0001717310FALSE12/312025Q1oneoneoneonexbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purevll9:bank_accountvll9:financial_institutionvll9:segmentvll9:loan00017173102025-01-012025-03-3100017173102025-05-1400017173102025-03-3100017173102024-12-3100017173102024-01-012024-03-310001717310us-gaap:CommonStockMember2023-12-310001717310us-gaap:AdditionalPaidInCapitalMember2023-12-310001717310vll9:CumulativeReturnOfCapitalDistributionsMember2023-12-310001717310vll9:DistributableIncomeLossMember2023-12-3100017173102023-12-310001717310vll9:DistributableIncomeLossMember2024-01-012024-03-310001717310us-gaap:CommonStockMember2024-03-310001717310us-gaap:AdditionalPaidInCapitalMember2024-03-310001717310vll9:CumulativeReturnOfCapitalDistributionsMember2024-03-310001717310vll9:DistributableIncomeLossMember2024-03-3100017173102024-03-310001717310us-gaap:CommonStockMember2024-12-310001717310us-gaap:AdditionalPaidInCapitalMember2024-12-310001717310vll9:CumulativeReturnOfCapitalDistributionsMember2024-12-310001717310vll9:DistributableIncomeLossMember2024-12-310001717310vll9:DistributableIncomeLossMember2025-01-012025-03-310001717310vll9:CumulativeReturnOfCapitalDistributionsMember2025-01-012025-03-310001717310us-gaap:CommonStockMember2025-03-310001717310us-gaap:AdditionalPaidInCapitalMember2025-03-310001717310vll9:CumulativeReturnOfCapitalDistributionsMember2025-03-310001717310vll9:DistributableIncomeLossMember2025-03-310001717310Calysta, Inc., Senior Secured2025-03-310001717310Ukko Inc., Senior Secured2025-03-310001717310vll9:LoanInvestmentsBiotechnologyMember2025-03-310001717310Canary Connect, Inc., Senior Secured2025-03-310001717310Proto, Inc., Senior Secured 12025-03-310001717310Proto, Inc., Senior Secured 22025-03-310001717310vll9:ProtoIncMembervll9:LoanInvestmentsComputersAndStorageMember2025-03-310001717310vll9:LoanInvestmentsComputersAndStorageMember2025-03-310001717310Diamanti, Inc., Senior Secured2025-03-310001717310vll9:LoanInvestmentsEnterpriseNetworkingMember2025-03-31000171731010club Pte Ltd., Senior Secured2025-03-310001717310D2C Store, Inc., Senior Secured2025-03-310001717310Good Counsel, LLC, Senior Secured2025-03-310001717310iZENEtech, Inc., Senior Secured2025-03-310001717310Miami Labs, Inc., Senior Secured2025-03-310001717310OneLocal, Inc., Senior Secured2025-03-310001717310Quantcast Corp., Senior Secured2025-03-310001717310Residently USA, LLC, Senior Secured2025-03-310001717310RetailerX, Inc., Senior Secured 2025-03-310001717310Serface Care, Inc., Senior Secured2025-03-310001717310Stay Alfred, Inc., Senior Secured2025-03-310001717310Vinvesto, Inc., Senior Secured 12025-03-310001717310Vinvesto, Inc., Senior Secured 22025-03-310001717310vll9:VinvestoIncMembervll9:LoanInvestmentsInternetMember2025-03-310001717310vll9:LoanInvestmentsInternetMember2025-03-310001717310Anutra Medical, Inc., Senior Secured2025-03-310001717310Medrobotics Corporation, Inc., Senior Secured2025-03-310001717310vll9:LoanInvestmentsMedicalDevicesMember2025-03-310001717310GoForward, Inc., Senior Secured 2025-03-310001717310Hello Heart Inc., Senior Secured2025-03-310001717310Honeybee Health, Inc., Senior Secured2025-03-310001717310Julie Products Inc., Senior Secured 12025-03-310001717310Julie Products Inc., Senior Secured 22025-03-310001717310Julie Products Inc., Senior Secured 32025-03-310001717310vll9:JulieProductsIncMembervll9:LoanInvestmentsOtherHealthcareMember2025-03-310001717310KBS, Inc., Senior Secured2025-03-310001717310Open Inc., Senior Secured 12025-03-310001717310Open Inc., Senior Secured 22025-03-310001717310vll9:OpenIncMembervll9:LoanInvestmentsOtherHealthcareMember2025-03-310001717310PrecisionOS Technology Inc., Senior Secured2025-03-310001717310Therapydia, Inc., Senior Secured2025-03-310001717310Vessel Health, Inc., Senior Secured2025-03-310001717310Yuva Biosciences, Inc., Senior Secured2025-03-310001717310vll9:LoanInvestmentsOtherHealthcareMember2025-03-310001717310Azumo, Inc., Senior Secured2025-03-310001717310Bankroll Club, LLC, Senior Secured 2025-03-310001717310Beautiful Beanfields, Inc., Senior Secured2025-03-310001717310BloomTech Inc., Senior Secured2025-03-310001717310Brave Care Technologies, Inc., Senior Secured2025-03-310001717310Bryte, Inc., Senior Secured2025-03-310001717310Ceres Imaging, Inc., Senior Secured2025-03-310001717310Coffee.ai Inc, Senior Secured2025-03-310001717310Content Adjacent, Inc., Senior Secured2025-03-310001717310CornerUp, Inc., Senior Secured 2025-03-310001717310Creoate Limited, Senior Secured 12025-03-310001717310Creoate Limited, Senior Secured 22025-03-310001717310Creoate Limited, Senior Secured 32025-03-310001717310vll9:CreoateLimitedMembervll9:LoanInvestmentsOtherTechnologyMember2025-03-310001717310Digital. Thing(s), Inc. Senior Secured2025-03-310001717310Eguana Technologies, Inc., Senior Secured2025-03-310001717310Fanimal, Inc., Senior Secured2025-03-310001717310Heading Health Inc., Senior Secured2025-03-310001717310Higher Ground Education, Inc., Senior Secured2025-03-310001717310Hint, Inc., Senior Secured 2025-03-310001717310Holo, Inc., Senior Secured2025-03-310001717310Hyphen Technologies, Inc., Senior Secured2025-03-310001717310Intuition Robotics, Inc., Senior Secured 2025-03-310001717310Invert Robotics Group, Ltd., Senior Secured2025-03-310001717310Joy Memories, Inc, Senior Secured2025-03-310001717310Kibeam Learning, Inc., Senior Secured2025-03-310001717310LendTable Inc., Senior Secured2025-03-310001717310Logistech Solutions Pte. Ltd., Senior Secured 12025-03-310001717310Logistech Solutions Pte. Ltd., Senior Secured 22025-03-310001717310vll9:LogistechSolutionsPteLtdMembervll9:LoanInvestmentsOtherTechnologyMember2025-03-310001717310Mavenform, Inc., Senior Secured2025-03-310001717310Merlin Labs, Inc., Senior Secured2025-03-310001717310Noteleaf, Inc., Senior Secured2025-03-310001717310Ocho Holdings Co., Senior Secured2025-03-310001717310Plant Prefab, Inc., Senior Secured2025-03-310001717310PlantBaby, inc., Senior Secured 12025-03-310001717310PlantBaby, inc., Senior Secured 22025-03-310001717310PlantBaby, inc., Senior Secured 32025-03-310001717310PlantBaby, inc., Senior Secured 42025-03-310001717310PlantBaby, inc., Senior Secured 52025-03-310001717310vll9:PlantBabyIncMembervll9:LoanInvestmentsOtherTechnologyMember2025-03-310001717310Platform Science, Inc., Senior Secured 12025-03-310001717310Platform Science, Inc., Senior Secured 22025-03-310001717310vll9:PlatformScienceIncMembervll9:LoanInvestmentsOtherTechnologyMember2025-03-310001717310Reali Inc., Senior Secured2025-03-310001717310Rise Gardens, Inc., Senior Secured 2025-03-310001717310Romaine Empire, Inc., Senior Secured 2025-03-310001717310SMS OPCO LLC, Senior Secured2025-03-310001717310Supplant, Inc., Senior Secured2025-03-310001717310Sustainable Living Partners, LLC, Senior Secured2025-03-310001717310The Farm Project, PBC., Senior Secured2025-03-310001717310TheSquareFoot, Inc., Senior Secured2025-03-310001717310Titan Health & Security Technologies, Inc., Senior Secured2025-03-310001717310Umbra Lab, Inc., Senior Secured2025-03-310001717310Velo Holdings Limited, Senior Secured2025-03-310001717310Virtuix Holdings, Inc., Senior Secured2025-03-310001717310Wheels Labs, Inc., Senior Secured2025-03-310001717310Zeno Technologies, Inc., Senior Secured2025-03-310001717310Zimeno Inc., Senior Secured 12025-03-310001717310Zimeno Inc., Senior Secured 22025-03-310001717310vll9:ZimenoIncMembervll9:LoanInvestmentsOtherTechnologyMember2025-03-310001717310vll9:LoanInvestmentsOtherTechnologyMember2025-03-310001717310Axiado Corporation, Senior Secured 12025-03-310001717310Axiado Corporation, Senior Secured 22025-03-310001717310vll9:AxiadoCorporationMembervll9:LoanInvestmentsSecurityMember2025-03-310001717310Popily, Inc., Senior Secured2025-03-310001717310vll9:LoanInvestmentsSecurityMember2025-03-310001717310Abacum Inc., Senior Secured2025-03-310001717310Bizly, Inc., Senior Secured2025-03-310001717310BlueCart, Inc., Senior Secured2025-03-310001717310Common Sun, Inc, Senior Secured 12025-03-310001717310Common Sun, Inc, Senior Secured 22025-03-310001717310vll9:CommonSunIncMembervll9:LoanInvestmentsSoftwareMember2025-03-310001717310Eskalera, Inc., Senior Secured2025-03-310001717310Form Remodel, Inc., Senior Secured 12025-03-310001717310Form Remodel, Inc., Senior Secured 22025-03-310001717310Form Remodel, Inc., Senior Secured 32025-03-310001717310Form Remodel, Inc., Senior Secured 42025-03-310001717310vll9:FormRemodelIncMembervll9:LoanInvestmentsSoftwareMember2025-03-310001717310FutureProof Technologies, Inc., Senior Secured2025-03-310001717310Grokker, Inc., Senior Secured 2025-03-310001717310Hoken Holdings Inc., Senior Secured2025-03-310001717310Ketch Kloud, Inc., Senior Secured2025-03-310001717310Ratio Technologies, Inc., Senior Secured 12025-03-310001717310Ratio Technologies, Inc., Senior Secured 22025-03-310001717310Ratio Technologies, Inc., Senior Secured 32025-03-310001717310vll9:RatioTechnologiesIncMembervll9:LoanInvestmentsSoftwareMember2025-03-310001717310Safe Securities Inc., Senior Secured 12025-03-310001717310Safe Securities Inc., Senior Secured 22025-03-310001717310vll9:SafeSecuritiesIncMembervll9:LoanInvestmentsSoftwareMember2025-03-310001717310SF Insuretech, Inc., Senior Secured 12025-03-310001717310SF Insuretech, Inc., Senior Secured 22025-03-310001717310SF Insuretech, Inc., Senior Secured 32025-03-310001717310vll9:SFInsuretechIncMembervll9:LoanInvestmentsSoftwareMember2025-03-310001717310Terragon, Inc., Senior Secured2025-03-310001717310Traction Apps, Inc., Senior Secured2025-03-310001717310UCM Digital Health, Inc., Senior Secured2025-03-310001717310Vesta Housing, Inc., Senior Secured 12025-03-310001717310Vesta Housing, Inc., Senior Secured 22025-03-310001717310vll9:VestaHousingIncMembervll9:LoanInvestmentsSoftwareMember2025-03-310001717310vll9:LoanInvestmentsSoftwareMember2025-03-310001717310Klar Holdings Limited, Senior Secured 2025-03-310001717310Loansnap Holdings Inc., Senior Secured2025-03-310001717310vll9:LoanInvestmentsTechnologyServicesMember2025-03-310001717310Juvo Mobile, Inc., Senior Secured 12025-03-310001717310Juvo Mobile, Inc., Senior Secured 