10-K
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Portfolio Companies First Lien/Senior Secured Debt Symplr Software, Inc. 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Financials Interest Rate 27.86% Maturity 07/17/20302023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC Industrials Interest Rate 11.60% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/29/20292023-01-012023-12-310001571329us-gaap:MeasurementInputExpectedTermMemberus-gaap:EquitySecuritiesMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Lucky Bucks, LLC Consumer Discretionary Interest Rate 12.50% PIK Maturity 05/29/20282022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units American Clinical Solutions, LLC - Class A Healthcare2022-01-012022-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:KeyBankCreditFacilityMember2023-12-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class A2022-01-012022-12-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMemberus-gaap:SubordinatedDebtMember2022-01-012022-12-310001571329us-gaap:AdditionalPaidInCapitalMember2020-12-310001571329Affiliate investments Great Lakes Funding II LLC Series A2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt American Clinical Solutions, LLC Healthcare Interest Rate 11.27% Reference Rate and Spread L + 7.00%, 4.27% PIK Maturity 12/31/20242022-01-012022-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation2022-01-012022-12-310001571329Affiliate investments Great Lakes Funding II LLC2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Premier Imaging, LLC Healthcare Interest Rate 10.13% Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 01/02/20252022-12-310001571329lrfc:DerivativesAndFinancialCommitmentTransactionsMember2023-01-012023-12-310001571329lrfc:TwoThousandAndTwentyOneNotesMember2014-12-310001571329Affiliate investments GreenPark Infrastructure, LLC Series M-12022-12-3100015713292022-01-012022-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Sequoia Healthcare Management, LLC Healthcare Management Maturity 11/04/20232022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies Second Lien/Senior Secured Debt V12 Holdings, Inc. Data Processing & Digital Marketing2023-01-012023-12-310001571329lrfc:ReclassificationOfUnissuedSharesOfCommonStockMember2023-01-012023-12-310001571329Affiliate investments V12 Holdings, Inc.2022-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:OrthopaedicItcBuyerLlcMemberlrfc:DelayedDrawTermLoanMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units U.S. BioTek Laboratories, LLC - Class C Testing Laboratories2022-12-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMembersrt:WeightedAverageMember2022-12-310001571329lrfc:InvestmentOwnedAtCostMemberus-gaap:CollateralizedLoanObligationsMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329us-gaap:InvestmentAffiliatedIssuerMember2023-12-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMemberus-gaap:SubordinatedDebtMember2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Wealth Enhancement Group, LLC (Revolver) Financials Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/20272022-12-310001571329Affiliate investments RAM Payment, LLC First Lien Debt2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt 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- One2022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units2022-12-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMember2023-12-310001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMember2022-12-310001571329Affiliate investments RAM Payment, LLC Preferred Units2023-01-012023-12-3100015713292013-09-242013-09-240001571329lrfc:KeyBankCreditFacilityMember2021-12-310001571329Affiliate investments Total Affiliate investments2023-01-012023-12-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMemberus-gaap:SubordinatedDebtMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC (Revolver) Healthcare Interest Rate 12.39% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/23/20282023-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:TwoThousandAndTwentySixNotesMember2023-12-310001571329lrfc:RiskyInvestmentsInProspectivePortfolioCompaniesMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC (Revolver) Consumer Discretionary Interest Rate 11.53% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/20272023-12-310001571329Affiliate investments Great Lakes Funding II LLC2023-01-012023-12-310001571329lrfc:LimitOnAmountOfFundsFromAvailableSourcesMember2023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services2023-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2020-12-310001571329Affiliate investments GreenPark Infrastructure, LLC2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Lucky Bucks, LLC (Priority Second Out) Consumer Discretionary Interest Rate 13.03% Reference Rate and Spread SOFR + 7.65% Floor 1.00%Maturity 10/02/20292023-12-310001571329Affiliate investments Nth Degree Investment Group, LLC2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt H.W. Lochner, Inc Industrials Interest Rate 12.31% Reference Rate and Spread SOFR + 6.75% Floor 1.00% Maturity 07/02/20272023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Eastport