v3.25.1
Consolidated Schedule of Investments (Unaudited)
 1 Months Ended
Mar. 31, 2025
USD ($)
$ / shares
shares
Schedule of Investments [Line Items]  
Cost $ 54,317,248
Fair Value $ 54,305,939
Strike Price | $ / shares $ 0.01
Interest Rate 100.00%
Investments [Member]  
Schedule of Investments [Line Items]  
Cost $ 63,418,226
Fair Value $ 63,406,917
% of Net Assets 93.08%
Investments [Member] | Cash Equivalents [Member]  
Schedule of Investments [Line Items]  
Cost $ 9,100,978
Fair Value $ 9,100,978
% of Net Assets 13.36%
Youth Opportunity Investments, LLC [Member]  
Schedule of Investments [Line Items]  
% of Net Assets 10.70%
FanFixApp, LLC [Member]  
Schedule of Investments [Line Items]  
% of Net Assets 15.90%
First American Treasury Obligations Fund [Member] | Investments [Member] | Cash Equivalents [Member]  
Schedule of Investments [Line Items]  
Principal Amount $ 9,100,978
Cost 9,100,978
Fair Value $ 9,100,978
% of Net Assets 13.36%
Interest Rate 4.26%
Education [Member]  
Schedule of Investments [Line Items]  
Cost $ 5,899,908
Fair Value $ 5,899,908
Interest Rate 10.90%
Food and Beverage [Member]  
Schedule of Investments [Line Items]  
Cost $ 2,972,500
Fair Value $ 2,972,500
Interest Rate 5.50%
Health & Wellness [Member]  
Schedule of Investments [Line Items]  
Cost $ 12,644,179
Fair Value $ 12,644,179
Interest Rate 23.30%
Technology – Aerospace [Member]  
Schedule of Investments [Line Items]  
Cost $ 4,460,924
Fair Value $ 4,460,924
Interest Rate 8.20%
Technology – Business [Member]  
Schedule of Investments [Line Items]  
Cost $ 8,498,429
Fair Value $ 8,487,120
Interest Rate 15.60%
Technology – Consumer [Member]  
Schedule of Investments [Line Items]  
Cost $ 4,022,087
Fair Value $ 4,022,087
Interest Rate 7.40%
Technology – Health & Wellness [Member]  
Schedule of Investments [Line Items]  
Cost $ 2,951,688
Fair Value $ 2,951,688
Interest Rate 5.40%
Technology – Marketplace [Member]  
Schedule of Investments [Line Items]  
Cost $ 12,867,533
Fair Value $ 12,867,533
Interest Rate 23.70%
Investment Non Issuer Noncontrolled [Member]  
Schedule of Investments [Line Items]  
Cost $ 54,317,248 [1]
Fair Value $ 54,305,939 [1],[2]
% of Net Assets 79.72% [1]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member]  
Schedule of Investments [Line Items]  
Principal Amount $ 54,539,202 [1],[3]
Cost 50,344,414 [1]
Fair Value $ 50,344,414 [1],[2]
% of Net Assets 73.90% [1]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Education [Member]  
Schedule of Investments [Line Items]  
Principal Amount $ 6,000,000 [1],[3]
Cost 5,847,900 [1]
Fair Value $ 5,847,900 [1],[2]
% of Net Assets 8.58% [1]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Education [Member] | Galileo Learning LLC [Member]  
Schedule of Investments [Line Items]  
Type of Investment First lien senior secured term loan [1],[4]
Interest Rate SOFR + 8.0% [1],[5]
Maturity Date Nov. 25, 2027 [1]
Principal Amount $ 6,000,000 [1],[3]
Cost 5,847,900 [1]
Fair Value 5,847,900 [1],[2]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Food and Beverage [Member]  
Schedule of Investments [Line Items]  
Principal Amount 3,000,000 [1],[3]
Cost 2,972,500 [1]
Fair Value $ 2,972,500 [1],[2]
% of Net Assets 4.36% [1]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Food and Beverage [Member] | Organixx [Member]  
Schedule of Investments [Line Items]  
Type of Investment First lien senior secured term loan [1],[4]
Interest Rate SOFR + 7.0% [1],[5]
Maturity Date Jan. 31, 2027 [1]
Principal Amount $ 3,000,000 [1],[3]
Cost 2,972,500 [1]
Fair Value 2,972,500 [1],[2]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Health & Wellness [Member]  
