GECC
Great Elm Capital
Portfolio Fair Value
$271.19M
63 holdings
Avg Spread
—
FV-weighted, debt
Avg Coupon
11.79%
FV-weighted
% First Lien
35.2%
of debt FV
Unrealized P/L
-$14.74M
-5.16% of cost
Non-Accrual
2
text-detected
Balance sheet
Assets$279.13M
Liabilities + Equity$279.13M
First Lien
$95.46M · 34.2%
First Lien
$95.46M · 34.2%
Second Lien
$20.82M · 7.5%
Subordinated
$28.73M · 10.3%
Subordinated
$28.73M · 10.3%
Other Debt
$39.25M · 14.1%
Other Debt
$39.25M · 14.1%
CLO
$10.84M · 3.9%
LP Interest
$3.21M · 1.2%
Equity
$26.27M · 9.4%
Other
$46.60M · 16.7%
Other
$46.60M · 16.7%
Cash & Equivalents
$334.0K · 0.1%
Other Assets
$7.60M · 2.7%
Debt (Borrowings)
$145.47M · 52.1%
Debt (Borrowings)
$145.47M · 52.1%
Other Liabilities
$14.86M · 5.3%
Net Assets (Equity)
$118.80M · 42.6%
Net Assets (Equity)
$118.80M · 42.6%
Industry Composition
Unclassified
33.4%
Specialty Finance
16.4%
Chemicals
6.4%
Insurance
6.2%
Oil & Gas Exploration & Production
4.4%
Consumer Products
4.4%
CLO
4.0%
Investments at Fair Value
3.8%
Internet Media
3.6%
Short-Term Investments
3.1%
Energy Services
2.5%
Food & Staples
1.9%
Other industries
9.9%
Spread Distribution
No floating-rate debt in this filing.
Schedule of Investments
All holdings
All holdings
Sortable, click headers to re-sort
63 of 71
| Issuer | Industry | Type | Fair Value | Cost | Unrealized | Coupon | Spread | Maturity |
|---|---|---|---|---|---|---|---|---|
Great Elm Specialty Finance LLC | Specialty Finance | 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 06/30/2026 | $28.73M | $28.73M | $0.00 | 13.00% | — | 2026-06-30 |
Great Elm Specialty Finance LLC | Specialty Finance | 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Security Common Equity Initial Acquisition Date 09/01/2023 | $15.85M | $17.57M | -$1.71M | — | — | — |
Coreweave 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 (14.06%) Initial Acquisition Date 07/31/2023 Maturity 07/31/2028 | $12.63M | $12.29M | $335.0K | 14.06% | — | — |
First Brands Inc. | — | 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 2nd Lien Secured Loan Interest Rate 3M SOFR + 8.50% 9.50% Floor (14.07%) Initial Acquisition Date 03/24/2021 Maturity 03/30/2028 | $12.39M | $12.23M | $159.0K | 14.07% | — | — |
American Coastal Insurance Corp. | Insurance | 800 2nd Avenue S.Saint Petersburg FL 33701 Insurance Security Unsecured Bond Interest Rate 7.25% Initial Acquisition Date 12/20/2022 Maturity 12/15/2027 | $11.80M | $7.36M | $4.44M | 7.25% | — | 2027-12-15 |
Apex Credit CLO 2024-1 Ltd | Structured Finance | 520 Madison Avenue, 16th Floor New York, NY 10022 Structured Finance Security CLO Equity Initial Acquisition Date 02/09/2024 Maturity 04/20/2036 | $10.84M | $10.83M | $11.0K | — | — | 2036-04-20 |
NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 | Consumer Products | Secured Loan B | $8.95M | $8.83M | $122.0K | — | — | — |
Vi-Jon 8800 Page Avenue St. Louis, MO 63114 Consumer Products Security 1st Lien Secured Loan Interest Rate 3M SOFR + 10%, 12.5% Floor (15.57%), (13.57% cash + 2.00% PIK) Initial Acquisition Date 12/28/2023 Maturity 12/28/2028 | — | — | $8.71M | $8.70M | $7.0K | 15.57% | — | — |
Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 | Internet Media | 1st Lien Secured Revolver | $8.43M | $10.00M | -$1.57M | 10.07% | — | — |
Short-Term Investments MFB Northern Inst Funds Treas Portfolio Premier CL Industry | Short-Term Investments | Security Money Market | $8.34M | $8.34M | $0.00 | 0.00% | — | — |
Universal Fiber Systems 640 State Street Bristol TN 37620 | Chemicals | Term Loan B | $7.94M | $7.96M | -$21.0K | 18.33% | — | — |
