FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Dec. 31, 2025

The following table presents the fair value of our investments that are measured at fair value on a recurring basis disaggregated into the three levels of the ASC 820 valuation hierarchy as of December 31, 2025 and June 30, 2025, respectively:


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Senior Secured Loans-First Lien	$	—	$	10,757,799	$	47,117,403	$	57,875,202
Senior Secured Loans-Second Lien	—		—		2,557,387		2,557,387
Structured Subordinated Notes	—		—		169,710		169,710
Common Equity/Other	—		—		2,487,602		2,487,602
Preferred Equity	—		—		828,866		828,866
Total Portfolio Investments	$	—	$	10,757,799	$	53,160,968	$	63,918,767

	As of June 30, 2025
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Senior Secured Loans-First Lien	$	—	$	21,263,851	$	56,231,804	$	77,495,655
Senior Secured Loans-Second Lien	—		1,749,570		2,500,000		4,249,570
Structured Subordinated Notes	—		—		709,261		709,261
Common Equity/Other	—		—		2,061,100		2,061,100
Preferred Equity	—		—		501,010		501,010
Total Portfolio Investments	$	—	$	23,013,421	$	62,003,175	$	85,016,596

Schedule of Industries Comprising Greater than 10% of Portfolio Fair Value

The following table shows industries that comprise of greater than 10% of our portfolio at fair value as of December 31, 2025 and June 30, 2025:


	December 31, 2025
	Cost		Fair Value		% of Portfolio
Healthcare & Pharmaceuticals	$	23,261,465	$	23,923,428	37	%
All Other Industries	48,688,911		39,995,339		63	%
Total	$	71,950,376	$	63,918,767	100	%


	June 30, 2025
	Cost		Fair Value		% of Portfolio
Healthcare & Pharmaceuticals	$	22,729,225	$	22,902,129	27	%
All Other Industries	65,675,581		62,114,467		73	%
Total	$	88,404,806	$	85,016,596	100	%

Schedule of Changes in Fair Value of Level 3 Investments

The following is a reconciliation for the three and six months ended December 31, 2025 and 2024 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:


	Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
	Senior Secured Loans - First Lien		Senior Secured Loans - Second Lien		Structured Subordinated Notes		Preferred Equity		Common Equity/Other		Total
Fair Value at September 30, 2025	$	50,111,613	$	2,557,387	$	366,014	$	738,583	$	2,322,276	$	56,095,873
Net realized gains (losses) on investments	(649,548)		—		(181,657)		—		—		(831,205)
Net change in unrealized gains (losses) on investments	727,966		—		53,044		67,021		165,326		1,013,357
Net realized and unrealized gains (losses) on investments	78,418		—		(128,613)		67,021		165,326		182,152
Purchases of investments	—		—		—		—		—		—
Payment-in-kind interest	79,369		—		—		23,262		—		102,631
Accretion (amortization) of purchase discount and premium, net	76,446		—		—		—		—		76,446
Net Reductions to Subordinated Structured Notes and related investment cost	—		—		(67,691)		—		—		(67,691)
Repayments and sales of portfolio investments	(3,228,443)		—		—		—		—		(3,228,443)
Transfers into Level 3(1)	—		—		—		—		—		—
Transfers out of Level 3(1)	—		—		—		—		—		—
Fair Value at December 31, 2025	$	47,117,403	$	2,557,387	$	169,710	$	828,866	$	2,487,602	$	53,160,968

Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period	$	125,237	$	—	$	53,044	$	67,021	$	165,326	$	410,628


	Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
	Senior Secured Loans - First Lien		Senior Secured Loans - Second Lien		Structured Subordinated Notes		Preferred Equity		Common Equity/Other		Total
Fair Value at June 30, 2025	$	56,231,804	$	2,500,000	$	709,261	$	501,010	$	2,061,100	$	62,003,175
Net realized gains (losses) on investments	(576,639)		—		(418,030)		—		—		(994,669)
Net change in unrealized gains (losses) on investments	731,870		—		132,672		204,594		426,502		1,495,638
Net realized and unrealized gains (losses) on investments	155,231		—		(285,358)		204,594		426,502		500,969
Purchases of investments	4,462,306		57,387		—		100,000		—		4,619,693
Payment-in-kind interest	110,925		—		—		23,262		—		134,187
Accretion (amortization) of purchase discount and premium, net	127,099		—		—		—		—		127,099
Net Reductions to Subordinated Structured Notes and related investment cost	—		—		(179,940)		—		—		(179,940)
Repayments and sales of portfolio investments	(11,287,418)		—		(74,253)		—		—		(11,361,671)
Transfers into Level 3(1)	—		—		—		—		—		—
Transfers out of Level 3(1)	(2,682,544)		—		—		—		—		(2,682,544)
Fair Value at December 31, 2025	$	47,117,403	$	2,557,387	$	169,710	$	828,866	$	2,487,602	$	53,160,968

Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period	$	95,493	$	—	$	85,797	$	204,594	$	426,502	$	812,386

(1)Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the six months ended December 31, 2025, one of our first lien loans transferred out of Level 3 to Level 2 due to an increase in the level of market activity during the period.


	Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
	Senior Secured Loans - First Lien		Senior Secured Loans - Second Lien		Structured Subordinated Notes		Preferred Equity		Common Equity/Other		Total
Fair Value at September 30, 2024	$	52,968,985	$	1,594,778	$	2,551,477	$	100,069	$	952,222	$	58,167,531
Net realized gains (losses) on investments	—		—		(394,194)		—		—		(394,194)
Net change in unrealized gains (losses) on investments	80,148		38,244		36,443		(39,216)		164,619		280,238
Net realized and unrealized gains (losses) on investments	80,148		38,244		(357,751)		(39,216)		164,619		(113,956)
Purchases of investments	5,832,070		—		—		—		—		5,832,070
Restructuring of investments	(961,877)		—		—		—		—		(961,877)
Payment-in-kind interest	78,879		18,827		—		—		—		97,706
Accretion (amortization) of purchase discount and premium, net	102,809		(5,599)		—		—		—		97,210
Net Reductions to Subordinated Structured Notes and related investment cost	—		—		(215,294)		—		—		(215,294)
Repayments and sales of portfolio investments	(5,136,451)		(17,640)		—		—		—		(5,154,091)
Transfers into Level 3(1)	7,641,484		—		—		—		—		7,641,484
Transfers out of Level 3(1)	—		—		—		—		—		—
Fair Value at December 31, 2024	60,606,047		1,628,610		1,978,432		60,853		1,116,841		$	65,390,783

Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period	$	144,877	$	38,244	$	36,443	$	(39,216)	$	164,619	$	344,967

(1) Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the three months ended December 31, 2024, none of our first lien loans transferred out of Level 3 to Level 2. During the three months ended December 31, 2024, two of our first lien loans transferred out of Level 2 to Level 3 due to a decrease in the level of market activity during the period and thus these investments were valued using observable inputs such as market yield analysis and indicative dealer quotes.


	Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
	Senior Secured Loans - First Lien		Senior Secured Loans - Second Lien		Structured Subordinated Notes		Preferred Equity		Common Equity/Other		Total
Fair Value at June 30, 2024	$	36,140,975	$	1,559,701	$	2,956,672	$	100,000	$	743,301	$	41,500,649
Net realized gains (losses) on investments	—		—		(871,345)		—		(297,076)		(1,168,421)
Net change in unrealized gains (losses) on investments	463,357		61,814		280,372		(39,147)		91,278		857,674
Net realized and unrealized gains (losses) on investments	463,357		61,814		(590,973)		(39,147)		(205,798)		(310,747)
Purchases of investments	27,852,956		—		—		—		—		27,852,956
Restructuring of investments	(1,541,215)		—		—		—		579,338		(961,877)
Payment-in-kind interest	129,120		37,866		—		—		—		166,986
Accretion (amortization) of purchase discount and premium, net	264,557		(13,131)		—		—		—		251,426
Net Reductions to Subordinated Structured Notes and related investment cost	—		—		(387,267)		—		—		(387,267)
Repayments and sales of portfolio investments	(10,345,187)		(17,640)		—		—		—		(10,362,827)
Transfers into Level 3(1)	7,641,484		—		—		—		—		7,641,484
Transfers out of Level 3(1)	—		—		—		—		—		—
Fair Value at December 31, 2024	$	60,606,047	$	1,628,610	$	1,978,432	$	60,853	$	1,116,841	$	65,390,783

Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period	$	121,981	$	61,814	$	280,372	$	(39,147)	$	91,278	$	516,298

(1) Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the six months ended December 31, 2024, none of our first lien loans transferred out of Level 3 to Level 2. During the six months ended December 31, 2024, two of our first lien loans transferred out of Level 2 to Level 3 due to a decrease in the level of market activity during the period and thus these investments were valued using observable inputs such as market yield analysis and indicative dealer quotes.

Schedule of Unobservable Inputs Used in Fair Value Measurement of Level 3 Investments

The following table provides quantitative information regarding significant unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2025:

Unobservable Inputs

Asset Category

Fair Value

Primary Valuation
Technique

Inputs

Range

Weighted
Average

Senior Secured First Lien Debt

44,636,649

Discounted Cash Flow (Yield Analysis)

Market yield

7.57%

17.76%

11.18%

Senior Secured First Lien Debt

184,436

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

4.25x

7.75x

6.00x

Enterprise Value Waterfall (Discounted cash flow)

Discount Rate

15.50

17.50

16.50%

Senior Secured First Lien Debt

348,717

Discounted Cash Flow (Yield Analysis)

