In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Controlled Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliated Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Controlled / Non-Affiliated Investments” are those that are neither Controlled Investments nor Affiliated Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Affiliated Investments” that are not otherwise “Controlled Investments” are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and does not have the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Non-Controlled / Non-Affiliated Investments” are defined as investments in which the Company owns less than 5.0% of the voting securities of such portfolio company. All of the Company’s investments are deemed Non-Controlled / Non-Affiliated as of June 30, 2025.

The composition of the Company’s investment portfolio at cost and fair value was as follows:


	June 30, 2025
	Cost		Fair Value		% of Total Investments at Fair Value
First lien senior secured term loans	$	60,697,628	$	61,126,185		80.0	%
Second lien senior secured term loans		8,102,996		8,102,996		10.6	%
Warrants		6,512,969		7,159,483		9.4	%
Total	$	75,313,593	$	76,388,664		100.0	%

Refer to Note 5 – Fair Value Measurements for additional information on the fair value of the Company’s investments.

The industry composition of investments at fair value was as follows:


	June 30, 2025
	Cost		Fair Value		% of Total Investments at Fair Value
Application Software	$	5,941,725	$	5,941,725		7.8	%
Consumer Finance		1,990,411		1,990,411		2.6	%
Data Processing		8,257,078		8,257,078		10.8	%
Education		5,914,242		5,906,850		7.7	%
Food & Beverage		2,976,250		3,039,900		4.0	%
Health & Wellness		12,811,262		13,848,657		18.1	%
Technology – Aerospace		3,567,146		3,589,575		4.7	%
Technology – Business		9,488,699		9,513,180		12.5	%
Technology – Consumer		6,028,232		5,962,740		7.8	%
Technology – Health & Wellness		2,983,264		2,983,264		3.9	%
Technology – Marketplace		12,977,469		12,977,469		17.0	%
Technology – Property		2,377,815		2,377,815		3.1	%
Total	$	75,313,593	$	76,388,664		100.0	%

As of June 30, 2025 and for the three months then ended and for the period from the Commencement of Operations through June 30, 2025, the Company had the following portfolio companies that individually accounted for 10% or more of the Company’s aggregate total assets or investment income:


Portfolio Company	Percentage of Total Investment Income for Three Months Ended June 30, 2025			Percentage of Total Investment Income for period from the Commencement of Operations through June 30, 2025			Percentage of Total Assets as of June 30, 2025
Youth Opportunity Investments, LLC		19.5	%		20.2	%		8.7	%
FanFixApp, LLC		21.5	%		21.0	%		11.6	%

There were no transactions related to investments in controlled / affiliated or non-controlled / affiliated companies for the three months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025.