Note 6 — Convertible Notes Receivable

For the three months ended June 30, 2025 and 2024, paid in-kind interest income totaled $489,145 and $0, respectively, and for the six months ended June 30, 2025 and for the period from February 8, 2024 (inception) to June 30, 2024, paid in-kind interest income totaled $963,195 and $0, respectively, and are included as a component of interest income on the accompanying statements of operations.

For the three months ended June 30, 2025 and 2024, an allowance for credit losses of $415,773 and $1,875,000, respectively, related to the convertible promissory notes outstanding were included in the accompanying statements of operations, of which $415,773 and $0, respectively, are related to paid in-kind interest. For the six months ended June 30, 2025 and for the period from February 8, 2024 (inception) to June 30, 2024, an allowance for credit losses of $818,717 and $1,875,000, respectively, related to the outstanding convertible promissory notes were included in the accompanying statements of operations, of which $818,717 and $0, respectively, are related to paid in-kind interest.