Valuation of Investments (Tables)

6 Months Ended

Jun. 30, 2026

The following is a summary of the levels within the fair value hierarchy of the Fund’s investment portfolio by investment type as of June 30, 2026:


	Fair Value Hierarchy (in thousands)
	Level 1		Level 2		Level 3		Total
Secured Loans	$	—	$	—	$	103,709	$	103,709
Equipment Financings	—		—		30,793		30,793
Warrants	—		—		4,224		4,224
Equity	70		—		1,176		1,246
Total Investments at fair value	$	70	$	—	$	139,902	$	139,972

The following is a summary of the levels within the fair value hierarchy of the Fund’s investment portfolio by investment type as of December 31, 2025:


	Fair Value Hierarchy (in thousands)
	Level 1		Level 2		Level 3		Total
Secured Loans	$	—	$	—	$	90,068	$	90,068
Equipment Financings	—		—		29,325		29,325
Warrants	—		—		3,214		3,214
Equity	—		—		520		520
Total Investments at fair value	$	—	$	—	$	123,127	$	123,127

Schedule of Unobservable Inputs Used to Measure The Fair Value Of The Level 3 Portfolio Investments

The methodology for determining the fair value of the Fund’s investments is discussed in “Note 2 – Summary of Significant Accounting Policies.” The following table provides a summary of the significant unobservable inputs used to measure the fair value of the Level 3 portfolio investments as of June 30, 2026.

Fair Value as of

June 30, 2026

Valuation Techniques/

Unobservable

Weighted

Investment Type

(in thousands)

Methodologies

Inputs (1)

Range

Average (2)

Debt investments

120,454

Discounted Cash Flows

Hypothetical Market Yield

5.7% - 25.0%

13.8%

11,900

Cost approximates fair value (5)

n/a

2,148

Transaction Precedent (6)

Transaction price

n/a

Warrants

4,018

Market Approach

Performance Multiple (3)

0.6x - 22.9x

3.9 x

Volatility (4)

43.6% - 134.8%

74.1%

Risk-Free Interest Rate

3.9% - 4.2%

4.1%

Estimated Time to Exit (in years)

1.8 - 4.5

2.9

206

Black Scholes

Volatility (4)

72.1% - 124.7%

93.4%

Discount for Lack of Marketability

n/a

Risk-Free Interest Rate

4.2% - 4.4%

4.3%

Estimated Time to Exit (in years)

4.2 - 9.3

7.8

Equity investments

1,146

Market Approach

Revenue Multiple

3.1x - 3.9x

3.4 x

Volatility (4)

39.5% - 98.0%

71.3%

Risk-Free Interest Rate

3.9% - 4.2%

4.1%

Estimated Time to Exit (in years)

2.5 - 4.5

3.1

Cost approximates fair value (5)

n/a

Total Level 3 Investments

139,902

(1)The significant unobservable inputs used in the fair value measurement of the Fund’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The significant unobservable inputs used in the fair value measurement of the Fund’s equity and warrant securities are revenue multiples and portfolio company specific adjustment factors. Additional inputs used in the option pricing model (“OPM”) include industry volatility, risk free interest rate and estimated time to exit. Significant increases (decreases) in the inputs in isolation would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger or acquisition events near the measurement date.

(2)Weighted averages are calculated based on the fair value of each investment.

(3)Represents amounts used when the Fund has determined that market participants would use such would use such revenue and/or EBITDA multiples when pricing the investments.

(4)Represents the range of industry volatility used by market participants when pricing the investment.

(5)Includes investments originated within the past three months, for which cost approximates fair value, unless events have occurred during the period that would indicate a different valuation is warranted.

(6)Represents investments where there is an observable transaction or pending event for the investment.

The following table provides a summary of the significant unobservable inputs used to measure the fair value of the Level 3 portfolio investments as of December 31, 2025.

Fair Value as of

December 31, 2025

Valuation Techniques/

Unobservable

Weighted

Investment Type

(in thousands)

Methodologies

Inputs (1)

Range

Average (2)

Debt investments

108,598

Discounted Cash Flows

Hypothetical Market Yield

9.8% - 30.6%

13.4%

10,356

Cost approximates fair value (5)

n/a

439

Transaction Precedent (6)

Transaction price

n/a

Warrants

3,030

Market Approach

Revenue Multiple(3)

0.7x - 47.5x

15.8 x

Volatility (4)

43.8% - 113.9%

71.3%

Risk-Free Interest Rate

3.5% - 3.9%

3.5%

Estimated Time to Exit (in years)

1.0 - 4.5

2.7

183

Black Scholes

Volatility (4)

61.8% - 128.0%

84.0%

Discount for Lack of Marketability

n/a

Risk-Free Interest Rate

3.7% - 4.2%

4.0%

Estimated Time to Exit (in years)

4.7 - 9.8

8.4

Equity investments

491

Market Approach

Revenue Multiple

3.7x - 19.4x

14.3 x

Volatility (4)

40.2% - 74.2%

64.5%

Risk-Free Interest Rate

3.5% - 3.6%

3.6%

Estimated Time to Exit (in years)

2.3 - 3.8

3.3

Cost approximates fair value (5)

n/a

Total Level 3 Investments

123,127

(2)Weighted averages are calculated based on the fair value of each investment.

(3)Represents amounts used when the Fund has determined that market participants would use such multiples when pricing the investments.

(4)Represents the range of industry volatility used by market participants when pricing the investment.

(5)Includes debt investments originated within the past three months, for which cost approximates fair value, unless events have occurred during the period that would indicate a different valuation is warranted.

(6)Represents investments where there is an observable transaction or pending event for the investment.

Schedule of Changes In Fair Value of Company's Level 3 Debt

The following tables provide a summary of changes in the fair value of the Fund’s Level 3 loans and equipment financings (collectively “Debt”), equity and warrant portfolio investments for the six months ended June 30, 2026 (in thousands):


Six Months Ended June 30, 2026	Type of Investment
	Debt		Equity		Warrants		Total
Fair Value as of December 31, 2025	$	119,393	$	520	$	3,214	$	123,127
Purchases, net of deferred fees	27,481		413		273		28,167
Proceeds from sales and paydowns	(12,976)		—		(28)		(13,004)
Accretion of OID, EOT, and PIK payments	1,573		(2)		—		1,571
Net realized gain/(loss)	—		—		16		16
Net change in unrealized appreciation/(depreciation)	(969)		245		749		25
Fair Value as of June 30, 2026	$	134,502	$	1,176	$	4,224	$	139,902

Net change in unrealized appreciation/(depreciation) on Level 3 investments still held as of June 30, 2026	$	(969)	$	245	$	749	$	25

The following table provides a summary of changes in the fair value of the Fund’s Level 3 Debt, equity and warrant portfolio investments for the year ended December 31, 2025 (in thousands):


Year Ended December 31, 2025	Type of Investment
	Debt		Equity		Warrants		Total
Fair Value as of December 31, 2024	$	65,834	$	99	$	953	$	66,886
Purchases, net of deferred fees	72,934		275		1,827		75,036
Proceeds from sales and paydowns	(22,757)		—		(313)		(23,070)
Accretion of OID, EOT, and PIK payments	1,828		—		—		1,828
Net realized gain/(loss)	927		—		6		933
Net change in unrealized appreciation/(depreciation)	627		146		741		1,514
Fair Value as of December 31, 2025	$	119,393	$	520	$	3,214	$	123,127

Net change in unrealized appreciation/(depreciation) on Level 3 investments still held as of December 31, 2025	$	627	$	146	$	741	$	1,514

- 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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