Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Investments Carried on the Consolidated Statements of Assets and Liabilities by Level

The following table presents the investments carried on the consolidated statements of assets and liabilities by level within the fair value hierarchy as of March 31, 2026.


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Investments:
Secured loans	$	—	$	139,560,923	$	475,293,123	$	614,854,046
Secured debt		—		377,236		18,349		395,585
Equities and warrants		—		—		1,328,342		1,328,342
Total investments	$	—	$	139,938,159	$	476,639,814	$	616,577,973

The following table presents the investments carried on the consolidated statements of assets and liabilities by level within the fair value hierarchy as of December 31, 2025.


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Investments:
Secured loans	$	—	$	70,073,748	$	266,001,039	$	336,074,787
Secured debt		—		4,352,092		18,349		4,370,441
Equities and warrants		—		—		55,325		55,325
Total investments	$	—	$	74,425,840	$	266,074,713	$	340,500,553

Summary of an Investments Within Level 3 Based Upon the Significance of Unobservable Inputs to the Overall Fair Value Measurement

The following table includes a roll forward of the amounts for three months ended March 31, 2026 for investments classified within level 3. The classification of an investment within level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement.


	Fair Value Measurements of Level 3 Investments
	Secured Loans			Secured Bonds		Equities and warrants			Total
Balance at December 31, 2025	$	266,001,038		$	18,349	$	55,325		$	266,074,712
Transfer in(1)		—			—		—			—
Transfer out(2)		(10,913,675	)		—		—			(10,913,675	)
Accretion/amortization of discounts/premiums		685,733			—		—			685,733
Interest paid-in-kind		193,823			—		—			193,823
Purchases(3)		256,927,897			—		1,275,228			258,203,125
Sales, paydowns and resolutions(3)		(36,364,716	)		—		—			(36,364,716	)
Net realized gain/(loss)		211,825			—		—			211,825
Net change in unrealized appreciation/(depreciation)		(1,448,802	)		—		(2,211	)		(1,451,013	)
Balance at March 31, 2026	$	475,293,123		$	18,349	$	1,328,342		$	476,639,814
Change in net unrealized appreciation / (depreciation) on investments held as of March 31, 2026	$	(1,480,749	)	$	—	$	(2,211	)	$	(1,482,960	)

(1) There were no investments transferred in to level 3.

(2) Investment was transferred out from level 3 due to changes in observability of valuation inputs.

(3) Includes the effects of reorganizations, if any.

The following table includes a roll forward of the amounts for three months ended March 31, 2025 for investments classified within level 3.


	Fair Value Measurements of Level 3 Investments
	Secured Loans			Secured Bonds		Equities and warrants		Total
Balance at December 31, 2024	$	57,830,754		$	—	$	—	$	57,830,754
Transfer in(1)		—			—		—		—
Transfer out(2)		—			—		—		—
Accretion/amortization of discounts/premiums		88,382			—		—		88,382
Interest paid-in-kind		—			—		—		—
Purchases(3)		26,265,033			—		—		26,265,033
Sales, paydowns and resolutions(3)		(5,654,559	)		—		—		(5,654,559	)
Net realized gain/(loss)		(2,066	)		—		—		(2,066	)
Net change in unrealized appreciation/(depreciation)		200,471			—		—		200,471
Balance at March 31, 2025	$	78,728,015		$	—	$	—	$	78,728,015
Change in net unrealized appreciation / (depreciation) on investments held as of March 31, 2025	$	200,471		$	—	$	—	$	200,471

(1) There were no investments transferred in to level 3.

(2) There were no investments transferred out of level 3.

(3) Includes the effects of reorganizations, if any.

Schedule of Quantitative Information about Level 3 Value investment

The below tables are not intended to be inclusive of all unobservable inputs, but rather provide information on the significant level 3 inputs as they relate to the Fund’s fair value measurements.

          
         Quantitative Information about Level 3 Value Investments

         Investment Type

         Fair Value at March 31, 2026

         Valuation
Technique(s)

         Unobservable
Input(s)

         Range (Weighted
Average)

         Impact to Valuation from an Increase in Input(1)

Secured Loans

425,041,205

Income Approach

Yield

8.4% - 19.3% (10.5%)

Decrease

          
         Expected Term(2)

         0.1 yrs. - 0.1 yrs. (0.1 yrs.)

         Decrease

50,251,918

Recent Transaction

N/A

N/A

Increase

Equities and warrants

1,275,228

Recent Transaction

N/A

N/A

Increase

53,114

Market Comparables

Market Multiple

2.3x

Increase

Secured Bond

18,349

Recent Transaction

N/A

N/A

Increase

Total Level 3 Investments

476,639,814

(1)

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 unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(2)

Expected term is an unobservable input for non-debt investments, or debt investments where the valuation methodology contemplates exits other than contractual maturities, if any. Weighted average expected term for the all the Fund's Level 3 debt investments, including those valued to contractual maturity, was approximately 4.6 years as of March 31, 2026.

          
         Quantitative Information about Level 3 Value Investments

         Investment Type

         Fair Value at December 31, 2025

         Valuation
Technique(s)

         Unobservable
Input(s)

         Range (Weighted
Average)

         Impact to Valuation from an Increase in Input(1)

Secured Loans

154,819,697

Income Approach

Yield

7.5% - 12.9% (10.3%)

Decrease

          
         Expected Term(2)

         0.6 yrs. - 1.8 yrs. (1.1 yrs.)

         Decrease

106,267,840

Recent Transaction

N/A

N/A

Increase

4,931,850

Market Quotation

Market Quotation

N/A

Increase

Equities and warrants

55,325

Recent Transaction

N/A

N/A

Increase

Total Level 3 Investments

266,074,712

(1)

- 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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