22025-03-310001717310vll9:JuvoMobileIncMembervll9:LoanInvestmentsWirelessMember2025-03-310001717310vll9:LoanInvestmentsWirelessMember2025-03-310001717310First American Government Obligations Fund - Class Z2025-03-310001717310Calysta, Inc., Senior Secured2024-12-310001717310Genomic Prediction, Inc., Senior Secured2024-12-310001717310Ukko Inc., Senior Secured2024-12-310001717310vll9:LoanInvestmentsBiotechnologyMember2024-12-310001717310Canary Connect, Inc., Senior Secured 2024-12-310001717310Proto, Inc., Senior Secured 12024-12-310001717310Proto, Inc., Senior Secured 22024-12-310001717310vll9:ProtoIncMembervll9:LoanInvestmentsComputersAndStorageMember2024-12-310001717310vll9:LoanInvestmentsComputersAndStorageMember2024-12-310001717310Diamanti, Inc., Senior Secured2024-12-310001717310vll9:LoanInvestmentsEnterpriseNetworkingMember2024-12-31000171731010club Pte Ltd., Senior Secured 2024-12-310001717310D2C Store, Inc., Senior Secured2024-12-310001717310Good Counsel, Inc., Senior Secured2024-12-310001717310iZENEtech, Inc., Senior Secured2024-12-310001717310Miami Labs, Inc., Senior Secured2024-12-310001717310OneLocal, Inc., Senior Secured 2024-12-310001717310Quantcast Corp., Senior Secured2024-12-310001717310Residently USA, LLC, Senior Secured2024-12-310001717310RetailerX, Inc., Senior Secured 2024-12-310001717310Serface Care, Inc., Senior Secured2024-12-310001717310Stay Alfred, Inc., Senior Secured2024-12-310001717310Vinvesto, Inc., Senior Secured 12024-12-310001717310Vinvesto, Inc., Senior Secured 22024-12-310001717310vll9:VinvestoIncMembervll9:LoanInvestmentsInternetMember2024-12-310001717310vll9:LoanInvestmentsInternetMember2024-12-310001717310Anutra Medical, Inc., Senior Secured2024-12-310001717310Medrobotics Corporation, Inc., Senior Secured2024-12-310001717310Siren Care, Inc., Senior Secured 2024-12-310001717310vll9:LoanInvestmentsMedicalDevicesMember2024-12-310001717310Elysium Health, Inc., Senior Secured2024-12-310001717310GoForward, Inc., Senior Secured2024-12-310001717310Hello Heart Inc., Senior Secured 2024-12-310001717310Honeybee Health, Inc., Senior Secured2024-12-310001717310Julie Products Inc., Senior Secured 12024-12-310001717310Julie Products Inc., Senior Secured 22024-12-310001717310Julie Products Inc., Senior Secured 32024-12-310001717310vll9:JulieProductsIncMembervll9:LoanInvestmentsOtherHealthcareMember2024-12-310001717310KBS, Inc., Senior Secured2024-12-310001717310Open Inc., Senior Secured 12024-12-310001717310Open Inc., Senior Secured 22024-12-310001717310vll9:OpenIncMembervll9:LoanInvestmentsOtherHealthcareMember2024-12-310001717310PrecisionOS Technology Inc., Senior Secured2024-12-310001717310Therapydia, Inc., Senior Secured 2024-12-310001717310Vessel Health, Inc., Senior Secured2024-12-310001717310Yuva Biosciences, Inc., Senior Secured2024-12-310001717310vll9:LoanInvestmentsOtherHealthcareMember2024-12-310001717310Azumo, Inc., Senior Secured2024-12-310001717310Bankroll Club, LLC, Senior Secured 2024-12-310001717310Beautiful Beanfields, Inc., Senior Secured2024-12-310001717310BloomTech Inc., Senior Secured 2024-12-310001717310Brave Care Technologies, Inc., Senior Secured2024-12-310001717310Bryte, Inc., Senior Secured2024-12-310001717310Candy Club Holdings, Inc., Senior Secured 2024-12-310001717310Ceres Imaging, Inc., Senior Secured 2024-12-310001717310Coffee.ai Inc., Senior Secured 2024-12-310001717310Content Adjacent, Inc., Senior Secured 2024-12-310001717310CornerUp, Inc., Senior Secured 2024-12-310001717310Creoate Limited, Senior Secured 12024-12-310001717310Creoate Limited, Senior Secured 22024-12-310001717310Creoate Limited, Senior Secured 32024-12-310001717310vll9:CreoateLimitedMembervll9:LoanInvestmentsOtherTechnologyMember2024-12-310001717310Digital. Thing(s), Inc., Senior Secured2024-12-310001717310Eguana Technologies, Inc., Senior Secured 2024-12-310001717310Fanimal, Inc., Senior Secured 2024-12-310001717310Heading Health Inc., Senior Secured 2024-12-310001717310Higher Ground Education, Inc., Senior Secured 12024-12-310001717310Higher Ground Education, Inc., Senior Secured 22024-12-310001717310vll9:HigherGroundEducationIncMembervll9:LoanInvestmentsOtherTechnologyMember2024-12-310001717310Hint, Inc., Senior Secured 2024-12-310001717310Holo, Inc., Senior Secured2024-12-310001717310Hyphen Technologies, Inc., Senior Secured2024-12-310001717310Intuition Robotics, Inc., Senior Secured2024-12-310001717310Invert Robotics Group, Ltd., Senior Secured2024-12-310001717310Joy Memories, Inc, Senior Secured2024-12-310001717310Kibeam Learning, Inc., Senior Secured2024-12-310001717310LendTable Inc., Senior Secured2024-12-310001717310Logistech Solutions Pte. Ltd., Senior Secured 12024-12-310001717310Logistech Solutions Pte. Ltd., Senior Secured 22024-12-310001717310vll9:LogistechSolutionsPteLtdMembervll9:LoanInvestmentsOtherTechnologyMember2024-12-310001717310Mavenform, Inc., Senior Secured2024-12-310001717310Merlin Labs, Inc., Senior Secured 2024-12-310001717310Noteleaf, Inc., Senior Secured2024-12-310001717310Ocho Holdings Co., Senior Secured2024-12-310001717310Plant Prefab, Inc., Senior Secured 2024-12-310001717310PlantBaby, inc., Senior Secured 12024-12-310001717310PlantBaby, inc., Senior Secured 22024-12-310001717310PlantBaby, inc., Senior Secured 32024-12-310001717310PlantBaby, inc., Senior Secured 42024-12-310001717310PlantBaby, inc., Senior Secured 52024-12-310001717310vll9:PlantBabyIncMembervll9:LoanInvestmentsOtherTechnologyMember2024-12-310001717310Platform Science, Inc., Senior Secured 12024-12-310001717310Platform Science, Inc., Senior Secured 22024-12-310001717310vll9:PlatformScienceIncMembervll9:LoanInvestmentsOtherTechnologyMember2024-12-310001717310Reali Inc., Senior Secured2024-12-310001717310Rise Gardens, Inc., Senior Secured2024-12-310001717310Romaine Empire, Inc., Senior Secured 2024-12-310001717310SMS OPCO LLC, Senior Secured2024-12-310001717310Supplant, Inc., Senior Secured 12024-12-310001717310Supplant, Inc., Senior Secured 22024-12-310001717310vll9:SupplantIncMembervll9:LoanInvestmentsOtherTechnologyMember2024-12-310001717310Sustainable Living Partners, LLC, Senior Secured 2024-12-310001717310The Farm Project, PBC., Senior Secured2024-12-310001717310TheSquareFoot, Inc., Senior Secured 2024-12-310001717310Titan Health & Security Technologies, Inc., Senior Secured2024-12-310001717310Umbra Lab, Inc., Senior Secured 2024-12-310001717310Velo Holdings Limited, Senior Secured2024-12-310001717310Virtuix Holdings, Inc., Senior Secured2024-12-310001717310Wheels Labs, Inc., Senior Secured2024-12-310001717310Zeno Technologies, Inc., Senior Secured 2024-12-310001717310Zimeno Inc., Senior Secured 12024-12-310001717310Zimeno Inc., Senior Secured 22024-12-310001717310vll9:ZimenoIncMembervll9:LoanInvestmentsOtherTechnologyMember2024-12-310001717310vll9:LoanInvestmentsOtherTechnologyMember2024-12-310001717310Axiado Corporation, Senior Secured 12024-12-310001717310Axiado Corporation, Senior Secured 22024-12-310001717310vll9:AxiadoCorporationMembervll9:LoanInvestmentsSecurityMember2024-12-310001717310Popily, Inc., Senior Secured2024-12-310001717310vll9:LoanInvestmentsSecurityMember2024-12-310001717310Abacum Inc., Senior Secured2024-12-310001717310Bizly, Inc., Senior Secured 2024-12-310001717310BlueCart, Inc., Senior Secured2024-12-310001717310Canopy Technology Corp., Senior Secured 12024-12-310001717310Canopy Technology Corp., Senior Secured 22024-12-310001717310vll9:CanopyTechnologyCorpMembervll9:LoanInvestmentsSoftwareMember2024-12-310001717310Chowbus, Inc., Senior Secured2024-12-310001717310Common Sun, Inc, Senior Secured 12024-12-310001717310Common Sun, Inc, Senior Secured 22024-12-310001717310vll9:CommonSunIncMembervll9:LoanInvestmentsSoftwareMember2024-12-310001717310Eskalera, Inc., Senior Secured 2024-12-310001717310Form Remodel, Inc., Senior Secured 12024-12-310001717310Form Remodel, Inc., Senior Secured 22024-12-310001717310Form Remodel, Inc., Senior Secured 32024-12-310001717310Form Remodel, Inc., Senior Secured 42024-12-310001717310vll9:FormRemodelIncMembervll9:LoanInvestmentsSoftwareMember2024-12-310001717310FutureProof Technologies, Inc., Senior Secured2024-12-310001717310Grokker, Inc., Senior Secured 12024-12-310001717310Grokker, Inc., Senior Secured 22024-12-310001717310vll9:GrokkerIncMembervll9:LoanInvestmentsSoftwareMember2024-12-310001717310HaystacksAI, Inc., Senior Secured 2024-12-310001717310Hoken Holdings Inc., Senior Secured2024-12-310001717310Ketch Kloud, Inc., Senior Secured2024-12-310001717310Ratio Technologies, Inc., Senior Secured 12024-12-310001717310Ratio Technologies, Inc., Senior Secured 22024-12-310001717310Ratio Technologies, Inc., Senior Secured 32024-12-310001717310vll9:RatioTechnologiesIncMembervll9:LoanInvestmentsSoftwareMember2024-12-310001717310Safe Securities Inc., Senior Secured 12024-12-310001717310Safe Securities Inc., Senior Secured 22024-12-310001717310vll9:SafeSecuritiesIncMembervll9:LoanInvestmentsSoftwareMember2024-12-310001717310SF Insuretech, Inc., Senior Secured 12024-12-310001717310SF Insuretech, Inc., Senior Secured 22024-12-310001717310SF Insuretech, Inc., Senior Secured 32024-12-310001717310vll9:SFInsuretechIncMembervll9:LoanInvestmentsSoftwareMember2024-12-310001717310Swiftly Systems, Inc., Senior Secured2024-12-310001717310Terragon, Inc., Senior Secured2024-12-310001717310Traction Apps, Inc., Senior Secured2024-12-310001717310UCM Digital Health, Inc., Senior Secured 2024-12-310001717310Vesta Housing, Inc., Senior Secured 12024-12-310001717310Vesta Housing, Inc., Senior Secured 22024-12-310001717310vll9:VestaHousingIncMembervll9:LoanInvestmentsSoftwareMember2024-12-310001717310vll9:LoanInvestmentsSoftwareMember2024-12-310001717310Klar Holdings Limited, Senior Secured2024-12-310001717310Loansnap Holdings Inc., Senior Secured 2024-12-310001717310vll9:LoanInvestmentsTechnologyServicesMember2024-12-310001717310Juvo Mobile, Inc., Senior Secured 12024-12-310001717310Juvo Mobile, Inc., Senior Secured 22024-12-310001717310vll9:JuvoMobileIncMembervll9:LoanInvestmentsWirelessMember2024-12-310001717310vll9:LoanInvestmentsWirelessMember2024-12-310001717310First American Government Obligations Fund - Class 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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, 2025


