Fair Value Measurements Investments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements Investments [Abstract]

Fair Value Measurements of Investments, by Major Class

The following tables present fair value measurements of investments, by major class according to the fair value hierarchy as of March 31, 2026 and December 31, 2025:

	Fair Value Measurements
March 31, 2026	Level 1		Level 2		Level 3		Total
First Lien Senior Secured Loan	$	-	$	-	$	302,130,532	$	302,130,532
Senior Unsecured Notes		-		-		3,698,085		3,698,085
Preferred Equity Securities		-		-		67,974,382		67,974,382
Warrants and Other Equity Securities		-		-		6,281,368		6,281,368
Total	$	-	$	-	$	380,084,367	$	380,084,367

	Fair Value Measurements
December 31, 2025	Level 1		Level 2		Level 3		Total
First Lien Senior Secured Loan	$	-	$	-	$	300,852,563	$	300,852,563
Senior Unsecured Notes		-		-		3,763,831		3,763,831
Preferred Equity Securities		-		-		62,479,421		62,479,421
Warrants and Other Equity Securities		-		-		6,022,684		6,022,684
Total	$	-	$	-	$	373,118,499	$	373,118,499

Changes in Fair Value of Investments that Use Level 3 Inputs

The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three months ended March 31, 2026, and 2025:

	Investments
	First Lien Senior Secured Loan			Second Lien Senior Secured Loan		Senior Secured Notes		Senior Unsecured Notes			Preferred Equity Securities		Warrants and Other Equity Securities		Fund Investments			Total Investments
Balance as of December 31, 2025	$	300,852,563		$	-	$	-	$	3,763,831		$	62,479,421	$	6,022,684	$	1,925,246		$	375,043,745
Net realized gain on investments		(7,802,110	)		-		-		-			-		-		-			(7,802,110	)
Net change in unrealized gain (loss) on investments		6,716,728			-		-		(45,131	)		1,316,963		258,684		80,898			8,328,142
Purchases of investments and other adjustments to cost ⁽¹⁾		16,147,719			-		-		(20,615	)		-		-		-			16,127,104
Proceeds from sales of investments		-			-		-		-			-		-		(80,898	)		(80,898	)
Proceeds from principal repayments⁽²⁾		(9,606,370	)		-		-		-			-		-		-			(9,606,370	)
Transfer / Restructure of Investments⁽³⁾		(4,177,998	)		-		-		-			4,177,998		-		-			-
Balance as of March 31, 2026	$	302,130,532		$	-	$	-	$	3,698,085		$	67,974,382	$	6,281,368	$	1,925,246		$	382,009,613

(1)

Includes purchases of new investments, premium and discount accretion and amortization and PIK interest.

(2)

Includes paydowns receivable from the Consolidated Statements of Assets and Liabilities

(3)

Lien conversions are fair valued at beginning of period or at time of restructure.

	Investments
	First Lien Senior Secured Loan			Second Lien Senior Secured Loan			Senior Secured Notes			Senior Unsecured Notes		Preferred Equity Securities			Warrants and Other Equity Securities		Fund Investments		Total Investments
Balance as of December 31, 2024	$	304,120,042		$	6,034,048		$	341,103		$	3,427,073	$	53,603,056		$	7,426,377	$	2,688,619	$	377,640,318
Net realized gain on investments		-			-			-			-		1,863,881			-		-		1,863,881
Net change in unrealized gain (loss) on investments		(5,513,079	)		82,688			(12,378	)		9,455		(1,227,465	)		1,595,111		185,083		(4,880,585	)
Purchases of investments and other adjustments to cost⁽¹⁾		19,126,813			(21,952	)		88,677			262,672		892,843			-		-		20,349,053
Proceeds from sales of investments		-			-			-			-		(4,333,421	)		-		-		(4,333,421	)
Proceeds from principal repayments⁽²⁾		(14,765,512	)		(50,172	)		-			-		-			-		-		(14,815,684	)
Balance as of March 31, 2025	$	302,968,264		$	6,044,612		$	417,402		$	3,699,200	$	50,798,894		$	9,021,488	$	2,873,702	$	375,823,562

(1)

Includes purchases of new investments, premium and discount accretion and amortization and PIK interest.

