GECC
Great Elm Capital
Portfolio Fair Value
$331.07M
91 holdings
Avg Spread
+6.98%
FV-weighted, debt
Avg Coupon
9.13%
FV-weighted
% First Lien
42.2%
of debt FV
Unrealized P/L
-$63.11M
-16.01% of cost
Non-Accrual
9
text-detected
Balance sheet
Assets$340.77M
Liabilities + Equity$340.77M
First Lien
$139.81M · 41.0%
First Lien
$139.81M · 41.0%
Second Lien
$14.66M · 4.3%
Subordinated
$25.32M · 7.4%
Other Debt
$23.71M · 7.0%
CLO
$6.47M · 1.9%
LP Interest
$10.76M · 3.2%
Equity
$77.52M · 22.7%
Equity
$77.52M · 22.7%
Other
$32.80M · 9.6%
Cash & Equivalents
$1.83M · 0.5%
Other Assets
$7.87M · 2.3%
Debt (Borrowings)
$189.32M · 55.6%
Debt (Borrowings)
$189.32M · 55.6%
Other Liabilities
$38.51M · 11.3%
Other Liabilities
$38.51M · 11.3%
Net Assets (Equity)
$112.95M · 33.1%
Net Assets (Equity)
$112.95M · 33.1%
Industry Composition
Structured Finance
12.5%
Specialty Finance
11.6%
Short-Term Investments
9.9%
Technology
7.8%
Consumer Products
7.3%
LP Interest
6.3%
Insurance
5.3%
Food & Staples
4.8%
Chemicals
4.1%
Industrial
3.9%
Metals & Mining
3.1%
Consumer Services
3.1%
Other industries
20.3%
Spread Distribution
2.5%
3.5%
4.0%
4.5%
5.5%
6.5%
7.5%
8.5%
10.0%
12.5%
Schedule of Investments
All holdings
All holdings
Sortable, click headers to re-sort
91 of 91
| Issuer | Industry | Type | Fair Value | Cost | Unrealized | Coupon | Spread | Maturity |
|---|---|---|---|---|---|---|---|---|
CLO Formation JV, LLC | Structured Finance | Common Equity | $41.42M | $52.36M | -$10.93M | — | — | — |
United States Treasury | Short-Term Investments | Treasury Bill | $29.74M | $29.74M | $0.00 | — | — | — |
Great Elm Specialty Finance, LLC | Specialty Finance | Subordinated Note | $25.32M | $25.32M | $0.00 | 13.00% | — | 2026-06-30 |
Great Elm Specialty Finance, LLC | Specialty Finance | Common Equity | $13.14M | $17.00M | -$3.86M | — | — | — |
Coreweave Compute Acquisition Co. II, LLC | Technology | 1st Lien, Secured Loan | $12.05M | $11.78M | $274.0K | 3.41% | +9.62% | 2028-07-31 |
American Coastal Insurance Corp. | Insurance | Unsecured Bond | $10.98M | $7.98M | $3.00M | 7.25% | — | 2027-12-15 |
Vivos Holdings, LLC | Consumer Products | 2nd Lien, Secured Loan | $10.00M | $10.03M | -$31.0K | — | +10.00% | 2031-02-13 |
Inmar Inc. | Consumer Services | 1st Lien, Secured Loan | $7.07M | $7.17M | -$105.0K | 8.34% | +4.50% | 2031-10-30 |
Trouvaille Re Ltd. | Insurance | Preference Shares | $6.66M | $5.00M | $1.66M | — | — | — |
NGC CLO 2 Ltd. | Structured Finance | CLO Equity | $6.47M | $6.19M | $284.0K | — | — | — |
Dorel Industries Inc. | Consumer Products | 1st Lien, Secured Loan | $6.39M | $6.52M | -$127.0K | 11.26% | — | 2030-09-30 |
Manchester Acquisition Sub, LLC | Chemicals | 1st Lien, Secured Loan | $6.00M | $6.08M | -$87.0K | 9.67% | +5.75% | 2026-12-01 |
EagleView Technology Corp | Technology | 1st Lien, Secured Loan | $5.99M | $6.08M | -$97.0K | — | +6.50% | 2028-08-14 |
CW Opportunity 2 LP | Technology | Private Fund | $5.80M | $4.08M | $1.72M | — | — | — |
