UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q



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

For the quarterly period ended March 31, 2020



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

For the transition period from ___________ to ______________

Commission file number 814-00969

Venture Lending & Leasing VII, Inc.

(Exact Name of Registrant as specified in its charter)



Maryland	45-5589518
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

104 La Mesa Drive, Suite 102, Portola Valley, CA	94028
(Address of principal executive offices)	(Zip Code)

(650) 234-4300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [x] No [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [ ] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer [ ]	Accelerated filer [ ]	Non-accelerated filer [x]	Smaller reporting company [ ]
Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [x]

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:



Class		Outstanding as of May 12, 2020
Common Stock, $0.001 par value		100,000

VENTURE LENDING & LEASING VII, INC.

INDEX



PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Statements of Assets and Liabilities (Unaudited)
	As of March 31, 2020 and December 31, 2019

	Condensed Statements of Operations (Unaudited)
	For the three months ended March 31, 2020 and 2019

	Condensed Statements of Changes in Net Assets (Unaudited)
	For the three months ended March 31, 2020 and 2019

	Condensed Statements of Cash Flows (Unaudited)
	For the three months ended March 31, 2020 and 2019

	Condensed Schedules of Investments (Unaudited)
	As of March 31, 2020 and December 31, 2019

	Condensed Schedules of Open Swap Contract (Unaudited)
	As of March 31, 2020 and December 31, 2019

	Notes to Condensed Financial Statements (Unaudited)

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.	Quantitative and Qualitative Disclosures About Market Risk

Item 4.	Controls and Procedures

PART II — OTHER INFORMATION

Item 1.	Legal Proceedings

Item 1A.	Risk Factors

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.	Defaults Upon Senior Securities

Item 4.	Mine Safety Disclosures

Item 5.	Other Information

Item 6.	Exhibits

SIGNATURES

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

VENTURE LENDING & LEASING VII, INC.

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

AS OF MARCH 31, 2020 AND DECEMBER 31, 2019



	March 31, 2020			December 31, 2019
ASSETS
Loans, at estimated fair value
(cost of $89,494,422 and $104,598,706)	$	69,404,144		$	85,964,990
Cash and cash equivalents	421,605			354,105
Dividend and interest receivables	669,349			843,808
Other assets	311,707			357,581

Total assets	70,806,805			87,520,484

LIABILITIES
Borrowings under debt facility	14,500,000			15,400,000
Accrued management fees	442,543			547,003
Derivative liability - interest rate swap	37,891			22,136
Accounts payable and other accrued liabilities	100,421			283,325

Total liabilities	15,080,855			16,252,464

NET ASSETS	$	55,725,950		$	71,268,020

Analysis of Net Assets:

Capital paid in on shares of capital stock	$	323,245,000		$	323,245,000
Total distributable losses	(267,519,050		)	(251,976,980		)
Net assets (equivalent to $557.26 and $712.68 per share based on 100,000 shares of capital stock outstanding - See Note 5 and Note 10)	$	55,725,950		$	71,268,020

See notes to condensed financial statements.

VENTURE LENDING & LEASING VII, INC.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019



	For the Three Months Ended March 31, 2020			For the Three Months Ended March 31, 2019

INVESTMENT INCOME:
Interest on loans	$	2,200,982		$	6,602,685
Other interest and other income	1,660			21,276
Total investment income	2,202,642			6,623,961

EXPENSES:
Management fees	442,543			1,086,542
Interest expense	222,622			1,034,182
Banking and professional fees	112,059			178,616
Other operating expenses	33,730			39,955
Total expenses	810,954			2,339,295
Net investment income	1,391,688			4,284,666

Net realized gain (loss) from loans	(419,627		)	4,125
Net realized gain (loss) from derivative instruments	(11,138		)	79,220
Net change in unrealized loss from loans	(1,456,561		)	(503,299		)
Net change in unrealized loss from derivative instruments	(15,755		)	(147,050		)
Net realized and change in unrealized loss from loans and derivative instruments	(1,903,081		)	(567,004		)
Net increase (decrease) in net assets resulting from operations	$	(511,393	)	$	3,717,662

Amounts per common share:
Net increase (decrease) in net assets resulting from operations per share	$	(5.11	)	$	37.18
Weighted average shares outstanding	100,000			100,000

See notes to condensed financial statements.

