FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Mar. 31, 2026

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 March 31, 2026 and June 30, 2025, respectively:


	As of March 31, 2026
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Senior Secured Loans-First Lien	$	—	$	8,651,486	$	48,146,628	$	56,798,114
Senior Secured Loans-Second Lien	—		—		2,613,527		2,613,527
Structured Subordinated Notes	—		—		68,454		68,454
Common Equity/Other	—		—		2,717,332		2,717,332
Preferred Equity	—		—		840,204		840,204
Total Portfolio Investments	$	—	$	8,651,486	$	54,386,145	$	63,037,631

	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 March 31, 2026 and June 30, 2025:


	March 31, 2026
	Cost		Fair Value		% of Portfolio
Healthcare & Pharmaceuticals	$	24,174,301	$	25,379,006	40	%
All Other Industries	45,638,078		37,658,625		60	%
Total	$	69,812,379	$	63,037,631	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 nine months ended March 31, 2026 and 2025 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 December 31, 2025	$	47,117,403	$	2,557,387	$	169,710	$	828,866	$	2,487,602	$	53,160,968
Net realized gains (losses) on investments	—		—		(73,534)		—		—		(73,534)
Net change in unrealized gains (losses) on investments	200,177		—		21,045		2,465		229,730		453,417
Net realized and unrealized gains (losses) on investments	200,177		—		(52,489)		2,465		229,730		379,883
Purchases of investments	1,113,864		56,140		—		—		—		1,170,004
Payment-in-kind interest	3,828		—		—		8,873		—		12,701
Accretion (amortization) of purchase discount and premium, net	35,539		—		—		—		—		35,539
Net Reductions to Subordinated Structured Notes and related investment cost	—		—		(48,767)		—		—		(48,767)
Repayments and sales of portfolio investments	(324,183)		—		—		—		—		(324,183)
Transfers into Level 3(1)	—		—		—		—		—		—
Transfers out of Level 3(1)	—		—		—		—		—		—
Fair Value at March 31, 2026	$	48,146,628	$	2,613,527	$	68,454	$	840,204	$	2,717,332	$	54,386,145

Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period	$	200,177	$	—	$	21,045	$	2,465	$	229,730	$	453,417

(1)Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred.


	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)		—		(491,564)		—		—		(1,068,203)
Net change in unrealized gains (losses) on investments	932,047		—		153,717		207,059		656,232		1,949,055
Net realized and unrealized gains (losses) on investments	355,408		—		(337,847)		207,059		656,232		880,852
Purchases of investments	5,576,170		113,527		—		100,000		—		5,789,697
Payment-in-kind interest	114,754		—		—		32,135		—		146,889
Accretion (amortization) of purchase discount and premium, net	162,637		—		—		—		—		162,637
Net Reductions to Subordinated Structured Notes and related investment cost	—		—		(228,707)		—		—		(228,707)
Repayments and sales of portfolio investments	(11,611,601)		—		(74,253)		—		—		(11,685,854)
Transfers into Level 3(1)	—		—		—		—		—		—
Transfers out of Level 3(1)	(2,682,544)		—		—		—		—		(2,682,544)
Fair Value at March 31, 2026	$	48,146,628	$	2,613,527	$	68,454	$	840,204	$	2,717,332	$	54,386,145

Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period	$	295,670	$	—	$	106,842	$	207,059	$	656,232	$	1,265,803

(1)Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the nine months ended March 31, 2026, 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 December 31, 2024	$	60,606,047	$	1,628,610	$	1,978,432	$	60,853	$	1,116,841	$	65,390,783
Net realized gains (losses) on investments	—		—		(502,268)		—		—		(502,268)
Net change in unrealized gains (losses) on investments	187,691		—		(100,654)		17,741		(262,870)		(158,092)
Net realized and unrealized gains (losses) on investments	187,691		—		(602,922)		17,741		(262,870)		(660,360)
Purchases of investments	4,962,321						50,000		—		5,012,321
Payment-in-kind interest	97,254		—		—		—		—		97,254
Accretion (amortization) of purchase discount and premium, net	(1,738)		—		—		—		—		(1,738)
Net Reductions to Subordinated Structured Notes and related investment cost	—		—		(174,303)		—		—		(174,303)
Repayments and sales of portfolio investments	(140,172)		—		—		—		—		(140,172)
Transfers within Level 3(1)(2)	(1,085,835)		—		—		—		1,085,835		—
Transfers into Level 3(1)	—		—		—		—		—		—
Transfers out of Level 3(1)	(12,166,512)		(1,628,610)		—		—		—		(13,795,122)
Fair Value at March 31, 2025	52,459,056		—		1,201,207		128,594		1,939,806		$	55,728,663

Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period	$	229,778	$	—	$	(100,654)	$	17,741	$	(262,871)	$	(116,006)

(1) Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the three months ended March 31, 2025, three of our first lien loans and one of our second lien loans transferred out of Level 3 to Level 2 due to an increase in the level of market activity during the period. During the three months ended March 31, 2025, none of our first lien loans transferred out of Level 2 to Level 3.
(2) Includes reorganizations and restructuring of investments.


	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	—		—		(1,373,613)		—		(297,076)		(1,670,689)
Net change in unrealized gains (losses) on investments	651,048		61,814		179,718		(21,406)		(171,593)		699,581
Net realized and unrealized gains (losses) on investments	651,048		61,814		(1,193,895)		(21,406)		(468,669)		(971,108)
Purchases of investments	31,853,401		—		—		50,000		—		31,903,401
Payment-in-kind interest	226,374		37,865		—		—		—		264,239
Accretion (amortization) of purchase discount and premium, net	262,820		(13,130)		—		—		—		249,690
Net Reductions to Subordinated Structured Notes and related investment cost	—		—		(561,570)		—		—		(561,570)
Repayments and sales of portfolio investments	(10,485,360)		(17,640)		—		—		—		(10,503,000)
Transfers within Level 3(1)(2)	(1,665,174)		—		—		—		1,665,174		—
Transfers into Level 3(1)	7,641,484		—		—		—		—		7,641,484
Transfers out of Level 3(1)	(12,166,512)		(1,628,610)		—		—		—		(13,795,122)
Fair Value at March 31, 2025	$	52,459,056	$	—	$	1,201,207	$	128,594	$	1,939,806	$	55,728,663

Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period	$	271,503	$	—	$	179,718	$	(21,406)	$	(171,593)	$	258,222

(1) Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the nine months ended March 31, 2025, one of our first lien loans and one of our second lien loans transferred out of Level 3 to Level 2 due to an increase in the level of market activity during the period. During the nine months ended March 31, 2025, one 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 this investment was valued using observable inputs such as market yield analysis and indicative dealer quotes.
(2) Includes reorganizations and restructuring of investments.

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 March 31, 2026:

Unobservable Inputs

Asset Category

Fair Value

Primary Valuation
Technique

Inputs

Range

Weighted
Average

Senior Secured First Lien Debt

45,355,355

Discounted Cash Flow (Yield Analysis)

Market yield

7.98%

15.64%

11.44%

Senior Secured First Lien Debt

186,792

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

5.00x

7.75x

6.38x

Enterprise Value Waterfall (Discounted cash flow)

Discount Rate

10.75

12.75

11.75%

Senior Secured First Lien Debt

322,686

Discounted Cash Flow (Yield Analysis)

Market yield

13.14%

Option Pricing Model

Expected Volatility

50.00%

60.00%

Senior Secured First Lien Debt

2,281,795

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

6.25x

9.25x

7.34x

Senior Secured Loans-Second Lien

2,613,527

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

6.25x

7.25x

Common Equity/Other

2,717,332

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

4.00x

9.25x

7.77x

Common Equity/Other

—

Enterprise Value Waterfall (Market Approach)

Revenue Multiple

0.28x

0.48x

0.38x

Discount Rate

0.22x

0.27x

0.25x

Preferred Equity

297,317

Option Pricing Model

Expected Volatility

60.00%

70.00%

Enterprise Value Waterfall (Market approach)

EBITDA multiple

6.00x

7.50x

7.13x

Preferred Equity

542,887

Enterprise Value Waterfall (Market approach)

EBITDA multiple

4.50x

7.50x

6.42x

Subordinated Structured Notes

68,454

Discounted Cash Flow

Discount rate

13.73%

13.74%

(1)(2)

13.74%

(1)(2)

54,386,145

(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 March 31, 2026 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)	$	35,178,847	$	35,178,847	$	—	$	—	$	35,178,847
	$	35,178,847	$	35,178,847	$	—	$	—	$	35,178,847

(1)As of March 31, 2026, the fair value of the OZK Credit Facility was $35,178,847, 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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