First Brands Inc. | — | 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.00% 6.00% Floor (10.57%) Initial Acquisition Date 06/09/2023 Maturity 03/30/2027 | $7.65M | $7.53M | $117.0K | 10.57% | — | — |
Blackstone Secured Lending 345 Park Avenue New York NY 10154 Closed-End Fund Security Common Stock Initial Acquisition Date 08/18/2022 | Investments at Fair Value | — | $7.38M | $7.37M | $2.0K | — | — | — |
Greenfire Resources Ltd. | Oil & Gas Exploration & Production | 205 5th Avenue SW Suite 1900 Calgary AB T2P 2V7 Canada Oil & Gas Exploration & Production Security 1st Lien, Secured Bond Interest Rate 12.00% Initial Acquisition Date 09/13/2023 Maturity 10/01/2028 | $6.92M | $6.38M | $538.0K | 12.00% | — | 2028-10-01 |
ProFrac Holdings II LLC 333 Shops Boulevard Suite 301 Weatherford Texas 76087 | Energy Services | 1st Lien Secured Bond | $6.71M | $6.67M | $45.0K | 12.84% | — | — |
Florida Marine LLC | — | 2360 5th Street Mendeville LA 70471 Shipping Security 1st Lien Secured Loan Interest Rate 1M SOFR + 9.44% 11.44% Floor (14.88%) Initial Acquisition Date 03/17/2023 Maturity 03/17/2028 | $6.31M | $6.19M | $122.0K | 14.88% | — | — |
Harvey Gulf Holdings LLC | — | 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Security Secured Loan B Interest Rate 3M SOFR + 7.25%, 9.25% Floor (12.56%) Initial Acquisition Date 02/28/2024 Maturity 01/19/2029 | $6.24M | $6.25M | -$3.0K | 12.56% | — | — |
Foresight 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 (13.41%) Initial Acquisition Date 07/29/2021 Maturity 06/30/2027 | — | — | $5.95M | $5.98M | -$27.0K | 13.41% | — | — |
Blue Ribbon LLC | — | 110 E Houston St.San Antonio TX 78205 Food & Staples Security 1st Lien Secured Loan Interest Rate 3M SOFR + 6.00% 6.75% Floor (11.44%) Initial Acquisition Date 02/06/2023 Maturity 05/07/2028 | $5.10M | $4.48M | $620.0K | 11.44% | — | — |
Trouvaille Re Ltd 1700 City Plaza Drive, Suite 200 Spring, TX 77389 | Insurance | Preference Shares Acquisition Date 03/27/2024 | $5.00M | $5.00M | $0.00 | — | — | — |
W&T Offshore, Inc. | Oil & Gas Exploration & Production | 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 02/01/2026 | $4.99M | $4.82M | $172.0K | 11.75% | — | 2026-02-01 |
SCIH Salt Holdings Inc 1875 Century Park East Suite 320 Los Angeles CA 90067 | Food & Staples | 1st Lien Secured Loan | $4.97M | $4.93M | $38.0K | 9.44% | — | — |
Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals Security 1st Lien Secured Loan Interest Rate 3M SOFR + 5.25% 6.00% Floor (10.82%) Initial Acquisition Date 11/04/2022 Maturity 11/01/2028 | — | — | $4.80M | $4.04M | $765.0K | 10.82% | — | — |
Manchester Acquisition Sub, LLC 251 Little Falls Drive, Wilmington, DE 19808 | Chemicals | 1st Lien Secured Loan | $4.10M | $3.98M | $116.0K | 11.24% | — | — |
Avation Capital SA 65 Kampong Bahru Road #01-01 Singapore 169370 Aircraft Security 2nd Lien Secured Bond Interest Rate 8.25% Initial Acquisition Date 02/04/2022 Maturity 10/31/2026 | Aircraft | — | $3.99M | $4.26M | -$270.0K | 8.25% | — | 2026-10-31 |
ADS Tactical, Inc. | — | 621 Lynnhaven Parkway Suite 160 Virginia Beach, VA 23452 Defense Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 5.75%, 6.75% Floor (11.19%) Initial Acquisition Date 11/28/2023 Maturity 03/19/2026 | $3.92M | $3.90M | $15.0K | 11.19% | — | — |
Maverick Gaming LLC 12530 NE 144th Street Kirkland WA 98034 | Casinos & Gaming | 1st Lien Secured Loan | $3.89M | $5.72M | -$1.83M | 13.10% | — | — |