Universal Fiber Systems | Chemicals Services | 1st Lien, Secured Loan | $5.78M | $5.90M | -$122.0K | — | +12.00% | 2028-09-30 |
Mad Engine Global, LLC | Apparel | 1st Lien, Secured Loan | $5.57M | $5.99M | -$414.0K | 0.93% | +7.00% | 2027-07-15 |
Foresight Energy | Metals & Mining | 1st Lien, Secured Loan | $5.56M | $5.83M | -$273.0K | 11.77% | +8.00% | 2027-06-30 |
ProFrac Holdings II, LLC | Energy Services | 1st Lien, Secured Bond | $5.39M | $5.52M | -$126.0K | 11.81% | +7.25% | 2029-01-23 |
Ipsen US Holdings, Inc. | Industrial | 1st Lien, Secured Loan | $5.34M | $5.43M | -$84.0K | — | +12.07% | 2029-07-31 |
State Street Blackstone Senior Loan ETF | Credit Fund | Common Equity | $5.06M | $5.05M | $5.0K | — | — | — |
Invesco Senior Loan | Credit Fund | Common Equity | $5.04M | $5.02M | $17.0K | — | — | — |
Stone Ridge Opportunities Fund L.P. | Insurance | Private Fund | $4.96M | $2.38M | $2.58M | — | — | — |
Ryan, LLC | Business Services | 1st Lien, Secured Loan 1M SOFR + 3.50% (7.22%) | $4.93M | $4.97M | -$46.0K | 7.22% | +3.50% | 2032-11-05 |
Commercial Vehicle Group, Inc. | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | $4.83M | $4.83M | -$8.0K | 13.57% | +9.75% | 2030-06-27 |
Vivos Holdings, LLC | Consumer Products | 1st Lien, Secured Loan | $4.66M | $4.71M | -$50.0K | 9.74% | +6.00% | 2030-08-13 |
Universal Fiber Systems | Chemicals | Common Equity, Secured Loan | $4.54M | $6.81M | -$2.27M | — | — | — |
Form Technologies LLC | Industrial | 1st Lien, Secured Loan | $4.24M | $4.64M | -$409.0K | 9.62% | +5.75% | 2030-07-19 |
SCIH Salt Holdings Inc. | Food & Staples | 1st Lien, Secured Loan | $4.01M | $4.00M | $9.0K | 6.52% | +2.75% | 2029-01-31 |
FPL Food LLC | Food & Staples | 1st Lien, Secured Loan | $4.00M | $4.00M | $0.00 | 11.50% | +3.25% | 2027-02-13 |
W&T Offshore, Inc. | Oil & Gas Exploration & Production | 2nd Lien, Secured Bond | $3.82M | $3.89M | -$72.0K | 10.75% | — | 2029-02-02 |
Coreweave Compute Acquisition Co. IV, LLC | Technology | 1st Lien, Secured Loan | $3.38M | $3.27M | $106.0K | 9.84% | +6.00% | 2030-05-16 |
MFB Northern Inst Funds Treas Portfolio Premier CL | Short-Term Investments | Money Market | $3.06M | $3.06M | $0.00 | — | — | — |
GPC Merger Sub Inc. | Packaging | Unsecured Bond | $3.00M | $2.99M | $8.0K | 7.13% | — | 2028-08-15 |
Goodnight Water Solutions, LLC | Energy Midstream | 1st Lien, Secured Loan | $2.97M | $2.95M | $19.0K | 7.72% | +4.00% | 2029-06-04 |
Auction.com | Financial Services | 1st Lien, Secured Loan | $2.83M | $3.04M | -$211.0K | 10.04% | +6.00% | 2028-05-26 |
Del Monte Foods Corp II Inc | Food & Staples | Sr. DIP Loan | $2.77M | $2.73M | $42.0K | — | +9.50% | 2026-04-02 |
Northeast Grocery Inc | Food & Staples | 1st Lien, Secured Loan | $2.72M | $2.74M | -$19.0K | 1.38% | +7.50% | 2028-12-13 |
Conuma Resources LTD | Metals & Mining | 1st Lien, Secured Bond | $2.72M | $2.98M | -$260.0K | 13.13% | — | 2028-05-01 |
Advancion | Chemicals | 1st Lien, Secured Loan | $2.72M | $2.95M | -$230.0K | 7.82% | +4.00% | 2027-11-24 |
