Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

The following tables present the fair value hierarchy of the Company’s investments as of June 30, 2026 and December 31, 2025.


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Senior secured convertible notes	$	—	$	—	$	55,183,987	$	55,183,987
Junior secured convertible notes		—		—		2,986,370		2,986,370
Unsecured convertible notes		—		—		14,684,723		14,684,723
Preferred stock investments		—		—		82,766,636		82,766,636
Common stock investments		—		—		217,100		217,100
Warrants		—		—		1,796,730		1,796,730
Total investments before cash equivalents	$	—	$	—	$	157,635,546	$	157,635,546
Money market treasury fund		8,279,833		—		—		8,279,833
Total investments after cash equivalents	$	8,279,833	$	—	$	157,635,546	$	165,915,379


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Senior secured convertible notes	$	—	$	—	$	63,321,632	$	63,321,632
Junior secured convertible notes		—		—		2,984,566		2,984,566
Unsecured convertible notes		—		—		4,535,559		4,535,559
Preferred stock investments		—		—		59,821,668		59,821,668
Common stock investments		—		—		341,733		341,733
Warrants		—		—		1,215,343		1,215,343
Total investments before cash equivalents	$	—	$	—	$	132,220,501	$	132,220,501
Money market treasury fund		16,132,167		—		—		16,132,167
Total investments after cash equivalents	$	16,132,167	$	—	$	132,220,501	$	148,352,668

Schedule of unrealized gain loss on investment

The following tables provide a reconciliation of the beginning and ending balances for investments for which fair value was determined using Level 3 inputs for the three and six months ended June 30, 2026 and 2025:


	For the three months ended June 30, 2026
	Senior secured convertible notes			Junior secured convertible notes		Unsecured convertible notes		Preferred stock investments		Common stock investments		Warrants		Total investments
Fair value, beginning of period	$	55,319,697		$	2,985,468	$	9,680,812	$	60,389,828	$	211,086	$	1,573,308	$	130,160,199
Purchases of investments		975,610			—		4,487,714		15,024,390		—		—		20,487,714
Conversion of convertible notes to preferred stock		(975,610	)		—		—		977,214		—		—		1,604
Amortization of deferred loan fees		—			902		—		—		—		—		902
Net change in unrealized gain (loss)		(135,710	)		—		516,197		6,375,204		6,014		223,422		6,985,127
Fair value, end of period	$	55,183,987		$	2,986,370	$	14,684,723	$	82,766,636	$	217,100	$	1,796,730	$	157,635,546
Net change in unrealized gain (loss) included in earnings related to financial instruments held as of June 30, 2026	$	(135,710	)	$	—	$	516,197	$	6,375,204	$	6,014	$	223,422	$	6,985,127


	For the six months ended June 30, 2026
	Senior secured convertible notes			Junior secured convertible notes		Unsecured convertible notes		Preferred stock investments		Common stock investments			Warrants		Total investments
Fair value, beginning of period	$	63,321,632		$	2,984,566	$	4,535,559	$	59,821,668	$	341,733		$	1,215,343	$	132,220,501
Purchases of investments		975,610			—		9,487,714		15,024,390		—			—		25,487,714
Conversion of convertible notes to preferred stock		(975,610	)		—		—		977,214		—			—		1,604
Amortization of deferred loan fees		—			1,804		—		—		—			—		1,804
Net change in unrealized gain (loss)		(8,137,645	)		—		661,450		6,943,364		(124,633	)		581,387		(76,077	)
Fair value, end of period	$	55,183,987		$	2,986,370	$	14,684,723	$	82,766,636	$	217,100		$	1,796,730	$	157,635,546
Net change in unrealized gain (loss) included in earnings related to financial instruments held as of June 30, 2026	$	(8,137,645	)	$	—	$	661,450	$	6,943,364	$	(124,633	)	$	581,387	$	(76,077	)


	For the three months ended June 30, 2025
	Senior secured convertible notes		Junior secured convertible notes			Unsecured convertible notes		Preferred stock investments		Common stock investments			Warrants		Total investments
Fair value, beginning of period	$	59,291,281	$	—		$	4,250,000	$	30,722,433	$	796,904		$	501,824	$	95,562,442
Purchases of investments		1,000,000		3,000,000			—		10,999,999		—			—		14,999,999
Proceeds from deferred loan fees		—		(18,000	)		—		—		—			—		(18,000	)
Amortization of deferred loan fees		—		762			—		—		—			—		762
Net change in unrealized gain (loss)		2,851,295		—			63,720		5,894,008		(488,819	)		657,019		8,977,223
Fair value, end of period	$	63,142,576	$	2,982,762		$	4,313,720	$	47,616,440	$	308,085		$	1,158,843	$	119,522,426
Net change in unrealized gain (loss) included in earnings related to financial instruments held as of June 30, 2025	$	2,851,295	$	—		$	63,720	$	5,894,008	$	(488,819	)	$	657,019	$	8,977,223


