Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

The following tables present the fair value hierarchy of the Company’s investments as of September 30, 2026 and December 31, 2025.


	September 30, 2026
	Level 1		Level 2		Level 3		Total
Senior secured convertible notes	$	—	$	—	$	51,384,308	$	51,384,308
Junior secured convertible notes		—		—		2,987,272		2,987,272
Unsecured convertible notes		—		—		19,372,582		19,372,582
Preferred stock investments		—		—		86,226,971		86,226,971
Common stock investments		—		—		227,830		227,830
Warrants		—		—		2,355,159		2,355,159
Total investments before cash equivalents	$	—	$	—	$	162,554,122	$	162,554,122
Money market treasury fund		10,105,594		—		—		10,105,594
Total investments after cash equivalents	$	10,105,594	$	—	$	162,554,122	$	172,659,716


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Senior secured convertible notes	$	—	$	—	$	63,321,632	$	63,321,632
Junior secured convertible notes		—		—		2,984,566		2,984,566
Unsecured convertible notes		—		—		4,535,559		4,535,559
Preferred stock investments		—		—		59,821,668		59,821,668
Common stock investments		—		—		341,733		341,733
Warrants		—		—		1,215,343		1,215,343
Total investments before cash equivalents	$	—	$	—	$	132,220,501	$	132,220,501
Money market treasury fund		16,132,167		—		—		16,132,167
Total investments after cash equivalents	$	16,132,167	$	—	$	132,220,501	$	148,352,668

Schedule of unrealized gain loss on investment

The following tables provide a reconciliation of the beginning and ending balances for investments for which fair value was determined using Level 3 inputs for the three and nine months ended September 30, 2026 and 2025:


	For the three months ended September 30, 2026
	Senior secured convertible notes			Junior secured convertible notes		Unsecured convertible notes		Preferred stock investments		Common stock investments		Warrants		Total investments
Fair value, beginning of period	$	55,183,987		$	2,986,370	$	14,684,723	$	82,766,636	$	217,100	$	1,796,730	$	157,635,546
Purchases of investments		—			—		4,000,001		—		—		—		4,000,001
Amortization of deferred loan fees		—			902		—		—		—		—		902
Net change in unrealized gain (loss)		(3,799,679	)		—		687,858		3,460,335		10,730		558,429		917,673
Fair value, end of period	$	51,384,308		$	2,987,272	$	19,372,582	$	86,226,971	$	227,830	$	2,355,159	$	162,554,122
Net change in unrealized gain (loss) included in earnings related to financial instruments held as of September 30, 2026	$	(3,799,679	)	$	—	$	687,858	$	3,460,335	$	10,730	$	558,429	$	917,673


	For the nine months ended September 30, 2026
	Senior secured convertible notes			Junior secured convertible notes		Unsecured convertible notes		Preferred stock investments		Common stock investments			Warrants		Total investments
Fair value, beginning of period	$	63,321,632		$	2,984,566	$	4,535,559	$	59,821,668	$	341,733		$	1,215,343	$	132,220,501
Purchases of investments		975,610			—		13,487,715		15,024,390		—			—		29,487,715
Conversion of convertible notes to preferred stock		(975,610	)		—		—		977,214		—			—		1,604
Amortization of deferred loan fees		—			2,706		—		—		—			—		2,706
Net change in unrealized gain (loss)		(11,937,324	)		—		1,349,308		10,403,699		(113,903	)		1,139,816		841,596
Fair value, end of period	$	51,384,308		$	2,987,272	$	19,372,582	$	86,226,971	$	227,830		$	2,355,159	$	162,554,122
Net change in unrealized gain (loss) included in earnings related to financial instruments held as of September 30, 2026	$	(11,937,324	)	$	—	$	1,349,308	$	10,403,699	$	(113,903	)	$	1,139,816	$	841,596


	For the three months ended September 30, 2025
	Senior secured convertible notes		Junior secured convertible notes		Unsecured convertible notes		Preferred stock investments		Common stock investments			Warrants			Total investments
Fair value, beginning of period	$	63,142,576	$	2,982,762	$	4,313,720	$	47,616,440	$	308,085		$	1,158,843		$	119,522,426
Purchases of investments		—		—		—		5,466,827		—			—			5,466,827
Proceeds from deferred loan fees		—		—		—		—		—			—			—
Amortization of deferred loan fees		—		902		—		—		—			—			902
Net change in unrealized gain (loss)		381,241		—		200,005		1,392,712		(2,731	)		(16,399	)		1,954,828
Fair value, end of period	$	63,523,817	$	2,983,664	$	4,513,725	$	54,475,979	$	305,354		$	1,142,444		$	126,944,983
Net change in unrealized gain (loss) included in earnings related to financial instruments held as of September 30, 2025	$	381,241	$	—	$	200,005	$	1,392,712	$	(2,731	)	$	(16,399	)	$	1,954,828


