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 September 30, 2021March 31, 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 NovemberMay 12, 20212022
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 September 30, 2021March 31, 2022 and December 31, 20202021
Condensed Statements of Operations (Unaudited)
For the three and nine months ended September 30,March 31, 2022 and 2021 and 2020
Condensed Statements of Changes in Net Assets (Unaudited)
For the three and nine months ended September 30,March 31, 2022 and 2021 and 2020
Condensed Statements of Cash Flows (Unaudited)
For the ninethree months ended September 30,March 31, 2022 and 2021 and 2020
Condensed Schedules of Investments (Unaudited)
As of September 30, 2021March 31, 2022 and December 31, 20202021
Condensed Schedules of Derivative Instruments (Unaudited)
As of September 30, 2021March 31, 2022 and December 31, 20202021
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 SEPTEMBER 30, 2021MARCH 31, 2022 AND DECEMBER 31, 20202021

September 30, 2021
December 31, 2020(a)
 March 31, 2022December 31, 2021
ASSETSASSETSASSETS
Loans, at estimated fair valueLoans, at estimated fair valueLoans, at estimated fair value
(cost of $483,243,524 and $323,011,028)$468,526,464 $310,522,149 
(cost of $516,478,606 and $501,909,222) (cost of $516,478,606 and $501,909,222)$498,257,047 $484,047,644 
Derivative assetsDerivative assets151,981 — Derivative assets6,246,910 962,602 
Cash and cash equivalentsCash and cash equivalents61,558,514 12,497,243 Cash and cash equivalents12,607,025 6,939,126 
Dividend and interest receivablesDividend and interest receivables6,233,910 3,856,598 Dividend and interest receivables6,431,581 6,872,798 
Deferred bank fees2,168,472 428,638 
Other assetsOther assets616,875 257,168 Other assets2,153,032 2,110,405 
Total assetsTotal assets539,256,216 327,561,796 Total assets525,695,595 500,932,575 
   
LIABILITIESLIABILITIESLIABILITIES
Borrowings under debt facilityBorrowings under debt facility262,500,000 140,000,000 Borrowings under debt facility280,000,000 263,000,000 
Accrued management feesAccrued management fees1,725,000 1,811,250 Accrued management fees1,725,000 1,725,000 
Derivative liabilities393,020 1,254,214 
Derivative liabilityDerivative liability— 130,697 
Accounts payable and other accrued liabilitiesAccounts payable and other accrued liabilities3,110,678 1,169,497 Accounts payable and other accrued liabilities3,901,906 5,883,327 
Total liabilitiesTotal liabilities267,728,698 144,234,961 Total liabilities285,626,906 270,739,024 
   
NET ASSETSNET ASSETS$271,527,518 $183,326,835 NET ASSETS$240,068,689 $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$344,125,000 $243,125,000 Capital paid in on shares of capital stock$358,125,000 $345,625,000 
Cumulative return of capital distributionsCumulative return of capital distributions(104,933,372)(97,253,486)
Total distributable lossesTotal distributable losses(72,597,482)(59,798,165)Total distributable losses(13,122,939)(18,177,963)
Net assets (equivalent to $2,715.28 and $1,833.27 per share based on 100,000 shares of capital stock outstanding - See Note 5 and Note 11)$271,527,518 $183,326,835 
Net assets (equivalent to $2,400.69 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 $2,400.69 and $2,301.94 per share based on 100,000 shares of capital stock outstanding - See Note 5 and Note 11)$240,068,689 $230,193,551 
Commitments & Contingent Liabilities:Commitments & Contingent Liabilities:Commitments & Contingent Liabilities:
Unexpired unfunded commitments (See Note 10)Unexpired unfunded commitments (See Note 10)$132,610,000 $83,200,000 Unexpired unfunded commitments (See Note 10)$94,488,732 $97,948,732 
(a) Certain prior period information has been disclosed to conform to current presentation.






See notes to condensed financial statements (unaudited).
3

VENTURE LENDING & LEASING IX, INC.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30,MARCH 31, 2022 AND 2021 AND 2020

For the Three Months Ended September 30, 2021For the Three Months Ended September 30, 2020For the Nine Months Ended September 30, 2021For the Nine Months Ended September 30, 2020 For the Three Months Ended March 31, 2022For the Three Months Ended March 31, 2021
INVESTMENT INCOME:INVESTMENT INCOME:INVESTMENT INCOME:
Interest on loansInterest on loans$31,494,140 $13,742,951 $64,636,492 $33,398,668 Interest on loans$21,013,694 $14,687,248 
Other interest and other income Other interest and other income116,001 1,599 138,000 513,603  Other interest and other income79,956 21,555 
Total investment incomeTotal investment income31,610,141 13,744,550 64,774,492 33,912,271 Total investment income21,093,650 14,708,803 
EXPENSES:EXPENSES:EXPENSES:
Management feesManagement fees1,725,000 1,811,250 5,347,500 5,491,250 Management fees1,725,000 1,811,250 
Interest expenseInterest expense1,704,3951,122,167 4,455,120 3,273,638 Interest expense2,156,8701,213,164 
Banking and professional feesBanking and professional fees181,025 156,344 923,633 413,281 Banking and professional fees307,597 101,759 
Other operating expensesOther operating expenses60,682 55,873 121,552 114,459 Other operating expenses28,109 30,644 
Total expensesTotal expenses3,671,102 3,145,634 10,847,805 9,292,628 Total expenses4,217,576 3,156,817 
Net investment incomeNet investment income27,939,039 10,598,916 53,926,687 24,619,643 Net investment income16,876,074 11,551,986 
Net realized loss from loansNet realized loss from loans— — (119,127)— Net realized loss from loans(328,738)(119,127)
Net realized loss from derivative instrumentsNet realized loss from derivative instruments(356,028)(308,540)(1,007,113)(648,828)Net realized loss from derivative instruments(164,462)(315,702)
Net change in unrealized loss from loans(2,547,792)(2,988,820)(2,228,180)(9,173,663)
Net change in unrealized gain (loss) from derivative instruments320,324 354,578 1,013,174 (792,740)
Net realized and change in unrealized loss from loans and derivative instruments(2,583,496)(2,942,782)(2,341,246)(10,615,231)
Net change in unrealized gain (loss) from loansNet change in unrealized gain (loss) from loans(359,981)863,226 
Net change in unrealized gain from derivative instrumentsNet change in unrealized gain from derivative instruments5,415,005 409,386 
Net realized and change in unrealized gain from loans and derivative instrumentsNet realized and change in unrealized gain from loans and derivative instruments4,561,824 837,783 
Net increase in net assets resulting from operationsNet increase in net assets resulting from operations$25,355,543 $7,656,134 $51,585,441 $14,004,412 Net increase in net assets resulting from operations$21,437,898 $12,389,769 
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$253.56 $76.56 $515.85 $140.04 Net increase in net assets resulting from operations per share$214.38 $123.90 
Weighted average shares outstandingWeighted average shares outstanding100,000 100,000 100,000 100,000 Weighted average shares outstanding100,000 100,000 













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 NINE MONTHS ENDED SEPTEMBER 30,MARCH 31, 2022 AND 2021 AND 2020
Common Stock
 SharesPar ValueAdditional Paid-in CapitalTotal Distributable Earnings (Loss)Net Assets
Balance at June 30, 2020100,000 $100 $181,124,900 $(34,403,306)$146,721,694 
Net increase in net assets resulting from operations— — — 7,656,134 7,656,134 
Distributions to shareholder— — — (10,381,537)(10,381,537)
Contributions from shareholder— — 62,000,000 — 62,000,000 
Balance at September 30, 2020100,000 $100 $243,124,900 $(37,128,709)$205,996,291 
Balance at June 30, 2021100,000 $100 $316,624,900 $(83,448,174)$233,176,826 
Net increase in net assets resulting from operations— — — 25,355,543 25,355,543 
Distributions to shareholder— — — (14,504,851)(14,504,851)
Contributions from shareholder— — 27,500,000 — 27,500,000 
Balance at September 30, 2021100,000 $100 $344,124,900 $(72,597,482)$271,527,518 
Balance at December 31, 2019100,000 $100 $148,124,900 $(34,292,627)$113,832,373 
Net increase in net assets resulting from operations— — — 14,004,412 14,004,412 
Distributions to shareholder— — — (16,840,494)(16,840,494)
Contributions from shareholder— — 95,000,000 — 95,000,000 
Balance at September 30, 2020100,000 $100 $243,124,900 $(37,128,709)$205,996,291 
Balance at December 31, 2020100,000 $100 $243,124,900 $(59,798,165)$183,326,835 
Net increase in net assets resulting from operations— — — 51,585,441 51,585,441 
Distributions to shareholder— — — (64,384,758)(64,384,758)
Contributions from shareholder— — 101,000,000 — 101,000,000 
Balance at September 30, 2021100,000 $100 $344,124,900 $(72,597,482)$271,527,518 
Common Stock
SharesPar ValueAdditional Paid-in CapitalReturn of Capital DistributionsTotal Distributable LossesNet Assets
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 operations— — — — 12,389,769 12,389,769 
Distributions of income to shareholder— — — — (11,117,157)(11,117,157)
Return of capital to shareholder— — — (18,358,553)— (18,358,553)
Contributions from shareholder— — 14,000,000 — — 14,000,000 
Balance at March 31, 2021 (a)
100,000 $100 $257,124,900 (63,265,335)(13,618,771)$180,240,894 
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 operations— — — — 21,437,898 21,437,898 
Distributions of income to shareholder— — — — (16,382,874)(16,382,874)
Return of capital to shareholder— — — (7,679,886)— (7,679,886)
Contributions from shareholder— — 12,500,000 — — 12,500,000 
Balance at March 31, 2022100,000 $100 $358,124,900 $(104,933,372)$(13,122,939)$240,068,689 

(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 NINETHREE MONTHS ENDED SEPTEMBER 30,MARCH 31, 2022 AND 2021 AND 2020

For the Nine Months Ended September 30, 2021
For the Nine Months Ended September 30, 2020(a)
 For the Three Months Ended March 31, 2022
For the Three Months Ended March 31, 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$51,585,441 $14,004,412 Net increase in net assets resulting from operations$21,437,898 $12,389,769 
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: 
Net realized loss from loansNet realized loss from loans119,127 — Net realized loss from loans328,738 119,127 
Net realized loss from derivative instrumentsNet realized loss from derivative instruments1,007,113 648,828 Net realized loss from derivative instruments164,462 315,702 
Net change in unrealized loss from loans2,228,180 9,173,663 
Net change in unrealized (gain) loss from derivative instruments(1,013,174)792,740 
Net change in unrealized (gain) loss from loansNet change in unrealized (gain) loss from loans359,981 (863,226)
Net change in unrealized gain from derivative instrumentsNet change in unrealized gain from derivative instruments(5,415,005)(409,386)
Amortization of deferred costs related to borrowing facilityAmortization of deferred costs related to borrowing facility577,416 321,478 Amortization of deferred costs related to borrowing facility216,848 143,722 
Net increase in dividend and interest receivables(2,377,312)(589,854)
Origination of loans Origination of loans(50,725,000)(73,625,000)
Principal payments on loans, net of accretion Principal payments on loans, net of accretion33,670,922 29,343,933 
Acquisition of equity securities Acquisition of equity securities(3,906,804)(9,349,422)
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 receivables441,217 (1,119,559)
Net increase in other assetsNet increase in other assets(359,707)(337,226)Net increase in other assets(259,475)(275,348)
Net increase in accounts payable, other accrued liabilities and accrued management fees1,854,931 30,052 
Origination of loans(313,790,000)(145,825,000)
Principal payments on loans135,568,390 69,188,827 
Accretion of discount on loans17,575,968 6,473,341 
Acquisition of equity securities(30,290,739)(9,156,421)
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(1,981,421)183,971 
Net cash used in operating activitiesNet cash used in operating activities(137,314,366)(55,275,160)Net cash used in operating activities(5,667,639)(43,145,717)
CASH FLOWS FROM FINANCING ACTIVITIES:CASH FLOWS FROM FINANCING ACTIVITIES: CASH FLOWS FROM FINANCING ACTIVITIES: 
Cash distributions to shareholderCash distributions to shareholder(33,800,000)(7,000,000)Cash distributions to shareholder(18,000,000)(20,100,000)
Contributions from shareholderContributions from shareholder101,000,000 95,000,000 Contributions from shareholder12,500,000 14,000,000 
Borrowings under debt facilityBorrowings under debt facility195,200,000 70,500,000 Borrowings under debt facility24,500,000 52,700,000 
Repayments of borrowings under debt facilityRepayments of borrowings under debt facility(72,700,000)(92,500,000)Repayments of borrowings under debt facility(7,500,000)(8,000,000)
Payments made for derivative instrumentsPayments made for derivative instruments(1,007,113)(648,828)Payments made for derivative instruments(164,462)(315,702)
Payments of bank facility fees and costsPayments of bank facility fees and costs(2,317,250)— Payments of bank facility fees and costs— (2,317,250)
Net cash provided by financing activitiesNet cash provided by financing activities186,375,637 65,351,172 Net cash provided by financing activities11,335,538 35,967,048 
Net increase in cash and cash equivalents49,061,271 10,076,012 
Net increase (decrease) in cash and cash equivalentsNet increase (decrease) in cash and cash equivalents5,667,899 (7,178,669)
CASH AND CASH EQUIVALENTS:CASH AND CASH EQUIVALENTS: CASH AND CASH EQUIVALENTS: 
Beginning of periodBeginning of period12,497,243 10,754,759 Beginning of period6,939,126 12,497,243 
End of periodEnd of period$61,558,514 $20,830,771 End of period$12,607,025 $5,318,574 
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$3,400,946 $2,885,266 Interest - Debt facility$1,841,512 $921,922 
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$30,584,758 $9,840,494 Distributions of equity securities to shareholder$6,062,760 $9,375,710 
Receipt of equity securities as repayment of loansReceipt of equity securities as repayment of loans$294,020 $684,073 Receipt of equity securities as repayment of loans$2,155,956 $26,288 
(a) Certain prior period information has been disclosed 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 SEPTEMBER 30, 2021MARCH 31, 2022

IndustryIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair ValueMaturity DateIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
BiotechnologyBiotechnologyBiotechnology
Calysta, Inc.Senior Secured11.8%$7,421,865 $6,961,950 $6,961,950 6/1/2025
Calysta, Inc.Senior Secured11.8%$7,426,316 $6,861,242 $6,861,242 6/1/2025Driver Bioengineering, Inc.Senior Secured11.0%173,472163,749163,7494/1/2023
Driver Bioengineering, Inc.Senior Secured11.0%631,043 621,945 621,945 6/1/2023Driver Bioengineering, Inc.Senior Secured11.0%462,908457,995457,9956/1/2023
Driver Bioengineering, Inc.Senior Secured11.0%246,854 227,585 227,585 4/1/2023Driver Bioengineering, Inc. Subtotal636,380621,744621,744
Driver Bioengineering, Inc. Subtotal877,897 849,530849,530 Genomic Prediction, Inc.Senior Secured11.0%990,364925,065925,0651/1/2025
Genomic Prediction, Inc.Senior Secured11.0%987,777 907,461 907,461 1/1/2025GLO Pharma, Inc.Senior Secured10.5%1,981,6411,906,3651,906,36512/1/2024
GLO Pharma, Inc.Senior Secured10.5%1,976,083 1,881,938 1,881,938 12/1/2024GLO Pharma, Inc.Senior Secured10.5%2,970,9982,902,2162,902,21612/1/2024
GLO Pharma, Inc.Senior Secured10.5%2,972,475 2,884,303 2,884,303 12/1/2024GLO Pharma, Inc. Subtotal4,952,6394,808,5814,808,581
GLO Pharma, Inc. Subtotal4,948,558 4,766,2414,766,241 Quartzy, Inc.Senior Secured12.0%966,413951,468951,4687/1/2024
Quartzy, Inc.Senior Secured12.0%1,083,619 1,064,846 1,064,846 5/1/2024Quartzy, Inc.Senior Secured11.0%1,238,469793,262793,2622/1/2026
Quartzy, Inc.Senior Secured12.0%542,001 500,123 500,123 8/1/2023Quartzy, Inc.Senior Secured12.0%905,819892,818892,8185/1/2024
Quartzy, Inc.Senior Secured12.0%1,112,525 1,091,531 1,091,531 7/1/2024Quartzy, Inc.Senior Secured12.0%412,340387,876387,8768/1/2023
Quartzy, Inc. Subtotal2,738,145 2,656,500 2,656,500 Quartzy, Inc. Subtotal3,523,0413,025,4243,025,424
Biotechnology TotalBiotechnology Total5.9%$16,978,693 $16,040,974 $16,040,974 Biotechnology Total6.8%$ 17,524,289$ 16,342,764$ 16,342,764
Computers & StorageComputers & StorageComputers & Storage
Canary Connect, Inc.Senior Secured12.0%$1,978,534 $1,940,215 $1,940,215 3/1/2024Canary Connect, Inc.Senior Secured12.0%$1,628,613 $1,602,846 $1,602,846 3/1/2024
Canary Connect, Inc.Senior Secured11.8%14,848,224 13,990,442 13,990,442 3/1/2026Canary Connect, Inc.Senior Secured12.0%6,511,9376,288,8506,288,8503/1/2024
Canary Connect, Inc.Senior Secured12.8%1,574,856 1,547,112 1,547,112 3/1/2023Canary Connect, Inc.Senior Secured12.8%1,082,8191,069,5761,069,5763/1/2023
Canary Connect, Inc.Senior Secured12.0%7,911,081 7,580,300 7,580,300 3/1/2024Canary Connect, Inc.Senior Secured11.8%14,845,70914,078,79814,078,7983/1/2026
Canary Connect, Inc. Subtotal26,312,695 25,058,069 25,058,069 Canary Connect, Inc. Subtotal24,069,07823,040,07023,040,070
Computers & Storage TotalComputers & Storage Total9.2%$26,312,695 $25,058,069 $25,058,069 Computers & Storage Total9.6%$ 24,069,078$ 23,040,070$ 23,040,070
Enterprise NetworkingEnterprise NetworkingEnterprise Networking
Diamanti, Inc.Senior Secured11.0%$5,932,984 $5,164,730 $4,419,858 *Diamanti, Inc.Senior Secured11.0%$5,972,984 $4,947,187 $4,315,254 *
Enterprise Networking TotalEnterprise Networking Total1.6%$5,932,984 $5,164,730 $4,419,858 Enterprise Networking Total1.8%$ 5,972,984$ 4,947,187$ 4,315,254
InternetInternetInternet
10club Pte Ltd. ** ^Senior Secured12.0%$1,484,942 $932,216 $932,216 8/1/202510club Pte Ltd. ** ^Senior Secured12.0%4,453,3194,320,4914,320,49111/1/2025
Ainsly, Inc. ** ^Senior Secured12.5%99,687 99,687 99,687 8/1/202210club Pte Ltd. ** ^Senior Secured12.0%1,484,0151,011,1901,011,1908/1/2025
Ainsly, Inc. ** ^Senior Secured12.5%299,041 289,297 289,297 8/1/202210club Pte Ltd. Subtotal ** ^5,937,3345,331,6815,331,681
Ainsly, Inc. ** ^Senior Secured12.5%203,755 186,151 186,151 9/1/2023Ainsly, Inc. ** ^Senior Secured12.5%140,160137,827105,1758/1/2022
Ainsly, Inc. Subtotal ** ^602,483 575,135 575,135 Ainsly, Inc. ** ^Senior Secured12.5%157,465146,863112,0719/1/2023
iZENEtech, Inc. ** ^Senior Secured12.3%5,000,000 4,767,262 4,767,262 9/1/2024Ainsly, Inc. ** ^Senior Secured12.5%46,72346,72335,6548/1/2022
Mantra Health, Inc.Senior Secured12.0%494,930 452,884 452,884 6/1/2024Ainsly, Inc. Subtotal
** ^		344,348331,413252,900
Merchbar, Inc.Senior Secured11.8%313,845 304,024 304,024 3/1/2023iZENEtech, Inc. ** ^Senior Secured12.3%4,288,2864,118,3834,118,3839/1/2024
MyPizza Technologies, Inc.Senior Secured11.5%4,506,868 4,408,151 4,408,151 12/1/2023Mantra Health, Inc.Senior Secured12.0%451,677421,639421,6396/1/2024
MyPizza Technologies, Inc.Senior Secured11.5%2,398,172 2,375,145 2,375,145 2/1/2024Merchbar, Inc.Senior Secured11.8%215,283210,596210,5963/1/2023
MyPizza Technologies, Inc. Subtotal6,905,040 6,783,296 6,783,296 MyPizza Technologies, Inc.Senior Secured11.5%1,954,8961,939,7101,939,7102/1/2024
OneLocal, Inc. ** ^Senior Secured12.3%844,634 790,165 790,165 3/1/2023MyPizza Technologies, Inc.Senior Secured11.5%3,603,1573,540,3333,540,33312/1/2023
Osix CorporationSenior Secured12.3%11,302 11,061 11,061 12/1/2021MyPizza Technologies, Inc. Subtotal5,558,0535,480,0435,480,043
Osix CorporationSenior Secured12.0%4,949,983 4,658,801 4,658,801 8/1/2024OneLocal, Inc. ** ^Senior Secured12.0%491,167458,288458,2886/1/2025
Osix Corporation Subtotal4,961,285 4,669,862 4,669,862 OneLocal, Inc. ** ^Senior Secured12.3%754,232716,771716,7713/1/2023
Pixalate, Inc.Senior Secured12.5%5,936,798 5,334,2245,334,224 4/1/2025
7

IndustryIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair ValueMaturity DateIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
OneLocal, Inc. Subtotal ** ^1,245,3991,175,0591,175,059
Osix CorporationSenior Secured12.0%4,805,2024,590,2144,590,2148/1/2024
Pixalate, Inc.Senior Secured12.5%5,932,7315,436,0665,436,0664/1/2025
Proper Labs, Inc.Senior Secured11.5%1,484,0711,389,3281,389,32811/1/2024
RenoFi, Inc.Senior Secured11.5%1,485,4831,285,7751,285,7757/1/2025
RenoFi, Inc.Senior Secured12.0%132,856128,349128,3496/1/2023
Proper Labs, Inc.Senior Secured11.5%1,484,954 1,362,9171,362,917 11/1/2024RenoFi, Inc.Senior Secured12.0%132,929131,469131,4696/1/2023
RenoFi, Inc.Senior Secured12.0%180,689 172,416172,416 6/1/2023RenoFi, Inc.Senior Secured11.5%1,485,1461,448,9661,448,9669/1/2025
RenoFi, Inc.Senior Secured12.0%903,096 875,244875,244 12/1/2023RenoFi, Inc.Senior Secured12.0%722,833705,057705,05712/1/2023
RenoFi, Inc.Senior Secured12.0%180,788 178,093178,093 6/1/2023RenoFi, Inc. Subtotal3,959,2473,699,6163,699,616
RenoFi, Inc. Subtotal1,264,573 1,225,753 1,225,753 Residently USA, LLC ** ^Senior Secured12.0%397,463379,208379,2082/1/2023
Residently USA, LLC ** ^Senior Secured12.0%596,609 556,542556,542 2/1/2023Residently USA, LLC ** ^Senior Secured12.0%271,120271,120271,12012/1/2023
Residently USA, LLC ** ^Senior Secured12.0%338,733 338,734338,734 12/1/2023Residently USA, LLC Subtotal ** ^668,583650,328650,328
Residently USA, LLC Subtotal ** ^935,342 895,276 895,276 RetailerX, Inc.Senior Secured12.0%873,299842,948842,9485/1/2024
RetailerX, Inc.Senior Secured12.0%1,979,149 1,880,543 1,880,543 2/1/2025RetailerX, Inc.Senior Secured11.0%1,977,8661,898,6661,898,6662/1/2025
RetailerX, Inc.Senior Secured12.0%988,933 945,469945,469 5/1/2024RetailerX, Inc.Senior Secured11.0%1,981,5511,836,7331,836,73311/1/2025
RetailerX, Inc. Subtotal2,968,082 2,826,012 2,826,012 RetailerX, Inc. Subtotal4,832,7164,578,3474,578,347
Serface Care, Inc.Senior Secured12.3%961,139 471,7014,484 *Serface Care, Inc.Senior Secured12.3%597,411394,78528,419*
Shadow, PBCSenior Secured18.0%331,399 310,681— *Starface World, Inc.Senior Secured12.0%376,767371,359371,3591/1/2024
Starface World, Inc.Senior Secured12.0%465,994 457,669457,669 1/1/2024Starface World, Inc.Senior Secured11.3%2,473,4292,374,6792,374,67910/1/2024
Starface World, Inc.Senior Secured11.3%2,474,876 2,345,2792,345,279 10/1/2024Starface World, Inc.Senior Secured11.3%989,989974,065974,06510/1/2024
Starface World, Inc.Senior Secured12.0%873,600 834,446834,446 11/1/2023Starface World, Inc.Senior Secured11.3%990,206972,972972,97210/1/2024
Starface World, Inc.Senior Secured11.3%990,534 969,564969,564 10/1/2024Starface World, Inc.Senior Secured12.0%691,575667,052667,05211/1/2023
Starface World, Inc. Subtotal4,805,004 4,606,958 4,606,958 Starface World, Inc. Subtotal5,521,9665,360,1275,360,127
Stay Alfred, Inc.Senior Secured18.0%5,705,324 4,191,828706,176 *Stay Alfred, Inc.Senior Secured18.0%5,668,822 4,155,326397,792*
Usual Beverage Co.Senior Secured12.0%2,968,254 2,835,604 2,835,604 9/1/2024Usual Beverage Co.Senior Secured12.0%2,966,3012,866,7312,866,7319/1/2024
Verishop, Inc.Senior Secured12.0%1,934,422 1,913,620 1,913,620 12/1/2023Verishop, Inc.Senior Secured12.0%1,548,3011,535,0631,535,06312/1/2023
Verishop, Inc.Senior Secured12.0%1,933,690 1,870,5841,870,584 12/1/2023Verishop, Inc.Senior Secured12.0%1,547,7151,507,4271,507,42712/1/2023
Verishop, Inc. Subtotal3,868,112 3,784,204 3,784,204 Verishop, Inc. Subtotal3,096,0163,042,4903,042,490
Internet TotalInternet Total15.8%$51,836,140 $47,120,002 $42,856,452 Internet Total20.4%$ 57,573,446$ 53,232,172$ 49,029,759
Medical DevicesMedical DevicesMedical Devices
3D Bio Holdings, Inc.Senior Secured11.5%$1,980,400 $1,844,987 $1,844,987 3/1/20243D Bio Holdings, Inc.Senior Secured11.5%1,628,3091,536,8001,536,8003/1/2024
Ablacon, Inc.Senior Secured11.0%1,565,217 1,522,9551,522,955 3/1/2023Ablacon, Inc.Senior Secured11.0%1,072,1631,064,7051,064,7053/1/2023
Ablacon, Inc.Senior Secured11.0%1,565,793 1,550,0571,550,057 3/1/2023Ablacon, Inc.Senior Secured11.0%1,071,7681,051,6671,051,6673/1/2023
Ablacon, Inc. Subtotal3,131,010 3,073,012 3,073,012 Ablacon, Inc. Subtotal2,143,9312,116,3722,116,372
Anutra Medical, Inc.Senior Secured12.0%643,430 606,752606,752 7/1/2024Anutra Medical, Inc.Senior Secured12.0%64,49163,70963,70910/1/2022
Anutra Medical, Inc.Senior Secured12.0%116,304 113,876113,876 10/1/2022Anutra Medical, Inc.Senior Secured12.0%605,999579,410579,4107/1/2024
Anutra Medical, Inc. Subtotal759,734 720,628 720,628 Anutra Medical, Inc. Subtotal670,490643,119643,119
CytoVale, Inc.Senior Secured12.0%989,385 965,389 965,389 11/1/2024CytoVale, Inc.Senior Secured12.0%963,403945,260945,26011/1/2024
CytoVale, Inc.Senior Secured12.0%189,225 188,216188,216 6/1/2022CytoVale, Inc.Senior Secured12.0%68,95668,76968,7697/1/2022
CytoVale, Inc.Senior Secured12.0%128,011 126,136126,136 3/1/2022CytoVale, Inc.Senior Secured12.0%64,96764,82764,8276/1/2022
CytoVale, Inc.Senior Secured12.0%389,025 374,779374,779 10/1/2023CytoVale, Inc.Senior Secured12.0%1,823,4981,755,9951,755,9959/1/2024
CytoVale, Inc.Senior Secured12.0%1,978,327 1,886,5191,886,519 9/1/2024CytoVale, Inc.Senior Secured12.0%304,286295,577295,57710/1/2023
CytoVale, Inc.Senior Secured12.0%402,793 397,330397,330 11/1/2023CytoVale, Inc.Senior Secured12.0%318,866315,461315,46111/1/2023
CytoVale, Inc.Senior Secured12.0%167,378 166,394166,394 7/1/2022CytoVale, Inc. Subtotal3,543,9763,445,8893,445,889
CytoVale, Inc. Subtotal4,244,144 4,104,7634,104,763 eXo Imaging, Inc.Senior Secured11.8%1,256,6321,241,2661,241,2669/1/2023
eXo Imaging, Inc.Senior Secured11.8%1,627,407 1,545,5631,545,563 9/1/2023eXo Imaging, Inc.Senior Secured11.8%1,255,5101,206,6391,206,6399/1/2023
eXo Imaging, Inc.Senior Secured11.8%1,628,861 1,602,9831,602,983 9/1/2023eXo Imaging, Inc. Subtotal2,512,1422,447,9052,447,905
eXo Imaging, Inc. Subtotal3,256,268 3,148,546 3,148,546 Medrobotics Corporation, Inc.Senior Secured18.0%10,000,0008,895,103947,174*
Medrobotics Corporation, Inc.Senior Secured18.0%10,000,000 8,825,103 1,617,266 *Norbert Health, Inc.Senior Secured12.3%903,252831,250831,2506/1/2024
Norbert Health, Inc.Senior Secured12.3%989,489 888,986888,986 6/1/2024Siren Care, Inc.Senior Secured12.5%661,291654,076654,07610/1/2023
Siren Care, Inc.Senior Secured12.5%1,688,541 1,632,7121,632,712 10/1/2023Siren Care, Inc.Senior Secured12.5%1,322,2521,288,0841,288,08410/1/2023
Siren Care, Inc.Senior Secured12.5%844,482 832,656832,656 10/1/2023Siren Care, Inc. Subtotal1,983,5431,942,1601,942,160
Siren Care, Inc. Subtotal2,533,023 2,465,3682,465,368 
SVN Med, LLCSenior Secured15.0%1,805,854 1,513,3361,513,336 12/1/2023
SVN Med, LLCSenior Secured15.0%903,158 752,466 752,466 12/1/2023
SVN Med, LLC Subtotal2,709,012 2,265,802 2,265,802 
Medical Devices Total7.4%$29,603,080 $27,337,195 $20,129,358 
8

IndustryIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair ValueMaturity DateIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
SVN Med, LLCSenior Secured15.0%1,455,1921,262,8851,262,88512/1/2023
SVN Med, LLCSenior Secured15.0%727,782628,636628,63612/1/2023
SVN Med, LLC Subtotal2,182,9741,891,5211,891,521
Medical Devices TotalMedical Devices Total6.6%$ 25,568,617$ 23,750,119$ 15,802,190
Other HealthcareOther HealthcareOther Healthcare
Alchera IncorporatedSenior Secured12.0%$1,484,374 $1,303,337 $1,303,337 7/1/2024Alchera IncorporatedSenior Secured12.0%1,484,4081,429,2121,429,2124/1/2025
Artisan Development Labs, Inc.Senior Secured12.3%330,484 300,818 300,818 4/1/2023Alchera IncorporatedSenior Secured12.0%1,398,0031,265,7351,265,7357/1/2024
Elysium Health, Inc.Senior Secured12.0%7,422,577 6,641,287 6,641,287 2/1/2025Alchera Incorporated Subtotal2,882,4112,694,9472,694,947
GoForward, Inc.Senior Secured11.5%5,080,652 4,822,943 4,822,943 9/1/2023Elysium Health, Inc.Senior Secured12.0%7,246,4106,636,7286,636,7282/1/2025
GoForward, Inc.Senior Secured11.5%3,092,289 3,028,450 3,028,450 6/1/2024GoForward, Inc.Senior Secured11.5%2,820,4722,775,2832,775,2836/1/2024
GoForward, Inc. Subtotal8,172,941 7,851,3937,851,393 GoForward, Inc.Senior Secured11.5%3,917,3533,763,5793,763,5799/1/2023
Grayce, Inc.Senior Secured11.8%989,882 926,666926,666 9/1/2024GoForward, Inc. Subtotal6,737,8256,538,8626,538,862
Hello Heart Inc.Senior Secured11.0%1,980,181 1,850,314 1,850,314 6/1/2024Grayce, Inc.Senior Secured11.8%495,002484,858484,85812/1/2024
Hello Heart Inc.Senior Secured11.0%822,423 797,954 797,954 4/1/2023Grayce, Inc.Senior Secured11.8%989,714940,267940,2679/1/2024
Hello Heart Inc.Senior Secured11.0%658,124 651,843 651,843 4/1/2023Grayce, Inc. Subtotal1,484,7161,425,1251,425,125
Hello Heart Inc.Senior Secured11.0%1,980,181 1,943,709 1,943,709 6/1/2025Hello Heart Inc.Senior Secured11.0%1,979,0621,948,8611,948,8616/1/2025
Hello Heart Inc.Senior Secured11.0%654,825 647,193 647,193 11/1/2023Hello Heart Inc.Senior Secured11.0%577,942565,720565,7204/1/2023
Hello Heart Inc. Subtotal6,095,734 5,891,013 5,891,013 Hello Heart Inc.Senior Secured11.0%462,484459,359459,3594/1/2023
Honeybee Health, Inc.Senior Secured11.0%1,981,080 1,981,0801,981,080 6/1/2024Hello Heart Inc.Senior Secured11.0%1,805,1501,712,8731,712,8736/1/2024
Honeybee Health, Inc.Senior Secured11.0%990,302 884,075884,075 6/1/2024Hello Heart Inc.Senior Secured11.0%517,196512,455512,45511/1/2023
Honeybee Health, Inc. Subtotal2,971,382 2,865,155 2,865,155 Hello Heart Inc. Subtotal5,341,8345,199,2685,199,268
HumanAPI, Inc.Senior Secured11.8%1,239,409 1,200,4721,200,472 7/1/2023Honeybee Health, Inc.Senior Secured11.0%1,805,9921,805,9921,805,9926/1/2024
HumanAPI, Inc.Senior Secured11.8%1,979,803 1,862,8891,862,889 8/1/2024Honeybee Health, Inc.Senior Secured11.0%902,773826,907826,9076/1/2024
HumanAPI, Inc. Subtotal3,219,212 3,063,3613,063,361 Honeybee Health, Inc. Subtotal2,708,7652,632,8992,632,899
Minded, Inc.Senior Secured12.0%1,979,591 1,853,1251,853,125 12/1/2024HumanAPI, Inc.Senior Secured11.8%978,381957,884957,8847/1/2023
Oula Heath, Inc.Senior Secured12.0%720,624 682,358682,358 2/1/2024HumanAPI, Inc.Senior Secured11.8%1,921,7261,835,4651,835,4658/1/2024
Oula Heath, Inc.Senior Secured12.0%346,417 339,346339,346 7/1/2024HumanAPI, Inc.Senior Secured11.8%989,888964,714964,7142/1/2025
Oula Heath, Inc. Subtotal1,067,041 1,021,7041,021,704 HumanAPI, Inc. Subtotal3,889,9953,758,0633,758,063
PeerWell, Inc.Senior Secured12.0%988,760 937,505937,505 3/1/2024Minded, Inc.Senior Secured12.0%1,978,3351,878,9181,878,91812/1/2024
SchoolCare, Inc.Senior Secured11.8%489,975 485,876485,876 7/1/2022Oula Heath, Inc.Senior Secured12.0%326,263321,159321,1597/1/2024
Therapydia, Inc.Senior Secured12.0%1.7%68,858 66,17166,171 3/1/2023Oula Heath, Inc.Senior Secured12.0%588,090562,665562,6652/1/2024
Therapydia, Inc.Senior Secured12.0%494,795 427,722427,722 4/1/2025Oula Heath, Inc. Subtotal914,353883,824883,824
Therapydia, Inc.Senior Secured12.5%1.7%78,815 78,81578,815 6/1/2023PeerWell, Inc.Senior Secured12.0%813,889779,275779,2753/1/2024
Therapydia, Inc. Subtotal642,468 572,708572,708 Therapydia, Inc.Senior Secured12.0%494,791481,362481,36210/1/2025
Tia, Inc.Senior Secured11.8%1,978,216 1,782,1811,782,181 5/1/2024Therapydia, Inc.Senior Secured12.0%494,475440,648440,6484/1/2025
Tia, Inc.Senior Secured11.8%2,474,013 2,427,2422,427,242 9/1/2024Therapydia, Inc.Senior Secured12.0%1.7%47,99346,67446,6743/1/2023
Tia, Inc. Subtotal4,452,229 4,209,4234,209,423 Therapydia, Inc.Senior Secured12.5%1.7%58,58858,58858,5886/1/2023
Vessel Health, Inc.Senior Secured12.0%617,934 579,439579,439 3/1/2024Therapydia, Inc.Senior Secured12.0%494,886483,265483,2651/1/2026
Vessel Health, Inc.Senior Secured12.0%618,025 618,025618,025 3/1/2024Therapydia, Inc. Subtotal1,590,7331,510,5371,510,537
Vessel Health, Inc. Subtotal1,235,959 1,197,4641,197,464 Tia, Inc.Senior Secured11.8%1,746,2671,608,5351,608,5355/1/2024
Yes Health, Inc.Senior Secured12.0%989,918 923,488923,488 10/1/2024Tia, Inc.Senior Secured11.8%2,472,4442,437,4632,437,4639/1/2024
Other Healthcare Total14.7%$42,532,527 $40,044,323 $40,044,323 
Other Technology
8E14 Networks, Inc.Senior Secured13.0%$244,667 $193,953 $193,953 9/1/2023Tia, Inc. Subtotal4,218,7114,045,9984,045,998
8E14 Networks, Inc.Senior Secured13.0%588,950 588,950588,950 9/1/2024Vessel Health, Inc.Senior Secured12.0%508,722508,722508,7223/1/2024
8E14 Networks, Inc.Senior Secured13.0%271,036 271,037271,037 12/1/2023Vessel Health, Inc.Senior Secured12.0%508,647482,613482,6133/1/2024
8E14 Networks, Inc. Subtotal1,104,653 1,053,9401,053,940 Vessel Health, Inc. Subtotal1,017,369991,335991,335
8i CorporationSenior Secured12.0%1,354,806 1,292,8951,292,895 12/1/2023Yes Health, Inc.Senior Secured12.0%985,333962,450962,4506/1/2025
Aclima, Inc.Senior Secured11.9%242,946 229,730229,730 4/1/2022Yes Health, Inc.Senior Secured12.0%989,298938,489938,48910/1/2024
Aclima, Inc.Senior Secured12.0%1,688,781 1,539,8561,539,856 10/1/2023Yes Health, Inc. Subtotal1,974,6311,900,9391,900,939
Other Healthcare TotalOther Healthcare Total17.0%$ 42,799,977$ 40,876,718$ 40,876,718
Aclima, Inc. Subtotal1,931,727 1,769,5861,769,586 
Antitoxin Technologies Inc. ** ^Senior Secured11.5%215,156 209,021209,021 9/1/2022
Antitoxin Technologies Inc. ** ^Senior Secured12.0%903,043 810,476810,476 12/1/2023
Antitoxin Technologies Inc. Subtotal ** ^1,118,199 1,019,4971,019,497 
9

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair ValueMaturity Date
ATeam Army, Inc.Senior Secured12.0%825,393 797,681797,681 4/1/2023
Bankroll Club, LLCSenior Secured12.0%1,484,500 1,249,5001,249,500 4/1/2025
Beanfields, PBCSenior Secured12.5%1,033,620 1,007,9281,007,928 3/1/2023
Brave Care Inc.Senior Secured12.0%2,226,737 2,058,5282,058,528 9/1/2024
Brightside Benefit, Inc.Senior Secured12.1%277,586 270,960270,960 9/1/2022
Brightside Benefit, Inc.Senior Secured12.4%539,857 535,131535,131 3/1/2023
Brightside Benefit, Inc. Subtotal817,443 806,091806,091 
BW Industries, Inc.Senior Secured11.8%1,273,812 1,207,0301,207,030 5/1/2023
BW Industries, Inc.Senior Secured11.8%1,331,009 1,314,8281,314,828 6/1/2023
BW Industries, Inc. Subtotal2,604,821 2,521,8582,521,858 
Candy Club Holdings, Inc. **Senior Secured12.0%4,947,308 3,820,1743,820,174 10/1/2024
ClipCall, Inc.Senior Secured12.5%422,669 384,783384,783 10/1/2023
Content Adjacent, Inc.Senior Secured12.0%494,946 494,946494,946 6/1/2024
Content Adjacent, Inc.Senior Secured12.0%1,977,809 1,911,0281,911,028 6/1/2024
Content Adjacent, Inc. Subtotal2,472,755 2,405,9742,405,974 
Coterie Applications, Inc.Senior Secured12.5%988,671 988,671988,671 3/1/2024
Coterie Applications, Inc.Senior Secured12.5%494,512 494,512494,512 6/1/2024
Coterie Applications, Inc.Senior Secured11.0%2,476,319 2,226,0252,226,025 9/1/2025
Coterie Applications, Inc.Senior Secured12.5%814,735 748,547748,547 9/1/2023
Coterie Applications, Inc. Subtotal4,774,237 4,457,7554,457,755 
Daybase, Inc.Senior Secured12.0%989,944 897,214897,214 9/1/2024
Equestrian Labs, Inc.Senior Secured12.0%1,484,060 1,384,2471,384,247 6/1/2024
Equestrian Labs, Inc.Senior Secured12.0%742,292 725,590725,590 6/1/2024
Equestrian Labs, Inc. Subtotal2,226,352 2,109,8372,109,837 
Fakespot, Inc.Senior Secured12.0%989,796 969,877969,877 8/1/2024
Fakespot, Inc.Senior Secured12.0%494,655 440,854440,854 8/1/2024
Fakespot, Inc. Subtotal1,484,451 1,410,7311,410,731 
Fitplan, Inc. ** ^Senior Secured12.5%1,108,076 887,976887,976 11/1/2023
Flo Water, Inc.Senior Secured11.8%1,546,991 1,490,0401,490,040 12/1/2023
Hadrian Automation, Inc.Senior Secured11.5%2,723,638 2,568,9342,568,934 2/1/2025
Higher Ground Education, Inc.Senior Secured12.5%319,355 315,991315,991 5/1/2023
Higher Ground Education, Inc.Senior Secured12.5%1,303,281 1,266,8231,266,823 1/1/2023
Higher Ground Education, Inc.Senior Secured12.5%6,925,522 6,582,9496,582,949 6/1/2025
Higher Ground Education, Inc.Senior Secured12.5%361,764 357,519357,519 8/1/2023
Higher Ground Education, Inc.Senior Secured12.5%914,709 905,656905,656 4/1/2023
Higher Ground Education, Inc.Senior Secured12.5%4,944,397 4,720,1484,720,148 2/1/2025
Higher Ground Education, Inc. Subtotal14,769,028 14,149,08614,149,086 
Hint, Inc.Senior Secured12.0%3,956,602 3,685,8243,685,824 6/1/2023
Hyphen Technologies, Inc.Senior Secured12.0%2,474,661 2,308,9572,308,957 7/1/2024
Inscopix, Inc.Senior Secured12.0%4,947,952 4,815,7824,815,782 4/1/2025
Intergalactic Foods CorporationSenior Secured12.0%491,000 457,104457,104 1/1/2025
Jiko Group, Inc.Senior Secured12.0%2,530,820 2,453,4902,453,490 6/1/2023
Lambda School, Inc.Senior Secured11.3%1,957,007 1,957,007 1,957,007 8/1/2023
Lambda School, Inc.Senior Secured11.3%3,760,515 3,626,2223,626,222 7/1/2023
Lambda School, Inc. Subtotal5,717,522 5,583,2295,583,229 
Level Home, Inc.Senior Secured11.8%9,898,973 9,212,559 9,212,559 5/1/2025
IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Other Technology
8E14 Networks, Inc.Senior Secured13.0%189,298158,037158,0379/1/2023
8E14 Networks, Inc.Senior Secured13.0%217,429217,429217,42912/1/2023
8E14 Networks, Inc.Senior Secured13.0%593,053593,053593,0539/1/2024
8E14 Networks, Inc. Subtotal999,780968,519968,519
8i CorporationSenior Secured12.0%1,084,3791,044,7791,044,77912/1/2023
Aclima, Inc.Senior Secured12.0%1,320,9261,229,1151,229,11510/1/2023
Aclima, Inc.Senior Secured11.9%52,58351,88251,8824/1/2022
Aclima, Inc. Subtotal1,373,5091,280,9971,280,997
Antitoxin Technologies Inc. ** ^Senior Secured12.0%977,915859,458828,90912/1/2023
ATeam Army, Inc.Senior Secured12.0%581,394567,496567,4964/1/2023
Bankroll Club, LLCSenior Secured12.0%1,484,2291,284,2291,284,2294/1/2025
Bankroll Club, LLCSenior Secured12.0%1,484,6821,484,6821,484,6824/1/2025
Bankroll Club, LLC Subtotal2,968,9112,768,9112,768,911
Beautiful Beanfields, Inc.Senior Secured6%200,000 197,577197,577*
BloomTech Inc.Senior Secured11.3%2,810,2392,734,8742,734,8747/1/2023
BloomTech Inc.Senior Secured11.3%1,486,2541,486,2541,486,2548/1/2023
BloomTech Inc. Subtotal4,296,4934,221,1284,221,128
Brave Care Technologies, Inc.Senior Secured12.0%2,225,3062,098,5962,098,5969/1/2024
Brightside Benefit, Inc.Senior Secured12.1%142,978141,107141,1079/1/2022
Brightside Benefit, Inc.Senior Secured12.4%370,862368,613368,6133/1/2023
Brightside Benefit, Inc. Subtotal513,840509,720509,720
Bryte, Inc.Senior Secured10.0%2,478,4482,314,0082,314,0084/1/2025
BW Industries, Inc.Senior Secured11.8%917,378882,324882,3245/1/2023
BW Industries, Inc.Senior Secured11.8%978,087969,332969,3326/1/2023
BW Industries, Inc. Subtotal1,895,4651,851,6561,851,656
Candy Club Holdings, Inc. **Senior Secured12.0%2,473,9762,473,9762,473,9765/1/2025
Candy Club Holdings, Inc. **Senior Secured12.0%4,944,0674,064,9374,064,93710/1/2024
Candy Club Holdings, Inc. Subtotal **7,418,0436,538,9136,538,913
Ceres Imaging, Inc.Senior Secured12.0%1,979,1561,814,4281,814,4284/1/2025
ClipCall, Inc.Senior Secured12.5%330,981307,582307,58210/1/2023
Content Adjacent, Inc.Senior Secured12.0%451,692451,692451,6926/1/2024
Content Adjacent, Inc.Senior Secured12.0%1,804,9091,757,4931,757,4936/1/2024
Content Adjacent, Inc. Subtotal2,256,6012,209,1852,209,185
Coterie Applications, Inc.Senior Secured11.0%2,476,0012,261,4032,261,4039/1/2025
Coterie Applications, Inc.Senior Secured12.5%451,529451,529451,5296/1/2024
Coterie Applications, Inc.Senior Secured12.5%629,637589,812589,8129/1/2023
Coterie Applications, Inc.Senior Secured12.5%814,732814,732814,7323/1/2024
Coterie Applications, Inc.Senior Secured11.0%4,953,7294,839,0904,839,0901/1/2026
Coterie Applications, Inc. Subtotal9,325,6288,956,5668,956,566
Daybase, Inc.Senior Secured12.0%989,325919,324919,3249/1/2024
EasyKnock, Inc.Senior Secured11.5%2,500,0002,103,4782,103,47810/1/2025
Equestrian Labs, Inc.Senior Secured12.0%677,418665,575178,1496/1/2024
Equestrian Labs, Inc.Senior Secured12.0%677,676663,671177,6396/1/2024
Equestrian Labs, Inc.Senior Secured12.0%1,354,3431,283,189343,4606/1/2024
Equestrian Labs, Inc. Subtotal2,709,4372,612,435699,248
10

