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FAIR VALUE DISCLOSURES
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE DISCLOSURES FAIR VALUE DISCLOSURES
The Fund provides asset-based financing primarily to start-up and emerging growth venture-backed companies pursuant to commitments whereby the Fund agrees to finance assets and provide working or growth capital up to a specified amount for the term of the commitment, upon the terms and subject to the conditions specified by such commitment. Even though these loans are generally secured by the assets of the borrowers, the Fund in most cases is subject to the credit risk of such companies. As of June 30, 2025 and December 31, 2024, the Fund’s investments in loans were primarily to companies based within the United States and were diversified among borrowers in the industry segments shown in the Condensed Schedules of Investments. All loans are senior to unsecured creditors and other secured creditors, unless otherwise indicated in the Condensed Schedules of Investments.

The Fund defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, a recovery price. The recovery price assumes the asset or liability was exchanged in an orderly transaction; it was not a forced liquidation or distressed sale. Because there is no readily available market price and no secondary market for substantially all of the loan investments made by the Fund to borrowing portfolio companies, Management determines fair value (or estimated recovery value) based on a transaction that would occur in the most advantageous market, and several factors related to each borrower.

Loan balances in the Condensed Schedules of Investments are listed by borrower. Typically, a borrower’s balance will be composed of several loans drawn under a commitment made by the Fund with the interest rate on each loan fixed at the time each loan is funded. Each loan drawn under a commitment has a different maturity date and amount.

The following tables show the weighted-average interest rate of the performing loans and all loans:
For the Three Months EndedFor the Six Months Ended
Performing LoansJune 30, 2025June 30, 2024June 30, 2025June 30, 2024
Weighted-Average Interest Rate – Cash15.59 %16.83 %13.28 %15.07 %
Weighted Average Interest Rate – Non-Cash3.22 %4.08 %2.98 %3.63 %
Weighted-Average Interest Rate18.81 %20.91 %16.26 %18.70 %

For the Three Months EndedFor the Six Months Ended
All LoansJune 30, 2025June 30, 2024June 30, 2025June 30, 2024
Weighted-Average Interest Rate – Cash7.50 %14.06 %7.20 %12.99 %
Weighted Average Interest Rate – Non-Cash1.55 %3.39 %1.61 %3.11 %
Weighted-Average Interest Rate9.05 %17.45 %8.81 %16.10 %
Interest is calculated using the effective interest method, and rates earned by the Fund will fluctuate based on many factors including early payoffs, volatility of values ascribed to warrants and new loans funded during the period. Warrants and equity securities received in connection with loan transactions are measured at fair value at the time of acquisition; the non-cash portion of interest income represents the accretion of the discount of these warrants over the life of the loan.

The risk profile of a loan changes when events occur that impact the credit analysis of the borrower and loan as discussed in the Fund’s loan accounting policy. Such changes result in the fair value adjustments made to the individual loans, which in accordance with U.S. GAAP, would be based on the price that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the measurement date. Where the risk profile is consistent with the original underwriting, the cost basis of substantially all of the loans approximates fair value.

All loans as of June 30, 2025 and December 31, 2024 were pledged as collateral for the debt facility, and the Fund’s borrowings are generally collateralized by all assets of the Fund.

Valuation Hierarchy

Under the FASB ASC Topic 820 (“Fair Value Measurement”), the Fund categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Fund’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.

The three levels of the fair value hierarchy are defined as follows:
Level 1 Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
Level 2 Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
There were no transfers in or out of Level 1, 2 or 3 during the six months ended June 30, 2025 and 2024.
The Fund’s cash equivalents were valued at the traded net asset value of the money market fund. As a result, these measurements are classified as Level 1. The Fund’s loan investments are individually negotiated and unique, and because there is little to no market in which these assets trade, the unobservable inputs for these assets are valued using estimated recovery values. As a result, the Fund's loan investments are classified as Level 3.

The methodologies primarily employed by Management for valuation purposes consist of valuing loans based on the most advantageous market, as previously discussed, and the “asset recovery” method. The asset recovery method is utilized once Management identifies a troubled loan. This methodology incorporates various alternative outcomes based on all available information as of the valuation date. Each outcome is assigned a weighting depending on the facts and circumstances which exist at the underlying portfolio company. In certain scenarios, Management identifies all relevant remaining assets and the expected value of the proceeds the Fund may receive for selling off tangible assets or intellectual property rights, redeploying those assets to other companies, recovering receivables, etc. In other circumstances, Management considers the portfolio company’s potential ability to raise an additional round of financing or to be acquired which then allows for full or partial recovery of the Fund's loan.

