Investment Valuation and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Investment Valuation and Fair Value Measurements [Abstract]

Summary of Funds Investments Categorized In The Fair Value Hierarchy

The following tables summarize the Fund’s investments categorized in the fair value hierarchy:


	September 30, 2026
Investments	Level 1		Level 2		Level 3		Total
Portfolio Companies	$	—	$	—	$	1,681,240	$	1,681,240
Money Market Fund		203,536		—		—		203,536
Total	$	203,536	$	—	$	1,681,240	$	1,884,776


	December 31, 2025
Investments	Level 1		Level 2		Level 3		Total
Portfolio Companies	$	—	$	—	$	980,481	$	980,481
Money Market Fund		369,083		—		—		369,083
Total	$	369,083	$	—	$	980,481	$	1,349,564

Summary of Valuation Techniques And Significant Inputs Used To Determine The Valuation Of Investments Categorized In Level 3 Of The Fair Value Hierarchy

The following table summarizes the valuation techniques and significant inputs used to determine the valuation of investments categorized in Level 3 of the fair value hierarchy as of September 30, 2026.

         Investments

         Fair Value

         Valuation Techniques

         Unobservable Inputs

         Ranges

         Weighted
Average

         Impact to
Valuation
from an
Increase
in Input(a)

Portfolio Companies

1,656,009

Discounted Cash Flow Method

Revenue Growth Rate

(11.0)% - 51.0%

13.6

Increase

EBITDA Margin

(22.8)% - 74.7%

38.4

Increase

Weighted Average Cost of Capital

11.2% - 33.8%

20.4

Decrease

            
         Terminal Revenue Multiple

         6.8x - 10.0x

         7.7x

         Increase

            
         Terminal EBITDA Multiple

         10.0x - 28.0x

         17.1x

         Increase

            
         Market Approach

         Revenue Multiple

         4.0x - 13.0x

         7.9x

         Increase

            
         EBITDA Multiple

         10.8x - 30.0x

         17.3x

         Increase

12,498

Market Adjusted OPM Backsolve

Market Equity Adjustment⁽ᵇ⁾

0.5%

N/A

Increase

Volatility

55.0% - 65.0%

60.0

Increase

            
         Common Stock Equivalent

         N/A

12,733

Transaction Price

N/A

(a)

Represents the directional change in the fair value of the Level 3 investment(s) that would have resulted from an increase in the corresponding input at period end. A decrease in the unobservable input would have had the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

(b)

Represents the adjustment applied to reflect changes in market valuations of comparable public companies between the date of the Portfolio Company’s most recent financing or transaction and the measurement date.

         Investments

         Fair Value

         Valuation Techniques

         Unobservable Inputs

         Ranges

         Weighted
Average

         Impact to
Valuation
from an
Increase
in Input(a)

Portfolio Companies

928,187

Discounted Cash Flow Method

Revenue Growth Rate

(3.0)% - 38.9%

13.0

Increase

EBITDA Margin

(0.2)% - 72.8%

42.6

Increase

Weighted Average Cost of Capital

11.8% - 32.9%

18.9

Decrease

            
         Terminal Revenue Multiple

         7.5x - 10.0x

         8.0x

         Increase

            
         Terminal EBITDA Multiple

         10.0x - 23.0x

         18.1x

         Increase

            
         Market Approach

         Revenue Multiple

         5.0x - 13.0x

         8.6x

         Increase

            
         EBITDA Multiple

         9.8x - 31.5x

         19.6x

         Increase

52,294

Transaction Price

N/A

(a)

Summary of Reconciliation Of The Funds Level 3 Investments For Which Significant Unobservable Inputs Were Used In Determining Fair Value

The following tables provide a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining fair value for the three and nine months ended September 30, 2026 and 2025.


	For the Three Months Ended September 30,
	2026		2025
	Investments in Portfolio Companies		Investments in Portfolio Companies
Balance, beginning of period	$	1,604,751	$	388,044
Purchases		16,743		332,564
Sales		—		—
Net realized gain		—		—
Net change in unrealized appreciation (depreciation)(a)		59,746		66,526
Balance, end of period	$	1,681,240	$	787,134
Net change in unrealized appreciation (depreciation) on investments still held at reporting date		59,746		66,526

(a)

Included in the related Net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.


	For the Nine Months Ended September 30,
	2026		2025
	Investments in Portfolio Companies		Investments in Portfolio Companies
Balance, beginning of period	$	980,481	$	—
Purchases		598,908		673,417
Sales		—		—
Net realized gain		—		—
Net change in unrealized appreciation (depreciation)(a)		101,851		113,717
Balance, end of period	$	1,681,240	$	787,134
Net change in unrealized appreciation (depreciation) on investments still held at reporting date		101,851		113,717

(a)

Included in the related Net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.

- 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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