10-Q
false--12-310001571329Q1http://www.loganridgefinance.com/20240331#InvestmentOwnedNonaccrualStatusMemberhttp://www.loganridgefinance.com/20240331#InvestmentOwnedNonaccrualStatusMember0001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMember2024-03-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:FirstLienDebtMemberlrfc:InvestmentTypeConcentrationRiskMember2024-01-012024-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2024-01-012024-03-310001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMembersrt:WeightedAverageMember2023-12-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMember2024-03-310001571329Investments 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:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt2023-12-310001571329lrfc:SecondLienDebtMember2024-03-310001571329Investments 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 12/01/20282023-12-310001571329Investments 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 01/01/20252023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt BLST Operating Company, LLC Online Merchandise Retailer Interest Rate 13.96% Reference Rate and Spread SOFR + 8.50%, 12.96% PIK Floor 1.50% Maturity 08/28/20252023-01-012023-12-310001571329Affiliate investments Nth Degree Investment Group, LLC Membership Units2024-03-310001571329lrfc:CommunicationServicesMember2024-03-310001571329srt:MaximumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMemberlrfc:MeasurementInputRequiredRateOfReturnMember2023-12-310001571329lrfc:TwoThousandAndTwentySixNotesMember2021-10-290001571329Affiliate investments Sierra Hamilton Holdings Corporation2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units U.S. BioTek Laboratories, LLC - Class C Testing laboratories2024-03-310001571329lrfc:AdvisoryAgreementMember2024-01-012024-03-310001571329lrfc:ControlInvestmentsMembersrt:MinimumMember2024-03-3100015713292023-03-062023-03-060001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:VBCSpineOpcoLLCDxtxPainAndSpineLLCMember2023-12-310001571329Investments 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 11/04/20232024-01-012024-03-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMemberus-gaap:SubordinatedDebtMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Sequoia Healthcare Management, LLC Healthcare Management Maturity 11/04/20232024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Astro Acquisition, LLC (Cooper Machinery Services) Industrials Interest Rate 10.80% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 12/13/20272024-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class A2023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units GreenPark Infrastructure, LLC - Series M-1 Industrials2024-03-310001571329Investments 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 01/02/20252023-12-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMembersrt:WeightedAverageMember2024-03-310001571329Affiliate investments MMI Holdings, LLC Second Lien Debt2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Datalink, LLC Healthcare Interest Rate 12.18% Reference Rate and Spread SOFR+ 6.75% Floor 1.00% Maturity 11/23/20262024-01-012024-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMember2023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Burgaflex Holdings, LLC - Class A Automobile Part Manufacturer2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Taoglas Group Holdings Limited (Revolver) Information Technology Interest Rate 12.57% Reference Rate and Spread SOFR + 7.25% Floor 1.00% Maturity 02/28/20292024-03-310001571329Investments in Affiliated Portfolio Companies First Lien/Senior Secured Debt2023-12-310001571329us-gaap:MeasurementInputExpectedTermMemberus-gaap:EquitySecuritiesMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2023-12-310001571329Investments 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 07/02/20272023-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:IdcInfusionServicesLlcMemberlrfc:DelayedDrawTermLoanMember2023-12-310001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2024-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:MeasurementInputBrokerDealerQuotesMemberlrfc:SecondLienDebtMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310001571329lrfc:GreenParkInfrastructureLLCSeriesM1Memberlrfc:CommonStockAndMembershipUnitsMember2024-03-310001571329us-gaap:MeasurementInputPriceVolatilityMemberus-gaap:EquitySecuritiesMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2024-03-310001571329lrfc:MedicalDeviceDistributorMember2023-12-310001571329Affiliate investments MMI Holdings, LLC Preferred Units2023-12-310001571329Investments 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 07/02/20292023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Hudson Hospital OpCo, LLC Healthcare Interest Rate 13.43% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232024-01-012024-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMembersrt:MinimumMemberlrfc:MeasurementInputRequiredRateOfReturnMember2024-03-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberlrfc:FirstLienDebtMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units MMI Holdings, LLC Medical Device Distributor2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TransNetwork LLC Financials Interest Rate 10.85% Reference Rate and Spread SOFR + 5.50% Floor 0.50% Maturity 11/20/20302023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC Consumer Discretionary Interest Rate 11.48% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/20272024-03-310001571329Affiliate investments RAM Payment, LLC First Lien Debt2022-12-310001571329Investments in Affiliated Portfolio Companies Second Lien/Senior Secured Debt V12 Holdings, Inc. Data Processing & Digital Marketing2023-01-012023-12-310001571329us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMember2023-12-310001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMember2022-05-102022-05-100001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMemberlrfc:OneMTermSOFRMember2022-05-102022-05-100001571329Affiliate investments GA Communications, Inc. Series A-1 Preferred Stock2024-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMember2023-12-310001571329us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMember2024-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2024-03-282024-03-280001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units MMI Holdings, LLC Medical Device Distributor2024-01-012024-03-310001571329us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TransNetwork LLC Financials Interest Rate 10.81% Reference Rate and Spread SOFR + 5.50% Floor 0.50% Maturity 11/20/20302024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units American Academy Holdings, LLC Healthcare2024-01-012024-03-310001571329Affiliate investments V12 Holdings, Inc. Second Lien Debt2022-12-310001571329Investments 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 06/08/20292023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt American Clinical Solutions, LLC Healthcare Interest Rate 12.50% Reference Rate and Spread SOFR + 7.00%,5.50% PIK Floor 1.00% Maturity 06/30/20252023-01-012023-12-310001571329Investments 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 10/30/20262023-01-012023-12-310001571329Affiliate investments V12 Holdings, Inc.2024-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:MoraeGlobalCorporationMember2024-03-310001571329lrfc:BusinessServicesMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Hudson Hospital OpCo, LLC Healthcare Interest Rate 13.43% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232024-03-310001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AP Core Holdings II, LLC Information Technology Interest Rate 10.97% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 07/21/2027 Two2023-01-012023-12-310001571329us-gaap:EquitySecuritiesMember2024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Burgaflex Holdings, LLC - Class B Automobile Part Manufacturer2023-12-310001571329Investments in Affiliated Portfolio Companies Second Lien/Senior Secured Debt2024-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:DelayedDrawTermLoanMemberlrfc:TacticalAirSupportIncMember2023-12-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329lrfc:AdministrationAgreementMember2023-01-012023-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMemberlrfc:PurchaseAgreementMember2022-04-012022-04-010001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units GreenPark Infrastructure, LLC - Series M-1 Industrials2023-01-012023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMemberlrfc:MeasurementInputRequiredRateOfReturnMember2024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units GA Communications, Inc. - Series B-1 Advertising & Marketing Services2024-03-310001571329Affiliate investments GA Communications, Inc.2024-01-012024-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMemberlrfc:FivePointTwoFiveFixedRateConvertibleNotesDueAprilOneTwoThousandThirtyTwoMember2022-04-010001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units DxTx Pain and Spine LLC Healthcare2024-01-012024-03-310001571329lrfc:InvestmentAdvisoryAgreementMember2023-01-012023-03-310001571329Affiliate investments Burgaflex Holdings, LLC2024-03-310001571329lrfc:SbaGuaranteedDebenturesMember2023-12-310001571329Investments 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 08/29/20292023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Freedom Electronics, LLC Electronic Machine Repair2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AIDC Intermediateco 2, LLC (Peak Technologies) Information Technology Interest Rate 11.80% Reference Rate and Spread SOFR + 6.40% Floor 1.00% Maturity 07/22/20272023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accurate Background, LLC Information Technology Interest Rate 11.61% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 03/26/20272023-01-012023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMemberlrfc:MeasurementInputRequiredRateOfReturnMembersrt:WeightedAverageMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International, Inc. (Revolver) Consumer Discretionary Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/20262023-01-012023-12-310001571329srt:MaximumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMemberlrfc:MeasurementInputRequiredRateOfReturnMember2023-12-3100015713292024-01-012024-03-310001571329Investments 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 08/31/20282023-01-012023-12-310001571329Affiliate investments GreenPark Infrastructure, LLC2022-12-310001571329us-gaap:FinancialServicesSectorMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare Interest Rate 14.50% PIK Maturity 03/01/20282023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units American Academy Holdings, LLC Healthcare2023-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:DentiveLLCMemberlrfc:DelayedDrawTermLoanMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Fortis Payment Systems, LLC Financials Interest Rate 11.15% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 02/13/20262024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt2023-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:PhyNetDermatologyLLCMemberlrfc:DelayedDrawTermLoanMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Hudson Hospital OpCo, LLC Healthcare Interest Rate 13.43% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232023-12-310001571329us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001571329us-gaap:HealthcareSectorMember2023-12-310001571329Affiliate investments V12 Holdings, Inc.2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units U.S. BioTek Laboratories, LLC - Class C Testing laboratories2024-01-012024-03-310001571329lrfc:ConsumerDiscretionaryMember2023-12-310001571329us-gaap:CommonStockMember2024-01-012024-03-310001571329us-gaap:RevolvingCreditFacilityMemberlrfc:FirstLienSeniorSecuredDebtMemberlrfc:TaoglasGroupHoldingsLimitedMember2024-03-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt H.W. Lochner, Inc Industrials Interest Rate 12.23% Reference Rate and Spread SOFR + 6.75% Floor 1.00% Maturity 07/02/20272024-01-012024-03-310001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International, Inc. (Revolver) Consumer Discretionary Interest Rate Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/20262024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt South Street Securities Holdings, Inc. Financials Interest Rate 9.00% Maturity 09/20/20272024-01-012024-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMemberlrfc:MeasurementInputRequiredRateOfReturnMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC Healthcare Interest Rate 12.31% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/20282024-01-012024-03-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Common Stock2024-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC Consumer Discretionary Interest Rate 11.53% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/20272023-01-012023-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:TaoglasGroupHoldingsLimitedMember2023-12-310001571329Affiliate investments MMI Holdings, LLC First Lien Debt2023-12-310001571329lrfc:FirstLienDebtMember2024-03-310001571329Affiliate investments Sierra Hamilton Holdings Corporation 2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies2024-03-310001571329lrfc:NewShareRepurchaseProgramMember2023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies First Lien/Senior Secured Debt2024-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class B2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units MicroHoldco, LLC General Industrial2023-12-310001571329us-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2024-03-310001571329us-gaap:FairValueInputsLevel3Member2023-03-310001571329Affiliate investments Great Lakes Funding II LLC Series A2023-12-310001571329srt:MaximumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMember2024-03-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2023-12-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2022-04-010001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Datalink, LLC Healthcare Interest Rate 12.18% Reference Rate and Spread SOFR+ 6.75% Floor 1.00% Maturity 11/23/20262024-03-310001571329srt:MaximumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMemberlrfc:MeasurementInputRequiredRateOfReturnMember2024-03-310001571329Affiliate investments MMI Holdings, LLC First Lien Debt2024-01-012024-03-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMember2023-03-310001571329us-gaap:MeasurementInputPriceVolatilityMemberus-gaap:EquitySecuritiesMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2023-12-310001571329Affiliate investments GA Communications, Inc. Series A-1 Preferred Stock2022-12-310001571329Affiliate investments Great Lakes Funding II LLC2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations2024-03-310001571329Affiliate investments RAM Payment, LLC Preferred Units2023-01-012023-12-3100015713292023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Wealth Enhancement Group, LLC Financials Interest Rate 10.82% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 10/02/20272024-03-310001571329Affiliate investments V12 Holdings, Inc.2024-01-012024-03-310001571329Investments in Affiliated Portfolio Companies Second Lien/Senior Secured Debt MMI Holdings, LLC Medical Device Distributor Maturity 06/28/20242024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) Healthcare Interest Rate 13.48% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 06/14/20282024-01-012024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units GreenPark Infrastructure, LLC - Series M-1 Industrials2024-01-012024-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:MeasurementInputBrokerDealerQuotesMemberlrfc:SecondLienDebtMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dodge Data & Analytics LLC Information Technology Interest Rate 10.25% Reference Rate and Spread SOFR + 4.75% Floor 0.50% Maturity 02/12/20292023-01-012023-12-310001571329lrfc:NonControlledAffiliatedInvestmentsMembersrt:MinimumMember2024-03-310001571329Investments 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 Common Stock and Membership Units2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Critical Nurse Staffing, LLC (Revolver) Healthcare Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/30/20262023-01-012023-12-310001571329us-gaap:LineOfCreditMember2023-12-310001571329Investments 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 12/23/20282023-12-310001571329lrfc:TextileEquipmentManufacturerMember2023-12-310001571329lrfc:JointVentureMember2024-03-310001571329lrfc:HealthcareManagementMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Tubular Textile Machinery, Inc. Textile Equipment Manufacturer Interest Rate 5.00% Maturity 10/29/20272024-03-310001571329Investments 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 06/14/20282023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Taoglas Group Holdings Limited Information Technology Interest Rate 12.55% Reference Rate and Spread SOFR + 7.25% Floor 1.00% Maturity 02/28/20292024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units American Academy Holdings, LLC Healthcare2023-12-310001571329Investments in Affiliated Portfolio Companies Joint Ventures Great Lakes Funding II LLC - Series A Financials2024-01-012024-03-310001571329lrfc:ConsumerStaplesMember2024-03-3100015713292023-01-012023-03-310001571329us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Symplr Software, Inc. Healthcare Interest Rate 9.98% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/20272023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Wealth Enhancement Group, LLC (Revolver) Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/20272023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt H.W. Lochner, Inc Industrials Interest Rate 12.23% Reference Rate and Spread SOFR + 6.75% Floor 1.00% Maturity 07/02/20272024-03-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units MMI Holdings, LLC Medical Device Distributor2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Premier Imaging, LLC Healthcare Interest Rate 11.56% Reference Rate and Spread SOFR +6.00% Floor 1.00% Maturity 01/02/20252024-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:DentiveLLCMember2024-03-310001571329us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2024-03-310001571329Affiliate investments Great Lakes Funding II LLC Series A2022-12-310001571329Investments 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 11/04/20232023-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Common Stock2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt South Street Securities Holdings, Inc. Financials Interest Rate 9.00% Maturity 09/20/20272023-01-012023-12-310001571329lrfc:OrthopaedicItcBuyerLlcMemberlrfc:FirstLienSeniorSecuredDebtMemberlrfc:DelayedDrawTermLoanMember2024-03-310001571329Investments 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 09/29/20272023-12-310001571329Affiliate investments RAM Payment, LLC Preferred Units2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Astro Acquisition, LLC (Cooper Machinery Services) Industrials Interest Rate 10.80% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 12/13/20272024-01-012024-03-310001571329us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberlrfc:OneMonthMember2024-01-012024-03-310001571329us-gaap:RevolvingCreditFacilityMemberlrfc:FirstLienSeniorSecuredDebtMemberlrfc:BetaNxtIncMember2023-12-310001571329us-gaap:ConvertibleDebtSecuritiesMemberlrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AP Core Holdings II, LLC Information Technology Interest Rate 10.94% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 07/21/2027- Two2024-03-310001571329us-gaap:FairValueInputsLevel3Member2023-12-310001571329srt:MaximumMemberlrfc:ConditionOneMemberlrfc:InvestmentAdvisoryAgreementMember2024-01-012024-03-310001571329lrfc:InvestmentAdvisoryAgreementMember2023-01-012023-12-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Money Transfer Acquisition Inc. Financials Interest Rate 13.68% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/20272024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Burgaflex Holdings, LLC - Class B Automobile Part Manufacturer2023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies First Lien/Senior Secured Debt MMI Holdings, LLC Medical Device Distributor Maturity 06/28/20242023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Orthopaedic (ITC) Buyer, LLC Healthcare Interest Rate 11.90% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 07/31/20282024-01-012024-03-310001571329lrfc:KeyBankCreditFacilityMember2023-01-012023-03-310001571329Investments 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 07/01/20272023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Lucky Bucks, LLC Consumer Discretionary2024-03-310001571329us-gaap:FairValueInputsLevel3Member2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AP Core Holdings II, LLC Information Technology Interest Rate 10.97% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 07/21/2027 Two2023-12-310001571329country:US2024-01-012024-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMember2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units BLST Operating Company, LLC - Class A Online Merchandise Retailer2023-12-310001571329Affiliate investments RAM Payment, LLC2024-01-012024-03-310001571329us-gaap:SubsequentEventMember2024-05-072024-05-070001571329lrfc:InvestmentOwnedAtCostMemberlrfc:JointVentureMemberlrfc:InvestmentTypeConcentrationRiskMember2024-01-012024-03-310001571329us-gaap:SubsequentEventMember2024-05-070001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Lucky Bucks, LLC (Priority Second Out) Consumer Discretionary Interest Rate 12.97% Reference Rate and Spread SOFR + 7.65% Floor 1.00% Maturity 10/02/20292024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units South Street Securities Holdings, Inc. - Warrants Financials2023-01-012023-12-310001571329lrfc:SixMonthMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2024-01-012024-03-310001571329Affiliate investments RAM Payment, LLC2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units American Academy Holdings, LLC Healthcare2024-01-012024-03-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMemberus-gaap:SubordinatedDebtMember2024-01-012024-03-310001571329Affiliate investments GreenPark Infrastructure, LLC Series A2023-12-310001571329us-gaap:AdditionalPaidInCapitalMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt IDC Infusion Services LLC Healthcare Interest Rate 11.98% Reference Rate and Spread SOFR + 6.50% Floor 0.50% Maturity 07/07/20282023-01-012023-12-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMember2024-01-012024-03-310001571329lrfc:AdministrationAgreementMember2024-01-012024-03-310001571329country:US2024-03-310001571329lrfc:DividendDeclaredMarchSixTwoThousandTwentyThreeMember2023-03-310001571329Investments in Affiliated Portfolio Companies Joint Ventures2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International, Inc. Consumer Discretionary Interest Rate 11.18% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/20272024-01-012024-03-310001571329Affiliate investments Nth Degree Investment Group, LLC Membership Units2023-01-012023-12-310001571329us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:BradshawInternationalIncMember2024-03-310001571329Affiliate investments GA Communications, Inc. 2023-12-310001571329us-gaap:RevolvingCreditFacilityMemberlrfc:FirstLienSeniorSecuredDebtMemberlrfc:AccordionPartnersLLCMember2024-03-310001571329Affiliate investments MMI Holdings, LLC Second Lien Debt2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Neptune BidCo US Inc. Communication Services Interest Rate 10.51% Reference Rate and Spread SOFR +5.00% Floor 0.50% Maturity 04/11/20292023-01-012023-12-310001571329Investments 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 12/22/20282023-01-012023-12-310001571329Affiliate investments Burgaflex Holdings, LLC2024-01-012024-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMemberlrfc:MeasurementInputRequiredRateOfReturnMembersrt:WeightedAverageMember2024-03-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Riddell, Inc. Consumer Discretionary Interest Rate 11.33% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 03/29/20292024-01-012024-03-310001571329Investments 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 10/20/20292023-12-310001571329Affiliate investments MMI Holdings, LLC2023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc Financials Interest Rate 11.05% Reference Rate and Spread SOFR + 5.75% Maturity 07/02/20292024-01-012024-03-310001571329Investments 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 10/20/20292024-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:DentiveLLCMemberlrfc:DelayedDrawTermLoanMember2023-12-310001571329Investments 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 10/26/20262023-01-012023-12-310001571329lrfc:KeyBankCreditFacilityMember2023-12-310001571329Affiliate investments Total Affiliate investments2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AP Core Holdings II, LLC Information Technology Interest Rate 10.94% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 