Venture Lending & Leasing IX 10-Q13 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 13, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act File Number	814-01253
Entity Registrant Name	Venture Lending & Leasing IX, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-2040715
Entity Address, Address Line One	104 La Mesa Drive
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Portola Valley
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94028
City Area Code	650
Local Phone Number	234-4300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100,000
Entity Central Index Key	0001717310
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

CONDENSED STATEMENTS OF ASSETS

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) - USD ($)	Sep. 30, 2024		Dec. 31, 2023
ASSETS
Loans, at estimated fair value (cost of $231,635,951 and $350,627,997, respectively)	$ 174,506,078	[1]	$ 302,804,781	[2]
Derivative assets	996,110		3,049,177
Cash and cash equivalents	12,980,293		21,517,408
Dividend and interest receivables	1,821,588		3,869,697
Other assets	1,545,488		2,233,766
Total assets	191,849,557		333,474,829
LIABILITIES
Borrowings under debt facility	58,000,000		142,500,000
Accrued management fees	690,000		1,035,000
Accounts payable and other accrued liabilities	480,510		1,249,996
Total liabilities	59,170,510		144,784,996
NET ASSETS	132,679,047		188,689,833
Analysis of Net Assets:
Capital paid in on shares of capital stock	407,125,000		407,125,000
Cumulative return of capital distributions	(221,298,068)		(172,512,838)
Total distributable losses	(53,147,885)		(45,922,329)
Net assets (equivalent to $1,326.79 and $1,886.90 per share based on 100,000 shares of capital stock outstanding - See Note 5 and Note 11)	$ 132,679,047		$ 188,689,833

[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 most advantageous 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 most advantageous 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 ($)	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Cost	$ 231,635,951		$ 350,627,997
Net assets per share (in dollars per share)	$ 1,326.79	$ 1,315.66	$ 1,886.9	$ 1,922.37	$ 2,448.76	$ 2,682.12
Shares of capital stock outstanding (in shares)	100,000		100,000

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
INVESTMENT INCOME:
Interest on loans	$ 6,070,788	$ 15,211,971	$ 26,588,056	$ 54,269,708
Other income	128,091	302,652	701,867	1,828,538
Total investment income	6,198,879	15,514,623	27,289,923	56,098,246
EXPENSES:
Management fees	690,000	1,035,000	2,760,000	3,910,000
Interest expense	1,562,311	4,180,091	6,477,729	13,429,987
Banking and professional fees	80,023	38,558	401,223	239,214
Other operating expenses	75,798	55,084	303,374	150,080
Total expenses	2,408,132	5,308,733	9,942,326	17,729,281
Net investment income	3,790,747	10,205,890	17,347,597	38,368,965
Net realized loss from loans	0	(438,580)	(4,482,099)	(437,324)
Net realized gain from derivative instruments	516,347	1,444,268	2,383,856	7,135,561
Net change in unrealized loss from loans	(2,246,401)	(12,428,521)	(9,306,656)	(14,636,112)
Net change in unrealized loss from derivative instruments	(774,938)	(1,066,795)	(2,053,067)	(5,374,984)
Net realized and change in unrealized loss from loans and derivative instruments	(2,504,992)	(12,489,628)	(13,457,966)	(13,312,859)
Net increase (decrease) in net assets resulting from operations	$ 1,285,755	$ (2,283,738)	$ 3,889,631	$ 25,056,106
Amounts per common share:
Net increase (decrease) in net assets resulting from operations per share, basic (in dollars per share)	$ 12.86	$ (22.84)	$ 38.90	$ 250.56
Net increase (decrease) in net assets resulting from operations per share, diluted (in dollars per share)	$ 12.86	$ (22.84)	$ 38.90	$ 250.56
Weighted average shares outstanding, basic (in shares)	100,000	100,000	100,000	100,000
Weighted average shares outstanding, diluted (in shares)	100,000	100,000	100,000	100,000

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investment Company, Net Assets [Roll Forward]
Beginning balance (in shares)			100,000
Beginning balance	$ 131,566,217	$ 244,876,231	$ 188,689,833	$ 268,212,295
Net increase (decrease) in net assets resulting from operations	1,285,755	(2,283,738)	3,889,631	25,056,106
Distribution of income to shareholder	$ (172,925)	(11,211,578)	(11,115,187)	(45,067,202)
Return of capital to shareholder		(39,143,898)	$ (48,785,230)	(55,964,182)
Ending balance (in shares)	100,000		100,000
Ending balance	$ 132,679,047	$ 192,237,017	$ 132,679,047	$ 192,237,017
Common Stock
Investment Company, Net Assets [Roll Forward]
Beginning balance (in shares)	100,000	100,000	100,000	100,000
Beginning balance	$ 100	$ 100	$ 100	$ 100
Ending balance (in shares)	100,000	100,000	100,000	100,000
Ending balance	$ 100	$ 100	$ 100	$ 100
Additional Paid-in Capital
Investment Company, Net Assets [Roll Forward]
Beginning balance	407,124,900	407,124,900	407,124,900	407,124,900
Ending balance	407,124,900	407,124,900	407,124,900	407,124,900
Return of Capital Distributions
Investment Company, Net Assets [Roll Forward]
Beginning balance	(221,298,068)	(133,014,765)	(172,512,838)	(116,194,481)
Return of capital to shareholder		(39,143,898)	(48,785,230)	(55,964,182)
Ending balance	(221,298,068)	(172,158,663)	(221,298,068)	(172,158,663)
Total Distributable Losses
Investment Company, Net Assets [Roll Forward]
Beginning balance	(54,260,715)	(29,234,004)	(45,922,329)	(22,718,224)
Net increase (decrease) in net assets resulting from operations	1,285,755	(2,283,738)	3,889,631	25,056,106
Distribution of income to shareholder	(172,925)	(11,211,578)	(11,115,187)	(45,067,202)
Ending balance	$ (53,147,885)	$ (42,729,320)	$ (53,147,885)	$ (42,729,320)

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$ 1,285,755	$ (2,283,738)	$ 3,889,631	$ 25,056,106
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Net realized loss from loans	0	438,580	4,482,099	437,324
Net realized gain from derivative instruments	(516,347)	(1,444,268)	(2,383,856)	(7,135,561)
Net change in unrealized loss from loans	2,246,401	12,428,521	9,306,656	14,636,112
Net change in unrealized loss from derivative instruments	774,938	1,066,795	2,053,067	5,374,984
Amortization of deferred costs related to borrowing facility			421,517	797,974
Origination of loans			(545,652)	(27,562,500)
Principal payments on loans, net of accretion			106,197,183	152,674,104
Proceeds from sale of loan			0	1,043,138
Acquisition of equity securities			0	(750,786)
Change in operating assets and liabilities:
Net decrease in dividend and interest receivables			2,048,109	2,034,665
Net decrease in other assets			266,761	1,367,210
Net decrease in accounts payable, other accrued liabilities and accrued management fees			(1,114,486)	(1,729,687)
Net cash provided by operating activities			124,621,029	166,243,083
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions to shareholder			(51,042,000)	(97,992,000)
Borrowings under debt facility			0	6,500,000
Repayments of borrowings under debt facility			(84,500,000)	(73,500,000)
Payments received from derivative instruments			2,383,856	7,135,561
Net cash used in financing activities			(133,158,144)	(157,856,439)
Net increase (decrease) in cash and cash equivalents			(8,537,115)	8,386,644
CASH AND CASH EQUIVALENTS:
Beginning of period			21,517,408	7,074,657
End of period	$ 12,980,293	$ 15,461,301	12,980,293	15,461,301
CASH PAID DURING THE PERIOD:
Interest - Debt facility			6,719,012	12,652,909
NON-CASH OPERATING AND FINANCING ACTIVITIES:
Distributions of equity securities to shareholder			8,858,417	3,039,384
Receipt of equity securities as repayment of loans			$ 8,858,417	$ 2,288,598

