10-Q 1 gecc-20230930.htm 10-Q 10-Q
--12-31Q3False0001675033http://fasb.org/srt/2023#AffiliatedEntityMemberhttp://fasb.org/srt/2023#AffiliatedEntityMember0.170001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pear Therapeutics Inc 200 State Street 13th Floor Boston MA 02109 Technology Warrants Initial Acquisition Date 02/02/20212023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp IV The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/20212023-01-012023-09-300001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2021-06-230001675033Prime2023-01-012023-09-300001675033gecc:NonAffiliatedNonControlledInvestmentsPIKMember2022-07-012022-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Apollo Strategic Growth Capital II 9 West 57th Street 43rd Floor New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/10/20212022-01-012022-12-310001675033gecc:FoodAndStaplesMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ross Acquisition Corp II 1 Pelican Lane Palm Beach FL 33480 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/12/20212022-01-012022-12-310001675033gecc:RestaurantsMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp II The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/26/20212023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp IV The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Plum Acquisition Corp I 2021 Fillmore Street #2089 San Francisco CA 94115 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/16/20212023-09-300001675033Lummus Technology Holdings 5825 N. Sam Houston Parkway West #600 Houston TX 77086 Chemicals Unsecured Bond Interest Rate 9.00% Initial Acquisition Date 05/17/2022 Maturity 07/01/20282022-01-012022-12-3100016750332021-03-310001675033Eagle Point Credit Company Inc 600 Steamboat Road Suite 202 Greenwich CT 06830 Closed-End Fund Common Stock Initial Acquisition Date 08/18/20222022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies CC Neuberger Principal Holdings III 200 Park Avenue 58th Floor New York NY 10166 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/03/20212023-09-300001675033First 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 03/30/20282023-01-012023-09-300001675033United Insurance Holdings Corp 800 2nd Avenue S. Saint Petersburg FL 33701 Insurance Unsecured Bond Interest Rate 7.25% Initial Acquisition Date 12/20/2022 Maturity 12/15/20272022-12-310001675033APTIM Corp 4171 Essen Lane Baton Rouge LA 70809 Industrial 1st Lien Secured Bond Interest Rate 7.75% Initial Acquisition Date 03/28/2019 Maturity 06/15/20252023-01-012023-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2023-09-300001675033us-gaap:IncomeApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMember2023-09-300001675033gecc:GreatElmHealthcareFinanceLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:CommonEquityEightyEightPercentageOfClassMember2023-01-012023-09-300001675033us-gaap:EquityMembergecc:PrestigeCapitalFinanceLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001675033Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals 1st Lien Secured Loan Interest Rate 1M SOFR + 5.25% 6.00% Floor (9.69%) Initial Acquisition Date 11/04/2022 Maturity 11/01/20282022-12-310001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Security 1st Lien Secured Loan Interest Rate 3M SOFR + 12.50% 14.50% Floor (17.89%) (12.89% cash + 5.00% PIK) Initial Acquisition Date 04/06/2023 Maturity 04/06/20262023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Slam Corp. 55 Hudson Yards 47th Floor Suite C New York NY 10001 Special Purpose Acquisition Company Warrants Initial Acquisition Date 04/26/20212023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Polestar Automotive Holding UK PLC Assar Gabrielssons Väg 9 405 31 Göteborg Sweden Auto Manufacturer Warrants Initial Acquisition Date 03/23/20212023-09-300001675033Greenway Health LLC 4301 W Boy Scout Blvd Suite 800 Tampa FL 33607 Technology 1st Lien Secured Revolver - Unfunded Interest Rate 3M L + 3.75% (8.52%) Initial Acquisition Date 01/27/2020 Maturity 11/17/20232022-01-012022-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority E2 Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 04/13/20242022-12-310001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance 1st Lien Secured Revolver - Unfunded Initial Acquisition Date 09/20/2021 Maturity 09/20/20232022-12-310001675033FTAI Infrastructure Inc. 1345 Avenue of the Americas 45th Floor New York NY 10105 Industrial Security 1st Lien Secured Bond Interest Rate 10.50% Initial Acquisition Date 06/29/2022 Maturity 06/01/20272023-01-012023-09-300001675033gecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMember2023-01-012023-09-300001675033gecc:TransportationEquipmentManufacturingMember2023-09-300001675033gecc:IndustrialMember2023-09-300001675033gecc:AffiliatedInvestmentsMember2023-07-012023-09-300001675033gecc:GecczNotesMember2023-08-162023-08-160001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fast Radius Inc 113 N May St Chicago IL 60607 Industrial Warrants Initial Acquisition Date 02/09/20212022-01-012022-12-310001675033us-gaap:CommonStockMembergecc:PFSHoldingsCorpMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001675033us-gaap:FairValueInputsLevel2Memberus-gaap:DebtMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Frontier Acquisition Corp 660 Madison Avenue 19th Floor New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/20212022-12-310001675033gecc:InvestmentDebtMember2022-12-310001675033APTIM Corp 4171 Essen Lane Baton Rouge LA 70809 Industrial 1st Lien Secured Bond Interest Rate 7.75% Initial Acquisition Date 03/28/2019 Maturity 06/15/20252022-12-310001675033ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 1st Lien Secured Loan Interest Rate 1M SOFR + 4.75% 5.50% Floor (12.14%) Initial Acquisition Date 11/04/2022 Maturity 11/24/20272022-01-012022-12-310001675033Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies BigBear.ai Holdings Inc 6811 Benjamin Franklin Dr Suite 200 Columbia MD 21046 IT Services Warrants Initial Acquisition Date 02/09/20212022-12-310001675033gecc:GreatElmCapitalManagementIncorporationMember2022-01-012022-12-310001675033One-month LIBOR2022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies D & Z Media Acquisition Corp 2870 Peachtree Road NW Suite 509 Atlanta GA 30305 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/26/20212022-12-310001675033Martin Midstream Partners LP 4200 Stone Road Kilgore, TX 75662 Industry Energy Midstream Security 2nd Lien Secured Loan Interest Rate 11.50% Initial Acquisition Date 01/31/2023 Maturity 02/15/20282023-09-300001675033us-gaap:IncomeApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033ProFrac Holdings II LLC 333 Shops Boulevard Suite 301 Weatherford Texas 76087 Industry Energy Services Security 1st Lien Secured Loan Interest Rate 3M SOFR + 7.25% 8.25% Floor (12.75%) Initial Acquisition Date 02/01/2023 Maturity 03/04/20252023-01-012023-09-300001675033us-gaap:DebtMember2022-12-310001675033American Coastal Insurance Corp.800 2nd Avenue S.Saint Petersburg FL 33701 Insurance Security Unsecured Bond Interest Rate 7.25% Initial Acquisition Date 12/20/2022 Maturity 12/15/20272023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Biote Corp 1875 W. Walnut Hill Ln #100 Irving TX 75038 Healthcare Warrants Initial Acquisition Date 03/02/20212022-01-012022-12-310001675033Newfold Digital Inc 5335 Gate Parkway Jacksonville FL 32256 Internet Media Unsecured Bond Interest Rate 6.00% Initial Acquisition Date 06/28/2022 Maturity 02/15/20292022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pivotal Investment Corp III The Chrysler Building 405 Lexington Avenue 11th Floor New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/09/20212023-09-3000016750332021-09-300001675033us-gaap:FairValueInputsLevel1Memberus-gaap:ShortTermDebtMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Terran Orbital Corporation 6800 Broken Sound Pkwy NW Suite 200 Boca Raton FL 33487 Communications Equipment Warrants Initial Acquisition Date 02/19/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies RMG Acquisition Corp III 57 Ocean Suite 403 5775 Collins Avenue Miami Beach FL 33140 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Iris Acquisition Corp 2700 19th Street San Francisco CA 94110 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Apollo Strategic Growth Capital II 9 West 57th Street 43rd Floor New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/10/20212023-01-012023-09-300001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Secured Loan B Interest Rate 3 Month SOFR2022-12-3100016750332022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Supernova Partners Acquisition Company III Ltd. 4301 50th Street NW Suite 300 PMB 1044 Washington DC 20016 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/23/20212022-12-310001675033American Tower Corporation 116 Huntington Avenue Boston MA 02116 Wireless Telecommunications Services Corporate Bond Interest Rate 3.5% Initial Acquisition Date 06/24/2022 Maturity 01/31/20232022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies CC Neuberger Principal Holdings III 200 Park Avenue 58th Floor New York NY 10166 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/03/20212022-01-012022-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2022-12-310001675033Florida Marine LLC 2360 5th Street Mendeville LA 70471 Shipping Security 1st Lien Secured Loan Interest Rate 1M SOFR2023-09-300001675033First Brands Inc. 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 1st Lien Secured Loan Interest Rate 6M SOFR2023-09-300001675033APTIM Corp 4171 Essen Lane Baton Rouge LA 70809 Industrial 1st Lien Secured Bond Interest Rate 7.75% Initial Acquisition Date 03/28/2019 Maturity 06/15/20252022-01-012022-12-310001675033gecc:CityNationalBankMemberus-gaap:RevolvingCreditFacilityMember2021-05-052021-05-050001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FinServ Acquisition Corp II 1345 Avenue of the Americas New York NY 10105 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/20212023-01-012023-09-300001675033gecc:ApparelMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Lazard Growth Acquisition Corp 30 Rockefeller Plaza New York NY 10112 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/10/20212022-01-012022-12-310001675033gecc:CommonEquityEightyPercentageOfClassMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SterlingCommercialCreditLLCMember2023-01-012023-09-300001675033us-gaap:IncomeApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembergecc:DebtInstrumentFourMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033SOFR2022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Plum Acquisition Corp I 2021 Fillmore Street #2089 San Francisco CA 94115 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/16/20212022-01-012022-12-310001675033us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputPriceVolatilityMember2022-12-310001675033gecc:LendersFundingLLCMemberus-gaap:EquityMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001675033gecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMemberus-gaap:UnsecuredDebtMember2022-12-310001675033Advancion 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals Security 2nd Lien Secured Loan Interest Rate 1M SOFR2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Arctos NorthStar Acquisition Corp 2021 McKinney Avenue Suite 200 Dallas TX 75201 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/23/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies G Squared Ascend I Inc 205 North Michigan Avenue Suite 3770 Chicago, IL 60601 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212022-01-012022-12-310001675033gecc:ControlledInvestmentsMember2022-01-012022-09-300001675033gecc:InvestmentEquityAndOtherMember2022-12-310001675033gecc:ITServicesMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Polestar Automotive Holding UK PLC Assar Gabrielssons Väg 9 405 31 Göteborg Sweden Auto Manufacturer Warrants Initial Acquisition Date 03/23/20212022-01-012022-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan B Interest Rate 3M L + 11.69% 12.69% Floor (17.92%) (8.92% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262022-12-310001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance 1st Lien Secured Revolver Interest Rate Prime + 1.25% 1.25% Floor (8.75%) Initial Acquisition Date 09/20/2021 Maturity 09/20/20232022-01-012022-12-310001675033SCIH Salt Holdings Inc 1875 Century Park East Suite 320 Los Angeles CA 90067 Food & Staples Security 1st Lien Secured Loan Interest Rate 1M L + 4.00% 4.75% Floor (9.63%) Initial Acquisition Date 06/21/2023 Maturity 03/16/20272023-09-300001675033Foresight 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 (13.49%) Initial Acquisition Date 07/29/2021 Maturity 06/30/20272023-01-012023-09-300001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples Common Equity Initial Acquisition Date 11/13/20202023-09-300001675033gecc:GreatElmCapitalManagementIncorporationMember2022-07-012022-09-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security Warrants Initial Acquisition Date 02/24/20212023-09-300001675033Maverick Gaming LLC 12530 NE 144th Street Kirkland WA 98034 Casinos & Gaming 1st Lien Secured Loan Interest Rate 3M L + 7.50% 8.50% Floor (12.23%) Initial Acquisition Date 11/16/2021 Maturity 09/03/20262022-01-012022-12-310001675033Manchester Acquisition Sub LLC 251 Little Falls Drive, Wilmington, DE 19808 Industry Chemicals Security 1st Lien Secured Loan Interest Rate 3 Month SOFR 2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies RMG Acquisition Corp III 57 Ocean Suite 403 5775 Collins Avenue Miami Beach FL 33140 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212023-09-300001675033One-month SOFR2023-01-012023-09-300001675033CSC Serviceworks 35 Pinelawn Road Suite 120 Melville NY 11747 Consumer Services Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-09-300001675033gecc:EquityFundsFourMembersrt:MaximumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2023-09-300001675033us-gaap:FairValueInputsLevel2Member2022-12-310001675033Crestwood Equity Partners LP 811 Main Street Suite 3400 Houston TX 77002 Energy Midstream Preferred Equity Interest Rate 9.25% Initial Acquisition Date 06/19/20202022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies TLG Acquisition One Corp 515 North Flagler Drive Suite 520 West Palm Beach FL 33401 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/28/20212023-09-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 1M SOFR + 12.00% 13.25% Floor (17.44%) (11.26% cash + 6.00% PIK) Initial Acquisition Date 02/24/2021 Maturity 02/24/20252023-09-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 1M SOFR + 16.00% 17.25% Floor (21.44%) Initial Acquisition Date 01/31/2023 Maturity 02/24/20252023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies ScION Tech Growth II 10 Queen St Place 2nd Floor London UK EC4R 1BE Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/10/20212022-01-012022-12-310001675033us-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Tritium DCFC Ltd 23 Archimedes Place Murarrie QLD Australia Transportation Equipment Manufacturing Warrants Initial Acquisition Date 02/04/20212022-01-012022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001675033gecc:LendersFundingLLCMembergecc:RevolverMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-09-3000016750332022-04-012022-06-300001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Warrants Initial Acquisition Date 09/30/20212023-09-3000016750332023-09-300001675033gecc:AffiliatedInvestmentsMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pivotal Investment Corp III The Chrysler Building 405 Lexington Avenue 11th Floor New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/09/20212022-01-012022-12-310001675033us-gaap:FairValueInputsLevel2Member2023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Agile Growth Corp Riverside Center 275 Grove Street Suite 2-400 Newton MA 02466 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-01-012022-12-310001675033GAC HoldCo Inc Suite 1220 407 - 2nd Street S.W. Calgary AB T2P 2Y3 Oil & Gas Exploration & Production 1st Lien Secured Bond Interest Rate 12.00% Initial Acquisition Date 07/27/2021 Maturity 08/15/20252022-12-310001675033gecc:GreatElmSpecialtyFinanceMember2023-09-012023-09-010001675033us-gaap:FairValueInputsLevel1Member2022-12-310001675033Blue Ribbon LLC 110 E Houston St.San Antonio TX 78205 Food & Staples Security 1st Lien Secured Loan Interest Rate 1M SOFR + 6.00% 6.75% Floor (11.44%) Initial Acquisition Date 02/06/2023 Maturity 05/07/20282023-01-012023-09-300001675033gecc:ChemicalsMember2023-09-300001675033gecc:MetalsAndMiningMember2023-09-300001675033us-gaap:SeniorNotesMembergecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2022-12-310001675033Greenway Health LLC 4301 W. Boy Scout Blvd Suite 800 Tampa FL 33607 Technology 1st Lien Secured Revolver - Unfunded Interest Rate 3M L + 3.75% (8.52%) Initial Acquisition Date 01/27/2020 Maturity 11/17/20232022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Kismet Acquisition Two Corp 850 Library Avenue Suite 204 Newark DE 19715 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/20212023-09-300001675033gecc:DebtInstrumentThreeMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033gecc:CasinosAndGamingMember2023-09-300001675033Par Petroleum LLC 825 Town & Country Lane Suite 1500 Houston TX 77024 Oil & Gas Refining 1st Lien Secured Bond Interest Rate 7.75% Initial Acquisition Date 10/30/2020 Maturity 12/15/20252022-01-012022-12-310001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroNotesDueTwoThousandTwentyTwoMember2017-12-310001675033gecc:NonAffiliatedNonControlledInvestmentsMember2022-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority G Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 04/13/20242023-01-012023-09-300001675033Great Elm Healthcare Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Common Equity Initial Acquisition Date 