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair ValueMaturity Date
Level Home, Inc.Senior Secured11.8%9,901,803 9,720,1039,720,103 2/1/2025
Level Home, Inc. Subtotal19,800,776 18,932,66218,932,662 
Make School, Inc.Senior Secured11.3%79,946 69,06517,527 *
MASC Inc.Senior Secured12.0%492,167 416,177 416,177 9/1/2024
Mavenform, Inc.Senior Secured11.5%989,599 941,035 941,035 6/1/2024
Mavenform, Inc.Senior Secured11.5%495,115 483,920483,920 6/1/2025
Mavenform, Inc. Subtotal1,484,714 1,424,9551,424,955 
Merlin Labs, Inc.Senior Secured11.0%162,989 160,649160,649 6/1/2022
Merlin Labs, Inc.Senior Secured11.0%2,955,998 2,780,022 2,780,022 6/1/2025
Merlin Labs, Inc.Senior Secured11.0%140,450 139,165139,165 1/1/2023
Merlin Labs, Inc. Subtotal3,259,437 3,079,8363,079,836 
MinoMonsters, Inc. **Senior Secured11.5%2,475,592 2,376,573 2,376,573 10/1/2024
Momentus, Inc. **Senior Secured12.0%24,734,620 21,037,382 21,037,382 3/1/2022
NanoGriptech Inc.Senior Secured12.3%1,236,718 1,091,7231,091,723 8/1/2024
Natomas Labs, Inc.Senior Secured12.3%2,473,882 2,289,198 2,289,198 9/1/2024
Natomas Labs, Inc.Senior Secured12.3%1,484,527 1,446,096 1,446,096 9/1/2024
Natomas Labs, Inc.Senior Secured12.3%1,922,072 1,881,787 1,881,787 2/1/2024
Natomas Labs, Inc.Senior Secured12.3%2,881,676 2,725,512 2,725,512 2/1/2024
Natomas Labs, Inc. Subtotal8,762,157 8,342,5938,342,593 
NewGlobe Schools, Inc. ** ^Senior Secured12.5%2,745,261 2,664,1402,664,140 8/1/2023
NewGlobe Schools, Inc. ** ^Senior Secured12.5%1,594,079 1,568,9391,568,939 8/1/2022
NewGlobe Schools, Inc. ** ^Senior Secured12.5%4,515,287 4,439,9334,439,933 12/1/2023
NewGlobe Schools, Inc. Subtotal ** ^8,854,627 8,673,0128,673,012 
Noteleaf, Inc.Senior Secured18.0%2,277,124 1,876,762340,511 *
OnePointOne, Inc.Senior Secured12.0%1,921,261 1,804,7031,804,703 2/1/2024
OnePointOne, Inc.Senior Secured12.0%1,922,283 1,882,8421,882,842 2/1/2024
OnePointOne, Inc. Subtotal3,843,544 3,687,5453,687,545 
Opya, Inc.Senior Secured12.0%805,595 787,142787,142 11/1/2023
Percepto, Inc.Senior Secured12.2%1,078,015 1,044,3101,044,310 4/1/2023
Phase Four, Inc.Senior Secured11.5%1,481,313 1,375,7471,375,747 12/1/2024
Plant Prefab, Inc.Senior Secured11.0%2,972,178 2,760,1112,760,111 8/1/2024
Plant Prefab, Inc.Senior Secured11.0%499,053 486,902486,902 8/1/2022
Plant Prefab, Inc. Subtotal3,471,231 3,247,0133,247,013 
Platform Science, Inc.Senior Secured11.5%3,375,252 3,256,9063,256,906 10/1/2023
Platform Science, Inc.Senior Secured12.0%232,589 229,186229,186 2/1/2022
Platform Science, Inc. Subtotal3,607,841 3,486,0923,486,092 
Plethora, Inc.Senior Secured11.5%1,484,760 1,435,904 1,435,904 9/1/2024
Plethora, Inc.Senior Secured11.5%817,915 792,223 792,223 7/1/2022
Plethora, Inc. Subtotal2,302,675 2,228,1272,228,127 
Privoro Holdings, Inc.Senior Secured12.0%1,875,841 1,780,4831,780,483 4/1/2024
Reali Inc.Senior Secured12.5%2,966,638 2,837,6112,837,611 3/1/2024
Reali Inc.Senior Secured12.5%11,874,620 11,310,85711,310,857 12/1/2024
Reali Inc.Senior Secured12.5%3,258,942 3,154,5503,154,550 9/1/2023
Reali Inc. Subtotal18,100,200 17,303,01817,303,018 
Romaine Empire, Inc.Senior Secured12.3%4,395,237 4,248,9004,248,900 9/1/2023
Saltbox, Inc.Senior Secured12.3%310,045 301,947301,947 6/1/2023
SMS OPCO LLCSenior Secured8.0%34,625 15,87515,875 *
Sorfeo Inc.Senior Secured11.5%990,202 981,043 981,043 9/1/2024
Sustainable Living Partners, LLCSenior Secured12.5%3,366,247 3,093,6603,093,660 8/1/2023
Sustainable Living Partners, LLCSenior Secured12.5%9,812,494 8,417,6678,417,667 9/1/2025
IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Fakespot, Inc.Senior Secured12.0%960,835946,194820,6408/1/2024
Fakespot, Inc.Senior Secured12.0%480,170440,212381,7998/1/2024
Fakespot, Inc. Subtotal1,441,0051,386,4061,202,439
Fitplan, Inc. ** ^Senior Secured12.5%878,196736,623736,62311/1/2023
Flo Water, Inc.Senior Secured11.8%1,237,4981,201,1461,201,14612/1/2023
Hadrian Automation, Inc.Senior Secured11.5%2,722,0912,597,9022,597,9022/1/2025
Heading Health Inc.Senior Secured12.5%494,097440,055440,05512/1/2024
Higher Ground Education, Inc.Senior Secured12.5%839,685824,222824,2221/1/2023
Higher Ground Education, Inc.Senior Secured12.5%275,538273,082273,0828/1/2023
Higher Ground Education, Inc.Senior Secured12.5%6,920,7306,642,0596,642,0596/1/2025
Higher Ground Education, Inc.Senior Secured12.5%230,397228,642228,6425/1/2023
Higher Ground Education, Inc.Senior Secured12.5%645,062640,536640,5364/1/2023
Higher Ground Education, Inc.Senior Secured12.5%4,827,5964,653,4044,653,4042/1/2025
Higher Ground Education, Inc. Subtotal13,739,00813,261,94513,261,945
Hint, Inc.Senior Secured12.0%2,909,1872,761,0192,761,0196/1/2023
Hint, Inc.Senior Secured12.0%7,424,1085,843,7045,843,7045/1/2025
Hint, Inc. Subtotal10,333,2958,604,7238,604,723
Hyphen Technologies, Inc.Senior Secured12.0%2,330,6972,210,4322,210,4327/1/2024
Inscopix, Inc.Senior Secured12.0%4,944,7504,836,7604,836,7604/1/2025
Intergalactic Foods CorporationSenior Secured12.0%494,669467,502467,5021/1/2025
Invert Robotics Group, Ltd. ** ^Senior Secured13.0%1,977,3241,791,7671,791,7671/1/2025
Jiko Group, Inc.Senior Secured12.0%1,860,8471,818,8341,818,8346/1/2023
Kinoo, Inc.Senior Secured11.5%989,883929,184929,1841/1/2025
Lacuna Technologies, Inc.Senior Secured12.0%1,484,4401,360,0021,360,0025/1/2025
Level Home, Inc.Senior Secured11.8%9,895,8719,750,4919,750,4912/1/2025
Level Home, Inc.Senior Secured11.8%9,892,8709,325,1919,325,1915/1/2025
Level Home, Inc. Subtotal19,788,74119,075,68219,075,682
Literati, Inc.Senior Secured11.3%4,926,5634,551,1704,551,1709/1/2025
Luva Inc.Senior Secured11.3%495,103463,562463,56212/1/2024
Luva Inc.Senior Secured11.3%495,313484,526484,52612/1/2024
Luva Inc. Subtotal990,416948,088948,088
MASC Inc.Senior Secured12.0%494,698435,929435,9299/1/2024
Mavenform, Inc.Senior Secured11.0%1,486,1191,412,5931,412,5937/1/2025
Mavenform, Inc.Senior Secured11.5%494,828485,543485,5436/1/2025
Mavenform, Inc.Senior Secured11.5%902,614868,122868,1226/1/2024
Mavenform, Inc. Subtotal2,883,5612,766,2582,766,258
Merlin Labs, Inc.Senior Secured11.0%2,970,9562,826,4622,826,4626/1/2025
Merlin Labs, Inc.Senior Secured11.0%90,16889,62989,6291/1/2023
Merlin Labs, Inc.Senior Secured11.0%55,82455,49855,4986/1/2022
Merlin Labs, Inc. Subtotal3,116,9482,971,5892,971,589
MinoMonsters, Inc.**^Senior Secured11.5%2,474,1592,398,7612,398,76110/1/2024
Momentus, Inc. **Senior Secured12.0%23,804,58723,178,67423,178,6742/1/2024
Natomas Labs, Inc.Senior Secured12.3%2,472,2462,333,0422,333,0429/1/2024
Natomas Labs, Inc.Senior Secured12.3%1,569,4611,542,7911,542,7912/1/2024
Natomas Labs, Inc.Senior Secured12.3%2,353,0222,249,1632,249,1632/1/2024
Natomas Labs, Inc.Senior Secured12.3%1,483,5571,454,7511,454,7519/1/2024
Natomas Labs, Inc. Subtotal7,878,2867,579,7477,579,747
NewGlobe Schools, Inc. ** ^Senior Secured12.5%747,140741,155741,1558/1/2022
NewGlobe Schools, Inc. ** ^Senior Secured12.5%2,090,9332,043,8612,043,8618/1/2023
11

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair ValueMaturity Date
Sustainable Living Partners, LLC Subtotal13,178,741 11,511,32711,511,327 
The Safe and Fair Food Company LLCSenior Secured12.3%2,472,815 2,166,0102,166,010 9/1/2024
TomoCredit, Inc.Senior Secured12.5%488,875 457,800457,800 9/1/2023
TomoCredit, Inc.Senior Secured12.5%326,072 326,072326,072 9/1/2023
TomoCredit, Inc. Subtotal814,947 783,872783,872 
Umbra Lab, Inc.Senior Secured12.0%4,946,375 4,776,2214,776,221 6/1/2024
Umbra Lab, Inc.Senior Secured12.0%4,948,123 4,755,2594,755,259 6/1/2024
Umbra Lab, Inc. Subtotal9,894,498 9,531,4809,531,480 
Veev Group, Inc.Senior Secured12.5%113,292 112,607 112,607 12/1/2021
Veev Group, Inc.Senior Secured12.5%904,219 843,463 843,463 6/1/2023
Veev Group, Inc.Senior Secured12.5%2,713,229 2,682,160 2,682,160 6/1/2023
Veev Group, Inc.Senior Secured12.5%19,786,297 18,857,081 18,857,081 12/1/2024
Veev Group, Inc. Subtotal23,517,037 22,495,31122,495,311 
Velo Holdings LimitedSenior Secured12.0%2,471,720 2,029,794 1,433,932 *
Welcome Tech, Inc.Senior Secured10.5%263,714 256,175256,175 5/1/2022
Wheels Labs, Inc.Senior Secured12.0%2,411,272 2,298,078 2,298,078 6/1/2023
Wine Plum, Inc.Senior Secured12.5%432,755 424,735 424,735 9/1/2022
World Wrapps II, Inc.Senior Secured12.0%494,616 494,616 494,616 6/1/2024
World Wrapps II, Inc.Senior Secured12.0%494,582 378,922 378,922 6/1/2024
World Wrapps II, Inc. Subtotal989,198 873,538873,538 
Other Technology Total83%$244,286,844 $227,642,696 $225,459,045 
Security
Nok Nok Labs, Inc.Senior Secured12.5%$282,619 $280,701 $280,701 6/1/2022
Popily, Inc.Senior Secured12.5%1,354,669 1,354,669 1,354,669 12/1/2023
Popily, Inc.Senior Secured12.5%902,840 825,790 825,790 12/1/2023
Popily, Inc. Subtotal2,257,509 2,180,4592,180,459 
Security Total0.9%$2,540,128 $2,461,160 $2,461,160 
Semiconductors & Equipment
ETA Compute, Inc.Senior Secured12.0%$113,308 $112,808$112,808 11/1/2021
Semiconductors & Equipment Total—%$113,308 $112,808 $112,808 
Software
Afero, Inc.Senior Secured12.3%$2,329,882 $2,104,137 $2,104,137 1/1/2024
Amino, Inc.Senior Secured11.5%8,913,291 8,419,9448,419,944 2/1/2025
BackboneAI Inc.Senior Secured12.3%494,702 483,992483,992 5/1/2024
BackboneAI Inc.Senior Secured12.3%361,652 330,034330,034 6/1/2023
BackboneAI Inc.Senior Secured12.3%361,828 355,995355,995 6/1/2023
BackboneAI Inc. Subtotal1,218,182 1,170,0211,170,021 
Big Run Studios, Inc.Senior Secured11.5%1,980,251 1,854,4021,854,402 8/1/2024
Big Run Studios, Inc.Senior Secured11.5%990,098 966,747966,747 12/1/2024
Big Run Studios, Inc. Subtotal2,970,349 2,821,1492,821,149 
Bizly, Inc.Senior Secured11.5%297,042 289,338289,338 12/1/2024
Bizly, Inc.Senior Secured11.5%346,415 288,842288,842 12/1/2024
Bizly, Inc. Subtotal643,457 578,180578,180 
Blockdaemon, Inc.Senior Secured12.0%989,275 938,967938,967 3/1/2024
Blockdaemon, Inc.Senior Secured11.3%81,664 80,62680,626 6/1/2022
Blockdaemon, Inc. Subtotal1,070,939 1,019,5931,019,593 
BriteCo LLCSenior Secured12.0%395,786 335,075335,075 7/1/2024
Censia Inc.Senior Secured11.0%462,408 451,357451,357 10/1/2022
Cloudleaf, Inc.Senior Secured12.0%741,823 731,193731,193 9/1/2024
IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
NewGlobe Schools, Inc. ** ^Senior Secured12.5%3,618,1233,570,0523,570,05212/1/2023
NewGlobe Schools, Inc. Subtotal ** ^6,456,1966,355,0686,355,068
Noteleaf, Inc.Senior Secured18.0%2,277,1241,861,011250,616*
OnePointOne, Inc.Senior Secured12.0%1,568,7471,542,6581,542,6582/1/2024
OnePointOne, Inc.Senior Secured12.0%1,567,9131,490,3851,490,3852/1/2024
OnePointOne, Inc. Subtotal3,136,6603,033,0433,033,043
Opya, Inc.Senior Secured12.0%423,701412,644412,64411/1/2023
Percepto, Inc.Senior Secured12.2%675,097661,097661,0974/1/2023
Phase Four, Inc.Senior Secured11.5%1,484,8701,399,8601,399,86012/1/2024
Plant Prefab, Inc.Senior Secured11.0%1,981,1491,940,0121,940,01211/1/2024
Plant Prefab, Inc.Senior Secured11.0%2,884,3882,728,0422,728,0428/1/2024
Plant Prefab, Inc.Senior Secured11.0%146,914144,687144,6878/1/2022
Plant Prefab, Inc. Subtotal5,012,4514,812,7414,812,741
Platform Science, Inc.Senior Secured11.5%2,637,0112,564,7902,564,79010/1/2023
Plethora, Inc.Senior Secured18.0%2,281,5761,624,139506,217*
Privoro Holdings, Inc.Senior Secured12.0%1,556,4581,491,0781,491,0784/1/2024
Reali Inc.Senior Secured12.5%2,444,7102,357,5342,357,5343/1/2024
Reali Inc.Senior Secured12.5%11,866,55311,423,56811,423,56812/1/2024
Reali Inc.Senior Secured12.5%2,518,5472,456,2512,456,2519/1/2023
Reali Inc. Subtotal16,829,81016,237,35316,237,353
Romaine Empire, Inc.Senior Secured12.3%3,383,2043,296,4713,296,4719/1/2023
Saltbox, Inc.Senior Secured12.3%228,101223,701223,7016/1/2023
Setex Technologies, Inc.Senior Secured12.3%1,200,6061,092,7301,092,7308/1/2024
SMS OPCO LLCSenior Secured8.0%30,87512,12512,125*
Sorfeo Inc.Senior Secured11.5%989,627982,789982,7899/1/2024
Sustainable Living Partners, LLCSenior Secured12.5%2,563,9092,404,3142,404,3148/1/2023
Sustainable Living Partners, LLCSenior Secured12.5%9,888,6258,708,4508,708,4509/1/2025
Sustainable Living Partners, LLC Subtotal12,452,53411,112,76411,112,764
The Farm Project, PBC.Senior Secured12.0%3,958,5733,770,0013,770,0011/1/2025
The Safe and Fair Food Company LLCSenior Secured12.3%2,279,9012,052,1622,052,1629/1/2024
TomoCredit, Inc.Senior Secured12.5%377,808359,167359,1679/1/2023
TomoCredit, Inc.Senior Secured12.5%251,992251,992251,9929/1/2023
TomoCredit, Inc. Subtotal629,800611,159611,159
Umbra Lab, Inc.Senior Secured12.0%4,514,0154,393,1924,393,1926/1/2024
Umbra Lab, Inc.Senior Secured12.0%4,515,6594,378,6364,378,6366/1/2024
Umbra Lab, Inc. Subtotal9,029,6748,771,8288,771,828
Veev Group, Inc.Senior Secured12.5%665,622632,331632,3316/1/2023
Veev Group, Inc.Senior Secured12.5%1,997,2871,980,4401,980,4406/1/2023
Veev Group, Inc.Senior Secured12.5%19,772,54619,042,44719,042,44712/1/2024
Veev Group, Inc. Subtotal22,435,45521,655,21821,655,218
Velo Holdings LimitedSenior Secured12.0%2,471,7201,881,4901,487,667*
Wheels Labs, Inc.Senior Secured12.0%1,878,4561,816,1221,816,1226/1/2023
Wine Plum, Inc.Senior Secured12.5%223,102220,839220,8399/1/2022
World Wrapps II, Inc.Senior Secured12.0%451,908451,908451,9086/1/2024
World Wrapps II, Inc.Senior Secured12.0%451,349367,107367,1076/1/2024
World Wrapps II, Inc.Senior Secured12.0%451,381451,381451,3816/1/2024
World Wrapps II, Inc. Subtotal1,354,6381,270,3961,270,396
Other Technology Total101.5%$263,707,590$248,916,554$243,666,711
Security
Lassen Peak, Inc.Senior Secured11.0%360,652340,525340,5258/1/2024
Nok Nok Labs, Inc.Senior Secured12.5%97,15096,88396,8836/1/2022
12

