10-Q 1 gecc-20240930.htm 10-Q 10-Q
0001675033--12-31Q3Falsehttp://fasb.org/srt/2024#AffiliatedEntityMemberhttp://fasb.org/srt/2024#AffiliatedEntityMemberhttp://fasb.org/us-gaap/2024#RealizedInvestmentGainsLosseshttp://fasb.org/us-gaap/2024#RealizedInvestmentGainsLosses0.170001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:CommonEquitySeventyFivePointZeroPercentageOfClassMembergecc:CloFormationJvLlcMember2024-01-012024-09-300001675033Blue 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 05/07/20282023-01-012023-12-310001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMember2022-12-310001675033us-gaap:SeniorNotesMembergecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMember2023-12-310001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples Security Common Equity Initial Acquisition Date 11/13/20202023-12-310001675033Thryv, Inc. 2200 West Airfield Drive PO Box 619810 Dallas, TX 75261 Industry Marketing Services Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 6.75%, 7.50% Floor (11.60%) Initial Acquisition Date 4/30/2024 Maturity 5/1/20292024-09-300001675033gecc:ClosedEndFundMember2023-12-310001675033Coreweave Compute Acquisition Co. IV, LLC 101 Eisenhower Parkway, Suite 106 Roseland, NJ 07068 Industry Technology Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Warrants Initial Acquisition Date 09/30/20212023-01-012023-12-310001675033us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2023-12-310001675033Dynata, LLC (New Insight Holdings, Inc.) 4 Research Drive, Suite 300 Shelton, CT 06484 Industry Internet Media Security Warrants Initial Acquisition Date 07/15/20242024-09-300001675033gecc:GreatElmStrategicPartnershipILlcMember2024-06-200001675033gecc:PFSHoldingsCorpMembergecc:FirstLienSecuredLoanMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300001675033Dynata, LLC (New Insight Holdings, Inc.) 4 Research Drive, Suite 300 Shelton, CT 06484 Industry Internet Media Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033PFS Holdings Corp. 3747 Hecktown Road Easton, PA 18045 Industry Food & Staples Security Common Equity Initial Acquisition Date 11/13/20202024-09-300001675033us-gaap:DebtMember2023-01-012023-09-300001675033Universal Fiber Systems 640 State Street Bristol, TN 37620 Industry Chemicals Security Warrants Initial Acquisition Date 9/30/20212024-09-300001675033gecc:GeccoNotesMember2021-06-232021-06-230001675033Foresight Energy 211 North Broadway, Suite 2600 St. Louis, MO 63102 Industry Metals & Mining Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 8.00%, 9.50% Floor (12.70%) Initial Acquisition Date 07/29/2021 Maturity 06/30/20272024-09-300001675033FS KKR Capital Corp. 201 Rouse Boulevard Philadelphia, PA 19112 Industry Closed-End Fund Security Common Equity Initial Acquisition Date 05/09/20242024-01-012024-09-300001675033gecc:RetailIndustryMember2023-12-310001675033Summit Midstream Holdings, LLC 910 Louisiana Street, Suite 4200 Houston, TX 77002 Industry Energy Midstream Security 2nd Lien, Secured Bond Interest Rate 9.50% Initial Acquisition Date 10/19/2021 Maturity 10/15/20262024-01-012024-09-300001675033gecc:StructuredFinanceCloEquityApexCreditClo2024IiLtdMember2024-09-300001675033gecc:MetalsAndMiningMember2023-12-310001675033Inmar, Inc. 1 W. 4th St, Suite 500 Winston-Salem, NC 27101 Industry Consumer Services Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 5.50%, 6.00% Floor (10.35%) Initial Acquisition Date 07/31/2024 Maturity 05/01/20262024-01-012024-09-300001675033gecc:GreatElmCapitalManagementIncorporationMember2023-01-012023-09-300001675033gecc:EightPointFiveZeroPercentNotesDueTwoThousandTwentyNineMember2024-04-250001675033CSC 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 03/04/20282023-12-3100016750332024-10-240001675033Trouvaille Re Ltd. 1700 City Plaza Drive, Suite 200 Spring, TX 77389 Industry Insurance Security Preference Shares Initial Acquisition Date 3/27/20242024-09-300001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Security Secured Loan B Interest Rate 3M SOFR2023-12-310001675033TRU Taj Trust 505 Park Avenue 2nd Floor New York NY 10022 Retail Security Common Equity Acquisition Date 07/21/20172023-01-012023-12-310001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney, New South Wales 2000, Australia Industry Metals & Mining Security 1st Lien, Secured Loan Initial Acquisition Date 4/6/2023 Maturity 4/6/20262024-01-012024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMembergecc:EquityFundsTwoMember2024-09-300001675033ADS 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 03/19/20262023-12-310001675033us-gaap:FairValueInputsLevel1Member2023-12-310001675033CW Opportunity 2 LP 1603 Orrington Avenue, 13th Floor Evanston, IL 60201 Industry Technology Security Private Fund Initial Acquisition Date 05/14/20242024-01-012024-09-300001675033ProFrac Holdings II LLC 333 Shops Boulevard Suite 301 Weatherford Texas 76087 Industry Energy Services Security 1st Lien Secured Bond Interest Rate 3M SOFR2023-12-310001675033Vantage Specialty Chemicals, Inc. 1751 Lake Cook Rd., Suite 550 Deerfield IL 60015 Chemicals Security 1st Lien Secured Loan Interest Rate 1M SOFR2023-12-310001675033CSC Serviceworks 35 Pinelawn Road Suite 120 Melville NY 11747 Consumer Services Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-12-310001675033Blackstone Secured Lending 345 Park Avenue New York NY 10154 Closed-End Fund Security Common Stock Initial Acquisition Date 08/18/20222023-12-310001675033Short-Term Investments MFB Northern Inst Funds Treas Portfolio Premier CL Industry Short-Term Investments Security Money Market Interest Rate 0.00% Initial Acquisition Date 10/26/20232024-09-300001675033gecc:PFSHoldingsCorpMemberus-gaap:CommonStockMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001675033gecc:InvestmentEquityAndOtherMember2023-12-3100016750332024-03-310001675033gecc:InsuranceMember2023-12-310001675033gecc:FoodAndStaplesMember2023-12-310001675033Vi Jon 8800 Page Avenue St. Louis, MO 63114 Industry Consumer Products Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033ADS Tactical, Inc. 621 Lynnhaven Parkway Suite 160 Virginia Beach, VA 23452 Defense Security 1st Lien, Secured Loan Interest Rate 1M SOFR2023-12-3100016750332022-02-282022-02-280001675033ECL Entertainment, LLC 8978 Spanish Ridge Ave Las Vegas, NV 89148 Industry Casinos & Gaming Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 4.00%, 4.75% Floor (8.85%) Initial Acquisition Date 04/11/2024 Maturity 08/31/20302024-09-300001675033gecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMember2023-08-160001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel1Member2023-12-310001675033gecc:ConsumerServicesMember2023-12-310001675033Stone Ridge Opportunities Fund L.P. One Vanderbilt Ave., 65th Floor New York NY 10017 Insurance Security Private Fund Acquisition Date 1/01/20232023-12-310001675033Spencer Spirit Holdings, Inc. 6826 E Black Horse Pike Egg Harbor Township, NJ 08234 Industry Retail Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.50%, 5.50% Floor (10.74%) Initial Acquisition Date 6/25/2024 Maturity 7/15/20312024-09-300001675033Victra (LSF9 Atlantis Holdings LLC) 2017 Fiesta Dr, Suite 201 Sarasota, USA, 34231 Industry Retail Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033Manchester Acquisition Sub, LLC 251 Little Falls Drive, Wilmington, DE 19808 Industry Chemicals Security 1st Lien Secured Loan Interest Rate 3M SOFR + 5.75%, 6.50% Floor (11.28%) Initial Acquisition Date 09/26/2023 Maturity 11/01/20262023-12-310001675033gecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMember2024-01-012024-09-300001675033gecc:NonAffiliatedNonControlledInvestmentsMember2023-07-012023-09-3000016750332022-04-012022-04-010001675033gecc:CapitalEquipmentMember2024-09-300001675033gecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMember2024-01-012024-09-300001675033Maverick 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 09/03/20262023-12-310001675033Total Short-Term Investments2024-09-300001675033TruGreen Limited Partnership 1790 Kirby Parkway Suite 300 Memphis, TN 38138 Industry Consumer Services Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 4.00%, 4.75% Floor (8.95%) Initial Acquisition Date 5/14/2024 Maturity 11/2/20272024-09-3000016750332022-06-130001675033gecc:AffiliatedInvestmentsMember2023-12-310001675033gecc:ControlledInvestmentsMember2023-01-012023-09-300001675033gecc:StructuredFinanceCloEquityAndShortTermInvestmentsMember2024-09-300001675033TRU Taj Trust 505 Park Avenue, 2nd Floor New York, NY 10022 Industry Retail Security Common Equity Initial Acquisition Date 7/21/20172024-01-012024-09-300001675033gecc:FoodAndStaplesMember2024-09-300001675033gecc:RestaurantsMember2023-12-310001675033NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 Industry Consumer Products Security Promissory Note Initial Acquisition Date 9/30/2022 Maturity 9/30/20292024-09-300001675033us-gaap:SeniorNotesMembergecc:EightPointTwoFivePercentNotesDueTwoThousandTwentyMember2016-12-3100016750332022-12-310001675033us-gaap:TechnologySectorMember2023-12-310001675033CW Opportunity 2 LP 1603 Orrington Avenue, 13th Floor Evanston, IL 60201 Industry Technology Security Private Fund Initial Acquisition Date 05/14/20242024-09-300001675033gecc:PFSHoldingsCorpMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMembergecc:MeasurementInputImpliedYieldMember2023-12-310001675033gecc:MarketingServicesMember2024-09-300001675033Janus Henderson AAA CLO ETF 151 Detroit Street Denver, CO 80206 Industry Credit Fund Security Common Equity Initial Acquisition Date 09/23/20242024-09-300001675033First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309 Industry Transportation Equipment Manufacturing Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.00%, 6.00% Floor (10.51%) Initial Acquisition Date 06/09/2023 Maturity 03/30/20272024-09-300001675033Dynata, LLC (New Insight Holdings, Inc.) 4 Research Drive, Suite 300 Shelton, CT 06484 Industry Internet Media Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.00%, 6.00% Floor (10.38%) Initial Acquisition Date 07/15/2024 Maturity 07/15/20282024-01-012024-09-300001675033Vantage 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 10/26/20262023-01-012023-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:IncomeApproachValuationTechniqueMembergecc:MeasurementInputImpliedYieldMember2023-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2023-12-310001675033TruGreen Limited Partnership 1790 Kirby Parkway Suite 300 Memphis, TN 38138 Industry Consumer Services Security 1st Lien, Secured Loan Interest Rate 1M SOFR2024-09-300001675033ProFrac 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 01/23/20292023-12-310001675033ProFrac Holdings II, LLC 333 Shops Boulevard Suite 301 Weatherford, Texas 76087 Industry Energy Service Security 1st Lien, Secured Loan Interest rate M SOFR 2024-09-300001675033gecc:ShortTermInvestmentsDreyfusGovernmentCashMgmtAdminShsFundMember2024-09-300001675033Advancion 1500 E Lake Cook Rd Buffalo Grove, IL 60089 Industry Chemicals Security 2nd Lien, Secured Loan Interest Rate 1M SOFR + 7.75%, 8.50% Floor (12.70%) Initial Acquisition Date 09/21/2022 Maturity 11/24/20282024-01-012024-09-300001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:GreatElmSpecialtyFinanceMembergecc:SubordinatedNoteMember2024-01-012024-09-300001675033gecc:GreatElmCapitalManagementIncorporationMember2022-03-310001675033Vector Group Ltd 4400 Biscayne Blvd Miami FL 33137 Food & Staples Unsecured Bond Interest Rate 10.50% Initial Acquisition Date 07/11/2024 Maturity 11/1/20262024-01-012024-09-300001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:GreatElmSpecialtyFinanceMember2024-09-300001675033srt:MaximumMember2024-09-300001675033Coreweave Compute Acquisition Co. II, LLC 101 Eisenhower Parkway, Suite 106 Roseland, NJ 07068 Industry Technology Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 9.62%, 9.62% Floor (14.95%) Initial Acquisition Date 07/31/2023 Maturity 07/31/20282024-01-012024-09-300001675033Loparex LLC 1255 Crescent Green Suite 400 Cary, NC 27518 Industrial Energy Midstream Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 6.00%, 8.00% Floor (11.20% Initial Acquisition Date 04/24/2024 Maturity 02/01/20172024-09-300001675033us-gaap:SeniorNotesMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001675033us-gaap:RevolvingCreditFacilityMembergecc:CityNationalBankMembersrt:MinimumMember2021-05-052021-05-050001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMember2019-12-3100016750332023-03-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:GreatElmSpecialtyFinanceMembergecc:SubordinatedNoteMember2024-09-300001675033gecc:TransportationEquipmentManufacturingMember2024-09-300001675033us-gaap:FairValueInputsLevel3Membergecc:AssetRecoveryLiquidationValuationTechniqueMemberus-gaap:DebtMember2023-12-310001675033gecc:EightPointOneTwoFivePercentNotesDueTwoThousandTwentyNineMember2024-09-190001675033Maverick 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 (12.82%), (12.82% PIK) Initial Acquisition Date 4/3/2024 Maturity 6/3/20282024-09-300001675033American 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 12/15/20272023-01-012023-12-310001675033gecc:CreditFundMember2024-09-300001675033Coreweave 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 07/31/20282023-12-310001675033Universal 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 09/29/20262023-01-012023-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Warrants Initial Acquisition Date 09/30/20222023-12-310001675033TOTAL INVESTMENTS2024-09-300001675033us-gaap:EquityFundsMember2023-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2024-09-300001675033Foresight 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 