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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 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, 2023 and December 31, 2022, the Company had $23.7 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 September 30, 2023 the Company had a $1.4 million unfunded commitment to the Great Lakes II Joint Venture. As of December 31, 2022, the Company had a $8.0 million unfunded commitment to the Great Lakes II Joint Venture. The Company is involved in litigation in the normal course of its operations and does not expect that the outcome of those litigations to have a material adverse impact to the Company’s financial position or results of operations. The Company may, from time to time, enter into commitments to fund investments. These unfunded commitments are assessed for fair value in accordance with ASC 820. As of September 30, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies:
($ in thousands) |  |  |  | Par Value |
Portfolio Company |  | Investment |  | September 30, 2023 |
Accordion Partners LLC |  | Revolver |  |  | $ | 1,531 |
AMCP Pet Holdings, Inc. |  | Revolving Loan |  |  |  | 625 |
Anthem Sports & Entertainment Inc. |  | Revolver |  |  |  | 83 |
BetaNXT, Inc. |  | Revolver |  |  |  | 2,415 |
Bradshaw International Parent Corp. |  | Revolver |  |  |  | 922 |
Centric Brands Inc. |  | Revolver |  |  |  | 214 |
Centric Brands Inc. |  | Revolver |  |  |  | 97 |
Critical Nurse Staffing, LLC |  | Delayed Draw Term Loan |  |  |  | 3,094 |
Critical Nurse Staffing, LLC |  | Revolver |  |  |  | 2,000 |
Dentive, LLC |  | Delayed Draw Term Loan - First Lien |  |  |  | 562 |
Dentive, LLC |  | Revolver |  |  |  | 234 |
GreenPark Infrastructure, LLC |  | Preferred Equity |  |  |  | 1,829 |
H.W. Lochner, Inc. |  | Revolver |  |  |  | 199 |
IDC Infusion Services |  | Delayed Draw Term Loan |  |  |  | 1,065 |
Luminii LLC |  | Revolver |  |  |  | 172 |
Naviga Inc. |  | Revolver |  |  |  | 219 |
Netwrix Corporation |  | Revolver |  |  |  | 861 |
Netwrix Corporation |  | Delayed Draw Term Loan - First Lien |  |  |  | 962 |
PhyNet Dermatology LLC |  | Delayed Draw Term Loan |  |  |  | 690 |
Series A-Great Lakes Funding II LLC |  | Joint Ventures |  |  |  | 1,376 |
TA/WEG Holdings, LLC |  | Delayed Draw Term Loan |  |  |  | 1,462 |
TA/WEG Holdings, LLC |  | Revolver |  |  |  | 784 |
TLE Holdings, LLC |  | Delayed Draw Term Loan |  |  |  | 2 |
VBC Spine Opco LLC |  | Revolver |  |  |  | 387 |
VBC Spine Opco LLC |  | Delayed Draw Term Loan |  |  |  | 1,902 |
Total Unfunded Portfolio Company Commitments |  |  |  |  | $ | 23,687 |
($ 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 |

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