1,500,000 1,360,8601,360,8609/1/2025
OnePointOne, Inc.Senior Secured12.0%1,192,827 1,147,7581,147,7582/1/2024
OnePointOne, Inc.Senior Secured12.0%1,193,462 1,178,3801,178,3802/1/2024
OnePointOne, Inc. Subtotal2,386,289 2,326,1382,326,138
Opya, Inc.Senior Secured12.0%305,321 299,542299,54211/1/2023
Percepto, Inc.Senior Secured12.2%246,910 244,113244,1134/1/2023
Phase Four, Inc.Senior Secured11.5%990,063 967,247967,2478/1/2025
Phase Four, Inc.Senior Secured11.5%1,354,363 1,293,9271,293,92712/1/2024
Phase Four, Inc. Subtotal2,344,426 2,261,1742,261,174
Plant Prefab, Inc.Senior Secured11.0%1,746,954 1,718,3971,718,39711/1/2024
Plant Prefab, Inc.Senior Secured11.0%2,348,565 2,244,9942,244,9948/1/2024
Plant Prefab, Inc. Subtotal4,095,519 3,963,3913,963,391
PlantBaby, inc.Senior Secured12.0%125,000 120,790120,79010/1/2025
PlantBaby, inc.Senior Secured12.0%125,000 121,176121,1767/1/2025
PlantBaby, inc.Senior Secured12.0%250,000 226,510226,5105/1/2025
PlantBaby, inc. Subtotal500,000 468,476468,476
Platform Science, Inc.Senior Secured11.5%1,855,292 1,819,1751,819,17510/1/2023
Platform Science, Inc.Senior Secured12.5%5,000,000 4,501,9094,501,9092/1/2026
Platform Science, Inc. Subtotal6,855,292 6,321,0846,321,084
Privoro Holdings, Inc.Senior Secured12.0%1,217,426 1,177,4201,177,4204/1/2024
Reali Inc.Senior Secured12.5%15,022,587 12,280,9834,403,781*
Rise Gardens, Inc.Senior Secured11.8%1,000,000 947,541947,54111/1/2025
Romaine Empire, Inc.Senior Secured12.0%2,965,000 2,666,5322,666,53212/1/2026
Romaine Empire, Inc.Senior Secured12.3%2,307,581 2,266,6742,266,6749/1/2023
Romaine Empire, Inc. Subtotal5,272,581 4,933,2064,933,206
Saltbox, Inc.Senior Secured12.3%141,007 139,282139,2826/1/2023
Setex Technologies, Inc.Senior Secured12.3%980,351 908,245908,2458/1/2024
SMS OPCO LLCSenior Secured8.0%29,942 11,19211,192*
Supplant, Inc. ** ^Senior Secured13.0%2,000,000 1,853,4081,853,4087/1/2026
Sustainable Living Partners, LLCSenior Secured12.5%9,881,459 8,945,7398,945,7399/1/2025
Sustainable Living Partners, LLCSenior Secured12.5%2,473,619 2,473,6192,473,6197/1/2026
Sustainable Living Partners, LLCSenior Secured12.5%1,710,100 1,637,3531,637,3538/1/2023
Sustainable Living Partners, LLC Subtotal14,065,178 13,056,71113,056,711
The Farm Project, PBC.Senior Secured12.0%3,728,247 3,591,6963,591,6961/1/2025
The Safe and Fair Food Company LLCSenior Secured12.3%1,877,737 1,722,8041,722,8049/1/2024
TheSquareFoot, Inc.Senior Secured12.8%250,000 129,016129,01612/1/2025
Titan Health & Security Technologies, Inc.Senior Secured12.0%1,500,000 1,420,0461,420,0468/1/2025
TomoCredit, Inc.Senior Secured12.5%173,160 173,160173,1609/1/2023
TomoCredit, Inc.Senior Secured12.5%259,617 250,664250,6649/1/2023
TomoCredit, Inc. Subtotal432,777 423,824423,824
Umbra Lab, Inc.Senior Secured12.0%3,612,993 3,535,9253,535,9256/1/2024
Umbra Lab, Inc.Senior Secured12.0%3,614,309 3,526,8623,526,8626/1/2024
Umbra Lab, Inc. Subtotal7,227,302 7,062,7877,062,787
Veev Group, Inc.Senior Secured12.5%411,719 398,545398,5456/1/2023
Veev Group, Inc.Senior Secured12.5%18,053,684 17,534,31517,534,31512/1/2024
Veev Group, Inc.Senior Secured12.5%1,235,417 1,228,8211,228,8216/1/2023
Veev Group, Inc. Subtotal19,700,820 19,161,68119,161,681
Velo Holdings LimitedSenior Secured12.0%2,471,720 1,733,1871,339,364*
12

IndustryIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity DateIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Virtuix Holdings, Inc.Senior Secured12.3%500,000 481,420481,4209/1/2025
Wellth, Inc.Senior Secured12.0%1,236,942 1,143,3321,143,3324/1/2025
Wellth, Inc.Senior Secured12.0%742,270 721,122721,1224/1/2025
Wellth, Inc. Subtotal1,979,212 1,864,4541,864,454
Wheels Labs, Inc.Senior Secured18.0%1,643,896 1,640,1901,125,149*
World Wrapps II, Inc.Senior Secured12.0%361,257 306,172306,1726/1/2024
World Wrapps II, Inc.Senior Secured12.0%361,705 361,705361,7056/1/2024
World Wrapps II, Inc.Senior Secured12.0%361,283 361,283361,2836/1/2024
World Wrapps II, Inc. Subtotal1,084,245 1,029,1601,029,160
Zeno Technologies, Inc.Senior Secured10.0%250,000 223,143223,1437/1/2025
Zimeno Inc.Senior Secured11.5%6,250,000 5,790,9055,790,9051/1/2026
Other Technology TotalOther Technology Total96.3%$278,373,960 $261,754,108 $250,451,921 
SecuritySecurity
Axiado CorporationSenior Secured10.5%$2,000,000 $1,810,958 $1,810,958 10/1/2025
Lassen Peak, Inc.Senior Secured11.0%293,655 280,319280,3198/1/2024
Popily, Inc.Senior Secured12.5%1,998,5171,709,4401,257,863*Popily, Inc.Senior Secured12.5%1,998,517 1,559,4391,107,863*
Security TotalSecurity Total0.6%$ 2,326,129$ 2,020,456$ 1,568,879Security Total1.2%$4,292,172 $3,650,716 $3,199,140 
SoftwareSoftwareSoftware
Afero, Inc.Senior Secured12.3%1,651,9231,537,4131,537,4131/1/2024Afero, Inc.Senior Secured12.3%$1,411,812 $1,327,595 $1,327,595 1/1/2024
Amino, Inc.Senior Secured11.5%8,905,5488,560,9088,560,9082/1/2025Amino, Inc.Senior Secured11.5%1,979,449 1,955,7371,955,7377/1/2025
Amino, Inc.Senior Secured11.5%2,277,9182,209,5262,209,52611/1/2025Amino, Inc.Senior Secured11.5%2,277,280 2,215,5982,215,59811/1/2025
Amino, Inc.Senior Secured11.5%1,980,0271,953,1251,953,1257/1/2025Amino, Inc.Senior Secured11.5%8,646,156 8,354,7068,354,7062/1/2025
Amino, Inc. Subtotal13,163,49312,723,55912,723,559Amino, Inc. Subtotal12,902,885 12,526,04112,526,041
BackboneAI Inc.Senior Secured12.3%216,152214,051214,0516/1/2023BackboneAI Inc.Senior Secured12.3%164,558 163,320163,3206/1/2023
BackboneAI Inc.Senior Secured12.3%392,285386,290386,2905/1/2024BackboneAI Inc.Senior Secured12.3%164,478 157,579157,5796/1/2023
BackboneAI Inc.Senior Secured12.3%216,047204,425204,4256/1/2023BackboneAI Inc.Senior Secured12.3%346,162 341,503341,5035/1/2024
BackboneAI Inc. Subtotal824,484804,766804,766BackboneAI Inc. Subtotal675,198 662,402662,402
Big Run Studios, Inc.Senior Secured11.5%1,746,9381,670,3721,670,3728/1/2024Big Run Studios, Inc.Senior Secured11.5%1,566,764 1,505,2201,505,2208/1/2024
Big Run Studios, Inc.Senior Secured11.5%989,657973,521973,52112/1/2024Big Run Studios, Inc.Senior Secured11.5%902,941 889,563889,56312/1/2024
Big Run Studios, Inc. Subtotal2,736,5952,643,8932,643,893Big Run Studios, Inc. Subtotal2,469,705 2,394,7832,394,783
Bizly, Inc.Senior Secured11.5%989,851961,325961,3253/1/2025Bizly, Inc.Senior Secured11.5%346,095 312,464312,4644/1/2025
Bizly, Inc.Senior Secured11.5%346,095306,777306,77712/1/2024Bizly, Inc.Senior Secured11.5%989,742 965,290965,2904/1/2025
Bizly, Inc.Senior Secured11.5%296,778291,636291,63612/1/2024Bizly, Inc.Senior Secured11.5%296,778 292,406292,4064/1/2025
Bizly, Inc. Subtotal1,632,7241,559,7381,559,738Bizly, Inc. Subtotal1,632,615 1,570,1601,570,160
BriteCo LLCSenior Secured12.0%346,243346,243346,2432/1/2025BlueCart, Inc.Senior Secured12.5%1,500,000 1,362,7661,362,7662/1/2026
BriteCo LLCSenior Secured12.0%337,600300,940300,9407/1/2024Censia Inc.Senior Secured11.0%37,550 37,41737,41710/1/2022
BriteCo LLC Subtotal683,843647,183647,183Chowbus, Inc.Senior Secured12.0%3,495,539 3,087,9323,087,93211/1/2024
Censia Inc.Senior Secured11.0%148,165146,869146,86910/1/2022Chowbus, Inc.Senior Secured12.0%873,936 830,101830,10111/1/2024
Chowbus, Inc.Senior Secured12.0%3,843,7223,352,6773,352,67711/1/2024Chowbus, Inc. Subtotal4,369,475 3,918,0333,918,033
Chowbus, Inc.Senior Secured12.0%960,987907,906907,90611/1/2024Clarified Inc.Senior Secured12.0%750,000 684,353684,3535/1/2025
Chowbus, Inc. Subtotal4,804,7094,260,5834,260,583Common Sun, IncSenior Secured11.0%1,500,000 1,391,6321,391,6327/1/2026
Common Sun, IncSenior Secured11.0%1,500,0001,383,6501,383,6507/1/2026Eskalera, Inc.Senior Secured10.5%219,285 217,705217,7053/1/2023
Eskalera, Inc.Senior Secured10.5%324,703321,383321,3833/1/2023Eskalera, Inc.Senior Secured12.0%1,484,833 1,380,6891,380,6892/1/2026
Form Remodel, Inc.Senior Secured11.0%500,000435,022435,02212/1/2025Eskalera, Inc. Subtotal1,704,118 1,598,3941,598,394
Grokker, Inc.Senior Secured11.5%500,000477,796477,7964/1/2026Form Remodel, Inc.Senior Secured11.0%500,000 489,702489,7022/1/2026
Grokker, Inc.Senior Secured11.5%919,341886,918886,9183/1/2025Form Remodel, Inc.Senior Secured11.0%500,000 440,888440,88812/1/2025
Grokker, Inc. Subtotal1,419,3411,364,7141,364,714Form Remodel, Inc. Subtotal1,000,000 930,590930,590
ICX Media, Inc.Senior Secured18.0%762,829619,891467,564*Grokker, Inc.Senior Secured11.5%847,201 819,765819,7653/1/2025
Ipolipo, Inc.Senior Secured12.0%195,275191,878191,8789/1/2022Grokker, Inc.Senior Secured11.5%500,000 479,786479,7864/1/2026
Journey Builders, Inc.Senior Secured11.0%500,000449,403449,4031/1/2026Grokker, Inc. Subtotal1,347,201 1,299,5511,299,551
Medable, Inc.Senior Secured12.0%293,244291,922291,9222/1/2023HaystacksAI, Inc.Senior Secured11.0%500,000 453,673453,6731/1/2026
Medable, Inc.Senior Secured12.0%586,414575,842575,8422/1/2023ICX Media, Inc.Senior Secured18.0%762,829 604,266451,939*
Medable, Inc. Subtotal879,658867,764867,764Journey Builders, Inc.Senior Secured11.0%500,000 455,674455,6741/1/2026
Ocurate, Inc.Senior Secured11.5%500,000465,192465,19210/1/2025Medable, Inc.Senior Secured12.0%186,004 185,441185,4412/1/2023
Parkoursc, Inc.Senior Secured12.0%689,090669,707669,7078/1/2023Medable, Inc.Senior Secured12.0%371,960 367,449367,4492/1/2023
Parkoursc, Inc.Senior Secured12.0%624,202617,741617,7419/1/2024
Parkoursc, Inc. Subtotal1,313,2921,287,4481,287,448
Pixlee TurnTo, Inc.Senior Secured12.0%2,225,3212,142,5932,142,5938/1/2025
Pixlee TurnTo, Inc.Senior Secured12.3%990,931965,091965,0911/1/2024
Pixlee TurnTo, Inc. Subtotal3,216,2523,107,6843,107,684
Ratio Technologies, Inc.Senior Secured11.0%200,000146,831146,8311/1/2027
Safe Securities Inc.Senior Secured12.0%146,635143,659143,6592/1/2023
Safe Securities Inc.Senior Secured11.5%990,250968,687968,6874/1/2026
Safe Securities Inc.Senior Secured11.5%5,937,9395,679,9545,679,9549/1/2025
Safe Securities Inc. Subtotal7,074,8246,792,3006,792,300
SF Insuretech, Inc.Senior Secured11.8%2,621,2222,518,2002,518,2008/1/2024
SmartVid.io, Inc.Senior Secured11.8%1,805,5681,665,9331,665,9339/1/2024
Sonatus, IncSenior Secured12.5%532,810499,887499,8879/1/2023
Splitwise, Inc.Senior Secured12.3%111,292110,187110,18712/1/2022
StayTuned Digital, Inc.Senior Secured12.0%1,483,9471,475,4531,475,4532/1/2025
StayTuned Digital, Inc.Senior Secured12.0%98,96898,28798,2876/1/2025
13

IndustryIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity DateIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Medable, Inc. Subtotal557,964 552,890552,890
Ocurate, Inc.Senior Secured11.5%500,000 468,706468,70610/1/2025
Ocurate, Inc.Senior Secured11.5%500,000 489,365489,36510/1/2025
Ocurate, Inc. Subtotal1,000,000 958,071958,071
Parkoursc, Inc.Senior Secured12.0%549,400 536,926536,9268/1/2023
Parkoursc, Inc.Senior Secured12.0%562,835 557,603557,6039/1/2024
Parkoursc, Inc. Subtotal1,112,235 1,094,5291,094,529
Pixlee TurnTo, Inc.Senior Secured12.3%846,896 827,977827,9771/1/2024
Pixlee TurnTo, Inc.Senior Secured12.0%2,173,177 2,101,0772,101,0778/1/2025
Pixlee TurnTo, Inc. Subtotal3,020,073 2,929,0542,929,054
Ratio Technologies, Inc.Senior Secured11.0%200,000 150,182150,1821/1/2027
Ratio Technologies, Inc.Senior Secured11.0%1,322,000 1,284,5341,284,5341/1/2027
Ratio Technologies, Inc.Senior Secured11.0%478,000 467,396467,3961/1/2027
Ratio Technologies, Inc. Subtotal2,000,000 1,902,1121,902,112
Safe Securities Inc.Senior Secured11.5%5,936,144 5,709,7085,709,7089/1/2025
Safe Securities Inc.Senior Secured11.5%989,968 970,350970,3504/1/2026
Safe Securities Inc.Senior Secured12.0%93,010 91,73991,7392/1/2023
Safe Securities Inc. Subtotal7,019,122 6,771,7976,771,797
SF Insuretech, Inc.Senior Secured11.8%2,351,547 2,268,7342,268,7348/1/2024
SmartVid.io, Inc.Senior Secured18.0%1,921,359 1,770,1151,770,115*
Sonatus, IncSenior Secured12.5%432,768 410,753410,7539/1/2023
Splitwise, Inc.Senior Secured12.3%56,494 56,17156,17112/1/2022
StayTuned Digital, Inc.Senior Secured12.0%1,440,973 1,433,7991,433,7992/1/2025
StayTuned Digital, Inc.Senior Secured12.0%865,929 864,664864,6648/1/2025
StayTuned Digital, Inc.Senior Secured12.0%98,936 98,34098,3406/1/2025
StayTuned Digital, Inc.Senior Secured12.0%866,196864,769864,7698/1/2025StayTuned Digital, Inc.Senior Secured12.0%266,764 235,365235,3651/1/2025
StayTuned Digital, Inc.Senior Secured12.0%283,155245,920245,9201/1/2025StayTuned Digital, Inc.Senior Secured12.0%266,383 264,622264,62210/1/2025
StayTuned Digital, Inc. Subtotal2,732,2662,684,4292,684,429StayTuned Digital, Inc. Subtotal2,938,985 2,896,7902,896,790
Swiftly Systems, Inc.Senior Secured11.5%3,988,9743,530,9853,530,98510/1/2024Swiftly Systems, Inc.Senior Secured11.5%1,994,677 1,927,5671,927,5671/1/2025
Swiftly Systems, Inc.Senior Secured11.5%2,178,4822,098,1952,098,1951/1/2025Swiftly Systems, Inc.Senior Secured11.5%3,610,730 3,234,1203,234,12010/1/2024
Swiftly Systems, Inc. Subtotal6,167,4565,629,1805,629,180Swiftly Systems, Inc. Subtotal5,605,407 5,161,6875,161,687
Swivel, Inc.Senior Secured12.0%17,40917,28917,2898/1/2022Swivel, Inc.Senior Secured12.0%8,748 8,7478,74710/1/2022
Swivel, Inc.Senior Secured12.0%34,47434,47434,47410/1/2022Terragon, Inc. ** ^Senior Secured12.0%345,923 283,585283,5855/1/2024
Swivel, Inc. Subtotal51,88351,76351,763Traction Apps, Inc. ** ^Senior Secured12.0%750,000 710,385710,38512/1/2025
Terragon, Inc. ** ^Senior Secured12.0%392,126313,217313,2175/1/2024Truthset, Inc.Senior Secured10.5%336,131 316,192267,4991/1/2024
Traction Apps, Inc. ** ^Senior Secured12.0%750,000706,343706,34312/1/2025UCM Digital Health, Inc.Senior Secured12.0%865,553 800,742800,7425/1/2025
Truthset, Inc.Senior Secured10.5%336,131310,782310,7821/1/2024UCM Digital Health, Inc.Senior Secured12.0%866,153 843,978843,97810/1/2025
UCM Digital Health, Inc.Senior Secured12.0%865,831791,605791,6055/1/2025UCM Digital Health, Inc. Subtotal1,731,706 1,644,7201,644,720
WorkRails, Inc.Senior Secured12.0%371,008346,537346,5372/1/2025Vesta Housing, Inc.Senior Secured11.8%1,375,000 1,250,9171,250,9176/1/2026
WorkRails, Inc.Senior Secured12.0%123,685121,180121,1803/1/2025WorkRails, Inc.Senior Secured12.0%360,264 339,519339,5192/1/2025
WorkRails, Inc. Subtotal494,693467,717467,717WorkRails, Inc.Senior Secured12.0%123,645 121,505121,5053/1/2025
Workspot, Inc.Senior Secured12.0%56,65556,23456,2348/1/2022WorkRails, Inc. Subtotal483,909 461,024461,024
Workspot, Inc.Senior Secured12.0%1,789,8141,739,4231,739,42311/1/2023Workspot, Inc.Senior Secured12.0%28,468 28,42328,42310/1/2022
Workspot, Inc.Senior Secured12.0%722,959697,895697,8953/1/2024Workspot, Inc.Senior Secured12.0%1,495,555 1,460,1761,460,17611/1/2023
Workspot, Inc.Senior Secured12.0%112,193111,751111,75110/1/2022Workspot, Inc.Senior Secured12.0%628,694 609,714609,7143/1/2024
Workspot, Inc. Subtotal2,681,6212,605,3032,605,303Workspot, Inc. Subtotal2,152,717 2,098,3132,098,313
Software TotalSoftware Total23.5%$ 63,575,009$ 60,111,710$ 59,959,383Software Total24.8%$68,263,476 $64,763,916 $64,562,896 
Technology ServicesTechnology ServicesTechnology Services
iLearningEngines Inc.Senior Secured11.5%1,978,9091,898,0741,898,0741/1/2025iLearningEngines Inc.Senior Secured11.5%$5,776,750 $5,415,727 $5,415,727 6/1/2024
iLearningEngines Inc.Senior Secured11.5%2,330,897930,575930,57510/1/2024iLearningEngines Inc.Senior Secured11.5%1,863,673 1,795,9671,795,9671/1/2025
iLearningEngines Inc.Senior Secured11.5%6,511,5496,054,0256,054,0256/1/2024iLearningEngines Inc.Senior Secured11.5%2,109,876 905,339905,33910/1/2024
iLearningEngines Inc.Senior Secured11.5%2,475,7792,299,8232,299,8234/1/2025iLearningEngines Inc.Senior Secured11.5%2,476,026 2,391,3422,391,3428/1/2025
iLearningEngines Inc. Subtotal13,297,13411,182,49711,182,497iLearningEngines Inc.Senior Secured11.5%2,475,078 2,322,9672,322,9674/1/2025
Klar Holdings Limited ** ^Senior Secured14.2%4.0%124,086121,045121,0457/1/2023
Klar Holdings Limited ** ^Senior Secured12.0%3.0%2,213,5512,179,6232,179,6238/1/2024
Klar Holdings Limited ** ^Senior Secured12.0%2,035,7821,937,4901,937,4906/1/2024
Klar Holdings Limited ** ^Senior Secured11.8%4,951,0234,560,5434,560,5438/1/2025
Klar Holdings Limited ** ^Senior Secured12.5%37,57036,25936,25910/1/2022
Klar Holdings Limited Subtotal ** ^9,362,0128,834,9608,834,960
Liftit, Inc. ** ^Senior Secured12.0%37,75737,48737,4878/1/2022
Liftit, Inc. ** ^Senior Secured12.0%74,77774,56374,56310/1/2022
Liftit, Inc. Subtotal ** ^112,534112,050112,050
Loansnap Holdings Inc. **Senior Secured11.0%605,860596,385596,38512/1/2022
Loansnap Holdings Inc. **Senior Secured10.3%3,716,0853,523,1253,523,1252/1/2025
Loansnap Holdings Inc. Subtotal **4,321,9454,119,5104,119,510
Zanbato, Inc.Senior Secured11.0%1,850,5901,821,7911,821,7919/1/2023
Technology Services Total10.2%$ 28,944,215$ 26,070,808$ 26,070,808
Wireless
AirVine Scientific, Inc.Senior Secured12.0%14,10314,05314,0539/1/2022
AirVine Scientific, Inc.Senior Secured12.0%14,09413,97813,9789/1/2022
AirVine Scientific, Inc.Senior Secured10.8%508,328498,730498,7306/1/2024
AirVine Scientific, Inc.Senior Secured10.8%508,072485,939485,9396/1/2024
AirVine Scientific, Inc. Subtotal1,044,5971,012,7001,012,700
14

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
MeshPlusPlus, Inc.Senior Secured12.5%542,909515,517515,5173/1/2024
MeshPlusPlus, Inc.Senior Secured12.5%203,755199,878199,8786/1/2024
MeshPlusPlus, Inc. Subtotal746,664715,395715,395
Wireless Total0.7%$ 1,791,261$ 1,728,095$ 1,728,095
Grand Total190.5%$533,839,192 $501,823,924$485,662,620

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
iLearningEngines Inc. Subtotal14,701,403 12,831,34212,831,342
Klar Holdings Limited ** ^Senior Secured11.8%4,949,566 4,601,8224,601,8228/1/2025
Klar Holdings Limited ** ^Senior Secured12.0%3.0%1,996,639 1,969,1661,969,1668/1/2024
Klar Holdings Limited ** ^Senior Secured12.5%9,539 9,4039,40310/1/2022
Klar Holdings Limited ** ^Senior Secured14.2%4.0%99,285 97,33097,3307/1/2023
Klar Holdings Limited ** ^Senior Secured12.0%1,807,090 1,729,6101,729,6106/1/2024
Klar Holdings Limited Subtotal ** ^8,862,119 8,407,3318,407,331
Liftit, Inc. ** ^Senior Secured12.0%18,974 18,95218,95210/1/2022
Loansnap Holdings Inc. **Senior Secured10.3%3,606,317 3,443,3122,609,7352/1/2025
Loansnap Holdings Inc. **Senior Secured11.0%307,076 304,307230,63912/1/2022
Loansnap Holdings Inc. Subtotal **3,913,393 3,747,6192,840,374
Zanbato, Inc.Senior Secured11.0%1,500,453 1,481,3561,481,3569/1/2023
Technology Services Total9.9%$28,996,342 $26,486,600 $25,579,355 
Wireless
AirVine Scientific, Inc.Senior Secured10.8%$450,349 $432,944 $432,944 6/1/2024
AirVine Scientific, Inc.Senior Secured10.8%450,576 443,043443,0436/1/2024
AirVine Scientific, Inc. Subtotal900,925 875,987875,987
Juvo Mobile, Inc. **Senior Secured12.0%1,500,000 1,387,0061,387,0067/1/2026
MeshPlusPlus, Inc.Senior Secured12.5%180,970 177,918177,9186/1/2024
MeshPlusPlus, Inc.Senior Secured12.5%472,393 451,602451,6023/1/2024
MeshPlusPlus, Inc. Subtotal653,363 629,520629,520
Wireless Total1.1%$3,054,288 $2,892,513 $2,892,513 
Grand Total186.4%0$546,102,721 $511,863,593 $484,854,427 
* As of JuneSeptember 30, 2022, loans with a cost basis of $24.8$40.0 million and a fair value of $9.4$15.9 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 JuneSeptember 30, 2022, 14.3%14.4% 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.

    As of JuneSeptember 30, 2022, all loans were made to non-affiliates.





See notes to condensed financial statements (unaudited).
15

VENTURE LENDING & LEASING IX, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)
AS OF DECEMBER 31, 2021

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Biotechnology
Calysta, Inc.Senior Secured11.8%$7,424,123 $6,910,615 $6,910,615 6/1/2025
Driver Bioengineering, Inc.Senior Secured11.0%210,665 196,509 196,509 4/1/2023
Driver Bioengineering, Inc.Senior Secured11.0%548,126 541,260 541,260 6/1/2023
Driver Bioengineering, Inc. Subtotal758,791 737,769 737,769 
Genomic Prediction, Inc.Senior Secured11.0%990,625 916,753 916,753 1/1/2025
GLO Pharma, Inc.Senior Secured10.5%1,982,114 1,896,155 1,896,155 12/1/2024
GLO Pharma, Inc.Senior Secured10.5%2,971,746 2,893,124 2,893,124 12/1/2024
GLO Pharma, Inc. Subtotal4,953,860 4,789,279 4,789,279 
Quartzy, Inc.Senior Secured12.0%1,054,875 1,036,987 1,036,987 7/1/2024
Quartzy, Inc.Senior Secured12.0%478,138 445,430 445,430 8/1/2023
Quartzy, Inc.Senior Secured12.0%996,046 980,260 980,260 5/1/2024
Quartzy, Inc. Subtotal2,529,059 2,462,677 2,462,677 
Biotechnology Total6.9%$16,656,458 $15,817,093 $15,817,093 
Computers & Storage
Canary Connect, Inc.Senior Secured12.0%$1,806,184 $1,774,384 $1,774,384 3/1/2024
Canary Connect, Inc.Senior Secured12.0%7,221,950 6,947,036 6,947,036 3/1/2024
Canary Connect, Inc.Senior Secured12.8%1,332,737 1,312,821 1,312,821 3/1/2023
Canary Connect, Inc.Senior Secured11.8%14,850,16914,028,46914,028,4693/1/2026
Canary Connect, Inc. Subtotal25,211,040 24,062,710 24,062,710 
Computers & Storage Total10.5%$25,211,040 $24,062,710 $24,062,710 
Enterprise Networking
Diamanti, Inc.Senior Secured11.0%$5,972,984 $5,055,959 $4,311,087 *
Enterprise Networking Total1.9%$5,972,984 $5,055,959 $4,311,087 
Internet
10club Pte Ltd. ** ^Senior Secured12.0%$4,454,692 $4,309,407 $4,309,407 11/1/2025
10club Pte Ltd. ** ^Senior Secured12.0%1,484,485 969,998 969,998 8/1/2025
10club Pte Ltd. Subtotal ** ^5,939,177 5,279,405 5,279,405 
Ainsly, Inc. ** ^Senior Secured12.5%180,970 167,037 167,037 9/1/2023
Ainsly, Inc. ** ^Senior Secured12.5%220,835 215,380 215,380 8/1/2022
Ainsly, Inc. ** ^Senior Secured12.5%73,617 73,617 73,617 8/1/2022
Ainsly, Inc. Subtotal ** ^475,422 456,034 456,034 
iZENEtech, Inc. ** ^Senior Secured12.3%4,649,564 4,449,109 4,449,109 9/1/2024
Mantra Health, Inc.Senior Secured12.0%494,777 458,710 458,710 6/1/2024
Merchbar, Inc.Senior Secured11.8%265,285 258,235 258,235 3/1/2023
MyPizza Technologies, Inc.Senior Secured11.5%2,179,705 2,160,762 2,160,762 2/1/2024
MyPizza Technologies, Inc.Senior Secured11.5%4,061,477 3,981,527 3,981,527 12/1/2023
MyPizza Technologies, Inc. Subtotal6,241,182 6,142,289 6,142,289 
OneLocal, Inc. ** ^Senior Secured12.3%844,634 794,936 794,936 3/1/2023
Osix CorporationSenior Secured12.0%4,948,467 4,694,637 4,694,637 8/1/2024
Pixalate, Inc.Senior Secured12.5%5,934,796 5,384,024 5,384,024 4/1/2025
16

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Proper Labs, Inc.Senior Secured11.5%1,484,519 1,375,854 1,375,854 11/1/2024
RenoFi, Inc.Senior Secured12.0%157,216 155,178 155,178 6/1/2023
RenoFi, Inc.Senior Secured12.0%157,130 150,858 150,858 6/1/2023
RenoFi, Inc.Senior Secured12.0%814,310 791,720 791,720 12/1/2023
RenoFi, Inc. Subtotal1,128,656 1,097,756 1,097,756 
Residently USA, LLC ** ^Senior Secured12.0%498,522 470,265 470,265 2/1/2023
Residently USA, LLC ** ^Senior Secured12.0%305,431 305,431 305,431 12/1/2023
Residently USA, LLC Subtotal ** ^803,953 775,696 775,696 
RetailerX, Inc.Senior Secured12.0%1,978,517 1,889,440 1,889,440 2/1/2025
RetailerX, Inc.Senior Secured12.0%960,287 923,491 923,491 5/1/2024
RetailerX, Inc. Subtotal2,938,804 2,812,931 2,812,931 
Serface Care, Inc.Senior Secured12.3%597,411 433,243 36,200 *
Shadow, PBCSenior Secured18.0%331,399 310,681 — *
Starface World, Inc.Senior Secured12.0%783,946 752,446 752,446 11/1/2023
Starface World, Inc.Senior Secured11.3%990,265 971,780 971,780 10/1/2024
Starface World, Inc.Senior Secured12.0%422,046 415,242 415,242 1/1/2024
Starface World, Inc.Senior Secured11.3%2,474,163 2,359,716 2,359,716 10/1/2024
Starface World, Inc.Senior Secured11.3%990,476 970,472 970,472 10/1/2024
Starface World, Inc. Subtotal5,660,896 5,469,656 5,469,656 
Stay Alfred, Inc.Senior Secured18.0%5,675,613 4,162,117 404,583 *
Usual Beverage Co.Senior Secured12.0%2,967,292 2,850,880 2,850,880 9/1/2024
Verishop, Inc.Senior Secured12.0%1,744,243 1,727,396 1,727,396 12/1/2023
Verishop, Inc.Senior Secured12.0%1,743,583 1,692,394 1,692,394 12/1/2023
Verishop, Inc. Subtotal3,487,826 3,419,790 3,419,790 
Internet Total20.1%$54,869,673 $50,625,983 $46,160,725 
Medical Devices
3D Bio Holdings, Inc.Senior Secured11.5%$1,806,873 $1,694,218 $1,694,218 3/1/2024
Ablacon, Inc.Senior Secured11.0%1,321,869 1,291,586 1,291,586 3/1/2023
Ablacon, Inc.Senior Secured11.0%1,322,356 1,311,100 1,311,100 3/1/2023
Ablacon, Inc. Subtotal2,644,225 2,602,686 2,602,686 
Anutra Medical, Inc.Senior Secured12.0%90,784 89,282 89,282 10/1/2022
Anutra Medical, Inc.Senior Secured12.0%643,231 611,529 611,529 7/1/2024
Anutra Medical, Inc. Subtotal734,015 700,811 700,811 
CytoVale, Inc.Senior Secured12.0%361,456 357,071 357,071 11/1/2023
CytoVale, Inc.Senior Secured12.0%1,977,671 1,897,985 1,897,985 9/1/2024
CytoVale, Inc.Senior Secured12.0%64,961 64,412 64,412 3/1/2022
CytoVale, Inc.Senior Secured12.0%989,063 967,945 967,945 11/1/2024
CytoVale, Inc.Senior Secured12.0%347,288 335,948 335,948 10/1/2023
CytoVale, Inc.Senior Secured12.0%118,901 118,390 118,390 7/1/2022
CytoVale, Inc.Senior Secured12.0%128,023 127,542 127,542 6/1/2022
CytoVale, Inc. Subtotal3,987,363 3,869,293 3,869,293 
eXo Imaging, Inc.Senior Secured11.8%1,444,176 1,379,677 1,379,677 9/1/2023
eXo Imaging, Inc.Senior Secured11.8%1,445,467 1,425,130 1,425,130 9/1/2023
eXo Imaging, Inc. Subtotal2,889,643 2,804,807 2,804,807 
Medrobotics Corporation, Inc.Senior Secured18.0%10,000,000 8,855,103 964,900 *
Norbert Health, Inc.Senior Secured12.3%989,165 902,830 902,830 6/1/2024
Siren Care, Inc.Senior Secured12.5%754,310 744,906 744,906 10/1/2023
Siren Care, Inc.Senior Secured12.5%1,508,243 1,463,777 1,463,777 10/1/2023
Siren Care, Inc. Subtotal2,262,553 2,208,683 2,208,683 
17

