Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Summarize the Valuation of the Fund's Investments

The following table summarizes the valuation of the Fund’s investments as of June 30, 2026:


Assets*		Level 1				Level 2				Level 3				Total
Cash Equivalents
Money Market Funds		$	8,294,884			$	—			$	—			$	8,294,884
Total Cash Equivalents		$	8,294,884			$	—			$	—			$	8,294,884

Assets*		Level 1				Level 2				Level 3				Total
1st Lien/Senior Secured Debt		$	—			$	33,503,537			$	339,137,219			$	372,640,756
2nd Lien/Junior Secured Debt		$	—			$	—			$	600,418			$	600,418
Total		$	—			$	33,503,537			$	339,737,637			$	373,241,174
Investments valued at NAV as a practical expedient#														$	2,786,209
Total Investments#		$	—			$	33,503,537			$	339,737,637			$	376,027,383

* See consolidated schedule of investments for industry classifications.

# Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the consolidated statements of assets and liabilities.

The following table summarizes the valuation of the Fund’s investments as of December 31, 2025:


Assets*		Level 1				Level 2				Level 3				Total
Cash Equivalents
Money Market Funds		$	4,663,819			$	—			$	—			$	4,663,819
Total Cash Equivalents		$	4,663,819			$	—			$	—			$	4,663,819

Assets*		Level 1				Level 2				Level 3				Total
1st Lien/Senior Secured Debt		$	—			$	23,580,627			$	312,137,743			$	335,718,370
2nd Lien/Junior Secured Debt			—				—			$	812,911			$	812,911
Total		$	—			$	23,580,627			$	312,950,654			$	336,531,281
Investments valued at NAV as a practical expedient#														$	2,755,419
Total Investments#		$	—			$	23,580,627			$	312,950,654			$	339,286,700

* See consolidated schedule of investments for industry classifications.

Summarize the Reconciliation of Level 3 Assets

The following is a reconciliation of Level 3 Assets for the six months ended June 30, 2026:


		1st Lien/Senior Secured Debt				2nd Lien/Junior Secured Debt				Total
Balance as of January 1, 2026		$	312,137,743			$	812,911			$	312,950,654
Purchases (including capitalized PIK)			44,478,112				-				44,478,112
Sales and principal repayments			(15,022,038	)			-				(15,022,038	)
Realized gain			11,501				-				11,501
Net amortization of premium/discount			390,575				8,524				399,099
Net change in unrealized appreciation (depreciation)			(2,858,674	)			(221,017	)			(3,079,691	)
Balance as of June 30, 2026		$	339,137,219			$	600,418			$	339,737,637
Change in unrealized appreciation (depreciation) for investments still held			(2,833,421	)			(221,017	)			(3,054,438	)

The following is a reconciliation of Level 3 Assets for the year ended December 31, 2025:


		1st Lien/Senior Secured Debt				2nd Lien/Junior Secured Debt				Total
Balance as of January 1, 2025		$	274,935,685			$	891,979			$	275,827,664
Purchases (including capitalized PIK)			103,570,162				—				103,570,162
Sales and principal repayments			(66,307,724	)			—				(66,307,724	)
Realized gain			4,995				—				4,995
Net amortization of premium/discount			886,677				15,374				902,051
Net change in unrealized appreciation (depreciation)			(952,052	)			(94,442	)			(1,046,494	)
Balance as of December 31, 2025		$	312,137,743			$	812,911			$	312,950,654
Change in unrealized appreciation (depreciation) for investments still held			(884,692	)			(94,442	)			(979,134	)

Summarize the Fair Value Measurement Inputs and Valuation Techniques

          
         Fair Value as of
June 30, 2026

         Valuation
Techniques

         Unobservable
Input

         Range/Input
(Weighted
Average)(1)

         Impact to
Valuation from
an Increase in
Input

         Assets:

1st Lien/Senior Secured Debt

318,124,659

Market Yield Analysis

Market Yield

8.1% - 17.4% (10.0%)

Decrease

1st Lien/Senior Secured Debt

18,920,438

Recent Purchase

Purchase Price

N/A

N/A

1st Lien/Senior Secured Debt

2,092,122

Market Approach

Revenue Multiple

0.7x

Increase

2nd Lien/Junior Secured Debt

600,418

Market Yield Analysis

Market Yield

34.6%

Decrease

Total Assets

$

339,737,637

(1)

Weighted averages are calculated based on fair value of investments.

          
         Fair Value as of
December 31, 2025

         Valuation
Techniques

         Unobservable
Input

         Range/Input
(Weighted
Average)(1)

         Impact to
Valuation from
an Increase in
Input

         Assets:

1st Lien/Senior Secured Debt

$

278,629,398

Market Yield Analysis

Market Yield

7.5% - 16.5% (9.1%)

Decrease

1st Lien/Senior Secured Debt

$

33,508,345

Recent Purchase

Purchase Price

N/A

N/A

2nd Lien/Junior Secured Debt

$

812,911

Market Yield Analysis

Market Yield

20.8% - 20.8% (20.8%)

Decrease

Total Assets

$

312,950,654

(1)

Weighted averages are calculated based on fair value of investments.

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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