v3.25.1
FAIR VALUE DISCLOSURES (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Weighted Average Interest Rate of Performing and All Loans
The following tables show the weighted-average interest rate of the performing loans and all loans:
For the Three Months Ended
Performing LoansMarch 31, 2025March 31, 2024
Weighted-Average Interest Rate – Cash11.82 %13.78 %
Weighted Average Interest Rate – Non-Cash2.84 %3.30 %
Weighted-Average Interest Rate14.66 %17.08 %

For the Three Months Ended
All LoansMarch 31, 2025March 31, 2024
Weighted-Average Interest Rate – Cash6.94 %12.15 %
Weighted Average Interest Rate – Non-Cash1.66 %2.90 %
Weighted-Average Interest Rate8.60 %15.05 %
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables provide quantitative information about the Fund’s Level 3 fair value measurements of the Fund’s investments by industry as of March 31, 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 / MethodologiesUnobservable InputRange
Weighted Average (a)
Biotechnology$2,438,102Most advantageous market analysisMost advantageous market coupon rate
15% - 16%
15%
Computers & Storage9,590,508Most advantageous market analysisMost advantageous market coupon rate
15%*
15%
Asset RecoveryProbability weighting of alternative outcomes
30% - 40%*
Enterprise Networking3,216,183Asset RecoveryProbability weighting of alternative outcomes
10% - 50% *
Internet26,890,039Most advantageous market analysisMost advantageous market coupon rate
18% - 20%
19%
Asset RecoveryProbability weighting of alternative outcomes
5% - 100%^
Medical Devices—Asset RecoveryProbability weighting of alternative outcomes
100%^
Other Healthcare2,771,988Most advantageous market analysisMost advantageous market coupon rate
12% - 22%
17%
Asset RecoveryProbability weighting of alternative outcomes
10% - 100%^
Other Technology60,888,220Most advantageous market analysisMost advantageous market coupon rate
11% - 25%
16%
Asset RecoveryProbability weighting of alternative outcomes
5% - 100%^
Security1,279,468Most advantageous market analysisMost advantageous market coupon rate
13%*
13%
Asset RecoveryProbability weighting of alternative outcomes
100%^
Software20,039,329Most advantageous market analysisMost advantageous market coupon rate
 13% - 25%
16%
Asset RecoveryProbability weighing of alternative outcomes
5% - 100%^
Technology Services1,571,859Most advantageous market analysisMost advantageous market coupon rate
16%*
16%
Asset RecoveryProbability weighing of alternative outcomes
5% - 75%*
Wireless1,123,866Most advantageous market analysisMost 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 / MethodologiesUnobservable InputRange
Weighted Average (a)
Biotechnology$3,497,275Most advantageous market analysisMost advantageous market coupon rate
16%
16%
Computers & Storage10,763,242Most advantageous market analysisMost advantageous market coupon rate
14% - 16%
14%
Enterprise Networking3,310,413Asset RecoveryProbability weighting of alternative outcomes
10% - 50% *
Internet29,154,761Most advantageous market analysisMost advantageous market coupon rate
19% - 20%
19%
Asset RecoveryProbability weighting of alternative outcomes
5% - 100%^
Medical Devices310,783Asset RecoveryProbability weighting of alternative outcomes
100%^
Other Healthcare4,351,720Most advantageous market analysisMost advantageous market coupon rate
12% - 22%
17%
Asset RecoveryProbability weighting of alternative outcomes
25% - 100%^
Other Technology67,570,223Most advantageous market analysisMost advantageous market coupon rate
11% - 38%
16%
Asset RecoveryProbability weighting of alternative outcomes
5% - 100%^
Security1,785,026Most advantageous market analysisMost advantageous market coupon rate
13%*
13%
Asset RecoveryProbability weighting of alternative outcomes
25% - 100%^
Software25,664,750Most advantageous market analysisMost advantageous market coupon rate
13% - 26%
17%
Asset RecoveryProbability weighing of alternative outcomes
5% - 95%^
Technology Services3,346,503Most advantageous market analysisMost advantageous market coupon rate
16%*
16%
Asset RecoveryProbability weighting of alternative outcomes
13% - 50%*
Wireless1,309,977Most advantageous market analysisMost advantageous market coupon rate
16%*
16%
Total Loan Investments$151,064,673

(a) The weighted-average most advantageous market coupon rates were calculated using the relative fair value of the loans.
* There is only one loan within this industry that utilizes this valuation technique.
^ Probability weightings vary among loan investments within each industry based on different potential future outcomes.
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables present the balances of assets and liabilities as of March 31, 2025 and December 31, 2024 measured at fair value on a recurring basis:

As of March 31, 2025
ASSETS:Level 1Level 2Level 3Total
Loans†
$— $— $129,809,562 $129,809,562 
Cash equivalents6,804,113 — — 6,804,113 
Total$6,804,113 $— $129,809,562 $136,613,675 
As of December 31, 2024
ASSETS:Level 1Level 2Level 3Total
Loans†
$— $— $151,064,673 $151,064,673 
Cash equivalents4,583,701 — — 4,583,701 
Total$4,583,701 $— $151,064,673 $155,648,374 

† For a detailed listing of borrowers comprising this amount, please refer to the Condensed Schedules of Investments.
Schedule of Changes in Level 3 Assets Measured at Fair Value on Recurring Basis
The following tables provide a summary of changes in Level 3 assets measured at fair value on a recurring basis:

For the Three Months Ended March 31, 2025
LoansWarrantsConvertible Notes
Beginning balance$151,064,673 $— $— 
Acquisitions and originations— 284,219 799,876 
Principal payments on loans, net of accretion(17,986,661)— — 
Distributions to shareholder— (284,219)(799,876)
Net realized loss from loans(734,522)— — 
Net change in unrealized loss from loans(2,533,928)— — 
Ending balance$129,809,562 $— $— 
Net change in unrealized loss from loans still held at March 31, 2025
$(3,506,431)

For the Three Months Ended March 31, 2024
LoansWarrantsStocksConvertible Notes
Beginning balance$302,804,781 $— $— $— 
Acquisitions and originations496,047 266,643 75,814 300,000 
Principal payments on loans, net of accretion(44,602,650)— — — 
Distributions to shareholder— (266,643)(75,814)(300,000)
Net realized loss from loans— — — — 
Net change in unrealized loss from loans(5,331,734)— — — 
Ending balance$253,366,444 $— $— $— 
Net change in unrealized loss from loans still held at March 31, 2024
$(5,331,734)