Venture Lending & Leasing VIII 10-Q11 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	May 11, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Securities Act File Number	814-01162
Entity Registrant Name	Venture Lending & Leasing VIII, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-3919702
Entity Address, Address Line One	104 La Mesa Drive
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Portola Valley
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94028
City Area Code	650
Local Phone Number	234-4300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100,000
Entity Central Index Key	0001642862
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONDENSED STATEMENTS OF ASSETS

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) - USD ($)	Mar. 31, 2023		Dec. 31, 2022
ASSETS
Loans, at estimated fair value (cost of $68,661,523 and $131,576,413)	$ 23,810,122	[1]	$ 36,183,136	[2]
Cash and cash equivalents	17,137,362		3,225,492
Dividend and interest receivables	304,088		405,908
Other assets	158,612		717,354
Total assets	41,410,184		40,531,890
LIABILITIES
Accrued management fees	258,814		253,324
Accounts payable and other accrued liabilities	376,985		284,808
Total liabilities	635,799		538,132
NET ASSETS	40,774,385		39,993,758
Analysis of Net Assets:
Capital paid in on shares of capital stock	356,075,000		356,075,000
Cumulative return of capital distributions	(289,612,560)		(289,612,560)
Total distributable losses	(25,688,055)		(26,468,682)
Net assets	$ 40,774,385		$ 39,993,758

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

CONDENSED STATEMENTS OF ASSET_2

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Cost	$ 45,229,261	$ 58,117,583
Net assets per share (in dollars per share)	$ 407.74	$ 399.94	$ 686.60	$ 653.91
Shares of capital stock outstanding (in shares)	100,000	100,000

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
INVESTMENT INCOME:
Interest on loans	$ 1,303,612	$ 5,182,213
Other Income	125,757	575
Total investment income	1,429,369	5,182,788
EXPENSES:
Management fees	258,814	599,000
Interest expense	0	416,199
Banking and professional fees	162,097	571,280
Other operating expenses	33,912	22,754
Total expenses	454,823	1,609,233
Net investment income	974,546	3,573,555
Net realized loss from loans	(661,341)	(629,940)
Net realized loss from derivative instruments	0	(7,107)
Net change in unrealized gain from loans	515,307	2,388,532
Net change in unrealized gain from derivative instruments	0	67,317
Net realized and change in unrealized gain (loss) from loans and derivative instruments	(146,034)	1,818,802
Net increase in net assets resulting from operations	$ 828,512	$ 5,392,357
Amounts per common share:
Net increase in net assets resulting from operations per share, basic (in dollars per share)	$ 8.29	$ 53.92
Net increase in net assets resulting from operations per share, diluted (in dollars per share)	$ 8.29	$ 53.92
Weighted average shares outstanding, basic (in shares)	100,000	100,000
Weighted average shares outstanding, diluted (in shares)	100,000	100,000

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Beginning balance (in shares)	100,000
Beginning balance	$ 39,993,758	$ 65,391,337
Net increase in net assets resulting from operations	828,512	5,392,357
Distributions of income to shareholder	$ (47,885)	(2,123,021)
Ending balance (in shares)	100,000
Ending balance	$ 40,774,385	$ 68,660,673
Common Stock
Beginning balance (in shares)	100,000	100,000
Beginning balance	$ 100	$ 100
Ending balance (in shares)	100,000	100,000
Ending balance	$ 100	$ 100
Additional Paid-in-Capital
Beginning balance	356,074,900	356,074,900
Ending balance	356,074,900	356,074,900
Return of Capital Distributions
Beginning balance	(289,612,560)	(263,033,898)
Ending balance	(289,612,560)	(263,033,898)
Total Distributable Loss
Beginning balance	(26,468,682)	(27,649,765)
Net increase in net assets resulting from operations	828,512	5,392,357
Distributions of income to shareholder	(47,885)	(2,123,021)
Ending balance	$ (25,688,055)	$ (24,380,429)

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$ 828,512	$ 5,392,357
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Net realized loss from loans	661,341	629,940
Net realized loss from derivative instruments	0	7,107
Net change in unrealized gain from loans	(515,307)	(2,388,532)
Net change in unrealized gain from derivative instruments	0	(67,317)
Amortization of deferred costs related to borrowing facility	0	136,812
Principal payments on loans, net of accretion	12,179,095	18,483,613
Change in operating assets and liabilities:
Net decrease in dividend and interest receivables	101,820	241,638
Net (increase) decrease in other assets	558,742	(573,697)
Net increase (decrease) in accounts payable, other accrued liabilities and accrued management fees	97,667	(136,995)
Net cash provided by operating activities	13,911,870	21,724,926
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of borrowings under debt facility	0	(21,000,000)
Payments made for derivative instruments	0	(7,107)
Net cash used in financing activities	0	(21,007,107)
Net increase in cash and cash equivalents	13,911,870	717,819
CASH AND CASH EQUIVALENTS:
Beginning of period	3,225,492	2,815,756
End of period	17,137,362	3,533,575
CASH PAID DURING THE PERIOD
Interest - Debt facility	0	313,188
NON-CASH OPERATING AND FINANCING ACTIVITIES:
Distributions of equity securities to shareholder	47,885	2,123,021
Receipt of equity securities as repayment of loans	$ 47,885	$ 2,123,021

