| Schedule of Valuation of Aggregator's Investments |
The following table summarizes the valuation of the Aggregator’s investments by the fair value hierarchy levels:
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June 30, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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NAV |
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Total |
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Assets |
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Non-affiliated investments |
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Equity investments |
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$ |
- |
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$ |
- |
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|
$ |
1,148,708,697 |
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|
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- |
|
|
$ |
1,148,708,697 |
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Debt investments |
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- |
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|
|
- |
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|
|
14,802,300 |
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|
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- |
|
|
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14,802,300 |
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Total non-affiliated investments |
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- |
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- |
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1,163,510,997 |
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- |
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1,163,510,997 |
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Investments in affiliated fund |
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Investee funds |
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- |
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- |
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- |
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210,494,937 |
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|
210,494,937 |
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Total investments |
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$ |
- |
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$ |
- |
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$ |
1,163,510,997 |
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$ |
210,494,937 |
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$ |
1,374,005,934 |
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March 31, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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NAV |
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Total |
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Assets |
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Non-affiliated investments |
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Equity investments |
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$ |
- |
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$ |
- |
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$ |
818,954,865 |
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- |
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$ |
818,954,865 |
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Debt investments |
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- |
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- |
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34,577,371 |
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- |
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34,577,371 |
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Total non-affiliated investments |
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- |
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- |
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853,532,236 |
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- |
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853,532,236 |
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Investments in affiliated fund |
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Investee funds |
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- |
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- |
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- |
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37,429,665 |
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|
37,429,665 |
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Total investments |
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$ |
- |
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$ |
- |
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$ |
853,532,236 |
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$ |
37,429,665 |
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$ |
890,961,901 |
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| Summary of Quantitative Inputs and Assumptions used for Valuation of Investments |
The following table summarizes the quantitative inputs and assumptions used for valuation of investments categorized in Level 3 of the fair value hierarchy as of June 30, 2026 and March 31, 2026:
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June 30, 2026 |
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Fair Value |
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Valuation
Techniques |
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Unobservable
Inputs |
Ranges |
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Weighted‐
Average |
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Impact to Valuation from an Increase in Input |
Financial Assets |
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|
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Investments |
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Equity investments |
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$ |
962,188,936 |
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Discounted Cash Flows |
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Discount rate |
10.00%-15.00% |
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12.9% |
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Lower |
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Terminal value multiple |
1.0x-15.0x |
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8.6x |
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Higher |
Debt investments |
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|
14,802,300 |
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Discounted Cash Flows |
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Yield |
8.3%-15.6% |
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13.7% |
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Lower |
Total investments |
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$ |
976,991,236 |
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March 31, 2026 |
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Fair Value |
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Valuation
Techniques |
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Unobservable
Inputs |
Ranges |
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Weighted‐
Average |
|
Impact to Valuation from an Increase in Input |
Financial Assets |
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|
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Investments |
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Equity investments |
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$ |
635,616,666 |
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Discounted Cash Flows |
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Discount rate |
10.0%-15.0% |
|
10.9% |
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Lower |
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|
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|
|
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Terminal value multiple |
1.0x-15.0x |
|
6.0x |
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Higher |
Debt investments |
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|
34,577,371 |
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Discounted Cash Flows |
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Yield |
8.3%-15.6% |
|
13.7% |
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Lower |
Total investments |
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$ |
670,194,037 |
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| Schedule of Fair Value of Investments for Level III Inputs |
The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value:
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Level 3 Financial Assets at Fair Value |
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Three Months Ended June 30, 2026 |
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Equity
investments |
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Debt
investments |
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Total |
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Balance, beginning of period |
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$ |
818,954,865 |
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$ |
34,577,371 |
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$ |
853,532,236 |
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Purchases |
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|
257,586,536 |
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|
1,309,935 |
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|
258,896,471 |
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Sales and proceeds from investments |
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|
- |
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(19,745,807 |
) |
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(19,745,807 |
) |
Net realized and unrealized gain (loss) on investments and translation of assets and liabilities in foreign currencies |
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|
72,167,296 |
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(1,339,199 |
) |
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|
70,828,097 |
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Balance, end of period |
|
$ |
1,148,708,697 |
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$ |
14,802,300 |
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|
|
$ |
1,163,510,997 |
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