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Midas Edge

Great Elm Capital Corp.

For the period ended Mar 31, 2025. Filed May 5, 2025.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 5, 2025

GECC$5.01+0.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Schedule of Investments (unaudited)

March 31, 2025

Portfolio Company · Industry · Security(1) · Notes · Interest Rate(2) · Initial Acquisition Date · Maturity · Par Amount / Quantity · Cost · Fair Value · Percentage of Class(3)
Investments at Fair Value
American Coastal Insurance Corp.InsuranceUnsecured Bond147.25%12/20/202212/15/202713,0008,39712,610
AdvancionChemicals2nd Lien, Secured Loan2, 161M SOFR + 7.85% (12.17%)09/21/202211/24/20281,6251,5361,529
Auction.comFinancial Services1st Lien, Secured Loan2, 173M SOFR + 6.00% (10.25%)09/09/202405/26/20282,8272,7372,573
Avation Capital SAAircraft2nd Lien, Secured Bond10, 11, 148.25%02/04/202210/31/20264,6714,4064,542
Blackstone Secured Lending FundClosed-End FundCommon Equity10n/a09/25/2024n/a6,000182194*
Blue Ribbon, LLCFood & Staples1st Lien, Secured Loan2, 6, 163M SOFR + 6.00% (10.56%)09/05/202405/07/2028485353359
Blue Ribbon, LLCFood & Staples1st Lien, Secured Loan2, 6, 163M SOFR + 8.00% (12.29%)01/16/202505/07/2028244237238
Brightline East, LLCTransportation1st Lien, Secured Bond11, 1411.00%03/10/202501/31/2030900805793
CLO Formation JV, LLCStructured FinanceCommon Equity4, 10, 12n/a04/23/2024n/a14947,52946,02071.25%
Confluence TechnologiesTechnology1st Lien, Secured Bond2, 153M SOFR + 3.90% (8.20%)03/04/202507/31/20281,104987977
Conuma Resources LTDMetals & Mining1st Lien, Secured Bond10, 11, 1413.13%08/08/202405/01/20284,4254,5214,425
Coreweave Compute Acquisition Co. II, LLCTechnology1st Lien, Secured Loan2, 6, 143M SOFR + 9.62% (13.92%)08/21/202307/31/202814,43814,37014,727
Coreweave Compute Acquisition Co. IV, LLCTechnology1st Lien, Secured Loan2, 6, 143M SOFR + 6.00% (10.31%)05/29/202405/16/20302,8862,8452,900
CSC ServiceWorksConsumer Services1st Lien, Secured Loan2, 163M SOFR + 4.26% (8.56%)09/26/202303/04/20284,9384,3164,161
CW Opportunity 2 LPTechnologyPrivate Fund10, 12n/a05/14/2024n/a6,000,0006,0006,195
Del Monte Foods Corp II IncFood & Staples1st Lien, Secured Loan2, 7, 153M SOFR + 8.15% (13.47% Cash + 2.00% PIK)10/16/202408/02/20285,4135,3585,359
Dynata, LLC (New Insight Holdings, Inc.)Internet MediaCommon Equity6, 8n/a07/15/2024n/a100,00011,2302,2731.00%
Dynata, LLC (New Insight Holdings, Inc.)Internet MediaWarrants6, 8n/a07/15/2024n/a45,714--3.20%
Dynata, LLC (New Insight Holdings, Inc.)Internet Media1st Lien, Secured Loan2, 173M SOFR + 5.26% (9.58%)07/15/202407/15/2028791782787
Dynata, LLC (New Insight Holdings, Inc.)Internet Media1st Lien, Secured Loan2, 173M SOFR + 5.76% (10.08%)07/15/202410/15/20284,7564,7564,396
EagleView Technology CorpTechnology1st Lien, Secured Loan2, 141M SOFR + 5.50% (10.80%)03/27/202508/14/20287,1336,9336,931
Elevate Textiles, Inc.Textiles1st Lien, Secured Loan2, 6, 7, 173M SOFR + 1.15% (5.46% Cash + 5.50% PIK)11/07/202409/30/20272,4761,9732,053
Fairbanks Morse Defense (Arcline FM Holdings, LLC)Defense1st Lien, Secured Loan2, 163M SOFR + 4.50% (8.80%)07/19/202406/23/20283,9703,9683,970