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

For the transition period from ___________ to ______________

Commission file number 814-01253

Venture Lending & Leasing IX, Inc.

(Exact Name of Registrant as specified in its charter)


Maryland			82-2040715
(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 [x] 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 14, 2025
Common Stock, $0.001 par value						100,000

VENTURE LENDING & LEASING IX, INC.

INDEX


PART I — FINANCIAL INFORMATION

Item 1.			Financial Statements

			Condensed Statements of Assets and Liabilities (Unaudited)
			As of March 31, 2025 and December 31, 2024

			Condensed Statements of Operations (Unaudited)
			For the three months ended March 31, 2025 and 2024

			Condensed Statements of Changes in Net Assets (Unaudited)
			For the three months ended March 31, 2025 and 2024

			Condensed Statements of Cash Flows (Unaudited)
			For the three months ended March 31, 2025 and 2024

			Condensed Schedules of Investments (Unaudited)
			As of March 31, 2025 and December 31, 2024




			Notes to Condensed Financial Statements (Unaudited)

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

Item 3.			Quantitative and Qualitative Disclosures About Market Risk

Item 4.			Controls and Procedures

PART II — OTHER INFORMATION

Item 1.			Legal Proceedings

Item 1A.			Risk Factors

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

Item 3.			Defaults Upon Senior Securities

Item 4.			Mine Safety Disclosures

Item 5.			Other Information

Item 6.			Exhibits

SIGNATURES

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

VENTURE LENDING & LEASING IX, INC.

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

AS OF MARCH 31, 2025 AND DECEMBER 31, 2024


	March 31, 2025		December 31, 2024
ASSETS
Loans, at estimated fair value
(amortized cost of $175,812,110 and $194,533,292, respectively)	$	129,809,562	$	151,064,673

Cash and cash equivalents	7,306,613		5,083,701
Dividend and interest receivables	1,037,401		1,424,095
Other assets	800,314		2,394,009

Total assets	138,953,890		159,966,478

LIABILITIES
Borrowings under debt facility	21,500,000		39,500,000
Accrued management fees	690,000		690,000


Accounts payable and other accrued liabilities	389,848		430,267
Total liabilities	22,579,848		40,620,267

NET ASSETS	$	116,374,042	$	119,346,211

Analysis of Net Assets:

Capital paid in on shares of capital stock	$	407,125,000	$	407,125,000
Cumulative return of capital distributions	(243,600,121)		(243,161,880)
Total distributable losses	(47,150,837)		(44,616,909)
Net assets (equivalent to $1,163.74 and $1,193.46 per share based on 100,000 shares of capital stock outstanding - See Note 5 and Note 12)	$	116,374,042	$	119,346,211

See notes to condensed financial statements (unaudited).

VENTURE LENDING & LEASING IX, INC.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024


	For the Three Months Ended March 31, 2025		For the Three Months Ended March 31, 2024

INVESTMENT INCOME:
Interest on loans	$	3,031,571	$	10,567,302
Other income	75,751		387,154
Total investment income	3,107,322		10,954,456

EXPENSES:
Management fees	690,000		1,035,000
Interest expense	739,461		2,795,893
Banking and professional fees	256,158		106,000
Other operating expenses	41,327		61,867
Total expenses	1,726,946		3,998,760
Net investment income	1,380,376		6,955,696

Net realized loss from loans	(734,522)		—
Net realized gain from derivative instruments	—		1,367,286
Net change in unrealized loss from loans	(2,533,928)		(5,331,734)
Net change in unrealized loss from derivative instruments	—		(928,213)
Net realized and change in unrealized loss from loans and derivative instruments	(3,268,450)		(4,892,661)

Net increase (decrease) in net assets resulting from operations	$	(1,888,074)	$	2,063,035

Amounts per common share:
Net increase (decrease) in net assets resulting from operations per share	$	(18.88)	$	20.63
Weighted average shares outstanding	100,000		100,000

See notes to condensed financial statements (unaudited).

VENTURE LENDING & LEASING IX, INC.