New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia | Metals & Mining | 1st Lien Secured Loan | $3.24M | $4.82M | -$1.58M | — | — | 2026-04-06 |
Stone Ridge Opportunities Fund L.P. One Vanderbilt Ave., 65th Floor New York NY 10017 | Insurance | Private Fund Acquisition Date 01/01/2023 | $3.21M | $2.38M | $834.0K | — | — | — |
Eagle Point Credit Company Inc | Investments at Fair Value | 600 Steamboat Road Suite 202 Greenwich CT 06830 Closed-End Fund Security Common Stock Initial Acquisition Date 08/18/2022 | $3.03M | $3.17M | -$140.0K | — | — | — |
Universal Fiber Systems 640 State Street Bristol TN 37620 | Chemicals | Term Loan C | $2.87M | $3.06M | -$191.0K | 18.33% | — | — |
Lummus 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 07/01/2028 | Chemicals | — | $2.47M | $2.11M | $358.0K | 9.00% | — | 2028-07-01 |
Del Monte Foods, Inc. | — | 205 North Wiget Lane Walnut Creek, CA 94598 Food & Staples Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 4.25%, 4.75% Floor (9.68%) Initial Acquisition Date 02/21/2024 Maturity 05/16/2029 | $2.36M | $2.42M | -$60.0K | 9.68% | — | — |
APTIM Corp | Industrial | 4171 Essen Lane Baton Rouge LA 70809 Industrial Security 1st Lien Secured Bond Interest Rate 7.75% Initial Acquisition Date 03/28/2019 Maturity 06/15/2025 | $2.25M | $1.94M | $309.0K | 7.75% | — | 2025-06-15 |
Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 | Apparel | 1st Lien Secured Loan | $2.06M | $2.77M | -$706.0K | 12.56% | — | — |
Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 | Energy Midstream | 2nd Lien Secured Bond | $2.02M | $1.91M | $111.0K | 9.00% | — | 2026-10-15 |
EPIC Crude Services LP | — | 18615 Tuscany Stone, Suite 300 San Antonio, TX 78258 Energy Midstream Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.00%, 6.00% Floor (10.6%) Initial Acquisition Date 02/08/2024 Maturity 03/02/2026 | $2.00M | $2.00M | $0.00 | 10.60% | — | — |
Arcline FM Holdings, LLC | — | 655 3rd Street, Suite 301 Beloit, WI 53511 Defense Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 4.75% 5.50% Floor (10.32%) Initial Acquisition Date 02/08/24 Maturity 06/23/2028 | $2.00M | $2.00M | $0.00 | 10.32% | — | — |
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 | Restaurants | 1st Lien Secured Loan | $1.91M | $1.95M | -$35.0K | — | — | — |
CSC 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 (9.59%) Initial Acquisition Date 09/26/2023 Maturity 03/04/2028 | — | — | $1.83M | $1.74M | $90.0K | 9.59% | — | — |
Crown Subsea Communications Holding, Inc. | — | 250 Industrial Way West Eatontown, NJ 07724 Telecommunications Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 4.75%, 4.75% Floor (10.07%) Initial Acquisition Date 01/26/2024 Maturity 01/27/2031 | $1.81M | $1.78M | $27.0K | 10.07% | — | — |
First Brands Inc. | — | 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 5.00% 6.00% Floor (10.57%) Initial Acquisition Date 01/19/2024 Maturity 03/30/2027 | $1.79M | $1.78M | $13.0K | 10.57% | — | — |
Advancion 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals Security 2nd Lien Secured Loan Interest Rate 1M SOFR + 7.75% 8.50% Floor (13.18%) Initial Acquisition Date 09/21/2022 Maturity 11/24/2028 | — | — | $1.57M | $1.52M | $51.0K | 13.18% | — | — |
NICE-PAK Products Inc | Consumer Products | Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Warrants Initial Acquisition Date 09/30/2022 | $1.46M | — | — | — | — | — |
NICE-PAK Products Inc | Consumer Products | Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Promissory Note Initial Acquisition Date 09/30/2022 Maturity 09/30/2029 | $1.45M | — | — | — | — | 2029-09-30 |