VENTURE LENDING & LEASING VII, INC.

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019



	Common Stock
	Shares	Par Value		Additional Paid-in Capital		Total Distributable Earnings (Loss)			Net Assets
Balance at December 31, 2018	100,000	$	100	$	322,644,900	$	(194,846,577	)	$	127,798,423
Net increase in net assets resulting from operations	—	—		—		3,717,662			3,717,662
Distributions to shareholder	—	—		—		(17,575,093		)	(17,575,093		)
Balance at March 31, 2019	100,000	$	100	$	322,644,900	$	(208,704,008	)	$	113,940,992

Balance at December 31, 2019	100,000	$	100	$	323,244,900	$	(251,976,980	)	$	71,268,020
Net decrease in net assets resulting from operations	—	—		—		(511,393		)	(511,393		)
Distributions to shareholder	—	—		—		(15,030,677		)	(15,030,677		)
Balance at March 31, 2020	100,000	$	100	$	323,244,900	$	(267,519,050	)	$	55,725,950

See notes to condensed financial statements.

VENTURE LENDING & LEASING VII, INC.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019



	For the Three Months Ended March 31, 2020			For the Three Months Ended March 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase (decrease) in net assets resulting from operations	$	(511,393	)	$	3,717,662
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Net realized (gain) loss from loans	419,627			(4,125		)
Net realized (gain) loss from derivative instruments	11,138			(79,220		)
Net change in unrealized loss from loans	1,456,561			503,299
Net change in unrealized loss from derivative instruments	15,755			147,050
Amortization of deferred costs related to borrowing facility	93,593			93,593
Net decrease in dividend and interest receivables	174,459			533,108
Net increase in other assets	(47,717		)	(38,445		)
Net decrease in accounts payable, other accrued liabilities and accrued management fees	(287,365		)	(385,805		)
Principal payments on loans	14,653,980			39,700,563
Net cash provided by operating activities	15,978,638			44,187,680
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions to shareholder	(15,000,000		)	(17,500,000		)
Borrowings under debt facility	15,600,000			—
Repayments of borrowings under debt facility	(16,500,000		)	(29,000,000		)
Payments made for interest rate swap	(11,138		)	—
Payments received from interest rate swap	—			79,220
Net cash used in financing activities	(15,911,138		)	(46,420,780		)
Net increase (decrease) in cash and cash equivalents	67,500			(2,233,100		)
CASH AND CASH EQUIVALENTS:
Beginning of period	354,105			2,839,766
End of period	$	421,605		$	606,666
SUPPLEMENTAL DISCLOSURES:
CASH PAID DURING THE PERIOD:
Interest - Debt facility	$	158,302		$	1,027,516
NON-CASH OPERATING AND FINANCING ACTIVITIES:
Distributions of equity securities and convertible loan to shareholder	$	30,677		$	75,093
Receipt of equity securities and convertible loan as repayment of loans	$	30,677		$	75,093

See notes to condensed financial statements.

VENTURE LENDING & LEASING VII, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)

AS OF MARCH 31, 2020



Industry	Borrower	Percent of Net Assets (a)		Collateral	Interest Rate	End of Term Payment	Principal		Cost		Fair Value		Final Maturity Date
Computers & Storage
	Canary Connect, Inc.			Senior Secured	12.8%		$	439,940	$	398,884	$	398,884	12/1/2020
Computers & Storage Total		0.7	%				$	439,940	$	398,884	$	398,884

