10-Q
Q1--12-31P3Y0001571329false0001571329us-gaap:FairValueInputsLevel3Member2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Critical Nurse Staffing, LLC Healthcare Interest Rate 10.80% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 10/30/20262023-01-012023-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:TaoglasGroupHoldingsLimitedMemberus-gaap:RevolvingCreditFacilityMember2023-03-310001571329us-gaap:CollateralizedLoanObligationsMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Second Lien/Senior Secured Debt - 5.9% American Academy Holdings, LLC Healthcare Interest Rate 14.50% PIK Maturity 03/01/20282022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Money Transfer Acquisition Inc. Financials Interest Rate 12.67% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/20272022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Common Stock and Membership Units - 7.9% Aperture Dodge 18 LLC Financials2023-03-310001571329us-gaap:FairValueInputsLevel3Member2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Datalink, LLC Healthcare Interest Rate 11.48% Reference Rate and Spread L + 6.75% Floor 1.00% Maturity 11/23/20262022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% Burgaflex Holdings, LLC - Class A Automobile Part Manufacturer2023-01-012023-03-310001571329us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-03-310001571329us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2022-01-012022-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:BradshawInternationalIncMemberus-gaap:RevolvingCreditFacilityMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Lucky Bucks, LLC Consumer Discretionary Interest Rate 10.43% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/20272022-01-012022-12-310001571329lrfc:TwoThousandAndTwentySixNotesMember2023-01-012023-03-310001571329Affiliate investments Nth Degree Investment Group, LLC Membership Units (6,088,000units)2022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies – 28.2% First Lien/Senior Secured Debt – 5.5% RAM Payment, LLC (First Out) Financial Services Interest Rate 9.66% Reference Rate and Spread L + 5.00% Floor 1.50 Maturity 01/04/20242023-03-3100015713292023-03-312023-03-310001571329us-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:DelayedDrawTermLoanMemberlrfc:EpicStaffingGroupMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Preferred Stock and Units - 2.4%2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Dentive, LLC (Revolver) Healthcare Interest Rate Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/20282022-12-310001571329Affiliate investments LJS Partners, LLC Common Membership Units (2,593,234units)2022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% First Lien/senior Secured Debt - 6.4% RAM Payment, LLC (First Out) Financial Services Interest Rate 9.12% Reference Rate and Spread L + 5.00% Floor 1.50% Maturity 01/04/20242022-01-012022-12-310001571329Affiliate investments RAM Payment, LLC First Lien Debt (6.5% Cash (1month LIBOR + 5.0%), 1.5% Floor), Due 1/4/24)2022-01-012022-12-310001571329Affiliate investments V12 Holdings, Inc.2021-12-310001571329us-gaap:PrimeRateMember2023-03-312023-03-310001571329us-gaap:LineOfCreditMember2023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2022-12-310001571329Control investments Vology, Inc. Class A Preferred Units (9,041,810Units)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Subordinated Debt - 26.3% Eastport Holdings, LLC Business Services Interest Rate 13.67% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 09/29/20272023-03-310001571329us-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Member2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Lucky Bucks, LLC Consumer Discretionary Interest Rate 10.43% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/20272023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Second Lien/Senior Secured Debt - 1.0% V12 Holdings, Inc. Data Processing & Digital Marketing2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% American Clinical Solutions, LLC Healthcare Interest Rate 11.27% Reference Rate and Spread L + 7.00%, 4.27% PIK Floor Maturity 12/31/20242022-01-012022-12-310001571329srt:MaximumMemberlrfc:GreatLakesFundingIILLCSeriesAMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Premier Imaging, LLC Healthcare Interest Rate 10.84% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 01/02/20252023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8% GA Communications, Inc. - Series A-1 Advertising & Marketing Services2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% First Lien/Senior Secured Debt - 141.1% American Clinical Solutions, LLC Healthcare Interest Rate 11.81% Reference Rate and Spread L + 7.00%, 4.81% PIK Floor 1.00% Maturity 12/31/20242023-01-012023-03-310001571329Affiliate investments Sierra Hamilton Holdings Corporation2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Wealth Enhancement Group, LLC Financials Interest Rate 10.00% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/20272022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Florida Food Products, LLC Consumer Staples Interest Rate 9.32% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/20282022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% AP Core Holdings II, LLC Information Technology Interest Rate 9.88% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027- One2022-01-012022-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Second Lien Debt (15.0% PIK, Due 9/12/23)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Grindr Capital, LLC Information Technology Interest Rate 13.02% Reference Rate and Spread SOFR + 8.00% Maturity 11/15/20272023-01-012023-03-310001571329Affiliate investments MMI Holdings, LLC Preferred Units (1,000 units, 8.00% PIK Dividend)2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% HUMC Opco, LLC Healthcare Interest Rate 12.22% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Patriot Pickle, Inc. Consumer Staples Interest Rate 9.55% Reference Rate and Spread SOFR + 4.50% Maturity 04/13/20272023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% GreenPark Infrastructure, LLC - Series M-1 Industrials2022-01-012022-12-310001571329lrfc:InvestmentAdvisoryAgreementMember2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Premier Imaging, LLC Healthcare Interest Rate 10.13% Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 01/02/20252022-12-3100015713292013-09-242013-09-240001571329country:US2022-12-310001571329us-gaap:IncomeApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2023-03-310001571329us-gaap:DebtInstrumentRedemptionPeriodOneMemberlrfc:TwoThousandAndTwentyTwoNotesMember2023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% Nth Degree Investment Group, LLC Business Services2023-03-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2017-06-260001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% CIMSense Financials Interest Rate 9.92% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 12/17/20262022-01-012022-12-310001571329lrfc:AccordionPartnersLLCMemberus-gaap:FairValueInputsLevel3Member2022-12-310001571329Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% GreenPark Infrastructure, LLC - Series M-1 Industrials2023-03-310001571329Investments in Affiliated Portfolio Companies - 28.2% Second Lien/Senior Secured Debt - 1.0% Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services Interest Rate 15.00% PIK Maturity 09/12/20232023-03-310001571329us-gaap:LineOfCreditMember2022-12-310001571329Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8% MMI Holdings, LLC Medical Device Distributor Interest Rate 8.00% PIK2023-03-310001571329Affiliate investments MMI Holdings, LLC Preferred Units (1,000 units, 8.00% PIK Dividend)2023-03-310001571329us-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueApproachValuationTechniqueMemberlrfc:FirstLienDebtMember2023-03-310001571329country:US2023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% Nth Degree Investment Group, LLC Business Services2022-01-012022-12-310001571329lrfc:JointVentureMemberlrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-03-310001571329Affiliate investments LJS Partners, LLC Preferred Units (202,336units)2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Neptune BidCo US Inc. Communication Services Interest Rate 9.74% Reference Rate and Spread SOFR + 5.00% Floor 0.50% Maturity 04/11/20292023-01-012023-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class B (1,085,073 shares)2022-01-012022-12-310001571329Affiliate investments RAM Payment, LLC First Lien Debt (9.66% Cash (1 month LIBOR + 5.00%), 1.50% Floor), Due 1/4/24)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Grindr Capital, LLC Information Technology Interest Rate 12.52% Reference Rate and Spread SOFR + 8.00% Floor Maturity 11/14/20272022-12-310001571329Affiliate investments RAM Payment, LLC Preferred Units (86,000units, 6.0% PIK Dividend)2022-01-012022-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% American Clinical Solutions, LLC - Class A Healthcare2022-12-3100015713292022-01-012022-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Dentive, LLC (Revolver) Healthcare Interest Rate Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/20282022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% IJKG OpCo, LLC Healthcare Interest Rate 12.77% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232023-03-310001571329lrfc:InvestmentOwnedAtCostMemberus-gaap:CollateralizedLoanObligationsMemberlrfc:InvestmentTypeConcentrationRiskMember2022-01-012022-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2022-01-012022-03-310001571329srt:DirectorMember2023-01-012023-03-3100015713292023-03-062023-03-060001571329lrfc:TwoThousandAndTwentySixNotesMember2023-01-012023-03-310001571329us-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2023-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class A (1,253,198 shares)2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Marble Point Credit Management LLC Financials Interest Rate 10.75% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 08/11/20282022-01-012022-12-310001571329Affiliate investments Nth Degree Investment Group, LLC Membership Units (6,088,000units)2022-12-3100015713292021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Wealth Enhancement Group, LLC Financials Interest Rate 10.00% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/20272022-01-012022-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% South Street Securities Holdings, Inc. Financials Interest Rate 9.00% Maturity 09/20/20272023-01-012023-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:DelayedDrawTermLoanMemberlrfc:PremierImagingLLCMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Taoglas Group Holdings Limited Information Technology Interest Rate 11.90% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 02/28/20292023-01-012023-03-310001571329Affiliate investments Great Lakes Funding II LLC 2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Accurate Background, LLC Information Technology Interest Rate 10.03% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 03/26/20272022-12-310001571329lrfc:KeyBankCreditFacilityMember2022-01-012022-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7% GreenPark Infrastructure, LLC - Series A Industrials2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Sequoia Healthcare Management, LLC Healthcare Management Maturity 11/04/20232022-01-012022-12-310001571329Affiliate investments V12 Holdings, Inc.2023-03-310001571329us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Member2022-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Accordion Partners LLC Industrials Interest Rate 11.17% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/29/20292023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Accurate Background, LLC Information Technology Interest Rate 11.16% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 03/26/20272023-03-310001571329lrfc:TwoThousandAndTwentySixNotesMember2023-03-310001571329Affiliate investments GreenPark Infrastructure, LLC Series M-1 (200Units)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% AP Core Holdings II, LLC Information Technology Interest Rate 9.88% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027- Two2022-12-310001571329 Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% Burgaflex Holdings, LLC - Class A Automobile Part Manufacturer2023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% Burgaflex Holdings, LLC - Class A Automobile Part Manufacturer2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% Alternative Biomedical Solutions, LLC Healthcare2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Symplr Software, Inc. Healthcare Interest Rate 9.28% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/20272023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Shock Doctor, Inc. Consumer Discretionary Interest Rate 10.20% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 05/14/20242023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% Alternative Biomedical Solutions, LLC - Membership Unit Warrants Healthcare2022-01-012022-12-310001571329lrfc:TwoThousandAndTwentySixNotesMember2022-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% BetaNXT, Inc. (Revolver) Financials Interest Rate 9.15% Reference Rate and Spread SOFR + 4.25% Floor Maturity 07/01/20272023-03-310001571329us-gaap:ConvertibleNotesPayableMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% JO ET Holdings Limited Information Technology Interest Rate 17.53% Reference Rate and Spread SOFR + 6.00%, 7.00% PIK Floor 1.00% Maturity 12/15/20262022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% Second Lien/Senior Secured Debt - 1.0% MMI Holdings, LLC Medical Device Distributor Interest Rate 6.00% Maturity 04/01/20222022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Subordinated Debt - 27.2% Lucky Bucks, LLC Consumer Discretionary Interest Rate 12.50% PIK Maturity 05/29/20282022-01-012022-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:AccordionPartnersLLCMember2022-12-310001571329lrfc:NewShareRepurchaseProgramMember2022-01-012022-03-310001571329lrfc:MeasurementInputBrokerDealerQuotesMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Accordion Partners LLC (Revolver) Industrials Interest Rate Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/31/20282022-12-310001571329Affiliate