11/17/20222022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pathfinder Acquisition Corp 1950 University Avenue Suite 350 Palo Alto CA 94303 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/17/20212022-12-3100016750332023-10-012023-10-260001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Kismet Acquisition Three Corp 850 Library Avenue Suite 204 Newark DE 19715 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/20212022-01-012022-12-310001675033us-gaap:FairValueInputsLevel3Member2023-09-300001675033gecc:BrokerQuotesValuationTechniqueMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2022-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Common Equity Interest Rate 12.50% Initial Acquisition Date 04/13/20222023-09-300001675033gecc:CommonEquityEightyPercentageOfClassMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMember2023-01-012023-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2021-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Forum Merger IV Corp 1615 South Congress Avenue Suite 103 Delray Beach FL 33445 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/18/20212022-12-310001675033Advancion 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals Security 2nd Lien Secured Loan Interest Rate 1M SOFR + 7.75% 8.50% Floor (13.17%) Initial Acquisition Date 09/21/2022 Maturity 11/24/20282023-09-300001675033FTAI Infrastructure Inc. 1345 Avenue of the Americas 45th Floor New York NY 10105 Industrial Security 1st Lien Secured Bond Interest Rate 10.50% Initial Acquisition Date 06/29/2022 Maturity 06/01/20272023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies M3-Brigade Acquisition II Corp 1700 Broadway 19th Floor New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/04/20212023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Planet Labs PBC 645 Harrison Street 4th Floor San Francisco CA 94107 Communications Equipment Warrants Initial Acquisition Date 03/05/20212023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Digital Transformation Opportunities Corp 10207 Cleatis Court Los Angeles CA 90077 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212023-01-012023-09-300001675033Short-Term Investments GS Financial Square Treasury Obligations Fund Short-Term Investments Money Market Interest Rate 0.00% Initial Acquisition Date 06/30/20222023-09-300001675033ECL Entertainment LLC 8978 Spanish Ridge Ave Las Vegas NV 89148 Casinos & Gaming 1st Lien Secured Loan Interest Rate 1 Month SOFR2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Catcha Investment Corp Level 42 Suntec Tower Three 8 Temasek Blvd Singapore 038988 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/12/20212023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies ScION Tech Growth II 10 Queen St Place 2nd Floor London UK EC4R 1BE Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/10/20212022-12-310001675033First Brands Inc 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing 2nd Lien Secured Loan Interest Rate 6 Month LIBOR2022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Membergecc:EquityFundsOneMember2022-12-310001675033Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 Energy Midstream Security 2nd Lien Secured Bond Interest Rate 9.00% Acquisition Date 10/19/2021 Maturity 10/15/20262023-09-300001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan C Interest Rate 1M SOFR + 3.98%, 4.98% Floor (18.41%), (9.41% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262023-09-300001675033gecc:CityNationalBankMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2021-05-052021-05-050001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2018-01-190001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Warrants Initial Acquisition Date 09/30/20222022-01-012022-12-310001675033Greenway Health LLC 4301 W. Boy Scout Blvd Suite 800 Tampa FL 33607 Technology Security 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 01/27/2020 Maturity 11/17/20232023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sonder Holdings Inc 101 15th Street San Francisco CA 94103 Hospitality Warrants Initial Acquisition Date 03/19/20212022-01-012022-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 1st Lien Secured Revolver Interest Rate Prime + 3.50% 3.50% Floor (11.00%) Initial Acquisition Date 01/29/2019 Maturity 06/14/20242022-01-012022-12-310001675033srt:EuropeMember2022-12-310001675033TOTAL INVESTMENTS2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies L Catterton Asia Acquisition C 8 Marina View Asia Square Tower 1 No 41-03 Singapore 018960 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/20212022-01-012022-12-3100016750332021-04-012021-06-300001675033Avation Capital SA 65 Kampong Bahru Road #01-01 Singapore 169370 Aircraft 2nd Lien Secured Bond Interest Rate 9.00%, (6.50% cash + 2.50% PIK) Initial Acquisition Date 02/04/2022 Maturity 10/31/20262022-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants 1st Lien Secured Loan Interest Rate 1M L + 12.00% 13.25% Floor (16.06%) (10.06% cash + 6.00% PIK) Initial Acquisition Date 02/24/2021 Maturity 02/24/20252022-12-310001675033Short-Term Investments GS Financial Square Treasury Obligations Fund Short-Term Investments Money Market Interest Rate 0.00% Initial Acquisition Date 06/30/20222022-01-012022-12-310001675033gecc:NonAffiliatedNonControlledInvestmentsMember2022-01-012022-09-300001675033us-gaap:RevolvingCreditFacilityMemberus-gaap:SeniorNotesMember2022-12-310001675033Forum Energy Technologies Inc 10344 Sam Houston Park Drive Suite 300 Houston TX 77064 Energy Services 1st Lien Secured Convertible Bond Interest Rate 9.00% Initial Acquisition Date 05/09/2022 Maturity 08/04/20252022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ross Acquisition Corp II 1 Pelican Lane Palm Beach FL 33480 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/12/20212023-01-012023-09-300001675033Vantage 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 (10.08%) Initial Acquisition Date 03/03/2023 Maturity 10/26/20262023-01-012023-09-300001675033us-gaap:EquityFundsMember2022-12-310001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance 1st Lien Secured Revolver Interest Rate Prime + 1.25% 1.25% Floor (8.75%) Initial Acquisition Date 09/20/2021 Maturity 09/20/20232022-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Security Secured Loan A Interest Rate 3M SOFR + 4.50% 5.50% Floor (10.13%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272023-01-012023-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembergecc:RecentTransactionValuationTechniqueMember2022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembersrt:WeightedAverageMember2023-09-300001675033gecc:NonAffiliatedNonControlledInvestmentsPIKMember2022-01-012022-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pear Therapeutics Inc 200 State Street 13th Floor Boston MA 02109 Technology Warrants Initial Acquisition Date 02/02/20212023-01-012023-09-300001675033Sterling Commercial Credit LLC 10153 Grand River Rd Brighton MI 48116 Specialty Finance Subordinated Note Interest Rate 11.00% Initial Acquisition Date 02/03/2022 Maturity 05/03/20252022-12-310001675033Maverick Gaming LLC 12530 NE 144th Street Kirkland WA 98034 Casinos & Gaming 1st Lien Secured Loan Interest Rate 3M L + 7.50% 8.50% Floor (12.23%) Initial Acquisition Date 11/16/2021 Maturity 09/03/20262022-12-310001675033gecc:AsiaAndOceaniaMember2022-12-310001675033EagleView Technology Corp.10800 NE 8th Street Suite 300 Bellevue WA 98004 Technology Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-09-300001675033us-gaap:UnsecuredDebtMember2022-12-310001675033gecc:PrestigeCapitalFinanceLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-09-300001675033Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals Security 1st Lien Secured Loan Interest Rate 3M SOFR + 5.25% 6.00% Floor (10.9%) Initial Acquisition Date 11/04/2022 Maturity 11/01/20282023-01-012023-09-300001675033Lenders 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 12/31/20232023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Terran Orbital Corporation 6800 Broken Sound Pkwy NW Suite 200 Boca Raton FL 33487 Communications Equipment Warrants Initial Acquisition Date 02/19/20212023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ginko Bioworks Holdings Inc 27 Drydock Avenue 8th Floor Boston MA 02210 Biotechnology Warrants Initial Acquisition Date 02/24/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Catcha Investment Corp Level 42 Suntec Tower Three 8 Temasek Blvd Singapore 038988 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/12/20212023-01-012023-09-300001675033Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals Security 1st Lien Secured Loan Interest Rate 3M SOFR + 5.25% 6.00% Floor (10.9%) Initial Acquisition Date 11/04/2022 Maturity 11/01/20282023-09-300001675033gecc:BrokerQuotesValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembersrt:WeightedAverageMember2022-12-310001675033Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals 1st Lien Secured Loan Interest Rate 1 Month SOFR2022-12-310001675033gecc:GreatElmHealthcareFinanceLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001675033gecc:InsuranceMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies CF Acquisition Corp VIII 110 East 59th Street New York NY 10022 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/12/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pivotal Investment Corp III The Chrysler Building 405 Lexington Avenue 11th Floor New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/09/20212022-12-310001675033Stone Ridge Opportunities Fund L.P. One Vanderbilt Ave., 65th Floor New York NY 10017 Insurance Security Private Fund Acquisition Date 12/15/20222023-09-300001675033gecc:HospitalityMember2022-12-310001675033Coreweave Compute Acquisition Co II LLC 101 Eisenhower Parkway Suite 106 Roseland NJ 07068 Technology Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-09-300001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMembergecc:SubordinatedNoteMember2022-12-310001675033us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2021-05-0500016750332022-09-300001675033W&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 02/01/20262023-01-012023-09-300001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fathom Digital Manufacturing Corporation 1050 Walnut Ridge Drive Hartland WI 53029 Industrial Warrants Initial Acquisition Date 02/05/20212022-01-012022-12-310001675033country:CA2022-12-310001675033Research Now Group Inc. 5800 Tennyson Parkway Suite 600 Plano TX 75024 Industry Internet Media Security 2nd Lien, Secured Loan Interest Rate 3M SOFR2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Allego N.V. Industriepark Kleefse Waard Westervoortsedijk 73 KB 6827 AV Arnhem The Netherlands Transportation Equipment Manufacturing Warrants Initial Acquisition Date 03/17/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies ESM Acquisition Corp 2229 San Felipe Suite 1300 Houston TX 77019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-01-012022-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority F Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 04/13/20242023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Freedom Acquisition I Corp 14 Wall Street 20th Floor New York NY 10005 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/26/20212022-12-310001675033gecc:GreatElmSpecialtyFinanceMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SubordinatedNoteMember2023-09-300001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Secured Loan B Interest Rate 3M SOFR + 13.50% 14.50% Floor (18.08%) (10.08% cash + 8.00% PIK) Initial Acquisition Date 09/30/2022 Maturity 09/30/20272022-12-310001675033gecc:AffiliatedInvestmentsMember2022-01-012022-09-300001675033First Brands Inc.3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 2nd Lien Secured Loan Interest Rate 6M SOFR2023-09-300001675033gecc:NonAffiliatedNonControlledShortTermInvestmentsMember2022-12-310001675033Six-month LIBOR2022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Dave Inc 750 N. San Vicente Blvd 900W West Hollywood CA 90069 Consumer Finance Warrants Initial Acquisition Date 03/05/20212023-09-300001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan B Interest Rate 1M SOFR2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Cartesian Growth Corporation 505 5th Avenue 15th Floor New York NY 10017 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/24/20212022-01-012022-12-310001675033gecc:GreatElmCapitalManagementIncorporationMember2022-12-310001675033gecc:LendersFundingLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001675033CSC Serviceworks 35 Pinelawn Road Suite 120 Melville NY 11747 Consumer Services Security 1st Lien Secured Loan Interest Rate 3M SOFR + 4.00% 4.75% Floor (9.66%) Initial Acquisition Date 09/26/2023 Maturity 03/04/20282023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Warburg Pincus Capital Corp I-A 450 Lexington Avenue New York NY 10017 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-12-310001675033gecc:SpecialPurposeAcquisitionsCompanyMember2022-12-310001675033us-gaap:SeniorNotesMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2018-12-310001675033Par Petroleum LLC 825 Town & Country Lane Suite 1500 Houston TX 77024 Oil & Gas Refining 1st Lien Secured Bond Interest Rate 7.75% Initial Acquisition Date 10/30/2020 Maturity 12/15/20252022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Tritium DCFC Ltd 23 Archimedes Place Murarrie QLD Australia Transportation Equipment Manufacturing Warrants Initial Acquisition Date 02/04/20212023-01-012023-09-300001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2023-01-012023-09-300001675033Lummus 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 07/01/20282023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Jaws Mustang Acquisition Corporation 1601 Washington Avenue Suite 800 Miami Beach FL 33139 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/02/20212022-12-3100016750332023-07-012023-09-300001675033Lummus 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 07/01/20282023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Plum Acquisition Corp I 2021 Fillmore Street #2089 San Francisco CA 94115 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/16/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Dave Inc 750 N. San Vicente Blvd 900W West Hollywood CA 90069 Consumer Finance Warrants Initial Acquisition Date 03/05/20212022-12-310001675033gecc:GreatElmHealthcareFinanceLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-09-300001675033us-gaap:FairValueInputsLevel3Member2021-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fast Radius Inc 113 N May St Chicago IL 60607 Industrial Warrants Initial Acquisition Date 02/09/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Silver Spike Acquisition Corp II 660 Madison Avenue Suite 1600 New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/20212022-01-012022-12-310001675033gecc:GreatElmSpecialtyFinanceMemberus-gaap:EquityMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001675033gecc:DebtInstrumentThreeMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033Enservco / Heat Waves 14133 County Rd 9 1/2 Longmont CO 80504 Specialty Finance Term Loan Interest Rate 22.29% Initial Acquisition Date 03/24/2022 Maturity 06/24/20262022-01-012022-12-310001675033Stone Ridge Opportunities Fund L.P. One Vanderbilt Ave., 65th Floor New York NY 10017 Insurance Security Private Fund Acquisition Date 12/15/20222023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Compute Health Acquisition Corp 1105 North Market Street 4th Floor Wilmington DE 19890 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212022-01-012022-12-310001675033Greenway Health LLC 4301 W Boy Scout Blvd Suite 800 Tampa FL 33607 Technology 1st Lien Secured Revolver - Unfunded Interest Rate 3M L + 3.75% (8.52%) Initial Acquisition Date 01/27/2020 Maturity 11/17/20232022-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 1M SOFR + 12.00% 13.25% Floor (17.26%) (11.26% cash + 6.00% PIK) Initial Acquisition Date 02/24/2021 Maturity 02/24/20252023-09-300001675033country:US2023-09-300001675033gecc:GreatElmCapitalManagementIncorporationMember2016-11-042023-09-300001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Warrants Initial Acquisition Date 04/06/20232023-09-300001675033AgroFresh Inc One Washington Square 510-530 Walnut Street Suite 1350 Philadelphia PA 19106 Chemicals Interest Rate 6.25% 7.25 % floor 10.63% Acquisition Date 03/31/2021 Maturity Date 12/31/20242022-12-310001675033NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Energy Midstream Preferred Equity Interest Rate 3 Month LIBOR2022-12-310001675033gecc:AffiliatedInvestmentsPIKMember2022-01-012022-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ares Acquisition Corp 245 Park Avenue 44th Floor New York NY 10167 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/02/20212023-09-300001675033gecc:WirelessTelecommunicationsServicesMember2022-12-310001675033gecc:ClosedEndFundMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies BigBear.ai Holdings Inc 6811 Benjamin Franklin Dr Suite 200 Columbia MD 21046 IT Services Warrants Initial Acquisition Date 02/09/20212022-01-012022-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Common Equity Interest Rate 12.50% Initial Acquisition Date 04/13/20222023-01-012023-09-300001675033gecc:EnergyMidstreamMember2023-09-300001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Membergecc:EquityFundsOneMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fathom Digital Manufacturing Corporation 1050 Walnut Ridge Drive Hartland WI 53029 Industrial Warrants Initial Acquisition Date 02/05/20212023-09-300001675033gecc:GeccmNotesMember2023-01-012023-09-300001675033Avation Capital SA 65 Kampong Bahru Road #01-01 Singapore 169370 Aircraft 2nd Lien Secured Bond Interest Rate 9.00%, (6.50% cash + 2.50% PIK) Initial Acquisition Date 02/04/2022 Maturity 10/31/20262022-01-012022-12-310001675033gecc:MetalsAndMiningMember2022-12-310001675033Total