Internet
	Amino Payments, Inc.			Senior Secured	10.8%		$	419,483	$	398,486	$	398,486	9/1/2021
	Bombfell, Inc.			Senior Secured	11.0%		567,407		560,884		215,072		10/1/2021
	Cowboy Analytics, LLC			Senior Secured	5.5%		259,030		136,647		60,889		*
	CustomMade, Inc.			Senior Secured	—%		1,651,771		706,776		706,776		*
	Digital Caddies, Inc. **			Senior Secured	18.0%		989,068		987,584		—		*
	Giddy Apps, Inc.			Senior Secured	11.5%		1,240,498		958,954		—		*
	Leading ED, Inc.			Senior Secured	10.0%		175,000		76		—		*
	Relay Network, LLC			Senior Secured	8.0%	4.4%	254,276		253,274		253,274		9/1/2020
	Relay Network, LLC			Senior Secured	8.0%	4.4%	254,261		251,675		251,675		9/1/2020
	Relay Network, LLC Subtotal						508,537		504,949		504,949
	Tango Card, Inc.			Senior Secured	12.0%		439,740		437,208		437,208		11/1/2020
	Wristcam Inc. ** ^			Senior Secured	11.0%		3,775,908		2,862,047		892,100		*
	YouDocs Beauty, Inc.			Senior Secured	11.0%		1,350,000		1,192,024		1,192,024		*
Internet Total		7.9	%				$	11,376,442	$	8,745,635	$	4,407,504

Medical Devices
	AxioMed, Inc.			Unsecured	—%		$	14,238	$	14,238	$	—	*
	Renovia, Inc.			Senior Secured	11.0%		504,559		491,908		491,908		9/1/2021
Medical Devices Total		0.9	%				$	518,797	$	506,146	$	491,908

Other Healthcare
	4G Clinical LLC			Senior Secured	11.0%		$	148,215	$	147,037	$	147,037	7/1/2020
	Clover Health Investments Corporation			Senior Secured	11.0%		13,322,622		13,322,622		13,322,622		3/1/2022
	Clover Health Investments Corporation			Senior Secured	11.3%		8,701,341		8,701,341		8,701,341		10/1/2022
	Clover Health Investments Corporation Subtotal						22,023,963		22,023,963		22,023,963
	mPharma Data, Inc. ** ^			Senior Secured	10.0%		99,646		98,370		98,370		11/1/2020
	mPharma Data, Inc. ** ^			Senior Secured	10.0%		147,024		146,174		146,174		3/1/2021
	mPharma Data, Inc. ** ^ Subtotal						246,670		244,544		244,544
	Myolex, Inc.			Senior Secured	18.0%		762,531		726,537		238,967		*



Industry	Borrower	Percent of Net Assets (a)		Collateral	Interest Rate	End of Term Payment	Principal		Cost		Fair Value		Final Maturity Date
	Physician Software Systems, LLC			Senior Secured	18.0%		164,677		148,042		—		*
	Sparta Software Corporation			Senior Secured	10.0%	2.5%	23,594		23,400		23,400		6/1/2020
Other Healthcare Total		40.7	%				$	23,369,650	$	23,313,523	$	22,677,911

