10-K 1 gecc-20231231.htm 10-K 10-K
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Newark DE 19715 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/20212022-01-012022-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Industry Internet Media Security 1st Lien Secured Revolver Interest Rate 3M SOFR + 4.50% 4.50% Floor (10.11%) Initial Acquisition Date 01/29/2019 Maturity 06/14/20242023-01-012023-12-310001675033gecc:CasinosAndGamingMember2023-12-310001675033Vi-Jon 8800 Page Avenue St. Louis, MO 63114 Consumer Products Security 1st Lien Secured Loan Interest Rate 1M SOFR2023-12-310001675033gecc:GecclNotesMember2017-09-290001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMembergecc:CommonEquityFivePercentageOfClassMember2022-01-012022-12-310001675033Maverick Gaming LLC 12530 NE 144th Street Kirkland WA 98034 Industry Casinos & Gaming Security 1st Lien Secured Loan Interest Rate 3M 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(SPAC) & De-SPAC Companies Live Oak Mobility Acquisition Corp 4921 William Arnold Road Memphis TN 38117 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Tech and Energy Transition Corporation 125 West 55th Street New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/17/20212022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMembergecc:CommonEquityFivePercentageOfClassMember2023-01-012023-12-310001675033gecc:NonAffiliatedNonControlledInvestmentsMember2023-01-012023-12-310001675033us-gaap:IncomeApproachValuationTechniqueMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembersrt:MinimumMember2023-12-310001675033gecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMemberus-gaap:SeniorNotesMember2022-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan C Interest Rate 1M SOFR + 12.95%, 13.95% Floor (18.42%), (9.42% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262023-01-012023-12-310001675033us-gaap:RevolvingCreditFacilityMembergecc:CityNationalBankMember2021-05-052021-05-050001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033srt:MaximumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquityFundsMembergecc:EquityFundsFourMemberus-gaap:FairValueInputsLevel3Member2022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:CommonStockMembergecc:PFSHoldingsCorpMember2022-12-310001675033Prestige Capital Finance LLC 400 Kelby St 10th Floor Fort Lee NJ 07024 Specialty Finance Common Equity Initial Acquisition Date 02/08/20192022-01-012022-12-310001675033Par Petroleum LLC 825 Town & Country Lane Suite 1500 Houston TX 77024 Oil & Gas Refining 1st Lien Secured Bond Interest Rate 12.88% Initial Acquisition Date 05/17/2022 Maturity 01/15/20262022-12-310001675033Research Now Group Inc. 5800 Tennyson Parkway Suite 600 Plano TX 75024 Industry Internet Media Security 2nd Lien, Secured Loan Interest Rate 3M SOFR + 9.50%, 10.50% Floor (15.14%) Initial Acquisition Date 05/20/2019 Maturity 12/20/20252023-12-310001675033gecc:InternetMediaMember2022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:AvantiCommunicationsGroupPLCMember2022-01-012022-12-310001675033gecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMemberus-gaap:UnsecuredDebtMember2022-12-310001675033AgroFresh Inc One Washington Square 510-530 Walnut Street Suite 1350 Philadelphia PA 19106 Chemicals Interest Rate 1 Month LIBOR + 6.25% 7.25 % Floor 10.63% Acquisition Date 03/31/2021 Maturity Date 12/31/20242022-12-310001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroNotesDueTwoThousandTwentyTwoMember2018-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2022-12-310001675033Equitrans Midstream Corp 2200 Energy Drive Canonsburg PA 15317 Energy Midstream Preferred Equity Interest Rate 9.75% Initial Acquisition Date 07/01/20212022-01-012022-12-310001675033Lummus Technology Holdings 5825 N. Sam Houston Parkway West #600 Houston TX 77086 Chemicals Security Unsecured Bond Interest Rate 9.00% Initial Acquisition Date 05/17/2022 Maturity 07/01/20282023-01-012023-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:OnePointTwoFiveLienSecuredLoanMembergecc:AvantiCommunicationsGroupPLCMember2021-12-310001675033us-gaap:MeasurementInputPriceVolatilityMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembergecc:EquityFundsSevenMember2022-12-310001675033Sterling Commercial Credit LLC 10153 Grand River Rd Brighton MI 48116 Specialty Finance Common Equity Initial Acquisition Date 02/03/20222022-12-310001675033gecc:GreatElmCapitalManagementIncorporationMember2022-04-012023-12-310001675033One-month LIBOR2022-01-012022-12-310001675033ADS Tactical, Inc. 621 Lynnhaven Parkway Suite 160 Virginia Beach, VA 23452 Defense Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 5.75%, 6.75% Floor (11.22%) Initial Acquisition Date 11/28/2023 Maturity 03/19/20262023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Tech and Energy Transition Corporation 125 West 55th Street New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/17/20212022-01-012022-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Promissory Note Initial Acquisition Date 09/30/2022 Maturity 09/30/20292023-01-012023-12-310001675033Vantage Specialty Chemicals Inc 1751 Lake Cook Rd Suite 550 Deerfield IL 60015 Chemicals 2nd Lien Secured Loan Interest Rate 3 Month LIBOR2022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:CommonEquitySixtyThreePercentageOfClassMembergecc:LendersFundingLLCMember2022-01-012022-12-310001675033Vector Group Ltd 4400 Biscayne Blvd Miami FL 33137 Food & Staples Unsecured Bond Interest Rate 10.50% Initial Acquisition Date 07/08/2022 Maturity 11/01/20262022-12-310001675033Great Elm Specialty Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Security Subordinated Note Interest Rate 13.00% Initial Acquisition Date 09/01/2023 Maturity 06/30/20262023-01-012023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SubordinatedNoteMembergecc:LendersFundingLLCMember2022-01-012022-12-310001675033srt:MaximumMemberus-gaap:EquityFundsMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membergecc:EquityFundsTwoMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fast Radius Inc 113 N May St Chicago IL 60607 Industrial Warrants Initial Acquisition Date 02/09/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pear Therapeutics Inc 200 State Street 13th Floor Boston MA 02109 Technology Warrants Initial Acquisition Date 02/02/20212022-01-012022-12-310001675033First Brands Inc. 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 1st Lien Secured Loan Interest Rate 6M SOFR + 5.00% 6.00% Floor (10.88%) Initial Acquisition Date 06/09/2023 Maturity 03/30/20272023-12-310001675033us-gaap:FairValueInputsLevel2Memberus-gaap:DebtMember2023-12-310001675033gecc:TotalShortTermInvestmentsMember2023-12-310001675033us-gaap:EquityFundsMember2023-12-310001675033gecc:TransportationEquipmentManufacturingMember2023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:GreatElmSpecialtyFinanceMember2023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Forest Road Acquisition Corp II 1177 Avenue of the Americas 5th Floor New York NY 10036 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-01-012022-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Membergecc:EquityFundsTwoMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310001675033gecc:GreatElmHealthcareFinancingLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001675033us-gaap:SubsequentEventMember2024-03-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security Warrants Initial Acquisition Date 02/24/20212023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Iris Acquisition Corp 2700 19th Street San Francisco CA 94110 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-01-012022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMember2021-12-310001675033Lummus Technology Holdings 5825 N. Sam Houston Parkway West #600 Houston TX 77086 Chemicals Unsecured Bond Interest Rate 9.00% Initial Acquisition Date 05/17/2022 Maturity 07/01/20282022-12-310001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance 1st Lien Secured Revolver Interest Rate Prime + 1.25% 1.25% Floor (8.75%) Initial Acquisition Date 09/20/2021 Maturity 09/20/20232022-12-310001675033Crestwood Equity Partners LP 811 Main Street Suite 3400 Houston TX 77002 Energy Midstream Preferred Equity Interest Rate 9.25% Initial Acquisition Date 06/19/20202022-12-310001675033Eagle Point Credit Company Inc 600 Steamboat Road Suite 202 Greenwich CT 06830 Closed-End Fund Common Stock Initial Acquisition Date 08/18/20222022-01-012022-12-310001675033Blue Ribbon LLC 110 E Houston St.San Antonio TX 78205 Food & Staples Security 1st Lien Secured Loan Interest Rate 3M SOFR + 6.00% 6.75% Floor (11.63%) Initial Acquisition Date 02/06/2023 Maturity 05/07/20282023-01-012023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FTAC Hera Acquisition Corp 2929 Arch Street Suite 1703 Quakertown PA 19104 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/04/20212022-12-310001675033gecc:CommonEquityEightyEightPercentageOfClassMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:GreatElmSpecialtyFinanceMember2023-01-012023-12-310001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2021-06-230001675033gecc:ControlledInvestmentsPIKMember2023-01-012023-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMembergecc:FirstLienSecuredLoanMember2023-12-310001675033gecc:EnergyServicesMember2023-12-310001675033gecc:AffiliatedInvestmentsMember2021-01-012021-12-310001675033Prestige Capital Finance LLC 400 Kelby St 10th Floor Fort Lee NJ 07024 Specialty Finance Common Equity Initial Acquisition Date 02/08/20192022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies L Catterton Asia Acquisition C 8 Marina View Asia Square Tower 1 No 41-03 Singapore 018960 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/20212022-01-012022-12-310001675033gecc:GeccmNotesMember2018-01-112018-01-110001675033Newfold Digital Inc 5335 Gate Parkway Jacksonville FL 32256 Internet Media Unsecured Bond Interest Rate 6.00% Initial Acquisition Date 06/28/2022 Maturity 02/15/20292022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies New Vista Acquisition Corp 125 South Wacker Drive Suite 300 Chicago IL 60606 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/17/20212022-12-3100016750332023-06-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 1M SOFR + 16.00% 17.25% Floor (21.46%) Initial Acquisition Date 01/31/2023 Maturity 02/24/20252023-12-310001675033gecc:ConsumerProductsMember2023-12-310001675033Short-Term Investments United States Treasury Short-Term Investments Treasury Bill Interest Rate 0.00% Initial Acquisition Date 12/30/2022 Maturity 03/31/20232022-01-012022-12-310001675033gecc:AffiliatedInvestmentsPIKMember2022-01-012022-12-310001675033us-gaap:UnsecuredDebtMembergecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMember2023-12-310001675033gecc:AffiliatedInvestmentsPIKMember2021-01-012021-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-12-310001675033gecc:HospitalityMember2022-12-310001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroNotesDueTwoThousandTwentyTwoMember2019-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ross Acquisition Corp II 1 Pelican Lane Palm Beach FL 33480 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/12/20212022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembersrt:MinimumMember2022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:CommonEquityNinePercentageOfClassMembergecc:AvantiCommunicationsGroupPLCMember2022-01-012022-12-310001675033us-gaap:FairValueInputsLevel2Member2023-01-012023-12-310001675033Crestwood Equity Partners LP 811 Main Street Suite 3400 Houston TX 77002 Energy Midstream Preferred Equity Interest Rate 9.25% Initial Acquisition Date 06/19/20202022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Cartesian Growth Corporation 505 5th Avenue 15th Floor New York NY 10017 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/24/20212022-01-012022-12-3100016750332021-01-012021-12-310001675033us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembergecc:CityNationalBankMember2021-05-052021-05-050001675033First Brands Inc.3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 2nd Lien Secured Loan Interest Rate 6M SOFR + 8.50% 9.50% Floor (14.38%) Initial Acquisition Date 03/24/2021 Maturity 03/30/20282023-01-012023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fathom Digital Manufacturing Corporation 1050 Walnut Ridge Drive Hartland WI 53029 Industrial Warrants Initial Acquisition Date 02/05/20212022-01-012022-12-3100016750332022-07-012022-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Jaws Mustang Acquisition Corporation 1601 Washington Avenue Suite 800 Miami Beach FL 33139 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/02/20212022-01-012022-12-310001675033gecc:GreatElmHealthcareFinanceLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquityMember2022-12-310001675033Vantage Specialty Chemicals, Inc. 1751 Lake Cook Rd., Suite 550 Deerfield IL 60015 Chemicals Security 1st Lien Secured Loan Interest Rate 1M SOFR + 4.75% 5.25% Floor (10.11%) Initial Acquisition Date 03/03/2023 Maturity 10/26/20262023-12-310001675033United Insurance Holdings Corp 800 2nd Avenue S. Saint Petersburg FL 33701 Insurance Unsecured Bond Interest Rate 7.25% Initial Acquisition Date 12/20/2022 Maturity 12/15/20272022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Allego N.V. Industriepark Kleefse Waard Westervoortsedijk 73 KB 6827 AV Arnhem The Netherlands Transportation Equipment Manufacturing Warrants Initial Acquisition Date 03/17/20212022-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Secured Loan B Interest Rate 3M SOFR + 10.04% 11.04% Floor (14.40%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272022-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Industry Internet Media Security 1st Lien Secured Revolver Interest Rate 3M SOFR + 4.50% 4.50% Floor (10.11%) Initial Acquisition Date 01/29/2019 Maturity 06/14/20242023-12-310001675033Perforce Software Inc 400 First Avenue North #200 Minneapolis MN 55401 Technology 1st Lien Secured Revolver Interest Rate Prime + 3.25% 3.25% Floor (10.75%) Initial Acquisition Date 01/24/2020 Maturity 07/01/20242022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Forum Merger IV Corp 1615 South Congress Avenue Suite 103 Delray Beach FL 33445 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/18/20212022-01-012022-12-310001675033ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 2nd Lien Secured Loan Interest Rate 1M L + 7.75% 8.50% Floor (12.07%) Initial Acquisition Date 09/21/2022 Maturity 11/24/20282022-01-012022-12-310001675033gecc:EnergyMidstreamMember2023-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:CommonStockMembergecc:PFSHoldingsCorpMember2023-01-012023-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Warrants Initial Acquisition Date 09/30/20212022-01-012022-12-310001675033Short-Term Investments MFB Northern Inst Funds Treas Portfolio Premier CL Short-Term Investments Money Market Interest Rate 0.00% Initial Acquisition Date 10/26/20232023-12-310001675033Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 Industry Apparel Security 1st Lien Secured Loan Interest Rate 3 Month SOFR + 7.00%, 8.00% Floor (12.61%) Initial Acquisition Date 06/30/2021 Maturity 07/15/20272023-12-310001675033gecc:ControlledInvestmentsMember2022-01-012022-12-310001675033gecc:GreatElmHealthcareFinancingLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SubordinatedNoteMember2023-01-012023-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001675033NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Energy Midstream Preferred Equity Interest Rate 3M L + 6.77% 6.77% Floor (11.41%) Initial Acquisition Date 12/22/20222022-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Security Secured Loan B Interest Rate 3M SOFR2023-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2022-12-310001675033gecc:ChemicalsMember2022-12-310001675033United Insurance Holdings Corp 800 2nd Avenue S. Saint Petersburg FL 33701 Insurance Unsecured Bond Interest Rate 7.25% Initial Acquisition Date 12/20/2022 Maturity 12/15/20272022-01-012022-12-310001675033PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach FL 33139 Specialty Finance Term Loan Interest Rate Prime2022-12-310001675033Lummus Technology Holdings 5825 N. Sam Houston Parkway West #600 Houston TX 77086 Chemicals Unsecured Bond Interest Rate 9.00% Initial Acquisition Date 05/17/2022 Maturity 07/01/20282022-01-012022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMemberus-gaap:EquityMember2023-01-012023-12-3100016750332020-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Dave Inc 750 N. San Vicente Blvd 900W West Hollywood CA 90069 Consumer Finance Warrants Initial Acquisition Date 03/05/20212022-01-012022-12-310001675033gecc:CommonEquityEightySevenPointFivePercentageOfClassMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:GreatElmSpecialtyFinanceMember2023-01-012023-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembergecc:DebtInstrumentOneMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Terran Orbital Corporation 6800 Broken Sound Pkwy NW Suite 200 Boca Raton FL 33487 Communications Equipment Warrants Initial Acquisition Date 02/19/20212022-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan C Interest Rate 3M L + 11.69% 12.69% Floor (17.92%) (8.92% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262022-12-310001675033Great Elm Healthcare Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Common Equity Initial Acquisition Date 11/17/20222022-12-310001675033gecc:GreatElmCapitalManagementIncorporationMember2022-01-012022-12-310001675033srt:MinimumMember2023-01-012023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pivotal Investment Corp III The Chrysler Building 405 Lexington Avenue 11th Floor New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/09/20212022-12-310001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples 1st Lien Secured Loan Interest Rate 1 Month LIBOR2022-12-310001675033us-gaap:FairValueInputsLevel3Membergecc:AssetRecoveryLiquidationValuationTechniqueMemberus-gaap:DebtMember2023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies TLG Acquisition One Corp 515 North Flagler Drive Suite 520 West Palm Beach FL 33401 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/28/20212022-01-012022-12-310001675033us-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMemberus-gaap:SeniorNotesMember2021-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Freedom Acquisition I Corp 14 Wall Street 20th Floor New York NY 10005 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/26/20212022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033us-gaap:TechnologySectorMember2022-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 01/29/2019 Maturity 06/14/20242022-12-310001675033us-gaap:FairValueInputsLevel1Member2022-12-310001675033gecc:GeccnNotesMember2019-06-182019-06-180001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ares Acquisition Corp 245 Park Avenue 44th Floor New York NY 10167 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/02/20212022-01-012022-12-310001675033APTIM Corp 4171 Essen Lane Baton Rouge LA 70809 Industrial 1st Lien Secured Bond Interest Rate 7.75% Initial Acquisition Date 03/28/2019 Maturity 06/15/20252022-01-012022-12-310001675033gecc:SubjectToCapitalGainIncentiveFeeMember2023-01-012023-12-310001675033gecc:MetalsAndMiningMember2023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Warburg Pincus Capital Corp I-B 450 Lexington Avenue New York NY 10017 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-12-310001675033Maverick Gaming LLC 12530 NE 144th Street Kirkland WA 98034 Industry Casinos & Gaming Security 1st Lien Secured Loan Interest Rate 3M SOFR + 7.50%, 8.50% Floor (13.15%) Initial Acquisition Date 11/16/2021 Maturity 