First Brands, Inc.Transportation Equipment Manufacturing1st Lien, Secured Loan2, 173M SOFR + 5.26% (9.55%)06/09/202303/30/20277,5637,4847,005
First Brands, Inc.Transportation Equipment Manufacturing1st Lien, Secured Loan2, 173M SOFR + 5.26% (9.55%)03/08/202403/30/20271,7791,7701,648
First Brands, Inc.Transportation Equipment Manufacturing2nd Lien, Secured Loan2, 6, 173M SOFR + 8.76% (13.05%)03/24/202103/30/202816,20015,74414,826
Portfolio Company · Industry · Security(1) · Notes · Interest Rate(2) · Initial Acquisition Date · Maturity · Par Amount / Quantity · Cost · Fair Value · Percentage of Class(3)
Flexsys HoldingsChemicals1st Lien, Secured Loan2, 163M SOFR + 5.51% (9.81%)10/27/202211/01/20284,3783,6902,642
Foresight EnergyMetals & Mining1st Lien, Secured Loan2, 6, 193M SOFR + 8.10% (12.40%)07/29/202106/30/20275,8785,8985,406
Form Technologies LLCIndustrial1st Lien, Secured Loan2, 151M SOFR + 5.75% (10.04%)11/01/202404/30/20304,7504,6574,631
FPL Food LLCFood & Staples1st Lien, Secured Loan2, 6, 22Prime + 3.25% (11.50%)10/02/202402/13/20275,5005,5005,504
FS KKR CAPITAL CORPClosed-End FundCommon Equity10n/a05/09/2024n/a140,0002,8422,933*
Great Elm Specialty Finance, LLCSpecialty FinanceSubordinated Note4, 6, 1413.00%09/01/202306/30/202629,73329,73329,733
Great Elm Specialty Finance, LLCSpecialty FinanceCommon Equity4, 6n/a09/01/2023n/a87,50017,56713,04587.50%
Greenfire Resources Ltd.Oil & Gas Exploration & Production1st Lien, Secured Bond10, 11, 1412.00%09/13/202310/01/20285,1785,0995,477
Harvey Gulf Holdings LLCShippingSecured Loan B2, 6, 201M SOFR + 6.98% (11.30%)02/28/202401/19/20298,7848,7268,872
Inmar Inc.Consumer Services1st Lien, Secured Loan2, 151M SOFR + 5.00% (9.31%)10/31/202410/24/20311,9851,9751,981
Ipsen US Holdings, INC.Industrial1st Lien, Secured Loan2, 6, 7, 211M SOFR + 3.27% (16.18% Cash + 0.00% PIK)08/14/202407/31/20295,2605,0885,052
Lummus Technology HoldingsChemicalsUnsecured Bond11, 149.00%05/17/202207/01/20281,5001,2901,491
Lyons Magnus, Inc.Food & Staples1st Lien, Secured Loan2, 143M SOFR + 6.25% (10.54%)02/25/202505/31/20272,2482,1522,090
Mad Engine Global, LLCApparel1st Lien, Secured Loan2, 173M SOFR + 7.00% (11.56%)06/30/202107/15/20275,6715,1614,919
Main Street Sports Group LLCMedia1st Lien, Secured Loan1415.00%02/06/202501/03/20281049694
Manchester Acquisition Sub, LLCChemicals1st Lien, Secured Loan2, 163M SOFR + 5.90% (10.22%)09/26/202311/01/20266,7876,4366,368
Maverick Gaming LLCCasinos & Gaming1st Lien, Secured Loan2, 6, 7, 143M SOFR + 0.00% (3.31% Cash + 8.50% PIK)04/03/202406/03/20285,7416,3533,909
Maverick Gaming LLCCasinos & Gaming1st Lien, Secured Loan2, 6, 173M SOFR + 7.50% (11.81%)04/03/202406/03/20281,4761,4761,476
NGC CLO 2 Ltd.Structured FinanceCLO Equity6, 10, 11n/a03/07/2025n/a7,410,0006,1906,190
Nice-Pak Products Inc.Consumer ProductsSecured Loan B2, 6, 7, 173M SOFR + 5.76% (10.06% Cash + 6.00% PIK)09/30/202209/30/20279,3399,1969,667
Nice-Pak Products Inc.Consumer ProductsPromissory Note6, 8n/a09/30/2022n/a1,448,864-1,449
Nice-Pak Products Inc.Consumer ProductsWarrants6, 8n/a09/30/2022n/a880,909-3,0482.56%
Northeast Grocery IncFood & Staples1st Lien, Secured Loan2, 6, 173M SOFR + 7.50% (11.82%)08/08/202412/13/20282,6202,6502,641
New Wilkie Energy Pty LimitedMetals & Mining1st Lien, Secured Loan6, 10, 14n/a02/20/202502/20/20271,2681,2231,268
