GECC
Great Elm Capital
Portfolio Fair Value
$418.76M
80 holdings
Avg Spread
—
FV-weighted, debt
Avg Coupon
9.01%
FV-weighted
% First Lien
31.5%
of debt FV
Unrealized P/L
-$19.48M
-4.44% of cost
Non-Accrual
1
text-detected
Balance sheet
Assets$427.03M
Liabilities + Equity$427.03M
First Lien
$131.97M · 30.9%
First Lien
$131.97M · 30.9%
Second Lien
$25.98M · 6.1%
Subordinated
$29.73M · 7.0%
Other Debt
$47.12M · 11.0%
Other Debt
$47.12M · 11.0%
LP Interest
$10.72M · 2.5%
Equity
$86.62M · 20.3%
Equity
$86.62M · 20.3%
Other
$86.61M · 20.3%
Other
$86.61M · 20.3%
Cash & Equivalents
$305.0K · 0.1%
Other Assets
$7.96M · 1.9%
Debt (Borrowings)
$229.97M · 53.9%
Debt (Borrowings)
$229.97M · 53.9%
Other Liabilities
$71.23M · 16.7%
Other Liabilities
$71.23M · 16.7%
Net Assets (Equity)
$125.83M · 29.5%
Net Assets (Equity)
$125.83M · 29.5%
Industry Composition
Short-Term Investments
20.4%
Specialty Finance
10.4%
Structured Finance
7.9%
LP Interest
6.6%
Chemicals
5.9%
Transportation Equipment Manufacturing
5.7%
Consumer Products
5.3%
Insurance
4.2%
Technology
3.8%
Food & Staples
3.1%
Closed-End Fund
3.0%
Metals & Mining
2.5%
Other industries
21.3%
Spread Distribution
No floating-rate debt in this filing.
Schedule of Investments
All holdings
All holdings
Sortable, click headers to re-sort
80 of 84
| Issuer | Industry | Type | Fair Value | Cost | Unrealized | Coupon | Spread | Maturity |
|---|---|---|---|---|---|---|---|---|
Short-Term Investments United States Treasury Industry | Short-Term Investments | Security Treasury Bill | $59.78M | $59.79M | -$10.0K | 0.00% | — | — |
CLO Formation JV, LLC 800 South Street Suite 230 Waltham, MA 02453 | Structured Finance | Common Equity | $32.89M | $33.34M | -$449.0K | — | — | — |
Great Elm Specialty Finance, LLC 3100 West End Ave, Suite 750 Nashville, TN 37203 | Specialty Finance | Subordinated Note | $29.73M | $29.73M | $0.00 | 13.00% | — | 2026-06-30 |
Short-Term Investments MFB Northern Inst Funds Treas Portfolio Premier CL Industry | Short-Term Investments | Security Money Market | $25.70M | $25.70M | $0.00 | 0.00% | — | — |
Coreweave Compute Acquisition Co. II, LLC 101 Eisenhower Parkway, Suite 106 Roseland, NJ 07068 | Technology | 1st Lien, Secured Loan | $14.15M | $13.73M | $422.0K | 14.65% | — | — |
Great Elm Specialty Finance, LLC 3100 West End Ave, Suite 750 Nashville, TN 37203 | Specialty Finance | Common Equity | $13.88M | $17.57M | -$3.69M | — | — | — |
First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309 | Transportation Equipment Manufacturing | 2nd Lien, Secured Loan | $12.40M | $12.25M | $145.0K | 14.01% | — | — |
American Coastal Insurance Corp. 800 2nd Avenue S. Saint Petersburg, FL 33701 | Insurance | Unsecured Bond | $12.24M | $7.84M | $4.39M | 7.25% | — | 2027-12-15 |
Blackstone Secured Lending 345 Park Avenue New York, NY 10154 | Closed-End Fund | Common Equity | $9.52M | $10.05M | -$532.0K | — | — | — |
NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 | Consumer Products | Secured Loan B | $9.34M | $9.06M | $275.0K | 16.37% | — | — |
Harvey Gulf Holdings LLC 701 Poydras Street, Suite 3700 New Orleans, LA 70139 | Shipping | Secured Loan B | $8.81M | $8.72M | $92.0K | 11.93% | — | — |
Vi Jon 8800 Page Avenue St. Louis, MO 63114 | Consumer Products | 1st Lien, Secured Loan | $8.69M | $8.62M | $63.0K | 15.51% | — | — |
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | Term Loan B | $8.14M | $8.33M | -$196.0K | 18.13% | — | — |
First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309 | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | $7.54M | $7.51M | $29.0K | 10.51% | — | — |
