10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

or

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-01211

Great Elm Capital Corp.

(Exact name of registrant as specified in its charter)

Maryland	81-2621577
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
800 South Street, Suite 230, Waltham, MA	02453
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (617) 375-3006

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	GECC	Nasdaq Global Market
6.75% Notes due 2025	GECCM	Nasdaq Global Market
6.50% Notes due 2024	GECCN	Nasdaq Global Market
5.875% Notes due 2026	GECCO	Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No ☒

As of July 27, 2023, the registrant had 7,601,958 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	2
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	15
Item 4.	Controls and Procedures	15
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	16
Item 1A.	Risk Factors	16
Item 5.	Other Information	16
Item 6.	Exhibits	17
	Signatures	18
	Index to Consolidated Financial Statements	F-19
	Consolidated Statements of Assets and Liabilities (unaudited)	F-20
	Consolidated Statements of Operations (unaudited)	F-21
	Consolidated Statements of Changes in Net Assets (unaudited)	F-22
	Consolidated Statements of Cash Flows (unaudited)	F-23
	Consolidated Schedule of Investments (unaudited)	F-25
	Notes to the Unaudited Consolidated Financial Statements	F-47

i

PART I—FINANCIAL INFORMATION

Unless the context otherwise requires, all references to “GECC,” “we,” “us,” “our,” the “Company” and words of similar import are to Great Elm Capital Corp. and/or its subsidiaries. We reference materials on our website, www.greatelmcc.com, but nothing on our website shall be deemed incorporated by reference or otherwise contained in this report.

Cautionary Note Regarding Forward-Looking Information

Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or financial conditions. The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

▪our, or our portfolio companies’, future business, operations, operating results or prospects;

▪the return or impact of current and future investments;

▪the impact of a protracted decline in the liquidity of credit markets on our business;

▪the impact of fluctuations in interest rates on our business;

▪the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;

▪our contractual arrangements and relationships with third parties;

▪our current and future management structure;

▪the general economy, including recessionary trends, and its impact on the industries in which we invest;

▪the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives;

▪serious disruptions and catastrophic events;

▪our expected financings and investments, including interest rate volatility;

▪the adequacy of our financing resources and working capital;

▪the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments;

▪the timing of cash flows, if any, from the operations of our portfolio companies;

▪the timing, form and amount of any dividend distributions;

▪the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and

▪our ability to maintain our qualification as a regulated investment company (“RIC”) and as a business development company (“BDC”).

We use words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “could,” “may,” “plan” and similar words to identify forward-looking statements. The forward-looking statements contained in this report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth under “Item 1A. Risk Factors,” herein and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the “SEC”).

Item 1. Financial Statements.

The financial statements listed in the index to consolidated financial statements immediately following the signature page to this report are incorporated herein by reference.

2

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Overview

We are a BDC that seeks to generate both current income and capital appreciation through debt and income-generating equity investments, including investments in specialty finance businesses. To achieve our investment objective, we invest in secured and senior secured debt instruments of middle market companies, as well as income-generating equity investments in specialty finance companies, that we believe offer sufficient downside protection and have the potential to generate attractive returns. We generally define middle market companies as companies with enterprise values between $100 million and $2 billion. We also make investments throughout other portions of a company’s capital structure, including subordinated debt, mezzanine debt, and equity or equity‑linked securities. We source these transactions directly with issuers and in the secondary markets through relationships with industry professionals.

In December 2021, Great Elm Specialty Finance, LLC (“GESF"), a wholly-owned subsidiary of GECC, was formed to oversee specialty finance related investments, and Michael Keller, a seasoned professional with significant experience in specialty finance, was appointed President of GESF. We believe investments in specialty finance companies along the “continuum of lending” provide durable risk adjusted returns that are expected to be largely uncorrelated to the liquid credit markets. The “continuum of lending” as seen by Great Elm Capital Management, Inc. (“GECM”) is the various stages of capital that are provided to under-banked small and medium sized businesses and includes, but is not limited to inventory and purchase order financing, receivables factoring, asset-based and asset-backed lending, and equipment financing. GECM believes that ownership interests in multiple specialty finance companies will create a natural competitive advantage for each business and generate both revenue and cost synergies across companies.

On September 27, 2016, we and GECM, our external investment manager, entered into an investment management agreement (the “Investment Management Agreement”) and an administration agreement (the “Administration Agreement”), and we began to accrue obligations to our external investment manager under those agreements. On August 1, 2022, upon receiving our stockholders' approval, we and GECM entered into an amendment to the Investment Management Agreement to reset the capital gains incentive fee to begin on April 1, 2022, which eliminated $163.2 million of realized and unrealized losses incurred prior to April 1, 2022 in calculating future incentive fees. In addition, the incentive fee based on income was amended to reset the mandatory deferral commencement date used in calculating deferred incentive fees to April 1, 2022. The Investment Management Agreement renews for successive annual periods, subject to requisite approvals from our board of directors (our “Board”) and/or stockholders.

We have elected to be treated as a RIC for U.S. federal income tax purposes. As a RIC, we will not be taxed on our income to the extent that we distribute such income each year and satisfy other applicable income tax requirements. To qualify as a RIC, we must, among other things, meet source-of-income and asset diversification requirements and annually distribute to our stockholders generally at least 90% of our investment company taxable income on a timely basis. If we qualify as a RIC, we generally will not have to pay corporate level taxes on any income that we distribute to our stockholders.

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including, among others, the amount of debt and equity capital available from other sources to middle-market companies, the level of merger and acquisition activity, pricing in the high yield and leveraged loan credit markets, our expectations of future investment opportunities, the general economic environment as well as the competitive environment for the types of investments we make.

As a BDC, our investments and the composition of our portfolio are required to comply with regulatory requirements.

Revenues

We generate revenue primarily from interest on the debt investments that we hold. We may also generate revenue from dividends on the equity investments that we hold, capital gains on the disposition of investments, and lease, fee, and other income. Our investments in fixed income instruments generally have an expected maturity of three to five years, although we have no lower or upper constraint on maturity. Our debt investments generally pay interest quarterly or semi-annually. Payments of principal of our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments and preferred stock investments may defer payments of cash interest or dividends or payment-in-kind (“PIK”). In addition, we may generate revenue in the form of prepayment fees, commitment, origination, due diligence fees, end-of-term or exit fees, fees for providing significant managerial assistance, consulting fees and other investment-related income.

3

Expenses

Our primary operating expenses include the payment of a base management fee, administration fees (including the allocable portion of overhead under the Administration Agreement), and, depending on our operating results, an incentive fee. The base management fee and incentive fee remunerates GECM for work in identifying, evaluating, negotiating, closing and monitoring our investments. The Administration Agreement provides for reimbursement of costs and expenses incurred for office space rental, office equipment and utilities allocable to us under the Administration Agreement, as well as certain costs and expenses incurred relating to non-investment advisory, administrative or operating services provided by GECM or its affiliates to us. We also bear all other costs and expenses of our operations and transactions. In addition, our expenses include interest on our outstanding indebtedness.

Critical Accounting Policies

Valuation of Portfolio Investments

We value our portfolio investments at fair value based upon the principles and methods of valuation set forth in policies adopted by our Board. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (1) are independent of us; (2) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary); (3) are able to transact for the asset; and (4) are willing to transact for the asset (that is, they are motivated but not forced or otherwise compelled to do so).

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. Debt and equity securities for which market quotations are not readily available or for which market quotations are deemed not to represent fair value, are valued at fair value using a valuation process consistent with our Board-approved policy.

Our Board approves in good faith the valuation of our portfolio as of the end of each quarter. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that we may ultimately realize. In addition, changes in the market environment and other events may impact the market quotations used to value some of our investments.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables; applicable market yields and multiples, security covenants, call protection provisions, information rights and the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, and merger and acquisition comparables; and enterprise values.

We prefer the use of observable inputs and minimize the use of unobservable inputs in our valuation process. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing an asset developed based on the best information available in the circumstances.

Both observable and unobservable inputs are subject to some level of uncertainty and assumptions used bear the risk of change in the future. We utilize the best information available to us, including the factors listed above, in preparing the fair valuations. In determining the fair value of any individual investment, we may use multiple inputs or utilize more than one approach to calculate the fair value to assess the sensitivity to change and determine a reasonable range of fair value. In addition, our valuation procedures include an assessment of the current valuation as compared to the previous valuation for each investment and where differences are material understanding the primary drivers of those changes, incorporating updates to our current valuation inputs and approaches as appropriate.

4

Revenue Recognition

Interest and dividend income, including PIK income, is recorded on an accrual basis. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts (“OID”), earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment if such fees are fixed in nature. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, and end-of-term or exit fees that have a contingency feature or are variable in nature are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

We may purchase debt investments at a discount to their face value. Discounts on the acquisition of corporate debt instruments are generally amortized using the effective-interest or constant-yield method unless there are material questions as to collectability.

We assess the outstanding accrued income receivables for collectability at least quarterly, or more frequently if there is an event that indicates the underlying portfolio company may not be able to make the expected payments. If it is determined that amounts are not likely to be paid we may establish a reserve against or reverse the income and put the investment on non-accrual status.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale of an investment and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Realized gains and losses are computed using the specific identification method.

Net change in unrealized appreciation or depreciation reflects the net change in portfolio investment fair values and portfolio investment cost bases during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Portfolio and Investment Activity

The following is a summary of our investment activity for the year ended December 31, 2022 and the six months ended June 30, 2023:

(in thousands)	Acquisitions(1)		Dispositions(2)			Weighted Average Yield End of Period(3)
Quarter ended March 31, 2022	$	27,578	$	(29,723	)		10.38	%
Quarter ended June 30, 2022		44,750		(34,014	)		10.27	%
Quarter ended September 30, 2022		40,212		(28,430	)		11.59	%
Quarter ended December 31, 2022		37,588		(20,461	)		12.43	%
For the Year Ended December 31, 2022		150,128		(112,628	)
Quarter ended March 31, 2023		53,293		(57,175	)		13.06	%
Quarter ended June 30, 2023		23,042		(15,975	)		13.47	%
For the Six Months Ended June 30, 2023	$	76,335	$	(73,150	)

(1)Includes new investments, additional fundings (inclusive of those on revolving credit facilities), refinancings and capitalized PIK income. Investments in short-term securities, including U.S. Treasury Bills and money market mutual funds, were excluded.

(2)Includes scheduled principal payments, prepayments, sales, and repayments (inclusive of those on revolving credit facilities). Investments in short-term securities, including U.S. Treasury Bills and money market mutual funds, were excluded.

(3)Weighted average yield is based upon the stated coupon rate and fair value of outstanding debt securities at the measurement date. Debt securities on non-accrual status are included in the calculation and are treated as having 0% as their applicable interest rate for purposes of this calculation, unless such debt securities are valued at zero.

5

Portfolio Reconciliation

The following is a reconciliation of the investment portfolio for the six months ended June 30, 2023 and the year ended December 31, 2022. Investments in short-term securities, including U.S. Treasury Bills and money market mutual funds, are excluded from the table below.

(in thousands)	For the Six Months Ended June 30, 2023			For the Year Ended December 31, 2022
Beginning Investment Portfolio, at fair value	$	224,957		$	212,149
Portfolio Investments acquired(1)		76,335			150,128
Amortization of premium and accretion of discount, net		1,121			1,328
Portfolio Investments repaid or sold(2)		(73,150	)		(112,628	)
Net change in unrealized appreciation (depreciation) on investments		4,774			100,016
Net realized gain (loss) on investments		2,394			(126,036	)
Ending Investment Portfolio, at fair value	$	236,431		$	224,957

(1)Includes new investments, additional fundings (inclusive of those on revolving credit facilities), refinancings, and capitalized PIK income.

(2)Includes scheduled principal payments, prepayments, sales, and repayments (inclusive of those on revolving credit facilities).

Portfolio Classification

The following table shows the fair value of our portfolio of investments by industry as of June 30, 2023 and December 31, 2022 (in thousands):

	June 30, 2023					December 31, 2022
Industry	Investments at Fair Value		Percentage of Fair Value			Investments at Fair Value			Percentage of Fair Value
Specialty Finance	$	54,208		22.93	%	$	58,250			25.89	%
Chemicals		26,172		11.07	%		31,702			14.09	%
Insurance		16,365		6.92	%		2,340			1.04	%
Transportation Equipment Manufacturing		16,041		6.79	%		11,803			5.25	%
Shipping		14,066		5.95	%		7,206			3.20	%
Oil & Gas Exploration & Production		13,262		5.61	%		15,136			6.74	%
Consumer Products		11,951		5.05	%		8,413			3.74	%
Metals & Mining		10,938		4.63	%		6,046			2.69	%
Internet Media		9,870		4.17	%		12,247			5.44	%
Energy Services		9,647		4.08	%		2,877			1.28	%
Casinos & Gaming		9,332		3.95	%		9,301			4.13	%
Closed-End Fund		7,738		3.27	%		5,825			2.59	%
Food & Staples		7,657		3.24	%		3,660			1.63	%
Energy Midstream		6,327		2.68	%		22,559			10.03	%
Industrial		6,014		2.54	%		5,498			2.44	%
Aircraft		4,015		1.70	%		3,577			1.59	%
Oil & Gas Refining		3,917		1.66	%		5,388			2.40	%
Restaurants		3,483		1.47	%		3,110			1.38	%
Hospitality		3,338		1.41	%		4,988			2.22	%
Apparel		2,013		0.85	%		2,371			1.05	%
Retail		44		0.02	%		5			0.00	%
Special Purpose Acquisition Company		28		0.01	%		19			0.01	%
IT Services		2		0.00	%		-			-	%
Auto Manufacturer		1		0.00	%		2			0.00	%
Communications Equipment		1		0.00	%		-			-	%
Biotechnology		1		0.00	%		1			0.00	%
Technology		-		-	%		(365	)		(0.16	)%
Household & Personal Products		-		-	%		1			0.00	%
Wireless Telecommunications Services		-		-	%		2,997			1.33	%
Total	$	236,431		100.00	%	$	224,957			100.00	%

6

Results of Operations

Investment Income

	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2023				2022				2023				2022
	In Thousands		Per Share(1)		In Thousands		Per Share(2)		In Thousands		Per Share(1)		In Thousands		Per Share(2)
Total Investment Income	$	8,977	$	1.18	$	5,513	$	1.06	$	17,387	$	2.29	$	11,071	$	2.27
Interest income		7,081		0.93		3,734		0.72		13,711		1.80		7,775		1.59
Dividend income		1,027		0.14		1,389		0.27		1,961		0.26		2,656		0.54
Other income		869		0.11		390		0.08		1,715		0.23		640		0.13

(1)The per share amounts are based on a weighted average of 7,601,958 outstanding common shares for the three and six months ended June 30, 2023.

(2)The per share amounts are based on a weighted average of 5,194,910 and 4,878,439 outstanding common shares for the three and six months ended June 30, 2022, respectively. These weighted average share amounts have been retroactively adjusted for the reverse stock split effected on February 28, 2022.

Investment income consists of interest income, including net amortization of premium and accretion of discount on loans and debt securities, dividend income and other income, which primarily consists of amendment fees, commitment fees and funding fees on loans.

Interest income increased for the three and six months ended June 30, 2023 as compared to the corresponding periods in the prior year primarily due to growth of the portfolio and rising interest rates. As of June 30, 2023, the debt investment portfolio had an average coupon rate of 12.3% on approximately $217.5 million of principal as compared to 9.8% on approximately $161.0 million of principal as of June 30, 2022, excluding positions on non-accrual in each period.

Dividend income for the three and six months ended June 30, 2023 decreased as compared to the corresponding periods in the prior year due to lower quarterly distributions from our investments in specialty finance portfolio companies and exits from certain preferred equity positions.

The increase in other income for the three and six months ended June 30, 2023 as compared to the three and six months ended June 30, 2022 is attributable to earning approximately $0.8 million per quarter in fees in connection with the extensions of certain revolver commitments.
 

7

Expenses

	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2023				2022				2023				2022
	In Thousands		Per Share(1)		In Thousands		Per Share(2)		In Thousands		Per Share(1)		In Thousands			Per Share(2)
Total Expenses	$	5,609	$	0.74	$	4,325	$	0.83	$	11,152	$	1.47	$	3,828		$	0.78
Management fees		884		0.12		771		0.15		1,753		0.23		1,551			0.32
Incentive fees		842		0.11		-		-		1,552		0.20		-			-
Incentive fee waiver		-		-		-		-		-		-		(4,854	)		(0.99	)
Total advisory and management fees	$	1,726	$	0.23	$	771	$	0.15	$	3,305	$	0.43	$	(3,303	)	$	(0.68	)
Administration fees		341		0.04		262		0.05		636		0.08		483			0.10
Directors’ fees		53		0.01		44		0.01		105		0.01		107			0.02
Interest expense		2,769		0.36		2,667		0.51		5,590		0.74		5,337			1.09
Professional services		434		0.06		373		0.07		970		0.13		791			0.16
Custody fees		21		0.00		14		0.00		43		0.01		28			0.01
Other		265		0.04		194		0.04		503		0.07		385			0.08
Income Tax Expense
Excise tax		-		-		-		-		28		0.00		101			0.02

(1)The per share amounts are based on a weighted average of 7,601,958 outstanding common shares for the three and six months ended June 30, 2023.

(2)The per share amounts are based on a weighted average of 5,194,910 and 4,878,439 outstanding common shares for the three and six months ended June 30, 2022, respectively. These weighted average share amounts have been retroactively adjusted for the reverse stock split effected on February 28, 2022.

Expenses are largely comprised of advisory fees and administration fees paid to GECM and interest expense on our outstanding notes payable. See “—Liquidity and Capital Resources.” Advisory fees include management fees and incentive fees calculated in accordance with the Investment Management Agreement, and administration fees include direct costs reimbursable to GECM under the Administration Agreement and fees paid for sub-administration services.

Incentive fees increased for the six months ended June 30, 2023 as compared to the six months ended June 30, 2022 due to increased pre-incentive net investment income over the same periods. In addition, GECM waived all accrued and unpaid incentive fees pursuant to the Investment Management Agreement as of March 31, 2022. As of March 31, 2022, there were approximately $4.9 million of accrued and unpaid incentive fees held on our balance sheet. In connection with the incentive fee waiver, we recognized the reversal of these accrued and unpaid incentive fees during the period ended March 31, 2022, resulting in a corresponding increase in net asset value (“NAV”) in such period. The incentive fee waiver is not subject to recapture.

Professional services costs increased for the three and six months ended June 30, 2023 as compared to the corresponding periods in the prior year, primarily due to increased legal expenses associated with specific transaction matters, as well as general rate increases for professional services including legal and accounting costs.

8

Realized Gains (Losses)

	For the Three Months Ended June 30,												For the Six Months Ended June 30,
	2023						2022						2023						2022
	In Thousands			Per Share(1)			In Thousands			Per Share(2)			In Thousands			Per Share(1)			In Thousands			Per Share(2)
Net Realized Gain (Loss)	$	542		$	0.07		$	(109,751	)	$	(21.13	)	$	2,387		$	0.31		$	(129,684	)	$	(26.58	)
Gross realized gain		600			0.08			1,678			0.32			2,502			0.33			2,470			0.51
Gross realized loss		(58	)		(0.01	)		(111,429	)		(21.45	)		(115	)		(0.02	)		(132,153	)		(27.09	)

(1)The per share amounts are based on a weighted average of 7,601,958 outstanding common shares for the three and six months ended June 30, 2023.

(2)The per share amounts are based on a weighted average of 5,194,910 and 4,878,439 outstanding common shares for the three and six months ended June 30, 2022, respectively. These weighted average share amounts have been retroactively adjusted for the reverse stock split effected on February 28, 2022.

For the three months ended June 30, 2023, net realized gains were primarily driven by the sales of our investments in the Perforce Software, Inc. (“Perforce”) first lien secured revolver and Equitrans Midstream Corp. preferred equity on which we realized gains of $0.3 million and $0.2 million, respectively. During the six months ended June 30, 2023, net realized gains were primarily driven by sales of our investments in Crestwood Equity Partners LP preferred equity, the paydown of our investment in Par Petroleum, LLC first lien secured bond and the sale of our investment in the Perforce first lien secured revolver resulting in realized gains of $0.7 million, $0.4 million, and $0.3 million, respectively.

During the three months ended June 30, 2022, net realized losses were primarily driven by the restructuring of our investment in Avanti Communications Group plc (“Avanti”), which included the write off of our investments in the Avanti second lien bonds, 1.5 lien loan and common equity resulting in realization of $110 million in previously recognized unrealized losses. Gross realized gains include $0.9 million and $0.6 million realized on the refinancing of our investment in Tensar Corporation 2nd lien secured loan and the sale of the GAC Holdco Inc. warrants, respectively.

During the six months ended June 30, 2022, gross realized losses included the losses recognized as a result of the Avanti restructuring discussed above along with additional losses of $15.9 million and $4.2 million recognized on the sale of our positions in Tru (UK) Asia Limited (“Tru Taj”) common stock and California Pizza Kitchen, Inc. (“CPK”) common stock, respectively.

Change in Unrealized Appreciation (Depreciation) on Investments

	For the Three Months Ended June 30,												For the Six Months Ended June 30,
	2023						2022						2023						2022
	In Thousands			Per Share(1)			In Thousands			Per Share(2)			In Thousands			Per Share(1)			In Thousands			Per Share(2)
Net change in unrealized appreciation/ (depreciation)	$	1,292		$	0.17		$	104,045		$	20.03		$	4,768		$	0.63		$	112,915		$	23.15
Unrealized appreciation		5,453			0.72			112,487			21.65			11,005			1.45			123,327			25.28
Unrealized depreciation		(4,161	)		(0.55	)		(8,442	)		(1.63	)		(6,237	)		(0.82	)		(10,413	)		(2.13	)

(1)The per share amounts are based on a weighted average of 7,601,958 outstanding common shares for the three and six months ended June 30, 2023.

(2)The per share amounts are based on a weighted average of 5,194,910 and 4,878,439 outstanding common shares for the three and six months ended June 30, 2022, respectively. These weighted average share amounts have been retroactively adjusted for the reverse stock split effected on February 28, 2022.

For the three months ended June 30, 2023, net unrealized appreciation was primarily driven by increases in the fair value of our investment in United Insurance Holding Corp. (“UIHC”) unsecured bonds, Maverick Gaming, LLC term loan, and Nice-Pak Products, Inc. promissory notes on which recognized appreciation of $1.3 million, $0.7 million, and $0.5 million, respectively. These gains were partially offset by unrealized depreciation of $1.7 million, $0.6 million and $0.5 million due to decreases in the fair value of our investments in Lenders Funding, LLC (“Lenders Funding”) common equity, Research Now Group, Inc. (“Research Now”) second lien secured loan and Research Now revolver, respectively.

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Net unrealized appreciation for the six months ended June 30, 2023 was primarily driven by increases in the fair value of our investment in UIHC unsecured bonds, Prestige Capital Finance, LLC common equity, and Blackstone Secured Lending common equity on which recognized appreciation of $4.4 million, $1.2 million, and $1.0 million, respectively. These gains were partially offset by unrealized depreciation of $2.0 million, $0.7 million and $0.7 million due to decreases in fair value of our investment in Lenders Funding common equity, Research Now second lien secured loan and First Brands, Inc. second lien secured loan, respectively.

During the three months ended June 30, 2022, gross unrealized appreciation primarily due to the realization of previously recognized unrealized losses on our investments in the Avanti 2nd lien bonds, 1.5 lien notes and common equity as discussed under Realized Gains (Losses) above, resulting in the reversal of approximately $110 million in previously recognized unrealized depreciation. For the six months ended June 30, 2022, unrealized appreciation also includes approximately $15.3 million and $4.2 million in reversals of previously recognized unrealized depreciation as a result of the sales of our investments in Tru Taj common equity and CPK common equity. Unrealized depreciation for the three and six months ended June 30, 2022 also includes approximately $6.8 million of loss on our investments in Avanti Space Limited E2, F and G junior priority notes.

Liquidity and Capital Resources

We generate liquidity through our operations with cash received from investment income and sales and paydowns on investments. Such proceeds are generally reinvested in new investment opportunities, distributed to shareholders in the form of dividends, or used to pay operating expenses. We also receive proceeds from our issuances of notes payable and our revolving credit facility and from time to time may raise additional equity capital. See “—Revolver” and “—Notes Payable” below for more information regarding our outstanding credit facility and notes.

At June 30, 2023, we had approximately $3.4 million of cash and cash equivalents and approximately $8.4 million of money market fund investments at fair value. At June 30, 2023, we had investments in 50 debt instruments across 41 companies, totaling approximately $198.8 million at fair value and 60 equity investments in 60 companies, totaling approximately $37.6 million at fair value.

In the normal course of business, we may enter into investment agreements under which we commit to make an investment in a portfolio company at some future date or over a specified period of time. As of June 30, 2023, we had approximately $11.9 million in unfunded loan commitments, subject to our approval in certain instances, to provide debt financing to certain of our portfolio companies. We had sufficient cash and other liquid assets on our June 30, 2023 balance sheet to satisfy the unfunded commitments.

For the six months ended June 30, 2023, net cash provided by operating activities was approximately $13.1 million, reflecting the purchases and repayments of investments offset by net investment income, including non-cash income related to accretion of discount and PIK income and proceeds from sales of investments and principal payments received. Net cash provided by purchases and proceeds from sales of investments was approximately $5.4 million, reflecting payments for additional investments of $68.1 million, offset by proceeds from principal repayments and sales of $73.5 million. Such amounts include draws and repayments on investments in revolving credit facilities.

For the six months ended June 30, 2023, net cash used in financing activities was $10.3 million, consisting of $5.0 million in net repayments on the revolving credit facility and $5.3 million in distributions to stockholders.

We believe we have sufficient liquidity available to meet our short-term and long-term obligations for at least the next 12 months and for the foreseeable future thereafter.

Contractual Obligations and Cash Requirements

A summary of our material contractual payment obligations and cash obligations as of June 30, 2023 is as follows:

(in thousands)	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Contractual and Other Cash Obligations
GECCM Notes		45,610		-		45,610		-		-
GECCN Notes		42,823		42,823		-		-		-
GECCO Notes		57,500		-		57,500		-		-
Revolving Credit Facility		5,000		5,000		-		-		-
Total	$	150,933	$	47,823	$	103,110	$	-	$	-

See “—Revolver” and “—Notes Payable” below for more information regarding our outstanding credit facility and notes.

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We have certain contracts under which we have material future commitments. Under the Investment Management Agreement, GECM provides investment advisory services to us. For providing these services, we pay GECM a fee, consisting of two components: (1) a base management fee based on the average value of our total assets and (2) an incentive fee based on our performance. On August 1, 2022, our stockholders approved an amendment to the Investment Management Agreement to eliminate $163.2 million of realized and unrealized losses incurred prior to April 1, 2022 from the calculation of future capital gains incentive fees and reset the capital gain incentive fee and mandatory deferral periods in Sections 4.4 and 4.5, respectively, of the Investment Management Agreement to begin on April 1, 2022.