Market yield

13.14%

Option Pricing Model

Expected Volatility

50.00%

60.00%

Senior Secured First Lien Debt

1,947,602

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

6.00x

9.00x

7.10x

Senior Secured Loans-Second Lien

2,557,387

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

6.00x

7.00x

6.00x

Common Equity/Other

2,487,602

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

4.00x

9.25x

7.60x

Common Equity/Other

—

Enterprise Value Waterfall (Market Approach)

Revenue Multiple

0.28x

0.48x

0.38x

Recoverable Amount

n/a

Preferred Equity

296,876

Option Pricing Model

Expected Volatility

60.00%

70.00%

66.30%

Enterprise Value Waterfall (Market approach)

EBITDA multiple

5.50x

7.25x

6.70x

Preferred Equity

531,989

Enterprise Value Waterfall (Market approach)

EBITDA multiple

4.25x

7.75x

6.50x

Subordinated Structured Notes

169,710

Discounted Cash Flow

Discount rate

12.12%

12.85%

(1)(2)

12.41%

(1)(2)

53,160,968

(1) Represents the implied discount rate based on our internally generated single-cash flows that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm.

(2) Excludes investments that have been called for redemption or are currently marked to zero fair market value.

The following table provides quantitative information regarding significant unobservable inputs used in the fair value measurement of Level 3 investments as of June 30, 2025:

Unobservable Inputs

Asset Category

Fair Value

Primary Valuation
Technique

Inputs

Range

Weighted
Average

Senior Secured First Lien Debt

51,519,112

Discounted Cash Flow (Yield Analysis)

Market yield

7.84%

15.85%

10.88%

Senior Secured First Lien Debt

179,615

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

4.75x

7.75x

6.25x

Enterprise Value Waterfall (Discounted cash flow)

Discount Rate

15.00

17.00

16.00%

Senior Secured First Lien Debt

2,682,544

Market Quotes

Indicative Dealer Quotes

89.68%

91.43%

90.55%

Senior Secured First Lien Debt

252,767

Discounted Cash Flow (Yield Analysis)

Market yield

17.21%

Option Pricing Model

Expected Volatility

45.00%

55.00%

Senior Secured First Lien Debt

80,929

Discounted Cash Flow (Yield Analysis)

Market yield

26.38%

Option Pricing Model

Expected Volatility

45%

55%

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

8.00x

9.00x

Senior Secured First Lien Debt

1,506,771

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

5.50x

7.50x

6.45x

Senior Secured First Lien Debt

10,066

Liquidation Scenario

EBITDA multiple

1.00x

Senior Secured Loans-Second Lien

2,500,000

Enterprise Value Waterfall (Market Approach)

Purchase Price

N/A

Common Equity/Other

1,961,100

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

4.00x

9.00x

7.22x

Common Equity/Other

100,000

Enterprise Value Waterfall (Market Approach)

Purchase Price

N/A

Common Equity/Warrants

—

Enterprise Value Waterfall (Market Approach)

Revenue multiple

0.00x

0.45x

0.00x

Preferred Equity

178,802

Option Pricing Model

Expected Volatility

55.00%

70.00%

64.00%

Enterprise Value Waterfall (Market approach)

EBITDA multiple

3.25x

6.75x

4.90x

Preferred Equity

322,208

Enterprise Value Waterfall (Market approach)

EBITDA multiple

5.50x

7.25x

6.35x

Subordinated Structured Notes

709,261

Discounted Cash Flow

Discount rate

15.21%

17.32%

(1)(2)

16.61%

(1)(2)

62,003,175

(2) Excludes investments that have been called for redemption or are currently marked to zero fair market value.

Schedule of Fair Value, by Balance Sheet Grouping

The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2025 and the level of each financial liability within the fair value hierarchy:


	Carrying value		Fair Value		Level 1		Level 2		Level 3
OZK Credit Facility(1)	$	37,040,732	$	37,040,732	$	—	$	—	$	37,040,732
	$	37,040,732	$	37,040,732	$	—	$	—	$	37,040,732

(1)As of December 31, 2025, the fair value of the OZK Credit Facility was $37,040,732, the balance outstanding, and is categorized as Level 3 under ASC 820. The fair value of the OZK Credit Facility approximates the carrying value since the OZK Credit Facility bears a floating rate and re-prices to market frequently.

The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of June 30, 2025 and the level of each financial liability within the fair value hierarchy:


	Carrying value		Fair Value		Level 1		Level 2		Level 3
Senior Secured Revolving Credit Facility(1)	$	45,500,000	$	45,500,000	$	—	$	—	$	45,500,000
	$	45,500,000	$	45,500,000	$	—	$	—	$	45,500,000

(1)As of June 30, 2025, the fair value of the Senior Secured Revolving Credit Facility was $45,500,000, the balance outstanding, and is categorized as Level 3 under ASC 820. The fair value of the Senior Revolving Credit Facility approximates the carrying value since the Senior Secured Revolving Credit Facility bears a floating rate and re-prices to market frequently.

- 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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