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
SVN Med, LLCSenior Secured15.0%1,633,7901,393,0281,393,02812/1/2023
SVN Med, LLCSenior Secured15.0%817,104693,026693,02612/1/2023
SVN Med, LLC Subtotal2,450,894 2,086,054 2,086,054 
Medical Devices Total7.7%$27,764,731 $25,724,485 $17,834,282 
Other Healthcare
Alchera IncorporatedSenior Secured12.0%$1,483,900 $1,326,776 $1,326,776 7/1/2024
Alchera IncorporatedSenior Secured12.0%1,470,500 1,409,173 1,409,173 4/1/2025
Alchera Incorporated Subtotal2,954,400 2,735,949 2,735,949 
Artisan Development Labs, Inc.Senior Secured12.3%282,447 260,582 260,582 4/1/2023
Elysium Health, Inc.Senior Secured12.0%7,420,231 6,722,807 6,722,807 2/1/2025
GoForward, Inc.Senior Secured11.5%4,507,323 4,304,301 4,304,301 9/1/2023
GoForward, Inc.Senior Secured11.5%3,091,343 3,036,842 3,036,842 6/1/2024
GoForward, Inc. Subtotal7,598,666 7,341,143 7,341,143 
Grayce, Inc.Senior Secured11.8%990,011 932,249 932,249 9/1/2024
Grayce, Inc.Senior Secured11.8%494,614 483,462 483,462 12/1/2024
Grayce, Inc. Subtotal1,484,625 1,415,711 1,415,711 
Hello Heart Inc.Senior Secured11.0%1,979,629 1,946,247 1,946,247 6/1/2025
Hello Heart Inc.Senior Secured11.0%1,979,629 1,868,531 1,868,531 6/1/2024
Hello Heart Inc.Senior Secured11.0%586,952 580,837 580,837 11/1/2023
Hello Heart Inc.Senior Secured11.0%561,643 557,061 557,061 4/1/2023
Hello Heart Inc.Senior Secured11.0%701,855 683,970 683,970 4/1/2023
Hello Heart Inc. Subtotal5,809,708 5,636,646 5,636,646 
Honeybee Health, Inc.Senior Secured11.0%990,031 898,914 898,914 6/1/2024
Honeybee Health, Inc.Senior Secured11.0%1,980,553 1,980,553 1,980,553 6/1/2024
Honeybee Health, Inc. Subtotal2,970,584 2,879,467 2,879,467 
HumanAPI, Inc.Senior Secured11.8%1,175,103 1,145,778 1,145,778 7/1/2023
HumanAPI, Inc.Senior Secured11.8%1,979,202 1,877,319 1,877,319 8/1/2024
HumanAPI, Inc.Senior Secured11.8%990,180 961,832 961,832 2/1/2025
HumanAPI, Inc. Subtotal4,144,485 3,984,929 3,984,929 
Minded, Inc.Senior Secured12.0%1,978,973 1,865,771 1,865,771 12/1/2024
Oula Heath, Inc.Senior Secured12.0%346,309 340,210 340,210 7/1/2024
Oula Heath, Inc.Senior Secured12.0%655,346 623,750 623,750 2/1/2024
Oula Heath, Inc. Subtotal1,001,655 963,960 963,960 
PeerWell, Inc.Senior Secured12.0%902,629 860,003 860,003 3/1/2024
SchoolCare, Inc.Senior Secured18.0%395,761388,04682,551*
Therapydia, Inc.Senior Secured12.0%494,637434,026434,0264/1/2025
Therapydia, Inc.Senior Secured12.0%494,944 480,199 480,199 10/1/2025
Therapydia, Inc.Senior Secured12.0%1.7%58,588 56,636 56,636 3/1/2023
Therapydia, Inc.Senior Secured12.5%1.7%68,858 68,858 68,858 6/1/2023
Therapydia, Inc. Subtotal1,117,027 1,039,719 1,039,719 
Tia, Inc.Senior Secured11.8%1,920,749 1,754,268 1,754,268 5/1/2024
Tia, Inc.Senior Secured11.8%2,473,240 2,432,270 2,432,270 9/1/2024
Tia, Inc. Subtotal4,393,989 4,186,538 4,186,538 
Vessel Health, Inc.Senior Secured12.0%564,189 564,189 564,189 3/1/2024
Vessel Health, Inc.Senior Secured12.0%564,106 532,069 532,069 3/1/2024
Vessel Health, Inc. Subtotal1,128,295 1,096,258 1,096,258 
Yes Health, Inc.Senior Secured12.0%989,613 930,838 930,838 10/1/2024
Other Healthcare Total18.2%$44,573,088 $42,308,367 $42,002,872 
Other Technology
8E14 Networks, Inc.Senior Secured13.0%$217,430 $176,828 $176,828 9/1/2023
8E14 Networks, Inc.Senior Secured13.0%244,666 244,666 244,666 12/1/2023
18

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
8E14 Networks, Inc.Senior Secured13.0%593,274 593,274 593,274 9/1/2024
8E14 Networks, Inc. Subtotal1,055,370 1,014,768 1,014,768 
8i CorporationSenior Secured12.0%1,221,610 1,171,343 1,171,343 12/1/2023
Aclima, Inc.Senior Secured11.9%149,173 143,913 143,913 4/1/2022
Aclima, Inc.Senior Secured12.0%1,507,598 1,388,554 1,388,554 10/1/2023
Aclima, Inc. Subtotal1,656,771 1,532,467 1,532,467 
Antitoxin Technologies Inc. ** ^Senior Secured12.0%814,262 738,781 692,140 12/1/2023
Antitoxin Technologies Inc. ** ^Senior Secured11.5%163,653 160,030 151,726 9/1/2022
Antitoxin Technologies Inc. Subtotal ** ^977,915 898,811 843,866 
ATeam Army, Inc.Senior Secured12.0%705,214 684,917 684,917 4/1/2023
Bankroll Club, LLCSenior Secured12.0%1,484,693 1,263,475 1,263,475 4/1/2025
Bankroll Club, LLCSenior Secured12.0%1,483,500 1,483,500 1,483,500 4/1/2025
Bankroll Club, LLC Subtotal2,968,193 2,746,975 2,746,975 
Beanfields, PBCSenior Secured18.0%1,126,232 1,136,604 1,005,227 *
BloomTech Inc.Senior Secured11.3%3,292,027 3,188,984 3,188,984 7/1/2023
BloomTech Inc.Senior Secured11.3%1,724,925 1,724,925 1,724,925 8/1/2023
BloomTech Inc. Subtotal5,016,952 4,913,909 4,913,909 
Brave Care Technologies, Inc.Senior Secured12.0%2,226,032 2,078,142 2,078,142 9/1/2024
Brightside Benefit, Inc.Senior Secured12.1%211,297 207,383 207,383 9/1/2022
Brightside Benefit, Inc.Senior Secured12.4%456,660 453,272 453,272 3/1/2023
Brightside Benefit, Inc. Subtotal667,957 660,655 660,655 
Bryte, Inc.Senior Secured10.0%2,478,976 2,295,843 2,295,843 4/1/2025
BW Industries, Inc.Senior Secured11.8%1,098,200 1,048,349 1,048,349 5/1/2023
BW Industries, Inc.Senior Secured11.8%1,157,127 1,144,903 1,144,903 6/1/2023
BW Industries, Inc. Subtotal2,255,327 2,193,252 2,193,252 
Candy Club Holdings, Inc. **Senior Secured12.0%2,474,741 2,474,741 2,474,741 5/1/2025
Candy Club Holdings, Inc. **Senior Secured12.0%4,945,712 3,938,353 3,938,353 10/1/2024
Candy Club Holdings, Inc. Subtotal **7,420,453 6,413,094 6,413,094 
Ceres Imaging, Inc.Senior Secured12.0%1,979,769 1,796,975 1,796,975 4/1/2025
ClipCall, Inc.Senior Secured12.5%377,537 347,225 347,225 10/1/2023
Content Adjacent, Inc.Senior Secured12.0%494,793 494,793 494,793 6/1/2024
Content Adjacent, Inc.Senior Secured12.0%1,977,137 1,920,036 1,920,036 6/1/2024
Content Adjacent, Inc. Subtotal2,471,930 2,414,829 2,414,829 
Coterie Applications, Inc.Senior Secured11.0%2,476,651 2,240,496 2,240,496 9/1/2025
Coterie Applications, Inc.Senior Secured12.5%494,338 494,338 494,338 6/1/2024
Coterie Applications, Inc.Senior Secured12.5%723,625 671,265 671,265 9/1/2023
Coterie Applications, Inc.Senior Secured12.5%903,053 903,053 903,053 3/1/2024
Coterie Applications, Inc. Subtotal4,597,667 4,309,152 4,309,152 
Daybase, Inc.Senior Secured12.0%989,639 908,021 908,021 9/1/2024
Equestrian Labs, Inc.Senior Secured12.0%1,483,577 1,398,054 1,234,057 6/1/2024
Equestrian Labs, Inc.Senior Secured12.0%742,341 725,469 640,369 6/1/2024
Equestrian Labs, Inc.Senior Secured12.0%742,058 727,787 642,415 6/1/2024
Equestrian Labs, Inc. Subtotal2,967,976 2,851,310 2,516,841 
Fakespot, Inc.Senior Secured12.0%494,493 447,448 447,448 8/1/2024
Fakespot, Inc.Senior Secured12.0%989,486 972,163 972,163 8/1/2024
Fakespot, Inc. Subtotal1,483,979 1,419,611 1,419,611 
Fitplan, Inc. ** ^Senior Secured12.5%994,922 815,498 815,498 11/1/2023
Flo Water, Inc.Senior Secured11.8%1,394,506 1,348,314 1,348,314 12/1/2023
19

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Hadrian Automation, Inc.Senior Secured11.5%2,722,876 2,583,157 2,583,157 2/1/2025
Higher Ground Education, Inc.Senior Secured12.5%4,942,636 4,742,950 4,742,950 2/1/2025
Higher Ground Education, Inc.Senior Secured12.5%275,567 273,064 273,064 5/1/2023
Higher Ground Education, Inc.Senior Secured12.5%781,981 775,361 775,361 4/1/2023
Higher Ground Education, Inc.Senior Secured12.5%1,075,086 1,050,104 1,050,104 1/1/2023
Higher Ground Education, Inc.Senior Secured12.5%319,321 316,022 316,022 8/1/2023
Higher Ground Education, Inc.Senior Secured12.5%6,923,164 6,611,952 6,611,952 6/1/2025
Higher Ground Education, Inc. Subtotal14,317,755 13,769,453 13,769,453 
Hint, Inc.Senior Secured12.0%3,440,711 3,234,998 3,234,998 6/1/2023
Hyphen Technologies, Inc.Senior Secured12.0%2,473,894 2,330,578 2,330,578 7/1/2024
Inscopix, Inc.Senior Secured12.0%4,946,375 4,826,097 4,826,097 4/1/2025
Intergalactic Foods CorporationSenior Secured12.0%494,826 464,110 464,110 1/1/2025
Invert Robotics Group, Ltd. ** ^Senior Secured13.0%1,978,043 1,769,078 1,769,078 1/1/2025
Jiko Group, Inc.Senior Secured12.0%2,200,833 2,142,294 2,142,294 6/1/2023
Kinoo, Inc.Senior Secured11.5%990,167 921,525 921,525 1/1/2025
Lacuna Technologies, Inc.Senior Secured12.0%1,484,897 1,347,463 1,347,463 5/1/2025
Level Home, Inc.Senior Secured11.8%9,898,880 9,735,057 9,735,057 2/1/2025
Level Home, Inc.Senior Secured11.8%9,895,966 9,267,817 9,267,817 5/1/2025
Level Home, Inc. Subtotal19,794,846 19,002,874 19,002,874 
Luva Inc.Senior Secured11.3%495,238 459,320 459,320 12/1/2024
Make School, Inc.Senior Secured18.0%79,946 45,838 19,536 *
MASC Inc.Senior Secured12.0%494,854 426,580 426,580 9/1/2024
Mavenform, Inc.Senior Secured11.5%494,974 484,719 484,719 6/1/2025
Mavenform, Inc.Senior Secured11.5%989,298 947,765 947,765 6/1/2024
Mavenform, Inc. Subtotal1,484,272 1,432,484 1,432,484 
Merlin Labs, Inc.Senior Secured11.0%115,653 114,777 114,777 1/1/2023
Merlin Labs, Inc.Senior Secured11.0%2,971,743 2,810,122 2,810,122 6/1/2025
Merlin Labs, Inc.Senior Secured11.0%110,140 109,024 109,024 6/1/2022
Merlin Labs, Inc. Subtotal3,197,536 3,033,923 3,033,923 
MinoMonsters, Inc. ** ^Senior Secured11.5%2,474,8862,387,4752,387,47510/1/2024
Momentus, Inc. **Senior Secured12.0%24,726,579 22,774,001 22,774,001 3/1/2022
Natomas Labs, Inc.Senior Secured12.3%2,473,076 2,310,655 2,310,655 9/1/2024
Natomas Labs, Inc.Senior Secured12.3%1,748,452 1,715,249 1,715,249 2/1/2024
Natomas Labs, Inc.Senior Secured12.3%2,621,376 2,492,372 2,492,372 2/1/2024
Natomas Labs, Inc.Senior Secured12.3%1,484,049 1,450,349 1,450,349 9/1/2024
Natomas Labs, Inc. Subtotal8,326,953 7,968,625 7,968,625 
NewGlobe Schools, Inc. ** ^Senior Secured12.5%4,073,677 4,012,576 4,012,576 12/1/2023
NewGlobe Schools, Inc. ** ^Senior Secured12.5%1,177,191 1,163,157 1,163,157 8/1/2022
NewGlobe Schools, Inc. ** ^Senior Secured12.5%2,423,1822,360,0352,360,0358/1/2023
NewGlobe Schools, Inc. Subtotal ** ^7,674,050 7,535,768 7,535,768 
Noteleaf, Inc.Senior Secured18.0%2,277,124 1,861,011 309,063 *
OnePointOne, Inc.Senior Secured12.0%1,748,153 1,715,659 1,715,659 2/1/2024
OnePointOne, Inc.Senior Secured12.0%1,747,2241,650,9311,650,9312/1/2024
OnePointOne, Inc. Subtotal3,495,377 3,366,590 3,366,590 
Opya, Inc.Senior Secured12.0%480,293 466,077 466,077 11/1/2023
Percepto, Inc.Senior Secured12.2%879,619 856,749 856,749 4/1/2023
20

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Phase Four, Inc.Senior Secured11.5%1,485,295 1,388,478 1,388,478 12/1/2024
Plant Prefab, Inc.Senior Secured11.0%306,696 300,902 300,902 8/1/2022
Plant Prefab, Inc.Senior Secured11.0%2,971,403 2,786,656 2,786,656 8/1/2024
Plant Prefab, Inc.Senior Secured11.0%1,981,660 1,934,305 1,934,305 11/1/2024
Plant Prefab, Inc. Subtotal5,259,759 5,021,863 5,021,863 
Platform Science, Inc.Senior Secured12.0%94,426 93,729 93,729 2/1/2022
Platform Science, Inc.Senior Secured11.5%3,011,412 2,917,289 2,917,289 10/1/2023
Platform Science, Inc. Subtotal3,105,838 3,011,018 3,011,018 
Plethora, Inc.Senior Secured18.0%2,281,576 2,211,796 507,589 *
Privoro Holdings, Inc.Senior Secured12.0%1,718,533 1,638,692 1,638,692 4/1/2024
Reali Inc.Senior Secured12.5%2,894,499 2,812,255 2,812,255 9/1/2023
Reali Inc.Senior Secured12.5%11,870,649 11,366,149 11,366,149 12/1/2024
Reali Inc.Senior Secured12.5%2,709,730 2,602,399 2,602,399 3/1/2024
Reali Inc. Subtotal17,474,878 16,780,803 16,780,803 
Romaine Empire, Inc.Senior Secured12.3%3,896,929 3,781,983 3,781,983 9/1/2023
Saltbox, Inc.Senior Secured12.3%269,697 263,567 263,567 6/1/2023
Setex Technologies, Inc.Senior Secured12.3%1,236,308 1,109,408 1,109,408 8/1/2024
SMS OPCO LLCSenior Secured8.0%33,875 15,125 15,125 *
Sorfeo Inc.Senior Secured11.5%989,918 981,903 981,903 9/1/2024
Sustainable Living Partners, LLCSenior Secured12.5%2,971,313 2,758,178 2,758,178 8/1/2023
Sustainable Living Partners, LLCSenior Secured12.5%9,892,044 8,598,175 8,598,175 9/1/2025
Sustainable Living Partners, LLC Subtotal12,863,357 11,356,353 11,356,353 
The Farm Project, PBC.Senior Secured12.0%3,926,667 3,714,785 3,714,785 1/1/2025
The Safe and Fair Food Company LLCSenior Secured12.3%2,471,977 2,204,367 2,204,367 9/1/2024
TomoCredit, Inc.Senior Secured12.5%289,608 289,608 289,608 9/1/2023
TomoCredit, Inc.Senior Secured12.5%434,205 409,659 409,659 9/1/2023
TomoCredit, Inc. Subtotal723,813 699,267 699,267 
Umbra Lab, Inc.Senior Secured12.0%4,944,750 4,799,256 4,799,256 6/1/2024
Umbra Lab, Inc.Senior Secured12.0%4,946,551 4,781,591 4,781,591 6/1/2024
Umbra Lab, Inc. Subtotal9,891,301 9,580,847 9,580,847 
Veev Group, Inc.Senior Secured12.5%2,360,822 2,337,325 2,337,325 6/1/2023
Veev Group, Inc.Senior Secured12.5%19,779,528 18,948,019 18,948,019 12/1/2024
Veev Group, Inc.Senior Secured12.5%786,775 740,586 740,586 6/1/2023
Veev Group, Inc. Subtotal22,927,125 22,025,930 22,025,930 
Velo Holdings LimitedSenior Secured12.0%2,471,720 1,955,642 1,539,333 *
Welcome Tech, Inc.Senior Secured10.5%153,082 150,226 150,226 5/1/2022
Wheels Labs, Inc.Senior Secured12.0%2,221,660 2,134,921 2,134,921 6/1/2023
Wine Plum, Inc.Senior Secured12.5%329,558 324,821 324,821 9/1/2022
World Wrapps II, Inc.Senior Secured12.0%480,319 480,319 480,319 6/1/2024
World Wrapps II, Inc.Senior Secured12.0%494,453 494,453 494,453 6/1/2024
World Wrapps II, Inc.Senior Secured12.0%494,418 394,196 394,196 6/1/2024
World Wrapps II, Inc. Subtotal1,469,190 1,368,968 1,368,968 
Other Technology Total102.7%$255,168,933 $240,678,546 $236,458,989 
Security
Lassen Peak, Inc.Senior Secured11.0%$371,530 $347,750 $347,750 8/1/2024
Nok Nok Labs, Inc.Senior Secured12.5%191,326 190,411 190,411 6/1/2022
Popily, Inc.Senior Secured12.5%2,036,717 1,852,544 1,852,544 8/1/2024
Security Total1.0%$2,599,573 $2,390,705 $2,390,705 
Software
Afero, Inc.Senior Secured12.3%$2,110,745 $1,925,141 $1,925,141 1/1/2024
21