CONDENSED SCHEDULE OF INVESTMEN

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED) - USD ($)		Sep. 30, 2024		Dec. 31, 2023
Percent of Net Assets		131.50%	[1]	160.50%	[2]
Principal		$ 249,990,887		$ 374,151,262
Cost		231,635,951		350,627,997
Fair Value		$ 174,506,078	[3]	$ 302,804,781	[4]
Percent of Net Assets, Cash Equivalents		9.40%		11.10%
Cost, Cash Equivalents		$ 12,480,293		$ 21,017,408
Fair Value, Cash Equivalents		12,480,293		21,017,408
Unrealized appreciation		(56,133,763)		(44,774,039)
Interest Rate Collar
Notional Amount		50,000,000		140,000,000
Fair Value		996,110		3,049,177
Upfront payments/receipts		0		0
Unrealized appreciation		996,110	[5]	3,049,177	[6]
Zions Bancorporation, N.A. \| Interest Rate Collar, Cap Rate 1.36%, Floor Rate 0.42%, Maturity 6/30/2025
Notional Amount		50,000,000		50,000,000
Fair Value		996,110		2,187,231
Upfront payments/receipts		0		0
Unrealized appreciation		$ 996,110	[5]	2,187,231	[6]
Zions Bancorporation, N.A. \| Interest Rate Collar, Cap Rate 2.11%, Floor Rate 0.53%, Maturity 3/18/2024
Notional Amount				90,000,000
Fair Value				861,946
Upfront payments/receipts				0
Unrealized appreciation	[6]			$ 861,946
Zions Bancorporation, N.A. \| Maximum \| Interest Rate Collar, Cap Rate 1.36%, Floor Rate 0.42%, Maturity 6/30/2025
Floating interest rate		1.36%		1.36%
Zions Bancorporation, N.A. \| Maximum \| Interest Rate Collar, Cap Rate 2.11%, Floor Rate 0.53%, Maturity 3/18/2024
Floating interest rate				2.11%
Zions Bancorporation, N.A. \| Minimum \| Interest Rate Collar, Cap Rate 1.36%, Floor Rate 0.42%, Maturity 6/30/2025
Floating interest rate		0.42%		0.42%
Zions Bancorporation, N.A. \| Minimum \| Interest Rate Collar, Cap Rate 2.11%, Floor Rate 0.53%, Maturity 3/18/2024
Floating interest rate				0.53%
Biotechnology
Percent of Net Assets		3.90%	[1]	5.20%	[2]
Principal		$ 5,253,751		$ 10,032,154
Cost		5,142,501		9,733,622
Fair Value		$ 5,142,501	[3]	$ 9,733,622	[4]
Computers & Storage
Percent of Net Assets		8.30%	[1]	8.70%	[2]
Principal		$ 11,019,983		$ 16,748,895
Cost		11,001,365		16,366,518
Fair Value		$ 11,001,365	[3]	$ 16,366,518	[4]
Enterprise Networking
Percent of Net Assets		2.60%	[1]	2%	[2]
Principal		$ 5,404,212		$ 5,404,212
Cost		3,404,643		3,687,334
Fair Value		$ 3,404,643	[3]	$ 3,687,334	[4]
Internet
Percent of Net Assets		23.20%	[1]	24.60%	[2]
Principal		$ 42,198,268		$ 58,736,306
Cost		38,286,033		53,735,974
Fair Value		$ 30,802,016	[3]	$ 46,464,670	[4]
Medical Devices
Percent of Net Assets		0.30%	[1]	1.10%	[2]
Principal		$ 10,787,412		$ 12,445,912
Cost		9,571,979		11,306,777
Fair Value		$ 388,065	[3]	$ 2,027,424	[4]
Other Healthcare
Percent of Net Assets		4.40%	[1]	8%	[2]
Principal		$ 8,586,231		$ 19,749,675
Cost		8,020,463		18,916,257
Fair Value		$ 5,863,961	[3]	$ 15,167,781	[4]
Other Technology
Percent of Net Assets		60%	[1]	75.80%	[2]
Principal		$ 122,376,203		$ 178,296,191
Cost		113,695,996		167,462,148
Fair Value		$ 79,556,739	[3]	$ 142,995,711	[4]
Security
Percent of Net Assets		1.70%	[1]	2%	[2]
Principal		$ 4,270,839		$ 5,805,940
Cost		3,798,663		5,278,361
Fair Value		$ 2,289,944	[3]	$ 3,769,643	[4]
Software
Percent of Net Assets		23%	[1]	23.70%	[2]
Principal		$ 32,599,253		$ 46,877,344
Cost		31,504,487		44,992,291
Fair Value		$ 30,609,330	[3]	$ 44,687,949	[4]
Technology Services
Percent of Net Assets		3%	[1]	8.20%	[2]
Principal		$ 5,966,025		$ 17,639,029
Cost		5,721,403		16,810,539
Fair Value		$ 3,959,096	[3]	$ 15,565,953	[4]
Wireless
Percent of Net Assets		1.10%	[1]	1.20%	[2]
Principal		$ 1,528,710		$ 2,415,604
Cost		1,488,418		2,338,176
Fair Value		1,488,418	[3]	2,338,176	[4]
GLO Pharma, Inc. \| Biotechnology
Principal		555,369		2,136,982
Cost		553,488		2,113,896
Fair Value		553,488	[3]	2,113,896	[4]
Canary Connect, Inc. \| Computers & Storage
Principal				14,648,615
Cost				14,314,464
Fair Value	[4]			14,314,464
Proto, Inc. \| Computers & Storage
Principal		1,300,348		2,100,280
Cost		1,281,730		2,052,054
Fair Value		1,281,730	[3]	2,052,054	[4]
Ainsly, Inc. \| Internet
Principal	[7],[8]			334,565
Cost	[7],[8]			287,052
Fair Value	[4],[7],[8]			287,052
RenoFi, Inc. \| Internet
Principal				2,070,989
Cost				2,000,424
Fair Value	[4]			2,000,424
Vinvesto, Inc. \| Internet
Principal		353,762		486,087
Cost		343,273		466,170
Fair Value		343,273	[3]	466,170	[4]
Grayce, Inc. \| Other Healthcare
Principal				1,207,948
Cost				1,167,943
Fair Value	[4]			1,167,943
Hello Heart Inc. \| Other Healthcare
Principal				1,691,043
Cost				1,677,116
Fair Value	[4]			1,677,116
Julie Products Inc. \| Other Healthcare
Principal		1,061,366		1,552,628
Cost		1,038,527		1,497,417
Fair Value		1,038,527	[3]	1,497,417	[4]
Open Inc. \| Other Healthcare
Principal		642,285		915,125
Cost		628,719		887,521
Fair Value		628,719	[3]	887,521	[4]
Oula Health, Inc. \| Other Healthcare
Principal				146,922
Cost				146,190
Fair Value	[4]			146,190
Tia, Inc. \| Other Healthcare
Principal				1,190,026
Cost				1,179,098
Fair Value	[4]			1,179,098
Airspeed, Inc. \| Other Technology
Principal				1,157,573
Cost				1,130,660
Fair Value	[4]			1,130,660
Ceres Imaging, Inc. \| Other Technology
Principal				2,758,311
Cost				2,691,633
Fair Value	[4]			2,691,633
CornerUp, Inc. \| Other Technology
Principal				465,124
Cost				428,892
Fair Value	[4]			428,892
Creoate Limited \| Other Technology
Principal		1,049,807	[9],[10]	1,346,048	[7],[8]
Cost		1,029,625	[9],[10]	1,305,638	[7],[8]
Fair Value		1,029,625	[3],[9],[10]	1,305,638	[4],[7],[8]
EasyKnock, Inc. \| Other Technology
Principal				6,386,739
Cost				6,148,488
Fair Value	[4]			6,148,488
Eguana Technologies, Inc. \| Other Technology
Principal	[7],[8]			3,140,216
Cost	[7],[8]			3,035,867
Fair Value	[4],[7],[8]			3,035,867
Fanimal, Inc. \| Other Technology
Principal		946,013		1,144,754
Cost		922,920		1,102,963
Fair Value		922,920	[3]	1,102,963	[4]
Higher Ground Education, Inc. \| Other Technology
Principal		2,779,815		5,923,925
Cost		2,754,401		5,818,142
Fair Value		2,754,401	[3]	5,818,142	[4]
Holo, Inc. \| Other Technology
Principal				1,312,544
Cost				1,242,521
Fair Value	[4]			1,242,521
Hyphen Technologies, Inc. \| Other Technology
Principal				3,382,231
Cost				3,279,266
Fair Value	[4]			3,279,266
LendTable Inc. \| Other Technology
Principal		2,524,479		3,328,989
Cost		2,468,825		3,220,640
Fair Value		2,468,825	[3]	3,220,640	[4]
Logistech Solutions Pte. Ltd. \| Other Technology
Principal		1,123,308	[9],[10]	1,411,295	[7],[8]
Cost		1,089,175	[9],[10]	1,339,519	[7],[8]
Fair Value		1,089,175	[3],[9],[10]	1,339,519	[4],[7],[8]
Mavenform, Inc. \| Other Technology
Principal				1,897,346
Cost				1,867,982
Fair Value	[4]			1,867,982
OnePointOne, Inc. \| Other Technology
Principal				302,137
Cost				300,812
Fair Value	[4]			300,812
Phase Four, Inc. \| Other Technology
Principal				1,335,778
Cost				1,313,269
Fair Value	[4]			1,313,269
Plant Prefab, Inc. \| Other Technology
Principal				2,899,636
Cost				2,816,407
Fair Value	[4]			2,816,407
PlantBaby, Inc. \| Other Technology
Principal		339,337		558,169
Cost		329,266		532,461
Fair Value		329,266	[3]	532,461	[4]
Platform Science, Inc. \| Other Technology
Principal		6,214,013		8,988,531
Cost		6,071,849		8,686,629
Fair Value		6,071,849	[3]	8,686,629	[4]
Rise Gardens, Inc. \| Other Technology
Principal				1,292,662
Cost				1,260,944
Fair Value	[4]			881,132
SISU Aesthetics Clinic, Inc. \| Other Technology
Principal		1,201,358		1,672,341
Cost		1,183,091		1,636,131
Fair Value		1,183,091	[3]	1,636,131	[4]
Supplant, Inc. \| Other Technology
Principal		1,988,037	[9],[10]	2,500,000	[7],[8]
Cost		1,936,149	[9],[10]	2,406,876	[7],[8]
Fair Value		1,936,149	[3],[9],[10]	2,406,876	[4],[7],[8]
TLNT Inc. \| Other Technology
Principal				1,097,026
Cost				1,051,692
Fair Value	[4]			658,160
Umbra Lab, Inc. \| Other Technology
Principal				6,938,416
Cost				6,788,017
Fair Value	[4]			6,788,017
Wellth, Inc. \| Other Technology
Principal				1,128,606
Cost				1,093,107
Fair Value	[4]			1,093,107
World Wrapps II, Inc. \| Other Technology
Principal				333,230
Cost				327,274
Fair Value	[4]			327,274
Zeno Technologies, Inc. \| Other Technology
Principal				331,052
Cost				321,282
Fair Value	[4]			321,282
Zimeno Inc. \| Other Technology
Principal		8,891,453		11,581,391
Cost		8,727,831		11,250,643
Fair Value		8,727,831	[3]	11,250,643	[4]
Axiado Corporation \| Security
Principal		2,272,322		3,698,224
Cost		2,239,223		3,611,663
Fair Value		2,239,223	[3]	3,611,663	[4]
BlueCart, Inc. \| Software
Principal				1,548,150
Cost				1,480,604
Fair Value	[4]			1,480,604
Canopy Technology Corp. \| Software
Principal		1,408,994		2,110,579
Cost		1,378,415		2,039,115
Fair Value		1,378,415	[3]	2,039,115	[4]
Common Sun, Inc \| Software
Principal		1,378,630		1,820,637
Cost		1,347,253		1,762,726
Fair Value		1,347,253	[3]	1,762,726	[4]
Form Remodel, Inc. \| Software
Principal		1,327,618		1,851,927
Cost		1,306,293		1,806,107
Fair Value		1,306,293	[3]	1,806,107	[4]
Grokker, Inc. \| Software
Principal		474,957		857,323
Cost		468,582		839,578
Fair Value		468,582	[3]	839,578	[4]
HaystacksAI, Inc. \| Software
Principal				852,198
Cost				830,287
Fair Value	[4]			830,287
Ocurate, Inc. \| Software
Principal				761,112
Cost				743,651
Fair Value	[4]			743,651
Overalls, Inc. \| Software
Principal				707,928
Cost				678,757
Fair Value	[4]			678,757
Ratio Technologies, Inc. \| Software
Principal		1,418,422		1,801,041
Cost		1,385,488		1,747,841
Fair Value		1,385,488	[3]	1,747,841	[4]
Safe Securities Inc. \| Software
Principal		2,773,206		4,505,320
Cost		2,737,151		4,408,674
Fair Value		2,737,151	[3]	4,408,674	[4]
SF Insuretech, Inc. \| Software
Principal		3,080,264		4,775,803
Cost		2,964,842		4,545,095
Fair Value		2,964,842	[3]	4,545,095	[4]
Swiftly Systems, Inc. \| Software
Principal		480,139		2,540,768
Cost		476,737		2,451,002
Fair Value		476,737	[3]	2,451,002	[4]
Vesta Housing, Inc. \| Software
Principal		1,722,368		2,357,066
Cost		1,675,488		2,268,608
Fair Value		1,675,488	[3]	2,268,608	[4]
iLearningEngines Inc. \| Technology Services
Principal				8,846,716
Cost				8,363,274
Fair Value	[4]			8,363,274
Klar Holdings Limited \| Technology Services
Principal	[7],[8]			4,810,013
Cost	[7],[8]			4,664,879
Fair Value	[4],[7],[8]			4,664,879
AirVine Scientific, Inc. \| Wireless
Principal				274,845
Cost				272,331
Fair Value	[4]			272,331
Juvo Mobile, Inc. \| Wireless
Principal		1,528,710	[10]	2,000,000	[8]
Cost		1,488,418	[10]	1,926,223	[8]
Fair Value		$ 1,488,418	[3],[10]	1,926,223	[4],[8]
MeshPlusPlus, Inc. \| Wireless
Principal				140,759
Cost				139,622
Fair Value	[4]			$ 139,622
Investment, Identifier [Axis]: 10club Pte Ltd., Senior Secured
Interest Rate	[7],[8],[11]			12%
Principal	[7],[8]			$ 5,264,876
Cost	[7],[8]			4,762,966
Fair Value	[4],[7],[8]			$ 2,801,583
Investment, Identifier [Axis]: 10club Pte Ltd., Senior Secured
Interest Rate	[9],[10],[12]	12%
Principal	[9],[10]	$ 5,350,238
Cost	[9],[10]	4,838,562
Fair Value	[3],[9],[10]	$ 3,243,319
Investment, Identifier [Axis]: 8i Corporation, Senior Secured
Interest Rate	[11]			12%
Principal				$ 390,777
Cost				386,909
Fair Value	[4]			$ 243,768
Investment, Identifier [Axis]: Abacum Inc., Senior Secured
Interest Rate		13.50%	[9],[10],[12]	13.50%	[7],[8],[11]
Principal		$ 1,284,466	[9],[10]	$ 1,500,000	[7],[8]
Cost		1,227,536	[9],[10]	1,404,738	[7],[8]
Fair Value		$ 1,227,536	[3],[9],[10]	$ 1,404,738	[4],[7],[8]
Investment, Identifier [Axis]: Aclima, Inc., Senior Secured
Interest Rate	[11]			12%
Principal				$ 321,219
Cost				298,126
Fair Value	[4]			$ 298,126
Investment, Identifier [Axis]: Afero, Inc., Senior Secured
Interest Rate	[11]			12.30%
Principal				$ 95,118
Cost				94,408
Fair Value	[4]			$ 94,408
Investment, Identifier [Axis]: Ainsly, Inc., Senior Secured 1
Interest Rate	[7],[8],[11]			12.50%
Principal	[7],[8]			$ 133,826
Cost	[7],[8]			133,821
Fair Value	[4],[7],[8]			$ 133,821
Investment, Identifier [Axis]: Ainsly, Inc., Senior Secured 2
Interest Rate	[7],[8],[11]			12.50%
Principal	[7],[8]			$ 200,739
Cost	[7],[8]			153,231
Fair Value	[4],[7],[8]			$ 153,231
Investment, Identifier [Axis]: AirVine Scientific, Inc., Senior Secured 1
Interest Rate	[11]			10.80%
Principal				$ 137,457
Cost				136,703
Fair Value	[4]			$ 136,703
Investment, Identifier [Axis]: AirVine Scientific, Inc., Senior Secured 2
Interest Rate	[11]			10.80%
Principal				$ 137,388
Cost				135,628
Fair Value	[4]			$ 135,628
Investment, Identifier [Axis]: Airspeed, Inc., Senior Secured
Interest Rate	[12]	11%
Principal		$ 1,101,447
Cost		1,020,819
Fair Value	[3]	$ 1,020,819
Investment, Identifier [Axis]: Airspeed, Inc., Senior Secured 1
Interest Rate	[11]			11%
Principal				$ 532,573
Cost				505,660
Fair Value	[4]			$ 505,660
Investment, Identifier [Axis]: Airspeed, Inc., Senior Secured 2
Interest Rate	[11]			11%
Principal				$ 625,000
Cost				625,000
Fair Value	[4]			$ 625,000
Investment, Identifier [Axis]: Anutra Medical, Inc., Senior Secured
Interest Rate		18%	[12]	18%	[11]
Principal		$ 398,742		$ 398,742
Cost		346,750		346,750
Fair Value		$ 0	[3]	$ 0	[4]
Investment, Identifier [Axis]: Axiado Corporation, Senior Secured 1
Interest Rate		10.50%	[12]	10.50%	[11]
Principal		$ 1,136,161		$ 1,849,112
Cost		1,103,068		1,762,565
Fair Value		$ 1,103,068	[3]	$ 1,762,565	[4]
Investment, Identifier [Axis]: Axiado Corporation, Senior Secured 2
Interest Rate		10.50%	[12]	10.50%	[11]
Principal		$ 1,136,161		$ 1,849,112
Cost		1,136,155		1,849,098
Fair Value		$ 1,136,155	[3]	$ 1,849,098	[4]
Investment, Identifier [Axis]: Azumo, Inc., Senior Secured
Interest Rate		12.80%	[12]	12.80%	[11]
Principal		$ 957,356		$ 1,282,604
Cost		913,213		1,203,696
Fair Value		$ 548,094	[3]	$ 1,203,696	[4]
Investment, Identifier [Axis]: BackboneAI Inc., Senior Secured
Interest Rate	[11]			12.30%
Principal				$ 134,312
Cost				133,684
Fair Value	[4]			$ 130,791
Investment, Identifier [Axis]: BackboneAI Inc., Senior Secured
Interest Rate	[12]	12.30%
Principal		$ 82,500
Cost		82,262
Fair Value	[3]	$ 0
Investment, Identifier [Axis]: Bankroll Club, LLC, Senior Secured
Interest Rate		12.90%	[12]	12.90%	[11]
Principal		$ 4,262,576		$ 4,262,576
Cost		3,955,801		3,955,801
Fair Value		$ 1,051,870	[3]	$ 970,983	[4]
Investment, Identifier [Axis]: Beautiful Beanfields, Inc., Senior Secured
Interest Rate		6%	[12]	6%	[11]
Principal		$ 275,000		$ 275,000
Cost		255,543		255,324
Fair Value		$ 125,523	[3]	$ 127,662	[4]
Investment, Identifier [Axis]: Bizly, Inc., Senior Secured
Interest Rate	[11]			12.50%
Principal				$ 1,636,661
Cost				1,600,527
Fair Value	[4]			$ 1,600,527
Investment, Identifier [Axis]: Bizly, Inc., Senior Secured
Interest Rate	[12]	12.50%
Principal		$ 1,636,014
Cost		1,589,589
Fair Value	[3]	$ 1,589,589
Investment, Identifier [Axis]: BloomTech Inc., Senior Secured
Interest Rate	[11]			11.30%
Principal				$ 267,698
Cost				267,698
Fair Value	[4]			$ 267,698
Investment, Identifier [Axis]: BloomTech Inc., Senior Secured
Interest Rate	[12]	11.30%
Principal		$ 291,150
Cost		291,150
Fair Value	[3]	$ 291,150
Investment, Identifier [Axis]: BlueCart, Inc., Senior Secured
Interest Rate	[12]	14.10%
Principal		$ 1,177,871
Cost		1,031,569
Fair Value	[3]	$ 1,031,569
Investment, Identifier [Axis]: BlueCart, Inc., Senior Secured 1
Interest Rate	[11]			14.80%
Principal				$ 221,804
Cost				216,774
Fair Value	[4]			$ 216,774
Investment, Identifier [Axis]: BlueCart, Inc., Senior Secured 2
Interest Rate	[11]			12.50%
Principal				$ 1,326,346
Cost				1,263,830
Fair Value	[4]			$ 1,263,830
Investment, Identifier [Axis]: Brave Care Technologies, Inc., Senior Secured
Interest Rate		12%	[12]	12%	[11]
Principal		$ 738,617		$ 738,617
Cost		665,361		724,173
Fair Value		$ 665,361	[3]	$ 649,416	[4]
Investment, Identifier [Axis]: Bryte, Inc., Senior Secured
Interest Rate		10%	[12]	10%	[11]
Principal		$ 1,694,943		$ 1,680,936
Cost		1,708,964		1,640,717
Fair Value		$ 1,088,694	[3]	$ 1,640,717	[4]
Investment, Identifier [Axis]: Calysta, Inc., Senior Secured
Interest Rate		11.80%	[12]	11.80%	[11]
Principal		$ 2,105,527		$ 4,034,272
Cost		2,072,176		3,915,776
Fair Value		$ 2,072,176	[3]	$ 3,915,776	[4]
Investment, Identifier [Axis]: Canary Connect, Inc., Senior Secured
Interest Rate	[12]	13.80%
Principal		$ 9,719,635
Cost		9,719,635
Fair Value	[3]	$ 9,719,635
Investment, Identifier [Axis]: Canary Connect, Inc., Senior Secured 1
Interest Rate	[11]			12%
Principal				$ 225,469
Cost				224,872
Fair Value	[4]			$ 224,872
Investment, Identifier [Axis]: Canary Connect, Inc., Senior Secured 2
Interest Rate	[11]			12%
Principal				$ 901,528
Cost				896,305
Fair Value	[4]			$ 896,305
Investment, Identifier [Axis]: Canary Connect, Inc., Senior Secured 3
Interest Rate	[11]			11.80%
Principal				$ 13,521,618
Cost				13,193,287
Fair Value	[4]			$ 13,193,287
Investment, Identifier [Axis]: Candy Club Holdings, Inc., Senior Secured
Interest Rate	[11]			12%
Principal				$ 6,166,737
Cost				5,802,074
Fair Value	[4]			$ 1,550,346
Investment, Identifier [Axis]: Candy Club Holdings, Inc., Senior Secured
Interest Rate	[12]	8.50%
Principal		$ 750,000
Cost		734,522
Fair Value	[3]	$ 366,152
Investment, Identifier [Axis]: Canopy Technology Corp., Senior Secured 1
Interest Rate		15%	[12]	13.50%	[11]
Principal		$ 644,843		$ 1,194,573
Cost		636,883		1,139,432
Fair Value		$ 636,883	[3]	$ 1,139,432	[4]
Investment, Identifier [Axis]: Canopy Technology Corp., Senior Secured 2
Interest Rate		13.50%	[12]	15%	[11]
Principal		$ 764,151		$ 916,006
Cost		741,532		899,683
Fair Value		$ 741,532	[3]	$ 899,683	[4]
Investment, Identifier [Axis]: Ceres Imaging, Inc., Senior Secured
Interest Rate	[12]	12%
Principal		$ 2,843,184
Cost		2,781,445
Fair Value	[3]	$ 2,781,445
Investment, Identifier [Axis]: Ceres Imaging, Inc., Senior Secured 1
Interest Rate	[11]			12%
Principal				$ 1,127,835
Cost				1,088,832
Fair Value	[4]			$ 1,088,832
Investment, Identifier [Axis]: Ceres Imaging, Inc., Senior Secured 2
Interest Rate	[11]			12%
Principal				$ 1,630,476
Cost				1,602,801
Fair Value	[4]			$ 1,602,801
Investment, Identifier [Axis]: Chowbus, Inc., Senior Secured
Interest Rate		12%	[12]	12%	[11]
Principal		$ 1,075,984		$ 2,625,783
Cost		1,043,474		2,449,576
Fair Value		$ 1,043,474	[3]	$ 2,449,576	[4]
Investment, Identifier [Axis]: Common Sun, Inc, Senior Secured 1
Interest Rate		11%	[12]	11%	[11]
Principal		$ 975,747		$ 500,000
Cost		944,373		499,995
Fair Value		$ 944,373	[3]	$ 499,995	[4]
Investment, Identifier [Axis]: Common Sun, Inc, Senior Secured 2
Interest Rate		11%	[12]	11%	[11]
Principal		$ 402,883		$ 1,320,637
Cost		402,880		1,262,731
Fair Value		$ 402,880	[3]	$ 1,262,731	[4]
Investment, Identifier [Axis]: Content Adjacent, Inc., Senior Secured
Interest Rate	[11]			12%
Principal				$ 1,370,177
Cost				1,246,061
Fair Value	[4]			$ 1,246,061
Investment, Identifier [Axis]: Content Adjacent, Inc., Senior Secured
Interest Rate	[12]	12%
Principal		$ 1,370,177
Cost		1,275,059
Fair Value	[3]	$ 1,275,059
Investment, Identifier [Axis]: Copia Global Inc., Senior Secured
Interest Rate		12%	[9],[10],[12]	12%	[7],[8],[11]
Principal		$ 7,745,971	[9],[10]	$ 7,699,044	[7],[8]
Cost		7,693,807	[9],[10]	7,542,825	[7],[8]
Fair Value		$ 0	[3],[9],[10]	$ 7,542,825	[4],[7],[8]
Investment, Identifier [Axis]: CornerUp, Inc., Senior Secured
Interest Rate	[12]	15%
Principal		$ 392,046
Cost		359,248
Fair Value	[3]	$ 0
Investment, Identifier [Axis]: CornerUp, Inc., Senior Secured 1
Interest Rate	[11]			15%
Principal				$ 229,002
Cost				196,822
Fair Value	[4]			$ 196,822
Investment, Identifier [Axis]: CornerUp, Inc., Senior Secured 2
Interest Rate	[11]			15%
Principal				$ 236,122
Cost				232,070
Fair Value	[4]			$ 232,070
Investment, Identifier [Axis]: Creoate Limited, Senior Secured 1
Interest Rate		14%	[9],[10],[12]	11.80%	[7],[8],[11]
Principal		$ 160,480	[9],[10]	$ 617,298	[7],[8]
Cost		158,763	[9],[10]	592,002	[7],[8]
Fair Value		$ 158,763	[3],[9],[10]	$ 592,002	[4],[7],[8]
Investment, Identifier [Axis]: Creoate Limited, Senior Secured 2
Interest Rate		11.80%	[9],[10],[12]	15.50%	[7],[8],[11]
Principal		$ 402,917	[9],[10]	$ 500,000	[7],[8]
Cost		392,116	[9],[10]	488,425	[7],[8]
Fair Value		$ 392,116	[3],[9],[10]	$ 488,425	[4],[7],[8]
Investment, Identifier [Axis]: Creoate Limited, Senior Secured 3
Interest Rate		15.50%	[9],[10],[12]	14%	[7],[8],[11]
Principal		$ 486,410	[9],[10]	$ 228,750	[7],[8]
Cost		478,746	[9],[10]	225,211	[7],[8]
Fair Value		$ 478,746	[3],[9],[10]	$ 225,211	[4],[7],[8]
Investment, Identifier [Axis]: CytoVale, Inc., Senior Secured
Interest Rate	[11]			12%
Principal				$ 1,217,661
Cost				1,205,201
Fair Value	[4]			$ 1,205,201
Investment, Identifier [Axis]: D2C Store, Inc., Senior Secured
Interest Rate		10%	[12]	10%	[11]
Principal		$ 1,355,572		$ 1,905,572
Cost		977,688		1,572,688
Fair Value		$ 977,688	[3]	$ 1,572,688	[4]
Investment, Identifier [Axis]: Daybase, Inc., Senior Secured
Interest Rate		11%	[12]	11%	[11]
Principal		$ 2,018,671		$ 2,018,671
Cost		1,798,943		1,798,943
Fair Value		$ 0	[3]	$ 0	[4]
Investment, Identifier [Axis]: Diamanti, Inc., Senior Secured
Interest Rate		11%	[12]	11%	[11]
Principal		$ 5,404,212		$ 5,404,212
Cost		3,404,643		3,687,334
Fair Value		$ 3,404,643	[3]	$ 3,687,334	[4]
Investment, Identifier [Axis]: Digital. Thing(s), Inc., Senior Secured
Interest Rate	[12]	12%
Principal		$ 390,777
Cost		334,715
Fair Value	[3]	$ 334,715
Investment, Identifier [Axis]: EasyKnock, Inc., Senior Secured 1
Interest Rate	[11]			11.50%
Principal				$ 1,902,781
Cost				1,763,129
Fair Value	[4]			$ 1,763,129
Investment, Identifier [Axis]: EasyKnock, Inc., Senior Secured 2
Interest Rate	[11]			11.50%
Principal				$ 2,056,477
Cost				2,016,015
Fair Value	[4]			$ 2,016,015
Investment, Identifier [Axis]: EasyKnock, Inc., Senior Secured 3
Interest Rate	[11]			11.50%
Principal				$ 2,427,481
Cost				2,369,344
Fair Value	[4]			$ 2,369,344
Investment, Identifier [Axis]: Eguana Technologies, Inc., Senior Secured
Interest Rate	[9],[10],[12]	12%
Principal	[9],[10]	$ 2,950,130
Cost	[9],[10]	2,970,310
Fair Value	[3],[9],[10]	$ 2,797,875
Investment, Identifier [Axis]: Eguana Technologies, Inc., Senior Secured 1
Interest Rate	[7],[8],[11]			12%
Principal	[7],[8]			$ 1,410,524
Cost	[7],[8]			1,339,264
Fair Value	[4],[7],[8]			$ 1,339,264
Investment, Identifier [Axis]: Eguana Technologies, Inc., Senior Secured 2
Interest Rate	[7],[8],[11]			12%
Principal	[7],[8]			$ 1,729,692
Cost	[7],[8]			1,696,603
Fair Value	[4],[7],[8]			$ 1,696,603
Investment, Identifier [Axis]: Elysium Health, Inc., Senior Secured
Interest Rate		12%	[12]	12%	[11]
Principal		$ 1,195,908		$ 3,204,172
Cost		1,177,354		3,083,630
Fair Value		$ 1,177,354	[3]	$ 3,083,630	[4]
Investment, Identifier [Axis]: Eskalera, Inc., Senior Secured
Interest Rate	[11]			12%
Principal				$ 1,481,557
Cost				1,428,773
Fair Value	[4]			$ 1,428,773
Investment, Identifier [Axis]: Eskalera, Inc., Senior Secured
Interest Rate	[12]	12%
Principal		$ 1,263,656
Cost		1,232,443
Fair Value	[3]	$ 1,232,443
Investment, Identifier [Axis]: Fanimal, Inc., Senior Secured 1
Interest Rate		11.80%	[12]	11.80%	[11]
Principal		$ 129,122		$ 189,126
Cost		119,671		169,116
Fair Value		$ 119,671	[3]	$ 169,116	[4]
Investment, Identifier [Axis]: Fanimal, Inc., Senior Secured 2
Interest Rate		11.80%	[12]	11.80%	[11]
Principal		$ 244,921		$ 250,000
Cost		241,649		244,279
Fair Value		$ 241,649	[3]	$ 244,279	[4]
Investment, Identifier [Axis]: Fanimal, Inc., Senior Secured 3
Interest Rate		11.80%	[12]	11.80%	[11]
Principal		$ 357,616		$ 330,628
Cost		350,890		324,581
Fair Value		$ 350,890	[3]	$ 324,581	[4]
Investment, Identifier [Axis]: Fanimal, Inc., Senior Secured 4
Interest Rate		11.80%	[12]	11.80%	[11]
Principal		$ 214,354		$ 375,000
Cost		210,710		364,987
Fair Value		$ 210,710	[3]	$ 364,987	[4]
Investment, Identifier [Axis]: First American Government Obligations Fund
Percent of Net Assets, Cash Equivalents		9.40%		11.10%
Cost, Cash Equivalents		$ 12,480,293		$ 21,017,408
Fair Value, Cash Equivalents		$ 12,480,293		$ 21,017,408
Investment, Identifier [Axis]: Form Remodel, Inc., Senior Secured 1
Interest Rate		11%	[12]	11%	[11]
Principal		$ 267,432		$ 410,822
Cost		255,840		383,743
Fair Value		$ 255,840	[3]	$ 383,743	[4]
Investment, Identifier [Axis]: Form Remodel, Inc., Senior Secured 2
Interest Rate		11%	[12]	11%	[11]
Principal		$ 300,357		$ 441,105
Cost		298,071		436,137
Fair Value		$ 298,071	[3]	$ 436,137	[4]
Investment, Identifier [Axis]: Form Remodel, Inc., Senior Secured 3
Interest Rate		11%	[12]	11%	[11]
Principal		$ 364,407		$ 500,000
Cost		361,011		493,526
Fair Value		$ 361,011	[3]	$ 493,526	[4]
Investment, Identifier [Axis]: Form Remodel, Inc., Senior Secured 4
Interest Rate		11%	[12]	11%	[11]
Principal		$ 395,422		$ 500,000
Cost		391,371		492,701
Fair Value		$ 391,371	[3]	$ 492,701	[4]
Investment, Identifier [Axis]: FutureProof Technologies, Inc., Senior Secured
Interest Rate		13.50%	[12]	13.50%	[11]
Principal		$ 735,155		$ 1,000,000
Cost		705,041		943,769
Fair Value		$ 705,041	[3]	$ 943,769	[4]
Investment, Identifier [Axis]: GLO Pharma, Inc., Senior Secured 1
Interest Rate		10.50%	[12]	10.50%	[11]
Principal		$ 222,215		$ 855,052
Cost		221,228		842,954
Fair Value		$ 221,228	[3]	$ 842,954	[4]
Investment, Identifier [Axis]: GLO Pharma, Inc., Senior Secured 2
Interest Rate		10.50%	[12]	10.50%	[11]
Principal		$ 333,154		$ 1,281,930
Cost		332,260		1,270,942
Fair Value		$ 332,260	[3]	$ 1,270,942	[4]
Investment, Identifier [Axis]: Genomic Prediction, Inc., Senior Secured
Interest Rate		11%	[12]	11%	[11]
Principal		$ 148,171		$ 462,427
Cost		146,787		450,632
Fair Value		$ 146,787	[3]	$ 450,632	[4]
Investment, Identifier [Axis]: GoForward, Inc., Senior Secured
Interest Rate	[11]			11.50%
Principal				$ 690,974
Cost				688,087
Fair Value	[4]			$ 688,087
Investment, Identifier [Axis]: Good Counsel, Inc., Senior Secured
Interest Rate	[12]	12.30%
Principal		$ 1,919,630
Cost		1,779,689
Fair Value	[3]	$ 1,779,689
Investment, Identifier [Axis]: Good Counsel, LLC, Senior Secured
Interest Rate	[11]			12.30%
Principal				$ 2,707,456
Cost				2,431,880
Fair Value	[4]			$ 2,431,880
Investment, Identifier [Axis]: Grayce, Inc., Senior Secured 1
Interest Rate	[11]			11.80%
Principal				$ 215,439
Cost				213,798
Fair Value	[4]			$ 213,798
Investment, Identifier [Axis]: Grayce, Inc., Senior Secured 2
Interest Rate	[11]			14%
Principal				$ 664,671
Cost				631,909
Fair Value	[4]			$ 631,909
Investment, Identifier [Axis]: Grayce, Inc., Senior Secured 3
Interest Rate	[11]			11.80%
Principal				$ 327,838
Cost				322,236
Fair Value	[4]			$ 322,236
Investment, Identifier [Axis]: Grokker, Inc., Senior Secured 1
Interest Rate		11.50%	[12]	11.50%	[11]
Principal		$ 285,591		$ 453,850
Cost		280,681		445,992
Fair Value		$ 280,681	[3]	$ 445,992	[4]
Investment, Identifier [Axis]: Grokker, Inc., Senior Secured 2
Interest Rate		11.50%	[12]	11.50%	[11]
Principal		$ 189,366		$ 403,473
Cost		187,901		393,586
Fair Value		$ 187,901	[3]	$ 393,586	[4]
Investment, Identifier [Axis]: Hadrian Automation, Inc., Senior Secured
Interest Rate	[11]			11.50%
Principal				$ 1,366,697
Cost				1,342,175
Fair Value	[4]			$ 1,342,175
Investment, Identifier [Axis]: HaystacksAI, Inc., Senior Secured
Interest Rate	[12]	12.30%
Principal		$ 809,810
Cost		782,843
Fair Value	[3]	$ 782,843
Investment, Identifier [Axis]: HaystacksAI, Inc., Senior Secured 1
Interest Rate	[11]			11%
Principal				$ 426,099
Cost				426,099
Fair Value	[4]			$ 426,099
Investment, Identifier [Axis]: HaystacksAI, Inc., Senior Secured 2
Interest Rate	[11]			11%
Principal				$ 426,099
Cost				404,188
Fair Value	[4]			$ 404,188
Investment, Identifier [Axis]: Heading Health Inc., Senior Secured
Interest Rate		12.50%	[12]	13.20%	[11]
Principal		$ 1,208,548		$ 1,065,032
Cost		955,616		981,214
Fair Value		$ 253,305	[3]	$ 793,209	[4]
Investment, Identifier [Axis]: Hello Heart Inc., Senior Secured
Interest Rate	[12]	11%
Principal		$ 650,973
Cost		648,759
Fair Value	[3]	$ 648,759
Investment, Identifier [Axis]: Hello Heart Inc., Senior Secured 1
Interest Rate	[11]			11%
Principal				$ 440,421
Cost				434,449
Fair Value	[4]			$ 434,449
Investment, Identifier [Axis]: Hello Heart Inc., Senior Secured 2
Interest Rate	[11]			11%
Principal				$ 1,250,622
Cost				1,242,667
Fair Value	[4]			$ 1,242,667
Investment, Identifier [Axis]: Higher Ground Education, Inc., Senior Secured 1
Interest Rate		12.50%	[12]	12.50%	[11]
Principal		$ 1,978,486		$ 2,143,133
Cost		1,958,262		2,109,187
Fair Value		$ 1,958,262	[3]	$ 2,109,187	[4]
Investment, Identifier [Axis]: Higher Ground Education, Inc., Senior Secured 2
Interest Rate		12.50%	[12]	12.50%	[11]
Principal		$ 801,329		$ 3,780,792
Cost		796,139		3,708,955
Fair Value		$ 796,139	[3]	$ 3,708,955	[4]
Investment, Identifier [Axis]: Hint, Inc., Senior Secured
Interest Rate		12%	[12]	12%	[11]
Principal		$ 2,408,347		$ 4,898,181
Cost		2,295,196		4,458,792
Fair Value		$ 2,295,196	[3]	$ 4,458,792	[4]
Investment, Identifier [Axis]: Hoken Holdings Inc., Senior Secured
Interest Rate		13%	[12]	13%	[11]
Principal		$ 439,073		$ 607,201
Cost		412,728		556,766
Fair Value		$ 412,728	[3]	$ 556,766	[4]
Investment, Identifier [Axis]: Holo, Inc., Senior Secured
Interest Rate	[12]	13.50%
Principal		$ 535,877
Cost		393,888
Fair Value	[3]	$ 393,888
Investment, Identifier [Axis]: Holo, Inc., Senior Secured 1
Interest Rate	[11]			13.50%
Principal				$ 826,350
Cost				769,711
Fair Value	[4]			$ 769,711
Investment, Identifier [Axis]: Holo, Inc., Senior Secured 2
Interest Rate	[11]			15.50%
Principal				$ 486,194
Cost				472,810
Fair Value	[4]			$ 472,810
Investment, Identifier [Axis]: Honeybee Health, Inc., Senior Secured
Interest Rate		11%	[12]	11%	[11]
Principal		$ 894,235		$ 1,503,502
Cost		870,927		1,438,883
Fair Value		$ 870,927	[3]	$ 1,438,883	[4]
Investment, Identifier [Axis]: Hyphen Technologies, Inc., Senior Secured
Interest Rate	[12]	11.50%
Principal		$ 1,903,711
Cost		1,858,863
Fair Value	[3]	$ 1,858,863
Investment, Identifier [Axis]: Hyphen Technologies, Inc., Senior Secured 1
Interest Rate	[11]			11.50%
Principal				$ 2,737,343
Cost				2,644,141
Fair Value	[4]			$ 2,644,141
Investment, Identifier [Axis]: Hyphen Technologies, Inc., Senior Secured 2
Interest Rate	[11]			12%
Principal				$ 644,888
Cost				635,125
Fair Value	[4]			$ 635,125
Investment, Identifier [Axis]: Intuition Robotics, Inc., Senior Secured
Interest Rate		12%	[9],[10],[12]	12%	[7],[8],[11]
Principal		$ 1,261,768	[9],[10]	$ 1,982,991	[7],[8]
Cost		1,239,202	[9],[10]	1,927,316	[7],[8]
Fair Value		$ 1,239,202	[3],[9],[10]	$ 1,927,316	[4],[7],[8]
Investment, Identifier [Axis]: Invert Robotics Group, Ltd., Senior Secured
Interest Rate		13%	[12]	13%	[7],[8],[11]
Principal		$ 450,579		$ 935,240	[7],[8]
Cost		444,164		900,588	[7],[8]
Fair Value		$ 444,164	[3]	$ 900,588	[4],[7],[8]
Investment, Identifier [Axis]: Journey Builders, Inc., Senior Secured
