Fair Value Measurements (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of fair value measurements |
| Schedule of fair value measurements |
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|
March 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
|
| First lien senior secured term loans |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
50,344,414 |
|
|
$ |
50,344,414 |
|
| Warrants |
|
|
- |
|
|
|
- |
|
|
|
3,961,525 |
|
|
|
3,961,525 |
|
| Total investments before cash equivalents |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
54,305,939 |
|
|
$ |
54,305,939 |
|
| Money market treasury fund |
|
|
9,100,978 |
|
|
|
- |
|
|
|
- |
|
|
|
9,100,978 |
|
| Total investments after cash equivalents |
|
$ |
9,100,978 |
|
|
$ |
- |
|
|
$ |
54,305,939 |
|
|
$ |
63,406,917 |
|
|
| Schedule of unrealized gain loss on investment |
| Schedule of unrealized gain loss on investment |
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For the period from the Commencement of Operations through
March 31, 2025 |
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| |
|
First Lien
Senior Secured
Term Loans |
|
|
Warrants |
|
|
Total |
|
| Total fair value of investments in portfolio companies at Commencement of Operations |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Investments in portfolio companies acquired from Legacy Fund |
|
$ |
38,604,265 |
|
|
$ |
2,808,033 |
|
|
$ |
41,412,298 |
|
| Purchases of investments in portfolio companies |
|
|
11,835,199 |
|
|
|
1,164,801 |
|
|
|
13,000,000 |
|
| Paid-in-kind interest income |
|
|
1,516 |
|
|
|
- |
|
|
|
1,516 |
|
| Proceeds from loan repayments on investments in portfolio companies |
|
|
(109,375 |
) |
|
|
- |
|
|
|
(109,375 |
) |
| Proceeds from deferred loan fees |
|
|
(162,500 |
) |
|
|
- |
|
|
|
(162,500 |
) |
| Amortization of deferred loan fees |
|
|
35,935 |
|
|
|
- |
|
|
|
35,935 |
|
| Accretion of warrant discount |
|
|
139,374 |
|
|
|
- |
|
|
|
139,374 |
|
| Net change in unrealized gain (loss) |
|
|
- |
|
|
|
(11,309 |
) |
|
|
(11,309 |
) |
| Total fair value of investments in portfolio companies at March 31, 2025 |
|
$ |
50,344,414 |
|
|
$ |
3,961,525 |
|
|
$ |
54,305,939 |
|
|
| Schedule of investment unobservable inputs |
| Schedule of investment unobservable inputs |
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|
Fair Value
as of
March 31,
2025 |
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|
Valuation
Techniques/ Methodologies |
|
Unobservable
Input |
|
Range (Weighted Average)1 |
|
|
Impact to
Valuation
from an
Increase in
Input2 |
| First lien senior secured term loans |
|
$ |
46,368,634 |
|
|
Discounted cash flow |
|
Discount rate |
|
14.1% - 30.1% (19.4%) |
|
|
Decrease |
| |
|
|
3,975,780 |
|
|
Recent transaction |
|
Transaction price |
|
N/A |
|
|
N/A |
| Warrants |
|
|
1,201,716 |
|
|
Black Scholes Option Pricing Model |
|
Volatility |
|
60% - 75% (66.7%) |
|
|
Increase |
| |
|
|
|
|
|
Black Scholes Option Pricing Model |
|
Estimated time to exit (in years) |
|
2.5 - 4.0 (2.99) |
|
|
Decrease |
| |
|
|
|
|
|
Black Scholes Option Pricing Model |
|
Revenue Multiples |
|
0.96 - 5.35 (2.94) |
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|
Increase |
| |
|
|
2,759,809 |
|
|
Market Approach |
|
Revenue Multiples |
|
1.57 - 3.13 (2.23) |
|
|
Increase |
| Total |
|
$ |
54,305,939 |
|
|
|
|
|
|
|
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1 |
The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. |
|
2 |
This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. |
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