Holdings, LLC Business Services Interest Rate 14.14% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 09/29/20272023-12-310001571329us-gaap:FairValueInputsLevel3Member2021-12-310001571329Investments in Affiliated Portfolio Companies Second Lien/Senior Secured Debt MMI Holdings, LLC Medical Device Distributor Interest Rate 6.00% Maturity 04/01/20222022-12-310001571329Affiliate investments RAM Payment, LLC Preferred Units2022-12-310001571329lrfc:KeyBankCreditFacilityMember2023-12-310001571329lrfc:OilAndGasEngineeringAndConsultingServicesMember2023-12-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2023-12-310001571329Affiliate investments MMI Holdings, LLC Second Lien Debt2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare Interest Rate 16.47% Reference Rate and Spread SOFR + 5.75%,5.25% PIK Floor 1.00% Maturity 01/01/20252023-01-012023-12-310001571329lrfc:BusinessServicesMember2023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Nth Degree Investment Group, LLC Business Services2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Phynet Dermatology LLC Healthcare Interest Rate 11.99% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/20/20292023-12-310001571329Investments in Affiliated Portfolio Companies2022-12-310001571329lrfc:TwoThousandAndTwentySixNotesMemberlrfc:FivePointTwoFiveFixedRateConvertibleNotesDueOctoberThirtyTwoThousandTwentySixMember2021-10-290001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Freedom Electronics, LLC Electronic Machine Repair2023-12-310001571329lrfc:AdministrationAgreementMember2022-01-012022-12-310001571329lrfc:TwoThousandAndTwentyOneNotesMember2016-01-012016-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2018-12-310001571329Affiliate investments MMI Holdings, LLC2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Taoglas Group Holdings Limited Information Technology Interest Rate 12.60% Reference Rate and Spread SOFR + 7.25% Floor 1.00% Maturity 02/28/20292023-12-310001571329lrfc:TestingLaboratoriesMember2022-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Common Stock2023-12-310001571329lrfc:TwoThousandAndTwentyTwoNotesMember2017-05-250001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Phynet Dermatology LLC Healthcare Interest Rate 11.99% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/20/20292023-01-012023-12-310001571329lrfc:HighlyCompetitiveMarketMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Wealth Enhancement Group, LLC Financials Interest Rate 10.00% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/20272022-12-310001571329us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Alternative Biomedical Solutions, LLC - Membership Unit Warrants Healthcare2022-01-012022-12-310001571329us-gaap:RevolvingCreditFacilityMemberlrfc:FirstLienSeniorSecuredDebtMemberlrfc:WealthEnhancementGroupLLCMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Beta Plus Technologies Financials Interest Rate 8.87% Reference Rate and Spread SOFR + 4.75% Maturity 07/02/20292022-01-012022-12-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMembersrt:WeightedAverageMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc Financials Interest Rate 11.10% Reference Rate and Spread SOFR + 5.75% Maturity 07/02/20292023-12-310001571329us-gaap:CommonStockMember2020-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:MeasurementInputBrokerDealerQuotesMemberlrfc:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units MicroHoldco, LLC General Industrial2022-01-012022-12-310001571329lrfc:KeyBankCreditFacilityMember2020-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units GreenPark Infrastructure, LLC - Series M-1 Industrials2023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services2022-01-012022-12-310001571329lrfc:CommunicationServicesMember2022-12-310001571329us-gaap:InvestmentAffiliatedIssuerControlledMember2022-01-012022-12-310001571329lrfc:KeyBankCreditFacilityMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Taylor Precision Products, Inc. - Series C Household Product Manufacturer2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units American Clinical Solutions, LLC - Class A Healthcare2022-12-310001571329lrfc:NonControlledAffiliatedInvestmentsMembersrt:MinimumMember2023-12-310001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2023-12-310001571329Affiliate investments GA Communications, Inc.2022-01-012022-12-310001571329us-gaap:HealthcareSectorMember2022-12-3100015713292018-12-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class A2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt STG Logistics. 