07/21/2027- Two2024-01-012024-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units MicroHoldco, LLC General Industrial2023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies2023-12-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:JointVentureMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation Information Technology Interest Rate 13.47% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/26/20262024-01-012024-03-310001571329us-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001571329Affiliate investments Total Affiliate investments2023-12-310001571329us-gaap:RevolvingCreditFacilityMemberlrfc:FirstLienSeniorSecuredDebtMemberlrfc:MoraeGlobalCorporationMember2023-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:OrthopaedicItcBuyerLlcMemberlrfc:DelayedDrawTermLoanMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units BLST Operating Company, LLC - Class A Online Merchandise Retailer2024-01-012024-03-310001571329Affiliate investments Nth Degree Investment Group, LLC Membership Units2023-12-310001571329lrfc:AdvertisingAndMarketingServicesMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO V Ltd. Financials Maturity 07/17/20302024-01-012024-03-310001571329lrfc:SbaGuaranteedDebenturesMember2024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Nth Degree Investment Group, LLC Business Services2023-12-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberlrfc:AssetApproachValuationTechniqueMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TransNetwork LLC Financials Interest Rate 10.81% Reference Rate and Spread SOFR + 5.50% Floor 0.50% Maturity 11/20/20302024-01-012024-03-310001571329Investments 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:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Burgaflex Holdings, LLC - Class A Automobile Part Manufacturer2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units U.S. BioTek Laboratories, LLC - Class A Testing Laboratories2023-01-012023-12-310001571329lrfc:InterestRateThereafterMemberlrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMember2022-05-102022-05-100001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt EBSC Holdings LLC (Riddell, Inc.) Consumer Discretionary2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Aperture Dodge 18 LLC Financials2024-03-310001571329us-gaap:IPOMember2013-09-242013-09-240001571329lrfc:IndustrialsMember2023-12-310001571329Affiliate investments GreenPark Infrastructure, LLC Series M-12023-12-310001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dodge Data & Analytics LLC Information Technology Interest Rate 9.78% Reference Rate and Spread SOFR + 4.75% Floor 0.50% Maturity 02/12/20292024-01-012024-03-310001571329lrfc:TwoThousandAndTwentySixNotesMemberlrfc:FivePointTwoFiveFixedRateConvertibleNotesDueOctoberThirtyTwoThousandTwentySixMember2024-01-012024-03-310001571329lrfc:ConsumerStaplesMember2023-12-310001571329Investments 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 12/23/20252023-01-012023-12-310001571329lrfc:DividendDeclaredMarchSixTwoThousandTwentyThreeMember2023-01-012023-03-310001571329lrfc:InvestmentAdvisoryAgreementMembersrt:MinimumMember2024-01-012024-03-310001571329lrfc:InvestmentOwnedAtCostMemberus-gaap:CollateralizedLoanObligationsMemberlrfc:InvestmentTypeConcentrationRiskMember2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt IJKG OpCo, LLC Healthcare Interest Rate 13.43% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units American Academy Holdings, LLC Healthcare2024-03-310001571329Investments 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 11/23/20262023-12-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMemberus-gaap:FairValueInputsLevel3Member2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units U.S. BioTek Laboratories, LLC - Class A Testing laboratories2024-01-012024-03-310001571329lrfc:FinancialsMember2024-03-310001571329lrfc:OneMTermSOFRFloorMemberlrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMember2022-05-102022-05-100001571329Investments 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 Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Taylor Precision Products, Inc. - Series C Household Product Manufacturer2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Symplr Software, Inc. Healthcare Interest Rate 9.91% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/20272024-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:TwoThousandAndTwentySixNotesMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Morae Global Corporation - Warrants Information Technology2023-01-012023-12-310001571329us-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMember2023-12-310001571329lrfc:InformationTechnologyMember2023-12-310001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-01-012024-03-310001571329lrfc:AutomobilePartManufacturerMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Wealth Enhancement Group, LLC (Revolver) Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/20272023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt American Clinical Solutions, LLC Healthcare Interest Rate 12.50% Reference Rate and Spread SOFR + 7.00%,5.50% PIK Floor 1.00% Maturity 06/30/20252023-12-310001571329Affiliate investments V12 Holdings, Inc. Second Lien Debt2023-12-310001571329lrfc:ControlledAffiliatedInvestmentsMembersrt:MinimumMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Hudson Hospital OpCo, LLC Healthcare Interest Rate 13.43% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232023-01-012023-12-310001571329us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMemberlrfc:FivePointTwoFiveFixedRateConvertibleNotesDueAprilOneTwoThousandThirtyTwoMember2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt IJKG 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:ChairmanOfAnyOtherCommitteeMember2024-01-012024-03-310001571329Investments 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 08/31/20282023-12-310001571329Affiliate investments Nth Degree Investment Group, LLC2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare Interest Rate 14.50% PIK Maturity 03/01/20282024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Lucky Bucks, LLC Consumer Discretionary Maturity 05/29/20282024-01-012024-03-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units2023-12-310001571329lrfc:DataProcessingAndDigitalMarketingMember2023-12-310001571329lrfc:TwoThousandAndTwentySixNotesMember2024-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:KeyBankCreditFacilityMember2024-03-310001571329srt:MinimumMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units South Street Securities Holdings, Inc. - Warrants Financials2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt2024-03-310001571329lrfc:IndustrialsMember2024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Burgaflex Holdings, LLC - Class A Automobile Part Manufacturer2023-12-310001571329Affiliate investments Burgaflex Holdings, LLC2023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services2024-01-012024-03-310001571329Affiliate investments GA Communications, Inc. Series B-1 Common Stock2024-01-012024-03-310001571329us-gaap:EquitySecuritiesMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:FairValueInputsLevel3Member2023-12-310001571329us-gaap:CollateralizedLoanObligationsMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Taoglas Group Holdings Limited Information Technology Interest Rate 12.55% Reference Rate and Spread SOFR + 7.25% Floor 1.00% Maturity 02/28/20292024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Neptune BidCo US Inc. Communication Services Interest Rate 10.42% Reference Rate and Spread SOFR +5.00% Floor 0.50% Maturity 04/11/20292024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Lucky Bucks, LLC Consumer Discretionary Maturity 05/29/20282024-03-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:SecondLienDebtMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329Investments 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 12/15/20262023-12-310001571329lrfc:NewShareRepurchaseProgramMember2024-03-110001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units GreenPark Infrastructure, LLC - Series M-1 Industrials2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt RN Enterprises, LLC Healthcare Interest Rate 12.09% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/23/20252024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units U.S. BioTek Laboratories, LLC - Class A Testing laboratories2024-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accurate Background, LLC Information Technology Interest Rate 11.56% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 03/26/20272024-03-310001571329us-gaap:EquitySecuritiesMemberlrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-3100015713292013-09-242013-09-240001571329Affiliate investments MMI Holdings, LLC Preferred Units2024-01-012024-03-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:JointVentureMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329Affiliate investments RAM Payment, LLC2023-01-012023-12-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:SecondLienDebtMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare Interest Rate 14.50% PIK Maturity 03/01/20282024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Taylor Precision Products, Inc. - Series C Household Product Manufacturer2023-12-310001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dodge Data & Analytics LLC Information Technology Interest Rate 10.25% Reference Rate and Spread SOFR + 4.75% Floor 0.50% Maturity 02/12/20292023-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:RiddellIncMember2024-03-310001571329Affiliate investments Burgaflex Holdings, LLC2022-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:AccordionPartnersLLCMember2023-12-310001571329Investments 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 02/28/20292023-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:DelayedDrawTermLoanMemberlrfc:VBCSpineOpcoLLCDxtxPainAndSpineLLCMember2023-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Second Lien Debt2022-12-310001571329lrfc:TwoThousandAndTwentySixNotesMemberlrfc:FivePointTwoFiveFixedRateConvertibleNotesDueOctoberThirtyTwoThousandTwentySixMember2021-10-290001571329us-gaap:MeasurementInputExpectedTermMemberus-gaap:EquitySecuritiesMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Lucky Bucks, LLC Consumer Discretionary2024-01-012024-03-310001571329srt:MaximumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMember2023-12-310001571329lrfc:TextileEquipmentManufacturerMember2024-03-310001571329us-gaap:CommonStockMember2022-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:DelayedDrawTermLoanMemberlrfc:VBCSpineOpcoLLCDxtxPainAndSpineLLCMember2024-03-310001571329Investments 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 10/02/20282023-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:DentiveLLCMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC Consumer Discretionary Interest Rate 11.48% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/20272024-01-012024-03-310001571329Investments 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 12/05/20282023-12-310001571329lrfc:GreatLakesFundingIILLCSeriesAMemberlrfc:JointVentureMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Eastport Holdings, LLC Business Services Interest Rate 14.10% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 09/29/20272024-01-012024-03-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMember2024-01-012024-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMemberlrfc:PurchaseAgreementMember2022-04-010001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMember2024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Nth Degree Investment Group, LLC Business Services2024-01-012024-03-310001571329Affiliate investments Nth Degree Investment Group, LLC2022-12-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMember2023-12-310001571329Affiliate investments GA Communications, Inc.2023-12-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMember2024-01-012024-03-310001571329lrfc:KeyBankCreditFacilityMember2024-01-012024-03-310001571329Affiliate investments MMI Holdings, LLC Second Lien Debt2023-12-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:SecondLienDebtMemberlrfc:InvestmentTypeConcentrationRiskMember2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AP Core Holdings II, LLC Information Technology Interest Rate 10.97% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 07/21/2027 One2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC Industrials Interest Rate 11.32% Reference Rate and Spread SOFR + 6.02% Floor 0.75% Maturity 