Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022, the Company had $22.1 million and $35.0 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 March 31, 2023 the Company had a $2.5 million unfunded commitment to the Great Lakes II Joint Venture. As of December 31, 2022, the Company had a $8.0 million unfunded commitment to the Great Lakes II 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 March 31, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies:


($ in thousands)		Par Value
Portfolio Company	Investment	March 31, 2023
Accordion Partners LLC	Revolver		$	1,148
Accordion Partners LLC	Delayed Draw Term Loan			872
Analogic Corporation	Revolver			58
Anthem Sports & Entertainment Inc.	Revolver			83
Beta Plus Technologies, Inc.	Revolver			1,683
Bradshaw International Parent Corp.	Revolver			922
Centric Brands Inc.	Revolver			331
Centric Brands Inc.	Revolver			97
Critical Nurse Staffing, LLC	Delayed Draw Term Loan			3,094
Critical Nurse Staffing, LLC	Revolver			480
Dentive, LLC	Delayed Draw Term Loan - First Lien			748
Dentive, LLC	Revolver			234
Global Integrated Flooring Systems Inc.	Revolver			17
GreenPark Infrastructure, LLC	Preferred Equity			1,829
H.W. Lochner, Inc.	Revolver			1,799
Luminii LLC	Revolver			172
Naviga Inc.	Revolver			77
Netwrix Corporation	Revolver			861
Netwrix Corporation	Delayed Draw Term Loan - First Lien			1,005
Premier Imaging, LLC	Delayed Draw Term Loan			1,378
Series A-Great Lakes Funding II LLC	Joint Ventures			2,494
TA/WEG Holdings, LLC	Delayed Draw Term Loan			1,934
TA/WEG Holdings, LLC	Revolver			784
TLE Holdings, LLC	Delayed Draw Term Loan			2
Total Unfunded Portfolio Company Commitments			$	22,102


($ in thousands)		Par Value
Portfolio Company	Investment	December 31, 2022
Accordion Partners LLC	Revolver	$	1,531
Accordion Partners LLC	Delayed Draw Term Loan		698
Accordion Partners LLC	Delayed Draw Term Loan		872
Analogic Corporation	Revolver		23
Anthem Sports & Entertainment Inc.	Revolver		83
Beta Plus Technologies, Inc.	Revolver		2,415
Bradshaw International Parent Corp.	Revolver		922
Bristol Hospice	Delayed Draw Term Loan		55
Centric Brands Inc.	Revolver		428
Centric Brands Inc.	Revolver		58
Critical Nurse Staffing, LLC	Delayed Draw Term Loan		3,094
Critical Nurse Staffing, LLC	Revolver		1,400
Dentive, LLC	Delayed Draw Term Loan - First Lien		748
Dentive, LLC	Revolver		234
GreenPark Infrastructure, LLC	Preferred Equity		1,829
H.W. Lochner, Inc.	Revolver		1,799
Keg Logistics LLC	Revolver		436
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	Revolver		1,148
Netwrix Corporation	Delayed Draw Term Loan - First Lien		1,017
Premier Imaging, LLC	Delayed Draw Term Loan		1,378
Series A-Great Lakes Funding II LLC	Joint Ventures		8,038
TA/WEG Holdings, LLC	Delayed Draw Term Loan		2,634
TA/WEG Holdings, LLC	Revolver		784
TLE Holdings, LLC	Delayed Draw Term Loan		2
Total Unfunded Portfolio Company Commitments		$	34,959