v3.26.1
SCHEDULE OF FAIR VALUE OF ASSETS ON UNOBSERVABLE INPUT (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Schedule of Investments [Line Items]      
Fair Value $ 385,880,836 $ 221,302,242 $ 191,789,622
PWERM [Member] | Measurement Input, Revenue Multiple [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [1],[2]   8.42  
PWERM [Member] | Precedent Transaction [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [1],[2],[3],[4] 100    
PWERM [Member] | Measurement Input Dissolution Risk [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [1],[2] 100 [3],[4] 100  
Valuation Technique, Option Pricing Model [Member] | Measurement Input Precedent Transaction [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5]   100  
Preferred Stock in Private Companies [Member]      
Schedule of Investments [Line Items]      
Fair Value [7] $ 331,712,990 [6] $ 169,631,231  
Preferred Stock in Private Companies [Member] | Measurement Input, Revenue Multiple [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [7],[8] Revenue Multiples [6],[9] Revenue Multiples  
Preferred Stock in Private Companies [Member] | Measurement Input Precedent Transaction [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [7],[8] Precedent Transactions [6],[9] Precedent Transactions  
Preferred Stock in Private Companies [Member] | Precedent Transaction [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [7],[8] Precedent Transaction [6],[9] Precedent Transaction  
Range (Weighted Average) [2],[7] 90 [4],[6] 90  
Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member]      
Schedule of Investments [Line Items]      
Valuation Approach/ Technique [7],[10] Market Approach [6],[11] Market Approach  
Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[7] 0.28 [4],[6] 0.52  
Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[7] 5.18 [4],[6] 7.95  
Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[7] 2.77 [4],[6] 3.47  
Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input Precedent Transaction [Member] | Minimum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[7] 50 [4],[6] 25  
Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input Precedent Transaction [Member] | Maximum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[7] 100 [4],[6] 100  
Preferred Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input Precedent Transaction [Member] | Weighted Average [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[7] 100 [4],[6] 76  
Preferred Stock in Private Companies [Member] | PWERM [Member]      
Schedule of Investments [Line Items]      
Valuation Approach/ Technique [7],[10],[13] PWERM [6],[11],[12] PWERM  
Preferred Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[7] 0.92 [4],[6] 1.42  
Preferred Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[7] 2.85 [4],[6] 5.60  
Preferred Stock in Private Companies [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[7] 2.67 [4],[6] 1.72  
Preferred Stock in Private Companies [Member] | Dissolution Risk [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [7],[8] Dissolution Risk [6],[9] Dissolution Risk  
Range (Weighted Average) [2],[7] 100 [4],[6] 100  
Common Stock in Private Companies [Member]      
Schedule of Investments [Line Items]      
Fair Value [1] $ 45,478,068 [3] $ 46,713,129  
Common Stock in Private Companies [Member] | Measurement Input, Revenue Multiple [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [1],[8] Revenue Multiples [3],[9] Revenue Multiples  
Common Stock in Private Companies [Member] | Measurement Input Precedent Transaction [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [1],[8] Precedent Transactions [3],[9] Precedent Transactions  
Common Stock in Private Companies [Member] | Precedent Transaction [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [1],[3],[8],[9] Precedent Transaction    
Common Stock in Private Companies [Member] | Valuation, Market Approach [Member]      
Schedule of Investments [Line Items]      
Valuation Approach/ Technique [1],[10] Market Approach [3],[11] Market Approach  
Common Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [1],[2] 0.34 [3],[4] 0.57  
Common Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [1],[2] 3.51 [3],[4] 5.23  
Common Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [1],[2] 3.34 [3],[4] 4.99  
Common Stock in Private Companies [Member] | Valuation, Market Approach [Member] | Measurement Input Precedent Transaction [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [1],[2] 100 [3],[4] 100  
Common Stock in Private Companies [Member] | PWERM [Member]      
Schedule of Investments [Line Items]      
Valuation Approach/ Technique [1],[10],[13] PWERM [3],[11],[12] PWERM  
Common Stock in Private Companies [Member] | Dissolution Risk [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [1],[8] Dissolution Risk [3],[9] Dissolution Risk  
Common Stock in Private Companies [Member] | AFFO [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [1],[8],[14]   AFFO(8) Multiples  
Options [Member]      
Schedule of Investments [Line Items]      
Fair Value [5] $ 7,933,439 [15] $ 4,201,543  
Options [Member] | Measurement Input, Revenue Multiple [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [5],[8]   Revenue Multiples  
Options [Member] | Measurement Input Precedent Transaction [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [5],[8]   Precedent Transaction  
Options [Member] | Measurement Input, Expected Term [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [5],[8] Term to Expiration (Years) [9],[15] Term to Expiration (Years)  
Options [Member] | Measurement Input, Option Volatility [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [5],[8] Volatility [9],[15] Volatility  
Options [Member] | Measurement Input, Option Volatility [Member] | Minimum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5] 0.44 [4],[15] 0.45  
Options [Member] | Measurement Input, Option Volatility [Member] | Maximum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5] 0.54 [4],[15] 0.50  