We are also party to the Administration Agreement with GECM. Under the Administration Agreement, GECM furnishes us with, or otherwise arranges for the provision of, office facilities, equipment, clerical, bookkeeping, finance, accounting, compliance and record keeping services at such office facilities and other such services as our administrator.

If any of the contractual obligations discussed above are terminated, our costs under any new agreements that we enter into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under our Investment Management Agreement and our Administration Agreement. Any new investment management agreement would also be subject to approval by our stockholders.

Both the Investment Management Agreement and the Administration Agreement may be terminated by either party without penalty upon no fewer than 60 days’ written notice to the other.

Revolver

On May 5, 2021, we entered into a Loan, Guarantee and Security Agreement (the “Loan Agreement”) with City National Bank (“CNB”). The Loan Agreement provides for a senior secured revolving line of credit of up to $25 million (subject to a borrowing base as defined in the Loan Agreement). We may request to increase the revolving line in an aggregate amount not to exceed $25 million, which increase is subject to the sole discretion of CNB. The maturity date of the revolving line is May 5, 2024. Borrowings under the revolving line bear interest at a rate equal to (i) the secured overnight financing rate (“SOFR”) plus 3.50%, (ii) a base rate plus 2.00% or (iii) a combination thereof, as determined by us. As of June 30, 2023, there were $5.0 million borrowings outstanding under the revolving line.

Borrowings under the revolving line are secured by a first priority security interest in substantially all of our assets, subject to certain specified exceptions. We have made customary representations and warranties and are required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar loan agreements. In addition, the Loan Agreement contains financial covenants requiring (i) net assets of not less than $65 million, (ii) asset coverage equal to or greater than 150% and (iii) bank asset coverage equal to or greater than 300%, in each case tested as of the last day of each fiscal quarter of the Company. Borrowings are also subject to the leverage restrictions contained in the Investment Company Act of 1940, as amended (the “Investment Company Act”). In May 2022, the Loan Agreement was amended to require an asset coverage equal to or greater than 150% as of the last day of each fiscal quarter except for the fiscal quarters ending March 31, 2022 and June 30, 2022. In addition, the interest rate was amended to replace London Interbank Offered Rate (“LIBOR”) with SOFR.

Notes Payable

On January 11, 2018, we issued $43.0 million in aggregate principal amount of 6.75% notes due 2025 (the “GECCM Notes”). On January 19, 2018 and February 9, 2018, we issued an additional $1.9 million and $1.5 million, respectively, of the GECCM Notes upon partial exercise of the underwriters’ over-allotment option. The aggregate principal balance of the GECCM Notes outstanding as of June 30, 2023 is $45.6 million.

On June 18, 2019, we issued $42.5 million in aggregate principal amount of 6.50% Notes due 2024 (the “GECCN Notes”), which included $2.5 million of GECCN Notes issued in connection with the partial exercise of the underwriters’ over-allotment option. On July 5, 2019, we issued an additional $2.5 million of the GECCN Notes upon another partial exercise of the underwriters’ over-allotment option. The aggregate principal balance of the GECCN Notes outstanding as of June 30, 2023 is $42.8 million.

On June 23, 2021, we issued $50.0 million in aggregate principal amount of 5.875% notes due 2026 (the “GECCO Notes” and, together with the GECCM Notes and GECCN Notes, the “Notes”). On July 9, 2021, we issued an additional $7.5 million of the GECCO Notes upon full exercise of the underwriters’ over-allotment option. The aggregate principal balance of the GECCO Notes outstanding as of June 30, 2023 is $57.5 million.

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The Notes are our unsecured obligations and rank equal with all of our outstanding and future unsecured unsubordinated indebtedness. The unsecured notes are effectively subordinated, or junior in right of payment, to indebtedness under our Loan Agreement and any other future secured indebtedness that we may incur and structurally subordinated to all future indebtedness and other obligations of our subsidiaries. We pay interest on the Notes on March 31, June 30, September 30 and December 31 of each year. The GECCM Notes, GECCN Notes and GECCO Notes will mature on January 31, 2025, June 30, 2024 and June 30, 2026, respectively. The GECCM Notes and GECCN Notes are currently callable at the Company’s option and the GECCO Notes can be called on, or after, June 30, 2023. Holders of the Notes do not have the option to have the Notes repaid prior to the stated maturity date. The Notes were issued in minimum denominations of $25 and integral multiples of $25 in excess thereof.

We may repurchase the Notes in accordance with the Investment Company Act and the rules promulgated thereunder.

As of June 30, 2023, our asset coverage ratio was approximately 161.5%. Under the Investment Company Act, we are subject to a minimum asset coverage ratio of 150%.

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Share Price Data

The following table sets forth: (i) NAV per share of our common stock as of the applicable period end, (ii) the range of high and low closing sales prices of our common stock as reported on the Nasdaq Global Market during the applicable period, (iii) the closing high and low sales prices as a premium (discount) to NAV during the relevant period, and (iv) the distributions per share of our common stock declared during the applicable period. Shares of business development companies may trade at a market price that is less than the value of the net assets attributable to those shares. The possibility that our shares of common stock will trade at a discount or premium to NAV is separate and distinct from the risk that our NAV will decrease. During the last two fiscal years, our common stock has generally traded below NAV. During the last two fiscal years, using the high and low sales prices within each fiscal quarter compared to the NAV at such quarter end, our common stock has traded as high as a 27.0% premium to NAV and as low as a 37.9% discount to NAV.

			Closing Sales Price				Premium (Discount) of High Sales Price	Premium (Discount) of Low Sales Price	Distributions
	NAV(1)		High		Low		to NAV(2)	to NAV(2)	Declared(3)
Fiscal year ending December 31, 2023
Third Quarter (through July 27, 2023)	N/A		$	8.33	$	7.68	--	--	$	0.35
Second Quarter	$	12.21		9.10		7.58	(25.5)%	(37.9)%		0.35
First Quarter		11.88		9.75		8.50	(17.9)%	(28.5)%		0.35
Fiscal year ending December 31, 2022
Fourth Quarter	$	11.16	$	10.29	$	8.17	(7.8)%	(26.8)%	$	0.45
Third Quarter		12.56		12.70		8.04	1.1%	(36.0)%		0.45
Second Quarter		12.84		15.00		12.30	16.9%	(4.2)%		0.45
First Quarter		15.06		18.99		13.80	26.1%	(8.4)%		0.60
Fiscal year ending December 31, 2021
Fourth Quarter	$	16.63	$	21.12	$	18.24	27.0%	9.7%	$	0.60
Third Quarter		22.17		21.84		19.50	(1.5)%	(12.0)%		0.60
Second Quarter		23.40		23.04		19.26	(1.5)%	(17.7)%		0.60
First Quarter		23.36		24.18		18.24	3.5%	(21.9)%		0.60

(1)NAV per share is determined as of the last day in the relevant quarter and therefore does not necessarily reflect the NAV per share on the date of the high and low closing sales prices. The NAVs shown are based on outstanding shares at the end of each period as adjusted retroactively for the reverse stock split effected on February 28, 2022.

(2)Calculated as of the respective high or low closing sales price divided by the quarter-end NAV.

(3)We have adopted a dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, if our Board authorizes, and we declare, a cash distribution, our stockholders who have not opted out of our dividend reinvestment plan will have their cash distributions (net of any applicable withholding tax) automatically reinvested in additional shares of our common stock, rather than receiving the cash distributions.

For all periods presented in the table above, there was no return of capital included in any distribution.

The last reported closing price for our common stock on July 27, 2023 was $8.28 per share. As of July 27, 2023, we had 9 record holders of our common stock.

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Distributions

The following table summarizes our distributions declared for record dates since January 1, 2021:

Record Date	Payment Date	Distribution Per Share Declared(1)
March 15, 2021	March 31, 2021	$	0.60
June 15, 2021	June 30, 2021	$	0.60
September 15, 2021	September 30, 2021	$	0.60
December 15, 2021	December 31, 2021	$	0.60
March 15, 2022	March 30, 2022	$	0.60
June 23, 2022	June 30, 2022	$	0.45
September 15, 2022	September 30, 2022	$	0.45
December 15, 2022	December 30, 2022	$	0.45
March 15, 2023	March 31, 2023	$	0.35
June 15, 2023	June 30, 2023	$	0.35

(1)Per share amounts have been adjusted for the periods shown to reflect the six-for-one reverse stock split effected on February 28, 2022 on a retroactive basis.

Recent Developments

Our board set distributions for the quarter ending September 30, 2023 at a rate of $0.35 per share. The full amount of each distribution will be from distributable earnings. The schedule of distribution payments will be established by GECC pursuant to authority granted by our Board. The distribution will be paid in cash.

Interest Rate Risk

We are also subject to financial risks, including changes in market interest rates. As of June 30, 2023, approximately $136.8 million in principal amount of our debt investments bore interest at variable rates, which are generally based on LIBOR, SOFR or US prime rate, and many of which are subject to certain floors. Recently, interest rates have risen and a prolonged increase in interest rates will increase our gross investment income and could result in an increase in our net investment income if such increases in interest rates are not offset by a corresponding decrease in the spread over variable rates that we earn on any portfolio investments or an increase in our operating expenses. See “Item 3. Quantitative and Qualitative Disclosures About Market Risk” for an analysis of the impact of hypothetical base rate changes in interest rates.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including changes in interest rates. As of June 30, 2023, 19 debt investments in our portfolio bore interest at a fixed rate, and the remaining 30 debt investments were at variable rates, representing approximately $97.6 million and $136.8 million in principal debt, respectively. As of December 31, 2022, 31 debt investments in our portfolio bore interest at a fixed rate, and the remaining 23 debt investments were at variable rates, representing approximately $129.3 million and $100.8 million in principal debt, respectively. The variable rates are generally based upon the LIBOR, SOFR or US prime rate.

To illustrate the potential impact of a change in the underlying interest rate on our net investment income, we have assumed a 1%, 2%, and 3% increase and 1%, 2%, and 3% decrease in the underlying reference rate, and no other change in our portfolio as of June 30, 2023. We have also assumed there are no outstanding floating rate borrowings by the Company. See the following table for the effect the rate changes would have on net investment income.

Reference Rate Increase (Decrease)	Increase (decrease) of Net Investment Income (in thousands)(1)
3.00%	$	4,262
2.00%		2,841
1.00%		1,409
-1.00%		(1,421	)
-2.00%		(2,841	)
-3.00%		(4,259	)

(1)Several of our debt investments with variable rates contain a reference rate floor. The actual increase (decrease) of net investment income reflected in the table above takes into account such floors to the extent applicable.

Although we believe that this analysis is indicative of our existing interest rate sensitivity at June 30, 2023, it does not adjust for changes in the credit quality, size and composition of our portfolio, and other business developments, including borrowing under a credit facility, that could affect the net increase (decrease) in net assets resulting from operations. Accordingly, no assurances can be given that actual results would not differ materially from the results under this hypothetical analysis.

We may in the future hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of June 30, 2023, we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”)). Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic filings with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the quarter ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

15

PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time, we, our investment adviser or administrator may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. A description of our legal proceedings is included in Note 7 of the unaudited consolidated financial statements attached to this report.

Item 1A. Risk Factors.

There have been no material changes in risk factors in the period covered by this report. See discussion of risk factors in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2022.

Item 5. Other Information.

During the quarter ended June 30, 2023, no director or officer (as defined in Rule 16a-1(f) promulgated under the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K).

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Item 6. Exhibits.

Unless otherwise indicated, all references are to exhibits to the applicable filing by Great Elm Capital Corp. (the “Registrant”) under File No. 814-01211 with the Securities and Exchange Commission.

Exhibit Number	Description
3.1	Amended and Restated Charter of the Registrant (incorporated by reference to Exhibit 3.1 to the Form 8-K filed on November 7, 2016)
3.2	Amendment to Amended and Restated Articles of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Form 8-K filed on March 2, 2022)
3.3	Bylaws of the Registrant (incorporated by reference to Exhibit 2 to the Registration Statement on Form N-14 (File No. 333-212817) filed on August 1, 2016)
31.1*	Certification of the Registrant’s Chief Executive Officer (“CEO”)
31.2*	Certification of the Registrant’s Chief Financial Officer (“CFO”)
32.1*	Certification of the Registrant’s CEO and CFO
101	Materials from the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2023, formatted in inline Extensible Business Reporting Language (XBRL): (i) consolidated statements of assets and liabilities, (ii) consolidated statements of operations, (iii) consolidated statements of changes in net assets, (iv) consolidated statements of cash flows, (v) consolidated schedules of investments, and (vi) related notes to the consolidated financial statements, tagged in detail (furnished herewith)
104	The cover page from the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2023, formatted in inline XBRL (included as Exhibit 101)

* Filed herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	GREAT ELM CAPITAL CORP.
Date: August 3, 2023	By:	/s/ Matt Kaplan
	Name:	Matt Kaplan
	Title:	Chief Executive Officer
Date: August 3, 2023	By:	/s/ Keri A. Davis
	Name:	Keri A. Davis
	Title:	Chief Financial Officer

18

GREAT ELM CAPITAL CORP.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Statements of Assets and Liabilities as of June 30, 2023 and December 31, 2022 (unaudited)	F-20
Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 (unaudited)	F-21
Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2023 and 2022 (unaudited)	F-22
Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (unaudited)	F-23
Consolidated Schedule of Investments as of June 30, 2023 and December 31, 2022 (unaudited)	F-25
Notes to the Unaudited Consolidated Financial Statements	F-47

F-19

GREAT ELM CAPITAL CORP.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited)

Dollar amounts in thousands (except per share amounts)

	June 30, 2023			December 31, 2022
Assets
Investments
Non-affiliated, non-controlled investments, at fair value (amortized cost of $191,570 and $183,061, respectively)	$	186,091		$	171,743
Non-affiliated, non-controlled short-term investments, at fair value (amortized cost of $78,158 and $76,140, respectively)		78,139			76,127
Affiliated investments, at fair value (amortized cost of $13,427 and $13,433, respectively)		1,450			1,304
Controlled investments, at fair value (amortized cost of $52,882 and $54,684, respectively)		48,890			51,910
Total investments		314,570			301,084
Cash and cash equivalents		3,352			587
Receivable for investments sold		90			396
Interest receivable		2,932			3,090
Dividends receivable		1,124			1,440
Due from portfolio company		3			1
Deferred financing costs		146			226
Prepaid expenses and other assets		260			3,288
Total assets	$	322,477		$	310,112
Liabilities
Notes payable (including unamortized discount of $2,213 and $2,781, respectively)	$	143,721		$	143,152
Revolving credit facility		5,000			10,000
Payable for investments purchased		77,049			70,022
Interest payable		56			42
Accrued incentive fees payable		2,116			565
Due to affiliates		1,174			1,042
Accrued expenses and other liabilities		511			480
Total liabilities	$	229,627		$	225,303
Commitments and contingencies (Note 7)	$	-		$	-
Net Assets
Common stock, par value $0.01 per share (100,000,000 shares authorized, 7,601,958 shares issued and outstanding and 7,601,958 shares issued and outstanding, respectively)	$	76		$	76
Additional paid-in capital		284,107			284,107
Accumulated losses		(191,333	)		(199,374	)
Total net assets	$	92,850		$	84,809
Total liabilities and net assets	$	322,477		$	310,112
Net asset value per share	$	12.21		$	11.16

The accompanying notes are an integral part of these financial statements.

F-20

GREAT ELM CAPITAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

Dollar amounts in thousands (except per share amounts)

		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2023			2022			2023			2022
Investment Income:
Interest income from:
Non-affiliated, non-controlled investments		$	5,836		$	3,016		$	11,312		$	6,275
Non-affiliated, non-controlled investments (PIK)			590			223			1,039			469
Affiliated investments			32			22			62			43
Affiliated investments (PIK)			-			-			-			58
Controlled investments			623			473			1,065			930
Controlled investments (PIK)			-			-			233			-
Total interest income			7,081			3,734			13,711			7,775
Dividend income from:
Non-affiliated, non-controlled investments			327			454			645			957
Controlled investments			700			935			1,316			1,699
Total dividend income			1,027			1,389			1,961			2,656
Other income from:
Non-affiliated, non-controlled investments			869			390			1,715			640
Total other income			869			390			1,715			640
Total investment income		$	8,977		$	5,513		$	17,387		$	11,071
Expenses:
Management fees		$	884		$	771		$	1,753		$	1,551
Incentive fees			842			-			1,552			-
Administration fees			341			262			636			483
Custody fees			21			14			43			28
Directors’ fees			53			44			105			107
Professional services			434			373			970			791
Interest expense			2,769			2,667			5,590			5,337
Other expenses			265			194			503			385
Total expenses		$	5,609		$	4,325		$	11,152		$	8,682
Incentive fee waiver			-			-			-			(4,854	)
Net expenses			5,609			4,325		$	11,152		$	3,828
Net investment income before taxes		$	3,368		$	1,188		$	6,235		$	7,243
Excise tax		$	-		$	-		$	28		$	101
Net investment income		$	3,368		$	1,188		$	6,207		$	7,142
Net realized and unrealized gains (losses):
Net realized gain (loss) on investment transactions from:
Non-affiliated, non-controlled investments		$	542		$	1,033		$	2,387		$	(18,900	)
Affiliated investments			-			(110,784	)		-			(110,784	)
Total net realized gain (loss)			542			(109,751	)		2,387			(129,684	)
Net change in unrealized appreciation (depreciation) on investment transactions from:
Non-affiliated, non-controlled investments			3,054			(11,424	)		5,835			5,112
Affiliated investments			(11	)		116,009			152			108,320
Controlled investments			(1,751	)		(540	)		(1,219	)		(517	)
Total net change in unrealized appreciation (depreciation)			1,292			104,045			4,768			112,915
Net realized and unrealized gains (losses)		$	1,834		$	(5,706	)	$	7,155		$	(16,769	)
Net increase (decrease) in net assets resulting from operations		$	5,202		$	(4,518	)	$	13,362		$	(9,627	)
Net investment income per share (basic and diluted):	(1)	$	0.44		$	0.23		$	0.82		$	1.46
Earnings per share (basic and diluted):	(1)	$	0.68		$	(0.87	)	$	1.76		$	(1.97	)
Weighted average shares outstanding (basic and diluted):	(1)		7,601,958			5,194,910			7,601,958			4,878,439

(1)Weighted average shares outstanding and per share amounts have been adjusted for the periods shown to reflect the six-for-one reverse stock split effected on February 28, 2022 on a retroactive basis as described in Note 2.

The accompanying notes are an integral part of these financial statements.

F-21

GREAT ELM CAPITAL CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

Dollar amounts in thousands

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Increase (decrease) in net assets resulting from operations:
Net investment income	$	3,368		$	1,188		$	6,207		$	7,142
Net realized gain (loss)		542			(109,751	)		2,387			(129,684	)
Net change in unrealized appreciation (depreciation) on investments		1,292			104,045			4,768			112,915
Net increase (decrease) in net assets resulting from operations		5,202			(4,518	)		13,362			(9,627	)
Distributions to stockholders:
Distributions(1)		(2,660	)		(3,421	)		(5,321	)		(6,182	)
Total distributions to stockholders		(2,660	)		(3,421	)		(5,321	)		(6,182	)
Capital transactions:
Issuance of common stock, net		-			36,259			-			38,859
Net increase (decrease) in net assets resulting from capital transactions		-			36,259			-			38,859
Total increase (decrease) in net assets		2,542			28,320			8,041			23,050
Net assets at beginning of period	$	90,308		$	69,286		$	84,809		$	74,556
Net assets at end of period	$	92,850		$	97,606		$	92,850		$	97,606
Capital share activity(2)
Shares outstanding at the beginning of the period		7,601,958			4,601,391			7,601,958			4,484,278
Issuance of common stock		-			3,000,567			-			3,117,684
Fractional shares redeemed for cash in lieu of reverse stock split		-			-			-			(4	)
Shares outstanding at the end of the period		7,601,958			7,601,958			7,601,958			7,601,958

(1)Distributions were from distributable earnings for each of the periods presented.

(2)Share activity has been adjusted for the periods shown to reflect the six-for-one reverse stock split effected on February 28, 2022 on a retroactive basis as described in Note 2.

The accompanying notes are an integral part of these financial statements.

F-22

GREAT ELM CAPITAL CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

Dollar amounts in thousands

	For the Six Months Ended June 30,
	2023			2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	13,362		$	(9,627	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(68,088	)		(67,275	)
Net change in short-term investments		(2,090	)		(32,406	)
Capitalized payment-in-kind interest		(1,155	)		(677	)
Proceeds from sales of investments		34,416			29,969
Proceeds from principal payments		39,040			30,711
Net realized (gain) loss on investments		(2,387	)		129,684
Net change in unrealized (appreciation) depreciation on investments		(4,768	)		(112,915	)
Amortization of premium and accretion of discount, net		(1,121	)		(612	)
Amortization of discount (premium) on long term debt		649			654
Increase (decrease) in operating assets and liabilities:
(Increase) decrease in interest receivable		158			(450	)
(Increase) decrease in dividends receivable		316			205
(Increase) decrease in due from portfolio company		(2	)		113
(Increase) decrease in due from affiliates		-			(20	)
(Increase) decrease in prepaid expenses and other assets		3,028			305
Increase (decrease) in due to affiliates		1,683			(4,881	)
Increase (decrease) in interest payable		14			28
Increase (decrease) in accrued expenses and other liabilities		31			(286	)
Net cash provided by (used for) operating activities		13,086			(37,480	)
Cash flows from financing activities
Borrowings under credit facility		2,000			-
Repayments under credit facility		(7,000	)		-
Proceeds from issuance of common stock		-			37,507
Payments of deferred financing costs		-			(1,262	)
Distributions paid		(5,321	)		(6,182	)
Net cash provided by (used for) financing activities		(10,321	)		30,063
Net increase (decrease) in cash		2,765			(7,417	)
Cash and cash equivalents and restricted cash, beginning of period		587			9,145
Cash and cash equivalents and restricted cash, end of period	$	3,352		$	1,728
Supplemental disclosure of non-cash financing activities:
Common stock issued in-kind	$	-		$	2,600
Supplemental disclosure of cash flow information:
Cash paid for excise tax	$	157		$	128
Cash paid for interest		4,896			4,646

F-23

The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:

	June 30, 2023		December 31, 2022
Cash and cash equivalents	$	3,352	$	587
Restricted cash		-		-
Total cash and cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows	$	3,352	$	587
	June 30, 2022		December 31, 2021
Cash and cash equivalents	$	1,728	$	9,132
Restricted cash		-		13
Total cash and cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows	$	1,728	$	9,145

The accompanying notes are an integral part of these financial statements.

F-24

GREAT ELM CAPITAL CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2023

Dollar amounts in thousands

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
Advancion 1500 E Lake Cook Rd Buffalo Grove, IL 60089	Chemicals	2nd Lien, Secured Loan	2	1M L + 7.75%, 8.50% Floor (12.94%)	09/21/2022	11/24/2028		1,625		1,509		1,430
APTIM Corp. 4171 Essen Lane Baton Rouge, LA 70809	Industrial	1st Lien, Secured Bond	11	7.75%	03/28/2019	06/15/2025		5,000		4,274		4,050
Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB	Wireless Telecommunications Services	Junior Priority E2 Notes	6, 7, 9, 10	12.50%	04/13/2022	04/13/2024		1,373		1,138		-
Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB	Wireless Telecommunications Services	Junior Priority F Notes	6, 7, 9, 10	12.50%	04/13/2022	04/13/2024		5,442		4,552		-
Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB	Wireless Telecommunications Services	Junior Priority G Notes	6, 7, 9, 10	12.50%	04/13/2022	10/13/2024		1,601		1,339		-
Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB	Wireless Telecommunications Services	Common Equity	6, 8, 10	n/a	04/13/2022	n/a		1,722		-		-		1.39	%
Avation Capital SA 65 Kampong Bahru Road, #01-01 Singapore 169370	Aircraft	2nd Lien, Secured Bond	7, 10	9.00%, (6.50% cash + 2.50% PIK)	02/04/2022	10/31/2026		4,613		4,111		4,015
Blackstone Secured Lending 345 Park Avenue New York, NY 10154	Closed-End Fund	Common Stock	10	n/a	08/18/2022	n/a		190,000		4,405		5,198	*
Blue Ribbon, LLC 110 E Houston St. San Antonio, TX 78205	Food & Staples	1st Lien, Secured Loan	2, 6	1M L + 6.00%, 6.75% Floor (11.17%)	02/06/2023	05/07/2028		4,954		3,607		3,495
Eagle Point Credit Company Inc 600 Steamboat Road, Suite 202 Greenwich, CT 06830	Closed-End Fund	Common Stock	10	n/a	08/18/2022	n/a		250,000		2,705		2,540	*
ECL Entertainment, LLC 8978 Spanish Ridge Ave Las Vegas, NV 89148	Casinos & Gaming	1st Lien, Secured Loan	2, 6	1M SOFR + 7.50%, 8.25% Floor (12.72%)	03/31/2021	04/30/2028		4,659		4,626		4,660
Enservco / Heat Waves 14133 County Rd 9 1/2 Longmont, CO 80504	Specialty Finance	Term Loan	6	29.44%	03/24/2022	06/24/2026		1,674		1,695		1,872
First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309	Transportation Equipment Manufacturing	2nd Lien, Secured Loan	2	6M L + 8.50%, 9.50% Floor (13.6%)	03/24/2021	03/30/2028		12,545		12,189		11,165
First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309	Transportation Equipment Manufacturing	1st Lien, Secured Loan	2	6M SOFR + 5.00%, 6.00% Floor (10.25%)	06/09/2023	03/30/2027		4,987		4,848		4,872
Flexsys Holdings 260 Springside Drive Akron, OH 44333	Chemicals	1st Lien, Secured Loan	2	3M SOFR + 5.25%, 6.00% Floor (10.75%)	11/04/2022	11/01/2028		4,962		3,977		4,483
Florida Marine, LLC 2360 5th Street Mendeville, LA 70471	Shipping	1st Lien, Secured Loan	2, 6	1M SOFR + 10.30%, 12.30% Floor (15.51%)	03/17/2023	03/17/2028		7,107		6,916		6,932

