Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2026

The following table summarizes the levels within the fair value hierarchy for the Company’s investments measured at fair value as of June 30, 2026:


Investments at fair value:	Level 1		Level 2		Level 3		Total
SAFEs in Private Companies	$	—	$	—	$	19,600,000	$	19,600,000
Total Investments at fair value	$	—	$	—	$	19,600,000	$	19,600,000

The following table summarizes the levels within the fair value hierarchy for the Company’s investments measured at fair value as of March 31, 2026:


Investments at fair value:	Level 1		Level 2		Level 3		Total
SAFEs in Private Companies	$	—	$	—	$	8,850,000	$	8,850,000
Total Investments at fair value	$	—	$	—	$	8,850,000	$	8,850,000

Schedule of Fair Value of Financial Investments and Liabilities

The changes in fair value of investments and liabilities for which the Company has used Level 3 inputs to determine the fair value are as follows:


	SAFEs in Private Companies		Total
Balance as of March 31, 2026	$	8,850,000	$	8,850,000
Change in unrealized appreciation on investments	—		—
Net realized gain on investments	—		—
Purchase of investments	10,750,000		10,750,000
Sale of investments	—		—
Transfer into Level 3	—		—
Transfer out of Level 3	—		—
Balance as of June 30, 2026	$	19,600,000	$	19,600,000

Schedule of Unobservable Inputs

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 Fair Value Measurements for investments held as of June 30, 2026 and March 31, 2026:

Category

Fair Value March 31, 2026

Valuation Approach

Unobservable Inputs

Impact to Valuation from an Increase to Input

Range

Weighted Average

SAFEs in Private Companies

8,850,000

Market Approach

Precedent Transaction

Increase

N/A

- 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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