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Amino, Inc.Senior Secured11.5%8,910,784 8,465,259 8,465,259 2/1/2025
BackboneAI Inc.Senior Secured12.3%314,742 310,330 310,330 6/1/2023
BackboneAI Inc.Senior Secured12.3%480,420 471,361 471,361 5/1/2024
BackboneAI Inc.Senior Secured12.3%314,588 290,514 290,514 6/1/2023
BackboneAI Inc. Subtotal1,109,750 1,072,205 1,072,205 
Big Run Studios, Inc.Senior Secured11.5%1,979,680 1,870,020 1,870,020 8/1/2024
Big Run Studios, Inc.Senior Secured11.5%990,230 968,648 968,648 12/1/2024
Big Run Studios, Inc. Subtotal2,969,910 2,838,668 2,838,668 
Bizly, Inc.Senior Secured11.5%346,312 294,503 294,503 12/1/2024
Bizly, Inc.Senior Secured11.5%296,956 290,080 290,080 12/1/2024
Bizly, Inc.Senior Secured11.5%990,414 953,972 953,972 3/1/2025
Bizly, Inc. Subtotal1,633,682 1,538,555 1,538,555 
Blockdaemon, Inc.Senior Secured12.0%903,100861,263861,2633/1/2024
Blockdaemon, Inc.Senior Secured11.3%55,201 54,707 54,707 6/1/2022
Blockdaemon, Inc. Subtotal958,301 915,970 915,970 
BriteCo LLCSenior Secured12.0%395,658 342,857 342,857 7/1/2024
BriteCo LLCSenior Secured12.0%346,461 346,461 346,461 2/1/2025
BriteCo LLC Subtotal742,119 689,318 689,318 
Censia Inc.Senior Secured11.0%360,514 353,690 353,690 10/1/2022
Chowbus, Inc.Senior Secured12.0%989,944 918,165 918,165 11/1/2024
Chowbus, Inc.Senior Secured12.0%3,959,556 3,303,025 3,303,025 11/1/2024
Chowbus, Inc. Subtotal4,949,500 4,221,190 4,221,190 
Cloudleaf, Inc.Senior Secured12.0%741,575 732,365 732,365 9/1/2024
Cloudleaf, Inc.Senior Secured12.0%956,267 919,269 919,269 8/1/2023
Cloudleaf, Inc. Subtotal1,697,842 1,651,634 1,651,634 
Dynamics, Inc.Senior Secured12.5%293,593 291,440 291,440 2/1/2022
Eskalera, Inc.Senior Secured10.5%527,451 518,933 518,933 3/1/2023
Grokker, Inc.Senior Secured11.5%989,743 946,783 946,783 3/1/2025
ICX Media, Inc.Senior Secured12.5%762,829 651,140 449,541 *
Ipolipo, Inc.Senior Secured12.0%568,765 544,693 544,693 9/1/2022
Medable, Inc.Senior Secured12.0%498,356 494,657 494,657 2/1/2023
Medable, Inc.Senior Secured12.0%996,585 967,179 967,179 2/1/2023
Medable, Inc. Subtotal1,494,941 1,461,836 1,461,836 
Metawave CorporationSenior Secured12.0%237,768 235,670 235,670 7/1/2022
Migo Money, Inc. ** ^Senior Secured12.5%56,63156,63156,6313/1/2022
Pixlee TurnTo, Inc.Senior Secured12.3%1,266,1621,223,9091,223,9091/1/2024
Pixlee TurnTo, Inc.Senior Secured12.0%2,226,752 2,123,863 2,123,863 8/1/2025
Pixlee TurnTo, Inc. Subtotal3,492,914 3,347,772 3,347,772 
Safe Securities Inc.Senior Secured12.0%249,200 240,930 240,930 2/1/2023
Safe Securities Inc.Senior Secured11.5%5,941,379 5,623,508 5,623,508 9/1/2025
Safe Securities Inc. Subtotal6,190,579 5,864,438 5,864,438 
SF Insuretech, Inc.Senior Secured11.8%2,969,348 2,821,808 2,821,808 8/1/2024
SmartVid.io, Inc.Senior Secured11.8%1,979,037 1,783,763 1,783,763 9/1/2024
Sonatus, IncSenior Secured12.5%723,799 663,896 663,896 9/1/2023
Splitwise, Inc.Senior Secured12.3%216,004 212,084 212,084 12/1/2022
StayTuned Digital, Inc.Senior Secured12.0%1,484,8771,473,8611,473,8612/1/2025
StayTuned Digital, Inc.Senior Secured12.0%283,336235,242235,2421/1/2025
StayTuned Digital, Inc. Subtotal1,768,213 1,709,103 1,709,103 
Swiftly Systems, Inc.Senior Secured11.5%4,713,7564,077,4674,077,46710/1/2024
Swiftly Systems, Inc.Senior Secured11.5%2,473,6262,364,6212,364,6211/1/2025
Swiftly Systems, Inc. Subtotal7,187,382 6,442,088 6,442,088 
Swivel, Inc.Senior Secured12.0%83,68083,68083,68010/1/2022
Swivel, Inc.Senior Secured12.0%67,60366,23366,2338/1/2022
Swivel, Inc. Subtotal151,283 149,913 149,913 
Terragon, Inc. ** ^Senior Secured12.0%480,496365,014365,0145/1/2024
22

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Trucking Jobs Technologies, Inc.Senior Secured10.5%634,198584,969584,9697/1/2024
Truthset, Inc.Senior Secured10.5%185,411179,361179,3612/1/2023
Truthset, Inc.Senior Secured10.5%222,283222,283222,2835/1/2023
Truthset, Inc. Subtotal407,694 401,644 401,644 
WorkRails, Inc.Senior Secured12.0%123,625120,527120,5273/1/2025
WorkRails, Inc.Senior Secured12.0%371,239339,771339,7712/1/2025
WorkRails, Inc. Subtotal494,864 460,298 460,298 
Workspot, Inc.Senior Secured12.0%2,352,6232,265,7532,265,75311/1/2023
Workspot, Inc.Senior Secured12.0%220,008215,206215,2068/1/2022
Workspot, Inc.Senior Secured12.0%272,328270,000270,00010/1/2022
Workspot, Inc.Senior Secured12.0%903,253864,056864,0563/1/2024
Workspot, Inc. Subtotal3,748,212 3,615,015 3,615,015 
Software Total24.6%$60,818,891 $56,800,561 $56,598,962 
Technology Services
iLearningEngines Inc.Senior Secured11.5%$1,980,078 $1,874,081 $1,874,081 1/1/2025
iLearningEngines Inc.Senior Secured11.5%2,475,711735,489735,48910/1/2024
iLearningEngines Inc.Senior Secured11.5%7,919,5507,244,0787,244,0786/1/2024
iLearningEngines Inc. Subtotal12,375,339 9,853,648 9,853,648 
Klar Holdings Limited ** ^Senior Secured12.5%91,08384,35484,35410/1/2022
Klar Holdings Limited ** ^Senior Secured12.0%3.0%2,487,2792,439,2072,439,2078/1/2024
Klar Holdings Limited ** ^Senior Secured12.0%2,473,1872,327,7762,327,7766/1/2024
Klar Holdings Limited ** ^Senior Secured14.2%4.0%171,136165,351165,3517/1/2023
Klar Holdings Limited Subtotal ** ^5,222,685 5,016,688 5,016,688 
Liftit, Inc. ** ^Senior Secured12.0%181,508180,377180,37710/1/2022
Liftit, Inc. ** ^Senior Secured12.0%146,623143,541143,5418/1/2022
Liftit, Inc. Subtotal ** ^328,131 323,918 323,918 
Loansnap Holdings Inc. **Senior Secured10.3%3,717,7803,467,9583,467,9582/1/2025
Loansnap Holdings Inc. **Senior Secured11.0%1,179,4421,145,8021,145,80212/1/2022
Loansnap Holdings Inc. Subtotal **4,897,222 4,613,760 4,613,760 
Riffyn, Inc.Senior Secured11.5%1,746,6661,699,1551,699,1552/1/2024
Riffyn, Inc.Senior Secured11.5%1,864,2301,846,0531,846,0534/1/2024
Riffyn, Inc. Subtotal3,610,896 3,545,208 3,545,208 
Zanbato, Inc.Senior Secured11.0%2,522,7542,469,4832,469,4839/1/2023
Zeel Networks, Inc.Senior Secured11.0%2,004,3621,951,3571,916,7636/1/2024
Technology Services Total12.1%$30,961,389 $27,774,062 $27,739,468 
Wireless
AirVine Scientific, Inc.Senior Secured10.8%$619,299 $604,976 $604,976 6/1/2024
AirVine Scientific, Inc.Senior Secured12.0%41,05040,22040,2209/1/2022
AirVine Scientific, Inc.Senior Secured12.0%41,07840,71840,7189/1/2022
AirVine Scientific, Inc.Senior Secured10.8%618,987586,089586,0896/1/2024
AirVine Scientific, Inc. Subtotal1,320,414 1,272,003 1,272,003 
MeshPlusPlus, Inc.Senior Secured12.5%677,531634,884634,8843/1/2024
MeshPlusPlus, Inc.Senior Secured12.5%247,256241,501241,5016/1/2024
MeshPlusPlus, Inc. Subtotal924,787 876,385 876,385 
Parallel Wireless, Inc.Senior Secured11.8%2,245,5002,223,6952,223,6958/1/2023
Parallel Wireless, Inc.Senior Secured11.8%4,080,1763,975,8283,975,8286/1/2023
23

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Parallel Wireless, Inc.Senior Secured11.8%2,346,7872,322,8402,322,8409/1/2023
Parallel Wireless, Inc. Subtotal8,672,463 8,522,363 8,522,363 
Wireless Total4.6%$10,917,664 $10,670,751 $10,670,751 
Grand Total210.3%$535,514,424 $501,909,222 $484,047,644 

*As of December 31, 2021, loans with a cost basis of $27.1 million and a fair value of $9.6 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, 2021, 13.2% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an "eligible portfolio company," as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund's investments in all eligible portfolio companies, and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.

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

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

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

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

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

    As of December 31, 2021, all loans were made to non-affiliates.

See notes to condensed financial statements (unaudited).
24

VENTURE LENDING & LEASING IX, INC.

CONDENSED SCHEDULES OF DERIVATIVE INSTRUMENTS (UNAUDITED)
AS OF JUNESEPTEMBER 30, 2022 AND DECEMBER 31, 2021


Description and terms of payments to be received from another partyDescription and terms of payments to be received from another partyDescription and terms of payments to be paid to another partyCounterpartyMaturity DateAS OF JUNE 30, 2022Description and terms of payments to be received from another partyDescription and terms of payments to be paid to another partyCounterpartyMaturity DateAS OF SEPTEMBER 30, 2022
Notional AmountFair ValueUpfront payments/receiptsUnrealized appreciation/(depreciation)
(a)		Notional AmountFair ValueUpfront payments/receiptsUnrealized appreciation/(depreciation)
(a)
Interest Rate Collar
Floating interest rate of USD-SOFR with a cap rate of 0.86% to be received monthlyFloating interest rate of USD-SOFR with a cap rate of 0.86% to be received monthlyFloating interest rate of USD-SOFR with a floor rate of 0.35% to be paid monthlyZions Bancorporation, N.A.3/18/2024$87,000,000 $3,064,608 $— $3,064,608 Floating interest rate of USD-SOFR with a cap rate of 0.86% to be received monthlyFloating interest rate of USD-SOFR with a floor rate of 0.35% to be paid monthlyZions Bancorporation, N.A.3/18/2024$87,000,000 $4,222,186 $— $4,222,186 
Floating interest rate of USD-SOFR with a cap rate of 1.36% to be received monthlyFloating interest rate of USD-SOFR with a cap rate of 1.36% to be received monthlyFloating interest rate of USD-SOFR with a floor rate of 0.42% to be paid monthlyZions Bancorporation, N.A.6/30/202550,000,000 2,214,254 — 2,214,254 Floating interest rate of USD-SOFR with a cap rate of 1.36% to be received monthlyFloating interest rate of USD-SOFR with a floor rate of 0.42% to be paid monthlyZions Bancorporation, N.A.6/30/202550,000,000 3,496,046 — 3,496,046 
Floating interest rate of USD-SOFR with a cap rate of 2.11% to be received monthlyFloating interest rate of USD-SOFR with a cap rate of 2.11% to be received monthlyFloating interest rate of USD-SOFR with a floor rate of 0.53% to be paid monthlyZions Bancorporation, N.A.3/18/202490,000,000 1,558,810 — 1,558,810 Floating interest rate of USD-SOFR with a cap rate of 2.11% to be received monthlyFloating interest rate of USD-SOFR with a floor rate of 0.53% to be paid monthlyZions Bancorporation, N.A.3/18/202490,000,000 2,695,120 — 2,695,120 
TotalTotal$227,000,000 $6,837,672 $— $6,837,672 Total$227,000,000 $10,413,352 $— $10,413,352 

Description and terms of payments to be received from another partyDescription and terms of payments to be paid to another partyCounterpartyMaturity DateAS OF DECEMBER 31, 2021
Notional AmountFair ValueUpfront payments/receiptsUnrealized appreciation/(depreciation)
(a)
Interest Rate Collar
Floating interest rate of USD-LIBOR-BBA with a cap rate of 1.15%, to be received monthlyFloating interest rate of USD-LIBOR-BBA with a floor rate of 0.17% to be paid monthlyMUFG Union Bank, N.A.6/30/2025$20,000,000 $255,356 $— $255,356 
Floating interest rate of USD-LIBOR-BBA with a cap rate of 1.00% to be received monthlyFloating interest rate of USD-LIBOR-BBA with a floor rate of 0.35% to be paid monthlyZions Bancorporation, N.A.3/18/202487,000,000 377,254 — 377,254 
Floating interest rate of USD-LIBOR-BBA with a cap rate of 1.50% to be received monthlyFloating interest rate of USD-LIBOR-BBA with a floor rate of 0.42% to be paid monthlyZions Bancorporation, N.A.6/30/202550,000,000 329,992 — 329,992 
Floating interest rate of USD-LIBOR-BBA with a cap rate of 2.25% to be received monthlyFloating interest rate of USD-LIBOR-BBA with a floor rate of 0.53% to be paid monthlyZions Bancorporation, N.A.3/18/202490,000,000 (130,697)— (130,697)
Total$247,000,000 $831,905 $— $831,905 
(a) The unrealized appreciation/(depreciation) was valued using prices or valuation based on observable inputs other than quoted price in active markets for identical assets and liabilities. See “Note 3. Fair Value Disclosures” for more information.

See notes to condensed financial statements (unaudited).
25


VENTURE LENDING & LEASING IX, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
1.ORGANIZATION AND OPERATIONS OF THE FUND
    Venture Lending & Leasing IX, Inc. (the “Fund”) was incorporated in Maryland on June 28, 2017 as a non-diversified, closed-end management investment company electing status as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) and is managed by Westech Investment Advisors, LLC (the “Manager” or “Management”). The Fund will be dissolved on December 31, 2028 unless the Board of Directors (the “Board”) opts to elect early dissolution. One hundred percent of the stock of the Fund is held by Venture Lending & Leasing IX, LLC (the “Company”). Prior to commencing operations on May 2, 2018, the Fund had no operations other than accruing organizational expenses and the sale to the Company of 100,000 shares of common stock, $0.001 par value for $25,000 in June 2017. This issuance of stock was a requirement to apply for a finance lender’s license from the California Commissioner of Corporations, which was obtained on September 22, 2017.

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

    In the Manager’s opinion, the accompanying condensed interim financial statements (hereafter referred to as “financial statements”) include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of financial position and results of operations for interim periods. Certain information and note disclosures normally included in audited annual financial statements prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been omitted; however, the Fund believes that the disclosures made are adequate to make the information presented not misleading. The interim results for the sixthree and nine months ended JuneSeptember 30, 2022 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, 2021.
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”). Certain prior period information has been reclassified and/or disclosed to conform to the current year presentation.
26

Cash and Cash Equivalents
    Cash and cash equivalents consist of cash on hand and money market mutual funds with maturities of 90 days or less. 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 JuneSeptember 30, 2022, the Fund held 26,326,52615,900,887 units in the First American Government Obligations Fund valued at $1 per unit at a yield of 1.26%2.73%, and $29,230 in cash, which represented 10.34%6.11% of the net assets of the Fund. Within cash and cash equivalents, as of December 31, 2021, the Fund held 6,939,126 units in the First American Government Obligations Fund valued at $1 per unit at a yield of 0.02%, which represented 3.01% of the net assets of the Fund.
Interest Income
    Interest income on loans is recognized on an accrual basis using the effective interest method including amounts resulting from the accretion of discount on loans included as additional compensation as part of the loan agreements. Additionally, fees received as part of the transaction are added to the loan discount and accreted over the life of the loan.