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Secured Debt2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Wealth Enhancement Group, LLC Financials Interest Rate 10.00% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/20272022-01-012022-12-310001571329Affiliate investments Total Affiliate investments2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare Interest Rate 14.50% PIK Maturity 03/01/20282023-12-310001571329us-gaap:RevolvingCreditFacilityMemberlrfc:FirstLienSeniorSecuredDebtMemberlrfc:TaoglasGroupHoldingsLimitedMember2023-12-310001571329us-gaap:RevolvingCreditFacilityMemberlrfc:FirstLienSeniorSecuredDebtMemberlrfc:CriticalNurseStaffingLLCMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units BLST Operating Company, LLC - Class A Online Merchandise 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Financials Interest Rate 9.00% Maturity 09/20/20272022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Wealth Enhancement Group, LLC (Revolver) Financials Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/20272022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt HUMC Opco, LLC Healthcare Interest Rate 13.43% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232023-01-012023-12-310001571329lrfc:CommunicationServicesMember2023-12-310001571329us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberlrfc:ThreeMonthMember2022-01-012022-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2019-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units GA Communications, Inc. - Series B-1 Advertising & Marketing Services2022-12-310001571329lrfc:DifficultyInPayingRequiredDistributionsMember2023-01-012023-12-310001571329us-gaap:CollateralizedLoanObligationsMember2023-12-310001571329lrfc:IngCreditFacilityMember2015-12-3100015713292023-03-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:SecondLienDebtMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329Affiliate investments MMI Holdings, LLC First Lien Debt2023-01-012023-12-310001571329us-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:MeasurementInputBrokerDealerQuotesMemberlrfc:SecondLienDebtMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units GreenPark Infrastructure, LLC - Series M-1 Industrials2023-12-3100015713292020-08-212020-08-210001571329us-gaap:RevolvingCreditFacilityMemberlrfc:FirstLienSeniorSecuredDebtMemberlrfc:MarblePointCreditManagementLLCMember2022-12-3100015713292023-04-012023-06-300001571329Affiliate investments Burgaflex Holdings, LLC2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Critical Nurse Staffing, LLC Healthcare Interest Rate 12.03% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/30/20262023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Burgaflex Holdings, LLC - Class A Automobile Part Manufacturer2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Datalink, LLC Healthcare Interest Rate 12.21% Reference Rate and Spread SOFR+ 6.75% Floor 1.00% Maturity 11/23/20262023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units U.S. BioTek Laboratories, LLC - Class A Testing Laboratories2023-12-310001571329Affiliate investments Great Lakes Funding II LLC2023-12-310001571329Control investments Total Control investments2022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies Second Lien/Senior Secured Debt MMI Holdings, LLC Medical Device Distributor Maturity 06/28/20242023-01-012023-12-310001571329srt:MaximumMember2022-01-012022-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMember2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Tubular Textile Machinery, Inc. Textile Equipment Manufacturer Interest Rate 5.00% Maturity 10/29/20272023-12-310001571329lrfc:InvestmentAdvisoryAgreementMember2023-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2017-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC (Revolver) Healthcare Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/20282022-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2018-01-012018-12-310001571329Affiliate investments GA Communications, Inc. 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Series A-1 Preferred Stock2022-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Burgaflex Holdings, LLC - Class A Automobile Part Manufacturer2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Synamedia Americas Holdings, Inc. Communication Services Interest Rate 13.10% Reference Rate and Spread SOFR +7.75% Floor 1.00% Maturity 12/05/20282023-01-012023-12-310001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMember2022-05-100001571329lrfc:DividendDeclaredNovemberSevenTwoThousandTwentyThreeMember2023-12-310001571329us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMember2023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMemberlrfc:MeasurementInputRequiredRateOfReturnMembersrt:WeightedAverageMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt2022-12-310001571329srt:MaximumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:FirstLienDebtMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Burgaflex Holdings, LLC - Class B Automobile Part Manufacturer2022-01-012022-12-310001571329us-gaap:InvestmentAffiliatedIssuerMember2022-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units GA Communications, Inc. - Series B-1 Advertising & Marketing Services2022-01-012022-12-310001571329lrfc:FailureToMaintainStatusAsBdcMember2023-01-012023-12-310001571329lrfc:PreferredStockHoldersRightMember2023-01-012023-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation2022-12-310001571329us-gaap:DebtMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Datalink, LLC Healthcare Interest Rate 11.48% Reference Rate and Spread L + 6.75% Floor 1.00% Maturity 11/23/20262022-01-012022-12-310001571329Affiliate investments Nth Degree