investments Great Lakes Funding II LLC 2022-12-310001571329Affiliate investments GA Communications, Inc. 2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Dentive, LLC Healthcare Interest Rate 11.53% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/20282022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7% GreenPark Infrastructure, LLC - Series A Industrials2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% STG Logistics Industrials Interest Rate 10.32% Reference Rate and Spread SOFR + 6.00% Floor 0.75% Maturity 03/24/20282022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1%2023-03-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMembersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Wealth Enhancement Group, LLC (Revolver) Financials Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/20272023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Second Lien/Senior Secured Debt - 5.9% American Academy Holdings, LLC Healthcare Interest Rate 14.50% PIK Maturity 03/01/20282022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Accordion Partners LLC Industrials Interest Rate 10.83% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/29/2029 2022-12-310001571329Investments in Affiliated Portfolio Companies – 28.2% Joint Ventures - 0.5% Great Lakes Funding II LLC - Series A Financials2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Alternative Biomedical Solutions, LLC Healthcare Interest Rate 8.00% Reference Rate and Spread Floor Maturity 12/18/20222022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% South Street Securities Holdings, Inc. Financials Interest Rate 9.00% Maturity 09/20/20272023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Taylor Precision Products, Inc. - Series C Household Product Manufacturer2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Hudson Hospital OpCo, LLC Healthcare Interest Rate 12.22% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232022-01-012022-12-310001571329us-gaap:LondonInterbankOfferedRateLIBORMemberlrfc:OneMonthMember2022-01-012022-12-310001571329lrfc:InvestmentAdvisoryAgreementMember2023-03-310001571329us-gaap:MeasurementInputRevenueMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Collateralized Loan Obligations - 5.2% JMP Credit Advisors CLO V Ltd. Financials Interest Rate 2.16% Maturity 07/17/20302022-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7%2022-12-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMemberus-gaap:CollateralizedLoanObligationsMember2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% AIDC Intermediateco 2, LLC (Peak Technologies) Information Technology Interest Rate 10.44% Reference Rate and Spread SOFR + 6.40% Floor 1.00% Maturity 07/22/20272022-12-310001571329lrfc:GreatLakesFundingIILLCSeriesAMember2022-12-310001571329Total Affiliate investments 2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5%2023-03-310001571329Control investments Vology, Inc. Class A Preferred Units (9,041,810Units)2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Dentive, LLC Healthcare Interest Rate 11.53% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/20282022-12-310001571329us-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMemberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-03-310001571329lrfc:SecondLienDebtMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% IJKG OpCo, LLC Healthcare Interest Rate 12.22% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232022-01-012022-12-310001571329lrfc:TwoThousandAndTwentySixNotesMember2021-10-292021-10-290001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% RN Enterprises, LLC Healthcare Interest Rate 11.32% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/23/20252023-01-012023-03-310001571329Affiliate investments MMI Holdings, LLC First Lien Debt (12.00% Cash, Due 4/1/22)2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Bradshaw International, Inc. Consumer Discretionary Interest Rate 10.63% Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/20272023-01-012023-03-310001571329lrfc:SixPointZeroFixedRateNotesDueMayThirtyOneTwoThousandTwentyTwoMemberlrfc:TwoThousandAndTwentyTwoNotesMember2017-05-160001571329Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8% RAM Payment, LLC Interest Rate 6.00% PIK Financial Services2023-01-012023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310001571329lrfc:InvestmentOwnedAtCostMemberus-gaap:CollateralizedLoanObligationsMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-03-310001571329us-gaap:EquitySecuritiesMember2023-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2022-04-012022-04-010001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3%2022-12-310001571329lrfc:SecondLienDebtMemberlrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMember2022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% Nth Degree Investment Group, LLC Business Services2022-12-310001571329Affiliate investments GreenPark Infrastructure, LLC Series M-1 (200Units)2023-03-310001571329lrfc:PurchaseAgreementMemberlrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2022-04-010001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% South Street Securities Holdings, Inc. - Warrants Financials2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Subordinated Debt - 27.2% Eastport Holdings, LLC Business Services Interest Rate 13.17% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 09/29/20272022-01-012022-12-310001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMember2023-01-012023-03-310001571329Affiliate investments Total Affiliate investments 2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Florida Food Products, LLC Consumer Staples Interest Rate 9.81% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/20282023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% RN Enterprises, LLC Healthcare Interest Rate 11.32% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/23/20252023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% JO ET Holdings Limited Information Technology Interest Rate 18.03% Reference Rate and Spread SOFR + 6.00%, 7.00% PIK Floor 1.00% Maturity 12/15/20262023-01-012023-03-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Common Stock (27,396,364 shares)2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Shock Doctor, Inc. Consumer Discretionary Interest Rate 9.37% Reference Rate and Spread SOFR + 5.00% Floor 1.00% Maturity 05/14/20242022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Bradshaw International, Inc. (Revolver) Consumer Discretionary Interest Rate Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/20262022-12-310001571329us-gaap:IPOMember2013-09-242013-09-240001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5%2023-03-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-01-012023-03-310001571329lrfc:InvestmentAdvisoryAgreementMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Second Lien/Senior Secured Debt - 6.3% Ivanti Software, Inc. Information Technology Interest Rate 12.21% Reference Rate and Spread L + 7.25% Floor 0.50% Maturity 12/01/20282023-01-012023-03-310001571329Affiliate investments Nth Degree Investment Group, LLC2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Preferred Stock and Units - 2.4% U.S. BioTek Laboratories, LLC - Class A Testing Laboratories2023-03-310001571329us-gaap:DebtMemberlrfc:InvestmentOwnedNonaccrualStatusMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Datalink, LLC Healthcare Interest Rate 11.80% Reference Rate and Spread SOFR + 6.75% Floor 1.00% Maturity 11/23/20262023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Second Lien/Senior Secured Debt - 5.9%2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Accordion Partners LLC Industrials Interest Rate 10.83% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/29/2029 2022-01-012022-12-310001571329lrfc:NewShareRepurchaseProgramMember2023-01-012023-03-310001571329us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% Joint Ventures - 0.5%2023-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:BetaNxtIncMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Heads Up Technologies Industrials Interest Rate 10.55% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 08/10/20282023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% GA Communications, Inc. - Series B-1 Advertising & Marketing Services2022-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% RN Enterprises, LLC Healthcare Interest Rate 10.78% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/23/20252022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Taoglas Group Holdings Limited (Revolver) Information Technology Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 02/28/20292023-01-012023-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:DelayedDrawTermLoanMemberlrfc:PremierImagingLLCMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% Jurassic Quest Holdings, LLC Entertainment2022-01-012022-12-310001571329lrfc:JointVentureMember2023-03-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMemberlrfc:FirstLienDebtMember2023-01-012023-03-310001571329lrfc:AdvisoryAgreementMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Dentive, LLC (Revolver) Healthcare Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/23/20282023-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% GA Communications, Inc. - Series B-1 Advertising & Marketing Services2023-03-310001571329Affiliate investments RAM Payment, LLC First Lien Debt (12.45% Cash, Due 1/4/24)2021-12-310001571329Affiliate investments MMI Holdings, LLC Preferred Units (1,000units, 8.0% PIK Dividend)2022-01-012022-12-310001571329lrfc:InvestmentOwnedAtCostMemberus-gaap:SubordinatedDebtMemberlrfc:InvestmentTypeConcentrationRiskMember2022-01-012022-12-3100015713292022-12-310001571329us-gaap:CommonStockMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Symplr Software, Inc. Healthcare Interest Rate 8.69% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/20272022-01-012022-12-310001571329lrfc:JointVentureMemberlrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMember2022-01-012022-12-310001571329lrfc:PurchaseAgreementMemberlrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2022-04-012022-04-010001571329Affiliate investments MMI Holdings, LLC Second Lien Debt (6.0% Cash, Due 4/1/22)2022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% First Lien/Senior Secured Debt - 6.4% MMI Holdings, LLC Medical Device Distributor Interest Rate 12.00% Maturity 04/01/20222022-12-310001571329Affiliate investments GA Communications, Inc. Series A-1 Preferred Stock (1,998 shares) Series B-1 Common Stock (200,000 shares)2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Heads Up Technologies Industrials Interest Rate 10.14% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 08/10/20282022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Collateralized Loan Obligations – 4.5% JMP Credit Advisors CLO IV Ltd. Financials Interest Rate 5.47% Maturity 07/17/20292023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% U.S. BioTek Laboratories, LLC - Class C Testing Laboratories2023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% First Lien/Senior Secured Debt - 6.4%2022-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:BetaNxtIncMember2022-12-310001571329us-gaap:LoansPayableMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% HUMC Opco, LLC Healthcare Interest Rate 12.77% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232023-01-012023-03-310001571329Affiliate investments RAM Payment, LLC First Lien Debt (13.00% Cash, Due 1/4/24)2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Premier Imaging, LLC Healthcare Interest Rate 10.13% Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 01/02/20252022-01-012022-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% U.S. BioTek Laboratories, LLC - Class C Testing Laboratories2022-12-310001571329us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2022-12-310001571329Affiliate investments GA Communications, Inc. Series A-1 Preferred Stock (1,998 shares)2022-12-310001571329us-gaap:DebtMember2023-03-310001571329Affiliate investments GA Communications, Inc. Series A-1 Preferred Stock (1,998 shares)2023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Joint Ventures - 0.4% Great Lakes Funding II LLC - Series A Financials2022-12-310001571329Affiliate investments GreenPark Infrastructure, LLC2023-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5%2023-03-310001571329lrfc:InvestmentAdvisoryAgreementMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Material Handling Systems, Inc. Industrials Interest Rate 12.37% Reference Rate and Spread P + 4.56% Floor 1.00% Maturity 06/08/20292023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Epic Staffing Group Industrials Interest Rate 10.64% Reference Rate and Spread SOFR + 5.75% Maturity 06/28/20292023-01-012023-03-310001571329us-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310001571329Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8% GreenPark Infrastructure, LLC - Series A Industrials2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Sequoia Healthcare Management, LLC Healthcare Management Maturity 11/04/20232023-03-310001571329lrfc:JointVentureMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% MicroHoldco, LLC General Industrial2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Critical Nurse Staffing, LLC (Revolver) Healthcare Interest Rate 10.70% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 10/30/20262022-12-310001571329us-gaap:LondonInterbankOfferedRateLIBORMemberlrfc:ThreeMonthMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Shock Doctor, Inc. Consumer Discretionary Interest Rate 10.20% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 05/14/20242023-01-012023-03-310001571329Affiliate investments MMI Holdings, LLC 2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Lucky Bucks, LLC Consumer Discretionary Interest Rate 10.43% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/20272023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Datalink, LLC Healthcare Interest Rate 11.48% Reference Rate and Spread L + 6.75% Floor 1.00% Maturity 11/23/20262022-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2023-03-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2021-12-310001571329Affiliate investments Great Lakes Funding II LLC Series