08/29/20292024-03-310001571329Affiliate investments V12 Holdings, Inc. Second Lien Debt2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accurate Background, LLC Information Technology Interest Rate 11.61% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 03/26/20272023-12-310001571329Investments2023-12-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2022-04-012022-04-010001571329lrfc:CommunicationServicesMember2023-12-310001571329Investments in Affiliated Portfolio Companies First Lien/Senior Secured Debt MMI Holdings, LLC Medical Device Distributor Maturity 06/28/20242023-12-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units MMI Holdings, LLC Medical Device Distributor2023-01-012023-12-310001571329lrfc:OilAndGasEngineeringAndConsultingServicesMember2023-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation 2023-12-310001571329Investments 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 12/23/20282024-01-012024-03-310001571329Affiliate investments MMI Holdings, LLC Common Membership Units2023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Burgaflex Holdings, LLC - Class B Automobile Part Manufacturer2024-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:IdcInfusionServicesLlcMemberlrfc:DelayedDrawTermLoanMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Sequoia Healthcare Management, LLC Healthcare Management Maturity 11/04/20232024-03-310001571329us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberlrfc:OneMonthMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Florida Food Products, LLC Consumer Staples Interest Rate 10.33% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/20282024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC Industrials Interest Rate 11.32% Reference Rate and Spread SOFR + 6.02% Floor 0.75% Maturity 08/29/20292024-01-012024-03-310001571329us-gaap:InvestmentAffiliatedIssuerMember2023-01-012023-03-310001571329Investments 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 12/23/20282023-01-012023-12-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:SecondLienDebtMemberlrfc:InvestmentTypeConcentrationRiskMember2024-01-012024-03-310001571329Affiliate investments GA Communications, Inc. Series B-1 Common Stock2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt IJKG OpCo, LLC Healthcare Interest Rate 13.43% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMembersrt:MinimumMemberlrfc:MeasurementInputRequiredRateOfReturnMember2023-12-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberlrfc:AssetApproachValuationTechniqueMember2024-03-310001571329lrfc:InvestmentAdvisoryAgreementMember2023-12-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units GreenPark Infrastructure, LLC - Series A Industrials2024-01-012024-03-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2024-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:MeasurementInputRequiredRateOfReturnMemberus-gaap:SubordinatedDebtMember2023-12-310001571329Investments 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 10/02/20292023-01-012023-12-310001571329us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001571329lrfc:OilAndGasEngineeringAndConsultingServicesMember2024-03-310001571329us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberlrfc:JointVentureMember2024-03-310001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Material Handling Systems, Inc. Industrials Interest Rate 10.83% Reference Rate and Spread SOFR + 5.50% Floor 0.50% Maturity 06/08/20292024-03-310001571329Affiliate investments MMI Holdings, LLC2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation Information Technology Interest Rate13.53% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/26/20262023-01-012023-12-310001571329us-gaap:IPOMember2013-09-240001571329lrfc:KeyBankCreditFacilityMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units2023-12-310001571329us-gaap:InvestmentAffiliatedIssuerMember2024-01-012024-03-310001571329Affiliate investments Total Affiliate investments2024-01-012024-03-310001571329Investments 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 10/20/20292024-01-012024-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class A2024-01-012024-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:MeasurementInputRequiredRateOfReturnMemberus-gaap:SubordinatedDebtMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Morae Global Corporation - Warrants Information Technology2024-01-012024-03-310001571329Affiliate investments Great Lakes Funding II LLC Series A2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Money Transfer Acquisition Inc. Financials Interest Rate 13.68% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/20272024-01-012024-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2024-03-280001571329us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:SubordinatedDebtMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2024-03-310001571329Affiliate investments Sierra Hamilton Holdings Corporation 2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Fortis Payment Systems, LLC Financials Interest Rate 11.15% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 02/13/20262024-01-012024-03-310001571329Affiliate investments Nth Degree Investment Group, LLC2023-01-012023-12-310001571329Affiliate investments RAM Payment, LLC2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Wealth Enhancement Group, LLC (Revolver) Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/20272024-01-012024-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMemberus-gaap:FairValueInputsLevel3Member2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units U.S. BioTek Laboratories, LLC - Class A Testing Laboratories2023-12-310001571329lrfc:TwoThousandAndTwentySixNotesMember2024-03-280001571329srt:MaximumMemberlrfc:NewShareRepurchaseProgramMember2023-03-060001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Nth Degree Investment Group, LLC Business Services2023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units GreenPark Infrastructure, LLC - Series A Industrials2023-12-310001571329Affiliate investments MMI Holdings, LLC Preferred Units2023-01-012023-12-310001571329lrfc:KeyBankCreditFacilityMember2024-01-012024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units MMI Holdings, LLC Medical Device Distributor2024-03-310001571329us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001571329Affiliate investments RAM Payment, LLC Preferred Units2023-12-310001571329Investments 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 02/28/20292023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accurate Background, LLC Information Technology Interest Rate 11.56% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 03/26/20272024-01-012024-03-310001571329Affiliate investments Nth Degree Investment Group, LLC2024-03-310001571329Investments in Affiliated Portfolio Companies First Lien/Senior Secured Debt MMI Holdings, LLC Medical Device Distributor Maturity 06/28/20242024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units GA Communications, Inc. - Series B-1 Advertising & Marketing Services2023-01-012023-12-310001571329Affiliate investments GA Communications, Inc. 2022-12-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:JointVentureMemberlrfc:InvestmentTypeConcentrationRiskMember2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units U.S. BioTek Laboratories, LLC - Class C Testing Laboratories2023-01-012023-12-310001571329lrfc:HouseholdProductManufacturerMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Money Transfer Acquisition Inc. Financials Interest Rate 13.71% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/20272023-12-310001571329Affiliate investments GA Communications, Inc. Series A-1 Preferred Stock2023-01-012023-12-310001571329Affiliate investments MMI Holdings, LLC2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO V Ltd. Financials Maturity 07/17/20302024-03-310001571329Affiliate investments MMI Holdings, LLC2024-01-012024-03-310001571329lrfc:ConsumerDiscretionaryMember2024-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class B2023-01-012023-12-3100015713292022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt BLST Operating Company, LLC Online Merchandise Retailer Interest Rate 13.96% Reference Rate and Spread SOFR + 8.50%, 12.96% PIK Floor 1.50% Maturity 08/28/20252023-12-310001571329lrfc:TwoThousandAndTwentySixNotesMember2021-10-292021-10-290001571329us-gaap:FinancialServicesSectorMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt STG Logistics. Industrials Interest Rate 11.45% Reference Rate and Spread SOFR + 6.00% Floor 0.75% Maturity 03/24/20282024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Taoglas Group Holdings Limited (Revolver) Information Technology Interest Rate 12.57% Reference Rate and Spread SOFR + 7.25% Floor 1.00% Maturity 02/28/20292024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Aperture Dodge 18 LLC Financials2023-01-012023-12-310001571329lrfc:OnlineMerchandiseRetailerMember2024-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMemberlrfc:BradshawInternationalIncMember2023-12-310001571329lrfc:JointVentureMember2023-12-310001571329Investments 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 07/02/20272023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units2023-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:KeyBankCreditFacilityMember2023-12-310001571329Affiliate investments GreenPark Infrastructure, LLC2024-03-310001571329us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMember2022-12-310001571329Investments in Affiliated Portfolio Companies Second Lien/Senior Secured Debt MMI Holdings, LLC Medical Device Distributor Maturity 06/28/20242023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare Interest Rate 16.44% Reference Rate and Spread SOFR + 5.75%,5.25% PIK Floor 1.00% Maturity 01/01/20252024-01-012024-03-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Common Stock2023-01-012023-12-310001571329us-gaap:CollateralizedLoanObligationsMember2023-12-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units GA Communications, Inc. - Series A-1 Advertising & Marketing Services2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt STG Logistics. Industrials Interest Rate 11.50% Reference Rate and Spread SOFR + 6.00% Floor 0.75% Maturity 03/24/20282023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Wealth Enhancement Group, LLC (Revolver) Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 10/02/20272024-03-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:SubordinatedDebtMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2023-12-310001571329Affiliate investments MMI Holdings, LLC Preferred Units2024-03-310001571329lrfc:TwoThousandThirtyTwoNotesMemberus-gaap:SubsequentEventMember2024-04-022024-04-020001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. (Revolver) Financials Interest Rate 9.56% Reference Rate and Spread SOFR + 4.25% Maturity 07/01/20272024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Neptune BidCo US Inc. Communication Services Interest Rate 10.42% Reference Rate and Spread SOFR +5.00% Floor 0.50% Maturity 04/11/20292024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Lucky Bucks, LLC (Priority First Out) Consumer Discretionary Interest Rate 12.97% Reference Rate and Spread SOFR + 7.65% Floor 1.00% Maturity 10/02/20282024-01-012024-03-310001571329lrfc:TestingLaboratoriesMember2023-12-310001571329lrfc:ElectronicMachineRepairMember2023-12-310001571329Affiliate investments RAM Payment, LLC2022-12-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units GA Communications, Inc. - Series A-1 Advertising & Marketing Services2023-01-012023-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation2023-01-012023-12-310001571329Investments 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 06/28/20292023-01-012023-12-310001571329Investments 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 06/14/20282023-01-012023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Critical Nurse Staffing, LLC (Revolver) Healthcare Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/30/20262023-12-310001571329lrfc:InvestmentOwnedAtFairValueMemberus-gaap:CollateralizedLoanObligationsMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units GA Communications, Inc. - Series B-1 Advertising & Marketing Services2023-12-310001571329Affiliate investments Great Lakes Funding II LLC2022-12-310001571329Investments in Affiliated Portfolio Companies Second Lien/Senior Secured Debt MMI Holdings, LLC Medical Device Distributor Maturity 06/28/20242024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units American Clinical Solutions, LLC - Class A