06/30/20272023-01-012023-12-310001675033AI Aqua Merger Sub Inc 9399 West Higgins Road, Suite 1100 Rosemont, IL 60018 Industry Capital Equipment Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 3.50%, 4.00% Floor (8.70%) Initial Acquisition Date 19/17/2024 Maturity 07/31/20282024-09-300001675033gecc:IndustrialMember2024-09-300001675033gecc:StructuredFinanceCloEquityApexCreditClo2024IiLtdMember2024-01-012024-09-300001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Promissory Note Initial Acquisition Date 09/30/2022 Maturity 09/30/20292023-01-012023-12-310001675033Manchester Acquisition Sub, LLC 251 Little Falls Drive, Wilmington, DE 19808 Industry Chemicals Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.75%, 6.50% Floor (10.92%) Initial Acquisition Date 9/26/2023 Maturity 11/1/20262024-09-300001675033APTIM 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 06/15/20252023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001675033gecc:GecchNotesMemberus-gaap:SubsequentEventMember2024-10-032024-10-030001675033us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:MeasurementInputRevenueMultipleMembergecc:EquityFundsTwoMember2024-09-300001675033gecc:IndustrialMember2023-12-310001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-12-310001675033gecc:CloFormationJvLlcMember2024-09-3000016750332022-03-310001675033us-gaap:SubsequentEventMember2024-10-310001675033us-gaap:FairValueInputsLevel3Member2024-09-300001675033Greenfire Resources Ltd. 205 5th Avenue SW, Suite 1900 Calgary, AB T2P 2V7 Canada Industry Oil & Gas Exploration & Production Security 1st Lien, Secured Bond Interest Rate 12.00% Initial Acquisition Date 09/13/2023 Maturity 10/01/20282024-01-012024-09-300001675033Coreweave Compute Acquisition Co. II, LLC 101 Eisenhower Parkway, Suite 106 Roseland, NJ 07068 Industry Technology Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033gecc:CommonEquityFivePercentageOfClassMembergecc:PFSHoldingsCorpMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300001675033Harvey 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 08/10/20272023-01-012023-12-310001675033country:US2024-09-300001675033us-gaap:DomesticCountryMember2023-12-310001675033First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309 Industry Transportation Equipment Manufacturing Security 2nd Lien, Secured Loan Interest Rate 3M SOFR2024-09-3000016750332023-06-300001675033AI Aqua Merger Sub Inc 9399 West Higgins Road, Suite 1100 Rosemont, IL 60018 Industry Capital Equipment Security 1st Lien, Secured Loan Interest Rate 1M SOFR2024-09-300001675033Great Elm Specialty Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Security Common Equity Initial Acquisition Date 09/01/20232023-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2023-12-310001675033Foresight 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 06/30/20272023-12-310001675033us-gaap:FairValueInputsLevel1Memberus-gaap:ShortTermDebtMember2024-09-300001675033ProFrac 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 01/23/20292023-01-012023-12-310001675033gecc:NonAffiliatedNonControlledInvestmentsMember2024-09-300001675033ProFrac Holdings II, LLC 333 Shops Boulevard Suite 301 Weatherford, Texas 76087 Industry Energy Service Security 1st Lien, Secured Loan Interest rate M SOFR + 7.25%, 9.75% Floor (12.12%) Initial Acquisition Date 12/27/2023 Maturity 01/23/20292024-09-300001675033us-gaap:SeniorNotesMembergecc:EightPointOneTwoFivePercentNotesDueTwoThousandTwentyNineMember2024-09-300001675033FS KKR Capital Corp. 201 Rouse Boulevard Philadelphia, PA 19112 Industry Closed-End Fund Security Common Equity Initial Acquisition Date 05/09/20242024-09-300001675033Lummus Technology Holdings 5825 N. Sam Houston Parkway West, #600 Houston, TX 77086 Industry Chemicals Security Unsecured Bond Interest Rate 9.00% Initial Acquisition Date 05/17/2022 Maturity 07/01/20282024-01-012024-09-300001675033us-gaap:FinancialServicesSectorMember2024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMembergecc:EquityFundsTwoMember2023-12-310001675033us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:MeasurementInputRevenueMultipleMembergecc:EquityFundsTwoMember2024-09-300001675033Vantage 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 10/26/20262023-12-310001675033gecc:GreatElmCapitalManagementIncorporationMember2023-12-310001675033Lummus Technology Holdings 5825 N. Sam Houston Parkway West, #600 Houston, TX 77086 Industry Chemicals Security Unsecured Bond Interest Rate 9.00% Initial Acquisition Date 05/17/2022 Maturity 07/01/20282024-09-300001675033gecc:ShortTermInvestmentsBlackrockLiquidityFundsFedfundAdministrationMember2024-01-012024-09-300001675033gecc:CasinosAndGamingMember2024-09-300001675033gecc:EightPointOneTwoFivePercentNotesDueTwoThousandTwentyNineMember2024-01-012024-09-300001675033One-month SOFR2023-01-012023-12-310001675033Vi Jon 8800 Page Avenue St. Louis, MO 63114 Industry Consumer Products Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 10%, 12.5% Floor (15.51%), (13.51% cash + 2.00% PIK) Initial Acquisition Date 12/28/2023 Maturity 12/28/20282024-09-300001675033Research Now Group Inc. 5800 Tennyson Parkway Suite 600 Plano TX 75024 Industry Internet Media Security 2nd Lien, Secured Loan Interest Rate 3M SOFR2023-12-310001675033Maverick 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 (12.82%) Initial Acquisition Date 04/03/2024 Maturity 6/3/20282024-09-300001675033Ipsen International Holding GmbH 1 Main St Cambridge, MA 02142 Industry Industrial Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 11.28%, 5.82% Floor (16.13%) Initial Acquisition Date 08/14/2024 Maturity 07/31/20292024-09-300001675033SCIH Salt HoldinSCIH Salt Holdings Inc 10995 Lowell Avenue, Suite 500 Overland Park, KS 66210 Industry Food & Staples Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 3.50%, 4.50% Floor (8.76%) Initial Acquisition Date 09/17/2024 Maturity 03/16/20272024-01-012024-09-300001675033gecc:PFSHoldingsCorpMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:CommonEquityEightySevenPointFivePercentageOfClassMembergecc:GreatElmSpecialtyFinanceMember2024-01-012024-09-300001675033Harvey Gulf Holdings LLC 701 Poydras Street, Suite 3700 New Orleans, LA 70139 Industry Shipping Security Secured Loan B Interest Rate 1M SOFR2024-09-300001675033Manchester Acquisition Sub, LLC 251 Little Falls Drive, Wilmington, DE 19808 Industry Chemicals Security 1st Lien Secured Loan Interest Rate 3M SOFR + 5.75%, 6.50% Floor (11.28%) Initial Acquisition Date 09/26/2023 Maturity 11/01/20262023-01-012023-12-310001675033Six-month SOFR2024-01-012024-09-300001675033us-gaap:DebtMember2024-09-300001675033gecc:NonAffiliatedNonControlledInvestmentsPIKMember2024-07-012024-09-300001675033First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309 Industry Transportation Equipment Manufacturing Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.00%, 6.00% Floor (10.51%) Initial Acquisition Date 01/19/2024 Maturity 03/30/20272024-09-300001675033us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2021-05-052021-05-050001675033Avation Capital SA 65 Kampong Bahru Road, #01-01 Singapore 169370 Industry Aircraft Security 2nd Lien, Secured Bond Interest Rate 8.25% Initial Acquisition Date 02/04/2022 Maturity 10/31/20262024-01-012024-09-300001675033PowerStop LLC 6112 W 73rd Street Bedford Park, IL 60638 Industry Transportation Equipment Manufacturing Security 1st Lien, Secured Loan Interest rate 3M SOFR + 4.75%, 5.25% Floor (9.91%) Initial Acquisition Date 02/09/2024 Maturity 01/26/20292024-01-012024-09-300001675033gecc:CloFormationJvLlcMember2024-08-200001675033TruGreen Limited Partnership 1790 Kirby Parkway Suite 300 Memphis, TN 38138 Industry Consumer Services Security 2nd Lien, Secured Loan Interest Rate 3M SOFR + 8.50%, 9.25% Floor (13.37%) Initial Acquisition Date 5/14/2024 Maturity 11/2/20282024-09-300001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney, New South Wales 2000, Australia Industry Metals & Mining Security 1st Lien, Secured Loan Initial Acquisition Date 4/6/2023 Maturity 4/6/20262024-09-300001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2018-01-110001675033gecc:NonAffiliatedNonControlledShortTermInvestmentsMember2024-09-300001675033Ruby Tuesday Operations LLC 333 E.Broadway Avenue Maryville, TN 37804 Industry Restaurants Security 1st Lien, Secured Loan Interest Rate 1M SOFR2024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-09-300001675033gecc:StructuredFinanceCloEquityApexCreditClo2024ILtdMember2024-01-012024-09-300001675033Harvey Gulf Holdings LLC 701 Poydras Street, Suite 3700 New Orleans, LA 70139 Industry Shipping Security Secured Loan B Interest Rate 1M SOFR + 7.06%, 9.09% Floor (11.93%) Initial Acquisition Date 02/28/2024 Maturity 01/19/20292024-01-012024-09-300001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples 1st Lien Secured Loan Interest Rate 1M SOFR2023-12-310001675033Greenfire Resources Ltd. 205 5th Avenue SW Suite 1900 Calgary AB T2P 2V7 Canada Oil & Gas Exploration & Production Security 1st Lien, Secured Bond Interest Rate 12.00% Initial Acquisition Date 09/13/2023 Maturity 10/01/20282023-01-012023-12-310001675033First Brands Inc. 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 1st Lien Secured Loan Interest Rate 6M SOFR2023-12-310001675033Blackstone Secured Lending 345 Park Avenue New York NY 10154 Closed-End Fund Security Common Stock Initial Acquisition Date 08/18/20222023-01-012023-12-310001675033Conuma Resources LTD 235 Front St, Tumbler Ridge BC V0C 0B3, Canada Industry Metals & Mining Security 1st Lien, Secured Bond Interest Rate 13.13% Initial Acquisition Date 08/08/2024 Maturity 05/01/20282024-01-012024-09-3000016750332024-09-300001675033gecc:TotalShortTermInvestmentsMember2024-09-300001675033Research 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 12/20/20252023-01-012023-12-310001675033gecc:ChemicalsMember2024-09-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 Industry Restaurants Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 16.00%, 17.25% Floor (21.32%), (21.32% PIK) Initial Acquisition Date 1/31/2023 Maturity 2/24/20272024-01-012024-09-300001675033Florida 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 03/17/20282023-12-310001675033us-gaap:FairValueInputsLevel2Member2023-01-012023-12-310001675033country:CA2024-09-300001675033Short-Term Investments MFB Northern Inst Funds Treas Portfolio Premier CL Industry Short-Term Investments Security Money Market Interest Rate 0.00% Initial Acquisition Date 10/26/20232024-01-012024-09-300001675033gecc:ShortTermInvestmentsDreyfusGovernmentCashMgmtAdminShsFundMember2024-01-012024-09-300001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMemberus-gaap:UnsecuredDebtMember2024-09-300001675033Thryv, Inc. 2200 West Airfield Drive PO Box 619810 Dallas, TX 75261 Industry Marketing Services Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 6.75%, 7.50% Floor (11.60%) Initial Acquisition Date 4/30/2024 Maturity 5/1/20292024-01-012024-09-300001675033First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309 Industry Transportation Equipment Manufacturing Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.00%, 6.00% Floor (10.51%) Initial Acquisition Date 01/19/2024 Maturity 03/30/20272024-01-012024-09-300001675033us-gaap:ShortTermInvestmentsMember2024-09-300001675033us-gaap:ShortTermInvestmentsMember2023-12-310001675033Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 Industry Apparel Security 1st Lien Secured Loan Interest Rate 3M SOFR + 7.00%, 8.00% Floor (12.61%) Initial Acquisition Date 06/30/2021 Maturity 07/15/20272023-01-012023-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security Warrants Initial Acquisition Date 02/24/20212023-01-012023-12-310001675033srt:MaximumMember2024-01-012024-09-300001675033us-gaap:DebtMember2023-07-012023-09-300001675033Manchester Acquisition Sub, LLC 251 Little Falls Drive, Wilmington, DE 19808 Industry Chemicals Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-12-310001675033First 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 03/30/20272023-01-012023-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 Industry Restaurants Security Warrants Initial Acquisition Date 2/24/20212024-09-300001675033us-gaap:UnsecuredDebtMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2024-09-300001675033us-gaap:FairValueInputsLevel2Memberus-gaap:DebtMember2023-12-310001675033gecc:ConsumerServicesMember2024-09-300001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples 1st Lien Secured Loan Interest Rate 1M SOFR + 7.00% 8.00% Floor (12.46%) Initial Acquisition Date 11/13/2020 Maturity 11/13/20242023-01-012023-12-310001675033gecc:GreatElmCapitalManagementIncorporationMember2024-07-012024-09-300001675033CSC Serviceworks 35 Pinelawn Road, Suite 120 Melville, NY 11747 Industry Consumer Services Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033gecc:EnergyMidstreamMember2023-12-310001675033us-gaap:SeniorNotesMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2022-12-310001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney, New South Wales 2000, Australia Industry Metals & Mining Security SS Working Capital Facility Interest Rate 16.00% PIK Initial Acquisition Date 2/22/2024 Maturity 8/16/20242024-09-300001675033Dynata, LLC (New Insight Holdings, Inc.) 4 Research Drive, Suite 300 Shelton, CT 06484 Industry Internet Media Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.00%, 6.00% Floor (10.38%) Initial Acquisition Date 07/15/2024 Maturity 07/15/20282024-09-300001675033PowerStop LLC 6112 W 73rd Street Bedford Park, IL 60638 Industry Transportation Equipment Manufacturing Security 1st Lien, Secured Loan Interest rate 3M SOFR + 4.75%, 5.25% Floor (9.91%) Initial Acquisition