Investment Group, LLC Membership Units2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Tactical Air Support, Inc. Industrials Interest Rate 13.96% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 12/22/20282023-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:CriticalNurseStaffingLLCMemberlrfc:DelayedDrawTermLoanMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Aperture Dodge 18 LLC Financials2022-01-012022-12-310001571329us-gaap:EquitySecuritiesMemberlrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation2023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units MMI Holdings, LLC Medical Device Distributor2023-12-310001571329lrfc:SaleOfCommonStockInPublicMarketMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare Interest Rate 15.38% Reference Rate and Spread L + 4.75%, 6.25% PIK Floor 1.00% Maturity 01/01/20252022-01-012022-12-3100015713292023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units2023-12-310001571329lrfc:TwoThousandAndTwentyTwoNotesMember2021-01-012021-12-3100015713292020-08-030001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Taylor Precision Products, Inc. - Series C Household Product Manufacturer2022-12-310001571329country:USus-gaap:ScenarioPlanMember2037-01-012037-12-310001571329lrfc:GeneralIndustrialMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt HUMC Opco, LLC Healthcare Interest Rate 12.22% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232022-12-310001571329lrfc:PrepaymentsOfDebtInvestmentsMember2023-01-012023-12-310001571329us-gaap:SubsequentEventMember2024-03-110001571329lrfc:FluctuationsOfMarketPriceOfCommonStockMember2023-01-012023-12-310001571329lrfc:AbilityToRaiseAdditionalCapitalAsBDCMember2023-01-012023-12-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt 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 Affiliated Portfolio Companies Joint Ventures Great Lakes Funding II LLC - Series A Financials2023-12-310001571329lrfc:IndustrialsMember2023-12-310001571329Control investments Vology, Inc. Class A Preferred Units2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International, Inc. (Revolver) Consumer Discretionary Interest Rate Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/20262022-01-012022-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:FairValueInputsLevel3Member2023-12-310001571329lrfc:FinancialsMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Taylor Precision Products, Inc. - Series C Household Product Manufacturer2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Taylor Precision Products, Inc. - Series C Household Product Manufacturer2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt South Street Securities Holdings, Inc. Financials Interest Rate 9.00% Maturity 09/20/20272022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Nth Degree Investment Group, LLC Business Services2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt 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- Two2022-01-012022-12-310001571329country:USus-gaap:ScenarioPlanMember2036-01-012036-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International, Inc. 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Communication Services Interest Rate 13.10% Reference Rate and Spread SOFR +7.75% Floor 1.00% Maturity 12/05/20282023-12-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMemberlrfc:PurchaseAgreementMember2022-04-012022-04-010001571329Affiliate investments RAM Payment, LLC Preferred Units2023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Burgaflex Holdings, LLC - Class B Automobile Part Manufacturer2022-12-310001571329lrfc:InvestmentAdviserRightToResignMember2023-01-012023-12-310001571329lrfc:TwoThousandAndTwentySixNotesMember2021-01-012021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International, Inc. 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Series B-1 Common Stock2022-01-012022-12-310001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:OneMTermSOFRMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Money Transfer Acquisition Inc. 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Series B-1 Common Stock2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Florida Food Products, LLC Consumer Staples Interest Rate 10.36% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/20282023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Neptune BidCo US Inc. 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Consumer Discretionary Interest Rate 10.19% Reference Rate and Spread L + 5.75% Floor 1.00% Maturity 10/21/20272022-12-310001571329country:US2023-01-012023-12-310001571329Affiliate investments MMI Holdings, LLC Second Lien Debt2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units MicroHoldco, LLC General Industrial2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Jurassic Quest Holdings, LLC Entertainment2022-12-310001571329lrfc:TerroristAttacksOrNaturalDisastersMember2023-01-012023-12-310001571329lrfc:SbaGuaranteedDebenturesMember2016-12-310001571329lrfc:TwoThousandAndTwentySixNotesMember2019-12-310001571329Control investments Vology, Inc. Class A Preferred Units2022-12-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units