09/03/20262023-01-012023-12-310001675033srt:MaximumMember2023-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMember2023-12-310001675033us-gaap:RevolvingCreditFacilityMemberus-gaap:SeniorNotesMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Allego N.V. Industriepark Kleefse Waard Westervoortsedijk 73 KB 6827 AV Arnhem The Netherlands Transportation Equipment Manufacturing Warrants Initial Acquisition Date 03/17/20212022-01-012022-12-310001675033srt:MaximumMemberus-gaap:IncomeApproachValuationTechniqueMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2022-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:DebtMemberus-gaap:ValuationTechniqueOptionPricingModelMember2022-12-310001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2023-01-012023-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Security Secured Loan A Interest Rate 3M SOFR2023-12-3100016750332023-03-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membergecc:DebtInstrumentFourMemberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2022-12-310001675033gecc:GecczNotesMember2023-08-162023-08-160001675033gecc:GreatElmCapitalManagementIncorporationMember2023-12-3100016750332019-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquityMembergecc:GreatElmSpecialtyFinanceMember2023-01-012023-12-310001675033Sprout Holdings LLC 90 Merrick Ave East Meadow NY 11554 Specialty Finance Term Loan Interest Rate 11.50% Initial Acquisition Date 06/23/2021 Maturity 06/23/20232022-12-310001675033us-gaap:FairValueInputsLevel2Member2022-01-012022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:OnePointFiveLienSecuredLoanMembergecc:AvantiCommunicationsGroupPLCMember2022-01-012022-12-310001675033gecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMember2023-01-012023-12-310001675033gecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMember2023-09-072023-09-0700016750332021-09-200001675033gecc:BiotechnologyMember2022-12-310001675033Foresight Energy 211 North Broadway Suite 2600 St Louis MO 63102 Metals & Mining 1st Lien Secured Loan Interest Rate 3 Month LIBOR2022-12-3100016750332023-07-012023-09-300001675033us-gaap:FairValueInputsLevel3Membergecc:BrokerQuotesValuationTechniqueMemberus-gaap:DebtMember2022-12-310001675033Foresight Energy 211 North Broadway Suite 2600 St Louis MO 63102 Metals & Mining 1st Lien Secured Loan Interest Rate 3M L + 8.00%, 9.50% Floor (12.73%) Initial Acquisition Date 07/29/2021 Maturity 06/30/20272022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquityMembergecc:LendersFundingLLCMember2022-01-012022-12-310001675033Florida Marine LLC 2360 5th Street Mendeville LA 70471 Shipping Security 1st Lien Secured Loan Interest Rate 1M SOFR2023-12-310001675033CSC Serviceworks 35 Pinelawn Road Suite 120 Melville NY 11747 Consumer Services Security 1st Lien Secured Loan Interest Rate 3M SOFR + 4.00% 4.75% Floor (9.62%) Initial Acquisition Date 09/26/2023 Maturity 03/04/20282023-12-3100016750332021-01-210001675033gecc:OnePointOneTwoFiveLienSecuredLoanMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:AvantiCommunicationsGroupPLCMember2022-01-012022-12-310001675033us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembergecc:CityNationalBankMember2023-11-302023-11-300001675033Greenfire Resources Ltd. 205 5th Avenue SW Suite 1900 Calgary AB T2P 2V7 Canada Oil & Gas Exploration & Production 1st Lien, Secured Bond Interest Rate 12.00% Initial Acquisition Date 09/13/2023 Maturity 10/01/20282023-01-012023-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-01-012022-12-310001675033Total Investments excluding Short-Term Investments2023-12-310001675033srt:MaximumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membergecc:DebtInstrumentFourMemberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membergecc:DebtInstrumentThreeMemberus-gaap:DebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Warrants Initial Acquisition Date 02/24/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Silver Spike Acquisition Corp II 660 Madison Avenue Suite 1600 New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/20212022-01-012022-12-310001675033gecc:AffiliatedInvestmentsMember2023-12-3100016750332022-03-310001675033ITP Live Production Group 101 Greenwich Street Floor 26 New York NY 10006 Specialty Finance Term Loan Interest Rate 19.71% Initial Acquisition Date 12/22/2021 Maturity 05/22/20262022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMembergecc:FirstLienSecuredLoanMember2021-12-310001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance Subordinated Note Interest Rate 8.44% Initial Acquisition Date 09/20/2021 Maturity 09/20/20262022-01-012022-12-310001675033gecc:NonAffiliatedNonControlledShortTermInvestmentsMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies D & Z Media Acquisition Corp 2870 Peachtree Road NW Suite 509 Atlanta GA 30305 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/26/20212022-01-012022-12-310001675033gecc:GecclNotesMember2021-07-222021-07-230001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SterlingCommercialCreditLLCMemberus-gaap:EquityMember2022-01-012022-12-310001675033Foresight Energy 211 North Broadway Suite 2600 St. Louis MO 63102 Metals & Mining Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-12-310001675033us-gaap:UnsecuredDebtMembergecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2022-12-310001675033srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033First Brands Inc. 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 1st Lien Secured Loan Interest Rate 6M SOFR + 5.00% 6.00% Floor (10.88%) Initial Acquisition Date 06/09/2023 Maturity 03/30/20272023-01-012023-12-310001675033Total Short-Term Investments2023-12-310001675033gecc:CommonEquityEightyPercentageOfClassMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMember2022-01-012022-12-310001675033Vi-Jon 8800 Page Avenue St. Louis, MO 63114 Consumer Products Security 1st Lien Secured Loan Interest Rate 1M SOFR + 8.00% 10.50% Floor (13.47%) Initial Acquisition Date 12/28/2023 Maturity 12/28/20282023-01-012023-12-310001675033gecc:InvestmentEquityAndOtherMember2022-12-310001675033us-gaap:FairValueInputsLevel3Membergecc:BrokerQuotesValuationTechniqueMemberus-gaap:DebtMembersrt:MinimumMember2022-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Promissory Note Initial Acquisition Date 09/30/2022 Maturity 09/30/20292022-01-012022-12-310001675033First Brands Inc.3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 2nd Lien Secured Loan Interest Rate 6M SOFR2023-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001675033gecc:ConsumerProductsMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Warburg Pincus Capital Corp I-A 450 Lexington Avenue New York NY 10017 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-01-012022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMember2022-01-012022-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Security Secured Loan A Interest Rate 3M SOFR + 4.50% 5.50% Floor (10.14%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272023-12-310001675033Par Petroleum LLC 825 Town & Country Lane Suite 1500 Houston TX 77024 Oil & Gas Refining 1st Lien Secured Bond Interest Rate 7.75% Initial Acquisition Date 10/30/2020 Maturity 12/15/20252022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Dave Inc 750 N. San Vicente Blvd 900W West Hollywood CA 90069 Consumer Finance Warrants Initial Acquisition Date 03/05/20212022-12-310001675033gecc:GecczNotesMember2023-01-012023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FTAC Hera Acquisition Corp 2929 Arch Street Suite 1703 Quakertown PA 19104 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/04/20212022-01-012022-12-310001675033gecc:ControlledInvestmentsMember2022-12-3100016750332022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:GreatElmSpecialtyFinanceMember2023-01-012023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FAST Acquisition Corp II 109 Old Branchville Road Ridgefield CT 06877 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/16/20212022-01-012022-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority F Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 04/13/20242022-12-310001675033gecc:CommonEquityEightyPercentageOfClassMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMember2023-01-012023-12-310001675033country:CA2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Peridot Acquisition Corp II 2229 San Felipe Street Suite 1450 Houston TX 77019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/09/20212022-01-012022-12-310001675033gecc:ConsumerServicesMember2023-12-310001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples Common Equity Initial Acquisition Date 11/13/20202022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:CommonStockMembergecc:PFSHoldingsCorpMember2021-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sandbridge X2 Corp 725 5th Avenue 23rd Floor New York NY 10022 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-12-310001675033us-gaap:EarliestTaxYearMember2023-01-012023-12-310001675033gecc:ChemicalsMember2023-12-310001675033gecc:CommonEquityEightyPercentageOfClassMembergecc:SterlingCommercialCreditLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-01-012022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMember2023-01-012023-12-310001675033Stone Ridge Opportunities Fund L.P. One Vanderbilt Ave., 65th Floor New York NY 10017 Insurance Security Private Fund Acquisition Date 1/01/20232023-01-012023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001675033Forum Energy Technologies Inc 10344 Sam Houston Park Drive Suite 300 Houston TX 77064 Energy Services 1st Lien Secured Convertible Bond Interest Rate 9.00% Initial Acquisition Date 05/09/2022 Maturity 08/04/20252022-01-012022-12-310001675033country:US2022-12-310001675033TOTAL INVESTMENTS2022-12-310001675033gecc:InternetMediaMember2023-12-310001675033American Coastal Insurance Corp. 800 2nd Avenue S.Saint Petersburg FL 33701 Insurance Security Unsecured Bond Interest Rate 7.25% Initial Acquisition Date 12/20/2022 Maturity 12/15/20272023-01-012023-12-310001675033Advancion 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals Security 2nd Lien Secured Loan Interest Rate 1M SOFR2023-12-310001675033Enservco / Heat Waves 14133 County Rd 9 1/2 Longmont CO 80504 Specialty Finance Term Loan Interest Rate 22.29% Initial Acquisition Date 03/24/2022 Maturity 06/24/20262022-12-310001675033us-gaap:FairValueInputsLevel3Membergecc:BrokerQuotesValuationTechniqueMemberus-gaap:DebtMembersrt:WeightedAverageMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies First Reserve Sustainable Growth Corp 262 Harbor Drive 3rd Floor Stamford CT 06902 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-12-310001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroNotesDueTwoThousandTwentyTwoMember2017-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Colonnade Acquisition Corp II 1400 Centrepark Blvd Suite 810 West Palm Beach FL 33401 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-12-310001675033gecc:EquityFundsSixMemberus-gaap:EquityFundsMembergecc:RecentTransactionValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2022-12-310001675033Great Elm Healthcare Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Common Equity Initial Acquisition Date 11/17/20222022-01-012022-12-3100016750332024-02-220001675033gecc:OilAndGasExplorationProductionMember2023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ginko Bioworks Holdings Inc 27 Drydock Avenue 8th Floor Boston MA 02210 Biotechnology Warrants Initial Acquisition Date 02/24/20212022-12-310001675033ProFrac Holdings II LLC 333 Shops Boulevard Suite 301 Weatherford Texas 76087 Industry Energy Services Security 1st Lien Secured Bond Interest Rate 3M SOFR + 7.25% 8.25% Floor (12.86%) Initial Acquisition Date 12/27/2023 Maturity 01/23/20292023-12-310001675033FTAI Infrastructure Inc 1345 Avenue of the Americas 45th Floor New York NY 10105 Industrial 1st Lien Secured Bond Interest Rate 10.50% Initial Acquisition Date 06/29/2022 Maturity 06/01/20272022-01-012022-12-310001675033gecc:ReceivableOneMember2023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMembergecc:SubordinatedNoteMember2022-01-012022-12-310001675033Martin Midstream Partners LP 4200 Stone Road Kilgore TX 75662 Energy Midstream 2nd Lien Secured Bond Interest Rate 11.50% Initial Acquisition Date 12/09/2020 Maturity 02/28/20252022-01-012022-12-310001675033APTIM Corp 4171 Essen Lane Baton Rouge LA 70809 Industrial 1st Lien Secured Bond Interest Rate 7.75% Initial Acquisition Date 03/28/2019 Maturity 06/15/20252022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Climate Real Impact Solutions II Acquisition Corporation 300 Carnegie Center Suite 150 Princeton NJ 08540 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/27/20212022-01-012022-12-310001675033gecc:GreatElmHealthcareFinancingLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-01-012022-12-310001675033gecc:ClosedEndFundMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Catcha Investment Corp Level 42 Suntec Tower Three 8 Temasek Blvd Singapore 038988 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/12/20212022-12-310001675033gecc:RetailIndustryMember2023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMemberus-gaap:EquityMember2022-01-012022-12-310001675033gecc:SterlingCommercialCreditLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-12-310001675033gecc:GreatElmHealthcareFinancingLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:EquityEightyEightPercentOfClassMember2022-12-310001675033gecc:RisksRelatingToOurInvestmentsMember2023-01-012023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies ESM Acquisition Corp 2229 San Felipe Suite 1300 Houston TX 77019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-12-310001675033American Tower Corporation 116 Huntington Avenue Boston MA 02116 Wireless Telecommunications Services Corporate Bond Interest Rate 3.5% Initial Acquisition Date 06/24/2022 Maturity 01/31/20232022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Live Oak Mobility Acquisition Corp 4921 William Arnold Road Memphis TN 38117 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/20212022-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001675033us-gaap:FairValueInputsLevel3Member2021-12-310001675033Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 Industry Apparel Security 1st Lien Secured Loan Interest Rate 3 Month SOFR + 7.00%, 8.00% Floor (12.61%) Initial Acquisition Date 06/30/2021 Maturity 07/15/20272023-01-012023-12-310001675033Three-month SOFR2023-01-012023-12-310001675033Stone Ridge Opportunities Fund L.P. One Vanderbilt Ave., 65th Floor New York NY 10017 Insurance Security Private Fund Acquisition Date 1/01/20232023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies G Squared Ascend I Inc 205 North Michigan Avenue Suite 3770 Chicago, IL 60601 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212022-01-012022-12-310001675033Total Short-Term Investments2022-12-310001675033gecc:IndustrialMember2023-12-3100016750332022-06-132022-06-130001675033gecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMember2023-08-160001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Security Secured Loan A Interest Rate 3M SOFR + 4.50% 5.50% Floor (10.14%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272023-01-012023-12-310001675033us-gaap:UnsecuredDebtMembergecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2023-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2023-12-310001675033GAC HoldCo Inc Suite 1220 407 - 2nd Street S.W. Calgary AB T2P 2Y3 Oil & Gas Exploration & Production 1st Lien Secured Bond Interest Rate 12.00% Initial Acquisition Date 07/27/2021 Maturity 08/15/20252022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Tailwind International Acquisition Corp 150 Greenwich Street 29th Floor New York NY 10006 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/19/20212022-12-310001675033Six-month LIBOR2022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Iris Acquisition Corp 2700 19th Street San Francisco CA 94110 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-12-310001675033Maverick Gaming LLC 12530 NE 144th Street Kirkland WA 98034 Casinos & Gaming 1st Lien Secured Loan Interest Rate 3M L + 7.50% 8.50% Floor (12.23%) Initial Acquisition Date 11/16/2021 Maturity 09/03/20262022-01-012022-12-310001675033Martin Midstream Partners LP 4200 Stone Road Kilgore TX 75662 Energy Midstream 2nd Lien Secured Bond Interest Rate 11.50% Initial Acquisition Date 12/09/2020 Maturity 02/28/20252022-12-310001675033gecc:GeccoNotesMember2021-06-232021-06-230001675033gecc:GreatElmHealthcareFinanceLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-01-012022-12-310001675033us-gaap:FairValueInputsLevel2Member2022-12-310001675033W&T Offshore Inc 5718 Westheimer Road Suite 700 Houston TX 77057 Oil & Gas Exploration & Production 2nd Lien Secured Bond Interest Rate 9.75% Initial Acquisition Date 05/05/2021 Maturity 11/01/20232022-12-310001675033gecc:RevolverMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:LendersFundingLLCMember2022-01-012022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMemberus-gaap:EquityMember2023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pear Therapeutics Inc 200 State Street 13th Floor Boston MA 02109 Technology Warrants Initial Acquisition Date 02/02/20212022-12-310001675033us-gaap:ShortTermInvestmentsMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp II The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/26/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Kismet Acquisition Three Corp 850 Library Avenue Suite 204 Newark DE 19715 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/20212022-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan C Interest Rate 1M SOFR + 12.95%, 13.95% Floor (18.42%), (9.42% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Biote Corp 1875 W. Walnut Hill Ln #100 Irving TX 75038 Healthcare Warrants Initial Acquisition Date 03/02/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Rumble Inc 444 Gulf of Mexico Drive Longboat Key FL 34228 Special Purpose Acquisition Company Warrants Initial Acquisition Date 05/10/20212022-12-310001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-12-310001675033Mad Engine Global LLC 6740 Cobra Way San Diego CA, 92121 Apparel 1st Lien Secured Loan Interest Rate 3M L + 7.00% 8.00% Floor (11.73%) Initial Acquisition Date 06/30/2021 Maturity 07/15/20272022-12-310001675033srt:MaximumMemberus-gaap:IncomeApproachValuationTechniqueMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2023-12-310001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance Subordinated Note Interest Rate 8.44% Initial Acquisition Date 09/20/2021 Maturity 09/20/20262022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Biote Corp 1875 W. Walnut Hill Ln #100 Irving TX 75038 Healthcare Warrants Initial Acquisition Date 03/02/20212022-12-310001675033srt:MaximumMemberus-gaap:FairValueInputsLevel3Membergecc:BrokerQuotesValuationTechniqueMemberus-gaap:DebtMember2022-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Warrants Initial Acquisition Date 09/30/20222023-01-012023-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority G Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 10/13/20242022-01-012022-12-310001675033gecc:OilAndGasExplorationProductionMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Compute Health Acquisition Corp 1105 North Market Street 4th Floor Wilmington DE 19890 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212022-01-012022-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembergecc:EquityFundsThreeMemberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033Eagle Point Credit Company Inc 600 Steamboat Road Suite 202 Greenwich CT 06830 Closed-End Fund Common Stock Initial Acquisition Date 