Net assets fell to $16.57 million as of December 31, 2025, down from $26.50 million at the end of the previous quarter. Net asset value (NAV) per share declined to $1.19 from $1.90 in the third quarter of 2025. The decline was primarily driven by a $12.35 million write-down in the fair value of Morgan E&P, Inc. holdings. The company saw a partial offset through a $1.6 million increase in the fair value of its investment in CitroTech, Inc.