GECC
Great Elm Capital
Portfolio Fair Value
$332.71M
73 holdings
Avg Spread
—
FV-weighted, debt
Avg Coupon
10.82%
FV-weighted
% First Lien
42.4%
of debt FV
Unrealized P/L
-$19.51M
-5.54% of cost
Non-Accrual
1
text-detected
Balance sheet
Assets$342.03M
Liabilities + Equity$342.03M
First Lien
$141.11M · 41.3%
First Lien
$141.11M · 41.3%
Second Lien
$26.92M · 7.9%
Subordinated
$29.73M · 8.7%
Other Debt
$39.20M · 11.5%
Other Debt
$39.20M · 11.5%
LP Interest
$3.84M · 1.1%
Equity
$75.01M · 21.9%
Equity
$75.01M · 21.9%
Other
$16.90M · 4.9%
Other Assets
$9.32M · 2.7%
Debt (Borrowings)
$189.69M · 55.5%
Debt (Borrowings)
$189.69M · 55.5%
Other Liabilities
$16.22M · 4.7%
Net Assets (Equity)
$136.11M · 39.8%
Net Assets (Equity)
$136.11M · 39.8%
Industry Composition
Specialty Finance
13.0%
Structured Finance
12.0%
Technology
9.0%
Transportation Equipment Manufacturing
7.9%
Chemicals
7.9%
Consumer Products
7.6%
Insurance
5.6%
Metals & Mining
3.9%
Industrial
3.9%
Oil & Gas Exploration & Production
3.1%
Food & Staples
2.8%
Shipping
2.7%
Other industries
20.7%
Spread Distribution
No floating-rate debt in this filing.
Schedule of Investments
All holdings
All holdings
Sortable, click headers to re-sort
73 of 77
| Issuer | Industry | Type | Fair Value | Cost | Unrealized | Coupon | Spread | Maturity |
|---|---|---|---|---|---|---|---|---|
CLO Formation JV, LLC | Structured Finance | Common Equity | $40.09M | $39.71M | $375.0K | — | — | — |
Great Elm Specialty Finance, LLC | Specialty Finance | Subordinated Note | $29.73M | $29.73M | $0.00 | 13.00% | — | 2026-06-30 |
First Brands, Inc. | Transportation Equipment Manufacturing | 2nd Lien, Secured Loan | $15.12M | $15.71M | -$593.0K | 13.35% | — | — |
Great Elm Specialty Finance, LLC | Specialty Finance | Common Equity | $13.48M | $17.57M | -$4.08M | — | — | — |
Coreweave Compute Acquisition Co II LLC | Technology | 1st Lien, Secured Loan | $13.04M | $12.65M | $382.0K | 14.15% | — | — |
American Coastal Insurance Corp. | Insurance | Industry Insurance Security Unsecured Bond Interest Rate 7.25% Initial Acquisition Date 12/20/2022 Maturity 12/15/2027 | $12.37M | $8.11M | $4.25M | 7.25% | — | 2027-12-15 |
Nice-Pak Products Inc. | Consumer Products | Secured Loan B | $9.36M | $9.10M | $265.0K | 11.76% | — | 2027-09-30 |
Harvey Gulf Holdings LLC. | Shipping | Secured Loan B | $8.87M | $8.72M | $151.0K | 11.39% | — | — |
Vi-Jon | Consumer Products | 1st Lien, Secured Loan | $8.69M | $8.62M | $75.0K | 10.26% | — | 2028-12-28 |
Short-Term Investments MFB Northern Inst Funds Treas Portfolio Premier CL | Short-Term Investments | Money Market | $8.45M | $8.45M | $0.00 | 0.00% | — | — |
CW Opportunity 2 LP | Technology | Private | $7.25M | $6.00M | $1.25M | — | — | — |
First Brands, Inc. | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | $7.14M | $7.50M | -$354.0K | 9.85% | — | — |
Universal Fiber Systems | Chemicals | Common Equity, Secured Loan | $6.84M | $6.81M | $27.0K | — | — | — |
Manchester Acquisition Sub, LLC | Chemicals | 1st Lien, Secured Loan | $6.52M | $6.52M | $2.0K | 10.37% | — | — |
ProFrac Holdings II, LLC | Energy Services | 1st Lien, Secured Bond | $6.52M | $6.29M | $232.0K | 11.84% | — | — |
Trouvaille Re Ltd. | Insurance | Preference Shares | $6.16M | $5.00M | $1.16M | — | — | — |