08/18/20222023-01-012023-12-310001675033gecc:RecentTransactionValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2023-12-310001675033gecc:DebtInstrumentTwoMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033Avation Capital SA 65 Kampong Bahru Road #01-01 Singapore 169370 Aircraft 2nd Lien Secured Bond Interest Rate 8.25% Initial Acquisition Date 02/04/2022 Maturity 10/31/20262023-01-012023-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Warrants Initial Acquisition Date 09/30/20212023-01-012023-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan C Interest Rate 3 Month LIBOR2022-12-310001675033gecc:AircraftMember2023-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 01/29/2019 Maturity 06/14/20242022-01-012022-12-310001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroNotesDueTwoThousandTwentyTwoMember2020-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Agile Growth Corp Riverside Center 275 Grove Street Suite 2-400 Newton MA 02466 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-12-310001675033us-gaap:UnsecuredDebtMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2023-12-310001675033SCIH Salt Holdings Inc 1875 Century Park East Suite 320 Los Angeles CA 90067 Food & Staples Security 1st Lien Secured Loan Interest Rate 1M SOFR + 4.00% 4.75% Floor (9.47%) Initial Acquisition Date 06/21/2023 Maturity 03/16/20272023-01-012023-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Warrants Initial Acquisition Date 09/30/20222023-12-310001675033Eagle Point Credit Company Inc 600 Steamboat Road Suite 202 Greenwich CT 06830 Closed-End Fund Common Stock Initial Acquisition Date 08/18/20222023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sandbridge X2 Corp 725 5th Avenue 23rd Floor New York NY 10022 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-01-012022-12-310001675033Coreweave Compute Acquisition Co II LLC 101 Eisenhower Parkway Suite 106 Roseland NJ 07068 Technology Security 1st Lien Secured Loan Interest Rate 3M SOFR + 8.75%, 8.75% Floor (14.13%) Initial Acquisition Date 07/31/2023 Maturity 07/31/20282023-01-012023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies CC Neuberger Principal Holdings III 200 Park Avenue 58th Floor New York NY 10166 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/03/20212022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMembergecc:SubordinatedNoteMember2023-01-012023-12-310001675033Prestige Capital Finance LLC 400 Kelby St 10th Floor Fort Lee NJ 07024 Specialty Finance Subordinated Note Interest Rate 11.00% Initial Acquisition Date 06/15/2021 Maturity 06/15/20232022-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Warrants Initial Acquisition Date 09/30/20212022-12-310001675033Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 Energy Midstream Security 2nd Lien Secured Bond Interest Rate 9.00% Acquisition Date 10/19/2021 Maturity 10/15/20262023-12-310001675033GAC HoldCo Inc Suite 1220 407 - 2nd Street S.W. Calgary AB T2P 2Y3 Oil & Gas Exploration & Production 1st Lien Secured Bond Interest Rate 12.00% Initial Acquisition Date 07/27/2021 Maturity 08/15/20252022-01-012022-12-310001675033Florida Marine LLC 2360 5th Street Mendeville LA 70471 Shipping Security 1st Lien Secured Loan Interest Rate 1M SOFR + 9.48% 11.48% Floor (14.95%) Initial Acquisition Date 03/17/2023 Maturity 03/17/20282023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies D & Z Media Acquisition Corp 2870 Peachtree Road NW Suite 509 Atlanta GA 30305 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/26/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp III The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/20212022-01-012022-12-310001675033Vantage Specialty Chemicals Inc 1751 Lake Cook Rd Suite 550 Deerfield IL 60015 Chemicals 2nd Lien Secured Loan Interest Rate 3M L + 8.25% 9.25% Floor (12.98%) Initial Acquisition Date 06/08/2021 Maturity 10/26/20252022-01-012022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMember2023-01-012023-12-310001675033gecc:GreatElmHealthcareFinanceLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SubordinatedNoteMember2022-12-310001675033Newfold Digital Inc 5335 Gate Parkway Jacksonville FL 32256 Internet Media Unsecured Bond Interest Rate 6.00% Initial Acquisition Date 06/28/2022 Maturity 02/15/20292022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fathom Digital Manufacturing Corporation 1050 Walnut Ridge Drive Hartland WI 53029 Industrial Warrants Initial Acquisition Date 02/05/20212022-12-310001675033Mad Engine Global LLC 6740 Cobra Way San Diego CA, 92121 Apparel 1st Lien Secured Loan Interest Rate 3 Month LIBOR2022-12-310001675033ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 2nd Lien Secured Loan Interest Rate 1M L + 7.75% 8.50% Floor (12.07%) Initial Acquisition Date 09/21/2022 Maturity 11/24/20282022-12-310001675033us-gaap:ShortTermDebtMember2022-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Promissory Note Initial Acquisition Date 09/30/2022 Maturity 09/30/20292023-12-310001675033Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals Security 1st Lien Secured Loan Interest Rate 6M SOFR2023-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan B Interest Rate 1M SOFR + 12.95% 13.95% Floor (18.42%) (9.42% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262023-12-310001675033NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 Industry Consumer Products Security Secured Loan B Interest Rate 3M SOFR + 13.50%, 14.50% Floor (19.25%), (8.25% cash + 11.00% PIK) Initial Acquisition Date 09/30/2022 Maturity 09/30/20272023-01-012023-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan B Interest Rate 3M L + 11.69% 12.69% Floor (17.92%) (8.92% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262022-01-012022-12-310001675033Sterling Commercial Credit LLC 10153 Grand River Rd Brighton MI 48116 Specialty Finance Subordinated Note Interest Rate 11.00% Initial Acquisition Date 02/03/2022 Maturity 05/03/20252022-12-310001675033us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2021-05-050001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:SubordinatedNoteMembergecc:LendersFundingLLCMember2021-12-310001675033SCIH Salt Holdings Inc 1875 Century Park East Suite 320 Los Angeles CA 90067 Food & Staples Unsecured Bond Interest Rate 6.63% Initial Acquisition Date 06/24/2022 Maturity 05/01/20292022-12-310001675033Avation Capital SA 65 Kampong Bahru Road #01-01 Singapore 169370 Aircraft 2nd Lien Secured Bond Interest Rate 8.25% Initial Acquisition Date 02/04/2022 Maturity 10/31/20262023-12-310001675033Prime2022-01-012022-12-310001675033Lenders Funding LLC 9345 Terresina Dr. Naples FL 34119 Specialty Finance Security 1st Lien, Secured Revolver Interest Rate Prime + 1.25% 1.25% Floor (9.75%) Initial Acquisition Date 09/20/2021 Maturity 01/31/20242023-12-310001675033us-gaap:SeniorNotesMembergecc:EightPointTwoFivePercentNotesDueTwoThousandTwentyMember2016-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Freedom Acquisition I Corp 14 Wall Street 20th Floor New York NY 10005 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/26/20212022-01-012022-12-310001675033Sterling Commercial Credit LLC 10153 Grand River Rd Brighton MI 48116 Specialty Finance Subordinated Note Interest Rate 11.00% Initial Acquisition Date 02/03/2022 Maturity 05/03/20252022-01-012022-12-310001675033Foresight Energy 211 North Broadway Suite 2600 St. Louis MO 63102 Metals & Mining Security 1st Lien Secured Loan Interest Rate 3M SOFR + 8.00% 9.50% Floor (13.45%) Initial Acquisition Date 07/29/2021 Maturity 06/30/20272023-12-310001675033Short-Term Investments MFB Northern Inst Funds Treas Portfolio Premier CL Short-Term Investments Money Market Interest Rate 0.00% Initial Acquisition Date 10/26/20232023-01-012023-12-310001675033us-gaap:SubsequentEventMember2024-02-292024-02-290001675033SOFR2023-01-012023-12-310001675033gecc:RisksRelatingToOurCommonStockMember2023-01-012023-12-310001675033gecc:InvestmentDebtMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Core Scientific Inc 210 Barton Springs Road Austin Texas 78704 Technology Warrants Initial Acquisition Date 02/10/20212022-12-310001675033gecc:GeccmNotesMember2018-01-192018-01-190001675033gecc:SterlingCommercialCreditLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp III The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/20212022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMembergecc:FirstLienSecuredLoanMember2023-01-012023-12-3100016750332023-01-012023-03-310001675033us-gaap:RevolvingCreditFacilityMemberus-gaap:SeniorNotesMember2023-12-310001675033ECL Entertainment LLC 8978 Spanish Ridge Ave Las Vegas NV 89148 Casinos & Gaming 1st Lien Secured Loan Interest Rate 1M SOFR + 7.50% 8.25% Floor (11.88%) Initial Acquisition Date 03/31/2021 Maturity 04/30/20282022-12-310001675033Target Hospitality Corp 2170 Buckthorne Place Suite 440 The Woodlands TX 77380 Hospitality Secured Bond Interest Rate 9.50% Initial Acquisition Date 05/13/2021 Maturity 03/15/20242022-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Secured Loan B Interest Rate 3M SOFR + 10.04% 11.04% Floor (14.40%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272022-01-012022-12-310001675033gecc:RestaurantsMember2022-12-310001675033us-gaap:FairValueInputsLevel3Member2022-12-310001675033One-month SOFR2023-01-012023-12-310001675033CSC Serviceworks 35 Pinelawn Road Suite 120 Melville NY 11747 Consumer Services Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-12-310001675033gecc:OilGasRefiningMember2022-12-310001675033Vantage Specialty Chemicals Inc 1751 Lake Cook Rd Suite 550 Deerfield IL 60015 Chemicals 2nd Lien Secured Loan Interest Rate 3M L + 8.25% 9.25% Floor (12.98%) Initial Acquisition Date 06/08/2021 Maturity 10/26/20252022-12-310001675033srt:MaximumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMember2023-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:ValuationTechniqueOptionPricingModelMembergecc:EquityFundsSevenMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sonder Holdings Inc 101 15th Street San Francisco CA 94103 Hospitality Warrants Initial Acquisition Date 03/19/20212022-01-012022-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 1M SOFR2023-12-310001675033gecc:AffiliatedInvestmentsMember2023-01-012023-12-310001675033us-gaap:DebtMember2023-12-310001675033Eagle Point Credit Company Inc 600 Steamboat Road Suite 202 Greenwich CT 06830 Closed-End Fund Common Stock Initial Acquisition Date 08/18/20222022-12-310001675033Foresight Energy 211 North Broadway Suite 2600 St. Louis MO 63102 Metals & Mining Security 1st Lien Secured Loan Interest Rate 3M SOFR + 8.00% 9.50% Floor (13.45%) Initial Acquisition Date 07/29/2021 Maturity 06/30/20272023-01-012023-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 1M SOFR + 16.00% 17.25% Floor (21.46%) Initial Acquisition Date 01/31/2023 Maturity 02/24/20252023-01-012023-12-3100016750332020-01-012020-12-310001675033Lenders Funding LLC 9345 Terresina Dr. Naples FL 34119 Specialty Finance Security 1st Lien, Secured Revolver Interest Rate Prime + 1.25% 1.25% Floor (9.75%) Initial Acquisition Date 09/20/2021 Maturity 01/31/20242023-01-012023-12-310001675033us-gaap:EquityFundsMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembergecc:EquityFundsOneMember2022-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Common Equity Initial Acquisition Date 04/13/20222022-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan B Interest Rate 1M SOFR + 12.95% 13.95% Floor (18.42%) (9.42% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262023-01-012023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMemberus-gaap:EquityMember2021-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Lanvin Group Holdings Ltd Building S2 Bund Finance Center No 600 Zhongshan East 2nd Road Huangpu District Shanghai China Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/19/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp IV The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/20212022-01-012022-12-310001675033gecc:GreatElmSpecialtyFinanceMember2023-12-310001675033ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 1st Lien Secured Loan Interest Rate 1 Month SOFR2022-12-310001675033Great Elm Healthcare Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Subordinated Note Interest Rate 12.00% Initial Acquisition Date 11/17/2022 Maturity 11/09/20272022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies New Vista Acquisition Corp 125 South Wacker Drive Suite 300 Chicago IL 60606 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/17/20212022-01-012022-12-310001675033gecc:EnergyMidstreamMember2022-12-310001675033TOTAL INVESTMENTS2023-12-310001675033Equitrans Midstream Corp 2200 Energy Drive Canonsburg PA 15317 Energy Midstream Preferred Equity Interest Rate 9.75% Initial Acquisition Date 07/01/20212022-12-3100016750332023-04-012023-06-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies AdTheorent Holding Company Inc 330 Hudson Street 13th Floor New York NY 10013 Internet Media Warrants Initial Acquisition Date 02/26/20212022-01-012022-12-310001675033gecc:GreatElmCapitalManagementIncorporationMember2022-12-310001675033gecc:NonAffiliatedNonControlledInvestmentsMember2022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies First Reserve Sustainable Growth Corp 262 Harbor Drive 3rd Floor Stamford CT 06902 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-01-012022-12-310001675033Forum Energy Technologies Inc 10344 Sam Houston Park Drive Suite 300 Houston TX 77064 Energy Services 1st Lien Secured Convertible Bond Interest Rate 9.00% Initial Acquisition Date 05/09/2022 Maturity 08/04/20252022-12-310001675033gecc:GreatElmHealthcareFinanceLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SubordinatedNoteMember2022-01-012022-12-310001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Warrants Initial Acquisition Date 04/06/20232023-12-310001675033us-gaap:DebtMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Tritium DCFC Ltd 23 Archimedes Place Murarrie QLD Australia Transportation Equipment Manufacturing Warrants Initial Acquisition Date 02/04/20212022-12-3100016750332023-10-012023-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:OnePointTwoFiveLienSecuredLoanMembergecc:AvantiCommunicationsGroupPLCMember2022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Planet Labs PBC 645 Harrison Street 4th Floor San Francisco CA 94107 Communications Equipment Warrants Initial Acquisition Date 03/05/20212022-01-012022-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel1Member2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Supernova Partners Acquisition Company III Ltd. 4301 50th Street NW Suite 300 PMB 1044 Washington DC 20016 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/23/20212022-12-3100016750332022-09-300001675033gecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMember2019-07-050001675033Enservco / Heat Waves 14133 County Rd 9 1/2 Longmont CO 80504 Specialty Finance Term Loan Interest Rate 22.29% Initial Acquisition Date 03/24/2022 Maturity 06/24/20262022-01-012022-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 1st Lien Secured Revolver Interest Rate Prime2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ross Acquisition Corp II 1 Pelican Lane Palm Beach FL 33480 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/12/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fusion Acquisition Corp II 667 Madison Avenue 5th Floor New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/26/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies BigBear.ai Holdings Inc 6811 Benjamin Franklin Dr Suite 200 Columbia MD 21046 IT Services Warrants Initial Acquisition Date 02/09/20212022-12-310001675033First Brands Inc 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing 2nd Lien Secured Loan Interest Rate 6M L + 8.50% 9.50% Floor (11.87%) Initial Acquisition Date 03/24/2021 Maturity 03/30/20282022-01-012022-12-310001675033ITP Live Production Group 101 Greenwich Street Floor 26 New York NY 10006 Specialty Finance Term Loan Interest Rate 19.71% Initial Acquisition Date 12/22/2021 Maturity 05/22/20262022-01-012022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMembergecc:SubordinatedNoteMember2021-12-310001675033Blue Ribbon LLC 110 E Houston St.San Antonio TX 78205 Food & Staples Security 1st Lien Secured Loan Interest Rate 3M SOFR + 6.00% 6.75% Floor (11.63%) Initial Acquisition Date 02/06/2023 Maturity 05/07/20282023-12-310001675033gecc:RetailIndustryMember2022-12-310001675033us-gaap:RevolvingCreditFacilityMembergecc:CityNationalBankMember2023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ares Acquisition Corp 245 Park Avenue 44th Floor New York NY 10167 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/02/20212022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquityMembergecc:LendersFundingLLCMember2022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SubordinatedNoteMembergecc:GreatElmSpecialtyFinanceMember2023-12-310001675033gecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMemberus-gaap:SeniorNotesMember2021-12-310001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance 1st Lien Secured Revolver Interest Rate Prime + 1.25% 1.25% Floor (8.75%) Initial Acquisition Date 09/20/2021 Maturity 09/20/20232022-01-012022-12-310001675033Advancion 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals Security 2nd Lien Secured Loan Interest Rate 1M SOFR + 7.75% 8.50% Floor (13.21%) Initial Acquisition Date 09/21/2022 Maturity 11/24/20282023-01-012023-12-310001675033Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 Energy Midstream Unsecured Bond Interest Rate 5.75% Initial Acquisition Date 08/10/2022 Maturity 04/15/20252022-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 1st Lien Secured Revolver Interest Rate Prime + 3.50% 3.50% Floor (11.00%) Initial Acquisition Date 01/29/2019 Maturity 06/14/20242022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:LendersFundingLLCMember2023-01-012023-12-310001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance Common Equity Initial Acquisition Date 09/20/20212022-12-310001675033us-gaap:SeniorNotesMember2023-01-012023-12-310001675033Total Investments in Special Purpose Acquisition Companies2022-12-310001675033Research Now Group Inc. 5800 Tennyson Parkway Suite 600 Plano TX 75024 Industry Internet Media Security 2nd Lien, Secured Loan Interest Rate 3M SOFR2023-12-310001675033gecc:GreatElmCapitalManagementIncorporationMember2023-01-012023-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority G Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 10/13/20242022-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Secured Loan A Interest Rate 3M SOFR + 5.00% 6.00% Floor (9.36%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272022-01-012022-12-310001675033Short-Term Investments GS Financial Square Treasury Obligations Fund Short-Term Investments Money Market Interest Rate 0.00% Initial Acquisition Date 06/30/20222022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Supernova Partners Acquisition Company III Ltd. 4301 50th Street NW Suite 300 PMB 1044 Washington DC 20016 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/23/20212022-01-012022-12-310001675033ADS Tactical, Inc. 621 Lynnhaven Parkway Suite 160 Virginia Beach, VA 23452 Defense Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 5.75%, 6.75% Floor (11.22%) Initial Acquisition Date 11/28/2023 Maturity 03/19/20262023-01-012023-12-310001675033SOFR2022-01-012022-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 2nd Lien Secured Loan Interest Rate 6M L + 9.50% 10.50% Floor (12.84%) Initial Acquisition Date 05/20/2019 Maturity 12/20/20252022-01-012022-12-3100016750332022-06-130001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies AdTheorent Holding Company Inc 330 Hudson Street 13th Floor New York NY 10013 Internet Media Warrants Initial Acquisition Date 