Realized Gains and Losses from Loans

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

Investment Valuation

    The Fund accounts for loans at fair value in accordance with the valuation methods below. All valuations are determined under the direction of the Manager, in accordance with the valuation methods.

    As of JuneSeptember 30, 2022 and December 31, 2021, the financial statements included nonmarketable investments of $485.7$484.9 million and $484.0 million, respectively, (or 92.1%93.3% and 96.6% 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 values that would have been used had a ready 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 loan 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.

27

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 JuneSeptember 30, 2022 and December 31, 2021, loans with a cost basis of $24.8$40.0 million and $27.1 million and a fair value of $9.4$15.9 million and $9.6 million, respectively were classified as non-accrual.

Warrants and Equity Securities

    Warrants and equity securities received in connection with loan transactions are measured at a fair value at the time of acquisition. Warrants are valued based on a modified 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 information available, including information regarding recent rounds of funding of the portfolio company, or the publicly-quoted stock price at the end of the financial reporting period for warrants for comparable publicly-quoted securities.
    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 modified 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 JuneSeptember 30, 2022 and December 31, 2021, the Fund assumed the average duration of a warrant is 4.0 years. The effect of a hypothetical increase in the estimated initial term of the warrants used in the modified 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 modified Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants.
28

Other Assets and Liabilities

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

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

The carrying value of the borrowings under the debt facility approximates their fair value based on the borrowing rates available to the Fund.
Deferred Debt Facility Fees
    The deferred debt facility fees and costs associated with the debt facility are included in Other assets in the Condensed Statements of Assets and Liabilities and are being amortized over the estimated life of the facility, which currently matures on March 18, 2024. The amortization of these costs is recorded as interest expense in the Condensed Statements of Operations.
Commitment Fees
    Unearned income and commitment fees on loans are recognized using the effective-interest method over the term of the loan. Commitment fees are carried as liabilities when received for commitments upon which no draws have been made. When the first draw is made, the fee is treated as unearned income and is recognized as described above. If a draw is never made, the forfeited commitment fee less any applicable legal costs becomes recognized as other income after the commitment expires.
Derivative Instruments
    The Fund uses derivative instruments to manage its exposure to changes in interest rates on expected borrowings under its debt facility, as the Fund originates fixed rate loans (see Note 8).

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

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

    The interest rate collar instruments are contractually scheduled to terminate on March 18, 2024 and June 30, 2025.    
29

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 JuneSeptember 30, 2022 and December 31, 2021, the Fund’s investments in loans were primarily to companies based within the United States and were diversified among borrowers in the industry segments shown in the Condensed Schedules of Investments. All loans are senior to unsecured creditors and other secured creditors, unless otherwise indicated in the Condensed Schedules of Investments.

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

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

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

For the three months endedFor the six months endedFor the three months endedFor the nine months ended
Performing LoansPerforming LoansJune 30, 2022June 30, 2021June 30, 2022June 30, 2021Performing LoansSeptember 30, 2022September 30, 2021September 30, 2022September 30, 2021
Weighted-Average Interest Rate - CashWeighted-Average Interest Rate - Cash13.93 %14.61 %13.28 %14.37 %Weighted-Average Interest Rate - Cash12.35 %20.66 %13.03 %16.77 %
Weighted Average Interest Rate - Non-CashWeighted Average Interest Rate - Non-Cash3.59 %5.16 %3.75 %4.68 %Weighted Average Interest Rate - Non-Cash3.40 %9.02 %3.58 %6.34 %
Weighted-Average Interest RateWeighted-Average Interest Rate17.52 %19.77 %17.03 %19.05 %Weighted-Average Interest Rate15.75 %29.68 %16.61 %23.11 %

For the three months endedFor the six months endedFor the three months endedFor the nine months ended
All LoansAll LoansJune 30, 2022June 30, 2021June 30, 2022June 30, 2021All LoansSeptember 30, 2022September 30, 2021September 30, 2022September 30, 2021
Weighted-Average Interest Rate - CashWeighted-Average Interest Rate - Cash13.75 %14.60 %13.56 %14.30 %Weighted-Average Interest Rate - Cash12.02 %20.11 %13.10 %16.53 %
Weighted Average Interest Rate - Non-CashWeighted Average Interest Rate - Non-Cash3.53 %5.02 %3.68 %4.55 %Weighted Average Interest Rate - Non-Cash3.31 %8.79 %3.50 %6.17 %
Weighted-Average Interest RateWeighted-Average Interest Rate17.28 %19.62 %17.24 %18.85 %Weighted-Average Interest Rate15.33 %28.90 %16.60 %22.70 %

    Interest is calculated using the effective interest method, and rates earned by the Fund will fluctuate based on many factors including early payoffs, volatility of values ascribed to warrants and new loans funded during the period.

    The risk profile of a loan changes when events occur that impact the credit analysis of the borrower and loan as discussed in the Fund’s loan accounting policy. Such changes result in the fair value adjustments made to the individual loans, which in accordance with U.S. GAAP, would be based on the price that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the measurement date. Where the risk profile is consistent with the original underwriting, which is primarily the case for this loan portfolio, the cost basis of the loan often approximates fair value.


30

    All loans as of JuneSeptember 30, 2022 and December 31, 2021 were pledged as collateral for the debt facility, and the Fund’s borrowings are generally collateralized by all assets of the Fund. As of JuneSeptember 30, 2022 and December 31, 2021, the Fund had unexpired unfunded commitments to borrowers of $111.7$89.1 million and $97.9 million, respectively.

Valuation Hierarchy

    Under the FASB ASC Topic 820 (“Fair Value Measurement”), the Fund categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Fund’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.

    The three levels of the fair value hierarchy are defined as follows:
Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
Level 2 Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

    There were no transfers in and out of Level 1, 2, or 3 during the sixnine months ended JuneSeptember 30, 2022 and 2021.

    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 transactions are individually negotiated and unique, and because there is little to no market in which these assets trade, the 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 JuneSeptember 30, 2022 and December 31, 2021. 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 3Investment Type - Level 3Investment Type - Level 3
Loan InvestmentsLoan InvestmentsFair Value at
June 30, 2022		Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average (a)
Loan InvestmentsFair Value at
September 30, 2022		Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average (a)
BiotechnologyBiotechnology$17,247,873Hypothetical market analysisHypothetical market coupon rate13% - 18%15%Biotechnology$17,151,046Hypothetical market analysisHypothetical market coupon rate13% - 17%15%
Computers & StorageComputers & Storage23,222,107Hypothetical market analysisHypothetical market coupon rate14% - 18%15%Computers & Storage23,511,295Hypothetical market analysisHypothetical market coupon rate14 - 16%14%
Enterprise NetworkingEnterprise Networking3,803,108Asset RecoveryProbability weighting of alternative outcomes10% - 40%*Enterprise Networking3,549,307Asset RecoveryProbability weighting of alternative outcomes10% - 40%*
InternetInternet43,338,051Hypothetical market analysisHypothetical market coupon rate14% - 21%16%Internet44,181,396Hypothetical market analysisHypothetical market coupon rate 14% - 40%16%
Asset RecoveryProbability weighting of alternative outcomes5% - 95%^
InternetInternet44,181,396Asset RecoveryProbability weighting of alternative outcomes5% - 95%^
Medical Devices12,336,013Hypothetical market analysisHypothetical market coupon rate13% - 32%18%Hypothetical market analysisHypothetical market coupon rate13% - 32%18%
Medical DevicesMedical Devices10,397,901Asset RecoveryProbability weighting of alternative outcomes50%*
31

Investment Type - Level 3Investment Type - Level 3Investment Type - Level 3
Loan InvestmentsLoan InvestmentsFair Value at
June 30, 2022		Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average (a)
Loan InvestmentsFair Value at
September 30, 2022		Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average (a)
Asset RecoveryProbability weighting of alternative outcomes35% - 65%*
Other HealthcareOther Healthcare42,075,079Hypothetical market analysisHypothetical market coupon rate13% - 18%16%Other Healthcare39,377,657Hypothetical market analysisHypothetical market coupon rate13% - 22%16%
Other TechnologyOther Technology254,313,224Hypothetical market analysisHypothetical market coupon rate12% - 34%16%Other Technology250,451,921Hypothetical market analysisHypothetical market coupon rate 13% - 54%16%
Asset RecoveryProbability weighting of alternative outcomes5% - 100%^
Other TechnologyOther Technology250,451,921Asset RecoveryProbability weighting of alternative outcomes5% - 100%^
Security1,568,879Hypothetical market analysisHypothetical market coupon rate*16%Hypothetical market analysisHypothetical market coupon rate16%16%
Asset RecoveryProbability weighting of alternative outcomes100%*
SecuritySecurity3,199,140Asset RecoveryProbability weighting of alternative outcomes100%*
Software59,959,383Hypothetical market analysisHypothetical market coupon rate13% - 37%16%Hypothetical market analysisHypothetical market coupon rate13% - 37%16%
Asset RecoveryProbability weighing of alternative outcomes5% - 45%*
SoftwareSoftware64,562,896Asset RecoveryProbability weighing of alternative outcomes5% - 90%^
Technology Services26,070,808Hypothetical market analysisHypothetical market coupon rate13% - 26%20%Hypothetical market analysisHypothetical market coupon rate13% - 24%19%
Technology ServicesTechnology Services25,579,355Asset RecoveryProbability weighing of alternative outcomes20% - 40%*
Wireless1,728,095Hypothetical market analysisHypothetical market coupon rate14% - 17%15%Hypothetical market analysisHypothetical market coupon rate14% - 17%16%
Total Loan InvestmentsTotal Loan Investments$485,662,620Total Loan Investments$484,854,427
(a) The weighted-average hypothetical market coupon rates were calculated using the relative fair value of the loans.
* There is only one loan within the industry.
^ Probability weightings vary among loan investments within each industry based on different potential future outcomes.


Investment Type - Level 3Investment Type - Level 3Investment Type - Level 3
Loan InvestmentsLoan InvestmentsFair Value at December 31, 2021Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average (a)
Loan InvestmentsFair Value at December 31, 2021Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average (a)
BiotechnologyBiotechnology$15,817,093Hypothetical market analysisHypothetical market coupon rate13% - 16%15%Biotechnology$15,817,093Hypothetical market analysisHypothetical market coupon rate13% - 16%15%
Computers & StorageComputers & Storage24,062,710Hypothetical market analysisHypothetical market coupon rate*14%Computers & Storage24,062,710Hypothetical market analysisHypothetical market coupon rate*14%
Enterprise NetworkingEnterprise Networking4,311,087Asset RecoveryProbability weighting of alternative outcomes10% - 20%*Enterprise Networking4,311,087Asset RecoveryProbability weighting of alternative outcomes10% - 20%*
InternetInternet46,160,725Hypothetical market analysisHypothetical market coupon rate13% - 19%16%Internet46,160,725Hypothetical market analysisHypothetical market coupon rate13% - 19%16%
Asset RecoveryProbability weighting of alternative outcomes10% - 100%^
InternetInternet46,160,725Asset RecoveryProbability weighting of alternative outcomes10% - 100%^
Medical Devices17,834,282Hypothetical market analysisHypothetical market coupon rate13% - 32%17%Hypothetical market analysisHypothetical market coupon rate13% - 32%17%
Asset RecoveryProbability weighting of alternative outcomes35% - 65%*
Medical DevicesMedical Devices17,834,282Asset RecoveryProbability weighting of alternative outcomes35% - 65%
Other Healthcare42,002,872Hypothetical market analysisHypothetical market coupon rate14% - 24%16%Hypothetical market analysisHypothetical market coupon rate14% - 24%16%
Asset RecoveryProbability weighting of alternative outcomes20% - 80%*
Other HealthcareOther Healthcare42,002,872Asset RecoveryProbability weighting of alternative outcomes20% - 80%*
Other Technology236,458,989Hypothetical market analysisHypothetical market coupon rate12% - 46%19%Hypothetical market analysisHypothetical market coupon rate12% - 46%19%
Other TechnologyOther Technology236,458,989Asset RecoveryProbability weighting of alternative outcomes5% - 100%^
Hypothetical market analysisHypothetical market coupon rate14% - 19%18%
SoftwareSoftware56,598,962Hypothetical market analysisHypothetical market coupon rate12% - 37%17%
Asset RecoveryProbability weighing of alternative outcomes10% - 40%*
32

Investment Type - Level 3Investment Type - Level 3Investment Type - Level 3
Loan InvestmentsLoan InvestmentsFair Value at December 31, 2021Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average (a)
Loan InvestmentsFair Value at December 31, 2021Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average (a)
Asset RecoveryProbability weighting of alternative outcomes5% - 100%^
Security2,390,705Hypothetical market analysisHypothetical market coupon rate14% - 19%18%
Software56,598,962Hypothetical market analysisHypothetical market coupon rate12% - 37%17%
Asset RecoveryProbability weighing of alternative outcomes10% - 40%*
Technology ServicesTechnology Services27,739,468Hypothetical market analysisHypothetical market coupon rate13% - 26%18%Technology Services27,739,468Hypothetical market analysisHypothetical market coupon rate13% - 26%18%
Asset RecoveryProbability weighting of alternative outcomes10% - 50%*
Technology ServicesTechnology Services27,739,468Asset RecoveryProbability weighting of alternative outcomes10% - 50%*
Wireless10,670,751Hypothetical market analysisHypothetical market coupon rate14% - 17%14%Hypothetical market analysisHypothetical market coupon rate14% - 17%14%
Total Loan InvestmentsTotal Loan Investments$484,047,644Total Loan Investments$484,047,644
(a) The weighted-average hypothetical market coupon rates were calculated using the relative fair value of the loans.
* There is only one loan within the industry.
^ Probability weightings vary among loan investments within each industry based on different potential future outcomes.
    
The following tables present the balances of assets and liabilities as of JuneSeptember 30, 2022 and December 31, 2021 measured at fair value on a recurring basis:

As of June 30, 2022
As of September 30, 2022As of September 30, 2022
ASSETS:ASSETS:Level 1Level 2Level 3TotalASSETS:Level 1Level 2Level 3Total
Loans†Loans†$— $— $485,662,620 $485,662,620 Loans†$— $— $484,854,427 $484,854,427 
Derivative assetsDerivative assets— 6,837,672 — 6,837,672 Derivative assets— 10,413,352 — 10,413,352 
Cash equivalentsCash equivalents26,326,526 — — 26,326,526 Cash equivalents15,900,887 — — 15,900,887 
TotalTotal$26,326,526 $6,837,672 $485,662,620 $518,826,818 Total$15,900,887 $10,413,352 $484,854,427 $511,168,666 
LIABILITIES:LIABILITIES:Level 1Level 2Level 3TotalLIABILITIES:Level 1Level 2Level 3Total
Borrowings under debt facilityBorrowings under debt facility$— $267,000,000 $— $267,000,000 Borrowings under debt facility$— $253,500,000 $— $253,500,000 
TotalTotal$— $267,000,000 $— $267,000,000 Total$— $253,500,000 $— $253,500,000 

As of December 31, 2021
ASSETS:Level 1Level 2Level 3Total
Loans†$— $— $484,047,644 $484,047,644 
Derivative assets— 962,602 — 962,602 
Cash equivalents6,939,126 — — 6,939,126 
Total$6,939,126 $962,602 $484,047,644 $491,949,372 
LIABILITIES:Level 1Level 2Level 3Total
Borrowings under debt facility$— $263,000,000 $— $263,000,000 
Derivative liability— 130,697 — 130,697 
Total$— $263,130,697 $— $263,130,697 

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

33


    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, 2022		For the Six Months Ended
June 30, 2022		For the Three Months Ended
September 30, 2022		For the Nine Months Ended
September 30, 2022
LoansWarrantsOtherLoansWarrantsStocksOtherLoansWarrantsLoansWarrantsStocksOther
Beginning balanceBeginning balance$498,257,047 $— $— $484,047,644 $— $— $— Beginning balance$485,662,620 $— $484,047,644 $— $— $— 
Acquisitions and originationsAcquisitions and originations56,750,000 4,073,772 100 107,475,000 8,045,774 2,090,759 100 Acquisitions and originations52,619,146 3,338,173 160,094,146 11,383,947 2,090,759 100 
Principal payments on loans, net of accretionPrincipal payments on loans, net of accretion(67,355,589)— — (103,182,467)— — — Principal payments on loans, net of accretion(42,561,268)— (145,743,735)— — — 
Proceeds from sale of loanProceeds from sale of loan(1,800,000)— — (1,800,000)— — — Proceeds from sale of loan— — (1,800,000)— — — 
Distributions to shareholderDistributions to shareholder— (4,073,772)(100)— (8,045,774)(2,090,759)(100)Distributions to shareholder— (3,338,173)— (11,383,947)(2,090,759)(100)
Net realized loss from loansNet realized loss from loans(2,249,093)— — (2,577,831)— — — Net realized loss from loans(18,209)— (2,596,040)— — 
Net change in unrealized loss from loansNet change in unrealized loss from loans2,060,255 — — 1,700,274 — — — Net change in unrealized loss from loans(10,847,862)— (9,147,588)— — — 
Ending balanceEnding balance$485,662,620 $— $— $485,662,620 $— $— $— Ending balance$484,854,427 $— $484,854,427 $— $— $— 
Net change in unrealized loss from loans relating to loans still held at June 30, 2022$(970,854)$— $— $(1,146,852)$— $— $— 
Net change in unrealized loss from loans relating to loans still held at
September 30, 2022		Net change in unrealized loss from loans relating to loans still held at
September 30, 2022		$(10,847,862)$— $(11,994,714)$— $— $— 

For the Three Months Ended
June 30, 2021		For the Six Months Ended
June 30, 2021		For the Three Months Ended
September 30, 2021		For the Nine Months Ended
September 30, 2021
LoansWarrantsStocksLoansWarrantsStocksLoansWarrantsStocksLoansWarrantsStocks
Beginning balanceBeginning balance$355,521,027 $— $— $310,522,149 $— $— Beginning balance$408,049,077 $— $— $310,522,149 $— $— 
Acquisitions and originationsAcquisitions and originations95,300,000 5,454,198 1,250,000 168,925,000 14,458,250 1,621,658 Acquisitions and originations144,865,000 14,279,851 225,000 313,790,000 28,738,101 1,846,658 
Principal payments on loans, net of accretionPrincipal payments on loans, net of accretion(42,228,336)— — (71,598,557)— — Principal payments on loans, net of accretion(81,839,821)— — (153,438,378)— — 
Distributions to shareholderDistributions to shareholder— (5,454,198)(1,250,000)— (14,458,250)(1,621,658)Distributions to shareholder— (14,279,851)(225,000)— (28,738,101)(1,846,658)
Net realized loss from loansNet realized loss from loans(543,614)— — 319,612 — — Net realized loss from loans— — — (119,127)— — 
Net change in unrealized loss from loansNet change in unrealized loss from loans— — — (119,127)— — Net change in unrealized loss from loans(2,547,792)— — (2,228,180)— — 
Ending balanceEnding balance$408,049,077 $— $— $408,049,077 $— $— Ending balance$468,526,464 $— $— $468,526,464 $— $— 
Net change in unrealized loss from loans relating to loans still held at June 30, 2021$(472,857)$— $— $71,601 $— $— 
Net change in unrealized loss from loans relating to loans still held at
September 30, 2021		Net change in unrealized loss from loans relating to loans still held at
September 30, 2021		$(2,547,792)$— $— $(2,476,191)$— $— 


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.