The following tables provide quantitative information about the Fund’s Level 3 fair value measurements of the Fund’s investments by industry as of June 30, 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
June 30, 2025
Valuation Techniques / MethodologiesUnobservable InputRange
Weighted Average (a)
Biotechnology$1,377,389Most advantageous market analysisMost advantageous market effective yield rate
15%*
15%
Computers & Storage9,917,339Most advantageous market analysisMost advantageous market effective yield rate
15%*
15%
Asset RecoveryProbability weighting of alternative outcomes
30% - 40%*
Enterprise Networking3,121,953Asset RecoveryProbability weighting of alternative outcomes
10% - 50% *
Internet22,021,583Most advantageous market analysisMost advantageous market effective yield rate
18% - 20%
19%
Asset RecoveryProbability weighting of alternative outcomes
10% - 100%^
Medical Devices—Asset RecoveryProbability weighting of alternative outcomes
100%^
Other Healthcare1,860,898Most advantageous market analysisMost advantageous market effective yield rate
16% - 22%
18%
Asset RecoveryProbability weighting of alternative outcomes
5% - 100%^
Other Technology48,184,150Most advantageous market analysisMost advantageous market effective yield rate
11% - 25%
16%
Asset RecoveryProbability weighting of alternative outcomes
5% - 100%^
Security780,965Most advantageous market analysisMost advantageous market effective yield rate
13%*
13%
Asset RecoveryProbability weighting of alternative outcomes
100%*
Software15,630,241Most advantageous market analysisMost advantageous market effective yield rate
 13% - 25%
17%
Asset RecoveryProbability weighing of alternative outcomes
5% - 100%^
Technology Services810,836Most advantageous market analysisMost advantageous market effective yield rate
16%*
16%
Asset RecoveryProbability weighing of alternative outcomes
5% - 85%*
Wireless1,088,600Most advantageous market analysisMost advantageous market effective yield rate
19%*
19%
Total Loan Investments$104,793,954
(a) The weighted-average most advantageous market effective yield 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 effective yield rate
16%
16%
Computers & Storage10,763,242Most advantageous market analysisMost advantageous market effective yield rate
14% - 16%
14%
Enterprise Networking3,310,413Asset RecoveryProbability weighting of alternative outcomes
10% - 50% *
Internet29,154,761Most advantageous market analysisMost advantageous market effective yield 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 effective yield rate
12% - 22%
17%
Asset RecoveryProbability weighting of alternative outcomes
25% - 100%^
Other Technology67,570,223Most advantageous market analysisMost advantageous market effective yield rate
11% - 38%
16%
Asset RecoveryProbability weighting of alternative outcomes
5% - 100%^
Security1,785,026Most advantageous market analysisMost advantageous market effective yield rate
13%*
13%
Asset RecoveryProbability weighting of alternative outcomes
25% - 100%^
Software25,664,750Most advantageous market analysisMost advantageous market effective yield rate
13% - 26%
17%
Asset RecoveryProbability weighing of alternative outcomes
5% - 95%^
Technology Services3,346,503Most advantageous market analysisMost advantageous market effective yield rate
16%*
16%
Asset RecoveryProbability weighting of alternative outcomes
13% - 50%*
Wireless1,309,977Most advantageous market analysisMost advantageous market effective yield rate
16%*
16%
Total Loan Investments$151,064,673

(a) The weighted-average most advantageous market effective yield 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.
    
The following tables present the balances of assets and liabilities as of June 30, 2025 and December 31, 2024 measured at fair value on a recurring basis:

As of June 30, 2025
ASSETS:Level 1Level 2Level 3Total
Loans†
$— $— $104,793,954 $104,793,954 
Cash equivalents3,353,450 — — 3,353,450 
Total$3,353,450 $— $104,793,954 $108,147,404 
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.
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 June 30, 2025
LoansWarrantsStocks
Beginning balance$129,809,562 $— $— 
Acquisitions and originations— 63,518 1,061,504 
Principal payments on loans, net of accretion(19,579,976)— — 
Distributions to shareholder— (63,518)(1,061,504)
Net realized loss from loans(679,210)— — 
Net change in unrealized loss from loans(4,756,422)— — 
Ending balance$104,793,954 $— $— 
Net change in unrealized loss from loans still held at June 30, 2025
$(5,194,835)

For the Six Months Ended June 30, 2025
LoansWarrantsStocksConvertible Notes
Beginning balance$151,064,673 $— $— $— 
Acquisitions and originations— 347,737 1,061,504 799,876 
Principal payments on loans, net of accretion(37,566,637)— — — 
Distributions to shareholder— (347,737)(1,061,504)(799,876)
Net realized loss from loans(1,413,732)— — — 
Net change in unrealized loss from loans(7,290,350)— — — 
Ending balance$104,793,954 $— $— $— 
Net change in unrealized loss from loans still held at June 30, 2025
$(8,701,265)

For the Three Months Ended June 30, 2024
LoansWarrantsStocksConvertible Notes and Others
Beginning balance$253,366,444 $— $— $— 
Acquisitions and originations49,605 621,071 4,451,390 2,970,574 
Principal payments on loans, net of accretion(44,076,557)— — — 
Distributions to shareholder— (621,071)(4,451,390)(2,970,574)
Net realized loss from loans(4,482,099)— — — 
Net change in unrealized loss from loans(1,728,521)— — — 
Ending balance$203,128,872 $— $— $— 
Net change in unrealized loss from loans still held at June 30, 2024
$(3,433,913)


For the Six Months Ended June 30, 2024
LoansWarrantsStocksConvertible Notes and Others
Beginning balance$302,804,781 $— $— $— 
Acquisitions and originations545,652 887,714 4,527,204 3,270,574 
Principal payments on loans, net of accretion(88,679,206)— — — 
Distributions to shareholder— (887,714)(4,527,204)(3,270,574)
Net realized loss from loans(4,482,099)— — — 
Net change in unrealized loss from loans(7,060,256)— — — 
Ending balance$203,128,872 $— $— $— 
Net change in unrealized loss from loans still held at June 30, 2024
$(8,765,648)