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair ValueMaturity Date
Cloudleaf, Inc.Senior Secured12.0%1,083,991 1,036,483 1,036,483 8/1/2023
Cloudleaf, Inc. Subtotal1,825,814 1,767,6761,767,676 
Dynamics, Inc.Senior Secured12.5%722,729 712,235712,235 2/1/2022
Eskalera, Inc.Senior Secured10.5%624,919 613,012 613,012 3/1/2023
Grokker, Inc.Senior Secured11.5%990,031 941,998941,998 3/1/2025
ICX Media, Inc.Senior Secured12.5%762,829 651,140528,348 *
Ipolipo, Inc.Senior Secured12.0%747,313 706,749706,749 9/1/2022
Medable, Inc.Senior Secured12.0%596,411 591,130591,130 2/1/2023
Medable, Inc.Senior Secured12.0%1,192,669 1,150,8191,150,819 2/1/2023
Medable, Inc. Subtotal1,789,080 1,741,9491,741,949 
Metawave CorporationSenior Secured12.0%334,707 330,675330,675 7/1/2022
Migo Money, Inc. ** ^Senior Secured12.3%84,744 83,88483,884 12/1/2021
Migo Money, Inc. ** ^Senior Secured12.5%111,528 111,527111,527 3/1/2022
Migo Money, Inc. Subtotal ** ^196,272 195,411195,411 
OrderGroove, Inc.Senior Secured12.0%4,407,324 4,187,2904,187,290 4/1/2024
Pixlee TurnTo, Inc.Senior Secured12.0%2,227,435 2,114,9902,114,990 8/1/2025
Pixlee TurnTo, Inc.Senior Secured12.3%1,397,615 1,346,0001,346,000 1/1/2024
Pixlee TurnTo, Inc. Subtotal3,625,050 3,460,9903,460,990 
Safe Securities Inc.Senior Secured12.0%298,231 286,467286,467 2/1/2023
Safe Securities Inc.Senior Secured11.5%5,940,585 5,603,3505,603,350 9/1/2025
Safe Securities Inc. Subtotal6,238,816 5,889,8175,889,817 
SF Insuretech, Inc.Senior Secured11.8%2,970,234 2,800,9052,800,905 8/1/2024
SmartVid.io, Inc.Senior Secured11.8%1,979,643 1,757,9591,757,959 9/1/2024
Sonatus, IncSenior Secured12.5%814,932 739,281739,281 9/1/2023
Splitwise, Inc.Senior Secured12.3%266,016 260,121260,121 12/1/2022
Swiftly Systems, Inc.Senior Secured11.5%4,946,786 4,215,6894,215,689 10/1/2024
Swiftly Systems, Inc.Senior Secured11.5%2,474,367 2,351,0542,351,054 1/1/2025
Swiftly Systems, Inc. Subtotal7,421,153 6,566,7436,566,743 
Swivel, Inc.Senior Secured12.0%91,598 89,14789,147 8/1/2022
Swivel, Inc.Senior Secured12.0%107,203 107,203107,203 10/1/2022
Swivel, Inc. Subtotal198,801 196,350196,350 
Terragon, Inc. ** ^Senior Secured12.0%494,823 360,515360,515 5/1/2024
Trucking Jobs Technologies, Inc.Senior Secured10.5%634,347 577,387577,387 7/1/2024
Truthset, Inc.Senior Secured10.5%222,284 213,657213,657 2/1/2023
Truthset, Inc.Senior Secured10.5%258,204 258,204258,204 5/1/2023
Truthset, Inc. Subtotal480,488 471,861471,861 
Workspot, Inc.Senior Secured12.0%989,443 942,298942,298 3/1/2024
Workspot, Inc.Senior Secured12.0%298,100 289,509289,509 8/1/2022
Workspot, Inc.Senior Secured12.0%2,621,676 2,513,6652,513,665 11/1/2023
Workspot, Inc.Senior Secured12.0%348,881 345,110345,110 10/1/2022
Workspot, Inc. Subtotal4,258,100 4,090,5824,090,582 
Software Total20.5%$59,787,715 $55,920,102 $55,797,310 
Technology Services
iLearningEngines Inc.Senior Secured11.5%$1,980,638 $1,862,729 $1,862,729 1/1/2025
iLearningEngines Inc.Senior Secured11.5%7,919,550 7,132,2787,132,278 6/1/2024
iLearningEngines Inc. Subtotal9,900,188 8,995,0078,995,007 
Klar Holdings Limited ** ^Senior Secured12.5%116,618 105,857105,857 10/1/2022
Klar Holdings Limited ** ^Senior Secured12.0%3.0%2,480,488 2,425,5152,425,515 8/1/2024
Klar Holdings Limited ** ^Senior Secured14.2%4.0%193,445 186,034186,034 7/1/2023
Klar Holdings Limited ** ^Senior Secured12.0%2,473,976 2,304,2822,304,282 6/1/2024
Klar Holdings Limited Subtotal ** ^5,264,527 5,021,6885,021,688 
IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Popily, Inc.Senior Secured12.5%1,979,7751,820,4721,820,4728/1/2024
Security Total0.9%$ 2,437,577$ 2,257,880$ 2,257,880
Software
Afero, Inc.Senior Secured12.3%1,884,8291,736,4091,736,4091/1/2024
Amino, Inc.Senior Secured11.5%1,980,5891,950,5921,950,5927/1/2025
Amino, Inc.Senior Secured11.5%8,908,2038,512,2278,512,2272/1/2025
Amino, Inc. Subtotal10,888,79210,462,81910,462,819
BackboneAI Inc.Senior Secured12.3%437,024429,559429,5595/1/2024
BackboneAI Inc.Senior Secured12.3%266,198263,035263,0356/1/2023
BackboneAI Inc.Senior Secured12.3%266,068248,689248,6896/1/2023
BackboneAI Inc. Subtotal969,290941,283941,283
Big Run Studios, Inc.Senior Secured11.5%1,922,0301,829,1971,829,1978/1/2024
Big Run Studios, Inc.Senior Secured11.5%989,947971,046971,04612/1/2024
Big Run Studios, Inc. Subtotal2,911,9772,800,2432,800,243
Bizly, Inc.Senior Secured11.5%346,205300,476300,47612/1/2024
Bizly, Inc.Senior Secured11.5%296,868290,845290,84512/1/2024
Bizly, Inc.Senior Secured11.5%990,137957,586957,5863/1/2025
Bizly, Inc. Subtotal1,633,2101,548,9071,548,907
Blockdaemon, Inc.Senior Secured11.3%27,98727,84327,8436/1/2022
Blockdaemon, Inc.Senior Secured12.0%814,313780,343780,3433/1/2024
Blockdaemon, Inc. Subtotal842,300808,186808,186
BriteCo LLCSenior Secured12.0%346,354346,354346,3542/1/2025
BriteCo LLCSenior Secured12.0%372,755328,224328,2247/1/2024
BriteCo LLC Subtotal719,109674,578674,578
Censia Inc.Senior Secured11.0%255,793252,243252,24310/1/2022
Chowbus, Inc.Senior Secured12.0%989,639927,015927,01511/1/2024
Chowbus, Inc.Senior Secured12.0%3,958,3303,382,1113,382,11111/1/2024
Chowbus, Inc. Subtotal4,947,9694,309,1264,309,126
Eskalera, Inc.Senior Secured10.5%427,402421,757421,7573/1/2023
Grokker, Inc.Senior Secured11.5%989,446951,740951,7403/1/2025
ICX Media, Inc.Senior Secured18.0%762,829635,515446,074*
Ipolipo, Inc.Senior Secured12.0%384,807373,250373,2509/1/2022
Medable, Inc.Senior Secured12.0%794,560775,634775,6342/1/2023
Medable, Inc.Senior Secured12.0%397,331394,957394,9572/1/2023
Medable, Inc. Subtotal1,191,8911,170,5911,170,591
Parkoursc, Inc.Senior Secured12.0%824,672797,081797,0818/1/2023
Parkoursc, Inc.Senior Secured12.0%683,764675,976675,9769/1/2024
Parkoursc, Inc. Subtotal1,508,4361,473,0571,473,057
Pixlee TurnTo, Inc.Senior Secured12.0%2,226,0472,133,0602,133,0608/1/2025
Pixlee TurnTo, Inc.Senior Secured12.3%1,130,6431,097,0021,097,0021/1/2024
Pixlee TurnTo, Inc. Subtotal3,356,6903,230,0623,230,062
Safe Securities Inc.Senior Secured12.0%198,683193,357193,3572/1/2023
Safe Securities Inc.Senior Secured11.5%5,939,6845,651,2335,651,2339/1/2025
Safe Securities Inc. Subtotal6,138,3675,844,5905,844,590
SF Insuretech, Inc.Senior Secured11.8%2,883,1282,758,2252,758,2258/1/2024
SmartVid.io, Inc.Senior Secured11.8%1,978,4131,810,8221,810,8229/1/2024
Sonatus, IncSenior Secured12.5%629,789584,181584,1819/1/2023
Splitwise, Inc.Senior Secured12.3%164,446162,132162,13212/1/2022
StayTuned Digital, Inc.Senior Secured12.0%98,30097,54597,5456/1/2025
StayTuned Digital, Inc.Senior Secured12.0%1,484,4191,474,6451,474,6452/1/2025
StayTuned Digital, Inc.Senior Secured12.0%283,247240,427240,4271/1/2025
StayTuned Digital, Inc. Subtotal1,865,9661,812,6171,812,617
13

IndustryIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair ValueMaturity DateIndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
Swiftly Systems, Inc.Senior Secured11.5%4,356,5493,811,8123,811,81210/1/2024
Swiftly Systems, Inc.Senior Secured11.5%2,357,1022,262,7802,262,7801/1/2025
Swiftly Systems, Inc. Subtotal6,713,6516,074,5926,074,592
Swivel, Inc.Senior Secured12.0%59,44459,44459,44410/1/2022
Swivel, Inc.Senior Secured12.0%42,88042,29542,2958/1/2022
Swivel, Inc. Subtotal102,324101,739101,739
Terragon, Inc. ** ^Senior Secured12.0%436,971340,286340,2865/1/2024
Trucking Jobs Technologies, Inc.Senior Secured10.5%596,831555,563555,5637/1/2024
Truthset, Inc.Senior Secured10.5%147,561143,675143,6752/1/2023
Truthset, Inc.Senior Secured10.5%185,410185,410185,4105/1/2023
Truthset, Inc. Subtotal332,971329,085329,085
UCM Digital Health, Inc.Senior Secured12.0%866,100782,864782,8645/1/2025
WorkRails, Inc.Senior Secured12.0%371,125343,082343,0822/1/2025
WorkRails, Inc.Senior Secured12.0%123,723120,866120,8663/1/2025
WorkRails, Inc. Subtotal494,848463,948463,948
Workspot, Inc.Senior Secured12.0%193,455192,245192,24510/1/2022
Workspot, Inc.Senior Secured12.0%2,075,4182,007,8072,007,80711/1/2023
Workspot, Inc.Senior Secured12.0%814,451782,631782,6313/1/2024
Workspot, Inc.Senior Secured12.0%139,550137,499137,4998/1/2022
Workspot, Inc. Subtotal3,222,8743,120,1823,120,182
Software TotalSoftware Total23.5%$ 60,101,449$ 56,530,592$ 56,341,151
Technology ServicesTechnology Services
iLearningEngines Inc.Senior Secured11.5%2,475,009884,628884,62810/1/2024
iLearningEngines Inc.Senior Secured11.5%7,225,6216,663,0276,663,0276/1/2024
iLearningEngines Inc.Senior Secured11.5%1,979,5021,885,8581,885,8581/1/2025
iLearningEngines Inc. Subtotal11,680,1329,433,5139,433,513
Klar Holdings Limited ** ^Senior Secured12.0%3.0%2,423,4722,382,5822,382,5828/1/2024
Klar Holdings Limited ** ^Senior Secured12.0%2,257,7492,136,7602,136,7606/1/2024
Klar Holdings Limited ** ^Senior Secured12.5%64,74261,19761,19710/1/2022
Liftit, Inc. ** ^Senior Secured12.0%232,531 230,698230,698 10/1/2022Klar Holdings Limited ** ^Senior Secured14.2%4.0%148,026143,703143,7037/1/2023
Liftit, Inc. ** ^Senior Secured12.0%198,667 193,153193,153 8/1/2022Klar Holdings Limited Subtotal ** ^4,893,9894,724,2424,724,242
Liftit, Inc. Subtotal ** ^431,198 423,851423,851 Liftit, Inc. ** ^Senior Secured12.0%93,00391,68791,6878/1/2022
Loansnap Holdings Inc. **Senior Secured11.0%1,454,669 1,404,0651,404,065 12/1/2022Liftit, Inc. ** ^Senior Secured12.0%128,939128,351128,35110/1/2022
Riffyn, Inc.Senior Secured11.5%1,921,731 1,864,0541,864,054 2/1/2024Liftit, Inc. Subtotal ** ^221,942220,038220,038
Riffyn, Inc.Senior Secured11.5%1,979,494 1,957,7511,957,751 4/1/2024Loansnap Holdings Inc. **Senior Secured11.0%896,576876,727876,72712/1/2022
Riffyn, Inc. Subtotal3,901,225 3,821,8053,821,805 Loansnap Holdings Inc. **Senior Secured10.3%3,716,9433,495,0563,495,0562/1/2025
Zanbato, Inc.Senior Secured11.0%2,845,285 2,777,4612,777,461 9/1/2023Loansnap Holdings Inc. Subtotal **4,613,5194,371,7834,371,783
Zeel Networks, Inc.Senior Secured11.0%2,016,141 1,989,1031,794,745 6/1/2024Zanbato, Inc.Senior Secured11.0%2,191,2722,151,0442,151,0449/1/2023
Technology Services TotalTechnology Services Total8.9%$25,813,233 $24,432,980 $24,238,622 Technology Services Total8.7%$ 23,600,854$ 20,900,620$ 20,900,620
WirelessWirelessWireless
AirVine Scientific, Inc.Senior Secured10.8%$619,145 $580,667 $580,667 6/1/2024AirVine Scientific, Inc.Senior Secured12.0%27,79227,62027,6209/1/2022
AirVine Scientific, Inc.Senior Secured12.0%53,974 53,36253,362 9/1/2022AirVine Scientific, Inc.Senior Secured10.8%564,271536,963536,9636/1/2024
AirVine Scientific, Inc.Senior Secured10.8%619,215 603,212603,212 6/1/2024AirVine Scientific, Inc.Senior Secured12.0%27,77327,37627,3769/1/2022
AirVine Scientific, Inc.Senior Secured12.0%53,936 52,53152,531 9/1/2022AirVine Scientific, Inc.Senior Secured10.8%564,556552,690552,6906/1/2024
AirVine Scientific, Inc. Subtotal1,346,270 1,289,7721,289,772 AirVine Scientific, Inc. Subtotal1,184,3921,144,6491,144,649
MeshPlusPlus, Inc.Senior Secured12.5%247,340 240,612240,612 6/1/2024MeshPlusPlus, Inc.Senior Secured12.5%611,266576,568576,5683/1/2024
MeshPlusPlus, Inc.Senior Secured12.5%741,768 690,587690,587 3/1/2024MeshPlusPlus, Inc.Senior Secured12.5%225,844221,063221,0636/1/2024
MeshPlusPlus, Inc. Subtotal989,108 931,199931,199 MeshPlusPlus, Inc. Subtotal837,110797,631797,631
Parallel Wireless, Inc.Senior Secured11.8%4,693,306 4,555,394 4,555,394 6/1/2023
Parallel Wireless, Inc.Senior Secured11.8%2,644,537 2,614,054 2,614,054 9/1/2023
Parallel Wireless, Inc.Senior Secured11.8%2,546,154 2,518,066 2,518,066 8/1/2023
Parallel Wireless, Inc. Subtotal9,883,997 9,687,5149,687,514 
Wireless Total4.4%$12,219,375 $11,908,485 $11,908,485 
Grand Total172.6%$517,956,722 $483,243,524 $468,526,464 
14

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%8,500,0008,208,7468,208,7464/1/2023
Parallel Wireless, Inc.Senior Secured11.8%8,500,0008,217,0618,217,0615/1/2023
Parallel Wireless, Inc.Senior Secured11.8%2,040,2042,022,1172,022,1179/1/2023
Parallel Wireless, Inc.Senior Secured11.8%1,935,9271,919,7181,919,7188/1/2023
Parallel Wireless, Inc.Senior Secured11.8%3,448,8583,374,0083,374,0086/1/2023
Parallel Wireless, Inc. Subtotal24,424,98923,741,65023,741,650
Wireless Total10.7%$ 26,446,491$ 25,683,930$ 25,683,930
Grand Total207.5%$549,802,352$516,478,606$498,257,047

* As of September 30, 2021,March 31, 2022, loans with a cost basis of $23.6$24.6 million and a fair value of $9.1$8.6 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 September 30, 2021, 10.0%March 31, 2022, 12.3% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an "eligible portfolio company," as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund's investments in all eligible portfolio companies, and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.

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

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

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

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

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

    As of September 30, 2021,March 31, 2022, all loans were made to non-affiliates.





See notes to condensed financial statements (unaudited).
1415

VENTURE LENDING & LEASING IX, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)
AS OF DECEMBER 31, 20202021

IndustryBorrower
Percent of Net Assets (a)
CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair ValueMaturity Date
Biotechnology
Antheia, Inc.Senior Secured11.5%$1,219,076 $1,181,003 $1,181,003 12/1/2022
Antheia, Inc.Senior Secured11.5%1,220,291 1,206,345 1,206,345 12/1/2022
Antheia, Inc. Subtotal2,439,367 2,387,348 2,387,348 
Driver Bioengineering, Inc.Senior Secured11.0%866,600 849,310 849,310 6/1/2023
Driver Bioengineering, Inc.Senior Secured11.0%349,662 311,553 311,553 4/1/2023
Driver Bioengineering, Inc. Subtotal1,216,262 1,160,863 1,160,863 
Quartzy, Inc.Senior Secured12.0%1,113,593 1,083,782 1,083,782 7/1/2024
Quartzy, Inc.Senior Secured12.0%722,540 648,418 648,418 8/1/2023
Quartzy, Inc.Senior Secured12.0%1,113,211 1,085,490 1,085,490 5/1/2024
Quartzy, Inc. Subtotal2,949,344 2,817,690 2,817,690 
Biotechnology Total3.5%$6,604,973 $6,365,901 $6,365,901 
Computers & Storage
Canary Connect, Inc.Senior Secured12.8%$2,256,808 $2,199,490 $2,199,490 3/1/2023
Canary Connect, Inc.Senior Secured12.0%7,918,698 7,426,948 7,426,948 3/1/2024
Canary Connect, Inc. Subtotal10,175,506 9,626,438 9,626,438 
Fetch Robotics, Inc.Senior Secured12.0%7,418,932 7,104,656 7,104,656 6/1/2024
Computers & Storage Total9.1%$17,594,438 $16,731,094 $16,731,094 
Enterprise Networking
Diamanti, Inc.Senior Secured12.3%$5,441,469 $4,811,921 $4,811,921 5/1/2024
Diamanti, Inc.Senior Secured12.3%494,824 467,988 467,988 7/1/2024
Diamanti, Inc. Subtotal5,936,293 5,279,909 5,279,909 
Enterprise Networking Total2.9%$5,936,293 $5,279,909 $5,279,909 
Internet
Ainsly, Inc. ** ^Senior Secured12.5%$519,587 $490,896 $490,896 8/1/2022
Ainsly, Inc. ** ^Senior Secured12.5%173,207 173,207 173,207 8/1/2022
Ainsly, Inc. ** ^Senior Secured12.5%247,340 217,309 217,309 9/1/2023
Ainsly, Inc. Subtotal ** ^940,134 881,412 881,412 
Amino Payments, Inc.Senior Secured10.8%471,215 449,064 380,130 *
Cesium, Inc.Senior Secured10.3%105,348 103,881 103,881 1/1/2023
Cesium, Inc.Senior Secured10.3%210,624 200,481 200,481 1/1/2023
Cesium, Inc. Subtotal315,972 304,362 304,362 
iZENEtech, Inc. ** ^Senior Secured12.3%5,000,000 4,674,880 4,674,880 9/1/2024
Lukla, Inc.Senior Secured12.5%247,208 237,422 237,422 6/1/2023
Lukla, Inc.Senior Secured12.5%407,447 363,867 363,867 12/1/2022
Lukla, Inc. Subtotal654,655 601,289 601,289 
Masse, Inc.Senior Secured18.0%304,001 144,008 10,000 *
Merchbar, Inc.Senior Secured11.8%451,293 430,995 430,995 3/1/2023
MyPizza Technologies, Inc.Senior Secured11.5%4,943,040 4,784,039 4,784,039 12/1/2023
MyPizza Technologies, Inc.Senior Secured11.5%2,471,842 2,436,444 2,436,444 2/1/2024
MyPizza Technologies, Inc. Subtotal7,414,882 7,220,483 7,220,483 
Nimble Rx, Inc.Senior Secured12.0%1,091,906 999,055 999,055 2/1/2023
Nimble Rx, Inc.Senior Secured12.0%1,236,949 1,188,381 1,188,381 11/1/2023
15

IndustryBorrower
Percent of Net Assets (a)
CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair ValueMaturity Date
Nimble Rx, Inc. Subtotal2,328,855 2,187,436 2,187,436 
OneLocal, Inc. ** ^Senior Secured12.3%301,162 295,353 295,353 3/1/2023
OneLocal, Inc. ** ^Senior Secured12.3%301,078 281,207 281,207 3/1/2023
OneLocal, Inc. ** ^Senior Secured12.3%301,150 296,454 296,454 3/1/2023
OneLocal, Inc. Subtotal ** ^903,390 873,014 873,014 
Osix CorporationSenior Secured12.3%43,214 40,350 40,350 12/1/2021
RenoFi, Inc.Senior Secured12.0%247,427 242,330 242,330 6/1/2023
RenoFi, Inc.Senior Secured12.0%989,893 945,226 945,226 12/1/2023
RenoFi, Inc.Senior Secured12.0%247,292 231,778 231,778 6/1/2023
RenoFi, Inc. Subtotal1,484,612 1,419,334 1,419,334 
Residently USA, LLC ** ^Senior Secured12.0%873,899 789,139 789,139 2/1/2023
Residently USA, LLC ** ^Senior Secured12.0%371,000 371,000 371,000 12/1/2023
Residently USA, LLC Subtotal ** ^1,244,899 1,160,139 1,160,139 
RetailerX, Inc.Senior Secured12.0%989,881 927,856 927,856 5/1/2024
Serface Care, Inc.Senior Secured12.3%961,139 566,912 21,201 *
Shadow, PBCSenior Secured11.5%470,556 441,930 441,930 10/1/2022
Starface World, Inc.Senior Secured12.0%494,938 481,875 481,875 1/1/2024
Starface World, Inc.Senior Secured12.0%989,583 925,385 925,385 11/1/2023
Starface World, Inc. Subtotal1,484,521 1,407,260 1,407,260 
Stay Alfred, Inc.Senior Secured18.0%6,061,856 4,548,360 635,170 *
Verishop, Inc.Senior Secured12.0%2,472,054 2,437,550 2,437,550 12/1/2023
Verishop, Inc.Senior Secured12.0%2,471,119 2,366,934 2,366,934 12/1/2023
Verishop, Inc. Subtotal4,943,173 4,804,484 4,804,484 
Internet Total15.5%$36,468,248 $33,083,568 $28,421,725 
Medical Devices
Ablacon, Inc.Senior Secured11.0%$2,256,537 $2,168,756 $2,168,756 3/1/2023
Ablacon, Inc.Senior Secured11.0%2,257,368 2,224,508 2,224,508 3/1/2023
Ablacon, Inc. Subtotal4,513,905 4,393,264 4,393,264 
Anutra Medical, Inc.Senior Secured12.0%188,448 182,138 182,138 10/1/2022
CytoVale, Inc.Senior Secured12.0%304,420 301,225 301,225 7/1/2022
CytoVale, Inc.Senior Secured12.0%362,240 358,640 358,640 6/1/2022
CytoVale, Inc.Senior Secured12.0%306,253 296,276 296,276 3/1/2022
CytoVale, Inc.Senior Secured12.0%1,978,667 1,856,409 1,856,409 9/1/2024
CytoVale, Inc.Senior Secured12.0%494,475 470,113 470,113 10/1/2023
CytoVale, Inc.Senior Secured12.0%494,687 485,502 485,502 11/1/2023
CytoVale, Inc. Subtotal3,940,742 3,768,165 3,768,165 
eXo Imaging, Inc.Senior Secured11.8%1,978,816 1,837,427 1,837,427 9/1/2023
eXo Imaging, Inc.Senior Secured11.8%1,974,541 1,930,965 1,930,965 9/1/2023
eXo Imaging, Inc. Subtotal3,953,357 3,768,392 3,768,392 
Medrobotics Corporation, Inc.Senior Secured18.0%10,000,000 8,793,564 3,275,463 *
Siren Care, Inc.Senior Secured12.5%1,977,800 1,883,794 1,883,794 10/1/2023
Siren Care, Inc.Senior Secured12.5%989,137 969,133 969,133 10/1/2023
Siren Care, Inc. Subtotal2,966,937 2,852,927 2,852,927 
SVN Med, LLCSenior Secured15.0%1,973,663 1,525,305 1,525,305 12/1/2023
SVN Med, LLCSenior Secured15.0%987,065 756,382 756,382 12/1/2023
SVN Med, LLC Subtotal2,960,728 2,281,687 2,281,687 
Medical Devices Total11.2%$28,524,117 $26,040,137 $20,522,036 
Other Healthcare
Artisan Development Labs, Inc.Senior Secured12.3%$466,116 $408,000 $408,000 4/1/2023
Caredox, Inc.Senior Secured11.8%775,417 762,534 762,534 7/1/2022
GoForward, Inc.Senior Secured11.5%6,181,238 5,735,573 5,735,573 9/1/2023
GoForward, Inc.Senior Secured11.5%3,094,971 3,004,838 3,004,838 6/1/2024
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
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
16