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024


	Common Stock
	Shares	Par Value		Additional Paid-in Capital		Return of Capital Distributions		Total Distributable Losses		Net Assets
Balance at December 31, 2023	100,000	$	100	$	407,124,900	$	(172,512,838)	$	(45,922,329)	$	188,689,833
Net increase in net assets resulting from operations	—	—		—		—		2,063,035		2,063,035
Distribution of income to shareholder	—	—		—		—		(4,184,457)		(4,184,457)


Balance at March 31, 2024	100,000	$	100	$	407,124,900	$	(172,512,838)	$	(48,043,751)	$	186,568,411






















Balance at December 31, 2024	100,000	$	100	$	407,124,900	$	(243,161,880)	$	(44,616,909)	$	119,346,211
Net decrease in net assets resulting from operations	—	—		—		—		(1,888,074)		(1,888,074)
Distributions of income to shareholder	—	—		—		—		(645,854)		(645,854)
Return of capital to shareholder	—	—		—		(438,241)		—		(438,241)

Balance at March 31, 2025	100,000	$	100	$	407,124,900	$	(243,600,121)	$	(47,150,837)	$	116,374,042

See notes to condensed financial statements (unaudited).

VENTURE LENDING & LEASING IX INC.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024


	For the Three Months Ended March 31, 2025		For the Three Months Ended March 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase (decrease) in net assets resulting from operations	$	(1,888,074)	$	2,063,035
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Net realized loss from loans	734,522		—
Net realized gain from derivative instruments	—		(1,367,286)
Net change in unrealized loss from loans	2,533,928		5,331,734
Net change in unrealized loss from derivative instruments	—		928,213
Amortization of deferred costs related to debt facility	140,974		140,506
Origination of loans	—		(496,047)
Principal payments on loans, net of accretion	16,902,566		43,960,193


Change in operating assets and liabilities:
Net decrease in dividend and interest receivables	386,694		756,583
Net (increase) decrease in other assets	629,721		(639,569)
Net decrease in accounts payable, other accrued liabilities and accrued management fees	(40,419)		(183,670)
Net cash provided by operating activities	19,399,912		50,493,692

CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions to shareholder	—		(3,542,000)


Repayments of borrowings under debt facility	(18,000,000)		(42,500,000)

Payments received from derivative instruments	823,000		1,367,286

Net cash used in financing activities	(17,177,000)		(44,674,714)

Net increase in cash and cash equivalents	2,222,912		5,818,978

CASH AND CASH EQUIVALENTS:
Beginning of period	5,083,701		21,517,408
End of period	$	7,306,613	$	27,336,386

SUPPLEMENTAL DISCLOSURES:
CASH PAID DURING THE PERIOD:
Interest - Debt facility	$	695,076	$	2,845,599
NON-CASH OPERATING AND FINANCING ACTIVITIES:
Distributions of equity securities to shareholder	$	1,084,095	$	642,457
Receipt of equity securities as repayment of loans	$	1,084,095	$	642,457

See notes to condensed financial statements (unaudited).

VENTURE LENDING & LEASING IX, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)

AS OF MARCH 31, 2025


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
Biotechnology
	Calysta, Inc.		Senior Secured	11.8%		$	722,456	$	717,803	$	717,803	6/1/2025
	Ukko Inc.		Senior Secured	11.5%		1,759,491		1,720,299		1,720,299		5/1/2026
Biotechnology Total		2.1%				$	2,481,947	$	2,438,102	$	2,438,102

Computers & Storage
	Canary Connect, Inc.		Senior Secured	11.8%		$	9,879,021	$	9,873,374	$	8,874,451	*
	Proto, Inc.		Senior Secured	12.8%		361,468		361,468		361,468		10/1/2025
	Proto, Inc.		Senior Secured	12.5%		360,657		354,589		354,589		10/1/2025
	Proto, Inc. Subtotal					722,125		716,057		716,057
Computers & Storage Total		8.2%				$	10,601,146	$	10,589,431	$	9,590,508

Enterprise Networking
	Diamanti, Inc.		Senior Secured	11.0%		$	5,404,212	$	3,216,183	$	3,216,183	*
Enterprise Networking Total		2.8%				$	5,404,212	$	3,216,183	$	3,216,183

Internet
	10club Pte Ltd. ** ^		Senior Secured	12.0%		$	5,350,238	$	4,810,338	$	3,197,579	*
	D2C Store, Inc.		Senior Secured	10.0%		1,009,835		362,688		362,688		1/1/2027
	Good Counsel, Inc.		Senior Secured	12.3%		1,736,920		1,507,901		1,507,901		9/1/2026
	iZENEtech, Inc. ** ^		Senior Secured	12.3%		3,001,339		2,976,442		1,752,559		*
	Miami Labs, Inc.		Senior Secured	13.3%		5,531,584		5,349,262		5,349,262		5/1/2026
	OneLocal, Inc. ** ^		Senior Secured	12.3%		350,072		331,730		331,730		7/1/2026
	Quantcast Corp.		Senior Secured	12.0%		9,529,103		9,134,951		9,134,951		*
	Residently USA, LLC ** ^		Senior Secured	12.0%		405,041		400,800		217,158		10/1/2028
	RetailerX, Inc.		Senior Secured	11.3%		5,527,786		5,441,466		4,785,202		*
	Serface Care, Inc.		Senior Secured	12.3%		597,411		344,785		—		*
	Stay Alfred, Inc.		Senior Secured	18.0%		4,921,822		3,408,326		—		*
	Vinvesto, Inc.		Senior Secured	15.0%		128,400		128,400		128,400		5/1/2026
	Vinvesto, Inc.		Senior Secured	14.8%		128,206		122,609		122,609		5/1/2026
	Vinvesto, Inc. Subtotal					256,606		251,009		251,009
Internet Total		23.1%				$	38,217,757	$	34,319,698	$	26,890,039

Medical Devices
	Anutra Medical, Inc.		Senior Secured	18.0%		$	398,742	$	346,750	$	—	*
	Medrobotics Corporation, Inc.		Senior Secured	18.0%		10,000,000		8,942,813		—		*
Medical Devices Total		—%				$	10,398,742	$	9,289,563	$	—

Other Healthcare
	GoForward, Inc.		Senior Secured	11.5%		$	119,423	$	95,677	$	16,463	*
	Hello Heart Inc.		Senior Secured	11.0%		222,957		222,651		222,651		6/1/2025
	Honeybee Health, Inc.		Senior Secured	11.0%		459,354		452,794		452,794		9/1/2025
	Julie Products Inc.		Senior Secured	13.0%		248,397		244,425		244,425		9/1/2025
	Julie Products Inc.		Senior Secured	15.3%		196,661		194,557		194,557		4/1/2026
	Julie Products Inc.		Senior Secured	15.8%		224,710		222,058		222,058		6/1/2026
	Julie Products Inc. Subtotal					669,768		661,040		661,040
	KBS, Inc.		Senior Secured	14.0%		135,984		130,013		130,013		6/1/2026
	Open Inc.		Senior Secured	14.8%		222,452		220,999		220,999		3/1/2026
	Open Inc.		Senior Secured	13.5%		220,549		215,573		215,573		3/1/2026
	Open Inc. Subtotal					443,001		436,572		436,572
	PrecisionOS Technology Inc. ** ^		Senior Secured	12.0%		151,410		149,975		149,975		7/1/2025


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Therapydia, Inc.		Senior Secured	12.5%		409,822		262,819		262,819		*
	Vessel Health, Inc.		Senior Secured	12.0%		711,734		618,970		318,891		*
	Yuva Biosciences, Inc.		Senior Secured	13.3%		127,040		120,770		120,770		5/1/2026
Other Healthcare Total		2.4%				$	3,450,493	$	3,151,281	$	2,771,988