Date 02/09/2024 Maturity 01/26/20292024-09-300001675033Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 Industry Apparel Security 1st Lien Secured Loan Interest Rate 3M SOFR + 7.00%, 8.00% Floor (12.61%) Initial Acquisition Date 06/30/2021 Maturity 07/15/20272023-12-310001675033Great Elm Specialty Finance, LLC 3100 West End Ave, Suite 750 Nashville, TN 37203 Industry Specialty Finance Security Subordinated Note Interest Rate 13.00% Initial Acquisition Date 09/01/2023 Maturity 06/30/20262024-01-012024-09-300001675033gecc:InvestmentEquityAndOtherMember2024-09-300001675033us-gaap:SeniorNotesMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2023-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Security Secured Loan A Interest Rate 3M SOFR2023-12-310001675033gecc:ControlledInvestmentsMember2024-01-012024-09-300001675033Thryv, Inc. 2200 West Airfield Drive PO Box 619810 Dallas, TX 75261 Industry Marketing Services Security 1st Lien, Secured Loan Interest Rate 1M SOFR2024-09-300001675033Prime2023-01-012023-12-310001675033Maverick 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 09/03/20262023-01-012023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001675033srt:MaximumMember2023-01-012023-12-310001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples 1st Lien Secured Loan Interest Rate 1M SOFR + 7.00% 8.00% Floor (12.46%) Initial Acquisition Date 11/13/2020 Maturity 11/13/20242023-12-310001675033One-month SOFR2024-01-012024-09-300001675033us-gaap:SeniorNotesMembergecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2024-09-3000016750332022-04-012022-06-300001675033Victra (LSF9 Atlantis Holdings LLC) 2017 Fiesta Dr, Suite 201 Sarasota, USA, 34231 Industry Retail Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.25%, 6.00% Floor (9.85%), Initial Acquisition Date 02/12/2024 Maturity 03/31/20292024-09-300001675033us-gaap:UnsecuredDebtMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2023-12-310001675033us-gaap:SeniorNotesMembergecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2021-12-310001675033Blue Ribbon LLC 110 E Houston St.San Antonio TX 78205 Food & Staples Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-12-310001675033Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 Industry Apparel Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 7.00%, 8.00% Floor (12.13%) Initial Acquisition Date 06/30/2021 Maturity 07/15/20272024-01-012024-09-300001675033Dynata, LLC (New Insight Holdings, Inc.) 4 Research Drive, Suite 300 Shelton, CT 06484 Industry Internet Media Security Common Equity Initial Acquisition Date 07/15/20242024-09-300001675033Summit Midstream Holdings, LLC 910 Louisiana Street, Suite 4200 Houston, TX 77002 Industry Energy Midstream Security 2nd Lien, Secured Bond Interest Rate 9.50% Initial Acquisition Date 10/19/2021 Maturity 10/15/20262024-09-3000016750332023-01-012023-03-3100016750332022-09-300001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroNotesDueTwoThousandTwentyTwoMember2018-12-310001675033us-gaap:CommonStockMember2024-01-012024-09-300001675033SCIH 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 03/16/20272023-12-310001675033Universal 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 09/29/20262023-01-012023-12-310001675033Manchester Acquisition Sub, LLC 251 Little Falls Drive, Wilmington, DE 19808 Industry Chemicals Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033us-gaap:RevolvingCreditFacilityMembergecc:CityNationalBankMember2021-05-050001675033Harvey Gulf Holdings LLC 701 Poydras Street, Suite 3700 New Orleans, LA 70139 Industry Shipping Security Secured Loan B Interest Rate 1M SOFR + 7.06%, 9.09% Floor (11.93%) Initial Acquisition Date 02/28/2024 Maturity 01/19/20292024-09-300001675033AI Aqua Merger Sub Inc 9399 West Higgins Road, Suite 1100 Rosemont, IL 60018 Industry Capital Equipment Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 3.50%, 4.00% Floor (8.70%) Initial Acquisition Date 19/17/2024 Maturity 07/31/20282024-01-012024-09-300001675033Trouvaille Re Ltd. 1700 City Plaza Drive, Suite 200 Spring, TX 77389 Industry Insurance Security Preference Shares Initial Acquisition Date 3/27/20242024-01-012024-09-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 Industry Restaurants Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 12.00%, 13.25% Floor (17.31%), (11.31% cash + 6.00% PIK) Initial Acquisition Date 2/24/2021 Maturity 2/24/20272024-09-300001675033Short-Term Investments MFB Northern Inst Funds Treas Portfolio Premier CL Short-Term Investments Money Market Interest Rate 0.00% Initial Acquisition Date 10/26/20232023-12-310001675033Flexsys Holdings 260 Springside Drive Akron, OH 44333 Industry Chemicals Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.25%, 6.00% Floor (10.12%) Initial Acquisition Date 11/04/2022 Maturity 11/01/20282024-01-012024-09-300001675033SCIH Salt Holdings Inc 1875 Century Park East Suite 320 Los Angeles CA 90067 Food & Staples Security 1st Lien Secured Loan Interest Rate 1M SOFR2023-12-310001675033us-gaap:UnsecuredDebtMembergecc:EightPointOneTwoFivePercentNotesDueTwoThousandTwentyNineMember2024-09-300001675033TOTAL INVESTMENTS2023-12-310001675033us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembergecc:EquityFundsTwoMember2023-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtMemberus-gaap:MeasurementInputRevenueMultipleMember2024-09-300001675033gecc:GreatElmStrategicPartnershipILlcMember2024-02-070001675033PowerStop LLC 6112 W 73rd Street Bedford Park, IL 60638 Industry Transportation Equipment Manufacturing Security 1st Lien, Secured Loan Interest rate 3M SOFR 2024-09-300001675033Other Liabilities in Excess of Net Assets2023-12-310001675033Universal Fiber Systems 640 State Street Bristol, TN 37620 Industry Chemicals Security Term Loan C Interest Rate 1M SOFR + 12.88%, 13.88% Floor (18.13%), (9.13% cash + 9.00% PIK) Initial Acquisition Date 9/30/2021 Maturity 9/29/20262024-01-012024-09-300001675033Great 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 06/30/20262023-12-310001675033gecc:AircraftMember2024-09-300001675033Greenfire Resources Ltd. 205 5th Avenue SW Suite 1900 Calgary AB T2P 2V7 Canada Oil & Gas Exploration & Production Security 1st Lien, Secured Bond Interest Rate 12.00% Initial Acquisition Date 09/13/2023 Maturity 10/01/20282023-12-310001675033gecc:CoreweaveComputeAcquisitionCoIiLlcMember2024-09-300001675033Creation Technologies, Inc. One Beacon Street, 23rd Floor Boston, MA 02108 Industry Electronics Manufacturing Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033Flexsys 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 11/01/20282023-01-012023-12-310001675033NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 Industry Consumer Products Security Secured Loan B Interest Rate 3M SOFR2023-12-310001675033Advancion 1500 E Lake Cook Rd Buffalo Grove, IL 60089 Industry Chemicals Security 2nd Lien, Secured Loan Interest Rate 1M SOFR2024-09-300001675033Ruby Tuesday Operations LRuby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 Industry Restaurants Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 16.00%, 17.25% Floor (21.32%), (21.32% PIK) Initial Acquisition Date 1/31/2023 Maturity 2/24/20272024-09-300001675033gecc:CloFormationJvLlcMember2024-01-012024-09-300001675033gecc:ControlledInvestmentsPIKMember2024-07-012024-09-300001675033us-gaap:SeniorNotesMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2018-12-310001675033CLO Formation JV, LLC 800 South Street Suite 230 Waltham, MA 02453 Industry Structured Finance Security Common Equity Initial Acquisition Date 04/24/20242024-09-300001675033us-gaap:SeniorNotesMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2019-12-310001675033SPDR Blackstone Senior Loan ETF One Lincoln Street Boston, MA 02211 Industry Credit Fund Security Common Equity Initial Acquisition Date 09/23/20242024-01-012024-09-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 Industry Restaurants Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 12.00%, 13.25% Floor (17.31%), (11.31% cash + 6.00% PIK) Initial Acquisition Date 2/24/2021 Maturity 2/24/20272024-01-012024-09-300001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney, New South Wales 2000, Australia Industry Metals & Mining Security Super Senior Receivership Loan Interest Rate 15.00% PIK Initial Acquisition Date 5/29/2024 Maturity 8/29/20242024-01-012024-09-300001675033First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309 Industry Transportation Equipment Manufacturing Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033Invesco SeniInvesco Senior Loan ETF 3500 Lacey Road, Suite 700 Downers Grove, 60515 Industry Credit Fund Security Common Equity Initial Acquisition Date 09/18/20242024-09-300001675033gecc:RetailIndustryMember2024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2023-12-310001675033us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:RevolvingCreditFacilityMembergecc:CityNationalBankMember2021-05-052021-05-050001675033Fairbanks Morse Defense (Arcline FM Holdings, LLC) 655 3 St, Suite 301 Beloit, WI 53511 Industry Defense Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033Universal Fiber Systems 640 State Street Bristol, TN 37620 Industry Chemicals Security Term Loan B Interest Rate 1M SOFR2024-09-300001675033Spencer Spirit Holdings, Inc. 6826 E Black Horse Pike Egg Harbor Township, NJ 08234 Industry Retail Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033Maverick 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 (12.8%), (12.80% PIK) Initial Acquisition Date 4/3/2024 Maturity 6/3/20282024-09-300001675033us-gaap:SubsequentEventMembergecc:EightPointOneTwoFivePercentNotesDueTwoThousandTwentyNineMember2024-10-030001675033us-gaap:SeniorNotesMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001675033us-gaap:RevolvingCreditFacilityMember2024-01-012024-09-3000016750332024-01-012024-09-300001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroNotesDueTwoThousandTwentyTwoMember2017-12-3100016750332022-02-280001675033Lenders 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:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2023-12-310001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2024-09-300001675033us-gaap:DebtMember2024-01-012024-09-300001675033gecc:GreatElmStrategicPartnershipILlcMember2024-02-082024-02-080001675033gecc:ShortTermInvestmentsBlackrockLiquidityFundsFedfundAdministrationMember2024-09-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 1M SOFR + 16.00% 2023-12-310001675033Inmar, Inc. 1 WInmar, Inc. 1 W. 4th St, Suite 500 Winston-Salem, NC 27101 Industry Consumer Services Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 5.50%, 6.00% Floor (10.35%) Initial Acquisition Date 07/31/2024 Maturity 05/01/20262024-09-300001675033SCIH Salt Holdings Inc 10995 Lowell Avenue, Suite 500 Overland Park, KS 66210 Industry Food & Staples Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMemberus-gaap:UnsecuredDebtMember2023-12-310001675033us-gaap:FairValueInputsLevel2Member2024-09-300001675033Research 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 06/14/20242023-01-012023-12-310001675033us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtMemberus-gaap:MeasurementInputRevenueMultipleMember2024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2023-01-012023-12-310001675033us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:RevolvingCreditFacilityMembergecc:CityNationalBankMember2023-11-302023-11-300001675033Victra (LSF9 Atlantis Holdings LLC) 2017 Fiesta Dr, Suite 201 Sarasota, USA, 34231 Industry Retail Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.25%, 6.00% Floor (9.85%), Initial Acquisition Date 02/12/2024 Maturity 03/31/20292024-01-012024-09-300001675033gecc:ControlledInvestmentsMember2023-07-012023-09-300001675033PFS Holdings Corp. 3747 Hecktown Road Easton, PA 18045 Industry Food & Staples Security Common Equity Initial Acquisition Date 11/13/20202024-01-012024-09-300001675033Ipsen International Holding GmbH 1 Main St Cambridge, MA 02142 Industry Industrial Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 11.28%, 5.82% Floor (16.13%) Initial Acquisition Date 08/14/2024 Maturity 07/31/20292024-01-012024-09-300001675033us-gaap:RevolvingCreditFacilityMembergecc:CityNationalBankMember2023-11-222023-11-220001675033gecc:InternetMediaMember2023-12-310001675033Spencer Spirit Holdings, Inc. 6826 E Black Horse Pike Egg Harbor Township, NJ 08234 Industry Retail Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.50%, 5.50% Floor (10.74%) Initial Acquisition Date 6/25/2024 Maturity 7/15/20312024-01-012024-09-300001675033gecc:CasinosAndGamingMember2023-12-310001675033Dynata, LLC (New Insight Holdings, Inc.) 4 Research Drive, Suite 300 Shelton, CT 06484 Industry Internet Media Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.50%, 6.50% Floor (10.88%) Initial Acquisition Date 07/15/2024 Maturity 10/15/20282024-01-012024-09-300001675033Blue Ribbon, LLC 110 E Houston St. San Antonio, TX 78205 Industry Food & Staples Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033Vi-Jon 8800 Page Avenue St. Louis, MO 63114 Consumer Products Security 1st Lien Secured Loan Interest Rate 1M SOFR2023-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Promissory Note Initial Acquisition Date 09/30/2022 Maturity 09/30/20292023-12-310001675033First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309 Industry Transportation Equipment Manufacturing Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.00%, 6.00% Floor (10.51%) Initial Acquisition Date 06/09/2023 Maturity 03/30/20272024-01-012024-09-300001675033Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals Security 1st Lien Secured Loan Interest Rate 6M SOFR2023-12-310001675033Ruby 