GreenPark Infrastructure, LLC - Series A Industrials2022-12-310001571329us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberlrfc:OneMonthMember2022-01-012022-12-310001571329lrfc:PurchaseOfCommonStockMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt 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:LrfcMember2023-01-012023-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2021-12-310001571329lrfc:HouseholdProductManufacturerMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Taoglas Group Holdings Limited Information Technology Interest Rate 12.60% Reference Rate and Spread SOFR + 7.25% Floor 1.00% Maturity 02/28/20292023-01-012023-12-310001571329srt:DirectorMember2023-01-012023-12-310001571329lrfc:SbaGuaranteedDebenturesMember2017-12-3100015713292023-12-312023-12-310001571329Affiliate investments RAM Payment, LLC Preferred Units2021-12-3100015713292024-03-190001571329lrfc:SbaGuaranteedDebenturesMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt IJKG OpCo, LLC Healthcare Interest Rate 12.22% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232022-12-310001571329lrfc:ControlInvestmentsMembersrt:MinimumMember2023-12-310001571329lrfc:OneMTermSOFRFloorMemberlrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMember2022-05-102022-05-100001571329us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies First Lien/Senior Secured Debt RAM Payment, LLC (First Out) Financial Services Interest Rate 9.12% Reference Rate and Spread L + 5.00% Floor 1.50% Maturity 01/04/20242022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO IV Ltd. Financials Interest Rate 24.43% Maturity 07/17/20292022-01-012022-12-310001571329Affiliate investments Great Lakes Funding II LLC Series A2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Epic Staffing Group Industrials Interest Rate 11.36% Reference Rate and Spread SOFR + 6.00% Floor 0.50% Maturity 06/28/20292023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units South Street Securities Holdings, Inc. - Warrants Financials2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Critical Nurse Staffing, LLC (Revolver) Healthcare Interest Rate 10.70% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 10/30/20262022-12-310001571329Affiliate investments MMI Holdings, LLC2022-01-012022-12-310001571329lrfc:TwoThousandAndTwentyTwoNotesMember2020-12-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Alternative Biomedical Solutions, LLC - Membership Unit Warrants Healthcare2022-12-310001571329Affiliate investments GA Communications, Inc. Series B-1 Common Stock2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units MicroHoldco, LLC General Industrial2023-12-310001571329Affiliate investments Great Lakes Funding II LLC Series A2022-12-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:JointVentureMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329Affiliate investments RAM Payment, LLC2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Material Handling Systems, Inc. Industrials Interest Rate 10.08% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 06/08/20292022-01-012022-12-310001571329lrfc:TextileEquipmentManufacturerMember2023-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMember2023-01-012023-12-310001571329lrfc:RecentLegislationAndAdditionalLeverageMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Datalink, LLC Healthcare Interest Rate 12.21% Reference Rate and Spread SOFR+ 6.75% Floor 1.00% Maturity 11/23/20262023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:MeasurementInputRequiredRateOfReturnMemberus-gaap:SubordinatedDebtMember2023-12-310001571329lrfc:ConsumerDiscretionaryMember2023-12-310001571329lrfc:TwoThousandAndTwentyOneNotesMember2014-01-012014-12-310001571329lrfc:SixPointZeroFixedRateNotesDueMayThirtyOneTwoThousandTwentyTwoMemberlrfc:TwoThousandAndTwentyTwoNotesMember2023-01-012023-12-310001571329lrfc:InvestmentOwnedAtFairValueMemberus-gaap:CollateralizedLoanObligationsMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329lrfc:KeyBankCreditFacilityMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt South Street Securities Holdings, Inc. Financials Interest Rate 9.00% Maturity 09/20/20272023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units MMI Holdings, LLC Medical Device Distributor2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Alternative Biomedical Solutions, LLC - Series A Healthcare2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International, Inc. Consumer Discretionary Interest Rate 11.21% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/20272023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Nth Degree Investment Group, LLC Business Services2022-01-012022-12-310001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Jurassic Quest Holdings, LLC Entertainment Interest Rate 11.62% Reference Rate and Spread L + 7.50% Floor 2.00% Maturity 05/01/20242022-01-012022-12-310001571329lrfc:InternalAndExternalCyberThreatsAndOtherDisastersMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver) Healthcare Interest Rate 13.52% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 