Other Technology
	Azumo, Inc.		Senior Secured	12.8%		$	957,356	$	913,213	$	548,094	*
	Bankroll Club, LLC		Senior Secured	12.9%		4,262,576		3,955,801		1,051,870		*
	Beautiful Beanfields, Inc.		Senior Secured	6.0%		275,000		255,543		—		*
	BloomTech Inc.		Senior Secured	11.3%		307,916		307,916		307,916		5/1/2026
	Brave Care Technologies, Inc.		Senior Secured	12.0%		738,617		681,178		212,313		*
	Bryte, Inc.		Senior Secured	10.0%		1,694,943		1,708,964		1,003,562		*
	Ceres Imaging, Inc.		Senior Secured	12.0%		1,375,000		1,235,782		1,235,782		*
	Coffee.ai Inc.		Senior Secured	11.0%		1,101,447		917,468		917,468		2/1/2028
	Content Adjacent, Inc.		Senior Secured	12.0%		1,370,177		1,275,059		927,667		*
	CornerUp, Inc.		Senior Secured	15.0%		392,046		359,249		106,206		*
	Creoate Limited ** ^		Senior Secured	15.5%		400,006		394,865		394,865		2/1/2027
	Creoate Limited ** ^		Senior Secured	14.0%		110,655		109,828		109,828		3/1/2026
	Creoate Limited ** ^		Senior Secured	11.8%		248,771		244,501		244,501		12/1/2025
	Creoate Limited Subtotal ** ^					759,432		749,194		749,194
	Digital. Thing(s), Inc.		Senior Secured	13.5%		359,964		230,290		230,290		1/1/2027
	Eguana Technologies, Inc. ** ^		Senior Secured	12.0%		3,107,383		2,762,835		2,389,088		*
	Fanimal, Inc.		Senior Secured	11.8%		578,498		488,976		23,956		*
	Heading Health Inc.		Senior Secured	12.5%		1,208,548		955,616		253,305		*
	Higher Ground Education, Inc.		Senior Secured	15.0%		2,163,724		2,025,517		2,025,517		*
	Hint, Inc.		Senior Secured	12.0%		620,177		610,155		610,155		5/1/2025
	Holo, Inc.		Senior Secured	13.5%		242,433		89,505		89,505		*
	Hyphen Technologies, Inc.		Senior Secured	11.5%		1,305,011		1,283,524		1,283,524		3/1/2026
	Intuition Robotics, Inc. ** ^		Senior Secured	12.0%		742,437		734,284		734,284		11/1/2025
	Invert Robotics Group, Ltd.		Senior Secured	13.0%		116,312		111,018		111,018		5/1/2025
	Joy Memories, Inc		Senior Secured	12.0%		771,511		726,401		726,401		6/1/2027
	Kibeam Learning, Inc.		Senior Secured	11.5%		117,404		116,477		116,477		6/1/2025
	LendTable Inc.		Senior Secured	14.1%		2,414,807		2,364,069		1,623,465		*
	Logistech Solutions Pte. Ltd. ** ^		Senior Secured	11.5%		165,507		156,120		156,120		12/1/2025
	Logistech Solutions Pte. Ltd. ** ^		Senior Secured	12.8%		669,927		663,338		663,338		10/1/2026
	Logistech Solutions Pte. Ltd. Subtotal ** ^					835,434		819,458		819,458
	Mavenform, Inc.		Senior Secured	11.1%		1,450,280		1,439,168		1,138,766		*
	Merlin Labs, Inc.		Senior Secured	11.0%		286,449		285,020		285,020		6/1/2025
	Noteleaf, Inc.		Senior Secured	18.0%		2,277,124		1,836,011		—		*
	Ocho Holdings Co.		Senior Secured	11.3%		218,789		213,276		98,282		*
	Plant Prefab, Inc.		Senior Secured	11.6%		2,887,000		2,203,148		1,984,236		*
	PlantBaby, Inc.		Senior Secured	12.0%		19,119		18,944		18,944		5/1/2025
	PlantBaby, Inc.		Senior Secured	12.0%		18,926		18,845		18,845		7/1/2025
	PlantBaby, Inc.		Senior Secured	12.0%		32,640		32,417		32,417		10/1/2025
	PlantBaby, Inc.		Senior Secured	13.8%		46,570		44,418		44,418		1/1/2026
	PlantBaby, Inc.		Senior Secured	14.3%		63,909		62,842		62,842		5/1/2026
	PlantBaby, Inc. Subtotal					181,164		177,466		177,466
	Platform Science, Inc.		Senior Secured	12.5%		2,018,443		1,966,833		1,966,833		2/1/2026
	Platform Science, Inc.		Senior Secured	12.5%		2,190,253		2,176,314		2,176,314		3/1/2026
	Platform Science, Inc. Subtotal					4,208,696		4,143,147		4,143,147
	Reali Inc.		Senior Secured	12.5%		11,275,525		8,533,922		23,751		*


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Rise Gardens, Inc.		Senior Secured	11.8%		1,380,944		1,201,703		649,664		*
	Romaine Empire, Inc.		Senior Secured	13.5%		8,701,020		8,626,175		8,626,175		12/1/2027
	SMS OPCO LLC		Senior Secured	8.0%		29,942		11,192		—		*
	Supplant, Inc. ** ^		Senior Secured	13.7%		1,801,277		1,716,973		1,552,169		*
	Sustainable Living Partners, LLC		Senior Secured	12.5%		13,967,808		13,094,889		11,971,852		*
	The Farm Project, PBC.		Senior Secured	15.0%		2,015,039		2,000,650		1,664,511		1/1/2027
	TheSquareFoot, Inc.		Senior Secured	18.0%		628,478		320,058		—		*
	Titan Health & Security Technologies, Inc.		Senior Secured	12.0%		282,411		279,956		279,956		8/1/2025
	Umbra Lab, Inc.		Senior Secured	13.5%		2,376,500		2,342,571		2,342,571		4/1/2026
	Velo Holdings Limited		Senior Secured	12.0%		2,471,720		991,672		991,672		*
	Virtuix Holdings, Inc.		Senior Secured	12.3%		112,754		111,997		111,997		9/1/2025
	Wheels Labs, Inc. **		Senior Secured	12.0%		700,000		700,000		145,328		*
	Zeno Technologies, Inc.		Senior Secured	10.0%		251,129		233,996		233,996		*
	Zimeno Inc.		Senior Secured	11.5%		2,288,084		2,246,894		2,246,894		1/1/2026
	Zimeno Inc.		Senior Secured	11.5%		4,165,101		4,124,252		4,124,252		10/1/2026
	Zimeno Inc. Subtotal					6,453,185		6,371,146		6,371,146
Other Technology Total		52.3%				$	91,775,387	$	82,511,628	$	60,888,220

Security
	Axiado Corporation		Senior Secured	10.5%		$	627,742	$	627,740	$	627,740	10/1/2025
	Axiado Corporation		Senior Secured	10.5%		627,742		617,024		617,024		10/1/2025
	Axiado Corporation Subtotal					1,255,484		1,244,764		1,244,764
	Popily, Inc.		Senior Secured	12.5%		1,998,517		1,559,440		34,704		*
Security Total		1.1%				$	3,254,001	$	2,804,204	$	1,279,468

Software
	Abacum Inc. ** ^		Senior Secured	13.5%		$	1,008,037	$	972,873	$	972,873	10/1/2026
	Bizly, Inc.		Senior Secured	12.5%		1,636,014		1,600,564		1,600,564		6/1/2027
	BlueCart, Inc.		Senior Secured	14.1%		1,069,662		968,413		968,413		12/1/2026
	Common Sun, Inc		Senior Secured	11.0%		324,970		324,970		324,970		1/1/2027
	Common Sun, Inc		Senior Secured	11.0%		728,712		711,045		711,045		7/1/2026
	Common Sun, Inc Subtotal					1,053,682		1,036,015		1,036,015
	Eskalera, Inc.		Senior Secured	12.0%		1,261,091		1,237,597		749,154		9/1/2028
	Form Remodel, Inc.		Senior Secured	11.0%		267,299		265,458		123,234		6/1/2026
	Form Remodel, Inc.		Senior Secured	11.0%		199,613		198,582		92,372		2/1/2026
	Form Remodel, Inc.		Senior Secured	11.0%		300,112		297,770		138,087		8/1/2026
	Form Remodel, Inc.		Senior Secured	11.0%		164,825		160,233		72,534		12/1/2025
	Form Remodel, Inc. Subtotal					931,849		922,043		426,227
	FutureProof Technologies, Inc.		Senior Secured	13.5%		542,383		525,826		525,826		6/1/2026
	Grokker, Inc.		Senior Secured	11.5%		200,918		198,453		198,453		4/1/2026
	Hoken Holdings Inc.		Senior Secured	13.0%		399,384		377,555		—		*
	Ketch Kloud, Inc.		Senior Secured	13.0%		5,912,173		5,745,618		5,745,618		4/1/2027
	Ratio Technologies, Inc.		Senior Secured	11.0%		756,266		749,632		749,632		1/1/2027
	Ratio Technologies, Inc.		Senior Secured	11.0%		273,446		271,014		271,014		1/1/2027
	Ratio Technologies, Inc.		Senior Secured	11.0%		114,412		101,870		101,870		1/1/2027
	Ratio Technologies, Inc. Subtotal					1,144,124		1,122,516		1,122,516
	Safe Securities Inc.		Senior Secured	11.5%		1,136,093		1,127,294		1,127,294		9/1/2025
	Safe Securities Inc.		Senior Secured	11.5%		396,955		394,600		394,600		4/1/2026
	Safe Securities Inc. Subtotal					1,533,048		1,521,894		1,521,894
	SF Insuretech, Inc.		Senior Secured	13.5%		632,080		632,080		632,080		9/1/2026
	SF Insuretech, Inc.		Senior Secured	13.5%		1,004,796		943,493		943,493		5/1/2026
	SF Insuretech, Inc.		Senior Secured	13.5%		694,821		694,821		694,821		11/1/2026
	SF Insuretech, Inc. Subtotal					2,331,697		2,270,394		2,270,394
	Terragon, Inc. ** ^		Senior Secured	12.0%		74,798		76,108		76,108		*


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Traction Apps, Inc. ** ^		Senior Secured	12.0%		669,230		687,621		420,442		*
	UCM Digital Health, Inc.		Senior Secured	12.5%		1,307,095		1,164,828		1,164,828		5/1/2027
	Vesta Housing, Inc.		Senior Secured	11.8%		632,799		626,106		626,106		6/1/2026
	Vesta Housing, Inc.		Senior Secured	11.8%		632,799		613,898		613,898		6/1/2026
	Vesta Housing, Inc. Subtotal					1,265,598		1,240,004		1,240,004
Software Total		17.2%				$	22,340,783	$	21,668,322	$	20,039,329

Technology Services
	Klar Holdings Limited ** ^		Senior Secured	11.8%		$	928,088	$	917,446	$	917,446	8/1/2025
	Loansnap Holdings Inc. **		Senior Secured	10.3%		3,982,300		3,782,386		654,413		*
Technology Services Total		1.4%				$	4,910,388	$	4,699,832	$	1,571,859

Wireless
	Juvo Mobile, Inc. **		Senior Secured	15.5%		$	290,675	$	287,479	$	287,479	7/1/2026
	Juvo Mobile, Inc. **		Senior Secured	12.0%		855,972		836,387		836,387		7/1/2026
	Juvo Mobile, Inc. Subtotal **					1,146,647		1,123,866		1,123,866
Wireless Total		1.0%				$	1,146,647	$	1,123,866	$	1,123,866

	Grand Total	111.6%				$	193,981,503	$	175,812,110	$	129,809,562


	Ticker Symbol	Percent of Net Assets	Number of Shares		Cost		Fair Value
Cash Equivalents
First American Government Obligations Fund - Class Z	FGZXX	5.8%	6,804,113		$	6,804,113	$	6,804,113
Total Cash Equivalents		5.8%	$	6,804,113	$	6,804,113	$	6,804,113

* As of March 31, 2025, loans with a cost basis of $107.5 million and a fair value of $63.0 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, 2025, 11.9% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an “eligible portfolio company,” as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund's investments in all eligible portfolio companies, and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.