Interest Rate	[11]			12.50%
Principal				$ 942,299
Cost				901,246
Fair Value	[4]			$ 901,246
Investment, Identifier [Axis]: Joy Memories, Inc, Senior Secured
Interest Rate		12%	[12]	12%	[11]
End of Term Payment	[13]	6.90%
Principal		$ 895,307		$ 1,235,303
Cost		813,293		1,158,922
Fair Value		$ 813,293	[3]	$ 1,158,922	[4]
Investment, Identifier [Axis]: Julie Products Inc., Senior Secured 1
Interest Rate		15.80%	[12]	15.30%	[11]
Principal		$ 303,015		$ 375,000
Cost		298,203		366,817
Fair Value		$ 298,203	[3]	$ 366,817	[4]
Investment, Identifier [Axis]: Julie Products Inc., Senior Secured 2
Interest Rate		13%	[12]	15.80%	[11]
Principal		$ 481,232		$ 375,000
Cost		467,349		366,153
Fair Value		$ 467,349	[3]	$ 366,153	[4]
Investment, Identifier [Axis]: Julie Products Inc., Senior Secured 3
Interest Rate		15.30%	[12]	13%	[11]
Principal		$ 277,119		$ 802,628
Cost		272,975		764,447
Fair Value		$ 272,975	[3]	$ 764,447	[4]
Investment, Identifier [Axis]: Juvo Mobile, Inc., Senior Secured 1
Interest Rate		12%	[10],[12]	15.50%	[8],[11]
Principal		$ 1,143,492	[10]	$ 500,000	[8]
Cost		1,108,813	[10]	489,833	[8]
Fair Value		$ 1,108,813	[3],[10]	$ 489,833	[4],[8]
Investment, Identifier [Axis]: Juvo Mobile, Inc., Senior Secured 2
Interest Rate		15.50%	[10],[12]	12%	[8],[11]
Principal		$ 385,218	[10]	$ 1,500,000	[8]
Cost		379,605	[10]	1,436,390	[8]
Fair Value		$ 379,605	[3],[10]	$ 1,436,390	[4],[8]
Investment, Identifier [Axis]: KBS, Inc., Senior Secured
Interest Rate		14%	[12]	14%	[11]
Principal		$ 184,103		$ 250,000
Cost		173,296		229,967
Fair Value		$ 173,296	[3]	$ 229,967	[4]
Investment, Identifier [Axis]: Ketch Kloud, Inc., Senior Secured
Interest Rate		13%	[12]	13%	[11]
Principal		$ 6,931,112		$ 7,000,000
Cost		6,689,676		6,739,524
Fair Value		$ 6,689,676	[3]	$ 6,739,524	[4]
Investment, Identifier [Axis]: Kibeam Learning, Inc., Senior Secured
Interest Rate		11.50%	[12]	11.50%	[11]
Principal		$ 342,370		$ 656,577
Cost		335,728		633,002
Fair Value		$ 335,728	[3]	$ 633,002	[4]
Investment, Identifier [Axis]: Kings Mountain I LLC, Senior Secured
Interest Rate	[11]			11.50%
Principal				$ 94,770
Cost				76,620
Fair Value	[4]			$ 71,768
Investment, Identifier [Axis]: Klar Holdings Limited, Senior Secured
Interest Rate	[10],[12]	11.80%
Principal	[10]	$ 1,983,725
Cost	[10]	1,939,018
Fair Value	[3],[10]	$ 1,939,018
Investment, Identifier [Axis]: Klar Holdings Limited, Senior Secured 1
Interest Rate	[7],[8],[11]			12%
Principal	[7],[8]			$ 555,388
Cost	[7],[8]			547,459
Fair Value	[4],[7],[8]			$ 547,459
Investment, Identifier [Axis]: Klar Holdings Limited, Senior Secured 2
Interest Rate	[7],[8],[11]			12%
End of Term Payment	[7],[8],[14]			3%
Principal	[7],[8]			$ 798,776
Cost	[7],[8]			794,348
Fair Value	[4],[7],[8]			$ 794,348
Investment, Identifier [Axis]: Klar Holdings Limited, Senior Secured 3
Interest Rate	[7],[8],[11]			11.80%
Principal	[7],[8]			$ 3,455,849
Cost	[7],[8]			3,323,072
Fair Value	[4],[7],[8]			$ 3,323,072
Investment, Identifier [Axis]: Lacuna Technologies, Inc., Senior Secured
Interest Rate		12%	[12]	12%	[11]
Principal		$ 3,432,568		$ 3,432,568
Cost		3,240,601		3,240,601
Fair Value		$ 0	[3]	$ 0	[4]
Investment, Identifier [Axis]: Lassen Peak, Inc., Senior Secured
Interest Rate	[11]			11%
Principal				$ 109,199
Cost				107,258
Fair Value	[4]			$ 107,258
Investment, Identifier [Axis]: LendTable Inc., Senior Secured 1
Interest Rate		13.50%	[12]	13.50%	[11]
Principal		$ 1,280,911		$ 1,828,989
Cost		1,243,214		1,751,544
Fair Value		$ 1,243,214	[3]	$ 1,751,544	[4]
Investment, Identifier [Axis]: LendTable Inc., Senior Secured 2
Interest Rate		14.80%	[12]	14.80%	[11]
Principal		$ 1,243,568		$ 1,500,000
Cost		1,225,611		1,469,096
Fair Value		$ 1,225,611	[3]	$ 1,469,096	[4]
Investment, Identifier [Axis]: Literati, Inc., Senior Secured
Interest Rate	[11]			11.30%
Principal				$ 6,548,474
Cost				6,397,107
Fair Value	[4]			$ 6,397,107
Investment, Identifier [Axis]: Loansnap Holdings Inc., Senior Secured
Interest Rate	[8],[11]			10.30%
Principal	[8]			$ 3,982,300
Cost	[8]			3,782,386
Fair Value	[4],[8]			$ 2,537,800
Investment, Identifier [Axis]: Loansnap Holdings Inc., Senior Secured
Interest Rate	[10],[12]	10.30%
Principal	[10]	$ 3,982,300
Cost	[10]	3,782,385
Fair Value	[3],[10]	$ 2,020,078
Investment, Identifier [Axis]: Logistech Solutions Pte. Ltd., Senior Secured 1
Interest Rate		12.80%	[9],[10],[12]	12.80%	[7],[8],[11]
Principal		$ 855,090	[9],[10]	$ 1,000,000	[7],[8]
Cost		844,346	[9],[10]	981,817	[7],[8]
Fair Value		$ 844,346	[3],[9],[10]	$ 981,817	[4],[7],[8]
Investment, Identifier [Axis]: Logistech Solutions Pte. Ltd., Senior Secured 2
Interest Rate		11.50%	[9],[10],[12]	11.50%	[7],[8],[11]
Principal		$ 268,218	[9],[10]	$ 411,295	[7],[8]
Cost		244,829	[9],[10]	357,702	[7],[8]
Fair Value		$ 244,829	[3],[9],[10]	$ 357,702	[4],[7],[8]
Investment, Identifier [Axis]: Mavenform, Inc., Senior Secured
Interest Rate	[12]	11.10%
Principal		$ 1,448,622
Cost		1,436,035
Fair Value	[3]	$ 1,135,633
Investment, Identifier [Axis]: Mavenform, Inc., Senior Secured 1
Interest Rate	[11]			11%
Principal				$ 375,896
Cost				372,103
Fair Value	[4]			$ 372,103
Investment, Identifier [Axis]: Mavenform, Inc., Senior Secured 2
Interest Rate	[11]			11.50%
Principal				$ 221,127
Cost				218,898
Fair Value	[4]			$ 218,898
Investment, Identifier [Axis]: Mavenform, Inc., Senior Secured 3
Interest Rate	[11]			11.50%
Principal				$ 313,405
Cost				310,943
Fair Value	[4]			$ 310,943
Investment, Identifier [Axis]: Mavenform, Inc., Senior Secured 4
Interest Rate	[11]			11%
Principal				$ 986,918
Cost				966,038
Fair Value	[4]			$ 966,038
Investment, Identifier [Axis]: Medrobotics Corporation, Inc., Senior Secured
Interest Rate		18%	[12]	18%	[11]
Principal		$ 10,000,000		$ 10,000,000
Cost		8,837,164		8,932,603
Fair Value		$ 0	[3]	$ 0	[4]
Investment, Identifier [Axis]: Merlin Labs, Inc., Senior Secured
Interest Rate	[11]			11%
Principal				$ 1,606,760
Cost				1,570,011
Fair Value	[4]			$ 1,570,011
Investment, Identifier [Axis]: Merlin Labs, Inc., Senior Secured
Interest Rate	[12]	11%
Principal		$ 836,350
Cost		826,066
Fair Value	[3]	$ 826,066
Investment, Identifier [Axis]: MeshPlusPlus, Inc., Senior Secured 1
Interest Rate	[11]			12.50%
Principal				$ 84,976
Cost				84,148
Fair Value	[4]			$ 84,148
Investment, Identifier [Axis]: MeshPlusPlus, Inc., Senior Secured 2
Interest Rate	[11]			12.50%
Principal				$ 55,783
Cost				55,474
Fair Value	[4]			$ 55,474
Investment, Identifier [Axis]: Miami Labs, Inc., Senior Secured
Interest Rate		13.30%	[12]	13.30%	[11]
Principal		$ 6,387,929		$ 7,500,000
Cost		6,206,977		7,162,069
Fair Value		$ 6,206,977	[3]	$ 7,162,069	[4]
Investment, Identifier [Axis]: Minded, Inc., Senior Secured
Interest Rate		11.20%	[12]	11.20%	[11]
Principal		$ 2,224,305		$ 2,224,305
Cost		2,008,841		2,008,841
Fair Value		$ 0	[3]	$ 0	[4]
Investment, Identifier [Axis]: MinoMonsters, Inc., Senior Secured
Interest Rate	[7],[8],[11]			11.50%
Principal	[7],[8]			$ 904,417
Cost	[7],[8]			894,738
Fair Value	[4],[7],[8]			$ 894,738
Investment, Identifier [Axis]: MinoMonsters, Inc., Senior Secured
Interest Rate	[9],[10],[12]	11.50%
Principal	[9],[10]	$ 94,373
Cost	[9],[10]	94,185
Fair Value	[3],[9],[10]	$ 94,185
Investment, Identifier [Axis]: Momentus Space LLC, Senior Secured
Interest Rate	[8],[11]			12%
Principal	[8]			$ 2,292,963
Cost	[8]			2,285,030
Fair Value	[4],[8]			$ 2,285,030
Investment, Identifier [Axis]: Natomas Labs, Inc., Senior Secured
Interest Rate	[11]			13.30%
Principal				$ 4,407,183
Cost				4,167,612
Fair Value	[4]			$ 4,167,612
Investment, Identifier [Axis]: Norbert Health, Inc., Senior Secured
Interest Rate	[11]			12.30%
Principal				$ 222,648
Cost				217,849
Fair Value	[4]			$ 217,849
Investment, Identifier [Axis]: Noteleaf, Inc., Senior Secured
Interest Rate		18%	[12]	18%	[11]
Principal		$ 2,277,124		$ 2,277,124
Cost		1,836,011		1,836,011
Fair Value		$ 0	[3]	$ 0	[4]
Investment, Identifier [Axis]: Ocho Holdings Co., Senior Secured
Interest Rate		11.30%	[12]	11.30%	[11]
End of Term Payment	[13]	44.10%
Principal		$ 150,239		$ 482,259
Cost		332,263		499,616
Fair Value		$ 332,263	[3]	$ 499,616	[4]
Investment, Identifier [Axis]: Ocurate, Inc., Senior Secured
Interest Rate	[12]	11.50%
End of Term Payment	[13]	25.90%
Principal		$ 638,958
Cost		695,716
Fair Value	[3]	$ 150,000
Investment, Identifier [Axis]: Ocurate, Inc., Senior Secured 1
Interest Rate	[11]			11.50%
Principal				$ 380,556
Cost				367,489
Fair Value	[4]			$ 367,489
Investment, Identifier [Axis]: Ocurate, Inc., Senior Secured 2
Interest Rate	[11]			11.50%
Principal				$ 380,556
Cost				376,162
Fair Value	[4]			$ 376,162
Investment, Identifier [Axis]: OneLocal, Inc., Senior Secured
Interest Rate	[7],[8],[11]			12%
Principal	[7],[8]			$ 1,245,475
Cost	[7],[8]			1,201,210
Fair Value	[4],[7],[8]			$ 1,201,210
Investment, Identifier [Axis]: OneLocal, Inc., Senior Secured
Interest Rate	[9],[10],[12]	12%
Principal	[9],[10]	$ 895,869
Cost	[9],[10]	884,031
Fair Value	[3],[9],[10]	$ 884,031
Investment, Identifier [Axis]: OnePointOne, Inc., Senior Secured
Interest Rate	[12]	12%
Principal		$ 327,042
Cost		303,594
Fair Value	[3]	$ 303,594
Investment, Identifier [Axis]: OnePointOne, Inc., Senior Secured 1
Interest Rate	[11]			12%
Principal				$ 151,028
Cost				150,032
Fair Value	[4]			$ 150,032
Investment, Identifier [Axis]: OnePointOne, Inc., Senior Secured 2
Interest Rate	[11]			12%
Principal				$ 151,109
Cost				150,780
Fair Value	[4]			$ 150,780
Investment, Identifier [Axis]: Open Inc., Senior Secured 1
Interest Rate		13.50%	[12]	14.80%	[11]
Principal		$ 320,228		$ 457,878
Cost		309,929		451,414
Fair Value		$ 309,929	[3]	$ 451,414	[4]
Investment, Identifier [Axis]: Open Inc., Senior Secured 2
Interest Rate		14.80%	[12]	13.50%	[11]
Principal		$ 322,057		$ 457,247
Cost		318,790		436,107
Fair Value		$ 318,790	[3]	$ 436,107	[4]
Investment, Identifier [Axis]: Osix Corporation, Senior Secured
Interest Rate	[11]			12.30%
Principal				$ 3,679,812
Cost				3,369,724
Fair Value	[4]			$ 3,369,724
Investment, Identifier [Axis]: Oula Health, Inc., Senior Secured 1
Interest Rate	[11]			12%
Principal				$ 56,647
Cost				56,322
Fair Value	[4]			$ 56,322
Investment, Identifier [Axis]: Oula Health, Inc., Senior Secured 2
Interest Rate	[11]			12%
Principal				$ 90,275
Cost				89,868
Fair Value	[4]			$ 89,868
Investment, Identifier [Axis]: Overalls, Inc., Senior Secured 1
Interest Rate	[11]			13.50%
Principal				$ 471,719
Cost				442,548
Fair Value	[4]			$ 442,548
Investment, Identifier [Axis]: Overalls, Inc., Senior Secured 2
Interest Rate	[11]			15.50%
Principal				$ 236,209
Cost				236,209
Fair Value	[4]			$ 236,209
Investment, Identifier [Axis]: Parkoursc, Inc., Senior Secured
Interest Rate	[11]			12%
Principal				$ 226,953
Cost				226,084
Fair Value	[4]			$ 226,084
Investment, Identifier [Axis]: Phase Four, Inc., Senior Secured 1
Interest Rate	[11]			11.50%
Principal				$ 645,144
Cost				631,219
Fair Value	[4]			$ 631,219
Investment, Identifier [Axis]: Phase Four, Inc., Senior Secured 2
Interest Rate	[11]			11.50%
Principal				$ 690,634
Cost				682,050
Fair Value	[4]			$ 682,050
Investment, Identifier [Axis]: Pixalate, Inc., Senior Secured
Interest Rate	[11]			12.50%
Principal				$ 3,389,495
Cost				3,271,244
Fair Value	[4]			$ 3,271,244
Investment, Identifier [Axis]: Plant Prefab, Inc., Senior Secured
Interest Rate	[12]	11.60%
Principal		$ 2,887,000
Cost		2,739,956
Fair Value	[3]	$ 2,402,579
Investment, Identifier [Axis]: Plant Prefab, Inc., Senior Secured 1
Interest Rate	[11]			11%
Principal				$ 789,927
Cost				784,016
Fair Value	[4]			$ 784,016
Investment, Identifier [Axis]: Plant Prefab, Inc., Senior Secured 2
Interest Rate	[11]			12.40%
Principal				$ 1,236,363
Cost				1,174,111
Fair Value	[4]			$ 1,174,111
Investment, Identifier [Axis]: Plant Prefab, Inc., Senior Secured 3
Interest Rate	[11]			11%
Principal				$ 873,346
Cost				858,280
Fair Value	[4]			$ 858,280
Investment, Identifier [Axis]: PlantBaby, inc., Senior Secured 1
Interest Rate		14.30%	[12]	13.80%	[11]
Principal		$ 88,232		$ 107,087
Cost		86,215		96,231
Fair Value		$ 86,215	[3]	$ 96,231	[4]
Investment, Identifier [Axis]: PlantBaby, inc., Senior Secured 2
Interest Rate		13.80%	[12]	12%	[11]
Principal		$ 72,074		$ 95,285
Cost		67,105		93,485
Fair Value		$ 67,105	[3]	$ 93,485	[4]
Investment, Identifier [Axis]: PlantBaby, inc., Senior Secured 3
Interest Rate		12%	[12]	12%	[11]
Principal		$ 58,863		$ 150,836
Cost		58,174		143,047
Fair Value		$ 58,174	[3]	$ 143,047	[4]
Investment, Identifier [Axis]: PlantBaby, inc., Senior Secured 4
Interest Rate		12%	[12]	14.30%	[11]
Principal		$ 45,936		$ 121,495
Cost		45,511		117,614
Fair Value		$ 45,511	[3]	$ 117,614	[4]
Investment, Identifier [Axis]: PlantBaby, inc., Senior Secured 5
Interest Rate		12%	[12]	12%	[11]
Principal		$ 74,232		$ 83,466
Cost		72,261		82,084
Fair Value		$ 72,261	[3]	$ 82,084	[4]
Investment, Identifier [Axis]: Platform Science, Inc., Senior Secured 1
Interest Rate		12.50%	[12]	12.50%	[11]
Principal		$ 3,187,590		$ 4,421,154
Cost		3,158,500		4,179,690
Fair Value		$ 3,158,500	[3]	$ 4,179,690	[4]
Investment, Identifier [Axis]: Platform Science, Inc., Senior Secured 2
Interest Rate		12.50%	[12]	12.50%	[11]
Principal		$ 3,026,423		$ 4,567,377
Cost		2,913,349		4,506,939
Fair Value		$ 2,913,349	[3]	$ 4,506,939	[4]
Investment, Identifier [Axis]: Popily, Inc., Senior Secured
Interest Rate		12.50%	[12]	12.50%	[11]
Principal		$ 1,998,517		$ 1,998,517
Cost		1,559,440		1,559,440
Fair Value		$ 50,721	[3]	$ 50,722	[4]
Investment, Identifier [Axis]: PrecisionOS Technology Inc., Senior Secured
Interest Rate		12%	[9],[10],[12]	12%	[7],[8],[11]
Principal		$ 367,485	[9],[10]	$ 667,730	[7],[8]
Cost		360,024	[9],[10]	643,612	[7],[8]
Fair Value		$ 360,024	[3],[9],[10]	$ 643,612	[4],[7],[8]
Investment, Identifier [Axis]: Privoro Holdings, Inc., Senior Secured
Interest Rate	[11]			12%
Principal				$ 275,766
Cost				273,403
Fair Value	[4]			$ 273,403
Investment, Identifier [Axis]: Proto, Inc., Senior Secured 1
Interest Rate		12.80%	[12]	12.50%	[11]
Principal		$ 650,711		$ 1,049,740
Cost		650,710		1,001,515
Fair Value		$ 650,710	[3]	$ 1,001,515	[4]
Investment, Identifier [Axis]: Proto, Inc., Senior Secured 2
Interest Rate		12.50%	[12]	12.80%	[11]
Principal		$ 649,637		$ 1,050,540
Cost		631,020		1,050,539
Fair Value		$ 631,020	[3]	$ 1,050,539	[4]
Investment, Identifier [Axis]: Quantcast Corp., Senior Secured
Interest Rate		12%	[12]	12%	[11]
Principal		$ 9,529,103		$ 12,500,000
Cost		9,134,951		11,779,146
Fair Value		$ 9,134,951	[3]	$ 11,779,146	[4]
Investment, Identifier [Axis]: Ratio Technologies, Inc., Senior Secured 1
Interest Rate		11%	[12]	11%	[11]
Principal		$ 141,842		$ 430,449
Cost		122,867		424,310
Fair Value		$ 122,867	[3]	$ 424,310	[4]
Investment, Identifier [Axis]: Ratio Technologies, Inc., Senior Secured 2
Interest Rate		11%	[12]	11%	[11]
Principal		$ 339,003		$ 180,104
Cost		335,259		149,795
Fair Value		$ 335,259	[3]	$ 149,795	[4]
Investment, Identifier [Axis]: Ratio Technologies, Inc., Senior Secured 3
Interest Rate		11%	[12]	11%	[11]
Principal		$ 937,577		$ 1,190,488
Cost		927,362		1,173,736
Fair Value		$ 927,362	[3]	$ 1,173,736	[4]
Investment, Identifier [Axis]: Reali Inc., Senior Secured
Interest Rate		12.50%	[12]	12.50%	[11]
Principal		$ 11,275,525		$ 11,275,525
Cost		8,533,922		8,533,922
Fair Value		$ 23,751	[3]	$ 23,751	[4]
Investment, Identifier [Axis]: RenoFi, Inc., Senior Secured 1
Interest Rate	[11]			11.50%
Principal				$ 988,490
Cost				929,802
Fair Value	[4]			$ 929,802
Investment, Identifier [Axis]: RenoFi, Inc., Senior Secured 2
Interest Rate	[11]			11.50%
Principal				$ 1,082,499
Cost				1,070,622
Fair Value	[4]			$ 1,070,622
Investment, Identifier [Axis]: Residently USA, LLC, Senior Secured
Interest Rate		12%	[10],[12]	12%	[7],[8],[11]
Principal		$ 405,040	[10]	$ 422,364	[7],[8]
Cost		385,447	[10]	389,326	[7],[8]
Fair Value		$ 385,447	[3],[10]	$ 389,326	[4],[7],[8]
Investment, Identifier [Axis]: RetailerX, Inc., Senior Secured
Interest Rate		11.30%	[12]	11.30%	[11]
Principal		$ 5,527,786		$ 5,769,455
Cost		5,450,354		5,446,191
Fair Value		$ 5,450,354	[3]	$ 5,446,191	[4]
Investment, Identifier [Axis]: Rise Gardens, Inc., Senior Secured
Interest Rate	[12]	11.80%
Principal		$ 1,380,944
Cost		1,201,703
Fair Value	[3]	$ 616,757
Investment, Identifier [Axis]: Rise Gardens, Inc., Senior Secured 1
Interest Rate	[11]			11.80%
Principal				$ 500,000
Cost				491,113
Fair Value	[4]			$ 343,184
Investment, Identifier [Axis]: Rise Gardens, Inc., Senior Secured 2
Interest Rate	[11]			11.80%
Principal				$ 792,662
Cost				769,831
Fair Value	[4]			$ 537,948
Investment, Identifier [Axis]: Romaine Empire, Inc., Senior Secured
Interest Rate		13.50%	[12]	13.50%	[11]
End of Term Payment	[13]	4.10%
Principal		$ 8,887,530		$ 8,887,530
Cost		8,717,489		8,586,100
Fair Value		$ 8,717,489	[3]	$ 8,586,100	[4]
Investment, Identifier [Axis]: SF Insuretech, Inc., Senior Secured 1
Interest Rate		13.50%	[12]	13.50%	[11]
Principal		$ 874,712		$ 988,750
Cost		874,712		988,750
Fair Value		$ 874,712	[3]	$ 988,750	[4]
Investment, Identifier [Axis]: SF Insuretech, Inc., Senior Secured 2
Interest Rate		13.50%	[12]	13.50%	[11]
Principal		$ 816,029		$ 1,920,296
Cost		816,029		1,701,661
Fair Value		$ 816,029	[3]	$ 1,701,661	[4]
Investment, Identifier [Axis]: SF Insuretech, Inc., Senior Secured 3
Interest Rate		13.50%	[12]	11.80%	[11]
Principal		$ 1,389,523		$ 878,326
Cost		1,274,101		866,253
Fair Value		$ 1,274,101	[3]	$ 866,253	[4]
Investment, Identifier [Axis]: SF Insuretech, Inc., Senior Secured 4
Interest Rate	[11]			13.50%
Principal				$ 988,431
Cost				988,431
Fair Value	[4]			$ 988,431
Investment, Identifier [Axis]: SISU Aesthetics Clinic, Inc., Senior Secured 1
Interest Rate		13.50%	[9],[10],[12]	13.50%	[7],[8],[11]
Principal		$ 672,463	[9],[10]	$ 943,438	[7],[8]
Cost		656,983	[9],[10]	912,621	[7],[8]
Fair Value		$ 656,983	[3],[9],[10]	$ 912,621	[4],[7],[8]
Investment, Identifier [Axis]: SISU Aesthetics Clinic, Inc., Senior Secured 2
Interest Rate		14%	[9],[10],[12]	14%	[7],[8],[11]
Principal		$ 528,895	[9],[10]	$ 728,903	[7],[8]
Cost		526,108	[9],[10]	723,510	[7],[8]
Fair Value		$ 526,108	[3],[9],[10]	$ 723,510	[4],[7],[8]
Investment, Identifier [Axis]: SMS OPCO LLC, Senior Secured
Interest Rate		8%	[12]	8%	[11]
Principal		$ 29,942		$ 29,942
Cost		11,192		11,192
Fair Value		$ 0	[3]	$ 0	[4]
Investment, Identifier [Axis]: Safe Securities Inc., Senior Secured 1
Interest Rate		11.50%	[12]	11.50%	[11]
Principal		$ 2,208,996		$ 797,813
Cost		2,177,668		788,287
Fair Value		$ 2,177,668	[3]	$ 788,287	[4]
Investment, Identifier [Axis]: Safe Securities Inc., Senior Secured 2
Interest Rate		11.50%	[12]	11.50%	[11]
Principal		$ 564,210		$ 3,707,507
Cost		559,483		3,620,387
Fair Value		$ 559,483	[3]	$ 3,620,387	[4]
Investment, Identifier [Axis]: Serface Care, Inc., Senior Secured
Interest Rate		12.30%	[12]	12.30%	[11]
Principal		$ 597,411		$ 597,411
Cost		344,785		344,785
Fair Value		$ 0	[3]	$ 0	[4]
Investment, Identifier [Axis]: Setex Technologies, Inc., Senior Secured
Interest Rate	[11]			12.30%
Principal				$ 367,247
Cost				356,513
Fair Value	[4]			$ 356,513
Investment, Identifier [Axis]: Siren Care, Inc., Senior Secured
Interest Rate		13.50%	[12]	13.50%	[11]
Principal		$ 388,670		$ 606,861
Cost		388,065		604,374
Fair Value		$ 388,065	[3]	$ 604,374	[4]
Investment, Identifier [Axis]: Stay Alfred, Inc., Senior Secured
Interest Rate		18%	[12]	18%	[11]
Principal		$ 4,921,822		$ 4,921,822
Cost		3,408,326		3,408,326
Fair Value		$ 0	[3]	$ 0	[4]
Investment, Identifier [Axis]: Supplant, Inc., Senior Secured 2
Interest Rate	[7],[8],[11]			13%
Principal	[7],[8]			$ 2,000,000
Cost	[7],[8]			1,917,423
Fair Value	[4],[7],[8]			$ 1,917,423
Investment, Identifier [Axis]: Supplant, Inc., Senior Secured 1
Interest Rate		13%	[9],[10],[12]	16%	[7],[8],[11]
Principal		$ 1,529,322	[9],[10]	$ 500,000	[7],[8]
Cost		1,484,096	[9],[10]	489,453	[7],[8]
Fair Value		$ 1,484,096	[3],[9],[10]	$ 489,453	[4],[7],[8]
Investment, Identifier [Axis]: Supplant, Inc., Senior Secured 2
Interest Rate	[9],[10],[12]	16%
Principal	[9],[10]	$ 458,715
Cost	[9],[10]	452,053
Fair Value	[3],[9],[10]	$ 452,053
Investment, Identifier [Axis]: Sustainable Living Partners, LLC, Senior Secured
Interest Rate	[11]			12.50%
Principal				$ 13,689,730
Cost				12,816,811
Fair Value	[4]			$ 12,816,811
Investment, Identifier [Axis]: Sustainable Living Partners, LLC, Senior Secured
Interest Rate	[12]	12.50%
Principal		$ 13,926,305
Cost		13,053,386
Fair Value	[3]	$ 10,885,490
Investment, Identifier [Axis]: Swiftly Systems, Inc., Senior Secured 1
Interest Rate		11.50%	[12]	11.50%	[11]
Principal		$ 318,579		$ 992,459
Cost		316,620		975,741
Fair Value		$ 316,620	[3]	$ 975,741	[4]
Investment, Identifier [Axis]: Swiftly Systems, Inc., Senior Secured 2
Interest Rate		11.50%	[12]	11.50%	[11]
Principal		$ 161,560		$ 1,548,309
Cost		160,117		1,475,261
Fair Value		$ 160,117	[3]	$ 1,475,261	[4]
Investment, Identifier [Axis]: TLNT Inc., Senior Secured
Interest Rate	[12]	15%
Principal		$ 1,068,549
Cost		1,011,697
Fair Value	[3]	$ 0
Investment, Identifier [Axis]: TLNT Inc., Senior Secured 1
Interest Rate	[11]			15.80%
Principal				$ 312,500
Cost				304,453
Fair Value	[4]			$ 190,530
Investment, Identifier [Axis]: TLNT Inc., Senior Secured 2
Interest Rate	[11]			14.30%
Principal				$ 353,987
Cost				325,391
Fair Value	[4]			$ 203,633
Investment, Identifier [Axis]: TLNT Inc., Senior Secured 3
Interest Rate	[11]			15.30%
Principal				$ 312,500
Cost				305,936
Fair Value	[4]			$ 191,458
Investment, Identifier [Axis]: TLNT Inc., Senior Secured 4
Interest Rate	[11]			14.80%
Principal				$ 118,039
Cost				115,912
Fair Value	[4]			$ 72,539
Investment, Identifier [Axis]: Terragon, Inc., Senior Secured
Interest Rate		12%	[9],[10],[12]	12%	[7],[8],[11]
Principal		$ 74,798	[9],[10]	$ 93,038	[7],[8]
Cost		76,108	[9],[10]	87,637	[7],[8]
Fair Value		$ 76,108	[3],[9],[10]	$ 87,637	[4],[7],[8]
Investment, Identifier [Axis]: The Farm Project, PBC., Senior Secured
Interest Rate		15%	[12]	12%	[11]
Principal		$ 2,272,202		$ 2,617,147
Cost		2,246,507		2,575,221
Fair Value		$ 1,910,368	[3]	$ 2,575,221	[4]
Investment, Identifier [Axis]: The Safe and Fair Food Company LLC, Senior Secured
Interest Rate	[11]			12.30%
Principal				$ 758,271
Cost				731,681
Fair Value	[4]			$ 731,681
Investment, Identifier [Axis]: TheSquareFoot, Inc., Senior Secured
Interest Rate	[11]			18%
Principal				$ 628,478
Cost				325,058
Fair Value	[4]			$ 0
Investment, Identifier [Axis]: TheSquareFoot, Inc., Senior Secured
Interest Rate	[12]	18%
Principal		$ 628,478
Cost		325,058
Fair Value	[3]	$ 0
Investment, Identifier [Axis]: Therapydia, Inc., Senior Secured
Interest Rate	[11]			12%
Principal				$ 1,777,402
Cost				1,753,942
Fair Value	[4]			$ 1,753,942
Investment, Identifier [Axis]: Therapydia, Inc., Senior Secured
Interest Rate	[12]	12.50%
Principal		$ 478,040
Cost		331,037
Fair Value	[3]	$ 331,037
Investment, Identifier [Axis]: Tia, Inc., Senior Secured 1
Interest Rate	[11]			11.80%
Principal				$ 371,042
Cost				364,011
Fair Value	[4]			$ 364,011
Investment, Identifier [Axis]: Tia, Inc., Senior Secured 2
Interest Rate	[11]			11.80%
Principal				$ 818,984
Cost				815,087
Fair Value	[4]			$ 815,087
Investment, Identifier [Axis]: Titan Health & Security Technologies, Inc., Senior Secured
Interest Rate		12%	[12]	12%	[11]
Principal		$ 603,234		$ 1,048,969
Cost		593,002		1,018,428
Fair Value		$ 593,002	[3]	$ 1,018,428	[4]
Investment, Identifier [Axis]: Traction Apps, Inc., Senior Secured
Interest Rate		12%	[9],[10],[12]	12%	[7],[8],[11]
Principal		$ 669,230	[9],[10]	$ 676,801	[7],[8]
Cost		687,621	[9],[10]	650,923	[7],[8]
Fair Value		$ 420,442	[3],[9],[10]	$ 650,923	[4],[7],[8]
Investment, Identifier [Axis]: Truthset, Inc., Senior Secured
Interest Rate	[11]			12.50%
Principal				$ 316,907
Cost				291,452
Fair Value	[4]			$ 291,452
Investment, Identifier [Axis]: UCM Digital Health, Inc., Senior Secured
Interest Rate	[11]			12.50%
Principal				$ 1,482,990
Cost				1,399,404
Fair Value	[4]			$ 1,399,404
Investment, Identifier [Axis]: UCM Digital Health, Inc., Senior Secured
Interest Rate	[12]	12.50%
Principal		$ 1,298,906
Cost		1,219,569
Fair Value	[3]	$ 1,219,569
Investment, Identifier [Axis]: Ukko Inc., Senior Secured
Interest Rate		11.50%	[12]	11.50%	[11]
Principal		$ 2,444,684		$ 3,398,473
Cost		2,370,050		3,253,318
Fair Value		$ 2,370,050	[3]	$ 3,253,318	[4]
Investment, Identifier [Axis]: Umbra Lab, Inc., Senior Secured
Interest Rate	[12]	13.50%
Principal		$ 3,362,317
Cost		3,295,205
Fair Value	[3]	$ 3,295,205
Investment, Identifier [Axis]: Umbra Lab, Inc., Senior Secured 1
Interest Rate	[11]			13.50%
Principal				$ 4,717,188
Cost				4,583,466
Fair Value	[4]			$ 4,583,466
Investment, Identifier [Axis]: Umbra Lab, Inc., Senior Secured 2
Interest Rate	[11]			12%
Principal				$ 1,110,816
Cost				1,101,946
Fair Value	[4]			$ 1,101,946
Investment, Identifier [Axis]: Umbra Lab, Inc., Senior Secured 3
Interest Rate	[11]			12%
Principal				$ 1,110,412
Cost				1,102,605
Fair Value	[4]			$ 1,102,605
Investment, Identifier [Axis]: Usual Beverage Co., Senior Secured
Interest Rate		12%	[12]	12%	[11]
Principal		$ 1,652,823		$ 1,699,532
Cost		1,256,063		1,629,519
Fair Value		$ 0	[3]	$ 284,813	[4]
Investment, Identifier [Axis]: Velo Holdings Limited, Senior Secured
Interest Rate		12%	[12]	12%	[11]
Principal		$ 2,471,720		$ 2,471,720
Cost		1,139,974		1,362,429
Fair Value		$ 1,139,974	[3]	$ 1,362,429	[4]
Investment, Identifier [Axis]: Verishop, Inc., Senior Secured
Interest Rate		12.60%	[12]	12.60%	[11]
Principal		$ 299,944		$ 1,145,286
Cost		299,444		1,139,192
Fair Value		$ 299,444	[3]	$ 1,139,192	[4]
Investment, Identifier [Axis]: Vessel Health, Inc., Senior Secured
Interest Rate		12%	[12]	12%	[11]
Principal		$ 711,734		$ 711,734
Cost		618,971		588,211
Fair Value		$ 471,310	[3]	$ 553,968	[4]
Investment, Identifier [Axis]: Vesta Housing, Inc., Senior Secured 1
Interest Rate		11.80%	[12]	11.80%	[11]
Principal		$ 861,184		$ 1,178,533
Cost		826,607		1,155,197
Fair Value		$ 826,607	[3]	$ 1,155,197	[4]
Investment, Identifier [Axis]: Vesta Housing, Inc., Senior Secured 2
Interest Rate		11.80%	[12]	11.80%	[11]
Principal		$ 861,184		$ 1,178,533
Cost		848,881		1,113,411
Fair Value		$ 848,881	[3]	$ 1,113,411	[4]
Investment, Identifier [Axis]: Vinvesto, Inc., Senior Secured 1
Interest Rate		15%	[12]	15%	[11]
Principal		$ 176,964		$ 243,054
Cost		176,964		243,054
Fair Value		$ 176,964	[3]	$ 243,054	[4]
Investment, Identifier [Axis]: Vinvesto, Inc., Senior Secured 2
Interest Rate		14.80%	[12]	14.80%	[11]
Principal		$ 176,798		$ 243,033
Cost		166,309		223,116
Fair Value		$ 166,309	[3]	$ 223,116	[4]
Investment, Identifier [Axis]: Virtuix Holdings, Inc., Senior Secured
Interest Rate		12.30%	[12]	12.30%	[11]
Principal		$ 218,838		$ 365,971
Cost		216,172		358,553
Fair Value		$ 216,172	[3]	$ 358,553	[4]
Investment, Identifier [Axis]: Wellth, Inc., Senior Secured 1
Interest Rate	[11]			12%
Principal				$ 705,341
Cost				676,303
Fair Value	[4]			$ 676,303
Investment, Identifier [Axis]: Wellth, Inc., Senior Secured 2
Interest Rate	[11]			12%
Principal				$ 423,265
Cost				416,804
Fair Value	[4]			$ 416,804
Investment, Identifier [Axis]: Wheels Labs, Inc., Senior Secured
Interest Rate		12%	[10],[12]	12%	[8],[11]
Principal		$ 700,000	[10]	$ 700,000	[8]
Cost		700,000	[10]	700,000	[8]
Fair Value		$ 336,687	[3],[10]	$ 498,994	[4],[8]
Investment, Identifier [Axis]: WorkRails, Inc., Senior Secured
Interest Rate		12%	[12]	12%	[11]
Principal		$ 417,122		$ 455,117
Cost		288,063		369,727
Fair Value		$ 288,063	[3]	$ 68,278	[4]
Investment, Identifier [Axis]: Workspot, Inc., Senior Secured
Interest Rate	[11]			12%
Principal				$ 112,755
Cost				112,008
Fair Value	[4]			$ 112,008
Investment, Identifier [Axis]: World Wrapps II, Inc., Senior Secured 1
Interest Rate	[11]			12%
Principal				$ 111,028
Cost				105,072
Fair Value	[4]			$ 105,072
Investment, Identifier [Axis]: World Wrapps II, Inc., Senior Secured 2
Interest Rate	[11]			12%
Principal				$ 111,036
Cost				111,036
Fair Value	[4]			$ 111,036
Investment, Identifier [Axis]: World Wrapps II, Inc., Senior Secured 3
Interest Rate	[11]			12%
Principal				$ 111,166
Cost				111,166
Fair Value	[4]			$ 111,166
Investment, Identifier [Axis]: Yes Health, Inc., Senior Secured
Interest Rate	[11]			12%
Principal				$ 1,773,262
Cost				1,705,392
Fair Value	[4]			$ 0
Investment, Identifier [Axis]: Yuva Biosciences, Inc., Senior Secured
Interest Rate		13.30%	[12]	13.30%	[11]
Principal		$ 175,797		$ 242,902
Cost		164,008		220,407
Fair Value		$ 164,008	[3]	$ 220,407	[4]
Investment, Identifier [Axis]: Zeno Technologies, Inc., Senior Secured
Interest Rate	[12]	10%
Principal		$ 251,129
Cost		233,996
Fair Value	[3]	$ 233,996
Investment, Identifier [Axis]: Zeno Technologies, Inc., Senior Secured 1
Interest Rate	[11]			10%
Principal				$ 165,526
Cost				165,525
Fair Value	[4]			$ 165,525
Investment, Identifier [Axis]: Zeno Technologies, Inc., Senior Secured 2
Interest Rate	[11]			10%
Principal				$ 165,526
Cost				155,757
Fair Value	[4]			$ 155,757
Investment, Identifier [Axis]: Zimeno Inc., Senior Secured 1
Interest Rate		11.50%	[12]	11.50%	[11]
Principal		$ 5,331,510		$ 5,331,391
Cost		5,264,626		5,114,486
Fair Value		$ 5,264,626	[3]	$ 5,114,486	[4]
Investment, Identifier [Axis]: Zimeno Inc., Senior Secured 2
Interest Rate		11.50%	[12]	11.50%	[11]
Principal		$ 3,559,943		$ 6,250,000
Cost		3,463,205		6,136,157
Fair Value		$ 3,463,205	[3]	$ 6,136,157	[4]
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 1
Interest Rate	[11]			11.50%
Principal				$ 927,277
Cost				910,395
Fair Value	[4]			$ 910,395
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 2
Interest Rate	[11]			11.50%
Principal				$ 2,109,706
Cost				2,063,191
Fair Value	[4]			$ 2,063,191
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 3
Interest Rate	[11]			11.50%
Principal				$ 904,731
Cost				600,569
Fair Value	[4]			$ 600,569
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 4
Interest Rate	[11]			11.50%
Principal				$ 1,407,609
Cost				1,360,828
Fair Value	[4]			$ 1,360,828
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 5
Interest Rate	[11]			11.50%
Principal				$ 1,770,172
Cost				1,733,026
Fair Value	[4]			$ 1,733,026
Investment, Identifier [Axis]: iLearningEngines Inc., Senior Secured 6
Interest Rate	[11]			11.50%
Principal				$ 1,727,221
Cost				1,695,265
Fair Value	[4]			$ 1,695,265
Investment, Identifier [Axis]: iZENEtech, Inc., Senior Secured
Interest Rate		12.30%	[9],[10],[12]	12.30%	[7],[8],[11]
Principal		$ 3,001,339	[9],[10]	$ 3,001,339	[7],[8]
Cost		2,976,443	[9],[10]	2,997,442	[7],[8]
Fair Value		$ 2,096,843	[3],[9],[10]	$ 2,790,190	[4],[7],[8]