06/14/20282023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMembersrt:MinimumMemberlrfc:MeasurementInputRequiredRateOfReturnMember2022-12-310001571329Affiliate investments RAM Payment, LLC First Lien Debt One2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Epic Staffing Group Industrials Interest Rate 10.40% Reference Rate and Spread SOFR + 6.00% Maturity 06/28/20292022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) Healthcare Interest Rate 13.54% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 06/14/20282023-01-012023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:FairValueInputsLevel3Member2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units U.S. BioTek Laboratories, LLC - Class A Testing Laboratories2022-01-012022-12-310001571329lrfc:IngCreditFacilityMember2014-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies2023-12-310001571329lrfc:DividendDeclaredAugustEightTwoThousandTwentyThreeMember2023-01-012023-12-310001571329lrfc:TwoThousandAndTwentyOneNotesMember2016-12-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units RAM Payment, LLC Financial Services Interest Rate 6.00% PIK2022-01-012022-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2022-12-310001571329lrfc:FirstLienDebtMember2023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2023-12-310001571329lrfc:TwoThousandAndTwentyTwoNotesMember2021-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:KegLogisticsLLCMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units U.S. BioTek Laboratories, LLC - Class C Testing Laboratories2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO V Ltd. Financials Interest Rate 2.16% Maturity 07/17/20302022-12-310001571329lrfc:DataProcessingAndDigitalMarketingMember2022-12-310001571329lrfc:ThreeMonthMemberlrfc:LIBORMember2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt 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 Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units American Clinical Solutions, LLC - Class A Healthcare2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Lucky Bucks, LLC (Priority First Out) Consumer Discretionary Interest Rate 13.03% Reference Rate and Spread SOFR + 7.65% Floor 1.00%Maturity 10/02/20282023-01-012023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:MeasurementInputRequiredRateOfReturnMemberus-gaap:SubordinatedDebtMember2022-12-310001571329lrfc:InvestmentAdvisersLiabilityMember2023-01-012023-12-310001571329Affiliate investments RAM Payment, LLC2023-01-012023-12-310001571329Affiliate investments MMI Holdings, LLC Preferred Units2023-12-310001571329us-gaap:SubsequentEventMember2024-03-112024-03-110001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units MMI Holdings, LLC Medical Device Distributor2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Alternative Biomedical Solutions, LLC - Series C Healthcare2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Material Handling Systems, Inc. Industrials Interest Rate 10.89% Reference Rate and Spread SOFR + 5.50% Floor 0.50% Maturity 06/08/20292023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Tubular Textile Machinery, Inc. Textile Equipment Manufacturer Interest Rate 5.00% Maturity 10/29/20272022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Datalink, LLC Healthcare Interest Rate 11.48% Reference Rate and Spread L + 6.75% Floor 1.00% Maturity 11/23/20262022-12-310001571329Affiliate investments LJS Partners, LLC2022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies Joint Ventures2023-12-3100015713292022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC (Revolver) Healthcare 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 Subordinated Debt 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 Second Lien/Senior Secured Debt Ivanti Software, Inc. Information Technology Interest Rate 12.91% Reference Rate and Spread SOFR + 7.25% Floor 0.50% Maturity 12/01/20282023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units U.S. BioTek Laboratories, LLC - Class A Testing Laboratories2022-12-310001571329Affiliate investments MMI Holdings, LLC Common Membership Units2023-12-310001571329lrfc:SecondLienDebtMember2022-12-310001571329lrfc:TaxableSubsidiariesMember2022-01-012022-12-310001571329lrfc:IncreaseInInterestRatesWillMakeInvestmentAdviserToReceiveIncentiveFeesWithoutNecessarilyResultingInAnIncreaseInNetEarningMember2023-01-012023-12-310001571329us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC Healthcare Interest Rate 12.35% Reference Rate and Spread SOFR+ 7.00% Floor 1.00% Maturity 12/26/20282023-01-012023-12-310001571329lrfc:GreatLakesFundingIILLCSeriesAMember2022-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2022-01-012022-12-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:JointVentureMemberlrfc:InvestmentTypeConcentrationRiskMember2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Lucky Bucks, LLC Consumer Discretionary2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt HUMC Opco, LLC Healthcare Interest Rate 12.22% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232022-01-012022-12-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMemberlrfc:FivePointTwoFiveFixedRateConvertibleNotesDueAprilOneTwoThousandThirtyTwoMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units