A2022-01-012022-12-310001571329lrfc:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel3Member2023-03-310001571329lrfc:SecondLienDebtMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-03-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:SecondLienDebtMemberlrfc:InvestmentTypeConcentrationRiskMember2022-01-012022-12-310001571329Affiliate investments GreenPark Infrastructure, LLC Series M-1 (200 Units)2023-03-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-03-310001571329us-gaap-supplement:InvestmentAffiliatedIssuerMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Collateralized Loan Obligations - 5.2% JMP Credit Advisors CLO V Ltd. Financials Interest Rate 2.16% Maturity 07/17/20302022-01-012022-12-310001571329Affiliate investments GA Communications2023-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class A (1,253,198 shares)2021-12-310001571329us-gaap:DebtMember2022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2%2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% American Academy Holdings, LLC Healthcare Interest Rate 15.38% Reference Rate and Spread L + 4.75%, 6.25% PIK Floor 1.00% Maturity 01/01/20252022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% Aperture Dodge 18 LLC Financials2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Florida Food Products, LLC Consumer Staples Interest Rate 9.32% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/20282022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% Freedom Electronics, LLC Electronic Machine Repair2022-12-310001571329srt:MinimumMember2023-03-310001571329us-gaap:LondonInterbankOfferedRateLIBORMemberlrfc:ThreeMonthMember2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Florida Food Products, LLC Consumer Staples Interest Rate 9.81% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/20282023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% American Clinical Solutions, LLC - Class A Healthcare2023-03-310001571329lrfc:GreenParkInfrastructureLLCSeriesM1Memberlrfc:CommonStockAndMembershipUnitsMember2023-03-310001571329Investments in Affiliated Portfolio Companies - 28.2% Second Lien/Senior Secured Debt - 1.0% MMI Holdings, LLC Medical Device Distributor Interest Rate 6.00% Maturity 04/01/20222023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Subordinated Debt - 27.2% Tubular Textile Machinery, Inc. Textile Equipment Manufacturer Interest Rate 5.00% Maturity 10/29/20272022-12-310001571329us-gaap:EquitySecuritiesMember2022-12-310001571329Affiliate investments GA Communications, Inc. Series B-1 Common Stock (200,000 shares)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Accordion Partners LLC (Revolver) Industrials Interest Rate Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/31/20282022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Wealth Enhancement Group, LLC (Revolver) Financials Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/20272022-12-310001571329us-gaap:CollateralizedLoanObligationsMember2023-03-310001571329us-gaap:MeasurementInputRevenueMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Fortis Payment Solutions Financials Interest Rate 10.25% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 02/13/20262023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services2022-01-012022-12-310001571329lrfc:TwoThousandAndTwentyTwoNotesMember2023-03-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Second Lien Debt (15.0% PIK, Due 9/12/23)2022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies – 28.2%2023-03-310001571329Investments in Affiliated Portfolio Companies - 28.2% Second Lien/Senior Secured Debt - 1.0% V12 Holdings, Inc. Data Processing & Digital Marketing2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% STG Logistics Industrials Interest Rate 10.32% Reference Rate and Spread SOFR + 6.00% Floor 0.75% Maturity 03/24/20282022-01-012022-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberlrfc:SecondLienDebtMemberus-gaap:FairValueInputsLevel3Member2023-03-310001571329lrfc:KeyBankCreditFacilityMember2023-01-012023-03-310001571329Affiliate investments RAM Payment, LLC 2023-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% Joint Ventures - 0.5% Great Lakes Funding II LLC - Series A Financials2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Fortis Payment Solutions Financials Interest Rate 10.25% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 02/13/20262023-03-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2017-05-260001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Epic Staffing Group Industrials Interest Rate 10.64% Reference Rate and Spread SOFR + 5.75% Maturity 06/28/20292023-03-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2017-05-262017-05-260001571329lrfc:TwoThousandAndTwentySixNotesMember2021-10-292021-10-290001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% CIMSense Financials Interest Rate 10.54% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 12/17/20262023-01-012023-03-310001571329lrfc:SecondLienDebtMemberlrfc:MeasurementInputBrokerDealerQuotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Second Lien/Senior Secured Debt - 5.9% Ivanti Software, Inc. Information Technology Interest Rate 12.01% Reference Rate and Spread L + 7.25% Floor 0.50% Maturity 12/01/20282022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Subordinated Debt - 26.3% Eastport Holdings, LLC Business Services Interest Rate 13.67% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 09/29/20272023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% American Academy Holdings, LLC Healthcare2023-01-012023-03-310001571329us-gaap:ConvertibleDebtSecuritiesMemberlrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2022-01-012022-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% HUMC Opco, LLC Healthcare Interest Rate 12.22% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8% GA Communications, Inc. - Series A-1 Advertising & Marketing Services2023-01-012023-03-310001571329lrfc:OnlineMerchandiseRetailerMemberlrfc:BLSTOperatingCompanyLLCMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Keg Logistics LLC Consumer Discretionary Interest Rate 10.93% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/20272023-03-310001571329us-gaap:ConvertibleNotesPayableMember2022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% MMI Holdings, LLC Medical Device Distributor2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Preferred Stock and Units - 2.4% U.S. BioTek Laboratories, LLC - Class A Testing Laboratories2023-01-012023-03-310001571329Affiliate investments GA Communications, Inc. 2021-12-310001571329Affiliate investments MMI Holdings, LLC Preferred Units (1,000 units, 8.00% PIK Dividend)2022-12-310001571329lrfc:SixMonthMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Subordinated Debt - 26.3% Lucky Bucks, LLC Consumer Discretionary Maturity 05/29/20282023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% MicroHoldco, LLC General Industrial2023-01-012023-03-310001571329us-gaap:FairValueInputsLevel3Member2022-03-310001571329us-gaap:FairValueInputsLevel3Member2022-01-012022-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Wealth Enhancement Group, LLC (Revolver) Financials Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/20272023-01-012023-03-310001571329Affiliate investments MMI Holdings, LLC First Lien Debt (12.00% Cash, Due 4/1/22)2023-01-012023-03-310001571329us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Collateralized Loan Obligations – 4.5%2023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% First Lien/senior Secured Debt - 6.4% RAM Payment, LLC (Last Out) Financial Services Interest Rate 12.45% Floor 1.50% Maturity 01/04/20242022-01-012022-12-310001571329Affiliate investments GreenPark Infrastructure, LLC Series M-1 (200 Units)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Jurassic Quest Holdings, LLC Entertainment Interest Rate 11.62% Reference Rate and Spread L + 7.50% Floor 2.00% Maturity 05/01/20242023-01-012023-03-310001571329Affiliate investments Nth Degree Investment Group, LLC2023-03-310001571329lrfc:NonControlledAffiliatedInvestmentsMembersrt:MinimumMember2022-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:MarblePointCreditManagementLLCMemberus-gaap:RevolvingCreditFacilityMember2022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7% GA Communications, Inc. - Series A-1 Advertising & Marketing Services2022-01-012022-12-310001571329us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberlrfc:OneMonthMember2022-01-012022-12-310001571329us-gaap:SubordinatedDebtMember2023-03-310001571329us-gaap:ConvertibleDebtSecuritiesMemberlrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2023-01-012023-03-310001571329lrfc:FivePointTwoFiveFixedRateConvertibleNotesDueAprilOneTwoThousandThirtyTwoMemberlrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2023-01-012023-03-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMemberlrfc:FivePointSevenFiveFixedRateConvertibleNotesDueMayThirtyOneTwoThousandTwentyTwoMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Collateralized Loan Obligations - 5.2% JMP Credit Advisors CLO IV Ltd. Financials Interest Rate 24.43% Maturity 07/17/20292022-01-012022-12-310001571329us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Member2021-12-310001571329Affiliate investments Burgaflex Holdings, LLC2022-12-310001571329Affiliate investments Nth Degree Investment Group, LLC Membership Units (6,088,000units)2023-01-012023-03-310001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:OneMTermSOFRFloorMemberlrfc:KeyBankCreditFacilityMember2022-05-102022-05-100001571329us-gaap:FairValueInputsLevel3Memberlrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2023-03-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMember2022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies - 28.2% Second Lien/Senior Secured Debt - 1.0% MMI Holdings, LLC Medical Device Distributor Interest Rate 6.00% Maturity 04/01/20222023-03-310001571329Affiliate investments GA Communications2022-12-310001571329Affiliate investments RAM Payment, LLC 2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% U.S. BioTek Laboratories, LLC - Class A Testing Laboratories2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Bradshaw International, Inc. Consumer Discretionary Interest Rate 10.19% Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/20272022-01-012022-12-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberlrfc:FirstLienDebtMember2023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% GreenPark Infrastructure, LLC - Series M-1 Industrials2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Subordinated Debt - 26.3% Lucky Bucks, LLC Consumer Discretionary Maturity 05/29/20282023-01-012023-03-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Common Stock (15,068,000shares)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% IJKG OpCo, LLC Healthcare Interest Rate 12.77% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3%2022-12-310001571329lrfc:AssetApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310001571329Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% Burgaflex Holdings, LLC - Class B Automobile Part Manufacturer2023-01-012023-03-310001571329Affiliate investments MMI Holdings, LLC 2022-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2023-01-012023-03-310001571329Eastport Holdings, LLC2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Material Handling Systems, Inc. Industrials Interest Rate 10.08% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 06/08/20292022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Patriot Pickle, Inc. Consumer Staples Interest Rate 9.55% Reference Rate and Spread SOFR + 4.50% Maturity 04/13/20272023-03-310001571329lrfc:JointVentureMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Neptune BidCo US Inc. Communication Services Interest Rate 8.82% Reference Rate and Spread SOFR + 5.00% Maturity 04/11/20292022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% Joint Ventures - 0.4%2022-12-310001571329lrfc:TwoThousandAndTwentyTwoNotesMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Beta Plus Technologies (Revolver) Financials Interest Rate Reference Rate and Spread SOFR + 4.25% Floor Maturity 07/02/20272022-12-310001571329Affiliate investments MMI Holdings, LLC First Lien Debt (12.0% Cash, Due 4/1/22)2021-12-310001571329Affiliate investments RAM Payment, LLC 2022-01-012022-12-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueApproachValuationTechniqueMemberlrfc:FirstLienDebtMember2023-03-310001571329Affiliate investments Sierra Hamilton Holdings Corporation2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% South Street Securities Holdings, Inc. - Warrants Financials2022-01-012022-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Second Lien/Senior Secured Debt - 5.9% BLST Operating Company, LLC Online Merchandise Retailer Interest Rate 12.94% Reference Rate and Spread L + 8.50% Floor 0.50% Maturity 08/28/20252022-01-012022-12-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMemberus-gaap:SubordinatedDebtMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Alternative Biomedical Solutions, LLC Healthcare Interest Rate 8.00% Maturity 06/30/20232023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Symplr Software, Inc. Healthcare Interest Rate 8.69% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/20272022-12-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2022-12-310001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:OneMTermSOFRMemberlrfc:KeyBankCreditFacilityMember2022-05-102022-05-100001571329Affiliate investments GreenPark Infrastructure, LLC Series A (400 Units)2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% Healthcare Alternative Biomedical Solutions, LLC2022-01-012022-12-310001571329us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% Taylor Precision Products, Inc. - Series C Household Product Manufacturer2022-01-012022-12-310001571329lrfc:InvestmentOwnedAtFairValueMemberus-gaap:SubordinatedDebtMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-03-310001571329us-gaap-supplement:InvestmentAffiliatedIssuerMember2023-01-012023-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:DelayedDrawTermLoanMemberlrfc:EpicStaffingGroupMember2023-03-310001571329us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Critical Nurse Staffing, LLC Healthcare Interest Rate 