Healthcare2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Neptune BidCo US Inc. Communication Services Interest Rate 10.51% Reference Rate and Spread SOFR +5.00% Floor 0.50% Maturity 04/11/20292023-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:FortisPaymentSystemsLLCMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Lucky Bucks, LLC (Priority First Out) Consumer Discretionary Interest Rate 12.97% Reference Rate and Spread SOFR + 7.65% Floor 1.00% Maturity 10/02/20282024-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2024-03-310001571329Affiliate investments RAM Payment, LLC First Lien Debt2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies2023-12-310001571329Investments 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 MMI Holdings, LLC Medical Device Distributor2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TransNetwork LLC Financials Interest Rate 10.85% Reference Rate and Spread SOFR + 5.50% Floor 0.50% Maturity 11/20/20302023-01-012023-12-310001571329srt:MaximumMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2023-12-310001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO V Ltd. Financials Interest Rate 27.86% Maturity 07/17/20302023-01-012023-12-310001571329us-gaap:EquitySecuritiesMemberlrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMember2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt IDC Infusion Services LLC Healthcare Interest Rate 11.86% Reference Rate and Spread SOFR + 6.50% Floor 0.50% Maturity 07/07/20282024-01-012024-03-310001571329Investments 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 10/18/20282023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation (Revolver) Information Technology Floor 2.00% Maturity 10/26/20262024-01-012024-03-310001571329lrfc:BLSTOperatingCompanyLLCMemberlrfc:OnlineMerchandiseRetailerMember2023-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:TwoThousandAndTwentySixNotesMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation Information Technology Interest Rate13.53% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/26/20262023-12-310001571329lrfc:InvestmentOwnedAtFairValueMemberus-gaap:CollateralizedLoanObligationsMemberlrfc:InvestmentTypeConcentrationRiskMember2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO V Ltd. Financials Interest Rate 27.86% Maturity 07/17/20302023-12-310001571329Investments 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 01/02/20252023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies Joint Ventures Great Lakes Funding II LLC - Series A Financials2024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units GA Communications, Inc. - Series B-1 Advertising & Marketing Services2024-01-012024-03-310001571329lrfc:HealthcareManagementMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO IV Ltd. Financials Maturity 07/17/20292024-01-012024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt EBSC Holdings LLC (Riddell, Inc.) Consumer Discretionary2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Freedom Electronics, LLC Electronic Machine Repair2024-03-310001571329Investments 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 12/22/20282023-12-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Burgaflex Holdings, LLC - Class B Automobile Part Manufacturer2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC Consumer Discretionary Interest Rate 11.53% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/20272023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Orthopaedic (ITC) Buyer, LLC Healthcare Interest Rate 11.95% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 07/31/20282023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International, Inc. (Revolver) Consumer Discretionary Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/20262023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt JO ET Holdings Limited Information Technology Interest Rate18.33% Reference Rate and Spread SOFR + 6.00%, 7.00% PIK Floor 1.00% Maturity 12/15/20262024-01-012024-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class B2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Wealth Enhancement Group, LLC Financials Interest Rate 10.82% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 10/02/20272024-01-012024-03-310001571329Affiliate investments Great Lakes Funding II LLC Series A2024-03-310001571329us-gaap:CommonStockMember2024-03-310001571329Affiliate investments GA Communications, Inc. 2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units South Street Securities Holdings, Inc. - Warrants Financials2023-12-310001571329us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001571329Affiliate investments Great Lakes Funding II LLC2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO IV Ltd. Financials Interest Rate 22.05% Maturity 07/17/20292023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Synamedia Americas Holdings, Inc. Communication Services Interest Rate 13.06% Reference Rate and Spread SOFR + 7.75% Floor 1.00% Maturity 12/05/20282024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Aperture Dodge 18 LLC Financials2023-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Riddell, Inc. Consumer Discretionary Interest Rate 11.33% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 03/29/20292024-03-310001571329srt:DirectorMember2024-01-012024-03-310001571329Investments 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 10/18/20282023-12-310001571329us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units RAM Payment, LLC Financial Services Interest Rate 6.00% PIK2023-01-012023-12-310001571329Investments 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 13.47 Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 06/14/20282024-01-012024-03-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMember2023-01-012023-03-310001571329lrfc:SixMonthMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Sequoia Healthcare Management LLC Healthcare Management Maturity 11/04/20232023-12-310001571329lrfc:InvestmentOwnedAtCostMemberus-gaap:CollateralizedLoanObligationsMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class A2024-03-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Second Lien Debt2023-12-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units RAM Payment, LLC Financial Services Interest Rate 6.00% PIK2024-03-310001571329Investments in Affiliated Portfolio Companies Second Lien/Senior Secured Debt V12 Holdings, Inc. Data Processing & Digital Marketing2023-12-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:FirstLienDebtMemberlrfc:InvestmentTypeConcentrationRiskMember2024-01-012024-03-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units GreenPark Infrastructure, LLC - Series A Industrials2024-03-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units MMI Holdings, LLC Medical Device Distributor2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt American Clinical Solutions, LLC Healthcare Interest Rate 12.50% Reference Rate and Spread SOFR + 7.00%, 5.50% PIK Floor 1.00% Maturity 12/31/20242024-03-310001571329Investments in Affiliated Portfolio Companies Joint Ventures Great Lakes Funding II LLC - Series A Financials2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC (Revolver) Industrials Interest Rate 11.56% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/31/20282024-03-310001571329Affiliate investments RAM Payment, LLC Preferred Units2024-01-012024-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class B2024-01-012024-03-310001571329Affiliate investments MMI Holdings, LLC Second Lien Debt2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Eastport Holdings, LLC Business Services Interest Rate 14.10% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 09/29/20272024-03-310001571329lrfc:AdvertisingAndMarketingServicesMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Tactical Air Support, Inc. Industrials Interest Rate 13.97% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 12/22/20282024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Orthopaedic (ITC) Buyer, LLC Healthcare Interest Rate 11.90% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 07/31/20282024-03-3100015713292024-05-020001571329lrfc:InvestmentAdvisoryAgreementMember2024-01-012024-03-310001571329Affiliate investments Total Affiliate investments2022-12-310001571329lrfc:GeneralIndustrialMember2023-12-310001571329Affiliate investments Nth Degree Investment Group, LLC Membership Units2024-01-012024-03-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Aperture Dodge 18 LLC Financials2024-01-012024-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMembersrt:MinimumMemberlrfc:MeasurementInputRequiredRateOfReturnMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Lucky Bucks, LLC Consumer Discretionary Maturity 05/29/20282023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt RN Enterprises, LLC Healthcare Interest Rate 12.09% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/23/20252024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Freedom Electronics, LLC Electronic Machine Repair2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Morae Global Corporation - Warrants Information Technology2023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMemberlrfc:MeasurementInputRequiredRateOfReturnMembersrt:WeightedAverageMember2023-12-310001571329us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberlrfc:JointVentureMember2023-12-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Morae Global Corporation - Warrants Information Technology2024-03-310001571329Investments 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 Nth Degree Investment Group, LLC Membership Units2022-12-310001571329Affiliate investments RAM Payment, LLC Preferred Units2024-03-310001571329Affiliate investments MMI Holdings, LLC First Lien Debt2023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies Second Lien/Senior Secured Debt2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt STG Logistics. Industrials Interest Rate 11.50% Reference Rate and Spread SOFR + 6.00% Floor 0.75% Maturity 03/24/20282023-01-012023-12-310001571329Affiliate investments GreenPark Infrastructure, LLC Series M-12024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC (Revolver) Consumer Discretionary Interest Rate 11.48% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/20272024-01-012024-03-310001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMember2023-12-310001571329Investments 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 02/28/20292023-01-012023-12-310001571329Investments 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 Symplr Software, Inc. Healthcare Interest Rate 9.91% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/20272024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Wealth Enhancement Group, LLC Financials Interest Rate 11.11% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/02/20272023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AP Core Holdings II, LLC Information Technology Interest Rate 10.94% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 07/21/2027- One2024-01-012024-03-310001571329Affiliate investments Sierra Hamilton Holdings Corporation2023-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:WealthEnhancementGroupLLCMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001571329Investments 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 10/21/20272023-12-310001571329Investments 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 07/01/20272023-01-012023-12-310001571329us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberlrfc:ThreeMonthMember2024-01-012024-03-310001571329lrfc:DataProcessingAndDigitalMarketingMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Critical Nurse Staffing, LLC Healthcare Interest Rate 11.93% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/30/20262024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International, Inc. (Revolver) Consumer Discretionary Interest Rate Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/20262024-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:DelayedDrawTermLoanMemberlrfc:TacticalAirSupportIncMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO IV Ltd. Financials Interest Rate 22.05% Maturity 07/17/20292023-01-012023-12-310001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMember2023-12-310001571329Investments2024-03-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units RAM Payment, LLC Financial Services Interest Rate 6.00% PIK2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt BLST Operating Company, LLC Online Merchandise Retailer Interest Rate 14.94% Reference Rate and Spread SOFR + 8.50%, 13.94% PIK Floor 