South Street Securities Holdings, Inc. - Warrants Financials2022-01-012022-12-310001571329srt:MaximumMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units BLST Operating Company, LLC - Class A Online Merchandise Retailer2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt JO ET Holdings Limited Information Technology Interest Rate18.38% Reference Rate and Spread SOFR + 6.00%, 7.00% PIK Floor 1.00% Maturity 12/15/20262023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Critical Nurse Staffing, LLC Healthcare Interest Rate 10.48% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 10/30/20262022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units American Academy Holdings, LLC Healthcare2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt RN Enterprises, LLC Healthcare Interest Rate 10.78% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/23/20252022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Taoglas Group Holdings Limited (Revolver) Information Technology Interest Rate 12.54% Reference Rate and Spread SOFR + 7.16% Floor 1.00% Maturity 02/28/20292023-01-012023-12-310001571329lrfc:IngCreditFacilityMember2019-12-310001571329us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2022-12-3100015713292023-07-012023-09-300001571329lrfc:ChangesInInterestRatesMember2023-01-012023-12-310001571329Affiliate investments MMI Holdings, LLC Common Membership Units2022-01-012022-12-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class A2023-12-310001571329lrfc:OnlineMerchandiseRetailerMember2022-12-310001571329us-gaap:EquitySecuritiesMember2022-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMember2022-12-310001571329us-gaap:RevolvingCreditFacilityMemberlrfc:FirstLienSeniorSecuredDebtMemberlrfc:BetaNxtIncMember2023-12-310001571329lrfc:IngCreditFacilityMember2016-12-310001571329Control investments Vology, Inc. First Lien Debt2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Hudson Hospital 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 First Lien/Senior Secured Debt Tactical Air Support, Inc. Industrials Interest Rate 13.96% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 12/22/20282023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt RN Enterprises, LLC Healthcare Interest Rate 12.05% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/23/20252023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Beta Plus Technologies (Revolver) Financials Interest Rate Reference Rate and Spread SOFR + 4.25% Maturity 07/02/20272022-01-012022-12-310001571329Investments in Affiliated Portfolio Companies Second Lien/Senior Secured Debt V12 Holdings, Inc. Data Processing & Digital Marketing2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. (Revolver) Financials Interest Rate 9.60% Reference Rate and Spread SOFR + 4.25% Maturity 07/01/20272023-01-012023-12-310001571329lrfc:ControlInvestmentMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Morae Global Corporation - Warrants Information Technology2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Eastport Holdings, LLC Business Services Interest Rate 14.14% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 09/29/20272023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC Industrials Interest Rate 11.60% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/29/20292023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units GA Communications, Inc. - Series B-1 Advertising & Marketing Services2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Fortis Payment Solutions Financials Interest Rate 9.93% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 02/13/20262022-12-310001571329lrfc:NewShareRepurchaseProgramMember2023-01-012023-12-310001571329Affiliate investments MMI Holdings, LLC Preferred Units2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Premier Imaging, LLC Healthcare Interest Rate 11.61% Reference Rate and Spread SOFR +6.00% Floor 1.00% Maturity 01/02/20252023-12-310001571329Affiliate investments V12 Holdings, Inc. Second Lien Debt2023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units MMI Holdings, LLC Medical Device Distributor2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation (Revolver) Information Technology Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/26/20262023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units MMI Holdings, LLC Medical Device Distributor2022-01-012022-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Common Stock2021-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Premier Imaging, LLC Healthcare Interest Rate 11.61% Reference Rate and Spread SOFR +6.00% Floor 1.00% Maturity 01/02/20252023-01-012023-12-3100015713292022-01-012022-12-310001571329lrfc:InterestRatesOfSomeOfFloatingRateLoansMember2023-01-012023-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Second Lien Debt2021-12-310001571329lrfc:ElectronicMachineRepairMember2022-12-310001571329lrfc:KeyBankCreditFacilityMember2020-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Alternative Biomedical Solutions, LLC