	For the nine months ended September 30, 2025
	Senior secured convertible notes		Junior secured convertible notes			Unsecured convertible notes		Preferred stock investments		Common stock investments			Warrants		Total investments
Fair value, beginning of period	$	54,401,998	$	—		$	—	$	30,158,406	$	796,904		$	501,824	$	85,859,132
Purchases of investments		1,500,000		3,000,000			4,250,000		16,466,826		—			—		25,216,826
Proceeds from deferred loan fees		—		(18,000	)		—		—		—			—		(18,000	)
Amortization of deferred loan fees		—		1,664			—		—		—			—		1,664
Net change in unrealized gain (loss)		7,621,819		—			263,725		7,850,747		(491,550	)		640,620		15,885,361
Fair value, end of period	$	63,523,817	$	2,983,664		$	4,513,725	$	54,475,979	$	305,354		$	1,142,444	$	126,944,983
Net change in unrealized gain (loss) included in earnings related to financial instruments held as of September 30, 2025	$	7,621,819	$	—		$	263,725	$	7,850,747	$	(491,550	)	$	640,620	$	15,885,361

Schedule of investment unobservable inputs

The following provides information on Level 3 investments held by the Company that were valued at September 30, 2026, and December 31, 2025, based on unobservable inputs.

          
         Fair value as of
 September 30, 2026

         Valuation Technique

         Unobservable Input

         Range (Weighted Average)1

         Impact to Valuation from an Increase in Input2

Senior secured convertible notes3

51,384,308

Discounted expected return

Discount rate

42.1% - 42.1% (42.1%)

Decrease

          
         Term

         1.0 - 1.0 Years (1.0 Years)

         Decrease

Junior secured convertible notes

2,987,272

Recent transaction

Transaction price

N/A

N/A

Unsecured convertible notes

19,372,582

Recent transaction

Transaction price

N/A

N/A

          
         Discounted expected return

         Discount rate

         23.4% - 28.0% (26.9%)

         Decrease

          
         Term

         0.8 - 1.6 Years (1.1 Years)

         Decrease

Preferred stock investments

86,226,971

Market approach

Revenue Multiples

2.8x - 8.8x (5.1x)

Increase

          
         Volatility

         35.0% - 65.0% (53.4%)

         Increase

          
         Estimated time to exit (in years)

         1.0 - 5.0 Years (2.8 Years)

         Decrease

Common stock investments3

227,830

Market approach

Revenue Multiples

1.3x - 1.3x (1.3x)

Increase

          
         Volatility

         35.0% - 35.0% (35.0%)

         Increase

          
         Estimated time to exit (in years)

         3.0 - 3.0 Years (3.0 Years)

         Decrease

Warrants3

2,355,159

Market approach

Revenue Multiples

2.8x - 2.8x (2.8x)

Increase

          
         Volatility

         55.0% - 55.0% (55.0%)

         Increase

          
         Estimated time to exit (in years)

         3.0 - 3.0 Years (3.0 Years)

         Decrease

Total

162,554,122

The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment.

This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

The range of unobservable inputs relates to a single portfolio company.

          
         Fair Value as of
December 31, 2025

         Valuation Technique

         Unobservable Input

         Range (Weighted Average)1

         Impact to Valuation from an Increase in Input2

Senior secured convertible notes3

63,321,632

Discounted expected return

Discount rate

42.1% - 42.1% (42.1%)

Decrease

          
         Term

         0.8 - 1.8 Years (1.2 Years)

         Decrease

Junior secured convertible notes

2,984,566

Recent transaction

Transaction price

N/A

N/A

Unsecured convertible notes3

4,535,559

Discounted expected return

Discount rate

27.7% - 27.7% (27.7%)

Decrease

          
         Term

         0.9 - 1.8 Years (1.2 Years)

         Decrease

Preferred stock investments

59,821,668

Recent transaction

Transaction price

N/A

N/A

          
         Market approach

         Revenue Multiples

         2.3x - 7.5x (5.4x)

         Increase

          
         Volatility

         40.0% - 65.0% (52.5%)

         Increase

          
         Estimated time to exit (in years)

         1.0 - 5.0 Years (3.1 Years)

         Decrease

Common stock investments3

341,733

Market approach

Revenue Multiples

1.3x - 1.3x (1.3x)

Increase

          
         Volatility

         35.0% - 35.0% (35.0%)

         Increase

          
         Estimated time to exit (in years)

         3.0 - 3.0 Years (3.0 Years)

         Decrease

Warrants3

1,215,343

Market approach

Revenue Multiples

2.3x - 2.3x (2.3x)

Increase

          
         Volatility

         55.0% - 55.0% (55.0%)

         Increase

          
         Estimated time to exit (in years)

         3.0 - 3.0 Years (3.0 Years)

         Decrease

Total

132,220,501

The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment.

The range of unobservable inputs relates to a single portfolio company.

- 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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