CONDENSED SCHEDULE OF INVESTMEN

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED) - USD ($)		Mar. 31, 2023		Dec. 31, 2022
Percent of Net Assets		58.40%	[1]	90.50%	[2]
Percent of Net Assets, Cash Equivalents		41.80%		7.80%
Principal		$ 52,503,516		$ 66,128,033
Cost		45,229,261		58,117,583
Cost, Cash Equivalents		17,029,884		3,135,402
Fair Value		23,810,122	[3]	36,183,136	[4]
Fair Value, Cash Equivalents		$ 17,029,884		$ 3,135,402
Biotechnology
Percent of Net Assets		3.30%	[1]	4.30%	[2]
Principal		$ 1,520,579		$ 1,932,651
Cost		1,503,646		1,906,661
Fair Value		$ 1,329,358	[3]	$ 1,732,373	[4]
Computers & Storage
Percent of Net Assets	[2]			0.70%
Principal				$ 283,713
Cost				282,621
Fair Value	[4]			$ 282,621
Internet
Percent of Net Assets		13.80%	[1]	15.60%	[2]
Principal		$ 15,210,246		$ 15,793,384
Cost		12,776,463		13,390,850
Fair Value		$ 5,617,479	[3]	$ 6,241,043	[4]
Medical Devices
Percent of Net Assets		0.80%	[1]	9.70%	[2]
Principal		$ 10,334,805		$ 15,343,094
Cost		9,227,590		13,998,492
Fair Value		$ 332,487	[3]	$ 3,870,685	[4]
Other Healthcare
Percent of Net Assets		8.50%	[1]	12.40%	[2]
Principal		$ 4,248,056		$ 5,796,601
Cost		4,174,048		5,688,930
Fair Value		$ 3,447,511	[3]	$ 4,962,393	[4]
Other Technology
Percent of Net Assets		27.70%	[1]	40.30%	[2]
Principal		$ 16,511,604		$ 21,111,423
Cost		14,199,312		18,804,499
Fair Value		$ 11,282,743	[3]	$ 16,116,947	[4]
Software
Percent of Net Assets		3.40%	[1]	6.50%	[2]
Principal		$ 3,182,270		$ 4,344,596
Cost		2,702,554		3,403,543
Fair Value		$ 1,425,899	[3]	$ 2,576,312	[4]
Technology Services
Percent of Net Assets		0.90%	[1]	1%	[2]
Principal		$ 1,495,956		$ 1,522,571
Cost		645,648		641,987
Fair Value		374,645	[3]	400,762	[4]
Driver Bioengineering, Inc. \| Biotechnology
Principal		111,805		248,382
Cost		111,421		246,315
Fair Value		111,421	[3]	246,315	[4]
Quartzy, Inc. \| Biotechnology
Principal		1,230,264		1,505,759
Cost		1,217,937		1,486,058
Fair Value		1,217,937	[3]	1,486,058	[4]
RenoFi, Inc. \| Internet
Principal		56,377		111,096
Cost		56,050		109,976
Fair Value		56,050	[3]	109,976	[4]
Ablacon, Inc. \| Medical Devices
Principal				558,189
Cost				555,933
Fair Value	[4]			555,933
GoForward, Inc. \| Other Healthcare
Principal		3,037,230		4,002,456
Cost		3,000,982		3,937,389
Fair Value		3,000,982	[3]	3,937,389	[4]
Hello Heart Inc. \| Other Healthcare
Principal		302,754		629,468
Cost		301,693		626,095
Fair Value		301,693	[3]	626,095	[4]
Therapydia, Inc. \| Other Healthcare
Principal				49,640
Cost				49,500
Fair Value	[4]			49,500
BloomTech Inc. \| Other Technology
Principal		1,204,233		2,010,056
Cost		1,198,188		1,993,497
Fair Value		1,198,188	[3]	1,993,497	[4]
BW Industries, Inc. \| Other Technology
Principal		346,057		750,555
Cost		344,477		743,536
Fair Value		344,477	[3]	743,536	[4]
Higher Ground Education, Inc. \| Other Technology
Principal		173,897		517,616
Cost		173,525		515,900
Fair Value		173,525	[3]	515,900	[4]
Veev Group, Inc. \| Other Technology
Principal		566,200		1,115,068
Cost		563,427		1,105,606
Fair Value		563,427	[3]	1,105,606	[4]
Medable, Inc. \| Software
Principal				226,522
Cost				225,483
Fair Value	[4]			225,483
Parkoursc, Inc. \| Software
Principal		691,657		905,084
Cost		685,579		894,008
Fair Value		$ 685,579	[3]	$ 894,008	[4]
Investment, Identifier [Axis]: ATeam Army, Inc., Senior Secured
Interest Rate		12%	[5]	12%	[6]
Principal		$ 47,441		$ 186,965
Cost		47,274		185,327
Fair Value		$ 47,274	[3]	$ 185,327	[4]
Investment, Identifier [Axis]: Abiquo Group, Inc., Senior Secured
Interest Rate		18%	[5],[7],[8]	18%	[6],[9],[10]
Principal		$ 53,294	[7],[8]	$ 53,294	[9],[10]
Cost		53,294	[7],[8]	53,294	[9],[10]
Fair Value		$ 0	[3],[7],[8]	$ 13,323	[4],[9],[10]
Investment, Identifier [Axis]: Ablacon, Inc., Senior Secured 1
Interest Rate	[6]			11%
Principal				$ 279,146
Cost				278,538
Fair Value	[4]			$ 278,538
Investment, Identifier [Axis]: Ablacon, Inc., Senior Secured 2
Interest Rate	[6]			11%
Principal				$ 279,043
Cost				277,395
Fair Value	[4]			$ 277,395
Investment, Identifier [Axis]: Aclima, Inc., Senior Secured
Interest Rate		12%	[5]	12%	[6]
Principal		$ 515,932		$ 726,279
Cost		500,865		697,474
Fair Value		$ 500,865	[3]	$ 697,474	[4]
Investment, Identifier [Axis]: Ainsly, Inc., Senior Secured
Interest Rate		12.50%	[5],[7],[8]	12.50%	[6],[9],[10]
Principal		$ 55,783	[7],[8]	$ 82,401	[9],[10]
Cost		54,328	[7],[8]	79,368	[9],[10]
Fair Value		$ 54,328	[3],[7],[8]	$ 79,368	[4],[9],[10]
Investment, Identifier [Axis]: Antitoxin Technologies Inc., Senior Secured
Interest Rate		11.50%	[5],[7],[8]	11.50%	[6],[9],[10]
Principal		$ 153,380	[7],[8]	$ 159,602	[9],[10]
Cost		104,415	[7],[8]	115,166	[9],[10]
Fair Value		$ 78,397	[3],[7],[8]	$ 101,203	[4],[9],[10]
Investment, Identifier [Axis]: BW Industries, Inc., Senior Secured 1
Interest Rate		11.80%	[5]	11.80%	[6]
Principal		$ 207,218		$ 408,466
Cost		206,743		406,837
Fair Value		$ 206,743	[3]	$ 406,837	[4]
Investment, Identifier [Axis]: BW Industries, Inc., Senior Secured 2
Interest Rate		11.80%	[5]	11.80%	[6]
Principal		$ 138,839		$ 342,089
Cost		137,734		336,699
Fair Value		$ 137,734	[3]	$ 336,699	[4]
Investment, Identifier [Axis]: Beautiful Beanfields, Inc., Senior Secured
Interest Rate		6%	[5]	6%	[6]
Principal		$ 275,000		$ 275,000
Cost		259,449		263,574
Fair Value		$ 259,449	[3]	$ 263,574	[4]
Investment, Identifier [Axis]: Blazent, Inc., Senior Secured
Interest Rate		12%	[5]	12%	[6]
Principal		$ 1,135,737		$ 1,135,737
Cost		307,925		307,926
Fair Value		$ 114,942	[3]	$ 125,176	[4]
Investment, Identifier [Axis]: BloomTech Inc., Senior Secured 1
Interest Rate		11.30%	[5]	11.30%	[6]
Principal		$ 461,863		$ 728,813
Cost		461,863		728,813
Fair Value		$ 461,863	[3]	$ 728,813	[4]
Investment, Identifier [Axis]: BloomTech Inc., Senior Secured 2
Interest Rate		11.30%	[5]	11.30%	[6]
Principal		$ 742,370		$ 1,281,243
Cost		736,325		1,264,684
Fair Value		$ 736,325	[3]	$ 1,264,684	[4]
Investment, Identifier [Axis]: Bloomboard, Inc., Senior Secured
Interest Rate	[6]			11.50%
Principal				$ 463,298
Cost				0
Fair Value	[4]			$ 449,425
Investment, Identifier [Axis]: Brightside Benefit, Inc., Senior Secured
Interest Rate	[6]			12.40%
Principal				$ 97,039
Cost				96,855
Fair Value	[4]			$ 96,855
Investment, Identifier [Axis]: Canary Connect, Inc., Senior Secured
Interest Rate	[6]			12.80%
Principal				$ 283,713
Cost				282,621
Fair Value	[4]			$ 282,621
Investment, Identifier [Axis]: CytoVale, Inc., Senior Secured
Interest Rate		12%	[5]	12%	[6]
Principal		$ 334,805		$ 368,168
Cost		332,487		364,332
Fair Value		$ 332,487	[3]	$ 364,332	[4]
Investment, Identifier [Axis]: Daily Muse, Inc., Senior Secured
Interest Rate		11%	[5]	11%	[6]
Principal		$ 2,686,248		$ 2,908,293
Cost		2,681,606		2,902,568
Fair Value		$ 2,681,606	[3]	$ 2,902,568	[4]
Investment, Identifier [Axis]: Driver Bioengineering, Inc., Senior Secured 1
Interest Rate		11%	[5]	11%	[6]
Principal		$ 14,087		$ 55,584
Cost		13,968		54,428
Fair Value		$ 13,968	[3]	$ 54,428	[4]
Investment, Identifier [Axis]: Driver Bioengineering, Inc., Senior Secured 2
Interest Rate		11%	[5]	11%	[6]
Principal		$ 97,718		$ 192,798
Cost		97,453		191,887
Fair Value		$ 97,453	[3]	$ 191,887	[4]
Investment, Identifier [Axis]: Eskalera, Inc., Senior Secured
Interest Rate	[6]			10.50%
Principal				$ 111,075
Cost				110,615
Fair Value	[4]			$ 110,615
Investment, Identifier [Axis]: Estify, Inc., Senior Secured
Interest Rate		18%	[5]	18%	[6]
Principal		$ 842,819		$ 842,819
Cost		559,344		559,344
Fair Value		$ 0	[3]	$ 0	[4]
Investment, Identifier [Axis]: First American Government Obligations
Percent of Net Assets, Cash Equivalents		41.80%		7.80%
Cost, Cash Equivalents		$ 17,029,884		$ 3,135,402
Fair Value, Cash Equivalents		$ 17,029,884		$ 3,135,402
Investment, Identifier [Axis]: Fitplan, Inc., Senior Secured
Interest Rate		12.50%	[5],[7],[8]	12.50%	[6],[9],[10]
Principal		$ 373,252	[7],[8]	$ 505,434	[9],[10]
Cost		345,100	[7],[8]	455,724	[9],[10]
Fair Value		$ 345,100	[3],[7],[8]	$ 455,724	[4],[9],[10]
Investment, Identifier [Axis]: Flo Water, Inc., Senior Secured
Interest Rate		11.80%	[5]	11.80%	[6]
Principal		$ 561,488		$ 737,971
Cost		553,756		724,862
Fair Value		$ 553,756	[3]	$ 724,862	[4]
Investment, Identifier [Axis]: GoForward, Inc., Senior Secured 1
Interest Rate		11.50%	[5]	11.50%	[6]
Principal		$ 1,381,181		$ 1,959,766
Cost		1,360,467		1,938,067
Fair Value		$ 1,360,467	[3]	$ 1,938,067	[4]
Investment, Identifier [Axis]: GoForward, Inc., Senior Secured 2
Interest Rate		11.50%	[5]	11.50%	[6]
Principal		$ 1,656,049		$ 2,042,690
Cost		1,640,515		1,999,322
Fair Value		$ 1,640,515	[3]	$ 1,999,322	[4]
Investment, Identifier [Axis]: Hello Heart Inc., Senior Secured 1
Interest Rate		11%	[5]	11%	[6]
Principal		$ 218,266		$ 148,189
Cost		217,389		147,825
Fair Value		$ 217,389	[3]	$ 147,825	[4]
Investment, Identifier [Axis]: Hello Heart Inc., Senior Secured 2
Interest Rate		11%	[5]	11%	[6]
Principal		$ 37,556		$ 185,184
Cost		37,519		183,753
Fair Value		$ 37,519	[3]	$ 183,753	[4]
Investment, Identifier [Axis]: Hello Heart Inc., Senior Secured 3
Interest Rate		11%	[5]	11%	[6]
Principal		$ 46,932		$ 296,095
Cost		46,785		294,517
Fair Value		$ 46,785	[3]	$ 294,517	[4]
Investment, Identifier [Axis]: Higher Ground Education, Inc., Senior Secured 1
Interest Rate		12.50%	[5]	12.50%	[6]
Principal		$ 52,764		$ 207,813
Cost		52,709		207,283
Fair Value		$ 52,709	[3]	$ 207,283	[4]
Investment, Identifier [Axis]: Higher Ground Education, Inc., Senior Secured 2
Interest Rate		12.50%	[5]	12.50%	[6]
Principal		$ 34,995		$ 86,147
Cost		34,941		85,879
Fair Value		$ 34,941	[3]	$ 85,879	[4]
Investment, Identifier [Axis]: Higher Ground Education, Inc., Senior Secured 3
Interest Rate		12.50%	[5]	12.50%	[6]
Principal		$ 86,138		$ 87,938
Cost		85,875		87,636
Fair Value		$ 85,875	[3]	$ 87,636	[4]
Investment, Identifier [Axis]: Higher Ground Education, Inc., Senior Secured 4
Interest Rate	[6]			12.50%
Principal				$ 135,718
Cost				135,102
Fair Value	[4]			$ 135,102
Investment, Identifier [Axis]: Hint, Inc., Senior Secured
Interest Rate		12%	[5]	12%	[6]
Principal		$ 617,082		$ 1,216,016
Cost		608,852		1,187,962
Fair Value		$ 608,852	[3]	$ 1,187,962	[4]
Investment, Identifier [Axis]: HumanAPI, Inc., Senior Secured
Interest Rate		11.80%	[5]	11.80%	[6]
Principal		$ 131,383		$ 352,506
Cost		130,678		349,409
Fair Value		$ 130,678	[3]	$ 349,409	[4]
Investment, Identifier [Axis]: ICX Media, Inc., Senior Secured
Interest Rate		18%	[5]	18%	[6]
Principal		$ 676,299		$ 712,318
Cost		503,904		554,085
Fair Value		$ 488,687	[3]	$ 538,868	[4]
Investment, Identifier [Axis]: Jiko Group, Inc., Senior Secured
Interest Rate		12%	[5]	12%	[6]
Principal		$ 394,713		$ 777,818
Cost		392,414		769,951
Fair Value		$ 392,414	[3]	$ 769,951	[4]
Investment, Identifier [Axis]: Klar Holdings Limited, Senior Secured
Interest Rate	[5],[7],[8]	14.20%
End of Term Payment	[7],[8],[11]	4%
Principal	[7],[8]	$ 46,979
Cost	[7],[8]	46,532
Fair Value	[3],[7],[8]	$ 46,532
Investment, Identifier [Axis]: Klar Holdings Limited, Senior Secured 2
Interest Rate	[6],[9],[10]			14.20%
End of Term Payment	[9],[10],[12]			4%
Principal	[9],[10]			$ 73,594
Cost	[9],[10]			72,510
Fair Value	[4],[9],[10]			$ 72,510
Investment, Identifier [Axis]: Lenddo International, Senior Secured
Interest Rate		18%	[5],[7],[8]	18%	[6],[9],[10]
Principal		$ 545,048	[7],[8]	$ 545,048	[9],[10]
Cost		544,703	[7],[8]	544,703	[9],[10]
Fair Value		$ 0	[3],[7],[8]	$ 0	[4],[9],[10]
Investment, Identifier [Axis]: Loansnap Holdings Inc., Senior Secured
Interest Rate		11%	[5],[8]	11%	[6],[10]
Principal		$ 313,240	[8]	$ 313,240	[10]
Cost		291,191	[8]	261,551	[10]
Fair Value		$ 213,171	[3],[8]	$ 203,076	[4],[10]
Investment, Identifier [Axis]: Medable, Inc., Senior Secured 1
Interest Rate	[6]			12%
Principal				$ 151,008
Cost				150,084
Fair Value	[4]			$ 150,084
Investment, Identifier [Axis]: Medable, Inc., Senior Secured 2
Interest Rate	[6]			12%
Principal				$ 75,514
Cost				75,399
Fair Value	[4]			$ 75,399
Investment, Identifier [Axis]: Medrobotics Corporation, Inc., Senior Secured
Interest Rate		18%	[5]	18%	[6]
Principal		$ 10,000,000		$ 10,000,000
Cost		8,895,103		8,895,103
Fair Value		$ 0	[3]	$ 0	[4]
Investment, Identifier [Axis]: Merchbar, Inc., Senior Secured
Interest Rate	[6]			11.80%
Principal				$ 56,203
Cost				55,817
Fair Value	[4]			$ 55,817
Investment, Identifier [Axis]: Merlin Labs, Inc., Senior Secured
Interest Rate	[6]			11%
Principal				$ 9,392
Cost				9,381
Fair Value	[4]			$ 9,381
Investment, Identifier [Axis]: Metarail, Inc., Senior Secured
Interest Rate		18%	[5]	18%	[6]
Principal		$ 709,588		$ 709,588
Cost		700,656		700,656
Fair Value		$ 47,254	[3]	$ 47,254	[4]
Investment, Identifier [Axis]: Myolex, Inc., Senior Secured
Interest Rate		18%	[5]	18%	[6]
Principal		$ 762,531		$ 762,531
Cost		726,537		726,537
Fair Value		$ 0	[3]	$ 0	[4]
Investment, Identifier [Axis]: NewGlobe Education, Inc., Senior Secured
Interest Rate		12.50%	[5],[7],[8]	12.50%	[6],[9],[10]
Principal		$ 653,659	[7],[8]	$ 1,029,903	[9],[10]
Cost		647,667	[7],[8]	1,015,859	[9],[10]
Fair Value		$ 647,667	[3],[7],[8]	$ 1,015,859	[4],[9],[10]
Investment, Identifier [Axis]: Noteleaf, Inc., Senior Secured
Interest Rate		18%	[5]	18%	[6]
Principal		$ 2,277,124		$ 2,277,124
Cost		1,861,011		1,861,011
Fair Value		$ 25,000	[3]	$ 0	[4]
Investment, Identifier [Axis]: OneLocal, Inc., Senior Secured
Interest Rate		12.30%	[5],[7],[8]	12.30%	[6],[9],[10]
Principal		$ 431,713	[7],[8]	$ 465,894	[9],[10]
Cost		383,774	[7],[8]	458,470	[9],[10]
Fair Value		$ 383,774	[3],[7],[8]	$ 458,470	[4],[9],[10]
Investment, Identifier [Axis]: Opya, Inc., Senior Secured
Interest Rate		12%	[5]	12%	[6]
Principal		$ 142,445		$ 193,005
Cost		140,500		189,520
Fair Value		$ 140,500	[3]	$ 189,520	[4]
Investment, Identifier [Axis]: Orpheus Therapeutics, Inc., Senior Secured
Interest Rate		18%	[5]	18%	[6]
Principal		$ 178,510		$ 178,510
Cost		174,288		174,288
Fair Value		$ 0	[3]	$ 0	[4]
Investment, Identifier [Axis]: Parkoursc, Inc., Senior Secured 1
Interest Rate		12%	[5]	12%	[6]
Principal		$ 434,465		$ 499,608
Cost		431,359		495,497
Fair Value		$ 431,359	[3]	$ 495,497	[4]
Investment, Identifier [Axis]: Parkoursc, Inc., Senior Secured 2
Interest Rate		12%	[5]	12%	[6]
Principal		$ 257,192		$ 405,476
Cost		254,220		398,511
Fair Value		$ 254,220	[3]	$ 398,511	[4]
Investment, Identifier [Axis]: Percepto, Inc., Senior Secured
Interest Rate	[6]			12.20%
Principal				$ 80,187
Cost				79,373
Fair Value	[4]			$ 79,373
Investment, Identifier [Axis]: Plae Co., Senior Secured
Interest Rate		2.70%	[5]	2.70%	[6]
Principal		$ 667,500		$ 667,500
Cost		33,375		33,375
Fair Value		$ 33,375	[3]	$ 33,375	[4]
Investment, Identifier [Axis]: Quartzy, Inc., Senior Secured 1
Interest Rate		12%	[5]	12%	[6]
Principal		$ 516,732		$ 618,402
Cost		512,508		612,373
Fair Value		$ 512,508	[3]	$ 612,373	[4]
Investment, Identifier [Axis]: Quartzy, Inc., Senior Secured 2
Interest Rate		12%	[5]	12%	[6]
Principal		$ 584,935		$ 684,617
Cost		579,499		677,177
Fair Value		$ 579,499	[3]	$ 677,177	[4]
Investment, Identifier [Axis]: Quartzy, Inc., Senior Secured 3
Interest Rate		12%	[5]	12%	[6]
Principal		$ 128,597		$ 202,740
Cost		125,930		196,508
Fair Value		$ 125,930	[3]	$ 196,508	[4]
Investment, Identifier [Axis]: RenoFi, Inc., Senior Secured 1
Interest Rate		12%	[5]	12%	[6]
Principal		$ 28,196		$ 55,563
Cost		28,117		55,291
Fair Value		$ 28,117	[3]	$ 55,291	[4]
Investment, Identifier [Axis]: RenoFi, Inc., Senior Secured 2
Interest Rate		12%	[5]	12%	[6]
Principal		$ 28,181		$ 55,533
Cost		27,933		54,685
Fair Value		$ 27,933	[3]	$ 54,685	[4]
Investment, Identifier [Axis]: Renovia, Inc., Senior Secured
Interest Rate	[6]			18%
Principal				$ 4,416,737
Cost				4,183,124
Fair Value	[4]			$ 2,950,420
Investment, Identifier [Axis]: Residently USA, LLC, Senior Secured
Interest Rate		12%	[5],[7],[8]	12%	[6],[9],[10]
Principal		$ 429,014	[7],[8]	$ 431,102	[9],[10]
Cost		404,421	[7],[8]	400,184	[9],[10]
Fair Value		$ 324,954	[3],[7],[8]	$ 320,718	[4],[9],[10]
Investment, Identifier [Axis]: Romaine Empire, Inc., Senior Secured
Interest Rate		12.30%	[5]	12.30%	[6]
Principal		$ 1,164,371		$ 1,744,683
Cost		1,153,225		1,720,818
Fair Value		$ 1,153,225	[3]	$ 1,720,818	[4]
Investment, Identifier [Axis]: SMS OPCO LLC, Senior Secured
Interest Rate		8%	[5]	8%	[6]
Principal		$ 29,942		$ 29,942
Cost		11,192		11,192
Fair Value		$ 0	[3]	$ 11,192	[4]
Investment, Identifier [Axis]: Safe Securities Inc., Senior Secured
Interest Rate	[6]			12%
Principal				$ 37,760
Cost				37,500
Fair Value	[4]			$ 37,500
Investment, Identifier [Axis]: Saltbox, Inc., Senior Secured
Interest Rate		12.30%	[5]	12.30%	[6]
Principal		$ 48,441		$ 95,430
Cost		48,201		94,606
Fair Value		$ 48,201	[3]	$ 94,606	[4]
Investment, Identifier [Axis]: Serface Care, Inc., Senior Secured
Interest Rate		12.30%	[5]	12.30%	[6]
Principal		$ 597,411		$ 597,411
Cost		344,785		349,785
Fair Value		$ 0	[3]	$ 14,176	[4]
Investment, Identifier [Axis]: Stay Alfred, Inc., Senior Secured
Interest Rate		18%	[5]	18%	[6]
Principal		$ 8,664,902		$ 8,664,902
Cost		6,579,267		6,579,267
Fair Value		$ 389,238	[3]	$ 389,238	[4]
Investment, Identifier [Axis]: Sustainable Living Partners, LLC, Senior Secured
Interest Rate		12.50%	[5]	12.50%	[6]
Principal		$ 1,653,479		$ 1,262,870
Cost		1,574,695		1,222,074
Fair Value		$ 1,357,247	[3]	$ 1,222,074	[4]
Investment, Identifier [Axis]: Therapydia, Inc., Senior Secured
Interest Rate	[5]	12.50%
End of Term Payment	[11]	1.70%
Principal		$ 14,158
Cost		14,158
Fair Value	[3]	$ 14,158
Investment, Identifier [Axis]: Therapydia, Inc., Senior Secured 1
Interest Rate	[6]			12%
End of Term Payment	[12]			1.70%
Principal				$ 14,158
Cost				14,030
Fair Value	[4]			$ 14,030
Investment, Identifier [Axis]: Therapydia, Inc., Senior Secured 2
Interest Rate	[6]			11.50%
Principal				$ 9,694
Cost				9,682
Fair Value	[4]			$ 9,682
Investment, Identifier [Axis]: Therapydia, Inc., Senior Secured 3
Interest Rate	[6]			12.50%
End of Term Payment	[12]			1.70%
Principal				$ 25,788
Cost				25,788
Fair Value	[4]			$ 25,788
Investment, Identifier [Axis]: Truthset, Inc., Senior Secured
Interest Rate		10.50%	[5]	10.50%	[6]
Principal		$ 261,907		$ 336,132
Cost		253,071		321,852
Fair Value		$ 204,379	[3]	$ 273,159	[4]
Investment, Identifier [Axis]: UniEnergy Technologies LLC, Senior Secured
Interest Rate		18%	[5]	18%	[6]
Principal		$ 1,120,954		$ 1,120,954
Cost		1,078,851		1,078,852
Fair Value		$ 700,068	[3]	$ 700,068	[4]
Investment, Identifier [Axis]: Veev Group, Inc., Senior Secured 1
Interest Rate		12.50%	[5]	12.50%	[6]
Principal		$ 141,528		$ 278,723
Cost		139,673		272,406
Fair Value		$ 139,673	[3]	$ 272,406	[4]
Investment, Identifier [Axis]: Veev Group, Inc., Senior Secured 2
Interest Rate		12.50%	[5]	12.50%	[6]
Principal		$ 424,672		$ 836,345
Cost		423,754		833,200
Fair Value		$ 423,754	[3]	$ 833,200	[4]
Investment, Identifier [Axis]: Velo Holdings Limited, Senior Secured
Interest Rate		12%	[5]	12%	[6]
Principal		$ 2,471,720		$ 2,471,720
Cost		1,584,884		1,659,035
Fair Value		$ 1,191,061	[3]	$ 1,265,212	[4]
Investment, Identifier [Axis]: Verishop, Inc., Senior Secured
Interest Rate		12%	[5]	12.60%	[6]
Principal		$ 1,743,750		$ 1,931,034
Cost		1,727,529		1,910,712
Fair Value		$ 1,727,529	[3]	$ 1,910,712	[4]
Investment, Identifier [Axis]: Wheels Labs, Inc., Senior Secured
Interest Rate		18%	[5]	12%	[6]
Principal		$ 1,000,000		$ 1,000,000
Cost		920,675		920,675
Fair Value		$ 920,675	[3]	$ 920,675	[4]