[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 most advantageous 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 most advantageous market and the estimates may include the use of significant unobservable inputs.[5]The unrealized appreciation was valued using prices or valuation based on observable inputs other than quoted price in active markets for identical assets and liabilities. See “Note 3. Fair Value Disclosures” for more information.[6]The unrealized appreciation was valued using prices or valuation based on observable inputs other than quoted price in active markets for identical assets and liabilities. See “Note 3. Fair Value Disclosures” for more information.[7]Entity is not domiciled in the United States and does not have its principal place of business in the United States.[8]Indicates assets that the Fund deems “non-qualifying assets.” As of December 31, 2023, 13.3% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an “eligible portfolio company,” as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund's investments in all eligible portfolio companies, and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.[9]Entity is not domiciled in the United States and does not have its principal place of business in the United States.[10]Indicates assets that the Fund deems “non-qualifying assets.” As of September 30, 2024, 14.6% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an “eligible portfolio company,” as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund's investments in all eligible portfolio companies, and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.[11]The interest rate is the designated annual interest rate exclusive of any original issue discount, fees or end of term payment.[12]The interest rate is the designated annual interest rate exclusive of any original issue discount, fees or end of term payment.[13]The end of term payments are contractually due on the maturity date and are in addition to the interest rate shown. End of term payments are generally the percentage of the final payment divided by the original loan amount and are amortized over the full term of the loan.[14]The end of term payments are contractually due on the maturity date and are in addition to the interest rate shown. End of term payments are the percentage of the final payment divided by the original loan amount and are amortized over the full term of the loan.

