v3.26.1
CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Loans, at estimated fair value $ 93,230,476 [1] $ 48,835,889 [2]
Cash 12,787,069 6,085,901
Dividend and interest receivables 1,352,627 1,044,410
Other assets 913,364 1,124,372
Total assets 108,283,536 57,090,572
LIABILITIES    
Borrowings under debt facility 66,000,000 28,500,000
Accrued management fees 1,553,530 1,610,685
Accounts payable and other accrued liabilities 837,898 586,146
Total liabilities 68,391,428 30,696,831
NET ASSETS 39,892,108 26,393,741
Analysis of Net Assets:    
Capital paid in on shares of capital stock 61,425,000 40,825,000
Net assets (equivalent to $398.92 and $263.94 per share based on 100,000 shares of capital stock outstanding - see Note 5 and Note 10) 39,892,108 26,393,741
Commitments & Contingent Liabilities:    
Unexpired unfunded commitments (see Note 8) 36,000,000 17,500,000
Return of Capital Distributions    
Analysis of Net Assets:    
Total distributable losses (17,556,403) (10,454,770)
Total Distributable Losses    
Analysis of Net Assets:    
Total distributable losses $ (3,976,489) $ (3,976,489)
[1] There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a most advantageous market and the estimates may include the use of significant unobservable inputs.
[2] There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a most advantageous market and the estimates may include the use of significant unobservable inputs.