34



5.    CAPITAL STOCK

    As of both JuneSeptember 30, 2022 and December 31, 2021, 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 JuneSeptember 30, 2022 and December 31, 2021, was $460.0 million. Total contributed capital to the Company as of JuneSeptember 30, 2022 and December 31, 2021 was $411.7$446.2 million and $388.7 million, respectively, of which $365.6$394.1 million and $345.6 million were contributed to the Fund, respectively.

    The chart below shows the distributions of the Fund for the sixnine months ended JuneSeptember 30, 2022 and 2021.

For the Six Months Ended June 30, 2022For the Six Months Ended June 30, 2021 For the Nine Months Ended September 30, 2022For the Nine Months Ended September 30, 2021
Cash distributionsCash distributions$25,000,000 $33,800,000 Cash distributions$51,500,000 $33,800,000 
Distributions of equity securitiesDistributions of equity securities10,136,633 16,079,908 Distributions of equity securities13,474,806 30,584,758 
Total distributions to shareholderTotal distributions to shareholder$35,136,633 $49,879,908 Total distributions to shareholder$64,974,806 $64,384,758 
    
    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 and cumulative earnings and profits.
6. DEBT FACILITY
    The 1940 Act requires a BDC to meet certain levels of asset coverage with respect to its outstanding “senior securities,” which typically consist of outstanding borrowings under credit facilities and other debt instruments. Historically, BDCs have only been allowed to incur indebtedness by issuing senior securities if their asset coverage equals at least 200% after giving effect to such borrowings. The Small Business Credit Availability Act (the “SBCAA”), which was signed into law on March 23, 2018, added a new Section 61(a)(2) to the 1940 Act that permits BDCs like the Fund to increase the amount of indebtedness they may incur by lowering the asset coverage requirement from 200% to 150% if they make certain disclosures and obtain the approval by either (1) a “required majority,” as defined in Section 57(o) of the 1940 Act, of the BDC’s board of directors, including a majority of non-interested directors within the meaning of Section 2(a)(19) of the 1940 Act (‘Independent Directors”), with effectiveness one year after the date of such approval or (2) a majority of votes cast at a special or annual meeting of the BDC’s shareholders at which a quorum is present, which is effective the day after such stockholder approval.
On December 5, 2018, the required majority of the Fund’s Board, including a majority of its independent directors, unanimously determined it to be in the best interests of the Fund and its sole shareholder, the Company, to provide the Fund with maximum leverage flexibility, and approved the application to the Fund of a minimum asset coverage ratio of 150%, pursuant to Section 61(a)(2) of the 1940 Act, which would double the Fund’s borrowing limits, subject to approval by the Company, as the sole shareholder, via the pass-through voting of its members. Thereafter, at a special meeting of shareholders held on April 24, 2019, the Fund’s sole shareholder, the Company, approved the proposal to apply the reduced asset coverage requirement to the Fund. The 150% asset coverage ratio became effective for the Fund on April 25, 2019. As of JuneSeptember 30, 2022 and December 31, 2021, the Fund’s asset coverage for borrowings was 195%202% and 187%, respectively.

35

On December 20, 2018, the Fund entered into a syndicated loan agreement led by MUFG Union Bank, N.A., Wells Fargo Securities, LLC and ING Capital LLC, with participation from Zions Bancorporation, N.A., doing business as California Bank & Trust, Bank Leumi USA, Umpqua Bank, HSBC Bank USA, N.A., and First Bank, that established a secured revolving loan facility in an initial amount of up to $200.0 million with the option to request that borrowing availability be increased up to $400.0 million (the “Loan Agreement”), subject to further negotiation and credit approval.
    On March 18, 2021, the Fund entered into an Amendment to the Loan and Security Agreement with MUFG Union Bank, N.A., Wells Fargo Securities, LLC, Wells Fargo Bank, N.A. and ING Capital, LLC, with participation from TIAA, FSB, Bank Leumi USA, HSBC Bank USA, N.A., Umpqua Bank, Zions Bancorporation, N.A., doing business as California Bank & Trust, Hitachi Capital America Corp, First Bank, and Bank of Hope, that increased the size of the facility to $350 million and extended the term of the facility (the “Amended and Restated Loan and Security Agreement”). An additional $50 million iswas potentially available to the Fund, subject to further negotiation and credit approval, through an accordion provision.
On May 17, 2022, the Fund, entered into a First Amendment to the Amended and Restated Loan and Security Agreement (the “First Amendment”) with lenders named therein. The First Amendment provides for, among other modifications (i) an increase in the size of the facility to $400,000,000, (ii) replacement of the interest rate benchmark from LIBOR to Secured Overnight Financing Rate (“SOFR”), and (iii) conversion of an existing LIBOR Market Index Rate Loan to a Daily Simple SOFR Rate Loan.
    AllBorrowings of the Fund are collateralized by all of the assets of the Fund collateralize borrowings byand the Manager's right to receive management fees from the Fund. Loans under the facility may be, at the option of the Fund, a Reference Rate Loan or a SOFR Rate Loan (calculated at Daily Simple SOFR or another applicable Term SOFR Reference Rate). As of JuneSeptember 30, 2022, the Fund’s outstanding borrowings were entirely based on the Daily Simple SOFR Rate Loan. The facility terminates on March 18, 2024, but can be accelerated in the event of default, such as failure by the Fund to make timely interest or principal payments.
    The Fund pays interest on its borrowings and a fee on the unused portion of the facility. Under the First Amendment, interest is charged to the Fund based on its borrowings at, pursuant to the election of the Fund, an annual rate equal to either (i) the Reference Rate plus 1.50%, (ii) for a SOFR Rate Loan with an interest period of one month, SOFR plus 2.60% or (iii) for a SOFR Rate Loan with an interest period of three months, SOFR plus 2.65%. When the Fund is using 50% or more of the maximum amount available under the Loan Agreement, the applicable commitment fee is 0.25% of the unused portion of the loan facility; otherwise, the applicable commitment fee is 0.50% of the unused portion. The Fund pays the unused credit line fee quarterly. As of JuneSeptember 30, 2022 and December 31, 2021, $267.0$253.5 million and $263.0 million, respectively, was outstanding under the facility.
As of JuneSeptember 30, 2022, the SOFR rate was as follows:

                
Overnight1.5000%2.9800%
Daily Simple SOFR1.4400%2.9900%
30-day Average SOFR1.0888%2.4690%
90-day Average SOFR0.6987%2.1319%
    Bank fees and other costs of $4.0 million incurred in connection with the acquisition and amendment of the facility have been capitalized and are amortized to interest expense on a straight-line basis over the expected life of the facility. As of JuneSeptember 30, 2022 and December 31, 2021, the remaining unamortized fees and costs of $1.9$1.6 million and $2.0 million, respectively, are being amortized over the expected life of the facility, which is expected to terminate on March 18, 2024.
    
36

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 JuneSeptember 30, 2022 and December 31, 2021, Management is not aware of instances of non-compliance with financial covenants.

    The following is the summary of the outstanding facility draws as of JuneSeptember 30, 2022:
AmountMaturity Date
All-In Interest Rate(a)
SOFR Rate Loan$267,000,000253,500,000 March 18, 2024Variable based on Daily Simple SOFR rate
Total Outstanding$267,000,000253,500,000 
(a)Inclusive of 2.60% applicable SOFR Rate Loan margin plus Daily Simple SOFR rate.

    The following is the summary of the outstanding facility draws as of December 31, 2021:
AmountMaturity Date
All-In Interest Rate(a)
LIBOR Market Index Rate Loan$263,000,000 March 18, 2024Variable based on 1-Month LIBOR rate
Total Outstanding$263,000,000 
(a)Inclusive of 2.50% applicable LIBOR margin plus LIBOR rate.
7.    MANAGEMENT FEE
As compensation for its services to the Fund, from the date of the first capital call, May 1, 2018, the Manager initially received a management fee (“Management Fee”) computed and paid at the end of the quarter at an annual rate of 1.575% of thethe Company’s committed equity capital (regardless of when or if the capital was called). The Management Fee percentage is 1.500%1.250% as of JuneSeptember 30, 2022, based on the following schedule of annual percentages:
Management Fee
Year 11.575%
Year 21.600%
Year 31.575%
Year 41.500%
Year 51.250%
Year 60.900%
Year 70.600%
Year 80.350%
Year 90.150%
Management fees of $1.7$1.4 million and $3.5$4.9 million were recognized as expenses for the three and sixnine months ended JuneSeptember 30, 2022, respectively. Management fees of $1.8$1.7 million and $3.6$5.3 million were recognized as expenses for the three and sixnine months ended JuneSeptember 30, 2021, respectively.

37

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

Interest Rate Collar

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

CounterpartiesEffective DateNotional AmountCapFloorIndexMaturity Date
Zions Bancorporation, N.A.06/01/2022$87,000,0000.86%0.35%USD-SOFR rate03/18/2024
Zions Bancorporation, N.A.05/31/2022$50,000,0001.36%0.42%USD-SOFR rate06/30/2025
Zions Bancorporation, N.A.06/01/2022$90,000,0002.11%0.53%USD-SOFR rate03/18/2024

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

Interest Rate Swap and Floor

On February 7, 2019, the Fund entered into an interest rate swap and floor agreement with MUFG Union Bank, N.A. The floor allowed the Fund to match the swap with the terms of the variable rate index of the debt facility. The interest rate swap and floor agreement terminated on December 20, 2021.

The following table shows the Fund's derivative instruments at fair value on the Fund's Condensed Statement of Assets and Liabilities as of JuneSeptember 30, 2022 and December 31, 2021.
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
Derivative InstrumentsDerivative InstrumentsJune 30, 2022December 31, 2021June 30, 2022December 31, 2021Derivative InstrumentsSeptember 30, 2022December 31, 2021September 30, 2022December 31, 2021
Interest rate collarInterest rate collar$6,837,672 $962,602 $— $130,697 Interest rate collar$10,413,352 $962,602 $— $130,697 
    The following table shows the effect of the Fund's derivative instruments on the Fund's Condensed Statement of Operations:
For the Three Months Ended
June 30		For the Six Months Ended
June 30		For the Three Months Ended
September 30		For the Nine Months Ended
September 30
Derivative InstrumentsDerivative InstrumentsCondensed Statements of Operation Caption2022202120222021Derivative InstrumentsCondensed Statements of Operation Caption2022202120222021
Interest rate collarInterest rate collarNet change in unrealized gain (loss) from derivative instruments$590,763 $(19,777)$6,005,767 $86,912 Interest rate collarNet change in unrealized gain from derivative instruments$3,575,680 $7,212 $9,581,447 $94,124 
Net realized gain (loss) from derivative instruments$882,045 $(21,835)$717,583 $(30,666)Net realized gain (loss) from derivative instruments$243,988 $(37,495)$961,571 $(68,161)
Interest rate swap
and floor		Interest rate swap
and floor		Net change in unrealized gain from derivative instruments$— $303,242 $— $605,938 Interest rate swap
and floor		Net change in unrealized gain from derivative instruments$— $313,112 $— $919,050 
Net realized loss from derivative instruments$— $(313,548)$— $(620,419)Net realized loss from derivative instruments$— $(318,533)$— $(938,952)

38

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 JuneSeptember 30, 2022 and December 31, 2021:
As of June 30, 2022As of September 30, 2022
CounterpartiesCounterpartiesDerivative Asset Subject to Master Netting AgreementDerivatives Available for OffsetNon-cash collateral receivedCash Collateral Received
Net Amount (1)
CounterpartiesDerivative Asset Subject to Master Netting AgreementDerivatives Available for OffsetNon-cash collateral receivedCash Collateral Received
Net Amount (1)
Zions Bancorporation, N.A.Zions Bancorporation, N.A.$6,837,672 — — — 6,837,672 Zions Bancorporation, N.A.$10,413,352 — — — 10,413,352 
TotalTotal$6,837,672 $— $— $— $6,837,672 Total$10,413,352 $— $— $— $10,413,352 
As of December 31, 2021As of December 31, 2021
CounterpartiesCounterpartiesDerivative Asset Subject to Master Netting AgreementDerivatives Available for OffsetNon-cash collateral receivedCash Collateral Received
Net Amount (1)
CounterpartiesDerivative Asset Subject to Master Netting AgreementDerivatives Available for OffsetNon-cash collateral receivedCash Collateral Received
Net Amount (1)
MUFG Union Bank, N.A.MUFG Union Bank, N.A.$255,356 $— $— $— $255,356 MUFG Union Bank, N.A.$255,356 $— $— $— $255,356 
Zions Bancorporation, N.A.Zions Bancorporation, N.A.707,246 (130,697)— — 576,549 Zions Bancorporation, N.A.707,246 (130,697)— — 576,549 
TotalTotal$962,602 $(130,697)$— $— $831,905 Total$962,602 $(130,697)$— $— $831,905 
As of December 31, 2021As of December 31, 2021
CounterpartyCounterpartyDerivative Liability Subject to Master Netting AgreementDerivatives Available for OffsetNon-cash Collateral PledgedCash Collateral Pledged
Net Amount (2)
CounterpartyDerivative Liability Subject to Master Netting AgreementDerivatives Available for OffsetNon-cash Collateral PledgedCash Collateral Pledged
Net Amount (2)
Zions Bancorporation, N.A.Zions Bancorporation, N.A.$(130,697)$130,697 $— $— $— Zions Bancorporation, N.A.$(130,697)$130,697 $— $— $— 
TotalTotal$(130,697)$130,697 $— $— $— Total$(130,697)$130,697 $— $— $— 
(1) Net amount of derivative assets represents the net amount due from the counterparty to the Fund.
(1) Net amount of derivative assets represents the net amount due from the counterparty to the Fund.
(1) Net amount of derivative assets represents the net amount due from the counterparty to the Fund.
(2) Net amount of derivative liabilities represents the net amount due from the Fund to the counterparty. There were no derivative liabilities as of June 30, 2022.
(2) Net amount of derivative liabilities represents the net amount due from the Fund to the counterparty. There were no derivative liabilities as of September 30, 2022.
(2) Net amount of derivative liabilities represents the net amount due from the Fund to the counterparty. There were no derivative liabilities as of September 30, 2022.
9. TAX STATUS
    The Fund has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986 (the "Code") and operates in a manner to qualify for the tax treatment applicable to RICs. Failing to maintain at least 70% of total assets in "qualifying assets" will result in the loss of BDC status, resulting in losing its favorable tax treatment as a RIC. As of JuneSeptember 30, 2022, the Fund has met the BDC and RIC requirements. The Fund elected to be treated for federal income tax purposes as a RIC under the Code with the filing of its federal income tax return for 2019.

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

    
39

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 JuneSeptember 30, 2022 and December 31, 2021:

AssetAssetAs of June 30, 2022AssetAs of September 30, 2022
CostUnrealized AppreciationUnrealized DepreciationNet Appreciation (Depreciation)AssetCostUnrealized AppreciationUnrealized DepreciationNet Appreciation (Depreciation)
LoansLoans$501,823,924 $— $(16,161,304)$(16,161,304)$511,863,593 $— $(27,009,166)$(27,009,166)
Derivative assetsDerivative assets— 6,837,672— 6,837,672 Derivative assets— 10,413,352— 10,413,352 
TotalTotal$501,823,924 $6,837,672 $(16,161,304)$(9,323,632)Total$511,863,593 $10,413,352 $(27,009,166)$(16,595,814)

As of December 31, 2021
AssetCostUnrealized AppreciationUnrealized DepreciationNet Appreciation (Depreciation)
Loans$501,909,222 $— $(17,861,578)$(17,861,578)
Derivative assets— 962,602 — 962,602 
Total$501,909,222 $962,602 $(17,861,578)$(16,898,976)
As of December 31, 2021
LiabilityCostUnrealized AppreciationUnrealized DepreciationNet Appreciation (Depreciation)
Derivative liability$— $— $(130,697)$(130,697)
Total$— $— $(130,697)$(130,697)

    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 JuneSeptember 30, 2022, 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, 2022.
    