CONDENSED SCHEDULE OF INVESTM_2

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Loans with costs basis classified as non-accrual	$ 100.1	$ 77.7
Loans with fair value classified as non-accrual	$ 44.2	$ 32.9
Total assets representing non-qualifying assets, percentage	14.60%	13.30%

ORGANIZATION AND OPERATIONS OF

ORGANIZATION AND OPERATIONS OF THE FUND	9 Months Ended
ORGANIZATION AND OPERATIONS OF THE FUND	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS OF THE FUND	ORGANIZATION AND OPERATIONS OF THE FUND Venture Lending & Leasing IX, Inc. (the “Fund”) was incorporated in Maryland on June 28, 2017 as a non-diversified, closed-end management investment company that elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) and is managed by Westech Investment Advisors LLC (the “Manager” or “Management”). All of the issued and outstanding membership interests of the Manager were acquired by P10 Intermediate Holdings LLC, a Delaware limited liability company whose ultimate parent is P10, Inc., a Delaware corporation (together, “P10”) on October 13, 2022 (the “Transaction”). The management of day-to-day operations of the Manager remains substantially unchanged and continues to be directed by the Manager’s personnel following the closing of the Transaction. The Fund will be dissolved on December 31, 2028 unless the Board of Directors (the “Board”) opts to elect early dissolution. One hundred percent of the stock of the Fund is held by Venture Lending & Leasing IX, LLC (the “Company”). Prior to commencing operations on May 2, 2018, the Fund had no operations other than accruing organizational expenses and the sale to the Company of 100,000 shares of common stock, $0.001 par value for $25,000 in June 2017. This issuance of stock was a requirement to apply for a finance lender’s license from the California Commissioner of Corporations, which was obtained on September 22, 2017. The Fund’s investment objective is to achieve superior risk-adjusted investment returns and it seeks to achieve that objective by providing debt financing to portfolio companies, most of which are private. The Fund generally receives warrants to acquire equity securities in connection with its portfolio investments and generally distributes these warrants to its shareholder upon receipt, or soon thereafter. The Fund also has guidelines for the percentages of total assets that are invested in different types of assets. The portfolio investments of the Fund primarily consist of debt financing to early and expansion stage venture capital-backed technology companies. In the Manager’s opinion, the accompanying condensed interim financial statements (hereafter referred to as “financial statements”) include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of financial position and results of operations for interim periods. Certain information and note disclosures normally included in audited annual financial statements prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been omitted; however, the Fund believes that the disclosures made are adequate to make the information presented not misleading. The interim results for the three and nine months ended September 30, 2024 are not necessarily indicative of what the results would be for a full year. These financial statements should be read in conjunction with the financial statements and the notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2023.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As an investment company, the Fund follows accounting and reporting guidance as set forth in Topic 946 (“Financial Services - Investment Companies”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”). Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and money market mutual funds with maturities of, or the ability to redeem or liquidate holdings, within 90 days or less. Cash and cash equivalents are held in three bank accounts with two financial institutions, Mitsubishi UFJ Financial Group, Inc. ("MUFG Bank") and U.S. Bank National Association ("US Bank"), and as a result are subject to custodial concentration risk for cash and cash equivalents. Any cash held at US Bank in excess of the Federal Deposit Insurance Corporation (“FDIC”) limit of $250,000 is uninsured by the FDIC, while all cash held at MUFG Bank is uninsured by the FDIC. Money market mutual funds held as cash equivalents are valued at their most recently traded net asset value. Within cash and cash equivalents, as of September 30, 2024, the Fund held 12,480,293 units in the First American Government Obligations Fund Class Z (Ticker Symbol: FGZXX) valued at $1 per unit at a yield of 4.78% and $500,000 in cash, which together represented 9.78% of the net assets of the Fund. Within cash and cash equivalents, as of December 31, 2023, the Fund held 21,017,408 units in the First American Government Obligations Fund Class Z (Ticker Symbol: FGZXX) valued at $1 per unit at a yield of 5.26%, and $500,000 in cash, which together represented 11.40% of the net assets of the Fund. Interest on Loans Interest income on loans is recognized on an accrual basis using the effective interest method including amounts resulting from the accretion of discount on loans included as additional compensation as part of the loan agreements. Additionally, fees received as part of the transaction are added to the loan discount and accreted over the life of the loan. Realized Gains and Losses from Loans Realized gains or losses on the sale of loans are computed using the difference between the amortized cost and the sales proceeds. Realized losses on loan write-offs are recognized when management determines that a loan is uncollectible. Investment Valuation The Fund accounts for loans for which market quotations are not readily available at fair value as determined in good faith by the Manager, who has been appointed as the Fund's valuation designee, pursuant to Rule 2a-5 under the 1940 Act. Subject to the oversight of the Fund's Board, all valuations are determined under the direction of the Manager, in accordance with the valuation methods described below and Rule 2a-5. As of September 30, 2024 and December 31, 2023, the financial statements included nonmarketable investments of $174.5 million and $302.8 million, respectively (or 91.0% and 90.8% of total assets, respectively), with the fair values determined by the Manager in the absence of readily determinable market values. Because of the inherent uncertainty of these valuations, estimated fair values of such investments may differ significantly from the fair values that would have been used had a readily available market for the securities existed, and the differences could be material. Below is the information used by the Manager in making these estimates. Loans The Fund defines fair value as the price that would be received to sell an asset or paid to lower a liability in an orderly transaction between market participants at the measurement date. Because there is no readily available market price and no secondary market for substantially all of the debt investments made by the Fund in its borrowing portfolio companies, Management determines fair value based on a transaction that would occur in the most advantageous market, 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. Where the risk profile is consistent with the original underwriting, the cost basis of substantially all of the loans approximates fair value. 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 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 for a lesser timeframe, if, in the opinion of Management, the portfolio company 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 and the related interest is determined to not be collectible, all interest previously accrued but not collected is reversed. Any future interest received by the Fund on non-accrual loans will be recognized as interest income if and when the proceeds exceed the book value of the respective loan. If a borrower of a non-accrual loan resumes making regular payments and Management believes that such borrower has regained the ability to service the loan on a sustainable basis, the loan is reclassified back to accrual or performing status. Interest that would have been accrued during the time a loan was classified as non-accrual will be added back to the remaining payment schedule, causing a change in the effective interest rate. As of September 30, 2024 and December 31, 2023, loans with a cost basis of $100.1 million and $77.7 million and a fair value of $44.2 million and $32.9 million, respectively, were classified as non-accrual. Warrants and Equity Securities Warrants and equity securities received in connection with loan transactions are considered to be free standing contracts that are both legally detachable and separately exercisable from the related loan transactions and 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. An 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 September 30, 2024 and December 31, 2023, the Fund assumed the average duration of a warrant is four years. The effect of an 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 an 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. These costs are amortized over the term of the facility using the straight-line basis. The amortization of these costs is recorded as interest expense in the Condensed Statements of Operations. The fair values of other assets and accrued liabilities are estimated at their carrying values because of the short-term nature of these assets and liabilities. The carrying value of the borrowings under the debt facility approximates their fair value based on the borrowing rates available to the Fund. Commitment Fees Unearned income and commitment fees on loans are recognized using the effective-interest method over the term of the loan. Commitment fees are carried as liabilities when received for commitments upon which no draws have been made. When the first draw is made, the fee is treated as unearned income and is recognized as described above. If a draw is never made, the forfeited commitment fee less any applicable legal costs becomes recognized as other income after the commitment expires. Derivative Instruments The Fund uses derivative instruments to manage its exposure to changes in interest rates on expected borrowings under its debt facility, as the Fund originates fixed rate loans (see Note 8). Derivative instruments are primarily valued on the basis of quotes obtained from banks, brokers and dealers and adjusted for counterparty risk and the optionality of the interest rate terms. The valuation of the derivative instruments also considers the future expected interest rates on the notional principal balance remaining which is comparable to what a prospective acquirer would pay on the measurement date. Valuation pricing models consider inputs such as forward rates, anticipated interest rate volatility relating to the reference rate, as well as time value and other factors underlying derivative instruments. The Fund is a party to master netting arrangements with Zions Bancorporation, N.A., however, the Fund has elected not to offset assets and liabilities under these arrangements for financial statement presentation purposes. Contracts are recorded at gross fair value in either derivative assets or derivative liability in the Condensed Statements of Assets and Liabilities, depending on whether the fair value of the contract is in favor of the Fund or the counterparty. The changes in fair value are recorded in net change in unrealized gain (loss) from derivative instruments in the Condensed Statements of Operations and the monthly interest received or paid on the contract, if any, is recorded in net realized gain (loss) from derivative instruments in the Condensed Statements of Operations. The interest rate collar instrument is contractually scheduled to terminate on June 30, 2025. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Fund is currently evaluating the impact of adopting this guidance with respect to the financial statements and disclosures.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
FAIR VALUE DISCLOSURES	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES The Fund provides asset-based financing primarily to start-up and emerging growth venture-backed companies pursuant to commitments whereby the Fund agrees to finance assets and provide working or growth capital up to a specified amount for the term of the commitment, upon the terms and subject to the conditions specified by such commitment. Even though these loans are generally secured by the assets of the borrowers, the Fund in most cases is subject to the credit risk of such companies. As of September 30, 2024 and December 31, 2023, the Fund’s investments in loans were primarily to companies based within the United States and were diversified among borrowers in the industry segments shown in the Condensed Schedules of Investments. All loans are senior to unsecured creditors and other secured creditors, unless otherwise indicated in the Condensed Schedules of Investments. The Fund defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability was exchanged in an orderly transaction; it was not a forced liquidation or distressed sale. Because there is no readily available market price and no secondary market for substantially all of the loan investments made by the Fund to borrowing portfolio companies, Management determines fair value (or estimated exit value) based on a transaction that would occur in the most advantageous market, and several factors related to each borrower. Loan balances in the Condensed Schedules of Investments are listed by borrower. Typically, a borrower’s balance will be composed of several loans drawn under a commitment made by the Fund with the interest rate on each loan fixed at the time each loan is funded. Each loan drawn under a commitment has a different maturity date and amount. The following tables show the weighted-average interest rate of the performing loans and all loans: For the Three Months Ended For the Nine Months Ended Performing Loans September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Weighted-Average Interest Rate – Cash 13.23 % 14.33 % 14.54 % 14.44 % Weighted Average Interest Rate – Non-Cash 2.99 % 3.46 % 3.45 % 3.56 % Weighted-Average Interest Rate 16.22 % 17.79 % 17.99 % 18.00 % For the Three Months Ended For the Nine Months Ended All Loans September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Weighted-Average Interest Rate – Cash 10.52 % 12.97 % 12.29 % 13.58 % Weighted Average Interest Rate – Non-Cash 2.36 % 3.11 % 2.90 % 3.34 % Weighted-Average Interest Rate 12.88 % 16.08 % 15.19 % 16.92 % Interest is calculated using the effective interest method, and rates earned by the Fund will fluctuate based on many factors including early payoffs, volatility of values ascribed to warrants and new loans funded during the period. Warrants and equity securities received in connection with loan transactions are measured at fair value at the time of acquisition; the non-cash portion of interest income represents the accretion of the discount of these warrants over the life of the loan. The risk profile of a loan changes when events occur that impact the credit analysis of the borrower and loan as discussed in the Fund’s loan accounting policy. Such changes result in the fair value adjustments made to the individual loans, which in accordance with U.S. GAAP, would be based on the price that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the measurement date. Where the risk profile is consistent with the original underwriting, the cost basis of substantially all of the loans approximates fair value. All loans as of September 30, 2024 and December 31, 2023 were pledged as collateral for the debt facility, and the Fund’s borrowings are generally collateralized by all assets of the Fund. Valuation Hierarchy Under the FASB ASC Topic 820 (“Fair Value Measurement”), the Fund categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Fund’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows: Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date. Level 2 Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities. Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. There were no transfers in or out of Level 1, 2 or 3 during the nine months ended September 30, 2024 and 2023. The Fund’s cash equivalents were valued at the traded net asset value of the money market fund. As a result, these measurements are classified as Level 1. The Fund’s derivative instruments are based on quotes from the market makers that derive fair values from market data, and therefore, are classified as Level 2. The Fund’s borrowings under the debt facility are also classified as Level 2, because the carrying values of the borrowings are based on rates that are observable at commonly quoted intervals, which are Level 2 inputs, and that approximate fair values. The Fund’s loan investments are individually negotiated and unique, and because there is little to no market in which these assets trade, the unobservable inputs for these assets are valued using estimated exit values. As a result, the Fund's loan investments are classified as Level 3. (Intentionally left blank) The following tables provide quantitative information about the Fund’s Level 3 fair value measurements of the Fund’s investments by industry as of September 30, 2024 and December 31, 2023. In addition to the techniques and inputs noted in the tables below, the Fund may also use other valuation techniques and methodologies when determining its fair value measurements. Investment Type - Level 3 Loan Investments Fair Value at September 30, 2024 Valuation Techniques / Methodologies Unobservable Input Range Weighted Average (a) Biotechnology $5,142,501 Most advantageous market analysis Most advantageous market coupon rate 13% - 16% 15% Computers & Storage 11,001,365 Most advantageous market analysis Most advantageous market coupon rate 14% - 16% 14% Enterprise Networking 3,404,643 Asset Recovery Probability weighting of alternative outcomes 10% - 50% * Internet 30,802,016 Most advantageous market analysis Most advantageous market coupon rate 14% - 22% 18% Asset Recovery Probability weighting of alternative outcomes 5% - 100%^ Medical Devices 388,065 Most advantageous market analysis Most advantageous market coupon rate 14%* 14% Asset Recovery Probability weighting of alternative outcomes 100%^ Other Healthcare 5,863,961 Most advantageous market analysis Most advantageous market coupon rate 12% - 22% 17% Asset Recovery Probability weighting of alternative outcomes 45% - 100%^ Other Technology 79,556,739 Most advantageous market analysis Most advantageous market coupon rate 11% - 54% 17% Asset Recovery Probability weighting of alternative outcomes 5% - 100%^ Security 2,289,944 Most advantageous market analysis Most advantageous market coupon rate 13%* 13% Asset Recovery Probability weighting of alternative outcomes 100%* Software 30,609,330 Most advantageous market analysis Most advantageous market coupon rate 13% - 26% 17% Asset Recovery Probability weighing of alternative outcomes 5% - 100%^ Technology Services 3,959,096 Most advantageous market analysis Most advantageous market coupon rate 16%* 16% Asset Recovery Probability weighing of alternative outcomes 13% - 50%* Wireless 1,488,418 Most advantageous market analysis Most advantageous market coupon rate 16%* 16% Total Loan Investments $174,506,078 (a) The weighted-average most advantageous market coupon rates were calculated using the relative fair value of the loans. * There is only one loan within this industry that utilizes this valuation technique. ^ Probability weightings vary among loan investments within each industry based on different potential future outcomes. Investment Type - Level 3 Loan Investments Fair Value at December 31, 2023 Valuation Techniques / Methodologies Unobservable Input Range Weighted Average (a) Biotechnology $9,733,622 Most advantageous market analysis Most advantageous market coupon rate 13% - 16% 15% Computers & Storage 16,366,518 Most advantageous market analysis Most advantageous market coupon rate 14% - 16% 14% Enterprise Networking 3,687,334 Asset Recovery Probability weighting of alternative outcomes 10% - 50% * Internet 46,464,670 Most advantageous market analysis Most advantageous market coupon rate 14% - 33% 17% Asset Recovery Probability weighting of alternative outcomes 5% - 100%^ Medical Devices 2,027,424 Most advantageous market analysis Most advantageous market coupon rate 14% - 20% 15% Asset Recovery Probability weighting of alternative outcomes 100%^ Other Healthcare 15,167,781 Most advantageous market analysis Most advantageous market coupon rate 13% - 22% 17% Asset Recovery Probability weighting of alternative outcomes 18% - 100%^ Other Technology 142,995,711 Most advantageous market analysis Most advantageous market coupon rate 11% - 74% 16% Asset Recovery Probability weighting of alternative outcomes 5% - 100%^ Security 3,769,643 Most advantageous market analysis Most advantageous market coupon rate 13% - 16% 14% Asset Recovery Probability weighting of alternative outcomes 100%* Software 44,687,949 Most advantageous market analysis Most advantageous market coupon rate 13% - 37% 17% Asset Recovery Probability weighing of alternative outcomes 20% - 80%^ Technology Services 15,565,953 Most advantageous market analysis Most advantageous market coupon rate 16% - 22% 20% Asset Recovery Probability weighting of alternative outcomes 10% - 60%* Wireless 2,338,176 Most advantageous market analysis Most advantageous market coupon rate 14% - 17% 16% Total Loan Investments $302,804,781 (a) The weighted-average most advantageous market coupon rates were calculated using the relative fair value of the loans. * There is only one loan within this industry that utilizes this valuation technique. ^ Probability weightings vary among loan investments within each industry based on different potential future outcomes. The following tables present the balances of assets and liabilities as of September 30, 2024 and December 31, 2023 measured at fair value on a recurring basis: As of September 30, 2024 ASSETS: Level 1 Level 2 Level 3 Total Loans † $ — $ — $ 174,506,078 $ 174,506,078 Derivative assets — 996,110 — 996,110 Cash equivalents 12,480,293 — — 12,480,293 Total $ 12,480,293 $ 996,110 $ 174,506,078 $ 187,982,481 LIABILITIES: Level 1 Level 2 Level 3 Total Borrowings under debt facility $ — $ 58,000,000 $ — $ 58,000,000 Total $ — $ 58,000,000 $ — $ 58,000,000 As of December 31, 2023 ASSETS: Level 1 Level 2 Level 3 Total Loans † $ — $ — $ 302,804,781 $ 302,804,781 Derivative assets — 3,049,177 — 3,049,177 Cash equivalents 21,017,408 — — 21,017,408 Total $ 21,017,408 $ 3,049,177 $ 302,804,781 $ 326,871,366 LIABILITIES: Level 1 Level 2 Level 3 Total Borrowings under debt facility $ — $ 142,500,000 $ — $ 142,500,000 Total $ — $ 142,500,000 $ — $ 142,500,000 † For a detailed listing of borrowers comprising this amount, please refer to the Condensed Schedules of Investments. The following tables provide a summary of changes in Level 3 assets measured at fair value on a recurring basis: For the Three Months Ended September 30, 2024 Loans Warrants Beginning balance $ 203,128,872 $ — Acquisitions and originations — 172,925 Principal payments on loans, net of accretion (26,376,393) — Distributions to shareholder — (172,925) Net change in unrealized loss from loans (2,246,401) — Ending balance $ 174,506,078 $ — Net change in unrealized loss from loans relating to loans still held at September 30, 2024 $ (2,241,856) For the Nine Months Ended September 30, 2024 Loans Warrants Stocks Convertible Notes and Others Beginning balance $ 302,804,781 $ — $ — $ — Acquisitions and originations 545,652 1,060,639 4,527,204 3,270,574 Principal payments on loans, net of accretion (115,055,600) — — — Distributions to shareholder — (1,060,639) (4,527,204) (3,270,574) Net realized loss from loans (4,482,099) — — — Net change in unrealized loss from loans (9,306,656) — — — Ending balance $ 174,506,078 $ — $ — $ — Net change in unrealized loss from loans relating to loans still held at September 30, 2024 $ (11,007,504) For the Three Months Ended September 30, 2023 For the Nine Months Ended Loans Warrants Loans Warrants Beginning balance $ 406,252,272 $ — $ 489,691,665 $ — Acquisitions and originations 2,250,000 359,476 27,562,500 3,039,384 Principal payments on loans, net of accretion (48,417,144) — (154,962,702) — Proceeds from sale of loan (1,043,138) — (1,043,138) — Distributions to shareholder — (359,476) — (3,039,384) Net realized loss from loans (438,580) — (437,324) — Net change in unrealized loss from loans (12,428,521) — (14,636,112) — Ending balance $ 346,174,889 $ — $ 346,174,889 $ — Net change in unrealized loss from loans relating to loans still held at September 30, 2023 $ (12,883,539) $ (15,248,678)