Investments in Special Purpose Acquisition Companies2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies M3-Brigade Acquisition II Corp 1700 Broadway 19th Floor New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/04/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ross Acquisition Corp II 1 Pelican Lane Palm Beach FL 33480 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/12/20212023-09-300001675033Prime rate2022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies TLG Acquisition One Corp 515 North Flagler Drive Suite 520 West Palm Beach FL 33401 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/28/20212023-01-012023-09-300001675033Enservco / Heat Waves 14133 County Rd 9 1/2 Longmont CO 80504 Specialty Finance Term Loan Interest Rate 22.29% Initial Acquisition Date 03/24/2022 Maturity 06/24/20262022-12-310001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance Common Equity Initial Acquisition Date 09/20/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Dave Inc 750 N. San Vicente Blvd 900W West Hollywood CA 90069 Consumer Finance Warrants Initial Acquisition Date 03/05/20212022-01-012022-12-310001675033us-gaap:FairValueInputsLevel3Member2022-12-310001675033Perforce Software Inc 400 First Avenue North #200 Minneapolis MN 55401 Technology 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 01/24/2020 Maturity 07/01/20242022-01-012022-12-310001675033gecc:TotalShortTermInvestmentsMember2022-12-310001675033gecc:LendersFundingLLCMembergecc:CommonEquityFiftySixPercentageOfClassMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-09-300001675033gecc:ConsumerServicesMember2023-09-300001675033gecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMemberus-gaap:SeniorNotesMember2023-09-300001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2023-09-300001675033us-gaap:DomesticCountryMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Movella Holdings Inc 3535 Executive Terminal Dr Suite 110 Henderson NV 89052 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/17/20212023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies TLG Acquisition One Corp 515 North Flagler Drive Suite 520 West Palm Beach FL 33401 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/28/20212022-01-012022-12-310001675033Other Liabilities in Excess of Net Assets2022-12-310001675033us-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MarketApproachValuationTechniqueMember2023-09-300001675033Lummus Technology Holdings 5825 N. Sam Houston Parkway West #600 Houston TX 77086 Chemicals Unsecured Bond Interest Rate 9.00% Initial Acquisition Date 05/17/2022 Maturity 07/01/20282022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fusion Acquisition Corp II 667 Madison Avenue 5th Floor New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/26/20212023-01-012023-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2022-01-012022-12-310001675033Greenway Health LLC 4301 W Boy Scout Blvd Suite 800 Tampa FL 33607 Technology Security 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 1/27/2020 Maturity 11/17/20232022-12-310001675033Greenway Health LLC 4301 W. Boy Scout Blvd Suite 800 Tampa FL 33607 Technology Security 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 01/27/2020 Maturity 11/17/20232023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Core Scientific Inc 210 Barton Springs Road Austin Texas 78704 Technology Warrants Initial Acquisition Date 02/10/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Grove Collaborative Holdings Inc 1301 Sansome Street San Francisco CA 94111 Household & Personal Products Warrants Initial Acquisition Date 03/23/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Iris Acquisition Corp 2700 19th Street San Francisco CA 94110 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-01-012022-12-310001675033Par Petroleum LLC 825 Town & Country Lane Suite 1500 Houston TX 77024 Oil & Gas Refining 1st Lien Secured Bond Interest Rate 12.88% Initial Acquisition Date 05/17/2022 Maturity 01/15/20262022-01-012022-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan B Interest Rate 3M L + 11.69% 12.69% Floor (17.92%) (8.92% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262022-01-012022-12-310001675033NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Energy Midstream Preferred Equity Interest Rate 3 Month LIBOR One2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp III The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FTAC Athena Acquisition Corp 2929 Arch Street Suite 1703 Philadelphia PA 19104 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/23/20212022-01-012022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Membergecc:EquityFundsOneMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Core Scientific Inc 210 Barton Springs Road Austin Texas 78704 Technology Warrants Initial Acquisition Date 02/10/20212023-01-012023-09-300001675033country:US2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies M3-Brigade Acquisition II Corp 1700 Broadway 19th Floor New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/04/20212023-01-012023-09-300001675033Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 Energy Midstream 2nd Lien, Secured Bond Interest Rate 8.50% Initial Acquisition Date 10/19/2021 Maturity 10/15/20262022-01-012022-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 1M SOFR + 12.00% 13.25% Floor (17.44%) (11.44% cash + 6.00% PIK) Initial Acquisition Date 02/24/2021 Maturity 02/24/20252023-09-300001675033EagleView Technology Corp.10800 NE 8th Street Suite 300 Bellevue WA 98004 Technology Security 1st Lien Secured Loan Interest Rate 3M SOFR + 3.50% 3.50% Floor (9.15%) Initial Acquisition Date 08/17/2023 Maturity 08/14/20252023-09-300001675033gecc:EquityFundsThreeMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Slam Corp. 55 Hudson Yards 47th Floor Suite C New York NY 10001 Special Purpose Acquisition Company Warrants Initial Acquisition Date 04/26/20212023-01-012023-09-300001675033Vector Group Ltd 4400 Biscayne Blvd Miami FL 33137 Food & Staples Unsecured Bond Interest Rate 10.50% Initial Acquisition Date 07/08/2022 Maturity 11/01/20262022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Kismet Acquisition Two Corp 850 Library Avenue Suite 204 Newark DE 19715 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/20212023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies CC Neuberger Principal Holdings III 200 Park Avenue 58th Floor New York NY 10166 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/03/20212023-01-012023-09-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security Warrants Initial Acquisition Date 02/24/20212023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Allurion Technologies 14 Huron Drive Natick MA Medical Equipment Manufacturing Warrants Initial Acquisition Date 08/02/20232023-09-300001675033Greenway Health LLC 4301 W. Boy Scout Blvd, Suite 800 Tampa FL 33607 Technology Security 1st Lien Secured Revolver Interest Rate 3M SOFR + 3.75% 3.75% Floor (9.14%) Initial Acquisition Date 01/27/2020 Maturity 11/17/20232023-09-300001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples 1st Lien Secured Loan Interest Rate 1M SOFR + 7.00% 8.00% Floor (12.42%) Initial Acquisition Date 11/13/2020 Maturity 11/13/20242023-01-012023-09-300001675033Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 Industry Apparel Security 1st Lien Secured Loan Interest Rate 3 Month SOFR2023-09-300001675033gecc:OilAndGasExplorationProductionMember2022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembergecc:DebtInstrumentFourMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033EagleView Technology Corp.10800 NE 8th Street Suite 300 Bellevue WA 98004 Technology Security 1st Lien Secured Loan Interest Rate 3M SOFR + 3.50% 3.50% Floor (9.15%) Initial Acquisition Date 08/17/2023 Maturity 08/14/20252023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FTAC Athena Acquisition Corp 2929 Arch Street Suite 1703 Philadelphia PA 19104 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/23/20212022-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority F Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 04/13/20242023-01-012023-09-300001675033us-gaap:FairValueInputsLevel1Memberus-gaap:ShortTermDebtMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sustainable Development Acquisition I Corp 5701 Truxtun Avenue Suite 201 Bakersfield CA 90036 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212022-01-012022-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 1st Lien Secured Revolver Interest Rate Prime + 3.50% 3.50% Floor (11.00%) Initial Acquisition Date 01/29/2019 Maturity 06/14/20242022-12-310001675033Three-month LIBOR2022-01-012022-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan C Interest Rate 1M SOFR + 3.98%, 4.98% Floor (18.41%), (9.41% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262023-01-012023-09-300001675033Martin Midstream Partners LP 4200 Stone Road Kilgore TX 75662 Energy Midstream 2nd Lien Secured Bond Interest Rate 11.50% Initial Acquisition Date 12/09/2020 Maturity 02/28/20252022-01-012022-12-310001675033gecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMemberus-gaap:SeniorNotesMember2022-12-310001675033ITP Live Production Group 101 Greenwich Street Floor 26 New York NY 10006 Specialty Finance Term Loan Interest Rate 19.71% Initial Acquisition Date 12/22/2021 Maturity 05/22/20262022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Rumble Inc 444 Gulf of Mexico Drive Longboat Key FL 34228 Special Purpose Acquisition Company Warrants Initial Acquisition Date 05/10/20212023-09-300001675033Research 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 (15.13%) Initial Acquisition Date 05/20/2019 Maturity 12/20/20252023-01-012023-09-300001675033gecc:ClosedEndFundMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Tailwind International Acquisition Corp 150 Greenwich Street 29th Floor New York NY 10006 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/19/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies AdTheorent Holding Company Inc 330 Hudson Street 13th Floor New York NY 10013 Internet Media Warrants Initial Acquisition Date 02/26/20212023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies L Catterton Asia Acquisition C 8 Marina View Asia Square Tower 1 No 41-03 Singapore 018960, Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/20212023-09-300001675033First Brands Inc 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing 2nd Lien Secured Loan Interest Rate 6M L + 8.50% 9.50% Floor (11.87%) Initial Acquisition Date 03/24/2021 Maturity 03/30/20282022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies New Vista Acquisition Corp 125 South Wacker Drive Suite 300 Chicago IL 60606 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/17/20212022-12-310001675033gecc:ShippingMember2023-09-300001675033Advancion 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals Security 2nd Lien Secured Loan Interest Rate 1M SOFR + 7.75% 8.50% Floor (13.17%) Initial Acquisition Date 09/21/2022 Maturity 11/24/20282023-01-012023-09-300001675033us-gaap:EquityMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SterlingCommercialCreditLLCMember2023-01-012023-09-300001675033srt:MinimumMember2023-01-012023-09-300001675033gecc:DebtInstrumentThreeMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Secured Loan B Interest Rate 3M SOFR + 13.50% 14.50% Floor (18.08%) (10.08% cash + 8.00% PIK) Initial Acquisition Date 09/30/2022 Maturity 09/30/20272022-01-012022-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Common Equity Interest Rate 12.50% Initial Acquisition Date 04/13/20222022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Terran Orbital Corporation 6800 Broken Sound Pkwy NW Suite 200 Boca Raton FL 33487 Communications Equipment Warrants Initial Acquisition Date 02/19/20212022-01-012022-12-310001675033gecc:GreatElmCapitalManagementIncorporationMember2023-01-012023-09-300001675033Mad Engine Global LLC 6740 Cobra Way San Diego CA, 92121 Apparel 1st Lien Secured Loan Interest Rate 3 Month LIBOR2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Jaws Mustang Acquisition Corporation 1601 Washington Avenue Suite 800 Miami Beach FL 33139 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/02/20212023-01-012023-09-300001675033gecc:EquityFundsFourMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2023-09-300001675033gecc:GreatElmCapitalManagementIncorporationMember2022-01-012022-09-300001675033gecc:ControlledInvestmentsMember2023-01-012023-09-300001675033us-gaap:IncomeApproachValuationTechniqueMembersrt:MinimumMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2023-09-300001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembergecc:DebtInstrumentTwoMemberus-gaap:MeasurementInputDiscountRateMember2022-12-3100016750332022-02-030001675033SCIH Salt Holdings Inc 1875 Century Park East Suite 320 Los Angeles CA 90067 Food & Staples Security 1st Lien Secured Loan Interest Rate 1M L + 4.00% 4.75% Floor (9.63%) Initial Acquisition Date 06/21/2023 Maturity 03/16/20272023-01-012023-09-300001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2023-01-012023-09-300001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance 1st Lien Secured Revolver - Unfunded Initial Acquisition Date 09/20/2021 Maturity 09/20/20232022-01-012022-12-310001675033Maverick Gaming LLC 12530 NE 144th Street Kirkland WA 98034 Casinos & Gaming 1st Lien Secured Loan Interest Rate 3 Month LIBOR2022-12-310001675033gecc:EquityFundsThreeMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Catcha Investment Corp Level 42 Suntec Tower Three 8 Temasek Blvd Singapore 038988 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/12/20212022-01-012022-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan C Interest Rate 3M L + 11.69% 12.69% Floor (17.92%) (8.92% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262022-01-012022-12-310001675033ECL Entertainment LLC 8978 Spanish Ridge Ave Las Vegas NV 89148 Casinos & Gaming Security 1st Lien Secured Loan Interest Rate 3M SOFR + 4.75% 5.50% Floor (10.14%) Initial Acquisition Date 03/31/2028 Maturity 08/31/20282023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies ESM Acquisition Corp 2229 San Felipe Suite 1300 Houston TX 77019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-12-310001675033gecc:ChemicalsMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Biote Corp 1875 W. Walnut Hill Ln #100 Irving TX 75038 Healthcare Warrants Initial Acquisition Date 03/02/20212022-12-310001675033Vector Group Ltd. 4400 Biscayne Blvd Miami FL 33137 Food & Staples Security Unsecured Bond Interest Rate 10.50 Initial Acquisition Date 07/08/2022 Maturity 11/01/20262023-09-300001675033gecc:EquityEightyEightPercentOfClassMembergecc:GreatElmHealthcareFinanceLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples 1st Lien Secured Loan Interest Rate 1M SOFR2023-09-300001675033gecc:GreatElmSpecialtyFinanceMemberus-gaap:EquityMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Forest Road Acquisition Corp II 1177 Avenue of the Americas 5th Floor New York NY 10036 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Lanvin Group Holdings Ltd Building S2 Bund Finance Center No 600 Zhongshan East 2nd Road Huangpu District Shanghai China Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/19/20212023-01-012023-09-300001675033gecc:EquityFundsFourMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2022-12-310001675033us-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2022-12-310001675033us-gaap:EquityMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SterlingCommercialCreditLLCMember2022-12-310001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroNotesDueTwoThousandTwentyTwoMember2019-12-3100016750332023-03-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Jaws Mustang Acquisition Corporation 1601 Washington Avenue Suite 800 Miami Beach FL 33139 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/02/20212023-09-300001675033TRU Taj Trust 505 Park Avenue 2nd Floor New York NY 10022 Retail Security Common Equity Acquisition Date 07/21/20172023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Freedom Acquisition I Corp 14 Wall Street 20th Floor New York NY 10005 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/26/20212023-09-300001675033country:AU2023-09-300001675033gecc:FirstLienSecuredLoanMembergecc:PFSHoldingsCorpMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies BigBear.ai Holdings Inc 6811 Benjamin Franklin Dr Suite 200 Columbia MD 21046 IT Services Warrants Initial Acquisition Date 02/09/20212023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Allurion Technologies 14 Huron Drive Natick MA Medical Equipment Manufacturing Warrants Initial Acquisition Date 08/02/20232023-01-012023-09-300001675033NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Energy Midstream Preferred Equity Interest Rate 3M L + 6.88% 6.88% Floor (11.52%) Initial Acquisition Date 12/22/20222022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-09-3000016750332021-07-012021-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FTAC Hera Acquisition Corp 2929 Arch Street Suite 1703 Quakertown PA 19104 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/04/20212022-01-012022-12-310001675033Sterling Commercial Credit LLC 10153 Grand River Rd Brighton MI 48116 Specialty Finance Subordinated Note Interest Rate 11.00% Initial Acquisition Date 02/03/2022 Maturity 05/03/20252022-01-012022-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan C Interest Rate 3 Month LIBOR2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Lanvin Group Holdings Ltd Building S2 Bund Finance Center No 600 Zhongshan East 2nd Road Huangpu District Shanghai China Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/19/20212023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies AdTheorent Holding Company Inc 330 Hudson Street 13th Floor New York NY 10013 Internet Media Warrants Initial Acquisition Date 02/26/20212022-12-310001675033Sprout Holdings LLC 90 Merrick Ave East