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 02/24/20252023-01-012023-12-310001675033us-gaap:FairValueInputsLevel2Memberus-gaap:DebtMember2024-09-300001675033gecc:ApparelMember2023-12-310001675033country:AU2023-12-310001675033Fairbanks Morse Defense (Arcline FM Holdings, LLC) 655 3 St, Suite 301 Beloit, WI 53511 Industry Defense Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 4.50%, 5.15% Floor (9.74%) Initial Acquisition Date 02/08/2024 Maturity 06/23/20282024-09-300001675033us-gaap:UnfundedLoanCommitmentMember2024-01-012024-09-300001675033W&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 02/01/20262023-12-310001675033gecc:StructuredFinanceCloEquityApexCreditClo2024ILtdMember2024-09-300001675033us-gaap:FairValueInputsLevel1Memberus-gaap:ShortTermDebtMember2023-12-310001675033us-gaap:SeniorNotesMembergecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2023-12-310001675033gecc:EnergyServicesMember2023-12-310001675033gecc:GecczNotesMember2023-08-162023-08-160001675033Vi-Jon 8800 Page Avenue St. Louis, MO 63114 Consumer Products Security 1st Lien Secured Loan Interest Rate 1M SOFR + 10%, 12.5% Floor (15.47%), (13.47% cash + 2.00% PIK) Initial Acquisition Date 12/28/2023 Maturity 12/28/20282023-01-012023-12-310001675033First Brands Inc.3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 2nd Lien Secured Loan Interest Rate 6M SOFR2023-12-310001675033SCIH 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 Industry Consumer Products Security Promissory Note Initial Acquisition Date 9/30/2022 Maturity 9/30/20292024-01-012024-09-300001675033SCIH Salt Holdings Inc 10995 Lowell Avenue, Suite 500 Overland Park, KS 66210 Industry Food & Staples Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 3.50%, 4.50% Floor (8.76%) Initial Acquisition Date 09/17/2024 Maturity 03/16/20272024-09-300001675033gecc:GecchNotesMember2024-01-012024-09-300001675033us-gaap:UnsecuredDebtMembergecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMember2023-12-310001675033Stone Ridge Opportunities Fund L.P. One Vanderbilt Ave., 65th Floor New York, NY 10017 Industry Insurance Security Private Fund Initial Acquisition Date 1/1/20232024-01-012024-09-300001675033Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 Industry Apparel Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-12-310001675033Maverick 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 (12.82%) Initial Acquisition Date 04/03/2024 Maturity 6/3/20282024-01-012024-09-300001675033gecc:ControlledInvestmentsMember2024-09-300001675033Florida Marine LLC 2360 5th Street Mendeville LA 70471 Shipping Security 1st Lien Secured Loan Interest Rate 1M SOFR2023-12-310001675033gecc:ControlledInvestmentsMember2024-07-012024-09-300001675033us-gaap:FairValueInputsLevel2Member2023-12-3100016750332023-04-012023-06-300001675033SPDR Blackstone Senior Loan ETF One Lincoln Street Boston, MA 02211 Industry Credit Fund Security Common Equity Initial Acquisition Date 09/23/20242024-09-300001675033us-gaap:SeniorNotesMembergecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2022-12-310001675033Loparex LLC 1255 Crescent Green Suite 400 Cary, NC 27518 Industrial Energy Midstream Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 6.00%, 8.00% Floor (11.20% Initial Acquisition Date 04/24/2024 Maturity 02/01/20172024-01-012024-09-300001675033Three-month SOFR2024-01-012024-09-300001675033gecc:ClosedEndFundMember2024-09-300001675033gecc:OilAndGasExplorationProductionMember2023-12-310001675033us-gaap:SeniorNotesMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2021-12-310001675033us-gaap:FairValueInputsLevel2Member2024-01-012024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMembergecc:EquityFundsTwoMember2024-09-300001675033Great 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 06/30/20262023-01-012023-12-310001675033Invesco Senior Loan ETF 3500 Lacey Road, Suite 700 Downers Grove, 60515 Industry Credit Fund Security Common Equity Initial Acquisition Date 09/18/20242024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMembergecc:RecentTransactionValuationTechniqueMembergecc:EquityFundsOneMember2024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2024-09-300001675033Inmar, Inc. 1 W. 4th St, Suite 500 Winston-Salem, NC 27101 Industry Consumer Services Security 1st Lien, Secured Loan Interest Rate 1M SOFR2024-09-300001675033Universal Fiber Systems 640 State Street Bristol, TN 37620 Industry Chemicals Security Term Loan C Interest Rate 1M SOFR + 12.88%, 13.88% Floor (18.13%), (9.13% cash + 9.00% PIK) Initial Acquisition Date 9/30/2021 Maturity 9/29/20262024-09-300001675033Universal Fiber Systems 640 State Street Bristol, TN 37620 Industry Chemicals Security Term Loan B Interest Rate 1M SOFR + 12.88%, 13.88% Floor (18.13%), (9.13% cash + 9.00% PIK) Initial Acquisition Date 9/30/2021 Maturity 9/29/20262024-01-012024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtMemberus-gaap:MeasurementInputRevenueMultipleMember2023-12-310001675033us-gaap:FairValueInputsLevel1Member2024-09-300001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:GreatElmSpecialtyFinanceMemberus-gaap:EquityMember2024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2023-01-012023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:CloFormationJvLlcMemberus-gaap:EquityMember2024-01-012024-09-300001675033NICE-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 09/30/20272023-12-310001675033Lummus 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:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2023-12-3100016750332024-01-012024-03-310001675033gecc:GecciNotesMember2024-04-252024-04-250001675033Advancion 1500 E Lake Cook Rd Buffalo Grove, IL 60089 Industry Chemicals Security 2nd Lien, Secured Loan Interest Rate 1M SOFR + 7.75%, 8.50% Floor (12.70%) Initial Acquisition Date 09/21/2022 Maturity 11/24/20282024-09-300001675033gecc:InvestmentDebtMember2023-12-310001675033us-gaap:SubsequentEventMember2024-10-240001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Industry Internet Media Security 1st Lien Secured Revolver Interest Rate 3M SOFR2023-12-310001675033Vi-Jon 8800 Page Avenue St. Louis, MO 63114 Consumer Products Security 1st Lien Secured Loan Interest Rate 1M SOFR + 10%, 12.5% Floor (15.47%), (13.47% cash + 2.00% PIK) Initial Acquisition Date 12/28/2023 Maturity 12/28/20282023-12-310001675033Coreweave Compute Acquisition Co. IV, LLC 101 Eisenhower Parkway, Suite 106 Roseland, NJ 07068 Industry Technology Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 6.00%, 6.00% Floor (11.05%) Initial Acquisition Date 05/29/2024 Maturity 05/16/20302024-01-012024-09-300001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroNotesDueTwoThousandTwentyTwoMember2020-12-310001675033gecc:GecczNotesMember2024-01-012024-09-300001675033Stone 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:UnsecuredDebtMember2024-09-300001675033First 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 03/30/20282023-01-012023-12-310001675033gecc:GecciNotesMember2024-07-092024-07-090001675033Northeast Grocery Inc 461 Nott St Schenectady, NY 12308 Industry Food & Staples Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 7.50%, 8.50% Floor (12.60%) Initial Acquisition Date 08/08/2024 Maturity 12/13/20282024-09-300001675033gecc:ConsumerProductsMember2024-09-300001675033Foresight Energy 211 North Broadway, Suite 2600 St. Louis, MO 63102 Industry Metals & Mining Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 8.00%, 9.50% Floor (12.70%) Initial Acquisition Date 07/29/2021 Maturity 06/30/20272024-01-012024-09-300001675033Great Elm Specialty Finance, LLC 3100 West End Ave, Suite 750 Nashville, TN 37203 Industry Specialty Finance Security Common Equity Initial Acquisition Date 09/01/20232024-09-300001675033Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 Industry Apparel Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033EPIC Crude Services LP 18615 Tuscany Stone, Suite 300 San Antonio, TX 78258 Industry Energy Midstream Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 5.00%, 6.00% Floor (9.96%) Initial Acquisition Date 02/08/2024 Maturity 03/02/20262024-09-300001675033us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:DebtMemberus-gaap:MeasurementInputRevenueMultipleMember2023-12-310001675033gecc:GreatElmCapitalManagementIncorporationMember2024-01-012024-09-300001675033American Coastal Insurance Corp. 800 2nd Avenue S. Saint Petersburg, FL 33701 Industry Insurance Security Unsecured Bond Interest Rate 7.25% Initial Acquisition Date 12/20/2022 Maturity 12/15/20272024-01-012024-09-300001675033First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309 Industry Transportation Equipment Manufacturing Security 2nd Lien, Secured Loan Interest Rate 3M SOFR + 8.50%, 9.50% Floor (14.01%) Initial Acquisition Date 03/24/2021 Maturity 03/30/20282024-01-012024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMembergecc:RecentTransactionValuationTechniqueMembergecc:EquityFundsOneMember2023-12-3100016750332023-10-012023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:GreatElmSpecialtyFinanceMemberus-gaap:EquityMember2023-12-310001675033gecc:GecciNotesMember2024-04-172024-04-170001675033gecc:GecciNotesMember2024-01-012024-09-300001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan C Interest Rate 1M SOFR2023-12-310001675033W&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:GecchNotesMember2024-09-192024-09-190001675033us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2022-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-09-300001675033gecc:AffiliatedInvestmentsMember2024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2024-09-300001675033Harvey 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 08/10/20272023-12-3100016750332023-07-012023-09-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 Industry Restaurants Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 16.00%, 17.25% Floor (21.32%), (21.32% PIK) Initial Acquisition Date 1/31/2023 Maturity 2/24/20272024-09-300001675033New 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:FairValueInputsLevel3Memberus-gaap:DebtMember2024-01-012024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembergecc:RecentTransactionValuationTechniqueMember2023-12-310001675033NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 Industry Consumer Products Security Warrants Initial Acquisition Date 9/30/20222024-01-012024-09-300001675033us-gaap:FairValueInputsLevel3Member2023-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-09-300001675033CSC Serviceworks 35 Pinelawn Road, Suite 120 Melville, NY 11747 Industry Consumer Services Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 4.00%, 4.75% Floor (9.26%) Initial Acquisition Date 09/26/2023 Maturity 03/04/20282024-09-300001675033srt:MaximumMember2023-12-310001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Warrants Initial Acquisition Date 04/06/20232023-01-012023-12-310001675033Form Technologies, LLC 11325 N Community House Road, Suite 300 Charlotte, NC 28277 Industry Industrial Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033Fairbanks Morse Defense (Arcline FM Holdings, LLC) 655 3 St, Suite 301 Beloit, WI 53511 Industry Defense Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 4.50%, 5.15% Floor (9.74%) Initial Acquisition Date 02/08/2024 Maturity 06/23/20282024-01-012024-09-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 Industry Restaurants Security 1st Lien, Secured Loan Interest Rate 1M SOFR+12.00%2024-09-300001675033us-gaap:TechnologySectorMember2024-09-300001675033gecc:ControlledInvestmentsPIKMember2024-01-012024-09-300001675033TruGreen Limited Partnership 1790 Kirby Parkway Suite 300 Memphis, TN 38138 Industry Consumer Services Security 2nd Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033Flexsys Holdings 260 Springside Drive Akron, OH 44333 Industry Chemicals Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.25%, 6.00% Floor (10.12%) Initial Acquisition Date 11/04/2022 Maturity 11/01/20282024-09-300001675033gecc:NonAffiliatedNonControlledShortTermInvestmentsMember2023-12-310001675033gecc:InsuranceMember2024-09-300001675033Dynata, LLC (New Insight Holdings, Inc.) 4 Research Drive, Suite 300 Shelton, CT 06484 Industry Internet Media Security Common Equity Initial Acquisition Date 07/15/20242024-01-012024-09-300001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:CloFormationJvLlcMember2024-09-300001675033TruGreen Limited Partnership 1790 Kirby Parkway Suite 300 Memphis, TN 38138 Industry Consumer Services Security 2nd Lien, Secured Loan Interest Rate 3M SOFR + 8.50%, 9.25% Floor (13.37%) Initial Acquisition Date 5/14/2024 Maturity 11/2/20282024-01-012024-09-300001675033us-gaap:UnsecuredDebtMembergecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMember2024-09-300001675033CLO Formation JV, LLC 800 South Street Suite 230 Waltham, MA 02453 Industry Structured Finance Security Common Equity Initial Acquisition Date 04/24/20242024-01-012024-09-300001675033gecc:EnergyMidstreamMember2024-09-300001675033Great Elm Specialty Finance, LLC 3100 West End Ave, Suite 750 Nashville, TN 37203 Industry Specialty Finance Security Common Equity Initial Acquisition Date 09/01/20232024-01-012024-09-300001675033Universal Fiber Systems 640 State Street Bristol, TN 37620 Industry Chemicals Security Term Loan B Interest Rate 1M SOFR + 12.88%, 13.88% Floor (18.13%), (9.13% cash + 9.00% PIK) Initial Acquisition Date 9/30/2021 Maturity 9/29/20262024-09-300001675033Other Liabilities in Excess of Net Assets2024-09-300001675033srt:EuropeMember2024-09-300001675033Form Technologies, LLC 11325 N Community House Road, Suite 300 Charlotte, NC 28277 Industry Industrial Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 4.75%, 