New Wilkie Energy Pty LimitedMetals & Mining1st Lien, Secured Loan6, 10, 14n/a02/20/202502/20/2027126121126
New Wilkie Energy Pty LimitedMetals & Mining2nd Lien, Secured Loan6, 10, 14n/a02/20/2025n/a4,1534,9731,369
PFS Holdings Corp.Food & StaplesCommon Equity5, 6, 8n/a11/13/2020n/a5,23812,378-5.05%
PowerStop LLCTransportation Equipment Manufacturing1st Lien, Secured Loan2, 153M SOFR + 4.75% (9.17%)02/09/202401/26/20292,3132,1502,132
Portfolio Company · Industry · Security(1) · Notes · Interest Rate(2) · Initial Acquisition Date · Maturity · Par Amount / Quantity · Cost · Fair Value · Percentage of Class(3)
ProFrac Holdings II, LLCEnergy Services1st Lien, Secured Bond2, 6, 10, 11, 213M SOFR + 7.51% (11.81%)12/27/202301/23/20296,1506,1006,317
Ruby Tuesday Operations LLCRestaurantsWarrants6, 8n/a02/24/2021n/a311,697-4432.81%
Ruby Tuesday Operations LLCRestaurants1st Lien, Secured Loan2, 6, 7, 141M SOFR + 0.00% (3.19% Cash + 17.25% PIK)01/31/202302/24/2027780780776
Ruby Tuesday Operations LLCRestaurants1st Lien, Secured Loan2, 6, 7, 181M SOFR + 6.11% (10.44% Cash + 6.00% PIK)09/03/202402/24/20272,6972,6762,639
SIRVA Worldwide IncBusiness Services1st Lien, Secured Loan2, 6, 203M SOFR + 8.00% (12.30%)02/06/202502/20/2029700693686
SIRVA Worldwide IncBusiness ServicesDelayed Draw, Secured Loan2, 6, 203M SOFR + 8.00% (12.30%)02/19/202502/20/2029807877
Spencer Spirit IH LLCRetail1st Lien, Secured Loan2, 141M SOFR + 4.75% (9.06%)06/25/202407/15/2031896889901
Stone Ridge Opportunities Fund L.P.InsurancePrivate Fund8, 10, 12n/a01/01/2023n/a2,379,8752,3843,735
Thryv, Inc.Marketing Services1st Lien, Secured Loan2, 6, 10, 161M SOFR + 6.75% (11.07%)04/30/202405/01/20291,3951,3831,409
TPC Group IncChemicals1st Lien, Secured Loan2, 143M SOFR + 5.75% (9.95%)11/22/202411/22/2031950936929
Trouvaille Re Ltd.InsurancePreference Shares6, 8, 10n/a03/27/2024n/a1005,0007,004
TRU Taj TrustRetailCommon Equity6, 8n/a07/21/2017n/a16,000611722.75%
TruGreen LPConsumer Services1st Lien, Secured Loan2, 161M SOFR + 4.10% (8.42%)05/14/202411/02/20271,7811,7161,673
TruGreen LPConsumer Services2nd Lien, Secured Loan2, 163M SOFR + 8.76% (13.05%)05/14/202411/02/2028900721789
Universal Fiber SystemsChemicals1st Lien, Secured Loan2, 6, 7, 171M SOFR + 4.11% (8.44% Cash + 8.00% PIK)10/16/202409/30/20285,5615,5535,483
Universal Fiber SystemsChemicalsCommon Equity6, 8n/a10/16/2024n/a41,6876,8096,3855.44%
Universal Fiber SystemsChemicalsCommon Equity6, 8n/a10/16/2024n/a371-3*
Universal Fiber SystemsChemicalsCommon Equity6, 8n/a10/16/2024n/a976--2.37%
Victra Holdings, LLCRetail1st Lien, Secured Loan2, 163M SOFR + 4.25% (8.55%)09/10/202403/31/20291,1951,1961,190
Vi-JonConsumer Products1st Lien, Secured Loan2, 6, 7, 213M SOFR + 8.26% (12.55% Cash + 2.00% PIK)10/29/202412/28/20282,9432,8762,904
Vi-JonConsumer Products1st Lien, Secured Loan2, 6, 7, 213M SOFR + 8.26% (12.55% Cash + 2.00% PIK)12/28/202312/28/20288,7238,5178,607
W&T Offshore, Inc.Oil & Gas Exploration & Production2nd Lien, Secured Bond11, 1410.75%01/14/202502/02/20295,0505,0484,884
TOTAL INVESTMENTS (258.45% of Net Assets)13$365,805$341,910
Other Liabilities in Excess of Net Assets (158.45% of Net Assets)$(209,615)
NET ASSETS$132,295