02/26/20212022-12-310001675033NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 Industry Consumer Products Security Secured Loan B Interest Rate 3M SOFR2023-12-310001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance 1st Lien Secured Revolver - Unfunded Initial Acquisition Date 09/20/2021 Maturity 09/20/20232022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Compute Health Acquisition Corp 1105 North Market Street 4th Floor Wilmington DE 19890 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212022-12-310001675033gecc:InsuranceMember2022-12-310001675033ADS Tactical, Inc. 621 Lynnhaven Parkway Suite 160 Virginia Beach, VA 23452 Defense Security 1st Lien, Secured Loan Interest Rate 1M SOFR2023-12-310001675033srt:MaximumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membergecc:DebtInstrumentThreeMemberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033Research Now Group Inc. 5800 Tennyson Parkway Suite 600 Plano TX 75024 Industry Internet Media Security 2nd Lien, Secured Loan Interest Rate 3M SOFR + 9.50%, 10.50% Floor (15.14%) Initial Acquisition Date 05/20/2019 Maturity 12/20/20252023-01-012023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquityMembergecc:LendersFundingLLCMember2021-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Warburg Pincus Capital Corp I-B 450 Lexington Avenue New York NY 10017 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-01-012022-12-310001675033ECL Entertainment LLC 8978 Spanish Ridge Ave Las Vegas NV 89148 Casinos & Gaming 1st Lien Secured Loan Interest Rate 1M SOFR + 7.50% 8.25% Floor (11.88%) Initial Acquisition Date 03/31/2021 Maturity 04/30/20282022-01-012022-12-310001675033NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Energy Midstream Preferred Equity Interest Rate 3 Month LIBOR2022-12-310001675033Avation Capital SA 65 Kampong Bahru Road #01-01 Singapore 169370 Aircraft 2nd Lien Secured Bond Interest Rate 9.00%, (6.50% cash + 2.50% PIK) Initial Acquisition Date 02/04/2022 Maturity 10/31/20262022-12-310001675033Three-month LIBOR2022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies VPC Impact Acquisition Holdings II 150 North Riverside Plaza Suite 5200 Chicago IL 60606 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Apollo Strategic Growth Capital II 9 West 57th Street 43rd Floor New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/10/20212022-12-310001675033Perforce Software Inc 400 First Avenue North #200 Minneapolis MN 55401 Technology 1st Lien Secured Revolver Interest Rate Prime2022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:LendersFundingLLCMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Polestar Automotive Holding UK PLC Assar Gabrielssons Väg 9 405 31 Göteborg Sweden Auto Manufacturer Warrants Initial Acquisition Date 03/23/20212022-12-310001675033country:US2023-12-310001675033us-gaap:FairValueInputsLevel2Member2023-12-310001675033Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 Industry Apparel Security 1st Lien Secured Loan Interest Rate 3 Month SOFR2023-12-310001675033gecc:InvestmentEquityAndOtherMember2023-12-310001675033AgroFresh Inc One Washington Square 510-530 Walnut Street Suite 1350 Philadelphia PA 19106 Chemicals 1st Lien Secured Loan Interest Rate 1 Month LIBOR2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Frontier Acquisition Corp 660 Madison Avenue 19th Floor New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/20212022-01-012022-12-310001675033gecc:DefenseMember2023-12-310001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2023-01-012023-12-310001675033ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 1st Lien Secured Loan Interest Rate 1M SOFR + 4.75% 5.50% Floor (12.14%) Initial Acquisition Date 11/04/2022 Maturity 11/24/20272022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies RMG Acquisition Corp III 57 Ocean Suite 403 5775 Collins Avenue Miami Beach FL 33140 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies M3-Brigade Acquisition II Corp 1700 Broadway 19th Floor New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/04/20212022-01-012022-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembergecc:EquityFundsThreeMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033us-gaap:SeniorNotesMembergecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2021-12-310001675033gecc:OnePointOneTwoFiveLienSecuredLoanMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:AvantiCommunicationsGroupPLCMember2021-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security Warrants Initial Acquisition Date 02/24/20212023-01-012023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pathfinder Acquisition Corp 1950 University Avenue Suite 350 Palo Alto CA 94303 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/17/20212022-01-012022-12-3100016750332022-01-012022-03-310001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMemberus-gaap:SeniorNotesMember2018-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies L Catterton Asia Acquisition C 8 Marina View Asia Square Tower 1 No 41-03 Singapore 018960 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/20212022-12-310001675033ECL Entertainment LLC 8978 Spanish Ridge Ave Las Vegas NV 89148 Casinos & Gaming 1st Lien Secured Loan Interest Rate 1 Month SOFR2022-12-310001675033us-gaap:RevolvingCreditFacilityMembergecc:CityNationalBankMembersrt:MinimumMember2021-05-052021-05-050001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Lazard Growth Acquisition Corp 30 Rockefeller Plaza New York NY 10112 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/10/20212022-12-310001675033ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 1st Lien Secured Loan Interest Rate 1M SOFR + 4.75% 5.50% Floor (12.14%) Initial Acquisition Date 11/04/2022 Maturity 11/24/20272022-12-3100016750332024-02-232024-12-310001675033Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals 1st Lien Secured Loan Interest Rate 1 Month SOFR2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies CC Neuberger Principal Holdings III 200 Park Avenue 58th Floor New York NY 10166 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/03/20212022-01-012022-12-310001675033gecc:FoodAndStaplesMember2023-12-310001675033us-gaap:ShortTermDebtMember2023-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Secured Loan B Interest Rate 3 Month SOFR2022-12-310001675033TRU Taj Trust 505 Park Avenue 2nd Floor New York NY 10022 Retail Common Equity Initial Acquisition Date 07/21/20172022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Colonnade Acquisition Corp II 1400 Centrepark Blvd Suite 810 West Palm Beach FL 33401 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-01-012022-12-3100016750332022-02-282022-02-2800016750332022-01-012022-12-310001675033gecc:RestaurantsMember2023-12-310001675033Maverick Gaming LLC 12530 NE 144th Street Kirkland WA 98034 Industry Casinos & Gaming Security 1st Lien Secured Loan Interest Rate 3M SOFR + 7.50%, 8.50% Floor (13.15%) Initial Acquisition Date 11/16/2021 Maturity 09/03/20262023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies RMG Acquisition Corp III 57 Ocean Suite 403 5775 Collins Avenue Miami Beach FL 33140 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212022-12-3100016750332022-06-300001675033us-gaap:UnsecuredDebtMember2023-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembergecc:EquityFundsOneMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sustainable Development Acquisition I Corp 5701 Truxtun Avenue Suite 201 Bakersfield CA 90036 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212022-12-310001675033us-gaap:FairValueInputsLevel1Member2023-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Warrants Initial Acquisition Date 09/30/20222022-01-012022-12-310001675033Target Hospitality Corp 2170 Buckthorne Place Suite 440 The Woodlands TX 77380 Hospitality Secured Bond Interest Rate 9.50% Initial Acquisition Date 05/13/2021 Maturity 03/15/20242022-01-012022-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Promissory Note Initial Acquisition Date 09/30/2022 Maturity 09/30/20292022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2023-12-310001675033gecc:GecclNotesMember2017-09-130001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Slam Corp. 55 Hudson Yards 47th Floor Suite C New York NY 10001 Special Purpose Acquisition Company Warrants Initial Acquisition Date 04/26/20212022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:LendersFundingLLCMember2022-01-012022-12-310001675033SCIH Salt Holdings Inc 1875 Century Park East Suite 320 Los Angeles CA 90067 Food & Staples Security 1st Lien Secured Loan Interest Rate 1M SOFR2023-12-310001675033First Brands Inc 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing 2nd Lien Secured Loan Interest Rate 6M L + 8.50% 9.50% Floor (11.87%) Initial Acquisition Date 03/24/2021 Maturity 03/30/20282022-12-310001675033Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals Security 1st Lien Secured Loan Interest Rate 6M SOFR + 5.25% 6.00% Floor (10.86%) Initial Acquisition Date 11/04/2022 Maturity 11/01/20282023-01-012023-12-310001675033gecc:EquityFundsSixMembergecc:RecentTransactionValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2023-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:LendersFundingLLCMember2021-12-310001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMemberus-gaap:SeniorNotesMember2023-12-3100016750332023-12-310001675033us-gaap:SeniorNotesMembergecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMember2023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FinServ Acquisition Corp II 1345 Avenue of the Americas New York NY 10105 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/20212022-12-310001675033Sprout Holdings LLC 90 Merrick Ave East Meadow NY 11554 Specialty Finance Term Loan Interest Rate 11.50% Initial Acquisition Date 06/23/2021 Maturity 06/23/20232022-01-012022-12-310001675033NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Energy Midstream Preferred Equity Interest Rate 3M L + 6.88% 6.88% Floor (11.52%) Initial Acquisition Date 12/22/20222022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMember2022-01-012022-12-310001675033gecc:ShippingMember2023-12-310001675033Blue Ribbon LLC 110 E Houston St.San Antonio TX 78205 Food & Staples Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMembergecc:FirstLienSecuredLoanMember2022-12-3100016750332023-01-012023-12-310001675033gecc:GreatElmHealthcareFinancingLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SubordinatedNoteMember2022-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 2nd Lien Secured Loan Interest Rate 6M L + 9.50% 10.50% Floor (12.84%) Initial Acquisition Date 05/20/2019 Maturity 12/20/20252022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FTAC Athena Acquisition Corp 2929 Arch Street Suite 1703 Philadelphia PA 19104 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/23/20212022-01-012022-12-310001675033gecc:GeccoNotesMember2023-01-012023-12-310001675033gecc:ApparelMember2023-12-310001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples Common Equity Initial Acquisition Date 11/13/20202022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FTAC Athena Acquisition Corp 2929 Arch Street Suite 1703 Philadelphia PA 19104 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/23/20212022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMembergecc:SubordinatedNoteMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Peridot Acquisition Corp II 2229 San Felipe Street Suite 1450 Houston TX 77019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/09/20212022-12-310001675033srt:MaximumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Industry Internet Media Security 1st Lien Secured Revolver Interest Rate 3M SOFR2023-12-310001675033gecc:RisksRelatingToOurBusinessAndStructureMember2023-01-012023-12-310001675033us-gaap:FairValueInputsLevel3Member2023-12-310001675033gecc:GreatElmHealthcareFinancingLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-12-310001675033us-gaap:CapitalLossCarryforwardMember2023-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquityFundsMembergecc:EquityFundsFourMemberus-gaap:FairValueInputsLevel3Member2022-12-310001675033us-gaap:FairValueInputsLevel1Memberus-gaap:ShortTermDebtMember2022-12-310001675033us-gaap:FairValueInputsLevel3Member2023-01-012023-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membergecc:DebtInstrumentFourMemberus-gaap:DebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel2Member2022-12-310001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Security 1st Lien Secured Loan Interest Rate 3M SOFR + 12.50% 14.50% Floor (17.84%) (12.84% cash + 5.00% PIK) Initial Acquisition Date 04/06/2023 Maturity 04/06/20262023-01-012023-12-310001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Warrants Initial Acquisition Date 04/06/20232023-01-012023-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Security Secured Loan B Interest Rate 3M SOFR + 9.08%, 10.08% Floor (14.73%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272023-01-012023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Warburg Pincus Capital Corp I-A 450 Lexington Avenue New York NY 10017 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-12-310001675033TRU Taj Trust 505 Park Avenue 2nd Floor New York NY 10022 Retail Common Equity Initial 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Health LLC 4301 W Boy Scout Blvd Suite 800 Tampa FL 33607 Technology 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 1/27/2020 Maturity 11/17/20232022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Lazard Growth Acquisition Corp 30 Rockefeller Plaza New York NY 10112 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/10/20212022-01-012022-12-310001675033us-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310001675033APTIM Corp 4171 Essen Lane Baton Rouge LA 70809 Industrial Security 1st Lien Secured Bond Interest Rate 7.75% Initial Acquisition Date 03/28/2019 Maturity 06/15/20252023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Arctos NorthStar Acquisition Corp 2021 McKinney Avenue Suite 200 Dallas TX 75201 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/23/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Silver Spike Acquisition Corp II 660 Madison Avenue Suite 1600 New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/20212022-12-310001675033TRU Taj Trust 505 Park Avenue 2nd Floor New York NY 10022 Retail Security Common Equity Acquisition Date 07/21/20172023-12-310001675033Manchester Acquisition Sub, LLC 251 Little Falls Drive, Wilmington, DE 19808 Industry Chemicals Security 1st Lien Secured Loan Interest Rate 3 Month SOFR2023-12-310001675033gecc:GreatElmCapitalManagementIncorporationMember2021-01-012021-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Lanvin Group Holdings Ltd Building S2 Bund Finance Center No 600 Zhongshan East 2nd Road Huangpu District Shanghai China Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/19/20212022-01-012022-12-310001675033NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Energy 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02/09/20212022-01-012022-12-310001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2021-07-0900016750332021-12-310001675033us-gaap:EquityFundsMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membergecc:EquityFundsTwoMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:CommonStockMembergecc:AvantiCommunicationsGroupPLCMember2022-01-012022-12-310001675033gecc:NonAffiliatedNonControlledShortTermInvestmentsMember2023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMemberus-gaap:EquityMember2022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:CommonEquitySixtyThreePercentageOfClassMembergecc:LendersFundingLLCMember2023-01-012023-12-310001675033Prime2023-01-012023-12-310001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples Common Equity Initial 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Shops Boulevard Suite 301 Weatherford Texas 76087 Industry Energy Services Security 1st Lien Secured Bond Interest Rate 3M SOFR2023-12-310001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2023-01-012023-12-310001675033Greenway Health LLC 4301 W Boy Scout Blvd Suite 800 Tampa FL 33607 Technology 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 1/27/2020 Maturity 11/17/20232022-01-012022-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Digital Transformation Opportunities Corp 10207 Cleatis Court Los Angeles CA 90077 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-01-012022-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority E2 Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 04/13/20242022-01-012022-12-310001675033us-gaap:SeniorNotesMembergecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2022-12-310001675033gecc:GreatElmSpecialtyFinanceMember2023-01-012023-12-310001675033srt:MaximumMember2023-01-012023-12-310001675033Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals 1st Lien Secured Loan Interest Rate 1M SOFR + 5.25% 6.00% Floor (9.69%) Initial Acquisition Date 11/04/2022 Maturity 11/01/20282022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pathfinder Acquisition Corp 1950 University Avenue Suite 350 Palo Alto CA 94303 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/17/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Frontier Acquisition Corp 660 Madison Avenue 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11/01/20282023-12-310001675033us-gaap:IncomeApproachValuationTechniqueMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2022-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2021-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Agile Growth Corp Riverside Center 275 Grove Street Suite 2-400 Newton MA 02466 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-01-012022-12-310001675033gecc:PromissoryNoteMember2021-09-200001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2023-12-310001675033gecc:AffiliatedInvestmentsMember2022-01-012022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 1st Lien Secured Revolver Interest Rate Prime + 3.50% 3.50% Floor (11.00%) Initial Acquisition Date 01/29/2019 Maturity 06/14/20242022-01-012022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembersrt:WeightedAverageMember2023-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants 1st Lien Secured Loan Interest Rate 1M L + 12.00% 13.25% Floor (16.06%) (10.06% cash + 6.00% PIK) Initial Acquisition Date 02/24/2021 Maturity 02/24/20252022-12-310001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples 1st Lien Secured Loan Interest Rate 1M L + 7.00% 8.00% Floor (11.35%) Initial Acquisition Date 11/13/2020 Maturity 11/13/20242022-12-310001675033us-gaap:FairValueInputsLevel3Membergecc:AssetRecoveryLiquidationValuationTechniqueMemberus-gaap:DebtMember2022-12-310001675033W&T Offshore, Inc. 5718 Westheimer Road Suite 700 Houston TX 77057 Oil & Gas Exploration & Production Security 2nd Lien Secured Bond Interest Rate 11.75% Initial Acquisition Date 01/12/2023 Maturity 02/01/20262023-01-012023-12-310001675033gecc:HouseholdAndPersonalProductsMember2022-12-310001675033Greenfire Resources Ltd. 205 5th Avenue SW Suite 1900 Calgary AB T2P 2V7 Canada Oil & Gas Exploration & Production 1st Lien, Secured Bond Interest Rate 12.00% Initial Acquisition Date 09/13/2023 Maturity 10/01/20282023-12-310001675033Coreweave Compute Acquisition Co II LLC 101 Eisenhower Parkway Suite 106 Roseland NJ 07068 Technology Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-12-310001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance 1st Lien Secured Revolver - Unfunded Initial Acquisition Date 09/20/2021 Maturity 09/20/20232022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SterlingCommercialCreditLLCMembergecc:SubordinatedNoteMember2022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fast