Meadow NY 11554 Specialty Finance Term Loan Interest Rate 11.50% Initial Acquisition Date 06/23/2021 Maturity 06/23/20232022-12-310001675033Eagle Point Credit Company Inc 600 Steamboat Road Suite 202 Greenwich CT 06830 Closed-End Fund Common Stock Initial Acquisition Date 08/18/20222023-01-012023-09-300001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan C Interest Rate 1M SOFR2023-09-300001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Core Scientific Inc 210 Barton Springs Road Austin Texas 78704 Technology Warrants Initial Acquisition Date 02/10/20212022-12-310001675033Par Petroleum LLC 825 Town & Country Lane Suite 1500 Houston TX 77024 Oil & Gas Refining Security 1st Lien Secured Loan Interest Rate 1 Month SOFR2023-09-300001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Warrants Initial Acquisition Date 09/30/20212023-01-012023-09-300001675033Total Investments excluding Short-Term Investments2022-12-310001675033PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach FL 33139 Specialty Finance Term Loan Interest Rate Prime + 6.50% 6.50% Floor (14.00%) Initial Acquisition Date 11/22/2021 Maturity 12/31/20242022-01-012022-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300001675033gecc:CityNationalBankMemberus-gaap:RevolvingCreditFacilityMember2023-09-300001675033gecc:GeccmNotesMember2018-01-112018-01-110001675033gecc:AssetRecoveryLiquidationValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Membergecc:EquityFundsFiveMember2022-12-310001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples 1st Lien Secured Loan Interest Rate 1 Month LIBOR2022-12-310001675033ECL Entertainment LLC 8978 Spanish Ridge Ave Las Vegas NV 89148 Casinos & Gaming Security 1st Lien Secured Loan Interest Rate 3M SOFR + 4.75% 5.50% Floor (10.14%) Initial Acquisition Date 08/17/2023 Maturity 04/30/20282023-09-300001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance 1st Lien Secured Revolver Interest Rate Prime2022-12-310001675033TOTAL INVESTMENTS2023-09-300001675033NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 Industry Consumer Products Security Secured Loan B Interest Rate 3M SOFR2023-09-300001675033gecc:EquityFundsFourMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2022-12-310001675033Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 Industry Apparel Security 1st Lien Secured Loan Interest Rate 3 Month SOFR + 7.00%, 8.00% Floor (12.65%) Initial Acquisition Date 06/30/2021 Maturity 07/15/20272023-09-300001675033Perforce Software Inc 400 First Avenue North #200 Minneapolis MN 55401 Technology 1st Lien Secured Revolver Interest Rate Prime + 3.25% 3.25% Floor (10.75%) Initial Acquisition Date 01/24/2020 Maturity 07/01/20242022-01-012022-12-310001675033gecc:ShippingMember2022-12-310001675033ProFrac Holdings II LLC 333 Shops Boulevard Suite 301 Weatherford Texas 76087 Industry Energy Services Security 1st Lien Secured Loan Interest Rate 3 Month SOFR2023-09-300001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-09-300001675033us-gaap:SeniorNotesMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2020-12-310001675033gecc:FirstLienSecuredLoanMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMember2022-12-310001675033Blackstone Secured Lending 345 Park Avenue New York NY 10154 Closed-End Fund Common Stock Initial Acquisition Date 08/18/20222023-09-300001675033gecc:GreatElmSpecialtyFinanceMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001675033gecc:OilAndGasExplorationProductionMember2023-09-300001675033us-gaap:FairValueInputsLevel1Memberus-gaap:EquityFundsMember2022-12-310001675033W&T Offshore Inc 5718 Westheimer Road Suite 700 Houston TX 77057 Oil & Gas Exploration & Production 2nd Lien Secured Bond Interest Rate 9.75% Initial Acquisition Date 05/05/2021 Maturity 11/01/20232022-01-012022-12-310001675033us-gaap:FairValueInputsLevel1Memberus-gaap:EquityFundsMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Apollo Strategic Growth Capital II 9 West 57th Street 43rd Floor New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/10/20212023-09-300001675033Blackstone Secured Lending 345 Park Avenue New York NY 10154 Closed-End Fund Common Stock Initial Acquisition Date 08/18/20222022-01-012022-12-310001675033ProFrac Holdings II LLC 333 Shops Boulevard Suite 301 Weatherford Texas 76087 Industry Energy Services Security 1st Lien Secured Loan Interest Rate 3M SOFR + 7.25% 8.25% Floor (12.75%) Initial Acquisition Date 02/01/2023 Maturity 03/04/20252023-09-300001675033gecc:DebtInstrumentOneMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MarketApproachValuationTechniqueMember2023-09-300001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMember2022-12-3100016750332022-02-280001675033gecc:GreatElmHealthcareFinanceLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SubordinatedNoteMember2023-01-012023-09-300001675033FTAI Infrastructure Inc 1345 Avenue of the Americas 45th Floor New York NY 10105 Industrial 1st Lien Secured Bond Interest Rate 10.50% Initial Acquisition Date 06/29/2022 Maturity 06/01/20272022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Forum Merger IV Corp 1615 South Congress Avenue Suite 103 Delray Beach FL 33445 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/18/20212022-01-012022-12-310001675033Equitrans Midstream Corp 2200 Energy Drive Canonsburg PA 15317 Energy Midstream Preferred Equity Interest Rate 9.75% Initial Acquisition Date 07/01/20212022-12-310001675033gecc:GeccnNotesMember2019-07-052019-07-050001675033us-gaap:CommonStockMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMember2023-09-3000016750332022-01-012022-09-300001675033Target Hospitality Corp 2170 Buckthorne Place Suite 440 The Woodlands TX 77380 Hospitality Secured Bond Interest Rate 9.50% Initial Acquisition Date 05/13/2021 Maturity 03/15/20242022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pear Therapeutics Inc 200 State Street 13th Floor Boston MA 02109 Technology Warrants Initial Acquisition Date 02/02/20212022-01-012022-12-310001675033Par Petroleum LLC 825 Town & Country Lane Suite 1500 Houston TX 77024 Oil & Gas Refining 1st Lien Secured Bond Interest Rate 12.88% Initial Acquisition Date 05/17/2022 Maturity 01/15/20262022-12-310001675033Vantage Specialty Chemicals, Inc. 1751 Lake Cook Rd., Suite 550 Deerfield IL 60015 Chemicals Security 1st Lien Secured Loan Interest Rate 1M SOFR2023-09-300001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 2nd Lien Secured Loan Interest Rate 6M L + 9.50% 10.50% Floor (12.84%) Initial Acquisition Date 05/20/2019 Maturity 12/20/20252022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Lanvin Group Holdings Ltd Building S2 Bund Finance Center No 600 Zhongshan East 2nd Road Huangpu District Shanghai China Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/19/20212022-01-012022-12-310001675033gecc:GreatElmCapitalManagementIncorporationMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Peridot Acquisition Corp II 2229 San Felipe Street Suite 1450 Houston TX 77019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/09/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Cartesian Growth Corporation 505 5th Avenue 15th Floor New York NY 10017 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/24/20212022-12-310001675033Manchester Acquisition Sub LLC 251 Little Falls Drive, Wilmington, DE 19808 Industry Chemicals Security 1st Lien Secured Loan Interest Rate 3 Month SOFR + 5.75%, 6.50% Floor (11.37%) Initial Acquisition Date 09/26/2023 Maturity 11/01/20262023-01-012023-09-300001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Promissory Note Initial Acquisition Date 09/30/2022 Maturity 09/30/20292023-09-300001675033United Insurance Holdings Corp 800 2nd Avenue S. Saint Petersburg FL 33701 Insurance Unsecured Bond Interest Rate 7.25% Initial Acquisition Date 12/20/2022 Maturity 12/15/20272022-01-012022-12-310001675033gecc:ControlledInvestmentsMember2023-07-012023-09-300001675033Perforce Software Inc 400 First Avenue North #200 Minneapolis MN 55401 Technology 1st Lien Secured Revolver Interest Rate Prime + 3.25% 3.25% Floor (10.75%) Initial Acquisition Date 01/24/2020 Maturity 07/01/20242022-12-310001675033AgroFresh Inc One Washington Square 510-530 Walnut Street Suite 1350 Philadelphia PA 19106 Chemicals 1st Lien Secured Loan Interest Rate 6.25% 7.25 % Floor (10.63%) Initial Acquisition Date 03/31/2021 Maturity Date 12/31/20242022-01-012022-12-310001675033Other Liabilities in Excess of Net Assets2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sonder Holdings Inc 101 15th Street San Francisco CA 94103 Hospitality Warrants Initial Acquisition Date 03/19/20212023-09-300001675033gecc:PFSHoldingsCorpMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001675033gecc:AircraftMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sandbridge X2 Corp 725 5th Avenue 23rd Floor New York NY 10022 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies G Squared Ascend I Inc 205 North Michigan Avenue Suite 3770 Chicago, IL 60601 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212022-12-310001675033Great Elm Specialty Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Security Subordinated Note Interest Rate 13.00% Initial Acquisition Date 09/01/2023 Maturity 06/30/20262023-01-012023-09-300001675033Great Elm Healthcare Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Subordinated Note Interest Rate 12.00% Initial Acquisition Date 11/17/2022 Maturity 11/09/20272022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pathfinder Acquisition Corp 1950 University Avenue Suite 350 Palo Alto CA 94303 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/17/20212022-01-012022-12-310001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2021-12-310001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples 1st Lien Secured Loan Interest Rate 1M L + 7.00% 8.00% Floor (11.35%) Initial Acquisition Date 11/13/2020 Maturity 11/13/20242022-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan B Interest Rate 1M SOFR + 3.98% 4.98% Floor (18.41%) (9.41% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262023-09-300001675033NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Energy Midstream Preferred Equity Interest Rate 3M L + 6.88% 6.88% Floor (11.52%) Initial Acquisition Date 12/22/20222022-01-012022-12-310001675033gecc:GeccnNotesMember2019-06-182019-06-180001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Promissory Note Initial Acquisition Date 09/30/2022 Maturity 09/30/20292022-01-012022-12-310001675033gecc:EquityFundsTwoMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Agile Growth Corp Riverside Center 275 Grove Street Suite 2-400 Newton MA 02466 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-12-310001675033Manchester Acquisition Sub LLC 251 Little Falls Drive, Wilmington, DE 19808 Industry Chemicals Security 1st Lien Secured Loan Interest Rate 3 Month SOFR + 5.75%, 6.50% Floor (11.37%) Initial Acquisition Date 09/26/2023 Maturity 11/01/20262023-09-300001675033Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 Energy Midstream Unsecured Bond Interest Rate 5.75% Initial Acquisition Date 08/10/2022 Maturity 04/15/20252022-12-310001675033gecc:CommonEquityFivePercentageOfClassMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMember2023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FAST Acquisition Corp II 109 Old Branchville Road Ridgefield CT 06877 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/16/20212022-01-012022-12-310001675033gecc:AffiliatedInvestmentsMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FinServ Acquisition Corp II 1345 Avenue of the Americas New York NY 10105 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Iris Acquisition Corp 2700 19th Street San Francisco CA 94110 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies CF Acquisition Corp VIII 110 East 59th Street New York NY 10022 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/12/20212022-12-310001675033gecc:EquityFundsThreeMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Secured Loan A Interest Rate 3 Month SOFR2022-12-310001675033W&T Offshore Inc 5718 Westheimer Road Suite 700 Houston TX 77057 Oil & Gas Exploration & Production 2nd Lien Secured Bond Interest Rate 9.75% Initial Acquisition Date 05/05/2021 Maturity 11/01/20232022-12-310001675033Foresight Energy 211 North Broadway Suite 2600 St Louis MO 63102 Metals & Mining 1st Lien Secured Loan Interest Rate 3M L + 8.00%, 9.50% Floor (12.73%) Initial Acquisition Date 07/29/2021 Maturity 06/30/20272022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ginko Bioworks Holdings Inc 27 Drydock Avenue 8th Floor Boston MA 02210 Biotechnology Warrants Initial Acquisition Date 02/24/20212023-01-012023-09-300001675033us-gaap:ShortTermDebtMember2023-09-300001675033Total Short-Term Investments2022-12-310001675033gecc:CityNationalBankMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2021-05-052021-05-050001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fathom Digital Manufacturing Corporation 1050 Walnut Ridge Drive Hartland WI 53029 Industrial Warrants Initial Acquisition Date 02/05/20212023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ross Acquisition Corp II 1 Pelican Lane Palm Beach FL 33480 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/12/20212022-12-310001675033gecc:ConsumerProductsMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fusion Acquisition Corp II 667 Madison Avenue 5th Floor New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/26/20212022-12-310001675033us-gaap:EquityMembergecc:PrestigeCapitalFinanceLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies D & Z Media Acquisition Corp 2870 Peachtree Road NW Suite 509 Atlanta GA 30305 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/26/20212022-01-012022-12-310001675033us-gaap:SeniorNotesMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2019-12-310001675033gecc:OilGasRefiningMember2023-09-300001675033gecc:RetailIndustryMember2023-09-300001675033gecc:FoodAndStaplesMember2023-09-300001675033Florida Marine LLC 2360 5th Street Mendeville LA 70471 Shipping Security 1st Lien Secured Loan Interest Rate 1M SOFR + 9.20% 11.20% Floor (14.64%) Initial Acquisition Date 03/17/2023 Maturity 03/17/20282023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Terran Orbital Corporation 6800 Broken Sound Pkwy NW Suite 200 Boca Raton FL 33487 Communications Equipment Warrants Initial Acquisition Date 02/19/20212023-01-012023-09-300001675033us-gaap:IncomeApproachValuationTechniqueMembergecc:EquityFundsTwoMembersrt:MinimumMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Frontier Acquisition Corp 660 Madison Avenue 19th Floor New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/20212022-01-012022-12-310001675033Research Now Group Inc. 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media Industry Internet Media Security 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 01/29/2019 Maturity 06/14/20242023-01-012023-09-300001675033ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 1st Lien Secured Loan Interest Rate 1M SOFR + 4.75% 5.50% Floor (12.14%) Initial Acquisition Date 11/04/2022 Maturity 11/24/20272022-12-310001675033us-gaap:EquityFundsMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies First Reserve Sustainable Growth Corp 262 Harbor Drive 3rd Floor Stamford CT 06902 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Lazard Growth Acquisition Corp 30 Rockefeller Plaza New York NY 10112 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/10/20212022-12-310001675033gecc:AffiliatedInvestmentsMember2023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Dave Inc 750 N. San Vicente Blvd 900W West Hollywood CA 90069 Consumer Finance Warrants Initial Acquisition Date 03/05/20212023-01-012023-09-300001675033gecc:BiotechnologyMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Kismet Acquisition Two Corp 850 Library Avenue Suite 204 Newark DE 19715 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/20212022-01-012022-12-310001675033gecc:GreatElmCapitalManagementIncorporationMember2023-07-012023-09-300001675033Coreweave 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 07/31/20282023-01-012023-09-300001675033srt:MinimumMember2016-07-312016-07-310001675033gecc:DebtInstrumentOneMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FinServ Acquisition Corp II 1345 Avenue of the Americas New York NY 10105 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/20212023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp II The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/26/20212023-01-012023-09-300001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples Common Equity Initial Acquisition Date 11/13/20202022-01-012022-12-310001675033gecc:ApparelMember2023-09-300001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Warrants Initial Acquisition Date 09/30/20212022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SterlingCommercialCreditLLCMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies AdTheorent Holding Company Inc 330 Hudson Street 13th Floor New York NY 10013 Internet Media Warrants Initial Acquisition Date 02/26/20212023-01-012023-09-300001675033SCIH Salt Holdings Inc 1875 Century Park East Suite 320 Los Angeles CA 90067 Food & Staples Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp II The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/26/20212022-12-310001675033srt:MinimumMember2022-01-012022-12-310001675033NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 Industry Consumer Products Security Secured Loan B Interest Rate 3M SOFR + 13.50%, 14.50% Floor (19.15%), (11.15% cash + 8.00% PIK) Initial Acquisition Date 09/30/2022 Maturity 09/30/20272023-01-012023-09-300001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 2nd Lien Secured Loan Interest Rate 6M L + 9.50% 10.50% Floor (12.84%) Initial Acquisition Date 05/20/2019 Maturity 12/20/20252022-12-310001675033gecc:InsuranceMember2023-09-300001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority G Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 