[1]The percentage of net assets that each industry group represents is shown with the industry totals (the sum of the percentages does not equal 100% because the percentages are based on net assets as opposed to total loans).[2]The percentage of net assets that each industry group represents is shown with the industry totals (the sum of the percentages does not equal 100% because the percentages are based on net assets as opposed to total loans).[3]There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.[4]There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a hypothetical market and the estimates may include the use of significant unobservable inputs.[5]The interest rate is the designated annual interest rate exclusive of any original issue discount, fees or end of term payment.[6]The interest rate is the designated annual interest rate exclusive of any original issue discount, fees or end of term payment.[7]Entity is not domiciled in the United States and does not have its principal place of business in the United States.[8]Indicates assets that the Fund deems “non-qualifying assets.” As of March 31, 2023, 5.1% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an “eligible portfolio company, ” as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund’s investments in all eligible portfolio companies and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.[9]Entity is not domiciled in the United States and does not have its principal place of business in the United States.[10]Indicates assets that the Fund deems “non-qualifying assets.” As of December 31, 2022, 6.9% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an “eligible portfolio company,” as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund’s investments in all eligible portfolio companies and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.[11]The end of term payments are contractually due on the maturity date and are in addition to the interest rate shown. End of term payments are the percentage of the final payment divided by the original loan amount and are amortized over the full term of the loan.[12]The end of term payments are contractually due on the maturity date and are in addition to the interest rate shown. End of term payments are the percentage of the final payment divided by the original loan amount and are amortized over the full term of the loan.

