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Midas Edge

Great Elm Capital Corp.

For the period ended Jun 30, 2025. Filed Aug 4, 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.

Jun 30, 2025 · Filed Aug 4, 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)

June 30, 2025

Portfolio Company · Industry · Security(1) · Notes · Interest Rate(2) · Initial Acquisition Date · Maturity Date · Par Amount / Quantity · Cost · Fair Value · Percentage of Class(3)
Investments at Fair Value
AdvancionChemicals2nd Lien, Secured Loan2, 161M SOFR + 7.75% (12.18%)09/21/202211/24/20281,6251,5411,520
American Coastal Insurance Corp.InsuranceUnsecured Bond7.25%12/20/202212/15/202713,0008,70112,594
Auction.comFinancial Services1st Lien, Secured Loan2, 6, 176M SOFR + 6.00% (10.25%)09/09/202405/26/20283,1733,0452,934
Avation Capital SAAircraft2nd Lien, Secured Bond10, 118.25%02/04/202210/31/20264,6714,4444,543
Blackstone Secured Lending FundClosed-End FundCommon Equity10n/a09/25/2024n/a6,000182185*
Blue Ribbon, LLCFood & Staples1st Lien, Secured Loan2, 6, 7, 163M SOFR + 8.00% (8.26% Cash + 4.00% PIK)01/16/202505/08/2028246240246
Brightline East, LLCTransportation1st Lien, Secured Bond1111.00%03/10/202501/31/20301,8501,4601,369
CLO Formation JV, LLCStructured FinanceCommon Equity4, 10, 12n/a04/23/2024n/a16652,35948,60371.25%
Confluence TechnologiesTechnology1st Lien, Secured Loan2, 153M SOFR + 3.75% (8.20%)03/04/202507/31/20281,101989946
Conuma Resources LTDMetals & Mining1st Lien, Secured Bond6, 10, 1113.13%04/15/202505/01/20281,4001,3671,416
Conuma Resources LTDMetals & Mining1st Lien, Secured Bond6, 10, 1113.13%08/08/202405/01/20284,2454,3314,049
Coreweave Compute Acquisition Co. II, LLCTechnology1st Lien, Secured Loan2, 6, 143M SOFR + 9.62% (13.92%)08/21/202307/31/202813,56313,50313,901
Coreweave Compute Acquisition Co. IV, LLCTechnology1st Lien, Secured Loan2, 6, 143M SOFR + 6.00% (10.29%)05/29/202405/16/20303,2593,2153,324
CSC ServiceWorksConsumer Services1st Lien, Secured Loan2, 163M SOFR + 4.00% (8.58%)09/26/202303/04/20284,9264,3484,310
CW Opportunity 2 LPTechnologyPrivate Fund10, 12n/a05/14/2024n/a6,000,0006,00019,900
Del Monte Foods Corp II IncFood & Staples1st Lien, Secured Loan2, 7, 153M SOFR + 11.00% (12.47% Cash + 3.00% PIK)10/16/202408/02/20285,4545,4034,895
Del Monte Foods Corp II IncFood & Staples1st Lien, Secured Loan2, 7, 153M SOFR + 11.00% (12.41% Cash + 3.00% PIK)04/17/202508/02/2028707681634
Dynata, LLC (New Insight Holdings, Inc.)Internet MediaCommon Equity6, 8n/a07/15/2024n/a100,00011,2302,2221.00%
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 + 5.50% (10.09%)07/15/202410/15/20284,7444,7444,173
EagleView Technology CorpTechnology1st Lien, Secured Loan2, 7, 203M SOFR + 6.50% (9.80% Cash + 1.00% PIK)03/27/202508/14/20286,1996,0376,021
Elevate Textiles, Inc.Textiles1st Lien, Secured Loan2, 6, 7, 173M SOFR + 6.50% (5.45% Cash + 5.50% PIK)11/07/202409/30/20272,5042,0442,103
First Brands, Inc.Transportation Equipment Manufacturing1st Lien, Secured Loan2, 173M SOFR + 5.00% (9.54%)06/09/202303/30/20277,5447,4747,114
First Brands, Inc.Transportation Equipment Manufacturing2nd Lien, Secured Loan2, 173M SOFR + 8.50% (13.04%)03/24/202103/30/202816,20015,77414,498