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHAREBasic earnings per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average common shares outstanding. Diluted earnings (loss) per share are computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average common shares outstanding, including the dilutive effects of potential common shares (e.g., stock options). The Fund has no instruments that would be potential common shares; thus, reported basic and diluted earnings (loss) per share are the same.

CAPITAL STOCK

CAPITAL STOCK	9 Months Ended
CAPITAL STOCK	Sep. 30, 2024
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK As of both September 30, 2024 and December 31, 2023, there were 10,000,000 shares of $0.001 par value common stock authorized, and 100,000 shares issued and outstanding. Total committed capital of the Company, which had been fully called and received as of both September 30, 2024 and December 31, 2023, was $460.0 million, of which $407.1 million was contributed to the Fund. The chart below shows the distributions of the Fund for the nine months ended September 30, 2024 and 2023. For the Nine Months Ended September 30, 2024 For the Nine Months Ended September 30, 2023 Cash distributions $ 51,042,000 $ 97,992,000 Distributions of equity securities 8,858,417 3,039,384 Total distributions to shareholder $ 59,900,417 $ 101,031,384 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 FACILITY

DEBT FACILITY	9 Months Ended
DEBT FACILITY	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT FACILITY	DEBT FACILITY The 1940 Act requires a BDC to meet certain levels of asset coverage with respect to its outstanding “senior securities,” which typically consist of outstanding borrowings under credit facilities and other debt instruments. BDCs are generally required to have an asset coverage of at least 200% but are permitted to increase the amount of indebtedness they may incur by lowering the asset coverage requirement from 200% to 150% if they make certain disclosures and obtain the approval by either (1) a “required majority,” as defined in Section 57(o) of the 1940 Act, of the BDC’s board of directors, including a majority of disinterested directors, with effectiveness one year after the date of such approval or (2) a majority of votes cast at a special or annual meeting of the BDC’s shareholders at which a quorum is present, which is effective the day after such stockholder approval. On April 24, 2019, the Fund’s sole shareholder, the Company, approved a reduced asset coverage ratio of 150% for the Fund as permitted in Section 61(a)(2) of the 1940 Act. As of September 30, 2024 and December 31, 2023, the Fund’s asset coverage for borrowings was 327% and 231%, respectively. The Fund is a party to a loan and security agreement (as amended and restated from time to time) with MUFG Union Bank Ltd. acting as the administrative agent and other lenders named therein, that established a secured revolving credit facility with a commitment size of $79.5 million as of September 30, 2024. On October 26, 2023, the Fund entered into a Third Amendment to the Amended and Restated Loan and Security Agreement (the “Third Amendment”) with lenders named therein. The Third Amendment provides for, among other modifications (i) a decrease in the size of the facility to $185.0 million with a scheduled reduction in commitments on a quarterly basis by an amount equal to 10% (subject to adjustment), commencing with the calendar quarter ending December 31, 2023 until the maturity date, (ii) an increase in the margin paid on SOFR Rate Loans (as defined in the Third Amendment) and Reference Rate Loans (as defined in the Third Amendment), and (iii) an extension of the term of the facility to March 31, 2026. Borrowings of the Fund are collateralized by all of the assets of the Fund. In the event of default, the Manager's right to receive management fees from the Fund is subordinate to the liens of the lenders. Loans under the facility may be, at the option of the Fund, a Reference Rate Loan or a SOFR Rate Loan (calculated at Daily Simple SOFR or another applicable Term SOFR Reference Rate). As of September 30, 2024, the Fund’s outstanding borrowings were entirely based on the Daily Simple SOFR Rate Loan. The facility terminates on March 31, 2026, but can be accelerated in the event of default, such as failure by the Fund to make timely interest or principal payments. The Fund pays interest on its borrowings and a fee on the unused portion of the facility. Interest is charged to the Fund based on its borrowings at, pursuant to the election of the Fund, an annual rate equal to either (i) the Reference Rate plus 1.50% and 1.75%, respectively, (ii) for a SOFR Rate Loan with an interest period of one month, SOFR plus 2.60% and 2.85%, respectively or (iii) for a SOFR Rate Loan with an interest period of three months, SOFR plus 2.65% or 2.90%, respectively. When the Fund is using 50.00% or more of the maximum amount available under the Loan Agreement, the applicable commitment fee is 0.25% of the unused portion of the loan facility; otherwise, the applicable commitment fee is 0.50% of the unused portion. The Fund pays the unused credit line fee quarterly. As of September 30, 2024 and December 31, 2023, $58.0 million and $142.5 million, respectively, was outstanding under the facility. As of September 30, 2024, the SOFR rate was as follows: Overnight 4.9600 % Daily Simple SOFR 4.8300 % 30-day Average SOFR 5.1633 % 90-day Average SOFR 5.3094 % Bank fees and other costs of $5.0 million incurred in connection with the acquisition and amendment of the facility have been capitalized and are amortized to interest expense on a straight-line basis over the expected life of the facility. As of September 30, 2024 and December 31, 2023, the remaining unamortized fees and costs of $0.8 million and $1.3 million, respectively, are being amortized over the expected life of the facility, which is expected to terminate on March 31, 2026. The facility is revolving and as such does not have a specified repayment schedule, although advances are secured by the assets of the Fund and thus repayments will be required as assets decline. The facility contains various covenants including financial covenants related to: (i) minimum debt service coverage ratio, (ii) interest coverage ratio, (iii) unfunded commitment ratio, (iv) maximum quarterly loan loss reserve ratio, (v) maximum annual loan loss reserve ratio and (vi) maximum loan loss test. There are also various restrictive covenants, including limitations on: (i) the incurrence of liens, (ii) consolidations, mergers and asset sales and (iii) capital expenditures. The Fund is also required to maintain derivative instruments covering a notional principal amount equal at all times to at least 50% of the outstanding borrowings if outstanding principal balance is greater than $40 million (see Note 8). As of September 30, 2024 and December 31, 2023, Management is not aware of instances of non-compliance with financial covenants. The following is the summary of the outstanding facility draws as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Maturity Date All-In Interest Rate (a) SOFR Rate Loan $58,000,000 $142,500,000 March 31, 2026 Variable based on Daily Simple SOFR rate Total Outstanding $58,000,000 $142,500,000 (a) Inclusive of 2.85% applicable SOFR Rate Loan margin plus Daily Simple SOFR rate.

MANAGEMENT FEE AND RELATED PART

MANAGEMENT FEE AND RELATED PARTIES	9 Months Ended
MANAGEMENT FEE AND RELATED PARTIES	Sep. 30, 2024
Related Party Transactions [Abstract]
MANAGEMENT FEE AND RELATED PARTIES	MANAGEMENT FEE AND RELATED PARTIES Management Fee On October 13, 2022, in connection with the Transaction, the Fund entered into a new investment management agreement (the “Current Agreement”), by and between the Fund and the Manager, that replaced the previous investment management agreement entered into between the Fund and the Manager (the “Previous Agreement”). The closing of the Transaction constituted a change of control of the Manager which caused the Previous Agreement to terminate. Significant terms of the Current Agreement are the same as those of the Previous Agreement, including the fee rates described below. As compensation for its services to the Fund, from the date of the first capital call, May 1, 2018, the Manager receives a management fee (“Management Fee”). The aggregate annual amount of Management Fee for each annual period (which is comprised of four whole fiscal quarters and which, in the case of the first year, commenced on the first day of the first fiscal quarter follo wing the first capital contribution) calculated as a percentage of committed capital, is as follows: Management Fee Year 1 1.575% Year 2 1.600% Year 3 1.575% Year 4 1.500% Year 5 1.250% Year 6 0.900% Year 7 0.600% Year 8 0.350% Year 9 0.150% For the period from January 1, 2024 through June 30, 2024, Management Fees were calculated at 0.90% of the Company's committed capital and for the period from July 1, 2024 through September 30, 2024, Management Fees were calculated at 0.60%. For the period from January 1, 2023 through June 30, 2023, Management Fees were calculated at 1.25% of the Company's committed capital and for the period from July 1, 2023 through September 30, 2023, Management Fees were calculated at 0.90%. Related Parties Certain officers and directors of the Fund also serve as officers and directors of the Manager. The Amended and Restated Articles of Incorporation of the Fund provide for indemnification of directors, officers, employees and agents (including the Manager) of the Fund to the fullest extent permitted by applicable state law and the 1940 Act, including the advance of expenses and reasonable counsel fees. The Amended and Restated Articles of Incorporation of the Fund also contain a provision eliminating personal liability of a Fund director or officer to the Fund or its shareholder for monetary damages for certain breaches of their duty of care. For this reason, the Fund has acquired a directors and officers insurance policy. Transactions with Venture Lending & Leasing VIII, Inc. (“Fund VIII”) The Manager also served as the investment manager for Fund VIII. So long as Fund VIII had capital available to invest in loan transactions with final maturities earlier than December 31, 2025, the Fund was able to invest in each portfolio company in which Fund VIII invested, subject to the approval of the Fund's Board. The Manager’s allocation process was designed to allocate investment opportunities fairly and equitably among the Fund and Fund VIII over time, and subject to board approval, was based on a methodology taking into account investment pace, the remaining commitment periods and other relevant factors. The Fund co-invested with Fund VIII through March 31, 2021, which was the end of Fund VIII's investment period. Fund VIII was deregistered as a BDC with the Securities and Exchange Commission ( “SEC” ) on October 12, 2023 and distributed all of its remaining assets to its parent, Venture Lending & Leasing VIII, LLC during the year ended December 31, 2023. Transactions with WTI Fund X, Inc. ("Fund X") The Manager also serves as the investment manager for Fund X. So long as Fund X had capital available to invest in loan transactions with final maturities earlier than December 31, 2028 (the date on which the Fund's term of existence automatically expires), the Fund was able to invest in each portfolio company in which Fund X invested, subject to the approval of the Fund's Board. The Manager’s allocation process was designed to allocate investment opportunities fairly and equitably among the Fund and Fund X over time, and subject to board approval, was based on a methodology taking into account investment pace, the remaining commitment periods and other relevant factors. The Fund co-invested with Fund X through December 31, 2023, which was the end of the Fund’s investment period. The ability of the Fund to co-invest with Fund VIII, Fund X, and other clients advised by the Manager, was subject to the conditions (the “Conditions”) with which the funds were complying while seeking certain exemptive relief from the SEC from the provisions of Sections 17(d) and 57 of the 1940 Act and Rule 17d-1 thereunder. To the extent that clients, other than Fund VIII and Fund X, advised by the Manager (but in which the Manager had no proprietary interest) invested in opportunities available to the Fund, the Manager allocated such opportunities among the funds and such other clients in a manner deemed fair and equitable considering all of the circumstances in accordance with the Conditions. Intercreditor Agreements

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
DERIVATIVE INSTRUMENTS	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The Fund uses derivative instruments to manage its exposure to interest rates on expected borrowings under its debt facility (see Note 6), as the Fund originates fixed rate loans. Interest Rate Collar The Fund has an interest rate collar derivative contract with Zions Bancorporation, N.A. dba California Bank & Trust with an effective date of May 31, 2022. The aggregate notional principal amount of the interest rate collar is $50.0 million, with a cap of 1.36% and floor of 0.42% on floating rate based upon a 1-Month USD-SOFR rate. The interest rate collar is expected to expire on June 30, 2025. The interest rate collar mitigates the Fund's exposure to interest rate fluctuations on variable rate index of the debt facility. The collar establishes a range where the Fund pays the counterparty if the SOFR rate falls below the established floor rate, and the counterparty will pay the Fund if the SOFR rate exceeds the established cap rate. The interest rate collar settles monthly. The following table shows the Fund's derivative instruments at fair value on the Fund's Condensed Statements of Assets and Liabilities as of September 30, 2024 and December 31, 2023. Derivative Assets Derivative Instruments September 30, 2024 December 31, 2023 Interest rate collar $ 996,110 $ 3,049,177 During the nine months ended September 30, 2024, an interest rate collar contract with a notional amount of $90.0 million expired. The following table shows the effect of the Fund's derivative instruments on the Fund's Condensed Statements of Operations for the three and nine months ended September 30, 2024 and 2023. For the Three Months Ended For the Nine Months Ended Derivative Instruments Condensed Statements of Operations Caption September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Interest rate collar Net change in unrealized loss from derivative instruments $ (774,938) $ (1,066,795) $ (2,053,067) $ (5,374,984) Net realized gain from derivative instruments $ 516,347 $ 1,444,268 $ 2,383,856 $ 7,135,561 The following table shows the Fund's assets and liabilities related to derivatives by counterparty, net of amounts available for offset under the master netting agreement and net of any collateral received or pledged by the Fund for such assets and liabilities as of September 30, 2024 and December 31, 2023. As of September 30, 2024 Counterparties Derivative Asset Subject to Master Netting Agreement Derivatives Available for Offset Non-cash collateral received Cash Collateral Received Net Amount (1) Zions Bancorporation, N.A. $ 996,110 $ — $ — $ — $ 996,110 Total $ 996,110 $ — $ — $ — $ 996,110 As of December 31, 2023 Counterparties Derivative Asset Subject to Master Netting Agreement Derivatives Available for Offset Non-cash collateral received Cash Collateral Received Net Amount (1) Zions Bancorporation, N.A. $ 3,049,177 $ — $ — $ — $ 3,049,177 Total $ 3,049,177 $ — $ — $ — $ 3,049,177 (1) Net amount of derivative assets represents the net amount due from the counterparty to the Fund. There were no derivative liabilities as of September 30, 2024 and December 31, 2023.

TAX STATUS

TAX STATUS	9 Months Ended
TAX STATUS	Sep. 30, 2024
Income Tax Disclosure [Abstract]
TAX STATUS	TAX STATUS The Fund has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986 (the "Code") and operates in a manner to qualify for the tax treatment applicable to RICs. Failing to maintain at least 70% of total assets in "qualifying assets" will result in the loss of BDC status, resulting in losing its favorable tax treatment as a RIC. As of September 30, 2024, the Fund has met the BDC and RIC requirements. The Fund elected to be treated for federal income tax purposes as a RIC under the Code with the filing of its federal income tax return for 2019. In order to qualify for favorable tax treatment as a RIC, the Fund is required to distribute annually to its shareholder at least 90% of its investment company taxable income, as defined by the Code. To avoid federal excise taxes, the Fund must distribute annually at least 98% of its ordinary income and 98.2% of net capital gains from the current year and any undistributed ordinary income and net capital gains from the preceding years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If the Fund chooses to do so, all other things being equal, this would increase expenses and reduce the amount available to be distributed to its shareholder. The Fund will accrue excise tax on estimated undistributed taxable income as required. Below are tables summarizing the cost of investments for federal income tax purposes and the appreciation and depreciation of the investments reported on the Condensed Schedules of Investments and Condensed Statements of Assets and Liabilities as of September 30, 2024 and December 31, 2023: Assets As of September 30, 2024 Cost Unrealized Appreciation Unrealized Depreciation Net Appreciation (Depreciation) Loans $ 231,635,951 $ — $ (57,129,873) $ (57,129,873) Derivative assets — 996,110 — 996,110 Total $ 231,635,951 $ 996,110 $ (57,129,873) $ (56,133,763) As of December 31, 2023 Assets Cost Unrealized Appreciation Unrealized Depreciation Net Appreciation (Depreciation) Loans $ 350,627,997 $ — $ (47,823,216) $ (47,823,216) Derivative assets — 3,049,177 — 3,049,177 Total $ 350,627,997 $ 3,049,177 $ (47,823,216) $ (44,774,039) There was no unrealized appreciation or depreciation related to liabilities as of September 30, 2024 and December 31, 2023. Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in-capital or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Fund’s annual RIC tax return. Book and tax basis differences relating to shareholder dividends and distributions and other permanent book and tax differences are reclassified among the Fund’s capital accounts. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP. The determination of the tax attributes of the Fund’s distributions is made annually as of the end of the Fund’s taxable year and is generally based upon its taxable income for the full taxable year and distributions paid for the full taxable year. As a result, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Fund’s distributions for a full taxable year. As of September 30, 2024, the Fund had determined the tax attributes of its distributions taxable year-to-date to be from its current and accumulated earnings and profits. There is not yet, however, certainty as to what the actual tax attributes of the Fund’s distributions to the shareholders will be by the year ending December 31, 2024. The Fund anticipates distributing all distributable earnings by the end of the year. The Fund may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce the shareholder’s tax basis in its shares. The Fund’s tax returns remain open for examination by the federal government for a period of three years and California tax authorities for a period of four years from when they are filed. As of September 30, 2024, the Fund had no uncertain tax positions and no capital loss carryforwards.