5.75% Floor (9.91%) Initial Acquisition Date 01/25/2024 Maturity 07/22/20252024-09-300001675033Creation Technologies, Inc. One Beacon Street, 23rd Floor Boston, MA 02108 Industry Electronics Manufacturing Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.50%, 6.00% Floor (11.08%) Initial Acquisition Date 02/12/2024 Maturity 10/05/20282024-09-300001675033Avation Capital SA 65 Kampong Bahru Road #01-01 Singapore 169370 Aircraft Security 2nd Lien Secured Bond Interest Rate 8.25% Initial Acquisition Date 02/04/2022 Maturity 10/31/20262023-01-012023-12-310001675033Total Short-Term Investments2023-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2024-09-300001675033W&T Offshore, Inc. 5718 Westheimer Road, Suite 700 Houston, TX 77057 Industry Oil & Gas Exploration & Production Security 2nd Lien, Secured Bond Interest Rate 11.75% Initial Acquisition Date 1/12/2023 Maturity 2/1/20262024-09-300001675033gecc:CoreweaveComputeAcquisitionCoIiLlcMember2024-09-012024-09-300001675033Blue Ribbon, LLC 110 E Houston St. San Antonio, TX 78205 Industry Food & Staples Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 6.00%, 6.75% Floor (11.58%) Initial Acquisition Date 02/06/2023 Maturity 05/07/20282024-09-300001675033Short-Term Investments United States Treasury Industry Short-Term Investments Security Treasury Bill Interest Rate 0.00% Initial Acquisition Date 6/28/20242024-09-300001675033American Coastal Insurance Corp. 800 2nd Avenue S. Saint Petersburg, FL 33701 Industry Insurance Security Unsecured Bond Interest Rate 7.25% Initial Acquisition Date 12/20/2022 Maturity 12/15/20272024-09-300001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Warrants Initial Acquisition Date 09/30/20222023-01-012023-12-310001675033us-gaap:DebtMember2023-12-310001675033Dynata, LLC (New Insight Holdings, Inc.) 4 Research Drive, Suite 300 Shelton, CT 06484 Industry Internet Media Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.50%, 6.50% Floor (10.88%) Initial Acquisition Date 07/15/2024 Maturity 10/15/20282024-09-300001675033Universal 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 09/29/20262023-12-310001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2024-01-012024-09-300001675033us-gaap:FairValueInputsLevel3Membergecc:AssetRecoveryLiquidationValuationTechniqueMemberus-gaap:EquityFundsMembergecc:EquityFundsThreeMember2023-12-310001675033gecc:RestaurantsMember2024-09-300001675033Avation Capital SA 65 Kampong Bahru Road #01-01 Singapore 169370 Aircraft Security 2nd Lien Secured Bond Interest Rate 8.25% Initial Acquisition Date 02/04/2022 Maturity 10/31/20262023-12-310001675033ProFrac Holdings II, LLC 333 Shops Boulevard Suite 301 Weatherford, Texas 76087 Industry Energy Service Security 1st Lien, Secured Loan Interest rate M SOFR + 7.25%, 9.75% Floor (12.12%) Initial Acquisition Date 12/27/2023 Maturity 01/23/20292024-01-012024-09-300001675033APTIM 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 06/15/20252023-01-012023-12-310001675033Universal Fiber Systems 640 State Street Bristol, TN 37620 Industry Chemicals Security Warrants Initial Acquisition Date 9/30/20212024-01-012024-09-300001675033Blackstone Secured Lending 345 Park Avenue New York, NY 10154 Industry Closed-End Fund Security Common Equity Initial Acquisition Date 08/18/20222024-01-012024-09-300001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:GreatElmSpecialtyFinanceMember2024-01-012024-09-300001675033CSC 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 03/04/20282023-01-012023-12-310001675033gecc:AircraftMember2023-12-310001675033First 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:SeniorNotesMembergecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMember2024-09-300001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMember2021-12-310001675033gecc:InvestmentDebtMember2024-09-300001675033gecc:AffiliatedInvestmentsMember2023-01-012023-09-300001675033NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 Industry Consumer Products Security Secured Loan B Interest Rate 3M SOFR2024-09-300001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:GreatElmSpecialtyFinanceMembergecc:SubordinatedNoteMember2023-12-310001675033gecc:NonAffiliatedNonControlledInvestmentsMember2023-01-012023-09-300001675033Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 Industry Energy Midstream Security 2nd Lien Secured Bond Interest Rate 9.00% Acquisition Date 10/19/2021 Maturity 10/15/20262023-12-310001675033gecc:ShippingMember2024-09-300001675033EPIC Crude Services LP 18615 Tuscany Stone, Suite 300 San Antonio, TX 78258 Industry Energy Midstream Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 5.00%, 6.00% Floor (9.96%) Initial Acquisition Date 02/08/2024 Maturity 03/02/20262024-01-012024-09-300001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001675033Auction.com LLC 1 Mauchly Irvine CA, 92618-2305 Industry Financial Services Security 1st Lien, Secured Loan Interest Rate 6M SOFR2024-09-300001675033gecc:EightPointFiveZeroPercentNotesDueTwoThousandTwentyNineMember2024-07-090001675033us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-09-300001675033Lummus 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 07/01/20282023-12-310001675033Northeast Grocery Inc 461 Nott St Schenectady, NY 12308 Industry Food & Staples Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2021-07-090001675033gecc:NonAffiliatedNonControlledInvestmentsPIKMember2023-01-012023-09-300001675033New 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 04/06/20262023-01-012023-12-310001675033Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 Industry Apparel Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 7.00%, 8.00% Floor (12.13%) Initial Acquisition Date 06/30/2021 Maturity 07/15/20272024-09-300001675033us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2021-05-050001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMember2020-12-310001675033gecc:DefenseMember2024-09-300001675033Manchester Acquisition Sub, LLC 251 Little Falls Drive, Wilmington, DE 19808 Industry Chemicals Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.75%, 6.50% Floor (10.92%) Initial Acquisition Date 9/26/2023 Maturity 11/1/20262024-01-012024-09-300001675033Coreweave 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 07/31/20282023-01-012023-12-310001675033Blackstone Secured Lending 345 Park Avenue New York, NY 10154 Industry Closed-End Fund Security Common Equity Initial Acquisition Date 08/18/20222024-09-3000016750332024-06-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security Warrants Initial Acquisition Date 02/24/20212023-12-310001675033TruGreen Limited Partnership 1790 Kirby Parkway Suite 300 Memphis, TN 38138 Industry Consumer Services Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 4.00%, 4.75% Floor (8.95%) Initial Acquisition Date 5/14/2024 Maturity 11/2/20272024-01-012024-09-300001675033NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 Industry Consumer Products Security Secured Loan B Interest Rate 3M SOFR + 11.50%, 12.50% Floor (16.%) Initial Acquisition Date 9/30/2022 Maturity 9/30/20272024-09-300001675033First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309 Industry Transportation Equipment Manufacturing Security 2nd Lien, Secured Loan Interest Rate 3M SOFR + 8.50%, 9.50% Floor (14.01%) Initial Acquisition Date 03/24/2021 Maturity 03/30/20282024-09-300001675033gecc:AffiliatedInvestmentsMember2024-07-012024-09-300001675033gecc:NonAffiliatedNonControlledInvestmentsMember2024-07-012024-09-300001675033gecc:GeccoNotesMember2021-07-092021-07-090001675033gecc:GeccmNotesMember2018-01-192018-01-190001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2018-01-190001675033srt:EuropeMember2023-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2022-12-310001675033Flexsys Holdings 260 Springside Drive Akron, OH 44333 Industry Chemicals Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033Inmar, Inc. 1 W. 4th St, Suite 500 Winston-Salem, NC 27101 Industry Consumer Services Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 5.50%, 6.00% Floor (10.35%) Initial Acquisition Date 07/31/2024 Maturity 05/01/20262024-09-300001675033country:CA2023-12-310001675033Three-month SOFR2023-01-012023-12-310001675033Short-Term Investments MFB Northern Inst Funds Treas Portfolio Premier CL Short-Term Investments Money Market Interest Rate 0.00% Initial Acquisition Date 10/26/20232023-01-012023-12-310001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2024-01-012024-09-300001675033gecc:EightPointFiveZeroPercentNotesDueTwoThousandTwentyNineMember2024-01-012024-09-300001675033Great Elm Specialty Finance, LLC 3100 West End Ave, Suite 750 Nashville, TN 37203 Industry Specialty Finance Security Subordinated Note Interest Rate 13.00% Initial Acquisition Date 09/01/2023 Maturity 06/30/20262024-09-300001675033gecc:EnergyServicesMember2024-09-300001675033Flexsys 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 11/01/20282023-12-310001675033gecc:EightPointFiveZeroPercentNotesDueTwoThousandTwentyNineMemberus-gaap:UnsecuredDebtMember2024-09-300001675033us-gaap:SeniorNotesMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2024-09-300001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroNotesDueTwoThousandTwentyTwoMember2019-12-310001675033Form Technologies, LLC 11325 N Community House Road, Suite 300 Charlotte, NC 28277 Industry Industrial Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 4.75%, 5.75% Floor (9.91%) Initial Acquisition Date 01/25/2024 Maturity 07/22/20252024-01-012024-09-300001675033Universal Fiber Systems 640 State Street Bristol, TN 37620 Industry Chemicals Security Term Loan C Interest Rate 1M SOFR2024-09-300001675033us-gaap:ShortTermDebtMember2023-12-310001675033Northeast Grocery Inc 461 Nott St Schenectady, NY 12308 Industry Food & Staples Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 7.50%, 8.50% Floor (12.60%) Initial Acquisition Date 08/08/2024 Maturity 12/13/20282024-01-012024-09-300001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Warrants Initial Acquisition Date 04/06/20232023-12-310001675033gecc:PFSHoldingsCorpMembergecc:FirstLienSecuredLoanMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001675033country:AU2024-09-300001675033Blue 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 05/07/20282023-12-3100016750332022-06-132022-06-130001675033us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-01-012024-09-300001675033country:BM2024-09-300001675033TRU Taj Trust 505 Park Avenue, 2nd Floor New York, NY 10022 Industry Retail Security Common Equity Initial Acquisition Date 7/21/20172024-09-300001675033Harvey 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:RevolvingCreditFacilityMembergecc:CityNationalBankMember2021-05-052021-05-050001675033Eagle Point Credit Company Inc 600 Steamboat Road Suite 202 Greenwich CT 06830 Closed-End Fund Security Common Stock Initial Acquisition Date 08/18/20222023-12-310001675033gecc:InternetMediaMember2024-09-300001675033gecc:MetalsAndMiningMember2024-09-300001675033gecc:EightPointOneTwoFivePercentNotesDueTwoThousandTwentyNineMember2024-01-012024-09-300001675033gecc:OilAndGasExplorationProductionMember2024-09-300001675033Foresight Energy 211 North Broadway, Suite 2600 St. Louis, MO 63102 Industry Metals & Mining Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-3000016750332022-01-012022-03-310001675033gecc:NonAffiliatedNonControlledInvestmentsMember2024-01-012024-09-300001675033Research 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 12/20/20252023-12-310001675033Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 Industry Energy Midstream Security 2nd Lien Secured Bond Interest Rate 9.00% Acquisition Date 10/19/2021 Maturity 10/15/20262023-01-012023-12-310001675033Maverick Gaming LLC 12530 NE 144th Street Kirkland, WA 98034 Industry Casinos & Gaming Security 1st Lien, Secured Loan Interest Rate 3M SOFR2024-09-300001675033Foresight Energy 211 North Broadway Suite 2600 St. Louis MO 63102 Metals & Mining Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-12-3100016750332024-04-012024-06-300001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:GreatElmSpecialtyFinanceMemberus-gaap:EquityMember2024-01-012024-09-300001675033SOFR2023-01-012023-12-310001675033Advancion 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 11/24/20282023-01-012023-12-310001675033Avation Capital SA 65 Kampong Bahru Road, #01-01 Singapore 169370 Industry Aircraft Security 2nd Lien, Secured Bond Interest Rate 8.25% Initial Acquisition Date 02/04/2022 Maturity 10/31/20262024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:MeasurementInputRevenueMultipleMembergecc:EquityFundsTwoMember2023-12-310001675033Stone Ridge Opportunities Fund L.P. One Vanderbilt Ave., 65th Floor New York, NY 10017 Industry Insurance Security Private Fund Initial Acquisition Date 1/1/20232024-09-300001675033Conuma Resources LTD 235 Front St, Tumbler Ridge BC V0C 0B3, Canada Industry Metals & Mining Security 1st Lien, Secured Bond Interest Rate 13.13% Initial Acquisition Date 08/08/2024 Maturity 05/01/20282024-09-300001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:CloFormationJvLlcMember2024-01-012024-09-300001675033gecc:GreatElmCapitalManagementIncorporationMember2023-01-012023-12-310001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples Security Common Equity Initial Acquisition Date 11/13/20202023-01-012023-12-310001675033us-gaap:UnsecuredDebtMember2023-12-310001675033us-gaap:SeniorNotesMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2020-12-310001675033gecc:ControlledInvestmentsPIKMember2023-07-012023-09-300001675033Coreweave Compute Acquisition Co. II, LLC 101 Eisenhower Parkway, Suite 106 Roseland, NJ 07068 Industry Technology Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 