CW Opportunity 2 LP 1603 Orrington Avenue, 13th Floor Evanston, IL 60201 | Technology | Private Fund | $7.12M | $6.00M | $1.12M | — | — | — |
ProFrac Holdings II, LLC 333 Shops Boulevard Suite 301 Weatherford, Texas 76087 | Energy Service | 1st Lien, Secured Loan Interest rate M SOFR + 7.25%, 9.75% Floor (12.12%) | $6.50M | $6.42M | $80.0K | 12.12% | — | — |
Blue Ribbon, LLC 110 E Houston St. San Antonio, TX 78205 | Food & Staples | 1st Lien, Secured Loan | $5.92M | $6.39M | -$478.0K | 11.58% | — | — |
Foresight Energy 211 North Broadway, Suite 2600 St. Louis, MO 63102 | Metals & Mining | 1st Lien, Secured Loan | $5.85M | $5.94M | -$91.0K | 12.70% | — | — |
Greenfire Resources Ltd. 205 5th Avenue SW, Suite 1900 Calgary, AB T2P 2V7 Canada | Oil & Gas Exploration & Production | 1st Lien, Secured Bond | $5.60M | $5.09M | $510.0K | 12.00% | — | 2028-10-01 |
Manchester Acquisition Sub, LLC 251 Little Falls Drive, Wilmington, DE 19808 | Chemicals | 1st Lien, Secured Loan | $5.60M | $5.62M | -$23.0K | 10.92% | — | — |
Invesco Senior Loan ETF 3500 Lacey Road, Suite 700 Downers Grove, 60515 | Credit Fund | Common Equity | $5.25M | $5.29M | -$34.0K | — | — | — |
Trouvaille Re Ltd. 1700 City Plaza Drive, Suite 200 Spring, TX 77389 | Insurance | Preference Shares | $5.21M | $5.00M | $215.0K | — | — | — |
W&T Offshore, Inc. 5718 Westheimer Road, Suite 700 Houston, TX 77057 | Oil & Gas Exploration & Production | 2nd Lien, Secured Bond | $4.91M | $4.82M | $94.0K | 11.75% | — | 2026-02-01 |
SPDR Blackstone Senior Loan ETF One Lincoln Street Boston, MA 02211 | Credit Fund | Common Equity | $4.89M | $4.88M | $1.0K | — | — | — |
Ipsen International Holding GmbH 1 Main St Cambridge, MA 02142 | Industrial | 1st Lien, Secured Loan | $4.88M | $4.88M | -$4.0K | 16.13% | — | — |
Maverick Gaming LLC 12530 NE 144th Street Kirkland, WA 98034 | Casinos & Gaming | 1st Lien, Secured Loan | $4.73M | $6.08M | -$1.35M | 12.82% | — | — |
Dynata, LLC (New Insight Holdings, Inc.) 4 Research Drive, Suite 300 Shelton, CT 06484 | Internet Media | 1st Lien, Secured Loan | $4.49M | $4.78M | -$289.0K | 10.88% | — | — |
Avation Capital SA 65 Kampong Bahru Road, #01-01 Singapore 169370 | Aircraft | 2nd Lien, Secured Bond | $4.36M | $4.33M | $23.0K | 8.25% | — | 2026-10-31 |
CSC Serviceworks 35 Pinelawn Road, Suite 120 Melville, NY 11747 | Consumer Services | 1st Lien, Secured Loan | $4.33M | $4.26M | $71.0K | 9.26% | — | — |
Fairbanks Morse Defense (Arcline FM Holdings, LLC) 655 3 St, Suite 301 Beloit, WI 53511 | Defense | 1st Lien, Secured Loan | $3.99M | $3.99M | $7.0K | 9.74% | — | — |
Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 | Apparel | 1st Lien, Secured Loan | $3.83M | $4.30M | -$471.0K | 12.13% | — | — |
Flexsys Holdings 260 Springside Drive Akron, OH 44333 | Chemicals | 1st Lien, Secured Loan | $3.69M | $3.64M | $53.0K | 10.12% | — | — |
Stone Ridge Opportunities Fund L.P. One Vanderbilt Ave., 65th Floor New York, NY 10017 | Insurance | Private Fund | $3.60M | $2.38M | $1.22M | — | — | — |
Janus Henderson B-BBB CLO ETF 151 Detroit Street Denver, CO 80206 | Credit Fund | Common Equity | $3.33M | $3.33M | $2.0K | — | — | — |
Janus Henderson AAA CLO ETF 151 Detroit Street Denver, CO 80206 | Credit Fund | Common Equity | $3.26M | $3.25M | $2.0K | — | — | — |
Form Technologies, LLC 11325 N Community House Road, Suite 300 Charlotte, NC 28277 | Industrial | 1st Lien, Secured Loan | $3.15M | $3.15M | $1.0K | 9.91% | — | — |