(1)

Great Elm Capital Corp.’s (the “Company”) investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, are generally subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.

(2)

Certain of the Company’s variable rate debt investments bear interest at a rate that is determined by reference to Secured Overnight Financing Rate (“SOFR”) or prime rate (“Prime”) which are reset periodically. For each debt investment, the Company has provided the interest rate in effect as of period end. A floor is the minimum rate that will be applied in calculating an interest rate. A cap is the maximum rate that will be applied in calculating an interest rate. The SOFR as of period end was 4.41%. The one-month (“1M”) SOFR as of period end was 4.32%. The three-month (“3M”) SOFR as of period end was 4.29%. The six-month (“6M”) SOFR as of period end was 4.19%. The Prime as of period end was 7.50%.

(3)

Percentage of class held refers only to equity held, if any, calculated on a fully diluted basis.

(4)

“Controlled Investments” are investments in those companies that are “Controlled Investments” of the Company, as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”). A company is deemed to be a “Controlled Investment” of the Company if the Company owns more than 25% of the voting securities of such company.

(5)

“Affiliate Investments” are investments in those companies that are “Affiliated Companies” of the Company, as defined in the Investment Company Act, which are not “Controlled Investments.” A company is deemed to be an “Affiliate” of the Company if the Company owns 5% or more, but less than 25%, of the voting securities of such company.

(6)

Investments classified as Level 3 whereby fair value was determined by the Company’s board of directors (the “Board”).

(7)

Security pays, or has the option to pay, some or all of its interest in kind. As of March 31, 2025, the Ipsen International Holding GmbH secured loan, Maverick Gaming second out loan, Nice-Pak Products, Inc. secured loan B, Ruby Tuesday Operations, LLC secured loans, each of the Universal Fiber Systems term loans, and Vi-Jon secured loan pay all or a portion of their interest in-kind and the rates above reflect the payment-in-kind (“PIK”) interest rates.

(8)

Non-income producing security.

(9)

Investment was on non-accrual status as of period end.

(10)

Indicates assets that the Company believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. Of the Company’s total assets,27.76% were non-qualifying assets as of period end.

(11)

Security exempt from registration pursuant to Rule 144A under the Securities Act. Such security may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration.

(12)

As a practical expedient, the Company uses net asset value to determine the fair value of this investment.

(13)

As of period end, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was$14,685; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was$(39,978); the net unrealized depreciation was$(25,293); the aggregate cost of securities for Federal income tax purposes was$367,203.

(14)

Loan includes interest rate floor of 0.00%.

(15)

Loan includes interest rate floor of 0.50%.

(16)

Loan includes interest rate floor of 0.75%.

(17)

Loan includes interest rate floor of 1.00%.

(18)

Loan includes interest rate floor of 1.25%.

(19)

Loan includes interest rate floor of 1.50%.

(20)

Loan includes interest rate floor of 2.00%.

(21)

Loan includes interest rate floor of 2.50%.

(22)

Loan includes interest rate floor of 8.25%.

  • Represents less than 1%.

As of March 31, 2025, the Company’s investments consisted of the following:

Investment TypeInvestments atFair ValuePercentage ofNet Assets
Debt$242,921183.63%
Equity/Other98,98974.82%
Total$341,910258.45%

As of March 31, 2025, the geographic composition of the Company’s portfolio at fair value was as follows:

GeographyInvestments atFair ValuePercentage ofNet Assets
United States$320,462242.25%
Canada9,9027.48%
Bermuda7,0045.29%
Europe4,5423.43%
Total$341,910258.45%

As of March 31, 2025, the industry composition of the Company’s portfolio at fair value was as follows:

IndustryInvestments atFair ValuePercentage ofNet Assets
Structured Finance$52,21039.47%
Specialty Finance42,77832.34%
Technology31,73023.98%
Consumer Products25,67519.41%
Transportation Equipment Manufacturing25,61119.36%
Chemicals24,83018.77%
Insurance23,34917.65%
Food & Staples16,19112.24%
Metals & Mining12,5949.52%
Oil & Gas Exploration & Production10,3617.83%
Industrial9,6837.32%
Shipping8,8726.71%
Consumer Services8,6046.50%
Internet Media7,4565.64%
Energy Services6,3174.77%
Casinos & Gaming5,3854.07%
Apparel4,9193.72%
Aircraft4,5423.43%
Defense3,9703.00%
Restaurants3,8582.92%
Closed-End Fund3,1272.36%
Financial Services2,5731.94%
Retail2,1631.63%
Textiles2,0531.55%
Marketing Services1,4091.07%
Transportation7930.60%
Business Services7630.58%
Media940.07%
Total$341,910258.45%