9.62%, 9.62% Floor (14.95%) Initial Acquisition Date 07/31/2023 Maturity 07/31/20282024-09-300001675033W&T Offshore, Inc. 5718 Westheimer Road, Suite 700 Houston, TX 77057 Industry Oil & Gas Exploration & Production Security 2nd Lien, Secured Bond Interest Rate 11.75% Initial Acquisition Date 1/12/2023 Maturity 2/1/20262024-01-012024-09-3000016750332022-02-030001675033gecc:GreatElmCapitalManagementIncorporationMember2024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembergecc:RecentTransactionValuationTechniqueMember2024-09-300001675033us-gaap:SubsequentEventMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2024-10-122024-10-120001675033gecc:ConsumerProductsMember2023-12-310001675033us-gaap:FairValueInputsLevel3Member2024-01-012024-09-300001675033Maverick 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 (12.82%), (12.82% PIK) Initial Acquisition Date 4/3/2024 Maturity 6/3/20282024-01-012024-09-300001675033Invesco Senior Loan ETF 3500 Lacey Road, Suite 700 Downers Grove, 60515 Industry Credit Fund Security Common Equity Initial Acquisition Date 09/18/20242024-01-012024-09-300001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney, New South Wales 2000, Australia Industry Metals & Mining Security Warrants Initial Acquisition Date 4/6/20232024-09-300001675033Creation Technologies, Inc. One Beacon Street, 23rd Floor Boston, MA 02108 Industry Electronics Manufacturing Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.50%, 6.00% Floor (11.08%) Initial Acquisition Date 02/12/2024 Maturity 10/05/20282024-01-012024-09-3000016750332023-09-300001675033Loparex LLC 1255 Crescent Green Suite 400 Cary, NC 27518 Industrial Energy Midstream Security 1st Lien, Secured Loan Interest Rate 1M SOFR2024-09-300001675033gecc:ApparelMember2024-09-300001675033Coreweave Compute Acquisition Co. IV, LLC 101 Eisenhower Parkway, Suite 106 Roseland, NJ 07068 Industry Technology Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 6.00%, 6.00% Floor (11.05%) Initial Acquisition Date 05/29/2024 Maturity 05/16/20302024-09-300001675033Six-month SOFR2023-01-012023-12-310001675033gecc:ReceivableOneMember2023-12-3100016750332023-01-012023-12-310001675033us-gaap:EquityFundsMember2024-09-300001675033srt:MinimumMember2024-01-012024-09-300001675033Dynata, LLC (New Insight Holdings, Inc.) 4 Research Drive, Suite 300 Shelton, CT 06484 Industry Internet Media Security 1st Lien, Secured Loan Interest Rate 3M SOFR One2024-09-300001675033Florida 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 03/17/20282023-01-012023-12-310001675033gecc:NonAffiliatedNonControlledInvestmentsMember2023-12-310001675033Vector Group Ltd 4400 Biscayne Blvd Miami FL 33137 Food & Staples Unsecured Bond Interest Rate 10.50% Initial Acquisition Date 07/11/2024 Maturity 11/1/20262024-09-300001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney, New South Wales 2000, Australia Industry Metals & Mining Security SS Working Capital Facility Interest Rate 16.00% PIK Initial Acquisition Date 2/22/2024 Maturity 8/16/20242024-01-012024-09-300001675033gecc:EightPointFiveZeroPercentNotesDueTwoThousandTwentyNineMember2024-04-170001675033gecc:ControlledInvestmentsMember2023-12-310001675033gecc:ChemicalsMember2023-12-310001675033Greenfire Resources Ltd. 205 5th Avenue SW, Suite 1900 Calgary, AB T2P 2V7 Canada Industry Oil & Gas Exploration & Production Security 1st Lien, Secured Bond Interest Rate 12.00% Initial Acquisition Date 09/13/2023 Maturity 10/01/20282024-09-300001675033American 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 12/15/20272023-12-310001675033gecc:SpecialtyFinanceMember2024-09-300001675033Universal 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 09/29/20262023-12-310001675033Ipsen International Holding GmbH 1 Main St Cambridge, MA 02142 Industry Industrial Security 1st Lien, Secured Loan Interest Rate 1M SOFR2024-09-300001675033gecc:GeccmNotesMember2018-02-092018-02-090001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-12-310001675033gecc:TotalShortTermInvestmentsMember2023-12-310001675033gecc:EightPointFiveZeroPercentNotesDueTwoThousandTwentyNineMember2024-01-012024-09-3000016750332022-06-300001675033ECL Entertainment, LLC 8978 Spanish Ridge Ave Las Vegas, NV 89148 Industry Casinos & Gaming Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 4.00%, 4.75% Floor (8.85%) Initial Acquisition Date 04/11/2024 Maturity 08/31/20302024-01-012024-09-300001675033First 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 03/30/20282023-12-310001675033gecc:CloFormationJvLlcMember2024-07-012024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2023-12-310001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2018-02-090001675033gecc:ShippingMember2023-12-310001675033gecc:CloFormationJvLlcMember2024-04-300001675033us-gaap:FairValueInputsLevel3Membergecc:AssetRecoveryLiquidationValuationTechniqueMemberus-gaap:EquityFundsMembergecc:EquityFundsThreeMember2024-09-300001675033NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 Industry Consumer Products Security Warrants Initial Acquisition Date 9/30/20222024-09-300001675033us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembergecc:CityNationalBankMember2021-05-052021-05-050001675033gecc:NonAffiliatedNonControlledInvestmentsPIKMember2024-01-012024-09-300001675033Maverick Gaming LLC 12530 NE 144th Street Kirkland WA 98034 Industry Casinos & Gaming Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-12-310001675033EPIC Crude Services LP 18615 Tuscany Stone, Suite 300 San Antonio, TX 78258 Industry Energy Midstream Security 1st Lien, Secured Loan Interest Rate 1M SOFR2024-09-3000016750332023-01-012023-09-300001675033us-gaap:SeniorNotesMembergecc:EightPointFiveZeroPercentNotesDueTwoThousandTwentyNineMember2024-09-300001675033Janus Henderson B-BBB CLO ETF 151 Detroit Street Denver, CO 80206 Industry Credit Fund Security Common Equity Initial Acquisition Date 09/23/20242024-01-012024-09-300001675033Auction.com LLC 1 Mauchly Irvine CA, 92618-2305 Industry Financial Services Security 1st Lien, Secured Loan Interest Rate 6M SOFR + 6.00%, 7.00% Floor (10.74%) Initial Acquisition Date 09/09/2024 Maturity 05/26/20282024-09-300001675033Janus Henderson AAA CLO ETF 151 Detroit Street Denver, CO 80206 Industry Credit Fund Security Common Equity Initial Acquisition Date 09/23/20242024-01-012024-09-300001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney, New South Wales 2000, Australia Industry Metals & Mining Security Warrants Initial Acquisition Date 4/6/20232024-01-012024-09-300001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:GreatElmSpecialtyFinanceMember2023-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Warrants Initial Acquisition Date 09/30/20212023-12-310001675033gecc:StructuredFinancesMember2024-09-300001675033NICE-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 09/30/20272023-01-012023-12-310001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2021-06-230001675033Ruby 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 02/24/20252023-12-3100016750332024-07-012024-09-300001675033us-gaap:FairValueInputsLevel3Member2023-01-012023-12-3100016750332023-12-310001675033gecc:ReceivableOneMember2024-09-300001675033Total Investments excluding Short-Term Investments2024-09-300001675033us-gaap:SeniorNotesMemberus-gaap:RevolvingCreditFacilityMember2022-12-310001675033Ruby 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 02/24/20252023-01-012023-12-310001675033gecc:GeccmNotesMember2018-01-112018-01-110001675033Coreweave Compute Acquisition Co II LLC 101 Eisenhower Parkway Suite 106 Roseland NJ 07068 Technology Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:CloFormationJvLlcMemberus-gaap:EquityMember2024-09-300001675033ECL Entertainment, LLC 8978 Spanish Ridge Ave Las Vegas, NV 89148 Industry Casinos & Gaming Security 1st Lien, Secured Loan Interest Rate 1M SOFR2024-09-300001675033us-gaap:FairValueInputsLevel3Member2022-12-310001675033gecc:GreatElmCapitalManagementIncorporationMember2023-07-012023-09-300001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel1Member2024-09-300001675033gecc:O2024Q4DividendsMemberus-gaap:SubsequentEventMember2024-10-312024-10-3100016750332022-10-012022-12-310001675033Inmar, Inc. 1 W. 4th St, Suite 500 Winston-Salem, NC 27101 Industry Consumer Services Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 5.50%, 6.00% Floor (10.35%) Initial Acquisition Date 07/31/2024 Maturity 07/31/20292024-09-300001675033gecc:ElectronicsManufacturingMember2024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2023-12-310001675033us-gaap:SeniorNotesMember2024-01-012024-09-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 Industry Restaurants Security Warrants Initial Acquisition Date 2/24/20212024-01-012024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMembergecc:EquityFundsTwoMember2023-12-310001675033us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:DebtMemberus-gaap:IncomeApproachValuationTechniqueMembergecc:MeasurementInputImpliedYieldMember2023-12-310001675033Ruby 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 02/24/20252023-12-310001675033Prime2024-01-012024-09-300001675033Great Elm Specialty Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Security Common Equity Initial Acquisition Date 09/01/20232023-01-012023-12-310001675033Advancion 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 11/24/20282023-12-310001675033CSC Serviceworks 35 Pinelawn Road, Suite 120 Melville, NY 11747 Industry Consumer Services Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 4.00%, 4.75% Floor (9.26%) Initial Acquisition Date 09/26/2023 Maturity 03/04/20282024-01-012024-09-300001675033Auction.com LLC 1 Mauchly Irvine CA, 92618-2305 Industry Financial Services Security 1st Lien, Secured Loan Interest Rate 6M SOFR + 6.00%, 7.00% Floor (10.74%) Initial Acquisition Date 09/09/2024 Maturity 05/26/20282024-01-012024-09-300001675033Dynata, LLC (New Insight Holdings, Inc.) 4 Research Drive, Suite 300 Shelton, CT 06484 Industry Internet Media Security Warrants Initial Acquisition Date 07/15/20242024-01-012024-09-300001675033gecc:GeccmNotesMember2024-01-012024-09-300001675033Research 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 06/14/20242023-12-310001675033Blue Ribbon, LLC 110 E Houston St. San Antonio, TX 78205 Industry Food & Staples Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 6.00%, 6.75% Floor (11.58%) Initial Acquisition Date 02/06/2023 Maturity 05/07/20282024-01-012024-09-300001675033gecc:AffiliatedInvestmentsMember2023-07-012023-09-300001675033Advancion 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals Security 2nd Lien Secured Loan Interest Rate 1M SOFR2023-12-310001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney, New South Wales 2000, Australia Industry Metals & Mining Security Super Senior Receivership Loan Interest Rate 15.00% PIK Initial Acquisition Date 5/29/2024 Maturity 8/29/20242024-09-300001675033Janus Henderson B-BBB CLO ETF 151 Detroit Street Denver, CO 80206 Industry Credit Fund Security Common Equity Initial Acquisition Date 09/23/20242024-09-300001675033country:US2023-12-310001675033Lenders 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 01/31/20242023-01-012023-12-310001675033ADS 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 03/19/20262023-01-012023-12-310001675033gecc:PFSHoldingsCorpMemberus-gaap:CommonStockMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMembergecc:MeasurementInputImpliedYieldMember2023-12-310001675033SOFR2024-01-012024-09-300001675033gecc:GreatElmStrategicPartnershipILlcMember2024-06-212024-06-210001675033Vi Jon 8800 Page Avenue St. Louis, MO 63114 Industry Consumer Products Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 10%, 12.5% Floor (15.51%), (13.51% cash + 2.00% PIK) Initial Acquisition Date 12/28/2023 Maturity 12/28/20282024-01-012024-09-300001675033us-gaap:ShortTermDebtMember2024-09-300001675033gecc:NonAffiliatedNonControlledInvestmentsPIKMember2023-07-012023-09-300001675033gecc:ControlledInvestmentsPIKMember2023-01-012023-09-300001675033Harvey 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 08/10/20272023-12-310001675033Total Investments excluding Short-Term Investments2023-12-310001675033Eagle Point Credit Company Inc 600 Steamboat Road Suite 202 Greenwich CT 06830 Closed-End Fund Security Common Stock Initial Acquisition Date 08/18/20222023-01-012023-12-310001675033us-gaap:DebtMember2024-07-012024-09-300001675033Lenders Funding LLC 9345 Terresina Dr. Naples FL 34119 Specialty Finance Security 1st Lien, Secured Revolver Interest Rate Prime2023-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan B Interest Rate 1M SOFR2023-12-310001675033gecc:TransportationEquipmentManufacturingMember2023-12-310001675033us-gaap:RevolvingCreditFacilityMembergecc:CityNationalBankMember2024-09-300001675033Short-Term Investments United States Treasury Industry Short-Term Investments Security Treasury Bill Interest Rate 0.00% Initial Acquisition Date 6/28/20242024-01-012024-09-300001675033gecc:AffiliatedInvestmentsMember2024-01-012024-09-300001675033gecc:SpecialtyFinanceMember2023-12-310001675033gecc:CloFormationJvLlcMember2024-01-012024-09-300001675033gecc:GeccoNotesMember2024-01-012024-09-3000016750332022-07-012022-09-300001675033NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 Industry Consumer Products Security Secured Loan B Interest Rate 3M SOFR + 11.50%, 12.50% Floor (16.%) Initial Acquisition Date 9/30/2022 Maturity 9/30/20272024-01-012024-09-300001675033TRU Taj Trust 505 Park Avenue 2nd Floor New York NY 10022 Retail Security Common Equity Acquisition Date 07/21/20172023-12-310001675033gecc:DefenseMember2023-12-31xbrli:puregecc:NewSharexbrli:sharesiso4217:USDxbrli:sharesiso4217:USD