10.80% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 10/30/20262023-03-310001571329Affiliate investments RAM Payment, LLC Preferred Units (86,000units, 6.0% PIK Dividend)2021-12-310001571329Affiliate investments GA Communications, Inc. Series A-1 Preferred Stock (1,998 shares) Series B-1 Common Stock (200,000 shares)2021-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% Second Lien/Senior Secured Debt - 1.0%2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Hudson Hospital OpCo, LLC Healthcare Interest Rate 12.22% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232022-12-310001571329Affiliate investments MMI Holdings, LLC 2021-12-310001571329Affiliate investments GA Communications2023-01-012023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberlrfc:SecondLienDebtMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% American Academy Holdings, LLC Healthcare2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Keg Logistics LLC (Revolver) Consumer Discretionary Interest Rate 10.91% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/20272023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% Aperture Dodge 18 LLC Financials2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Dentive, LLC Healthcare Interest Rate 11.90% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/20282023-01-012023-03-310001571329lrfc:TwoThousandAndTwentySixNotesMember2022-01-012022-03-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2017-06-262017-06-260001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Taylor Precision Products, Inc. - Series C General Household Product Manufacturer2023-01-012023-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2023-01-012023-03-310001571329Affiliate investments RAM Payment, LLC First Lien Debt (13.00% Cash, Due 1/4/24)2022-12-310001571329lrfc:ChairmanMember2023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies - 28.2% Second Lien/Senior Secured Debt - 1.0% V12 Holdings, Inc. Data Processing & Digital Marketing2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% AP Core Holdings II, LLC Information Technology Interest Rate 9.88% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027- Two2022-01-012022-12-310001571329Affiliate investments RAM Payment, LLC First Lien Debt (6.5% Cash (1month LIBOR + 5.0%), 1.5% Floor), Due 1/4/24)2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% Taylor Precision Products, Inc. - Series C Household Product Manufacturer2022-12-310001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:OneMTermSOFRMember2023-01-012023-03-310001571329us-gaap:CommonStockMember2021-12-310001571329Control investments Vology, Inc. First Lien Debt (10.5% Cash (1month LIBOR + 8.5%, 2.0% Floor), Due 3/31/22)2022-12-310001571329Affiliate investments GreenPark Infrastructure, LLC Series A (400 Units)2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% AP Core Holdings II, LLC Two Information Technology Interest Rate 10.34% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027- Two2023-01-012023-03-310001571329Control investments Total Control investments 2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Jurassic Quest Holdings, LLC Entertainment Interest Rate 11.62% Reference Rate and Spread L + 7.50% Floor 2.00% Maturity 05/01/20242022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services2022-12-310001571329Affiliate investments Nth Degree Investment Group, LLC Membership Units (6,088,000 units)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Dodge Data & Analytics LLC Information Technology Interest Rate 9.79% Reference Rate and Spread SOFR + 4.75% Floor 0.50% Maturity 02/12/20292023-03-310001571329Investments - 216.7%2023-03-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310001571329Affiliate investments MMI Holdings, LLC Second Lien Debt (6.00% Cash, Due 4/1/22)2023-03-310001571329lrfc:SixMonthMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-012023-03-310001571329lrfc:TwoThousandAndTwentySixNotesMember2022-12-310001571329lrfc:SixMonthMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Second Lien Debt (15.0% PIK, Due 9/12/23)2021-12-310001571329Affiliate investments RAM Payment, LLC First Lien Debt (9.66% Cash (1 month LIBOR + 5.00%), 1.50% Floor), Due 1/4/24)2023-01-012023-03-310001571329lrfc:FivePointTwoFiveFixedRateConvertibleNotesDueOctoberThirtyTwoThousandTwentySixMemberlrfc:TwoThousandAndTwentySixNotesMember2021-10-290001571329Investments in Affiliated Portfolio Companies - 27.7% Joint Ventures - 0.4% Great Lakes Funding II LLC - Series A Financials2022-01-012022-12-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMemberlrfc:FirstLienDebtMember2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Taoglas Group Holdings Limited (Revolver) Information Technology Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 02/28/20292023-03-310001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMember2022-05-100001571329us-gaap:AdditionalPaidInCapitalMember2022-03-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% CIMSense Financials Interest Rate 10.54% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 12/17/20262023-03-310001571329Affiliate investments Burgaflex Holdings, LLC2021-12-310001571329Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% GA Communications, Inc. - Series B-1 Advertising & Marketing Services2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% U.S. BioTek Laboratories, LLC - Class A Testing Laboratories2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Shock Doctor, Inc. Consumer Discretionary Interest Rate 9.37% Reference Rate and Spread SOFR + 5.00% Floor 1.00% Maturity 05/14/20242022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Marble Point Credit Management LLC (Revolver) Financials Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 08/11/20282022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Taylor Precision Products, Inc. - Series C General Household Product Manufacturer2023-03-310001571329Control investments Vology, Inc. First Lien Debt (10.5% Cash (1month LIBOR + 8.5%, 2.0% Floor), Due 3/31/22)2021-12-310001571329us-gaap:FairValueInputsLevel3Member2021-12-310001571329lrfc:SecondLienDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Patriot Pickle, Inc. Consumer Staples Interest Rate 10.16% Reference Rate and Spread SOFR + 5.43% Maturity 04/13/20272022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Accurate Background, LLC Information Technology Interest Rate 10.03% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 03/26/20272022-01-012022-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-03-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Common Stock (15,068,000shares)2022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% MMI Holdings, LLC Medical Device Distributor2023-03-310001571329Affiliate investments Nth Degree Investment Group, LLC Membership Units (6,088,000units)2023-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:WealthEnhancementGroupLLCMember2022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% Second Lien/Senior Secured Debt - 1.0% Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services Interest Rate 15.00% PIK Maturity 09/12/20232022-01-012022-12-310001571329lrfc:MeasurementInputBrokerDealerQuotesMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class A (1,253,198 shares)2022-01-012022-12-310001571329lrfc:TwoThousandAndTwentyTwoNotesMember2022-03-310001571329Affiliate investments Great Lakes Funding II LLC 2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Hudson Hospital OpCo, LLC Healthcare Interest Rate 12.77% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% First Lien/Senior Secured Debt – 5.5%2023-03-310001571329us-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueApproachValuationTechniqueMemberlrfc:FirstLienDebtMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Money Transfer Acquisition Inc. Financials Interest Rate 13.16% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/20272023-03-310001571329Affiliate investments GA Communications, Inc. Series B-1 Common Stock (200,000 shares)2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% South Street Securities Holdings, Inc. Financials Interest Rate 9.00% Maturity 09/20/20272022-12-310001571329lrfc:TwoThousandAndTwentyTwoNotesMember2017-05-250001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Alternative Biomedical Solutions, LLC - Series C Healthcare2023-03-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-01-012022-03-310001571329Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8% MMI Holdings, LLC Medical Device Distributor Interest Rate 8.00% PIK2023-01-012023-03-310001571329us-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Member2022-03-310001571329Affiliate investments LJS Partners, LLC Preferred Units (202,336units)2022-01-012022-12-310001571329srt:MinimumMemberlrfc:NonControlledAffiliatedInvestmentsMember2023-03-310001571329Affiliate investments MMI Holdings, LLC Second Lien Debt (6.0% Cash, Due 4/1/22)2021-12-310001571329us-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Member2022-12-310001571329us-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies - 28.2% Second Lien/Senior Secured Debt - 1.0% Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services Interest Rate 15.00% PIK Maturity 09/12/20232023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% First Lien/Senior Secured Debt – 5.5% MMI Holdings, LLC Medical Device Distributor Interest Rate 12.00% Maturity 04/01/20222023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Fortis Payment Solutions Financials Interest Rate 9.93% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 02/13/20262022-12-310001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMember2022-05-102022-05-100001571329Affiliate investments Burgaflex Holdings, LLC2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% IJKG OpCo, LLC Healthcare Interest Rate 12.22% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Second Lien/Senior Secured Debt - 6.3% American Academy Holdings, LLC Healthcare Interest Rate 14.50% PIK Maturity 03/01/20282023-03-310001571329lrfc:FirstLienDebtMember2022-12-310001571329us-gaap:LondonInterbankOfferedRateLIBORMemberlrfc:OneMonthMember2023-01-012023-03-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMember2022-01-012022-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% BetaNXT, Inc. (Revolver) Financials Interest Rate 9.15% Reference Rate and Spread SOFR + 4.25% Floor Maturity 07/01/20272023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7% MMI Holdings, LLC Medical Device Distributor Interest Rate 8.00% PIK2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% BLST Operating Company, LLC - Class A Online Merchandise Retailer2022-12-310001571329lrfc:ChairmanOfAnyOtherCommitteeMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 121.5% First Lien/Senior Secured Debt - 82.5% Heads Up Technologies Industrials Interest Rate 10.14% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 08/10/20282022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% American Clinical Solutions, LLC Healthcare Interest Rate 11.27% Reference Rate and Spread L + 7.00%, 4.27% PIK Floor Maturity 12/31/20242022-12-310001571329Affiliate investments Nth Degree Investment Group, LLC2022-12-310001571329lrfc:MeasurementInputRequiredRateOfReturnMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMember2023-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2022-04-012022-04-010001571329lrfc:InvestmentAdvisoryAgreementMembersrt:MinimumMemberlrfc:ConditionTwoMember2023-01-012023-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:DentiveLLCMemberus-gaap:RevolvingCreditFacilityMember2022-12-310001571329us-gaap-supplement:InvestmentAffiliatedIssuerMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% Alternative Biomedical Solutions, LLC - Series B Healthcare2022-12-310001571329country:US2023-03-310001571329Affiliate investments MMI Holdings, LLC Common Membership Units (45units)2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% Freedom Electronics, LLC Electronic Machine Repair2023-01-012023-03-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Grindr Capital, LLC Information Technology Interest Rate 13.02% Reference Rate and Spread SOFR + 8.00% Maturity 11/15/20272023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% AP Core Holdings II, LLC Information Technology Interest Rate 10.34% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/20272023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% MicroHoldco, LLC General Industrial2023-03-310001571329lrfc:SecondLienDebtMember2022-12-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-03-310001571329lrfc:JointVentureMemberlrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMember2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Sequoia Healthcare Management, LLC Healthcare Management Maturity 11/04/20232022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Material Handling Systems, Inc. Industrials Interest Rate 12.37% Reference Rate and Spread P + 4.56% Floor 1.00% Maturity 06/08/20292023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% South Street Securities Holdings, Inc. - Warrants Financials2023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% MMI Holdings, LLC Medical Device Distributor2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Second Lien/Senior Secured Debt - 6.3% American Academy Holdings, LLC Healthcare Interest Rate 14.50% PIK Maturity 03/01/20282023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Marble Point Credit Management LLC Financials Interest Rate 10.75% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 08/11/20282022-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Second Lien Debt (15.00% PIK, Due 9/12/23)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% Freedom Electronics, LLC Electronic Machine Repair2023-03-310001571329lrfc:FivePointTwoFiveFixedRateConvertibleNotesDueAprilOneTwoThousandThirtyTwoMemberlrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2022-04-010001571329Affiliate investments Nth Degree Investment Group, LLC2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Dentive, LLC (Revolver) Healthcare Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/23/20282023-01-012023-03-310001571329Affiliate investments GreenPark Infrastructure, LLC Series M-1 (200Units)2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Subordinated Debt - 