GECC
Great Elm Capital
Portfolio Fair Value
$272.25M
88 holdings
Avg Spread
+6.89%
FV-weighted, debt
Avg Coupon
10.10%
FV-weighted
% First Lien
49.8%
of debt FV
Unrealized P/L
-$65.78M
-19.46% of cost
Non-Accrual
9
text-detected
Balance sheet
Assets$279.98M
Liabilities + Equity$279.98M
First Lien
$135.60M · 48.4%
First Lien
$135.60M · 48.4%
Second Lien
$12.19M · 4.4%
Subordinated
$28.88M · 10.3%
Subordinated
$28.88M · 10.3%
Other Debt
$15.20M · 5.4%
CLO
$6.27M · 2.2%
LP Interest
$6.38M · 2.3%
Equity
$60.22M · 21.5%
Equity
$60.22M · 21.5%
Other
$7.53M · 2.7%
Cash & Equivalents
$1.67M · 0.6%
Other Assets
$6.06M · 2.2%
Debt (Borrowings)
$161.85M · 57.8%
Debt (Borrowings)
$161.85M · 57.8%
Other Liabilities
$7.71M · 2.8%
Net Assets (Equity)
$110.42M · 39.4%
Net Assets (Equity)
$110.42M · 39.4%
Industry Composition
Specialty Finance
14.9%
Structured Finance
13.8%
Technology
10.4%
Consumer Products
10.0%
Media
5.5%
Industrial
5.5%
Food & Staples
4.9%
Insurance
4.8%
Chemicals
4.5%
Metals & Mining
2.6%
LP Interest
2.3%
CLO
2.3%
Other industries
18.5%
Spread Distribution
2.5%
3.5%
4.0%
4.5%
5.5%
6.5%
7.5%
8.5%
10.0%
12.0%
16.0%
Schedule of Investments
All holdings
All holdings
Sortable, click headers to re-sort
88 of 89
| Issuer | Industry | Type | Fair Value | Cost | Unrealized | Coupon | Spread | Maturity |
|---|---|---|---|---|---|---|---|---|
CLO Formation JV, LLC | Structured Finance | Common Equity | $37.58M | $52.36M | -$14.78M | — | — | — |
Great Elm Specialty Finance, LLC | Specialty Finance | Subordinated Note | $28.88M | $28.88M | $0.00 | 13.00% | — | 2029-06-30 |
Great Elm Specialty Finance, LLC | Specialty Finance | Common Equity | $11.64M | $17.00M | -$5.36M | — | — | — |
Vivos Holdings, LLC | Consumer Products | 2nd Lien, Secured Loan | $10.94M | $10.73M | $215.0K | — | +10.00% | 2031-02-13 |
Coreweave Compute Acquisition Co. II, LLC | Technology | 1st Lien, Secured Loan | $10.23M | $9.87M | $368.0K | 13.29% | +9.62% | 2028-07-31 |
The San Diego Union-Tribune, LLC | Media | 1st Lien, Secured Loan | $8.00M | $8.00M | $0.00 | 9.00% | — | 2029-04-22 |
NY Daily News Enterprises, LLC | Media | 1st Lien, Secured Loan | $7.00M | $7.00M | $0.00 | — | — | 2029-02-04 |
Dorel Industries Inc. | Consumer Products | 1st Lien, Secured Loan | $6.47M | $6.59M | -$121.0K | — | +11.17% | 2030-09-30 |
NGC CLO 2 Ltd. | Structured Finance | CLO Equity | $6.27M | $6.19M | $76.0K | — | — | — |
CW Opportunity 2 LP | Technology | Private Fund | $6.15M | $3.35M | $2.80M | — | — | — |
American Coastal Insurance Corp. | Insurance | Unsecured Bond | $6.00M | $4.70M | $1.29M | 6.25% | — | 2027-12-15 |
Ipsen US Holdings, Inc. | Industrial | 1st Lien, Secured Loan | $5.61M | $5.67M | -$60.0K | — | +12.01% | 2029-07-31 |
