FAIR VALUE DISCLOSURES

6 Months Ended

Jun. 30, 2026

The Fund provides asset-based financing primarily to start-up and emerging growth venture-backed companies pursuant to commitments whereby the Fund agrees to finance assets and provide working or growth capital up to a specified amount for the term of the commitment, upon the terms and subject to the conditions specified by such commitment. Even though these loans are generally secured by the assets of the borrowers, the Fund in most cases is subject to the credit risk of such companies. As of June 30, 2026 and December 31, 2025, the Fund’s investments in loans were primarily to companies based within the United States and were diversified among borrowers in the industry segments shown in the Condensed Schedules of Investments. All loans are senior to unsecured creditors and other secured creditors, unless otherwise indicated in the Condensed Schedules of Investments.

The Fund defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, a recovery price. The recovery price assumes the asset or liability was exchanged in an orderly transaction; it was not a forced liquidation or distressed sale. Because there is no readily available market price and no secondary market for substantially all of the loan investments made by the Fund to borrowing portfolio companies, Management determines fair value (or estimated recovery value) based on a transaction that would occur in the most advantageous market and several factors related to each borrower.

Loan balances in the Condensed Schedules of Investments are listed by borrower. Typically, a borrower’s balance will be composed of several loans drawn under a commitment made by the Fund with the interest rate on each loan fixed at the time each loan is funded. Each loan drawn under a commitment has a different maturity date and amount.

The following tables show the weighted-average interest rate of the performing loans and all loans:


	For the Three Months Ended				For the Six Months Ended
Performing Loans	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Weighted-Average Interest Rate – Cash	15.72	%	15.17	%	19.44	%	15.28	%
Weighted-Average Interest Rate – Non-Cash	7.69	%	8.00	%	8.13	%	7.86	%
Weighted-Average Interest Rate	23.41	%	23.17	%	27.57	%	23.14	%


	For the Three Months Ended				For the Six Months Ended
All Loans	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Weighted-Average Interest Rate – Cash	15.62	%	15.17	%	19.36	%	15.28	%
Weighted-Average Interest Rate – Non-Cash	7.64	%	8.00	%	8.09	%	7.86	%
Weighted-Average Interest Rate	23.26	%	23.17	%	27.45	%	23.14	%

Interest is calculated using the effective interest method, and rates earned by the Fund will fluctuate based on many factors including early payoffs, volatility of values ascribed to warrants and new loans funded during the period. Warrants and equity securities received in connection with loan transactions are measured at fair value at the time of acquisition; the non-cash portion of interest income represents the accretion of the discount of these warrants over the life of the loan.

The risk profile of a loan changes when events occur that impact the credit analysis of the borrower and loan as discussed in the Fund’s loan accounting policy. Such changes result in the fair value adjustments made to the individual loans, which in accordance with U.S. GAAP, would be based on the price that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the measurement date. Where the risk profile is consistent with the original underwriting, the cost basis of substantially all of the loans approximates fair value.

All loans as of June 30, 2026 and 2025 were pledged as collateral for the debt facility, and the Fund’s borrowings are generally collateralized by all assets of the Fund.

Valuation Hierarchy

Under the FASB ASC Topic 820 (“Fair Value Measurement”), the Fund categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Fund’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.

The three levels of the fair value hierarchy are defined as follows:


Level 1						Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
Level 2						Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3						Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The Fund recognizes transfers between levels, if any, on the actual date of the event of change in circumstances that caused the transfer. There were no transfers in or out of Level 1, 2 or 3 during the three and six months ended June 30, 2026 and 2025.

For fair value disclosure purposes, the Fund has identified one class of financial instrument: loan investments. The Fund’s loan investments are individually negotiated and unique, and because there is little to no market in which these assets trade, the unobservable inputs for these assets are valued using estimated recovery values. As a result, the Fund’s loan investments are classified as Level 3.

The methodologies primarily employed by Management for valuation purposes consist of valuing loans based on the most advantageous market, as discussed in Note 2 - Summary of Significant Accounting Policies of the Fund’s audited financial statements included in the Form 10-K, and the “asset recovery” method. The asset recovery method is utilized once Management identifies a troubled loan. This methodology incorporates various alternative outcomes based on all available information as of the valuation date. Each outcome is assigned a weighting depending on the facts and circumstances which exist at the underlying portfolio company. In certain scenarios, Management identifies all relevant remaining assets and the expected value of the proceeds the Fund may receive for selling off tangible assets or intellectual property rights, redeploying those assets to other companies, recovering receivables, etc. In other circumstances, Management considers the portfolio company’s potential ability to raise an additional round of financing or to be acquired which then allows for full or partial recovery of the Fund’s loan.

The following tables provide quantitative information about the Fund’s Level 3 fair value measurements of the Fund’s investments by industry as of June 30, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the tables below, the Fund may also use other valuation techniques and methodologies when determining its fair value measurements.


Investment Type - Level 3
Loan Investments	Fair Value at June 30, 2026		Valuation Techniques / Methodologies	Unobservable Input	Range	Weighted Average (a)
Biotechnology	$	3,639,538	Most advantageous market analysis	Most advantageous market effective yield rate	16% - 18%	18%
Computers & Storage	211,197		Most advantageous market analysis	Most advantageous market effective yield rate	27% *	27%
Internet	6,267,567		Most advantageous market analysis	Most advantageous market effective yield rate	14% - 21%	15%
Medical Devices	1,879,349		Most advantageous market analysis	Most advantageous market effective yield rate	17% - 22%	20%
Other Healthcare	9,523,820		Most advantageous market analysis	Most advantageous market effective yield rate	15% - 17%	16%
Other Technology	41,140,262		Most advantageous market analysis	Most advantageous market effective yield rate	12% - 28%	16%
Semiconductors & Equipment	2,217,953		Most advantageous market analysis	Most advantageous market effective yield rate	21% *	21%
Software	22,924,484		Most advantageous market analysis	Most advantageous market effective yield rate	14% - 29%	20%
			Asset recovery	Probability weighing of alternative outcomes	20% - 40% ^*
Technology Services	4,971,126		Most advantageous market analysis	Most advantageous market effective yield rate	14% - 19%	16%
Wireless	455,180		Most advantageous market analysis	Most advantageous market effective yield rate	23% *	23%

Total Loan Investments	$	93,230,476

(a) The weighted-average most advantageous market effective yield rates were calculated using the relative fair value of the loans.

* There is only one loan within this industry that utilizes this valuation technique.

^ Probability weightings vary among loan investments within each industry based on different potential future outcomes.

Investment Type - Level 3

Loan Investments

Fair Value at

December 31, 2025

Valuation Techniques / Methodologies

Unobservable Input

Range

Weighted Average (a)

Biotechnology

3,595,051

Most advantageous market analysis