F-25

Portfolio Company	Industry	Security(1)	Notes	Interest Rate(2)	Initial Acquisition Date	Maturity	Par Amount / Quantity		Cost			Fair Value		Percentage of Class(3)
Foresight Energy 211 North Broadway, Suite 2600 St. Louis, MO 63102	Metals & Mining	1st Lien, Secured Loan	2, 6	3M SOFR + 8.00%, 9.50% Floor (13.34%)	07/29/2021	06/30/2027		6,009		6,041			6,009
FTAI Infrastructure Inc. 1345 Avenue of the Americas, 45th Floor New York, NY 10105	Industrial	1st Lien, Secured Bond	10	10.50%	06/29/2022	06/01/2027		2,000		1,908			1,964
GAC HoldCo Inc. Suite 1220, 407 - 2nd Street S.W. Calgary, AB T2P 2Y3	Oil & Gas Exploration & Production	1st Lien, Secured Bond	10	12.00%	07/27/2021	08/15/2025		6,850		7,123			7,278
Great Elm Healthcare Finance, LLC 3100 West End Ave, Suite 750 Nashville, TN 37203	Specialty Finance	Subordinated Note	4, 6	12.00%	11/17/2022	11/09/2027		4,375		4,375			4,375
Great Elm Healthcare Finance, LLC 3100 West End Ave, Suite 750 Nashville, TN 37203	Specialty Finance	Common Equity	4, 6	n/a	11/17/2022	n/a		88		4,375			4,375		87.50	%
Greenway Health, LLC 4301 W. Boy Scout Blvd, Suite 800 Tampa, FL 33607	Technology	1st Lien, Secured Revolver	2, 6	3M SOFR + 3.75%, 3.75% Floor (8.91%)	01/27/2020	11/17/2023		-		(15	)		-
Greenway Health, LLC 4301 W. Boy Scout Blvd, Suite 800 Tampa, FL 33607	Technology	1st Lien, Secured Revolver - Unfunded	6	0.50%	01/27/2020	11/17/2023		8,026		-			-
Harvey Gulf Holdings LLC 701 Poydras Street, Suite 3700 New Orleans, LA 70139	Shipping	Secured Loan A	2, 6	3M SOFR + 4.50%, 5.50% Floor (9.81%)	08/10/2022	08/10/2027		434		428			433
Harvey Gulf Holdings LLC 701 Poydras Street, Suite 3700 New Orleans, LA 70139	Shipping	Secured Loan B	2, 6	3M SOFR + 8.62%, 9.62% Floor (13.93%)	08/10/2022	08/10/2027		6,634		6,463			6,701
ITP Live Production Group 101 Greenwich Street, Floor 26 New York, NY 10006	Specialty Finance	Term Loan	2, 6	25.61%	12/22/2021	05/22/2026		1,364		1,379			1,451
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118	Specialty Finance	Subordinated Note	4, 6, 10	6.73%	09/20/2021	09/20/2026		9,521		9,521			9,521
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118	Specialty Finance	1st Lien, Secured Revolver - Unfunded	4, 6, 10	n/a	09/20/2021	09/20/2023		5,000		-			-
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118	Specialty Finance	Common Equity	4, 6, 10	n/a	09/20/2021	n/a		6,287		7,250			250		56.13	%
Lummus Technology Holdings 5825 N. Sam Houston Parkway West, #600 Houston, TX 77086	Chemicals	Unsecured Bond		9.00%	05/17/2022	07/01/2028		4,150		3,587			3,616
Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121	Apparel	1st Lien, Secured Loan	2	3M L + 7.00%, 8.00% Floor (12.54%)	06/30/2021	07/15/2027		2,869		2,815			2,013
Martin Midstream Partners LP 4200 Stone Road Kilgore, TX 75662	Energy Midstream	2nd Lien, Secured Bond		11.50%	01/31/2023	02/15/2028		2,000		1,944			1,929

F-26

Portfolio Company

Industry

Security(1)

Notes

Interest Rate(2)

Initial Acquisition Date

Maturity

Par Amount / Quantity

Cost

Fair Value

Percentage of Class(3)

Maverick Gaming LLC 12530 NE 144th Street Kirkland, WA 98034

Casinos & Gaming

1st Lien, Secured Loan

2, 6

3M L + 7.50%, 8.50% Floor (12.98%)

11/16/2021

09/03/2026

5,884

5,748

4,672

New Wilkie Energy Pty Limited 56 Pitt Street Sydney, New South Wales 2000, Australia

Metals & Mining

1st Lien, Secured Loan

2, 6, 7, 10

3M SOFR + 12.50%, 14.50% Floor (17.44%), (12.44% cash + 5.00% PIK)

04/06/2023

04/06/2026

5,000

4,860

4,894

New Wilkie Energy Pty Limited 56 Pitt Street Sydney, New South Wales 2000, Australia

Metals & Mining

Warrants

6, 10

n/a

04/06/2023

n/a

1,078,899

-

35

*

NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962

Consumer Products

Secured Loan B

2, 6, 7

3M SOFR + 13.50%, 14.50% Floor (19.00%), (11.00% cash + 8.00% PIK)

09/30/2022

09/30/2027

9,026

8,783

8,189

NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962

Consumer Products

Promissory Note

6, 8

n/a

09/30/2022

09/30/2029

1,449

-

1,065

NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962

Consumer Products

Warrants

6

n/a

09/30/2022

n/a

880,909

-

-

2.56

%

NuStar Energy LP 19003 1H-10 West San Antonio, TX 78257

Energy Midstream

Preferred Equity

2, 10

3M L + 6.88%, 6.88% Floor (11.72%)

12/12/2022

n/a

6,406

142

162

*

Par Petroleum, LLC 825 Town & Country Lane, Suite 1500 Houston, TX 77024

Oil & Gas Refining

1st Lien, Secured Loan

2, 10

3M SOFR + 4.25%, 4.75% Floor (9.61%)

02/14/2023

02/28/2030

3,990

3,931

3,917

PFS Holdings Corp. 3747 Hecktown Road Easton, PA 18045

Food & Staples

1st Lien, Secured Loan

2, 5, 6

1M L + 7.00%, 8.00% Floor (12.15%)

11/13/2020

11/13/2024

1,049

1,049

944

PFS Holdings Corp. 3747 Hecktown Road Easton, PA 18045

Food & Staples

Common Equity

5, 6, 8

n/a

11/13/2020

n/a

5,238

12,378

506

5.20

%

PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach, FL 33139

Specialty Finance

Term Loan

2, 6

Prime + 6.50%, 6.50% Floor (14.75%)

11/22/2021

12/31/2024

2,000

2,000

1,995

Prestige Capital Finance, LLC 400 Kelby St., 10th Floor Fort Lee, NJ 07024

Specialty Finance

Subordinated Note

2, 4, 6, 10

3M SOFR + 8.50%, 10.50% Floor (13.74%)

06/15/2021

06/15/2025

3,000

3,000

3,000

Prestige Capital Finance, LLC 400 Kelby St., 10th Floor Fort Lee, NJ 07024

Specialty Finance

Common Equity

4, 6, 10

n/a

02/08/2019

n/a

100

7,786

12,792

80.00

%

ProFrac Holdings II, LLC 333 Shops Boulevard Suite 301 Weatherford, Texas 76087

Energy Services

1st Lien, Secured Loan

2, 10

3M SOFR + 7.25%, 8.25% Floor (12.75%)

02/01/2023

03/04/2025

9,647

9,487

9,647

Research Now Group, Inc. 5800 Tennyson Parkway Suite 600 Plano, TX 75024

Internet Media

1st Lien, Secured Revolver

2, 6

3M SOFR + 4.50%, 4.50% Floor (10.00%)

01/29/2019

06/14/2024

6,093

6,090

5,411

F-27

Portfolio Company	Industry	Security(1)	Notes	Interest Rate(2)	Initial Acquisition Date	Maturity	Par Amount / Quantity		Cost		Fair Value			Percentage of Class(3)
Research Now Group, Inc. 5800 Tennyson Parkway Suite 600 Plano, TX 75024	Internet Media	1st Lien, Secured Revolver - Unfunded	6	0.50%	01/29/2019	06/14/2024		3,907		-		(438	)
Research Now Group, Inc. 5800 Tennyson Parkway Suite 600 Plano, TX 75024	Internet Media	2nd Lien, Secured Loan	2, 6	3M SOFR + 9.50%, 10.50% Floor (14.80%)	05/20/2019	12/20/2025		8,000		7,971		4,897
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804	Restaurants	1st Lien, Secured Loan	2, 6, 7	1M SOFR + 12.00%, 13.25% Floor (17.26%), (11.26% cash + 6.00% PIK)	02/24/2021	02/24/2025		2,180		2,180		2,114
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804	Restaurants	1st Lien, Secured Loan	2, 6, 7	1M SOFR + 16.00%, 17.25% Floor (21.26%)	01/31/2023	02/24/2025		537		537		537
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804	Restaurants	Warrants	6, 8	n/a	02/24/2021	n/a		311,697		-		832			2.81	%
SCIH Salt Holdings Inc. 1875 Century Park East, Suite 320 Los Angeles, CA 90067	Food & Staples	1st Lien, Secured Loan	2	1M L + 4.00%, 4.75% Floor (9.15%)	06/21/2023	03/16/2027		1,994		1,959		1,962
Sterling Commercial Credit, LLC 10153 Grand River Rd Brighton, MI 48116	Specialty Finance	Subordinated Note	4, 6, 7	11.00%	02/03/2022	05/03/2025		8,733		8,733		8,733
Sterling Commercial Credit, LLC 10153 Grand River Rd Brighton, MI 48116	Specialty Finance	Common Equity	4, 6	n/a	02/03/2022	n/a		3,280,000		7,842		5,844			80.00	%
Stone Ridge Opportunities Fund L.P. One Vanderbilt Ave., 65th Floor New York, NY 10017	Insurance	Private Fund	12	n/a	12/15/2022	n/a		3,000,000		3,000		3,415
Summit Midstream Holdings, LLC 910 Louisiana Street, Suite 4200 Houston, TX 77002	Energy Midstream	Unsecured Bond		5.75%	08/10/2022	04/15/2025		386		340		351
Summit Midstream Holdings, LLC 910 Louisiana Street, Suite 4200 Houston, TX 77002	Energy Midstream	2nd Lien, Secured Bond		9.00%	10/19/2021	10/15/2026		4,000		3,833		3,885
Target Hospitality Corp. 2170 Buckthorne Place, Suite 440 The Woodlands, TX 77380	Hospitality	Secured Bond	10	9.50%	05/13/2021	03/15/2024		3,331		3,321		3,338
Traeger Inc. 1215 E Wilmington Ave. Suite 200 Salt Lake City, UT 84106	Consumer Products	1st Lien, Secured Loan	2, 10	1M L + 3.25%, 4.00% Floor (8.45%)	03/30/2023	06/29/2028		3,240		2,579		2,697
TRU Taj Trust 505 Park Avenue, 2nd Floor New York, NY 10022	Retail	Common Equity	6, 8	n/a	07/21/2017	n/a		16,000		611		44			2.75	%
United Insurance Holdings Corp. 800 2nd Avenue S. Saint Petersburg, FL 33701	Insurance	Unsecured Bond		7.25%	12/20/2022	12/15/2027		17,500		8,707		12,950
Universal Fiber Systems 640 State Street Bristol, TN 37620	Chemicals	Term Loan B	2, 6, 7	3M SOFR + 13.06%, 14.06% Floor (18.28%), (9.28% cash + 9.00% PIK)	09/30/2021	09/29/2026		7,472		7,385		7,547
Universal Fiber Systems 640 State Street Bristol, TN 37620	Chemicals	Term Loan C	2, 6, 7	3M SOFR + 13.06%, 14.06% Floor (18.28%), (9.28% cash + 9.00% PIK)	09/30/2021	09/29/2026		2,881		2,838		2,694

F-28

Portfolio Company

Industry

Security(1)

Notes

Interest Rate(2)

Initial Acquisition Date

Maturity

Par Amount / Quantity

Cost

Fair Value

Percentage of Class(3)

Universal Fiber Systems 640 State Street Bristol, TN 37620

Chemicals

Warrants

6, 8

n/a

09/30/2021

n/a

3,383

-

1,579

1.50

%

Vantage Specialty Chemicals, Inc. 1751 Lake Cook Rd., Suite 550 Deerfield, IL 60015

Chemicals

1st Lien, Secured Loan

2

1M SOFR + 4.75%, 5.25% Floor (9.90%)

03/03/2023

10/26/2026

4,975

4,836

4,823

Vector Group Ltd. 4400 Biscayne Blvd Miami, FL 33137

Food & Staples

Unsecured Bond

10

10.50%

07/08/2022

11/01/2026

750

718

750

W&T Offshore, Inc. 5718 Westheimer Road, Suite 700 Houston, TX 77057

Oil & Gas Exploration & Production

2nd Lien, Secured Bond

10

11.75%

01/12/2023

02/01/2026

6,000

6,000

5,984

Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies

AdTheorent Holding Company, Inc 330 Hudson Street, 13th Floor New York, NY 10013

Internet Media

Warrants

8, 10

n/a

02/26/2021

n/a

4,166

3

-

*

Allego N.V. Industriepark Kleefse Waard Westervoortsedijk 73 KB 6827 AV Arnhem, The Netherlands

Transportation Equipment Manufacturing

Warrants

8, 10

n/a

03/17/2021

n/a

8,000

9

2

*

Apollo Strategic Growth Capital II 9 West 57th Street, 43rd Floor New York, NY 10019

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/10/2021

n/a

500

1

-

*

Ares Acquisition Corp 245 Park Avenue, 44th Floor New York, NY 10167

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/02/2021

n/a

20,000

18

16

*

BigBear.ai Holdings, Inc. 6811 Benjamin Franklin Dr, Suite 200 Columbia, MD 21046

IT Services

Warrants

8, 10

n/a

02/09/2021

n/a

8,333

6

2

*

Catcha Investment Corp Level 42, Suntec Tower Three, 8 Temasek Blvd, Singapore 038988

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/12/2021

n/a

166

-

-

*

CC Neuberger Principal Holdings III 200 Park Avenue, 58th Floor New York, NY 10166

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/03/2021

n/a

500

1

-

*

CF Acquisition Corp VIII 110 East 59th Street New York, NY 10022

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/12/2021

n/a

1,000

1

-

*

Compute Health Acquisition Corp. 1105 North Market Street, 4th Floor Wilmington, DE 19890

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/05/2021

n/a

125

-

-

*

Core Scientific, Inc. 210 Barton Springs Road Austin, Texas 78704

Technology

Warrants

8, 10

n/a

02/10/2021

n/a

1,250

2

-

*

Dave Inc. 750 N. San Vicente Blvd. 900W West Hollywood, CA 90069

Consumer Finance

Warrants

8, 10

n/a

03/05/2021

n/a

10,000

7

-

*

F-29

Portfolio Company

Industry

Security(1)

Notes

Interest Rate(2)

Initial Acquisition Date

Maturity

Par Amount / Quantity

Cost

Fair Value

Percentage of Class(3)

Digital Transformation Opportunities Corp. 10207 Cleatis Court Los Angeles, CA 90077

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/10/2021

n/a

2,500

2

-

*

FAST Acquisition Corp II 109 Old Branchville Road Ridgefield, CT 06877

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/16/2021

n/a

5,000

7

3

*

Fathom Digital Manufacturing Corporation 1050 Walnut Ridge Drive Hartland, WI 53029

Industrial

Warrants

8, 10

n/a

02/05/2021

n/a

125

-

-

*

FinServ Acquisition Corp II 1345 Avenue of the Americas New York, NY 10105

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/18/2021

n/a

125

-

-

*

Forest Road Acquisition Corp. II 1177 Avenue of the Americas, 5th Floor New York, NY 10036

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/10/2021

n/a

80

-

-

*

Forum Merger IV Corp 1615 South Congress Avenue, Suite 103 Delray Beach, FL 33445

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/18/2021

n/a

5,000

9

-

*

Freedom Acquisition I Corp 14 Wall Street, 20th Floor New York, NY 10005

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/26/2021

n/a

625

1

-

*

Fusion Acquisition Corp II 667 Madison Avenue, 5th Floor New York, NY 10065

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/26/2021

n/a

1,666

1

-

*

Ginko Bioworks Holdings, Inc. 27 Drydock Avenue, 8th Floor Boston, MA 02210

Biotechnology

Warrants

8, 10

n/a

02/24/2021

n/a

5,000

13

1

*

Grove Collaborative Holdings, Inc. 1301 Sansome Street San Francisco, CA 94111

Household & Personal Products

Warrants

8, 10

n/a

03/23/2021

n/a

5,000

7

-

*

Iris Acquisition Corp 2700 19th Street San Francisco, CA 94110

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/05/2021

n/a

500

1

-

*

Jaws Mustang Acquisition Corporation 1601 Washington Avenue, Suite 800 Miami Beach, FL 33139

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/02/2021

n/a

6,250

7

-

*

Kismet Acquisition Two Corp. 850 Library Avenue, Suite 204 Newark, DE 19715

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/18/2021

n/a

326

-

-

*

L Catterton Asia Acquisition C 8 Marina View Asia Square Tower 1, No 41-03 Singapore, 018960

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/11/2021

n/a

5,933

6

3

*

Lanvin Group Holdings Ltd Building S2, Bund Finance Center, No. 600, Zhongshan East 2nd Road Huangpu District, Shanghai, China

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/19/2021

n/a

5,000

6

2

*

M3-Brigade Acquisition II Corp. 1700 Broadway, 19th Floor New York, NY 10019

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/04/2021

n/a

3,333

4

-

*

Movella Holdings Inc. 3535 Executive Terminal Dr. Suite 110 Henderson, NV 89052

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/17/2021

n/a

1,000

1

-

*

F-30

Portfolio Company

Industry

Security(1)

Notes

Interest Rate(2)

Initial Acquisition Date

Maturity

Par Amount / Quantity

Cost

Fair Value

Percentage of Class(3)

Northern Star Investment Corp. II The Chrysler Building 405 Lexington Avenue New York, NY 10174

Special Purpose Acquisition Company

Warrants

8, 10

n/a

01/26/2021

n/a

100

-

-

*

Northern Star Investment Corp. III The Chrysler Building 405 Lexington Avenue New York, NY 10174

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/02/2021

n/a

66

-

-

*

Northern Star Investment Corp. IV The Chrysler Building 405 Lexington Avenue New York, NY 10174

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/02/2021

n/a

66

-

-

*

Pear Therapeutics, Inc. 200 State Street, 13th Floor Boston, MA 02109

Technology

Warrants

8, 10

n/a

02/02/2021

n/a

1,666

2

-

*

Pivotal Investment Corp III The Chrysler Building 405 Lexington Avenue, 11th Floor New York, NY 10174

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/09/2021

n/a

100

-

-

*

Planet Labs PBC 645 Harrison Street, 4th Floor San Francisco, CA 94107

Communications Equipment

Warrants

8, 10

n/a

03/05/2021

n/a

400

-

-

*

Plum Acquisition Corp. I 2021 Fillmore Street, #2089 San Francisco, CA 94115

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/16/2021

n/a

1,600

2

-

*

Polestar Automotive Holding UK PLC Assar Gabrielssons Väg 9 405 31 Göteborg, Sweden

Auto Manufacturer

Warrants

8, 10

n/a

03/23/2021

n/a

2,000

5

1

*

RMG Acquisition Corp. III 57 Ocean, Suite 403 5775 Collins Avenue Miami Beach, FL 33140

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/05/2021

n/a

3,333

5

-

*

Ross Acquisition Corp II 1 Pelican Lane Palm Beach, FL 33480

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/12/2021

n/a

6,666

7

1

*

Rumble Inc. 444 Gulf of Mexico Drive Longboat Key, FL 34228

Special Purpose Acquisition Company

Warrants

8, 10

n/a

05/10/2021

n/a

1,250

1

3

*

Slam Corp. 55 Hudson Yards, 47th Floor, Suite C New York, NY 10001

Special Purpose Acquisition Company

Warrants

8, 10

n/a

04/26/2021

n/a

1,250

1

-

*

Sonder Holdings Inc. 101 15th Street San Francisco, CA 94103

Hospitality

Warrants

8, 10

n/a

03/19/2021

n/a

500

1

-

*

Sustainable Development Acquisition I Corp. 5701 Truxtun Avenue, Suite 201 Bakersfield, CA 90036

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/05/2021

n/a

1,250

1

-

*

Terran Orbital Corporation 6800 Broken Sound Pkwy NW, Suite 200 Boca Raton, FL 33487

Communications Equipment

Warrants

8, 10

n/a

02/19/2021

n/a

3,333

3

1

*

TLG Acquisition One Corp. 515 North Flagler Drive, Suite 520 West Palm Beach, FL 33401

Special Purpose Acquisition Company

Warrants

8, 10

n/a

01/28/2021

n/a

5,000

3

-

*

F-31

Portfolio Company	Industry	Security(1)	Notes	Interest Rate(2)	Initial Acquisition Date	Maturity	Par Amount / Quantity		Cost		Fair Value			Percentage of Class(3)
Tritium DCFC Ltd 23 Archimedes Place Murarrie, QLD Australia	Transportation Equipment Manufacturing	Warrants	8, 10	n/a	02/04/2021	n/a		5,000		6		2		*
Total Investments in Special Purpose Acquisition Companies										150		37
Total Investments excluding Short-Term Investments (254.64% of Net Assets)										257,879		236,431
Short-Term Investments
United States Treasury	Short-Term Investments	Treasury Bill		0.00%	06/30/2023	08/01/2023		70,000,000		69,734		69,715
GS Financial Square Treasury Obligations Fund	Short-Term Investments	Money Market		0.00%	06/30/2022	n/a		8,424,039		8,424		8,424
Total Short-Term Investments (84.16% of Net Assets)										78,158		78,139
TOTAL INVESTMENTS (338.80% of Net Assets)			13						$	336,037	$	314,570
Other Liabilities in Excess of Net Assets (238.79% of Net Assets)											$	(221,720	)
NET ASSETS											$	92,850

(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 London Interbank Offered Rate (“LIBOR” or “L”), prime rate (“Prime”), or Secured Overnight Financing Rate (“SOFR”) 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 one-month (“1M”) LIBOR as of period end was 5.22%. The three-month (“3M”) LIBOR as of period end was 5.55%. The six-month (“6M”) LIBOR as of period end was 5.76%. The prime rate as of period end was 8.25%. The SOFR as of period end was 5.09%.

(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, 2023, the Avation Capital SA secured bond, New Wilkie Energy Pty Limited secured loan, Nice-Pak Products, Inc. secured loan B, Ruby Tuesday Operations, LLC secured loans and each of the Universal Fiber Systems term loans pay all or a portion of their interest in-kind and the rates above reflect the payment-in-kind (“PIK”) interest rates. As of June 30, 2023, each of the Avanti Space Limited secured debt pay in kind and the rates above reflect the PIK interest rates, however, each position is on non-accrual.

(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, 24.21% were non-qualifying assets as of period end.

F-32

(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 $15,906; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $37,373; the net unrealized depreciation was $21,467; the aggregate cost of securities for Federal income tax purposes was $336,037.

* Represents less than 1%.

As of June 30, 2023, the Company’s investments consisted of the following:

Investment Type	Investments at Fair Value		Percentage of Net Assets
Debt	$	198,822		214.13	%
Equity/Other		37,609		40.51	%
Short-Term Investments		78,139		84.16	%
Total	$	314,570		338.80	%

As of June 30, 2023, the geographic composition of the Company’s portfolio at fair value was as follows:

Geography	Investments at Fair Value		Percentage of Net Assets
United States	$	298,338		321.31	%
Canada		7,278		7.84	%
Australia		4,929		5.31	%
Europe		4,018		4.33	%
Asia/Oceania		7		0.01	%
Total	$	314,570		338.80	%

F-33

As of June 30, 2023, the industry composition of the Company’s portfolio at fair value was as follows:

Industry	Investments at Fair Value		Percentage of Net Assets
Specialty Finance	$	54,208		58.38	%
Chemicals		26,172		28.19	%
Insurance		16,365		17.63	%
Transportation Equipment Manufacturing		16,041		17.28	%
Shipping		14,066		15.15	%
Oil & Gas Exploration & Production		13,262		14.28	%
Consumer Products		11,951		12.87	%
Metals & Mining		10,938		11.78	%
Internet Media		9,870		10.63	%
Energy Services		9,647		10.39	%
Casinos & Gaming		9,332		10.05	%
Closed-End Fund		7,738		8.33	%
Food & Staples		7,657		8.25	%
Energy Midstream		6,327		6.81	%
Industrial		6,014		6.48	%
Aircraft		4,015		4.32	%
Oil & Gas Refining		3,917		4.22	%
Restaurants		3,483		3.75	%
Hospitality		3,338		3.60	%
Apparel		2,013		2.17	%
Retail		44		0.05	%
Special Purpose Acquisition Company		28		0.03	%
IT Services		2		0.00	%
Auto Manufacturer		1		0.00	%
Communications Equipment		1		0.00	%
Biotechnology		1		0.00	%
Technology		-		0.00	%
Short-Term Investments		78,139		84.16	%
Total	$	314,570		338.80	%

F-34

GREAT ELM CAPITAL CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2022

Dollar amounts in thousands

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
AgroFresh Inc. One Washington Square, 510-530 Walnut Street, Suite 1350, Philadelphia, PA 19106	Chemicals	1st Lien, Secured Loan	2	1M L + 6.25%, 7.25% Floor (10.63%)	03/31/2021	12/31/2024		4,402		4,387		4,303
American Tower Corporation 116 Huntington Avenue Boston, MA 02116	Wireless Telecommunications Services	Corporate Bond	10	3.50%	06/24/2022	01/31/2023		3,000		3,000		2,997
ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove, IL 60089	Chemicals	2nd Lien, Secured Loan	2, 6	1M L + 7.75%, 8.50% Floor (12.07%)	09/21/2022	11/24/2028		1,625		1,502		1,505
ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove, IL 60089	Chemicals	1st Lien, Secured Loan	2, 6	1M SOFR + 4.75%, 5.50% Floor (12.14%)	11/04/2022	11/24/2027		3,000		2,795		2,810
APTIM Corp. 4171 Essen Lane Baton Rouge, LA 70809	Industrial	1st Lien, Secured Bond	11	7.75%	03/28/2019	06/15/2025		5,000		4,128		3,488
Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB	Wireless Telecommunications Services	Junior Priority E2 Notes	6, 7, 9, 10	12.50%	04/13/2022	04/13/2024		1,292		1,138		-
Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB	Wireless Telecommunications Services	Junior Priority F Notes	6, 7, 9, 10	12.50%	04/13/2022	04/13/2024		5,119		4,552		-
Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB	Wireless Telecommunications Services	Junior Priority G Notes	6, 7, 9, 10	12.50%	04/13/2022	10/13/2024		1,506		1,339		-
Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB	Wireless Telecommunications Services	Common Equity	6, 8, 10	n/a	04/13/2022	n/a		1,722		-		-		1.72	%
Avation Capital SA 65 Kampong Bahru Road, #01-01 Singapore 169370	Aircraft	2nd Lien, Secured Bond	7, 10	9.00%, (6.50% cash + 2.50% PIK)	02/04/2022	10/31/2026		4,556		3,996		3,577
Blackstone Secured Lending 345 Park Avenue New York, NY 10154	Closed-End Fund	Common Stock	10	n/a	08/18/2022	n/a		200,000		4,647		4,470	*
Crestwood Equity Partners LP 811 Main Street, Suite 3400 Houston, TX 77002	Energy Midstream	Preferred Equity	10	9.25%	06/19/2020	n/a		216,178		1,288		1,872	*
Eagle Point Credit Company Inc 600 Steamboat Road, Suite 202 Greenwich, CT 06830	Closed-End Fund	Common Stock	10	n/a	08/18/2022	n/a		133,844		1,509		1,355	*
ECL Entertainment, LLC 8978 Spanish Ridge Ave Las Vegas, NV 89148	Casinos & Gaming	1st Lien, Secured Loan	2	1M SOFR + 7.50%, 8.25% Floor (11.88%)	03/31/2021	04/30/2028		4,433		4,397		4,418
Enservco / Heat Waves 14133 County Rd 9 1/2 Longmont, CO 80504	Specialty Finance	Term Loan	6	22.29%	03/24/2022	06/24/2026		1,894		1,918		1,894
Equitrans Midstream Corp. 2200 Energy Drive Canonsburg, PA 15317	Energy Midstream	Preferred Equity	6, 10	9.75%	07/01/2021	n/a		250,000		5,275		4,982	*

