Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

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, 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