1.50% Maturity 08/28/20252024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. (Revolver) Financials Interest Rate 9.56% Reference Rate and Spread SOFR + 4.25% Maturity 07/01/20272024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt IDC Infusion Services LLC Healthcare Interest Rate 11.86% Reference Rate and Spread SOFR + 6.50% Floor 0.50% Maturity 07/07/20282024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Tactical Air Support, Inc. Industrials Interest Rate 13.97% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 12/22/20282024-01-012024-03-310001571329Affiliate investments GA Communications, Inc. Series A-1 Preferred Stock2023-12-310001571329us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001571329us-gaap:InvestmentAffiliatedIssuerMember2024-03-310001571329lrfc:ConditionTwoMemberlrfc:InvestmentAdvisoryAgreementMember2024-01-012024-03-310001571329lrfc:HouseholdProductManufacturerMember2024-03-310001571329us-gaap:EquitySecuritiesMemberlrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329Investments 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:TestingLaboratoriesMember2024-03-310001571329Investments 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 Lucky Bucks, LLC (Priority Second Out) Consumer Discretionary Interest Rate 12.97% Reference Rate and Spread SOFR + 7.65% Floor 1.00% Maturity 10/02/20292024-01-012024-03-310001571329lrfc:ControlInvestmentsMember2024-03-310001571329Investments 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 07/02/20292023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Epic Staffing Group Industrials Interest Rate 11.33% Reference Rate and Spread SOFR + 6.00% Floor0.50% Maturity 06/28/20292024-01-012024-03-310001571329Affiliate investments Nth Degree Investment Group, LLC2024-01-012024-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2023-01-012023-03-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2023-01-012023-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Nth Degree Investment Group, LLC Business Services2024-03-310001571329lrfc:NewShareRepurchaseProgramMember2024-01-012024-03-310001571329Investments 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 AP Core Holdings II, LLC Information Technology Interest Rate 10.94% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 07/21/2027- One2024-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMember2023-03-3100015713292024-03-3100015713292023-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:AmericanClinicalSolutionsLLCMember2024-03-310001571329us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMembersrt:WeightedAverageMember2023-12-310001571329us-gaap:AdditionalPaidInCapitalMember2023-12-310001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMember2024-01-012024-03-310001571329lrfc:TwoThousandAndTwentySixNotesMember2023-12-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:FirstLienDebtMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329Investments 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 06/14/20282023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC (Revolver) Consumer Discretionary Interest Rate 11.48% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/20272024-03-310001571329Affiliate investments V12 Holdings, Inc Second Lien Debt2024-03-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units GA Communications, Inc. - Series A-1 Advertising & Marketing Services2023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMemberlrfc:MeasurementInputRequiredRateOfReturnMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Critical Nurse Staffing, LLC Healthcare Interest Rate 11.93% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/30/20262024-01-012024-03-310001571329Investments 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 02/28/20292023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Material Handling Systems, Inc. Industrials Interest Rate 10.83% Reference Rate and Spread SOFR + 5.50% Floor 0.50% Maturity 06/08/20292024-01-012024-03-310001571329lrfc:GreatLakesFundingIILLCSeriesAMember2024-03-310001571329lrfc:TwoThousandAndTwentySixNotesMember2023-01-012023-03-310001571329Affiliate investments MMI Holdings, LLC Second Lien Debt2023-01-012023-12-310001571329Investments 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 12/05/20282023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation Information Technology Interest Rate 13.47% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/26/20262024-03-310001571329Investments 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 First Lien/Senior Secured Debt Dodge Data & Analytics LLC Information Technology Interest Rate 9.78% Reference Rate and Spread SOFR + 4.75% Floor 0.50% Maturity 02/12/20292024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units DxTx Pain and Spine LLC Healthcare2023-01-012023-12-310001571329Investments in Affiliated Portfolio Companies2024-03-310001571329Investments 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 06/28/20292023-12-310001571329us-gaap:AdditionalPaidInCapitalMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC (Revolver) Industrials Interest Rate 11.56% Reference Rate and Spread SOFR + 6.25% Floor 0.75% Maturity 08/31/20282024-01-012024-03-310001571329us-gaap:SubordinatedDebtMember2023-12-310001571329Affiliate investments MMI Holdings, LLC First Lien Debt2022-12-310001571329lrfc:GreatLakesFundingIILLCSeriesAMember2023-12-310001571329lrfc:TwoThousandAndTwentySixNotesMember2023-03-310001571329Investments 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 11/04/20232024-03-310001571329us-gaap:SubordinatedDebtMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Money Transfer Acquisition Inc. Financials Interest Rate 13.71% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/20272023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units American Academy Holdings, LLC Healthcare2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC Healthcare Interest Rate 12.31% Reference Rate and Spread SOFR + 7.00% Floor 1.00% Maturity 12/26/20282024-03-310001571329us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberlrfc:EnterpriseMarketValueApproachValuationTechniqueMembersrt:WeightedAverageMember2024-03-310001571329lrfc:NonControlledAffiliatedInvestmentsMembersrt:MinimumMember2023-12-310001571329Affiliate investments Total Affiliate investments2023-01-012023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMemberlrfc:MeasurementInputRequiredRateOfReturnMembersrt:WeightedAverageMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AIDC Intermediateco 2, LLC (Peak Technologies) Information Technology Interest Rate 11.72% Reference Rate and Spread SOFR + 6.40% Floor 1.00% Maturity 07/22/20272024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Taylor Precision Products, Inc. - Series C Household Product Manufacturer2024-03-310001571329Affiliate investments V12 Holdings, Inc.2023-12-310001571329us-gaap:EquitySecuritiesMemberlrfc:InvestmentOwnedAtFairValueMemberlrfc:InvestmentTypeConcentrationRiskMember2024-01-012024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Synamedia Americas Holdings, Inc. Communication Services Interest Rate 13.06% Reference Rate and Spread SOFR + 7.75% Floor 1.00% Maturity 12/05/20282024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Critical Nurse Staffing, LLC (Revolver) Healthcare Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/30/20262024-01-012024-03-310001571329lrfc:ElectronicMachineRepairMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt American Clinical Solutions, LLC Healthcare Interest Rate 12.50% Reference Rate and Spread SOFR + 7.00%, 5.50% PIK Floor 1.00% Maturity 12/31/20242024-01-012024-03-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units RAM Payment, LLC Financial Services Interest Rate 6.00% PIK2023-12-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units GreenPark Infrastructure, LLC - Series A Industrials2023-01-012023-12-310001571329us-gaap:InvestmentUnaffiliatedIssuerMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Tubular Textile Machinery, Inc. Textile Equipment Manufacturer Interest Rate 5.00% Maturity 10/29/20272023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) Healthcare Interest Rate 13.54% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 06/14/20282023-12-310001571329Investments 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 06/08/20292023-01-012023-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Second Lien Debt2023-01-012023-12-310001571329Affiliate investments Burgaflex Holdings, LLC2023-12-310001571329lrfc:GreenParkInfrastructureLLCSeriesM1Memberlrfc:CommonStockAndMembershipUnitsMember2023-12-310001571329us-gaap:RevolvingCreditFacilityMemberlrfc:FirstLienSeniorSecuredDebtMemberlrfc:CriticalNurseStaffingLLCMember2023-12-310001571329country:US2023-12-310001571329us-gaap:FairValueInputsLevel3Member2024-01-012024-03-310001571329Affiliate investments MMI Holdings, LLC First Lien Debt2024-03-310001571329lrfc:BusinessServicesMember2023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMemberlrfc:MeasurementInputRequiredRateOfReturnMember2024-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:MeasurementInputBrokerDealerQuotesMemberlrfc:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt JO ET Holdings Limited Information Technology Interest Rate18.33% Reference Rate and Spread SOFR + 6.00%, 7.00% PIK Floor 1.00% Maturity 12/15/20262024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units MicroHoldco, LLC General Industrial2024-01-012024-03-310001571329lrfc:OnlineMerchandiseRetailerMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Ivanti Software, Inc. Information Technology Interest Rate 12.84% Reference Rate and Spread SOFR + 7.25% Floor 0.50% Maturity 12/01/20282024-01-012024-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2022-12-310001571329lrfc:ConditionTwoMemberlrfc:InvestmentAdvisoryAgreementMembersrt:MinimumMember2024-01-012024-03-310001571329Affiliate investments GA Communications, Inc.2024-03-310001571329us-gaap:EquitySecuritiesMember2023-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:MeasurementInputBrokerDealerQuotesMemberlrfc:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMember2024-03-310001571329us-gaap:PrimeRateMember2024-01-012024-03-310001571329lrfc:DividendDeclaredMarchElevenTwoThousandTwentyFourMember2024-01-012024-03-310001571329us-gaap:RevolvingCreditFacilityMemberlrfc:FirstLienSeniorSecuredDebtMemberlrfc:BetaNxtIncMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation (Revolver) Information Technology Floor 2.00% Maturity 10/26/20262024-03-310001571329us-gaap:CommonStockMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units American Academy Holdings, LLC Healthcare2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Orthopaedic (ITC) Buyer, LLC Healthcare Interest Rate 11.95% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 07/31/20282023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt South Street Securities Holdings, Inc. Financials Interest Rate 9.00% Maturity 09/20/20272023-12-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMember2023-01-012023-03-310001571329Affiliate investments GA Communications, Inc. Series B-1 Common Stock2023-12-310001571329lrfc:WealthEnhancementGroupLLCMemberlrfc:FirstLienSeniorSecuredDebtMemberus-gaap:RevolvingCreditFacilityMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Lucky Bucks, LLC Consumer Discretionary Maturity 05/29/20282023-12-310001571329lrfc:FirstLienDebtMember2023-12-310001571329Affiliate investments GreenPark Infrastructure, LLC Series A2024-03-310001571329Affiliate investments Great Lakes Funding II LLC2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Wealth Enhancement Group, LLC Financials Interest Rate 11.11% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/02/20272023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Critical Nurse Staffing, LLC (Revolver) Healthcare Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/30/20262024-03-310001571329Affiliate investments GA Communications, Inc. Series A-1 Preferred Stock2024-01-012024-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class A2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units BLST Operating Company, LLC - Class A Online Merchandise Retailer2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AIDC Intermediateco 2, LLC (Peak Technologies) Information Technology Interest Rate 11.80% Reference Rate and Spread SOFR + 6.40% Floor 1.00% Maturity 07/22/20272023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Taylor Precision Products, Inc. - Series C Household Product