F-35

Portfolio Company	Industry	Security(1)	Notes	Interest Rate(2)	Initial Acquisition Date	Maturity	Par Amount / Quantity		Cost			Fair Value		Percentage of Class(3)
First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309	Transportation Equipment Manufacturing	2nd Lien, Secured Loan	2, 6	6M L + 8.50%, 9.50% Floor (11.87%)	03/24/2021	03/30/2028		12,545		12,162			11,800
Flexsys Holdings 260 Springside Drive Akron, OH 44333	Chemicals	1st Lien, Secured Loan	2, 6	1M SOFR + 5.25%, 6.00% Floor (9.69%)	11/04/2022	11/01/2028		4,987		3,936			4,052
Foresight Energy 211 North Broadway, Suite 2600 St. Louis, MO 63102	Metals & Mining	1st Lien, Secured Loan	2, 6	3M L + 8.00%, 9.50% Floor (12.73%)	07/29/2021	06/30/2027		6,046		6,080			6,046
Forum Energy Technologies, Inc. 10344 Sam Houston Park Drive, Suite 300 Houston, TX 77064	Energy Services	1st Lien, Secured Convertible Bond	7	9.00%	05/09/2022	08/04/2025		2,705		2,627			2,877
FTAI Infrastructure Inc. 1345 Avenue of the Americas, 45th Floor New York, NY 10105	Industrial	1st Lien, Secured Bond	10	10.50%	06/29/2022	06/01/2027		2,000		1,899			2,010
GAC HoldCo Inc. Suite 1220, 407 - 2nd Street S.W. Calgary, AB T2P 2Y3	Oil & Gas Exploration & Production	1st Lien, Secured Bond	10	12.00%	07/27/2021	08/15/2025		6,850		7,179			7,278
Great Elm Healthcare Finance, LLC 3100 West End Ave, Suite 750 Nashville, TN 37203	Specialty Finance	Subordinated Note	4, 6	12.00%	11/17/2022	11/09/2027		4,375		4,375			4,375
Great Elm Healthcare Finance, LLC 3100 West End Ave, Suite 750 Nashville, TN 37203	Specialty Finance	Common Equity	4, 6	n/a	11/17/2022	n/a		88		4,375			4,375		87.50	%
Greenway Health, LLC 4301 W. Boy Scout Blvd, Suite 800 Tampa, FL 33607	Technology	1st Lien, Secured Revolver	2, 6	3M L + 3.75% (8.52%)	01/27/2020	11/17/2023		-		(34	)		-
Greenway Health, LLC 4301 W. Boy Scout Blvd, Suite 800 Tampa, FL 33607	Technology	1st Lien, Secured Revolver - Unfunded	6	0.50%	01/27/2020	11/17/2023		8,026		-			-
Harvey Gulf Holdings LLC 701 Poydras Street, Suite 3700 New Orleans, LA 70139	Shipping	Secured Loan A	2, 6	3M SOFR + 5.00%, 6.00% Floor (9.36%)	08/10/2022	08/10/2027		488		479			480
Harvey Gulf Holdings LLC 701 Poydras Street, Suite 3700 New Orleans, LA 70139	Shipping	Secured Loan B	2, 6	3M SOFR + 10.04%, 11.04% Floor (14.40%)	08/10/2022	08/10/2027		6,825		6,631			6,726
ITP Live Production Group 101 Greenwich Street, Floor 26 New York, NY 10006	Specialty Finance	Term Loan	6	19.71%	12/22/2021	05/22/2026		1,546		1,564			1,576
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118	Specialty Finance	Subordinated Note	4, 6, 10	8.44%	09/20/2021	09/20/2026		10,000		10,000			10,000
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118	Specialty Finance	1st Lien, Secured Revolver	2, 4, 6, 10	Prime + 1.25%, 1.25% Floor (8.75%)	09/20/2021	09/20/2023		1,555		1,555			1,555
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118	Specialty Finance	1st Lien, Secured Revolver - Unfunded	4, 6, 10	n/a	09/20/2021	09/20/2023		3,445		-			-
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118	Specialty Finance	Common Equity	4, 6, 10	n/a	09/20/2021	n/a		6,287		7,250			2,205		62.87	%

F-36

Portfolio Company	Industry	Security(1)	Notes	Interest Rate(2)	Initial Acquisition Date	Maturity	Par Amount / Quantity		Cost			Fair Value			Percentage of Class(3)
Lummus Technology Holdings 5825 N. Sam Houston Parkway West, #600 Houston, TX 77086	Chemicals	Unsecured Bond		9.00%	05/17/2022	07/01/2028		4,150		3,549			3,475
Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121	Apparel	1st Lien, Secured Loan	2, 6	3M L + 7.00%, 8.00% Floor (11.73%)	06/30/2021	07/15/2027		2,906		2,845			2,371
Martin Midstream Partners LP 4200 Stone Road Kilgore, TX 75662	Energy Midstream	2nd Lien, Secured Bond		11.50%	12/09/2020	02/28/2025		9,584		9,582			9,536
Maverick Gaming LLC 12530 NE 144th Street Kirkland, WA 98034	Casinos & Gaming	1st Lien, Secured Loan	2, 6	3M L + 7.50%, 8.50% Floor (12.23%)	11/16/2021	09/03/2026		5,919		5,763			4,883
Newfold Digital Inc. 5335 Gate Parkway Jacksonville, FL 32256	Internet Media	Unsecured Bond		6.00%	06/28/2022	02/15/2029		2,000		1,508			1,375
NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962	Consumer Products	Secured Loan B	2, 6, 7	3M SOFR + 13.50%, 14.50% Floor (18.08%), (10.08% cash + 8.00% PIK)	09/30/2022	09/30/2027		8,672		8,405			7,781
NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962	Consumer Products	Promissory Note	6, 8	n/a	09/30/2022	09/30/2029		1,449		-			632
NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962	Consumer Products	Warrants	6	n/a	09/30/2022	n/a		880,909		-			-			2.56	%
NuStar Energy LP 19003 1H-10 West San Antonio, TX 78257	Energy Midstream	Preferred Equity	2	3M L + 6.77%, 6.77% Floor (11.41%)	12/22/2022	n/a		2,500		55			57		*
NuStar Energy LP 19003 1H-10 West San Antonio, TX 78257	Energy Midstream	Preferred Equity	2	3M L + 6.88%, 6.88% Floor (11.52%)	12/12/2022	n/a		7,500		166			177		*
Par Petroleum, LLC 825 Town & Country Lane, Suite 1500 Houston, TX 77024	Oil & Gas Refining	1st Lien, Secured Bond	10	7.75%	10/30/2020	12/15/2025		3,000		2,696			2,880
Par Petroleum, LLC 825 Town & Country Lane, Suite 1500 Houston, TX 77024	Oil & Gas Refining	1st Lien, Secured Bond	10	12.88%	05/17/2022	01/15/2026		2,383		2,610			2,508
Perforce Software, Inc. 400 First Avenue North #200 Minneapolis, MN 55401	Technology	1st Lien, Secured Revolver	2, 6	Prime + 3.25%, 3.25% Floor (10.75%)	01/24/2020	07/01/2024		-		(361	)		-
Perforce Software, Inc. 400 First Avenue North #200 Minneapolis, MN 55401	Technology	1st Lien, Secured Revolver - Unfunded	6	0.50%	01/24/2020	07/01/2024		4,375		-			(365	)
PFS Holdings Corp. 3747 Hecktown Road Easton, PA 18045	Food & Staples	1st Lien, Secured Loan	2, 5, 6	1M L + 7.00%, 8.00% Floor (11.35%)	11/13/2020	11/13/2024		1,055		1,055			896
PFS Holdings Corp. 3747 Hecktown Road Easton, PA 18045	Food & Staples	Common Equity	5, 6, 8	n/a	11/13/2020	n/a		5,238		12,378			408			5.24	%
PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach, FL 33139	Specialty Finance	Term Loan	2, 6	Prime + 6.50%, 6.50% Floor (14.00%)	11/22/2021	12/31/2024		2,000		2,000			1,997

F-37

Portfolio Company	Industry	Security(1)	Notes	Interest Rate(2)	Initial Acquisition Date	Maturity	Par Amount / Quantity		Cost		Fair Value			Percentage of Class(3)
Prestige Capital Finance, LLC 400 Kelby St., 10th Floor Fort Lee, NJ 07024	Specialty Finance	Subordinated Note	4, 6, 10	11.00%	06/15/2021	06/15/2023		3,000		3,000		3,000
Prestige Capital Finance, LLC 400 Kelby St., 10th Floor Fort Lee, NJ 07024	Specialty Finance	Common Equity	4, 6, 10	n/a	02/08/2019	n/a		100		7,786		11,638			80.00	%
Research Now Group, Inc. 5800 Tennyson Parkway Suite 600 Plano, TX 75024	Internet Media	1st Lien, Secured Revolver	2, 6	Prime + 3.50%, 3.50% Floor (11.00%)	01/29/2019	06/14/2024		5,974		5,967		5,577
Research Now Group, Inc. 5800 Tennyson Parkway Suite 600 Plano, TX 75024	Internet Media	1st Lien, Secured Revolver - Unfunded	6	0.50%	01/29/2019	06/14/2024		4,026		-		(267	)
Research Now Group, Inc. 5800 Tennyson Parkway Suite 600 Plano, TX 75024	Internet Media	2nd Lien, Secured Loan	2, 6	6M L + 9.50%, 10.50% Floor (12.84%)	05/20/2019	12/20/2025		8,000		7,964		5,561
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804	Restaurants	1st Lien, Secured Loan	2, 6, 7	1M L + 12.00%, 13.25% Floor (16.06%), (10.06% cash + 6.00% PIK)	02/24/2021	02/24/2025		2,272		2,272		2,187
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804	Restaurants	Warrants	6, 8	n/a	02/24/2021	n/a		311,697		-		923			2.81	%
SCIH Salt Holdings Inc. 1875 Century Park East, Suite 320 Los Angeles, CA 90067	Food & Staples	Unsecured Bond		6.63%	06/24/2022	05/01/2029		2,000		1,645		1,611
Sprout Holdings, LLC 90 Merrick Ave East Meadow, NY 11554	Specialty Finance	Term Loan	6	11.50%	06/23/2021	06/23/2023		873		873		873
Sterling Commercial Credit, LLC 10153 Grand River Rd Brighton, MI 48116	Specialty Finance	Subordinated Note	4, 6	11.00%	02/03/2022	05/03/2025		8,500		8,500		8,500
Sterling Commercial Credit, LLC 10153 Grand River Rd Brighton, MI 48116	Specialty Finance	Common Equity	4, 6	n/a	02/03/2022	n/a		3,280,000		7,843		6,262			80.00	%
Summit Midstream Holdings, LLC 910 Louisiana Street, Suite 4200 Houston, TX 77002	Energy Midstream	Unsecured Bond		5.75%	08/10/2022	04/15/2025		1,386		1,180		1,173
Summit Midstream Holdings, LLC 910 Louisiana Street, Suite 4200 Houston, TX 77002	Energy Midstream	2nd Lien, Secured Bond		8.50%	10/19/2021	10/15/2026		5,000		4,800		4,762
Target Hospitality Corp. 2170 Buckthorne Place, Suite 440 The Woodlands, TX 77380	Hospitality	Secured Bond	10	9.50%	05/13/2021	03/15/2024		5,000		4,985		4,988
TRU Taj Trust 505 Park Avenue, 2nd Floor New York, NY 10022	Retail	Common Equity	6, 8	n/a	07/21/2017	n/a		16,000		611		5			2.75	%
United Insurance Holdings Corp. 800 2nd Avenue S. Saint Petersburg, FL 33701	Insurance	Unsecured Bond	6	7.25%	12/20/2022	12/15/2027		6,000		2,469		2,340
Universal Fiber Systems 640 State Street Bristol, TN 37620	Chemicals	Term Loan B	2, 6, 7	3M L + 11.69%, 12.69% Floor (17.92%), (8.92% cash + 9.00% PIK)	09/30/2021	09/29/2026		7,172		7,072		7,192
Universal Fiber Systems 640 State Street Bristol, TN 37620	Chemicals	Term Loan C	2, 6, 7	3M L + 11.69%, 12.69% Floor (17.92%), (8.92% cash + 9.00% PIK)	09/30/2021	09/29/2026		2,766		2,716		2,576

F-38

Portfolio Company

Industry

Security(1)

Notes

Interest Rate(2)

Initial Acquisition Date

Maturity

Par Amount / Quantity

Cost

Fair Value

Percentage of Class(3)

Universal Fiber Systems 640 State Street Bristol, TN 37620

Chemicals

Warrants

6, 8

n/a

09/30/2021

n/a

3,383

-

1,246

1.50

%

Vantage Specialty Chemicals, Inc. 1751 Lake Cook Rd., Suite 550 Deerfield, IL 60015

Chemicals

2nd Lien, Secured Loan

2, 6

3M L + 8.25%, 9.25% Floor (12.98%)

06/08/2021

10/26/2025

4,693

4,582

4,543

Vector Group Ltd. 4400 Biscayne Blvd Miami, FL 33137

Food & Staples

Unsecured Bond

10

10.50%

07/08/2022

11/01/2026

750

714

745

W&T Offshore, Inc. 5718 Westheimer Road, Suite 700 Houston, TX 77057

Oil & Gas Exploration & Production

2nd Lien, Secured Bond

10

9.75%

05/05/2021

11/01/2023

8,000

7,798

7,858

Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies

AdTheorent Holding Company, Inc 330 Hudson Street, 13th Floor New York, NY 10013

Internet Media

Warrants

8, 10

n/a

02/26/2021

n/a

4,166

3

1

*

Agile Growth Corp Riverside Center 275 Grove Street, Suite 2-400 Newton, MA 02466

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/10/2021

n/a

652

1

-

*

Allego N.V. Industriepark Kleefse Waard Westervoortsedijk 73 KB 6827 AV Arnhem, The Netherlands

Transportation Equipment Manufacturing

Warrants

8, 10

n/a

03/17/2021

n/a

8,000

9

1

*

Apollo Strategic Growth Capital II 9 West 57th Street, 43rd Floor New York, NY 10019

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/10/2021

n/a

500

1

-

*

Arctos NorthStar Acquisition Corp. 2021 McKinney Avenue, Suite 200 Dallas, TX 75201

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/23/2021

n/a

125

-

-

*

Ares Acquisition Corp 245 Park Avenue, 44th Floor New York, NY 10167

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/02/2021

n/a

20,000

18

9

*

BigBear.ai Holdings, Inc. 6811 Benjamin Franklin Dr, Suite 200 Columbia, MD 21046

IT Services

Warrants

8, 10

n/a

02/09/2021

n/a

8,333

6

-

*

Biote Corp. 1875 W. Walnut Hill Ln #100 Irving, TX 75038

Healthcare

Warrants

8, 10

n/a

03/02/2021

n/a

400

-

-

*

Cartesian Growth Corporation 505 5th Avenue, 15th Floor New York, NY 10017

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/24/2021

n/a

1,666

1

1

*

Catcha Investment Corp Level 42, Suntec Tower Three, 8 Temasek Blvd, Singapore 038988

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/12/2021

n/a

166

-

-

*

CC Neuberger Principal Holdings III 200 Park Avenue, 58th Floor New York, NY 10166

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/03/2021

n/a

500

1

-

*

CF Acquisition Corp VIII 110 East 59th Street New York, NY 10022

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/12/2021

n/a

1,000

1

-

*

F-39

Portfolio Company

Industry

Security(1)

Notes

Interest Rate(2)

Initial Acquisition Date

Maturity

Par Amount / Quantity

Cost

Fair Value

Percentage of Class(3)

Climate Real Impact Solutions II Acquisition Corporation 300 Carnegie Center, Suite 150 Princeton, NJ 08540

Special Purpose Acquisition Company

Warrants

8, 10

n/a

01/27/2021

n/a

1,000

2

-

*

Colonnade Acquisition Corp II 1400 Centrepark Blvd, Suite 810 West Palm Beach, FL 33401

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/10/2021

n/a

2,000

2

-

*

Compute Health Acquisition Corp. 1105 North Market Street, 4th Floor Wilmington, DE 19890

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/05/2021

n/a

125

-

-

*

Core Scientific, Inc. 210 Barton Springs Road Austin, Texas 78704

Technology

Warrants

8, 10

n/a

02/10/2021

n/a

1,250

2

-

*

D & Z Media Acquisition Corp 2870 Peachtree Road NW, Suite 509 Atlanta, GA 30305

Special Purpose Acquisition Company

Warrants

8, 10

n/a

01/26/2021

n/a

166

-

-

*

Dave Inc. 750 N. San Vicente Blvd. 900W West Hollywood, CA 90069

Consumer Finance

Warrants

8, 10

n/a

03/05/2021

n/a

10,000

7

-

*

Digital Transformation Opportunities Corp. 10207 Cleatis Court Los Angeles, CA 90077

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/10/2021

n/a

2,500

2

-

*

ESM Acquisition Corp 2229 San Felipe, Suite 1300 Houston, TX 77019

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/10/2021

n/a

6,630

7

1

*

FAST Acquisition Corp II 109 Old Branchville Road Ridgefield, CT 06877

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/16/2021

n/a

5,000

7

3

*

Fast Radius, Inc. 113 N. May St. Chicago , IL 60607

Industrial

Warrants

8, 10

n/a

02/09/2021

n/a

625

1

-

*

Fathom Digital Manufacturing Corporation 1050 Walnut Ridge Drive Hartland, WI 53029

Industrial

Warrants

8, 10

n/a

02/05/2021

n/a

125

-

-

*

FinServ Acquisition Corp II 1345 Avenue of the Americas New York, NY 10105

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/18/2021

n/a

125

-

-

*

First Reserve Sustainable Growth Corp. 262 Harbor Drive, 3rd Floor Stamford, CT 06902

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/05/2021

n/a

5,000

6

-

*

Forest Road Acquisition Corp. II 1177 Avenue of the Americas, 5th Floor New York, NY 10036

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/10/2021

n/a

80

-

-

*

Forum Merger IV Corp 1615 South Congress Avenue, Suite 103 Delray Beach, FL 33445

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/18/2021

n/a

5,000

9

-

*

Freedom Acquisition I Corp 14 Wall Street, 20th Floor New York, NY 10005

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/26/2021

n/a

625

1

-

*

Frontier Acquisition Corp 660 Madison Avenue, 19th Floor New York, NY 10065

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/11/2021

n/a

2,500

3

-

*

F-40

Portfolio Company

Industry

Security(1)

Notes

Interest Rate(2)

Initial Acquisition Date

Maturity

Par Amount / Quantity

Cost

Fair Value

Percentage of Class(3)

FTAC Athena Acquisition Corp. 2929 Arch Street, Suite 1703 Philadelphia, PA 19104

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/23/2021

n/a

1,250

1

-

*

FTAC Hera Acquisition Corp. 2929 Arch Street, Suite 1703 Quakertown, PA 19104

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/04/2021

n/a

100

-

-

*

Fusion Acquisition Corp II 667 Madison Avenue, 5th Floor New York, NY 10065

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/26/2021

n/a

1,666

1

-

*

G Squared Ascend I Inc. 205 North Michigan Avenue, Suite 3770 Chicago, IL 60601

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/05/2021

n/a

1,000

1

-

*

Ginko Bioworks Holdings, Inc. 27 Drydock Avenue, 8th Floor Boston, MA 02210

Biotechnology

Warrants

8, 10

n/a

02/24/2021

n/a

5,000

13

1

*

Grove Collaborative Holdings, Inc. 1301 Sansome Street San Francisco, CA 94111

Household & Personal Products

Warrants

8, 10

n/a

03/23/2021

n/a

5,000

7

1

*

Iris Acquisition Corp 2700 19th Street San Francisco, CA 94110

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/05/2021

n/a

500

1

-

*

Jaws Mustang Acquisition Corporation 1601 Washington Avenue, Suite 800 Miami Beach, FL 33139

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/02/2021

n/a

6,250

7

1

*

Kismet Acquisition Two Corp. 850 Library Avenue, Suite 204 Newark, DE 19715

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/18/2021

n/a

326

-

-

*

Kismet Acquisition Three Corp. 850 Library Avenue, Suite 204 Newark, DE 19715

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/18/2021

n/a

4,133

3

-

*

L Catterton Asia Acquisition C 8 Marina View Asia Square Tower 1, No 41-03 Singapore, 018960

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/11/2021

n/a

5,933

6

-

*

Lanvin Group Holdings Ltd Building S2, Bund Finance Center, No. 600, Zhongshan East 2nd Road Huangpu District, Shanghai, China

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/19/2021

n/a

5,000

6

2

*

Lazard Growth Acquisition Corp 30 Rockefeller Plaza New York, NY 10112

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/10/2021

n/a

500

1

-

*

Live Oak Mobility Acquisition Corp. 4921 William Arnold Road Memphis, TN 38117

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/02/2021

n/a

400

1

-

*

M3-Brigade Acquisition II Corp. 1700 Broadway, 19th Floor New York, NY 10019

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/04/2021

n/a

3,333

4

-

*

New Vista Acquisition Corp. 125 South Wacker Drive, Suite 300 Chicago, IL 60606

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/17/2021

n/a

166

-

-

*

Northern Star Investment Corp. II The Chrysler Building 405 Lexington Avenue New York, NY 10174

Special Purpose Acquisition Company

Warrants

8, 10

n/a

01/26/2021

n/a

100

-

-

*

F-41

Portfolio Company

Industry

Security(1)

Notes

Interest Rate(2)

Initial Acquisition Date

Maturity

Par Amount / Quantity

Cost

Fair Value

Percentage of Class(3)

Northern Star Investment Corp. III The Chrysler Building 405 Lexington Avenue New York, NY 10174

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/02/2021

n/a

66

-

-

*

Northern Star Investment Corp. IV The Chrysler Building 405 Lexington Avenue New York, NY 10174

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/02/2021

n/a

66

-

-

*

Pathfinder Acquisition Corp 1950 University Avenue, Suite 350 Palo Alto, CA 94303

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/17/2021

n/a

1,000

1

-

*

Pear Therapeutics, Inc. 200 State Street, 13th Floor Boston, MA 02109

Technology

Warrants

8, 10

n/a

02/02/2021

n/a

1,666

2

-

*

Peridot Acquisition Corp. II 2229 San Felipe Street, Suite 1450 Houston, TX 77019

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/09/2021

n/a

2,000

3

-

*

Pivotal Investment Corp III The Chrysler Building 405 Lexington Avenue, 11th Floor New York, NY 10174

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/09/2021

n/a

100

-

-

*

Planet Labs PBC 645 Harrison Street, 4th Floor San Francisco, CA 94107

Communications Equipment

Warrants

8, 10

n/a

03/05/2021

n/a

400

-

-

*

Plum Acquisition Corp. I 2021 Fillmore Street, #2089 San Francisco, CA 94115

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/16/2021

n/a

1,600

2

-

*

Polestar Automotive Holding UK PLC Assar Gabrielssons Väg 9 405 31 Göteborg, Sweden

Auto Manufacturer

Warrants

8, 10

n/a

03/23/2021

n/a

2,000

5

2

*

RMG Acquisition Corp. III 57 Ocean, Suite 403 5775 Collins Avenue Miami Beach, FL 33140

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/05/2021

n/a

3,333

5

-

*

Ross Acquisition Corp II 1 Pelican Lane Palm Beach, FL 33480

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/12/2021

n/a

6,666

7

-

*

Rumble Inc. 444 Gulf of Mexico Drive Longboat Key, FL 34228

Special Purpose Acquisition Company

Warrants

8, 10

n/a

05/10/2021

n/a

1,250

1

2

*

Sandbridge X2 Corp 725 5th Avenue, 23rd Floor New York, NY 10022

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/10/2021

n/a

666

1

-

*

ScION Tech Growth II 10 Queen St Place, 2nd Floor London, UK EC4R 1BE

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/10/2021

n/a

166

-

-

*

Silver Spike Acquisition Corp II 660 Madison Avenue, Suite 1600 New York, NY 10065

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/11/2021

n/a

5,000

6

-

*

Slam Corp. 55 Hudson Yards, 47th Floor, Suite C New York, NY 10001

Special Purpose Acquisition Company

Warrants

8, 10

n/a

04/26/2021

n/a

1,250

1

-

*

Sonder Holdings Inc. 101 15th Street San Francisco, CA 94103

Hospitality

Warrants

8, 10

n/a

03/19/2021

n/a

500

1

-

*

F-42

Portfolio Company

Industry

Security(1)

Notes

Interest Rate(2)

Initial Acquisition Date

Maturity

Par Amount / Quantity

Cost

Fair Value

Percentage of Class(3)

Supernova Partners Acquisition Company III, Ltd. 4301 50th Street NW, Suite 300 PMB 1044 Washington, DC 20016

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/23/2021

n/a

80

-

-

*

Sustainable Development Acquisition I Corp. 5701 Truxtun Avenue, Suite 201 Bakersfield, CA 90036

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/05/2021

n/a

1,250

1

-

*

Tailwind International Acquisition Corp. 150 Greenwich Street, 29th Floor New York, NY 10006

Special Purpose Acquisition Company

Warrants

8, 10

n/a

02/19/2021

n/a

4,166

3

-

*

Tech and Energy Transition Corporation 125 West 55th Street New York, NY 10019

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/17/2021

n/a

666

1

-

*

Terran Orbital Corporation 6800 Broken Sound Pkwy NW, Suite 200 Boca Raton, FL 33487

Communications Equipment

Warrants

8, 10

n/a

02/19/2021

n/a

3,333

3

-

*

TLG Acquisition One Corp. 515 North Flagler Drive, Suite 520 West Palm Beach, FL 33401

Special Purpose Acquisition Company

Warrants

8, 10

n/a

01/28/2021

n/a

5,000

3

-

*

Tritium DCFC Ltd 23 Archimedes Place Murarrie, QLD Australia

Transportation Equipment Manufacturing

Warrants

8, 10

n/a

02/04/2021

n/a

5,000

6

2

*

VPC Impact Acquisition Holdings II 150 North Riverside Plaza, Suite 5200 Chicago, IL 60606

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/05/2021

n/a

10,000

7

-

*

Warburg Pincus Capital Corp I-A 450 Lexington Avenue New York, NY 10017

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/05/2021

n/a

80

-

-

*

Warburg Pincus Capital Corp I-B 450 Lexington Avenue New York, NY 10017

Special Purpose Acquisition Company

Warrants

8, 10

n/a

03/05/2021

n/a

80

-

-

*

Total Investments in Special Purpose Acquisition Companies

201

27

Total Investments excluding Short-Term Investments (265.25% of Net Assets)

251,178

224,957

Short-Term Investments

United States Treasury

Short-Term Investments

Treasury Bill

0.00%

12/30/2022

03/31/2023

70,000,000

69,798

69,785

GS Financial Square Treasury Obligations Fund

Short-Term Investments

Money Market

0.00%

06/30/2022

n/a

6,341,888

6,342

6,342

Total Short-Term Investments (89.76% of Net Assets)

76,140

76,127

TOTAL INVESTMENTS (355.01% of Net Assets)

12

$

327,318

$

301,084

Other Liabilities in Excess of Net Assets (255.01% of Net Assets)

$

(216,275

)

NET ASSETS

$

84,809

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

(2)Certain of the Company’s variable rate debt investments bear interest at a rate that is determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), prime rate (“Prime”), or Secured Overnight Financing Rate (“SOFR”) 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 one-month (“1M”) LIBOR as of period end was 4.39%. The three-month (“3M”) LIBOR as of period end was 4.77%. The six-month (“6M”) LIBOR as of period end was 5.14%. The prime rate as of period end was 7.50%. The SOFR as of period end was 4.30%.