(2)

Includes paydowns receivable from the Consolidated Statements of Assets and Liabilities.

Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3

The table below summarizes the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of March 31, 2026.

								Range
	Fair Value		Valuation Technique	Unobservable Input	Weighted Average Mean			Minimum			Maximum
Assets:
First Lien Senior Secured Loan	$	286,748,931	Discounted Cash Flow	Discount Rate		14.4	%		6.7	%		25.5	%
First Lien Senior Secured Loan		10,363,028	Guideline Public Company Method	Revenue Multiple		0.4	x		0.1	x		0.5	x
			Guideline Public Company Method	EBITDA Multiple		10.8	x		10.3	x		11.3	x
First Lien Senior Secured Loan		1,986,942	Transaction Price	N/A		N/A			N/A			N/A
First Lien Senior Secured Loan		3,031,633	Market Transaction	N/A		N/A			N/A			N/A
Senior Unsecured Note		3,698,085	Discounted Cash Flow	Discount Rate		14.5	%		13.2	%		15.7	%
Preferred Equity Securities		24,753,484	Discounted Cash Flow	Discount Rate		23.6	%		15.0	%		37.0	%
Preferred Equity Securities		33,145,042	Guideline Public Company Method	Revenue Multiple		1.33	x		0.40	x		4.80	x
			Guideline Public Company Method	EBITDA Multiple		8.86	x		4.00	x		15.25	x
Preferred Equity Securities		10,075,856	Guideline Merged & Acquired Company Method	Gross Profit Multiple		0.00	x		0.00	x		0.00	x
Warrants and Other Equity Securities		194,365	Discounted Cash Flow	Discount Rate		19.1	%		15.0	%		32.0	%
Warrants and Other Equity Securities		6,087,003	Guideline Public Company Method	Revenue Multiple		0.9	x		0.1	x		2.79	x
Warrants and Other Equity Securities			Guideline Public Company Method	EBITDA Multiple		10.3	x		5.3	x		25.63	x
Total Level 3 Assets	$	380,084,367

The table below summarizes the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of December 31, 2025.

								Range
	Fair Value		Valuation Technique	Unobservable Input	Weighted Average Mean			Minimum			Maximum
Assets:
First Lien Senior Secured Loans	$	278,977,857	Discounted Cash Flow	Discount Rate		13.7	%		5.9	%		23.9	%
First Lien Senior Secured Loans		23,143,096	Guideline Public Company Method	Revenue Multiple		0.5	x		0.2	x		0.9	x
			Guideline Public Company Method	EBITDA Multiple		11.0	x		10.5	x		11.5	x
First Lien Senior Secured Loans		2,267,252	Transaction Price	N/A		N/A			N/A			N/A
Senior Unsecured Notes		228,189	Discounted Cash Flow	Discount Rate		13.3	%		12.1	%		14.6	%
Preferred Equity Securities		23,887,117	Discounted Cash Flow	Discount Rate		22.8	%		13.0	%		31.5	%
Preferred Equity Securities		28,548,928	Guideline Public Company Method	Revenue Multiple		1.4	x		0.5	x		4.5	x
			Guideline Public Company Method	EBITDA Multiple		8.9	x		4.8	x		25.1	x
			Guideline Public Company Method	Gross Profit Multiple		-			-			-
Preferred Equity Securities		9,828,998	Guideline Merged & Acquired Company Method	Revenue Multiple		1.7	x		0.5	x		2.5	x
			Guideline Merged & Acquired Company Method	EBITDA Multiple		9.9	x		7.5	x		14.4	x
Preferred Equity Securities		214,378	Transaction Price	N/A		N/A			N/A			N/A
Warrants and Other Equity Securities		203,603	Discounted Cash Flow	Discount Rate		24.0	%		15.5	%		31.5	%
Warrants and Other Equity Securities		5,819,080	Guideline Public Company Method	Revenue Multiple		1.0	x		0.2	x		2.5	x
			Guideline Public Company Method	EBITDA Multiple		9.3	x		4.8	x		13.5	x
Total Level 3 Assets	$	373,118,499

- 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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