First Brands, Inc.Transportation Equipment Manufacturing1st Lien, Secured Loan2, 173M SOFR + 5.00% (9.54%)03/08/202403/30/20271,7731,7651,669
Flexsys Cayman Holdings, LPChemicals1st Lien, Secured Loan2, 161M SOFR + 5.25% (9.69%)05/28/202508/01/20295,9925,0523,034
Portfolio Company · Industry · Security(1) · Notes · Interest Rate(2) · Initial Acquisition Date · Maturity Date · Par Amount / Quantity · Cost · Fair Value · Percentage of Class(3)
Flexsys Cayman Holdings, LPChemicals1st Lien, Secured Loan2, 161M SOFR + 6.25% (10.58%)05/23/202508/01/20291,8201,7841,711
Foresight EnergyMetals & Mining1st Lien, Secured Loan2, 6, 193M SOFR + 8.00% (12.40%)07/29/202106/30/20275,8595,8775,534
Form Technologies LLCIndustrial1st Lien, Secured Loan2, 153M SOFR + 5.75% (10.02%)11/01/202407/19/20304,7504,6614,483
FPL Food LLCFood & Staples1st Lien, Secured Loan2, 6, 22PRIME + 3.25% (11.50%)10/02/202402/13/20274,0004,0004,000
FS KKR CAPITAL CORPClosed-End FundCommon Equity10n/a05/09/2024n/a135,0002,7422,801*
GraftechIndustrial2nd Lien, Secured Bond9.88%04/25/202512/23/2029900650708
Great Elm Specialty Finance, LLCSpecialty FinanceCommon Equity4, 6n/a09/01/2023n/a87,50017,00012,42687.50%
Great Elm Specialty Finance, LLCSpecialty FinanceSubordinated Note4, 613.00%09/01/202306/30/202623,92523,92523,925
Greenfire Resources Ltd.Oil & Gas Exploration & Production1st Lien, Secured Bond10, 1112.00%09/13/202310/01/20284,1784,1184,400
Inmar Inc.Consumer Services1st Lien, Secured Loan2, 153M SOFR + 4.50% (8.80%)10/31/202410/30/20311,9801,9701,992
Ipsen US Holdings, Inc.Industrial1st Lien, Secured Loan2, 6, 7, 211M SOFR + 11.82% (7.61% Cash + 8.54% PIK)08/14/202407/31/20295,3625,1985,068
Mad Engine Global, LLCApparel1st Lien, Secured Loan2, 173M SOFR + 7.00% (11.56%)06/30/202107/15/20275,6325,1704,862
Main Street Sports Group LLCMedia1st Lien, Secured Loan715.00%02/06/202501/03/202810810097
Manchester Acquisition Sub, LLCChemicals1st Lien, Secured Loan2, 6, 163M SOFR + 5.75% (10.22%)09/26/202312/01/20266,6486,3506,308
Maverick Gaming LLCCasinos & Gaming1st Lien, Secured Loan2, 6, 9, 17n/a04/03/202406/03/20285,7416,3532,410
Maverick Gaming LLCCasinos & Gaming1st Lien, Secured Loan2, 6, 9, 17n/a04/03/202406/03/20281,4761,4761,476
New Wilkie Energy Pty LimitedMetals & Mining1st Lien, Secured Loan6, 10, 14n/a02/20/202502/20/20271,2681,2291,268
New Wilkie Energy Pty LimitedMetals & Mining1st Lien, Secured Loan6, 10, 14n/a02/20/202502/20/2027114110114
New Wilkie Energy Pty LimitedMetals & Mining2nd Lien, Secured Loan6, 8, 10, 14n/a02/20/2025n/a4,1534,9731,393
NGC CLO 2 Ltd.Structured FinanceCLO Equity6, 10, 11n/a03/07/2025n/a7,4106,1906,824
Nice-Pak Products Inc.Consumer ProductsSecured Loan B2, 6, 7, 173M SOFR + 11.50% (10.06% Cash + 6.00% PIK)09/30/202209/30/202710,99010,88911,244
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/a880,909-3,1732.56%
Northeast Grocery IncFood & Staples1st Lien, Secured Loan2, 6, 173M SOFR + 7.50% (11.82%)08/08/202412/13/20282,5682,5952,588
PFS Holdings Corp.Food & StaplesCommon Equity5, 6, 8n/a11/13/2020n/a5,23812,379-*
PowerStop LLCTransportation Equipment Manufacturing1st Lien, Secured Loan2, 153M SOFR + 4.75% (9.13%)02/09/202401/26/20292,3072,1531,723