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | Term Loan C | $3.12M | $3.21M | -$86.0K | 18.13% | — | — |
SCIH Salt Holdings Inc 10995 Lowell Avenue, Suite 500 Overland Park, KS 66210 | Food & Staples | 1st Lien, Secured Loan | $2.99M | $2.99M | -$6.0K | 8.76% | — | — |
FS KKR Capital Corp. 201 Rouse Boulevard Philadelphia, PA 19112 | Closed-End Fund | Common Equity | $2.96M | $3.04M | -$82.0K | — | — | — |
NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 | Consumer Products | Warrants | $2.85M | — | — | — | — | — |
Northeast Grocery Inc 461 Nott St Schenectady, NY 12308 | Food & Staples | 1st Lien, Secured Loan | $2.72M | $2.76M | -$34.0K | 12.60% | — | — |
Auction.com LLC 1 Mauchly Irvine CA, 92618-2305 | Financial Services | 1st Lien, Secured Loan | $2.70M | $2.74M | -$40.0K | 10.74% | — | — |
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 | Restaurants | 1st Lien, Secured Loan | $2.56M | $2.59M | -$33.0K | 17.31% | — | — |
Lummus Technology Holdings 5825 N. Sam Houston Parkway West, #600 Houston, TX 77086 | Chemicals | Unsecured Bond | $2.53M | $2.14M | $384.0K | 9.00% | — | 2028-07-01 |
Creation Technologies, Inc. One Beacon Street, 23rd Floor Boston, MA 02108 | Electronics Manufacturing | 1st Lien, Secured Loan | $2.38M | $2.34M | $42.0K | 11.08% | — | — |
PowerStop LLC 6112 W 73rd Street Bedford Park, IL 60638 | Transportation Equipment Manufacturing | 1st Lien, Secured Loan Interest rate 3M SOFR + 4.75%, 5.25% Floor (9.91%) | $2.23M | $2.15M | $87.0K | 9.91% | — | — |
Conuma Resources LTD 235 Front St, Tumbler Ridge BC V0C 0B3, Canada | Metals & Mining | 1st Lien, Secured Bond | $2.15M | $2.14M | $7.0K | 13.13% | — | 2028-05-01 |
Summit Midstream Holdings, LLC 910 Louisiana Street, Suite 4200 Houston, TX 77002 | Energy Midstream | 2nd Lien, Secured Bond | $2.04M | $1.93M | $118.0K | 9.50% | — | 2026-10-15 |
AI Aqua Merger Sub Inc 9399 West Higgins Road, Suite 1100 Rosemont, IL 60018 | Capital Equipment | 1st Lien, Secured Loan | $2.00M | $2.00M | -$1.0K | 8.70% | — | — |
EPIC Crude Services LP 18615 Tuscany Stone, Suite 300 San Antonio, TX 78258 | Energy Midstream | 1st Lien, Secured Loan | $2.00M | $2.00M | $0.00 | 9.96% | — | — |
Inmar, Inc. 1 WInmar, Inc. 1 W. 4th St, Suite 500 Winston-Salem, NC 27101 | Consumer Services | 1st Lien, Secured Loan | $2.00M | $2.00M | -$7.0K | — | — | — |
First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309 | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | $1.77M | $1.78M | -$5.0K | 10.51% | — | — |
Loparex LLC | — | 1255 Crescent Green Suite 400 Cary, NC 27518 Industrial Energy Midstream Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 6.00%, 8.00% Floor (11.20% Initial Acquisition Date 04/24/2024 Maturity 02/01/2017 | $1.76M | $1.77M | -$3.0K | 11.20% | — | — |
Dynata, LLC (New Insight Holdings, Inc.) 4 Research Drive, Suite 300 Shelton, CT 06484 | Internet Media | Common Equity | $1.75M | $11.53M | -$9.77M | — | — | — |
TruGreen Limited Partnership 1790 Kirby Parkway Suite 300 Memphis, TN 38138 | Consumer Services | 1st Lien, Secured Loan | $1.74M | $1.71M | $21.0K | 8.95% | — | — |
Coreweave Compute Acquisition Co. IV, LLC 101 Eisenhower Parkway, Suite 106 Roseland, NJ 07068 | Technology | 1st Lien, Secured Loan | $1.69M | $1.68M | $8.0K | 11.05% | — | — |
Thryv, Inc. 2200 West Airfield Drive PO Box 619810 Dallas, TX 75261 | Marketing Services | 1st Lien, Secured Loan | $1.54M | $1.52M | $28.0K | 11.60% | — | — |
Advancion 1500 E Lake Cook Rd Buffalo Grove, IL 60089 | Chemicals | 2nd Lien, Secured Loan | $1.54M | $1.53M | $11.0K | 12.70% | — | — |