Ruby Tuesday Operations LLC | Restaurants | 1st Lien, Secured Loan | $2.58M | $2.62M | -$41.0K | 9.98% | +12.00% | 2027-02-24 |
DS Admiral Bidco, LLC | Technology | 1st Lien, Secured Loan | $2.47M | $2.47M | -$1.0K | 7.92% | +4.25% | 2031-06-26 |
TruGreen LP | Consumer Services | 1st Lien, Secured Loan | $2.22M | $2.21M | $7.0K | 7.82% | +4.00% | 2027-11-02 |
Vivos Holdings, LLC | Consumer Products | Promissory Note | $2.04M | $2.04M | $0.00 | 4.50% | — | 2032-08-13 |
DTI Holdco, Inc. | Business Services | 1st Lien, Secured Loan | $2.04M | $2.05M | -$12.0K | 7.72% | +4.00% | 2029-04-26 |
ECL Entertainment, LLC | Casinos & Gaming | 1st Lien, Secured Loan | $1.99M | $1.99M | -$5.0K | 6.72% | +3.00% | 2030-08-31 |
Elevate Textiles, Inc. | Textiles | 1st Lien, Secured Loan | $1.95M | $2.19M | -$231.0K | — | +6.50% | 2027-09-30 |
ITG Communications LLC | Industrial | 1st Lien, Secured Loan | $1.93M | $1.96M | -$32.0K | 8.95% | +4.75% | 2031-07-09 |
CMI Marketing, Inc. | Marketing Services | 1st Lien, Secured Loan | $1.86M | $1.88M | -$15.0K | 8.08% | +4.25% | 2028-03-23 |
Walor North America, Inc | Industrial | 1st Lien, Secured Loan | $1.43M | $1.43M | $0.00 | 9.62% | +5.75% | 2028-06-17 |
Conuma Resources LTD | Metals & Mining | 1st Lien, Secured Bond | $1.37M | $1.37M | $0.00 | 13.13% | — | 2028-05-01 |
Victra Holdings, LLC | Retail | 1st Lien, Secured Loan | $1.36M | $1.36M | $0.00 | 7.42% | +3.75% | 2029-03-31 |
PowerStop LLC | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | $1.33M | $1.50M | -$175.0K | 8.55% | +4.75% | 2029-01-26 |
Thryv, Inc. | Marketing Services | 1st Lien, Secured Loan | $1.21M | $1.21M | $5.0K | 10.47% | +6.75% | 2029-05-01 |
Del Monte Foods Corp II Inc | Food & Staples | Jr. DIP Loan | $1.16M | $4.08M | -$2.92M | — | — | 2026-04-02 |
Trident TPI Holding, Inc. | Packaging | Unsecured Bond | $1.02M | $1.01M | $16.0K | 12.75% | — | 2028-12-31 |
PFI Lower Midco LLC | Food & Staples | 1st Lien, Secured Loan | $1.01M | $990.0K | $16.0K | 7.87% | +4.00% | 2032-12-01 |
Natus Medical Inc | Healthcare | 1st Lien, Secured Loan | $995.0K | $998.0K | -$3.0K | 9.07% | +5.25% | 2029-07-20 |
VT Topco, Inc. | Business Services | 1st Lien, Secured Loan | $982.0K | $985.0K | -$3.0K | 6.87% | +3.00% | 2030-08-09 |
Maverick Gaming LLC | Casinos & Gaming | Jr. DIP Loan | $970.0K | $1.58M | -$606.0K | — | — | 2026-04-16 |
x.AI, LLC | Technology | 1st Lien, Secured Bond | $960.0K | $898.0K | $62.0K | 12.50% | — | 2030-06-30 |
Confluence Technologies | Technology | 1st Lien, Secured Loan | $909.0K | $999.0K | -$90.0K | 7.57% | +3.75% | 2028-07-31 |
Maverick Gaming LLC | Casinos & Gaming | Sr. DIP Loan | $907.0K | $891.0K | $16.0K | 16.22% | +12.50% | 2026-04-16 |
TruGreen LP | Consumer Services | 2nd Lien, Secured Loan | $830.0K | $751.0K | $79.0K | 12.60% | +8.50% | 2028-11-02 |
FS KKR CAPITAL CORP | Closed-End Fund | Common Equity | $741.0K | $752.0K | -$11.0K | — | — | — |
MajorDrive Holdings IV, LLC | Consumer Products | Unsecured Bond | $723.0K | $701.0K | $22.0K | 6.38% | — | 2029-06-01 |