04/13/20242023-09-300001675033Short-Term Investments GS Financial Square Treasury Obligations Fund Short-Term Investments Money Market Interest Rate 0.00% Initial Acquisition Date 06/30/20222023-01-012023-09-300001675033ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 1st Lien Secured Loan Interest Rate 1 Month SOFR2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Forest Road Acquisition Corp II 1177 Avenue of the Americas 5th Floor New York NY 10036 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Tech and Energy Transition Corporation 125 West 55th Street New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/17/20212022-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Promissory Note Initial Acquisition Date 09/30/2022 Maturity 09/30/20292022-12-310001675033gecc:DebtInstrumentOneMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Allego N.V. Industriepark Kleefse Waard Westervoortsedijk 73 KB 6827 AV Arnhem The Netherlands Transportation Equipment Manufacturing Warrants Initial Acquisition Date 03/17/20212023-01-012023-09-300001675033gecc:RetailIndustryMember2022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2022-12-310001675033Prestige Capital Finance LLC 400 Kelby St 10th Floor Fort Lee NJ 07024 Specialty Finance Subordinated Note Interest Rate 11.00% Initial Acquisition Date 06/15/2021 Maturity 06/15/20232022-01-012022-12-310001675033First Brands Inc.3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 2nd Lien Secured Loan Interest Rate 6M SOFR + 8.50% 9.50% Floor (14.38%) Initial Acquisition Date 03/24/2021 Maturity 03/30/20282023-09-300001675033us-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sustainable Development Acquisition I Corp 5701 Truxtun Avenue Suite 201 Bakersfield CA 90036 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212022-12-310001675033gecc:GeccmNotesMember2018-02-092018-02-090001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Promissory Note Initial Acquisition Date 09/30/2022 Maturity 09/30/20292023-01-012023-09-300001675033gecc:NonAffiliatedNonControlledInvestmentsMember2023-07-012023-09-300001675033us-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001675033Vantage Specialty Chemicals Inc 1751 Lake Cook Rd Suite 550 Deerfield IL 60015 Chemicals 2nd Lien Secured Loan Interest Rate 3M L + 8.25% 9.25% Floor (12.98%) Initial Acquisition Date 06/08/2021 Maturity 10/26/20252022-01-012022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Freedom Acquisition I Corp 14 Wall Street 20th Floor New York NY 10005 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/26/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies M3-Brigade Acquisition II Corp 1700 Broadway 19th Floor New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/04/20212022-01-012022-12-310001675033gecc:RestaurantsMember2022-12-310001675033Sprout Holdings LLC 90 Merrick Ave East Meadow NY 11554 Specialty Finance Term Loan Interest Rate 11.50% Initial Acquisition Date 06/23/2021 Maturity 06/23/20232022-01-012022-12-310001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Security 1st Lien Secured Loan Interest Rate 3M SOFR + 12.50% 14.50% Floor (17.89%) (12.89% cash + 5.00% PIK) Initial Acquisition Date 04/06/2023 Maturity 04/06/20262023-09-300001675033First Brands Inc 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing 2nd Lien Secured Loan Interest Rate 6M L + 8.50% 9.50% Floor (11.87%) Initial Acquisition Date 03/24/2021 Maturity 03/30/20282022-12-310001675033Greenfire Resources Ltd. 205 5th Avenue SW Suite 1900 Calgary AB T2P 2V7 Canada Oil & Gas Exploration & Production 1st Lien, Secured Bond Interest Rate 12.00% Initial Acquisition Date 09/13/2023 Maturity 10/01/20282023-01-012023-09-300001675033gecc:NonAffiliatedNonControlledInvestmentsMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fathom Digital Manufacturing Corporation 1050 Walnut Ridge Drive Hartland WI 53029 Industrial Warrants Initial Acquisition Date 02/05/20212022-12-310001675033gecc:IndustrialMember2022-12-310001675033Vantage Specialty Chemicals, Inc. 1751 Lake Cook Rd., Suite 550 Deerfield IL 60015 Chemicals Security 1st Lien Secured Loan Interest Rate 1M SOFR + 4.75% 5.25% Floor (10.08%) Initial Acquisition Date 03/03/2023 Maturity 10/26/20262023-09-300001675033Par Petroleum LLC 825 Town & Country Lane Suite 1500 Houston TX 77024 Oil & Gas Refining Security 1st Lien Secured Loan Interest Rate 3M SOFR + 4.25% 4.75% Floor (9.77%) Initial Acquisition Date 02/14/2023 Maturity 02/28/20302023-01-012023-09-300001675033APTIM Corp 4171 Essen Lane Baton Rouge LA 70809 Industrial 1st Lien Secured Bond Interest Rate 7.75% Initial Acquisition Date 03/28/2019 Maturity 06/15/20252023-09-300001675033SCIH Salt Holdings Inc 1875 Century Park East Suite 320 Los Angeles CA 90067 Food & Staples Unsecured Bond Interest Rate 6.63% Initial Acquisition Date 06/24/2022 Maturity 05/01/20292022-01-012022-12-310001675033gecc:SpecialtyFinanceMember2023-09-300001675033Three-month SOFR2023-01-012023-09-300001675033us-gaap:DebtMember2023-09-300001675033Blue Ribbon LLC 110 E Houston St.San Antonio TX 78205 Food & Staples Security 1st Lien Secured Loan Interest Rate 1M SOFR + 6.00% 6.75% Floor (11.44%) Initial Acquisition Date 02/06/2023 Maturity 05/07/20282023-09-300001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Warrants Initial Acquisition Date 09/30/20222022-12-310001675033PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach FL 33139 Specialty Finance Term Loan Interest Rate Prime2022-12-3100016750332022-06-130001675033Blue Ribbon LLC 110 E Houston St.San Antonio TX 78205 Food & Staples Security 1st Lien Secured Loan Interest Rate 1M SOFR2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pivotal Investment Corp III The Chrysler Building 405 Lexington Avenue 11th Floor New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/09/20212023-01-012023-09-300001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-09-300001675033Vantage Specialty Chemicals Inc 1751 Lake Cook Rd Suite 550 Deerfield IL 60015 Chemicals 2nd Lien Secured Loan Interest Rate 3 Month LIBOR2022-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 1M SOFR + 12.00%2023-09-300001675033gecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMember2019-07-050001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies BigBear.ai Holdings Inc 6811 Benjamin Franklin Dr Suite 200 Columbia MD 21046 IT Services Warrants Initial Acquisition Date 02/09/20212023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies CF Acquisition Corp VIII 110 East 59th Street New York NY 10022 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/12/20212023-01-012023-09-300001675033Greenway Health LLC 4301 W. Boy Scout Blvd, Suite 800 Tampa FL 33607 Technology Security 1st Lien Secured Revolver Interest Rate 3M SOFR2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp III The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Colonnade Acquisition Corp II 1400 Centrepark Blvd Suite 810 West Palm Beach FL 33401 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-01-012022-12-310001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembergecc:DebtInstrumentFourMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies CC Neuberger Principal Holdings III 200 Park Avenue 58th Floor New York NY 10166 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/03/20212022-12-310001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance Common Equity Initial Acquisition Date 09/20/20212022-12-310001675033Foresight 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 (13.49%) Initial Acquisition Date 07/29/2021 Maturity 06/30/20272023-09-300001675033CSC 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 (9.66%) Initial Acquisition Date 09/26/2023 Maturity 03/04/20282023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Rumble Inc 444 Gulf of Mexico Drive Longboat Key FL 34228 Special Purpose Acquisition Company Warrants Initial Acquisition Date 05/10/20212023-01-012023-09-300001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SubordinatedNoteMembergecc:SterlingCommercialCreditLLCMember2022-12-310001675033Perforce Software Inc 400 First Avenue North #200 Minneapolis MN 55401 Technology 1st Lien Secured Revolver - 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Unfunded Interest Rate 0.50% Initial Acquisition Date 01/29/2019 Maturity 06/14/20242022-12-310001675033gecc:ReceivableOneMember2023-09-300001675033Sterling Commercial Credit LLC 10153 Grand River Rd Brighton MI 48116 Specialty Finance Common Equity Initial Acquisition Date 02/03/20222022-12-310001675033Greenway Health LLC 4301 W Boy Scout Blvd Suite 800 Tampa FL 33607 Technology 1st Lien Secured Revolver - Unfunded Interest Rate 3 Month LIBOR2022-12-310001675033gecc:EnergyServicesMember2022-12-310001675033Lenders 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 12/31/20232023-01-012023-09-300001675033gecc:EquityFundsTwoMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies CF Acquisition Corp VIII 110 East 59th Street New York NY 10022 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/12/20212023-09-3000016750332021-10-012021-12-310001675033Coreweave Compute Acquisition Co II LLC 101 Eisenhower Parkway Suite 106 Roseland NJ 07068 Technology Security 1st Lien Secured Loan Interest Rate 3M SOFR + 8.75%, 8.75% Floor (14.13%) Initial Acquisition Date 07/31/2023 Maturity 07/31/20282023-09-300001675033gecc:GreatElmSpecialtyFinanceMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-09-300001675033gecc:GreatElmSpecialtyFinanceMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SubordinatedNoteMember2023-01-012023-09-300001675033us-gaap:TechnologySectorMember2023-09-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Warrants Initial Acquisition Date 02/24/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Plum Acquisition Corp I 2021 Fillmore Street #2089 San Francisco CA 94115 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/16/20212023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Tritium DCFC Ltd 23 Archimedes Place Murarrie QLD Australia Transportation Equipment Manufacturing Warrants Initial Acquisition Date 02/04/20212022-12-310001675033Prestige Capital Finance LLC 400 Kelby St 10th Floor Fort Lee NJ 07024 Specialty Finance Common Equity Initial Acquisition Date 02/08/20192022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Grove Collaborative Holdings Inc 1301 Sansome Street San Francisco CA 94111 Household & Personal Products Warrants Initial Acquisition Date 03/23/20212022-12-310001675033srt:EuropeMember2023-09-300001675033us-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001675033gecc:LendersFundingLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-09-300001675033AgroFresh Inc One Washington Square 510-530 Walnut Street Suite 1350 Philadelphia PA 19106 Chemicals 1st Lien Secured Loan Interest Rate 6.25% 7.25 % Floor (10.63%) Initial Acquisition Date 03/31/2021 Maturity Date 12/31/20242022-12-310001675033gecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMemberus-gaap:SeniorNotesMember2019-12-310001675033SCIH Salt Holdings Inc 1875 Century Park East Suite 320 Los Angeles CA 90067 Food & Staples Unsecured Bond Interest Rate 6.63% Initial Acquisition Date 06/24/2022 Maturity 05/01/20292022-12-310001675033us-gaap:FairValueInputsLevel2Member2022-01-012022-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan C Interest Rate 3M L + 11.69% 12.69% Floor (17.92%) (8.92% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262022-12-310001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SterlingCommercialCreditLLCMember2023-01-012023-09-300001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 01/29/2019 Maturity 06/14/20242022-01-012022-12-310001675033us-gaap:SubsequentEventMember2023-12-3100016750332023-04-012023-06-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Planet Labs PBC 645 Harrison Street 4th Floor San Francisco CA 94107 Communications Equipment Warrants Initial Acquisition Date 03/05/20212022-01-012022-12-310001675033gecc:TransportationEquipmentManufacturingMember2022-12-310001675033Mad Engine Global LLC 6740 Cobra Way San Diego CA, 92121 Apparel 1st Lien Secured Loan Interest Rate 3M L + 7.00% 8.00% Floor (11.73%) Initial Acquisition Date 06/30/2021 Maturity 07/15/20272022-01-012022-12-310001675033us-gaap:MeasurementInputRiskFreeInterestRateMembergecc:EquityFundsSevenMemberus-gaap:EquityFundsMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2022-12-310001675033Newfold Digital Inc 5335 Gate Parkway Jacksonville FL 32256 Internet Media Unsecured Bond Interest Rate 6.00% Initial Acquisition Date 06/28/2022 Maturity 02/15/20292022-12-310001675033Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 Energy Midstream Security 2nd Lien Secured Bond Interest Rate 9.00% Acquisition Date 10/19/2021 Maturity 10/15/20262023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Polestar Automotive Holding UK PLC Assar Gabrielssons Väg 9 405 31 Göteborg Sweden Auto Manufacturer Warrants Initial Acquisition Date 03/23/20212023-01-012023-09-300001675033us-gaap:ShortTermInvestmentsMember2022-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants 1st Lien Secured Loan Interest Rate 1M L + 12.00% 13.25% Floor (16.06%) (10.06% cash + 6.00% PIK) Initial Acquisition Date 02/24/2021 Maturity 02/24/20252022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FAST Acquisition Corp II 109 Old Branchville Road Ridgefield CT 06877 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/16/20212023-01-012023-09-300001675033Sterling Commercial Credit LLC 10153 Grand River Rd Brighton MI 48116 Specialty Finance Common Equity Initial Acquisition Date 02/03/20222022-01-012022-12-310001675033Greenfire Resources Ltd. 205 5th Avenue SW Suite 1900 Calgary AB T2P 2V7 Canada Oil & Gas Exploration & Production 1st Lien, Secured Bond Interest Rate 12.00% Initial Acquisition Date 09/13/2023 Maturity 10/01/20282023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FTAC Hera Acquisition Corp 2929 Arch Street Suite 1703 Quakertown PA 19104 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/04/20212022-12-310001675033gecc:InternetMediaMember2022-12-310001675033gecc:AircraftMember2022-12-310001675033gecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMember2023-08-160001675033us-gaap:SeniorNotesMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2021-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ginko Bioworks Holdings Inc 27 Drydock Avenue 8th Floor Boston MA 02210 Biotechnology Warrants Initial Acquisition Date 02/24/20212023-09-300001675033gecc:GreatElmHealthcareFinanceLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SubordinatedNoteMember2022-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Common Equity Interest Rate 12.50% Initial Acquisition Date 04/13/20222022-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Industry Internet Media Security 1st Lien Secured Revolver Interest Rate 3M SOFR2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Kismet Acquisition Three Corp 850 Library Avenue Suite 204 Newark DE 19715 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/20212022-12-310001675033us-gaap:SeniorNotesMembergecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2021-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Warburg Pincus Capital Corp I-A 450 Lexington Avenue New York NY 10017 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-01-012022-12-310001675033country:CA2023-09-300001675033us-gaap:InvestmentAffiliatedIssuerControlledMembergecc:PrestigeCapitalFinanceLLCMembergecc:SubordinatedNoteMember2023-01-012023-09-300001675033gecc:OilGasRefiningMember2022-12-310001675033ECL Entertainment LLC 8978 Spanish Ridge Ave Las Vegas NV 89148 Casinos & Gaming 1st Lien Secured Loan Interest Rate 1M SOFR + 7.50% 8.25% Floor (11.88%) Initial Acquisition Date 03/31/2021 Maturity 04/30/20282022-01-012022-12-310001675033gecc:InvestmentEquityAndOtherMember2023-09-300001675033gecc:EquityFundsThreeMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033us-gaap:FairValueInputsLevel2Member2023-09-3000016750332021-06-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ginko Bioworks Holdings Inc 27 Drydock Avenue 8th Floor Boston MA 02210 Biotechnology Warrants Initial Acquisition Date 02/24/20212022-12-310001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Warrants Initial Acquisition Date 09/30/20212022-01-012022-12-310001675033gecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMember2023-09-072023-09-070001675033gecc:GeccoNotesMember2021-07-092021-07-090001675033gecc:BiotechnologyMember2023-09-300001675033Blackstone Secured Lending 345 Park Avenue New York NY 10154 Closed-End Fund Common Stock Initial Acquisition Date 08/18/20222023-01-012023-09-3000016750332022-06-300001675033us-gaap:SeniorNotesMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Supernova Partners Acquisition Company III Ltd. 4301 50th Street NW Suite 300 PMB 1044 Washington DC 20016 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/23/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Arctos NorthStar Acquisition Corp 2021 McKinney Avenue Suite 200 Dallas TX 75201 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/23/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Polestar Automotive Holding UK PLC Assar Gabrielssons Väg 9 405 31 Göteborg Sweden Auto Manufacturer Warrants Initial Acquisition Date 03/23/20212022-12-310001675033gecc:EquityFundsSixMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Membergecc:RecentTransactionValuationTechniqueMember2022-12-310001675033Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 Energy Midstream 2nd Lien, Secured Bond Interest Rate 8.50% Initial Acquisition Date 10/19/2021 Maturity 10/15/20262022-12-310001675033gecc:FirstLienSecuredLoanMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp II The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/26/20212022-01-012022-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Industry Internet Media Security 1st Lien Secured Revolver Interest Rate 3M SOFR + 4.50% 