SCHEDULE OF INVESTMENTS

December 31, 2024

Portfolio Company · Industry · Security(1) · Notes · Interest Rate(2) · Initial Acquisition Date · Maturity · Par Amount / Quantity · Cost · Fair Value · Percentage of Class(3)
Investments at Fair Value
AdvancionChemicals2nd Lien, Secured Loan2, 161M SOFR + 7.85% (12.21%)09/21/202211/24/20281,6251,5321,584
American Coastal Insurance Corp.InsuranceUnsecured Bond147.25%12/20/202212/15/202713,0008,11212,367
Auction.comFinancial Services1st Lien, Secured Loan2, 173M SOFR + 6.00% (10.27%)09/09/202405/26/20282,8352,7392,532
Avation Capital SAAircraft2nd Lien, Secured Bond7, 10, 11, 148.25%02/04/202210/31/20264,6714,3694,566
Blackstone Secured Lending FundClosed-End FundCommon Equity10n/a09/25/2024n/a6,000182194*
Blue Ribbon, LLCFood & Staples1st Lien, Secured Loan2, 163M SOFR + 6.26% (10.85%)09/05/202405/07/2028493351330
CLO Formation JV, LLCStructured FinanceCommon Equity4, 10, 12n/a04/23/2024n/a12439,71440,08971.25%
Conuma Resources LTDMetals & Mining1st Lien, Secured Bond10, 1413.13%08/08/202405/01/20284,9005,0144,974
Coreweave Compute Acquisition Co. II, LLCTechnology1st Lien, Secured Loan2, 6, 143M SOFR + 9.62% (14.15%)08/21/202307/31/202812,78012,65313,035
Coreweave Compute Acquisition Co. IV, LLCTechnology1st Lien, Secured Loan2, 6, 143M SOFR + 6.00% (10.53%)05/29/202405/16/20305,0584,9855,058
CSC ServiceWorksConsumer Services1st Lien, Secured Loan2, 163M SOFR + 4.26% (8.71%)09/26/202303/04/20284,9514,2864,158
CW Opportunity 2 LPTechnologyPrivate Fund10, 12n/a05/14/2024n/a6,000,0006,0007,246
Del Monte Foods Corp II IncFood & Staples1st Lien, Secured Loan2, 7, 153M SOFR + 10.15% (12.62% Cash + 2.00% PIK)10/16/202408/02/20283,8533,8033,830
Dynata, LLC (New Insight Holdings, Inc.)Internet Media1st Lien, Secured Loan2, 6, 173M SOFR + 5.26% (9.79%)07/15/202407/15/2028793783793
Dynata, LLC (New Insight Holdings, Inc.)Internet Media1st Lien, Secured Loan2, 6, 173M SOFR + 5.76% (10.29%)07/15/202410/15/20284,7684,7684,451
Dynata, LLC (New Insight Holdings, Inc.)Internet MediaCommon Equity6, 8n/a07/15/2024n/a108,40511,5251,7531.08%
Dynata, LLC (New Insight Holdings, Inc.)Internet MediaWarrants6, 8n/a07/15/2024n/a45,714--3.20%
EagleView Technology CorpTechnology1st Lien, Secured Loan2, 143M SOFR + 3.76% (8.09%)10/21/202408/14/20254,7374,5044,472
Elevate Textiles, Inc.Textiles1st Lien, Secured Loan2, 6, 7, 173M SOFR + 6.65% (5.74% Cash + 5.50% PIK)11/07/202409/30/20271,6421,2651,285
Fairbanks Morse Defense (Arcline FM Holdings, LLC)Defense1st Lien, Secured Loan2, 163M SOFR + 4.50% (9.31%)07/19/202406/23/20283,9803,9783,999
First Brands, Inc.Transportation Equipment Manufacturing1st Lien, Secured Loan2, 6, 173M SOFR + 5.26% (9.85%)06/09/202303/30/20277,5837,4957,141
First Brands, Inc.Transportation Equipment Manufacturing1st Lien, Secured Loan2, 6, 173M SOFR + 5.26% (9.85%)03/08/202403/30/20271,7831,7731,679
First Brands, Inc.Transportation Equipment Manufacturing2nd Lien, Secured Loan2, 6, 173M SOFR + 8.76% (13.35%)03/24/202103/30/202816,20015,71515,122