CONDENSED SCHEDULE OF INVESTM_2

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Loans with costs basis classified as non-accrual	$ 26.8	$ 29.6
Loans with fair value classified as non-accrual	$ 5.6	$ 7.8
Total assets representing non-qualifying assets, percentage	5.10%	6.90%

ORGANIZATION AND OPERATIONS OF

ORGANIZATION AND OPERATIONS OF THE FUND	3 Months Ended
ORGANIZATION AND OPERATIONS OF THE FUND	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS OF THE FUND	ORGANIZATION AND OPERATIONS OF THE FUND Venture Lending & Leasing VIII, Inc. (the “Fund”) was incorporated in Maryland on May 6, 2015, as a non-diversified, closed-end management investment company electing status as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) and is managed by Westech Investment Advisors, LLC (the “Manager” or “Management”). All of the issued and outstanding membership interests of the Manager were acquired by P10 Intermediate Holdings LLC, a Delaware limited liability company whose ultimate parent is P10, Inc., a Delaware corporation (together, “P10”) on October 13, 2022 (the “Transaction”). The management of day-to-day operations of the Manager remains substantially unchanged and continues to be directed by the Manager’s personnel following the closing of the Transaction. The Fund will be dissolved on December 31, 2025 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 VIII, LLC (the “Company”). Prior to commencing its operations on August 12, 2015, the Fund had no operations other than the sale to the Company of 100,000 shares of common stock, $0.001 par value for $25,000 in July 2015. 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 August 20, 2015. The Fund’s investment objective is to achieve superior risk-adjusted investment returns and it seeks to achieve that objective by providing debt financing to portfolio companies, most of which are private. The Fund generally receives warrants to acquire equity securities in connection with its portfolio investments and generally distributes these warrants to its shareholder upon receipt, or soon thereafter. The Fund also has guidelines for the percentages of total assets that are invested in different types of assets. The portfolio investments of the Fund primarily consist of debt financing to early and expansion stage venture capital-backed technology companies. In the Manager’s opinion, the accompanying condensed interim financial statements (hereafter referred to as “financial statements”) include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of financial position and results of operations for interim periods. Certain information and note disclosures normally included in audited annual financial statements prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been omitted; however, the Fund believes that the disclosures made are adequate to make the information presented not misleading. The interim results for the three months ended March 31, 2023 are not necessarily indicative of what the results would be for a full year. These financial statements should be read in conjunction with the financial statements and the notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2022.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As an investment company, the Fund follows accounting and reporting guidance as set forth in Topic 946 (“Financial Services – Investment Companies”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”). Certain prior period information has been reclassified and/or disclosed to conform to the current year presentation. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and money market mutual funds with maturities of or the ability to redeem or liquidate holdings within 90 days or less. Cash and cash equivalents are held in three bank accounts with two financial institutions, Mitsubishi UFJ Financial Group, Inc. and U.S. Bank National Association, and as a result are subject to custodial concentration risk for cash and cash equivalents. Cash in excess of the Federal Deposit Insurance Corporation (“FDIC”) limit of $250,000 is unsecured. 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 March 31, 2023, the Fund held 17,029,884 units in the First American Government Obligations Fund, valued at $1 per unit at a yield of 4.61%, and $107,478 of cash, which together represented 42.03% of the net assets of the Fund. Within cash and cash equivalents, as of December 31, 2022, the Fund held 3,135,402 units in the First American Government Obligations Fund, valued at $1 per unit at a yield of 4.06% and $90,090 in cash, which combined represented 8.06% 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 for which market quotations are not readily available at fair value as determined in good faith by the Manager, who has been appointed as the Fund’s valuation designee, pursuant to Rule 2a-5 under the 1940 Act. Subject to the oversight of the Fund’s Board of Directors, all valuations are determined under the direction of the Manager, in accordance with the valuation methods described below and Rule 2a-5. As of March 31, 2023 and December 31, 2022, the financial statements included nonmarketable investments of $23.8 million and $36.2 million, respectively, (or 57.5% and 89.3% of the total assets, respectively), with the fair values determined by the Manager in the absence of readily determinable market values. Because of the inherent uncertainty of these valuations, estimated fair values of such investments may differ significantly from the fair values that would have been used had a readily available market for the securities existed, and the differences could be material. Below is the information used by the Manager in making these estimates. Loans The Fund defines fair value as the price that would be received to sell an asset or paid to lower a liability in an orderly transaction between market participants at the measurement date. Because there is no readily available market price and no secondary market for substantially all of the debt investments made by the Fund in its borrowing portfolio companies, Management determines fair value based on hypothetical markets, and on several factors related to each borrower, including, but not limited to, the borrower ’ s payment history, available cash and “burn rate,” revenues, net income or loss, the likelihood that the borrower will be able to secure additional financing in the future, and an evaluation of the general interest rate environment. The amount of any valuation adjustment considers the estimated amount and timing of cash payments of principal and interest from the borrower and/or liquidation analysis and is determined based upon a credit analysis of the borrower and an analysis of the expected recovery from the borrower, including consideration of factors such as the nature and quality of the Fund ’ s security interests in collateral, the estimated fair value of the Fund ’ s collateral, the size of the loan, and the estimated time that will elapse before the Fund achieves a recovery. Management has evaluated these factors and has concluded that, the effect of deterioration in the quality of the underlying collateral, increase in size of the loan, increase in the estimated time to recovery and increase in the hypothetical market coupon rate would have the effect of lowering the fair value of the current portfolio of loans. Non-Accrual Loans The Fund ’ s policy is to classify a loan as non-accrual when the portfolio company is delinquent for three consecutive months on its monthly loan payment, or, in the opinion of Management, either ceases or drastically curtails its operations and Management deems that it is unlikely that the loan will return to performing status. When a loan is placed on non-accrual status, all interest previously accrued but not collected is reversed for the quarter in which the loan was placed on non-accrual status. Any uncollected interest related to quarters prior to when the loan was placed on non-accrual status is added to the principal balance, and the aggregate balance of the principal and interest is evaluated in accordance with the policy for valuation of loans in determining Management’s best estimate of fair value. Interest received by the Fund on non-accrual loans will be recognized as interest income if and when the proceeds exceed the book value of the respective loan. If a borrower of a non-accrual loan resumes making regular payments and Management believes that such borrower has regained the ability to service the loan on a sustainable basis, the loan is reclassified back to accrual or performing status. Interest that would have been accrued during the time a loan was classified as non-accrual will be added back to the remaining payment schedule causing a change in the effective interest rate. As of March 31, 2023, loans with a cost basis of $26.8 million and a fair value of $5.6 million were classified as non-accrual. As of December 31, 2022, loans with a cost basis of $29.6 million and a fair value of $7.8 million were classified as non-accrual. Warrants and Equity Securities Warrants and equity securities received in connection with loan transactions are measured at fair value at the time of acquisition. Warrants are valued based on a Black-Scholes option pricing model which considers, among several factors, the underlying stock value, expected term, volatility, and risk-free interest rate. It is anticipated that such securities will be distributed by the Fund to the Company simultaneously with, or shortly following, their acquisition. The underlying asset value is estimated based on available information. Volatility, or the amount of uncertainty or risk about the size of the changes in the warrant price, is based on an index of publicly traded companies grouped by industry and which are similar in nature to the underlying portfolio companies issuing the warrant (“Industry Index”). The volatility assumption for each Industry Index is based on the average volatility for individual public companies within the portfolio company’s industry for a period of time approximating the expected life of the warrants. A hypothetical increase in the volatility of the warrants used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants. The remaining expected lives of warrants are based on historical experience of the average life of the warrants, as warrants are often exercised in the event of acquisitions, mergers, or initial public offerings, and terminated due to events such as bankruptcies, restructuring activities, or additional financings. These events cause the expected term to be less than the remaining contractual term of the warrants. As of March 31, 2023 and December 31, 2022, the Fund assumed the average duration of a warrant is 4.0 years. The effect of a hypothetical increase in the estimated initial term of the warrants used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants. However, the estimated initial term of the warrants is one factor, of many, used in the valuation of warrants, and by itself does not have a significant impact on the results of operations. The risk-free interest rate is derived from the constant maturity tables issued by the U.S. Treasury Department. The effect of a hypothetical increase in the estimated risk-free rate used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants. Other Assets and Liabilities Other assets include costs incurred in conjunction with borrowings under the Fund ’ s debt facility and are stated at initial cost. These costs are amortized over the term of the facility. The fair values of other assets and accrued liabilities are estimated at their carrying values because of the short-term nature of these assets and liabilities. The carrying value of the borrowings under the debt facility approximates their fair value based on the borrowing rates available to the Fund. Deferred Bank Fees Prior to termination of the debt facility on September 8, 2022, the deferred bank fees and costs associated with the debt facility were included in other assets in the Condensed Statements of Assets and Liabilities and were being amortized over the estimated life of the facility, which was to mature on August 26, 2023. Upon termination of the debt facility, the remaining unamortized fees and costs were immediately expensed. The amortization of these costs was recorded as interest expense in the Condensed Statements of Operations. Commitment Fees Unearned income and commitment fees on loans are recognized using the effective-interest method over the term of the loan. Commitment fees are carried as liabilities when received for commitments upon which no draws have been made. When the first draw is made, the fee is treated as unearned income and is recognized as described above. If a draw is never made, the forfeited commitment fee, less any applicable legal costs, becomes recognized as other income after the commitment expires. Derivative Instruments The Fund used derivative instruments to manage its exposure to changes in interest rates on expected borrowings under its debt facility, as the Fund originated fixed rate loans (see Note 8). On June 3, 2022, Management elected to terminate the interest rate collar contract.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
FAIR VALUE DISCLOSURES	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES The Fund provides asset-based financing primarily to start-up and emerging growth venture-backed companies pursuant to commitments whereby the Fund agrees to finance assets and provide working or growth capital up to a specified amount for the term of the commitment, upon the terms and subject to the conditions specified by such commitment. Even though these loans are generally secured by the assets of the borrowers, the Fund in most cases is subject to the credit risk of such companies. As of March 31, 2023 and December 31, 2022, the Fund ’ s investments in loans were primarily to companies based within the United States and were diversified among borrowers in the industry segments shown in the Condensed Schedules of Investments. All loans are senior to unsecured creditors and other secured creditors, unless as 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 tables below show the weighted-average interest rate of the performing loans and all loans. Performing Loans For the Three Months Ended March 31, 2023 For the Three Months Ended March 31, 2022 Weighted-Average Interest Rate - Cash 11.59% 15.53% Weighted-Average Interest Rate- Non-Cash 2.75% 2.10% Weighted-Average Interest Rate 14.34% 17.63% All Loans For the Three Months Ended March 31, 2023 For the Three Months Ended March 31, 2022 Weighted-Average Interest Rate - Cash 15.65% 19.20% Weighted-Average Interest Rate- Non-Cash 2.21% 1.94% Weighted-Average Interest Rate 17.86% 21.14% Interest is calculated using the effective interest method, and rates earned by the Fund will fluctuate based on many factors including early payoffs, volatility of values ascribed to warrants and new loans funded during the period. The risk profile of a loan changes when events occur that impact the credit analysis of the borrower and loan as discussed in the Fund ’ s loan accounting policy. Such changes result in the fair value adjustments made to the individual loans, which in accordance with U.S. GAAP, would be based on the price that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the measurement date. Where the risk profile is consistent with the original underwriting, which is primarily the case for this loan portfolio, the cost basis of the loan often approximates fair value. Valuation Hierarchy Under the FASB ASC Topic 820 (“Fair Value Measurement”), the Fund categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Fund’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows: Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date. Level 2 Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities. Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Transfers of investments between levels of the fair value hierarchy are recorded on the actual date of the event or change in circumstances that caused the transfer. There were no transfers in and out of Level 1, 2, or 3 during the three months ended March 31, 2023 and 2022. The Fund’s cash equivalents were valued at the traded net asset value of the money market fund. As a result, these measurements are classified as Level 1. The Fund’s loan investments are individually negotiated and unique, and because there is little to no market in which these assets trade, the 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 March 31, 2023 and December 31, 2022. In addition to the techniques and inputs noted in the tables below, the Fund may also use other valuation techniques and methodologies when determining its fair value measurements. Investment Type - Level 3 Loan Investments Fair Values at March 31, 2023 Valuation Techniques / Methodologies Unobservable Input Ranges Weighted Averages (a) Biotechnology $ 1,329,358 Hypothetical market analysis Hypothetical market coupon rate 13% - 14% 14% Asset recovery Probability Weighing of Alternative Outcomes 100% * Investment Type - Level 3 Loan Investments Fair Values at March 31, 2023 Valuation Techniques / Methodologies Unobservable Input Ranges Weighted Averages (a) Internet 5,617,479 Hypothetical market analysis Hypothetical market coupon rate 11% - 22% 13% Asset recovery Probability Weighing of Alternative Outcomes 5% - 100%^ Medical Devices 332,487 Hypothetical market analysis Hypothetical market coupon rate * 14% Asset recovery Probability Weighing of Alternative Outcomes 100%* Other Healthcare 3,447,511 Hypothetical market analysis Hypothetical market coupon rate 12% - 15% 14% Asset recovery Probability Weighing of Alternative Outcomes 100% * Other Technology 11,282,743 Hypothetical market analysis Hypothetical market coupon rate 14% - 34% 17% Asset recovery Probability Weighing of Alternative Outcomes 5% - 100%^ Software 1,425,899 Hypothetical market analysis Hypothetical market coupon rate * 14% Asset recovery Probability Weighing of Alternative Outcomes 5% - 100% ^ Technology Services 374,645 Hypothetical market analysis Hypothetical market coupon rate * 18% Asset recovery Probability Weighing of Alternative Outcomes 5% - 65%^ Total loan investments $ 23,810,122 (a) The weighted average hypothetical market coupon rates were calculated using the fair value of the loans. * There is only one loan within the industry. ^ Probability weightings vary among portfolio companies within each industry based on different potential future outcomes. Investment Type - Level 3 Loan Investments Fair Values at Valuation Techniques / Methodologies Unobservable Inputs Ranges Weighted Averages (a) Biotechnology $ 1,732,373 Hypothetical market analysis Hypothetical market coupon rate 14% 14% Asset Recovery Probability weighting of alternative outcomes 100% * Computers and Storage 282,621 Hypothetical market analysis Hypothetical market coupon rate * 15% Internet 6,241,043 Hypothetical market analysis Hypothetical market coupon rate 11% - 22% 13% Asset Recovery Probability weighting of alternative outcomes 5% - 100% ^ Medical Devices 3,870,685 Hypothetical market analysis Hypothetical market coupon rate 13% - 14% 14% Asset Recovery Probability weighting of alternative outcomes 5% - 100% ^ Other Healthcare 4,962,393 Hypothetical market analysis Hypothetical market coupon rate 13% - 15% 15% Asset Recovery Probability weighting of alternative outcomes 100%^ Other Technology 16,116,947 Hypothetical market analysis Hypothetical market coupon rate 14% - 34% 17% Asset Recovery Probability weighting of alternative outcomes 1% - 100% ^ Software 2,576,312 Hypothetical market analysis Hypothetical market coupon rate 13% - 18% 15% Asset Recovery Probability weighting of alternative outcomes 5% -100%^ Technology Services 400,762 Hypothetical market analysis Hypothetical market coupon rate * 18% Asset Recovery Probability weighting of alternative outcomes 3% - 60% ^ Total loan investments $ 36,183,136 (a) The weighted average hypothetical market coupon rates were calculated using the fair value of the loans. * There is only one loan within the industry. ^ Probability weightings vary among portfolio companies within each industry based on different potential future outcomes. The following tables present the balances of assets and liabilities as of March 31, 2023 and December 31, 2022 measured at fair value on a recurring basis: As of March 31, 2023 ASSETS: Level 1 Level 2 Level 3 Total Loans* $ — $ — $ 23,810,122 $ 23,810,122 Cash equivalents 17,029,884 — — 17,029,884 Total assets $ 17,029,884 $ — $ 23,810,122 $ 40,840,006 * For a detailed listing of borrowers comprising this amount, please refer to the Condensed Schedules of Investments. As of December 31, 2022 ASSETS: Level 1 Level 2 Level 3 Total Loans † $ — $ — $ 36,183,136 $ 36,183,136 Cash equivalents 3,135,402 — — 3,135,402 Total assets $ 3,135,402 $ — $ 36,183,136 $ 39,318,538 † For a detailed listing of borrowers comprising this amount, please refer to the Condensed Schedules of Investments. The following tables provide a summary of changes in Level 3 assets measured at fair value on a recurring basis: For the Three Months Ended March 31, 2023 Loans Warrants Beginning balance $ 36,183,136 $ — Acquisitions and originations — 47,885 Principal payments on loans, net of accretion (12,226,980) — Distributions to shareholder — (47,885) Net change in unrealized gain from loans 515,307 — Net realized loss from loans (661,341) — Ending balance $ 23,810,122 $ — Net change in unrealized loss from loans relating to loans still held at March 31, 2023 $ (267,971) For the Three Months Ended March 31, 2022 Loans Warrants Stocks Beginning balance $ 108,465,616 $ — $ — Acquisitions and originations — 32,262 2,090,759 Principal payments on loans, net of accretion (20,606,634) — — Distributions to shareholder — (32,262) (2,090,759) Net change in unrealized gain from loans 2,388,532 — — Net realized loss from loans (629,940) — — Ending balance $ 89,617,574 $ — $ — Net change in unrealized gain from loans relating to loans still held at March 31, 2022 $ 1,265,519