ProFrac Holdings II, LLCEnergy Services1st Lien, Secured Bond2, 6, 10, 11, 213M SOFR + 7.25% (11.81%)12/27/202301/23/20295,9565,9106,128
Ruby Tuesday Operations LLCRestaurants1st Lien, Secured Loan2, 6, 7, 181M SOFR + 12.00% (10.44% Cash + 6.00% PIK)09/03/202402/24/20272,6742,6562,607
Portfolio Company · Industry · Security(1) · Notes · Interest Rate(2) · Initial Acquisition Date · Maturity Date · Par Amount / Quantity · Cost · Fair Value · Percentage of Class(3)
Ruby Tuesday Operations LLCRestaurants1st Lien, Secured Loan2, 6, 7, 141M SOFR + 16.00% (0.00% Cash + 20.44% PIK)01/31/202302/24/2027821821812
Ruby Tuesday Operations LLCRestaurantsWarrants6, 8n/a02/24/2021n/a311,697-3952.81%
SIRVA Worldwide IncBusiness Services1st Lien, Secured Loan2, 6, 203M SOFR + 8.00% (12.32%)02/06/202502/20/2029700693676
SIRVA Worldwide IncBusiness ServicesDelayed Draw, Secured Loan2, 6, 203M SOFR + 8.00% (12.32%)02/19/202502/20/2029807876
Stone Ridge Opportunities Fund L.P.InsurancePrivate Fund8, 10, 12n/a01/01/2023n/a2,379,8752,3883,942
Thryv, Inc.Marketing Services1st Lien, Secured Loan2, 10, 161M SOFR + 6.75% (11.08%)04/30/202405/01/20291,2601,2501,261
TPC Group IncChemicals1st Lien, Secured Loan2, 6, 166M SOFR + 5.75% (9.95%)11/22/202412/16/2031948934912
Trouvaille Re Ltd.InsurancePreference Shares6, 8, 10n/a03/27/2024n/a1005,0005,450
TRU Taj TrustRetailCommon Equity6, 8n/a07/21/2017n/a16,000611722.75%
TruGreen LPConsumer Services1st Lien, Secured Loan2, 161M SOFR + 4.00% (8.43%)05/14/202411/02/20271,7771,7171,682
TruGreen LPConsumer Services2nd Lien, Secured Loan2, 6, 163M SOFR + 8.50% (13.04%)05/14/202411/02/2028900730780
Universal Fiber SystemsChemicals1st Lien, Secured Loan2, 6, 7, 171M SOFR + 12.00% (8.44% Cash + 8.00% PIK)10/16/202409/30/20285,6745,6665,629
Universal Fiber SystemsChemicalsCommon Equity6, 8n/a10/16/2024n/a41,6876,8096,3665.44%
Universal Fiber SystemsChemicalsCommon Equity6, 8n/a10/16/2024n/a371-3*
Universal Fiber SystemsChemicalsCommon Equity6, 8n/a10/16/2024n/a976--2.37%
Vantage Specialty Chemicals, Inc.Chemicals1st Lien, Secured Loan2, 143M SOFR + 4.75% (9.03%)05/29/202510/26/20261,5111,4511,457
Vi-JonConsumer Products1st Lien, Secured Loan2, 6, 7, 213M SOFR + 10.00% (12.54% Cash + 2.00% PIK)10/29/202412/28/20282,9392,8762,890
Vi-JonConsumer Products1st Lien, Secured Loan2, 6, 7, 213M SOFR + 10.00% (12.54% Cash + 2.00% PIK)12/28/202312/28/20288,7108,5168,565
Walor North America, IncIndustrial1st Lien, Secured Loan2, 6, 231M SOFR + 5.75% (10.07%)06/17/202506/17/20281,5001,5001,500
W&T Offshore, Inc.Oil & Gas Exploration & Production2nd Lien, Secured Bond1110.75%01/14/202502/02/20296,4506,1315,670
Total Investments excluding Short-Term Investments (239.27% of Net Assets)353,558335,053
Short-Term Investments
United States TreasuryShort-Term InvestmentsTreasury Bill0.00%n/an/a65,000,00064,80064,790
MFB Northern Inst Funds Treas Portfolio Premier CLShort-Term InvestmentsMoney Market4.16%n/an/a3,415,5943,4163,416
Total Short-Term Investments (48.71% of Net Assets)68,21668,206
TOTAL INVESTMENTS (287.98% of Net Assets)13$421,774$403,259
Other Liabilities in Excess of Net Assets (187.98% of Net Assets)$(263,227)
NET ASSETS$140,032