Schedule of Investments [Line Items]  
Principal Amount 12,531,250 [1],[3]
Cost 10,904,305 [1]
Fair Value $ 10,904,305 [1],[2]
% of Net Assets 16.01% [1]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Health & Wellness [Member] | Happy Head Inc [Member]  
Schedule of Investments [Line Items]  
Type of Investment First lien senior secured term loan [1],[4]
Interest Rate SOFR + 8.5% [1],[5]
Maturity Date Sep. 30, 2026 [1]
Principal Amount $ 4,000,000 [1],[3]
Cost 3,772,344 [1]
Fair Value $ 3,772,344 [1],[2]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Health & Wellness [Member] | Youth Opportunity Investments, LLC [Member]  
Schedule of Investments [Line Items]  
Type of Investment First lien senior secured term loan [1],[4]
Interest Rate SOFR + 7.75% [1],[5]
Maturity Date Sep. 18, 2026 [1]
Principal Amount $ 8,531,250 [1],[3]
Cost 7,131,961 [1]
Fair Value 7,131,961 [1],[2]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Technology – Aerospace [Member]  
Schedule of Investments [Line Items]  
Principal Amount 4,500,000 [1],[3]
Cost 4,436,257 [1]
Fair Value $ 4,436,257 [1],[2]
% of Net Assets 6.51% [1]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Technology – Aerospace [Member] | Fortem Technologies Inc [Member]  
Schedule of Investments [Line Items]  
Type of Investment First lien senior secured term loan [1],[4]
Interest Rate SOFR + 9.0% [1],[5]
Maturity Date Oct. 22, 2027 [1]
Principal Amount $ 4,500,000 [1],[3]
Cost 4,436,257 [1]
Fair Value 4,436,257 [1],[2]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Technology – Business [Member]  
Schedule of Investments [Line Items]  
Principal Amount 8,507,952 [1],[3]
Cost 8,181,953 [1]
Fair Value $ 8,181,953 [1],[2]
% of Net Assets 12.01% [1]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Technology – Business [Member] | Everywhere Communications Inc. [Member]  
Schedule of Investments [Line Items]  
Type of Investment First lien senior secured term loan [1],[4]
Interest Rate SOFR + 8.0% [1],[5]
Maturity Date Dec. 23, 2027 [1]
Principal Amount $ 3,000,000 [1],[3]
Cost 2,726,671 [1]
Fair Value $ 2,726,671 [1],[2]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Technology – Business [Member] | Roq. Ad Inc. [Member]  
Schedule of Investments [Line Items]  
Type of Investment First lien senior secured term loan [1],[4]
Interest Rate SOFR + 7.25% [1],[5]
Maturity Date Feb. 27, 2029 [1]
Principal Amount $ 4,504,672 [1],[3]
Cost 4,452,002 [1]
Fair Value $ 4,452,002 [1],[2]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Technology – Business [Member] | Tulip.IO, Inc. [Member]  
Schedule of Investments [Line Items]  
Type of Investment First lien senior secured term loan [1],[4]
Interest Rate PRIME + 4.0% (2.0% PIK) [1],[5]
Maturity Date Nov. 04, 2028 [1]
Principal Amount $ 1,003,280 [1],[3]
Cost 1,003,280 [1]
Fair Value 1,003,280 [1],[2]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Technology – Consumer [Member]  
Schedule of Investments [Line Items]  
Principal Amount 4,000,000 [1],[3]
Cost 3,660,879 [1]
Fair Value $ 3,660,879 [1],[2]
% of Net Assets 5.37% [1]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Technology – Consumer [Member] | Hearth Display Inc. [Member]  
Schedule of Investments [Line Items]  
Type of Investment First lien senior secured term loan [1],[4]
Interest Rate SOFR + 8.0% [1],[5]
Maturity Date Sep. 12, 2027 [1]
Principal Amount $ 4,000,000 [1],[3]
Cost 3,660,879 [1]
Fair Value 3,660,879 [1],[2]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Technology – Health & Wellness [Member]  
Schedule of Investments [Line Items]  
Principal Amount 3,000,000 [1],[3]