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted-average common shares outstanding. Diluted earnings (loss) per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted-average common shares outstanding, including the dilutive effects of potential common shares (e.g., stock options). The Fund has no instruments that would be potential common shares; thus, reported basic and diluted earnings (loss) per share are the same.

CAPITAL STOCK

CAPITAL STOCK	3 Months Ended
CAPITAL STOCK	Mar. 31, 2023
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK As of both March 31, 2023 and December 31, 2022, there were 10,000,000 shares of $0.001 par value common stock authorized, and 100,000 shares issued and outstanding. Total committed capital of the Company, as of both March 31, 2023 and December 31, 2022, was $423.6 million. Total contributed capital to the Company through March 31, 2023 and December 31, 2022 was $415.2 million, of which $356.1 million was contributed to the Fund. The chart below shows the distributions of the Fund for the three months ended March 31, 2023 and 2022. For the Three Months Ended March 31, 2023 For the Three Months Ended March 31, 2022 Distributions of equity securities 47,885 2,123,021 Total distributions to shareholder $ 47,885 $ 2,123,021 Final classification of the distributions as either a return of capital or a distribution of income is an annual determination made at the end of each year dependent upon the Fund’s current year cumulative earnings and profits.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT FACILITY	DEBT FACILITY On April 5, 2016, the Fund established a secured, syndicated revolving loan facility in an initial amount up to $150.0 million (the “Loan Agreement”) led by Wells Fargo, N.A. and MUFG Union Bank, N.A. On September 11, 2017, the Loan Agreement was amended (the “Amended Loan Agreement”) and the borrowing availability thereunder increased the size of the facility to $280.0 million. Effective September 8, 2022, the Fund paid off the loan and terminated the debt facility.

MANAGEMENT FEE

MANAGEMENT FEE	3 Months Ended
MANAGEMENT FEE	Mar. 31, 2023
Related Party Transactions [Abstract]
MANAGEMENT FEE	MANAGEMENT FEE On October 13, 2022, in connection with the Transaction, the Fund entered into a new investment management agreement (the “Current Agreement”), by and between the Fund and the Manager, that replaced the previous investment management agreement entered into between the Fund and the Manager (the “Previous Agreement”). The closing of the Transaction constituted a change of control of the Manager which caused the Previous Agreement to terminate. Significant terms of the Current Agreement are the same as those of the Previous Agreement, including the same fee rates.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
DERIVATIVE INSTRUMENTS	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Fund used 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. Interest Rate Collar On April 6, 2020, the Fund entered into an interest rate collar instrument with MUFG Union Bank, N.A., which terminated on September 11, 2020. On September 11, 2020, the Fund entered into another interest rate collar instrument with a termination date of January 11, 2023. On June 3, 2022, Management elected to terminate the interest rate collar contract. The following table shows the effect of the Fund’s derivative instruments on the Fund’s Condensed Statements of Operations: For the Three Months Ended March 31, Derivative Instruments Condensed Statements of Operations Caption 2023 2022 Interest rate collar Net change in unrealized gain from derivative instruments $ — $ 67,317 Net realized loss from derivative instruments $ — $ (7,107)

TAX STATUS

TAX STATUS	3 Months Ended
TAX STATUS	Mar. 31, 2023
Income Tax Disclosure [Abstract]
TAX STATUS	TAX STATUS The Fund has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986 (the “Code”) and operates in a manner to qualify for the tax treatment applicable to RICs. Failing to maintain at least 70% of total assets in “qualifying assets” will result in the loss of BDC status, resulting in losing its favorable tax treatment as a RIC. As of March 31, 2023, the Fund has met the BDC and RIC requirements. The Fund elected to be treated for federal income tax purposes as a RIC under the Code with the filing of its federal corporate income tax return for 2016. 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 March 31, 2023: Asset Cost Unrealized Appreciation Unrealized Depreciation Net Appreciation (Depreciation) Loans $ 45,229,261 $ — $ (21,419,139) $ (21,419,139) Total $ 45,229,261 $ — $ (21,419,139) $ (21,419,139) As of December 31, 2022: Asset Cost Unrealized Appreciation Unrealized Depreciation Net Appreciation (Depreciation) Loans $ 58,117,583 $ 449,425 $ (22,383,872) $ (21,934,447) Total $ 58,117,583 $ 449,425 $ (22,383,872) $ (21,934,447) Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in-capital or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Fund’s annual RIC tax return. Book and tax basis differences relating to shareholder dividends and distributions and other permanent book and tax differences are reclassified among the Fund’s capital accounts. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP. The determination of the tax attributes of the Fund’s distributions is made annually as of the end of the Fund’s taxable year and is generally based upon its taxable income for the full taxable year and distributions paid for the full taxable year. As a result, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Fund’s distributions for a full taxable year. As of March 31, 2023, the Fund had determined the tax attributes of its distributions taxable year-to-date to be from its current and accumulated earnings and profits. There is not yet, however, certainty as to what the actual tax attributes of the Fund’s distributions to the shareholders will be by the year-ending December 31, 2023. The Fund anticipates distributing all distributable earnings by the end of the year. The Fund may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce the shareholder’s tax basis in its shares.