4.50% Floor (10.15%) Initial Acquisition Date 01/29/2019 Maturity 06/14/20242023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies VPC Impact Acquisition Holdings II 150 North Riverside Plaza Suite 5200 Chicago IL 60606 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-12-310001675033Lenders Funding, LLC 9345 Terresina Dr. Naples, FL 34119 Industry Specialty Finance Security 1st Lien, Secured Revolver - Unfunded Initial Acquisition Date 09/20/2021 Maturity 12/31/20232023-01-012023-09-300001675033gecc:CityNationalBankMemberus-gaap:RevolvingCreditFacilityMember2021-05-050001675033Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 Industry Apparel Security 1st Lien Secured Loan Interest Rate 3 Month SOFR + 7.00%, 8.00% Floor (12.65%) Initial Acquisition Date 06/30/2021 Maturity 07/15/20272023-01-012023-09-300001675033gecc:InternetMediaMember2023-09-300001675033us-gaap:IncomeApproachValuationTechniqueMembersrt:MinimumMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2022-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Security Secured Loan B Interest Rate 3M SOFR2023-09-300001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan B Interest Rate 3 Month LIBOR2022-12-310001675033gecc:BrokerQuotesValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2022-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 1M SOFR + 12.00% 13.25% Floor (17.44%) (11.44% cash + 6.00% PIK) Initial Acquisition Date 02/24/2021 Maturity 02/24/20252023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Tritium DCFC Ltd 23 Archimedes Place Murarrie QLD Australia Transportation Equipment Manufacturing Warrants Initial Acquisition Date 02/04/20212023-09-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 1 Month SOFR One2023-09-300001675033ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 2nd Lien Secured Loan Interest Rate 1 Month LIBOR2022-12-310001675033Blackstone Secured Lending 345 Park Avenue New York NY 10154 Closed-End Fund Common Stock Initial Acquisition Date 08/18/20222022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Apollo Strategic Growth Capital II 9 West 57th Street 43rd Floor New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/10/20212022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Digital Transformation Opportunities Corp 10207 Cleatis Court Los Angeles CA 90077 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-12-310001675033Total Investments in Special Purpose Acquisition Companies2022-12-310001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMemberus-gaap:UnsecuredDebtMember2022-12-310001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroNotesDueTwoThousandTwentyTwoMember2020-12-310001675033gecc:EquityFundsSevenMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMember2022-12-310001675033ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 2nd Lien Secured Loan Interest Rate 1M L + 7.75% 8.50% Floor (12.07%) Initial Acquisition Date 09/21/2022 Maturity 11/24/20282022-12-310001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2021-07-090001675033Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan B Interest Rate 1M SOFR + 3.98% 4.98% Floor (18.41%) (9.41% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/20262023-01-012023-09-300001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Warrants Initial Acquisition Date 02/24/20212022-12-310001675033Foresight Energy 211 North Broadway Suite 2600 St. Louis MO 63102 Metals & Mining Security 1st Lien Secured Loan Interest Rate 3M SOFR2023-09-300001675033us-gaap:ShortTermDebtMember2022-12-310001675033Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals 1st Lien Secured Loan Interest Rate 1M SOFR + 5.25% 6.00% Floor (9.69%) Initial Acquisition Date 11/04/2022 Maturity 11/01/20282022-01-012022-12-310001675033Greenway Health LLC 4301 W. Boy Scout Blvd, Suite 800 Tampa FL 33607 Technology Security 1st Lien Secured Revolver Interest Rate 3M SOFR + 3.75% 3.75% Floor (9.14%) Initial Acquisition Date 01/27/2020 Maturity 11/17/20232023-01-012023-09-300001675033Total Investments excluding Short-Term Investments2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ares Acquisition Corp 245 Park Avenue 44th Floor New York NY 10167 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/02/20212023-01-012023-09-300001675033gecc:BrokerQuotesValuationTechniqueMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2022-12-310001675033gecc:EquityEightyEightPercentOfClassMembergecc:GreatElmHealthcareFinanceLlcMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Core Scientific Inc 210 Barton Springs Road Austin Texas 78704 Technology Warrants Initial Acquisition Date 02/10/20212023-09-300001675033gecc:ControlledInvestmentsMember2022-12-310001675033Ruby 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 (21.44%) Initial Acquisition Date 01/31/2023 Maturity 02/24/20252023-01-012023-09-300001675033gecc:ConsumerProductsMember2022-12-310001675033Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 Energy Midstream Unsecured Bond Interest Rate 5.75% Initial Acquisition Date 08/10/2022 Maturity 04/15/20252022-01-012022-12-3100016750332022-01-012022-03-310001675033us-gaap:CommonStockMembergecc:PFSHoldingsCorpMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-09-300001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Warrants Initial Acquisition Date 09/30/20222023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Digital Transformation Opportunities Corp 10207 Cleatis Court Los Angeles CA 90077 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-01-012022-12-310001675033us-gaap:ShortTermInvestmentsMember2023-09-300001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance Subordinated Note Interest Rate 8.44% Initial Acquisition Date 09/20/2021 Maturity 09/20/20262022-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority E2 Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 04/13/20242023-01-012023-09-300001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority F Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 04/13/20242022-01-012022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority G Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 10/13/20242022-01-012022-12-3100016750332023-01-012023-03-310001675033gecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMember2019-06-180001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pear Therapeutics Inc 200 State Street 13th Floor Boston MA 02109 Technology Warrants Initial Acquisition Date 02/02/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Colonnade Acquisition Corp II 1400 Centrepark Blvd Suite 810 West Palm Beach FL 33401 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 1st Lien Secured Revolver Interest Rate Prime2022-12-310001675033ECL Entertainment LLC 8978 Spanish Ridge Ave Las Vegas NV 89148 Casinos & Gaming 1st Lien Secured Loan Interest Rate 1M SOFR + 7.50% 8.25% Floor (11.88%) Initial Acquisition Date 03/31/2021 Maturity 04/30/20282022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Slam Corp. 55 Hudson Yards 47th Floor Suite C New York NY 10001 Special Purpose Acquisition Company Warrants Initial Acquisition Date 04/26/20212022-01-012022-12-310001675033us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2021-05-052021-05-050001675033Short-Term Investments United States Treasury Short-Term Investments Treasury Bill Interest Rate 0.00% Initial Acquisition Date 12/30/2022 Maturity 03/31/20232022-01-012022-12-310001675033us-gaap:SeniorNotesMember2023-01-012023-09-300001675033Prestige Capital Finance LLC 400 Kelby St 10th Floor Fort Lee NJ 07024 Specialty Finance Subordinated Note Interest Rate 11.00% Initial Acquisition Date 06/15/2021 Maturity 06/15/20232022-12-310001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMember2021-12-310001675033us-gaap:UnsecuredDebtMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Climate Real Impact Solutions II Acquisition Corporation 300 Carnegie Center Suite 150 Princeton NJ 08540 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/27/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp III The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/20212023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies RMG Acquisition Corp III 57 Ocean Suite 403 5775 Collins Avenue Miami Beach FL 33140 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sandbridge X2 Corp 725 5th Avenue 23rd Floor New York NY 10022 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-01-012022-12-310001675033Martin Midstream Partners LP 4200 Stone Road Kilgore, TX 75662 Industry Energy Midstream Security 2nd Lien Secured Loan Interest Rate 11.50% Initial Acquisition Date 01/31/2023 Maturity 02/15/20282023-01-012023-09-300001675033Forum Energy Technologies Inc 10344 Sam Houston Park Drive Suite 300 Houston TX 77064 Energy Services 1st Lien Secured Convertible Bond Interest Rate 9.00% Initial Acquisition Date 05/09/2022 Maturity 08/04/20252022-12-3100016750332021-12-310001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples Common Equity Initial Acquisition Date 11/13/20202022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2022-12-310001675033Great Elm Specialty Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Security Common Equity Initial Acquisition Date 09/01/20232023-01-012023-09-300001675033Total Short-Term Investments2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Lanvin Group Holdings Ltd Building S2 Bund Finance Center No 600 Zhongshan East 2nd Road Huangpu District Shanghai China Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/19/20212022-12-3100016750332022-02-282022-02-280001675033Foresight Energy 211 North Broadway Suite 2600 St Louis MO 63102 Metals & Mining 1st Lien Secured Loan Interest Rate 3M L + 8.00%, 9.50% Floor (12.73%) Initial Acquisition Date 07/29/2021 Maturity 06/30/20272022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Rumble Inc 444 Gulf of Mexico Drive Longboat Key FL 34228 Special Purpose Acquisition Company Warrants Initial Acquisition Date 05/10/20212022-12-310001675033gecc:GreatElmSpecialtyFinanceMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-09-300001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority E2 Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 04/13/20242023-09-300001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2023-01-012023-09-300001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples 1st Lien Secured Loan Interest Rate 1M SOFR + 7.00% 8.00% Floor (12.42%) Initial Acquisition Date 11/13/2020 Maturity 11/13/20242023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fusion Acquisition Corp II 667 Madison Avenue 5th Floor New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/26/20212023-09-300001675033Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance Subordinated Note Interest Rate 8.44% Initial Acquisition Date 09/20/2021 Maturity 09/20/20262022-01-012022-12-310001675033gecc:GeccoNotesMember2021-06-232021-06-230001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples 1st Lien Secured Loan Interest Rate 1M L + 7.00% 8.00% Floor (11.35%) Initial Acquisition Date 11/13/2020 Maturity 11/13/20242022-01-012022-12-310001675033gecc:AffiliatedInvestmentsMember2022-07-012022-09-300001675033American 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 12/15/20272023-09-300001675033gecc:NonAffiliatedNonControlledInvestmentsMember2023-01-012023-09-300001675033gecc:DebtInstrumentOneMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Grove Collaborative Holdings Inc 1301 Sansome Street San Francisco CA 94111 Household & Personal Products Warrants Initial Acquisition Date 03/23/20212023-09-300001675033Great Elm Healthcare Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Subordinated Note Interest Rate 12.00% Initial Acquisition Date 11/17/2022 Maturity 11/09/20272022-01-012022-12-310001675033gecc:NonAffiliatedNonControlledInvestmentsPIKMember2023-07-012023-09-300001675033us-gaap:UnfundedLoanCommitmentMember2023-01-012023-09-300001675033ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 2nd Lien Secured Loan Interest Rate 1M L + 7.75% 8.50% Floor (12.07%) Initial Acquisition Date 09/21/2022 Maturity 11/24/20282022-01-012022-12-310001675033TRU Taj Trust 505 Park Avenue 2nd Floor New York NY 10022 Retail Common Equity Initial Acquisition Date 07/21/20172022-01-012022-12-310001675033gecc:LendersFundingLLCMembergecc:RevolverMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001675033gecc:ControlledInvestmentsMember2023-09-300001675033gecc:GecczNotesMember2023-01-012023-09-300001675033PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples Common Equity Initial Acquisition Date 11/13/20202023-01-012023-09-300001675033Par Petroleum LLC 825 Town & Country Lane Suite 1500 Houston TX 77024 Oil & Gas Refining Security 1st Lien Secured Loan Interest Rate 3M SOFR + 4.25% 4.75% Floor (9.77%) Initial Acquisition Date 02/14/2023 Maturity 02/28/20302023-09-300001675033Harvey 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 (14.71%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272023-09-300001675033gecc:GreatElmCapitalManagementIncorporationMember2022-03-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies L Catterton Asia Acquisition C 8 Marina View Asia Square Tower 1 No 41-03 Singapore 018960, Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/20212023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Forest Road Acquisition Corp II 1177 Avenue of the Americas 5th Floor New York NY 10036 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212022-01-012022-12-310001675033gecc:SpecialtyFinanceMember2022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2023-09-300001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Secured Loan B Interest Rate 3M SOFR + 10.04% 11.04% Floor (14.40%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272022-01-012022-12-310001675033gecc:AssetRecoveryLiquidationValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2023-09-300001675033Harvey 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 (14.71%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272023-01-012023-09-300001675033gecc:TotalShortTermInvestmentsMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Movella Holdings Inc 3535 Executive Terminal Dr Suite 110 Henderson NV 89052 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/17/20212023-01-012023-09-300001675033us-gaap:IncomeApproachValuationTechniqueMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembersrt:WeightedAverageMember2022-12-310001675033gecc:EquityFundsSixMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Membergecc:RecentTransactionValuationTechniqueMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Climate Real Impact Solutions II Acquisition Corporation 300 Carnegie Center Suite 150 Princeton NJ 08540 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/27/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies L Catterton Asia Acquisition C 8 Marina View Asia Square Tower 1 No 41-03 Singapore 018960 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/20212022-12-310001675033Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 2nd Lien Secured Loan Interest Rate 6 Month LIBOR2022-12-310001675033us-gaap:TechnologySectorMember2022-12-3100016750332023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Kismet Acquisition Two Corp 850 Library Avenue Suite 204 Newark DE 19715 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/20212022-12-310001675033us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMembergecc:RecentTransactionValuationTechniqueMember2023-09-300001675033Great Elm Specialty Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Security Common Equity Initial Acquisition Date 09/01/20232023-09-300001675033FTAI Infrastructure Inc 1345 Avenue of the Americas 45th Floor New York NY 10105 Industrial 1st Lien Secured Bond Interest Rate 10.50% Initial Acquisition Date 06/29/2022 Maturity 06/01/20272022-01-012022-12-310001675033us-gaap:SeniorNotesMembergecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMember2023-09-300001675033us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembergecc:PFSHoldingsCorpMember2023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Live Oak Mobility Acquisition Corp 4921 William Arnold Road Memphis TN 38117 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Digital Transformation Opportunities Corp 10207 Cleatis Court Los Angeles CA 90077 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/20212023-09-3000016750332022-07-012022-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Iris Acquisition Corp 2700 19th Street San Francisco CA 94110 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212023-09-300001675033gecc:PFSHoldingsCorpMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ares Acquisition Corp 245 Park Avenue 44th Floor New York NY 10167 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/02/20212022-12-310001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2023-01-012023-09-300001675033NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Energy Midstream Preferred Equity Interest Rate 3M L + 6.77% 6.77% Floor (11.41%) Initial Acquisition Date 12/22/20222022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Freedom Acquisition I Corp 14 Wall Street 20th Floor New York NY 10005 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/26/20212023-01-012023-09-300001675033us-gaap:FairValueInputsLevel1Member2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies VPC Impact Acquisition Holdings II 150 North Riverside Plaza Suite 5200 Chicago IL 60606 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ares Acquisition Corp 245 Park Avenue 44th Floor New York NY 10167 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/02/20212022-01-012022-12-310001675033gecc:AssetRecoveryLiquidationValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2022-12-310001675033us-gaap:SeniorNotesMembergecc:EightPointTwoFivePercentNotesDueTwoThousandTwentyMember2016-12-310001675033gecc:GreatElmSpecialtyFinanceMemberus-gaap:EquityMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-09-300001675033gecc:EnergyMidstreamMember2022-12-310001675033gecc:CityNationalBankMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMember2021-05-052021-05-050001675033Lenders