Cost 2,637,888 [1]
Fair Value $ 2,637,888 [1],[2]
% of Net Assets 3.87% [1]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Technology – Health & Wellness [Member] | Predictive Fitness Inc. [Member]  
Schedule of Investments [Line Items]  
Type of Investment First lien senior secured term loan [1],[4]
Interest Rate SOFR + 8.5% [1],[5]
Maturity Date Feb. 25, 2028 [1]
Principal Amount $ 3,000,000 [1],[3]
Cost 2,637,888 [1]
Fair Value 2,637,888 [1],[2]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Technology – Marketplace [Member]  
Schedule of Investments [Line Items]  
Principal Amount 13,000,000 [1],[3]
Cost 11,702,732 [1]
Fair Value $ 11,702,732 [1],[2]
% of Net Assets 17.18% [1]
Investment Non Issuer Noncontrolled [Member] | Debt Investments [Member] | Technology – Marketplace [Member] | FanFixApp, LLC [Member]  
Schedule of Investments [Line Items]  
Type of Investment First lien senior secured term loan [1],[4]
Interest Rate SOFR + 8.0% [1],[5]
Maturity Date Mar. 06, 2028 [1]
Principal Amount $ 13,000,000 [1],[3]
Cost 11,702,732 [1]
Fair Value 11,702,732 [1],[2]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member]  
Schedule of Investments [Line Items]  
Cost 3,972,834 [1]
Fair Value $ 3,961,525 [1],[2]
% of Net Assets 5.82% [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Education [Member]  
Schedule of Investments [Line Items]  
Cost $ 52,008 [1]
Fair Value $ 52,008 [1],[2]
% of Net Assets 0.08% [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Education [Member] | Galileo Learning LLC [Member]  
Schedule of Investments [Line Items]  
Type of Investment Warrants [1],[4]
Maturity Date Nov. 25, 2034 [1]
Cost $ 52,008 [1]
Fair Value $ 52,008 [1],[2]
Investment date Mar. 03, 2025 [1],[6]
Shares | shares 60 [1]
Strike Price | $ / shares $ 0.0001 [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Health & Wellness [Member]  
Schedule of Investments [Line Items]  
Cost $ 1,739,874 [1]
Fair Value $ 1,739,874 [1],[2]
% of Net Assets 2.55% [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Health & Wellness [Member] | Happy Head Inc [Member]  
Schedule of Investments [Line Items]  
Type of Investment Warrants [1],[4]
Maturity Date Sep. 30, 2034 [1]
Cost $ 196,874 [1]
Fair Value $ 196,874 [1],[2]
Investment date Mar. 03, 2025 [1],[6]
Shares | shares 71,522 [1]
Strike Price | $ / shares $ 0.001 [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Health & Wellness [Member] | Youth Opportunity Investments, LLC [Member]  
Schedule of Investments [Line Items]  
Type of Investment Warrants [1],[4]
Cost $ 1,543,000 [1]
Fair Value $ 1,543,000 [1],[2]
Investment date Mar. 03, 2025 [1],[6]
Strike Price | $ / shares $ 0.001 [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Technology – Aerospace [Member]  
Schedule of Investments [Line Items]  
Cost $ 24,667 [1]
Fair Value $ 24,667 [1],[2]
% of Net Assets 0.04% [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Technology – Aerospace [Member] | Fortem Technologies Inc [Member]  
Schedule of Investments [Line Items]  
Type of Investment Warrants [1],[4]
Maturity Date Oct. 22, 2034 [1]
Cost $ 24,667 [1]
Fair Value $ 24,667 [1],[2]
Investment date Mar. 03, 2025 [1],[6]
Shares | shares 409,527 [1]
Strike Price | $ / shares $ 0.61 [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Technology – Business [Member]  
Schedule of Investments [Line Items]  
Cost $ 316,476 [1]
Fair Value $ 305,167 [1],[2]
% of Net Assets 0.45% [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Technology – Business [Member] | Everywhere Communications Inc. [Member]  
Schedule of Investments [Line Items]  
Type of Investment Warrants [1],[4]