(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 4.45%. 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 4.15%. 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 June 30, 2025, the Blue Ribbon, LLC secured loan, each of the Del Monte Foods Corp II Inc. secured loans, the EagleView Technology Corp secured loan, the Elevate Textiles, Inc. secured loan, the Ipsen US Holdings, Inc. secured loan, the Main Street Sports Group LLC secured loan, the Nice-Pak Products, Inc. secured loan B, each of the Ruby Tuesday Operations, LLC secured loans, the Universal Fiber Systems secured loan, and each of the Vi-Jon secured loans 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,27.47% 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$27,341; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was$(45,857); the net unrealized depreciation was$(18,516); the aggregate cost of securities for Federal income tax purposes was$418,359.

(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%.

(23)

Loan includes interest rate floor of 3.80%.

  • Represents less than 1%.

As of June 30, 2025, the Company’s investments consisted of the following:

Investment TypeInvestments atFair ValuePercentage ofNet Assets
Debt$221,242158.00%
Equity/Other113,81181.27%
Short-Term Investments68,20648.71%
Total$403,259287.98%

As of June 30, 2025, the geographic composition of the Company’s portfolio at fair value was as follows:

GeographyInvestments atFair ValuePercentage ofNet Assets
United States$383,401273.81%
Canada9,8657.04%
Bermuda5,4503.89%
Europe4,5433.24%
Total$403,259287.98%

As of June 30, 2025, the industry composition of the Company’s portfolio at fair value was as follows:

IndustryInvestments atFair ValuePercentage ofNet Assets
Structured Finance$55,42739.58%
Technology44,09231.49%
Specialty Finance36,35125.96%
Consumer Products27,32119.51%
Chemicals26,94019.24%
Transportation Equipment Manufacturing25,00417.86%
Insurance21,98615.70%
Metals & Mining13,7749.84%
Food & Staples12,3638.83%
Industrial11,7598.40%
Oil & Gas Exploration & Production10,0707.19%
Consumer Services8,7646.26%
Internet Media6,3954.57%
Energy Services6,1284.38%
Apparel4,8623.47%
Aircraft4,5433.24%
Casinos & Gaming3,8862.78%
Restaurants3,8142.72%
Closed-End Fund2,9862.13%
Financial Services2,9342.10%
Textiles2,1031.50%
Transportation1,3690.98%
Marketing Services1,2610.90%
Business Services7520.54%
Media970.07%
Retail720.05%
Short-Term Investments68,20648.69%
Total$403,259287.98%

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.