Other Technology
	BloomLife, Inc.			Senior Secured	12.0%		$	11,389	$	11,343	$	11,343	4/1/2020
	Consumer Physics, Inc. ** ^			Senior Secured	11.0%		822,994		793,820		634,439		1/1/2022
	Flo Water, Inc.			Senior Secured	11.5%		25,989		25,763		25,763		5/1/2020
	Gap Year Global, Inc.			Senior Secured	18.0%		90,768		86,359		—		*
	Heartwork, Inc.			Senior Secured	18.0%		379,462		371,981		27,353		*
	Hint, Inc.			Senior Secured	11.0%		1,403,311		1,403,311		1,403,311		7/1/2021
	Hint, Inc.			Senior Secured	11.0%		1,071,420		1,042,496		1,042,496		3/1/2021
	Hint, Inc. Subtotal						2,474,731		2,445,807		2,445,807
	LanzaTech New Zealand Ltd.			Senior Secured	13.3%		1,086,419		1,080,877		1,080,877		3/1/2021
	LanzaTech New Zealand Ltd.			Senior Secured	13.0%		699,939		697,027		697,027		9/1/2020
	LanzaTech New Zealand Ltd. Subtotal						1,786,358		1,777,904		1,777,904
	MobyFox, Inc.			Senior Secured	4.0%		500,000		193,300		9,800		*
	Neuehouse, LLC			Senior Secured	12.0%		1,750,000		1,297,265		1,297,265		*
	Noteleaf, Inc.			Senior Secured	11.0%		330,630		328,716		328,716		9/1/2020
	PDQ Enterprises LLC **			Senior Secured	11.0%		1,272,504		1,263,494		1,263,494		2/1/2021
	PLAE, Inc.			Senior Secured	18.0%		621,378		614,983		8,359		*
	Plenty Unlimited, Inc.			Senior Secured	9.0%	11.7%	1,884,596		1,841,834		1,841,834		9/1/2021
	Plenty Unlimited, Inc.			Senior Secured	9.0%	11.7%	547,400		539,664		539,664		1/1/2021
	Plenty Unlimited, Inc.			Senior Secured	9.0%	9.4%	600,282		596,804		596,804		3/1/2021
	Plenty Unlimited, Inc. Subtotal						3,032,278		2,978,302		2,978,302
	TAE Technologies, Inc.			Senior Secured	12.5%		1,164,557		1,155,018		1,155,018		4/1/2021
	TAE Technologies, Inc.			Senior Secured	12.5%		4,321,612		4,245,134		4,245,134		3/1/2021
	TAE Technologies, Inc. Subtotal						5,486,169		5,400,152		5,400,152
	VentureBeat, Inc.			Senior Secured	12.0%		825,775		582,306		162,669		*
	Virtuix Holdings, Inc.			Senior Secured	11.0%		111,103		110,357		67,985		7/1/2020
Other Technology Total		29.5	%				$	19,521,528	$	18,281,852	$	16,439,351

Security
	Nok Nok Labs, Inc.			Senior Secured	12.5%		$	212,231	$	202,852	$	202,852	12/1/2020
Security Total		0.4	%				$	212,231	$	202,852	$	202,852



Industry	Borrower	Percent of Net Assets (a)		Collateral	Interest Rate	End of Term Payment	Principal		Cost		Fair Value		Final Maturity Date
Semiconductors & Equipment
	ETA Compute, Inc.			Senior Secured	10.5%		$	45,885	$	45,761	$	45,761	8/1/2020
Semiconductors & Equipment Total		0.1	%				$	45,885	$	45,761	$	45,761

Software
	Aptible, Inc.			Senior Secured	11.8%		$	91,403	$	90,431	$	90,431	2/1/2021
	Bloomboard, Inc.			Senior Secured	11.5%		2,501,330		1,651,360		627,219		*
	DealPath, Inc.			Senior Secured	11.0%		777,338		767,387		767,387		5/1/2021
	Estify, Inc.			Senior Secured	18.0%		842,819		810,625		227,410		*
	FieldAware US, Inc.			Senior Secured	11.0%		7,616,117		7,042,946		4,348,233		*
	Gearbox Software, LLC			Senior Secured	11.0%		1,072,354		1,068,685		1,068,685		3/1/2021
	Gearbox Software, LLC			Senior Secured	11.0%		582,445		580,837		580,837		11/1/2020
	Gearbox Software, LLC			Senior Secured	11.0%		660,846		648,797		648,797		9/1/2020
	Gearbox Software, LLC Subtotal						2,315,645		2,298,319		2,298,319
	GoFormz, Inc.			Senior Secured	12.0%		566,875		548,180		548,180		11/1/2020
	Invoice2Go, Inc.			Senior Secured	11.8%		749,578		738,544		738,544		4/1/2021
	Invoice2Go, Inc.			Senior Secured	11.8%		749,638		749,638		749,638		4/1/2021
	Invoice2Go, Inc.			Senior Secured	11.8%		112,544		111,311		111,311		6/1/2020
	Invoice2Go, Inc.			Senior Secured	11.8%		642,598		642,598		642,598		4/1/2021
	Invoice2Go, Inc. Subtotal						2,254,358		2,242,091		2,242,091
	Metarail, Inc.			Senior Secured	12.0%		648,564		629,686		189,726		6/1/2022
	Migo Money, Inc. ** ^			Senior Secured	12.0%		74,832		74,009		74,009		7/1/2020
	Swrve, Inc.			Senior Secured	11.8%		730,573		704,506		704,506		11/1/2020
	The/Studio Technologies, Inc.			Senior Secured	11.0%		83,736		82,793		82,793		6/1/2020
	Truss Technology Corporation			Senior Secured	2.2%		2,000,000		238,275		—		*
	VenueNext, Inc.			Senior Secured	18.0%		113,271		105,923		97,965		*
	Viewpost Holdings, LLC.			Senior Secured	11.5%		11,000,000		10,221,541		3,544,377		*
	Vuemix, Inc.			Senior Secured	11.3%		72,949		71,949		71,949		11/1/2020
	Xeeva, Inc.			Senior Secured	12.0%		371,088		370,180		370,180		7/1/2020
Software Total		29.2	%				$	32,060,898	$	27,950,201	$	16,284,775