Manufacturer2023-01-012023-12-310001571329lrfc:MedicalDeviceDistributorMember2024-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International, Inc. Consumer Discretionary Interest Rate 11.18% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/20272024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO IV Ltd. Financials Maturity 07/17/20292024-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2023-12-310001571329us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc Financials Interest Rate 11.05% Reference Rate and Spread SOFR + 5.75% Maturity 07/02/20292024-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class A2023-12-310001571329Investments in Affiliated Portfolio Companies First Lien/Senior Secured Debt MMI Holdings, LLC Medical Device Distributor Maturity 06/28/20242024-01-012024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units2024-03-310001571329Affiliate investments Great Lakes Funding II LLC2023-01-012023-12-310001571329us-gaap:RevolvingCreditFacilityMemberlrfc:FirstLienSeniorSecuredDebtMemberlrfc:CriticalNurseStaffingLLCMember2024-03-310001571329lrfc:InvestmentAdvisoryAgreementMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units2024-03-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:PhyNetDermatologyLLCMemberlrfc:DelayedDrawTermLoanMember2023-12-310001571329srt:MinimumMember2024-01-012024-03-310001571329Investments 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 Lucky Bucks, LLC (Priority Second Out) Consumer Discretionary Interest Rate 13.03% Reference Rate and Spread SOFR + 7.65% Floor 1.00%Maturity 10/02/20292023-12-310001571329Investments in Affiliated Portfolio Companies Second Lien/Senior Secured Debt V12 Holdings, Inc. Data Processing & Digital Marketing2024-03-310001571329lrfc:InformationTechnologyMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units BLST Operating Company, LLC - Class A Online Merchandise Retailer2023-01-012023-12-310001571329us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberlrfc:ThreeMonthMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt IJKG OpCo, LLC Healthcare Interest Rate 13.43% Reference Rate and Spread SOFR + 8.00% Floor 3.00% Maturity 11/04/20232024-01-012024-03-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units GA Communications, Inc. - Series A-1 Advertising & Marketing Services2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AIDC Intermediateco 2, LLC (Peak Technologies) Information Technology Interest Rate 11.72% Reference Rate and Spread SOFR + 6.40% Floor 1.00% Maturity 07/22/20272024-01-012024-03-310001571329Investments 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 12/23/20282024-03-310001571329us-gaap:AdditionalPaidInCapitalMember2022-12-310001571329us-gaap:LineOfCreditMember2024-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMember2024-03-310001571329lrfc:AutomobilePartManufacturerMember2023-12-310001571329Investments 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 10/21/20272023-01-012023-12-310001571329us-gaap:FairValueInputsLevel3Member2023-01-012023-03-310001571329Investments 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 11/04/20232023-01-012023-12-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2023-12-310001571329Affiliate investments RAM Payment, LLC First Lien Debt2023-12-310001571329Affiliate investments RAM Payment, LLC First Lien Debt One2023-01-012023-12-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units American Clinical Solutions, LLC - Class A Healthcare2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt STG Logistics. Industrials Interest Rate 11.45% Reference Rate and Spread SOFR + 6.00% Floor 0.75% Maturity 03/24/20282024-01-012024-03-310001571329lrfc:TwoThousandAndTwentySixNotesMember2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Florida Food Products, LLC Consumer Staples Interest Rate 10.33% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/18/20282024-01-012024-03-310001571329srt:MinimumMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Sequoia Healthcare Management LLC Healthcare Management Maturity 11/04/20232023-01-012023-12-310001571329lrfc:TwoThousandAndTwentySixNotesMember2024-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units DxTx Pain and Spine LLC Healthcare2023-12-310001571329lrfc:CapitalaBusinessLendingLLCMemberlrfc:KeyBankCreditFacilityMember2022-05-100001571329us-gaap:InvestmentAffiliatedIssuerMember2023-12-310001571329lrfc:SecondLienDebtMember2023-12-310001571329lrfc:FirstLienSeniorSecuredDebtMemberlrfc:AmericanClinicalSolutionsLLCMember2023-12-310001571329Investments 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 12/26/20282023-12-310001571329lrfc:ConditionOneMemberlrfc:InvestmentAdvisoryAgreementMembersrt:MinimumMember2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units American Clinical Solutions, LLC - Class A Healthcare2024-01-012024-03-310001571329Investments in Affiliated Portfolio Companies Second Lien/Senior Secured Debt V12 Holdings, Inc. Data Processing & Digital Marketing2024-01-012024-03-310001571329lrfc:ControlledAffiliatedInvestmentsMembersrt:MinimumMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Freedom Electronics, LLC Electronic Machine Repair2023-12-310001571329us-gaap:HealthcareSectorMember2024-03-310001571329us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Epic Staffing Group Industrials Interest Rate 11.33% Reference Rate and Spread SOFR + 6.00% Floor0.50% Maturity 06/28/20292024-03-310001571329lrfc:ChairmanMember2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Symplr Software, Inc. Healthcare Interest Rate 9.98% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/20272023-01-012023-12-310001571329Affiliate investments GA Communications, Inc. Series B-1 Common Stock2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Ivanti Software, Inc. Information Technology Interest Rate 12.84% Reference Rate and Spread SOFR + 7.25% Floor 0.50% Maturity 12/01/20282024-03-3100015713292024-03-312024-03-310001571329Affiliate investments Burgaflex Holdings, LLC Common Stock Class B2023-12-310001571329Investments 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 13.47 Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 06/14/20282024-03-310001571329Investments in Affiliated Portfolio Companies Second Lien/Senior Secured Debt MMI Holdings, LLC Medical Device Distributor Maturity 06/28/20242023-01-012023-12-310001571329Affiliate investments RAM Payment, LLC First Lien Debt One2023-12-310001571329us-gaap:CommonStockMember2023-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units DxTx Pain and Spine LLC Healthcare2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt IDC Infusion Services LLC Healthcare Interest Rate 11.98% Reference Rate and Spread SOFR + 6.50% Floor 0.50% Maturity 07/07/20282023-12-310001571329Affiliate investments MMI Holdings, LLC Preferred Units2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare Interest Rate 16.44% Reference Rate and Spread SOFR + 5.75%,5.25% PIK Floor 1.00% Maturity 01/01/20252024-03-310001571329lrfc:ConditionOneMemberlrfc:InvestmentAdvisoryAgreementMember2024-01-012024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Tubular Textile Machinery, Inc. Textile Equipment Manufacturer Interest Rate 5.00% Maturity 10/29/20272023-12-310001571329Affiliate investments RAM Payment, LLC First Lien Debt One2022-12-310001571329lrfc:NonControlledAffiliatedInvestmentsMembersrt:MinimumMember2024-03-310001571329us-gaap:FairValueInputsLevel3Memberlrfc:FirstLienDebtMember2024-03-310001571329lrfc:FinancialsMember2023-12-310001571329Investments in Affiliated Portfolio Companies Joint Ventures2024-03-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Common Stock2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Lucky Bucks, LLC Consumer Discretionary2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units South Street Securities Holdings, Inc. - Warrants Financials2024-03-310001571329srt:MaximumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMemberlrfc:MeasurementInputRequiredRateOfReturnMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Premier Imaging, LLC Healthcare Interest Rate 11.56% Reference Rate and Spread SOFR +6.00% Floor 1.00% Maturity 01/02/20252024-01-012024-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AP Core Holdings II, LLC Information Technology Interest Rate 10.97% Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 07/21/2027 One2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units MicroHoldco, LLC General Industrial2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations2023-12-310001571329us-gaap:CommonStockMember2023-01-012023-03-310001571329us-gaap:ConvertibleDebtSecuritiesMemberlrfc:TwoThousandAndThirtyTwoConvertibleNotesMember2024-01-012024-03-310001571329lrfc:InvestmentOwnedAtFairValueMemberlrfc:FirstLienDebtMemberlrfc:InvestmentTypeConcentrationRiskMember2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units American Academy Holdings, LLC Healthcare2023-01-012023-12-310001571329Affiliate investments V12 Holdings, Inc. Second Lien Debt2024-03-310001571329Investments 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 01/01/20252023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt South Street Securities Holdings, Inc. Financials Interest Rate 9.00% Maturity 09/20/20272024-03-310001571329Investments 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:CapitalaBusinessLendingLLCMemberlrfc:OneMTermSOFRMember2024-01-012024-03-310001571329us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberlrfc:EnterpriseMarketValueAndAssetApproachValuationTechniqueMember2023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt2024-03-310001571329Investments 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 First Lien/Senior Secured Debt Morae Global Corporation (Revolver) Information Technology Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/26/20262023-12-310001571329Affiliate investments GreenPark Infrastructure, LLC Series M-12022-12-310001571329lrfc:GreatLakesFundingIILLCSeriesAMemberlrfc:JointVentureMember2023-12-310001571329Investments in Affiliated Portfolio Companies Joint Ventures Great Lakes Funding II LLC - Series A Financials2023-01-012023-12-310001571329Affiliate investments GreenPark Infrastructure, LLC2023-12-310001571329Affiliate investments Sierra Hamilton Holdings Corporation Common Stock2024-01-012024-03-310001571329Investments in Affiliated Portfolio Companies Common Stock and Membership Units Sierra Hamilton Holdings Corporation Oil & Gas Engineering and Consulting Services2023-12-310001571329us-gaap:DebtMember2023-12-310001571329Investments 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 12/23/20252023-12-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units2024-03-310001571329lrfc:TwoThousandAndTwentySixNotesMember2023-12-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMemberus-gaap:SubordinatedDebtMember2023-01-012023-12-310001571329Affiliate investments MMI Holdings, LLC2024-03-310001571329Investments in Affiliated Portfolio Companies Preferred Stock and Units MMI Holdings, LLC Medical Device Distributor2024-03-310001571329lrfc:TwoThousandAndThirtyTwoConvertibleNotesMemberlrfc:PurchaseAgreementMember2024-01-012024-03-310001571329Investments 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 11/23/20272023-01-012023-12-310001571329us-gaap:DebtMember2024-03-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) Healthcare Interest Rate 13.48% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 06/14/20282024-03-310001571329us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberlrfc:SecondLienDebtMembersrt:MinimumMemberlrfc:MeasurementInputRequiredRateOfReturnMember2023-12-310001571329Affiliate investments GreenPark Infrastructure, LLC Series A2022-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Tubular Textile Machinery, Inc. Textile Equipment Manufacturer Interest Rate 5.00% Maturity 10/29/20272024-01-012024-03-310001571329us-gaap:FairValueInputsLevel3Member2022-12-310001571329lrfc:GeneralIndustrialMember2024-03-310001571329lrfc:DividendDeclaredMarchElevenTwoThousandTwentyFourMember2024-03-310001571329lrfc:InvestmentOwnedAtCostMemberlrfc:InvestmentTypeConcentrationRiskMemberus-gaap:SubordinatedDebtMember2024-01-012024-03-310001571329Affiliate investments Great Lakes Funding II LLC Series A2023-01-012023-12-310001571329Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt BLST Operating Company, LLC Online Merchandise Retailer Interest Rate 14.94% Reference Rate and Spread SOFR + 8.50%, 13.94% PIK Floor 1.50% Maturity 08/28/20252024-01-012024-03-310001571329Investments 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 11/23/20262023-01-012023-12-31iso4217: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, 2024

