Fair Value Measurements (Tables)

4 Months Ended

Jun. 30, 2025

The Company’s investments measured at fair value by investment type on a recurring basis as of June 30, 2025 were as follows:


	June 30, 2025
	Level 1		Level 2		Level 3		Total
First lien senior secured term loans	$	-	$	-	$	61,126,185	$	61,126,185
Second lien senior secured term loans		-		-		8,102,996		8,102,996
Warrants		-		-		7,159,483		7,159,483
Total investments before cash equivalents	$	-	$	-	$	76,388,664	$	76,388,664
Money market treasury fund		7,657,468		-		-		7,657,468
Total investments after cash equivalents	$	7,657,468	$	-	$	76,388,664	$	84,046,132

Schedule of unrealized gain loss on investment

The following tables provide a reconciliation of the beginning and ending balances for investments for which fair value was determined using Level 3 inputs:


	For the Three Months Ended June 30, 2025
	First lien senior secured term loans			Second lien senior secured term loans			Warrants		Total
Total fair value of investments in portfolio companies at March 31, 2025	$	50,344,414		$	-		$	3,961,525	$	54,305,939
Purchases of investments in portfolio companies		11,076,409			8,183,456			2,540,135		21,800,000
Paid-in-kind interest income		9,050			-			-		9,050
Proceeds from loan repayments on investments in portfolio companies		(1,009,375	)		-			-		(1,009,375	)
Proceeds from deferred loan fees		(223,000	)		(84,000	)		-		(307,000	)
Amortization of deferred loan fees		102,854			1,784			-		104,638
Accretion of warrant discount		397,276			1,756			-		399,032
Net change in unrealized gain (loss)		428,557			-			657,823		1,086,380
Total fair value of investments in portfolio companies at June 30, 2025	$	61,126,185		$	8,102,996		$	7,159,483	$	76,388,664


	For the period from the Commencement of Operations through June 30, 2025
	First lien senior secured term loans			Second 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		22,911,608			8,183,456			3,704,936		34,800,000
Paid-in-kind interest income		10,566			-			-		10,566
Proceeds from loan repayments on investments in portfolio companies		(1,118,750	)		-			-		(1,118,750	)
Proceeds from deferred loan fees		(385,500	)		(84,000	)		-		(469,500	)
Amortization of deferred loan fees		138,789			1,784			-		140,573
Accretion of warrant discount		536,650			1,756			-		538,406
Net change in unrealized gain (loss)		428,557			-			646,514		1,075,071
Total fair value of investments in portfolio companies at June 30, 2025	$	61,126,185		$	8,102,996		$	7,159,483	$	76,388,664

Schedule of investment unobservable inputs

The following table summarizes the significant unobservable inputs the Valuation Designee used to value the Company's investments categorized within Level 3 as of June 30, 2025.

         Investment
Type

         Fair Value as of June 30, 2025

         Valuation
Techniques/
Methodologies

         Unobservable
Input

         Range
(Weighted
Average)1

         Impact to
Valuation
from an
Increase in
Input2

First lien senior secured term loans

60,117,824

Discounted cash flow

Discount rate

11.4% - 29.2% (19.3%)

Decrease

1,008,361

Recent transaction

Transaction price

N/A

N/A

Second lien senior secured term loans

8,102,996

Discounted cash flow

Discount rate

13.8% - 17.5% (14.8%)

Decrease

Warrants

3,828,441

Black Scholes Option Pricing Model

Volatility

45% - 75% (61.4%)

Increase

          
         Black Scholes Option Pricing Model

         Estimated time to exit (in years)

         2.5 - 4.0
(3.22)

         Decrease

          
         Black Scholes Option Pricing Model

         Revenue Multiples

         1.05 – 36.8 
(6.66)

         Increase

1,209,417

Market Approach

Revenue Multiples

1.65 - 3.13 (3.08)

Increase

2,121,625

Market Approach

EBITDA Multiples

7.25 - 7.25 (7.25)

Increase

Total

76,388,664

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.

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.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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