v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS 3. FAIR VALUE MEASUREMENTS
The following tables summarize the valuation of the Fund’s investments, derivative assets and derivative liabilities held at
fair value by the fair value hierarchy levels as of March 31, 2026 and December 31, 2025:
 
March 31, 2026
 
Level I
Level II
Level III
NAV
Total
Assets
Cash and Cash Equivalents
Money Market Fund
$12,710
$—
$—
$—
$12,710
Total Cash and Cash Equivalents(1)
12,710
—
—
—
12,710
Investments
Investments in portfolio companies
—
—
60,001
—
60,001
Investments in affiliated and non-
affiliated investee funds
—
—
—
13,575
13,575
Total Investments
—
—
60,001
13,575
73,576
Derivative Assets
493
—
—
493
Total
$12,710
$493
$60,001
$13,575
$86,779
Liabilities
Derivative Liabilities
$—
$265
$—
$—
$265
___________________
(1)Cash held at banks of $1.5 million is carried at cost, which approximates fair value, and is therefore not included in the fair value hierarchy.
 
December 31, 2025
 
Level I
Level II
Level III
NAV
Total
Assets
Cash and Cash Equivalents
Money Market Fund
$10,833
$—
$—
$—
$10,833
Total Cash and Cash Equivalents(1)
10,833
—
—
—
10,833
Investments
Investments in portfolio companies
—
—
35,962
—
35,962
Investments in affiliated and non-
affiliated investee funds
—
—
—
8,938
8,938
Total Investments
—
—
35,962
8,938
44,900
Derivative Assets
—
759
—
—
759
Total
$10,833
$759
$35,962
$8,938
$56,492
Liabilities
Derivative Liabilities
$—
$359
$—
$—
$359
__________________
(1)Cash held at banks of $0.3 million is carried at cost, which approximates fair value, and is therefore not included in the fair value hierarchy.
The following tables summarize the quantitative information related to the significant unobservable inputs for Level III
instruments which are carried at fair value as of March 31, 2026 and December 31, 2025:
 
Fair Value as of
March 31, 2026
Valuation
Techniques
Significant
Unobservable
Inputs
Range
Weighted
Average
Impact to Valuation
from Increase in
Input
 
Low
High
Investments in
portfolio
companies
$60,001
Discounted Cash 
Flow
Discount Rate
8.29%
16.99%
12.14%
Lower
Terminal Growth
Rate
2.00%
11.00%
3.80%
Higher
Comparable
Multiple
EBITDA
Multiple
6.86x
20.47x
13.24x
Higher
Revenue
Multiple
4.27x
8.15x
5.13x
Higher
Total Level III
Investments
$60,001
 
Fair Value as of
December 31, 2025
Valuation
Techniques
Significant
Unobservable
Inputs
Range
Weighted
Average
Impact to Valuation
from Increase in
Input
 
Low
High
Investments in
portfolio
companies
$35,962
Discounted Cash
 Flow
Discount Rate
8.20%
16.78%
12.19%
Lower
Terminal Growth
Rate
2.00%
11.00%
4.28%
Higher
Comparable
Multiple
EBITDA
Multiple
6.31x
23.77x
14.43x
Higher
Revenue
Multiple
4.78x
8.34x
5.19x
Higher
Total Level III
Investments
$35,962
The changes in the Fund’s investments at fair value for which the Fund has used Level III inputs to determine fair value
and net change in unrealized appreciation (depreciation) included in earnings for Level III investments still held are as follows
for the three months ended March 31, 2026:
Equity Securities
Balance, beginning of period
$35,962
Purchases
21,449
Sales and proceeds from Investments
(231)
Transfers into Level III
—
Transfers out of Level III
—
Net realized gains (losses)
—
Net change in unrealized appreciation
2,821
Balance, end of period
$60,001
Net change in unrealized appreciation included in earnings related to investments still held
at the reporting date included in net change in unrealized appreciation on investments on
the consolidated statement of operations
$2,821