27.2% Tubular Textile Machinery, Inc. Textile Equipment Manufacturer Interest Rate 5.00% Maturity 10/29/20272022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Collateralized Loan Obligations – 4.5% JMP Credit Advisors CLO IV Ltd. Financials Interest Rate 5.47% Maturity 07/17/20292023-01-012023-03-310001571329lrfc:TwoThousandAndTwentyTwoNotesMember2017-05-162017-05-160001571329Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7% RAM Payment, LLC Financial Services Interest Rate 6.00% PIK2022-01-012022-12-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMember2022-01-012022-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMemberlrfc:FivePointSevenFiveFixedRateConvertibleNotesDueMayThirtyOneTwoThousandTwentyTwoMember2017-05-260001571329Investments in Affiliated Portfolio Companies – 28.2% First Lien/Senior Secured Debt – 5.5% RAM Payment, LLC (Last Out) Financial Services Interest Rate 13.00% Floor 1.50% Maturity 01/04/20242023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Bradshaw International, Inc. Consumer Discretionary Interest Rate 10.19% Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/20272022-12-310001571329us-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310001571329lrfc:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2022-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2017-05-262017-05-260001571329lrfc:AdministrationAgreementMember2022-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Bradshaw International, Inc. (Revolver) Consumer Discretionary Interest Rate Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/20262022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% AIDC Intermediateco 2, LLC (Peak Technologies) Information Technology Interest Rate 11.06% Reference Rate and Spread SOFR + 6.40% Floor 1.00% Maturity 07/22/20272023-03-310001571329us-gaap:SubsequentEventMember2023-05-092023-05-090001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberlrfc:SecondLienDebtMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Second Lien/Senior Secured Debt - 5.9% BLST Operating Company, LLC Online Merchandise Retailer Interest Rate 12.94% Reference Rate and Spread L + 8.50% Floor 0.50% Maturity 08/28/20252022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% CIMSense Financials Interest Rate 9.92% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 12/17/20262022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% Alternative Biomedical Solutions, LLC - Series A Healthcare2022-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2020-08-210001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Alternative Biomedical Solutions, LLC - Series B Healthcare2023-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:WealthEnhancementGroupLLCMember2023-03-310001571329us-gaap:CommonStockMember2023-03-310001571329us-gaap:CommonStockMember2022-03-310001571329Affiliate investments LJS Partners, LLC Preferred Units (202,336 units)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Neptune BidCo US Inc. Communication Services Interest Rate 8.82% Reference Rate and Spread SOFR + 5.00% Maturity 04/11/20292022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Collateralized Loan Obligations – 4.5% JMP Credit Advisors CLO V Ltd. Financials Interest Rate 27.49% Maturity 07/17/20302023-01-012023-03-310001571329us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001571329us-gaap:DebtMemberlrfc:InvestmentOwnedNonaccrualStatusMember2022-12-310001571329lrfc:JointVentureMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2022-12-310001571329us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Member2022-12-310001571329lrfc:SecondLienDebtMemberus-gaap:FairValueInputsLevel3Member2022-03-310001571329Affiliate investments GA Communications, Inc. Series B-1 Common Stock (200,000 shares)2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Hudson Hospital OpCo, LLC Healthcare Interest Rate 12.77% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232023-03-310001571329lrfc:InvestmentAdvisoryAgreementMember2022-01-012022-03-310001571329lrfc:TwoThousandAndTwentyTwoNotesMember2021-11-010001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:AccordionPartnersLLCMemberlrfc:DelayedDrawTermLoanMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% MicroHoldco, LLC General Industrial2022-01-012022-12-310001571329Affiliate investments GreenPark Infrastructure, LLC2022-12-310001571329Affiliate investments MMI Holdings, LLC Preferred Units (1,000units, 8.0% PIK Dividend)2021-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:EquitySecuritiesMember2023-03-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:SecondLienDebtMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2022-12-310001571329Affiliate investments V12 Holdings, Inc. Second Lien Debt 2022-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:CriticalNurseStaffingLLCMember2022-12-310001571329us-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueApproachValuationTechniqueMemberlrfc:FirstLienDebtMember2023-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:KegLogisticsLLCMemberus-gaap:RevolvingCreditFacilityMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Keg Logistics LLC Consumer Discretionary Interest Rate 10.70% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/20272022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7% MMI Holdings, LLC Medical Device Distributor Interest Rate 8.00% PIK2022-01-012022-12-310001571329Affiliate investments RAM Payment, LLC 2021-12-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Collateralized Loan Obligations - 5.2%2022-12-310001571329lrfc:AccordionPartnersLLCMemberus-gaap:FairValueInputsLevel3Member2023-03-310001571329Affiliate investments Burgaflex Holdings, LLC2023-03-310001571329lrfc:FivePointTwoFiveFixedRateConvertibleNotesDueOctoberThirtyTwoThousandTwentySixMemberlrfc:TwoThousandAndTwentySixNotesMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Wealth Enhancement Group, LLC (Revolver) Financials Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/20272022-01-012022-12-310001571329us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001571329us-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2023-03-3100015713292023-01-012023-03-310001571329lrfc:InvestmentOwnedAtFairValueMemberus-gaap:CollateralizedLoanObligationsMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Jurassic Quest Holdings, LLC Entertainment Interest Rate 11.62% Reference Rate and Spread L + 7.50% Floor 2.00% Maturity 05/01/20242023-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% GreenPark Infrastructure, LLC - Series M-1 Industrials2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Critical Nurse Staffing, LLC Healthcare Interest Rate 10.48% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 10/30/20262022-01-012022-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:CriticalNurseStaffingLLCMemberlrfc:DelayedDrawTermLoanMember2023-03-310001571329lrfc:TwelveMonthMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-012023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2022-12-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class B (1,085,073 shares)2023-03-310001571329lrfc:InvestmentAdvisoryAgreementMembersrt:MinimumMemberlrfc:ConditionOneMember2023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% Burgaflex Holdings, LLC - Class A Automobile Part Manufacturer2023-03-310001571329Affiliate investments GA Communications, Inc. Series A-1 Preferred Stock (1,998 shares) Series B-1 Common Stock (200,000 shares)2022-12-310001571329lrfc:SBAGuaranteedDebenturesMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Keg Logistics LLC (Revolver) Consumer Discretionary Interest Rate 10.32% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/20272022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Beta Plus Technologies Financials Interest Rate 8.87% Reference Rate and Spread SOFR + 4.75% Floor Maturity 07/02/20292022-01-012022-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberlrfc:FirstLienDebtMember2022-12-310001571329Affiliate investments RAM Payment, LLC First Lien Debt (6.5% Cash (1month LIBOR + 5.0%), 1.5% Floor), Due 1/4/24)2022-12-310001571329us-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMemberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMembersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% American Academy Holdings, LLC Healthcare Interest Rate 15.38% Reference Rate and Spread L + 4.75%, 6.25% PIK Floor 1.00% Maturity 01/01/20252022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% Alternative Biomedical Solutions, LLC - Membership Unit Warrants Healthcare2023-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services2023-03-310001571329us-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Member2023-03-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMember2023-03-310001571329us-gaap:SubsequentEventMember2023-05-090001571329lrfc:GreenParkInfrastructureLLCSeriesM1Memberlrfc:CommonStockAndMembershipUnitsMember2022-12-310001571329us-gaap:FairValueInputsLevel3Member2022-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation2023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMembersrt:WeightedAverageMember2023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% GA Communications, Inc. - Series B-1 Advertising & Marketing Services2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% Freedom Electronics, LLC Electronic Machine Repair2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt – 141.1% Accordion Partners LLC (Revolver) Industrials Reference Rate 11.06% and Spread SOFR + 6.25% Floor 0.75% Maturity 08/31/20282023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% BLST Operating Company, LLC - Class A Online Merchandise Retailer2022-01-012022-12-310001571329us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-03-310001571329us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% BLST Operating Company, LLC - Class A Online Merchandise Retailer2023-03-310001571329lrfc:ControlInvestmentsMember2023-03-310001571329lrfc:ThreeMonthMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Fortis Payment Solutions Financials Interest Rate 9.93% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 02/13/20262022-01-012022-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Common Stock (27,396,364 shares)2023-03-310001571329Affiliate investments LJS Partners, LLC 2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% U.S. BioTek Laboratories, LLC - Class C Testing Laboratories2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% RN Enterprises, LLC Healthcare Interest Rate 10.78% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/23/20252022-12-310001571329Affiliate investments MMI Holdings, LLC 2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Epic Staffing Group Industrials Interest Rate 10.40% Reference Rate and Spread SOFR + 6.00% Floor Maturity 06/28/20292022-01-012022-12-310001571329us-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-01-012022-03-310001571329Total Affiliate investments 2023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% First Lien/Senior Secured Debt - 6.4% MMI Holdings, LLC Medical Device Distributor Interest Rate 12.00% Maturity 04/01/20222022-01-012022-12-310001571329Investments - 214.3%2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6%2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Keg Logistics LLC (Revolver) Consumer Discretionary Interest Rate 10.91% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/20272023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Dentive, LLC Healthcare Interest Rate 11.90% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/20282023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% American Academy Holdings, LLC Interest Rate 15.84% Reference Rate and Spread L + 5.75%, 5.25% PIK Floor 1.00% Maturity 01/01/20252023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Subordinated Debt - 26.3%2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Alternative Biomedical Solutions, LLC - Series A Healthcare2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% American Clinical Solutions, LLC - Class A Healthcare2022-01-012022-12-310001571329lrfc:PurchaseAgreementMemberlrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% American Academy Holdings, LLC Healthcare2022-12-310001571329lrfc:JointVentureMemberlrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-03-310001571329lrfc:OilAndGasEngineeringAndConsultingServicesMemberlrfc:SierraHamiltonHoldingsCorporationMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% STG Logistics Industrials Interest Rate 10.83% Reference Rate and Spread SOFR + 6.00% Floor 0.75% Maturity 03/24/20282023-01-012023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2022-12-310001571329lrfc:SecondLienDebtMemberlrfc:MeasurementInputBrokerDealerQuotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001571329us-gaap:SubordinatedDebtMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% STG Logistics Industrials Interest Rate 10.83% Reference Rate and Spread SOFR + 6.00% Floor 0.75% Maturity 03/24/20282023-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:BradshawInternationalIncMemberus-gaap:RevolvingCreditFacilityMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Keg Logistics LLC (Revolver) Consumer Discretionary Interest Rate 10.32% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/20272022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Alternative Biomedical Solutions, LLC Healthcare Interest Rate 8.00% Reference Rate and Spread Floor Maturity 12/18/20222022-12-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMemberlrfc:FirstLienDebtMember2023-01-012023-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2022-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% First Lien/Senior Secured Debt - 141.1% American Clinical Solutions, LLC Healthcare Interest Rate 11.81% Reference Rate and Spread L + 7.00%, 4.81% PIK Floor 1.00% Maturity 12/31/20242023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Accurate Background, LLC Information Technology Interest Rate 11.16% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 03/26/20272023-01-012023-03-310001571329us-gaap:MeasurementInputRevenueMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% Alternative Biomedical Solutions, LLC - Series C Healthcare2022-01-012022-12-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Symplr