Maturity Date Dec. 23, 2034 [1]
Cost $ 240,300 [1]
Fair Value $ 240,300 [1],[2]
Investment date Mar. 03, 2025 [1],[6]
Shares | shares 31,169 [1]
Strike Price | $ / shares $ 0.0001 [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Technology – Business [Member] | Roq. Ad Inc. [Member]  
Schedule of Investments [Line Items]  
Type of Investment Warrants [1],[4]
Maturity Date Nov. 08, 2034 [1]
Cost $ 36,150 [1]
Fair Value $ 24,841 [1],[2]
Investment date Mar. 03, 2025 [1],[6]
Shares | shares 69,327 [1]
Strike Price | $ / shares $ 1.2914 [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Technology – Business [Member] | Roq. Ad Inc One. [Member]  
Schedule of Investments [Line Items]  
Type of Investment Warrants [1],[4]
Maturity Date Feb. 27, 2035 [1]
Cost $ 40,026 [1]
Fair Value $ 40,026 [1],[2]
Investment date Mar. 03, 2025 [1],[6]
Shares | shares 111,704 [1]
Strike Price | $ / shares $ 1.2914 [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Technology – Consumer [Member]  
Schedule of Investments [Line Items]  
Cost $ 361,208 [1]
Fair Value $ 361,208 [1],[2]
% of Net Assets 0.53% [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Technology – Consumer [Member] | Hearth Display Inc. [Member]  
Schedule of Investments [Line Items]  
Type of Investment Warrants [1],[4]
Maturity Date Sep. 12, 2034 [1]
Cost $ 361,208 [1]
Fair Value $ 361,208 [1],[2]
Investment date Mar. 03, 2025 [1],[6]
Strike Price | $ / shares $ 0.0001 [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Technology – Health & Wellness [Member]  
Schedule of Investments [Line Items]  
Cost $ 313,800 [1]
Fair Value $ 313,800 [1],[2]
% of Net Assets 0.46% [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Technology – Health & Wellness [Member] | Predictive Fitness Inc. [Member]  
Schedule of Investments [Line Items]  
Type of Investment Warrants [1],[4]
Maturity Date Feb. 25, 2035 [1]
Cost $ 313,800 [1]
Fair Value $ 313,800 [1],[2]
Investment date Mar. 03, 2025 [1],[6]
Shares | shares 243,515 [1]
Strike Price | $ / shares $ 0.0001 [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Technology – Marketplace [Member]  
Schedule of Investments [Line Items]  
Cost $ 1,164,801 [1]
Fair Value $ 1,164,801 [1],[2]
% of Net Assets 1.71% [1]
Investment Non Issuer Noncontrolled [Member] | Warrant Investments [Member] | Technology – Marketplace [Member] | FanFixApp, LLC [Member]  
Schedule of Investments [Line Items]  
Type of Investment Warrants [1],[4]
Maturity Date Mar. 06, 2035 [1]
Cost $ 1,164,801 [1]
Fair Value $ 1,164,801 [1],[2]
Investment date Mar. 07, 2025 [1],[6]
Shares | shares 52,802 [1]
Strike Price | $ / shares $ 0.0001 [1]
[1] All investments are domiciled in the United States. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale and are deemed to be “restricted securities” under the Securities Act.
[2] These investments were valued using unobservable inputs and are considered Level 3 investments.
[3] Principal is net of repayments.
[4] All debt investments are income producing. Warrant investments are associated with funded debt and are non-income producing.
[5] The 1-month Secured Overnight Financing Rate (the “SOFR”) 30-day average reference rate was 4.33% as of March 31, 2025. The Prime Rate was 7.50% as of March 31, 2025.
[6] Investment date represents the date of initial investment date, either purchases or funding, not adjusted for modifications or amendments, if any. For assets purchased from the Legacy Fund as part of the Formation Transaction (both terms as defined in Note 1 - Organization), the investment date is March 3, 2025, the date of the Formation Transaction.