Greenfire Resources Ltd. | Oil & Gas Exploration & Production | 1st Lien, Secured Bond | $5.58M | $5.09M | $484.0K | 12.00% | — | 2028-10-01 |
Foresight Energy | Metals & Mining | 1st Lien, Secured Loan | $5.43M | $5.92M | -$489.0K | 12.43% | — | — |
Universal Fiber Systems | Chemicals | 1st Lien, Secured Loan | $5.37M | $5.44M | -$73.0K | 12.11% | — | 2028-09-30 |
Coreweave Compute Acquisition Co. IV, LLC | Technology | 1st Lien, Secured Loan | $5.06M | $4.99M | $73.0K | 10.53% | — | — |
Ipsen US Holdings, INC. | Industrial | 1st Lien, Secured Loan | $5.00M | $4.98M | $14.0K | 11.57% | — | 2029-07-31 |
Conuma Resources LTD | Metals & Mining | Industrial Metals & Mining Security 1st Lien, Secured Bond Interest Rate 13.13% Initial Acquisition Date 08/08/2024 Maturity 05/01/2028 | $4.97M | $5.01M | -$40.0K | 13.13% | — | 2028-05-01 |
Mad Engine Global, LLC | Apparel | 1st Lien, Secured Loan | $4.91M | $5.15M | -$243.0K | 11.59% | — | — |
W&T Offshore, Inc. | Oil & Gas Exploration & Production | 2nd Lien, Secured Bond | $4.86M | $4.82M | $41.0K | 11.75% | — | 2026-02-01 |
Form Technologies LLC | Industrial | 1st Lien, Secured Loan | $4.66M | $4.66M | $0.00 | 10.08% | — | — |
Avation Capital SA | Aircraft | 2nd Lien, Secured Bond | $4.57M | $4.37M | $197.0K | — | — | — |
EagleView Technology Corp | Technology | 1st Lien, Secured Loan | $4.47M | $4.50M | -$32.0K | 8.09% | — | — |
Dynata, LLC (New Insight Holdings, Inc.) | Internet Media | 1st Lien, Secured Loan | $4.45M | $4.77M | -$317.0K | 10.29% | — | — |
CSC Serviceworks | Consumer Services | 1st Lien, Secured Loan | $4.16M | $4.29M | -$128.0K | 8.71% | — | — |
Maverick Gaming LLC | Casinos & Gaming Security1st Lien, | Secured Loan | $4.01M | $6.22M | -$2.21M | 7.50% | — | 2028-06-03 |
Fairbanks Morse Defense (Arcline FM Holdings, LLC) | Defense | 1st Lien, Secured Loan | $4.00M | $3.98M | $21.0K | 9.31% | — | — |
Stone Ridge Opportunities Fund L.P. | Insurance | Private Fund | $3.84M | $2.38M | $1.46M | — | — | — |
Del Monte Foods Corp II Inc | Food & Staples | 1st Lien, Secured Loan | $3.83M | $3.80M | $27.0K | 10.15% | — | 2028-08-02 |
Flexsys Holdings | Chemicals | 1st Lien, Secured Loan | $3.35M | $3.67M | -$318.0K | 9.84% | — | — |
FS KKR CAPITAL CORP | Closed-End Fund | Common Equity | $3.24M | $3.02M | $214.0K | — | — | — |
Form Technologies LLC | Industrial | 1st Lien, Secured Loan | $3.22M | $3.17M | $56.0K | 9.36% | — | — |
Vi-Jon | Consumer Products | 1st Lien, Secured Loan | $2.93M | $2.91M | $23.0K | 10.26% | — | 2028-12-28 |
Nice-Pak Products Inc. | Consumer Products | Warrants | $2.74M | — | — | — | — | — |
Nice-Pak Products Inc. | Food & Staples | 1st Lien, Secured Loan | $2.69M | $2.70M | -$9.0K | — | — | 2028-12-13 |
Ruby Tuesday Operations LLC | Restaurants | 1st Lien, Secured Loan | $2.60M | $2.63M | -$38.0K | 12.11% | — | 2027-02-24 |
Auction.com | Financial Services | 1st Lien, Secured Loan | $2.53M | $2.74M | -$207.0K | 10.27% | — | — |
FPL Food LLC | Food & Staples | 1st Lien, Secured Loan | $2.51M | $2.50M | $12.0K | 11.50% | — | — |
PowerStop LLC | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | $2.20M | $2.15M | $50.0K | 9.36% | — | — |
Inmar Inc. | Consumer Services | 1st Lien, Secured Loan | $1.99M | $1.98M | $13.0K | 9.36% | — | — |