Foresight Energy | Metals & Mining | 1st Lien, Secured Loan | $5.47M | $5.79M | -$318.0K | 11.83% | +8.00% | 2027-06-30 |
ProFrac Holdings II, LLC | Energy Services | 1st Lien, Secured Bond | $5.09M | $5.14M | -$52.0K | 11.24% | +7.25% | 2029-01-23 |
Vivos Holdings, LLC | Consumer Products | 1st Lien, Secured Loan | $4.67M | $4.67M | $1.0K | 9.64% | +6.00% | 2030-08-13 |
FPL Food LLC | Food & Staples | 1st Lien, Secured Loan | $4.00M | $4.00M | $0.00 | 11.50% | +3.25% | 2027-02-13 |
SCIH Salt Holdings Inc. | Food & Staples | 1st Lien, Secured Loan | $3.98M | $3.98M | $5.0K | 6.35% | +2.75% | 2029-01-31 |
MFB Northern Inst Funds Treas Portfolio Premier CL | Short-Term Investments | Money Market | $3.97M | $3.97M | $0.00 | — | — | — |
Ryan, LLC | Business Services | 1st Lien, Secured Loan | $3.95M | $3.97M | -$21.0K | 7.14% | +3.50% | 2032-11-05 |
ACTIV8 Health, LLC | Insurance | 1st Lien, Secured Loan | $3.68M | $3.65M | $31.0K | 9.37% | +5.75% | 2031-02-03 |
Universal Fiber Systems | Chemicals | Preference Shares | $3.63M | $4.28M | -$649.0K | — | — | — |
Commercial Vehicle Group, Inc. | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | $3.59M | $3.50M | $94.0K | 13.49% | +9.75% | 2030-06-27 |
Form Technologies LLC | Industrial | 1st Lien, Secured Loan | $3.56M | $3.65M | -$85.0K | 9.42% | +5.75% | 2030-07-19 |
Trouvaille Re Ltd. | Insurance | Preference Shares | $3.46M | $3.18M | $276.0K | — | — | — |
NTI Buyer, LLC | Wireless Telecommunication Services | 1st Lien, Secured Loan | $2.97M | $2.97M | $0.00 | 7.90% | +4.25% | 2033-07-01 |
Alpha Edison Quantum II, LLC | Technology | Common Equity | $2.90M | $2.90M | $0.00 | — | — | — |
Universal Fiber Systems | Chemicals | Class A-1 Common | $2.86M | — | — | — | — | — |
DS Admiral Bidco, LLC | Technology | 1st Lien, Secured Loan | $2.83M | $2.92M | -$92.0K | 7.98% | +4.25% | 2031-06-26 |
CoreWeave Financing DDTL V, LLC | Technology | 1st Lien, Delayed Draw Term Loan | $2.81M | $2.59M | $222.0K | 8.12% | +4.50% | 2031-11-14 |
Advancion | Chemicals | 1st Lien, Secured Loan | $2.72M | $2.94M | -$224.0K | 7.77% | +4.00% | 2027-11-24 |
Ruby Tuesday Operations LLC | Restaurants | 1st Lien, Secured Loan | $2.60M | $2.64M | -$43.0K | — | +12.00% | 2027-02-24 |
Northeast Grocery Inc | Food & Staples | 1st Lien, Secured Loan | $2.55M | $2.56M | -$15.0K | 11.14% | +7.50% | 2028-12-13 |
Universal Fiber Systems | Chemicals | 1st Lien, Secured Loan | $2.48M | $2.48M | $0.00 | — | +8.00% | 2028-09-30 |
Walor North America, Inc | Industrial | 1st Lien, Secured Revolver | $2.46M | $2.46M | $0.00 | 7.87% | +4.25% | 2029-05-29 |
VCI Asset Holdings 2 LLC | Technology | 1st Lien, Secured Loan | $2.25M | $2.17M | $84.0K | 7.38% | — | 2031-02-13 |