CONTINGENCIES

CONTINGENCIES	9 Months Ended
CONTINGENCIES	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES In the normal course of business, the Manager may enter into certain contracts, on behalf of the Fund, that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made that have not yet occurred. Currently, no such claims exist or are expected to arise and, accordingly, the Fund has not accrued any liability in connection with such indemnifications.

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS	9 Months Ended
FINANCIAL HIGHLIGHTS	Sep. 30, 2024
Investment Company [Abstract]
FINANCIAL HIGHLIGHTS	FINANCIAL HIGHLIGHTS U.S. GAAP requires disclosure of financial highlights of the Fund for the three and nine months ended September 30, 2024 and 2023. The total rate of return is defined as the return based on the change in value during the period of a theoretical investment made at the beginning of the period. The total rate of return assumes a constant rate of return for the Fund during the period reported and weights each cash flow by the amount of time held in the Fund. This required methodology differs from an internal rate of return. The ratios of expenses and net investment income (loss) to average net assets, calculated below, are computed based upon the aggregate weighted average net assets of the Fund for the periods presented. Net investment income (loss) 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 September 30, 2024 For the Three Months Ended September 30, 2023 For the Nine Months Ended September 30, 2024 For the Nine Months Ended September 30, 2023 Total return** 0.98 % (1.04 %) 2.46 % 9.69 % Per share amounts: Net asset value, beginning of period $ 1,315.66 $ 2,448.76 $ 1,886.90 $ 2,682.12 Net investment income 37.91 102.06 173.48 383.69 Net realized and change in unrealized loss from loans and derivative instruments (25.05) (124.90) (134.58) (133.13) Net increase (decrease) in net assets resulting from operations 12.86 (22.84) 38.90 250.56 Distributions of income to shareholder (1.73) (112.12) (111.16) (450.67) Return of capital to shareholder — (391.43) (487.85) (559.64) Net asset value, end of period 1,326.79 1,922.37 1,326.79 1,922.37 Net assets, end of period $ 132,679,047 $ 192,237,017 $ 132,679,047 $ 192,237,017 Ratios to average net assets: Expenses* 7.32 % 9.63 % 8.45 % 9.52 % Net investment income* 11.52 % 18.52 % 14.74 % 20.61 % Portfolio turn-over rate — % 0.28 % — % 0.24 % Average debt outstanding $ 67,750,000 $ 181,250,000 $ 95,850,000 $ 211,900,000 Annualized *Total return amounts presented above are not annualized.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Management 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ 1,285,755	$ (2,283,738)	$ 3,889,631	$ 25,056,106

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting and Use of Estimates
Use of Estimates	Basis of Accounting and Use of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and money market mutual funds with maturities of, or the ability to redeem or liquidate holdings, within 90 days or less. Cash and cash equivalents are held in three bank accounts with two financial institutions, Mitsubishi UFJ Financial Group, Inc. ("MUFG Bank") and U.S. Bank National Association ("US Bank"), and as a result are subject to custodial concentration risk for cash and cash equivalents. Any cash held at US Bank in excess of the Federal Deposit Insurance Corporation (“FDIC”) limit of $250,000 is uninsured by the FDIC, while all cash held at MUFG Bank is uninsured by the FDIC.
Interest on Loans	Interest on Loans
Realized Gains and Losses from Loans	Realized Gains and Losses from Loans
Investment Valuation	Investment Valuation The Fund accounts for loans for which market quotations are not readily available at fair value as determined in good faith by the Manager, who has been appointed as the Fund's valuation designee, pursuant to Rule 2a-5 under the 1940 Act. Subject to the oversight of the Fund's Board, all valuations are determined under the direction of the Manager, in accordance with the valuation methods described below and Rule 2a-5. As of September 30, 2024 and December 31, 2023, the financial statements included nonmarketable investments of $174.5 million and $302.8 million, respectively (or 91.0% and 90.8% of total assets, respectively), with the fair values determined by the Manager in the absence of readily determinable market values. Because of the inherent uncertainty of these valuations, estimated fair values of such investments may differ significantly from the fair values that would have been used had a readily available market for the securities existed, and the differences could be material. Below is the information used by the Manager in making these estimates. Loans The Fund defines fair value as the price that would be received to sell an asset or paid to lower a liability in an orderly transaction between market participants at the measurement date. Because there is no readily available market price and no secondary market for substantially all of the debt investments made by the Fund in its borrowing portfolio companies, Management determines fair value based on a transaction that would occur in the most advantageous market, 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. Where the risk profile is consistent with the original underwriting, the cost basis of substantially all of the loans approximates fair value. 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 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 for a lesser timeframe, if, in the opinion of Management, the portfolio company 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 and the related interest is determined to not be collectible, all interest previously accrued but not collected is reversed. Any future interest received by the Fund on non-accrual loans will be recognized as interest income if and when the proceeds exceed the book value of the respective loan. If a borrower of a non-accrual loan resumes making regular payments and Management believes that such borrower has regained the ability to service the loan on a sustainable basis, the loan is reclassified back to accrual or performing status. Interest that would have been accrued during the time a loan was classified as non-accrual will be added back to the remaining payment schedule, causing a change in the effective interest rate. As of September 30, 2024 and December 31, 2023, loans with a cost basis of $100.1 million and $77.7 million and a fair value of $44.2 million and $32.9 million, respectively, were classified as non-accrual. Warrants and Equity Securities Warrants and equity securities received in connection with loan transactions are considered to be free standing contracts that are both legally detachable and separately exercisable from the related loan transactions and 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. An 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 September 30, 2024 and December 31, 2023, the Fund assumed the average duration of a warrant is four years. The effect of an 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 an 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. These costs are amortized over the term of the facility using the straight-line basis. The amortization of these costs is recorded as interest expense in the Condensed Statements of Operations. The fair values of other assets and accrued liabilities are estimated at their carrying values because of the short-term nature of these assets and liabilities.
Commitment Fees	Commitment Fees Unearned income and commitment fees on loans are recognized using the effective-interest method over the term of the loan. Commitment fees are carried as liabilities when received for commitments upon which no draws have been made. When the first draw is made, the fee is treated as unearned income and is recognized as described above. If a draw is never made, the forfeited commitment fee less any applicable legal costs becomes recognized as other income after the commitment expires.
Derivative Instruments	Derivative Instruments The Fund uses derivative instruments to manage its exposure to changes in interest rates on expected borrowings under its debt facility, as the Fund originates fixed rate loans (see Note 8). Derivative instruments are primarily valued on the basis of quotes obtained from banks, brokers and dealers and adjusted for counterparty risk and the optionality of the interest rate terms. The valuation of the derivative instruments also considers the future expected interest rates on the notional principal balance remaining which is comparable to what a prospective acquirer would pay on the measurement date. Valuation pricing models consider inputs such as forward rates, anticipated interest rate volatility relating to the reference rate, as well as time value and other factors underlying derivative instruments. The Fund is a party to master netting arrangements with Zions Bancorporation, N.A., however, the Fund has elected not to offset assets and liabilities under these arrangements for financial statement presentation purposes. Contracts are recorded at gross fair value in either derivative assets or derivative liability in the Condensed Statements of Assets and Liabilities, depending on whether the fair value of the contract is in favor of the Fund or the counterparty. The changes in fair value are recorded in net change in unrealized gain (loss) from derivative instruments in the Condensed Statements of Operations and the monthly interest received or paid on the contract, if any, is recorded in net realized gain (loss) from derivative instruments in the Condensed Statements of Operations. The interest rate collar instrument is contractually scheduled to terminate on June 30, 2025.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Fund is currently evaluating the impact of adopting this guidance with respect to the financial statements and disclosures.
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 September 30, 2024, the Fund has met the BDC and RIC requirements. The Fund elected to be treated for federal income tax purposes as a RIC under the Code with the filing of its federal income tax return for 2019. 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.

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
FAIR VALUE DISCLOSURES (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Weighted Average Interest Rate of Performing and All Loans	The following tables show the weighted-average interest rate of the performing loans and all loans: For the Three Months Ended For the Nine Months Ended Performing Loans September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Weighted-Average Interest Rate – Cash 13.23 % 14.33 % 14.54 % 14.44 % Weighted Average Interest Rate – Non-Cash 2.99 % 3.46 % 3.45 % 3.56 % Weighted-Average Interest Rate 16.22 % 17.79 % 17.99 % 18.00 % For the Three Months Ended For the Nine Months Ended All Loans September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Weighted-Average Interest Rate – Cash 10.52 % 12.97 % 12.29 % 13.58 % Weighted Average Interest Rate – Non-Cash 2.36 % 3.11 % 2.90 % 3.34 % Weighted-Average Interest Rate 12.88 % 16.08 % 15.19 % 16.92 %
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 September 30, 2024 and December 31, 2023. In addition to the techniques and inputs noted in the tables below, the Fund may also use other valuation techniques and methodologies when determining its fair value measurements. Investment Type - Level 3 Loan Investments Fair Value at September 30, 2024 Valuation Techniques / Methodologies Unobservable Input Range Weighted Average (a) Biotechnology $5,142,501 Most advantageous market analysis Most advantageous market coupon rate 13% - 16% 15% Computers & Storage 11,001,365 Most advantageous market analysis Most advantageous market coupon rate 14% - 16% 14% Enterprise Networking 3,404,643 Asset Recovery Probability weighting of alternative outcomes 10% - 50% * Internet 30,802,016 Most advantageous market analysis Most advantageous market coupon rate 14% - 22% 18% Asset Recovery Probability weighting of alternative outcomes 5% - 100%^ Medical Devices 388,065 Most advantageous market analysis Most advantageous market coupon rate 14%* 14% Asset Recovery Probability weighting of alternative outcomes 100%^ Other Healthcare 5,863,961 Most advantageous market analysis Most advantageous market coupon rate 12% - 22% 17% Asset Recovery Probability weighting of alternative outcomes 45% - 100%^ Other Technology 79,556,739 Most advantageous market analysis Most advantageous market coupon rate 11% - 54% 17% Asset Recovery Probability weighting of alternative outcomes 5% - 100%^ Security 2,289,944 Most advantageous market analysis Most advantageous market coupon rate 13%* 13% Asset Recovery Probability weighting of alternative outcomes 100%* Software 30,609,330 Most advantageous market analysis Most advantageous market coupon rate 13% - 26% 17% Asset Recovery Probability weighing of alternative outcomes 5% - 100%^ Technology Services 3,959,096 Most advantageous market analysis Most advantageous market coupon rate 16%* 16% Asset Recovery Probability weighing of alternative outcomes 13% - 50%* Wireless 1,488,418 Most advantageous market analysis Most advantageous market coupon rate 16%* 16% Total Loan Investments $174,506,078 (a) The weighted-average most advantageous market coupon rates were calculated using the relative fair value of the loans. * There is only one loan within this industry that utilizes this valuation technique. ^ Probability weightings vary among loan investments within each industry based on different potential future outcomes. Investment Type - Level 3 Loan Investments Fair Value at December 31, 2023 Valuation Techniques / Methodologies Unobservable Input Range Weighted Average (a) Biotechnology $9,733,622 Most advantageous market analysis Most advantageous market coupon rate 13% - 16% 15% Computers & Storage 16,366,518 Most advantageous market analysis Most advantageous market coupon rate 14% - 16% 14% Enterprise Networking 3,687,334 Asset Recovery Probability weighting of alternative outcomes 10% - 50% * Internet 46,464,670 Most advantageous market analysis Most advantageous market coupon rate 14% - 33% 17% Asset Recovery Probability weighting of alternative outcomes 5% - 100%^ Medical Devices 2,027,424 Most advantageous market analysis Most advantageous market coupon rate 14% - 20% 15% Asset Recovery Probability weighting of alternative outcomes 100%^ Other Healthcare 15,167,781 Most advantageous market analysis Most advantageous market coupon rate 13% - 22% 17% Asset Recovery Probability weighting of alternative outcomes 18% - 100%^ Other Technology 142,995,711 Most advantageous market analysis Most advantageous market coupon rate 11% - 74% 16% Asset Recovery Probability weighting of alternative outcomes 5% - 100%^ Security 3,769,643 Most advantageous market analysis Most advantageous market coupon rate 13% - 16% 14% Asset Recovery Probability weighting of alternative outcomes 100%* Software 44,687,949 Most advantageous market analysis Most advantageous market coupon rate 13% - 37% 17% Asset Recovery Probability weighing of alternative outcomes 20% - 80%^ Technology Services 15,565,953 Most advantageous market analysis Most advantageous market coupon rate 16% - 22% 20% Asset Recovery Probability weighting of alternative outcomes 10% - 60%* Wireless 2,338,176 Most advantageous market analysis Most advantageous market coupon rate 14% - 17% 16% Total Loan Investments $302,804,781 (a) The weighted-average most advantageous market coupon rates were calculated using the relative fair value of the loans. * There is only one loan within this industry that utilizes this valuation technique. ^ Probability weightings vary among loan investments within each industry based on different potential future outcomes.
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present the balances of assets and liabilities as of September 30, 2024 and December 31, 2023 measured at fair value on a recurring basis: As of September 30, 2024 ASSETS: Level 1 Level 2 Level 3 Total Loans † $ — $ — $ 174,506,078 $ 174,506,078 Derivative assets — 996,110 — 996,110 Cash equivalents 12,480,293 — — 12,480,293 Total $ 12,480,293 $ 996,110 $ 174,506,078 $ 187,982,481 LIABILITIES: Level 1 Level 2 Level 3 Total Borrowings under debt facility $ — $ 58,000,000 $ — $ 58,000,000 Total $ — $ 58,000,000 $ — $ 58,000,000 As of December 31, 2023 ASSETS: Level 1 Level 2 Level 3 Total Loans † $ — $ — $ 302,804,781 $ 302,804,781 Derivative assets — 3,049,177 — 3,049,177 Cash equivalents 21,017,408 — — 21,017,408 Total $ 21,017,408 $ 3,049,177 $ 302,804,781 $ 326,871,366 LIABILITIES: Level 1 Level 2 Level 3 Total Borrowings under debt facility $ — $ 142,500,000 $ — $ 142,500,000 Total $ — $ 142,500,000 $ — $ 142,500,000 † For a detailed listing of borrowers comprising this amount, please refer to the Condensed Schedules of Investments.
Schedule of Changes in Level 3 Assets Measured at Fair Value on Recurring Basis	The following tables provide a summary of changes in Level 3 assets measured at fair value on a recurring basis: For the Three Months Ended September 30, 2024 Loans Warrants Beginning balance $ 203,128,872 $ — Acquisitions and originations — 172,925 Principal payments on loans, net of accretion (26,376,393) — Distributions to shareholder — (172,925) Net change in unrealized loss from loans (2,246,401) — Ending balance $ 174,506,078 $ — Net change in unrealized loss from loans relating to loans still held at September 30, 2024 $ (2,241,856) For the Nine Months Ended September 30, 2024 Loans Warrants Stocks Convertible Notes and Others Beginning balance $ 302,804,781 $ — $ — $ — Acquisitions and originations 545,652 1,060,639 4,527,204 3,270,574 Principal payments on loans, net of accretion (115,055,600) — — — Distributions to shareholder — (1,060,639) (4,527,204) (3,270,574) Net realized loss from loans (4,482,099) — — — Net change in unrealized loss from loans (9,306,656) — — — Ending balance $ 174,506,078 $ — $ — $ — Net change in unrealized loss from loans relating to loans still held at September 30, 2024 $ (11,007,504) For the Three Months Ended September 30, 2023 For the Nine Months Ended Loans Warrants Loans Warrants Beginning balance $ 406,252,272 $ — $ 489,691,665 $ — Acquisitions and originations 2,250,000 359,476 27,562,500 3,039,384 Principal payments on loans, net of accretion (48,417,144) — (154,962,702) — Proceeds from sale of loan (1,043,138) — (1,043,138) — Distributions to shareholder — (359,476) — (3,039,384) Net realized loss from loans (438,580) — (437,324) — Net change in unrealized loss from loans (12,428,521) — (14,636,112) — Ending balance $ 346,174,889 $ — $ 346,174,889 $ — Net change in unrealized loss from loans relating to loans still held at September 30, 2023 $ (12,883,539) $ (15,248,678)

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	9 Months Ended
CAPITAL STOCK (Tables)	Sep. 30, 2024
Equity [Abstract]
Schedule of Distributions of Capital Stock	The chart below shows the distributions of the Fund for the nine months ended September 30, 2024 and 2023. For the Nine Months Ended September 30, 2024 For the Nine Months Ended September 30, 2023 Cash distributions $ 51,042,000 $ 97,992,000 Distributions of equity securities 8,858,417 3,039,384 Total distributions to shareholder $ 59,900,417 $ 101,031,384

DEBT FACILITY (Tables)

DEBT FACILITY (Tables)	9 Months Ended
DEBT FACILITY (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of SOFR Rate	As of September 30, 2024, the SOFR rate was as follows: Overnight 4.9600 % Daily Simple SOFR 4.8300 % 30-day Average SOFR 5.1633 % 90-day Average SOFR 5.3094 %
Schedule of the Outstanding Facility Draws	The following is the summary of the outstanding facility draws as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Maturity Date All-In Interest Rate (a) SOFR Rate Loan $58,000,000 $142,500,000 March 31, 2026 Variable based on Daily Simple SOFR rate Total Outstanding $58,000,000 $142,500,000 (a) Inclusive of 2.85% applicable SOFR Rate Loan margin plus Daily Simple SOFR rate.

MANAGEMENT FEE AND RELATED PA_2

MANAGEMENT FEE AND RELATED PARTIES (Tables)	9 Months Ended
MANAGEMENT FEE AND RELATED PARTIES (Tables)	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Management Fees	As compensation for its services to the Fund, from the date of the first capital call, May 1, 2018, the Manager receives a management fee (“Management Fee”). The aggregate annual amount of Management Fee for each annual period (which is comprised of four whole fiscal quarters and which, in the case of the first year, commenced on the first day of the first fiscal quarter follo wing the first capital contribution) calculated as a percentage of committed capital, is as follows: Management Fee Year 1 1.575% Year 2 1.600% Year 3 1.575% Year 4 1.500% Year 5 1.250% Year 6 0.900% Year 7 0.600% Year 8 0.350% Year 9 0.150%

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
DERIVATIVE INSTRUMENTS (Tables)	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Assets	The following table shows the Fund's derivative instruments at fair value on the Fund's Condensed Statements of Assets and Liabilities as of September 30, 2024 and December 31, 2023. Derivative Assets Derivative Instruments September 30, 2024 December 31, 2023 Interest rate collar $ 996,110 $ 3,049,177
Schedule of Effect of Derivative Instruments on Statements of Operations	The following table shows the effect of the Fund's derivative instruments on the Fund's Condensed Statements of Operations for the three and nine months ended September 30, 2024 and 2023. For the Three Months Ended For the Nine Months Ended Derivative Instruments Condensed Statements of Operations Caption September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Interest rate collar Net change in unrealized loss from derivative instruments $ (774,938) $ (1,066,795) $ (2,053,067) $ (5,374,984) Net realized gain from derivative instruments $ 516,347 $ 1,444,268 $ 2,383,856 $ 7,135,561
Schedule of Derivatives, Offsetting Assets	The following table shows the Fund's assets and liabilities related to derivatives by counterparty, net of amounts available for offset under the master netting agreement and net of any collateral received or pledged by the Fund for such assets and liabilities as of September 30, 2024 and December 31, 2023. As of September 30, 2024 Counterparties Derivative Asset Subject to Master Netting Agreement Derivatives Available for Offset Non-cash collateral received Cash Collateral Received Net Amount (1) Zions Bancorporation, N.A. $ 996,110 $ — $ — $ — $ 996,110 Total $ 996,110 $ — $ — $ — $ 996,110 As of December 31, 2023 Counterparties Derivative Asset Subject to Master Netting Agreement Derivatives Available for Offset Non-cash collateral received Cash Collateral Received Net Amount (1) Zions Bancorporation, N.A. $ 3,049,177 $ — $ — $ — $ 3,049,177 Total $ 3,049,177 $ — $ — $ — $ 3,049,177 (1) Net amount of derivative assets represents the net amount due from the counterparty to the Fund.