F-43

(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.

(7)Security pays, or has the option to pay, some or all of its interest in kind. As of December 31, 2022, 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. As of December 31, 2022, each of the Avanti Space Limited secured debt pay in kind and the rates above reflect the PIK interest rates, however, each position is on non-accrual. As of December 31, 2022, Forum Energy Technologies, Inc has the option to pay in kind but currently pay cash and the rate above reflects the cash interest rate.

(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, 24.76% were non-qualifying assets as of period end.

(11)Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. Such security may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration.

(12)As of period end, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $2,230; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $19,401; the net unrealized depreciation was $(17,171); the aggregate cost of securities for Federal income tax purposes was $318,255.

* Represents less than 1%.

F-44

As of December 31, 2022 the Company’s investments consisted of the following:

Investment Type	Investments at Fair Value		Percentage of Net Assets
Debt	$	184,955		218.08	%
Equity/Other		40,002		47.17	%
Short-Term Investments		76,127		89.76	%
Total	$	301,084		355.01	%

As of December 31, 2022 the geographic composition of the Company’s portfolio at fair value was as follows:

Geography	Investments at Fair Value		Percentage of Net Assets
United States	$	290,222		342.21	%
Canada		7,278		8.58	%
Europe		3,580		4.22	%
Asia/Oceania		4		0.00	%
Total	$	301,084		355.01	%

F-45

As of December 31, 2022 the industry composition of the Company’s portfolio at fair value was as follows:

Industry	Investments at Fair Value			Percentage of Net Assets
Specialty Finance	$	58,250			68.68	%
Chemicals		31,702			37.38	%
Energy Midstream		22,559			26.60	%
Oil & Gas Exploration & Production		15,136			17.85	%
Internet Media		12,247			14.44	%
Transportation Equipment Manufacturing		11,803			13.92	%
Casinos & Gaming		9,301			10.97	%
Consumer Products		8,413			9.92	%
Shipping		7,206			8.50	%
Metals & Mining		6,046			7.13	%
Closed-End Fund		5,825			6.87	%
Industrial		5,498			6.47	%
Oil & Gas Refining		5,388			6.35	%
Hospitality		4,988			5.88	%
Food & Staples		3,660			4.32	%
Aircraft		3,577			4.22	%
Restaurants		3,110			3.67	%
Wireless Telecommunications Services		2,997			3.53	%
Energy Services		2,877			3.39	%
Apparel		2,371			2.80	%
Insurance		2,340			2.76	%
Special Purpose Acquisition Company		19			0.02	%
Retail		5			0.01	%
Auto Manufacturer		2			0.00	%
Biotechnology		1			0.00	%
Household & Personal Products		1			0.00	%
Technology		(365	)		-0.43	%
Short-Term Investments		76,127			89.76	%
Total	$	301,084			355.01	%

The accompanying notes are an integral part of these financial statements.

F-46

GREAT ELM CAPITAL CORP.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Dollar amounts in thousands, except share and per share amounts

1. ORGANIZATION

Great Elm Capital Corp. (the “Company”) was formed on April 22, 2016 as a Maryland corporation. The Company is structured as an externally managed, non-diversified closed-end management investment company. The Company elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company is managed by Great Elm Capital Management, Inc., a Delaware corporation (“GECM”), a subsidiary of Great Elm Group, Inc., a Delaware corporation (“GEG”).

The Company seeks to generate current income and capital appreciation through debt and income generating equity investments, including investments in specialty finance businesses.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation. The Company’s functional currency is U.S. dollars and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X and Regulation S-K. These financial statements reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes are necessary to fairly state results for the interim periods presented. Results of operations for interim periods are not necessarily indicative of annual results of operations. The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.

Retroactive Adjustments for Reverse Stock Split. The outstanding shares and per share amounts of the Company’s common stock in the consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted for the reverse stock split effected on February 28, 2022 for all activity prior to that date.

Basis of Consolidation. Under the Investment Company Act, Article 6 of Regulation S-X and GAAP, the Company is generally precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services and benefits to the Company. The accompanying consolidated financial statements include the Company’s accounts and the accounts of the Company’s wholly-owned subsidiary, Great Elm Specialty Finance, LLC. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.

Revenue Recognition. Interest and dividend income, including income paid in kind, is recorded on an accrual basis. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments, are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment if such fees are fixed in nature. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, and end-of-term or exit fees that have a contingency feature or are variable in nature are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are generally included in interest income.

Interest income received as paid-in-kind (“PIK”) is reported separately in the Statements of Operations. Income is included as PIK if the instrument solely provides for settlement in kind. In the event that the borrower can settle in kind or via cash payment, the income is not included as PIK until the borrower elects to pay in kind and the payment is received by the Company. In the event there is a lesser cash rate in a PIK toggle instrument, income is accrued at the lesser cash rate until the coupon is paid in kind and such larger payment is received by the Company.

Certain of the Company’s debt investments were purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate debt instruments are generally amortized using the effective-interest or constant-yield method assuming there are no material questions as to collectability.

F-47

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation). The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale of an investment and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Realized gains and losses are computed using the specific identification method. Net change in unrealized appreciation or depreciation reflects the net change in portfolio investment values and portfolio investment cost bases during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Cash and Cash Equivalents. Cash and cash equivalents typically consist of bank demand deposits. Restricted cash generally consists of collateral for unfunded positions held by counterparties.

Valuation of Portfolio Investments. The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent pricing services, broker or dealer quotations or alternative price sources. In the absence of quoted market prices, broker or dealer quotations or alternative price sources, investments are measured at fair value as determined by the Company’s board of directors (the “Board”).

Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 4.

The Company values its portfolio investments at fair value based upon the principles and methods of valuation set forth in policies adopted by the Board. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (1) are independent of the Company, (2) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (3) are able to transact for the asset, and (4) are willing to transact for the asset (that is, they are motivated but not forced or otherwise compelled to do so).

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. The Company generally obtains market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker-dealers or market makers. Short term debt investments with remaining maturities within ninety days are generally valued at amortized cost, which approximates fair value. Debt and equity securities for which market quotations are not readily available, which is the case for many of the Company’s investments, or for which market quotations are deemed not to represent fair value, are valued at fair value using a consistently applied valuation process in accordance with the Company’s documented valuation policy that has been reviewed and approved by the Board, who also approve in good faith the valuation of such securities as of the end of each quarter. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that the Company may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of the Company’s investments than on the fair values of the Company’s investments for which market quotations are not readily available. Market quotations may be deemed not to represent fair value in certain circumstances where the Company believes that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a particular security cause current market quotations to not reflect the fair value of the security.

The valuation process approved by the Board with respect to investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value is as follows:

▪The investment professionals of GECM provide recent portfolio company financial statements and other reporting materials to an independent valuation firm (or firms) approved by the Board;

▪Such firms evaluate this information along with relevant observable market data to conduct independent appraisals each quarter, and their preliminary valuation conclusions are documented, discussed, and iterated with senior management of GECM;

▪The fair value of investments comprising in the aggregate less than 5% of the Company’s total capitalization and individually less than 1% of the Company’s total capitalization may be determined by GECM in good faith in accordance with the Company’s valuation policy without the employment of an independent valuation firm; and

▪The Company’s audit committee recommends, and the Board approves, the fair value of the investments in the Company’s portfolio in good faith based on the input of GECM, the independent valuation firms (to the extent applicable) and the business judgment of the audit committee and the Board, respectively.

F-48

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account in determining the fair value of its investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, and enterprise values.

Investments in revolvers or delayed draw loans may include unfunded commitments for which the Company’s acquisition cost will be offset by compensation received on the portion of the commitment that is unfunded. As a result, the purchases of a commitment that is not fully funded may result in a negative cost basis for the funded commitment. The fair value of the unfunded commitment is adjusted for price appreciation or depreciation and may result in a negative fair value for the unfunded commitment.

Deferred Financing Costs and Deferred Offering Costs. Deferred financing costs and deferred offering costs consist of fees and expenses incurred in connection with financing or capital raising activities and include professional fees, printing fees, filing fees and other related expenses.

Deferred financing costs incurred in connection with the revolving credit facility are amortized on a straight-line basis over the term of the revolving credit facility. Unamortized costs are included in deferred financing costs on the consolidated statements of assets and liabilities and amortization of those costs is included in interest expense on the consolidated statements of operations.

Deferred offering costs incurred in connection with the unsecured notes are amortized over the term of the respective unsecured note using the effective interest method. Unamortized costs are treated as a reduction to the carrying amount of the debt on the consolidated statements of assets and liabilities and amortization of those costs is included in interest expense on the consolidated statements of operations.

Deferred offering costs incurred in connection with the shelf registration on form N-2 are capitalized when incurred and recognized as a reduction to offering proceeds when the offering becomes effective or expensed upon expiration of the registration statement, if applicable. Deferred offering costs are included with prepaid expenses and other assets on the consolidated statements of assets and liabilities.

Prepaid Expenses and Other Assets. Prepaid expenses include expenses paid in advance such as annual insurance premiums and deferred offering costs, as described above. Other assets may include contributions to investments paid in advance of trade date. As of December 31, 2022, contributions to investments paid in advance of trade date were $3,000. There were no such contributions to investments paid in advance of trade date as of June 30, 2023.

Foreign Currency Translation. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (1) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the date of valuation; and (2) purchases and sales of investments and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments.

U.S. Federal Income Taxes. From inception to September 30, 2016, the Company was a taxable association under Internal Revenue Code of 1986, as amended (the “Code”). The Company has elected to be taxed as a regulated investment company (“RIC”) under subchapter M of the Code. The Company intends to operate in a manner so as to qualify for the tax treatment applicable to RICs in that taxable year and all future taxable years. In order to qualify as a RIC, among other things, the Company will be required to timely distribute to its stockholders at least 90% of investment company taxable income (“ICTI”) including PIK interest, as defined by the Code, for each taxable year in order to be eligible for tax treatment under subchapter M of the Code. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year dividend distributions into the next tax year. Any such carryover ICTI must be distributed prior to the 15th day of the ninth month after the tax year-end. So long as the Company maintains its status as a RIC, it generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as distributions. Rather, any tax liability related to income earned by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

F-49

If the Company does not distribute (or is not deemed to have distributed) each calendar year the sum of (1) 98% of its net ordinary income for each calendar year, (2) 98.2% of its capital gain net income for the one-year period ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years (the “Minimum Distribution Amount”), the Company will generally be required to pay an excise tax equal to 4% of the amount by the which Minimum Distribution Amount exceeds the distributions for the year. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, the Company accrues excise taxes, if any, on estimated excess taxable income as taxable income is earned using an annual effective excise tax rate. The annual effective excise tax rate is determined by dividing the estimated annual excise tax by the estimated annual taxable income.

The Company has accrued $28 of excise tax expense during the six months ended June 30, 2023. The Company accrued $252 of excise tax expense during the year ended December 31, 2022.

At December 31, 2022, the Company, for federal income tax purposes, had capital loss carryforwards of $185,737 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to stockholders, which would otherwise be necessary to relieve the Company of any liability for federal income tax. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed into law. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Of the capital loss carryforwards at December 31, 2022, $41,899 are limited losses and available for use subject to annual limitation under Section 382. Of the capital losses at December 31, 2022, $16,815 are short-term and $168,922 are long term.

ASC 740 Accounting for Uncertainty in Income Taxes (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Company has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.

3. SIGNIFICANT AGREEMENTS AND RELATED PARTIES

Investment Management Agreement. The Company has an investment management agreement (the “Investment Management Agreement”) with GECM. Beginning on November 4, 2016, the Company began accruing for GECM’s fees for its services under the Investment Management Agreement. This fee consists of two components: a base management fee and an incentive fee.

The Company’s Chief Compliance Officer is also the president, general counsel and chief compliance officer of GECM, and the president of GEG. The Company’s Chief Financial Officer is also the chief financial officer of GECM.

Management Fee The base management fee is calculated at an annual rate of 1.50% of the Company’s average adjusted gross assets, including assets purchased with borrowed funds. The base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of the Company’s gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the then current calendar quarter. Base management fees for any partial quarter are prorated.

For the three and six months ended June 30, 2023 management fees amounted to $884 and $1,753, respectively. For the three and six months ended June 30, 2022 management fees amounted to $771 and $1,551, respectively. As of June 30, 2023 and December 31, 2022, $884 and $850, respectively, remained payable.

Incentive Fee The incentive fee consists of two components that are independent of each other with the result that one component may be payable even if the other is not. One component of the incentive fee is based on income (the “Income Incentive Fee”) and the other component is based on capital gains (the “Capital Gains Incentive Fee”).

F-50

The Income Incentive Fee is calculated on a quarterly basis as 20% of the amount by which the Company’s pre-incentive fee net investment income (the “Pre-Incentive Fee Net Investment Income”) for the quarter exceeds a hurdle rate of 1.75% (7.0% annualized) of the Company’s net assets at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision pursuant to which GECM receives all of such income in excess of the 1.75% level but less than 2.1875% (8.75% annualized) and subject to a total return requirement (described below). The effect of the “catch-up” provision is that, subject to the total return provision, if pre-incentive fee net investment income exceeds 2.1875% of the Company’s net assets at the end of the immediately preceding calendar quarter, in any calendar quarter, GECM will receive 20.0% of the Company’s pre-incentive fee net investment income as if the 1.75% hurdle rate did not apply. These calculations will be appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the then current quarter.

Pre-Incentive Fee Net Investment Income includes any accretion of original issue discount, market discount, PIK interest, PIK dividends or other types of deferred or accrued income, including in connection with zero coupon securities, that the Company and its consolidated subsidiaries have recognized in accordance with GAAP, but have not yet received in cash (collectively, “Accrued Unpaid Income”). Pre-Incentive Fee Net Investment Income does not include any realized capital gains or losses or unrealized capital appreciation or depreciation.

Any Income Incentive Fee otherwise payable with respect to Accrued Unpaid Income (collectively, the “Accrued Unpaid Income Incentive Fees”) is deferred, on a security by security basis, and becomes payable only if, as, when and to the extent cash is received by the Company or its consolidated subsidiaries in respect thereof. Any Accrued Unpaid Income that is subsequently reversed in connection with a write-down, write-off, impairment or similar treatment of the investment giving rise to such Accrued Unpaid Income will, in the applicable period of reversal, (1) reduce Pre-Incentive Fee Net Investment Income and (2) reduce the amount of Accrued Unpaid Income Incentive Fees previously deferred.

The Company will defer cash payment of any Income Incentive Fee otherwise payable to the investment adviser in any quarter (excluding Accrued Unpaid Income Incentive Fees with respect to such quarter) that exceeds (1) 20% of the Cumulative Pre‑Incentive Fee Net Return (as defined below) during the most recent twelve full calendar quarter period ending on or prior to the date such payment is to be made (the “Trailing Twelve Quarters”) less (2) the aggregate incentive fees that were previously paid to the investment adviser during such Trailing Twelve Quarters (excluding Accrued Unpaid Income Incentive Fees during such Trailing Twelve Quarters and not subsequently paid). “Cumulative Pre‑Incentive Fee Net Return” during the relevant Trailing Twelve Quarters means the sum of (a) pre‑incentive fee net investment income in respect of such Trailing Twelve Quarters less (b) net realized capital losses and net unrealized capital depreciation, if any, in each case calculated in accordance with GAAP, in respect of such Trailing Twelve Quarters.

Under the Capital Gains Incentive Fee, the Company is obligated to pay GECM at the end of each calendar year 20% of the aggregate cumulative realized capital gains from November 4, 2016 through the end of that year, computed net of aggregate cumulative realized capital losses and aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gains incentive fees.

In March 2022, GECM waived all accrued and unpaid incentive fees as of March 31, 2022. As of March 31, 2022, there were approximately $4.9 million of accrued fees. In connection with the waiver, the Company recognized the reversal of these accrued fees during the period ending March 31, 2022, resulting in a corresponding increase in net income in that period. The incentive fee waiver is not subject to recapture.

For the six months ended June 30, 2023 and 2022, the Company incurred Income Incentive Fees of $1,552 and $(4,854), inclusive of the incentive fee waiver as of March 31, 2022, respectively. As of June 30, 2023, cumulative accrued incentive fees payable were $2,116, and after calculating the total return requirement, $1,001 was immediately payable. As of December 31, 2022, cumulative accrued incentive fees payable were $565, and after calculating the total return requirement, none was immediately payable. These payable amounts included both Accrued Unpaid Income Incentive Fees and amounts deferred under the total return requirement and would have become due upon meeting the criteria described above had they not been waived by GECM as of March 31, 2022. For the six months ended June 30, 2023 and the year ended December 31, 2022, the Company did not have any Capital Gains Incentive Fees accrual.

F-51

On August 1, 2022, the Company’s stockholders approved a proposal to amend the Capital Gains Incentive Fee and mandatory deferral provisions in sections 4.4 and 4.5, respectively, of the Investment Management Agreement. The amendment amended (i) section 4.4 of the Investment Management Agreement to provide that (x) the capital gains commencement date shall be April 1, 2022 and (y) for the year ending December 31, 2022, the Capital Gains Incentive Fee shall be calculated for the period beginning on the Capital Gains Commencement Date and ending on December 31, 2022 and (ii) section 4.5 of the Investment Management Agreement to provide that (x) the Trailing Twelve Quarters shall commence April 1, 2022 (the “Mandatory Deferral Commencement Date”) and (y) in the event the Trailing Twelve Quarters is less than twelve full calendar quarters, Trailing Twelve Quarters shall mean the period from the Mandatory Deferral Commencement Date through the quarter ending on or prior to the date such Income Incentive Fee payment is to be made.

The Investment Management Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, GECM and its officers, managers, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of GECM’s services under the Investment Management Agreement or otherwise as an investment adviser of the Company.

Administration Fees. The Company has an administration agreement (the “Administration Agreement”) with GECM to provide administrative services, including, among other things, furnishing the Company with office facilities, equipment, clerical, bookkeeping and record keeping services. The Company will reimburse GECM for its allocable portion of overhead and other expenses of GECM in performing its obligations under the Administration Agreement. Compensation of administrator personnel is allocated based on time allocation for the period. Other overhead expenses are based on a combination of time allocation and total headcount.

The Administration Agreement provides that, absent willful misfeasance, bad faith or negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, GECM and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of GECM’s services under the Administration Agreement or otherwise as administrator for the Company.

For the three and six months ended June 30, 2023, the Company incurred expenses under the Administration Agreement of $341 and $636, respectively. For the three and six months ended June 30, 2022, the Company incurred expenses under the Administration Agreement of $262 and $483, respectively. As of June 30, 2023 and December 31, 2022, $290 and $188 remained payable, respectively.

4. FAIR VALUE MEASUREMENT

The fair value of a financial instrument is the amount that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price).

The fair value hierarchy under ASC 820 prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

Basis of Fair Value Measurement

Level 1 Investments valued using unadjusted quoted prices in active markets for identical assets.

Level 2 Investments valued using other unadjusted observable market inputs, e.g. quoted prices in markets that are not active or quotes for comparable instruments.

Level 3 Investments that are valued using quotes and other observable market data to the extent available, but which also take into consideration one or more unobservable inputs that are significant to the valuation taken as a whole.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Note 2 should be read in conjunction with the information outlined below.

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The table below presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 2 and Level 3 Instruments.

Level 2 Instruments Valuation Techniques and Significant Inputs

Equity, Bank Loans, Corporate Debt, and Other Debt Obligations The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency may include commercial paper, most government agency obligations, certain corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly-listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments. Valuations of Level 2 debt and equity instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources.

Level 3 Instruments Valuation Techniques and Significant Inputs

Bank Loans, Corporate Debt, and Other Debt Obligations

Valuations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on an analysis of market comparables, transactions in similar instruments and/or recovery and liquidation analyses.

Equity

Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available: ▪Transactions in similar instruments; ▪Discounted cash flow techniques; ▪Third party appraisals; and ▪Industry multiples and public comparables. ▪Current financial performance as compared to projected performance; ▪Capitalization rates and multiples; and ▪Market yields implied by transactions of similar or related assets. Evidence includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including:

As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of June 30, 2023 and December 31, 2022. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates is risk of default, rating of the investment (if any), call provisions and comparable company valuations. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market multiples would result in an increase or decrease, respectively, in the fair value.

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The following summarizes the Company’s investment assets categorized within the fair value hierarchy as of June 30, 2023:

Type of Investment	Level 1		Level 2		Level 3		Total
Asset
Debt	$	-	$	97,120	$	101,700	$	198,820
Equity/Other		7,941		-		26,256		34,197
Short Term Investments		78,138		-		-		78,138
Total	$	86,079	$	97,120	$	127,956		311,155
Investment measured at net asset value(1)								3,415
Total Investments, at fair value							$	314,570

(1)Certain investments that are measured at fair value using net asset value (“NAV”) have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities.

The following summarizes the Company’s investment assets categorized within the fair value hierarchy as of December 31, 2022:

Assets	Level 1		Level 2		Level 3		Total
Debt	$	-	$	80,622	$	104,333	$	184,955
Equity/Other		7,958		-		32,044		40,002
Short Term Investments		76,127		-		-		76,127
Total investment assets	$	84,085	$	80,622	$	136,377	$	301,084

The following is a reconciliation of Level 3 assets for the six months ended June 30, 2023:

Level 3	Beginning Balance as of January 1, 2023		Net Transfers In/Out			Purchases(1)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)(2)			Sales and Settlements(1)			Net Amortization of Premium/ Discount		Ending Balance as of June 30, 2023
Debt	$	104,333	$	(8,888	)	$	27,186	$	613	$	(390	)	$	(21,322	)	$	168	$	101,700
Equity/Other		32,044		-			-		187		(511	)		(5,464	)		-		26,256
Total investment assets	$	136,377	$	(8,888	)	$	27,186	$	800	$	(901	)	$	(26,786	)	$	168	$	127,956

The following is a reconciliation of Level 3 assets for the year ended December 31, 2022:

Level 3	Beginning Balance as of January 1, 2022		Net Transfers In/Out			Purchases(1)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)(2)		Sales and Settlements(1)			Net Amortization of Premium/ Discount		Ending Balance as of December 31, 2022
Debt	$	104,936	$	(6,311	)	$	66,461	$	(60,207	)	$	45,325	$	(46,314	)	$	443	$	104,333
Equity/Other		49,088		-			12,538		(69,384	)		61,476		(21,674	)		-		32,044
Total investment assets	$	154,024	$	(6,311	)	$	78,999	$	(129,591	)	$	106,801	$	(67,988	)	$	443	$	136,377

(1)Purchases may include new deals, additional fundings (inclusive of those on revolving credit facilities), refinancings, capitalized PIK income, and securities received in corporate actions and restructurings. Sales and Settlements may include scheduled principal payments, prepayments, sales and repayments (inclusive of those on revolving credit facilities), and securities delivered in corporate actions and restructuring of investments.

(2)The net change in unrealized appreciation relating to Level 3 assets still held at June 30, 2023 totaled $(1,222) consisting of the following: $(417) related to debt investments and $(805) related to equity investments. The net change in unrealized depreciation relating to Level 3 assets still held at December 31, 2022 totaled $(19,811) consisting of the following: $(11,792) related to debt investments and $(8,019) relating to equity/other.

Two investments with an aggregate fair value of $13,305 were transferred from Level 3 to Level 2 as a result of increased pricing transparency during the six months ended June 30, 2023. One investment with a fair value of $4,418 was transferred from Level 2 to Level 3 as a result of decreased pricing transparency during the six months ended June 30, 2023.

Two investments with an aggregate fair value of $6,311 were transferred from Level 3 to Level 2 as a result of increased pricing transparency during the year ended December 31, 2022.

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The following tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of June 30, 2023 and December 31, 2022, respectively. These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest yield in 1st Lien Debt is appropriate for valuing that specific debt investment, but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.

As of June 30, 2023
Investment Type	Fair value		Valuation Technique(1)	Unobservable Input(1)	Range (Weighted Average)(2)
Debt	$	70,034	Income Approach	Discount Rate	8.37% - 46.20% (20.97%)
		23,693	Market Approach	Earnings Multiple	2.25 - 13.05 (3.61)
		4,973	Income Approach	Implied Yield	4.08% - 36.76% (20.42%)
		3,000	Income Approach	Discount Rate	22.00% - 24.00% (23.00%)
			Market Approach	Earnings Multiple	4.50 - 5.50 (5.00)
		-	Asset Recovery / Liquidation (3)
Total Debt	$	101,700
Equity/Other	$	12,792	Income Approach	Discount Rate	22.00% - 24.00% (23.00%)
			Market Approach	Earnings Multiple	4.50 - 5.50 (5.00)
		13,420	Market Approach	Earnings Multiple	0.12 - 8.20 (3.93)
		44	Asset Recovery / Liquidation (3)
Total Equity/Other	$	26,256

As of December 31, 2022
Investment Type	Fair value		Valuation Technique(1)	Unobservable Input(1)	Range (Weighted Average)(2)
Debt	$	65,570	Income Approach	Discount Rate	9.39% - 33.61% (17.55%)
		20,687	Market Approach	Earnings Multiple	0.25 - 9.50 (4.20)
		4,945	Income Approach	Implied Yield	3.95% - 26.49% (15.80%)
		4,883	Broker Quotes		80.00% - 85.00% (82.50%)
		4,375	Recent Transaction
		3,000	Income Approach	Discount Rate	24.00% - 26.00% (25.00%)
			Market Approach	Earnings Multiple	4.00 - 5.00 (4.50)
		873	Asset Recovery / Liquidation(3)
		-	Options Pricing Model	Volatility and Risk Free Rate	20.00% and 4.49%
Total Debt	$	104,333
Equity/Other	$	11,638	Income Approach	Discount Rate	24.00% - 26.00% (25.00%)
			Market Approach	Earnings Multiple	4.00 - 5.00 (4.50)
		11,044	Market Approach	Earnings Multiple	0.12 - 8.50 (4.07)
		4,982	Income Approach	Discount Rate	19.07% - 19.07% (19.07%)
		5	Asset Recovery / Liquidation(3)
		4,375	Recent Transaction
		-	Options Pricing Model	Volatility and Risk Free Rate	20.00% and 4.49%
Total Equity/Other	$	32,044

F-55

(1)The fair value of any one instrument may be determined using multiple valuation techniques or unobservable inputs.