Inmar Inc. | Consumer Services | 1st Lien, Secured Loan | $2.17M | $2.44M | -$267.0K | 8.16% | +4.50% | 2031-10-30 |
TruGreen LP | Consumer Services | 1st Lien, Secured Loan | $2.15M | $2.21M | -$60.0K | 7.77% | +4.00% | 2027-11-02 |
Coreweave Compute Acquisition Co. IV, LLC | Technology | 1st Lien, Secured Loan | $2.15M | $2.07M | $75.0K | 9.68% | +6.00% | 2030-05-16 |
EagleView Technology Corp | Technology | 1st Lien, Secured Loan | $2.14M | $2.21M | -$69.0K | — | +6.50% | 2028-08-14 |
Vivos Holdings, LLC | Consumer Products | Promissory Note | $2.09M | $2.09M | $0.00 | — | — | 2032-08-13 |
Trident TPI Holding, Inc. | Packaging | Unsecured Bond | $2.00M | $2.03M | -$22.0K | 12.75% | — | 2028-12-31 |
PFI Lower Midco LLC | Food & Staples | 1st Lien, Secured Loan | $2.00M | $1.99M | $11.0K | 7.64% | +4.00% | 2032-12-01 |
JFL-Tiger Acquisition Co Inc | Environmental Services | 1st Lien, Secured Loan | $2.00M | $1.99M | $2.0K | 6.64% | +3.00% | 2030-10-17 |
ECL Entertainment, LLC | Casinos & Gaming | 1st Lien, Secured Loan | $1.98M | $1.98M | $1.0K | 6.64% | +3.00% | 2030-08-31 |
CoreWeave Inc. | Technology | Unsecured Bond | $1.97M | $2.00M | -$27.0K | 9.63% | — | 2032-07-15 |
Elevate Textiles, Inc. | Textiles | 1st Lien, Secured Loan | $1.97M | $2.33M | -$368.0K | — | +6.50% | 2027-09-30 |
Walor North America, Inc | Industrial | 1st Lien, Secured Loan | $1.84M | $1.84M | $1.0K | 9.62% | +6.00% | 2029-05-29 |
CMI Marketing, Inc. | Marketing Services | 1st Lien, Secured Loan | $1.80M | $1.87M | -$68.0K | 8.01% | +4.25% | 2028-03-23 |
Auction.com | Financial Services | 1st Lien, Secured Loan | $1.77M | $1.92M | -$157.0K | 9.63% | +6.00% | 2028-05-26 |
MajorDrive Holdings IV, LLC | Consumer Products | Unsecured Bond | $1.66M | $1.52M | $140.0K | 6.38% | — | 2029-06-01 |
PowerStop LLC | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | $1.47M | $1.50M | -$38.0K | 8.26% | +4.50% | 2029-01-26 |
ITG Communications LLC | Industrial | 1st Lien, Secured Loan | $1.45M | $1.45M | $2.0K | 8.39% | +4.75% | 2031-07-09 |
Conuma Resources LTD | Metals & Mining | 1st Lien, Secured Bond | $1.43M | $1.38M | $48.0K | 13.13% | — | 2028-05-01 |
Victra Holdings, LLC | Retail | 1st Lien, Secured Loan | $1.31M | $1.33M | -$18.0K | 7.48% | +3.75% | 2029-03-31 |
TruGreen LP | Consumer Services | 2nd Lien, Secured Loan | $1.24M | $1.25M | -$9.0K | 12.43% | +8.50% | 2028-11-02 |
Thryv, Inc. | Marketing Services | 1st Lien, Secured Loan | $1.19M | $1.21M | -$16.0K | 10.39% | +6.75% | 2029-05-01 |
Goodnight Water Solutions, LLC | Energy Midstream | 1st Lien, Secured Loan | $999.0K | $987.0K | $12.0K | 7.64% | +4.00% | 2029-06-04 |