	For the six months ended June 30, 2025
	Senior secured convertible notes		Junior secured convertible notes			Unsecured convertible notes		Preferred stock investments		Common stock investments			Warrants		Total investments
Fair value, beginning of period	$	54,401,998	$	—		$	—	$	30,158,406	$	796,904		$	501,824	$	85,859,132
Purchases of investments		1,500,000		3,000,000			4,250,000		10,999,999		—			—		19,749,999
Proceeds from deferred loan fees		—		(18,000	)		—		—		—			—		(18,000	)
Amortization of deferred loan fees		—		762			—		—		—			—		762
Net change in unrealized gain (loss)		7,240,578		—			63,720		6,458,035		(488,819	)		657,019		13,930,533
Fair value, end of period	$	63,142,576	$	2,982,762		$	4,313,720	$	47,616,440	$	308,085		$	1,158,843	$	119,522,426
Net change in unrealized gain (loss) included in earnings related to financial instruments held as of June 30, 2025	$	7,240,578	$	—		$	63,720	$	6,458,035	$	(488,819	)	$	657,019	$	13,930,533

Schedule of investment unobservable inputs

The following provides information on Level 3 investments held by the Company that were valued at June 30, 2026, and December 31, 2025, based on unobservable inputs.

          
         Fair Value as of
June 30, 2026

         Valuation Technique

         Unobservable Input

         Range (Weighted Average)1

         Impact to Valuation from an Increase in Input2

Senior secured convertible notes3

55,183,987

Discounted expected return

Discount rate

42.1% - 42.1% (42.1%)

Decrease

          
         Term

         0.3 - 1.3 Years (0.6 Years)

         Decrease

Junior secured convertible notes

2,986,370

Recent transaction

Transaction price

N/A

N/A

Unsecured convertible notes

14,684,723

Recent transaction

Transaction price

N/A

N/A

          
         Discounted expected return

         Discount rate

         33.9% - 33.9% (33.9%)

         Decrease

          
         Term

         1.3 - 2.3 Years (1.3 Years)

         Decrease

Preferred stock investments

82,766,636

Recent transaction

Transaction price

N/A

N/A

          
         Market approach

         Revenue Multiples

         2.4x - 8.4x (5.2x)

         Increase

          
         Volatility

         35.0% - 65.0% (54.2%)

         Increase

          
         Estimated time to exit (in years)

         1.0 - 5.0 Years (2.6 Years)

         Decrease

Common stock investments3

217,100

Market approach

Revenue Multiples

1.3x - 1.3x (1.3x)

Increase

          
         Volatility

         35.0% - 35.0% (35.0%)

         Increase

          
         Estimated time to exit (in years)

         3.0 - 3.0 Years (3.0 Years)

         Decrease

Warrants3

1,796,730

Market approach

Revenue Multiples

2.4x - 2.4x (2.4x)

Increase

          
         Volatility

         55.0% - 55.0% (55.0%)

         Increase

          
         Estimated time to exit (in years)

         3.0 - 3.0 Years (3.0 Years)

         Decrease

Total

157,635,546

The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment.

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

The range of unobservable inputs relates to a single portfolio company.

          
         Fair Value as of
December 31, 2025

         Valuation Technique

         Unobservable Input

         Range (Weighted Average)1

         Impact to Valuation from an Increase in Input2

Senior secured convertible notes3

63,321,632

Discounted expected return

Discount rate

42.1% - 42.1% (42.1%)

Decrease

          
         Term

         0.8 - 1.8 Years (1.2 Years)

         Decrease

Junior secured convertible notes

2,984,566

Recent transaction

Transaction price

N/A

N/A

Unsecured convertible notes3

4,535,559

Discounted expected return

Discount rate

27.7% - 27.7% (27.7%)

Decrease

          
         Term

         0.9 - 1.8 Years (1.2 Years)

         Decrease

Preferred stock investments

59,821,668

Recent transaction

Transaction price

N/A

N/A

          
         Market approach

         Revenue Multiples

         2.3x - 7.5x (5.4x)

         Increase

          
         Volatility

         40.0% - 65.0% (52.5%)

         Increase

          
         Estimated time to exit (in years)

         1.0 - 5.0 Years (3.1 Years)

         Decrease

Common stock investments3

341,733

Market approach

Revenue Multiples

1.3x - 1.3x (1.3x)

Increase

          
         Volatility

         35.0% - 35.0% (35.0%)

         Increase

          
         Estimated time to exit (in years)

         3.0 - 3.0 Years (3.0 Years)

         Decrease

Warrants3

1,215,343

Market approach

Revenue Multiples

2.3x - 2.3x (2.3x)

Increase

          
         Volatility

         55.0% - 55.0% (55.0%)

         Increase

          
         Estimated time to exit (in years)

         3.0 - 3.0 Years (3.0 Years)

         Decrease

Total

132,220,501

The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment.

The range of unobservable inputs relates to a single portfolio company.

- 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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