Maverick Gaming LLC 12530 NE 144th Street Kirkland, WA 98034 | Casinos & Gaming | 1st Lien, Secured Loan | $1.48M | $1.48M | $0.00 | 12.82% | — | — |
NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 | Consumer Products | Promissory Note | $1.45M | — | — | — | — | 2029-09-30 |
Vector Group Ltd | Food & Staples | 4400 Biscayne Blvd Miami FL 33137 Food & Staples Unsecured Bond Interest Rate 10.50% Initial Acquisition Date 07/11/2024 Maturity 11/1/2026 | $1.36M | $1.36M | $2.0K | 10.50% | — | 2026-11-01 |
New Wilkie Energy Pty Limited 56 Pitt Street Sydney, New South Wales 2000, Australia | Metals & Mining | 1st Lien, Secured Loan | $1.32M | $4.82M | -$3.50M | — | — | 2026-04-06 |
Victra (LSF9 Atlantis Holdings LLC) 2017 Fiesta Dr, Suite 201 Sarasota, USA, 34231 | Retail | 1st Lien, Secured Loan | $1.23M | $1.23M | $6.0K | 9.85% | — | — |
New Wilkie Energy Pty Limited 56 Pitt Street Sydney, New South Wales 2000, Australia | Metals & Mining | SS Working Capital Facility | $1.14M | $1.14M | $0.00 | — | — | 2024-08-16 |
Spencer Spirit Holdings, Inc. 6826 E Black Horse Pike Egg Harbor Township, NJ 08234 | Retail | 1st Lien, Secured Loan | $899.0K | $893.0K | $6.0K | 10.74% | — | — |
Dynata, LLC (New Insight Holdings, Inc.) 4 Research Drive, Suite 300 Shelton, CT 06484 | Internet Media | 1st Lien, Secured Loan | $795.0K | $785.0K | $10.0K | 10.38% | — | — |
TruGreen Limited Partnership 1790 Kirby Parkway Suite 300 Memphis, TN 38138 | Consumer Services | 2nd Lien, Secured Loan | $731.0K | $706.0K | $25.0K | 13.37% | — | — |
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 | Restaurants | Warrants | $730.0K | — | — | — | — | — |
Ruby Tuesday Operations LRuby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 | Restaurants | 1st Lien, Secured Loan | $701.0K | — | — | — | — | — |
ECL Entertainment, LLC 8978 Spanish Ridge Ave Las Vegas, NV 89148 | Casinos & Gaming | 1st Lien, Secured Loan | $400.0K | $398.0K | $2.0K | 8.85% | — | — |
New Wilkie Energy Pty Limited 56 Pitt Street Sydney, New South Wales 2000, Australia | Metals & Mining | Super Senior Receivership Loan | $136.0K | $134.0K | $2.0K | — | — | 2024-08-29 |
TRU Taj Trust 505 Park Avenue, 2nd Floor New York, NY 10022 | Retail | Common Equity | $54.0K | $611.0K | -$557.0K | — | — | — |
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | Warrants | $39.0K | — | — | — | — | — |
PFS Holdings Corp. 3747 Hecktown Road Easton, PA 18045 | Food & Staples | Common Equity | $0.00 | $12.38M | -$12.38M | — | — | — |
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 | Restaurants | 1st Lien, Secured Loan | $0.00 | $703.0K | -$703.0K | 21.32% | — | — |
Dynata, LLC (New Insight Holdings, Inc.) 4 Research Drive, Suite 300 Shelton, CT 06484 | Internet Media | Warrants | — | — | — | — | — | — |
Inmar, Inc. 1 W. 4th St, Suite 500 Winston-Salem, NC 27101 | Consumer Services | 1st Lien, Secured Loan | — | — | — | 5.50% | — | — |
Inmar, Inc. 1 W. 4th St, Suite 500 Winston-Salem, NC 27101 | Consumer Services | 1st Lien, Secured Loan | — | — | — | 10.35% | — | — |
Invesco SeniInvesco Senior Loan ETF 3500 Lacey Road, Suite 700 Downers Grove, 60515 | Credit Fund | Common Equity | — | — | — | — | — | — |
New Wilkie Energy Pty Limited 56 Pitt Street Sydney, New South Wales 2000, Australia | Metals & Mining | Warrants | — | — | — | — | — | — |
Disclosed holdings FV
$418.76M
Parsed holdings FV
$418.76M
Residual gap
$0.00
Balance-sheet cash
$305.0K
CIK
0001675033
Accession
0000950170-24-119231
Form type
10-Q
Period
2024-09-30