Software, Inc. Healthcare Interest Rate 9.28% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/20272023-03-310001571329Affiliate investments LJS Partners, LLC Common Membership Units (2,593,234units)2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% Alternative Biomedical Solutions, LLC - Series A Healthcare2022-01-012022-12-3100015713292022-03-310001571329Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8% RAM Payment, LLC Interest Rate 6.00% PIK Financial Services2023-03-310001571329srt:MaximumMemberus-gaap:MeasurementInputRevenueMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% AIDC Intermediateco 2, LLC (Peak Technologies) Information Technology Interest Rate 10.44% Reference Rate and Spread SOFR + 6.40% Floor 1.00% Maturity 07/22/20272022-01-012022-12-310001571329lrfc:TwoThousandAndTwentyTwoNotesMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Second Lien/Senior Secured Debt - 5.9% Ivanti Software, Inc. Information Technology Interest Rate 12.01% Reference Rate and Spread L + 7.25% Floor 0.50% Maturity 12/01/20282022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% South Street Securities Holdings, Inc. Financials Interest Rate 9.00% Maturity 09/20/20272022-01-012022-12-310001571329lrfc:SecondLienDebtMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Grindr Capital, LLC Information Technology Interest Rate 12.52% Reference Rate and Spread SOFR + 8.00% Floor Maturity 11/14/20272022-01-012022-12-310001571329us-gaap-supplement:InvestmentAffiliatedIssuerMember2022-01-012022-03-310001571329srt:MinimumMemberlrfc:ControlledAffiliatedInvestmentsMember2023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2023-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class B (1,085,073 shares)2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Beta Plus Technologies Financials Interest Rate 8.87% Reference Rate and Spread SOFR + 4.75% Floor Maturity 07/02/20292022-12-310001571329Affiliate investments RAM Payment, LLC 2022-12-310001571329Control investments Total Control investments 2021-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% First Lien/senior Secured Debt - 6.4% RAM Payment, LLC (First Out) Financial Services Interest Rate 9.12% Reference Rate and Spread L + 5.00% Floor 1.50% Maturity 01/04/20242022-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:CriticalNurseStaffingLLCMemberlrfc:DelayedDrawTermLoanMember2022-12-3100015713292023-03-310001571329us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001571329lrfc:SixMonthMemberus-gaap:LondonInterbankOfferedRateLIBORMember2023-03-312023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Collateralized Loan Obligations – 4.5% JMP Credit Advisors CLO V Ltd. Financials Interest Rate 27.49% Maturity 07/17/20302023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Second Lien/Senior Secured Debt - 1.0% V12 Holdings, Inc. Data Processing & Digital Marketing2022-01-012022-12-310001571329Affiliate investments RAM Payment, LLC Preferred Units (86,000 units, 6.00% PIK Dividend)2023-03-310001571329Affiliate investments RAM Payment, LLC Preferred Units (86,000 units, 6.00% PIK Dividend)2023-01-012023-03-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMemberlrfc:FirstLienDebtMember2022-01-012022-12-310001571329lrfc:SecondLienDebtMemberus-gaap:FairValueInputsLevel3Member2021-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% Second Lien/Senior Secured Debt - 1.0% MMI Holdings, LLC Medical Device Distributor Interest Rate 6.00% Maturity 04/01/20222022-12-310001571329Affiliate investments Great Lakes Funding II LLC Series A2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 200.9% First Lien/Senior Secured Debt - 148.2% Bradshaw International, Inc. (Revolver) Consumer Discretionary Interest Rate Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/20262023-01-012023-03-310001571329Affiliate investments LJS Partners, LLC Common Membership Units (2,593,234 units)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Taoglas Group Holdings Limited Information Technology Interest Rate 11.90% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 02/28/20292023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% AP Core Holdings II, LLC Information Technology Interest Rate 10.34% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/20272023-03-310001571329Affiliate investments Total Affiliate investments 2022-12-310001571329us-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueApproachValuationTechniqueMembersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Alternative Biomedical Solutions, LLC - Series B Healthcare2023-01-012023-03-310001571329lrfc:SecondLienDebtMemberlrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class A (1,253,198 shares)2023-03-310001571329Affiliate investments MMI Holdings, LLC Common Membership Units (45 units)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% American Academy Holdings, LLC Healthcare2022-12-310001571329Affiliate investments Great Lakes Funding II LLC Series A2022-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:DentiveLLCMemberus-gaap:RevolvingCreditFacilityMember2023-03-310001571329lrfc:AccordionPartnersLLCMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% Alternative Biomedical Solutions, LLC - Membership Unit Warrants Healthcare2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% Alternative Biomedical Solutions, LLC Healthcare2023-01-012023-03-310001571329Affiliate investments GA Communications, Inc. 2022-12-310001571329Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% Burgaflex Holdings, LLC - Class B Automobile Part Manufacturer2023-03-3100015713292023-05-080001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Second Lien/Senior Secured Debt - 6.3% BLST Operating Company, LLC Online Merchandise Retailer Interest Rate 13.17% Reference Rate and Spread L + 8.50% Floor 0.50% Maturity 08/28/20252023-01-012023-03-310001571329Affiliate investments GA Communications, Inc. Series B-1 Common Stock (200,000 shares)2023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Subordinated Debt - 26.3% Tubular Textile Machinery, Inc. Textile Equipment Manufacturer Interest Rate 5.00% Maturity 10/29/20272023-01-012023-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2022-04-010001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Subordinated Debt - 27.2%2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Marble Point Credit Management LLC (Revolver) Financials Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 08/11/20282022-01-012022-12-310001571329Affiliate investments Burgaflex Holdings, LLC2022-01-012022-12-310001571329Affiliate investments MMI Holdings, LLC Second Lien Debt (6.0% Cash, Due 4/1/22)2022-01-012022-12-310001571329lrfc:TwoThousandAndTwentyTwoNotesMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Jurassic Quest Holdings, LLC Entertainment2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% Alternative Biomedical Solutions, LLC Healthcare2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Dodge Data & Analytics LLC Information Technology Interest Rate 9.79% Reference Rate and Spread SOFR + 4.75% Floor 1.00% Maturity 02/12/20292022-12-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class B (1,085,073 shares)2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% BLST Operating Company, LLC - Class A Online Merchandise Retailer2023-01-012023-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:DentiveLLCMemberlrfc:DelayedDrawTermLoanMember2023-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% MMI Holdings, LLC Medical Device Distributor2023-01-012023-03-310001571329Affiliate investments RAM Payment, LLC First Lien Debt (12.45% Cash, Due 1/4/24)2022-01-012022-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2023-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2023-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class B (1,085,073 shares)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 200.9% First Lien/Senior Secured Debt - 148.2% Bradshaw International, Inc. (Revolver) Consumer Discretionary Interest Rate Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/20262023-03-310001571329lrfc:InvestmentAdvisoryAgreementMemberlrfc:ConditionOneMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% AIDC Intermediateco 2, LLC (Peak Technologies) Information Technology Interest Rate 11.06% Reference Rate and Spread SOFR + 6.40% Floor 1.00% Maturity 07/22/20272023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Subordinated Debt - 27.2% Eastport Holdings, LLC Business Services Interest Rate 13.17% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 09/29/20272022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Second Lien/Senior Secured Debt - 6.3% BLST Operating Company, LLC Online Merchandise Retailer Interest Rate 13.17% Reference Rate and Spread L + 8.50% Floor 0.50% Maturity 08/28/20252023-03-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberlrfc:SecondLienDebtMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Alternative Biomedical Solutions, LLC Healthcare Interest Rate 8.00% Maturity 06/30/20232023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Second Lien/Senior Secured Debt - 1.0% Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services Interest Rate 15.00% PIK Maturity 09/12/20232022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% Alternative Biomedical Solutions, LLC - Series B Healthcare2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6 Common Stock and Membership Units - 8.3% American Academy Holdings, LLC Healthcare2022-01-012022-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:CriticalNurseStaffingLLCMember2023-03-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMember2022-01-012022-12-310001571329Affiliate investments LJS Partners, LLC 2022-01-012022-12-310001571329Affiliate investments Great Lakes Funding II LLC Series A2023-03-310001571329lrfc:InvestmentOwnedAtFairValueMemberus-gaap:SubordinatedDebtMemberlrfc:InvestmentTypeConcentrationRiskMember2022-01-012022-12-310001571329Affiliate investments V12 Holdings, Inc. Second Lien Debt 2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Jurassic Quest Holdings, LLC Entertainment2023-03-310001571329lrfc:AccordionPartnersLLCMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% JO ET Holdings Limited Information Technology Interest Rate 17.53% Reference Rate and Spread SOFR + 6.00%, 7.00% PIK Floor 1.00% Maturity 12/15/20262022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7% GA Communications, Inc. - Series A-1 Advertising & Marketing Services2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Second Lien/Senior Secured Debt - 6.3% Ivanti Software, Inc. Information Technology Interest Rate 12.21% Reference Rate and Spread L + 7.25% Floor 0.50% Maturity 12/01/20282023-03-310001571329us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2022-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Keg Logistics LLC Consumer Discretionary Interest Rate 10.93% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/20272023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% American Academy Holdings, LLC Healthcare2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt – 141.1% Accordion Partners LLC (Revolver) Industrials Reference Rate 11.06% and Spread SOFR + 6.25% Floor 0.75% Maturity 08/31/20282023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Datalink, LLC Healthcare Interest Rate 11.80% Reference Rate and Spread SOFR + 6.75% Floor 1.00% Maturity 11/23/20262023-01-012023-03-310001571329Affiliate investments MMI Holdings, LLC First Lien Debt (12.0% Cash, Due 4/1/22)2022-12-310001571329Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8% GreenPark Infrastructure, LLC - Series A Industrials2023-03-310001571329lrfc:JointVentureMemberlrfc:GreatLakesFundingIILLCSeriesAMember2022-12-310001571329Affiliate investments GA Communications, Inc. Series A-1 Preferred Stock (1,998 shares)2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Wealth Enhancement Group, LLC Financials Interest Rate 10.89% Reference Rate and Spread SOFR + 6.01% Floor 1.00% Maturity 10/02/20272023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% First Lien/senior Secured Debt - 6.4% RAM Payment, LLC (Last Out) Financial Services Interest Rate 12.45% Floor 1.50% Maturity 01/04/20242022-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2023-01-012023-03-310001571329Total Affiliate investments 2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Critical Nurse Staffing, LLC (Revolver) Healthcare Interest Rate 10.95% Reference Rate and Spread L + 6.00% Floor Maturity 10/30/20262023-01-012023-03-310001571329us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberlrfc:OneMonthMember2023-01-012023-03-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMember2023-01-012023-03-310001571329us-gaap:CommonStockMember2022-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2022-01-012022-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% First Lien/Senior Secured Debt – 5.5% MMI Holdings, LLC Medical Device Distributor Interest Rate 12.00% Maturity 04/01/20222023-03-310001571329Affiliate investments RAM Payment, LLC First Lien Debt (9.66% Cash (1 month LIBOR + 5.00%), 1.50% Floor), Due 1/4/24)2023-03-310001571329us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Epic Staffing Group Industrials Interest Rate 10.40% Reference Rate and Spread SOFR + 6.00% Floor Maturity 06/28/20292022-12-310001571329Affiliate investments Total Affiliate investments 2022-01-012022-12-310001571329lrfc:ThreeMonthMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Common Stock and Membership Units - 7.9% Aperture Dodge 18 LLC Financials2023-01-012023-03-310001571329Affiliate investments Great Lakes Funding II LLC 2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Datalink, LLC Healthcare Interest Rate 11.90% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/20282023-03-310001571329srt:MinimumMemberlrfc:ControlInvestmentsMember2023-03-310001571329us-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-03-310001571329Affiliate investments GreenPark Infrastructure, LLC Series A (400 Units)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Alternative Biomedical Solutions, LLC - Series A Healthcare2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Dodge Data & Analytics LLC Information Technology Interest Rate 9.79% Reference Rate and Spread SOFR + 4.75% Floor 0.50% Maturity 