Healthcare2022-01-012022-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2023-12-310001571329lrfc:TwoThousandAndTwentySixNotesMemberlrfc:FivePointTwoFiveFixedRateConvertibleNotesDueOctoberThirtyTwoThousandTwentySixMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt 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 First Lien/Senior Secured Debt Patriot Pickle, Inc. Consumer Staples Interest Rate 10.16% Reference Rate and Spread SOFR + 5.43% Maturity 04/13/20272022-12-310001571329lrfc:AdvertisingAndMarketingServicesMember2022-12-310001571329Affiliate investments GreenPark Infrastructure, LLC Series A2022-12-310001571329Affiliate investments Total Affiliate investments2022-12-310001571329lrfc:SixMonthMemberlrfc:LIBORMember2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units American Clinical Solutions, LLC - Class A Healthcare2023-01-012023-12-310001571329us-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001571329srt:MinimumMember2023-01-012023-12-310001571329lrfc:TwoThousandAndTwentySixNotesMember2023-01-012023-12-310001571329us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberlrfc:ThreeMonthMember2023-01-012023-12-310001571329us-gaap:EquitySecuritiesMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Beta Plus Technologies Financials Interest Rate 8.87% Reference Rate and Spread SOFR + 4.75% Maturity 07/02/20292022-12-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMember2021-12-310001571329srt:MaximumMember2023-01-012023-12-310001571329Affiliate investments Burgaflex Holdings, LLC2021-12-310001571329Affiliate investments MMI Holdings, LLC Preferred Units2022-01-012022-12-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class B2022-01-012022-12-310001571329lrfc:TwoThousandAndTwentySixNotesMember2022-12-310001571329lrfc:DowngradesOfCreditRatingImpendingAutomaticSpendingCutsAnotherGovernmentShutdownOrFailureToRaiseStatutoryDebtLimitMember2023-01-012023-12-310001571329country:US2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt 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- Two2022-12-310001571329Investments in Affiliated Portfolio Companies First Lien/Senior Secured Debt MMI Holdings, LLC Medical Device Distributor Maturity 06/28/20242023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Lucky Bucks, LLC Consumer Discretionary Maturity 05/29/20282023-01-012023-12-310001571329lrfc:InvolvementOfInterestedDirectorsMember2023-01-012023-12-310001571329lrfc:LegalRegulatoryAndPolicyChangesMember2023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies Joint Ventures Great Lakes Funding II LLC - Series A Financials2023-01-012023-12-310001571329lrfc:IssueOfPreferredStockMember2023-01-012023-12-310001571329lrfc:InformationSystemsAndSystemsFailuresMember2023-01-012023-12-310001571329us-gaap:RevolvingCreditFacilityMemberlrfc:FirstLienSeniorSecuredDebtMemberlrfc:BetaNxtIncMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units American Academy Holdings, LLC Healthcare2023-01-012023-12-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2022-04-012022-04-010001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt2023-12-310001571329lrfc:CapitalMarketsAndCreditMarketsMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC (Revolver) Consumer Discretionary Interest Rate 10.32% Reference Rate and Spread L + 6.00% Floor 1.00% Maturity 11/23/20272022-12-310001571329lrfc:TwoThousandAndTwentyTwoNotesMember2019-01-012019-12-310001571329lrfc:SourcingInvestmentOpportunitiesMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO IV Ltd. Financials Interest Rate 24.43% Maturity 07/17/20292022-12-310001571329lrfc:TwoThousandAndTwentyTwoConvertibleNotesMember2021-01-012021-12-310001571329lrfc:ConflictsOfInterestCausedByCompensationArrangementsMember2023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies Second Lien/Senior Secured Debt MMI Holdings, LLC Medical Device Distributor Maturity 06/28/20242023-12-310001571329us-gaap:AdditionalPaidInCapitalMember2022-12-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units GreenPark Infrastructure, LLC - Series A Industrials2022-01-012022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC (Revolver) Industrials Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/31/20282022-12-310001571329lrfc:KeyBankCreditFacilityMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt 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:FirstLienSeniorSecuredDebtMemberlrfc:DentiveLLCMemberlrfc:DelayedDrawTermLoanMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Material Handling Systems, Inc. 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

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

For the Fiscal Year Ended December 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

Telephone: (212) 891-2880

State of Incorporation: Maryland

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

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐ No

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 ☒ 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 ☒ 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 ☒

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).

 

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

Yes ☐ No

 


 

The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was