The
following
is
a
reconciliation
of
investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
(amounts
in
thousands)
:
Affiliated
Investments
The
Fund
invests
in
one
or
more
affiliated
entities.
The
securities
of
the
affiliated
investment
vehicles
have
not
been
registered
under
the
Securities
Act
of
1933,
as
amended,
and
thus
investments
in
such
affiliated
investment
vehicles
are
subject
to
restrictions
on
resale.
During
the
three
months
ended
June
30,
2026,
investments
in
affiliates
were
as
follows
(amounts
in
thousands)
:
Restricted
Securities
The
Fund
may
purchase
securities
for
which
there
is
a
limited
trading
market
or
which
are
subject
to
restrictions
on
resale
to
the
public.
Restricted
securities
and
securities
for
which
there
is
a
limited
trading
market
may
be
significantly
more
difficult
to
value
due
to
the
unavailability
of
reliable
market
quotations
for
such
securities,
and
investment
in
such
securities
may
have
an
adverse
impact
on
NAV.
In
addition,
the
Fund’s
investments
in
Portfolio
Companies
will
often
be
subject
to
lock-up
provisions
that
prohibit
the
Fund
from
selling
its
equity
investments
into
the
public
market
for
specified
periods
of
time
after
IPOs
of
the
Portfolio
Company,
typically
180
days.
The
Fund
may
purchase
Rule
144A
securities
for
which
there
may
be
a
secondary
market
of
qualified
institutional
buyers
as
contemplated
by
Rule
144A
under
the
Securities
Act.
Rule
144A
provides
an
exemption
from
the
registration
requirements
of
the
Securities
Act
for
the
resale
of
certain
restricted
securities
to
qualified
institutional
buyers.
Restricted
securities
held
at
June
30,
2026
are
identified
within
the
Schedule
of
Investments.
Reverse
Repurchase
Agreements
The
Fund
may
use
leverage
to
provide
additional
funds
to
support
its
investment
activities.
The
Fund
may
enter
into
reverse
repurchase
agreements
from
a
bank
or
dealer
at
a
specified
maturity
date,
under
which
the
Fund
will
effectively
pledge
its
assets
as
collateral
to
secure
a
short-term
loan.
Generally,
the
other
party
to
the
agreement
makes
the
loan
in
an
amount
equal
to
a
percentage
of
the
market
value
of
the
pledged
collateral.
At
the
maturity
of
the
reverse
repurchase
agreement,
the
Fund
will
be
required
to
repay
the
loan
and
correspondingly
receive
back
its
collateral.
While
used
as
collateral,
the
assets
continue
to
pay
principal
and
interest
which
are
for
the
benefit
of
the
Fund.
Portfolio
Companies
Promissory
Note
Total
Balance
as
of
March
31,
2026
$
432,913
$
4,732
$
437,645
Purchases
or
conversions
112,096
210
112,306
Realized
gain
(loss)
15,442
–
15,442
Net
change
in
unrealized
appreciation/depreciation
85,193
754
85,947
Sales
or
conversions
(85,004)
–
(85,004)
Transfers
into
Level
3
–
–
–
Transfers
out
of
Level
3
–
–
–
Balance
as
of
June
30,
2026
$
560,640
$
5,696
$
566,336
Net
change
in
unrealized
appreciation/depreciation
for
the
three
months
ended
June
30,
2026
related
to
Level
3
investments
held
at
June
30,
2026
$
99,761
$
754
$
100,515
Non-Controlled
Affiliated
Investment
Balance
as
of
March
31,
2026
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
and
Capital
Gain
Distributions
Change
in
Unrealized
Appreciation/
Depreciation
Balance
as
of
June
30,
2026
Total
Dividend
Income
Technology
Private
Equity
Inspectify,
Inc.
$
6,000
$
–
$
–
$
–
$
–
$
6,000
(1)
$
–
Total
$
6,000
$
–
$
–
$
–
$
–
$
6,000
$
–
(1)
Amount
includes
a
$1,000
SAFE
in
Inspectify,
Inc.
which
has
not
yet
converted
into
an
equity
investment
as
of
June
30,
2026
(amount
in
thousands)
.