Options [Member] | Measurement Input, Option Volatility [Member] | Weighted Average [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5] 0.48 [4],[15] 0.48  
Options [Member] | PWERM [Member]      
Schedule of Investments [Line Items]      
Valuation Approach/ Technique [5],[10],[13]   PWERM  
Options [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5]   1.54  
Options [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5]   1.90  
Options [Member] | PWERM [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5]   1.72  
Options [Member] | PWERM [Member] | Measurement Input Precedent Transaction [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5]   0.90  
Options [Member] | Valuation Technique, Option Pricing Model [Member]      
Schedule of Investments [Line Items]      
Valuation Approach/ Technique [5],[10] Option Pricing Model [11],[15] Option Pricing Model  
Options [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5]   4.74  
Options [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5]   5.60  
Options [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Expected Term [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5] 0.79 [4],[15] 0.88  
Options [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Expected Term [Member] | Minimum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5] 0.25 [4],[15] 0.50  
Options [Member] | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Expected Term [Member] | Maximum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5] 1.11 [4],[15] 1.36  
Options One [Member] | Measurement Input Precedent Transaction [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [5],[8],[9],[15] Precedent Transaction    
Range (Weighted Average) [2],[4],[5],[15] 100    
Options One [Member] | Precedent Transaction [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [5],[8]   Precedent Transaction  
Options One [Member] | Precedent Transaction [Member] | Minimum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5]   0.25  
Options One [Member] | Precedent Transaction [Member] | Maximum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5]   100  
Options One [Member] | Precedent Transaction [Member] | Weighted Average [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2],[5]   77  
Options One [Member] | Valuation, Market Approach [Member]      
Schedule of Investments [Line Items]      
Valuation Approach/ Technique [5],[10] Market Approach [11],[15] Market Approach  
Debt Investments [Member]      
Schedule of Investments [Line Items]      
Fair Value $ 756,339 $ 756,339  
Debt Investments [Member] | Measurement Input, Revenue Multiple [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [8] Revenue Multiples [9] Revenue Multiples  
Debt Investments [Member] | Measurement Input Precedent Transaction [Member]      
Schedule of Investments [Line Items]      
Unobservable Inputs [8]   Precedent Transactions  
Range (Weighted Average) [2]   25  
Debt Investments [Member] | Valuation, Market Approach [Member]      
Schedule of Investments [Line Items]      
Valuation Approach/ Technique [10] Market Approach [11] Market Approach  
Debt Investments [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Minimum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2] 0.34 [4] 0.57  
Debt Investments [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Maximum [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2] 3.66 [4] 5.05  
Debt Investments [Member] | Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | Weighted Average [Member]      
Schedule of Investments [Line Items]      
Range (Weighted Average) [2] 2.25 [4] 3.49  
[1] Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc.
[2] The weighted averages are calculated based on the fair market value of each investment.
[3] Common Stock in Private Portfolio Companies also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A Common Stock of CoreWeave, Inc.
[4] The weighted averages are calculated based on the fair market value of each investment.
[5] Options in Private Portfolio Companies also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., and Whoop, Inc.
[6] Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
[7] Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Series A-2 Preferred Shares of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
[8] The Board of Directors considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Board of Directors carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
[9] The Board of Directors considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Board of Directors carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
[10] As of December 31, 2025, the Board of Directors used a hybrid market and income approach to value certain common and preferred stock investments, as the Board of Directors felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
[11] As of March 31, 2026, the Board of Directors used a hybrid market and income approach to value certain common and preferred stock investments, as the Board of Directors felt this approach better reflected the fair value of these investments. In considering multiple valuation approaches (and consequently, multiple valuation techniques), the valuation approaches and techniques are not likely to change from one period of measurement to the next; however, the weighting of each in determining the final fair value of a Level 3 investment may change based on recent events or transactions. The hybrid approach may also consider certain risk weightings to account for the uncertainty of future events. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
[12] Probability-Weighted Expected Return Method, or “PWERM”.
[13] Probability-Weighted Expected Return Method, or “PWERM”.
[14] Adjusted Funds From Operations, or “AFFO”.
[15] Options in Private Portfolio Companies also includes the Company’s investment in the Class A Interest of Magnetar Opportunity 2025-4 LP which is invested in a SAFE of TensorWave, Inc., as well as investments in the SAFEs of Orchard Technologies, Inc. and PayJoy, Inc.