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS	3 Months Ended
FINANCIAL HIGHLIGHTS	Mar. 31, 2023
Investment Company [Abstract]
FINANCIAL HIGHLIGHTS	FINANCIAL HIGHLIGHTS U.S. GAAP requires disclosure of financial highlights of the Fund for the three months ended March 31, 2023 and 2022. The total rate of return is defined as the return based on the change in value during the period of a theoretical investment made at the beginning of the period. The total rate of return assumes a constant rate of return for the Fund during the period reported and weights each cash flow by the amount of time held in the Fund. This required methodology differs from an internal rate of return. The ratios of expenses and net investment income to average net assets, calculated below, are annualized and are computed based upon the aggregate weighted-average net assets of the Fund for the periods presented. Net investment income is inclusive of all investment income, net of expenses and excludes realized or unrealized gains and losses. Beginning and ending net asset values per share are based on the beginning and ending number of shares outstanding. Other per share information is calculated based upon the aggregate weighted-average net assets of the Fund for the periods presented. The following per share data and ratios have been derived from the information provided in the financial statements: For the Three Months Ended March 31, 2023 2022 Total return ** 2.07 % 8.25 % Per share amounts: Net asset value, beginning of period $ 399.94 $ 653.91 Net investment income 9.75 35.73 Net realized and change in unrealized gain (loss) from loans and derivative instruments (1.47) 18.19 Net increase in net assets resulting from operations 8.28 53.92 Distributions of income to shareholder (0.48) (21.23) Net asset value, end of period $ 407.74 $ 686.60 Net assets, end of period $ 40,774,385 $ 68,660,673 Ratios to average net assets: Expenses* 4.55 % 9.84 % Net investment income* 9.74 % 21.85 % Portfolio turn-over rate — % — % Average debt outstanding $ — $ 37,250,000 Annualized *Total return amounts presented above are not annualized

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSThe Fund evaluated subsequent events through the date of this Quarterly Report on Form 10-Q and determined that no subsequent events had occurred that would require accrual or disclosure in the financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting and Use of EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As an investment company, the Fund follows accounting and reporting guidance as set forth in Topic 946 (“Financial Services – Investment Companies”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”). Certain prior period information has been reclassified and/or disclosed to conform to the current year presentation.
Use of Estimates	Basis of Accounting and Use of EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As an investment company, the Fund follows accounting and reporting guidance as set forth in Topic 946 (“Financial Services – Investment Companies”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”). Certain prior period information has been reclassified and/or disclosed to conform to the current year presentation.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash and cash equivalents consist of cash on hand and money market mutual funds with maturities of or the ability to redeem or liquidate holdings within 90 days or less. Cash and cash equivalents are held in three bank accounts with two financial institutions, Mitsubishi UFJ Financial Group, Inc. and U.S. Bank National Association, and as a result are subject to custodial concentration risk for cash and cash equivalents. Cash in excess of the Federal Deposit Insurance Corporation (“FDIC”) limit of $250,000 is unsecured. Money market mutual funds held as cash equivalents are valued at their most recently traded net asset value.
Interest Income	Interest IncomeInterest income on loans is recognized on an accrual basis using the effective interest method including amounts resulting from the accretion of discount on loans included as additional compensation as part of the loan agreements. Additionally, fees received as part of the transaction are added to the loan discount and accreted over the life of the loan.
Realized Gains and Losses from Loans	Realized Gains and Losses from 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	Investment Valuation The Fund accounts for loans for which market quotations are not readily available at fair value as determined in good faith by the Manager, who has been appointed as the Fund’s valuation designee, pursuant to Rule 2a-5 under the 1940 Act. Subject to the oversight of the Fund’s Board of Directors, all valuations are determined under the direction of the Manager, in accordance with the valuation methods described below and Rule 2a-5. As of March 31, 2023 and December 31, 2022, the financial statements included nonmarketable investments of $23.8 million and $36.2 million, respectively, (or 57.5% and 89.3% of the total assets, respectively), with the fair values determined by the Manager in the absence of readily determinable market values. Because of the inherent uncertainty of these valuations, estimated fair values of such investments may differ significantly from the fair values that would have been used had a readily available market for the securities existed, and the differences could be material. Below is the information used by the Manager in making these estimates. Loans The Fund defines fair value as the price that would be received to sell an asset or paid to lower a liability in an orderly transaction between market participants at the measurement date. Because there is no readily available market price and no secondary market for substantially all of the debt investments made by the Fund in its borrowing portfolio companies, Management determines fair value based on hypothetical markets, and on several factors related to each borrower, including, but not limited to, the borrower ’ s payment history, available cash and “burn rate,” revenues, net income or loss, the likelihood that the borrower will be able to secure additional financing in the future, and an evaluation of the general interest rate environment. The amount of any valuation adjustment considers the estimated amount and timing of cash payments of principal and interest from the borrower and/or liquidation analysis and is determined based upon a credit analysis of the borrower and an analysis of the expected recovery from the borrower, including consideration of factors such as the nature and quality of the Fund ’ s security interests in collateral, the estimated fair value of the Fund ’ s collateral, the size of the loan, and the estimated time that will elapse before the Fund achieves a recovery. Management has evaluated these factors and has concluded that, the effect of deterioration in the quality of the underlying collateral, increase in size of the loan, increase in the estimated time to recovery and increase in the hypothetical market coupon rate would have the effect of lowering the fair value of the current portfolio of loans. Non-Accrual Loans The Fund ’ s policy is to classify a loan as non-accrual when the portfolio company is delinquent for three consecutive months on its monthly loan payment, or, in the opinion of Management, either ceases or drastically curtails its operations and Management deems that it is unlikely that the loan will return to performing status. When a loan is placed on non-accrual status, all interest previously accrued but not collected is reversed for the quarter in which the loan was placed on non-accrual status. Any uncollected interest related to quarters prior to when the loan was placed on non-accrual status is added to the principal balance, and the aggregate balance of the principal and interest is evaluated in accordance with the policy for valuation of loans in determining Management’s best estimate of fair value. Interest received by the Fund on non-accrual loans will be recognized as interest income if and when the proceeds exceed the book value of the respective loan. If a borrower of a non-accrual loan resumes making regular payments and Management believes that such borrower has regained the ability to service the loan on a sustainable basis, the loan is reclassified back to accrual or performing status. Interest that would have been accrued during the time a loan was classified as non-accrual will be added back to the remaining payment schedule causing a change in the effective interest rate. As of March 31, 2023, loans with a cost basis of $26.8 million and a fair value of $5.6 million were classified as non-accrual. As of December 31, 2022, loans with a cost basis of $29.6 million and a fair value of $7.8 million were classified as non-accrual. Warrants and Equity Securities Warrants and equity securities received in connection with loan transactions are measured at fair value at the time of acquisition. Warrants are valued based on a Black-Scholes option pricing model which considers, among several factors, the underlying stock value, expected term, volatility, and risk-free interest rate. It is anticipated that such securities will be distributed by the Fund to the Company simultaneously with, or shortly following, their acquisition. The underlying asset value is estimated based on available information. Volatility, or the amount of uncertainty or risk about the size of the changes in the warrant price, is based on an index of publicly traded companies grouped by industry and which are similar in nature to the underlying portfolio companies issuing the warrant (“Industry Index”). The volatility assumption for each Industry Index is based on the average volatility for individual public companies within the portfolio company’s industry for a period of time approximating the expected life of the warrants. A hypothetical increase in the volatility of the warrants used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants. The remaining expected lives of warrants are based on historical experience of the average life of the warrants, as warrants are often exercised in the event of acquisitions, mergers, or initial public offerings, and terminated due to events such as bankruptcies, restructuring activities, or additional financings. These events cause the expected term to be less than the remaining contractual term of the warrants. As of March 31, 2023 and December 31, 2022, the Fund assumed the average duration of a warrant is 4.0 years. The effect of a hypothetical increase in the estimated initial term of the warrants used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants. However, the estimated initial term of the warrants is one factor, of many, used in the valuation of warrants, and by itself does not have a significant impact on the results of operations. The risk-free interest rate is derived from the constant maturity tables issued by the U.S. Treasury Department. The effect of a hypothetical increase in the estimated risk-free rate used in the Black-Scholes option pricing model would have the effect of increasing the fair value of the warrants.
Other Assets And Liabilities	Other Assets and Liabilities Other assets include costs incurred in conjunction with borrowings under the Fund ’ s debt facility and are stated at initial cost. These costs are amortized over the term of the facility. The fair values of other assets and accrued liabilities are estimated at their carrying values because of the short-term nature of these assets and liabilities. The carrying value of the borrowings under the debt facility approximates their fair value based on the borrowing rates available to the Fund.
Deferred Bank Fees	Deferred Bank FeesPrior to termination of the debt facility on September 8, 2022, the deferred bank fees and costs associated with the debt facility were included in other assets in the Condensed Statements of Assets and Liabilities and were being amortized over the estimated life of the facility, which was to mature on August 26, 2023. Upon termination of the debt facility, the remaining unamortized fees and costs were immediately expensed. The amortization of these costs was recorded as interest expense in the Condensed Statements of Operations.
Commitment Fees	Commitment Fees Unearned income and commitment fees on loans are recognized using the effective-interest method over the term of the loan. Commitment fees are carried as liabilities when received for commitments upon which no draws have been made. When the first draw is made, the fee is treated as unearned income and is recognized as described above. If a draw is never made, the forfeited commitment fee, less any applicable legal costs, becomes recognized as other income after the commitment expires.
Derivatives Instruments	Derivative Instruments The Fund used derivative instruments to manage its exposure to changes in interest rates on expected borrowings under its debt facility, as the Fund originated fixed rate loans (see Note 8). On June 3, 2022, Management elected to terminate the interest rate collar contract.
Earnings per Share	Basic earnings per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted-average common shares outstanding. Diluted earnings (loss) per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted-average common shares outstanding, including the dilutive effects of potential common shares (e.g., stock options). The Fund has no instruments that would be potential common shares; thus, reported basic and diluted earnings (loss) per share are the same.
Tax Status	The Fund has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986 (the “Code”) and operates in a manner to qualify for the tax treatment applicable to RICs. Failing to maintain at least 70% of total assets in “qualifying assets” will result in the loss of BDC status, resulting in losing its favorable tax treatment as a RIC. As of March 31, 2023, the Fund has met the BDC and RIC requirements. The Fund elected to be treated for federal income tax purposes as a RIC under the Code with the filing of its federal corporate income tax return for 2016. In order to qualify for favorable tax treatment as a RIC, the Fund is required to distribute annually to its shareholder at least 90% of its investment company taxable income, as defined by the Code. To avoid federal excise taxes, the Fund must distribute annually at least 98% of its ordinary income and 98.2% of net capital gains from the current year and any undistributed ordinary income and net capital gains from the preceding years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If the Fund chooses to do so, all other things being equal, this would increase expenses and reduce the amount available to be distributed to its shareholder. The Fund will accrue excise tax on estimated undistributed taxable income as required. Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in-capital or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Fund’s annual RIC tax return. Book and tax basis differences relating to shareholder dividends and distributions and other permanent book and tax differences are reclassified among the Fund’s capital accounts. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP. The determination of the tax attributes of the Fund’s distributions is made annually as of the end of the Fund’s taxable year and is generally based upon its taxable income for the full taxable year and distributions paid for the full taxable year. As a result, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Fund’s distributions for a full taxable year. As of March 31, 2023, the Fund had determined the tax attributes of its distributions taxable year-to-date to be from its current and accumulated earnings and profits. There is not yet, however, certainty as to what the actual tax attributes of the Fund’s distributions to the shareholders will be by the year-ending December 31, 2023. The Fund anticipates distributing all distributable earnings by the end of the year. The Fund may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce the shareholder’s tax basis in its shares.