Radius Inc 113 N May St Chicago IL 60607 Industrial Warrants Initial Acquisition Date 02/09/20212022-01-012022-12-310001675033gecc:NonAffiliatedNonControlledInvestmentsMember2022-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Secured Loan A Interest Rate 3M SOFR + 5.00% 6.00% Floor (9.36%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272022-12-310001675033srt:MinimumMember2022-01-012022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SterlingCommercialCreditLLCMemberus-gaap:EquityMember2023-01-012023-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMember2023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Arctos NorthStar Acquisition Corp 2021 McKinney Avenue Suite 200 Dallas TX 75201 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/23/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies M3-Brigade Acquisition II Corp 1700 Broadway 19th Floor New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/04/20212022-12-310001675033gecc:CommonEquityEightyEightPercentageOfClassMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:GreatElmSpecialtyFinanceMember2022-01-012022-12-310001675033NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Energy Midstream Preferred Equity Interest Rate 3 Month LIBOR One2022-12-310001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples 1st Lien Secured Loan Interest Rate 1M SOFR2023-12-310001675033gecc:SpecialtyFinanceMember2023-12-310001675033us-gaap:IncomeApproachValuationTechniqueMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembersrt:WeightedAverageMember2022-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Warrants Initial Acquisition Date 02/24/20212022-12-310001675033Avation Capital SA 65 Kampong Bahru Road #01-01 Singapore 169370 Aircraft 2nd Lien Secured Bond Interest Rate 9.00%, (6.50% cash + 2.50% PIK) Initial Acquisition Date 02/04/2022 Maturity 10/31/20262022-01-012022-12-310001675033AgroFresh Inc One Washington Square 510-530 Walnut Street Suite 1350 Philadelphia PA 19106 Chemicals Interest Rate 1 Month LIBOR + 6.25% 7.25 % Floor 10.63% Acquisition Date 03/31/2021 Maturity Date 12/31/20242022-01-012022-12-3100016750332019-01-012019-12-310001675033Perforce Software Inc 400 First Avenue North #200 Minneapolis MN 55401 Technology 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 01/24/2020 Maturity 07/01/20242022-12-310001675033us-gaap:DomesticCountryMember2023-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMembergecc:FirstLienSecuredLoanMember2022-01-012022-12-310001675033us-gaap:RevolvingCreditFacilityMembergecc:CityNationalBankMember2021-05-050001675033Blackstone Secured Lending 345 Park Avenue New York NY 10154 Closed-End Fund Common Stock Initial Acquisition Date 08/18/20222022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp II The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/26/20212022-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel1Member2023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies G Squared Ascend I Inc 205 North Michigan Avenue Suite 3770 Chicago, IL 60601 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Core Scientific Inc 210 Barton Springs Road Austin Texas 78704 Technology Warrants Initial Acquisition Date 02/10/20212022-01-012022-12-310001675033Greenway Health LLC 4301 W Boy Scout Blvd Suite 800 Tampa FL 33607 Technology 1st Lien Secured Revolver Interest Rate 3M L + 3.75% (8.52%) Initial Acquisition Date 01/27/2020 Maturity 11/17/20232022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Terran Orbital Corporation 6800 Broken Sound Pkwy NW Suite 200 Boca Raton FL 33487 Communications Equipment Warrants Initial Acquisition Date 02/19/20212022-01-012022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:AvantiCommunicationsGroupPLCMember2021-12-310001675033American Coastal Insurance Corp. 800 2nd Avenue S.Saint Petersburg FL 33701 Insurance Security Unsecured Bond Interest Rate 7.25% Initial Acquisition Date 12/20/2022 Maturity 12/15/20272023-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Secured Loan B Interest Rate 3M SOFR + 13.50% 14.50% Floor (18.08%) (10.08% cash + 8.00% PIK) Initial Acquisition Date 09/30/2022 Maturity 09/30/20272022-01-012022-12-310001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMemberus-gaap:SeniorNotesMember2019-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants 1st Lien Secured Loan Interest Rate 1 Month LIBOR2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Planet Labs PBC 645 Harrison Street 4th Floor San Francisco CA 94107 Communications Equipment Warrants Initial Acquisition Date 03/05/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Grove Collaborative Holdings Inc 1301 Sansome Street San Francisco CA 94111 Household & Personal Products Warrants Initial Acquisition Date 03/23/20212022-12-310001675033Greenway Health LLC 4301 W Boy Scout Blvd Suite 800 Tampa FL 33607 Technology 1st Lien Secured Revolver Interest Rate 3M L + 3.75% (8.52%) Initial Acquisition Date 01/27/2020 Maturity 11/17/20232022-01-012022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SterlingCommercialCreditLLCMemberus-gaap:EquityMember2022-12-310001675033srt:MaximumMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Membergecc:EquityFundsFourMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-3100016750332023-09-300001675033FTAI Infrastructure Inc 1345 Avenue of the Americas 45th Floor New York NY 10105 Industrial 1st Lien Secured Bond Interest Rate 10.50% Initial Acquisition Date 06/29/2022 Maturity 06/01/20272022-12-310001675033gecc:SpecialPurposeAcquisitionsCompanyMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies TLG Acquisition One Corp 515 North Flagler Drive Suite 520 West Palm Beach FL 33401 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/28/20212022-12-310001675033gecc:GeccnNotesMember2019-07-052019-07-050001675033CSC Serviceworks 35 Pinelawn Road Suite 120 Melville NY 11747 Consumer Services Security 1st Lien Secured Loan Interest Rate 3M SOFR + 4.00% 4.75% Floor (9.62%) Initial Acquisition Date 09/26/2023 Maturity 03/04/20282023-01-012023-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembergecc:EquityFundsThreeMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Digital Transformation Opportunities Corp 10207 Cleatis Court Los Angeles CA 90077 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-12-310001675033us-gaap:EquityFundsMemberus-gaap:IncomeApproachValuationTechniqueMembergecc:EquityFundsFourMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2022-12-310001675033Vantage Specialty Chemicals, Inc. 1751 Lake Cook Rd., Suite 550 Deerfield IL 60015 Chemicals Security 1st Lien Secured Loan Interest Rate 1M SOFR2023-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:CommonStockMembergecc:PFSHoldingsCorpMember2023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Kismet Acquisition Two Corp 850 Library Avenue Suite 204 Newark DE 19715 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/20212022-12-310001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Security 1st Lien Secured Loan Interest Rate 3M SOFR + 12.50% 14.50% Floor (17.84%) (12.84% cash + 5.00% PIK) Initial Acquisition Date 04/06/2023 Maturity 04/06/20262023-12-310001675033us-gaap:SeniorNotesMembergecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2023-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMembergecc:EquityFundsThreeMemberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 Energy Midstream Security 2nd Lien Secured Bond Interest Rate 9.00% Acquisition Date 10/19/2021 Maturity 10/15/20262023-01-012023-12-310001675033PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach FL 33139 Specialty Finance Term Loan Interest Rate Prime + 6.50% 6.50% Floor (14.00%) Initial Acquisition Date 11/22/2021 Maturity 12/31/20242022-12-310001675033gecc:GeccoNotesMember2021-07-092021-07-090001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Catcha Investment Corp Level 42 Suntec Tower Three 8 Temasek Blvd Singapore 038988 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/12/20212022-01-012022-12-310001675033gecc:ControlledInvestmentsMembergecc:LendersFundingLLCMember2022-01-012022-12-310001675033Sterling Commercial Credit LLC 10153 Grand River Rd Brighton MI 48116 Specialty Finance Common Equity Initial Acquisition Date 02/03/20222022-01-012022-12-310001675033gecc:GreatElmSpecialtyFinanceMember2023-09-012023-09-010001675033us-gaap:InvestmentAffiliatedIssuerControlledMember2022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies ESM Acquisition Corp 2229 San Felipe Suite 1300 Houston TX 77019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-01-012022-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2021-12-310001675033Blackstone Secured Lending 345 Park Avenue New York NY 10154 Closed-End Fund Common Stock Initial Acquisition Date 08/18/20222023-01-012023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Jaws Mustang Acquisition Corporation 1601 Washington Avenue Suite 800 Miami Beach FL 33139 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/02/20212022-12-310001675033gecc:NonAffiliatedNonControlledInvestmentsPIKMember2022-01-012022-12-310001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2023-01-012023-12-310001675033country:CA2023-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants 1st Lien Secured Loan Interest Rate 1M L + 12.00% 13.25% Floor (16.06%) (10.06% cash + 6.00% PIK) Initial Acquisition Date 02/24/2021 Maturity 02/24/20252022-01-012022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SubordinatedNoteMembergecc:GreatElmSpecialtyFinanceMember2023-01-012023-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Security Secured Loan B Interest Rate 3M SOFR + 9.08%, 10.08% Floor (14.73%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272023-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Common Equity Initial Acquisition Date 04/13/20222022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Grove Collaborative Holdings Inc 1301 Sansome Street San Francisco CA 94111 Household & Personal Products Warrants Initial Acquisition Date 03/23/20212022-01-012022-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 3M SOFR + 13.50% 14.50% Floor (17.46%) (11.46% cash + 6.00% PIK) Initial Acquisition Date 02/24/2021 Maturity 02/24/20252023-01-012023-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2022-01-012022-12-310001675033Great Elm Specialty Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Security Common Equity Initial Acquisition Date 09/01/20232023-01-012023-12-310001675033PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach FL 33139 Specialty Finance Term Loan Interest Rate Prime + 6.50% 6.50% Floor (14.00%) Initial Acquisition Date 11/22/2021 Maturity 12/31/20242022-01-012022-12-310001675033Vantage Specialty Chemicals, Inc. 1751 Lake Cook Rd., Suite 550 Deerfield IL 60015 Chemicals Security 1st Lien Secured Loan Interest Rate 1M SOFR + 4.75% 5.25% Floor (10.11%) Initial Acquisition Date 03/03/2023 Maturity 10/26/20262023-01-012023-12-310001675033gecc:TotalShortTermInvestmentsMember2022-12-310001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMemberus-gaap:SeniorNotesMember2020-12-310001675033Mad Engine Global LLC 6740 Cobra Way San Diego CA, 92121 Apparel 1st Lien Secured Loan Interest Rate 3M L + 7.00% 8.00% Floor (11.73%) Initial Acquisition Date 06/30/2021 Maturity 07/15/20272022-01-012022-12-310001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance Common Equity Initial Acquisition Date 09/20/20212022-01-012022-12-310001675033gecc:SterlingCommercialCreditLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SubordinatedNoteMember2022-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2022-12-310001675033NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 Industry Consumer Products Security Secured Loan B Interest Rate 3M SOFR + 13.50%, 14.50% Floor (19.25%), (8.25% cash + 11.00% PIK) Initial Acquisition Date 09/30/2022 Maturity 09/30/20272023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Plum Acquisition Corp I 2021 Fillmore Street #2089 San Francisco CA 94115 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/16/20212022-12-310001675033country:AU2023-12-310001675033First Brands Inc 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing 2nd Lien Secured Loan Interest Rate 6 Month LIBOR2022-12-310001675033gecc:RisksRelatingToIndebtednessMember2023-01-012023-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Secured Loan B Interest Rate 3 Month SOFR2022-12-310001675033First Brands Inc. 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 1st Lien Secured Loan Interest Rate 6M SOFR2023-12-310001675033gecc:InsuranceMember2023-12-310001675033gecc:GreatElmHealthcareFinanceLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies ScION Tech Growth II 10 Queen St Place 2nd Floor London UK EC4R 1BE Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/10/20212022-01-012022-12-310001675033srt:EuropeMember2022-12-310001675033ProFrac Holdings II LLC 333 Shops Boulevard Suite 301 Weatherford Texas 76087 Industry Energy Services Security 1st Lien Secured Bond Interest Rate 3M SOFR + 7.25% 8.25% Floor (12.86%) Initial Acquisition Date 12/27/2023 Maturity 01/23/20292023-01-012023-12-310001675033Other Liabilities in Excess of Net Assets2023-12-310001675033gecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMember2023-01-012023-12-310001675033SCIH Salt Holdings Inc 1875 Century Park East Suite 320 Los Angeles CA 90067 Food & Staples Unsecured Bond Interest Rate 6.63% Initial Acquisition Date 06/24/2022 Maturity 05/01/20292022-01-012022-12-310001675033Maverick Gaming LLC 12530 NE 144th Street Kirkland WA 98034 Casinos & Gaming 1st Lien Secured Loan Interest Rate 3 Month LIBOR2022-12-310001675033gecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMember2019-06-180001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan C Interest Rate 1M SOFR2023-12-310001675033gecc:IndustrialMember2022-12-310001675033First Brands Inc.3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 2nd Lien Secured Loan Interest Rate 6M SOFR + 8.50% 9.50% Floor (14.38%) Initial Acquisition Date 03/24/2021 Maturity 03/30/20282023-12-310001675033Advancion 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals Security 2nd Lien Secured Loan Interest Rate 1M SOFR + 7.75% 8.50% Floor (13.21%) Initial Acquisition Date 09/21/2022 Maturity 11/24/20282023-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan B Interest Rate 3M L + 11.69% 12.69% Floor (17.92%) (8.92% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262022-12-310001675033Par Petroleum LLC 825 Town & Country Lane Suite 1500 Houston TX 77024 Oil & Gas Refining 1st Lien Secured Bond Interest Rate 12.88% Initial Acquisition Date 05/17/2022 Maturity 01/15/20262022-01-012022-12-310001675033Florida Marine LLC 2360 5th Street Mendeville LA 70471 Shipping Security 1st Lien Secured Loan Interest Rate 1M SOFR + 9.48% 11.48% Floor (14.95%) Initial Acquisition Date 03/17/2023 Maturity 03/17/20282023-01-012023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquityMembergecc:GreatElmSpecialtyFinanceMember2023-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 3M SOFR + 13.50% 14.50% Floor (17.46%) (11.46% cash + 6.00% PIK) Initial Acquisition Date 02/24/2021 Maturity 02/24/20252023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Forum Merger IV Corp 1615 South Congress Avenue Suite 103 Delray Beach FL 33445 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/18/20212022-12-310001675033gecc:NonAffiliatedNonControlledInvestmentsPIKMember2023-01-012023-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 2nd Lien Secured Loan Interest Rate 6 Month LIBOR2022-12-310001675033Blackstone Secured Lending 345 Park Avenue New York NY 10154 Closed-End Fund Common Stock Initial Acquisition Date 08/18/20222022-01-012022-12-3100016750332022-04-012022-04-010001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples Common Equity Initial Acquisition Date 11/13/20202023-01-012023-12-310001675033gecc:RevolverMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:LendersFundingLLCMember2023-01-012023-12-310001675033srt:MaximumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembergecc:EquityFundsOneMember2022-12-310001675033us-gaap:EquityFundsMembergecc:EquityFundsFourMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:CommonStockMembergecc:PFSHoldingsCorpMember2022-01-012022-12-310001675033gecc:NonAffiliatedNonControlledInvestmentsMember2023-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310001675033gecc:EnergyServicesMember2022-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority E2 Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 04/13/20242022-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Secured Loan B Interest Rate 3M SOFR + 13.50% 14.50% Floor (18.08%) (10.08% cash + 8.00% PIK) Initial Acquisition Date 09/30/2022 Maturity 09/30/20272022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:AvantiCommunicationsGroupPLCMembergecc:OnePointFiveLienSecuredLoanMember2021-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan B Interest Rate 3 Month LIBOR2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Cartesian Growth Corporation 505 5th Avenue 15th Floor New York NY 10017 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/24/20212022-12-310001675033us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2021-05-052021-05-050001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies VPC Impact Acquisition Holdings II 150 North Riverside Plaza Suite 5200 Chicago IL 60606 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-01-012022-12-310001675033Short-Term Investments United States Treasury Short-Term Investments Treasury Bill Interest Rate 0.00% Initial Acquisition Date 12/30/2022 Maturity 03/31/20232022-12-310001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMemberus-gaap:SeniorNotesMember2022-12-310001675033gecc:SterlingCommercialCreditLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ginko Bioworks Holdings Inc 27 Drydock Avenue 8th Floor Boston MA 02210 Biotechnology Warrants Initial Acquisition Date 02/24/20212022-01-012022-12-310001675033ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 2nd Lien Secured Loan Interest Rate 1 Month LIBOR2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sonder Holdings Inc 101 15th Street San Francisco CA 94103 Hospitality Warrants Initial Acquisition Date 03/19/20212022-12-310001675033gecc:FoodAndStaplesMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp IV The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Climate Real Impact Solutions II Acquisition Corporation 300 Carnegie Center Suite 150 Princeton NJ 08540 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/27/20212022-12-310001675033Manchester Acquisition Sub, LLC 251 Little Falls Drive, Wilmington, DE 19808 Industry Chemicals Security 1st Lien Secured Loan Interest Rate 3 Month SOFR + 5.75%, 6.50% Floor (11.28%) Initial Acquisition Date 09/26/2023 Maturity 11/01/20262023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Forest Road Acquisition Corp II 1177 Avenue of the Americas 5th Floor New York NY 10036 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Warrants Initial Acquisition Date 09/30/20222022-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan C Interest Rate 3M L + 11.69% 12.69% Floor (17.92%) (8.92% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262022-01-012022-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberus-gaap:MarketApproachValuationTechniqueMember2023-12-310001675033gecc:ControlledInvestmentsMember2023-01-012023-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fusion Acquisition Corp II 667 Madison Avenue 5th Floor New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/26/20212022-12-310001675033gecc:SpecialtyFinanceMember2022-12-31xbrli:puregecc:NewSharexbrli:sharesiso4217:USDxbrli:sharesiso4217:USD