IndustryBorrower
Percent of Net Assets (a)
CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair ValueMaturity Date
GoForward, Inc. Subtotal9,276,209 8,740,411 8,740,411 
Grin, Inc.Senior Secured12.0%989,140 944,177 944,177 10/1/2023
Grin, Inc.Senior Secured12.0%494,743 484,898 484,898 1/1/2024
Grin, Inc. Subtotal1,483,883 1,429,075 1,429,075 
Hello Heart Inc.Senior Secured11.0%1,974,944 1,930,315 1,930,315 6/1/2025
Hello Heart Inc.Senior Secured11.0%1,164,939 1,115,829 1,115,829 4/1/2023
Hello Heart Inc.Senior Secured11.0%1,974,944 1,796,427 1,796,427 6/1/2024
Hello Heart Inc.Senior Secured11.0%932,214 919,531 919,531 4/1/2023
Hello Heart Inc.Senior Secured11.0%742,816 730,145 730,145 11/1/2023
Hello Heart Inc. Subtotal6,789,857 6,492,247 6,492,247 
HumanAPI, Inc.Senior Secured11.8%421,960 416,785 416,785 1/1/2023
HumanAPI, Inc.Senior Secured11.8%1,129,747 1,086,210 1,086,210 10/1/2022
HumanAPI, Inc. Subtotal1,551,707 1,502,995 1,502,995 
Oula Heath, Inc.Senior Secured12.0%742,000 685,839 685,839 2/1/2024
PeerWell, Inc.Senior Secured12.0%989,722 913,704 913,704 3/1/2024
Sparta Software CorporationSenior Secured11.5%2.2%304,794 297,802 297,802 5/1/2022
Therapydia, Inc.Senior Secured12.0%1.7%97,822 92,394 92,394 3/1/2023
Therapydia, Inc.Senior Secured12.5%1.7%106,892 106,892 106,892 6/1/2023
Therapydia, Inc. Subtotal204,714 199,286 199,286 
Tia, Inc.Senior Secured11.8%1,980,051 1,703,424 1,703,424 5/1/2024
Vessel Health, Inc.Senior Secured12.0%618,622 618,622 618,622 3/1/2024
Vessel Health, Inc.Senior Secured12.0%618,539 561,586 561,586 3/1/2024
Vessel Health, Inc. Subtotal1,237,161 1,180,208 1,180,208 
Other Healthcare Total13.3%$25,801,631 $24,315,525 $24,315,525 
Other Technology
8E14 NetworksSenior Secured13.0%$296,533 $296,533 $296,533 12/1/2023
8E14 NetworksSenior Secured13.0%296,678 213,094 213,094 9/1/2023
8E14 Networks Subtotal593,211 509,627 509,627 
8i CorporationSenior Secured12.0%1,476,000 1,378,649 1,378,649 12/1/2023
Aclima, Inc.Senior Secured11.9%1,089,754 1,004,091 1,004,091 4/1/2022
Aclima, Inc.Senior Secured12.0%1,979,808 1,731,899 1,731,899 10/1/2023
Aclima, Inc. Subtotal3,069,562 2,735,990 2,735,990 
Antitoxin Technologies Inc. ** ^Senior Secured11.5%361,110 344,164 344,164 9/1/2022
Antitoxin Technologies Inc. ** ^Senior Secured12.0%989,838 843,946 843,946 12/1/2023
Antitoxin Technologies Inc. Subtotal ** ^1,350,948 1,188,110 1,188,110 
Apollo Flight Research Inc.Senior Secured11.0%210,893 207,995 207,995 1/1/2023
Apollo Flight Research Inc.Senior Secured11.0%313,128 304,774 304,774 6/1/2022
Apollo Flight Research Inc. Subtotal524,021 512,769 512,769 
ATeam Army, Inc.Senior Secured12.0%1,165,134 1,109,842 1,109,842 4/1/2023
Beanfields, PBCSenior Secured12.5%564,609 553,012 553,012 3/1/2023
Beanfields, PBCSenior Secured12.5%789,585 759,532 759,532 3/1/2023
Beanfields, PBC Subtotal1,354,194 1,312,544 1,312,544 
Belong Home, Inc.Senior Secured12.0%2,968,459 2,834,624 2,834,624 3/1/2024
Benson Hill Bio, Inc.Senior Secured12.5%9,883,793 9,205,314 9,205,314 5/1/2024
Brightside Benefit, Inc.Senior Secured12.1%464,870 446,579 446,579 9/1/2022
Brightside Benefit, Inc.Senior Secured12.4%774,623 764,814 764,814 3/1/2023
Brightside Benefit, Inc. Subtotal1,239,493 1,211,393 1,211,393 
BW Industries, Inc.Senior Secured11.8%1,823,172 1,792,512 1,792,512 6/1/2023
BW Industries, Inc.Senior Secured11.8%1,770,873 1,642,182 1,642,182 5/1/2023
BW Industries, Inc. Subtotal3,594,045 3,434,694 3,434,694 
Content Adjacent, Inc.Senior Secured12.0%1,979,710 1,885,861 1,885,861 6/1/2024
IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
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 
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 
17

IndustryBorrower
Percent of Net Assets (a)
CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair ValueMaturity Date
Coterie Applications, Inc.Senior Secured12.5%988,889 988,888 988,888 3/1/2024
Coterie Applications, Inc.Senior Secured12.5%989,023 875,966 875,966 9/1/2023
Coterie Applications, Inc. Subtotal1,977,912 1,864,854 1,864,854 
DOSH Holdings, Inc.Senior Secured—%700,000 514,745 514,745 *
Fitplan, Inc. ** ^Senior Secured12.5%1,266,870 1,086,326 1,058,116 *
Flo Water, Inc.Senior Secured11.8%1,978,592 1,884,544 1,884,544 12/1/2023
Higher Ground Education, Inc.Senior Secured12.5%442,838 436,301 436,301 5/1/2023
Higher Ground Education, Inc.Senior Secured12.5%1,946,804 1,865,641 1,865,641 1/1/2023
Higher Ground Education, Inc.Senior Secured12.5%1,289,010 1,270,861 1,270,861 4/1/2023
Higher Ground Education, Inc.Senior Secured12.5%481,455 473,834 473,834 8/1/2023
Higher Ground Education, Inc. Subtotal4,160,107 4,046,637 4,046,637 
Hint, Inc.Senior Secured12.0%4,944,981 4,446,656 4,446,656 6/1/2023
Hint, Inc.Senior Secured11.0%727,671 706,141 706,141 8/1/2021
Hint, Inc. Subtotal5,672,652 5,152,797 5,152,797 
Jiko Group, Inc.Senior Secured12.0%3,463,686 3,318,065 3,318,065 6/1/2023
Kogniz, Inc.Senior Secured12.8%220,052 203,327 203,327 3/1/2022
Lambda School, Inc.Senior Secured11.3%4,948,041 4,701,574 4,701,574 7/1/2023
Lambda School, Inc.Senior Secured11.3%2,474,403 2,474,403 2,474,403 8/1/2023
Lambda School, Inc. Subtotal7,422,444 7,175,977 7,175,977 
Make School, Inc.Senior Secured11.3%291,677 287,406 287,406 8/1/2021
Natomas Labs, Inc.Senior Secured12.3%2,969,286 2,732,463 2,732,463 2/1/2024
Nevada Nanotech Systems, Inc.Senior Secured12.0%222,226 217,658 217,658 6/1/2021
NewGlobe Schools, Inc. ** ^Senior Secured12.5%2,769,725 2,695,080 2,695,080 8/1/2022
NewGlobe Schools, Inc. ** ^Senior Secured12.5%3,459,803 3,315,571 3,315,571 8/1/2023
NewGlobe Schools, Inc. ** ^Senior Secured12.5%4,946,802 4,825,816 4,825,816 12/1/2023
NewGlobe Schools, Inc. Subtotal ** ^11,176,330 10,836,467 10,836,467 
Noteleaf, Inc.Senior Secured12.5%2,277,124 2,161,761 1,028,982 *
OnePointOne, Inc.Senior Secured12.0%1,960,000 1,783,411 1,783,411 2/1/2024
Opya, Inc.Senior Secured12.0%989,171 958,214 958,214 11/1/2023
Ozy Media, Inc.Senior Secured12.8%2,965,665 2,775,884 2,775,884 6/1/2023
Ozy Media, Inc.Senior Secured12.8%1,483,826 1,424,222 1,424,222 9/1/2023
Ozy Media, Inc.Senior Secured12.8%1,977,806 1,977,807 1,977,807 6/1/2023
Ozy Media, Inc.Senior Secured12.8%2,470,510 2,383,782 2,383,782 6/1/2023
Ozy Media, Inc. Subtotal8,897,807 8,561,695 8,561,695 
Percepto, Inc.Senior Secured12.2%1,799,336 1,721,548 1,721,548 4/1/2023
Pitzi, Ltd. ** ^Senior Secured12.0%482,870 376,812 376,812 11/1/2023
Pitzi, Ltd. ** ^Senior Secured12.0%1,483,727 1,435,741 1,435,741 4/1/2024
Pitzi, Ltd. Subtotal ** ^1,966,597 1,812,553 1,812,553 
Plant Prefab, Inc.Senior Secured11.0%1,045,516 999,473 999,473 8/1/2022
Platform Science, Inc.Senior Secured11.5%3,960,517 3,760,439 3,760,439 10/1/2023
Platform Science, Inc.Senior Secured12.0%623,171 601,043 601,043 2/1/2022
Platform Science, Inc. Subtotal4,583,688 4,361,482 4,361,482 
Plethora, Inc.Senior Secured11.5%997,774 945,362 945,362 7/1/2022
Privoro Holdings, Inc.Senior Secured12.0%1,979,606 1,836,871 1,836,871 4/1/2024
Reali Inc.Senior Secured12.5%3,956,094 3,775,549 3,775,549 9/1/2023
Romaine Empire, Inc.Senior Secured12.3%5,454,020 5,227,539 5,227,539 7/1/2023
Saltbox, Inc.Senior Secured12.3%423,968 408,719 408,719 6/1/2023
SMS OPCO LLCSenior Secured8.0%36,875 18,125 18,125 *
Strong Arm Technologies, Inc.Senior Secured12.0%209,338 207,281 207,281 5/1/2021
Sustainable Living Partners, LLCSenior Secured12.5%4,479,984 3,999,116 3,999,116 8/1/2023
IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
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
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
18

IndustryBorrower
Percent of Net Assets (a)
CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair ValueMaturity Date
Theatro Labs, Inc.Senior Secured12.0%888,982 873,903 873,903 8/1/2022
TIER Mobility GmbH ** ^Senior Secured12.0%8,905,182 8,561,180 8,561,180 4/1/2023
TomoCredit, Inc.Senior Secured12.5%395,819 395,819 395,819 9/1/2023
TomoCredit, Inc.Senior Secured12.5%593,454 540,134 540,134 9/1/2023
TomoCredit, Inc. Subtotal989,273 935,953 935,953 
Veev Group, Inc.Senior Secured12.5%1,235,419 1,122,426 1,122,426 6/1/2023
Veev Group, Inc.Senior Secured12.5%3,707,038 3,648,364 3,648,364 6/1/2023
Veev Group, Inc.Senior Secured12.5%432,783 424,481 424,481 12/1/2021
Veev Group, Inc. Subtotal5,375,240 5,195,271 5,195,271 
Velo Holdings LimitedSenior Secured12.0%2,471,720 2,252,248 1,985,209 *
Virtuix Holdings, Inc.Senior Secured12.3%141,134 139,438 117,049 4/1/2022
Welcome Tech, Inc.Senior Secured10.5%578,778 545,308 545,308 5/1/2022
Wheels Labs, Inc.Senior Secured12.5%3,115,612 3,051,198 3,051,198 8/1/2022
Wine Plum, Inc.Senior Secured12.5%723,778 701,625 701,625 9/1/2022
World Wrapps II, Inc.Senior Secured12.0%494,667 342,954 342,954 6/1/2024
Other Technology Total69.1%$135,461,668 $128,018,460 $126,568,043 
Security
ArecaBay, Inc.Senior Secured11.0%$1,485,917 $1,417,675 $1,417,675 8/1/2023
Axonius, Inc.Senior Secured12.0%164,208 161,820 161,820 9/1/2021
Nok Nok Labs, Inc.Senior Secured12.5%540,071 533,246 533,246 6/1/2022
Popily, Inc.Senior Secured12.5%989,137 867,450 867,450 12/1/2023
Popily, Inc.Senior Secured12.5%1,484,125 1,484,125 1,484,125 12/1/2023
Popily, Inc. Subtotal2,473,262 2,351,575 2,351,575 
Safetrust Holdings, Inc.Senior Secured12.5%249,930 186,010 186,010 8/1/2021
Security Total2.5%$4,913,388 $4,650,326 $4,650,326 
Semiconductors & Equipment
ETA Compute, Inc.Senior Secured12.0%$596,190 $585,915 $585,915 11/1/2021
Semiconductors & Equipment Total0.3%$596,190 $585,915 $585,915 
Software
Afero, Inc.Senior Secured12.3%$2,474,202 $2,127,019 $2,127,019 1/1/2024
Airbrake Technologies, Inc.Senior Secured12.5%989,466 898,541 898,541 10/1/2023
ArborMetrix, Inc.Senior Secured12.5%1,482,031 1,424,994 1,424,994 9/1/2023
ArborMetrix, Inc.Senior Secured12.5%741,595 721,872 721,872 9/1/2023
ArborMetrix, Inc. Subtotal2,223,626 2,146,866 2,146,866 
BackboneAI Inc.Senior Secured12.3%494,779 483,764 483,764 6/1/2023
BackboneAI Inc.Senior Secured12.3%494,537 435,999 435,999 6/1/2023
BackboneAI Inc. Subtotal989,316 919,763 919,763 
Blockdaemon, Inc.Senior Secured11.3%72,916 70,543 70,543 8/1/2021
Blockdaemon, Inc.Senior Secured11.3%156,750 153,047 153,047 6/1/2022
Blockdaemon, Inc. Subtotal229,666 223,590 223,590 
Canary Technologies CorporationSenior Secured11.5%247,338 234,633 234,633 6/1/2023
Censia Inc.Senior Secured11.0%751,876 723,062 723,062 10/1/2022
Cloudleaf, Inc.Senior Secured12.0%739,000 724,597 724,597 9/1/2024
Cloudleaf, Inc.Senior Secured12.0%1,445,065 1,360,260 1,360,260 8/1/2023
Cloudleaf, Inc. Subtotal2,184,065 2,084,857 2,084,857 
Dynamics, Inc.Senior Secured12.5%2,208,811 2,106,703 2,106,703 8/1/2021
Eskalera, Inc.Senior Secured10.5%902,496 877,642 877,642 3/1/2023
ICX Media, Inc.Senior Secured12.5%247,171 242,813 242,813 7/1/2023
ICX Media, Inc.Senior Secured12.5%298,886 285,701 285,701 5/1/2022
ICX Media, Inc.Senior Secured12.5%240,098 236,153 236,153 5/1/2023
ICX Media, Inc. Subtotal786,155 764,667 764,667 
Invoice2Go, Inc.Senior Secured12.0%660,026 654,481 654,481 7/1/2022
IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
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
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
19

IndustryBorrower
Percent of Net Assets (a)
CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair ValueMaturity Date
Invoice2Go, Inc.Senior Secured12.0%989,486 944,616 944,616 6/1/2024
Invoice2Go, Inc.Senior Secured12.0%989,150 806,149 806,149 3/1/2024
Invoice2Go, Inc.Senior Secured12.0%988,822 957,755 957,755 6/1/2023
Invoice2Go, Inc.Senior Secured12.0%902,702 892,679 892,679 3/1/2023
Invoice2Go, Inc.Senior Secured12.0%531,244 498,925 498,925 3/1/2022
Invoice2Go, Inc.Senior Secured12.0%783,778 776,169 776,169 11/1/2022
Invoice2Go, Inc. Subtotal5,845,208 5,530,774 5,530,774 
Ipolipo, Inc.Senior Secured12.0%2,066,199 1,943,196 1,476,836 6/1/2022
Lucideus, Inc.Senior Secured12.0%436,842 411,722 411,722 2/1/2023
Medable, Inc.Senior Secured12.0%1,746,992 1,657,497 1,657,497 2/1/2023
Medable, Inc.Senior Secured12.0%873,608 862,217 862,217 2/1/2023
Medable, Inc. Subtotal2,620,600 2,519,714 2,519,714 
Metawave CorporationSenior Secured12.0%608,751 595,704 595,704 7/1/2022
Migo Money, Inc. ** ^Senior Secured12.3%324,019 313,653 313,653 12/1/2021
Migo Money, Inc. ** ^Senior Secured12.5%266,341 266,341 266,341 3/1/2022
Migo Money, Inc. Subtotal ** ^590,360 579,994 579,994 
OrderGroove, Inc.Senior Secured12.0%4,755,473 4,424,662 4,424,662 4/1/2024
Owl Cameras, Inc.Senior Secured18.0%605,050 310,170 308,414 *
Pixlee, Inc.Senior Secured12.3%1,484,210 1,403,678 1,403,678 1/1/2024
PlushCare, Inc.Senior Secured11.8%447,140 441,430 441,430 5/1/2022
PlushCare, Inc.Senior Secured11.8%595,693 579,013 579,013 5/1/2022
PlushCare, Inc. Subtotal1,042,833 1,020,443 1,020,443 
Resilio, Inc.Senior Secured12.8%28,407 27,431 27,431 3/1/2021
Resilio, Inc.Senior Secured12.8%46,851 46,850 46,850 5/1/2021
Resilio, Inc. Subtotal75,258 74,281 74,281 
Sonatus, IncSenior Secured12.5%989,255 860,419 860,419 9/1/2023
Splitwise, Inc.Senior Secured12.3%407,224 393,457 393,457 12/1/2022
Swiftly Systems, Inc.Senior Secured11.5%4,951,149 3,962,224 3,962,224 10/1/2024
Swivel, Inc.Senior Secured12.0%173,702 173,702 173,702 10/1/2022
Swivel, Inc.Senior Secured12.0%159,432 152,178 152,178 8/1/2022
Swivel, Inc. Subtotal333,134 325,880 325,880 
Trendalytics Innovation Labs, Inc.Senior Secured12.8%189,070 177,064 156,140 6/1/2022
Truthset, Inc.Senior Secured10.5%360,505 360,505 360,505 5/1/2023
Truthset, Inc.Senior Secured10.5%327,294 308,736 308,736 2/1/2023
Truthset, Inc. Subtotal687,799 669,241 669,241 
Venuetize, Inc.Senior Secured12.3%130,209 123,167 123,167 4/1/2022
Workspot, Inc.Senior Secured12.0%246,296 239,558 239,558 9/1/2021
Workspot, Inc.Senior Secured12.0%518,863 493,458 493,458 8/1/2022
Workspot, Inc.Senior Secured12.0%565,294 555,453 555,453 10/1/2022
Workspot, Inc.Senior Secured12.0%2,969,690 2,792,441 2,792,441 11/1/2023
Workspot, Inc. Subtotal4,300,143 4,080,910 4,080,910 
Software Total22.9%$46,105,784 $42,514,043 $42,025,003 
Technology Services
iLearningEngines Inc.Senior Secured11.5%$7,918,225 $6,762,096 $6,762,096 12/1/2023
Klar Holdings Limited ** ^Senior Secured14.2%4.0%248,885 235,789 235,789 7/1/2023
Klar Holdings Limited ** ^Senior Secured12.5%188,627 161,586 161,586 10/1/2022
Klar Holdings Limited Subtotal ** ^437,512 397,375 397,375 
Leap Services, Inc.Senior Secured12.0%314,353 305,005 305,005 6/1/2022
Lifit, Inc. ** ^Senior Secured12.0%345,793 329,478 329,478 8/1/2022
Lifit, Inc. ** ^Senior Secured12.0%376,772 371,984 371,984 10/1/2022
Lifit, Inc. Subtotal ** ^722,565 701,462 701,462 
Loansnap Holdings Inc. **Senior Secured11.0%2,236,556 2,118,234 1,913,394 12/1/2022
Relimetrics, Inc.Senior Secured11.3%173,675 169,806 169,806 1/1/2022
Riffyn, Inc.Senior Secured11.5%1,980,521 1,892,277 1,892,277 2/1/2024
Solugen, Inc.Senior Secured11.0%2,107,961 2,007,714 2,007,714 1/1/2023
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%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
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
20

IndustryBorrower
Percent of Net Assets (a)
CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair ValueMaturity Date
Solugen, Inc.Senior Secured11.0%1,054,189 1,041,250 1,041,250 1/1/2023
Solugen, Inc.Senior Secured11.0%1,054,706 1,038,103 1,038,103 1/1/2023
Solugen, Inc. Subtotal4,216,856 4,087,067 4,087,067 
Thrive Financial, Inc. **Senior Secured9.3%247,981 247,981 247,981 11/1/2023
Thrive Financial, Inc. **Senior Secured11.5%752,761 724,584 724,584 10/1/2022
Thrive Financial, Inc. Subtotal **1,000,742 972,565 972,565 
Zanbato, Inc.Senior Secured11.0%3,465,417 3,347,061 3,347,061 9/1/2023
Zeel Networks, Inc.Senior Secured11.0%2,049,602 2,002,173 1,837,535 3/1/2022
Technology Services Total12.2%$24,516,024 $22,755,121 $22,385,643 
Wireless
AirVine Scientific, Inc.Senior Secured12.0%$90,366 $86,490 $86,490 9/1/2022
AirVine Scientific, Inc.Senior Secured12.0%90,429 88,729 88,729 9/1/2022
AirVine Scientific, Inc. Subtotal180,795 175,219 175,219 
Parallel Wireless, Inc.Senior Secured11.8%6,428,736 6,168,641 6,168,641 6/1/2023
Parallel Wireless, Inc.Senior Secured11.8%3,215,116 3,164,764 3,164,764 8/1/2023
Parallel Wireless, Inc.Senior Secured11.8%3,215,575 3,162,405 3,162,405 9/1/2023
Parallel Wireless, Inc. Subtotal12,859,427 12,495,810 12,495,810 
Wireless Total6.9%$13,040,222 $12,671,029 $12,671,029 
Grand Total169.4%$345,562,976 $323,011,028 $310,522,149 
IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
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
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 
21

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
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
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 
22

IndustryBorrowerPercent of Net Assets (a)CollateralInterest Rate (b)End of Term Payment (c)PrincipalCostFair Value (d)Final Maturity Date
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
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, 2020,2021, loans with a cost basis of $20.8$27.1 million and a fair value of $9.2$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, 2020, 11.0%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.
23


(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, 2020,2021, all loans were made to non-affiliates.