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 JuneSeptember 30, 2022, the Fund had no uncertain tax positions and no capital loss carryforwards.
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10. UNEXPIRED UNFUNDED COMMITMENTS
    
As of JuneSeptember 30, 2022 and December 31, 2021, the Fund’s unexpired unfunded commitments to borrowers totaled $111.7$89.1 million and $97.9 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 JuneSeptember 30, 2022 and December 31, 2021:
BorrowerIndustryUnexpired Unfunded Commitment as of JuneSeptember 30, 2022Expiration Date
10club Pte Ltd.Ainsly, Inc.Internet$25,000,000200,000 09/30/10/31/2022
Airspeed, Inc.Other Technology625,000 03/31/2023
Amino, Inc.Software6,700,000 12/31/2022
Axiado CorporationSecurity4,000,0002,000,000 10/31/2022
Azumo, Inc.Other Technology1,000,000 03/31/2023
BlueCart, Inc.Software500,000 04/30/2023
Bryte, Inc.Other Technology2,500,000 01/31/2023
Canopy Technology Corp.Software2,500,000 02/28/2023
Ceres Imaging, Inc.Other Technology1,750,000 10/31/2022
Common Sun, IncSoftware500,000 01/31/2023
Copia Global Inc.Other Technology3,750,000 12/31/2022
Creoate LimitedOther Technology750,000 03/31/2023
EasyKnock, Inc.Other Technology5,000,000 01/31/2023
Eguana Technologies, Inc.Other Technology2,500,000 08/31/2022
Fanimal, Inc.Other Technology1,250,0001,000,000 12/31/2023
Form Remodel, Inc.Software1,500,0001,000,000 01/31/2023
HaystacksAI, Inc.Software1,000,000500,000 03/31/2023
iLearningEnginesHolo, Inc.Other Technology Services5,000,000500,000 07/31/202201/15/2023
Journey Builders, Inc.Software500,000 12/31/2022
Julie Products Inc.Other Healthcare750,000 06/30/2023
Juvo Mobile, Inc.Wireless1,000,000 03/31/2023
Klar Holdings LimitedTechnology Services5,000,000 12/31/2022
Lacuna Technologies,Literati, Inc.Other Technology2,500,00007/31/2022
Literati, Inc.Other Technology5,000,000 03/31/2023
Logistech Solutions Pte. Ltd.Other Technology3,500,000 05/31/2023
MASC Inc.Other Technology1,500,000 07/31/2022
Nue Life Health, Inc.Other Technology2,500,000 01/31/2023
Ocurate,Platform Science, Inc.Software500,000 12/31/2022
PlantBaby, inc.Other Technology250,00010,000,000 11/09/30/2022
Proto, Inc.Computers & Storage1,375,000 07/31/20222023
Quartzy, Inc.Biotechnology2,500,0001,250,000 11/15/2022
Ratio Technologies, Inc.Software1,800,000 9/30/2022
RenoFi, Inc.Internet3,000,000 10/31/2022
RetailerX, Inc.Internet1,000,000 12/30/2022
Rise Gardens, Inc.Other Technology500,000 9/29/202202/28/2023
Safe SecuritiesRomaine Empire, Inc.SoftwareOther Technology1,000,0006,000,000 7/15/202204/30/2023
StayTuned Digital, Inc.Software2,238,7321,969,586 12/31/2022
Supplant, Inc.Other Technology1,000,000 07/30/2023
Taptap Send, Inc.Other Technology9,000,000 12/31/2022
UCM Digital Health,TheSquareFoot, Inc.Other Technology1,500,000 03/31/2023
Vesta Housing, Inc.Software875,0001,375,000 7/31/11/30/2022
Virtuix Holdings, Inc.Other Technology500,000 5/05/31/2023
Zeno Technologies, Inc.Other Technology250,000 10/31/2022
Zimeno Inc.Other Technology6,250,000 1/01/29/2023
Total$111,738,73289,119,586 

41


BorrowerIndustryUnexpired Unfunded Commitment as of December 31, 2021Expiration Date
 10club Pte Ltd.Internet$25,000,000 09/30/2022
 Amino, Inc.Software11,000,000 12/31/2022
 Bryte, Inc.Other Technology2,500,000 01/31/2023
 Ceres Imaging, Inc.Other Technology1,750,000 10/31/2022
 Coterie Applications, Inc.Other Technology5,000,000 01/31/2022
 Fakespot, Inc.Other Technology500,000 01/31/2022
 Genomic Prediction, Inc.Biotechnology1,000,000 03/31/2022
 iLearningEngines Inc.Technology Services7,500,000 07/31/2022
 Invert Robotics Group, Ltd.Other Technology1,000,000 01/31/2022
 Kinoo, Inc.Other Technology1,000,000 04/30/2022
 Lacuna Technologies, Inc.Other Technology2,500,000 07/31/2022
 Lassen Peak, Inc.Security375,000 01/31/2022
 Loansnap Holdings Inc.Technology Services3,750,000 04/30/2022
 Luva Inc.Other Technology500,000 02/28/2022
 MASC Inc.Other Technology1,500,000 07/31/2022
 Mavenform, Inc.Other Technology2,000,000 04/30/2022
 Merlin Labs, Inc.Other Technology1,000,000 03/31/2022
 Norbert Health, Inc.Medical Devices1,000,000 01/31/2022
 Phase Four, Inc.Other Technology1,000,000 04/01/2022
 RenoFi, Inc.Internet6,000,000 10/31/2022
 Safe Securities Inc.Software2,000,000 04/15/2022
 SF Insuretech, Inc.Software5,000,000 03/31/2022
 StayTuned Digital, Inc.Software3,213,732 12/31/2022
 Taptap Send, Inc.Other Technology9,000,000 12/31/2022
 Therapydia, Inc.Other Healthcare1,000,000 04/30/2022
 Trucking Jobs Technologies, Inc.Software610,000 01/31/2022
 Usual Beverage Co.Internet1,000,000 01/31/2022
 WorkRails, Inc.Software250,000 05/31/2022
Total$97,948,732 

11. FINANCIAL HIGHLIGHTS

    U.S. GAAP requires disclosure of financial highlights of the Fund for the three and sixnine months ended JuneSeptember 30, 2022 and 2021.

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

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

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

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    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, 2022
For the Three Months Ended June 30, 2021 (a)
For the Six Months Ended June 30, 2022
For the Six Months Ended June 30, 2021 (a)
 For the Three Months Ended September 30, 2022
For the Three Months Ended September 30, 2021 (a)
For the Nine Months Ended September 30, 2022
For the Nine Months Ended September 30, 2021 (a)
   
Total return**Total return**7.68 %6.96 %17.77 %14.32 %Total return**2.69 %10.52 %20.95 %26.34 %
   
Per share amounts:Per share amounts: Per share amounts: 
Net asset value, beginning of periodNet asset value, beginning of period$2,400.69 $1,802.41 $2,301.94 $1,833.27 Net asset value, beginning of period$2,548.90 $2,331.77 $2,301.94 $1,833.27 
Net investment incomeNet investment income171.12 144.36 339.88 259.88 Net investment income136.21 279.39 476.09 539.27 
Net realized and change in unrealized gain (loss) from loans and derivative
instruments		Net realized and change in unrealized gain (loss) from loans and derivative
instruments		12.83 (5.96)58.45 2.42 Net realized and change in unrealized gain (loss) from loans and derivative
instruments		(70.46)(25.83)(12.01)(23.42)
Net increase in net assets resulting from operationsNet increase in net assets resulting from operations183.95 138.40 398.33 262.30 Net increase in net assets resulting from operations65.75 253.56 464.08 515.85 
Distributions of income to shareholderDistributions of income to shareholder(110.74)(141.00)(274.57)(252.18)Distributions of income to shareholder(185.18)(275.83)(459.75)(528.00)
Return of capital to shareholderReturn of capital to shareholder— (63.04)(76.80)(246.62)Return of capital to shareholder(113.20)130.78 (190.00)(115.84)
Contributions from shareholderContributions from shareholder75.00 595.00 200.00 735.00 Contributions from shareholder285.00 275.00 485.00 1,010.00 
Net asset value, end of periodNet asset value, end of period$2,548.90 $2,331.77 $2,548.90 $2,331.77 Net asset value, end of period$2,601.27 $2,715.28 $2,601.27 $2,715.28 
Net assets, end of periodNet assets, end of period$254,890,411 $233,176,826 $254,890,411 $233,176,826 Net assets, end of period$260,127,164 $271,527,518 $260,127,164 $271,527,518 
   
Ratios to average net assets:Ratios to average net assets: Ratios to average net assets: 
Expenses*Expenses*7.29 %7.79 %7.31 %7.34 %Expenses*8.30 %5.89 %7.64 %6.77 %
Net investment income*Net investment income*27.95 %27.97 %28.59 %26.56 %Net investment income*22.12 %44.80 %26.38 %33.63 %
Portfolio turn-over ratePortfolio turn-over rate0.37 %— %0.37 %— %Portfolio turn-over rate— %— %0.37 %— %
Average debt outstanding Average debt outstanding$277,500,000 $186,475,000 $273,571,429 $173,128,571  Average debt outstanding$261,875,000 $227,000,000 $269,550,000 $193,540,000 
*Annualized*Annualized*Annualized
**Total return amounts presented above are not annualized.**Total return amounts presented above are not annualized.**Total return amounts presented above are not annualized.
(a) Certain prior period information has been disclosed to conform to current presentation.
(a) Certain prior period information has been disclosed to conform to current presentation.
(a) Certain prior period information has been disclosed to conform to current presentation.
12.     SUBSEQUENT EVENTS

On October 13, 2022, the Fund entered into a new investment management agreement (the “New Agreement”), by and between the Fund and the Manager, that replaced the current investment management agreement entered into between the Fund and the Manager (the “Current Agreement”).

The Fund entered into the New Agreement in connection with the sale of all the issued and outstanding membership interests of the Manager to P10 Intermediate Holdings LLC, a Delaware limited liability company on October 13, 2022 (the “Transaction”). The closing of the Transaction constituted a change of control of the Manager which caused the Current Agreement to terminate. The terms of the New Agreement are the same as those of the Current Agreement, including the same fee rates, except for the new commencement date of October 13, 2022 and renewal dates, annual continuance approval by the Board, beginning October 13, 2024.

The Fund evaluated other subsequent events through the date the financial statements were issued and determined that no additional subsequent events had occurred that would require accrual or disclosure in the financial statements.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

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

    The reader of this Quarterly Report should understand that all such forward-looking statements are subject to various uncertainties and risks that could affect their outcome. The Fund’s actual results could differ materially from those suggested by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, variances in the actual versus projected growth in assets, return on assets, loan losses, expenses, rates charged on loans and earned on securities investments, competition and macro-economic changes including inflation, interest rate expectations, among other factors including those set forth in the section of this Quarterly Report titled “Risk Factors” and in Item 1A - “Risk Factors” in the Fund’s 2021 Annual Report on Form 10-K. This entire Quarterly Report should be read to put such forward-looking statements in context and to gain a more complete understanding of the uncertainties and risks involved in the Fund’s business.

Overview

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

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

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

    
44

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 tax. There is no assurance that the Fund will meet the ongoing requirements to qualify as a RIC for tax purposes.

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

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

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

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



45

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

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

Critical Accounting Policies, Practices and Estimates
Critical Accounting Policies and Practices are those accounting policies and practices that are both the most important to the portrayal of the Fund’s net assets and results of operations and require the most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Critical accounting estimates are accounting estimates where the nature of the estimates is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and the impact of the estimates on net assets or operating performance is material.
In evaluating the most critical accounting policies and estimates, the Manager has identified the estimation of fair value of the Fund’s loan investments along with the completeness of loans exhibiting indicators of potential credit deterioration as the most critical of the accounting policies and accounting estimates applied to the Fund’s reporting of net assets or operating performance. In accordance with U.S. GAAP, the Fund defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability was exchanged in an orderly transaction; it was not a forced liquidation or distressed sale. There is no readily available market price or secondary market for the loans made by the Fund to borrowers, hence the Manager determines fair value based on a hypothetical market and the estimates are subject to high levels of judgment and uncertainty. The Fund’s loan investments are considered Level 3 fair value measurements in the fair value hierarchy due to the lack of observability over many of the important inputs used in determining fair value. In particular, the Manager has identified the fair value of the Fund’s loan investments that exhibit indicators of the potential for credit deterioration and the completeness of those loan investments, as a critical accounting matter that may involve significant and material estimates and inputs from the Manager in determining the fair value of those loan investments.

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

46

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

COVID-19's Impact on Results of Operations and Liquidity & Capital Resources
The effects of the COVID-19 pandemic and the related actions by governments around the world to attempt to contain the spread of the virus had an impact on a number of the Fund’s portfolio companies’ business and operations.

Although markets are continuing to stabilize and recover, uncertainty remains regarding the full extent of the long-term economic impact on the Fund’s business operations, results of operations, and access to liquidity and capital resources. The impact on the Fund will depend on many factors beyond the Fund’s control, including, without limitations, (i) the timing, extent, trajectory, and duration of the pandemic (ii) the restrictions and advisories put in place to combat the pandemic, (iii) the effects of the pandemic and measures to combat the pandemic on the financial markets, and (iv) the impact on the economy overall, all of which are highly uncertain and cannot be predicted. In addition, the impact on local economies is uncertain and the speed of economic recovery may vary across different industries both locallydomestically and globally. 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.

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. 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 Months and SixNine Months Ended JuneSeptember 30, 2022 and 2021
Analysis of Interest Income
Total investment income for the three months ended JuneSeptember 30, 2022 and 2021 was $21.6$18.7 million and $18.5$31.6 million, respectively. Total investment income for the sixnine months ended JuneSeptember 30, 2022 and 2021 was $42.7$61.4 million and $33.2$64.8 million, respectively. Investment income primarily consisted of interest on the venture loans outstanding and early payoff. The remaining income consisted of interest and dividends on the temporary investment of cash.
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.
The following table shows the average balance, interest income, and weighted average interest rate for the cash and non-cash portion of interest income for the three months ended JuneSeptember 30, 2022 and 2021.

For the Three Months Ended June 30, 2022For the Three Months Ended June 30, 2021For the Three Months Ended September 30, 2022For the Three Months Ended September 30, 2021
Average Outstanding BalanceInterest IncomeWeighted Average Interest Rate - Cash PortionWeighted Average Interest Rate - Non-Cash PortionAverage Outstanding BalanceInterest IncomeWeighted Average Interest Rate - Cash PortionWeighted Average Interest Rate - Non-Cash PortionAverage Outstanding BalanceInterest IncomeWeighted Average Interest Rate - Cash PortionWeighted Average Interest Rate - Non-Cash PortionAverage Outstanding BalanceInterest IncomeWeighted Average Interest Rate - Cash PortionWeighted Average Interest Rate - Non-Cash Portion
Performing LoansPerforming Loans$489,059,355 $21,424,283 13.93 %3.59 %$365,738,789 $18,076,777 14.61 %5.16 %Performing Loans$473,732,886 $18,651,467 12.35 %3.40 %$424,497,151 $31,494,140 20.66 %9.02 %
All LoansAll Loans$497,550,443 $21,499,283 13.75 %3.53 %$376,287,362 $18,455,104 14.60 %5.02 %All Loans$486,660,170 $18,651,467 12.02 %3.31 %$435,936,342 $31,494,140 20.11 %8.79 %

47

Interest income for both performing loans and all loans increaseddecreased by $3.3 million and $3.0$12.8 million or 19% and 16%, respectively,41% for the three months ended JuneSeptember 30, 2022 compared to the same period in 2021. The increasedecrease is primarily due to the increased growth in the loan portfolio anddecreased interest income from early loan payoffs. The average outstanding balance for performing loans and all loans increased by $123.3$49.2 million and $121.3$50.7 million, or 34%12% and 32%12%, respectively, for the three months ended JuneSeptember 30, 2022 compared to the same period in 2021.
The following table shows the average balance, interest income, and weighted average interest rate for the cash and non-cash portion of interest income for the sixnine months ended JuneSeptember 30, 2022 and 2021.
For the Six Months Ended June 30, 2022For the Six Months Ended June 30, 2021For the Nine Months Ended September 30, 2022For the Nine Months Ended September 30, 2021
Average Outstanding BalanceInterest IncomeWeighted Average Interest Rate - Cash PortionWeighted Average Interest Rate - Non-Cash PortionAverage Outstanding BalanceInterest IncomeWeighted Average Interest Rate - Cash PortionWeighted Average Interest Rate - Non-Cash PortionAverage Outstanding BalanceInterest IncomeWeighted Average Interest Rate - Cash PortionWeighted Average Interest Rate - Non-Cash PortionAverage Outstanding BalanceInterest IncomeWeighted Average Interest Rate - Cash PortionWeighted Average Interest Rate - Non-Cash Portion
Performing LoansPerforming Loans$484,464,023 $41,258,471 13.28 %3.75 %$341,803,840 $32,552,398 14.37 %4.68 %Performing Loans$480,994,754 $59,909,938 13.03 %3.58 %$369,529,528 $64,046,539 16.77 %6.34 %
All LoansAll Loans$493,128,696 $42,512,977 13.56 %3.68 %$351,596,078 $33,142,352 14.30 %4.55 %All Loans$491,287,893 $61,164,444 13.10 %3.50 %$379,686,884 $64,636,492 16.53 %6.17 %
Interest income for performing and all loans increaseddecreased by $8.7$4.1 million and $9.4$3.5 million, or 27%6% and 28%5%, respectively, for the sixnine months ended JuneSeptember 30, 2022 compared to the same period in 2021. The increasedecrease is primarily due to the increased growth in our loan portfolio.lower weighted average interest rate. The average outstanding balance for performing and all loans increased by $142.7$111.5 million and $141.5$111.6 million, or 42%30% and 40%29%, respectively, for the sixnine months ended JuneSeptember 30, 2022 compared to the same period in 2021.
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 JuneSeptember 30, 2022 and 2021.
For the Three Months Ended June 30, 2022For the Three Months Ended June 30, 2021
Average BalanceInterest ExpenseWeighted Average Interest Expense RateAverage BalanceInterest ExpenseWeighted Average Interest Expense Rate
Bank Facility$277,500,000 $2,628,152 3.79 %$186,475,000 $1,537,561 3.30 %
For the Three Months Ended September 30, 2022For the Three Months Ended September 30, 2021
Average BalanceInterest ExpenseWeighted Average Interest Expense RateAverage BalanceInterest ExpenseWeighted Average Interest Expense Rate
Bank Facility$261,875,000 $3,447,073 5.27 %$227,000,000 $1,704,395 3.00 %
    Interest expense increased by $1.1$1.7 million, or 71%102%, for the three months ended JuneSeptember 30, 2022 compared to the same period in 2021. The increase is primarily due to higher average debt outstanding and higher weighted average interest rate.
The following table shows the average balance, interest expense, and weighted average interest rate for the sixnine months ended JuneSeptember 30, 2022 and 2021.
For the Six Months Ended June 30, 2022For the Six Months Ended June 30, 2021
Average BalanceInterest ExpenseWeighted Average Interest Expense RateAverage BalanceInterest ExpenseWeighted Average Interest Expense Rate
Bank Facility$273,571,429 $4,785,022 3.50 %$173,128,571 $2,750,725 3.18 %
For the Nine Months Ended September 30, 2022For the Nine Months Ended September 30, 2021
Average BalanceInterest ExpenseWeighted Average Interest Expense RateAverage BalanceInterest ExpenseWeighted Average Interest Expense Rate
Bank Facility$269,550,000 $8,232,095 4.07 %$193,540,000 $4,455,120 3.07 %
Interest expense increased by $2.0$3.8 million or 74%85%, for the sixnine months ended JuneSeptember 30, 2022 compared to the same period in 2021. The increase is primarily due to higher average debt outstanding offset by lowerand higher weighted average interest rate.