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-01211

Great Elm Capital Corp.

(Exact name of registrant as specified in its charter)

 

Maryland

 

81-2621577

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

800 South Street, Suite 230, Waltham, MA

 

02453

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (617) 375-3006

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

GECC

 

Nasdaq Global Market

6.75% Notes due 2025

GECCM

 

Nasdaq Global Market

5.875% Notes due 2026

 

GECCO

 

Nasdaq Global Market

8.75% Notes due 2028

 

GECCZ

 

Nasdaq Global Market

 

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

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

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

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

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

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

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

 

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

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act): Yes No

The aggregate market value of the voting stock held by non-affiliates of the registrant was $30.3 million as of June 30, 2023.

As of February 22, 2024, there were 9,452,382 outstanding shares of the registrant’s common stock.

Documents Incorporated by Reference

Portions of the proxy statement for the annual meeting of stockholders (“Proxy Statement”) of the registrant, to be filed with the Securities and Exchange Commission within 120 days of our fiscal year ended December 31, 2023, are incorporated by reference into Part III of this report.

 


 

TABLE OF CONTENTS

 

PART I

 

Page

 

 

 

Item 1.

Business

3

Item 1A.

Risk Factors

20

Item 1B.

Unresolved Staff Comments

43

Item 1C.

Cybersecurity

43

Item 2.

Properties

44

Item 3.

Legal Proceedings

44

Item 4.

Mine Safety Disclosures

44

 

 

 

PART II

 

 

 

 

 

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

45

Item 6.

[Reserved]

52

Item 7.

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

52

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

64

Item 8.

Financial Statements and Supplementary Data

64

Item 9.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

64

Item 9A.

Controls and Procedures

65

Item 9B.

Other Information

66

Item 9C.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

66

 

 

 

PART III

 

 

 

 

 

Item 10.

Directors, Executive Officers and Corporate Governance

66

Item 11.

Executive Compensation

66

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

66

Item 13.

Certain Relationships and Related Transactions, and Director Independence

66

Item 14.

Principal Accountant Fees and Services

66

 

 

 

PART IV

 

 

 

 

 

Item 15.

Exhibits and Financial Statement Schedules

66

Item 16.

Form 10-K Summary

68

 

 

 

Signatures

 

69

 

 

 

i


 

PART I

Unless the context otherwise requires, all references to “GECC,” “we,” “us,” “our,” the “Company” and words of similar import are to Great Elm Capital Corp. and/or its subsidiaries. We reference materials on our website, www.greatelmcc.com, but nothing on our website shall be deemed incorporated by reference or otherwise contained in this report.

Cautionary Note Regarding Forward-Looking Information

Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or financial conditions. The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

our, or our portfolio companies’, future business, operations, operating results or prospects;
the return or impact of current and future investments;
the impact of a protracted decline in the liquidity of credit markets on our business;
the impact of fluctuations in interest rates on our business;
the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;
our contractual arrangements and relationships with third parties;
our current and future management structure;
the general economy, including recessionary trends, and its impact on the industries in which we invest;
the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives;
serious disruptions and catastrophic events;
our expected financings and investments, including interest rate volatility;
the adequacy of our financing resources and working capital;
the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments;
the timing of cash flows, if any, from the operations of our portfolio companies;
the timing, form and amount of any dividend distributions;
the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and
our ability to maintain our qualification as a regulated investment company (“RIC”) and as a business development company (“BDC”).

We use words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “could,” “may,” “plan” and similar words to identify forward-looking statements. The forward-looking statements contained in this report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth under “Item 1A. Risk Factors.”

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the “SEC”).

1


 

Selected Risk Associated with Our Business

Our business is subject to a number of risks and uncertainties, including those highlighted and discussed in greater detail in the section titled “Risk Factors” following this summary:

We face competition for investment opportunities. Limited availability of attractive investment opportunities in the market could cause us to hold a larger percentage of our assets in liquid securities until market conditions improve.
Our portfolio is limited in the number of portfolio companies which may subject us to a risk of significant loss if one or more of these companies defaults on its obligations under any of its debt instruments.
Our portfolio is concentrated in a limited number of industries, which subjects us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated.
Defaults by our portfolio companies may harm our operating results.
By investing in companies that are experiencing significant financial or business difficulties, we are exposed to distressed lending risks.
Certain of the companies we target may have difficulty accessing the capital markets to meet their future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.
Investing in middle market companies involves a high degree of risk and our financial results may be affected adversely if one or more of our portfolio investments defaults on its loans or notes or fails to perform as we expect.
An investment strategy that includes privately held companies presents challenges, including the lack of available information about these companies, a dependence on the talents and efforts of only a few key portfolio company personnel and a greater vulnerability to economic downturns.
Investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.
Economic recessions or downturns could impair our portfolio companies and harm our operating results.
Our failure to maintain our status as a BDC would reduce our operating flexibility.
Regulations governing our operations as a BDC affect our ability to raise additional capital and the way in which we do so. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage.
We will be subject to corporate level U.S. federal income tax if we are unable to qualify as a RIC under the Code.
We may incur additional debt, which could increase the risk in investing in our Company.
The failure in cyber security systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning, could impair our ability to conduct business effectively.
There are significant potential conflicts of interest that could impact our investment returns.

2


 

Item 1. Business.

Overview

We are a Maryland corporation that was formed in April 2016. We operate as a closed‑end, externally managed, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, for tax purposes, we elected to be treated as a RIC under the Code, beginning with our tax year starting October 1, 2016.

We seek to generate both income and capital appreciation through debt and income-generating equity investments, including investments in specialty finance businesses. To achieve our investment objective, we invest in secured and senior secured debt instruments of middle market companies, as well as income-generating equity investments in specialty finance companies, that we believe offer sufficient downside protection and have the potential to generate attractive returns. We generally define middle market companies as companies with enterprise values between $100 million and $2 billion. We also make investments throughout other portions of a company’s capital structure, including subordinated debt, mezzanine debt, and equity or equity‑linked securities. We source these transactions directly with issuers and in the secondary markets through relationships with industry professionals.

Our Portfolio as of December 31, 2023

A list of the industries in which we have invested as of December 31, 2023 may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Set forth below is a brief description of each company representing greater than 5% of the fair market value of our portfolio, excluding short-term investments, at December 31, 2023.

American Coastal Insurance Corporation (f/k/a United Insurance Holdings Corp.)

American Coastal Insurance Corporation (“ACIC”) is the holding company for American Coastal Insurance Company, Interboro Insurance Company and affiliated companies. ACIC is primarily engaged in sourcing, writing and servicing personal and commercial residential property and casualty insurance policies in the United States, primarily in Florida and New York. ACIC’s most significant line of business is in providing commercial multi-peril property insurance for residential condominium associations and apartments in Florida. American Coastal Insurance Company has a leading market share of commercial residential property insurance for condominium associations in Florida (commercial lines). All of the commercial lines business is administered through an exclusive agreement with an outside managing general underwriter, AmRisc, LLC, a Truist Financial Corporation (NYSE: TFC) subsidiary. Given ACIC’s concentration to the Florida property and casualty market, it is subject to various risks including fluctuations in inflation impacting loss estimates, judicial decisions, legislative changes, regulatory oversight, and changes in claims handling procedures.

First Brands, Inc.

First Brands, Inc. (“First Brands”) is a global automotive parts company that develops, markets and sells premium products through a portfolio of market-leading brands, offering best-in-class technology, industry-leading engineering capabilities and superior customer service. First Brands manufactures automotive and industrial components for the automotive aftermarket, original equipment and industrial markets and has built long standing relationships with key aftermarket customers including multiple national retail chains and automotive and industrial equipment makers. First Brands stands as a market leader in the expansive and stable automotive aftermarket industry. First Brands' Brake Component segment leads the market with its Centric, Raybestos, Specialty and private label offerings, capturing around 26% of the aftermarket brake components market. First Brands' Filter Products segment also holds a leading market position, thanks to its FRAM and Champion Laboratory and private label brands, which together hold a 30% market share. First Brands' Wiper Segment is the top supplier of aftermarket wiper blades, boasting a commanding 37% market share through its Trico, ANCO, Michelin and private label products.

3


 

Great Elm Specialty Finance, LLC

Great Elm Specialty Finance, LLC (“GESF”) is a specialty finance company and through its subsidiaries, provides a variety of financing options along a “continuum of lending” to middle-market borrowers, including receivables factoring, asset-based and asset-backed lending, lender finance and equipment financing. GESF expects to generate both revenue and cost synergies across its specialty finance company subsidiaries.

Research Now

Research Now Group, Inc. (“Research Now”) is the largest first-party data and insight platform, serving nearly 6,000 market research, media and advertising agencies, publishers, consulting and investment firms and corporate customers. Research Now offers end-to-end solutions for research from survey preparation and delivery to data processing and analytics. Research Now conducts over 90 million surveys annually from its 29 million active panelists.

Investment Manager and Administrator

Great Elm Capital Management, Inc.’s (“GECM”) investment team has more than 100 years of experience in the aggregate financing and investing in leveraged middle-market companies. GECM’s team is led by Matt Kaplan, GECM’s Portfolio Manager and our President and Chief Executive Officer. GECM’s investment committee includes Matt Kaplan, Adam M. Kleinman, Jason W. Reese, Nichole Milz and Dan Cubell. Great Elm Group, Inc. (“GEG”) is the parent company of GECM. The address for GECM is 3801 PGA Blvd., Suite 603, Palm Beach Gardens, Florida, 33410.

Investment Selection

GECM employs a team of investment professionals with experience in leveraged and specialty finance. The research team performs fundamental research at both the industry and company level. Through in-depth industry coverage, GECM’s investment team seeks to develop a thorough understanding of the fundamental market, sector drivers, mergers and acquisition activity, security pricing and trading and new issue trends. GECM’s investment team believes that understanding industry trends is an important element of investment success.

We have recently expanded our investment allocation in specialty finance companies as well as in participation opportunities generated by both unrelated and related specialty finance companies. GECM believes investments in specialty finance companies along the “continuum of lending” provide attractive risk adjusted returns that are expected to be largely uncorrelated to the liquid credit markets. The “continuum of lending” as seen by GECM is the various stages of capital that are provided to under-banked small and medium sized businesses and includes inventory and purchase order financing, receivables factoring, asset-based and asset-backed lending, and equipment financing. GECM believes that ownership interests in multiple specialty finance companies will create a natural competitive advantage for each business and generate both revenue and cost synergies across companies.

Idea Generation, Origination and Refinement

Idea generation and origination is maximized through long‑standing and extensive relationships with industry contacts, brokers, commercial and investment bankers, as well as current and former clients, portfolio companies and investors. GECM’s investment team is expected to supplement these lead sources by also utilizing broader research efforts, such as attendance at prospective borrower industry conferences and an active calling effort to brokers and investment bankers. GECM’s investment team focuses their idea generation and origination efforts on middle‑market companies. In screening potential investments, GECM’s investment team utilizes a value‑oriented investment philosophy with analysis and research focused on the preservation of capital. GECM has identified several criteria that it believes are important in identifying and investing in prospective portfolio companies. GECM’s process requires focus on the terms of the applicable contracts and instruments. GECM’s criteria provide general guidelines for GECM’s investment committee’s decisions; however, not all of these criteria will be met by each prospective portfolio company in which they choose to invest.