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
FAIR VALUE DISCLOSURES (Tables)	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Weighted Average Interest Rate of Performing and All Loans	The tables below show the weighted-average interest rate of the performing loans and all loans. Performing Loans For the Three Months Ended March 31, 2023 For the Three Months Ended March 31, 2022 Weighted-Average Interest Rate - Cash 11.59% 15.53% Weighted-Average Interest Rate- Non-Cash 2.75% 2.10% Weighted-Average Interest Rate 14.34% 17.63% All Loans For the Three Months Ended March 31, 2023 For the Three Months Ended March 31, 2022 Weighted-Average Interest Rate - Cash 15.65% 19.20% Weighted-Average Interest Rate- Non-Cash 2.21% 1.94% Weighted-Average Interest Rate 17.86% 21.14%
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The following tables provide quantitative information about the Fund’s Level 3 fair value measurements of the Fund’s investments by industry as of March 31, 2023 and December 31, 2022. In addition to the techniques and inputs noted in the tables below, the Fund may also use other valuation techniques and methodologies when determining its fair value measurements. Investment Type - Level 3 Loan Investments Fair Values at March 31, 2023 Valuation Techniques / Methodologies Unobservable Input Ranges Weighted Averages (a) Biotechnology $ 1,329,358 Hypothetical market analysis Hypothetical market coupon rate 13% - 14% 14% Asset recovery Probability Weighing of Alternative Outcomes 100% * Investment Type - Level 3 Loan Investments Fair Values at March 31, 2023 Valuation Techniques / Methodologies Unobservable Input Ranges Weighted Averages (a) Internet 5,617,479 Hypothetical market analysis Hypothetical market coupon rate 11% - 22% 13% Asset recovery Probability Weighing of Alternative Outcomes 5% - 100%^ Medical Devices 332,487 Hypothetical market analysis Hypothetical market coupon rate * 14% Asset recovery Probability Weighing of Alternative Outcomes 100%* Other Healthcare 3,447,511 Hypothetical market analysis Hypothetical market coupon rate 12% - 15% 14% Asset recovery Probability Weighing of Alternative Outcomes 100% * Other Technology 11,282,743 Hypothetical market analysis Hypothetical market coupon rate 14% - 34% 17% Asset recovery Probability Weighing of Alternative Outcomes 5% - 100%^ Software 1,425,899 Hypothetical market analysis Hypothetical market coupon rate * 14% Asset recovery Probability Weighing of Alternative Outcomes 5% - 100% ^ Technology Services 374,645 Hypothetical market analysis Hypothetical market coupon rate * 18% Asset recovery Probability Weighing of Alternative Outcomes 5% - 65%^ Total loan investments $ 23,810,122 (a) The weighted average hypothetical market coupon rates were calculated using the fair value of the loans. * There is only one loan within the industry. ^ Probability weightings vary among portfolio companies within each industry based on different potential future outcomes. Investment Type - Level 3 Loan Investments Fair Values at Valuation Techniques / Methodologies Unobservable Inputs Ranges Weighted Averages (a) Biotechnology $ 1,732,373 Hypothetical market analysis Hypothetical market coupon rate 14% 14% Asset Recovery Probability weighting of alternative outcomes 100% * Computers and Storage 282,621 Hypothetical market analysis Hypothetical market coupon rate * 15% Internet 6,241,043 Hypothetical market analysis Hypothetical market coupon rate 11% - 22% 13% Asset Recovery Probability weighting of alternative outcomes 5% - 100% ^ Medical Devices 3,870,685 Hypothetical market analysis Hypothetical market coupon rate 13% - 14% 14% Asset Recovery Probability weighting of alternative outcomes 5% - 100% ^ Other Healthcare 4,962,393 Hypothetical market analysis Hypothetical market coupon rate 13% - 15% 15% Asset Recovery Probability weighting of alternative outcomes 100%^ Other Technology 16,116,947 Hypothetical market analysis Hypothetical market coupon rate 14% - 34% 17% Asset Recovery Probability weighting of alternative outcomes 1% - 100% ^ Software 2,576,312 Hypothetical market analysis Hypothetical market coupon rate 13% - 18% 15% Asset Recovery Probability weighting of alternative outcomes 5% -100%^ Technology Services 400,762 Hypothetical market analysis Hypothetical market coupon rate * 18% Asset Recovery Probability weighting of alternative outcomes 3% - 60% ^ Total loan investments $ 36,183,136 (a) The weighted average hypothetical market coupon rates were calculated using the fair value of the loans. * There is only one loan within the industry. ^ Probability weightings vary among portfolio companies within each industry based on different potential future outcomes.
Assets and Liabilities Measured At Fair Value On Recurring Basis	The following tables present the balances of assets and liabilities as of March 31, 2023 and December 31, 2022 measured at fair value on a recurring basis: As of March 31, 2023 ASSETS: Level 1 Level 2 Level 3 Total Loans* $ — $ — $ 23,810,122 $ 23,810,122 Cash equivalents 17,029,884 — — 17,029,884 Total assets $ 17,029,884 $ — $ 23,810,122 $ 40,840,006 * For a detailed listing of borrowers comprising this amount, please refer to the Condensed Schedules of Investments. As of December 31, 2022 ASSETS: Level 1 Level 2 Level 3 Total Loans † $ — $ — $ 36,183,136 $ 36,183,136 Cash equivalents 3,135,402 — — 3,135,402 Total assets $ 3,135,402 $ — $ 36,183,136 $ 39,318,538 † For a detailed listing of borrowers comprising this amount, please refer to the Condensed Schedules of Investments.
Summary of Changes in Level 3 Assets Measured At Fair Value on Recurring Basis	The following tables provide a summary of changes in Level 3 assets measured at fair value on a recurring basis: For the Three Months Ended March 31, 2023 Loans Warrants Beginning balance $ 36,183,136 $ — Acquisitions and originations — 47,885 Principal payments on loans, net of accretion (12,226,980) — Distributions to shareholder — (47,885) Net change in unrealized gain from loans 515,307 — Net realized loss from loans (661,341) — Ending balance $ 23,810,122 $ — Net change in unrealized loss from loans relating to loans still held at March 31, 2023 $ (267,971) For the Three Months Ended March 31, 2022 Loans Warrants Stocks Beginning balance $ 108,465,616 $ — $ — Acquisitions and originations — 32,262 2,090,759 Principal payments on loans, net of accretion (20,606,634) — — Distributions to shareholder — (32,262) (2,090,759) Net change in unrealized gain from loans 2,388,532 — — Net realized loss from loans (629,940) — — Ending balance $ 89,617,574 $ — $ — Net change in unrealized gain from loans relating to loans still held at March 31, 2022 $ 1,265,519

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	3 Months Ended
CAPITAL STOCK (Tables)	Mar. 31, 2023
Equity [Abstract]
Distributions of Capital Stock	The chart below shows the distributions of the Fund for the three months ended March 31, 2023 and 2022. For the Three Months Ended March 31, 2023 For the Three Months Ended March 31, 2022 Distributions of equity securities 47,885 2,123,021 Total distributions to shareholder $ 47,885 $ 2,123,021

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
DERIVATIVE INSTRUMENTS (Tables)	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Effect of Derivative Instruments on Statements of Operations	The following table shows the effect of the Fund’s derivative instruments on the Fund’s Condensed Statements of Operations: For the Three Months Ended March 31, Derivative Instruments Condensed Statements of Operations Caption 2023 2022 Interest rate collar Net change in unrealized gain from derivative instruments $ — $ 67,317 Net realized loss from derivative instruments $ — $ (7,107)

TAX STATUS (Tables)

TAX STATUS (Tables)	3 Months Ended
TAX STATUS (Tables)	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Cost of Investments for Federal Income Tax Purposes and Appreciation (Depreciation) of Investments	Below are tables summarizing the cost of investments for federal income tax purposes and the appreciation and depreciation of the investments reported on the Condensed Schedules of Investments and Condensed Statements of Assets and Liabilities. As of March 31, 2023: Asset Cost Unrealized Appreciation Unrealized Depreciation Net Appreciation (Depreciation) Loans $ 45,229,261 $ — $ (21,419,139) $ (21,419,139) Total $ 45,229,261 $ — $ (21,419,139) $ (21,419,139) As of December 31, 2022: Asset Cost Unrealized Appreciation Unrealized Depreciation Net Appreciation (Depreciation) Loans $ 58,117,583 $ 449,425 $ (22,383,872) $ (21,934,447) Total $ 58,117,583 $ 449,425 $ (22,383,872) $ (21,934,447)

FINANCIAL HIGHLIGHTS (Tables)

FINANCIAL HIGHLIGHTS (Tables)	3 Months Ended
FINANCIAL HIGHLIGHTS (Tables)	Mar. 31, 2023
Investment Company [Abstract]
Schedule of Financial Highlights	The following per share data and ratios have been derived from the information provided in the financial statements: For the Three Months Ended March 31, 2023 2022 Total return ** 2.07 % 8.25 % Per share amounts: Net asset value, beginning of period $ 399.94 $ 653.91 Net investment income 9.75 35.73 Net realized and change in unrealized gain (loss) from loans and derivative instruments (1.47) 18.19 Net increase in net assets resulting from operations 8.28 53.92 Distributions of income to shareholder (0.48) (21.23) Net asset value, end of period $ 407.74 $ 686.60 Net assets, end of period $ 40,774,385 $ 68,660,673 Ratios to average net assets: Expenses* 4.55 % 9.84 % Net investment income* 9.74 % 21.85 % Portfolio turn-over rate — % — % Average debt outstanding $ — $ 37,250,000 Annualized *Total return amounts presented above are not annualized