Technology Services
	AirHelp, Inc.			Senior Secured	10.0%		$	158,889	$	158,196	$	158,196	10/1/2020
	AirHelp, Inc.			Senior Secured	10.0%		91,786		91,550		91,550		7/1/2020
	AirHelp, Inc.			Senior Secured	10.0%		92,537		92,106		92,106		5/1/2020
	AirHelp, Inc. Subtotal						343,212		341,852		341,852
	Akademos, Inc.			Junior Secured	13.5%	1.5%	202,608		196,553		196,553		8/1/2020



Industry	Borrower	Percent of Net Assets (a)		Collateral	Interest Rate	End of Term Payment	Principal		Cost		Fair Value		Final Maturity Date
	Blazent, Inc.			Senior Secured	12.0%		1,554,190		1,130,110		435,702		*
	Blue Technologies Limited ** ^			Senior Secured	11.0%		18,753		18,704		18,704		4/1/2020
	Callisto Media, Inc.			Senior Secured	10.0%		677,238		674,529		674,529		3/1/2021
	Callisto Media, Inc.			Senior Secured	10.0%		439,311		438,179		438,179		6/1/2020
	Callisto Media, Inc.			Senior Secured	10.0%		347,101		346,350		346,350		9/1/2020
	Callisto Media, Inc.			Senior Secured	10.0%		514,237		512,653		512,653		12/1/2020
	Callisto Media, Inc. Subtotal						1,977,887		1,971,711		1,971,711
	Dolly, Inc.			Senior Secured	12.0%		591,692		581,023		581,023		5/1/2021
	Fluxx Labs			Senior Secured	11.8%		225,096		224,199		224,199		6/1/2020
	PayJoy, Inc. **			Senior Secured	10.0%		591,576		575,538		575,538		8/1/2021
	TrueFacet, Inc.			Senior Secured	18.0%		946,610		839,387		23,263		*
	Zeel Networks, Inc.			Senior Secured	11.0%		481,576		462,563		378,725		8/1/2020
Technology Services Total		8.5	%				$	6,933,200	$	6,341,640	$	4,747,270

Wireless
	Nextivity, Inc.			Senior Secured	12.0%		$	2,506,961	$	2,506,849	$	2,506,849	6/1/2021
	Nextivity, Inc.			Senior Secured	12.0%		683,871		683,871		683,871		6/1/2021
	Nextivity, Inc. Subtotal						3,190,832		3,190,720		3,190,720
	Parallel Wireless, Inc.			Senior Secured	11.8%		132,587		132,292		132,292		4/1/2020
	Parallel Wireless, Inc.			Senior Secured	11.8%		386,326		384,916		384,916		10/1/2020
	Parallel Wireless, Inc. Subtotal						518,913		517,208		517,208
Wireless Total		6.6	%				$	3,709,745	$	3,707,928	$	3,707,928

	Grand Total	124.5	%				$	98,188,316	$	89,494,422	$	69,404,144

* As of March 31, 2020, loans with a cost basis of $32.9 million and a fair value of $13.9 million were classified as non-accrual. These loans have been accelerated from their original maturity and are due in their entirety. During the period for which these loans have been on non-accrual status, no interest income has been recognized.