Asset Based Investments. Investments in businesses based on the value of the collateral or the issuer’s assets. This type of investment focuses on expected realizable value of the issuer’s assets.

4


 

Enterprise Value Investments. Investments in businesses whose enterprise value represents the opportunity for principal to be repaid by refinancing or in connection with a merger or acquisition transaction. These investments focus on the going concern value of the enterprise.

Other Debt Investments. Investments in businesses which have the ability to pay interest and principal on outstanding debt out of expected free cash flow from their business. These investments focus on the sustainability and defensibility of cash flows from the business.

Due Diligence

GECM’s due diligence typically includes:

analysis of the credit documents by GECM’s investment team (including the members of the team with legal training and years of professional experience). GECM will engage outside counsel when necessary as well;
review of historical and prospective financial information;
research relating to the prospective portfolio company’s management, industry, markets, customers, products and services and competitors and customers;
verification of collateral or assets;
interviews with management, employees, customers and vendors of the prospective portfolio company; and
informal or formal background and reference checks.

Upon the completion of due diligence and a decision to proceed with an investment in a company, the investment professionals leading the diligence process present the opportunity to GECM’s investment committee, which then determines whether to pursue the potential investment.

Approval of Investment Transactions

GECM’s procedures call for each new investment under consideration by the GECM analysts to be preliminarily reviewed at periodic meetings of GECM’s investment team. GECM’s investment team then prepares a summary of the investment, including a financial model and risk cases and a legal review checklist. GECM’s investment committee then will hold a formal review meeting, and following approval of a specific investment, authorization is given to GECM’s trader, including execution guidelines.

GECM’s investment analysts provide regular updates of the positions for which they are responsible to members of GECM’s investment committee.

GECM’s investment analysts and portfolio manager will jointly decide when to sell a position in consultation with members of the GECM investment committee. The sale decision will then be given to GECM’s trader, who will execute the trade.

Ongoing Relationship with Portfolio Companies

As a BDC, we offer, and sometimes provide upon request, significant managerial assistance to certain of our portfolio companies. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of our portfolio companies and providing other organizational and financial guidance.

GECM’s investment team monitors our portfolio companies on an ongoing basis. They monitor the financial trends of each portfolio company and its respective industry to assess the appropriate course of action for each investment. GECM’s ongoing monitoring of a portfolio company will include both a qualitative and quantitative analysis of the company and its industry.

5


 

Valuation Procedures

We value our assets, an essential input in the determination of our net asset value (“NAV”) consistent with generally accepted accounting principles in the United States (“GAAP”) and as required by the Investment Company Act. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Critical Accounting Policies and Estimates” for an extended discussion of our methodology.

Staffing

We do not currently have any employees. Mr. Kaplan is our President and Chief Executive Officer and Portfolio Manager for GECM, as well as a Managing Director of Imperial Capital Asset Management, LLC (“ICAM”). Under an Administration Agreement, dated as of September 27, 2016 (the “Administration Agreement”), by and between us and GECM, GECM provides the services of our Chief Financial Officer and Chief Compliance Officer.

GECM has entered into a shared services agreement with ICAM, pursuant to which ICAM will make available to GECM certain employees of ICAM, to provide services to GECM in exchange for reimbursement by GECM of the allocated portion of such employees’ time.

Competition

We compete for investments with other BDCs and investment funds (including private equity funds, hedge funds, mutual funds, mezzanine funds and small business investment companies), as well as traditional financial services companies such as commercial banks, direct lending funds and other sources of funding. Additionally, because there is competition for investment opportunities among alternative investment vehicles, those entities have begun to invest in areas they have not traditionally invested in, including making investments in the types of portfolio companies we target. Many of these entities have greater financial and managerial resources than we do.

Exemptive Relief

We have received exemptive relief from the SEC that will allow us to co-invest, together with other investment vehicles managed by GECM, in specific investment opportunities in accordance with the terms and conditions of the SEC order granting such exemptive relief.

Investment Management Agreement

Management Services

GECM serves as our investment adviser and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Subject to the overall supervision of our board of directors (our “Board”), GECM manages our day‑to‑day operations and provides investment advisory and management services to us. Under the terms of the Amended and Restated Investment Management Agreement, dated as of August 1, 2022 (the “Investment Management Agreement”), by and between us and GECM, GECM:

determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;
identifies, evaluates and negotiates the structure of our investments (including performing due diligence on our prospective portfolio companies);
closes and monitors our investments; and
determines the securities and other assets that we purchase, retain or sell.

GECM’s services to us under the Investment Management Agreement are not exclusive, and GECM is free to furnish similar services to other entities.

Management and Incentive Fees

Under the Investment Management Agreement, GECM receives a fee from us, consisting of two components: (1) a base management fee and (2) an incentive fee.

6


 

The base management fee is calculated at an annual rate of 1.50% of our average adjusted gross assets, including assets purchased with borrowed funds. The base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of our gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the then current calendar quarter. Base management fees for any partial quarter are prorated.

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. One component of the incentive fee is based on income (the “Income Incentive Fee”) and the other component is based on capital gains (the “Capital Gains Incentive Fee”).

Income Incentive Fee

The Income Incentive Fee is calculated and payable quarterly in arrears based on our pre‑incentive fee net investment income for the quarter. Pre‑incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, diligence and consulting fees or other fees that we receive from portfolio companies, but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement, and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee). Pre‑incentive fee net investment income includes any accretion of original issue discount, market discount, payment‑in‑kind (“PIK”) interest, PIK dividends or other types of deferred or accrued income, including in connection with zero coupon securities, that we and our consolidated subsidiaries have recognized in accordance with GAAP, but have not yet received in cash (collectively, “Accrued Unpaid Income”).

Pre‑incentive fee net investment income does not include any realized capital gains or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that we may pay an incentive fee in a quarter where we incur a loss. For example, if we receive pre‑incentive fee net investment income in excess of the hurdle rate (as defined below) for a quarter, we will pay the applicable incentive fee even if we have incurred a loss in that quarter due to realized and unrealized capital losses.

Pre‑incentive fee net investment income, expressed as a rate of return on the value of our net assets (defined in accordance with GAAP) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 1.75% per quarter (7.00% annualized). If market interest rates rise, we may be able to invest in debt instruments that provide for a higher return, which would increase our pre‑incentive fee net investment income and make it easier for GECM to surpass the fixed hurdle rate and receive an incentive fee based on such net investment income.

We pay the incentive fee with respect to our pre‑incentive fee net investment income in each calendar quarter as follows:

no incentive fee in any calendar quarter in which the pre‑incentive fee net investment income does not exceed the hurdle rate;
100% of our pre‑incentive fee net investment income with respect to that portion of such pre‑incentive fee net investment income, if any, that exceeds the hurdle rate, but is less than 2.1875% in any calendar quarter (8.75% annualized). We refer to this portion of our pre‑incentive fee net investment income as the “catch up” provision. The “catch up” is meant to provide GECM with 20% of the pre‑incentive fee net investment income as if a hurdle rate did not apply if our net investment income exceeds 2.1875% in any calendar quarter; and
20% of the amount of our pre‑incentive fee net investment income, if any, that exceeds 2.1875% in any calendar quarter (8.75% annualized).

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The following is a graphical representation of the calculation of the income related portion of the incentive fee:

img168502509_0.jpg 

These calculations are adjusted for any share issuances or repurchases during the quarter and will be appropriately prorated for any period of less than three months. Any Income Incentive Fee otherwise payable with respect to Accrued Unpaid Income (collectively, the “Accrued Unpaid Income Incentive Fees”) will be deferred, on a security by security basis, and will become payable only if, as, when and to the extent cash is received by us or our consolidated subsidiaries in respect thereof. Any Accrued Unpaid Income that is subsequently reversed in connection with a write‑down, write‑off, impairment or similar treatment of the investment giving rise to such Accrued Unpaid Income will, in the applicable period of reversal, (1) reduce pre‑incentive fee net investment income and (2) reduce the amount of Accrued Unpaid Income deferred pursuant to the terms of the Investment Management Agreement. Subsequent payments of Income Incentive Fees deferred pursuant to this paragraph do not reduce the amounts payable for any quarter pursuant to the other terms of the Investment Management Agreement.

We will defer cash payment of any Income Incentive Fee otherwise payable to the investment adviser in any quarter (excluding Accrued Unpaid Income Incentive Fees with respect to such quarter) that exceeds (1) 20% of the Cumulative Pre‑Incentive Fee Net Return (as defined below) during the most recent twelve full calendar quarter period ending on or prior to the date such payment is to be made (the “Trailing Twelve Quarters”) less (2) the aggregate incentive fees that were previously paid to the investment adviser during such Trailing Twelve Quarters (excluding Accrued Unpaid Income Incentive Fees during such Trailing Twelve Quarters and not subsequently paid). “Cumulative Pre‑Incentive Fee Net Return” during the relevant Trailing Twelve Quarters means the sum of (a) pre‑incentive fee net investment income in respect of such Trailing Twelve Quarters less (b) net realized capital losses and net unrealized capital depreciation, if any, in each case calculated in accordance with GAAP, in respect of such Trailing Twelve Quarters.

Capital Gains Incentive Fee

The Capital Gains Incentive Fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date), commencing with the partial calendar year from April 1, 2022 to December 31, 2022, and is calculated at the end of each applicable year by subtracting (a) the sum of our and our consolidated subsidiaries’ cumulative aggregate realized capital losses (excluding, for the avoidance of doubt, any realized capital losses arising from unrealized capital depreciation occurring prior to April 1, 2022) and aggregate unrealized capital depreciation from (b) our and our consolidated subsidiaries’ cumulative aggregate realized capital gains, in each case calculated from and after April 1, 2022 (the “Capital Gains Commencement Date”). If such amount is negative, then there is no Capital Gains Incentive Fee for such year. If such amount is positive at the end of such year, then the Capital Gains Incentive Fee for such year is equal to 20% of such amount, less the aggregate amount of Capital Gains Incentive Fees paid in all prior years.

The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in our portfolio when sold and (b) the accreted or amortized cost basis of such investment. The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in our portfolio when sold is less than (b) the accreted or amortized cost basis of such investment. The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the fair value of each investment in our portfolio as of the applicable Capital Gains Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.

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Examples of Quarterly Incentive Fee Calculations

The following hypothetical calculations illustrate the calculation of the Income Incentive Fee under the Investment Management Agreement. Amounts shown are a percentage of total net assets.

 

 

Assumption 1

 

Assumption 2

 

Assumption 3

Investment income(1)

 

 

6.39

%

 

 

 

7.54

%

 

 

 

8.39

%

 

Hurdle rate (7% annualized)

 

 

1.75

%

 

 

 

1.75

%

 

 

 

1.75

%

 

“Catch up” provision (8.75% annualized)

 

 

2.19

%

 

 

 

2.19

%

 

 

 

2.19

%

 

Pre-incentive fee net investment income(2)

 

 

1.00

%

 

 

 

2.15

%

 

 

 

3.00

%

 

Incentive fee

 

 

-

 %

(3)

 

 

0.40

%

(4)

 

 

0.60

%

(5)

(1)
Investment income includes interest income, dividends and other fee income.
(2)
Pre-incentive fee net investment income is net of management fees and other expenses and excludes organizational and offering expenses. In these examples, management fees are 0.38% (1.50% annualized) of net assets and other expenses are assumed to be 5.02% of net assets.
(3)
The pre-incentive fee net investment income is below the hurdle rate and thus no incentive fee is earned.
(4)
The pre-incentive fee net investment income ratio of 2.15% is between the hurdle rate and the top of the “catch up” provision thus the corresponding incentive fee is calculated as 100% × (2.15% - 1.75%).
(5)
The pre-incentive fee net investment income ratio of 3.00% is greater than both the hurdle rate and the “catch up” provision thus the corresponding incentive fee is calculated as (i) 100% × (2.1875% – 1.75%) or 0.4375% (the “catch up”); plus (ii) 20% × (3.00% - 2.1875%).

The following hypothetical calculations illustrate the calculation of the Capital Gains Incentive Fee under the Investment Management Agreement.

 

 

In millions

 

 

Assumption 1

 

Assumption 2

Year 1

 

 

 

 

 

 

 

 

Investment in Company A

 

$

20.0

 

 

 

$

20.0

 

 

Investment in Company B

 

 

30.0

 

 

 

 

30.0

 

 

Investment in Company C

 

 

-

 

 

 

 

25.0

 

 

Year 2

 

 

 

 

 

 

 

 

Proceeds from sale of investment in Company A

 

 

50.0

 

 

 

 

50.0

 

 

Fair market value (“FMV”) of investment in Company B

 

 

32.0

 

 

 

 

25.0

 

 

FMV of investment in Company C

 

 

-

 

 

 

 

25.0

 

 

Year 3

 

 

 

 

 

 

 

 

Proceeds from sale of investment in Company C

 

 

-

 

 

 

 

30.0

 

 

FMV of investment in Company B

 

 

25.0

 

 

 

 

24.0

 

 

Year 4

 

 

 

 

 

 

 

 

Proceeds from sale of investment in Company B

 

 

31.0

 

 

 

 

-

 

 

FMV of investment in Company B

 

 

-

 

 

 

 

35.0

 

 

Year 5

 

 

 

 

 

 

 

 

Proceeds from sale of investment in Company B

 

 

-

 

 

 

 

20.0

 

 

 

 

 

 

 

 

 

 

 

Capital Gains Incentive Fee:

 

 

 

 

 

 

 

 

Year 1

 

$

-

 

(1)

 

$

-

 

(1)

Year 2

 

 

6.0

 

(2)

 

 

5.0

 

(6)

Year 3

 

 

-

 

(3)

 

 

0.8

 

(7)

Year 4

 

 

0.2

 

(4)

 

 

1.2

 

(8)

Year 5

 

 

-

 

(5)

 

 

-

 

(9)

(1)
There is no Capital Gains Incentive Fee in Year 1 as there have been no realized capital gains.
(2)
Aggregate realized capital gains are $30.0 million. There are no aggregate realized capital losses or aggregate unrealized capital depreciation. Capital Gains Incentive Fee is calculated as $30.0 million × 20%.

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(3)
Aggregate realized capital gains are $30.0 million. There are no aggregate realized capital losses and there is $5.0 million in aggregate unrealized capital depreciation. Capital Gains Incentive Fee is calculated as the greater of (i) zero and (ii) ($30.0 million - $5.0 million) × 20% less $6.0 million (aggregate Capital Gains Incentive Fee paid in prior years).
(4)
Aggregate realized capital gains are $31.0 million. There are no aggregate realized capital losses or aggregate unrealized capital depreciation. Capital Gains Incentive Fee is calculated as the greater of (i) zero and (ii) $31.0 million × 20% less $6.0 million (aggregate Capital Gains Incentive Fee paid in prior years).
(5)
There is no Capital Gains Incentive Fee in Year 5 as there are no aggregate realized capital gains for which Capital Gains Incentive Fee has not already been paid in prior years.
(6)
Aggregate realized capital gains are $30.0 million. There are no aggregate realized capital losses and there is $5.0 million in aggregate unrealized capital depreciation. Capital Gains Incentive Fee is calculated as the greater of (i) zero and (ii) ($30.0 million - $5.0 million) × 20%. There have been no Capital Gains Incentive Fees paid in prior years.
(7)
Aggregate realized capital gains are $35.0 million. There are no aggregate realized capital losses and there is $6.0 million in aggregate unrealized capital depreciation. Capital Gains Incentive Fee is calculated as the greater of (i) zero and (ii) ($35.0 million - $6.0 million) × 20% less $5.0 million (aggregate Capital Gains Incentive Fee paid in prior years).
(8)
Aggregate realized capital gains are $35.0 million. There are no aggregate realized capital losses or aggregate unrealized capital depreciation. Capital Gains Incentive Fee is calculated as the greater of (i) zero and (ii) $35.0 million × 20% less $5.8 million (aggregate Capital Gains Incentive Fee paid in prior years).
(9)
Aggregate realized capital gains are $35.0 million. Aggregate realized capital losses are $10.0 million. There is no aggregate unrealized capital depreciation. Capital Gains Incentive Fee is calculated as the greater of (i) zero and (ii) ($35.0 million - $10.0 million) × 20% less $7.0 million (aggregate Capital Gains Incentive Fee paid in prior years).

As illustrated in Year 3 of Assumption 1 above, if GECC were to be wound up on a date other than December 31 of any year, we may have paid aggregate capital gain incentive fees that are more than the amount of such fees that would be payable if GECC had been wound up on December 31 of such year.

