Fair Value of Investments (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value of Investments [Abstract]

Schedule of Fair Value Hierarchy

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

		Fair Value Hierarchy as of September 30, 2026
Description		Level 1				Level 2				Level 3				Total
Corporate Bond Investments		$	-			$	24,349,708			$	-			$	24,349,708
Senior Secured Loan Debt Investments			-				8,688,816				57,660,872				66,349,688
Equity Investments - Preferred Stock			-				-				4,509,301				4,509,301
Equity Investments - Common Stock			-				-				1,547,892				1,547,892
Short-Term Investments			5,853,734				-				-				5,853,734
Warrants			-				-				433,063				433,063
Total		$	5,853,734			$	33,038,524			$	64,151,128			$	103,043,386

		Fair Value Hierarchy as of December 31, 2025
Description		Level 1				Level 2				Level 3				Total
Corporate Bond Investments		$	-			$	41,486,860			$	-			$	41,486,860
Senior Secured Loan Debt Investments			-				12,764,068				30,580,558				43,344,626
Equity Investments - Preferred Stock			-				-				3,197,792				3,197,792
Short-Term Investments			6,217,008				-				-				6,217,008
Warrants			-				-				8,102				8,102
Total		$	6,217,008			$	54,250,928			$	33,786,452			$	94,254,388

Schedule of Changes in the Fair Value of Investments

The following tables present changes in the fair value of the Company’s investments for which Level 3 inputs were used to determine the fair value of such investments as of and for the three and nine months ended September 30, 2026 and 2025:

		For the three months ended September 30,								For the nine months ended September 30,
Senior Secured Loan Debt Investments		2026				2025				2026				2025
Fair value, beginning of period		$	43,350,637			$	32,307,335			$	30,580,558			$	12,316,326
Purchases of investments			14,360,523				2,522,512				28,226,967				18,580,712
Proceeds from principal pre-payments and sales of investments			(198,058	)			(869,393	)			(2,536,077	)			(1,059,135	)
Net realized gain (loss)			2,326				12,657				86,510				14,852
Net change in unrealized appreciation/(depreciation)			31,380				48,450				109,865				195,020
Net accretion of discount (amortization of discount) on investments			32,307				29,100				(10,501	)			74,812
Restructures			-				-				-				-
Payment-in-kind interest			81,757				68,847				226,000				161,370
Transfers into (out of) Level 3⁽¹⁾			-				(3,835,551	)			977,550				-
Fair value, end of period		$	57,660,872			$	30,283,957			$	57,660,872			$	30,283,957

(1)

During the nine months ended September 30, 2026, transfers into and out of Level 3 were attributable to the observability of market data and resulted from decreases in liquidity, security restructurings, reclassifications, or corporate actions.

		For the three months ended September 30,								For the nine months ended September 30,
Equity Investments – Common Stock		2026				2025				2026				2025
Fair value, beginning of period		$	-			$	-			$	-			$	-
Purchases of investments			1,221,516				-				1,221,516				-
Proceeds from sales of investments			-				-				-				-
Net realized loss			-				-				-				-
Net change in unrealized appreciation/(depreciation)			326,376				-				326,376				-
Transfers into (out of) Level 3			-				-				-				-
Fair value, end of period		$	1,547,892			$	-			$	1,547,892			$	-

		For the three months ended September 30,								For the nine months ended September 30,
Equity Investments – Preferred Stock		2026				2025				2026				2025
Fair value, beginning of period		$	3,938,257			$	3,518,374			$	3,197,792			$	2,238,363
Purchases of investments			-				-				648,000				984,960
Proceeds from sales of investments			-				-				-				-
Net realized loss			-				-				-				-
Net change in unrealized appreciation/(depreciation)			571,044				(178,362	)			663,509				116,689
Net accretion of discount (amortization of premium) on investments			-				-				-				-
Transfers into (out of) Level 3			-				-				-				-
Fair value, end of period		$	4,509,301			$	3,340,012			$	4,509,301			$	3,340,012

		For the three months ended September 30,								For the nine months ended September 30,
Warrants		2026				2025				2026				2025
Fair value, beginning of period		$	256,033			$	-			$	8,102			$	-
Purchases of investments			-				-				-				-
Proceeds from sales of investments			-				-				-				-
Net realized loss			-				-				-				-
Net change in unrealized appreciation/(depreciation)			177,011				13,903				424,961				13,903
Transfers into (out of) Level 3			-				-				-				-
Fair value, end of period		$	433,063			$	13,903			$	433,063			$	13,903

Schedule of Net Change in Unrealized Appreciation (Depreciation)

The following table presents the net change in unrealized appreciation/(depreciation) of the Company’s investments for the respective periods relating to these Level 3 assets that were still held by the Company as of and for the three and nine months ended September 30, 2026 and 2025:

		For the three months ended September 30,								For the nine months ended September 30,
Net Change in Unrealized Appreciation/(Depreciation)		2026				2025				2026				2025
Senior Secured Loan Debt Investments		$	31,380			$	48,450			$	109,865			$	195,020
Equity Investments - Preferred Stock			571,044				(178,362	)			663,509				116,689
Equity Investments - Common Stock			326,376				-				326,376				-
Warrants			177,011				13,903				424,961				13,903
Total		$	1,105,810			$	(116,009	)		$	1,524,711			$	325,612

Schedule of Information about Significant Unobservable Inputs of Investments

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2026 and December 31, 2025. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Adviser’s determination of fair value.

Fair Value
as of
September 30,
2026

Valuation
Technique

Unobservable
Input

Range/Input

Weighted
Average
Inputs

Senior Secured Loan Debt Investments (Non-Liquid)⁽¹⁾

$

41,359,156

Discounted cash flow

Discount rate

7.55% - 10.30

%

8.52

%

Senior Secured Loan Debt Investments (Non-Liquid)⁽¹⁾

$

14,368,325

Recent Transaction Price⁽²⁾

N/A

N/A

N/A

Senior Secured Loan Debt Investments (Non-Liquid)⁽¹⁾

1,933,391

Comparable Transaction Price⁽³⁾

N/A

N/A

N/A

Equity Investments - Common Stock

$

326,376

Market approach

EBITDA multiples

5.78x

5.78x

Equity Investments - Common Stock

$

1,221,516

Recent Transaction Price⁽²⁾

N/A

N/A

N/A

Equity Investments - Preferred Stock

$

4,509,301

Market approach

EBITDA multiples

5.25x - 8.83x

6.98x

Equity Investments - Warrants

$

433,063

Market approach

EBITDA multiples

8.83x -11.87x

10.38x

Total

$

64,151,128

(1)	Privately held assets without available third-party pricing or trading information.

(2)	Transaction price consists of securities recently purchased. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions.

(3)	Based on private transaction price of comparable security.

Fair Value
as of
December 31, 2025

Valuation
Technique

Unobservable
Input

Range/Input

Weighted
Average
Inputs

Senior Secured Loan Debt Investments (Non-Liquid)⁽¹⁾

$

30,580,558

Discounted cash flow

Discount rate

7.41% – 11.10

%

9.24

%

Equity Investments - Preferred Stock

$

3,197,792

Market approach

EBITDA multiples

5.36x – 7.85x

7.05x

Equity Investments - Warrants

$

8,102

Market approach

EBITDA multiples

7.85x

7.85x

Total

$

33,786,452

(1)

Privately held assets without available third-party pricing or trading information.

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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