Flexsys HoldingsChemicals1st Lien, Secured Loan2, 163M SOFR + 5.51% (9.84%)10/27/202211/01/20284,3893,6653,347
Portfolio Company · Industry · Security(1) · Notes · Interest Rate(2) · Initial Acquisition Date · Maturity · Par Amount / Quantity · Cost · Fair Value · Percentage of Class(3)
Foresight EnergyMetals & Mining1st Lien, Secured Loan2, 6, 193M SOFR + 8.10% (12.43%)07/29/202106/30/20275,8965,9185,429
Form Technologies, LLCIndustrial1st Lien, Secured Loan2, 6, 173M SOFR + 4.85% (9.36%)01/25/202407/22/20253,2283,1673,223
Form Technologies LLCIndustrial1st Lien, Secured Loan2, 6, 151M SOFR + 5.75% (10.08%)11/01/202404/30/20304,7504,6554,655
FPL Food LLCFood & Staples1st Lien, Secured Loan2, 6, 22Prime + 3.25% (11.50%)10/02/202402/13/20272,5002,5002,512
FS KKR CAPITAL CORPClosed-End FundCommon Equity10n/a05/09/2024n/a149,0003,0223,236*
Great Elm Specialty Finance, LLCSpecialty FinanceSubordinated Note4, 6, 1413.00%09/01/202306/30/202629,73329,73329,733
Great Elm Specialty Finance, LLCSpecialty FinanceCommon Equity4, 6n/a09/01/2023n/a87,50017,56713,48287.50%
Greenfire Resources Ltd.Oil & Gas Exploration & Production1st Lien, Secured Bond10, 1112.00%09/13/202310/01/20285,1785,0955,579
Harvey Gulf Holdings LLCShippingSecured Loan B2, 6, 201M SOFR + 7.03% (11.39%)02/28/202401/19/20298,7848,7218,872
Inmar Inc.Consumer Services1st Lien, Secured Loan2, 151M SOFR + 5.00% (9.36%)10/31/202410/24/20311,9901,9801,993
Ipsen US Holdings, INC.Industrial1st Lien, Secured Loan2, 6, 7, 211M SOFR + 11.57% (7.63% Cash + 8.30% PIK)08/14/202407/31/20295,1624,9824,996
Lummus Technology HoldingsChemicalsUnsecured Bond11, 149.00%05/17/202207/01/20281,5001,2781,519
Mad Engine Global, LLCApparel1st Lien, Secured Loan2, 6, 173M SOFR + 7.00% (11.59%)06/30/202107/15/20275,7095,1544,911
Manchester Acquisition Sub, LLCChemicals1st Lien, Secured Loan2, 163M SOFR + 5.90% (10.37%)09/26/202311/01/20266,9276,5226,524
Maverick Gaming LLCCasinos & Gaming1st Lien, Secured Loan2, 6, 173M SOFR + 7.50% (12.11%)04/03/202406/03/20281,4761,4761,476
Maverick Gaming LLCCasinos & Gaming1st Lien, Secured Loan2, 6, 73M SOFR + 7.50% (12.11% PIK)04/03/202406/03/20285,5696,2214,009
New Wilkie EnergyMetals & MiningSuper Senior Receivership Loan6, 7, 1015.00%06/03/202402/18/2027144144144
New Wilkie EnergyMetals & MiningSS Working Capital Facility6, 7, 1016.00%02/16/202402/18/20271,2021,2021,202
New Wilkie EnergyMetals & Mining1st Lien, Secured Loan2, 6, 7, 9, 10, 14n/a04/03/202304/06/20264,9354,8211,322
New Wilkie EnergyMetals & MiningWarrants6, 8, 10n/a04/06/2023n/a1,078,899--*
Nice-Pak Products Inc.Consumer ProductsSecured Loan B2, 6, 7, 173M SOFR + 11.76% (10.09% Cash + 6.00% PIK)09/30/202209/30/20279,2539,0989,363
Nice-Pak Products Inc.Consumer ProductsPromissory Note6, 8n/a09/30/2022n/a1,448,864-1,449
Nice-Pak Products Inc.Consumer ProductsWarrants6, 8n/a09/30/2022n/a880,909-2,7442.56%
Northeast Grocery IncFood & Staples1st Lien, Secured Loan2, 6, 173M SOFR + 7.50% (12.02%)08/08/202412/13/20282,6722,7042,695
PFS Holdings Corp.Food & StaplesCommon Equity5, 6, 8n/a11/13/2020n/a5,23812,379-5.05%
