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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024, and December 31, 2023, the Company had $33.3 million and $28.6 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, 2024, the Company had a $10.9 million unfunded commitment to the Great Lakes II Joint Venture. As of December 31, 2023, the Company had a $5.5 million unfunded commitment to the Great Lakes II Joint Venture. The Company is involved in litigation in the normal course of its operations and does not expect that the outcome of those litigations to have a material adverse impact to the Company’s financial position or results of operations. The Company may, from time to time, enter into commitments to fund investments. These unfunded commitments are assessed for fair value in accordance with ASC 820. As of March 31, 2024 and December 31, 2023, the Company had the following outstanding commitments to fund investments in current portfolio companies:
($ in thousands) |  |  |  | Par Value |  | Par Value |
Portfolio Company |  | Investment |  | March 31, 2024 |  | December 31, 2023 |
Accordion Partners LLC |  | Revolver |  |  | $ | 765 |  |  | $ | 1,531 |
AMCP Pet Holdings, Inc. |  | Revolving Loan |  |  |  | 275 |  |  |  | 350 |
Anthem Sports & Entertainment Inc. |  | Revolver |  |  |  | 83 |  |  |  | 83 |
BetaNXT, Inc. |  | Revolver |  |  |  | 1,449 |  |  |  | 2,174 |
Bradshaw International Parent Corp. |  | Delayed Draw Term Loan |  |  |  | 922 |  |  |  | 922 |
Centric Brands Inc. |  | Delayed Draw Term Loan |  |  |  | - |  |  |  | 1,069 |
Centric Brands Inc. |  | Revolver |  |  |  | - |  |  |  | 97 |
Colonnade Intermediate, LLC |  | Revolver |  |  |  | - |  |  |  | 68 |
Critical Nurse Staffing, LLC |  | Revolver |  |  |  | 2,000 |  |  |  | 2,000 |
Dentive, LLC |  | Delayed Draw Term Loan - First Lien |  |  |  | 245 |  |  |  | 430 |
Dentive, LLC |  | Revolver |  |  |  | 234 |  |  |  | 186 |
Fortis Payment Systems, LLC |  | Delayed Draw Term Loan |  |  |  | 744 |  |  |  | - |
GreenPark Infrastructure, LLC |  | Preferred Equity |  |  |  | 1,829 |  |  |  | 1,829 |
H.W. Lochner, Inc. |  | Revolver |  |  |  | 2,142 |  |  |  | 4,142 |
IDC Infusion Services |  | Delayed Draw Term Loan |  |  |  | 805 |  |  |  | 1,065 |
Luminii LLC |  | Revolver |  |  |  | 172 |  |  |  | 172 |
Morae Global Corporation |  | Revolver |  |  |  | 208 |  |  |  | 208 |
Netwrix Corporation |  | Revolver |  |  |  | 1,148 |  |  |  | 1,148 |
Netwrix Corporation |  | Delayed Draw Term Loan - First Lien |  |  |  | 30 |  |  |  | 941 |
PhyNet Dermatology LLC |  | Delayed Draw Term Loan |  |  |  | 690 |  |  |  | 690 |
Riddell Inc |  | Delayed Draw Term Loan - First Lien |  |  |  | 636 |  |  |  |
Riskonnect Parent LLC |  | Delayed Draw Term Loan |  |  |  | 5,000 |  |  |  | - |
Series A-Great Lakes Funding II LLC |  | Joint Ventures |  |  |  | 10,912 |  |  |  | 5,473 |
TA/WEG Holdings, LLC |  | Delayed Draw Term Loan |  |  |  | - |  |  |  | 758 |
TA/WEG Holdings, LLC |  | Delayed Draw Term Loan |  |  |  | 77 |  |  |  | 784 |
TA/WEG Holdings, LLC |  | Revolver |  |  |  | 784 |  |  |  |
Tactical Air Support, Inc. |  | Delayed Draw Term Loan |  |  |  | 286 |  |  |  | 286 |
VBC Spine Opco LLC |  | Revolver |  |  |  | - |  |  |  | 258 |
VBC Spine Opco LLC |  | Delayed Draw Term Loan |  |  |  | 1,902 |  |  |  | 1,902 |
Total Unfunded Portfolio Company Commitments |  |  |  |  | $ | 33,338 |  |  | $ | 28,566 |

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