For the year ended December 31, 2023, we incurred $3.5 million in base management fees and $3.1 million in income-based fees accrued during the period. There were no capital gains incentive fees earned by GECM as calculated under the Investment Management Agreement for the year ended December 31, 2023.

For the year ended December 31, 2022, we incurred $3.2 million in base management fees and $0.6 million in income-based fees accrued during the period, exclusive of the waiver granted by GECM of $4.9 million in incentive fees earned in previous periods. The incentive fees were deferred in accordance with the Investment Management Agreement. There were no capital gains incentive fees earned by GECM as calculated under the Investment Management Agreement for the year ended December 31, 2022.

For the year ended December 31, 2021, we incurred $3.2 million in base management fees and $(4.3) million in income-based fees accrued during the period. The incentive fees were deferred in accordance with the Investment Management Agreement. There were no capital gains incentive fees earned by GECM as calculated under the Investment Management Agreement for the year ended December 31, 2021.

Payment of Expenses

The services of all investment professionals and staff of GECM, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by GECM. GECM has policies and procedures in place to calculate reimbursement of administrative expenses insofar as they relate to compensation and overhead of administrator personnel and rent on a quarterly basis. Compensation of administrator personnel is allocated based on time allocation for the period. Other overhead expenses are based on a combination of time allocation and total headcount. We bear all other costs and expenses of our operations and transactions, including (without limitation):

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our organizational expenses;
fees and expenses, including reasonable travel expenses, actually incurred by GECM or payable to third parties related to our investments, including, among others, professional fees (including the fees and expenses of counsel, consultants and experts) and fees and expenses relating to, or associated with, evaluating, monitoring, researching and performing due diligence on investments and prospective investments (including payments to third party vendors for financial information services);
out‑of‑pocket fees and expenses, including reasonable travel expenses, actually incurred by GECM or payable to third parties related to the provision of managerial assistance to our portfolio companies that we agree to provide such services to under the Investment Company Act (exclusive of the compensation of any investment professionals of GECM);
interest or other costs associated with debt, if any, incurred to finance our business;
fees and expenses incurred in connection with our membership in investment company organizations;
brokers’ commissions;
investment advisory and management fees;
fees and expenses associated with calculating our NAV (including the costs and expenses of any independent valuation firm);
fees and expenses relating to offerings of our common stock and other securities;
legal, auditing or accounting expenses;
federal, state and local taxes and other governmental fees;
the fees and expenses of GECM, in its role as the administrator, and any sub‑administrator, our transfer agent or sub‑transfer agent, and any other amounts payable under the Administration Agreement, or any similar administration agreement or sub‑administration agreement to which we may become a party;
the cost of preparing stock certificates or any other expenses, including clerical expenses of issue, redemption or repurchase of our securities;
the expenses of and fees for registering or qualifying our common stock for sale and of maintaining our registration and registering us as a broker or a dealer;
the fees and expenses of our directors who are not interested persons (as defined in the Investment Company Act);
the cost of preparing and distributing reports, proxy statements and notices to stockholders, the SEC and other governmental or regulatory authorities;
costs of holding stockholders’ meetings;
listing fees;
the fees or disbursements of custodians of our assets, including expenses incurred in the performance of any obligations enumerated by our bylaws or amended and restated articles of incorporation insofar as they govern agreements with any such custodian;
our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
our allocable portion of the costs associated with maintaining any computer software, hardware or information technology services (including information systems, Bloomberg or similar terminals, cyber security and related consultants and email retention) that are used by us or by GECM or its respective affiliates on our behalf (which allocable portion shall exclude any such costs related to investment professionals of GECM providing services to us);
direct costs and expenses incurred by us or GECM in connection with the performance of administrative services on our behalf, including printing, mailing, long distance telephone, cellular phone and data service, copying, secretarial and other staff, independent auditors and outside legal costs;

11


 

all other expenses incurred by us or GECM in connection with administering our business (including payments under the Administration Agreement) based upon our allocable portion of GECM’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our Chief Financial Officer and Chief Compliance Officer and their respective staffs (including reasonable travel expenses); and
costs incurred by us in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with our business and the amount of any judgment or settlement paid in connection therewith, or the enforcement of our rights against any person and indemnification or contribution expenses payable by us to any person and other extraordinary expenses not incurred in the ordinary course of our business.

Duration and Termination

Our Board initially approved the Investment Management Agreement on August 8, 2016, and most recently approved the Investment Management Agreement on July 25, 2023. The Investment Management Agreement renews for successive annual periods subject to annual approval by our Board or by the affirmative vote of the holders of a majority of our outstanding voting securities, including, in either case, approval by a majority of our directors who are not “interested persons.” The Investment Management Agreement will automatically terminate if it is assigned. The Investment Management Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other. The Investment Management Agreement is currently in effect.

Conflicts of interest may arise if GECM seeks to change the terms of the Investment Management Agreement, including, for example, the terms for compensation. Except in limited circumstances, any material change to the Investment Management Agreement must be submitted to stockholders for approval under the Investment Company Act and we may from time to time decide it is appropriate to seek stockholder approval to change the terms of the Investment Management Agreement.

Indemnification

We agreed to indemnify GECM, its stockholders and their respective officers, managers, partners, agents, employees, controlling persons, members and any other person affiliated with it, to the fullest extent permitted by law, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of GECM’s services under the Investment Management Agreement or otherwise as our investment adviser.

Organization of the Investment Adviser

GECM is a Delaware corporation and is registered as an investment adviser under the Advisers Act. GECM’s principal executive offices are located at 3801 PGA Blvd., Suite 603, Palm Beach Gardens, FL 33410.

Board Approval of the Investment Management Agreement

On July 25, 2023, our Board approved the renewal of the Investment Management Agreement through September 26, 2024. In its consideration of the Investment Management Agreement, our Board focused on information it had received relating to, among other things:

the nature, quality and extent of the advisory and other services to be provided to us by GECM;
the investment performance of us and GECM;
the extent to which economies of scale would be realized as we grow, and whether the fees payable under the Investment Management Agreement reflect these economies of scale for the benefit of our stockholders;
comparative data with respect to advisory fees or similar expenses paid by other BDCs with similar investment objectives;
our projected operating expenses and expense ratio compared to BDCs with similar investment objectives;

12


 

existing and potential sources of indirect income to GECM from its relationship with us and the profitability of those income sources;
information about the services to be performed and the personnel performing such services under the Investment Management Agreement;
the organizational capability and financial condition of GECM and its affiliates; and
the possibility of obtaining similar services from other third party service providers or through an internally managed structure.

In connection with their consideration of the renewal of the Investment Management Agreement, our Board gave weight to each of the factors described above, but did not identify any one particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Board, including all of its independent members, concluded that the Investment Management Agreement should be approved and continued.

Regulation as a Business Development Company

We may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC unless authorized by the “vote of a majority of the outstanding voting securities”, as required by the Investment Company Act. A “vote of a majority of the outstanding voting securities of a company” is defined under the Investment Company Act as the lesser of:

67% or more of such company’s voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or
more than 50% of the outstanding voting securities of such company.

A majority of our directors must be persons who are not “interested persons”, as that term is defined in the Investment Company Act. Additionally, we are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the BDC. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person’s office.

We are required to meet a coverage ratio of the value of total assets to total senior securities, which include all of our borrowings and any preferred stock we may issue in the future, of at least 150%. We may also be prohibited under the Investment Company Act from knowingly participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, prior approval by the SEC.

For example, we may sell shares of our common stock at a price below the then current NAV of our common stock if our Board determines that such sale is in our and our stockholders’ best interests, and our stockholders approve our policy and practice of making such sales. In any such case, under such circumstances, the price at which shares of our common stock are sold may be the fair value of such shares of common stock. We may be examined by the SEC for compliance with the Investment Company Act.

We are generally unable to sell shares of our common stock at a price below NAV per share. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage. We may, however, sell shares of our common stock at a price below NAV per share:

in connection with a rights offering to our existing stockholders,
with the consent of the majority of our common stockholders, or
under such other circumstances as the SEC may permit.

13


 

We may not acquire any assets other than “qualifying assets” unless, at the time we make such acquisition, the value of our qualifying assets represents at least 70% of the value of our total assets. The principal categories of qualifying assets relevant to our business are:

securities purchased in transactions not involving any public offering, the issuer of which is an eligible portfolio company;
securities received in exchange for or distributed with respect to securities described in the bullet above or pursuant to the exercise of options, warrants or rights relating to such securities; and
cash, cash items, government securities or high quality debt securities (within the meaning of the Investment Company Act), maturing in one year or less from the time of investment.

An “eligible portfolio company” is generally a U.S. domestic company that is not an investment company (other than a small business investment company wholly-owned by a BDC) and that:

does not have a class of securities with respect to which a broker may extend margin credit at the time the acquisition is made;
is controlled by the BDC and has an affiliate of the BDC on its board of directors;
does not have any class of securities listed on a national securities exchange;
is a public company that lists its securities on a national securities exchange with a market capitalization of less than $250.0 million; or
meets such other criteria as may be established by the SEC.

“Control”, as defined by the Investment Company Act, is presumed to exist where a BDC beneficially owns more than 25% of the outstanding voting securities of the portfolio company.

In addition, a BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in eligible portfolio companies, or in other securities that are consistent with its purpose as a BDC.

To include certain securities described above as “qualifying assets” for the purpose of the 70% test, a BDC must offer to the issuer of those securities managerial assistance such as providing guidance and counsel concerning the management, operations, or business objectives and policies of a portfolio company. We offer to provide managerial assistance to our portfolio companies.

Pending investment in other types of “qualifying assets,” as described above, our investments may consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which are referred to, collectively, as “temporary investments”, so that 70% of our assets, as applicable, are qualifying assets. We make purchases that are consistent with our purpose of making investments in securities described in paragraphs 1 through 3 of Section 55(a) of the Investment Company Act. We will invest in U.S. Treasury bills or in repurchase agreements that are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, if more than 25% of our gross assets constitute repurchase agreements from a single counterparty, we would not meet the diversification tests in order to qualify as a RIC for U.S. federal income tax purposes. Thus, we do not intend to enter into repurchase agreements with a single counterparty in excess of this limit.

14


 

We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our common stock, if our asset coverage, as defined in the Investment Company Act, is at least equal to 150% immediately after each such issuance. In addition, while any senior securities remain outstanding, we must make provisions to prohibit cash distributions to our stockholders or the repurchase of our common stock unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our gross assets for temporary or emergency purposes without regard to asset coverage.

Code of Ethics

We and GECM have each adopted a code of ethics, which applies to the management at each company, respectively, pursuant to Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain transactions by our or GECM’s personnel, respectively. Each code of ethics is included as an exhibit to this report and available on the EDGAR Database on the SEC’s Internet site at http://www.sec.gov. You may also obtain copies of the respective codes of ethics, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

Certain U.S. Federal Income Tax Matters

We currently qualify as a RIC under the Internal Revenue Code of 1986, as amended (the “Code”). To continue to qualify as a RIC, we must, among other things, (a) derive in each taxable year at least 90% of our gross income from dividends, interest (including tax‑exempt interest), payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income (including but not limited to gain from options, futures and forward contracts) derived with respect to our business of investing in stock, securities or currencies, or net income derived from an interest in a “qualified publicly traded partnership” (a “QPTP”); and (b) diversify our holdings so that, at the end of each quarter of each taxable year (i) at least 50% of the market value of our total assets is represented by cash and cash items, U.S. Government securities, the securities of other regulated investment companies and other securities, with other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of our total assets and not more than 10% of the outstanding voting securities of such issuer (subject to the exception described below), and (ii) not more than 25% of the market value of our total assets is invested in the securities (other than U.S. Government securities and the securities of other regulated investment companies) (A) of any one issuer, (B) of any two or more issuers that we control and that are determined to be engaged in the same business or similar or related trades or businesses, or (C) of one or more QPTPs. We may generate certain income that might not qualify as good income for purposes of the 90% annual gross income requirement described above. We will monitor our transactions to endeavor to prevent our disqualification as a RIC.

If we fail to satisfy the 90% annual gross income requirement or the asset diversification requirements discussed above in any taxable year, we may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements and the failures are otherwise cured. Additionally, relief is provided for certain de minimis failures of the asset diversification requirements where we correct the failure within a specified period. If the applicable relief provisions are not available or cannot be met, all of our income would be subject to corporate‑level U.S. federal income tax as described below. We cannot provide assurance that we would qualify for any such relief should we fail the 90% annual gross income requirement or the asset diversification requirements discussed above.

As a RIC, in any taxable year with respect to which we timely distribute at least 90% of the sum of:

our investment company taxable income (which includes, among other items, dividends, interest and the excess of any net short‑term capital gain over net long‑term capital loss and other taxable income (other than any net capital gain), reduced by deductible expenses) determined without regard to the deduction for dividends and distributions paid; and
net tax exempt interest income (which is the excess of our gross tax exempt interest income over certain disallowed deductions) (the “Annual Distribution Requirement”).

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We (but not our stockholders) generally will not be subject to U.S. federal income tax on investment company taxable income and net capital gain (generally, net long‑term capital gain in excess of short‑term capital loss) that we distribute to our stockholders. However, due to limits on the deductibility of certain expenses, we may, in certain years, have aggregate taxable income subject to the Annual Distribution Requirement that is in excess of the aggregate net income actually earned by us in those years.

We intend to distribute annually all or substantially all of such income on a timely basis.

To the extent that we retain our net capital gains for investment or any investment company taxable income, we will be subject to U.S. federal income tax at the regular corporate income tax rates. We may choose to retain our net capital gains for investment or any investment company taxable income, and pay the associated federal corporate income tax, including the federal excise tax described below.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax payable by us. To avoid this tax, we must distribute (or be deemed to have distributed) during each calendar year an amount equal to the sum of:

at least 98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;
at least 98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for a one‑year period generally ending on October 31 of the calendar year (unless an election is made by us to use our taxable year); and
certain undistributed amounts from previous years on which we paid no U.S. federal income tax (the “Excise Tax Avoidance Requirement”).

While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed to avoid entirely the imposition of the tax. In that event, we will be liable for the tax only on the amount by which we do not meet the Excise Tax Avoidance Requirement.

If, in any particular taxable year, we do not satisfy the Annual Distribution Requirement or otherwise were to fail to qualify as a RIC (for example, because we fail the 90% annual gross income requirement described above), and relief is not available as discussed above, all of our taxable income (including our net capital gains) will be subject to tax at regular corporate rates without any deduction for distributions to stockholders, and distributions generally will be taxable to the stockholders as ordinary dividends to the extent of our current and accumulated earnings and profits.

We may decide to be taxed as a regular corporation even if we would otherwise qualify as a RIC if we determine that treatment as a corporation for a particular year would be in our best interests.

If we realize a net capital loss, the excess of our net short‑term capital loss over our net long‑term capital gain is treated as a short‑term capital loss arising on the first day of our next taxable year and the excess of our net long‑term capital loss over our net short‑term capital gain is treated as a long‑term capital loss arising on the first day of our next taxable year. If future capital gain is offset by carried forward capital losses, such future capital gain is not subject to fund‑level U.S. federal income tax, regardless of whether amounts corresponding to such gain are distributed to stockholders. Accordingly, we do not expect to distribute any such offsetting capital gain. A RIC cannot carry back or carry forward any net operating losses to offset its investment company taxable income.

Our Investments

Certain of our investment practices are subject to special and complex U.S. federal income tax provisions that may, among other things:

disallow, suspend or otherwise limit the allowance of certain losses or deductions, including the dividends received deduction, net capital losses, business interest expenses and certain underwriting and similar fees;

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convert lower taxed long‑term capital gain and qualified dividend income into higher taxed, short‑term capital gain or ordinary income;
convert ordinary loss or a deduction into capital loss (the deductibility of which is more limited);
cause us to recognize income or gain without a corresponding receipt of cash;
adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur;
adversely alter the characterization of certain complex financial transactions; and
produce income that will not qualify as “good income” for purposes of the 90% annual gross income requirement described above.

We will monitor our transactions and may make certain tax elections and may be required to borrow money or dispose of securities (even if it is not advantageous to dispose of such securities) to mitigate the effect of these rules and prevent disqualification of us as a RIC. However, no assurances can be given as to our eligibility for any such tax elections or that any such tax elections that are made will fully mitigate the effects of these rules.

Investments we make in securities issued at a discount or providing for deferred interest or PIK interest are subject to special tax rules that will affect the amount, timing and character of distributions to stockholders. For example, with respect to securities issued at a discount, we will gener