Concentration of Credit Risk

3 Months Ended

Mar. 31, 2024

Risks and Uncertainties [Abstract]

Concentration of Credit Risk

Note 6 – Concentration of Credit Risk

In the normal course of business, the Company maintains its cash balances at large, high credit-quality financial institutions, which at times may exceed federally insured limits. The Company is subject to credit risk to the extent that any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf. The Company monitors the financial condition of those financial institutions and believes that risk of loss associated with any uninsured balance is remote.

In the event that a portfolio company completely fails to perform according to the terms of their loan agreement, the amount of loss due to credit risk from the Company's investments would equal the sum of the Company’s recorded investments in the portfolio company and the portion of unfunded commitments currently eligible to be drawn. Refer to "Note 8 – Commitments and Contingencies" for a summary of the aggregate balance of unfunded commitments as of March 31, 2024. The Company predominantly collateralizes its investments by obtaining a first priority security interest in a portfolio company’s assets, which may include its intellectual property.

As of March 31, 2024 and December 31, 2023, the Company’s five largest debt investments in portfolio companies represented approximately 36.1% and 38.0%, respectively, of the total fair value of the Company’s debt investments in portfolio companies. As of March 31, 2024 and December 31, 2023, the Company had debt investments in 15 and 14 portfolio companies, respectively, that represented 5% or more of the Company’s net assets.