** Indicates assets that the Fund deems “non-qualifying assets.” As of March 31, 2020, 5.3% 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 at the time of acquisition of any additional non-qualifying assets. As part of this calculation, the numerator consists of the value of the Fund's investments in all eligible portfolio companies and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.

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

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

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

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

As of March 31, 2020, all loans were made to non-affiliates.

See notes to condensed financial statement.

VENTURE LENDING & LEASING VII, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)

AS OF DECEMBER 31, 2019



Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Cost		Fair Value		Maturity Date
Computers & Storage
	Canary Connect, Inc.		Senior Secured	12.8%		$	577,487	$	509,119	$	509,119	12/1/2020
	Rigetti & Co., Inc.		Senior Secured	9.0%	2.8%	194,537		194,122		194,122		1/1/2020
Computers & Storage Total		1.0%				$	772,024	$	703,241	$	703,241

Internet
	Amino Payments, Inc.		Senior Secured	10.8%		$	448,596	$	422,199	$	422,199	9/1/2021
	Bombfell, Inc.		Senior Secured	11.0%		656,522		647,811		647,811		10/1/2021
	Cowboy Analytics, LLC		Senior Secured	5.5%		259,030		142,347		71,877		*
	CustomMade, Inc.		Senior Secured	0.0%		1,651,771		706,026		706,026		*
	Digital Caddies, Inc. **		Senior Secured	18.0%		989,068		987,584		—		*
	Giddy Apps, Inc.		Senior Secured	11.5%		1,240,498		965,454		—		*
	Leading ED, Inc.		Senior Secured	10.0%		175,000		76		—		*
	Relay Network, LLC		Senior Secured	8.0%	4.4%	355,349		353,403		353,403		9/1/2020
	Relay Network, LLC		Senior Secured	8.0%	4.4%	355,319		350,310		350,310		9/1/2020
	Relay Network, LLC Subtotal					710,668		703,713		703,713
	Spot.IM, Ltd. ** ^		Senior Secured	11.8%		46,419		45,732		45,732		5/1/2020
	Spot.IM, Ltd. ** ^		Senior Secured	12.5%		46,752		46,415		46,415		5/1/2020
	Spot.IM, Ltd. ** ^ Subtotal					93,171		92,147		92,147
	Tango Card, Inc.		Senior Secured	12.0%		595,825		591,279		591,279		11/1/2020
	Wristcam Inc. ** ^		Senior Secured	11.0%		3,775,908		3,069,657		890,055		*
	YouDocs Beauty, Inc.		Senior Secured	11.0%		1,350,000		1,192,024		1,192,024		*
Internet Total		7.5%				$	11,946,057	$	9,520,317	$	5,317,131

Medical Devices
	AxioMed, Inc.		Unsecured	0.0%		$	14,238	$	14,238	$	—	*
	Renovia, Inc.		Senior Secured	11.0%		220,276		217,530		217,530		6/1/2020
	Renovia, Inc.		Senior Secured	11.0%		394,841		392,580		392,580		11/1/2020
	Renovia, Inc. Subtotal					615,117		610,110		610,110
Medical Devices Total		0.9%				$	629,355	$	624,348	$	610,110

Other Healthcare
	4G Clinical LLC		Senior Secured	11.0%		$	255,880	$	252,650	$	252,650	7/1/2020
	Clover Health Investments Corporation		Senior Secured	11.3%		9,417,408		9,417,408		9,417,408		10/1/2022
	Clover Health Investments Corporation		Senior Secured	11.0%		14,722,192		14,722,191		14,722,191		3/1/2022



Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Cost		Fair Value		Maturity Date
	Clover Health Investments Corporation Subtotal					24,139,600		24,139,599		24,139,599
	MD Revolution, Inc.		Senior Secured	12.5%		139,624		138,801		138,801		3/1/2020
	mPharma Data, Inc. ** ^		Senior Secured	10.0%		135,340		133,045		133,045		11/1/2020
	mPharma Data, Inc. ** ^		Senior Secured	10.0%		181,549		180,264		180,264		3/1/2021
	mPharma Data, Inc. ** ^ Subtotal					316,889		313,309		313,309
	Myolex, Inc.		Senior Secured	18.0%		762,531		726,537		238,967		*
	Physician Software Systems, LLC		Senior Secured	18.0%		164,677		148,042		—		*
	Sparta Software Corporation		Senior Secured	10.0%	2.5%	42,282		41,691		41,691		6/1/2020
Other Healthcare Total		35.1%				$	25,821,483	$	25,760,629	$	25,125,017

Other Technology
	BloomLife, Inc.		Senior Secured	12.0%		$	44,885	$	44,433	$	44,433	4/1/2020
	Consumer Physics, Inc. ** ^		Senior Secured	11.0%		822,854		787,630		729,155		1/1/2022
	Flo Water, Inc.		Senior Secured	11.5%		64,052		62,946		62,946		5/1/2020
	Gap Year Global, Inc.		Senior Secured	18.0%		90,768		86,359		—		*
	Heartwork, Inc.		Senior Secured	18.0%		379,462		371,981		73,493		*
	Hint, Inc.		Senior Secured	11.0%		1,321,439		1,277,919		1,277,919		3/1/2021
	Hint, Inc.		Senior Secured	11.0%		1,644,377		1,644,377		1,644,377		7/1/2021
	Hint, Inc. Subtotal					2,965,816		2,922,296		2,922,296
	June Life, Inc.		Senior Secured	11.8%		129,682		128,895		128,895		3/1/2020
	June Life, Inc.		Senior Secured	11.8%		129,691		129,319		129,319		3/1/2020
	June Life, Inc. Subtotal					259,373		258,214		258,214
	LanzaTech New Zealand Ltd.		Senior Secured	13.0%		355,735		351,225		351,225		3/1/2020
	LanzaTech New Zealand Ltd.		Senior Secured	13.3%		1,336,381		1,328,045		1,328,045		3/1/2021
	LanzaTech New Zealand Ltd.		Senior Secured	13.0%		1,033,301		1,027,199		1,027,199		9/1/2020
	LanzaTech New Zealand Ltd. Subtotal					2,725,417		2,706,469		2,706,469
	MobyFox, Inc.		Senior Secured	4.0%		500,000		193,300		47,500		*
	Neuehouse, LLC		Senior Secured	12.0%		1,750,000		1,297,265		1,297,265		*
	Noteleaf, Inc.		Senior Secured	11.0%		489,249		485,228		485,228		9/1/2020
	PDQ Enterprises LLC **		Senior Secured	11.0%		1,597,950		1,583,889		1,583,889		2/1/2021
	PLAE, Inc.		Senior Secured	9.0%	3.2%	621,378		613,950		365,025		12/1/2020
	Plenty Unlimited, Inc.		Senior Secured	9.0%	9.4%	720,381		715,351		715,351		3/1/2021
	Plenty Unlimited, Inc.		Senior Secured	9.0%	11.7%	669,055		657,374		657,374		1/1/2021



Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Cost		Fair Value		Maturity Date
	Plenty Unlimited, Inc.		Senior Secured	9.0%	11.7%	2,129,724		2,074,806		2,074,806		9/1/2021
	Plenty Unlimited, Inc. Subtotal					3,519,160		3,447,531		3,447,531
	SkyKick, Inc.		Senior Secured	10.5%		179,654		178,576		178,576		10/1/2020
	SkyKick, Inc.		Senior Secured	10.5%		329,036		325,320		325,320		6/1/2020
	SkyKick, Inc.		Senior Secured	10.5%		196,798		195,476		195,476		11/1/2020
	SkyKick, Inc. Subtotal					705,488		699,372		699,372
	TAE Technologies, Inc.		Senior Secured	12.5%		1,411,739		1,397,787		1,397,787		4/1/2021
	TAE Technologies, Inc.		Senior Secured	12.5%		5,320,565		5,205,606		5,205,606		3/1/2021
	TAE Technologies, Inc. Subtotal					6,732,304		6,603,393		6,603,393
	VentureBeat, Inc.		Senior Secured	12.0%		825,775		607,172		212,669		*
	Virtuix Holdings, Inc.		Senior Secured	11.0%		191,811		189,767		189,767		7/1/2020
Other Technology Total		30.5%				$	24,285,742	$	22,961,195	$	21,728,645

Security
	Nok Nok Labs, Inc.		Senior Secured	12.5%		$	278,668	$	262,884	$	262,884	12/1/2020
Security Total		0.4%				$	278,668	$	262,884	$	262,884

Semiconductors & Equipment
	ETA Compute, Inc.		Senior Secured	10.5%		$	72,471	$	72,179	$	72,179	8/1/2020
Semiconductors & Equipment Total		0.1%				$	72,471	$	72,179	$	72,179

Software
	Aptible, Inc.		Senior Secured	11.8%		$	114,677	$	113,164	$	113,164	2/1/2021
	Bloomboard, Inc.		Senior Secured	11.5%		2,507,253		1,726,360		1,609,258		*
	BlueCart, Inc.		Senior Secured	12.8%		8,832		8,821		8,821		1/1/2020
	BlueCart, Inc.		Senior Secured	12.5%		17,613		17,561		17,561		1/1/2020
	BlueCart, Inc. Subtotal					26,445		26,382		26,382
	DealPath, Inc.		Senior Secured	11.0%		931,379		917,163		917,163		5/1/2021
	DemystData Limited		Senior Secured	11.8%		185,689		182,802		182,802		5/1/2020
	DemystData Limited		Senior Secured	11.8%		128,725		128,084		128,084		7/1/2020
	DemystData Limited Subtotal					314,414		310,886		310,886
	Drift Marketplace, Inc.		Senior Secured	11.0%		27,932		27,877		27,877		3/1/2020
	Drift Marketplace, Inc.		Senior Secured	11.0%		21,052		21,008		21,008		3/1/2020
	Drift Marketplace, Inc.		Senior Secured	11.0%		20,949		20,782		20,782		3/1/2020
	Drift Marketplace, Inc. Subtotal					69,933		69,667		69,667
	Estify, Inc.		Senior Secured	18.0%		842,819		818,731		261,969		*
	FieldAware US, Inc.		Senior Secured	11.0%		7,616,117		7,177,946		4,483,233		*



Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal	Cost	Fair Value	Maturity Date
	Gearbox Software, LLC		Senior Secured	11.0%		1,322,592	1,317,051	1,317,051	3/1/2021
	Gearbox Software, LLC		Senior Secured	11.0%		790,132	787,238	787,238	11/1/2020
	Gearbox Software, LLC		Senior Secured	11.0%		977,945	952,723	952,723	9/1/2020
	Gearbox Software, LLC Subtotal					3,090,669	3,057,012	3,057,012
	GoFormz, Inc.		Senior Secured	12.0%		716,482	683,705	683,705	11/1/2020
	Invoice2Go, Inc.		Senior Secured	11.8%		779,652	779,652	779,652	4/1/2021
	Invoice2Go, Inc.		Senior Secured	11.8%		221,827	217,619	217,619	6/1/2020
	Invoice2Go, Inc.		Senior Secured	11.8%		909,416	893,275	893,275	4/1/2021
	Invoice2Go, Inc.		Senior Secured	11.8%		909,506	909,506	909,506	4/1/2021
	Invoice2Go, Inc. Subtotal					2,820,401	2,800,052	2,800,052
	JethroData, Inc. ** ^

Venture Lending & Leasing VII, Inc. 10-Q