02/12/20292023-01-012023-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:AccordionPartnersLLCMemberlrfc:DelayedDrawTermLoanMember2023-03-310001571329Control investments Vology, Inc. Membership Units (5,363,982Units)2022-12-310001571329us-gaap:LoansPayableMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Critical Nurse Staffing, LLC Healthcare Interest Rate 10.48% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 10/30/20262022-12-310001571329srt:MinimumMemberlrfc:ControlledAffiliatedInvestmentsMember2022-12-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2022-01-012022-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9%2023-03-310001571329lrfc:FirstLienDebtMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% American Academy Holdings, LLC Healthcare2023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2023-03-310001571329us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMember2022-12-310001571329Affiliate investments MMI Holdings, LLC Second Lien Debt (6.00% Cash, Due 4/1/22)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% Jurassic Quest Holdings, LLC Entertainment2022-12-310001571329Affiliate investments MMI Holdings, LLC Second Lien Debt (6.00% Cash, Due 4/1/22)2023-01-012023-03-310001571329Affiliate investments Nth Degree Investment Group, LLC Membership Units (6,088,000 units)2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Collateralized Loan Obligations - 5.2% JMP Credit Advisors CLO IV Ltd. Financials Interest Rate 24.43% Maturity 07/17/20292022-12-310001571329Investments in Affiliated Portfolio Companies - 28.2% Preferred Stock and Units – 8.8%2023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberlrfc:FirstLienDebtMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Heads Up Technologies Industrials Interest Rate 10.55% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 08/10/20282023-03-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Jurassic Quest Holdings, LLC Entertainment Interest Rate 11.62% Reference Rate and Spread L + 7.50% Floor 2.00% Maturity 05/01/20242022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7%2022-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% First Lien/senior Secured Debt - 6.4%2022-12-310001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMemberlrfc:InterestRateThereafterMember2022-05-102022-05-100001571329lrfc:InvestmentAdvisoryAgreementMemberlrfc:ConditionTwoMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% JO ET Holdings Limited Information Technology Interest Rate 18.03% Reference Rate and Spread SOFR + 6.00%, 7.00% PIK Floor 1.00% Maturity 12/15/20262023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberlrfc:SecondLienDebtMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2022-12-310001571329lrfc:KeyBankCreditFacilityMember2023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7% RAM Payment, LLC Financial Services Interest Rate 6.00% PIK2022-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Second Lien Debt (15.00% PIK, Due 9/12/23)2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% U.S. BioTek Laboratories, LLC - Class C Testing Laboratories2023-03-310001571329Investments in Affiliated Portfolio Companies - 28.2% Second Lien/Senior Secured Debt - 1.0%2023-03-310001571329Affiliate investments MMI Holdings, LLC Common Membership Units (45 units)2023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberlrfc:SecondLienDebtMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2023-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2023-01-012023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMembersrt:MinimumMemberus-gaap:SubordinatedDebtMemberus-gaap:FairValueInputsLevel3Member2022-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Common Stock (15,068,000shares)2021-12-310001571329us-gaap:AdditionalPaidInCapitalMember2022-12-310001571329lrfc:GreatLakesFundingIILLCSeriesAMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Money Transfer Acquisition Inc. Financials Interest Rate 12.67% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/20272022-12-310001571329lrfc:SixPointZeroFixedRateNotesDueMayThirtyOneTwoThousandTwentyTwoMemberlrfc:TwoThousandAndTwentyTwoNotesMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% American Academy Holdings, LLC Healthcare2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Bradshaw International, Inc. Consumer Discretionary Interest Rate 10.63% Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/20272023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Neptune BidCo US Inc. Communication Services Interest Rate 9.74% Reference Rate and Spread SOFR + 5.00% Floor 0.50% Maturity 04/11/20292023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310001571329Affiliate investments MMI Holdings, LLC First Lien Debt (12.0% Cash, Due 4/1/22)2022-01-012022-12-310001571329lrfc:TwoThousandAndTwentyTwoNotesMember2022-01-012022-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Preferred Stock and Units - 8.7%2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Keg Logistics LLC Consumer Discretionary Interest Rate 10.70% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/20272022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% HUMC Opco, LLC Healthcare Interest Rate 12.77% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001571329lrfc:AdministrationAgreementMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% BetaNXT, Inc. Financials Interest Rate 10.42% Reference Rate and Spread SOFR + 5.75% Floor Maturity 07/01/20292023-03-310001571329srt:MaximumMemberlrfc:NewShareRepurchaseProgramMember2023-03-060001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:AccordionPartnersLLCMember2023-03-310001571329Affiliate investments V12 Holdings, Inc. Second Lien Debt 2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Lucky Bucks, LLC Consumer Discretionary Interest Rate 10.43% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/20272022-12-310001571329Affiliate investments GreenPark Infrastructure, LLC2022-01-012022-12-310001571329Affiliate investments RAM Payment, LLC First Lien Debt (13.00% Cash, Due 1/4/24)2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Preferred Stock and Units - 2.3% Alternative Biomedical Solutions, LLC - Series C Healthcare2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% AP Core Holdings II, LLC Two Information Technology Interest Rate 10.34% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027- Two2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Money Transfer Acquisition Inc. Financials Interest Rate 13.16% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/20272023-01-012023-03-310001571329us-gaap:AdditionalPaidInCapitalMember2021-12-310001571329Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% Burgaflex Holdings, LLC - Class A Automobile Part Manufacturer2022-12-310001571329Affiliate investments RAM Payment, LLC Preferred Units (86,000 units, 6.00% PIK Dividend)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Dodge Data & Analytics LLC Information Technology Interest Rate 9.79% Reference Rate and Spread SOFR + 4.75% Floor 1.00% Maturity 02/12/20292022-01-012022-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Common Stock (27,396,364 shares)2022-12-310001571329us-gaap:IncomeApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001571329lrfc:AssetApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-03-310001571329lrfc:SecondLienDebtMemberus-gaap:FairValueInputsLevel3Member2022-12-310001571329lrfc:SecondLienDebtMemberus-gaap:FairValueInputsLevel3Member2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Critical Nurse Staffing, LLC (Revolver) Healthcare Interest Rate 10.95% Reference Rate and Spread L + 6.00% Floor Maturity 10/30/20262023-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Material Handling Systems, Inc. Industrials Interest Rate 10.08% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 06/08/20292022-01-012022-12-310001571329us-gaap:AdditionalPaidInCapitalMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% South Street Securities Holdings, Inc. - Warrants Financials2022-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:DentiveLLCMemberlrfc:DelayedDrawTermLoanMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% AP Core Holdings II, LLC Information Technology Interest Rate 9.88% Reference Rate and Spread L + 5.50% Floor 0.75% Maturity 07/21/2027- One2022-12-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% Burgaflex Holdings, LLC - Class B Automobile Part Manufacturer2022-01-012022-12-310001571329Affiliate investments RAM Payment, LLC First Lien Debt (12.45% Cash, Due 1/4/24)2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Accordion Partners LLC Industrials Interest Rate 11.17% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/29/20292023-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class A (1,253,198 shares)2022-12-310001571329us-gaap:ConvertibleDebtSecuritiesMemberlrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2022-01-012022-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Beta Plus Technologies (Revolver) Financials Interest Rate Reference Rate and Spread SOFR + 4.25% Floor Maturity 07/02/20272022-01-012022-12-310001571329us-gaap:ConvertibleDebtSecuritiesMemberlrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2023-01-012023-03-310001571329lrfc:SBAGuaranteedDebenturesMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Critical Nurse Staffing, LLC (Revolver) Healthcare Interest Rate 10.70% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 10/30/20262022-01-012022-12-310001571329Affiliate investments MMI Holdings, LLC First Lien Debt (12.00% Cash, Due 4/1/22)2022-12-310001571329Affiliate investments MMI Holdings, LLC Preferred Units (1,000units, 8.0% PIK Dividend)2022-12-310001571329Control investments Vology, Inc. First Lien Debt (10.5% Cash (1month LIBOR + 8.5%, 2.0% Floor), Due 3/31/22)2022-01-012022-12-310001571329lrfc:TwoThousandAndTwentyTwoNotesMember2017-05-252017-05-250001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberlrfc:SecondLienDebtMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2022-12-310001571329Affiliate investments V12 Holdings, Inc.2022-12-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Common Stock and Membership Units - 8.3% Alternative Biomedical Solutions, LLC - Membership Unit Warrants Healthcare2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Preferred Stock and Units - 2.4% Alternative Biomedical Solutions, LLC - Series C Healthcare2023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% Common Stock and Membership Units - 12.5% Nth Degree Investment Group, LLC Business Services2023-01-012023-03-310001571329srt:MinimumMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% BetaNXT, Inc. Financials Interest Rate 10.42% Reference Rate and Spread SOFR + 5.75% Floor Maturity 07/01/20292023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% First Lien/Senior Secured Debt – 5.5% RAM Payment, LLC (Last Out) Financial Services Interest Rate 13.00% Floor 1.50% Maturity 01/04/20242023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:EquitySecuritiesMember2022-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberlrfc:SecondLienDebtMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2023-03-310001571329Investments in Affiliated Portfolio Companies – 28.2% First Lien/Senior Secured Debt – 5.5% RAM Payment, LLC (First Out) Financial Services Interest Rate 9.66% Reference Rate and Spread L + 5.00% Floor 1.50 Maturity 01/04/20242023-01-012023-03-310001571329srt:MinimumMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% First Lien/Senior Secured Debt - 137.7% Patriot Pickle, Inc. Consumer Staples Interest Rate 10.16% Reference Rate and Spread SOFR + 5.43% Maturity 04/13/20272022-12-310001571329lrfc:InvestmentAdvisoryAgreementMembersrt:MinimumMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% American Academy Holdings, LLC Interest Rate 15.84% Reference Rate and Spread L + 5.75%, 5.25% PIK Floor 1.00% Maturity 01/01/20252023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Second Lien/Senior Secured Debt - 6.3%2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Premier Imaging, LLC Healthcare Interest Rate 10.84% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 01/02/20252023-03-310001571329Affiliate investments MMI Holdings, LLC Common Membership Units (45units)2021-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2022-03-310001571329Investments in Affiliated Portfolio Companies - 27.7% Common Stock and Membership Units - 11.2% Burgaflex Holdings, LLC - Class B Automobile Part Manufacturer2022-12-310001571329lrfc:TwoThousandAndTwentySixNotesMember2021-10-290001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 186.6% Subordinated Debt - 27.2% Lucky Bucks, LLC Consumer Discretionary Interest Rate 12.50% PIK Maturity 05/29/20282022-12-310001571329lrfc:NonControlledAffiliatedInvestmentsMembersrt:MinimumMember2023-03-310001571329Control investments Vology, Inc. Class A Preferred Units (9,041,810Units)2021-12-310001571329lrfc:JointVentureMemberlrfc:GreatLakesFundingIILLCSeriesAMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% Subordinated Debt - 26.3% Tubular Textile Machinery, Inc. Textile Equipment Manufacturer Interest Rate 5.00% Maturity 10/29/20272023-03-310001571329Affiliate investments RAM Payment, LLC Preferred Units (86,000units, 6.0% PIK Dividend)2022-12-310001571329us-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies – 188.5% Common Stock and Membership Units - 7.9% American Clinical Solutions, LLC - Class A Healthcare2023-01-012023-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberlrfc:MeasurementInputRequiredRateOfReturnMemberlrfc:SecondLienDebtMemberus-gaap:FairValueInputsLevel3Member2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Wealth Enhancement Group, LLC Financials Interest Rate 10.89% Reference Rate and Spread SOFR + 6.01% Floor 1.00% Maturity 10/02/20272023-01-012023-03-310001571329Affiliate investments MMI Holdings, LLC 2023-03-310001571329us-gaap:IPOMember2013-09-240001571329lrfc:InvestmentAdvisoryAgreementMembersrt:MaximumMemberlrfc:ConditionOneMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies - 188.5% First Lien/Senior Secured Debt - 141.1% Sequoia Healthcare Management, LLC Healthcare Management Maturity 11/04/20232023-01-012023-03-31iso4217:USDxbrli:sharesxbrli:purexbrli:shareslrfc:Portfolioiso4217:USDlrfc:Days