PowerStop LLCTransportation Equipment Manufacturing1st Lien, Secured Loan2, 153M SOFR + 4.75% (9.36%)02/09/202401/26/20292,3192,1482,198
ProFrac Holdings II, LLCEnergy Services1st Lien, Secured Bond2, 6, 10, 11, 213M SOFR + 7.51% (11.84%)12/27/202301/23/20296,3446,2906,522
Ruby Tuesday Operations LLCRestaurants1st Lien, Secured Loan2, 6, 7, 181M SOFR + 12.11% (10.65% Cash + 6.00% PIK)09/03/202402/24/20272,6572,6332,595
Ruby Tuesday Operations LLCRestaurants1st Lien, Secured Loan2, 6, 71M SOFR + 16.00% (0.00% Cash + 20.65% PIK)01/31/202302/24/2027741741738
Ruby Tuesday Operations LLCRestaurantsWarrants6, 8n/a02/24/2021n/a311,697-4562.81%
Portfolio Company · Industry · Security(1) · Notes · Interest Rate(2) · Initial Acquisition Date · Maturity · Par Amount / Quantity · Cost · Fair Value · Percentage of Class(3)
Runner Buyer Inc.Retail1st Lien, Secured Loan2, 163M SOFR + 5.61% (10.11%)11/07/202410/23/20281,995977921
Spencer Spirit IH LLCRetail1st Lien, Secured Loan2, 141M SOFR + 5.50% (10.02%)06/25/202407/15/2031898891901
Stone Ridge Opportunities Fund L.P.InsurancePrivate Fund8, 10, 12n/a01/01/2023n/a2,379,8752,3803,842
Thryv, Inc.Marketing Services1st Lien, Secured Loan2, 10, 161M SOFR + 6.75% (11.11%)04/30/202405/01/20291,3951,3821,416
TPC Group IncChemicals1st Lien, Secured Loan2, 143M SOFR + 5.75% (10.11%)11/22/202411/22/2031950936944
Trouvaille Re Ltd.InsurancePreference Shares6, 8, 10n/a03/27/2024n/a1005,0006,155
TRU Taj TrustRetailCommon Equity6, 8n/a07/21/2017n/a16,000611542.75%
TruGreen LPConsumer Services1st Lien, Secured Loan2, 161M SOFR + 4.10% (8.46%)05/14/202411/02/20271,7861,7151,735
TruGreen LPConsumer Services2nd Lien, Secured Loan2, 163M SOFR + 8.76% (13.35%)05/14/202411/02/2028900713795
Universal Fiber SystemsChemicals1st Lien, Secured Loan2, 6, 7, 171M SOFR + 12.11% (8.47% Cash + 8.00% PIK)10/16/202409/30/20285,4515,4425,369
Universal Fiber SystemsChemicalsCommon Equity6, 8n/a10/16/2024n/a41,6876,8096,8365.44%
Universal Fiber SystemsChemicalsCommon Equity6, 8n/a10/16/2024n/a371-8*
Universal Fiber SystemsChemicalsCommon Equity6, 8n/a10/16/2024n/a976--2.37%
Victra (LSF9 Atlantis Holdings LLC)Retail1st Lien, Secured Loan2, 163M SOFR + 5.25% (9.61%)09/10/202403/31/20291,2101,2111,224
Vi-JonConsumer Products1st Lien, Secured Loan2, 6, 7, 213M SOFR + 10.26% (12.85% Cash + 2.00% PIK)12/28/202312/28/20288,8378,6168,691
Vi-JonConsumer Products1st Lien, Secured Loan2, 6, 7, 213M SOFR + 10.26% (12.87% Cash + 2.00% PIK)10/29/202412/28/20282,9812,9092,932
W&T Offshore, Inc.Oil & Gas Exploration & Production2nd Lien, Secured Bond10, 11, 1411.75%01/12/202302/01/20264,8164,8164,857
Total Investments excluding Short-Term Investments (238.23% of Net Assets)343,770324,262
Short-Term Investments
MFB Northern Inst Funds Treas Portfolio Premier CLShort-Term InvestmentsMoney Market0.00%12/12/2024n/a8,448,4628,4488,448
Total Short-Term Investments (6.21% of Net Assets)8,4488,448
TOTAL INVESTMENTS (244.44% of Net Assets)13$352,218$332,710
Other Liabilities in Excess of Net Assets (144.44% of Net Assets)$(196,597)
NET ASSETS$136,113