¨

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

 

 

Commission file number: 814-01022

 

 

 

 

 

 

 

 

 

Logan Ridge Finance Corporation

 

 

 

 

(Exact Name of Registrant as Specified in its Charter)

 

 

Maryland

90-0945675

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

650 Madison Avenue, 23rd Floor

New York, New York 10022

(Address of Principal Executive Offices, Including Zip Code)

(212) 891-2880

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

 

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 2, 2024 was 2,675,998.

 

 

 


 

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, 2024 (unaudited) and December 31, 2023

3

Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited)

4

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2024 and 2023 (unaudited)

5

Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited)

6

Consolidated Schedules of Investments as of March 31, 2024 (unaudited) and December 31, 2023

7

Notes to Consolidated Financial Statements as of and for the period ended March 31, 2024 (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

40

 

Item 4.

Mine Safety Disclosures

40

 

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,
2024

 

 

As of December 31,
2023

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

Non-control/non-affiliate investments (amortized cost of $180,798 and $170,972, respectively)

 

$

167,802

 

 

$

161,880

 

Affiliate investments (amortized cost of $25,509 and $25,546, respectively)

 

 

32,320

 

 

 

27,778

 

Total investments at fair value (amortized cost of $206,307 and $196,518, respectively)

 

 

200,122

 

 

 

189,658

 

Cash and cash equivalents

 

 

8,335

 

 

 

3,893

 

Interest and dividend receivable

 

 

1,865

 

 

 

1,374

 

Prepaid expenses

 

 

2,013

 

 

 

2,163

 

Receivable for unsettled trades

 

 

167

 

 

 

 

Distribution paid in advance to transfer agent

 

 

855

 

 

 

 

Other assets

 

 

17

 

 

 

 

Total assets

 

$

213,374

 

 

$

197,088

 

LIABILITIES

 

 

 

 

 

 

2026 Notes (net of deferred financing costs and original issue discount of $967 and $1,057, respectively)

 

$

49,033

 

 

$

48,943

 

2032 Convertible Notes (net of deferred financing costs and original issue discount of $910 and $999, respectively)

 

 

13,090

 

 

 

14,001

 

KeyBank Credit Facility (net of deferred financing costs of $897 and $982, respectively)

 

 

52,018

 

 

 

38,571

 

Management and incentive fees payable

 

 

893

 

 

 

869

 

Distribution payable

 

 

856

 

 

 

 

Interest and financing fees payable

 

 

1,441

 

 

 

949

 

Accounts payable and accrued expenses

 

 

1,289