^ 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 generally the percentage of the final payment divided by the original loan amount and are amortized over the full term of the loan.

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

As of March 31, 2025, all loans were made to non-affiliates.

See notes to condensed financial statements (unaudited).

VENTURE LENDING & LEASING IX, INC.

CONDENSED SCHEDULE OF INVESTMENTS (UNAUDITED)

AS OF DECEMBER 31, 2024


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
Biotechnology
	Calysta, Inc.		Senior Secured	11.8%		$	1,424,098	$	1,408,179	$	1,408,179	6/1/2025
	Genomic Prediction, Inc.		Senior Secured	11.0%		37,551		37,410		37,410		1/1/2025
	Ukko Inc.		Senior Secured	11.5%		2,107,295		2,051,686		2,051,686		5/1/2026
Biotechnology Total		2.9%				$	3,568,944	$	3,497,275	$	3,497,275

Computers & Storage
	Canary Connect, Inc.		Senior Secured	11.8%		$	9,879,021	$	9,758,853	$	9,758,853	3/1/2026
	Proto, Inc.		Senior Secured	12.5%		507,469		495,929		495,929		10/1/2025
	Proto, Inc.		Senior Secured	12.8%		508,460		508,460		508,460		10/1/2025
	Proto, Inc. Subtotal					1,015,929		1,004,389		1,004,389
Computers & Storage Total		9.0%				$	10,894,950	$	10,763,242	$	10,763,242

Enterprise Networking
	Diamanti, Inc.		Senior Secured	11.0%		$	5,404,212	$	3,310,413	$	3,310,413	*
Enterprise Networking Total		2.8%				$	5,404,212	$	3,310,413	$	3,310,413

Internet
	10club Pte Ltd. ** ^		Senior Secured	12.0%		$	5,350,238	$	4,821,628	$	4,014,479	*
	D2C Store, Inc.		Senior Secured	10.0%		1,305,572		912,688		912,688		*
	Good Counsel, Inc.		Senior Secured	12.3%		1,996,772		1,697,833		1,697,833		9/1/2026
	iZENEtech, Inc. ** ^		Senior Secured	12.3%		3,001,339		2,976,442		1,752,559		*
	Miami Labs, Inc.		Senior Secured	13.3%		5,877,795		5,626,862		5,626,862		5/1/2026
	OneLocal, Inc. ** ^		Senior Secured	12.3%		772,050		744,720		744,720		7/1/2026
	Quantcast Corp.		Senior Secured	12.0%		9,529,103		9,134,951		9,134,951		*
	Residently USA, LLC ** ^		Senior Secured	12.0%		376,963		361,961		178,319		4/1/2026
	RetailerX, Inc.		Senior Secured	11.3%		5,527,786		5,450,354		4,794,090		*
	Serface Care, Inc.		Senior Secured	12.3%		597,411		344,785		—		*
	Stay Alfred, Inc.		Senior Secured	18.0%		4,921,822		3,408,326		—		*
	Vinvesto, Inc.		Senior Secured	15.0%		153,163		153,163		153,163		5/1/2026
	Vinvesto, Inc.		Senior Secured	14.8%		152,975		145,097		145,097		5/1/2026
	Vinvesto, Inc. Subtotal					306,138		298,260		298,260
Internet Total		24.4%				$	39,562,989	$	35,778,810	$	29,154,761

Medical Devices
	Anutra Medical, Inc.		Senior Secured	18.0%		$	398,742	$	346,750	$	—	*
	Medrobotics Corporation, Inc.		Senior Secured	18.0%		10,000,000		8,918,414		—		*
	Siren Care, Inc.		Senior Secured	13.5%		310,920		310,783		310,783		1/1/2025
Medical Devices Total		0.3%				$	10,709,662	$	9,575,947	$	310,783

Other Healthcare
	Elysium Health, Inc.		Senior Secured	12.0%		$	485,515	$	481,710	$	481,710	2/1/2025
	GoForward, Inc.		Senior Secured	11.5%		118,797		95,051		46,363		*
	Hello Heart Inc.		Senior Secured	11.0%		439,894		438,841		438,841		6/1/2025
	Honeybee Health, Inc.		Senior Secured	11.0%		679,770		666,022		666,022		9/1/2025
	Julie Products Inc.		Senior Secured	15.3%		237,698		234,650		234,650		4/1/2026
	Julie Products Inc.		Senior Secured	13.0%		366,753		358,529		358,529		9/1/2025
	Julie Products Inc.		Senior Secured	15.8%		264,681		261,019		261,019		6/1/2026
	Julie Products Inc. Subtotal					869,132		854,198		854,198
	KBS, Inc.		Senior Secured	14.0%		160,491		152,256		152,256		6/1/2026


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Open Inc.		Senior Secured	13.5%		271,270		263,850		263,850		3/1/2026
	Open Inc.		Senior Secured	14.8%		273,217		270,883		270,883		3/1/2026
	Open Inc. Subtotal					544,487		534,733		534,733
	PrecisionOS Technology Inc. ** ^		Senior Secured	12.0%		261,096		257,207		257,207		7/1/2025
	Therapydia, Inc.		Senior Secured	12.5%		453,077		306,075		306,075		*
	Vessel Health, Inc.		Senior Secured	12.0%		711,734		618,971		471,310		*
	Yuva Biosciences, Inc.		Senior Secured	13.3%		151,845		143,005		143,005		5/1/2026
Other Healthcare Total		3.6%				$	4,875,838	$	4,548,069	$	4,351,720

Other Technology
	Azumo, Inc.		Senior Secured	12.8%		$	957,356	$	913,213	$	548,094	*
	Bankroll Club, LLC		Senior Secured	12.9%		4,262,576		3,955,801		1,051,870		*
	Beautiful Beanfields, Inc.		Senior Secured	6.0%		275,000		255,543		125,523		*
	BloomTech Inc.		Senior Secured	11.3%		299,416		299,416		299,416		5/1/2026
	Brave Care Technologies, Inc.		Senior Secured	12.0%		738,617		681,178		212,314		12/1/2026
	Bryte, Inc.		Senior Secured	10.0%		1,694,943		1,708,964		1,003,561		*
	Candy Club Holdings, Inc.		Senior Secured	8.5%		750,000		734,522		—		*
	Ceres Imaging, Inc.		Senior Secured	12.0%		2,843,184		2,781,445		2,781,445		*
	Coffee.ai Inc.		Senior Secured	11.0%		1,101,447		1,033,864		1,033,864		5/1/2027
	Content Adjacent, Inc.		Senior Secured	12.0%		1,370,177		1,275,059		927,667		*
	CornerUp, Inc.		Senior Secured	15.0%		392,046		359,248		211,951		*
	Creoate Limited ** ^		Senior Secured	14.0%		136,025		134,790		134,790		3/1/2026
	Creoate Limited ** ^		Senior Secured	15.5%		444,128		437,777		437,777		2/1/2027
	Creoate Limited ** ^		Senior Secured	11.8%		327,018		319,831		319,831		12/1/2025
	Creoate Limited Subtotal ** ^					907,171		892,398		892,398
	Digital. Thing(s), Inc.		Senior Secured	12.0%		328,844		293,172		293,172		10/1/2025
	Eguana Technologies, Inc. ** ^		Senior Secured	12.0%		3,107,383		2,762,835		2,389,088		*
	Fanimal, Inc.		Senior Secured	11.8%		578,498		534,576		25,853		*
	Heading Health Inc.		Senior Secured	12.5%		1,208,548		955,616		253,305		*
	Higher Ground Education, Inc.		Senior Secured	12.5%		325,522		324,460		324,460		2/1/2025
	Higher Ground Education, Inc.		Senior Secured	12.5%		1,339,384		1,329,730		1,329,730		6/1/2025
	Higher Ground Education, Inc. Subtotal					1,664,906		1,654,190		1,654,190
	Hint, Inc.		Senior Secured	12.0%		1,527,606		1,479,004		1,479,004		5/1/2025
	Holo, Inc.		Senior Secured	13.5%		242,433		89,505		89,505		*
	Hyphen Technologies, Inc.		Senior Secured	11.5%		1,608,875		1,576,699		1,576,699		3/1/2026
	Intuition Robotics, Inc. ** ^		Senior Secured	12.0%		1,006,125		991,613		991,613		11/1/2025
	Invert Robotics Group, Ltd.		Senior Secured	13.0%		286,146		261,015		261,015		5/1/2025
	Joy Memories, Inc		Senior Secured	12.0%		834,464		771,276		771,276		6/1/2027
	Kibeam Learning, Inc.		Senior Secured	11.5%		231,496		228,325		228,325		6/1/2025
	LendTable Inc.		Senior Secured	14.1%		2,414,807		2,364,069		1,623,465		*
	Logistech Solutions Pte. Ltd. ** ^		Senior Secured	11.5%		217,628		201,948		201,948		12/1/2025
	Logistech Solutions Pte. Ltd. ** ^		Senior Secured	12.8%		764,101		755,548		755,548		10/1/2026
	Logistech Solutions Pte. Ltd. Subtotal ** ^					981,729		957,496		957,496
	Mavenform, Inc.		Senior Secured	11.1%		1,453,642		1,445,530		1,145,128		10/1/2025
	Merlin Labs, Inc.		Senior Secured	11.0%		565,162		560,264		560,264		6/1/2025
	Noteleaf, Inc.		Senior Secured	18.0%		2,277,124		1,836,011		—		*
	Ocho Holdings Co.		Senior Secured	11.3%	44.1%	317,157		317,157		317,157		12/1/2024
	Plant Prefab, Inc.		Senior Secured	11.6%		2,887,000		2,286,773		2,067,861		*
	PlantBaby, Inc.		Senior Secured	12.0%		32,637		32,416		32,416		7/1/2025
	PlantBaby, Inc.		Senior Secured	14.3%		76,300		74,791		74,791		5/1/2026
	PlantBaby, Inc.		Senior Secured	12.0%		47,093		46,250		46,250		5/1/2025