Dynata, LLC (New Insight Holdings, Inc.) | Internet Media | Common Equity | $1.75M | $11.53M | -$9.77M | — | — | — |
TruGreen LP | Consumer Services | 1st Lien, Secured Loan | $1.74M | $1.72M | $20.0K | 8.46% | — | — |
First Brands, Inc. | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | $1.68M | $1.77M | -$94.0K | 9.85% | — | — |
Advancion | Chemicals | 2nd Lien, Secured Loan | $1.58M | $1.53M | $52.0K | 12.21% | — | — |
Lummus Technology Holdings | Chemicals | Unsecured Bond 9.00% | $1.52M | $1.28M | $241.0K | 9.00% | — | 2028-07-01 |
Maverick Gaming LLC | Casinos & Gaming Security1st Lien, | Secured Loan | $1.48M | $1.48M | $0.00 | 12.11% | — | — |
Nice-Pak Products Inc. | Consumer Products | Promissory Note | $1.45M | — | — | — | — | — |
Thryv, Inc. | Marketing Services | 1st Lien, Secured Loan | $1.42M | $1.38M | $34.0K | 11.11% | — | — |
New Wilkie Energy | Metals & Mining | 1st Lien, Secured Loan | $1.32M | $4.82M | -$3.50M | — | — | 2026-04-06 |
Elevate Textiles, Inc. | Textiles | 1st Lien, Secured Loan | $1.28M | $1.26M | $20.0K | 6.65% | — | 2027-09-30 |
Victra (LSF9 Atlantis Holdings LLC) | Retail | 1st Lien, Secured Loan | $1.22M | $1.21M | $13.0K | 9.61% | — | — |
New Wilkie Energy | Metals & Mining | SS Working Capital Facility | $1.20M | $1.20M | $0.00 | 16.00% | — | 2027-02-18 |
TPC Group Inc | Chemicals | 1st Lien, Secured Loan | $944.0K | $936.0K | $8.0K | 10.11% | — | — |
Runner Buyer Inc. | Retail | 1st Lien, Secured Loan | $921.0K | $977.0K | -$56.0K | 10.11% | — | — |
Spencer Spirit IH LLC. | Retail | 1st Lien, Secured Loan | $901.0K | $891.0K | $10.0K | 10.02% | — | — |
TruGreen LP | Consumer Services | 2nd Lien, Secured Loan | $795.0K | $713.0K | $82.0K | 13.35% | — | — |
Dynata, LLC (New Insight Holdings, Inc.) | Internet Media | 1st Lien, Secured Loan | $793.0K | $783.0K | $10.0K | 9.79% | — | — |
Ruby Tuesday Operations LLC | Restaurants | 1st Lien, Secured Loan | $738.0K | $741.0K | -$3.0K | 16.00% | — | 2027-02-24 |
Ruby Tuesday Operations LLC | Restaurants | Warrants | $456.0K | — | — | — | — | — |
Blue Ribbon LLC | Food & Staples | 1st Lien, Secured Loan | $330.0K | $351.0K | -$21.0K | 10.85% | — | — |
Blackstone Secured Lending Fund | Closed-End Fund | Common Equity | $194.0K | $182.0K | $12.0K | — | — | — |
New Wilkie Energy | Metals & Mining | Super Senior Receivership Loan | $144.0K | $144.0K | $0.00 | 15.00% | — | 2027-02-18 |
TRU Taj Trust | Retail | Common Equity | $54.0K | $611.0K | -$557.0K | — | — | — |
Universal Fiber Systems | Chemicals | Common Equity, Secured Loan | $8.0K | — | — | — | — | — |
PFS Holdings Corp. | Food & Staples | Common Equity | $0.00 | $12.38M | -$12.38M | — | — | — |
Dynata, LLC (New Insight Holdings, Inc.) | Internet Media | Secured Warrants | — | — | — | — | — | — |
Investment, Identifier [Axis]: CSC Serviceworks | Consumer Services | 1st Lien, Secured Loan | — | — | — | 4.26% | — | — |
New Wilkie Energy | Metals & Mining | Warrants | — | — | — | — | — | — |
Universal Fiber Systems | Chemicals | Common Equity, Secured Loan | — | — | — | — | — | — |
Disclosed holdings FV
$332.71M
Parsed holdings FV
$332.71M
Residual gap
$0.00
Balance-sheet cash
—
CIK
0001675033
Accession
0000950170-25-036517
Form type
10-K
Period
2024-12-31