(2)Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. The range and weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

(3)Investments valued using the asset recovery or liquidation technique include investments for which valuation is based on current financial data without a discount rate applied.

The Company values investments in private funds using NAV as reported by each fund’s investment manager. The private funds calculate NAV in a manner consistent with the measurement principles of FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, as of the valuation date. Investments valued using NAV as a practical expedient are not categorized within the fair value hierarchy.

As of June 30, 2023 the Company held an investment in one private fund valued using NAV as a practical expedient. The Company has no unfunded commitments with respect to this investment. Withdrawals from the investment are permitted annually and there is no set duration for the private fund.

5. DEBT

Revolver

On May 5, 2021, the Company entered into a Loan, Guarantee and Security Agreement (the “Loan Agreement”) with City National Bank (“CNB”). The Loan Agreement provides for a senior secured revolving line of credit of up to $25 million (subject to a borrowing base as defined in the Loan Agreement). The Company may request to increase the revolving line in an aggregate amount not to exceed $25 million, which increase is subject to the sole discretion of CNB. The maturity date of the revolving line is May 5, 2024. Borrowings under the revolving line bear interest at a rate equal to (i) the secured overnight financing rate (“SOFR”) plus 3.50%, (ii) a base rate plus 2.00% or (iii) a combination thereof, as determined by the Company. As of June 30, 2023, there were $5.0 million borrowings outstanding under the revolving line of credit.

Borrowings under the revolving line are secured by a first priority security interest in substantially all of the Company’s assets, subject to certain specified exceptions. The Company has made customary representations and warranties and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar loan agreements. In addition, the Loan Agreement contains financial covenants requiring (i) net assets of not less than $65 million, (ii) asset coverage equal to or greater than 150% and (iii) bank asset coverage equal to or greater than 300%, in each case tested as of the last day of each fiscal quarter of the Company. Borrowings are also subject to the leverage restrictions contained in the Investment Company Act. In May 2022, the Loan Agreement was amended to require an asset coverage equal to or greater than 150% as of the last day of each fiscal quarter except for the fiscal quarters ending March 31, 2022 and June 30, 2022. In addition, the interest rate was amended to replace the LIBOR with SOFR.

Unsecured Notes

On January 11, 2018, the Company issued $43,000 in aggregate principal amount of 6.75% notes due 2025 (the “GECCM Notes”). On January 19, 2018 and February 9, 2018, the Company issued an additional $1,898 and $1,500 of the GECCM Notes upon partial exercise of the underwriters’ over-allotment option.

On June 18, 2019, the Company issued $42,500 in aggregate principal amount of 6.50% notes due 2024 (the “GECCN Notes”), which included $2,500 of the GECCN Notes issued in connection with the partial exercise of the underwriters’ over-allotment option. On July 5, 2019, the Company issued an additional $2,500 of the GECCN Notes upon another partial exercise of the underwriters’ over-allotment option.

On June 23, 2021, the Company issued $50,000 in aggregate principal amount of 5.875% notes due 2026 (the “GECCO Notes”). On July 9, 2021, the Company issued an additional $7,500 of the GECCO Notes upon full exercise of the underwriters’ over-allotment option.

F-56

The Notes are our unsecured obligations and rank equal with all of our outstanding and future unsecured unsubordinated indebtedness. The unsecured notes are effectively subordinated, or junior in right of payment, to indebtedness under our Loan Agreement and any other future secured indebtedness that the Company may incur and structurally subordinated to all future indebtedness and other obligations of our subsidiaries. The Company pays interest on the unsecured notes on March 31, June 30, September 30 and December 31 of each year. The GECCM Notes, GECCN Notes and GECCO Notes will mature on January 31, 2025, June 30, 2024 and June 30, 2026, respectively. The GECCM Notes and GECCN Notes are currently callable at the Company’s option and the GECCO Notes can be called on or after June 30, 2023. Holders of the unsecured notes do not have the option to have the unsecured notes repaid prior to the stated maturity date. The unsecured notes were issued in minimum denominations of $25 and integral multiples of $25 in excess thereof.

As part of the offerings, the Company incurred fees and costs, which are treated as a reduction of the carrying amount of the debt on the Company’s consolidated statements of assets and liabilities. These deferred financing costs presented as a reduction to the Notes payable balance are being amortized into interest expense over the term of the Notes.

The Company may repurchase the Notes in accordance with the Investment Company Act and the rules promulgated thereunder.

Information about the Company’s senior securities (including debt securities and other indebtedness) is shown in the following table:

As of	Total Amount Outstanding(1)		Asset Coverage Ratio Per Unit(2)		Involuntary Liquidation Preference Per Unit(3)	Average Market Value Per Unit(4)
December 31, 2016
8.25% Notes due 2020	$	33,646	$	6,168	N/A	$	1.02
December 31, 2017
GECCL Notes	$	32,631	$	5,010	N/A	$	1.02
December 31, 2018
GECCL Notes	$	32,631	$	2,393	N/A	$	1.01
GECCM Notes		46,398		2,393	N/A		0.98
December 31, 2019
GECCL Notes	$	32,631	$	1,701	N/A	$	1.01
GECCM Notes		46,398		1,701	N/A		1.01
GECCN Notes		45,000		1,701	N/A		1.00
December 31, 2020
GECCL Notes	$	30,293	$	1,671	N/A	$	0.89
GECCM Notes		45,610		1,671	N/A		0.84
GECCN Notes		42,823		1,671	N/A		0.84
December 31, 2021
GECCM Notes	$	45,610	$	1,511	N/A	$	1.00
GECCN Notes		42,823		1,511	N/A		1.00
GECCO Notes		57,500		1,511	N/A		1.02
December 31, 2022
GECCM Notes	$	45,610	$	1,544	N/A	$	0.99
GECCN Notes		42,823		1,544	N/A		1.00
GECCO Notes		57,500		1,544	N/A		1.00
Revolving Credit Facility		10,000		1,544	N/A		-
June 30, 2023
GECCM Notes	$	45,610	$	1,615	N/A	$	0.98
GECCN Notes		42,823		1,615	N/A		0.99
GECCO Notes		57,500		1,615	N/A		0.96
Revolving Credit Facility		5,000		1,615	N/A		-

F-57

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

(3)The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it.

(4)The average market value per unit for the Notes, as applicable, is based on the average daily prices of such Notes and is expressed per $1 of indebtedness.

The terms of the unsecured notes are governed by a base indenture, dated as of September 18, 2017, by and between the Company and Equiniti Trust Company, LLC (formerly known as American Stock Transfer & Trust Company, LLC), as trustee (as supplemented with respect to each series of notes, the “Indenture”). The Indenture’s covenants, include restrictions on certain activities in the event the Company falls below the minimum asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the Investment Company Act, as well as covenants requiring the Company to provide financial information to the holders of the Notes and the trustee if the Company ceases to be subject to the reporting requirements of the Securities Exchange Act of 1934. These covenants are subject to limitations and exceptions that are described in the Indenture. The Investment Company Act limits, with certain exceptions, the Company’s borrowing such that its asset coverage ratio, as defined in the Investment Company Act, is at least 1.5 to 1 after such borrowing.

As of June 30, 2023, the Company’s asset coverage ratio was approximately 161.5%.

As of June 30, 2023 and December 31, 2022, the Company was in compliance with all covenants under the Indenture.

For the three and six months ended June 30, 2023 and 2022, the components of interest expense were as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Borrowing interest expense	$	2,443		$	2,340		$	4,941		$	4,683
Amortization of acquisition premium		326			327			649			654
Total	$	2,769		$	2,667		$	5,590		$	5,337
Weighted average interest rate(1)		7.36	%		7.33	%		7.39	%		7.37	%
Average outstanding balance	$	150,933		$	145,933		$	152,596		$	145,933

(1)Annualized.

The fair value of the Company’s Notes are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company’s Notes is determined by utilizing market quotations at the measurement date as they are Level 1 securities.

	June 30, 2023
Facility	Commitments		Borrowings Outstanding		Fair Value
Unsecured Debt - GECCM Notes	$	45,610	$	45,610	$	45,010
Unsecured Debt - GECCN Notes		42,823		42,823		42,458
Unsecured Debt - GECCO Notes		57,500		57,500		54,947
Total	$	145,933	$	145,933	$	142,415

	December 31, 2022
Facility	Commitments		Borrowings Outstanding		Fair Value
Unsecured Debt - GECCM Notes	$	45,610	$	45,610	$	45,081
Unsecured Debt - GECCN Notes		42,823		42,823		42,686
Unsecured Debt - GECCO Notes		57,500		57,500		54,510
Total	$	145,933	$	145,933	$	142,277

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6. CAPITAL ACTIVITY

On June 13, 2022, the Company completed a non-transferable rights offering, which entitled holders of rights to purchase one new share of common stock for each right held at a subscription price of $12.50 per share. In total, the Company sold 3,000,567 shares of the Company’s common stock for aggregate gross proceeds of approximately $37,507.

On February 28, 2022, the Company effected a 6-for-1 reverse stock split of the Company’s outstanding common stock. As a result of the reverse stock split, every six shares of the Company’s issued and outstanding common stock were converted into one share of issued and outstanding common stock. Any fractional shares as a result of the reverse stock split were redeemed for cash at the closing market price on the business day immediately prior to the effective date of the reverse stock split. Such fractional shares aggregated to the equivalent of four shares and were redeemed for $0.1 in aggregate.

On February 3, 2022, the Company issued 117,117 shares of common stock (as adjusted for the reverse stock split described above) for $2,600 based on the most recently published net asset value. This common stock was issued in a private placement exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.

7. COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company may enter into investment agreements under which it commits to make an investment in a portfolio company at some future date or over a specified period of time. As of June 30, 2023, the Company had approximately $11,932 in unfunded loan commitments, subject to the Company’s approval in certain instances, to provide debt financing to certain of its portfolio companies. To the degree applicable, unrealized gains or losses on these commitments as of June 30, 2023 are included in the Company’s Statements of Assets and Liabilities and the corresponding Schedule of Investments. The Company believes that it had sufficient cash and other liquid assets on its balance sheet to satisfy the unfunded commitments. In addition, the Company has the ability to draw on its revolving line of credit to manage cash flows. The Company has considered the net increases in net assets and positive cash flows from operations and has concluded that it has the ability to meet its obligations in the ordinary course of business based upon an evaluation of its cash position and sources of liquidity.

From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company rights under contracts with the Company portfolio companies.

The Company is named as a defendant in a lawsuit filed on March 5, 2016, and captioned Intrepid Investments, LLC v. London Bay Capital, which is pending in the Delaware Court of Chancery. The plaintiff immediately agreed to stay the action in light of an ongoing mediation among parties other than the Company. This lawsuit was brought by a member of Speedwell Holdings (formerly known as The Selling Source, LLC), one of the Company’s portfolio investments, against various members of and lenders to Speedwell Holdings. The plaintiff asserts claims of aiding and abetting, breaches of fiduciary duty, and tortious interference against the Company. In June 2018, Intrepid Investments, LLC (“Intrepid”) sent notice to the court and defendants effectively lifting the stay and triggering defendants’ obligation to respond to the Intrepid complaint. In September 2018, the Company joined the other defendants in a motion to dismiss on various grounds. In February 2019, Intrepid filed a second amended complaint to which defendants filed a renewed motion to dismiss in March 2019. In June 2023, the Court granted in part and denied in part defendants' motion to dismiss and directed the parties to confer on a schedule to respond to the surviving complaints. The Company intends to defend the matter as necessary.

In July 2016, Full Circle Capital Corporation (“Full Circle”) filed suit in the District Court of Caldwell County, Texas against, among others, Willis Pumphrey for breach of a guaranty agreement arising from a loan transaction with Full Circle. Dr. Pumphrey, a personal guarantor of the loan made by Full Circle, the Company’s predecessor in interest, brought counterclaims alleging breach of a confidentiality agreement and tortious interference with Dr. Pumphrey’s attempted sale of a business in which he owned an interest. Dr. Pumphrey is seeking between $2 million and $6 million in damages. GECC believes Dr. Pumphrey’s claims to be frivolous and intends to vigorously defend them. In September 2019, the Company received a judgment against Dr. Pumphrey from the District Court of Caldwell County, Texas. On June 4, 2020, Dr. Pumphrey filed a Chapter 11 Bankruptcy Petition in the United States Bankruptcy Court for the Southern District of Texas. As of June 2023, the Company’s attempts to reach a consensual restructuring plan with Dr. Pumphrey and his other creditors have been unsuccessful, and it is likely Dr. Pumphrey’s estate will liquidate.

8. INDEMNIFICATION

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. In addition, in the normal course of business the Company expects to enter into contracts that contain a variety of representations which provide general indemnifications. The Company’s maximum exposure under these agreements cannot be known; however, the Company expects any risk of loss to be remote.

F-59

9. FINANCIAL HIGHLIGHTS

Below is the schedule of financial highlights of the Company:

	For the Six Months Ended June 30,
	2023			2022
Per Share Data:(1)
Net asset value, beginning of period	$	11.16		$	16.63
Net investment income		0.82			1.46
Net realized gains (loss)		0.31			(26.58	)
Net change in unrealized appreciation (depreciation)		0.63			23.15
Net increase (decrease) in net assets resulting from operations		1.76			(1.97	)
Issuance of common stock		(0.01	)		(0.77	)
Distributions declared from net investment income(2)		(0.70	)		(1.05	)
Net decrease resulting from distributions to common stockholders		(0.70	)		(1.05	)
Net asset value, end of period	$	12.21		$	12.84
Per share market value, end of period	$	7.76		$	12.50
Shares outstanding, end of period		7,601,958			7,601,958
Total return based on net asset value(3)		15.86	%		(16.90	)%
Total return based on market value(3)		1.63	%		(27.06	)%
Ratio/Supplemental Data:
Net assets, end of period		92,850			97,606
Ratio of total expenses to average net assets before waiver (4),(5)		23.11	%		23.39	%
Ratio of total expenses to average net assets after waiver (4),(5),(6)		23.11	%		16.98	%
Ratio of incentive fees to average net assets(4)		1.71	%		—
Ratio of net investment income to average net assets(4),(5),(6)		15.54	%		12.50	%
Portfolio turnover		32	%		32	%

(1)The per share data was derived by using the weighted average shares outstanding during the period, except where such calculations deviate from those specified under the instructions to Form N-2. Per share data and shares outstanding have been adjusted for the periods shown to reflect the six-for-one reverse stock split effected on February 28, 2022 on a retrospective basis, as described in Note 2.

(2)The per share data for distributions declared reflects the actual amount of distributions of record per share for the period.

(3)Total return based on net asset value is calculated as the change in net asset value per share, assuming the Company’s distributions were reinvested through its dividend reinvestment plan. Total return based on market value is calculated as the change in market value per share, assuming the Company’s distributions were reinvested through its dividend reinvestment plan. Total return does not include any estimate of a sales load or commission paid to acquire shares.

(4)Average net assets used in ratio calculations is calculated using monthly ending net assets for the period presented. For the six months ended June 30, 2023 and 2022 average net assets were $90,718 and $75,734, respectively.

(5)Annualized for periods less than one year.

(6)Ratio for the six months ended June 30, 2022 reflects the impact of the incentive fee waiver described in Note 3.

10. AFFILIATED AND CONTROLLED INVESTMENTS

Affiliated investments are defined by the Investment Company Act, whereby the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities and the investments are not classified as controlled investments. The aggregate fair value of non-controlled, affiliated investments at June 30, 2023 represented 2% of the Company’s net assets.

Controlled investments are defined by the Investment Company Act, whereby the Company owns more than 25% of the portfolio company’s outstanding voting securities or maintains the ability to nominate greater than 50% of the board representation. The aggregate fair value of controlled investments at June 30, 2023 represented 53% of the Company’s net assets.

F-60

Fair value as of June 30, 2023 along with transactions during the six months ended June 30, 2023 in these affiliated investments and controlled investments was as follows:

	For the Six Months Ended June 30, 2023
Issue(1)	Fair value at December 31, 2022		Gross Additions(2)		Gross Reductions(3)		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Fair value at June 30, 2023		Interest Income(4)		Fee Income		Dividend Income
Non-Controlled, Affiliated Investments
PFS Holdings Corp.
1st Lien, Secured Loan		896		-		6		-		54			944		62		-		-
Common Equity (5% of class)		408		-		-		-		98			506		-		-		-
		1,304		-		6		-		152			1,450		62		-		-
Totals	$	1,304	$	-	$	6	$	-	$	152		$	1,450	$	62	$	-	$	-
Controlled Investments
Great Elm Healthcare Financing, LLC
Subordinated Note		4,375		-		-		-		-			4,375		260		-		-
Equity (88% of class)		4,375		-		-		-		-			4,375		-		-		-
		8,750		-		-		-		-			8,750		260		-		-
Lenders' Funding, LLC
Subordinated Note		10,000		-		479		-		-			9,521		368		-		-
Revolver		1,555		264		1,819		-		-			-		31		-		-
Equity (56% of class)		2,205		-		-		-		(1,955	)		250		-		-		-
		13,760		264		2,298		-		(1,955	)		9,771		399		-		-
Prestige Capital Finance, LLC
Subordinated Note		3,000		-		-		-		-			3,000		167		-		-
Equity (80% of class)		11,638		-		-		-		1,154			12,792		-		-		1,316
		14,638		-		-		-		1,154			15,792		167		-		1,316
Sterling Commercial Credit, LLC
Subordinated Note		8,500		233		-		-		-			8,733		472		-		-
Equity (80% of class)		6,262		-		-		-		(418	)		5,844		-		-		-
		14,762		233		-		-		(418	)		14,577		472		-		-
Totals	$	51,910	$	497	$	2,298	$	-	$	(1,219	)	$	48,890	$	1,298	$	-	$	1,316

(1)Non-unitized equity investments are disclosed with percentage ownership in lieu of quantity.

(2)Gross additions include increases resulting from new or additional portfolio investments, capitalized PIK income, accretion of discounts and the exchange of one or more existing securities for one or more new securities.

(3)Gross reductions include decreases resulting from principal collections related to investment repayments or sales and the exchange of one or more existing securities for one or more new securities.

(4)Income amounts include accrued PIK income.

11. SUBSEQUENT EVENTS

The Board set distributions for the quarter ending September 30, 2023 at a rate of $0.35 per share. The full amount of each distribution will be from distributable earnings. The schedule of distribution payments will be established by the Company pursuant to authority granted by the Board. The distribution will be paid in cash.

In July 2023, the Company sold its entire equity investment in Lenders Funding for $250. The subordinated note issued by Lenders Funding to the Company was repaid at par plus accrued interest. The Company continues to hold a commitment under Lenders Funding’s senior credit facility.

F-61

EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer

I, Matt Kaplan, Chief Executive Officer of Great Elm Capital Corp., a Maryland corporation (the “Registrant”), certify that:

1.I have reviewed this quarterly report on Form 10-Q of the Registrant;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated: August 3, 2023	/s/ Matt Kaplan
	Matt Kaplan Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer

I, Keri A. Davis, Chief Financial Officer of Great Elm Capital Corp., a Maryland corporation (the “Registrant”), certify that:

1.I have reviewed this quarterly report on Form 10-Q of the Registrant;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated: August 3, 2023	/s/ Keri A. Davis
	Keri A. Davis Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

EX-32.1

Exhibit 32.1

Certification of Chief Executive Officer and Chief Financial Officer

Pursuant to

18 U.S.C. 1350, as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with this Quarterly Report on Form 10-Q of Great Elm Capital Corp., a Maryland corporation (the “Registrant”), for the three months ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Matt Kaplan, as Chief Executive Officer of the Registrant, and Keri A. Davis, as Chief Financial Officer of the Registrant, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of each of the undersigned’s knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: August 3, 2023

/s/ Matt Kaplan

Matt Kaplan

Chief Executive Officer

(Principal Executive Officer)

/s/ Keri A. Davis

Keri A. Davis

Chief Financial Officer

(Principal Financial Officer and Principal Accounting Officer)

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 27, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	Great Elm Capital Corp.
Entity Central Index Key	0001675033
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity File Number	814-01211
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-2621577
Entity Address, Address Line One	800 South Street
Entity Address, Address Line Two	Suite 230
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02453
City Area Code	617
Local Phone Number	375-3006
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		7,601,958
Common Stock
Document Information [Line Items]
Trading Symbol	GECC
Title of 12(b) Security	Common stock, par value $0.01 per share
Security Exchange Name	NASDAQ
6.75% Notes due 2025
Document Information [Line Items]
Trading Symbol	GECCM
Title of 12(b) Security	6.75% Notes due 2025
Security Exchange Name	NASDAQ
6.50% Notes due 2024
Document Information [Line Items]
Trading Symbol	GECCN
Title of 12(b) Security	6.50% Notes due 2024
Security Exchange Name	NASDAQ
5.875% Notes due 2026
Document Information [Line Items]
Trading Symbol	GECCO
Title of 12(b) Security	5.875% Notes due 2026
Security Exchange Name	NASDAQ

XML

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments
Total investments	$ 314,570	$ 301,084
Cash and cash equivalents	3,352	587
Receivable for investments sold	90	396
Interest receivable	2,932	3,090
Dividends receivable	1,124	1,440
Due from portfolio company	3	1
Deferred financing costs	146	226
Prepaid expenses and other assets	260	3,288
Total assets	322,477	310,112
Liabilities
Notes payable (including unamortized discount of $2,213 and $2,781, respectively)	143,721	143,152
Revolving credit facility	5,000	10,000
Payable for investments purchased	77,049	70,022
Interest payable	56	42
Accrued incentive fees payable	2,116	565
Due to affiliates	1,174	1,042
Accrued expenses and other liabilities	511	480
Total liabilities	229,627	225,303
Commitments and contingencies (Note 7)
Net Assets
Common stock, par value $0.01 per share (100,000,000 shares authorized, 7,601,958 shares issued and outstanding and 7,601,958 shares issued and outstanding, respectively)	76	76
Additional paid-in capital	284,107	284,107
Accumulated losses	(191,333)	(199,374)
Total net assets	92,850	84,809
Total liabilities and net assets	$ 322,477	$ 310,112
Net asset value per share	$ 12.21	$ 11.16
Non-affiliated, Non-controlled Investments
Investments
Total investments	$ 186,091	$ 171,743
Non-affiliated, Non-controlled Short-term Investments
Investments
Total investments	78,139	76,127
Affiliated Investments
Investments
Total investments	1,450	1,304
Controlled Investments
Investments
Total investments	$ 48,890	$ 51,910

XML

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited) (Parenthetical) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Unamortized discount		$ 2,213	$ 2,781
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		100,000,000	100,000,000
Common stock, shares issued		7,601,958	7,601,958
Common stock, shares outstanding	[1]	7,601,958	7,601,958
Non-affiliated, Non-controlled Investments
Investment at amortized cost		$ 191,570	$ 183,061
Non-affiliated, Non-controlled Short-term Investments
Investment at amortized cost		78,158	76,140
Affiliated Investments
Investment at amortized cost		13,427	13,433
Controlled Investments
Investment at amortized cost		$ 52,882	$ 54,684

[1] Share activity has been adjusted for the periods shown to reflect the six-for-one reverse stock split effected on February 28, 2022 on a retroactive basis as described in Note 2.

XML

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment Income:
Total interest income	$ 7,081	$ 3,734	$ 13,711	$ 7,775
Total dividend income	1,027	1,389	1,961	2,656
Total other income	869	390	1,715	640
Total investment income	8,977	5,513	17,387	11,071
Expenses:
Management fees	884	771	1,753	1,551
Incentive fees	842		1,552
Administration fees	341	262	636	483
Custody fees	21	14	43	28
Directors’ fees	53	44	105	107
Professional services	434	373	970	791
Interest expense	2,769	2,667	5,590	5,337
Other expenses	265	194	503	385
Total expenses	5,609	4,325	11,152	8,682
Incentive fee waiver				(4,854)
Net expenses	5,609	4,325	11,152	3,828
Net investment income before taxes	3,368	1,188	6,235	7,243
Excise tax			28	101
Net investment income	3,368	1,188	6,207	7,142
Net realized and unrealized gains (losses):
Total net realized gain (loss)	542	(109,751)	2,387	(129,684)
Total net change in unrealized appreciation (depreciation)	1,292	104,045	4,768	112,915
Net realized and unrealized gains (losses)	1,834	(5,706)	7,155	(16,769)
Net increase (decrease) in net assets resulting from operations	$ 5,202	$ (4,518)	$ 13,362	$ (9,627)
Net investment income per share (basic and diluted):	$ 0.44	$ 0.23	$ 0.82	$ 1.46
Earnings per share, basic	0.68	(0.87)	1.76	(1.97)
Earnings per share,diluted	$ 0.68	$ (0.87)	$ 1.76	$ (1.97)
Weighted average shares outstanding basic	7,601,958	5,194,910	7,601,958	4,878,439
Weighted average shares outstanding diluted	7,601,958	5,194,910	7,601,958	4,878,439
Non-affiliated, Non-controlled Investments
Investment Income:
Total interest income	$ 5,836	$ 3,016	$ 11,312	$ 6,275
Total dividend income	327	454	645	957
Total other income	869	390	1,715	640
Net realized and unrealized gains (losses):
Total net realized gain (loss)	542	1,033	2,387	(18,900)
Total net change in unrealized appreciation (depreciation)	3,054	(11,424)	5,835	5,112
Non-affiliated, non-controlled investments (PIK)
Investment Income:
Total interest income	590	223	1,039	469
Affiliated Investments
Investment Income:
Total interest income	32	22	62	43
Net realized and unrealized gains (losses):
Total net realized gain (loss)		(110,784)		(110,784)
Total net change in unrealized appreciation (depreciation)	(11)	116,009	152	108,320
Affiliated investments (PIK)
Investment Income:
Total other income				58
Controlled Investments
Investment Income:
Total interest income	623	473	1,065	930
Total dividend income	700	935	1,316	1,699
Net realized and unrealized gains (losses):
Total net change in unrealized appreciation (depreciation)	$ (1,751)	$ (540)	(1,219)	$ (517)
Controlled investments (PIK)
Investment Income:
Total interest income			$ 233

XML

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (decrease) in net assets resulting from operations:
Net investment income		$ 3,368	$ 1,188	$ 6,207	$ 7,142
Net realized gain (loss)		542	(109,751)	2,387	(129,684)
Net change in unrealized appreciation (depreciation) on investments		1,292	104,045	4,768	112,915
Net increase (decrease) in net assets resulting from operations		5,202	(4,518)	13,362	(9,627)
Distributions to stockholders:
Distributions	[1]	(2,660)	(3,421)	(5,321)	(6,182)
Total distributions to stockholders		(2,660)	(3,421)	(5,321)	(6,182)
Capital transactions:
Issuance of common stock, net			36,259		38,859
Net increase (decrease) in net assets resulting from capital transactions			36,259		38,859
Total increase (decrease) in net assets		2,542	28,320	8,041	23,050
Net assets at beginning of period		90,308	69,286	84,809	74,556
Net assets at end of period		$ 92,850	$ 97,606	$ 92,850	$ 97,606
Capital share activity
Shares outstanding at the beginning of the period	[2]	7,601,958	4,601,391	7,601,958	4,484,278
Issuance of common stock	[2]		3,000,567		3,117,684
Fractional shares redeemed for cash in lieu of reverse stock split	[2]				(4)
Shares outstanding at the end of the period	[2]	7,601,958	7,601,958	7,601,958	7,601,958

[1] Distributions were from distributable earnings for each of the periods presented.