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	PlantBaby, Inc.		Senior Secured	13.8%		59,550		56,119		56,119		1/1/2026
	PlantBaby, Inc.		Senior Secured	12.0%		45,953		45,528		45,528		10/1/2025
	PlantBaby, Inc. Subtotal					261,533		255,104		255,104
	Platform Science, Inc.		Senior Secured	12.5%		2,530,661		2,451,050		2,451,050		2/1/2026
	Platform Science, Inc.		Senior Secured	12.5%		2,697,095		2,676,222		2,676,222		3/1/2026
	Platform Science, Inc. Subtotal					5,227,756		5,127,272		5,127,272
	Reali Inc.		Senior Secured	12.5%		11,275,525		8,533,922		23,751		*
	Rise Gardens, Inc.		Senior Secured	11.8%		1,380,944		1,201,703		616,757		*
	Romaine Empire, Inc.		Senior Secured	13.5%		8,887,530		8,764,571		8,764,571		12/1/2027
	SMS OPCO LLC		Senior Secured	8.0%		29,942		11,192		—		*
	Supplant, Inc. ** ^		Senior Secured	16.0%		415,527		410,093		410,093		12/1/2026
	Supplant, Inc. ** ^		Senior Secured	13.0%		1,341,684		1,306,881		1,306,881		7/1/2026
	Supplant, Inc. Subtotal ** ^					1,757,211		1,716,974		1,716,974
	Sustainable Living Partners, LLC		Senior Secured	12.5%		13,967,808		13,094,889		10,926,993		*
	The Farm Project, PBC.		Senior Secured	15.0%		2,272,202		2,252,211		1,916,072		6/1/2026
	TheSquareFoot, Inc.		Senior Secured	18.0%		628,478		325,058		—		*
	Titan Health & Security Technologies, Inc.		Senior Secured	12.0%		445,279		439,569		439,569		8/1/2025
	Umbra Lab, Inc.		Senior Secured	13.5%		2,878,167		2,828,922		2,828,922		4/1/2026
	Velo Holdings Limited		Senior Secured	12.0%		2,471,720		1,065,823		1,065,823		*
	Virtuix Holdings, Inc.		Senior Secured	12.3%		166,629		165,055		165,055		9/1/2025
	Wheels Labs, Inc. **		Senior Secured	12.0%		700,000		700,000		145,328		*
	Zeno Technologies, Inc.		Senior Secured	10.0%		251,129		233,996		233,996		*
	Zimeno Inc.		Senior Secured	11.5%		2,933,530		2,867,300		2,867,300		1/1/2026
	Zimeno Inc.		Senior Secured	11.5%		4,757,352		4,704,217		4,704,217		10/1/2026
	Zimeno Inc. Subtotal					7,690,882		7,571,517		7,571,517
Other Technology Total		56.6%				$	99,406,613	$	90,543,555	$	67,570,223

Security
	Axiado Corporation		Senior Secured	10.5%		$	885,386	$	864,939	$	864,939	10/1/2025
	Axiado Corporation		Senior Secured	10.5%		885,386		885,383		885,383		10/1/2025
	Axiado Corporation Subtotal					1,770,772		1,750,322		1,750,322
	Popily, Inc.		Senior Secured	12.5%		1,998,517		1,559,440		34,704		*
Security Total		1.5%				$	3,769,289	$	3,309,762	$	1,785,026

Software
	Abacum Inc. ** ^		Senior Secured	13.5%		$	1,148,769	$	1,103,285	$	1,103,285	10/1/2026
	Bizly, Inc.		Senior Secured	12.5%		1,636,014		1,594,976		1,594,976		3/1/2027
	BlueCart, Inc.		Senior Secured	14.1%		1,124,923		1,001,277		1,001,277		12/1/2026
	Canopy Technology Corp.		Senior Secured	15.0%		547,212		541,475		541,475		3/1/2026
	Canopy Technology Corp.		Senior Secured	13.5%		610,420		595,815		595,815		11/1/2025
	Canopy Technology Corp. Subtotal					1,157,632		1,137,290		1,137,290
	Chowbus, Inc.		Senior Secured	12.0%		527,766		518,629		518,629		3/1/2025
	Common Sun, Inc		Senior Secured	11.0%		364,513		364,510		364,510		1/1/2027
	Common Sun, Inc		Senior Secured	11.0%		854,040		829,969		829,969		7/1/2026
	Common Sun, Inc Subtotal					1,218,553		1,194,479		1,194,479
	Eskalera, Inc.		Senior Secured	12.0%		1,128,083		1,103,259		792,024		10/1/2026
	Form Remodel, Inc.		Senior Secured	11.0%		216,860		209,140		209,140		12/1/2025
	Form Remodel, Inc.		Senior Secured	11.0%		316,562		313,999		313,999		6/1/2026
	Form Remodel, Inc.		Senior Secured	11.0%		250,709		249,109		249,109		2/1/2026
	Form Remodel, Inc.		Senior Secured	11.0%		348,469		345,326		345,326		8/1/2026
	Form Remodel, Inc. Subtotal					1,132,600		1,117,574		1,117,574
	FutureProof Technologies, Inc.		Senior Secured	13.5%		640,496		617,606		617,606		6/1/2026


Industry	Borrower	Percent of Net Assets (a)	Collateral	Interest Rate (b)	End of Term Payment (c)	Principal		Amortized Cost		Fair Value (d)		Final Maturity Date
	Grokker, Inc.		Senior Secured	11.5%		243,895		240,305		240,305		4/1/2026
	Grokker, Inc.		Senior Secured	11.5%		96,037		95,610		95,610		3/1/2025
	Grokker, Inc. Subtotal					339,932		335,915		335,915
	HaystacksAI, Inc.		Senior Secured	12.3%		809,810		784,109		546,129		*
	Hoken Holdings Inc.		Senior Secured	13.0%		379,142		359,408		165,361		5/1/2026
	Ketch Kloud, Inc.		Senior Secured	13.0%		6,521,957		6,319,245		6,319,245		4/1/2027
	Ratio Technologies, Inc.		Senior Secured	11.0%		128,333		112,710		112,710		1/1/2027
	Ratio Technologies, Inc.		Senior Secured	11.0%		848,283		839,947		839,947		1/1/2027
	Ratio Technologies, Inc.		Senior Secured	11.0%		306,717		303,661		303,661		1/1/2027
	Ratio Technologies, Inc. Subtotal					1,283,333		1,256,318		1,256,318
	Safe Securities Inc.		Senior Secured	11.5%		481,779		478,328		478,328		4/1/2026
	Safe Securities Inc.		Senior Secured	11.5%		1,680,219		1,661,759		1,661,759		9/1/2025
	Safe Securities Inc. Subtotal					2,161,998		2,140,087		2,140,087
	SF Insuretech, Inc.		Senior Secured	13.5%		786,275		786,275		786,275		11/1/2026
	SF Insuretech, Inc.		Senior Secured	13.5%		725,598		725,598		725,598		9/1/2026
	SF Insuretech, Inc.		Senior Secured	13.5%		1,200,388		1,113,723		1,113,723		5/1/2026
	SF Insuretech, Inc. Subtotal					2,712,261		2,625,596		2,625,596
	Swiftly Systems, Inc.		Senior Secured	11.5%		80,788		80,588		80,588		1/1/2025
	Terragon, Inc. ** ^		Senior Secured	12.0%		74,798		76,108		76,108		*
	Traction Apps, Inc. ** ^		Senior Secured	12.0%		669,230		687,621		420,442		*
	UCM Digital Health, Inc.		Senior Secured	12.5%		1,325,856		1,159,785		1,159,785		5/1/2027
	Vesta Housing, Inc.		Senior Secured	11.8%		748,772		722,566		722,566		6/1/2026
	Vesta Housing, Inc.		Senior Secured	11.8%		748,772		739,470		739,470		6/1/2026
	Vesta Housing, Inc. Subtotal					1,497,544		1,462,036		1,462,036
Software Total		21.5%				$	27,571,485	$	26,675,191	$	25,664,750

Technology Services
	Klar Holdings Limited ** ^		Senior Secured	11.8%		$	1,463,620	$	1,438,665	$	1,438,665	8/1/2025
	Loansnap Holdings Inc. **		Senior Secured	10.3%		3,982,300		3,782,386		1,907,838		*
Technology Services Total		2.8%				$	5,445,920	$	5,221,051	$	3,346,503

Wireless
	Juvo Mobile, Inc. **		Senior Secured	12.0%		$	1,002,031	$	975,385	$	975,385	7/1/2026
	Juvo Mobile, Inc. **		Senior Secured	15.5%		338,922		334,592		334,592		7/1/2026
	Juvo Mobile, Inc. Subtotal **					1,340,953		1,309,977		1,309,977
Wireless Total		1.1%				$	1,340,953	$	1,309,977	$	1,309,977

	Grand Total	126.6%				$	212,550,855	$	194,533,292	$	151,064,673


	Ticker Symbol	Percent of Net Assets	Number of Shares	Cost		Fair Value
Cash Equivalents
First American Government Obligations Fund - Class Z	FGZXX	3.8%	4,583,701	$	4,583,701	$	4,583,701
Total Cash Equivalents		3.8%	4,583,701	$	4,583,701	$	4,583,701

*As of December 31, 2024, loans with a cost basis of $95.5 million and a fair value of $53.8 million were classified as non-accrual. These loans have been accelerated from their original maturity and are due in their entirety. During the period for which these loans have been on non-accrual status, no interest income has been recognized.