Natus Medical Inc | Healthcare | 1st Lien, Secured Loan | $993.0K | $998.0K | -$5.0K | 9.13% | +5.25% | 2029-07-20 |
Champions Financing Inc. | Automobiles | 1st Lien, Secured Bond | $972.0K | $967.0K | $5.0K | 8.75% | — | 2029-02-15 |
MajorDrive Holdings IV, LLC | Consumer Products | 1st Lien, Secured Loan | $953.0K | $915.0K | $38.0K | 7.96% | +4.00% | 2028-06-01 |
Trident TPI Holding, Inc. | Packaging | 1st Lien, Secured Loan | $952.0K | $946.0K | $6.0K | 7.48% | +3.75% | 2028-09-18 |
IPL Schoeller | Packaging | 1st Lien, Secured Bond | $943.0K | $893.0K | $50.0K | 9.50% | — | 2030-05-15 |
Confluence Technologies | Technology | 1st Lien, Secured Loan | $898.0K | $1.01M | -$113.0K | 7.63% | +3.75% | 2028-07-31 |
Maverick Gaming LLC | Casinos & Gaming | Jr. DIP | $697.0K | $1.55M | -$853.0K | — | — | 2026-10-15 |
Maverick Gaming LLC | Casinos & Gaming | Sr. DIP Loan | $692.0K | $692.0K | $0.00 | — | +12.50% | 2026-10-15 |
Del Monte Foods Corp II Inc | Food & Staples | Jr. DIP Loan | $680.0K | $2.52M | -$1.83M | — | — | 2026-09-30 |
Flexsys Cayman Holdings, LP | Chemicals | 1st Lien, Secured Loan | $598.0K | $5.23M | -$4.63M | 9.34% | +5.25% | 2029-08-01 |
Commercial Vehicle Group, Inc. | Transportation Equipment Manufacturing | Tranche 2 Warrants | $279.0K | — | — | — | — | — |
Commercial Vehicle Group, Inc. | Transportation Equipment Manufacturing | Tranche 1 Warrants | $260.0K | — | — | — | — | — |
VCI Intermediate TopCo 2 LLC | Technology | Private Fund | $230.0K | $212.0K | $18.0K | — | — | — |
New Wilkie Energy Pty Limited | Metals & Mining | 1st Lien, Secured Loan | $190.0K | $1.25M | -$1.06M | — | — | 2027-02-20 |
Ruby Tuesday Operations LLC | Restaurants | 1st Lien, Secured Loan | $184.0K | $186.0K | -$2.0K | — | +16.00% | 2027-02-24 |
Vivos Holdings, LLC | Consumer Products | Warrants | $171.0K | — | — | — | — | — |
New Wilkie Energy Pty Limited | Metals & Mining | 1st Lien, Secured Loan | $114.0K | $103.0K | $11.0K | — | — | 2027-02-20 |
Dorel Industries Inc. | Consumer Products | Warrants | $110.0K | — | — | — | — | — |
Ruby Tuesday Operations LLC | Restaurants | Warrants | $108.0K | — | — | — | — | — |
Vivos Holdings, LLC | Consumer Products | Promissory Note | $96.0K | $130.0K | -$34.0K | — | — | 2032-08-13 |
TRU Taj Trust | Retail | Common Equity | $84.0K | $611.0K | -$527.0K | — | — | — |
First Brands, Inc. | Transportation Equipment Manufacturing | 2nd Lien, Secured Loan | $6.0K | $15.81M | -$15.81M | — | — | 2028-03-30 |
First Brands, Inc. | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | $1.0K | $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
$272.25M
Parsed holdings FV
$272.25M
Residual gap
$0.00
Balance-sheet cash
$1.67M
CIK
0001675033
Accession
0001193125-26-335023
Form type
10-Q
Period
2026-06-30