ORGANIZATION AND OPERATIONS O_2

ORGANIZATION AND OPERATIONS OF THE FUND (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jul. 31, 2015	Mar. 31, 2023	Dec. 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Investment Company, Regulated Status [true false]		true
Venture Lending & Leasing VIII, Inc.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued in sale (in shares)	100,000
Common stock, par value (in dollars per share)	$ 0.001
Proceeds from purchase of shares	$ 25
Venture Lending & Leasing VIII, Inc. \| Venture Lending & Leasing VIII, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage		100%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended		12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Mar. 31, 2023 USD ($) bankAccount financialInstitution $ / shares shares		Dec. 31, 2022 USD ($) $ / shares shares
Summary of Investment Holdings [Line Items]
Investment Company, Accounting and Reporting under Topic 946 [true false]	true
Number of bank accounts \| bankAccount	3
Number of financial institutions \| financialInstitution	2
Cash	$ 107,478		$ 90,090
Percent of net assets, cash and cash equivalents	42.03%		8.06%
Loans	$ 23,810,122	[1]	$ 36,183,136	[2]
Percent of assets	57.50%		89.30%
Loans with costs basis classified as non-accrual	$ 26,800,000		$ 29,600,000
Loans with fair value classified as non-accrual	$ 5,600,000		$ 7,800,000
Average duration of warrant (in years)	4 years		4 years
First American Government Obligations Fund
Summary of Investment Holdings [Line Items]
Shares issued in period (in shares) \| shares	17,029,884		3,135,402
Issuance of shares (in dollars per share) \| $ / shares	$ 1		$ 1
Yield	4.61%		4.06%

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

FAIR VALUE DISCLOSURES - Weight

FAIR VALUE DISCLOSURES - Weighted Average Interest Rate of Performing and All Loans (Details) - Weighted Average	Mar. 31, 2023	Mar. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted-Average Interest Rate - Cash	15.65%	19.20%
Weighted-Average Interest Rate- Non-Cash	2.21%	1.94%
Weighted-Average Interest Rate	17.86%	21.14%
Performing Loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted-Average Interest Rate - Cash	11.59%	15.53%
Weighted-Average Interest Rate- Non-Cash	2.75%	2.10%
Weighted-Average Interest Rate	14.34%	17.63%

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) loan		Dec. 31, 2022 USD ($) loan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 23,810,122	[1]	$ 36,183,136	[2]
Number of loans within the industry \| loan	1		1
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 23,810,122		$ 36,183,136
Level 3 \| Biotechnology \| Valuation, Hypothetical Market Analysis And Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,329,358		$ 1,732,373
Level 3 \| Biotechnology \| Hypothetical market analysis \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.14
Level 3 \| Biotechnology \| Hypothetical market analysis \| Minimum \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.13
Level 3 \| Biotechnology \| Hypothetical market analysis \| Maximum \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14
Level 3 \| Biotechnology \| Hypothetical market analysis \| Weighted Averages \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.14
Level 3 \| Biotechnology \| Asset recovery \| Probability Weighing of Alternative Outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	100		1
Level 3 \| Computers and Storage \| Hypothetical market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value			$ 282,621
Level 3 \| Computers and Storage \| Hypothetical market analysis \| Weighted Averages \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.15
Level 3 \| Internet \| Valuation, Hypothetical Market Analysis And Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 5,617,479		$ 6,241,043
Level 3 \| Internet \| Hypothetical market analysis \| Minimum \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.11		0.11
Level 3 \| Internet \| Hypothetical market analysis \| Maximum \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.22		0.22
Level 3 \| Internet \| Hypothetical market analysis \| Weighted Averages \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.13		0.13
Level 3 \| Internet \| Asset recovery \| Minimum \| Probability Weighing of Alternative Outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.05		0.05
Level 3 \| Internet \| Asset recovery \| Maximum \| Probability Weighing of Alternative Outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1		1
Level 3 \| Medical Devices \| Valuation, Hypothetical Market Analysis And Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 332,487		$ 3,870,685
Level 3 \| Medical Devices \| Hypothetical market analysis \| Minimum \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.13
Level 3 \| Medical Devices \| Hypothetical market analysis \| Maximum \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.14
Level 3 \| Medical Devices \| Hypothetical market analysis \| Weighted Averages \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.14
Level 3 \| Medical Devices \| Asset recovery \| Minimum \| Probability Weighing of Alternative Outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.05
Level 3 \| Medical Devices \| Asset recovery \| Maximum \| Probability Weighing of Alternative Outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1		1
Level 3 \| Other Healthcare \| Valuation, Hypothetical Market Analysis And Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 3,447,511		$ 4,962,393
Level 3 \| Other Healthcare \| Hypothetical market analysis \| Minimum \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.12		0.13
Level 3 \| Other Healthcare \| Hypothetical market analysis \| Maximum \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.15		0.15
Level 3 \| Other Healthcare \| Hypothetical market analysis \| Weighted Averages \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.15
Level 3 \| Other Healthcare \| Asset recovery \| Probability Weighing of Alternative Outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	100		1
Level 3 \| Other Technology \| Valuation, Hypothetical Market Analysis And Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 11,282,743		$ 16,116,947
Level 3 \| Other Technology \| Hypothetical market analysis \| Minimum \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.14
Level 3 \| Other Technology \| Hypothetical market analysis \| Maximum \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.34		0.34
Level 3 \| Other Technology \| Hypothetical market analysis \| Weighted Averages \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.17		0.17
Level 3 \| Other Technology \| Asset recovery \| Minimum \| Probability Weighing of Alternative Outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.05		0.01
Level 3 \| Other Technology \| Asset recovery \| Maximum \| Probability Weighing of Alternative Outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1		1
Level 3 \| Software \| Valuation, Hypothetical Market Analysis And Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,425,899		$ 2,576,312
Level 3 \| Software \| Hypothetical market analysis \| Minimum \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.13
Level 3 \| Software \| Hypothetical market analysis \| Maximum \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.18
Level 3 \| Software \| Hypothetical market analysis \| Weighted Averages \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.15
Level 3 \| Software \| Asset recovery \| Minimum \| Probability Weighing of Alternative Outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.05		0.05
Level 3 \| Software \| Asset recovery \| Maximum \| Probability Weighing of Alternative Outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	100		1
Level 3 \| Technology Services \| Valuation, Hypothetical Market Analysis And Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 374,645		$ 400,762
Level 3 \| Technology Services \| Hypothetical market analysis \| Weighted Averages \| Hypothetical market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.18		0.18
Level 3 \| Technology Services \| Asset recovery \| Minimum \| Probability Weighing of Alternative Outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.05		0.03
Level 3 \| Technology Services \| Asset recovery \| Maximum \| Probability Weighing of Alternative Outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.65		0.60

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

FAIR VALUE DISCLOSURES - Assets

FAIR VALUE DISCLOSURES - Assets and Liabilities Measured At Fair Value On Recurring Basis (Details) - USD ($)	Mar. 31, 2023		Dec. 31, 2022
ASSETS:
Loans	$ 23,810,122	[1]	$ 36,183,136	[2]
Cash equivalents	17,029,884		3,135,402
Total assets	40,840,006		39,318,538
Level 1
ASSETS:
Loans	0		0
Cash equivalents	17,029,884		3,135,402
Total assets	17,029,884		3,135,402
Level 2
ASSETS:
Loans	0		0
Cash equivalents	0		0
Total assets	0		0
Level 3
ASSETS:
Loans	23,810,122		36,183,136
Cash equivalents	0		0
Total assets	$ 23,810,122		$ 36,183,136

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

FAIR VALUE DISCLOSURES - Summar

FAIR VALUE DISCLOSURES - Summary of Changes in Level 3 Assets Measured At Fair Value on Recurring Basis (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 36,183,136	$ 108,465,616
Principal payments on loans, net of accretion and Distributions to shareholder	(12,226,980)	(20,606,634)
Ending balance	23,810,122	89,617,574
Loans \| Net change in unrealized gain from loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net change in unrealized gain (loss) and realized loss from loans	515,307	2,388,532
Loans \| Net realized loss from loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net change in unrealized gain (loss) and realized loss from loans	(661,341)	(629,940)
Loans \| Net change in unrealized gain (loss) from loans relating to loans still held
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net change in unrealized gain (loss) and realized loss from loans	(267,971)	1,265,519
Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	0
Acquisitions and originations	47,885	32,262
Principal payments on loans, net of accretion and Distributions to shareholder	(47,885)	(32,262)
Ending balance	$ 0	0
Stocks
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		0
Acquisitions and originations		2,090,759
Principal payments on loans, net of accretion and Distributions to shareholder		(2,090,759)
Ending balance		$ 0

CAPITAL STOCK - Narrative (Deta

CAPITAL STOCK - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Shares authorized (in shares)	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Shares issued (in shares)	100,000	100,000
Shares of capital stock outstanding (in shares)	100,000	100,000
Committed capital	$ 423.6	$ 423.6
Contributed capital to shareholder	$ 415.2	$ 356.1

CAPITAL STOCK - Distributions o

CAPITAL STOCK - Distributions of Capital Stock (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Total distributions to shareholder	$ 47,885	$ 2,123,021

DEBT FACILITY (Details)

DEBT FACILITY (Details) - Revolving Credit Facility - Loan Agreement - Line of Credit - USD ($) $ in Millions	Sep. 11, 2017	Apr. 05, 2016
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 150
Higher borrowing capacity option	$ 280
Bank fees and other costs	$ 3.8

MANAGEMENT FEE (Details)

MANAGEMENT FEE (Details) - USD ($)	3 Months Ended
MANAGEMENT FEE (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Period of management fee (in years)	2 years
Management fees	$ 258,814	$ 599,000
Management Fee, Period One
Related Party Transaction [Line Items]
Annual rate	2.50%
Management Fee, Period Two
Related Party Transaction [Line Items]
Annual rate	2.50%

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - USD ($)	3 Months Ended
DERIVATIVE INSTRUMENTS (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Net change in unrealized gain from derivative instruments	$ 0	$ 67,317
Net realized loss from derivative instruments	0	(7,107)
Interest rate collar
Derivative [Line Items]
Net change in unrealized gain from derivative instruments	0	67,317
Net realized loss from derivative instruments	$ 0	$ (7,107)

TAX STATUS (Details)

TAX STATUS (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Cost	$ 45,229,261	$ 58,117,583
Unrealized Appreciation	0	449,425
Unrealized Depreciation	(21,419,139)	(22,383,872)
Net Appreciation (Depreciation)	$ (21,419,139)	$ (21,934,447)

FINANCIAL HIGHLIGHTS (Details)

FINANCIAL HIGHLIGHTS (Details) - USD ($)	3 Months Ended
FINANCIAL HIGHLIGHTS (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Investment Company [Abstract]
Total return	2.07%	8.25%
Per share amounts:
Net asset value, beginning of period (in dollars per share)	$ 399.94	$ 653.91
Net investment income (in dollars per share)	9.75	35.73
Net realized and change in unrealized gain (loss) from loans and derivative instruments (in dollars per share)	(1.47)	18.19
Net increase in net assets resulting from operations (in dollars per share)	8.28	53.92
Distributions of income to shareholder (in dollars per share)	(0.48)	(21.23)
Net asset value, end of period (in dollars per share)	$ 407.74	$ 686.60
Net assets, end of period	$ 40,774,385	$ 68,660,673	$ 39,993,758	$ 65,391,337
Ratios to average net assets:
Expenses	4.55%	9.84%
Net investment income	9.74%	21.85%
Portfolio turn-over rate	0%	0%
Average debt outstanding	$ 0	$ 37,250,000