Funding, LLC 9345 Terresina Dr. Naples, FL 34119 Industry Specialty Finance Security 1st Lien, Secured Revolver - Unfunded Initial Acquisition Date 09/20/2021 Maturity 12/31/20232023-09-300001675033gecc:GeccoNotesMember2023-01-012023-09-300001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority G Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 10/13/20242022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp III The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/20212023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies TLG Acquisition One Corp 515 North Flagler Drive Suite 520 West Palm Beach FL 33401 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/28/20212022-12-310001675033gecc:FivePointEightSevenFivePercentNotesDueTwoThousandTwentySixMemberus-gaap:UnsecuredDebtMember2023-09-300001675033Lenders Funding LLC 9345 Terresina Dr. Naples FL 34119 Specialty Finance Security 1st Lien, Secured Revolver Interest Rate Prime2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies New Vista Acquisition Corp 125 South Wacker Drive Suite 300 Chicago IL 60606 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/17/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Planet Labs PBC 645 Harrison Street 4th Floor San Francisco CA 94107 Communications Equipment Warrants Initial Acquisition Date 03/05/20212023-01-012023-09-300001675033Maverick Gaming LLC 12530 NE 144th Street Kirkland WA 98034 Industry Casinos & Gaming Security 1st Lien Secured Loan Interest Rate 3 Month SOFR2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Warburg Pincus Capital Corp I-B 450 Lexington Avenue New York NY 10017 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sonder Holdings Inc 101 15th Street San Francisco CA 94103 Hospitality Warrants Initial Acquisition Date 03/19/20212023-01-012023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Warburg Pincus Capital Corp I-B 450 Lexington Avenue New York NY 10017 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-01-012022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembergecc:EquityFundsOneMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp IV The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/20212023-09-300001675033Target Hospitality Corp 2170 Buckthorne Place Suite 440 The Woodlands TX 77380 Hospitality Secured Bond Interest Rate 9.50% Initial Acquisition Date 05/13/2021 Maturity 03/15/20242022-12-310001675033Florida Marine LLC 2360 5th Street Mendeville LA 70471 Shipping Security 1st Lien Secured Loan Interest Rate 1M SOFR + 9.20% 11.20% Floor (14.64%) Initial Acquisition Date 03/17/2023 Maturity 03/17/20282023-09-300001675033Martin Midstream Partners LP 4200 Stone Road Kilgore TX 75662 Energy Midstream 2nd Lien Secured Bond Interest Rate 11.50% Initial Acquisition Date 12/09/2020 Maturity 02/28/20252022-12-310001675033gecc:SixPointFiveZeroPercentNotesDueTwoThousandTwentyFourMemberus-gaap:SeniorNotesMember2020-12-310001675033NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Warrants Initial Acquisition Date 09/30/20222023-01-012023-09-300001675033Vantage Specialty Chemicals Inc 1751 Lake Cook Rd Suite 550 Deerfield IL 60015 Chemicals 2nd Lien Secured Loan Interest Rate 3M L + 8.25% 9.25% Floor (12.98%) Initial Acquisition Date 06/08/2021 Maturity 10/26/20252022-12-310001675033NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Energy Midstream Preferred Equity Interest Rate 3M L + 6.77% 6.77% Floor (11.41%) Initial Acquisition Date 12/22/20222022-01-012022-12-310001675033us-gaap:FairValueInputsLevel3Member2023-01-012023-09-300001675033Perforce Software Inc 400 First Avenue North #200 Minneapolis MN 55401 Technology 1st Lien Secured Revolver Interest Rate Prime2022-12-310001675033NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 Industry Consumer Products Security Secured Loan B Interest Rate 3M SOFR + 13.50%, 14.50% Floor (19.15%), (11.15% cash + 8.00% PIK) Initial Acquisition Date 09/30/2022 Maturity 09/30/20272023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies First Reserve Sustainable Growth Corp 262 Harbor Drive 3rd Floor Stamford CT 06902 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/20212022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMembergecc:EquityFundsFourMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2022-12-310001675033gecc:HouseholdAndPersonalProductsMember2022-12-310001675033Six-month SOFR2023-01-012023-09-300001675033us-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MarketApproachValuationTechniqueMember2023-09-300001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2018-01-110001675033gecc:NonAffiliatedNonControlledShortTermInvestmentsMember2023-09-300001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Secured Loan B Interest Rate 3 Month SOFR2022-12-310001675033gecc:LendersFundingLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SubordinatedNoteMember2022-12-310001675033gecc:AutoManufacturerMember2022-12-310001675033us-gaap:SeniorNotesMembergecc:SixPointFiveZeroNotesDueTwoThousandTwentyTwoMember2018-12-310001675033gecc:NonAffiliatedNonControlledInvestmentsMember2022-07-012022-09-300001675033Short-Term Investments United States Treasury Short-Term Investments Treasury Bill Interest Rate 0.00% Initial Acquisition Date 12/30/2022 Maturity 03/31/20232022-12-3100016750332022-03-310001675033ECL Entertainment LLC 8978 Spanish Ridge Ave Las Vegas NV 89148 Casinos & Gaming Security 1st Lien Secured Loan Interest Rate 3M SOFR + 4.75% 5.50% Floor (10.14%) Initial Acquisition Date 03/31/2028 Maturity 08/31/20282023-09-300001675033gecc:AssetRecoveryLiquidationValuationTechniqueMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Membergecc:EquityFundsFiveMember2023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Tailwind International Acquisition Corp 150 Greenwich Street 29th Floor New York NY 10006 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/19/20212022-01-012022-12-3100016750332023-06-300001675033Research 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 (15.13%) Initial Acquisition Date 05/20/2019 Maturity 12/20/20252023-09-300001675033Great 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 06/30/20262023-09-300001675033gecc:InvestmentDebtMember2023-09-300001675033gecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMember2023-01-012023-09-300001675033gecc:LendersFundingLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMembergecc:SubordinatedNoteMember2023-01-012023-09-300001675033Great Elm Healthcare Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Common Equity Initial Acquisition Date 11/17/20222022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies AdTheorent Holding Company Inc 330 Hudson Street 13th Floor New York NY 10013 Internet Media Warrants Initial Acquisition Date 02/26/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Slam Corp. 55 Hudson Yards 47th Floor Suite C New York NY 10001 Special Purpose Acquisition Company Warrants Initial Acquisition Date 04/26/20212022-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Secured Loan A Interest Rate 3M SOFR + 5.00% 6.00% Floor (9.36%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272022-01-012022-12-310001675033SOFR2023-01-012023-09-300001675033First 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 03/30/20272023-09-300001675033gecc:EightPointSevenFivePercentNotesDueTwoThousandTwentyEightMemberus-gaap:UnsecuredDebtMember2023-09-300001675033Avation Capital SA 65 Kampong Bahru Road #01-01 Singapore 169370 Aircraft 2nd Lien Secured Bond Interest Rate 9.00%, (6.50% cash + 2.50% PIK) Initial Acquisition Date 02/04/2022 Maturity 10/31/20262023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Allego N.V. Industriepark Kleefse Waard Westervoortsedijk 73 KB 6827 AV Arnhem The Netherlands Transportation Equipment Manufacturing Warrants Initial Acquisition Date 03/17/20212022-01-012022-12-310001675033us-gaap:FairValueInputsLevel2Memberus-gaap:DebtMember2022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Planet Labs PBC 645 Harrison Street 4th Floor San Francisco CA 94107 Communications Equipment Warrants Initial Acquisition Date 03/05/20212022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fusion Acquisition Corp II 667 Madison Avenue 5th Floor New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/26/20212022-01-012022-12-310001675033gecc:AsiaAndOceaniaMember2023-09-300001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority E2 Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 04/13/20242022-01-012022-12-3100016750332021-01-012021-03-310001675033Maverick 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 (13.18%) Initial Acquisition Date 11/16/2021 Maturity 09/03/20262023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Catcha Investment Corp Level 42 Suntec Tower Three 8 Temasek Blvd Singapore 038988 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/12/20212022-12-310001675033gecc:EquityFundsTwoMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Jaws Mustang Acquisition Corporation 1601 Washington Avenue Suite 800 Miami Beach FL 33139 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/02/20212022-01-012022-12-310001675033PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach FL 33139 Specialty Finance Term Loan Interest Rate Prime + 6.50% 6.50% Floor (14.00%) Initial Acquisition Date 11/22/2021 Maturity 12/31/20242022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Grove Collaborative Holdings Inc 1301 Sansome Street San Francisco CA 94111 Household & Personal Products Warrants Initial Acquisition Date 03/23/20212023-01-012023-09-300001675033us-gaap:SeniorNotesMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2023-09-300001675033First 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 03/30/20272023-01-012023-09-3000016750332022-06-132022-06-130001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Tech and Energy Transition Corporation 125 West 55th Street New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/17/20212022-01-012022-12-3100016750332022-10-012022-12-310001675033Crestwood Equity Partners LP 811 Main Street Suite 3400 Houston TX 77002 Energy Midstream Preferred Equity Interest Rate 9.25% Initial Acquisition Date 06/19/20202022-01-012022-12-310001675033TRU Taj Trust 505 Park Avenue 2nd Floor New York NY 10022 Retail Common Equity Initial Acquisition Date 07/21/20172022-12-310001675033srt:MaximumMember2023-01-012023-09-300001675033TRU Taj Trust 505 Park Avenue 2nd Floor New York NY 10022 Retail Security Common Equity Acquisition Date 07/21/20172023-09-300001675033Research Now Group Inc. 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media Industry Internet Media Security 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 01/29/2019 Maturity 06/14/20242023-09-300001675033Maverick 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 (13.18%) Initial Acquisition Date 11/16/2021 Maturity 09/03/20262023-01-012023-09-300001675033us-gaap:UnsecuredDebtMember2023-09-300001675033Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority F Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 04/13/20242022-12-310001675033us-gaap:CommonStockMember2023-01-012023-09-300001675033Vector Group Ltd 4400 Biscayne Blvd Miami FL 33137 Food & Staples Unsecured Bond Interest Rate 10.50% Initial Acquisition Date 07/08/2022 Maturity 11/01/20262022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies RMG Acquisition Corp III 57 Ocean Suite 403 5775 Collins Avenue Miami Beach FL 33140 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212023-01-012023-09-300001675033gecc:LendersFundingLLCMemberus-gaap:EquityMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-09-300001675033gecc:NonAffiliatedNonControlledInvestmentsPIKMember2023-01-012023-09-300001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Secured Loan A Interest Rate 3M SOFR + 5.00% 6.00% Floor (9.36%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Peridot Acquisition Corp II 2229 San Felipe Street Suite 1450 Houston TX 77019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/09/20212022-12-310001675033gecc:EnergyServicesMember2023-09-300001675033Eagle Point Credit Company Inc 600 Steamboat Road Suite 202 Greenwich CT 06830 Closed-End Fund Common Stock Initial Acquisition Date 08/18/20222023-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Compute Health Acquisition Corp 1105 North Market Street 4th Floor Wilmington DE 19890 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/20212022-12-310001675033Foresight Energy 211 North Broadway Suite 2600 St Louis MO 63102 Metals & Mining 1st Lien Secured Loan Interest Rate 3 Month LIBOR2022-12-310001675033Mad Engine Global LLC 6740 Cobra Way San Diego CA, 92121 Apparel 1st Lien Secured Loan Interest Rate 3M L + 7.00% 8.00% Floor (11.73%) Initial Acquisition Date 06/30/2021 Maturity 07/15/20272022-12-310001675033gecc:EquityFundsFourMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2022-12-310001675033Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants 1st Lien Secured Loan Interest Rate 1 Month LIBOR2022-12-310001675033gecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2018-02-090001675033srt:MaximumMember2016-07-312016-07-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FAST Acquisition Corp II 109 Old Branchville Road Ridgefield CT 06877 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/16/20212022-12-310001675033GAC HoldCo Inc Suite 1220 407 - 2nd Street S.W. Calgary AB T2P 2Y3 Oil & Gas Exploration & Production 1st Lien Secured Bond Interest Rate 12.00% Initial Acquisition Date 07/27/2021 Maturity 08/15/20252022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Live Oak Mobility Acquisition Corp 4921 William Arnold Road Memphis TN 38117 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/20212022-01-012022-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Secured Loan B Interest Rate 3M SOFR + 10.04% 11.04% Floor (14.40%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Silver Spike Acquisition Corp II 660 Madison Avenue Suite 1600 New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/20212022-12-310001675033gecc:CasinosAndGamingMember2022-12-310001675033Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Security Secured Loan A Interest Rate 3M SOFR2023-09-300001675033us-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MeasurementInputDiscountRateMember2023-09-300001675033Avation Capital SA 65 Kampong Bahru Road #01-01 Singapore 169370 Aircraft 2nd Lien Secured Bond Interest Rate 9.00%, (6.50% cash + 2.50% PIK) Initial Acquisition Date 02/04/2022 Maturity 10/31/20262023-01-012023-09-300001675033ITP Live Production Group 101 Greenwich Street Floor 26 New York NY 10006 Specialty Finance Term Loan Interest Rate 19.71% Initial Acquisition Date 12/22/2021 Maturity 05/22/20262022-12-310001675033Greenway Health LLC 4301 W Boy Scout Blvd Suite 800 Tampa FL 33607 Technology Security 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 1/27/2020 Maturity 11/17/20232022-01-012022-12-310001675033Vector Group Ltd. 4400 Biscayne Blvd Miami FL 33137 Food & Staples Security Unsecured Bond Interest Rate 10.50 Initial Acquisition Date 07/08/2022 Maturity 11/01/20262023-01-012023-09-300001675033Prestige Capital Finance LLC 400 Kelby St 10th Floor Fort Lee NJ 07024 Specialty Finance Common Equity Initial Acquisition Date 02/08/20192022-12-310001675033us-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMembergecc:MeasurementInputImpliedYieldMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2022-12-310001675033Equitrans Midstream Corp 2200 Energy Drive Canonsburg PA 15317 Energy Midstream Preferred Equity Interest Rate 9.75% Initial Acquisition Date 07/01/20212022-01-012022-12-310001675033New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Warrants Initial Acquisition Date 04/06/20232023-01-012023-09-300001675033Harvey 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 (10.13%) Initial Acquisition Date 08/10/2022 Maturity 08/10/20272023-09-3000016750332023-10-260001675033Eagle Point Credit Company Inc 600 Steamboat Road Suite 202 Greenwich CT 06830 Closed-End Fund Common Stock Initial Acquisition Date 08/18/20222022-01-012022-12-310001675033W&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 02/01/20262023-09-300001675033gecc:CommunicationsEquipmentMember2023-09-3000016750332022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Rumble Inc 444 Gulf of Mexico Drive Longboat Key FL 34228 Special Purpose Acquisition Company Warrants Initial Acquisition Date 05/10/20212022-01-012022-12-310001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sonder Holdings Inc 101 15th Street San Francisco CA 94103 Hospitality Warrants Initial Acquisition Date 03/19/20212022-12-310001675033gecc:EquityFundsFourMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMember2023-09-300001675033gecc:CommonEquityEightyPercentageOfClassMembergecc:GreatElmSpecialtyFinanceMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-09-300001675033us-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:DebtMemberus-gaap:MarketApproachValuationTechniqueMember2022-12-310001675033gecc:ControlledInvestmentsMember2022-07-012022-09-300001675033Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Allego N.V. Industriepark Kleefse Waard Westervoortsedijk 73 KB 6827 AV Arnhem The Netherlands Transportation Equipment Manufacturing Warrants Initial Acquisition Date 03/17/20212023-09-300001675033gecc:ControlledInvestmentsPIKMember2023-01-012023-09-300001675033gecc:SpecialPurposeAcquisitionsCompanyMember2023-09-300001675033us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel3Member2022-12-310001675033us-gaap:UnsecuredDebtMembergecc:SixPointSevenFivePercentNotesDueTwoThousandTwentyFiveMember2022-12-310001675033srt:MaximumMember2023-09-30xbrli:purexbrli: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, 2023