See notes to condensed financial statements (unaudited).
2124

VENTURE LENDING & LEASING IX, INC.

CONDENSED SCHEDULES OF DERIVATIVE INSTRUMENTS (UNAUDITED)
AS OF SEPTEMBER 30, 2021MARCH 31, 2022 AND DECEMBER 31, 20202021


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 September 30, 2021Description and terms of payments to be received from another partyDescription and terms of payments to be paid to another partyCounterpartyMaturity DateAS OF MARCH 31, 2022
Notional AmountFair ValueUpfront payments/receiptsUnrealized appreciation/(depreciation)
(a)		Notional AmountFair ValueUpfront payments/receiptsUnrealized appreciation/(depreciation)
(a)
Interest Rate Swap and Floor Agreements
Floating interest rate greater of USD-LIBOR-BBA or 0.00%, to be received monthlyFixed interest rate 2.520%, to be paid monthlyMUFG Union Bank, N.A.12/20/2021$35,000,000 $(191,060)$— $(191,060)
Floating interest rate greater of USD-LIBOR-BBA or 0.00%, to be received monthlyFixed interest rate 1.899%, to be paid monthlyMUFG Union Bank, N.A.12/20/202122,000,000 (89,361)— (89,361)
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 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.6/30/202520,000,000 138,967 — 138,967 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 $888,010 — $888,010 
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 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.3/18/202430,000,000 (112,599)— (112,599)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 2,428,985 — 2,428,985 
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 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 13,014 — 13,014 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 1,862,401 — 1,862,401 
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 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 1,067,514 — 1,067,514 
TotalTotal$157,000,000 $(241,039)$— $(241,039)Total$247,000,000 $6,246,910 $— $6,246,910 

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 December 31, 2020Description 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)		Notional AmountFair ValueUpfront payments/receiptsUnrealized appreciation/(depreciation)
(a)
Interest Rate Swap and Floor Agreements
Floating interest rate greater of USD-LIBOR-BBA or 0.00%, to be received monthlyFixed interest rate 2.520%, to be paid monthlyMUFG Union Bank, N.A.12/20/2021$35,000,000 $(818,923)$— $(818,923)
Floating interest rate greater of USD-LIBOR-BBA or 0.00%, to be received monthlyFixed interest rate 1.899%, to be paid monthlyMUFG Union Bank, N.A.12/20/202122,000,000 (380,548)— (380,548)
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 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.6/30/202520,000,000 (54,743)— (54,743)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 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 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 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)
TotalTotal$77,000,000 $(1,254,214)$— $(1,254,214)Total$247,000,000 $831,905 $— $831,905 
(a) The unrealized appreciation/(depreciation) were 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).
2225

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 ninethree months ended September 30, 2021March 31, 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, 2020.2021.
2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
    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 current year presentation.
2326

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 September 30, 2021,March 31, 2022, the Fund held 28,713,67712,607,025 units in the First American Government Obligations Fund Class Z valued at $1 per unit at a yield of 0.02% and cash of $32,844,837, totaling $61,558,514 in cash and cash equivalents,0.15%, which represented 22.7%5.25% of the net assets of the Fund. Within cash and cash equivalents, as of December 31, 2020,2021, the Fund held 12,497,2436,939,126 units in the Blackrock Treasury Trust InstitutionalFirst American Government Obligations Fund valued at $1 per unit at a yield of 0.01% - 0.02%, which represented 6.8%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 September 30, 2021March 31, 2022 and December 31, 2020,2021, the financial statements included nonmarketable investments of $468.5$498.3 million and $310.5$484.0 million, respectively, (or 86.9%94.8% and 94.8%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.

24
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 September 30, 2021March 31, 2022 and December 31, 2020,2021, loans with a cost basisbasis of $23.6$24.6 million and $20.8$27.1 million and a fair value of $9.1$8.6 million and $9.2$9.6 million, respectively were classified as non-accrual.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 September 30, 2021March 31, 2022 and December 31, 2020,2021, 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 warrant 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.
25

    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.
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.
Deferred Bank Fees
Deferred bank fees incurred in conjunction with borrowings under the Fund's debt facility are stated at initial cost. These costs are amortized over the term of the facility.
Other Assets and Liabilities

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

    The carrying value of the borrowings under the debt facility approximates their fair value based on the borrowing rates available to the Fund.
Commitment Fees
    Unearned income and commitment fees on loans are recognized using the effective-interest method over the term of the loan. Commitment fees are carried as liabilities when received for commitments upon which no draws have been made. When the first draw is made, the fee is treated as unearned income and is recognized as described above. If a draw is never made, the forfeited commitment fee less any applicable legal costs becomes recognized as other income after the commitment expires.
Deferred Bank Fees
    The deferred bank fees and costs associated with the debt facility are stated at initial costincluded 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.
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 a master netting arrangementarrangements with MUFG Union Bank, N.A. and 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 liabilitiesliability 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 swap and floor instruments are contractually scheduled to terminate on December 20, 2021. The interest rate collar instruments with MUFG Union Bank, N.A. is contractually scheduled to terminate on
26

June 30, 2025. Interest rate collar instruments with Zions Bancorporation, N.A. are contractually scheduled to terminate on March 18, 2024 and June 30, 2025, respectively.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 September 30,March 31, 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 loanloans and all loans.

Performing LoansFor the Three Months Ended September 30, 2021For the Three Months Ended September 30, 2020For the Nine Months Ended
September 30, 2021		For the Nine Months Ended
September 30, 2020
Performing LoansAll Loans
For the three months endedFor the three months ended
March 31, 2022March 31, 2021March 31, 2022March 31, 2021
Weighted-Average Interest Rate - CashWeighted-Average Interest Rate - Cash20.66 %17.24 %16.77 %15.42 %Weighted-Average Interest Rate - Cash12.76 %14.03 %13.48 %13.91 %
Weighted Average Interest Rate - Non-CashWeighted Average Interest Rate - Non-Cash9.02 %4.09 %6.34 %3.73 %Weighted Average Interest Rate - Non-Cash3.73 %4.11 %3.67 %4.01 %
Weighted-Average Interest RateWeighted-Average Interest Rate29.68 %21.33 %23.11 %19.15 %Weighted-Average Interest Rate16.49 %18.14 %17.15 %17.92 %
All LoansFor the Three Months Ended September 30, 2021For the Three Months Ended September 30, 2020For the Nine Months Ended
September 30, 2021		For the Nine Months Ended
September 30, 2020
Weighted-Average Interest Rate - Cash20.11 %16.76 %16.53 %14.98 %
Weighted Average Interest Rate - Non-Cash8.79 %3.93 %6.17 %3.61 %
Weighted-Average Interest Rate28.90 %20.69 %22.70 %18.59 %

    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.
27


    All loans as of September 30, 2021March 31, 2022 and December 31, 20202021 were pledged as collateral for the debt facility, and the Fund’s borrowings are generally collateralized by all assets of the Fund. As of September 30, 2021March 31, 2022 and December 31, 2020,2021, the Fund had unexpired unfunded commitments to borrowers of $132.6$94.5 million and $83.2$97.9 million, respectively.


30

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 ninethree months ended September 30, 2021March 31, 2022 and 2020.2021.

    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 September 30, 2021March 31, 2022 and December 31, 2020.2021. 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 3
Loan InvestmentsFair Values at September 30, 2021Valuation Techniques / MethodologiesUnobservable Inputs
Weighted Averages(a)/Amounts & Ranges
Biotechnology$16,040,974 Hypothetical market analysisHypothetical market coupon rate15% (13% - 16%)
Computers & Storage25,058,069 Hypothetical market analysisHypothetical market coupon rate14%*
Enterprise Networking4,419,858 Income ApproachExpected amount and timing of cash flow payment

Discount Rate
$6,692,096*

1%

Investment Type - Level 3
Loan InvestmentsFair Value at March 31, 2022Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average (a)
Biotechnology$16,342,764Hypothetical market analysisHypothetical market coupon rate13% - 20%15%
Computers & Storage23,040,070Hypothetical market analysisHypothetical market coupon rate*14%
Enterprise Networking4,315,254Asset RecoveryProbability weighting of alternative outcomes10% - 20%*
Internet49,029,759Hypothetical market analysisHypothetical market coupon rate13% - 20%16%
Asset RecoveryProbability weighting of alternative outcomes5% - 95%^
Medical Devices15,802,190Hypothetical market analysisHypothetical market coupon rate13% - 32%17%
Asset RecoveryProbability weighting of alternative outcomes35% - 65%*
Other Healthcare40,876,718Hypothetical market analysisHypothetical market coupon rate13% - 18%16%
2831

Investment Type - Level 3
Loan InvestmentsFair Values at September 30, 2021Valuation Techniques / MethodologiesUnobservable Inputs
Weighted Averages(a)/Amounts & Ranges
Internet42,856,452 Hypothetical market analysisHypothetical market coupon rate16% (13% - 35%)
Income ApproachExpected amount and timing of cash flow payment

Discount Rate
$1,486,652 ($0 - $1,495,298)

0% (0% - 1%)
Medical Devices20,129,358 Hypothetical market analysisHypothetical market coupon rate17% (13% - 32%)
Income ApproachExpected amount and timing of cash flow payment

Discount Rate
$2,500,000*

1%
Other Healthcare40,044,323 Hypothetical market analysisHypothetical market coupon rate16% (13% - 24%)
Other Technology225,459,045 Hypothetical market analysisHypothetical market coupon rate19% (12% - 46%)
Income ApproachExpected amount and timing of cash flow payment

Discount Rate
$2,191,021 ($0 - $2,654,675)

1% (0% - 1%)
Security2,461,160 Hypothetical market analysisHypothetical market coupon rate15% (14% - 16%)
Semiconductors & Equipment112,808 Hypothetical market analysisHypothetical market coupon rate16%*
Software55,797,310 Hypothetical market analysisHypothetical market coupon rate16% (13% - 37%)
Income ApproachExpected amount and timing of cash flow payment

Discount Rate
$747,235*

1%
Technology Services24,238,622 Hypothetical market analysisHypothetical market coupon rate16% (12% - 18%)
Income ApproachExpected amount and timing of cash flow payment

Discount Rate
$2,200,935*

1%
Wireless11,908,485 Hypothetical market analysisHypothetical market coupon rate14% (14% - 17%)
Total loan investments$468,526,464 
Investment Type - Level 3
Loan InvestmentsFair Value at March 31, 2022Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average (a)
Other Technology243,666,711Hypothetical market analysisHypothetical market coupon rate12% - 34%16%
Asset RecoveryProbability weighting of alternative outcomes10% - 100%^
Security2,257,880Hypothetical market analysisHypothetical market coupon rate14% - 19%18%
Software56,341,151Hypothetical market analysisHypothetical market coupon rate13% - 37%17%
Asset RecoveryProbability weighing of alternative outcomes10% - 40%*
Technology Services20,900,620Hypothetical market analysisHypothetical market coupon rate13% - 28%21%
Wireless25,683,930Hypothetical market analysisHypothetical market coupon rate14% - 17%15%
Total Loan Investments$498,257,047
(a) The weighted-average hypothetical market coupon rates were calculated using the relative fair value of the loans.
* There is only one loan within the industry.
^ Probability weightings vary among loan investments within each industry based on different potential future outcomes.


Investment Type - Level 3
Loan InvestmentsFair Value at December 31, 2021Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average (a)
Biotechnology$15,817,093Hypothetical market analysisHypothetical market coupon rate13% - 16%15%
Computers & Storage$24,062,710Hypothetical market analysisHypothetical market coupon rate*14%
Enterprise Networking$4,311,087Asset RecoveryProbability weighting of alternative outcomes10% - 20%*
Internet$46,160,725Hypothetical market analysisHypothetical market coupon rate13% - 19%16%
Asset RecoveryProbability weighting of alternative outcomes10% - 100%^
Medical Devices$17,834,282Hypothetical market analysisHypothetical market coupon rate13% - 32%17%
Asset RecoveryProbability weighting of alternative outcomes35% - 65%*
Other Healthcare$42,002,872Hypothetical market analysisHypothetical market coupon rate14% - 24%16%
Asset RecoveryProbability weighting of alternative outcomes20% - 80%*
Other Technology$236,458,989Hypothetical market analysisHypothetical market coupon rate12% - 46%19%
Asset RecoveryProbability weighting of alternative outcomes5% - 100%^
Security$2,390,705Hypothetical market analysisHypothetical market coupon rate14% - 19%18%
Software$56,598,962Hypothetical market analysisHypothetical market coupon rate12% - 37%17%
29
32

Investment Type - Level 3
Loan InvestmentsFair Values at December 31, 2020Valuation Techniques / MethodologiesUnobservable Inputs
Weighted Averages(a)/Amount & Ranges
Biotechnology$6,365,901 Hypothetical market analysisHypothetical market coupon rate15% (14% - 15%)
Computers & Storage16,731,094 Hypothetical market analysisHypothetical market coupon rate15% (14% - 15%)
Enterprise Networking5,279,909 Hypothetical market analysisHypothetical market coupon rate19%*
Internet28,421,725 Hypothetical market analysisHypothetical market coupon rate15% (13% - 25%)
Income Approach
Expected amount and timing of cash flow payment

Discount Rate

$580,327 ($12,500 - $669,324)

1% (0% - 1%)
Medical Devices20,522,036 Hypothetical market analysisHypothetical market coupon rate17% (13% - 32%)
Income Approach
Expected amount and timing of cash flow payment

Discount Rate

$10,329,931*

1%
Other Healthcare24,315,525 Hypothetical market analysisHypothetical market coupon rate15% (14% - 24%)
Other Technology126,568,043 Hypothetical market analysisHypothetical market coupon rate16% (14% - 32%)
Income Approach
Expected amount and timing of cash flow payment

Discount Rate

$3,247,663 ($18,125 - $4,798,121)

1% (0% - 1%)
Security4,650,326 Hypothetical market analysisHypothetical market coupon rate18% (14% - 99%)
Semiconductors & Equipment585,915 Hypothetical market analysisHypothetical market coupon rate16%*
Software42,025,003 Hypothetical market analysisHypothetical market coupon rate18% (13% - 26%)
Income Approach
Expected amount and timing of cash flow payment

Discount Rate

$1,910,350 ($208,725 - $2,343,019)

1%
Technology Services22,385,643 Hypothetical market analysisHypothetical market coupon rate17% (13% - 23%)
Income Approach
Expected amount and timing of cash flow payment

Discount Rate

$2,453,039 ($2,402,281 - $2,501,785)

1%
Wireless12,671,029 Hypothetical market analysisHypothetical market coupon rate14% (14% - 16%)
30

Investment Type - Level 3
Loan InvestmentsFair Values at December 31, 2020Valuation Techniques / MethodologiesUnobservable Inputs
Weighted Averages(a)/Amount & Ranges
Total Loan Investments$310,522,149 
Investment Type - Level 3
Loan InvestmentsFair Value at December 31, 2021Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average (a)
Asset RecoveryProbability weighing of alternative outcomes10% - 40%*
Technology Services$27,739,468Hypothetical market analysisHypothetical market coupon rate13% - 26%18%
Asset RecoveryProbability weighting of alternative outcomes10% - 50%*
Wireless$10,670,751Hypothetical market analysisHypothetical market coupon rate14% - 17%14%
Total 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 September 30, 2021March 31, 2022 and December 31, 20202021 measured at fair value on a recurring basis:

As of September 30, 2021
As of March 31, 2022As of March 31, 2022
ASSETS:ASSETS:Level 1Level 2Level 3TotalASSETS:Level 1Level 2Level 3Total
Loans†
$— $— $468,526,464 $468,526,464 
Loans†Loans†$— $— $498,257,047 $498,257,047 
Derivative assetsDerivative assets— 151,981 — 151,981 Derivative assets— 6,246,910 — 6,246,910 
Cash equivalentsCash equivalents28,713,677 — — 28,713,677 Cash equivalents12,607,025 — — 12,607,025 
Total assets$28,713,677 $151,981 $468,526,464 $497,392,122 
TotalTotal$12,607,025 $6,246,910 $498,257,047 $517,110,982 
LIABILITIES:LIABILITIES:Level 1Level 2Level 3TotalLIABILITIES:Level 1Level 2Level 3Total
Borrowings under debt facilityBorrowings under debt facility$— $262,500,000 $— $262,500,000 Borrowings under debt facility$— $280,000,000 $— $280,000,000 
Derivative liabilities— 393,020 — 393,020 
Total liabilities$— $262,893,020 $— $262,893,020 
TotalTotal$— $280,000,000 $— $280,000,000 

As of December 31, 2020
As of December 31, 2021As of December 31, 2021
ASSETS:ASSETS:Level 1Level 2Level 3TotalASSETS:Level 1Level 2Level 3Total
Loans†
$— $— $310,522,149 $310,522,149 
Loans†Loans†$— $— $484,047,644 $484,047,644 
Derivative assetsDerivative assets— 962,602 — 962,602 
Cash equivalentsCash equivalents12,497,243 — — 12,497,243 Cash equivalents6,939,126 — — 6,939,126 
Total assets$12,497,243 $— $310,522,149 $323,019,392 
TotalTotal$6,939,126 $962,602 $484,047,644 $491,949,372 
LIABILITIES:LIABILITIES:Level 1Level 2Level 3TotalLIABILITIES:Level 1Level 2Level 3Total
Borrowings under debt facilityBorrowings under debt facility$— $140,000,000 $— $140,000,000 Borrowings under debt facility$— $263,000,000 $— $263,000,000 
Derivative liabilities— 1,254,214 — 1,254,214 
Total liabilities$— $141,254,214 $— $141,254,214 
Derivative liabilityDerivative liability— 130,697 — 130,697 
TotalTotal$— $263,130,697 $— $263,130,697 

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

3133

    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
September 30, 2021		For the Nine Months Ended
September 30, 2021
LoansStockWarrantsLoansStockWarrantsFor the three months ended March 31, 2022
LoansWarrantsStocks
Beginning balanceBeginning balance$408,049,077 $— $— $310,522,149 $— $— Beginning balance$484,047,644 $— $— 
Acquisitions and originationsAcquisitions and originations144,865,000 225,000 14,279,851 313,790,000 1,846,658 28,738,101 Acquisitions and originations50,725,000 3,972,002 2,090,759 
Principal reductions(72,264,554)— — (135,862,410)— — 
Accretion of discount on loans(9,575,267)— — (17,575,968)— — 
Principal payments on loans, net of accretionPrincipal payments on loans, net of accretion(35,826,878)— — 
Distributions to shareholderDistributions to shareholder— (225,000)(14,279,851)— (1,846,658)(28,738,101)Distributions to shareholder— (3,972,002)(2,090,759)
Net realized loss from loansNet realized loss from loans(328,738)— — 
Net change in unrealized loss from loansNet change in unrealized loss from loans(359,981)— — 
Net change in unrealized gain (loss) from loans(2,547,792)— — (2,228,180)— — 
Net realized loss from loans— — — (119,127)— — 
Ending balanceEnding balance$468,526,464 $— $— $468,526,464 $— $— Ending balance$498,257,047 $— $— 
Net change in unrealized gain (loss) from loans relating to loans still held at period end$(2,547,792)$(2,476,191)
Net change in unrealized loss from loans relating to loans still held at March 31, 2022Net change in unrealized loss from loans relating to loans still held at March 31, 2022$(1,168,430)$— $— 

For the Three Months Ended September 30, 2020(a)
For the Nine Months Ended September 30,
 2020(a)
LoansStockWarrantsLoansStockWarrantsConvertible Note
Beginning balance$259,423,657 $— $— $203,311,245 $— $— $— 
Acquisitions and originations48,608,333 750,000 2,631,536 145,825,000 750,000 8,914,947 175,547 
Principal reductions(38,813,714)— — (69,872,900)— — — 
Accretion of discount on loans(2,613,115)— — (6,473,341)— — — 
Distributions to shareholder— (750,000)(2,631,536)— (750,000)(8,914,947)(175,547)
Net change in unrealized gain (loss) from loans(2,988,820)— — (9,173,663)— — — 
Ending balance$263,616,341 $— $— $263,616,341 $— $— $— 
Net change in unrealized gain (loss) from loans relating to loans still held at period end$(3,071,860)$(9,173,663)
(a) Certain prior period information has been disclosed to conform to current presentation.
For the three months ended March 31, 2021
LoansWarrantsStocks
Beginning balance$310,522,149 $— $— 
Acquisitions and originations73,625,000 371,658 9,004,052 
Principal payments on loans, net of accretion(29,370,221)— — 
Distributions to shareholder— (371,658)(9,004,052)
Net realized gain from loans863,226 — — 
Net change in unrealized loss from loans(119,127)— — 
Ending balance$355,521,027 $— $— 
Net change in unrealized gain from loans relating to loans still held at March 31, 2021$637,895 $— $— 
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 wereare the same.
5.    CAPITAL STOCK
    As of both September 30, 2021March 31, 2022 and December 31, 2020,2021, 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 September 30, 2021March 31, 2022 and December 31, 2020,2021, was $460.0 million. Total contributed capital to the Company as of September 30, 2021March 31, 2022 and December 31, 20202021 was $388.7$411.7 million and $264.5$388.7 million, respectively, of which $344.1$358.1 million and $243.1$345.6 million were contributed to the Fund, respectively.

3234

    The chart below shows the distributions of the Fund for the ninethree months ended September 30, 2021March 31, 2022 and 2020.2021.