Research Now Group Inc. 5800 Tennyson Parkway Suite 600 Plano TX 75024 | Internet Media | 2nd Lien, Secured Loan | $1.43M | $7.98M | -$6.55M | — | — | 2025-12-20 |
New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia | Metals & Mining | SS Working Capital Facility | $1.06M | $1.02M | $39.0K | 16.00% | — | 2024-08-16 |
LSF9 Atlantis Holdings, LLC | — | 2017 Fiesta Drive, Suite 201 Sarasota, FL 34231 Retail Security 1st Lien, Secured Loan Interest Rate 1M SOFR + 6.50%, 7.25% Floor (11.83%) Initial Acquisition Date 02/12/2024 Maturity 03/31/2029 | $1.01M | $1.00M | $5.0K | 11.83% | — | — |
Creation Technologies, Inc. | — | One Beacon Street, 23rd Floor Boston, MA 02108 Electronics Manufacturing 1st Lien, Secured Loan 1M SOFR + 5.50%, 6.00% Floor (11.09%) Initial Acquisition Date 02/12/2024 Maturity 10/05/2028 | $974.0K | $972.0K | $2.0K | — | — | — |
Form Technologies, LLC | — | 11325 N Community House Road, Suite 300 Charlotte, NC 28277 Industrial Security 1st Lien, Secured Loan Interest Rate 3M SOFR + 4.50%, 5.50% Floor (10.19%) Initial Acquisition Date 01/25/2024 Maturity 07/22/2025 | $950.0K | $949.0K | $1.0K | 10.19% | — | — |
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 | Restaurants | Warrants | $922.0K | — | — | — | — | — |
PowerStop LLC 6112 W 73rd Street Bedford Park IL | Transportation Equipment Manufacturing | 1st Lien Secured Loan | $906.0K | $920.0K | -$14.0K | 10.19% | — | — |
GrafTech Global Enterprises Inc. | Industrial | 982 Keynote Circle Brooklyn Heights, OH 44131 Industrial Security 1st Lien, Secured Loan Interest Rate 9.88% Initial Acquisition Date 01/18/2024 Maturity 12/15/2028 | $740.0K | $744.0K | -$4.0K | 9.88% | — | 2028-12-15 |
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 | Restaurants | 1st Lien Secured Loan | $631.0K | $631.0K | $0.00 | 21.44% | — | — |
Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Warrants Initial Acquisition Date 09/30/2021 | — | — | $449.0K | — | — | — | — | — |
PFS Holdings Corp | Food & Staples | 3747 Hecktown Road Easton PA 18045 Food & Staples Security 1st Lien Secured Loan Interest Rate 1M SOFR + 7.00% 8.00% Floor (12.43%) Initial Acquisition Date 11/13/2020 Maturity 11/13/2024 | $214.0K | $1.04M | -$827.0K | 12.43% | — | — |
TRU Taj Trust 505 Park Avenue 2nd Floor New York NY 10022 Retail Security Common Equity Acquisition Date 07/21/2017 | — | — | $49.0K | $611.0K | -$562.0K | — | — | — |
PFS Holdings Corp | Food & Staples | 3747 Hecktown Road Easton PA 18045 Food & Staples Security Common Equity Initial Acquisition Date 11/13/2020 | $0.00 | $12.38M | -$12.38M | — | — | — |
Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals Security 1st Lien Secured Loan Interest Rate 3M SOFR | — | — | — | — | — | 5.25% | — | — |
New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia | Metals & Mining | Warrants | — | — | — | — | — | — |
SCIH Salt Holdings Inc | — | 1875 Century Park East Suite 320 Los Angeles CA 90067 Food & Staples Security 1st Lien Secured Loan Interest Rate 1M SOFR | — | — | — | 4.00% | — | — |
TRU Taj Trust 505 Park Avenue 2nd Floor New York NY 10022 | Retail | Common Equity Acquisition Date 07/21/2017 | — | — | — | — | — | — |
Universal Fiber Systems 640 State Street Bristol TN 37620 | Chemicals | Warrants | — | — | — | — | — | — |
Disclosed holdings FV
$271.19M
Parsed holdings FV
$271.19M
Residual gap
$0.00
Balance-sheet cash
$334.0K
CIK
0001675033
Accession
0000950170-24-052100
Form type
10-Q
Period
2024-03-31