**Indicates assets that the Fund deems “non-qualifying assets.” As of December 31, 2024, 13.2% of the Fund’s total assets represented non-qualifying assets. Under Section 55(a) of the 1940 Act, the Fund is prohibited from acquiring any additional non-qualifying assets unless, at the time of acquisition, certain specified qualifying assets (e.g., securities issued by an “eligible portfolio company,” as defined in Section 2(a)(46)) represent at least 70% of its total assets. As part of this calculation, the numerator consists of the fair value of the Fund's investments in all eligible portfolio companies, and the denominator consists of total assets less those assets described in Section 55(a)(7) of the 1940 Act.

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

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

As of December 31, 2024, all loans were made to non-affiliates.

See notes to condensed financial statements (unaudited).

(Intentionally left blank)

VENTURE LENDING & LEASING IX, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

1.ORGANIZATION AND OPERATIONS OF THE FUND

Venture Lending & Leasing IX, Inc. (the “Fund”) was incorporated in Maryland on June 28, 2017 as a non-diversified, closed-end management investment company 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”) whose ultimate parent is P10, Inc., a Delaware corporation.

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 months ended March 31, 2025 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, 2024.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting and Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As an investment company, the Fund follows accounting and reporting guidance as set forth in Topic 946 (“Financial Services - Investment Companies”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”).

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 March 31, 2025, the Fund held 6,804,113 units in the First American Government Obligations Fund Class Z (Ticker Symbol: FGZXX) valued at $1 per unit at a yield of 4.23% and $502,500 in cash, which together represented 6.28% of the net assets of the Fund. Within cash and cash equivalents, as of December 31, 2024, the Fund held 4,583,701 units in the First American Government Obligations Fund Class Z (Ticker Symbol: FGZXX) valued at $1 per unit at a yield of 4.35%, and $500,000 in cash, which together represented 4.26% 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 March 31, 2025 and December 31, 2024, the financial statements included nonmarketable investments of $129.8 million and $151.1 million, respectively (or 93.4% and 94.4% 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 transfer a liability in an orderly transaction between market participants at the measurement date (the “most advantageous market”). 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 materially 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 March 31, 2025 and December 31, 2024, loans with a cost basis of $107.5 million and $95.5 million and a fair value of $63.0 million and $53.8 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 March 31, 2025 and December 31, 2024, 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 used derivative instruments to manage its exposure to changes in interest rates on expected borrowings under its debt facility, as the Fund originates fixed rate loans (see Note 8).

Derivative instruments were carried at fair value based on the 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 considered the future expected interest rates on the notional principal balance remaining which was comparable to what a prospective acquirer would pay on the measurement date. Valuation pricing models considered 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 was a party to master netting arrangements with Zions Bancorporation, N.A., however, the Fund had elected not to offset assets and liabilities under these arrangements for financial statement presentation purposes. Contracts were 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 was in favor of the Fund or the counterparty. The changes in fair value were 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, were recorded in net realized gain (loss) from derivative instruments in the Condensed Statements of Operations.

The Fund terminated all of its derivative contracts as of December 31, 2024.

Segment Reporting

In accordance with ASC Topic 280 - Segment Reporting (“ASC 280”), the Fund has determined that it has a single operating and reporting segment. As a result, the Fund’s segment accounting policies are the same as described herein and the Fund does not have any intra-segment sales and transfers of assets.

3. FAIR VALUE DISCLOSURES

The Fund provides asset-based financing primarily to start-up and emerging growth venture-backed companies pursuant to commitments whereby the Fund agrees to finance assets and provide working or growth capital up to a specified amount for the term of the commitment, upon the terms and subject to the conditions specified by such commitment. Even though these loans are generally secured by the assets of the borrowers, the Fund in most cases is subject to the credit risk of such companies. As of March 31, 2025 and December 31, 2024, 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, a recovery price. The recovery 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 recovery 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
Performing Loans	March 31, 2025		March 31, 2024
Weighted-Average Interest Rate – Cash	11.82	%	13.78	%
Weighted Average Interest Rate – Non-Cash	2.84	%	3.30	%
Weighted-Average Interest Rate	14.66	%	17.08	%


	For the Three Months Ended
All Loans	March 31, 2025		March 31, 2024
Weighted-Average Interest Rate – Cash	6.94	%	12.15	%
Weighted Average Interest Rate – Non-Cash	1.66	%	2.90	%
Weighted-Average Interest Rate	8.60	%	15.05	%

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 March 31, 2025 and December 31, 2024 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 three months ended March 31, 2025 and 2024.

The Fund’s cash equivalents were valued at the traded net asset value of the money market fund. As a result, these measurements are classified as Level 1. The Fund’s loan investments are individually negotiated and unique, and because there is little to no market in which these assets trade, the unobservable inputs for these assets are valued using estimated recovery values. As a result, the Fund's loan investments are classified as Level 3.

The methodologies primarily employed by Management for valuation purposes consist of valuing loans based on the most advantageous market, as previously discussed, and the “asset recovery” method. The asset recovery method is utilized once Management identifies a troubled loan. This methodology incorporates various alternative outcomes based on all available information as of the valuation date. Each outcome is assigned a weighting depending on the facts and circumstances which exist at the underlying portfolio company. In certain scenarios, Management identifies all relevant remaining assets and the expected value of the proceeds the Fund may receive for selling off tangible assets or intellectual property rights, redeploying those assets to other companies, recovering receivables, etc. In other circumstances, Management considers the portfolio company’s potential ability to raise an additional round of financing or to be acquired which then allows for full or partial recovery of the Fund's loan.

The following tables provide quantitative information about the Fund’s Level 3 fair value measurements of the Fund’s investments by industry as of March 31, 2025 and December 31, 2024. 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

March 31, 2025

Valuation Techniques / Methodologies

Unobservable Input

Range

Weighted Average (a)

Biotechnology

$2,438,102

Most advantageous market analysis

Most advantageous market coupon rate

15% - 16%

15%

Computers & Storage

9,590,508

Most advantageous market analysis

Most advantageous market coupon rate

15%*

15%

Asset Recovery

Probability weighting of alternative outcomes

30% - 40%*

Enterprise Networking

3,216,183

Asset Recovery

Probability weighting of alternative outcomes

10% - 50% *

Internet

26,890,039

Most advantageous market analysis

Most advantageous market coupon rate

18% - 20%

19%

Asset Recovery

Probability weighting of alternative outcomes

5% - 100%^

Medical Devices

—

Asset Recovery

Probability weighting of alternative outcomes

100%^

Other Healthcare

2,771,988

Most advantageous market analysis

Most advantageous market coupon rate

12% - 22%

17%

Asset Recovery

Probability weighting of alternative outcomes

10% - 100%^

Other Technology

60,888,220

Most advantageous market analysis

Most advantageous market coupon rate

11% - 25%

16%

Asset Recovery

Probability weighting of alternative outcomes

5% - 100%^

Security

1,279,468

Most advantageous market analysis

Most advantageous market coupon rate

13%*

13%

Asset Recovery

Probability weighting of alternative outcomes

100%^

Software

20,039,329

Most advantageous market analysis

Most advantageous market coupon rate

13% - 25%

16%

Asset Recovery

Probability weighing of alternative outcomes

5% - 100%^

Technology Services

1,571,859

Most advantageous market analysis

Most advantageous market coupon rate

16%*

16%

Asset Recovery

Probability weighing of alternative outcomes

5% - 75%*

Wireless

1,123,866

Most advantageous market analysis

Most advantageous market coupon rate

16%*

16%

Total Loan Investments

$129,809,562

(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, 2024

Valuation Techniques / Methodologies

Unobservable Input

Range

Weighted Average (a)

Biotechnology

$3,497,275

Most advantageous market analysis

Most advantageous market coupon rate

16%

Computers & Storage

10,763,242

Most advantageous market analysis

Most advantageous market coupon rate

14% - 16%

14%

Enterprise Networking

3,310,413

Asset Recovery

Probability weighting of alternative outcomes

10% - 50% *

Internet

29,154,761

Most advantageous market analysis

Most advantageous market coupon rate

19% - 20%

19%

Asset Recovery

Probability weighting of alternative outcomes

5% - 100%^

Medical Devices

310,783

Asset Recovery

Probability weighting of alternative outcomes

100%^

Other Healthcare

4,351,720

Most advantageous market analysis

Most advantageous market coupon rate

12% - 22%

17%

Asset Recovery

Probability weighting of alternative outcomes

25% - 100%^

Other Technology

67,570,223

Most advantageous market analysis

Most advantageous market coupon rate

11% - 38%

16%

Asset Recovery

Probability weighting of alternative outcomes

5% - 100%^

Security

1,785,026

Most advantageous market analysis

Most advantageous market coupon rate

13%*

13%

Asset Recovery

Probability weighting of alternative outcomes

25% - 100%^

Software

25,664,750

Most advantageous market analysis

Most advantageous market coupon rate

13% - 26%

17%

Asset Recovery

Probability weighing of alternative outcomes

5% - 95%^

Technology Services

3,346,503

Most advantageous market analysis

Most advantageous market coupon rate

16%*

16%

Venture Lending & Leasing IX, Inc. 10-Q