For the Nine Months Ended September 30, 2021For the Nine Months Ended September 30, 2020 For the Three Months Ended March 31, 2022For the Three Months Ended March 31, 2021
Cash distributionsCash distributions$33,800,000 $7,000,000 Cash distributions$18,000,000 $20,100,000 
Distributions of equity securitiesDistributions of equity securities30,584,758 9,840,494 Distributions of equity securities6,062,760 9,375,710 
Total distributions to shareholderTotal distributions to shareholder$64,384,758 $16,840,494 Total distributions to shareholder$24,062,760 $29,475,710 
    
    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 September 30, 2021March 31, 2022 and December 31, 2020,2021, the Fund’s asset coverage for borrowings was 203%186% and 231%187%, respectively.
    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.
35

    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 $350,000,000$350 million and extended the term of the facility (the “Amended Loan Agreement”). An
33

additional $50,000,000$50 million is potentially available to the Fund, subject to further negotiation and credit approval, through an accordion provision.
    All of the assets of the Fund collateralize borrowings by the Fund. Loans under the facility may be, at the option of the Fund, a Reference Rate Loan, a LIBOR Loan or a LIBOR Market Index Rate Loan. As of September 30, 2021,March 31, 2022, the Fund’s outstanding borrowings were entirely based on the LIBOR rate.Market Index 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 Loan Agreement, 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) LIBOR plus 2.50% or (iii) the LIBOR Market Index Rate plus 2.50%. 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 September 30, 2021March 31, 2022 and December 31, 2020, $262.52021, $280.0 million and $140.0$263.0 million, respectively, was outstanding under the facility.
    As of September 30, 2021,March 31, 2022, the LIBOR rate was as follows:

                
1-Month LIBOR0.0803%0.4520%
3-Month LIBOR0.1301%0.9616%
    Bank fees and other costs of $5.0$3.6 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 September 30, 2021March 31, 2022 and December 31, 2020,2021, the remaining unamortized fees and costs of $2.2$1.7 million and $0.4$2.0 million, respectively, are being amortized over the expected life of the facility, which is expected to terminate on March 18, 2024.
    The facility is revolving and as such does not have a specified repayment schedule, although advances are secured by the assets of the Fund and thus repayments will be required as assets decline. The facility contains various covenants including financial covenants related to: (i) minimum debt service coverage ratio, (ii) interest coverage ratio, (iii) unfunded commitment ratio, (iv) maximum quarterly loan loss reserve ratio, (v) maximum annual loan loss reserve ratio and (vi) maximum loan loss test. There are also various restrictive covenants, including limitations on: (i) the incurrence of liens, (ii) consolidations, mergers and asset sales and (iii) capital expenditures. As of September 30, 2021March 31, 2022 and December 31, 2020,2021, Management is not aware of instances of non-compliance with financial covenants.
    The following is the summary of the outstanding facility draws as of September 30, 2021:March 31, 2022:
AmountMaturity Date
All-In Interest Rate(a)
LIBOR Market Index Rate Loan$262,500,000280,000,000 March 18, 2024Variable based on 1-Month LIBOR rate
Total Outstanding$262,500,000280,000,000 
(a)Inclusive of 2.50% applicable LIBOR margin plus LIBOR rate.

3436

    The following is the summary of the outstanding facility draws as of December 31, 2020:2021:
AmountMaturity Date
All-In Interest Rate(a)
LIBOR Market Index Rate Loan$140,000,000263,000,000 December 20, 2021March 18, 2024Variable based on 1-Month LIBOR rate
Total Outstanding$140,000,000263,000,000 
(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 the Company’s committed equity capital (regardless of when or if the capital was called). The Management Fee percentage is 1.500% as of September 30, 2021,March 31, 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 million and $5.3$1.8 million were recognized as expenses for the three and nine months ended September 30,March 31, 2022 and 2021, respectively. Management fees of $1.8 million and $5.5 million were recognized as expenses for the same respective periods in 2020.
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 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 allows the Fund to match the swap with the terms of the variable rate index of the debt facility. The Fund may enter into additional hedging transactions to remain in compliance with the hedging requirements to the debt facility. As of September 30, 2021, the total notional principal amount was $57.0 million.

    The Fund pays a weighted average rate of 2.28% and receives from the counterparty a floating rate based upon a 1-Month LIBOR rate. Payments are made monthly. The payments and interest rate swap and floor agreement will terminate on December 20, 2021. Payments to or from the counterparty are recorded to net realized gain (loss) from derivative instruments.

35

Interest Rate Collar

    On June 29, 2020, theThe Fund entered into an interest rate collar transactiontransactions with MUFG Union Bank, N.A. The aggregate notional principal amount of the interest rate collar is $20.0 million, with a cap of 1.1500% and floor of 0.1700% on floating rate based upon a 1-Month LIBOR rate. On February 26, 2021, the Fund entered into an interest rate collar transaction with Zions Bancorporation, N.A. dba California Bank & Trust. The aggregate notional amount ofCertain information related to the Fund's interest rate collar contracts is $30.0 million, with a cap of 1.0000% and floor of 0.3500% on floating rate based upon 1-Month LIBOR rate. On August 27, 2021, the Fund entered into an interest rate collar transaction with Zions Bancorporation, N.A. dba California Bank & Trust. The aggregate notional amount of the interest rate collar is $50.0 million, with a cap of 1.5000% and floor of 0.4200% on floating rate based upon 1-Month LIBOR rate.presented below:
CounterpartiesEffective DateNotional AmountCapFloorIndexMaturity Date
MUFG Union Bank N.A06/29/2020$20,000,000 1.15%0.17%1-Month LIBOR rate06/30/2025
Zions Bancorporation, N.A.02/26/2021$87,000,000 1.00%0.35%1-Month LIBOR rate03/18/2024
Zions Bancorporation, N.A.08/31/2021$50,000,000 1.50%0.42%1-Month LIBOR rate06/30/2025
Zions Bancorporation, N.A.12/22/2021$90,000,000 2.25%0.53%1-Month LIBOR 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 1-Month LIBOR rate falls below the established floor rate, and the counterparty will pay the Fund if the 1-Month LIBOR rate exceeds the established cap rate. The interest rate collar settles monthly. The
37


Interest Rate Swap and Floor

On February 7, 2019, the Fund entered into an interest rate collar transactionswap and floor agreement with MUFG Union Bank, N.A. is expectedThe floor allowed the Fund to terminate on June 30, 2025.match the swap with the terms of the variable rate index of the debt facility. The interest rate collar transactions with Zions Bancorporation, N.A. are expected to terminateswap and floor agreement terminated on March 18, 2024 and June 30, 2025, respectively.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 September 30, 2021March 31, 2022 and December 31, 2020.2021.
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
Derivative InstrumentsDerivative InstrumentsSeptember 30, 2021December 31, 2020September 30, 2021December 31, 2020Derivative InstrumentsMarch 31, 2022December 31, 2021March 31, 2022December 31, 2021
Interest rate swap and floor$— $— $280,421 $1,199,471 
Interest rate collarInterest rate collar$151,981 $— $112,599 $54,743 Interest rate collar$6,246,910 $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
September 30,		For the Nine Months Ended
September 30,		For the Three Months Ended
March 31
Derivative InstrumentsDerivative InstrumentsCondensed Statements of Operation Caption2021202020212020Derivative InstrumentsCondensed Statements of Operation Caption20222021
Interest rate collarInterest rate collarNet change in unrealized gain from derivative instruments$5,415,005 $106,689 
Net realized loss from derivative instruments$(164,462)$(8,831)
Interest rate swap and floorInterest rate swap and floorNet change in unrealized gain (loss) from derivative instruments$313,112 $292,432 $919,050 $(678,472)Interest rate swap
and floor		Net change in unrealized gain (loss) from derivative instruments$— $302,697 
Net realized loss from derivative instruments$(318,533)$(308,139)$(938,952)$(648,427)Net realized loss from derivative instruments$— $(306,871)
Interest rate collarNet change in unrealized gain (loss) from derivative instruments$7,212 $62,146 $94,124 $(114,268)
Net realized loss from derivative instruments$(37,495)$(401)$(68,161)$(401)
36

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 September 30, 2021March 31, 2022 and December 31, 2020:2021:
As of September 30, 2021As of March 31, 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)
MUFG Union Bank, N.A.MUFG Union Bank, N.A.$138,967 $(138,967)$— $— $— MUFG Union Bank, N.A.$888,010 $— $— $— $888,010 
Zions Bancorporation, N.A.Zions Bancorporation, N.A.13,014 (13,014)— — — Zions Bancorporation, N.A.5,358,900 — — — 5,358,900 
TotalTotal$151,981 $(151,981)$— $— $— Total$6,246,910 $— $— $— $6,246,910 
As of September 30, 2021As of December 31, 2021
CounterpartiesCounterpartiesDerivative Liability Subject to Master Netting AgreementDerivatives Available for OffsetNon-cash Collateral PledgedCash Collateral Pledged
Net Amount (2)
CounterpartiesDerivative Asset Subject to Master Netting AgreementDerivatives Available for OffsetNon-cash collateral receivedCash Collateral Received
Net Amount (1)
MUFG Union Bank, N.A.MUFG Union Bank, N.A.$(280,421)$138,967 $— $— $(141,454)MUFG Union Bank, N.A.$255,356 $— $— $— $255,356 
Zions Bancorporation, N.A.Zions Bancorporation, N.A.(112,599)13,014 — — (99,585)Zions Bancorporation, N.A.707,246 (130,697)— — 576,549 
TotalTotal$(393,020)$151,981 $— $— $(241,039)Total$962,602 $(130,697)$— $— $831,905 
As of December 31, 2020
CounterpartyDerivative Asset Subject to Master Netting AgreementDerivatives Available for OffsetNon-cash collateral receivedCash Collateral Received
Net Amount (1)
MUFG Union Bank, N.A.$— $— $— $— $— 
Total$— $— $— $— $— 
As of December 31, 2020
CounterpartyDerivative Liability Subject to Master Netting AgreementDerivatives Available for OffsetNon-cash Collateral PledgedCash Collateral Pledged
Net Amount (2)
MUFG Union Bank, N.A.$(1,254,214)$— $— $— $(1,254,214)
Total$(1,254,214)$— $— $— $(1,254,214)
(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.
38

As of December 31, 2021
CounterpartyDerivative Liability Subject to Master Netting AgreementDerivatives Available for OffsetNon-cash Collateral PledgedCash Collateral Pledged
Net Amount (2)
Zions Bancorporation, N.A.$(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.
(2) Net amount of derivative liabilities represents the net amount due from the Fund to the counterparty. There were no derivative liabilities as of March 31, 2022.
9. TAX STATUS
    The Fund has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code (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 September 30, 2021,March 31, 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.

37

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

    Below are tables summarizing the cost of investments for federal income tax purposes and the appreciation and depreciation of the investments reported on the Condensed Schedules of Investments and Condensed Statements of Assets and Liabilities as of September 30, 2021March 31, 2022 and December 31, 2020:2021:

AssetAssetAs of September 30, 2021AssetAs of March 31, 2022
CostUnrealized AppreciationUnrealized DepreciationNet Appreciation (Depreciation)AssetCostUnrealized AppreciationUnrealized DepreciationNet Appreciation (Depreciation)
LoansLoans$483,243,524 $— $(14,717,060)$(14,717,060)$516,478,606 $— $(18,221,559)$(18,221,559)
Derivative asset— — 151,981 151,981 
Derivative assetsDerivative assets— 6,246,910— 6,246,910 
TotalTotal$483,243,524 $— $(14,565,079)$(14,565,079)Total$516,478,606 $6,246,910 $(18,221,559)$(11,974,649)
As of September 30, 2021
LiabilityCostUnrealized AppreciationUnrealized DepreciationNet Appreciation (Depreciation)
Derivative liabilities$— $— $(393,020)$(393,020)
Total$— $— $(393,020)$(393,020)
As of December 31, 2021
AssetAssetAs of December 31, 2020AssetCostUnrealized AppreciationUnrealized DepreciationNet Appreciation (Depreciation)
CostUnrealized AppreciationUnrealized DepreciationNet Appreciation (Depreciation)
LoansLoans$323,011,028 $— $(12,488,879)$(12,488,879)Loans$501,909,222 $— $(17,861,578)$(17,861,578)
Derivative assetsDerivative assets— 962,602 — 962,602 
TotalTotal$323,011,028 $— $(12,488,879)$(12,488,879)Total$501,909,222 $962,602 $(17,861,578)$(16,898,976)
As of December 31, 2020As of December 31, 2021
LiabilityLiabilityCostUnrealized AppreciationUnrealized DepreciationNet Appreciation (Depreciation)LiabilityCostUnrealized AppreciationUnrealized DepreciationNet Appreciation (Depreciation)
Derivative liabilities$— $— $(1,254,214)$(1,254,214)
Derivative liabilityDerivative liability$— $— $(130,697)$(130,697)
TotalTotal$— $— $(1,254,214)$(1,254,214)Total$— $— $(130,697)$(130,697)
39

    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.
38

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 September 30, 2021,March 31, 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-ended December 31, 2021.2022.
    
The Fund anticipates distributing all distributable earnings by the end of the year. As of September 30, 2021,March 31, 2022, the Fund had no undistributed earnings. 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 September 30, 2021,March 31, 2022, the Fund had no uncertain tax positions and no capital loss carryforwards.
10. UNEXPIRED UNFUNDED COMMITMENTS
    As of September 30, 2021March 31, 2022 and December 31, 2020,2021, the Fund’s unexpired unfunded commitments to borrowers totaled $132.6$94.5 million and $83.2$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 September 30, 2021March 31, 2022 and December 31, 2020:2021:
BorrowerIndustryUnexpired Unfunded Commitment as of September 30, 2021March 31, 2022Expiration Date
10club Pte Ltd.Internet$29,500,00025,000,000 09/30/2022
303 Holdings, Inc.Technology Services3,000,000 12/31/2021
Alchera IncorporatedOther Healthcare1,500,000 01/31/2022
Amino, Inc.Software11,000,0009,000,000 12/31/2022
Bankroll Club, LLCOther Technology1,500,000 12/31/2021
Benson Hill, Bryte, Inc.Other Technology20,000,000 12/30/2021
Bizly, Inc.Software1,000,000 11/30/2021
Brave Care, Inc.Other Technology1,250,000 10/31/2021
BriteCo LLCSoftware350,000 10/30/2021
Calysta, Inc.Biotechnology7,500,000 12/31/2021
Candy Club Holdings, Inc.Other Technology2,500,000 10/01/31/20212023
Coterie Applications, Ceres Imaging, Inc.Other Technology5,000,0001,750,000 10/31/2022
 EasyKnock, Inc. Other Technology7,500,000 01/31/20222023
Equestrian Labs, iLearningEngines Inc.Other Technology Services750,0007,500,000 10/08/2021
Fakespot, Inc.Other Technology500,000 01/07/31/2022
Genomic Prediction, Kinoo, Inc.Biotechnology Other Technology1,000,000 03/31/04/30/2022
Grayce, Lacuna Technologies, Inc.Other Healthcare500,000 12/31/2021
Hadrian Automation, Inc.Other Technology750,000 12/31/2021
HumanAPI, Inc.Other Healthcare1,000,000 12/01/2021
MASC Inc.Other Technology1,500,0002,500,000 07/31/2022
3940

BorrowerIndustryUnexpired Unfunded Commitment as of September 30, 2021March 31, 2022Expiration Date
Mavenform, Literati, Inc.Other Technology2,000,0005,000,000 03/31/2023
 Loansnap Holdings Inc. Technology Services3,750,000 04/30/2022
Merlin Labs, MASC Inc.Other Technology1,500,000 07/31/2022
 Mavenform, Inc. Other Technology500,000 04/30/2022
 Ocurate, Inc. Software1,000,000 03/12/31/2022
MeshPlusPlus, OneLocal, Inc.Wireless Internet250,000500,000 10/06/30/2021
MinoMonsters, Inc.Other Technology1,000,000 10/15/2021
NanoGriptech Inc.Other Technology750,000 10/31/2021
Norbert Health, Inc.Medical Devices1,000,000 01/31/2022
Oula Health, Inc.Other Healthcare400,000 11/30/2021
Phase Four, Inc.Other Technology1,000,000 04/01/2022
 Quartzy, Inc. Biotechnology3,750,000 11/15/2022
Plant Prefab, RenoFi, Inc.Other Technology Internet3,000,000 10/31/2022
 RetailerX, Inc. Internet2,000,000 11/12/30/20212022
Proper Labs, Inc.Internet1,500,000 10/30/2021
Safe Securities Inc.Software2,000,000 04/07/15/2022
SF Insuretech, StayTuned Digital, Inc.Software5,000,0003,113,732 03/12/31/2022
Starface World, Inc.Internet1,000,000 11/15/2021
Sustainable Living Partners, LLCOther Technology5,000,000 10/31/2021
Taptap Send, Inc.Other Technology9,000,000 12/31/2022
Terragon, Inc.Software500,000 10/31/2021
Therapydia, Inc.Other Healthcare1,500,000500,000 04/30/2022
Tia, UCM Digital Health, Inc.Other Healthcare Software4,500,000875,000 10/31/2021
Trucking Jobs Technologies, Inc.Software610,000 01/07/31/2022
Usual Beverage Co. WorkRails, Inc.Internet Software1,000,000250,000 01/05/31/2022
World Wrapps II, Inc.Other Technology500,000 12/31/2021
Yes Health, Inc.Other Healthcare1,000,000 11/30/2021
Total$132,610,00094,488,732 

BorrowerIndustryUnexpired Unfunded Commitment as of December 31, 20202021Expiration Date
303 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 Services$3,000,0003,750,000 12/31/202104/30/2022
8E14 Networks Luva Inc.Other Technology600,000500,000 02/28/2022
 MASC Inc.Other Technology1,500,000 07/31/20212022
Aclima, Mavenform, Inc.Other Technology2,000,000 03/31/202104/30/2022
Afero, Inc.Software1,500,000 05/31/2021
Antitoxin Technologies Merlin Labs, Inc.Other Technology1,000,000 06/30/202103/31/2022
BackboneAI Inc.Software1,000,000 04/30/2021
Bizly, Inc.Software1,650,000 03/31/2021
Canary Connect, Inc.Computers & Storage2,000,000 01/31/2021
Content Adjacent, Inc.Other Technology500,000 07/31/2021
Coterie Applications, Inc.Other Technology500,000 03/31/2021
CytoVale, Norbert Health, Inc.Medical Devices1,000,000 01/31/20212022
Exo Imaging, Inc.Medical Devices2,000,000 09/30/2021
Fetch Robotics, Inc.Computers & Storage2,500,000 06/30/2021
GoForward, Inc.Other Healthcare3,125,000 07/31/2021
Hello Heart Inc.Other Healthcare2,000,000 09/30/2021
Honeybee Health, Inc.Other Healthcare3,000,000 07/31/2021
iLearningEngines Inc.Technology Services2,000,000 07/31/2021
Invoice2Go, Inc.Software13,000,000 03/31/2021
Lukla, Inc.Internet500,000 01/31/2021
Mavenform, Inc.Other Technology1,500,000 04/30/2021
Natomas Labs, Inc.Other Technology2,000,000 04/15/2021
OnepointOne, Inc.Other Technology2,000,000 03/31/2021
Oula Health, Inc.Other Healthcare750,000 11/30/2021
Peerwell, Inc.Other Healthcare500,000 07/30/2021
40

BorrowerIndustryUnexpired Unfunded Commitment as of December 31, 2020Expiration Date
Pixlee, Inc.Software2,500,000 06/30/2021
Privoro Holdings, Phase Four, Inc.Other Technology1,000,000 04/01/31/20212022
Reciprocity, RenoFi, Inc.SoftwareInternet1,950,0006,000,000 01/10/31/20212022
Residently USA, LLCInternet375,000 03/31/2021
Riffyn, Safe Securities Inc.Technology ServicesSoftware2,000,000 01/31/202104/15/2022
Sonatus, Inc.Software1,000,000 03/31/2021
Swiftly Systems, SF Insuretech, Inc.Software5,000,000 08/30/202103/31/2022
Tia, StayTuned Digital, Inc.Software3,213,732 12/31/2022
 Taptap Send, Inc.Other Technology9,000,000 12/31/2022
 Therapydia, Inc.Other Healthcare7,000,0001,000,000 10/31/202104/30/2022
TIER Mobility GmbH Trucking Jobs Technologies, Inc.Other TechnologySoftware8,000,000610,000 02/15/202101/31/2022
Vessel Health, Inc. Usual Beverage Co.Other Healthcare3,750,000 03/31/2021
World Wrapps II, Inc.Other TechnologyInternet1,000,000 12/01/31/20212022
 WorkRails, Inc.Software250,000 05/31/2022
Total$83,200,00097,948,732 
41

11. FINANCIAL HIGHLIGHTS

    U.S. GAAP requires disclosure of financial highlights of the Fund for the three and nine months ended September 30, 2021March 31, 2022 and 2020.2021.

    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.

41

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

For the Three Months Ended September 30, 2021For the Three Months Ended September 30, 2020For the Nine Months Ended September 30, 2021For the Nine Months Ended September 30, 2020 For the Three Months Ended March 31, 2022
For the Three Months Ended March 31, 2021 (a)
   
Total return**Total return**10.52 %5.23 %26.34 %9.92 %Total return**9.37 %6.88 %
   
Per share amounts:Per share amounts: Per share amounts: 
Net asset value, beginning of periodNet asset value, beginning of period$2,331.77 $1,467.22 $1,833.27 $1,138.32 Net asset value, beginning of period$2,301.94 $1,833.27 
Net investment incomeNet investment income279.39 105.99 539.27 246.20 Net investment income168.76 115.52 
Net realized and change in unrealized loss from loans and derivative instruments(25.83)(29.43)(23.42)(106.16)
Net realized and change in unrealized gain from loans and derivative
instruments		Net realized and change in unrealized gain from loans and derivative
instruments		45.62 8.38 
Net increase in net assets resulting from operationsNet increase in net assets resulting from operations253.56 76.56 515.85 140.04 Net increase in net assets resulting from operations214.38 123.90 
Distributions to shareholder(145.05)(103.82)(643.84)(168.40)
Distributions of income to shareholderDistributions of income to shareholder(163.83)(111.17)
Return of capital to shareholderReturn of capital to shareholder(76.80)(183.59)
Contributions from shareholderContributions from shareholder275.00 620.00 1,010.00 950.00 Contributions from shareholder125.00 140.00 
Net asset value, end of periodNet asset value, end of period$2,715.28 $2,059.96 $2,715.28 $2,059.96 Net asset value, end of period$2,400.69 $1,802.41 
Net assets, end of periodNet assets, end of period$271,527,518 $205,996,291 $271,527,518 $205,996,291 Net assets, end of period$240,068,689 $180,240,894 
   
Ratios to average net assets:Ratios to average net assets: Ratios to average net assets: 
Expenses*Expenses*5.89 %8.38 %6.77 %9.08 %Expenses*7.32 %6.83 %
Net investment income*Net investment income*44.80 %28.23 %33.63 %24.06 %Net investment income*29.29 %25.01 %
Portfolio turn-over ratePortfolio turn-over rate— %— %— %— %Portfolio turn-over rate— %— %
Average debt outstanding Average debt outstanding$227,000,000 $115,500,000 $193,540,000 $106,850,000  Average debt outstanding$271,250,000 $162,675,000 
*Annualized*Annualized*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
42

12.     SUBSEQUENT EVENTS
    The Fund evaluated 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.
4243

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 20202021 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
43

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 in 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”).  Generally, the amount of each Investment will be allocated 50% to the Fund and 50% to Fund VIII, or such other allocations as may be determined by the respective fund boards, so long as the Fund has capital available to invest.  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. After June 30, 2022, the Fund will no longer be permitted to enter into new commitments to borrowers; however, the Fund will be permitted to fund existing commitments, in which Fund VIII may also be invested. The Manager has exercised, and Fund VIII's Board of Directors ratified, its discretion to extend Fund VIII’s investment period for two additional quarters after September 30, 2020, thereby allowing Fund VIII to make new commitments through March 31, 2020 and to fund commitments through March 31, 2021, the end of Fund VIII’s investment period. As of March 31, 2021, Fund VIII reached the end of its investment period. As a result, the Fund ceased to co-invest with Fund VIIIIVIII as of that date. The Manager is permitted to extend the Fund’s investment period by up to two (2) additional calendar quarters in its sole and absolute discretion. 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 Investment will be allocated 50% to the Fund and 50% to Fund X, or such other allocations as may be determined by the respective fund boards, so long as the Fund has capital available to invest. The ability of the Fund to co-invest with Fund X, and other clients advised by the Manager, is subject to the Conditions described above. After June 30, 2022, the Fund will no longer be permitted to enter into new commitments to borrowers; however, the Fund will be permitted to fund existing commitments, in which Fund X may also be invested. The Manager is permitted to extend the Fund's investment period by up to two (2) additional calendar quarters in its sole and absolute discretion. 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.