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2023

¨

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission
File Number

Exact name of registrant as specified in its charter,
address of principal executive office, telephone number, and
state or other jurisdiction of incorporation or organization

I.R.S. Employer
Identification Number

814-01022

Logan Ridge Finance Corporation

650 Madison Avenue, 23rd Floor

New York, New York 10022

State of Incorporation: Maryland

Telephone: (212) 891-2880

90-0945675

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading symbol(s)

Name of Each Exchange on Which
Registered

Common Stock, par value $0.01 per share

LRFC

NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x

No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x

No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

¨

Accelerated filer

¨

Non-accelerated filer

x

Smaller reporting company

¨

Emerging growth company

¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨

No x

The number of shares of Logan Ridge Finance Corporation’s common stock, $0.01 par value, outstanding as of May 8, 2023 was 2,705,232.

 

 

 


 

TABLE OF CONTENTS

Page

PART I.

FINANCIAL INFORMATION

3

Item 1.

Consolidated Financial Statements

3

Consolidated Statements of Assets and Liabilities as of March 31, 2023 (unaudited) and December 31, 2022

3

Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022 (unaudited)

4

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2023 and 2022 (unaudited)

5

Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022 (unaudited)

6

Consolidated Schedules of Investments as of March 31, 2023 (unaudited) and December 31, 2022

7

Notes to Consolidated Financial Statements as of and for the period ended March 31, 2023 (unaudited)

11

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

39

 

Item 4.

Controls and Procedures

40

 

PART II.

OTHER INFORMATION

40

 

Item 1.

Legal Proceedings

40

 

Item 1A.

Risk Factors

40

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

40

 

Item 3.

Defaults Upon Senior Securities

41

 

Item 4.

Mine Safety Disclosures

41

 

Item 5.

Other Information

41

 

Item 6.

Exhibits

42

 

Signatures

43

 


 

PART I. FINANCIAL INFORMATION

 

LOGAN RIDGE FINANCE CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share data)

 

 

 

As of March 31,
2023

 

 

As of December 31,
2022

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

Non-control/non-affiliate investments (amortized cost of $192,249 and $191,435, respectively)

 

$

176,832