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Analysis of Operating Expense
The following table shows the components of operating expense for the three and sixnine months ended JuneSeptember 30, 2022 and 2021.
For the Three Months Ended June 30,For the Six Months Ended June 30,For the Three Months Ended September 30,For the Nine Months Ended September 30,
Operating ExpenseOperating Expense20222021Change ($)20222021Change ($)Operating Expense20222021Change ($)20222021Change ($)
Management feesManagement fees$1,725,000 $1,811,250 $(86,250)$3,450,000 $3,622,500 $(172,500)Management fees$1,437,500 $1,725,000 $(287,500)$4,887,500 $5,347,500 $(460,000)
Banking and professional feesBanking and professional fees$84,896 $640,849 $(555,953)$392,493 $742,608 $(350,115)Banking and professional fees$118,991 $181,025 $(62,034)$511,484 $923,633 $(412,149)
Other operating expensesOther operating expenses$27,957 $30,226 $(2,269)$56,065 $60,869 $(4,804)Other operating expenses$106,273 $60,682 $45,591 $162,339 $121,552 $40,787 
Total Operating ExpenseTotal Operating Expense$1,837,853 $2,482,325 $(644,472)$3,898,558 $4,425,977 $(527,419)Total Operating Expense$1,662,764 $1,966,707 $(303,943)$5,561,323 $6,392,685 $(831,362)
Management fees decreased by $0.3 million and $0.5 million, or 17% and 9%, respectively, for the three and nine months ended September 30, 2022 compared to the same periods in 2021. For the period from January 1, 2022 through June 30, 2022, management fees were calculated at 1.500% of the Company's committed capital.capital and for the period July 1, 2022 through September 30, 2022 management fees were calculated at 1.2500%. For the same period infrom January 1, 2021 through June 30, 2021, management fees were calculated at 1.575% of the Company's committed capital.
capital and for the period July 1, 2021 through September 30, 2021 management fees were calculated at 1.500%. The m
anagement fee rates were based on the schedule of annual percentages as described in the investment management agreement between the Fund and the Manager.
Banking and professional fees decreased by $0.6$0.1 million and $0.4 million, or 87%34% and 47%45%, respectively, for the three and sixnine months ended JuneSeptember 30, 2022 compared to the same periods in 2021. Decrease in banking and professional fees were primarily due to lower legal fees associated with the documentation of loans.

    Other operating expenses did not materially decreaseincrease for the three and sixnine months ended JuneSeptember 30, 2022 compared to the same periods in 2021. These expenses included director fees, custody fees, tax fees and other expenses related to the operations of the Fund.

Non-recurring fees

The Fund may receive non-recurring fees in connection with the origination and servicing of portfolio loans. Transactions in this category may include forfeited commitment fees and unamortized warrants, that become recognized as other income after the loan commitment period expires. Other non-recurring fees include pre-payment fees which are recognized as other income in the period received. Legal fee reimbursements for deal due diligence and drafting of documents are recognized as offsets against legal expenses. Non-recurring fees for the three months ended JuneSeptember 30, 2022 and 2021 totaled $0.4$0.3 million and $0.5$0.7 million, respectively. Non-recurring fees for the sixnine months ended JuneSeptember 30, 2022 and 2021 totaled $0.7$1.0 million and $0.9$1.6 million, respectively.

Net investment income for the three months ended JuneSeptember 30, 2022 and 2021 was $17.1$13.6 million and $14.4$27.9 million, respectively. Net investment income for the sixnine months ended JuneSeptember 30, 2022 and 2021 was $34.0$47.6 million
and $26.0$53.9 million, respectively.

Realized and Change in Unrealized Gains (Losses)

Net realized loss from loans was $2.2less than $0.1 million and zero for the three months ended JuneSeptember 30, 2022 and 2021, respectively. Net realized loss from loans was $2.6 million and $0.1 million for the sixnine months ended JuneSeptember 30, 2022 and 2021, respectively. Realized losses consisted of loans that were written off.

    Net realized gain (loss) from derivative instruments was $0.9$0.2 million and $(0.3)$(0.4) million for the three months ended JuneSeptember 30, 2022 and 2021, respectively. Net realized gain (loss) from derivative instruments was $0.7$1.0 million and $(0.7)$(1.0) million for the sixnine months ended JuneSeptember 30, 2022 and 2021, respectively. The reason for the gain during the period ended JuneSeptember 30, 2022 was due to the termination of a collar contract with MUFG
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Union Bank N.A. and interest received on the derivative instruments when the cap rates of the interest rate collars were lower than the floating rate. Realized losses were interest paid by the Fund on the derivative instruments when the fixed rate interestfloor rates of the derivative instrumentsinterest rate collars or the fixed rates of the interest rate swaps and floors were higher than the floating rate.

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Net change in unrealized gain (loss)loss from loans was $2.1$10.8 million and $(0.5)$2.5 million for the three months ended JuneSeptember 30, 2022 and 2021, respectively. Net change in unrealized gainloss from loans was $1.7$9.1 million and $0.3$2.2 million for the sixnine months ended JuneSeptember 30, 2022 and 2021, respectively. The net change in unrealized gain (loss)loss from loans consisted of fair value adjustments taken against loans resulting from the improvement or deterioration in certain portfolio companies’ performance.

    Net change in unrealized gain from derivative instruments was $0.6$3.6 million and $0.3 million for the three months ended JuneSeptember 30, 2022 and 2021, respectively. Net change in unrealized gain from derivative instruments was $6.0$9.6 million and $0.7$1.0 million for the sixnine months ended JuneSeptember 30, 2022 and 2021, respectively. The net change in unrealized gain from derivative instruments consisted of fair market value adjustments to the derivative instruments and is a reflection of the market’s outlook on the economy and the future of interest rate changes, as well as realization of prior unrealized gains and losses.

    Net increase in net assets resulting from operations for the three months ended JuneSeptember 30, 2022 and 2021 was $18.4$6.6 million and $13.8$25.4 million, respectively. On a per share basis, the net increase in net assets resulting from operations for the three months ended JuneSeptember 30, 2022 and 2021 was $183.96$65.75 and $138.40,$253.56, respectively.

Net increase in net assets resulting from operations for the sixnine months ended JuneSeptember 30, 2022 and 2021 was $39.8$46.4 million and $26.2$51.6 million, respectively. On a per share basis, the net increase in net assets resulting from operations for the sixnine months ended JuneSeptember 30, 2022 and 2021 was $398.33$464.08 and $262.30,$515.85, respectively.

Liquidity and Capital Resources – JuneSeptember 30, 2022 and December 31, 2021

    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 $365.6$394.1 million and $345.6 million as of JuneSeptember 30, 2022 and December 31, 2021, respectively. As of both JuneSeptember 30, 2022 and December 31, 2021, the Company had subscriptions for capital in the amount of $460.0 million, of which $411.7$446.2 million and $388.7 million had been called and received, respectively. As of JuneSeptember 30, 2022, $48.3$13.8 million of capital remains uncalled and the uncalled capital expires on the Fund’s fifth anniversary of its first investment unless extended. The Manager has exercised, and the Board of Directors ratified, its discretion to extend the investment period by two calendar quarters, causing the date for which the full amount of the remaining uncalled capital can be drawn to be extended to December 31, 2023. The Company has made $109.0$129.0 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 change in cash for the sixnine months ended JuneSeptember 30, 2022 and 2021 was as follows:

For the Six Months Ended June 30, 2022For the Six Months Ended June 30, 2021For the Nine Months Ended September 30, 2022For the Nine Months Ended September 30, 2021
Net cash provided by (used in) operating activitiesNet cash provided by (used in) operating activities$20,075,818 $(88,236,327)Net cash provided by (used in) operating activities$20,876,961 $(137,314,366)
Net cash provided by (used in) financing activitiesNet cash provided by (used in) financing activities(659,188)81,231,665 Net cash provided by (used in) financing activities(11,915,200)186,375,637 
Net increase (decrease) in cash and cash equivalents$19,416,630 $(7,004,662)
Net increase in cash and cash equivalentsNet increase in cash and cash equivalents$8,961,761 $49,061,271 

    As of JuneSeptember 30, 2022 and December 31, 2021, 10.34%6.11% and 3.01%, respectively, of the Fund’s net assets consisted of cash and cash equivalents.
    

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On December 20, 2018, the Fund entered into a syndicated loan agreement led by MUFG Union Bank, N.A., Wells Fargo Securities, LLC and ING Capital LLC, with participation from Zions Bancorporation, N.A., doing business as California Bank & Trust, Bank Leumi USA, Umpqua Bank, HSBC Bank USA, N.A., and First Bank, that established a secured revolving loan facility in an initial amount of up to $200.0 million with the option to request that borrowing availability be increased up to $400.0 million, subject to further negotiation and credit approval. On March 18, 2021, the Fund entered into an Amendment to the Loan and Security Agreement with MUFG Union Bank, N.A., Wells Fargo Securities, LLC, Wells Fargo Bank, N.A. and ING Capital, LLC, with participating from TIAA, FSB, Bank Leumi USA, HSBC Bank USA, N.A., Umpqua Bank, Zions Bancorporation, N.A., doing business as California Bank & Trust, Hitachi Capital America Corp, First Bank, and Bank of Hope, that increased the size of the facility to $350 million and extended the term of the facility (the “Amended and Restated Loan and Security Agreement”). On May 17, 2022, the Fund, entered into a First Amendment to the Amended and Restated Loan and Security Agreement (the “First Amendment”) with lenders named therein. The First Amendment provides for, among other modifications (i) an increase in the size of the facility to $400,000,000, (ii) replacement of the interest rate benchmark from LIBOR to Secured Overnight Financing Rate (“SOFR”), and (iii) conversion of an existing LIBOR Market Index Rate Loan to a Daily Simple SOFR Rate Loan.
Borrowings by the Fund are collateralized by all the assets of the Fund. Loans under the facility may be, at the option of the Fund, a Reference Rate Loan, a SOFR Rate Loan (calculated at Daily Simple SOFR or another applicable Term SOFR Reference Rate) The Fund pays interest on its borrowings and also pays a fee on the unused portion of the facility. The facility terminates on March 18, 2024, but can be accelerated in the event of default, such as the failure by the Fund to make timely interest or principal payments. As of JuneSeptember 30, 2022, $267.0$253.5 million was outstanding under the facility.

     For the sixnine months ended JuneSeptember 30, 2022 and since the start of its investment operation in May 2018, the Fund invested its assets in venture loans. Amounts disbursed under the Fund’s loan commitments were $107.5$160.1 million for the sixnine months ended JuneSeptember 30, 2022. Net loan amounts outstanding after amortization and valuation adjustments increased by $1.7$0.9 million for the same period. Unexpired unfunded commitments totaled $111.7$89.1 million as of JuneSeptember 30, 2022.

As ofCumulative Amount
Disbursed		Principal
Reductions and Fair
Market Adjustments		Balance
Outstanding - Fair
Value		Unexpired
Unfunded
Commitments
JuneSeptember 30, 2022$929.7982.3 million$444.0497.4 million$485.7484.9 million$111.789.1 million
December 31, 2021$822.2 million$338.2 million$484.0 million$97.9 million

The unexpired unfunded commitments by portfolio company as of JuneSeptember 30, 2022 and December 31, 2021 are detailed in Note 10 to the financial statements included in this filing.
    
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.

    
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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 JuneSeptember 30, 2022, the Fund had a cash balance of $26.4$15.9 million and approximately $236.9$238.9 million in scheduled loan receivable payments over the next twelve months. Additionally, the Fund has access to uncalled capital of $48.3$13.8 million and recallable capital of $109.0$129.0 million as a liquidity source, and a borrowing base that grows as it funds additional commitments. These amounts are sufficient to meet the current commitment backlog and operational expenses of the Fund over the next year. The Fund regularly evaluates potential future liquidity resources and demands before making additional future commitments.

    On April 24, 2019, the Fund’s sole shareholder, the Company, approved a reduced asset coverage ratio of 150% for the Fund as permitted in Section 61(a)(2) of the 1940 Act. Accordingly, the Fund is permitted to borrow in any amount so long as its asset coverage ratio, as defined in the 1940 Act, is at least 150% after giving effect to such borrowings. As of JuneSeptember 30, 2022, the Fund’s asset coverage ratio was 195%202%.

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. At JuneSeptember 30, 2022, the outstanding debt balance was $267.0$253.5 million at a floating interest rate based on a Daily Simple SOFR Rate of 1.44%2.99%, for which the Fund had derivative instruments in place with a weighted-average ceiling of 1.47% on $227.0 million of the notional principal amount with an interest rate collar, leaving the Fund with exposure to interest rate changes on the un-hedged portion of the loan.

52

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 JuneSeptember 30, 2022. However, those changes could have the potential to change the Fund’s ability to originate loan commitments, acquire and renew bank facilities, and engage in other investment activities. Further, changes in short-term interest rates could also affect interest rate expense, realized gain from investments and interest on the Fund’s short-term investments.
Based on the Fund’s Condensed Statements of Assets and Liabilities as of JuneSeptember 30, 2022, the following table shows the approximate annualized increase (decrease) in components of net assets resulting from operations of hypothetical base rate changes in interest rates, assuming no changes in investments, borrowings, cash balances and derivative instruments.
 
Effect of Interest Rate Change ByEffect of Interest Rate Change ByIncrease (Decrease) Other Interest and Other IncomeGain (Loss) from Interest Rate Collar(Increase) Decrease Interest ExpenseIncrease (Decrease) in Total IncomeEffect of Interest Rate Change ByIncrease (Decrease) Other Interest and Other IncomeGain (Loss) from Interest Rate Collar(Increase) Decrease Interest ExpenseIncrease (Decrease) in Total Income
(0.50)%(0.50)%$(131,779)$(475,000)$1,335,000 $728,221 (0.50)%$(79,504)$(1,135,000)$1,267,500 $52,996 
1%1%$263,558 $1,667,000 $(2,670,000)$(739,442)1%$159,009 $2,270,000 $(2,535,000)$(105,991)
2%2%$527,115 $3,937,000 $(5,340,000)$(875,885)2%$318,018 $4,540,000 $(5,070,000)$(211,982)
3%3%$790,673 $6,207,000 $(8,010,000)$(1,012,327)3%$477,027 $6,810,000 $(7,605,000)$(317,973)
4%4%$1,054,230 $8,477,000 $(10,680,000)$(1,148,770)4%$636,035 $9,080,000 $(10,140,000)$(423,965)
5%5%$1,317,788 $10,747,000 $(13,350,000)$(1,285,212)5%$795,044 $11,350,000 $(12,675,000)$(529,956)

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

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

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

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

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Item 4.  Controls and Procedures

Disclosure Controls and Procedures:

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

Changes in Internal Controls:

    There have not been any changes in the Fund’s internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the Fund’s fiscal quarter ended JuneSeptember 30, 2022 that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

54

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 2021 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

None.

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Item 6.  Exhibits

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


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SIGNATURES

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

VENTURE LENDING & LEASING IX, INC.
(Registrant)

By:/s/ David R. WanekBy:/s/ Jared S. Thear
David R. WanekJared S. Thear
President and Chief Executive OfficerChief Financial Officer
(Principal Executive Officer)(Principal Financial Officer)
Date:August 11,November 14, 2022Date:August 11,November 14, 2022


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