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended September 30, 2024

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.)

 

 

 

3801 PGA Boulevard, Suite 603, Palm Beach Gardens, FL

 

33410

(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

5.875% Notes due 2026

 

GECCO

 

Nasdaq Global Market

8.75% Notes due 2028

 

GECCZ

 

Nasdaq Global Market

8.50% Notes due 2029

 

GECCI

 

Nasdaq Global Market

8.125% Notes due 2029

 

GECCH

 

Nasdaq Global Market

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

 

As of October 24, 2024, the registrant had 10,449,888 shares of common stock, $0.01 par value per share, outstanding.

 

 


Table of Contents

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements

3

Item 2.

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

3

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

15

Item 4.

Controls and Procedures

15

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

16

Item 1A.

Risk Factors

16

Item 5.

Other Information

16

Item 6.

Exhibits

17

 

Signatures

18

 

Index to Consolidated Financial Statements

F-19

Consolidated Statements of Assets and Liabilities (unaudited)

F-20

Consolidated Statements of Operations (unaudited)

F-21

Consolidated Statements of Changes in Net Assets (unaudited)

F-22

Consolidated Statements of Cash Flows (unaudited)

F-23

 

Consolidated Schedule of Investments (unaudited)

F-24

Notes to the Unaudited Consolidated Financial Statements

F-38

 

i


PART I—FINANCIAL INFORMATION

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. Important factors that could cause actual results to differ from those in the forward-looking statements contained in this report include, without limitation:

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 effect of social, economic, and political conditions and geopolitical events, including as a result of changes in U.S. presidential administrations or Congress;
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,” herein and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

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”).

2


Item 1. Financial Statements.

The financial statements listed in the index to consolidated financial statements immediately following the signature page to this report are incorporated herein by reference.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Overview

We are a BDC that seeks to generate both current 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.

On September 1, 2023, we contributed investments in certain of our operating company subsidiaries and other specialty finance assets to our formerly wholly owned subsidiary, Great Elm Specialty Finance, LLC (“GESF”) in exchange for equity and subordinated indebtedness in GESF. In connection with this contribution, a strategic investor purchased approximately 12.5% of the equity interests and subordinated indebtedness in GESF. Through its subsidiaries, GESF 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. We currently own approximately 87.5% of GESF.

On September 27, 2016, we and Great Elm Capital Management, LLC (“GECM”), our external investment manager, entered into an investment management agreement (the “Investment Management Agreement”) and an administration agreement (the “Administration Agreement”), and we began to accrue obligations to our external investment manager under those agreements. On August 1, 2022, upon receiving our stockholders’ approval, we and GECM entered into an amendment to the Investment Management Agreement to reset the capital gains incentive fee to begin on April 1, 2022, which eliminated $163.2 million of realized and unrealized losses incurred prior to April 1, 2022 in calculating future incentive fees. In addition, the incentive fee based on income was amended to reset the mandatory deferral commencement date used in calculating deferred incentive fees to April 1, 2022. The Investment Management Agreement renews for successive annual periods, subject to requisite approvals from our board of directors (our “Board”) and/or stockholders.

We have elected to be treated as a RIC for U.S. federal income tax purposes. As a RIC, we will not be taxed on our income to the extent that we distribute such income each year and satisfy other applicable income tax requirements. To qualify as a RIC, we must, among other things, meet source-of-income and asset diversification requirements and annually distribute to our stockholders generally at least 90% of our investment company taxable income on a timely basis. If we qualify as a RIC, we generally will not have to pay corporate level taxes on any income that we distribute to our stockholders.

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including, among others, the amount of debt and equity capital available from other sources to middle-market companies, the level of merger and acquisition activity, pricing in the high yield and leveraged loan credit markets, our expectations of future investment opportunities, the general economic environment as well as the competitive environment for the types of investments we make.

As a BDC, our investments and the composition of our portfolio are required to comply with regulatory requirements.

Revenues

We generate revenue primarily from interest on the debt investments that we hold. We may also generate revenue from dividends on the equity investments that we hold, capital gains on the disposition of investments, and lease, fee, and other income. Our investments in fixed income instruments generally have an expected maturity of three to five years, although we have no lower or upper constraint on maturity. Our debt investments generally pay interest quarterly or semi-annually. Payments of principal of our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments and preferred stock investments may defer payments of cash interest or dividends or payment-in-kind (“PIK”). In addition, we may generate revenue in the form of prepayment fees, commitment, origination, due diligence fees, end-of-term or exit fees, fees for providing significant managerial assistance, consulting fees and other investment-related income.

3


Expenses

Our primary operating expenses include the payment of a base management fee, administration fees (including the allocable portion of overhead under the Administration Agreement), and, depending on our operating results, an incentive fee. The base management fee and incentive fee remunerates GECM for work in identifying, evaluating, negotiating, closing and monitoring our investments. The Administration Agreement provides for reimbursement of costs and expenses incurred for office space rental, office equipment and utilities allocable to us under the Administration Agreement, as well as certain costs and expenses incurred relating to non-investment advisory, administrative or operating services provided by GECM or its affiliates to us. We also bear all other costs and expenses of our operations and transactions. In addition, our expenses include interest on our outstanding indebtedness.

Critical Accounting Policies and Estimates

Valuation of Portfolio Investments

We value our portfolio investments at fair value based upon the principles and methods of valuation set forth in policies adopted by our Board. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (1) are independent of us; (2) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary); (3) are able to transact for the asset; and (4) are willing to transact for the asset (that is, they are motivated but not forced or otherwise compelled to do so).

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. Debt and equity securities for which market quotations are not readily available or for which market quotations are deemed not to represent fair value, are valued at fair value using a valuation process consistent with our Board-approved policy.

Our Board approves in good faith the valuation of our portfolio as of the end of each quarter. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that we may ultimately realize. In addition, changes in the market environment and other events may impact the market quotations used to value some of our investments.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables; applicable market yields and multiples, security covenants, call protection provisions, information rights and the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, and merger and acquisition comparables; and enterprise values.

We prefer the use of observable inputs and minimize the use of unobservable inputs in our valuation process. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing an asset developed based on the best information available in the circumstances.

Both observable and unobservable inputs are subject to some level of uncertainty and assumptions used bear the risk of change in the future. We utilize the best information available to us, including the factors listed above, in preparing the fair valuations. In determining the fair value of any individual investment, we may use multiple inputs or utilize more than one approach to calculate the fair value to assess the sensitivity to change and determine a reasonable range of fair value. In addition, our valuation procedures include an assessment of the current valuation as compared to the previous valuation for each investment and where differences are material understanding the primary drivers of those changes, incorporating updates to our current valuation inputs and approaches as appropriate.

4


Revenue Recognition

Interest and dividend income, including PIK income, is recorded on an accrual basis. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts (“OID”), earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment if such fees are fixed in nature. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, and end-of-term or exit fees that have a contingency feature or are variable in nature are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

We may purchase debt investments at a discount to their face value. Discounts on the acquisition of corporate debt instruments are generally amortized using the effective-interest or constant-yield method unless there are material questions as to collectability.

We assess the outstanding accrued income receivables for collectability at least quarterly, or more frequently if there is an event that indicates the underlying portfolio company may not be able to make the expected payments. If it is determined that amounts are not likely to be paid we may establish a reserve against or reverse the income and put the investment on non-accrual status.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale of an investment and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Realized gains and losses are computed using the specific identification method.

Net change in unrealized appreciation or depreciation reflects the net change in portfolio investment fair values and portfolio investment cost bases during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Portfolio and Investment Activity

The following is a summary of our investment activity for the year ended December 31, 2023 and the nine months ended September 30, 2024:

(in thousands)

 

Acquisitions(1)

 

 

Dispositions(2)

 

 

Weighted Average Yield
End of Period
(3)

 

Quarter ended March 31, 2023

 

 

53,293

 

 

 

(57,175

)

 

 

13.06

%

Quarter ended June 30, 2023

 

 

23,042

 

 

 

(15,975

)

 

 

13.47

%

Quarter ended September 30, 2023

 

 

80,915

 

 

 

(87,268

)

 

 

13.36

%

Quarter ended December 31, 2023

 

 

68,813

 

 

 

(75,152

)

 

 

13.77

%

For the Year Ended December 31, 2023

 

$

226,063

 

 

$

(235,570

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended March 31, 2024

 

 

64,584

 

 

 

(29,289

)

 

 

12.84

%

Quarter ended June 30, 2024

 

 

121,743

 

 

 

(83,159

)

 

 

12.58

%

Quarter ended September 30, 2024

 

 

97,633

 

 

 

(62,005

)

 

 

12.76

%

For the Nine Months Ended September 30, 2024

 

$

283,960

 

 

$

(174,453

)

 

 

 

(1)
Includes new investments, additional fundings (inclusive of those on revolving credit facilities), refinancings and capitalized PIK income. Investments in short-term securities, including U.S. Treasury Bills and money market mutual funds, were excluded.
(2)
Includes scheduled principal payments, prepayments, sales, and repayments (inclusive of those on revolving credit facilities). Investments in short-term securities, including U.S. Treasury Bills and money market mutual funds, were excluded.
(3)
Weighted average yield is based upon the stated coupon rate and fair value of outstanding debt securities at the measurement date. Debt securities on non-accrual status are included in the calculation and are treated as having 0% as their applicable interest rate for purposes of this calculation, unless such debt securities are valued at zero.

