v3.26.1
FAIR VALUE DISCLOSURES (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Weighted Average Interest Rate of Performing and All Loans
The following tables show the weighted-average interest rate of the performing loans and all loans:

For the Three Months EndedFor the Six Months Ended
Performing LoansJune 30, 2026June 30, 2025June 30, 2026
June 30, 2025
Weighted-Average Interest Rate – Cash15.72 %15.17 %19.44 %15.28 %
Weighted-Average Interest Rate – Non-Cash7.69 %8.00 %8.13 %7.86 %
Weighted-Average Interest Rate23.41 %23.17 %27.57 %23.14 %

For the Three Months EndedFor the Six Months Ended
All LoansJune 30, 2026June 30, 2025June 30, 2026
June 30, 2025
Weighted-Average Interest Rate – Cash15.62 %15.17 %19.36 %15.28 %
Weighted-Average Interest Rate – Non-Cash7.64 %8.00 %8.09 %7.86 %
Weighted-Average Interest Rate23.26 %23.17 %27.45 %23.14 %
Schedule of Fair Value Measurement Inputs and Valuation Techniques
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 / MethodologiesUnobservable InputRange
Weighted Average (a)
Biotechnology$3,639,538 Most advantageous market analysisMost advantageous market effective yield rate
16% - 18%
18%
Computers & Storage211,197 Most advantageous market analysisMost advantageous market effective yield rate
27% *
27%
Internet6,267,567 Most advantageous market analysisMost advantageous market effective yield rate
14% - 21%
15%
Medical Devices1,879,349 Most advantageous market analysisMost advantageous market effective yield rate
17% - 22%
20%
Other Healthcare9,523,820 Most advantageous market analysisMost advantageous market effective yield rate
15% - 17%
16%
Other Technology41,140,262 Most advantageous market analysisMost advantageous market effective yield rate
12% - 28%
16%
Semiconductors & Equipment2,217,953 Most advantageous market analysisMost advantageous market effective yield rate
21% *
21%
Software22,924,484 Most advantageous market analysisMost advantageous market effective yield rate
14% - 29%
20%
Asset recoveryProbability weighing of alternative outcomes
20% - 40% ^*
Technology Services4,971,126 Most advantageous market analysisMost advantageous market effective yield rate
14% - 19%
16%
Wireless455,180 Most advantageous market analysisMost 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 / MethodologiesUnobservable InputRange
Weighted Average (a)
Biotechnology$3,595,051 Most advantageous market analysisMost advantageous market effective yield rate
17% *
17%
Computers & Storage232,355 Most advantageous market analysisMost advantageous market effective yield rate
27% *
27%
Internet372,203 Most advantageous market analysisMost advantageous market effective yield rate
18%*
18%
Medical Devices1,998,341 Most advantageous market analysisMost advantageous market effective yield rate
17% -22%
20%
Other Healthcare4,303,543 Most advantageous market analysisMost advantageous market effective yield rate
16%*
16%
Other Technology16,471,428 Most advantageous market analysisMost advantageous market effective yield rate
14% - 29%
19%
Software15,613,941 Most advantageous market analysisMost advantageous market effective yield rate
16% - 27%
21%
Technology Services5,770,443 Most advantageous market analysisMost advantageous market effective yield rate
14% - 19%
16%
Wireless478,584 Most advantageous market analysisMost advantageous market effective yield rate
20%*
20%
Total Loan Investments$48,835,889 
(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.
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables present the balances of assets and liabilities as of June 30, 2026 and December 31, 2025 measured at fair value on a recurring basis:
As of June 30, 2026
ASSETS:Level 1Level 2Level 3Total
Loans †
$— $— $93,230,476 $93,230,476 
Total$— $— $93,230,476 $93,230,476 
† For a detailed listing of borrowers comprising this amount, please refer to the Condensed Schedules of Investments.
As of December 31, 2025
ASSETS:Level 1Level 2Level 3Total
Loans †
$— $— $48,835,889 $48,835,889 
Total$— $— $48,835,889 $48,835,889 
† For a detailed listing of borrowers comprising this amount, please refer to the Condensed Schedules of Investments.
Schedule of Changes in Level 3 Assets Measured at Fair Value on Recurring Basis
The following tables provide a summary of changes in Level 3 assets measured at fair value on a recurring basis:

For the Three Months Ended
June 30, 2026
For the Six Months Ended
June 30, 2026
LoansWarrantsLoansWarrants
Beginning balance$66,761,212 $— $48,835,889 $— 
Acquisitions and originations34,500,000 4,241,976 61,850,000 6,557,126 
Principal payments on loans, net of accretion(8,030,736)— (17,455,413)— 
Distributions to shareholder— (4,241,976)— (6,557,126)
Ending balance$93,230,476 $— $93,230,476 $— 

For the Three Months
Ended June 30, 2025
For the Six Months Ended
June 30, 2025
LoansWarrantsLoansWarrants
Beginning balance$36,873,190 $— $23,982,777 $— 
Acquisitions and originations4,025,000 990,826 18,304,000 2,824,525 
Principal payments on loans, net of accretion(31,422)— (1,420,009)— 
Distributions to shareholder— (990,826)— (2,824,525)
Ending balance$40,866,768 $— $40,866,768 $—