SIRVA Worldwide Inc | Business Services | 1st Lien, Secured Loan | $644.0K | $694.0K | -$50.0K | 11.69% | +8.00% | 2029-02-20 |
New Wilkie Energy Pty Limited | Metals & Mining | 1st Lien, Secured Loan | $444.0K | $1.25M | -$806.0K | — | — | 2027-02-20 |
Flexsys Cayman Holdings, LP | Chemicals | 1st Lien, Secured Loan | $330.0K | $5.15M | -$4.82M | 9.08% | +5.25% | 2029-08-01 |
Ruby Tuesday Operations LLC | Restaurants | Warrants | $314.0K | — | — | — | — | — |
Blue Ribbon, LLC | Food & Staples | 1st Lien, Secured Loan | $247.0K | $247.0K | $0.00 | — | +8.00% | 2028-05-08 |
Ruby Tuesday Operations LLC | Restaurants | 1st Lien, Secured Loan | $167.0K | $169.0K | -$2.0K | — | +16.00% | 2027-02-24 |
Blackstone Secured Lending Fund | Closed-End Fund | Common Equity | $158.0K | $182.0K | -$24.0K | — | — | — |
Vivos Holdings, LLC | Consumer Products | Warrants | $145.0K | — | — | — | — | — |
Vivos Holdings, LLC | Consumer Products | Promissory Note | $131.0K | $131.0K | $0.00 | 9.00% | — | 2032-08-13 |
SIRVA Worldwide Inc | Business Services | Delayed Draw, Secured Loan | $115.0K | $125.0K | -$10.0K | 11.69% | +8.00% | 2029-02-20 |
New Wilkie Energy Pty Limited | Metals & Mining | 1st Lien, Secured Loan | $92.0K | $103.0K | -$11.0K | — | — | 2027-02-20 |
Dorel Industries Inc. | Consumer Products | Warrants | $89.0K | — | — | — | — | — |
TRU Taj Trust | Retail | Common Equity | $85.0K | $611.0K | -$526.0K | — | — | — |
Commercial Vehicle Group, Inc. | Transportation Equipment Manufacturing | Tranche 1 Warrants | $74.0K | — | — | — | — | — |
Commercial Vehicle Group, Inc. | Transportation Equipment Manufacturing | Tranche 2 Warrants | $64.0K | — | — | — | — | — |
Main Street Sports Group LLC | Media | 1st Lien, Secured Loan | $40.0K | $106.0K | -$66.0K | 15.00% | — | 2028-01-03 |
First Brands, Inc. | Transportation Equipment Manufacturing | 2nd Lien, Secured Loan | $20.0K | $15.81M | -$15.79M | — | — | 2028-03-30 |
First Brands, Inc. | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | $4.0K | $2.17M | -$2.17M | — | — | 2027-03-30 |
Del Monte Foods Corp II Inc | Food & Staples | 1st Lien, Secured Loan | $0.00 | $2.03M | -$2.03M | — | — | 2028-08-02 |
Del Monte Foods Corp II Inc | Food & Staples | 1st Lien, Secured Loan | $0.00 | $255.0K | -$255.0K | — | — | 2028-08-02 |
Maverick Gaming LLC | Casinos & Gaming | 1st Lien, Secured Loan | $0.00 | $6.35M | -$6.35M | — | — | 2028-06-03 |
New Wilkie Energy Pty Limited | Metals & Mining | 2nd Lien, Secured Loan | $0.00 | $4.46M | -$4.46M | — | — | — |
PFS Holdings Corp. | Food & Staples | Common Equity | $0.00 | $12.38M | -$12.38M | — | — | — |
Dynata, LLC (New Insight Holdings, Inc.) | Internet Media | Warrants | — | — | — | — | — | — |
Universal Fiber Systems | Chemicals | Common Equity | — | — | — | — | — | — |
Universal Fiber Systems | Chemicals | Common Equity | — | — | — | — | — | — |
Disclosed holdings FV
$331.07M
Parsed holdings FV
$331.07M
Residual gap
$0.00
Balance-sheet cash
$1.83M
CIK
0001675033
Accession
0001193125-26-085697
Form type
10-K
Period
2025-12-31