FAIR VALUE (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value Measurements of Investments and Cash and Cash Equivalents |
The following table presents fair value measurements of investments and cash and cash equivalents as of March 31, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement as of March 31, 2026 | | Total | | Level 1 | | Level 2 | | Level 3 | | First lien senior term loans | $ | 279,237,624 | | | $ | — | | | $ | — | | | $ | 279,237,624 | | | Cash and cash equivalents | 112,730,935 | | | 112,730,935 | | | — | | | — | | | Total portfolio investments, cash and cash equivalents | $ | 391,968,559 | | | $ | 112,730,935 | | | $ | — | | | $ | 279,237,624 | |
The following table presents fair value measurements of investments and cash and cash equivalents pre-Conversion as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement as of December 31, 2025 | | | Total | | Level 1 | | Level 2 | | Level 3 | | First lien senior term loans | $ | 26,080,763 | | | $ | — | | | $ | — | | | $ | 26,080,763 | | | Cash and cash equivalents | 38,605,507 | | | 38,605,507 | | | — | | | — | | | Total portfolio investments, cash and cash equivalents | $ | 64,686,270 | | | $ | 38,605,507 | | | $ | — | | | $ | 26,080,763 | |
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| Schedule of Changes in Investments using Level 3 inputs |
The following table presents changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2026: | | | | | | | | Three Months Ended
March 31, 2026 | | Fair value, at December 31, 2025 | $ | 26,080,763 | | | | Conversion fair value adjustment(1) | 207,488,812 | | | Net change in unrealized appreciation on investments | 7,118,443 | | | Purchases of investments | 78,866,344 | | | Proceeds from principal repayments and sales of investments | (41,751,649) | | | Net accretion of discount on investments | 1,107,387 | | | PIK interest | 327,524 | | | Fair value, at March 31, 2026 | $ | 279,237,624 | | | Net change in unrealized appreciation on investments still held as of March 31, 2026 | $ | 7,118,443 | |
(1)Refer to Note 2 for more information on the Conversion. The following table presents changes in investments that use Level 3 inputs pre-Conversion as of and for the three months ended March 31, 2025: | | | | | | | Three Months Ended
March 31, 2025 | | Fair value, at December 31, 2024 | $ | 30,510,804 | | | | | | | Change in unrealized losses on loans at fair value, net | (685,478) | | | | | Loan repayments | (1,252,941) | | | | | | | Fair value, at March 31, 2025 | $ | 28,572,385 | | | Net change in unrealized losses on loans still held as of March 31, 2025 | $ | (685,478) | |
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of March 31, 2026 and December 31, 2025. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2026 | | | | | | Unobservable Input | | Asset Category | Fair Value | | Primary Valuation Techniques | | Input | | Estimated Range | | Weighted Average(1) | | First lien term loan | $ | 17,763,882 | | | Recovery analysis | | Recovery rate | | 39.40% - 48.20% | | 43.80% | | 198,480,337 | | | Yield analysis | | Market yield | | 12.76% - 28.14% | | 18.08% | | 15,000,000 | | | Market quotes | | Broker/dealer bids or quotes | | N/A | | N/A | | 47,993,405 | | | Market approach | | Revenue multiple | | 0.40x - 0.95x | | 0.79x | | Total investments | $ | 279,237,624 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | | | | | Unobservable Input | | Asset Category | Fair Value | | Primary Valuation Techniques | | Input | | Estimated Range | | Weighted Average(1) | | First lien term loan | $ | 16,259,763 | | | Recovery analysis | | Recovery rate | | 31.60% - 37.90% | | 34.75% | | 4,821,000 | | | Yield analysis | | Market yield | | 19.50% - 21.50% | | 20.50% | | 5,000,000 | | | Market quotes | | Broker/dealer bids or quotes | | N/A | | N/A | | Total investments | $ | 26,080,763 | | | | | | | | | |
(1)Unobservable inputs were weighted by the relative fair value of the investments.
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| Schedule of Carrying Value and Fair Value of the Financial Instruments |
The following table details the carrying value and fair value of the Company’s debt obligations not recognized at fair value in the unaudited interim consolidated statement of assets and liabilities as of March 31, 2026: | | | | | | | | | | | | | | | | | | As of March 31, 2026 | | | | | Carrying Value | | Fair Value | | | | | | Financial assets: | | | | | | | | | Cash and cash equivalents | $ | 112,730,935 | | | $ | 112,730,935 | | | | | | | | | | | | | | | Financial liabilities: | | | | | | | | | Senior notes payable, net | $ | 76,448,216 | | | $ | 74,305,000 | | | | | | | | | | | | | |
The following table details the carrying value and fair value of the Company’s financial instruments not recognized at fair value in the consolidated balance sheet as of December 31, 2025: | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | | | | | Carrying Value | | Fair Value | | Financial assets: | | | | | | | | | Cash and cash equivalents | | | | | $ | 38,605,507 | | | $ | 38,605,507 | | | Loans held for investment at carrying value, net | | | | | $ | 253,625,119 | | | $ | 207,805,490 | | | Financial liabilities: | | | | | | | | | Senior notes payable, net | | | | | $ | 76,322,493 | | | $ | 74,151,000 | |
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