(1)

Great Elm Capital Corp.’s (the “Company”) investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, are generally subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.

(2)

Certain of the Company’s variable rate debt investments bear interest at a rate that is determined by reference to Secured Overnight Financing Rate (“SOFR”) or prime rate (“Prime”) which are reset periodically. For each debt investment, the Company has provided the interest rate in effect as of period end. A floor is the minimum rate that will be applied in calculating an interest rate. A cap is the maximum rate that will be applied in calculating an interest rate. The SOFR as of period end was 4.49%. The one-month (“1M”) SOFR as of period end was 4.33%. The three-month (“3M”) SOFR as of period end was 4.31%. The six-month (“6M”) SOFR as of period end was 4.25%. The prime rate as of period end was 7.50%.

(3)

Percentage of class held refers only to equity held, if any, calculated on a fully diluted basis.

(4)

“Controlled Investments” are investments in those companies that are “Controlled Investments” of the Company, as defined in the Investment Company Act. A company is deemed to be a “Controlled Investment” of the Company if the Company owns more than 25% of the voting securities of such company.

(5)

“Affiliate Investments” are investments in those companies that are “Affiliated Companies” of the Company, as defined in the Investment Company Act, which are not “Controlled Investments.” A company is deemed to be an “Affiliate” of the Company if the Company owns 5% or more, but less than 25%, of the voting securities of such company.

(6)

Investments classified as Level 3 whereby fair value was determined by the Company’s board of directors (the “Board”).

(7)

Security pays, or has the option to pay, some or all of its interest in kind. As of December 31, 2024, the Avation Capital SA secured bond, Nice-Pak Products, Inc. secured loan B, Ruby Tuesday Operations, LLC secured loan and each of the Universal Fiber Systems term loans pay a portion of their interest in-kind and the rates above reflect the payment-in-kind (“PIK”) interest rates.

(8)

Non-income producing security.

(9)

Investment was on non-accrual status as of period end.

(10)

Indicates assets that the Company believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. Of the Company’s total assets,26.74% were non-qualifying assets as of period end.

(11)

Security exempt from registration pursuant to Rule 144A under the Securities Act. Such security may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration.

(12)

As a practical expedient, the Company uses net asset value to determine the fair value of this investment.

(13)

As of period end, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was$16,176; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was$37,761; the net unrealized depreciation was$(21,585); the aggregate cost of securities for Federal income tax purposes was$354,295.

(14)

Loan includes interest rate floor of 0.00%.

(15)

Loan includes interest rate floor of 0.50%.

(16)

Loan includes interest rate floor of 0.75%.

(17)

Loan includes interest rate floor of 1.00%.

(18)

Loan includes interest rate floor of 1.25%.

(19)

Loan includes interest rate floor of 1.50%.

(20)

Loan includes interest rate floor of 2.00%.

(21)

Loan includes interest rate floor of 2.50%.

(22)

Loan includes interest rate floor of 8.25%.

  • Represents less than 1%.

As of December 31, 2024 the Company’s investments consisted of the following:

Investment TypeInvestments atFair ValuePercentage ofNet Assets
Debt$236,718173.91%
Equity/Other87,54464.32%
Short-Term Investments8,4486.21%
Total$332,710244.44%

As of December 31, 2024 the geographic composition of the Company’s portfolio at fair value was as follows:

GeographyInvestments atFair ValuePercentage ofNet Assets
United States$308,768226.86%
Canada10,5537.75%
Bermuda6,1554.52%
Europe4,5663.35%
Australia2,6681.96%
Total$332,710244.44%

As of December 31, 2024 the industry composition of the Company’s portfolio at fair value was as follows:

IndustryInvestments atFair ValuePercentage ofNet Assets
Specialty Finance$43,21531.76%
Structured Finance40,08929.45%
Technology29,81121.90%
Transportation Equipment Manufacturing26,14019.20%
Chemicals26,13119.20%
Consumer Products25,17918.50%
Insurance22,36416.43%
Metals & Mining13,0719.60%
Industrial12,8749.46%
Oil & Gas Exploration & Production10,4367.67%
Food & Staples9,3676.88%
Short-Term Investments8,4486.21%
Shipping8,8726.52%
Consumer Services8,6816.38%
Internet Media6,9975.14%
Energy Services6,5224.79%
Casinos & Gaming5,4854.03%
Apparel4,9113.61%
Aircraft4,5663.35%
Defense3,9992.94%
Restaurants3,7892.78%
Closed-End Fund3,4302.52%
Retail3,1002.28%
Financial Services2,5321.86%
Marketing Services1,4161.04%
Textiles1,2850.94%
Total$332,710244.44%
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.