[2] Share activity has been adjusted for the periods shown to reflect the six-for-one reverse stock split effected on February 28, 2022 on a retroactive basis as described in Note 2.

XML

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Parenthetical) (unaudited)	Feb. 28, 2022
Assets Net [Abstract]
Reverse stock split, conversion ratio	0.17

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ 13,362	$ (9,627)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments	(68,088)	(67,275)
Net change in short-term investments	(2,090)	(32,406)
Capitalized payment-in-kind interest	(1,155)	(677)
Proceeds from sales of investments	34,416	29,969
Proceeds from principal payments	39,040	30,711
Net realized (gain) loss on investments	(2,387)	129,684
Net change in unrealized (appreciation) depreciation on investments	(4,768)	(112,915)
Amortization of premium and accretion of discount, net	(1,121)	(612)
Amortization of discount (premium) on long term debt	649	654
Increase (decrease) in operating assets and liabilities:
(Increase) decrease in interest receivable	158	(450)
(Increase) decrease in dividends receivable	316	205
(Increase) decrease in due from portfolio company	(2)	113
(Increase) decrease in due from affiliates		(20)
(Increase) decrease in prepaid expenses and other assets	3,028	305
Increase (decrease) in due to affiliates	1,683	(4,881)
Increase (decrease) in interest payable	14	28
Increase (decrease) in accrued expenses and other liabilities	31	(286)
Net cash provided by (used for) operating activities	13,086	(37,480)
Cash flows from financing activities
Borrowings under credit facility	2,000
Repayments under credit facility	(7,000)
Proceeds from issuance of common stock		37,507
Payments of deferred financing costs		(1,262)
Distributions paid	(5,321)	(6,182)
Net cash provided by (used for) financing activities	(10,321)	30,063
Net increase (decrease) in cash	2,765	(7,417)
Cash and cash equivalents and restricted cash, beginning of period	587	9,145
Cash and cash equivalents and restricted cash, end of period	3,352	1,728
Supplemental disclosure of non-cash financing activities:
Common stock issued in-kind		2,600
Supplemental disclosure of cash flow information:
Cash paid for excise tax	157	128
Cash paid for interest	$ 4,896	$ 4,646

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) (unaudited) $ in Thousands	Dec. 31, 2021 USD ($)
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 9,132
Restricted cash	13
Total cash and cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows	$ 9,145