5


Portfolio Reconciliation

The following is a reconciliation of the investment portfolio for the nine months ended September 30, 2024 and the year ended December 31, 2023. Investments in short-term securities, including U.S. Treasury Bills and money market mutual funds, are excluded from the table below.

(in thousands)

 

For the Nine Months Ended September 30, 2024

 

 

For the Year Ended December 31, 2023

 

 

Beginning Investment Portfolio, at fair value

 

$

230,612

 

 

$

224,957

 

 

Portfolio Investments acquired(1)

 

 

283,960

 

 

 

226,063

 

 

Amortization of premium and accretion of discount, net

 

 

1,784

 

 

 

2,375

 

 

Portfolio Investments repaid or sold(2)

 

 

(174,453

)

 

 

(235,570

)

 

Net change in unrealized appreciation (depreciation) on investments

 

 

(10,732

)

 

 

17,485

 

 

Net realized gain (loss) on investments

 

 

2,112

 

 

 

(4,698

)

 

Ending Investment Portfolio, at fair value

 

$

333,283

 

 

$

230,612

 

 

(1)
Includes new investments, additional fundings (inclusive of those on revolving credit facilities), refinancings, and capitalized PIK income.
(2)
Includes scheduled principal payments, prepayments, sales, and repayments (inclusive of those on revolving credit facilities).

Portfolio Classification

The following table shows the fair value of our portfolio of investments by industry as of September 30, 2024 and December 31, 2023 (in thousands):

 

 

September 30, 2024

 

 

December 31, 2023

 

Industry

 

Investments at
Fair Value

 

 

Percentage of
Fair Value

 

 

Investments at
Fair Value

 

 

Percentage of
Fair Value

 

Specialty Finance

 

$

43,613

 

 

 

13.08

%

 

$

52,322

 

 

 

22.69

%

Structured Finance

 

 

32,893

 

 

 

9.87

%

 

 

-

 

 

 

-

 %

Chemicals

 

 

24,656

 

 

 

7.40

%

 

 

27,023

 

 

 

11.72

%

Transportation Equipment Manufacturing

 

 

23,937

 

 

 

7.18

%

 

 

17,261

 

 

 

7.49

%

Technology

 

 

22,957

 

 

 

6.89

%

 

 

7,342

 

 

 

3.18

%

Consumer Products

 

 

22,331

 

 

 

6.70

%

 

 

20,211

 

 

 

8.76

%

Insurance

 

 

21,050

 

 

 

6.32

%

 

 

16,026

 

 

 

6.95

%

Credit Fund

 

 

16,724

 

 

 

5.02

%

 

 

-

 

 

 

-

 %

Food & Staples

 

 

12,994

 

 

 

3.90

%

 

 

7,199

 

 

 

3.12

%

Closed-End Fund

 

 

12,479

 

 

 

3.74

%

 

 

6,770

 

 

 

2.94

%

Consumer Services

 

 

8,788

 

 

 

2.64

%

 

 

1,742

 

 

 

0.76

%

Metals & Mining

 

 

10,589

 

 

 

3.18

%

 

 

9,538

 

 

 

4.14

%

Oil & Gas Exploration & Production

 

 

10,511

 

 

 

3.15

%

 

 

11,420

 

 

 

4.95

%

Industrial

 

 

9,788

 

 

 

2.94

%

 

 

3,719

 

 

 

1.61

%

Shipping

 

 

8,808

 

 

 

2.64

%

 

 

11,724

 

 

 

5.08

%

Internet Media

 

 

7,039

 

 

 

2.11

%

 

 

13,732

 

 

 

5.95

%

Casinos & Gaming

 

 

6,610

 

 

 

1.98

%

 

 

4,252

 

 

 

1.84

%

Energy Services

 

 

6,496

 

 

 

1.95

%

 

 

6,930

 

 

 

3.01

%

Aircraft

 

 

4,356

 

 

 

1.31

%

 

 

3,958

 

 

 

1.72

%

Energy Midstream

 

 

4,042

 

 

 

1.21

%

 

 

1,996

 

 

 

0.87

%

Defense

 

 

3,994

 

 

 

1.20

%

 

 

1,945

 

 

 

0.84

%

Restaurants

 

 

3,989

 

 

 

1.20

%

 

 

3,441

 

 

 

1.49

%

Apparel

 

 

3,830

 

 

 

1.15

%

 

 

2,007

 

 

 

0.87

%

Financial Services

 

 

2,700

 

 

 

0.81

%

 

 

-

 

 

 

-

 %

Electronics Manufacturing

 

 

2,382

 

 

 

0.71

%

 

 

-

 

 

 

-

 %

Retail

 

 

2,186

 

 

 

0.66

%

 

 

54

 

 

 

0.02

%

Capital Equipment

 

 

1,997

 

 

 

0.60

%

 

 

-

 

 

 

-

 %

Marketing Services

 

 

1,544

 

 

 

0.46

%

 

 

-

 

 

 

-

 %

Total

 

$

333,283

 

 

 

100.00

%

 

$

230,612

 

 

 

100.00

%

 

6


Results of Operations

Investment Income

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

In Thousands

 

 

Per Share(1)

 

 

In Thousands

 

 

Per Share(2)

 

 

In Thousands

 

 

Per Share(1)

 

 

In Thousands

 

 

Per Share(2)

 

Total Investment Income

 

$

11,727

 

 

$

1.12

 

 

$

9,276

 

 

$

1.22

 

 

$

30,184

 

 

$

3.16

 

 

$

26,663

 

 

$

3.51

 

Interest income

 

 

8,121

 

 

 

0.78

 

 

 

7,592

 

 

 

1.00

 

 

 

23,465

 

 

 

2.46

 

 

 

21,303

 

 

 

2.81

 

Dividend income

 

 

3,586

 

 

 

0.34

 

 

 

779

 

 

 

0.10

 

 

 

5,927

 

 

 

0.62

 

 

 

2,740

 

 

 

0.36

 

Other commitment fees

 

 

-

 

 

 

-

 

 

 

802

 

 

 

0.11

 

 

 

700

 

 

 

0.07

 

 

 

2,406

 

 

 

0.31

 

Other income

 

 

20

 

 

 

-

 

 

 

103

 

 

 

0.01

 

 

 

92

 

 

 

0.01

 

 

 

214

 

 

 

0.03

 

(1)
The per share amounts are based on a weighted average of 10,449,888 and 9,556,695 outstanding common shares for the three and nine months ended September 30, 2024, respectively.
(2)
The per share amounts are based on a weighted average of 7,601,958 outstanding common shares for the three and nine months ended September 30, 2023.

Investment income consists of interest income, including net amortization of premium and accretion of discount on loans and debt securities, dividend income and other income, which primarily consists of amendment fees, commitment fees and funding fees on loans.

Interest income increased for the three and nine months ended September 30, 2024 as compared to the corresponding period in the prior year primarily due to an increased debt investment portfolio size. As of September 30, 2024, the debt investment portfolio had an average coupon rate of 12.3% on approximately $241.2 million of principal as compared to 12.5% on approximately $217.8 million of principal as of September 30, 2023, excluding positions on non-accrual in each period.

The increase in dividend income for the three and nine months ended September 30, 2024 as compared to the three and nine months ended September 30, 2023 is primarily due to the investment in CLO Formation JV, LLC which was formed in the current year and pays periodic dividends to its equityholders.

Other commitment fees decreased for the three and nine months ended September 30, 2024 as compared to the three and nine months ended September 30, 2023 attributable to exits from positions with revolver commitments.

7


Expenses

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

In Thousands

 

 

Per Share(1)

 

 

In Thousands

 

 

Per Share(2)

 

 

In Thousands

 

 

Per Share(1)

 

 

In Thousands

 

 

Per Share(2)

 

Total Expenses

 

$

7,580

 

 

$

0.73

 

 

$

6,185

 

 

$

0.82

 

 

$

19,781

 

 

$

2.07

 

 

$

17,337

 

 

$

2.28

 

Management fees

 

 

1,201

 

 

 

0.11

 

 

 

899

 

 

 

0.12

 

 

 

3,209

 

 

 

0.34

 

 

 

2,652

 

 

 

0.35

 

Incentive fees

 

 

1,018

 

 

 

0.10

 

 

 

763

 

 

 

0.10

 

 

 

2,580

 

 

 

0.27

 

 

 

2,315

 

 

 

0.30

 

Total advisory and management fees

 

$

2,219

 

 

$

0.21

 

 

$

1,662

 

 

$

0.22

 

 

$

5,789

 

 

$

0.61

 

 

$

4,967

 

 

$

0.65

 

Administration fees

 

 

375

 

 

 

0.04

 

 

 

420

 

 

 

0.06

 

 

 

1,156

 

 

 

0.12

 

 

 

1,056

 

 

 

0.14

 

Directors’ fees

 

 

52

 

 

 

-

 

 

 

51

 

 

 

0.01

 

 

 

160

 

 

 

0.02

 

 

 

156

 

 

 

0.02

 

Interest expense

 

 

4,210

 

 

 

0.40

 

 

 

3,344

 

 

 

0.44

 

 

 

10,490

 

 

 

1.09

 

 

 

8,934

 

 

 

1.18

 

Professional services

 

 

409

 

 

 

0.04

 

 

 

422

 

 

 

0.06

 

 

 

1,210

 

 

 

0.13

 

 

 

1,392

 

 

 

0.18

 

Custody fees

 

 

38

 

 

 

0.00

 

 

 

19

 

 

 

0.00

 

 

 

110

 

 

 

0.01

 

 

 

62

 

 

 

0.01

 

Other

 

 

277

 

 

 

0.03

 

 

 

267

 

 

 

0.03

 

 

 

866

 

 

 

0.09

 

 

 

770

 

 

 

0.10

 

Income Tax Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excise tax

 

 

75

 

 

 

0.01

 

 

 

39

 

 

 

0.01

 

 

 

80

 

 

 

0.01

 

 

 

67

 

 

 

0.01

 

(1)
The per share amounts are based on a weighted average of 10,449,888 and 9,556,695 outstanding common shares for the three and nine months ended September 30, 2024, respectively.
(2)
The per share amounts are based on a weighted average of 7,601,958 outstanding common shares for the three and nine months ended September 30, 2023.

Expenses are largely comprised of advisory fees and administration fees paid to GECM and interest expense on our outstanding notes payable. See “—Liquidity and Capital Resources.” Advisory fees include management fees and incentive fees calculated in accordance with the Investment Management Agreement, and administration fees include direct costs reimbursable to GECM under the Administration Agreement and fees paid for sub-administration services.

Management fees increased for the three and nine months ended September 30, 2024 as compared to the three and nine months ended September 30, 2023 due to increases in the underlying management fee assets which primarily consists of the fair value of the portfolio of investments.

Incentive fees increased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 due to higher pre-incentive net investment income over the same period. Incentive fees increased for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 due to increased pre-incentive net investment income over the same period.

Professional services costs decreased for the three and nine months ended September 30, 2024 as compared to the corresponding periods in the prior year, primarily due to decreased legal expenses associated with specific transaction matters which have been partially offset by general rate increases for professional services including valuation and accounting costs.

Interest expense increased for the three and nine months ended September 30, 2024 as compared to the corresponding periods in the prior year primarily due to the issuance of $56.5 million in aggregate principal amount of the 8.50% Notes due 2029 (the “GECCI Notes”) in April and July 2024, and the issuance of $36.0 million in aggregate principal amount of the 8.125% Notes due 2029 (the “GECCH Notes”) in September 2024.

8


Realized Gains (Losses)

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

In Thousands

 

 

Per Share(1)

 

 

In Thousands

 

 

Per Share(2)

 

 

In Thousands

 

 

Per Share(1)

 

 

In Thousands

 

 

Per Share(2)

 

Net Realized Gain (Loss)

 

$

226

 

 

$

0.02

 

 

$

(1,824

)

 

$

(0.24

)

 

$

2,112

 

 

$

0.22

 

 

$

563

 

 

$

0.07

 

Gross realized gain

 

 

626

 

 

 

0.06

 

 

 

7,324

 

 

 

0.96

 

 

 

3,438

 

 

 

0.36

 

 

 

9,820

 

 

 

1.29

 

Gross realized loss

 

 

(400

)

 

 

(0.04

)

 

 

(9,148

)

 

 

(1.20

)

 

 

(1,326

)

 

 

(0.14

)

 

 

(9,257

)

 

 

(1.22

)

(1)
The per share amounts are based on a weighted average of 10,449,888 and 9,556,695 outstanding common shares for the three and nine months ended September 30, 2024, respectively.
(2)
The per share amounts are based on a weighted average of 7,601,958 outstanding common shares for the three and nine months ended September 30, 2023.

Realized gain for the three months ended September 30, 2024 includes $0.3 million in gains from the realization of our investment in Florida Marine, LLC term loan. Realized losses for the three months ended September 30, 2024 includes $0.2 million in loss from the realization of our investment in Eagle Point Credit Company common equity.

Realized gain for the nine months ended September 30, 2024 includes $0.8 million in gains from the partial sale of our investment in American Coastal Insurance Corp unsecured bond and $0.8 million in gains from the partial sale of our investment in Blackston