TAX STATUS (Tables)

TAX STATUS (Tables)	9 Months Ended
TAX STATUS (Tables)	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Cost of Investments for Federal Income Tax Purposes and Appreciation and 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 September 30, 2024 and December 31, 2023: Assets As of September 30, 2024 Cost Unrealized Appreciation Unrealized Depreciation Net Appreciation (Depreciation) Loans $ 231,635,951 $ — $ (57,129,873) $ (57,129,873) Derivative assets — 996,110 — 996,110 Total $ 231,635,951 $ 996,110 $ (57,129,873) $ (56,133,763) As of December 31, 2023 Assets Cost Unrealized Appreciation Unrealized Depreciation Net Appreciation (Depreciation) Loans $ 350,627,997 $ — $ (47,823,216) $ (47,823,216) Derivative assets — 3,049,177 — 3,049,177 Total $ 350,627,997 $ 3,049,177 $ (47,823,216) $ (44,774,039)

FINANCIAL HIGHLIGHTS (Tables)

FINANCIAL HIGHLIGHTS (Tables)	9 Months Ended
FINANCIAL HIGHLIGHTS (Tables)	Sep. 30, 2024
Investment Company [Abstract]
Schedule of Financial Highlights	The following per share data and ratios have been derived from the information provided in the financial statements: For the Three Months Ended September 30, 2024 For the Three Months Ended September 30, 2023 For the Nine Months Ended September 30, 2024 For the Nine Months Ended September 30, 2023 Total return** 0.98 % (1.04 %) 2.46 % 9.69 % Per share amounts: Net asset value, beginning of period $ 1,315.66 $ 2,448.76 $ 1,886.90 $ 2,682.12 Net investment income 37.91 102.06 173.48 383.69 Net realized and change in unrealized loss from loans and derivative instruments (25.05) (124.90) (134.58) (133.13) Net increase (decrease) in net assets resulting from operations 12.86 (22.84) 38.90 250.56 Distributions of income to shareholder (1.73) (112.12) (111.16) (450.67) Return of capital to shareholder — (391.43) (487.85) (559.64) Net asset value, end of period 1,326.79 1,922.37 1,326.79 1,922.37 Net assets, end of period $ 132,679,047 $ 192,237,017 $ 132,679,047 $ 192,237,017 Ratios to average net assets: Expenses* 7.32 % 9.63 % 8.45 % 9.52 % Net investment income* 11.52 % 18.52 % 14.74 % 20.61 % Portfolio turn-over rate — % 0.28 % — % 0.24 % Average debt outstanding $ 67,750,000 $ 181,250,000 $ 95,850,000 $ 211,900,000 Annualized *Total return amounts presented above are not annualized.

ORGANIZATION AND OPERATIONS O_2

ORGANIZATION AND OPERATIONS OF THE FUND (Details) - USD ($)	1 Months Ended	9 Months Ended
ORGANIZATION AND OPERATIONS OF THE FUND (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2024	Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Investment Company, Regulated Status [true false]		true
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Venture Lending & Leasing IX, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued in sale (in shares)	100,000
Common stock, par value (in dollars per share)	$ 0.001
Proceeds from purchase of shares	$ 25,000
Venture Lending & Leasing IX, Inc. \| Venture Lending & Leasing IX, LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage		100%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended		12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Sep. 30, 2024 USD ($) financial_institution bank_account $ / shares shares		Dec. 31, 2023 USD ($) $ / shares shares
Summary of Investment Holdings [Line Items]
Investment Company, Accounting and Reporting under Topic 946 [true false]	true
Number of bank accounts \| bank_account	3
Number of financial institutions \| financial_institution	2
Cash	$ 500,000		$ 500,000
Percent of net assets, cash and cash equivalents	9.78%		11.40%
Loans	$ 174,506,078	[1]	$ 302,804,781	[2]
Percent of assets	91%		90.80%
Loans with costs basis classified as non-accrual	$ 100,100,000		$ 77,700,000
Loans with fair value classified as non-accrual	$ 44,200,000		$ 32,900,000
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	12,480,293		21,017,408
Issuance of shares (in dollars per share) \| $ / shares	$ 1		$ 1
Yield	4.78%		5.26%

[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 most advantageous 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 most advantageous 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	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted-Average Interest Rate – Cash	10.52%	12.97%	12.29%	13.58%
Weighted Average Interest Rate – Non-Cash	2.36%	3.11%	2.90%	3.34%
Weighted-Average Interest Rate	12.88%	16.08%	15.19%	16.92%
Performing Loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted-Average Interest Rate – Cash	13.23%	14.33%	14.54%	14.44%
Weighted Average Interest Rate – Non-Cash	2.99%	3.46%	3.45%	3.56%
Weighted-Average Interest Rate	16.22%	17.79%	17.99%	18%

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value Measurement Inputs and Valuation Techniques (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) loan		Dec. 31, 2023 USD ($) loan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 174,506,078	[1]	$ 302,804,781	[2]
Number of loans within the industry \| loan	1		1
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 174,506,078		$ 302,804,781
Level 3 \| Biotechnology \| Most advantageous market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 5,142,501		$ 9,733,622
Level 3 \| Biotechnology \| Most advantageous market analysis \| Minimum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.13		0.13
Level 3 \| Biotechnology \| Most advantageous market analysis \| Maximum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.16
Level 3 \| Biotechnology \| Most advantageous market analysis \| Weighted Average \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.15		0.15
Level 3 \| Computers & Storage \| Most advantageous market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 11,001,365		$ 16,366,518
Level 3 \| Computers & Storage \| Most advantageous market analysis \| Minimum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.14
Level 3 \| Computers & Storage \| Most advantageous market analysis \| Maximum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.16
Level 3 \| Computers & Storage \| Most advantageous market analysis \| Weighted Average \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.14
Level 3 \| Enterprise Networking \| Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 3,404,643		$ 3,687,334
Level 3 \| Enterprise Networking \| Asset Recovery \| Minimum \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.10		0.10
Level 3 \| Enterprise Networking \| Asset Recovery \| Maximum \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.50		0.50
Level 3 \| Internet \| Valuation, Most Advantageous Market Analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 30,802,016		$ 46,464,670
Level 3 \| Internet \| Most advantageous market analysis \| Minimum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.14
Level 3 \| Internet \| Most advantageous market analysis \| Maximum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.22		0.33
Level 3 \| Internet \| Most advantageous market analysis \| Weighted Average \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.18		0.17
Level 3 \| Internet \| Asset Recovery \| Minimum \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.05		0.05
Level 3 \| Internet \| Asset Recovery \| Maximum \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1		1
Level 3 \| Medical Devices \| Valuation, Most Advantageous Market Analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 388,065		$ 2,027,424
Level 3 \| Medical Devices \| Most advantageous market analysis \| Minimum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.14
Level 3 \| Medical Devices \| Most advantageous market analysis \| Maximum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.20
Level 3 \| Medical Devices \| Most advantageous market analysis \| Weighted Average \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.14		0.15
Level 3 \| Medical Devices \| Asset Recovery \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1		1
Level 3 \| Other Healthcare \| Valuation, Most Advantageous Market Analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 5,863,961		$ 15,167,781
Level 3 \| Other Healthcare \| Most advantageous market analysis \| Minimum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.12		0.13
Level 3 \| Other Healthcare \| Most advantageous market analysis \| Maximum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.22		0.22
Level 3 \| Other Healthcare \| Most advantageous market analysis \| Weighted Average \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.17		0.17
Level 3 \| Other Healthcare \| Asset Recovery \| Minimum \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.45		0.18
Level 3 \| Other Healthcare \| Asset Recovery \| Maximum \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1		1
Level 3 \| Other Technology \| Valuation, Most Advantageous Market Analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 79,556,739		$ 142,995,711
Level 3 \| Other Technology \| Most advantageous market analysis \| Minimum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.11		0.11
Level 3 \| Other Technology \| Most advantageous market analysis \| Maximum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.54		0.74
Level 3 \| Other Technology \| Most advantageous market analysis \| Weighted Average \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.17		0.16
Level 3 \| Other Technology \| Asset Recovery \| Minimum \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.05		0.05
Level 3 \| Other Technology \| Asset Recovery \| Maximum \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1		1
Level 3 \| Security \| Valuation, Most Advantageous Market Analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 2,289,944		$ 3,769,643
Level 3 \| Security \| Most advantageous market analysis \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.13
Level 3 \| Security \| Most advantageous market analysis \| Minimum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.13
Level 3 \| Security \| Most advantageous market analysis \| Maximum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.16
Level 3 \| Security \| Most advantageous market analysis \| Weighted Average \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.13		0.14
Level 3 \| Security \| Asset Recovery \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1		1
Level 3 \| Software \| Valuation, Most Advantageous Market Analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 30,609,330		$ 44,687,949
Level 3 \| Software \| Most advantageous market analysis \| Minimum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.13		0.13
Level 3 \| Software \| Most advantageous market analysis \| Maximum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.26		0.37
Level 3 \| Software \| Most advantageous market analysis \| Weighted Average \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.17		0.17
Level 3 \| Software \| Asset Recovery \| Minimum \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.05		0.20
Level 3 \| Software \| Asset Recovery \| Maximum \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1		0.80
Level 3 \| Technology Services \| Valuation, Most Advantageous Market Analysis and Asset Recovery
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 3,959,096		$ 15,565,953
Level 3 \| Technology Services \| Most advantageous market analysis \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16
Level 3 \| Technology Services \| Most advantageous market analysis \| Minimum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.16
Level 3 \| Technology Services \| Most advantageous market analysis \| Maximum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.22
Level 3 \| Technology Services \| Most advantageous market analysis \| Weighted Average \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.20
Level 3 \| Technology Services \| Asset Recovery \| Minimum \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.13		0.10
Level 3 \| Technology Services \| Asset Recovery \| Maximum \| Probability weighting of alternative outcomes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.50		0.60
Level 3 \| Wireless \| Most advantageous market analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,488,418		$ 2,338,176
Level 3 \| Wireless \| Most advantageous market analysis \| Minimum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.14
Level 3 \| Wireless \| Most advantageous market analysis \| Maximum \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.17
Level 3 \| Wireless \| Most advantageous market analysis \| Weighted Average \| Most advantageous market coupon rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.16		0.16

[1]There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a most advantageous 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 most advantageous 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 ($)	Sep. 30, 2024		Dec. 31, 2023
ASSETS:
Loans	$ 174,506,078	[1]	$ 302,804,781	[2]
Derivative assets	996,110		3,049,177
Cash equivalents	12,480,293		21,017,408
Total	187,982,481		326,871,366
LIABILITIES:
Borrowings under debt facility	58,000,000		142,500,000
Total	58,000,000		142,500,000
Level 1
ASSETS:
Loans	0		0
Derivative assets	0		0
Cash equivalents	12,480,293		21,017,408
Total	12,480,293		21,017,408
LIABILITIES:
Borrowings under debt facility	0		0
Total	0		0
Level 2
ASSETS:
Loans	0		0
Derivative assets	996,110		3,049,177
Cash equivalents	0		0
Total	996,110		3,049,177
LIABILITIES:
Borrowings under debt facility	58,000,000		142,500,000
Total	58,000,000		142,500,000
Level 3
ASSETS:
Loans	174,506,078		302,804,781
Derivative assets	0		0
Cash equivalents	0		0
Total	174,506,078		302,804,781
LIABILITIES:
Borrowings under debt facility	0		0
Total	$ 0		$ 0

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

FAIR VALUE DISCLOSURES - Change

FAIR VALUE DISCLOSURES - Changes in Level 3 Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 203,128,872	$ 406,252,272	$ 302,804,781	$ 489,691,665
Acquisitions and originations	0	2,250,000	545,652	27,562,500
Principal payments on loans, net of accretion and Distributions to shareholder	(26,376,393)	(48,417,144)	(115,055,600)	(154,962,702)
Proceeds from sale of loan		(1,043,138)		(1,043,138)
Net realized loss from loans and Net change in unrealized loss from loans	(2,246,401)
Ending balance	174,506,078	346,174,889	174,506,078	346,174,889
Net change in unrealized loss from loans relating to loans still held	(2,241,856)	(12,883,539)	(11,007,504)	(15,248,678)
Loans \| Net realized loss from loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized loss from loans and Net change in unrealized loss from loans		(438,580)	(4,482,099)	(437,324)
Loans \| Net change in unrealized loss from loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized loss from loans and Net change in unrealized loss from loans		(12,428,521)	(9,306,656)	(14,636,112)
Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	0	0	0
Acquisitions and originations	172,925	359,476	1,060,639	3,039,384
Principal payments on loans, net of accretion and Distributions to shareholder	(172,925)	(359,476)	(1,060,639)	(3,039,384)
Ending balance	0	$ 0	0	$ 0
Stocks
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance			0
Acquisitions and originations			4,527,204
Principal payments on loans, net of accretion and Distributions to shareholder			(4,527,204)
Ending balance	0		0
Convertible Notes and Others
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance			0
Acquisitions and originations			3,270,574
Principal payments on loans, net of accretion and Distributions to shareholder			(3,270,574)
Ending balance	$ 0		$ 0

CAPITAL STOCK - Narrative (Deta

CAPITAL STOCK - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
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	$ 460	$ 460
Contributed capital to shareholder	$ 407.1	$ 407.1

CAPITAL STOCK - Distributions o

CAPITAL STOCK - Distributions of Capital Stock (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Dividends Payable [Line Items]
Total distributions to shareholder	$ 59,900,417	$ 101,031,384
Cash distributions
Dividends Payable [Line Items]
Total distributions to shareholder	51,042,000	97,992,000
Distributions of equity securities
Dividends Payable [Line Items]
Total distributions to shareholder	$ 8,858,417	$ 3,039,384

DEBT FACILITY - Narrative (Deta

DEBT FACILITY - Narrative (Details) - USD ($)	9 Months Ended
DEBT FACILITY - Narrative (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Oct. 26, 2023
Debt Instrument [Line Items]
Asset coverage ratio	327%	231%
Borrowings under debt facility	$ 58,000,000	$ 142,500,000
Revolving Credit Facility \| Loan Agreement \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 79,500,000		$ 185,000,000
Quarterly reduction in commitments, percentage			10%
Basis spread on variable rate	2.85%
Percentage of maximum amount available	50%
Borrowings under debt facility	$ 58,000,000	142,500,000
Bank fees and other costs			$ 5,000,000
Unamortized fees and costs	$ 800,000	$ 1,300,000
Derivative, notional amount, required percent of debt outstanding	50%
Debt covenants, threshold outstanding principal balance	$ 40,000,000
Revolving Credit Facility \| Loan Agreement \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Commitment fee	0.25%
Revolving Credit Facility \| Loan Agreement \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Commitment fee	0.50%
Revolving Credit Facility \| Loan Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Interest period (in months)	1 month
Revolving Credit Facility \| Loan Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Interest period (in months)	3 months
Revolving Credit Facility \| Loan Agreement, First Amendment \| Line of Credit \| Reference Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility \| Loan Agreement, First Amendment \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.60%
Revolving Credit Facility \| Loan Agreement, First Amendment \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.65%
Revolving Credit Facility \| Loan Agreement, Third Amendment \| Line of Credit \| Reference Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Revolving Credit Facility \| Loan Agreement, Third Amendment \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.85%
Revolving Credit Facility \| Loan Agreement, Third Amendment \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.90%

DEBT FACILITY - SOFR Rate (Deta

DEBT FACILITY - SOFR Rate (Details)	Sep. 30, 2024
Revolving Credit Facility \| Loan Agreement \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, reference rate	4.83%

DEBT FACILITY - Schedule of the

DEBT FACILITY - Schedule of the Outstanding Facility Draws (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Borrowings under debt facility	$ 58,000,000	$ 142,500,000
Revolving Credit Facility \| Loan Agreement \| Line of Credit
Debt Instrument [Line Items]
Borrowings under debt facility	$ 58,000,000	$ 142,500,000
Basis spread on variable rate	2.85%

MANAGEMENT FEE AND RELATED PA_3

MANAGEMENT FEE AND RELATED PARTIES - Management Fees (Details)	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024
Related Party Transaction [Line Items]
Management Fee	0.60%	0.90%	0.90%	1.25%
Year 1
Related Party Transaction [Line Items]
Management Fee					1.575%
Year 2
Related Party Transaction [Line Items]
Management Fee					1.60%
Year 3
Related Party Transaction [Line Items]
Management Fee					1.575%
Year 4
Related Party Transaction [Line Items]
Management Fee					1.50%
Year 5
Related Party Transaction [Line Items]
Management Fee					1.25%
Year 6
Related Party Transaction [Line Items]
Management Fee					0.90%
Year 7
Related Party Transaction [Line Items]
Management Fee					0.60%
Year 8
Related Party Transaction [Line Items]
Management Fee					0.35%
Year 9
Related Party Transaction [Line Items]
Management Fee					0.15%

MANAGEMENT FEE AND RELATED PA_4

MANAGEMENT FEE AND RELATED PARTIES - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transactions [Abstract]
Management fee rate	0.60%	0.90%	0.90%	1.25%
Management fees	$ 690,000	$ 1,035,000			$ 2,760,000	$ 3,910,000

DERIVATIVE INSTRUMENTS - Narrat

DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative liability	$ 0	$ 0
Interest Rate Collar, Cap Rate 1.36%, Floor Rate 0.42%, Maturity 6/30/2025 \| Zions Bancorporation, N.A.
Derivative [Line Items]
Derivative, notional amount	$ 50,000,000	$ 50,000,000
Cap interest rate	1.36%
Floor interest rate	0.42%
Interest Rate Collar, Terminated
Derivative [Line Items]
Derivative, notional amount	$ 90,000,000

DERIVATIVE INSTRUMENTS - Fair V

DERIVATIVE INSTRUMENTS - Fair Value of Derivative Assets and Liabilities (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative Assets	$ 996,110	$ 3,049,177
Interest rate collar
Derivative [Line Items]
Derivative Assets	$ 996,110	$ 3,049,177

DERIVATIVE INSTRUMENTS - Effect

DERIVATIVE INSTRUMENTS - Effect of Derivative Instruments on Statements of Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Net change in unrealized loss from derivative instruments	$ (774,938)	$ (1,066,795)	$ (2,053,067)	$ (5,374,984)
Net realized gain from derivative instruments	516,347	1,444,268	2,383,856	7,135,561
Interest rate collar
Derivative [Line Items]
Net change in unrealized loss from derivative instruments	(774,938)	(1,066,795)	(2,053,067)	(5,374,984)
Net realized gain from derivative instruments	$ 516,347	$ 1,444,268	$ 2,383,856	$ 7,135,561

DERIVATIVE INSTRUMENTS - Deriva

DERIVATIVE INSTRUMENTS - Derivatives, Offsetting Assets (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative Asset Subject to Master Netting Agreement	$ 996,110	$ 3,049,177
Derivatives Available for Offset	0	0
Non-cash collateral received	0	0
Cash Collateral Received	0	0
Net Amount	996,110	3,049,177
Zions Bancorporation, N.A.
Derivative [Line Items]
Derivative Asset Subject to Master Netting Agreement	996,110	3,049,177
Derivatives Available for Offset	0	0
Non-cash collateral received	0	0
Cash Collateral Received	0	0
Net Amount	$ 996,110	$ 3,049,177

TAX STATUS - Cost of Investment

TAX STATUS - Cost of Investments for Federal Income Tax Purposes and Appreciation (Depreciation) of Investments (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Cost	$ 231,635,951	$ 350,627,997
Unrealized Appreciation	996,110	3,049,177
Unrealized Depreciation	(57,129,873)	(47,823,216)
Net Appreciation (Depreciation)	(56,133,763)	(44,774,039)
Loans
Schedule of Investments [Line Items]
Cost	231,635,951	350,627,997
Unrealized Appreciation	0	0
Unrealized Depreciation	(57,129,873)	(47,823,216)
Net Appreciation (Depreciation)	(57,129,873)	(47,823,216)
Derivative assets
Schedule of Investments [Line Items]
Cost	0	0
Unrealized Appreciation	996,110	3,049,177
Unrealized Depreciation	0	0
Net Appreciation (Depreciation)	$ 996,110	$ 3,049,177

TAX STATUS - Narrative (Details

TAX STATUS - Narrative (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Unrealized Appreciation	$ 996,110	$ 3,049,177
Unrealized Depreciation	57,129,873	47,823,216
Liability
Schedule of Investments [Line Items]
Unrealized Appreciation	0	0
Unrealized Depreciation	$ 0	$ 0

FINANCIAL HIGHLIGHTS (Details)

FINANCIAL HIGHLIGHTS (Details) - USD ($)	3 Months Ended		9 Months Ended
FINANCIAL HIGHLIGHTS (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Investment Company [Abstract]
Total return	0.98%	(1.04%)	2.46%	9.69%
Per share amounts:
Net asset value, beginning of period (in dollars per share)	$ 1,315.66	$ 2,448.76	$ 1,886.9	$ 2,682.12
Net investment income (in dollars per share)	37.91	102.06	173.48	383.69
Net realized and change in unrealized loss from loans and derivative instruments (in dollars per share)	(25.05)	(124.90)	(134.58)	(133.13)
Net increase (decrease) in net assets resulting from operations (in dollars per share)	12.86	(22.84)	38.90	250.56
Distributions of income to shareholder (in dollars per share)	(1.73)	(112.12)	(111.16)	(450.67)
Return of capital to shareholder (in dollars per share)	0	(391.43)	(487.85)	(559.64)
Net asset value, end of period (in dollars per share)	$ 1,326.79	$ 1,922.37	$ 1,326.79	$ 1,922.37
Net assets, end of period	$ 132,679,047	$ 192,237,017	$ 132,679,047	$ 192,237,017	$ 131,566,217	$ 188,689,833	$ 244,876,231	$ 268,212,295
Ratios to average net assets:
Expenses	7.32%	9.63%	8.45%	9.52%
Net investment income	11.52%	18.52%	14.74%	20.61%
Portfolio turn-over rate	0%	0.28%	0%	0.24%
Average debt outstanding	$ 67,750,000	$ 181,250,000	$ 95,850,000	$ 211,900,000