Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

8. COMMITMENTS AND CONTINGENCIES

From time-to-time the Company is a party to financial instruments with off-balance sheet risk in the normal course of business in order to meet the needs of the Company’s investment in portfolio companies. Such instruments include commitments to extend credit and may involve, in varying degrees, elements of credit risk in excess of amounts recognized on the Company’s balance sheet. Prior to extending such credit, the Company attempts to limit its credit risk by conducting extensive due diligence, obtaining collateral where necessary and negotiating appropriate financial covenants. As of September 30, 2022 and December 31, 2021, the Company had $54.4 million and $47.9 million unfunded commitments, respectively.

The Company has made an aggregate commitment to the Great Lakes II Joint Venture of $50 million, subject to certain limitations (including that the Company is not obligated to fund capital calls if such funding would cause the Company to be out of compliance with certain provisions of the 1940 Act). As of September 30, 2022 the Company had a $21.7 million unfunded commitment to the Great Lakes II Joint Venture. As of December 31, 2021, the Company had a $13.0 million unfunded commitment to the Prior Great Lakes Joint Venture.

The Company is involved in litigation in the normal course of its operations and does not expect that the outcome of those litigations to have a material adverse impact to the Company’s financial position or results of operations.

The Company may, from time to time, enter into commitments to fund investments. These unfunded commitments are assessed for fair value in accordance with ASC 820. As of September 30, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies:


($ in thousands)		Par Value
Portfolio Company	Investment	September 30, 2022
Accordion Partners LLC	Delayed Draw Term Loan	$	698
Accordion Partners LLC	Delayed Draw Term Loan		872
Accordion Partners LLC	Revolver		1,531
AMCP Pet Holdings, Inc.	Revolving Loan		250
Analogic Corporation	Revolver		35
Anthem Sports & Entertainment Inc.	Revolver		83
Appfire Technologies, LLC	Delayed Draw Term Loan		1,665
Beta Plus Technologies, Inc.	Revolver		2,415
Bradshaw International Parent Corp.	Revolver		538
Bristol Hospice	Delayed Draw Term Loan		55
Centric Brands Inc.	Revolver		58
Centric Brands Inc.	Revolver		109
Critical Nurse Staffing, LLC	Revolver		2,000
Critical Nurse Staffing, LLC	Delayed Draw Term Loan		3,094
Global Integrated Flooring Systems Inc.	Revolver		25
H.W. Lochner, Inc.	Revolver		1,799
Luminii LLC	Revolver		172
Marble Point Credit Management LLC	Revolver		2,500
Maxor National Pharmacy Services, LLC	Revolver		585
Naviga Inc.	Revolver		77
Netwrix Corporation	Delayed Draw Term Loan - First Lien		1,222
Netwrix Corporation	Revolver		1,148
Netwrix Corporation	Delayed Draw Term Loan - First Lien		192
Premier Imaging, LLC	Delayed Draw Term Loan		1,378
TA/WEG Holdings, LLC	Delayed Draw Term Loan		4,603
TA/WEG Holdings, LLC	Revolver		784
TLE Holdings, LLC	Delayed Draw Term Loan		2
Aperture Dodge 18 LLC	Equity - Unfunded		2,927
GreenPark Infrastructure, LLC	Preferred Equity		1,829
Series A-Great Lakes Funding II LLC	Joint Ventures		21,749
Total Unfunded Portfolio Company Commitments		$	54,394