Company: CRCL
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001193125-25-070481
Chunk: 380

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 380
---
 Fund seeks to maintain its net asset value (“NAV”) per share at $1.00, although there is no assurance that it will be able to do so on a continuing basis. Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:

| • |     | Fixed-income investments for which market quotations are readily available are generally valued using the last available                                                                                                                                  
 bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or 
 transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values,    
 including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage 
 related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique  
 attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.                     |

Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

| • |     | Level 1—Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund 
 has the ability to access;                                                                                        |

| • |     | Level 2—Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities                                                                                                                                   
 in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, 
 volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and                                                                                                                       |

| • |     | Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent                                            
 observable