44

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
Throughout 2020, theThe 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. Due to the increased market volatility, valuation of the Fund’s loan investments contributed to increased unrealized losses from loans for the quarter ended September 30, 2020. At the end of 2020, vaccines were approved for deployment by governmental health agencies resulting in reduced quarantine and travel restrictions and an improved economic outlook. Through September 30, 2021, the continuing market stability, in addition to the recovering local and global economies, factored into the Fund’s valuation adjustments which reflected an improvement in certain portfolio companies' performance. For the quarter ended September 30, 2021, the Fund recognized lower unrealized loss from loans compared to the same period in 2020.

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
45

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 locally 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 and Nine Months Ended September 30,March 31, 2022 and 2021 and 2020
Analysis of Interest Income
Total investment income for the three months ended September 30,March 31, 2022 and 2021 and 2020 was $31.6$21.1 million and $13.7$14.7 million, respectively, which primarily consisted of interest on the venture loans outstanding. 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 September 30, 2021March 31, 2022 and 2020.2021.

For the Three Months Ended September 30, 2021For the Three Months Ended September 30, 2020For the Three Months Ended March 31, 2022For the Three Months Ended March 31, 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$424,497,151 $31,494,140 20.66 %9.02 %$255,762,752 $13,638,239 17.24 %4.09 %Performing Loans$481,169,718 $19,834,187 12.76 %3.73 %$319,151,345 $14,475,621 14.03 %4.11 %
All LoansAll Loans$435,936,342 $31,494,140 20.11 %8.79 %$265,715,353 $13,742,951 16.76 %3.93 %All Loans$489,989,037 $21,013,694 13.48 %3.67 %$327,886,032 $14,687,248 13.91 %4.01 %
Interest income for performing loans and all loans increased by $17.9$5.4 million and $17.8$6.3 million, or 131%37% and 129%43%, respectively, for the three months ended September 30, 2021March 31, 2022 compared to the same period in 2020.2021. The increase is primarily due to the increased growth in our loan portfolio and early loan payoffs. The average outstanding
47

balance for performing loans and all loans increased by $168.7$162.0 million and $170.2$162.1 million, or 66%51% and 64%49%, respectively, for the three months ended September 30, 2021March 31, 2022 compared to the same period in 2020.
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 nine months ended September 30, 2021 and 2020.
For the Nine Months Ended September 30, 2021For the Nine Months Ended September 30, 2020
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 Portion
Performing Loans$369,529,528 $64,046,539 16.77 %6.34 %$231,573,232 $33,257,935 15.42 %3.73 %
All Loans$379,686,884 $64,636,492 16.53 %6.17 %$239,600,424 $33,398,668 14.98 %3.61 %
Interest income for performing and all loans increased by $30.8 million and $31.2 million, or 93% and 94%, respectively, for the nine months ended September 30, 2021 compared to the same period in 2020. The increase is primarily due to the increased growth in our loan portfolio. The average outstanding balance for performing and all
46

loans increased by $138.0 million and $140.1 million, or 60% and 58%, respectively, for the nine months ended September 30, 2021 compared to the same period in 2020.2021.
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 September 30, 2021March 31, 2022 and 2020.2021.
For the Three Months Ended September 30, 2021For the Three Months Ended September 30, 2020
Average BalanceInterest ExpenseWeighted Average Interest Expense RateAverage BalanceInterest ExpenseWeighted Average Interest Expense Rate
Bank Facility$227,000,000 $1,704,395 3.00 %$115,500,000 $1,122,167 3.89 %
For the Three Months Ended March 31, 2022For the Three Months Ended March 31, 2021
Average BalanceInterest ExpenseWeighted Average Interest Expense RateAverage BalanceInterest ExpenseWeighted Average Interest Expense Rate
Bank Facility$271,250,000 $2,156,870 3.18 %$162,675,000 $1,213,164 2.98 %
    Interest expense increased by $582 thousand,$0.9 million, or 52%78%, for the three months ended September 30, 2021March 31, 2022 compared to the same period in 2020.2021. The increase is primarily due to higher average debt outstanding slightly offset by lower weighted average interest rate.
The following table shows the average balance, interest expense, and weighted average interest rate for the nine months ended September 30, 2021 and 2020.
For the Nine Months Ended September 30, 2021For the Nine Months Ended September 30, 2020
Average BalanceInterest ExpenseWeighted Average Interest Expense RateAverage BalanceInterest ExpenseWeighted Average Interest Expense Rate
Bank Facility$193,540,000 $4,455,120 3.07 %$106,850,000 $3,273,638 4.09 %
Interest expense increased by $1.2 million, or 36%, for the nine months ended September 30, 2021 compared to the same period in 2020. The increase is primarily due to higher average debt outstanding, offset by lower weighted average interest rate.
Analysis of Operating Expense
The following table shows the components of operating expense for the three and nine months ended September 30, 2021March 31, 2022 and 2020.2021.
For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
Operating ExpenseOperating Expense20212020Change ($)20212020Change ($)Operating ExpenseFor the Three Months Ended
March 31, 2022		For the Three Months Ended
March 31, 2021		Change ($)
Management feesManagement fees$1,725,000 $1,811,250 $(86,250)$5,347,500 $5,491,250 $(143,750)Management fees$1,725,000 $1,811,250 $(86,250)
Banking and professional feesBanking and professional fees$181,025 $156,344 $24,681 $923,633 $413,281 $510,352 Banking and professional fees$307,597 $101,759 $205,838 
Other operating expensesOther operating expenses$60,682 $55,873 $4,809 $121,552 $114,459 $7,093 Other operating expenses$28,109 $30,644 $(2,535)
Total Operating ExpenseTotal Operating Expense$1,966,707 $2,023,467 $(56,760)$6,392,685 $6,018,990 $373,695 Total Operating Expense$2,060,706 $1,943,653 $117,053 
Management fees did not materially decrease for the three and nine months ended September 30, 2021 compared to the same periods in 2020. For the period from January 1, 20212022 through June 30,March 31, 2022, management fees were calculated at 1.500% of the Company's committed capital. For the same period in 2021, management fees were calculated at 1.575% of the Company's committed capital and for the period July 1, 2021 through September 30, 2021 management fees were calculated at 1.500%. For the period from January 1, 2020 through June 30, 2020, management fees were calculated at 1.600% of the Company's committed capital and for the period July 1, 2020 through September 30, 2020 management fees were calculated at 1.575%.capital.

47

    Banking and professional fees did not increase materiallyincreased by $0.2 million or 202% for the three months ended September 30, 2021March 31, 2022 compared to the same period in 2020 and increased $0.5 million, or 123%, for the nine months ended September 30, 2021 compared to the same period in 2020. 2021. Increase in banking and professional fees were primarily due to higher legal fees associated with the documentation of loans.

    Other operating expenses did not materially increasedecrease for the three and nine months ended September 30, 2021March 31, 2022 compared to the same periods in 2020.2021. These expenses included director fees, custody fees, tax fees and other expenses related to the operations of the Fund.


48

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 March 31, 2022 and 2021 totaled $0.3 million and $0.5 million, respectively.

Net investment income for the three months ended March 31, 2022 and 2021 was $16.9 million and $11.6 million, respectively.

Realized and Change in Unrealized Gains (Losses)

    Net investment income for the three months ended September 30, 2021 and 2020 was $27.9 million and $10.6 million, respectively. Net investment income for the nine months ended September 30, 2021 and 2020 was $53.9 million and $24.6 million, respectively.

Net realized loss from loans was zero$0.3 million and $0.1 million for the three months ended September 30,March 31, 2022 and 2021, and 2020, respectively. Net realized loss from loans was $0.1 million and zero for the nine months ended September 30, 2021 and 2020, respectively. The net realized loss consisted of a loan that was written off.

    Net realized loss from derivative instruments was $0.4$0.2 million and $0.3 million for the three months ended September 30,March 31, 2022 and 2021, and 2020, respectively. Net realized loss from derivative instruments was $1.0 million and $0.6 million for the nine months ended September 30, 2021 and 2020, respectively. The primary reason for the loss was interest paid by the Fund on the hedge agreement when the fixed interest rate was higher than the floating rate.

    Net change in unrealized lossgain (loss) from loans was $2.5was $(0.4) million and $3.0and $0.9 million for the three months ended September 30,March 31, 2022 and 2021, and 2020, respectively. Net change in unrealized loss from loans was $2.2 million and $9.2 million for the nine months ended September 30, 2021 and 2020, respectively. The net change in unrealized gain (loss) from loans consisted of fair value adjustments taken against loans resulting from the improvement or deterioration in certain portfolio companies’ performance.

    Net change in unrealized gain (loss) from derivative instruments was $0.3$5.4 million and $0.4 million for the three months ended September 30,March 31, 2022 and 2021, and 2020, respectively. Net change in unrealized gain (loss) from derivative instruments was $1.0 million and $(0.8) million for the nine months ended September 30, 2021 and 2020, respectively. The net change in unrealized gain (loss) from derivative instruments consisted of fair market value adjustments to the derivative instruments and is a reflection of the market’s outlook on the economy and the future of interest rate changes, as well as realization of prior unrealized losses.

    Net increase in net assets resulting from operations for the three months ended September 30,March 31, 2022 and 2021 and 2020 was $25.4$21.4 million and $7.7$12.4 million, respectively. On a per share basis, the net increase in net assets resulting from operations for the three months ended September 30,March 31, 2022 and 2021 was $214.38 and 2020 was $253.56 and $76.56,$123.90, respectively.

Net increase in net assets resulting from operations for the nine months ended September 30, 2021 and 2020 was $51.6 million and $14.0 million, respectively. On a per share basis, the net increase in net assets resulting from operations for the nine months ended September 30, 2021 and 2020 was $515.85 and $140.04, respectively.

48

Liquidity and Capital Resources – September 30, 2021March 31, 2022 and December 31, 20202021

    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 $344.1$358.1 million and $243.1$345.6 million as of September 30, 2021March 31, 2022 and December 31, 2020,2021, respectively. As of both September 30, 2021March 31, 2022 and December 31, 2020,2021, the Company had subscriptions for capital in the amount of $460.0 million, of which $388.7$411.7 million and $264.5$388.7 million had been called and received, respectively. As of September 30, 2021, $71.3March 31, 2022, $48.3 million of capital remains uncalled and the uncalled capital expires on the Fund’s fifth anniversary of its first investment unless extended. Management is permitted to extend the Fund’s investment period by up to two (2) additional calendar quarters in its sole and absolute discretion. The Company has made $59.7$103.5 million in recallable distributions to its investors, as permitted under its operating agreement between the Company’s managing member and members of the Company.

49

    The change in cash for the ninethree months ended September 30,March 31, 2022 and 2021 and 2020 was as follows:

For the Nine Months Ended September 30, 2021For the Nine Months Ended September 30, 2020For the Three Months Ended March 31, 2022For the Three Months Ended March 31, 2021
Net cash used in operating activitiesNet cash used in operating activities$(137,314,366)$(55,275,160)Net cash used in operating activities$(5,667,639)$(43,145,717)
Net cash provided by financing activitiesNet cash provided by financing activities186,375,637 65,351,172 Net cash provided by financing activities11,335,538 35,967,048 
Net increase in cash and cash equivalents$49,061,271 $10,076,012 
Net increase (decrease) in cash and cash equivalentsNet increase (decrease) in cash and cash equivalents$5,667,899 $(7,178,669)

    As of September 30, 2021March 31, 2022 and December 31, 2020, 22.7%2021, 5.25% and 6.8%3.01%, respectively, of the Fund’s net assets consisted of cash and cash equivalents.

On December 20, 2018, the Fund entered into a syndicated loan agreement led by MUFG Union Bank, N.A., Wells Fargo Securities, LLC and ING Capital LLC, with participation from Zions Bancorporation, N.A., doing business as California Bank & Trust, Bank Leumi USA, Umpqua Bank, HSBC Bank USA, N.A., and First Bank, that established a secured revolving loan facility in an initial amount of up to $200.0 million with the option to request that borrowing availability be increased up to $400.0 million, subject to further negotiation and credit approval. On March 18, 2021, the Fund entered into an Amendment to the Loan and Security Agreement with MUFG Union Bank, N.A., Wells Fargo Securities, LLC, Wells Fargo Bank, N.A. and ING Capital, LLC, with 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 $350,000,000$350 million and extended the term of the facility (the “Amended Loan Agreement”). An additional $50,000,000$50 million is potentially available to the Fund, subject to further negotiation and credit approval, through an accordion provision.

    Borrowings by the Fund are collateralized by all the assets of the Fund. Loans under the facility may be, at the option of the Fund, a Reference Rate Loan, a LIBOR Loan or a LIBOR Market Index Rate Loan. 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 September 30, 2021, $262.5March 31, 2022, $280.0 million was outstanding under the facility.

     For the ninethree months ended September 30, 2021March 31, 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 $313.8$50.7 million for the ninethree months ended September 30, 2021.March 31, 2022. Net loan amounts outstanding after amortization and valuation adjustments increased by $158.0$14.3 million for the same period. Unexpired unfunded commitments totaled $132.6$94.5 million as of September 30, 2021.March 31, 2022.

49

As ofCumulative Amount
Disbursed		Principal
Reductions and Fair
Market Adjustments		Balance
Outstanding - Fair
Value		Unexpired
Unfunded
Commitments
September 30, 2021March 31, 2022$777.2873.0 million$308.7374.7 million$468.5498.3 million$132.694.5 million
December 31, 20202021$463.4822.2 million$152.9338.2 million$310.5484.0 million$83.297.9 million

    The following tables show the unexpired unfunded commitments by portfolio company as of September 30, 2021 and December 31, 2020.

50

BorrowerIndustryUnexpired Unfunded Commitment as of September 30, 2021Expiration Date
10club Pte Ltd.Internet$29,500,000 09/30/2022
303 Holdings, Inc.Technology Services3,000,000 12/31/2021
Alchera IncorporatedOther Healthcare1,500,000 01/31/2022
Amino Inc.Software11,000,000 12/31/2022
Bankroll Club, LLCOther Technology1,500,000 12/31/2021
Benson Hill, Inc.Other Technology20,000,000 12/30/2021
Bizly, Inc.Software1,000,000 11/30/2021
Brave Care, Inc.Other Technology1,250,000 10/31/2021
BriteCo LLCSoftware350,000 10/30/2021
Calysta, Inc.Biotechnology7,500,000 12/31/2021
Candy Club Holdings, Inc.Other Technology2,500,000 10/31/2021
Coterie Applications, Inc.Other Technology5,000,000 01/31/2022
Equestrian Labs, Inc.Other Technology750,000 10/08/2021
Fakespot, Inc.Other Technology500,000 01/31/2022
Genomic Prediction, Inc.Biotechnology1,000,000 03/31/2022
Grayce, Inc.Other Healthcare500,000 12/31/2021
Hadrian Automation, Inc.Other Technology750,000 12/31/2021
HumanAPI, Inc.Other Healthcare1,000,000 12/01/2021
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
MeshPlusPlus, Inc.Wireless250,000 10/30/2021
MinoMonsters, Inc.Other Technology1,000,000 10/15/2021
NanoGriptech Inc.Other Technology750,000 10/31/2021
Norbert Health, Inc.Medical Devices1,000,000 01/31/2022
Oula Health, Inc.Other Healthcare400,000 11/30/2021
Phase Four, Inc.Other Technology1,000,000 04/01/2022
Plant Prefab, Inc.Other Technology2,000,000 11/30/2021
Proper Labs, Inc.Internet1,500,000 10/30/2021
Safe Securities, Inc.Software2,000,000 04/15/2022
SF Insuretech, Inc.Software5,000,000 03/31/2022
Starface World, Inc.Internet1,000,000 11/15/2021
Sustainable Living Partners, LLCOther Technology5,000,000 10/31/2021
Taptap Send, Inc.Other Technology9,000,000 12/31/2022
Terragon, Inc.Software500,000 10/31/2021
Therapydia, Inc.Other Healthcare1,500,000 04/30/2022
Tia, Inc.Other Healthcare4,500,000 10/31/2021
Trucking Jobs Technologies, Inc.Software610,000 01/31/2022
Usual Beverage Co.Internet1,000,000 01/31/2022
World Wrapps II, Inc.Other Technology500,000 12/31/2021
Yes Health, Inc.Other Healthcare1,000,000 11/30/2021
Total$132,610,000 



51

BorrowerIndustryUnexpired Unfunded Commitment as of December 31, 2020Expiration Date
303 Holdings, Inc.Technology Services$3,000,000 12/31/2021
8E14 NetworksOther Technology600,000 07/31/2021
Aclima, Inc.Other Technology2,000,000 03/31/2021
Afero, Inc.Software1,500,000 05/31/2021
Antitoxin Technologies Inc.Other Technology1,000,000 06/30/2021
BackboneAI Inc.Software1,000,000 04/30/2021
Bizly, Inc.Software1,650,000 03/31/2021
Canary Connect, Inc.Computers & Storage2,000,000 01/31/2021
Content Adjacent, Inc.Other Technology500,000 07/31/2021
Coterie Applications, Inc.Other Technology500,000 03/31/2021
CytoVale, Inc.Medical Devices1,000,000 01/31/2021
Exo Imaging, Inc.Medical Devices2,000,000 09/30/2021
Fetch Robotics, Inc.Computers & Storage2,500,000 06/30/2021
GoForward, Inc.Other Healthcare3,125,000 07/31/2021
Hello Heart Inc.Other Healthcare2,000,000 09/30/2021
Honeybee Health, Inc.Other Healthcare3,000,000 07/31/2021
iLearningEngines Inc.Technology Services2,000,000 07/31/2021
Invoice2Go, Inc.Software13,000,000 03/31/2021
Lukla, Inc.Internet500,000 01/31/2021
Mavenform, Inc.Other Technology1,500,000 04/30/2021
Natomas Labs, Inc.Other Technology2,000,000 04/15/2021
OnepointOne, Inc.Other Technology2,000,000 03/31/2021
Oula Health, Inc.Other Healthcare750,000 11/30/2021
Peerwell, Inc.Other Healthcare500,000 07/30/2021
Pixlee, Inc.Software2,500,000 06/30/2021
Privoro Holdings, Inc.Other Technology1,000,000 01/31/2021
Reciprocity, Inc.Software1,950,000 01/31/2021
Residently USA, LLCInternet375,000 03/31/2021
Riffyn, Inc.Technology Services2,000,000 01/31/2021
Sonatus, Inc.Software1,000,000 03/31/2021
Swiftly Systems, Inc.Software5,000,000 08/30/2021
Tia, Inc.Other Healthcare7,000,000 10/31/2021
TIER Mobility GmbHOther Technology8,000,000 02/15/2021
Vessel Health, Inc.Other Healthcare3,750,000 03/31/2021
World Wrapps II, Inc.Other Technology1,000,000 12/31/2021
Total$83,200,000 

The unexpired unfunded commitments by portfolio company as of March 31, 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 whichthat are milestone dependent and not all borrowers will achieve these milestones. Additionally, the Fund’s credit agreements contain provisions that give relief from funding obligations in the event the borrower has a materially adverse change in its financial condition. Therefore, the unexpired unfunded commitments do not necessarily reflect future cash requirements or future investments for the Fund.

    The Fund seeks to maintain the requirements to qualify for the special pass-through status available to RICs under the Code, and thus to be relieved of federal income tax on that part of its net investment income and realized capital gains that it distributes to its shareholder. To qualify as a RIC, the Fund must distribute to its shareholder for each taxable year at least 90% of its investment company taxable income (consisting generally of net investment income and net short-term capital gain) (the “Distribution Requirement”). To the extent that the terms of the Fund’s
52

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 September 30, 2021,March 31, 2022, the Fund had cash balance of $61.6$12.6 million and approximately $200.9$231.8 million in scheduled loan receivable payments over the next twelve months. Additionally, the Fund has access to uncalled capital of $71.3$48.3 million and recallable capital of $59.7$103.5 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 September 30, 2021,March 31, 2022, the Fund’s asset coverage ratio was 203%186%.

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.

51

    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 September 30, 2021,March 31, 2022, the outstanding debt balance was $262.5$280.0 million at a floating interest rate based on a daily 1-month LIBOR rate of 0.08%0.45%, for which the Fund had derivative instruments in place with a weighted-average fixed interest rate of 2.28% on $57.0 million of the notional principal amount with an interest rate swap and floor, and a weighted-average ceiling of 1.28%1.57% on $100.0$247.0 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.

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 September 30, 2021.March 31, 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.
53

Based on the Fund’s Condensed Statements of Assets and Liabilities as of September 30, 2021,March 31, 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 Swap and FloorGain (Loss) from Interest Rate CollarIncrease (Decrease) Interest IncomeIncrease (Decrease) in Total IncomeEffect of Interest Rate Change ByIncrease (Decrease) Other Interest and Other IncomeGain (Loss) from Interest Rate CollarIncrease (Decrease) Interest ExpenseIncrease (Decrease) in Total Income
(0.50)%(0.50)%$(307,793)$(285,000)$(500,000)$210,656 $(882,136)(0.50)%$(63,035)$(1,164,800)$1,265,600 $37,765 
1%1%$615,585 $570,000 $292,825 $(2,625,000)$(1,146,590)1%$126,070 $523,840 $(2,800,000)$(2,150,090)
2%2%$1,231,170 $1,140,000 $1,069,000 $(5,250,000)$(1,809,830)2%$252,140 $2,251,640 $(5,600,000)$(3,096,220)
3%3%$1,846,755 $1,710,000 $2,069,000 $(7,875,000)$(2,249,245)3%$378,211 $4,721,640 $(8,400,000)$(3,300,149)
4%4%$2,462,341 $2,280,000 $3,069,000 $(10,500,000)$(2,688,659)4%$504,281 $7,191,640 $(11,200,000)$(3,504,079)
5%5%$3,077,926 $2,850,000 $4,069,000 $(13,125,000)$(3,128,074)5%$630,351 $9,661,640 $(14,000,000)$(3,708,009)

    Additionally, a change in the interest rate may affect the fair value of the derivative instruments and effectaffect net change in unrealized gain (loss)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.

52

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.

54

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 September 30, 2021March 31, 2022 that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

5553

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 20202021 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.

5654

Item 6.  Exhibits

Exhibit
Exhibit NumberDescriptionTitle
3(i)
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 the Fund’s Form 10 filed with the Securities and Exchange Commission on October 18, 2017.
3(ii)
4.1
10.4
3.2
Letter,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
31.1
31.2
Chief Financial Officer (Principal 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 (Principal Executive Officer) certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Section 1350 Certification).
32.2
Chief Financial Officer (Principal Financial Officer) certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Section 1350 Certification).


57
55

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/ Maurice C. WerdegarDavid R. WanekBy:/s/ Jared S. Thear
Maurice C. WerdegarDavid R. WanekJared S. Thear
President and Chief Executive OfficerChief Financial Officer
(Principal Executive Officer)(Principal Financial Officer)
Date:NovemberMay 12, 20212022Date:NovemberMay 12, 20212022


5856