or

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

 

Commission File Number: 814-01211

 

Great Elm Capital Corp.

(Exact name of registrant as specified in its charter)

 

 

Maryland

 

81-2621577

(State or other jurisdiction of incorporation or organization)

 

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

 

 

 

800 South Street, Suite 230, Waltham, MA

 

02453

(Address of principal executive offices)

 

(Zip Code)

 

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

 

 

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

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $0.01 per share

 

GECC

 

Nasdaq Global Market

6.75% Notes due 2025

 

GECCM

 

Nasdaq Global Market

5.875% Notes due 2026

 

GECCO

 

Nasdaq Global Market

8.75% Notes due 2028

 

GECCZ

 

Nasdaq Global Market

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 26, 2023, the registrant had 7,601,958 shares of common stock, $0.01 par value per share, outstanding.

 

 


Table of Contents

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements

2

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-25

Notes to the Unaudited Consolidated Financial Statements

F-47

 

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. The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

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

We use words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “could,” “may,” “plan” and similar words to identify forward-looking statements. The forward-looking statements contained in this report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth under “Item 1A. Risk Factors,” herein and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

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”).

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.

2


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. To achieve our investment objective, we invest in secured and senior secured debt instruments of middle market 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, the Company contributed investments in certain of its operating company subsidiaries and other specialty finance assets to its 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.

On September 27, 2016, we and Great Elm Capital Management, Inc. (“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

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, 2022 and the nine months ended September 30, 2023:

(in thousands)

 

Acquisitions(1)

 

 

Dispositions(2)

 

 

Weighted Average Yield
End of Period
(3)

 

Quarter ended March 31, 2022

 

$

27,578

 

 

$

(29,723

)

 

 

10.38

%

Quarter ended June 30, 2022

 

 

44,750

 

 

 

(34,014

)

 

 

10.27

%

Quarter ended September 30, 2022

 

 

40,212

 

 

 

(28,430

)

 

 

11.59

%

Quarter ended December 31, 2022

 

 

37,588

 

 

 

(20,461

)

 

 

12.43

%

For the Year Ended December 31, 2022

 

 

150,128

 

 

 

(112,628

)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

For the Nine Months Ended September 30, 2023

 

$

157,250

 

 

$

(160,418

)

 

 

 

(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, 2023 and the year ended December 31, 2022. 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, 2023

 

 

For the Year Ended December 31, 2022

 

 

Beginning Investment Portfolio, at fair value

 

$

224,957

 

 

$

212,149

 

 

Portfolio Investments acquired(1)

 

 

157,250

 

 

 

150,128

 

 

Amortization of premium and accretion of discount, net

 

 

1,726

 

 

 

1,328

 

 

Portfolio Investments repaid or sold(2)

 

 

(160,418

)

 

 

(112,628

)

 

Net change in unrealized appreciation (depreciation) on investments

 

 

11,287

 

 

 

100,016

 

 

Net realized gain (loss) on investments

 

 

573

 

 

 

(126,036

)

 

Ending Investment Portfolio, at fair value

 

$

235,375

 

 

$

224,957

 

 

(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, 2023 and December 31, 2022 (in thousands):

 

 

September 30, 2023

 

 

December 31, 2022

 

Industry

 

Investments at
Fair Value

 

 

Percentage of
Fair Value

 

 

Investments at
Fair Value

 

 

Percentage of
Fair Value

 

Specialty Finance

 

$

52,121

 

 

 

22.14

%

 

$

58,250

 

 

 

25.89

%

Chemicals

 

 

27,192

 

 

 

11.55

%

 

 

31,702

 

 

 

14.09

%

Insurance

 

 

17,150

 

 

 

7.28

%

 

 

2,340

 

 

 

1.04

%

Transportation Equipment Manufacturing

 

 

16,675

 

 

 

7.08

%

 

 

11,803

 

 

 

5.25

%

Shipping

 

 

13,819

 

 

 

5.87

%

 

 

7,206

 

 

 

3.20

%

Internet Media

 

 

13,490

 

 

 

5.73

%

 

 

12,247

 

 

 

5.44

%

Oil & Gas Exploration & Production

 

 

12,582

 

 

 

5.35

%

 

 

15,136

 

 

 

6.74

%

Metals & Mining

 

 

10,794

 

 

 

4.59

%

 

 

6,046

 

 

 

2.69

%

Energy Services

 

 

9,742

 

 

 

4.14

%

 

 

2,877

 

 

 

1.28

%

Consumer Products

 

 

9,722

 

 

 

4.13

%

 

 

8,413

 

 

 

3.74

%

Food & Staples

 

 

8,301

 

 

 

3.53

%

 

 

3,660

 

 

 

1.63

%

Casinos & Gaming

 

 

7,332

 

 

 

3.12

%

 

 

9,301

 

 

 

4.13

%

Closed-End Fund

 

 

7,215

 

 

 

3.07

%

 

 

5,825

 

 

 

2.59

%

Energy Midstream

 

 

5,874

 

 

 

2.50

%

 

 

22,559

 

 

 

10.03

%

Industrial