XML

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023		Dec. 31, 2022
Schedule of Investments [Line Items]
Fair Value		$ 314,570		$ 301,084
Percentage of Net Assets		338.80%		355.01%	[1]
Other Liabilities in Excess of Net Assets		$ (221,720)		$ (216,275)
NET ASSETS		$ 92,850		$ 84,809
Investment, Identifier [Axis]: ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 1st Lien Secured Loan Interest Rate 1 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			4.75%
Investment, Identifier [Axis]: ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 1st Lien Secured Loan Interest Rate 1M SOFR + 4.75% 5.50% Floor (12.14%) Initial Acquisition Date 11/04/2022 Maturity 11/24/2027
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			12.14%
Interest Rate, Floor	[2],[3],[4]			5.50%
Initial Acquisition Date	[2],[3],[4]			Nov. 04, 2022
Maturity	[2],[3],[4]			Nov. 24, 2027
Par Amount / Quantity	[2],[3],[4]			$ 3,000
Cost	[2],[3],[4]			2,795
Fair Value	[2],[3],[4]			$ 2,810
Investment, Identifier [Axis]: ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 2nd Lien Secured Loan Interest Rate 1 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			7.75%
Investment, Identifier [Axis]: ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals 2nd Lien Secured Loan Interest Rate 1M L + 7.75% 8.50% Floor (12.07%) Initial Acquisition Date 09/21/2022 Maturity 11/24/2028
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			12.07%
Interest Rate, Floor	[2],[3],[4]			8.50%
Initial Acquisition Date	[2],[3],[4]			Sep. 21, 2022
Maturity	[2],[3],[4]			Nov. 24, 2028
Par Amount / Quantity	[2],[3],[4]			$ 1,625
Cost	[2],[3],[4]			1,502
Fair Value	[2],[3],[4]			$ 1,505
Investment, Identifier [Axis]: APTIM Corp 4171 Essen Lane Baton Rouge LA 70809 Industrial 1st Lien Secured Bond Interest Rate 7.75% Initial Acquisition Date 03/28/2019 Maturity 06/15/2025
Schedule of Investments [Line Items]
Interest Rate		7.75%	[5],[6]	7.75%	[2],[4],[7]
Initial Acquisition Date		Mar. 28, 2019	[6]	Mar. 28, 2019	[4],[7]
Maturity		Jun. 15, 2025	[6]	Jun. 15, 2025	[4],[7]
Par Amount / Quantity		$ 5,000	[6]	$ 5,000	[4],[7]
Cost		4,274	[6]	4,128	[4],[7]
Fair Value		$ 4,050	[6]	$ 3,488	[4],[7]
Investment, Identifier [Axis]: Advancion 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals Security 2nd Lien Secured Loan Interest Rate 1 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[5]	7.75%
Investment, Identifier [Axis]: Advancion 1500 E Lake Cook Rd Buffalo Grove IL 60089 Chemicals Security 2nd Lien Secured Loan Interest Rate 1M L + 7.75% 8.50% Floor (12.94%) Initial Acquisition Date 09/21/2022 Maturity 11/24/2028
Schedule of Investments [Line Items]
Interest Rate	[5]	12.94%
Interest Rate, Floor	[5]	8.50%
Initial Acquisition Date	[8],[9]	Sep. 21, 2022
Maturity	[5]	Nov. 24, 2028
Par Amount / Quantity	[5]	$ 1,625
Cost	[5]	1,509
Fair Value	[5]	$ 1,430
Investment, Identifier [Axis]: AgroFresh Inc One Washington Square 510-530 Walnut Street Suite 1350 Philadelphia PA 19106 Chemicals 1st Lien Secured Loan Interest Rate 1 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[2],[3]			6.25%
Investment, Identifier [Axis]: AgroFresh Inc One Washington Square 510-530 Walnut Street Suite 1350 Philadelphia PA 19106 Chemicals 1st Lien Secured Loan Interest Rate 6.25% 7.25 % Floor (10.63%) Initial Acquisition Date 03/31/2021 Maturity Date 12/31/2024
Schedule of Investments [Line Items]
Interest Rate	[2],[3]			10.63%
Initial Acquisition Date	[2],[3]			Mar. 31, 2021
Maturity	[2],[3]			Dec. 31, 2024
Par Amount / Quantity	[2],[3]			$ 4,402
Cost	[2],[3]			4,387
Fair Value	[2],[3]			$ 4,303
Investment, Identifier [Axis]: AgroFresh Inc One Washington Square 510-530 Walnut Street Suite 1350 Philadelphia PA 19106 Chemicals Interest Rate 6.25% 7.25 % floor 10.63% Acquisition Date 03/31/2021 Maturity Date 12/31/2024
Schedule of Investments [Line Items]
Interest Rate, Floor	[2],[3]			7.25%
Investment, Identifier [Axis]: American Tower Corporation 116 Huntington Avenue Boston MA 02116 Wireless Telecommunications Services Corporate Bond Interest Rate 3.5% Initial Acquisition Date 06/24/2022 Maturity 01/31/2023
Schedule of Investments [Line Items]
Interest Rate	[4],[10]			3.50%
Initial Acquisition Date	[4],[10]			Jun. 24, 2022
Maturity	[4],[10]			Jan. 31, 2023
Par Amount / Quantity	[4],[10]			$ 3,000
Cost	[4],[10]			3,000
Fair Value	[4],[10]			$ 2,997
Investment, Identifier [Axis]: Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Common Equity Interest Rate 12.50% Initial Acquisition Date 04/13/2022
Schedule of Investments [Line Items]
Initial Acquisition Date		Apr. 13, 2022	[8],[9],[11]	Apr. 13, 2022	[3],[4],[10],[12]
Par Amount / Quantity		$ 1,722	[8],[9],[11]	$ 1,722	[3],[4],[10],[12]
Percentage of Net Assets		1.39%	[8],[9],[11],[13]	1.72%	[3],[4],[10],[12],[14]
Investment, Identifier [Axis]: Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority E2 Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 04/13/2024
Schedule of Investments [Line Items]
Interest Rate		12.50%	[5],[8],[11],[15],[16]	12.50%	[2],[3],[4],[10],[17],[18]
Initial Acquisition Date		Apr. 13, 2022	[8],[11],[15],[16]	Apr. 13, 2022	[3],[4],[10],[17],[18]
Maturity		Apr. 13, 2024	[8],[11],[15],[16]	Apr. 13, 2024	[3],[4],[10],[17],[18]
Par Amount / Quantity		$ 1,373	[8],[11],[15],[16]	$ 1,292	[3],[4],[10],[17],[18]
Cost		$ 1,138	[8],[11],[15],[16]	$ 1,138	[3],[4],[10],[17],[18]
Investment, Identifier [Axis]: Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority F Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 04/13/2024
Schedule of Investments [Line Items]
Interest Rate		12.50%	[5],[8],[11],[15],[16]	12.50%	[2],[3],[4],[10],[17],[18]
Initial Acquisition Date		Apr. 13, 2022	[8],[11],[15],[16]	Apr. 13, 2022	[3],[4],[10],[17],[18]
Maturity		Apr. 13, 2024	[8],[11],[15],[16]	Apr. 13, 2024	[3],[4],[10],[17],[18]
Par Amount / Quantity		$ 5,442	[8],[11],[15],[16]	$ 5,119	[3],[4],[10],[17],[18]
Cost		$ 4,552	[8],[11],[15],[16]	$ 4,552	[3],[4],[10],[17],[18]
Investment, Identifier [Axis]: Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Junior Priority G Notes Interest Rate 12.50% Initial Acquisition Date 04/13/2022 Maturity 10/13/2024
Schedule of Investments [Line Items]
Interest Rate		12.50%	[5],[8],[11],[15],[16]	12.50%	[2],[3],[4],[10],[17],[18]
Initial Acquisition Date		Apr. 13, 2022	[8],[11],[15],[16]	Apr. 13, 2022	[3],[4],[10],[17],[18]
Maturity		Oct. 13, 2024	[8],[11],[15],[16]	Oct. 13, 2024	[3],[4],[10],[17],[18]
Par Amount / Quantity		$ 1,601	[8],[11],[15],[16]	$ 1,506	[3],[4],[10],[17],[18]
Cost		$ 1,339	[8],[11],[15],[16]	$ 1,339	[3],[4],[10],[17],[18]
Investment, Identifier [Axis]: Avation Capital SA 65 Kampong Bahru Road #01-01 Singapore 169370 Aircraft 2nd Lien Secured Bond Interest Rate 9.00%, (6.50% cash + 2.50% PIK) Initial Acquisition Date 02/04/2022 Maturity 10/31/2026
Schedule of Investments [Line Items]
Interest Rate		9.00%	[5],[8],[16]	9.00%	[2],[4],[10],[18]
Interest Rate, Cash		6.50%	[5],[8],[16]	6.50%	[2],[4],[10],[18]
Interest Rate, PIK		2.50%	[5],[8],[16]	2.50%	[2],[4],[10],[18]
Initial Acquisition Date		Feb. 04, 2022	[8],[16]	Feb. 04, 2022	[4],[10],[18]
Maturity		Oct. 31, 2026	[8],[16]	Oct. 31, 2026	[4],[10],[18]
Par Amount / Quantity		$ 4,613	[8],[16]	$ 4,556	[4],[10],[18]
Cost		4,111	[8],[16]	3,996	[4],[10],[18]
Fair Value		$ 4,015	[8],[16]	$ 3,577	[4],[10],[18]
Investment, Identifier [Axis]: Blackstone Secured Lending 345 Park Avenue New York NY 10154 Closed-End Fund Common Stock Initial Acquisition Date 08/18/2022
Schedule of Investments [Line Items]
Initial Acquisition Date		Aug. 18, 2022	[8]	Aug. 18, 2022	[4],[10]
Par Amount / Quantity		$ 190,000	[8]	$ 200,000	[4],[10]
Cost		4,405	[8]	4,647	[4],[10]
Fair Value		$ 5,198	[8]	$ 4,470	[4],[10]
Investment, Identifier [Axis]: Blue Ribbon LLC 110 E Houston St San Antonio TX 78205 Food & Staples Security 1st Lien Secured Loan Interest Rate 1 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	6.00%
Investment, Identifier [Axis]: Blue Ribbon LLC 110 E Houston St San Antonio TX 78205 Food & Staples Security 1st Lien Secured Loan Interest Rate 1M L + 6.00% 6.75% Floor (11.17%) Initial Acquisition Date 02/06/2023 Maturity 05/07/2028
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	11.17%
Interest Rate, Floor	[5],[11]	6.75%
Initial Acquisition Date	[5],[11]	Feb. 06, 2023
Maturity	[5],[11]	May 07, 2028
Par Amount / Quantity	[5],[11]	$ 4,954
Cost	[5],[11]	3,607
Fair Value	[5],[11]	$ 3,495
Investment, Identifier [Axis]: Crestwood Equity Partners LP 811 Main Street Suite 3400 Houston TX 77002 Energy Midstream Preferred Equity Interest Rate 9.25% Initial Acquisition Date 06/19/2020
Schedule of Investments [Line Items]
Interest Rate	[2],[4],[10]			9.25%
Initial Acquisition Date	[4],[10]			Jun. 19, 2020
Par Amount / Quantity	[4],[10]			$ 216,178
Cost	[4],[10]			1,288
Fair Value	[4],[10]			$ 1,872
Investment, Identifier [Axis]: ECL Entertainment LLC 8978 Spanish Ridge Ave Las Vegas NV 89148 Casinos & Gaming 1st Lien Secured Loan Interest Rate 1 Month SOFR
Schedule of Investments [Line Items]
Interest Rate		7.50%	[5],[11]	7.50%	[2],[4]
Investment, Identifier [Axis]: ECL Entertainment LLC 8978 Spanish Ridge Ave Las Vegas NV 89148 Casinos & Gaming 1st Lien Secured Loan Interest Rate 1M SOFR + 7.50% 8.25% Floor (11.88%) Initial Acquisition Date 03/31/2021 Maturity 04/30/2028
Schedule of Investments [Line Items]
Interest Rate	[2],[4]			11.88%
Interest Rate, Floor	[2],[4]			8.25%
Initial Acquisition Date	[2],[4]			Mar. 31, 2021
Maturity	[2],[4]			Apr. 30, 2028
Par Amount / Quantity	[2],[4]			$ 4,433
Cost	[2],[4]			4,397
Fair Value	[2],[4]			$ 4,418
Investment, Identifier [Axis]: ECL Entertainment LLC 8978 Spanish Ridge Ave Las Vegas NV 89148 Casinos & Gaming Security 1st Lien Secured Loan Interest Rate 1M SOFR + 7.50% 8.25% Floor (12.72%) Initial Acquisition Date 03/31/2021 Maturity 04/30/2028
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	12.72%
Interest Rate, Floor	[5],[11]	8.25%
Initial Acquisition Date	[5],[11]	Mar. 31, 2021
Maturity	[5],[11]	Apr. 30, 2028
Par Amount / Quantity	[5],[11]	$ 4,659
Cost	[5],[11]	4,626
Fair Value	[5],[11]	$ 4,660
Investment, Identifier [Axis]: Eagle Point Credit Company Inc 600 Steamboat Road Suite 202 Greenwich CT 06830 Closed-End Fund Common Stock Initial Acquisition Date 08/18/2022
Schedule of Investments [Line Items]
Initial Acquisition Date		Aug. 18, 2022	[8]	Aug. 18, 2022	[4],[10]
Par Amount / Quantity		$ 250,000	[8]	$ 133,844	[4],[10]
Cost		2,705	[8]	1,509	[4],[10]
Fair Value		$ 2,540	[8]	$ 1,355	[4],[10]
Investment, Identifier [Axis]: Enservco / Heat Waves 14133 County Rd 9 1/2 Longmont CO 80504 Specialty Finance Security Term Loan Interest Rate 29.44% Initial Acquisition Date 03/24/2022 Maturity 06/24/2026
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	29.44%
Initial Acquisition Date	[11]	Mar. 24, 2022
Maturity	[11]	Jun. 24, 2026
Par Amount / Quantity	[11]	$ 1,674
Cost	[11]	1,695
Fair Value	[11]	$ 1,872
Investment, Identifier [Axis]: Enservco / Heat Waves 14133 County Rd 9 1/2 Longmont CO 80504 Specialty Finance Term Loan Interest Rate 22.29% Initial Acquisition Date 03/24/2022 Maturity 06/24/2026
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			22.29%
Initial Acquisition Date	[3],[4]			Mar. 24, 2022
Maturity	[3],[4]			Jun. 24, 2026
Par Amount / Quantity	[3],[4]			$ 1,894
Cost	[3],[4]			1,918
Fair Value	[3],[4]			$ 1,894
Investment, Identifier [Axis]: Equitrans Midstream Corp 2200 Energy Drive Canonsburg PA 15317 Energy Midstream Preferred Equity Interest Rate 9.75% Initial Acquisition Date 07/01/2021
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4],[10]			9.75%
Initial Acquisition Date	[3],[4],[10]			Jul. 01, 2021
Par Amount / Quantity	[3],[4],[10]			$ 250,000
Cost	[3],[4],[10]			5,275
Fair Value	[3],[4],[10]			$ 4,982
Investment, Identifier [Axis]: FTAI Infrastructure Inc 1345 Avenue of the Americas 45th Floor New York NY 10105 Industrial 1st Lien Secured Bond Interest Rate 10.50% Initial Acquisition Date 06/29/2022 Maturity 06/01/2027
Schedule of Investments [Line Items]
Interest Rate		10.50%	[5],[8]	10.50%	[4],[10]
Initial Acquisition Date		Jun. 29, 2022	[8]	Jun. 29, 2022	[4],[10]
Maturity		Jun. 01, 2027	[8]	Jun. 01, 2027	[4],[10]
Par Amount / Quantity		$ 2,000	[8]	$ 2,000	[4],[10]
Cost		1,908	[8]	1,899	[4],[10]
Fair Value		$ 1,964	[8]	$ 2,010	[4],[10]
Investment, Identifier [Axis]: First Brands Inc 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing 2nd Lien Secured Loan Interest Rate 6 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate		8.50%	[5]	8.50%	[2],[3],[4]
Investment, Identifier [Axis]: First Brands Inc 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing 2nd Lien Secured Loan Interest Rate 6M L + 8.50% 9.50% Floor (11.87%) Initial Acquisition Date 03/24/2021 Maturity 03/30/2028
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			11.87%
Interest Rate, Floor	[2],[3],[4]			9.50%
Initial Acquisition Date	[2],[3],[4]			Mar. 24, 2021
Maturity	[2],[3],[4]			Mar. 30, 2028
Par Amount / Quantity	[2],[3],[4]			$ 12,545
Cost	[2],[3],[4]			12,162
Fair Value	[2],[3],[4]			$ 11,800
Investment, Identifier [Axis]: First Brands Inc 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 1st Lien Secured Loan Interest Rate 6 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5]	5.00%
Investment, Identifier [Axis]: First Brands Inc 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 1st Lien Secured Loan Interest Rate 6M SOFR + 5.00% 6.00% Floor (10.25%) Initial Acquisition Date 06/09/2023 Maturity 03/30/2027
Schedule of Investments [Line Items]
Interest Rate	[5]	10.25%
Interest Rate, Floor	[5]	6.00%
Initial Acquisition Date	[5]	Jun. 09, 2023
Maturity		Mar. 30, 2027
Par Amount / Quantity	[5]	$ 4,987
Cost		4,848
Fair Value		$ 4,872
Investment, Identifier [Axis]: First Brands Inc 3255 West Hamlin Road Rochester Hills MI 48309 Transportation Equipment Manufacturing Security 2nd Lien Secured Loan Interest Rate 6M L + 8.50% 9.50% Floor (13.6%) Initial Acquisition Date 03/24/2021 Maturity 03/30/2028
Schedule of Investments [Line Items]
Interest Rate	[5]	13.60%
Interest Rate, Floor	[5]	9.50%
Initial Acquisition Date	[5]	Mar. 24, 2021
Maturity	[5]	Mar. 30, 2028
Par Amount / Quantity	[5]	$ 12,545
Cost	[5]	12,189
Fair Value	[5]	$ 11,165
Investment, Identifier [Axis]: Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals 1st Lien Secured Loan Interest Rate 1 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			5.25%
Investment, Identifier [Axis]: Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals 1st Lien Secured Loan Interest Rate 1M SOFR + 5.25% 6.00% Floor (9.69%) Initial Acquisition Date 11/04/2022 Maturity 11/01/2028
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			9.69%
Interest Rate, Floor	[2],[3],[4]			6.00%
Initial Acquisition Date	[2],[3],[4]			Nov. 04, 2022
Maturity	[2],[3],[4]			Nov. 01, 2028
Par Amount / Quantity	[2],[3],[4]			$ 4,987
Cost	[2],[3],[4]			3,936
Fair Value	[2],[3],[4]			$ 4,052
Investment, Identifier [Axis]: Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals Security 1st Lien Secured Loan Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5]	5.25%
Investment, Identifier [Axis]: Flexsys Holdings 260 Springside Drive Akron OH 44333 Chemicals Security 1st Lien Secured Loan Interest Rate 3M SOFR + 5.25% 6.00% Floor (10.75%) Initial Acquisition Date 11/04/2022 Maturity 11/01/2028
Schedule of Investments [Line Items]
Interest Rate	[5]	10.75%
Interest Rate, Floor	[5]	6.00%
Initial Acquisition Date	[5]	Nov. 04, 2022
Maturity	[5]	Nov. 01, 2028
Par Amount / Quantity	[5]	$ 4,962
Cost	[5]	3,977
Fair Value	[5]	$ 4,483
Investment, Identifier [Axis]: Florida Marine LLC 2360 5th Street Mendeville LA 70471 Shipping Security 1st Lien Secured Loan Interest Rate 1 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	10.30%
Investment, Identifier [Axis]: Florida Marine LLC 2360 5th Street Mendeville LA 70471 Shipping Security 1st Lien Secured Loan Interest Rate 1M SOFR + 10.30% 12.30% Floor (15.51%) Initial Acquisition Date 03/17/2023 Maturity 03/17/2028
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	15.51%
Interest Rate, Floor	[5],[11]	12.30%
Initial Acquisition Date	[5],[11]	Mar. 17, 2023
Maturity	[5],[11]	Mar. 17, 2028
Par Amount / Quantity	[5],[11]	$ 7,107
Cost	[5],[11]	6,916
Fair Value	[5],[11]	$ 6,932
Investment, Identifier [Axis]: Foresight Energy 211 North Broadway Suite 2600 St Louis MO 63102 Metals & Mining 1st Lien Secured Loan Interest Rate 3 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			8.00%
Investment, Identifier [Axis]: Foresight Energy 211 North Broadway Suite 2600 St Louis MO 63102 Metals & Mining 1st Lien Secured Loan Interest Rate 3M L + 8.00%, 9.50% Floor (12.73%) Initial Acquisition Date 07/29/2021 Maturity 06/30/2027
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			12.73%
Interest Rate, Floor	[2],[3],[4]			9.50%
Initial Acquisition Date	[2],[3],[4]			Jul. 29, 2021
Maturity	[2],[3],[4]			Jun. 30, 2027
Par Amount / Quantity	[2],[3],[4]			$ 6,046
Cost	[2],[3],[4]			6,080
Fair Value	[2],[3],[4]			$ 6,046
Investment, Identifier [Axis]: Foresight Energy 211 North Broadway Suite 2600 St Louis MO 63102 Metals & Mining Security 1st Lien Secured Loan Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	8.00%
Investment, Identifier [Axis]: 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 (13.34%) Initial Acquisition Date 7/29/2021 Maturity 6/30/2027
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	13.34%
Interest Rate, Floor	[5],[11]	9.50%
Initial Acquisition Date	[5],[11]	Jul. 29, 2021
Maturity	[5],[11]	Jun. 30, 2027
Par Amount / Quantity	[5],[11]	$ 6,009
Cost	[5],[11]	6,041
Fair Value	[5],[11]	$ 6,009
Investment, Identifier [Axis]: Forum Energy Technologies Inc 10344 Sam Houston Park Drive Suite 300 Houston TX 77064 Energy Services 1st Lien Secured Convertible Bond Interest Rate 9.00% Initial Acquisition Date 05/09/2022 Maturity 08/04/2025
Schedule of Investments [Line Items]
Interest Rate	[4],[18]			9.00%
Initial Acquisition Date	[4],[18]			May 09, 2022
Maturity	[4],[18]			Aug. 04, 2025
Par Amount / Quantity	[4],[18]			$ 2,705
Cost	[4],[18]			2,627
Fair Value	[4],[18]			$ 2,877
Investment, Identifier [Axis]: GAC HoldCo Inc Suite 1220 407 - 2nd Street S.W. Calgary AB T2P 2Y3 Oil & Gas Exploration & Production 1st Lien Secured Bond Interest Rate 12.00% Initial Acquisition Date 07/27/2021 Maturity 08/15/2025
Schedule of Investments [Line Items]
Interest Rate		12.00%	[5],[8]	12.00%	[4],[10]
Initial Acquisition Date		Jul. 27, 2021	[8]	Jul. 27, 2021	[4],[10]
Maturity		Aug. 15, 2025	[8]	Aug. 15, 2025	[4],[10]
Par Amount / Quantity		$ 6,850	[8]	$ 6,850	[4],[10]
Cost		7,123	[8]	7,179	[4],[10]
Fair Value		$ 7,278	[8]	$ 7,278	[4],[10]
Investment, Identifier [Axis]: Great Elm Healthcare Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Common Equity Initial Acquisition Date 11/17/2022
Schedule of Investments [Line Items]
Initial Acquisition Date		Nov. 17, 2022	[11],[19]	Nov. 17, 2022	[3],[4],[20]
Par Amount / Quantity		$ 88	[11],[19]	$ 88	[3],[4],[20]
Cost		4,375	[11],[19]	4,375	[3],[4],[20]
Fair Value		$ 4,375	[11],[19]	$ 4,375	[3],[4],[20]
Percentage of Net Assets		87.50%	[11],[13],[19]	87.50%	[3],[4],[14],[20]
Investment, Identifier [Axis]: Great Elm Healthcare Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Subordinated Note Interest Rate 12.00% Initial Acquisition Date 11/17/2022 Maturity 11/09/2027
Schedule of Investments [Line Items]
Interest Rate		12.00%	[5],[11],[19]	12.00%	[2],[3],[4],[20]
Initial Acquisition Date		Nov. 17, 2022	[11],[19]	Nov. 17, 2022	[3],[4],[20]
Maturity		Nov. 09, 2027	[11],[19]	Nov. 09, 2027	[3],[4],[20]
Par Amount / Quantity		$ 4,375	[11],[19]	$ 4,375	[3],[4],[20]
Cost		4,375	[11],[19]	4,375	[3],[4],[20]
Fair Value		$ 4,375	[11],[19]	$ 4,375	[3],[4],[20]
Investment, Identifier [Axis]: Greenway Health LLC 4301 W Boy Scout Blvd Suite 800 Tampa FL 33607 Industry Technology Security 1st Lien Secured Revolver Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	3.75%
Investment, Identifier [Axis]: Greenway Health LLC 4301 W Boy Scout Blvd Suite 800 Tampa FL 33607 Industry Technology Security 1st Lien Secured Revolver Interest Rate 3M SOFR + 3.75% 3.75% Floor (8.91%) Initial Acquisition Date 01/27/2020 Maturity 11/17/2023
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	8.91%
Interest Rate, Floor	[5],[11]	3.75%
Initial Acquisition Date	[5],[11]	Jan. 27, 2020
Maturity	[5],[11]	Nov. 17, 2023
Cost	[5],[11]	$ (15)
Investment, Identifier [Axis]: Greenway Health LLC 4301 W Boy Scout Blvd Suite 800 Tampa FL 33607 Technology 1st Lien Secured Revolver - Unfunded Interest Rate 3 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			3.75%
Investment, Identifier [Axis]: Greenway Health LLC 4301 W Boy Scout Blvd Suite 800 Tampa FL 33607 Technology 1st Lien Secured Revolver - Unfunded Interest Rate 3M L + 3.75% (8.52%) Initial Acquisition Date 01/27/2020 Maturity 11/17/2023
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			8.52%
Initial Acquisition Date	[2],[3],[4]			Jan. 27, 2020
Investment, Identifier [Axis]: Greenway Health LLC 4301 W Boy Scout Blvd Suite 800 Tampa FL 33607 Technology Security 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 1/27/2020 Maturity 11/17/2023
Schedule of Investments [Line Items]
Interest Rate		0.50%	[5],[11]	0.50%	[2],[3],[4]
Initial Acquisition Date		Jan. 27, 2020	[11]	Jan. 27, 2020	[3],[4]
Maturity		Nov. 17, 2023	[11]	Nov. 17, 2023	[3],[4]
Par Amount / Quantity		$ 8,026	[11]	$ 8,026	[3],[4]
Investment, Identifier [Axis]: Greenway Health LLC 4301 W. Boy Scout Blvd Suite 800 Tampa FL 33607 Technology 1st Lien Secured Revolver - Unfunded Interest Rate 3M L + 3.75% (8.52%) Initial Acquisition Date 01/27/2020 Maturity 11/17/2023
Schedule of Investments [Line Items]
Maturity	[2],[3],[4]			Nov. 17, 2023
Cost	[2],[3],[4]			$ (34)
Investment, Identifier [Axis]: Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Industry Shipping Security Secured Loan A Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	4.50%
Investment, Identifier [Axis]: Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Industry Shipping Security Secured Loan A Interest Rate 3M SOFR + 4.50% 5.50% Floor (9.81%) Initial Acquisition Date 8/10/2022 Maturity 8/10/2027
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	9.81%
Interest Rate, Floor	[5],[11]	5.50%
Initial Acquisition Date	[5],[11]	Aug. 10, 2022
Maturity	[5],[11]	Aug. 10, 2027
Par Amount / Quantity	[5],[11]	$ 434
Cost	[5],[11]	428
Fair Value	[5],[11]	$ 433
Investment, Identifier [Axis]: Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Secured Loan A Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			5.00%
Investment, Identifier [Axis]: Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Secured Loan A Interest Rate 3M SOFR + 5.00% 6.00% Floor (9.36%) Initial Acquisition Date 08/10/2022 Maturity 08/10/2027
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			9.36%
Interest Rate, Floor	[2],[3],[4]			6.00%
Initial Acquisition Date	[2],[3],[4]			Aug. 10, 2022
Maturity	[2],[3],[4]			Aug. 10, 2027
Par Amount / Quantity	[2],[3],[4]			$ 488
Cost	[2],[3],[4]			479
Fair Value	[2],[3],[4]			$ 480
Investment, Identifier [Axis]: Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Secured Loan B Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			10.04%
Investment, Identifier [Axis]: Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Secured Loan B Interest Rate 3M SOFR + 10.04% 11.04% Floor (14.40%) Initial Acquisition Date 08/10/2022 Maturity 08/10/2027
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			14.40%
Interest Rate, Floor	[2],[3],[4]			11.04%
Initial Acquisition Date	[2],[3],[4]			Aug. 10, 2022
Maturity	[2],[3],[4]			Aug. 10, 2027
Par Amount / Quantity	[2],[3],[4]			$ 6,825
Cost	[2],[3],[4]			6,631
Fair Value	[2],[3],[4]			$ 6,726
Investment, Identifier [Axis]: Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Security Secured Loan B Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	8.62%
Investment, Identifier [Axis]: Harvey Gulf Holdings LLC 701 Poydras Street Suite 3700 New Orleans LA 70139 Shipping Security Secured Loan B Interest Rate 3M SOFR + 8.62% 9.62% Floor (13.93%) Initial Acquisition Date 08/10/2022 Maturity 08/10/2027
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	13.93%
Interest Rate, Floor	[5],[11]	9.62%
Initial Acquisition Date	[5],[11]	Aug. 10, 2022
Maturity	[5],[11]	Aug. 10, 2027
Par Amount / Quantity	[5],[11]	$ 6,634
Cost	[5],[11]	6,463
Fair Value	[5],[11]	$ 6,701
Investment, Identifier [Axis]: ITP Live Production Group 101 Greenwich Street Floor 26 New York NY 10006 Industry Specialty Finance Security Term Loan Interest Rate 25.61% Initial Acquisition Date 12/22/2021 Maturity 5/22/2026
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	25.61%
Initial Acquisition Date	[5],[11]	Dec. 22, 2021
Maturity	[5],[11]	May 22, 2026
Par Amount / Quantity	[5],[11]	$ 1,364
Cost	[5],[11]	1,379
Fair Value	[5],[11]	$ 1,451
Investment, Identifier [Axis]: ITP Live Production Group 101 Greenwich Street Floor 26 New York NY 10006 Specialty Finance Term Loan Interest Rate 19.71% Initial Acquisition Date 12/22/2021 Maturity 05/22/2026
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			19.71%
Initial Acquisition Date	[3],[4]			Dec. 22, 2021
Maturity	[3],[4]			May 22, 2026
Par Amount / Quantity	[3],[4]			$ 1,546
Cost	[3],[4]			1,564
Fair Value	[3],[4]			$ 1,576
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies AdTheorent Holding Company Inc 330 Hudson Street 13th Floor New York NY 10013 Internet Media Warrants Initial Acquisition Date 02/26/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 26, 2021	[8],[9]	Feb. 26, 2021	[4],[10],[12]
Par Amount / Quantity		$ 4,166	[8],[9]	$ 4,166	[4],[10],[12]
Cost		$ 3	[8],[9]	3	[4],[10],[12]
Fair Value	[4],[10],[12]			$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Agile Growth Corp Riverside Center 275 Grove Street Suite 2-400 Newton MA 02466 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 10, 2021
Par Amount / Quantity	[4],[10],[12]			$ 652
Cost	[4],[10],[12]			$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Allego N.V. Industriepark Kleefse Waard Westervoortsedijk 73 KB 6827 AV Arnhem The Netherlands Transportation Equipment Manufacturing Warrants Initial Acquisition Date 03/17/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 17, 2021	[8],[9]	Mar. 17, 2021	[4],[10],[12]
Par Amount / Quantity		$ 8,000	[8],[9]	$ 8,000	[4],[10],[12]
Cost		9	[8],[9]	9	[4],[10],[12]
Fair Value		$ 2	[8],[9]	$ 1	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Apollo Strategic Growth Capital II 9 West 57th Street 43rd Floor New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/10/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 10, 2021	[8],[9]	Feb. 10, 2021	[4],[10],[12]
Par Amount / Quantity		$ 500	[8],[9]	$ 500	[4],[10],[12]
Cost		$ 1	[8],[9]	$ 1	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Arctos NorthStar Acquisition Corp 2021 McKinney Avenue Suite 200 Dallas TX 75201 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/23/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Feb. 23, 2021
Par Amount / Quantity	[4],[10],[12]			$ 125
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ares Acquisition Corp 245 Park Avenue 44th Floor New York NY 10167 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/02/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 02, 2021	[8],[9]	Feb. 02, 2021	[4],[10],[12]
Par Amount / Quantity		$ 20,000	[8],[9]	$ 20,000	[4],[10],[12]
Cost		18	[8],[9]	18	[4],[10],[12]
Fair Value		$ 16	[8],[9]	$ 9	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies BigBear.ai Holdings Inc 6811 Benjamin Franklin Dr Suite 200 Columbia MD 21046 IT Services Warrants Initial Acquisition Date 02/09/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 09, 2021	[8],[9]	Feb. 09, 2021	[4],[10],[12]
Par Amount / Quantity		$ 8,333	[8],[9]	$ 8,333	[4],[10],[12]
Cost		6	[8],[9]	$ 6	[4],[10],[12]
Fair Value	[8],[9]	$ 2
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Biote Corp 1875 W. Walnut Hill Ln #100 Irving TX 75038 Healthcare Warrants Initial Acquisition Date 03/02/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 02, 2021
Par Amount / Quantity	[4],[10],[12]			$ 400
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies CC Neuberger Principal Holdings III 200 Park Avenue 58th Floor New York NY 10166 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/03/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 03, 2021	[8],[9]	Feb. 03, 2021	[4],[10],[12]
Par Amount / Quantity		$ 500	[8],[9]	$ 500	[4],[10],[12]
Cost		$ 1	[8],[9]	$ 1	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies CF Acquisition Corp VIII 110 East 59th Street New York NY 10022 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/12/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 12, 2021	[8],[9]	Mar. 12, 2021	[4],[10],[12]
Par Amount / Quantity		$ 1,000	[8],[9]	$ 1,000	[4],[10],[12]
Cost		$ 1	[8],[9]	$ 1	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Cartesian Growth Corporation 505 5th Avenue 15th Floor New York NY 10017 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/24/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Feb. 24, 2021
Par Amount / Quantity	[4],[10],[12]			$ 1,666
Cost	[4],[10],[12]			1
Fair Value	[4],[10],[12]			$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Catcha Investment Corp Level 42 Suntec Tower Three 8 Temasek Blvd Singapore 038988 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/12/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 12, 2021	[8],[9]	Feb. 12, 2021	[4],[10],[12]
Par Amount / Quantity		$ 166	[8],[9]	$ 166	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Climate Real Impact Solutions II Acquisition Corporation 300 Carnegie Center Suite 150 Princeton NJ 08540 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/27/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Jan. 27, 2021
Par Amount / Quantity	[4],[10],[12]			$ 1,000
Cost	[4],[10],[12]			$ 2
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Colonnade Acquisition Corp II 1400 Centrepark Blvd Suite 810 West Palm Beach FL 33401 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 10, 2021
Par Amount / Quantity	[4],[10],[12]			$ 2,000
Cost	[4],[10],[12]			$ 2
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Compute Health Acquisition Corp 1105 North Market Street 4th Floor Wilmington DE 19890 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 05, 2021	[8],[9]	Feb. 05, 2021	[4],[10],[12]
Par Amount / Quantity		$ 125	[8],[9]	$ 125	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Core Scientific Inc 210 Barton Springs Road Austin Texas 78704 Technology Warrants Initial Acquisition Date 02/10/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 10, 2021	[8],[9]	Feb. 10, 2021	[4],[10],[12]
Par Amount / Quantity		$ 1,250	[8],[9]	$ 1,250	[4],[10],[12]
Cost		$ 2	[8],[9]	$ 2	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies D & Z Media Acquisition Corp 2870 Peachtree Road NW Suite 509 Atlanta GA 30305 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/26/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Jan. 26, 2021
Par Amount / Quantity	[4],[10],[12]			$ 166
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Dave Inc 750 N. San Vicente Blvd 900W West Hollywood CA 90069 Consumer Finance Warrants Initial Acquisition Date 03/05/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 05, 2021	[8],[9]	Mar. 05, 2021	[4],[10],[12]
Par Amount / Quantity		$ 10,000	[8],[9]	$ 10,000	[4],[10],[12]
Cost		$ 7	[8],[9]	$ 7	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Digital Transformation Opportunities Corp 10207 Cleatis Court Los Angeles CA 90077 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 10, 2021	[8],[9]	Mar. 10, 2021	[4],[10],[12]
Par Amount / Quantity		$ 2,500	[8],[9]	$ 2,500	[4],[10],[12]
Cost		$ 2	[8],[9]	$ 2	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies ESM Acquisition Corp 2229 San Felipe Suite 1300 Houston TX 77019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 10, 2021
Par Amount / Quantity	[4],[10],[12]			$ 6,630
Cost	[4],[10],[12]			7
Fair Value	[4],[10],[12]			$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FAST Acquisition Corp II 109 Old Branchville Road Ridgefield CT 06877 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/16/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 16, 2021	[8],[9]	Mar. 16, 2021	[4],[10],[12]
Par Amount / Quantity		$ 5,000	[8],[9]	$ 5,000	[4],[10],[12]
Cost		7	[8],[9]	7	[4],[10],[12]
Fair Value		$ 3	[8],[9]	$ 3	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FTAC Athena Acquisition Corp 2929 Arch Street Suite 1703 Philadelphia PA 19104 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/23/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Feb. 23, 2021
Par Amount / Quantity	[4],[10],[12]			$ 1,250
Cost	[4],[10],[12]			$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FTAC Hera Acquisition Corp 2929 Arch Street Suite 1703 Quakertown PA 19104 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/04/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 04, 2021
Par Amount / Quantity	[4],[10],[12]			$ 100
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fast Radius Inc 113 N May St Chicago IL 60607 Industrial Warrants Initial Acquisition Date 02/09/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Feb. 09, 2021
Par Amount / Quantity	[4],[10],[12]			$ 625
Cost	[4],[10],[12]			$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fathom Digital Manufacturing Corporation 1050 Walnut Ridge Drive Hartland WI 53029 Industrial Warrants Initial Acquisition Date 02/05/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 05, 2021	[8],[9]	Feb. 05, 2021	[4],[10],[12]
Par Amount / Quantity		$ 125	[8],[9]	$ 125	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies FinServ Acquisition Corp II 1345 Avenue of the Americas New York NY 10105 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 18, 2021	[8],[9]	Feb. 18, 2021	[4],[10],[12]
Par Amount / Quantity		$ 125	[8],[9]	$ 125	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies First Reserve Sustainable Growth Corp 262 Harbor Drive 3rd Floor Stamford CT 06902 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 05, 2021
Par Amount / Quantity	[4],[10],[12]			$ 5,000
Cost	[4],[10],[12]			$ 6
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Forest Road Acquisition Corp II 1177 Avenue of the Americas 5th Floor New York NY 10036 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 10, 2021	[8],[9]	Mar. 10, 2021	[4],[10],[12]
Par Amount / Quantity		$ 80	[8],[9]	$ 80	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Forum Merger IV Corp 1615 South Congress Avenue Suite 103 Delray Beach FL 33445 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/18/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 18, 2021	[8],[9]	Mar. 18, 2021	[4],[10],[12]
Par Amount / Quantity		$ 5,000	[8],[9]	$ 5,000	[4],[10],[12]
Cost		$ 9	[8],[9]	$ 9	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Freedom Acquisition I Corp 14 Wall Street 20th Floor New York NY 10005 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/26/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 26, 2021	[8],[9]	Feb. 26, 2021	[4],[10],[12]
Par Amount / Quantity		$ 625	[8],[9]	$ 625	[4],[10],[12]
Cost		$ 1	[8],[9]	$ 1	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Frontier Acquisition Corp 660 Madison Avenue 19th Floor New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 11, 2021
Par Amount / Quantity	[4],[10],[12]			$ 2,500
Cost	[4],[10],[12]			$ 3
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Fusion Acquisition Corp II 667 Madison Avenue 5th Floor New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/26/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 26, 2021	[8],[9]	Feb. 26, 2021	[4],[10],[12]
Par Amount / Quantity		$ 1,666	[8],[9]	$ 1,666	[4],[10],[12]
Cost		$ 1	[8],[9]	$ 1	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies G Squared Ascend I Inc 205 North Michigan Avenue Suite 3770 Chicago, IL 60601 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Feb. 05, 2021
Par Amount / Quantity	[4],[10],[12]			$ 1,000
Cost	[4],[10],[12]			$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ginko Bioworks Holdings Inc 27 Drydock Avenue 8th Floor Boston MA 02210 Biotechnology Warrants Initial Acquisition Date 02/24/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 24, 2021	[8],[9]	Feb. 24, 2021	[4],[10],[12]
Par Amount / Quantity		$ 5,000	[8],[9]	$ 5,000	[4],[10],[12]
Cost		13	[8],[9]	13	[4],[10],[12]
Fair Value		$ 1	[8],[9]	$ 1	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Grove Collaborative Holdings Inc 1301 Sansome Street San Francisco CA 94111 Household & Personal Products Warrants Initial Acquisition Date 03/23/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 23, 2021	[8],[9]	Mar. 23, 2021	[4],[10],[12]
Par Amount / Quantity		$ 5,000	[8],[9]	$ 5,000	[4],[10],[12]
Cost		$ 7	[8],[9]	7	[4],[10],[12]
Fair Value	[4],[10],[12]			$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Iris Acquisition Corp 2700 19th Street San Francisco CA 94110 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 05, 2021	[8],[9]	Mar. 05, 2021	[4],[10],[12]
Par Amount / Quantity		$ 500	[8],[9]	$ 500	[4],[10],[12]
Cost		$ 1	[8],[9]	$ 1	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Jaws Mustang Acquisition Corporation 1601 Washington Avenue Suite 800 Miami Beach FL 33139 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/02/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 02, 2021	[8],[9]	Feb. 02, 2021	[4],[10],[12]
Par Amount / Quantity		$ 6,250	[8],[9]	$ 6,250	[4],[10],[12]
Cost		$ 7	[8],[9]	7	[4],[10],[12]
Fair Value	[4],[10],[12]			$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Kismet Acquisition Three Corp 850 Library Avenue Suite 204 Newark DE 19715 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Feb. 18, 2021
Par Amount / Quantity	[4],[10],[12]			$ 4,133
Cost	[4],[10],[12]			$ 3
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Kismet Acquisition Two Corp 850 Library Avenue Suite 204 Newark DE 19715 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/18/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 18, 2021	[8],[9]	Feb. 18, 2021	[4],[10],[12]
Par Amount / Quantity		$ 326	[8],[9]	$ 326	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies L Catterton Asia Acquisition C 8 Marina View Asia Square Tower 1 No 41-03 Singapore 018960 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 11, 2021
Par Amount / Quantity	[4],[10],[12]			$ 5,933
Cost	[4],[10],[12]			$ 6
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies L Catterton Asia Acquisition C 8 Marina View Asia Square Tower 1 No 41-03 Singapore 018960, Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[8],[9]	Mar. 11, 2021
Par Amount / Quantity	[8],[9]	$ 5,933
Cost	[8],[9]	6
Fair Value	[8],[9]	$ 3
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Lanvin Group Holdings Ltd Building S2 Bund Finance Center No 600 Zhongshan East 2nd Road Huangpu District Shanghai China Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/19/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 19, 2021	[8],[9]	Mar. 19, 2021	[4],[10],[12]
Par Amount / Quantity		$ 5,000	[8],[9]	$ 5,000	[4],[10],[12]
Cost		6	[8],[9]	6	[4],[10],[12]
Fair Value		$ 2	[8],[9]	$ 2	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Lazard Growth Acquisition Corp 30 Rockefeller Plaza New York NY 10112 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/10/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Feb. 10, 2021
Par Amount / Quantity	[4],[10],[12]			$ 500
Cost	[4],[10],[12]			$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Live Oak Mobility Acquisition Corp 4921 William Arnold Road Memphis TN 38117 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 02, 2021
Par Amount / Quantity	[4],[10],[12]			$ 400
Cost	[4],[10],[12]			$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies M3-Brigade Acquisition II Corp 1700 Broadway 19th Floor New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/04/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 04, 2021	[8],[9]	Mar. 04, 2021	[4],[10],[12]
Par Amount / Quantity		$ 3,333	[8],[9]	$ 3,333	[4],[10],[12]
Cost		$ 4	[8],[9]	$ 4	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Movella Holdings Inc 3535 Executive Terminal Dr Suite 110 Henderson NV 89052 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/17/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[8],[9]	Feb. 17, 2021
Par Amount / Quantity	[8],[9]	$ 1,000
Cost	[8],[9]	$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies New Vista Acquisition Corp 125 South Wacker Drive Suite 300 Chicago IL 60606 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/17/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Feb. 17, 2021
Par Amount / Quantity	[4],[10],[12]			$ 166
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp II The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/26/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Jan. 26, 2021	[8],[9]	Jan. 26, 2021	[4],[10],[12]
Par Amount / Quantity		$ 100	[8],[9]	$ 100	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp III The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 02, 2021	[8],[9]	Mar. 02, 2021	[4],[10],[12]
Par Amount / Quantity		$ 66	[8],[9]	$ 66	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Northern Star Investment Corp IV The Chrysler Building 405 Lexington Avenue New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/02/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 02, 2021	[8],[9]	Mar. 02, 2021	[4],[10],[12]
Par Amount / Quantity		$ 66	[8],[9]	$ 66	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pathfinder Acquisition Corp 1950 University Avenue Suite 350 Palo Alto CA 94303 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/17/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Feb. 17, 2021
Par Amount / Quantity	[4],[10],[12]			$ 1,000
Cost	[4],[10],[12]			$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pear Therapeutics Inc 200 State Street 13th Floor Boston MA 02109 Technology Warrants Initial Acquisition Date 02/02/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 02, 2021	[8],[9]	Feb. 02, 2021	[4],[10],[12]
Par Amount / Quantity		$ 1,666	[8],[9]	$ 1,666	[4],[10],[12]
Cost		$ 2	[8],[9]	$ 2	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Peridot Acquisition Corp II 2229 San Felipe Street Suite 1450 Houston TX 77019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/09/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 09, 2021
Par Amount / Quantity	[4],[10],[12]			$ 2,000
Cost	[4],[10],[12]			$ 3
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Pivotal Investment Corp III The Chrysler Building 405 Lexington Avenue 11th Floor New York NY 10174 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/09/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 09, 2021	[8],[9]	Feb. 09, 2021	[4],[10],[12]
Par Amount / Quantity		$ 100	[8],[9]	$ 100	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Planet Labs PBC 645 Harrison Street 4th Floor San Francisco CA 94107 Communications Equipment Warrants Initial Acquisition Date 03/05/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 05, 2021	[8],[9]	Mar. 05, 2021	[4],[10],[12]
Par Amount / Quantity		$ 400	[8],[9]	$ 400	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Plum Acquisition Corp I 2021 Fillmore Street #2089 San Francisco CA 94115 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/16/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 16, 2021	[8],[9]	Mar. 16, 2021	[4],[10],[12]
Par Amount / Quantity		$ 1,600	[8],[9]	$ 1,600	[4],[10],[12]
Cost		$ 2	[8],[9]	$ 2	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Polestar Automotive Holding UK PLC Assar Gabrielssons Väg 9 405 31 Göteborg Sweden Auto Manufacturer Warrants Initial Acquisition Date 03/23/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 23, 2021	[8],[9]	Mar. 23, 2021	[4],[10],[12]
Par Amount / Quantity		$ 2,000	[8],[9]	$ 2,000	[4],[10],[12]
Cost		5	[8],[9]	5	[4],[10],[12]
Fair Value		$ 1	[8],[9]	$ 2	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies RMG Acquisition Corp III 57 Ocean Suite 403 5775 Collins Avenue Miami Beach FL 33140 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 05, 2021	[8],[9]	Feb. 05, 2021	[4],[10],[12]
Par Amount / Quantity		$ 3,333	[8],[9]	$ 3,333	[4],[10],[12]
Cost		$ 5	[8],[9]	$ 5	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Ross Acquisition Corp II 1 Pelican Lane Palm Beach FL 33480 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/12/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 12, 2021	[8],[9]	Mar. 12, 2021	[4],[10],[12]
Par Amount / Quantity		$ 6,666	[8],[9]	$ 6,666	[4],[10],[12]
Cost		7	[8],[9]	$ 7	[4],[10],[12]
Fair Value	[8],[9]	$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Rumble Inc 444 Gulf of Mexico Drive Longboat Key FL 34228 Special Purpose Acquisition Company Warrants Initial Acquisition Date 05/10/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		May 10, 2021	[8],[9]	May 10, 2021	[4],[10],[12]
Par Amount / Quantity		$ 1,250	[8],[9]	$ 1,250	[4],[10],[12]
Cost		1	[8],[9]	1	[4],[10],[12]
Fair Value		$ 3	[8],[9]	$ 2	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sandbridge X2 Corp 725 5th Avenue 23rd Floor New York NY 10022 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/10/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 10, 2021
Par Amount / Quantity	[4],[10],[12]			$ 666
Cost	[4],[10],[12]			$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies ScION Tech Growth II 10 Queen St Place 2nd Floor London UK EC4R 1BE Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/10/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Feb. 10, 2021
Par Amount / Quantity	[4],[10],[12]			$ 166
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Silver Spike Acquisition Corp II 660 Madison Avenue Suite 1600 New York NY 10065 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/11/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 11, 2021
Par Amount / Quantity	[4],[10],[12]			$ 5,000
Cost	[4],[10],[12]			$ 6
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Slam Corp. 55 Hudson Yards 47th Floor Suite C New York NY 10001 Special Purpose Acquisition Company Warrants Initial Acquisition Date 04/26/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Apr. 26, 2021	[8],[9]	Apr. 26, 2021	[4],[10],[12]
Par Amount / Quantity		$ 1,250	[8],[9]	$ 1,250	[4],[10],[12]
Cost		$ 1	[8],[9]	$ 1	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sonder Holdings Inc 101 15th Street San Francisco CA 94103 Hospitality Warrants Initial Acquisition Date 03/19/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Mar. 19, 2021	[8],[9]	Mar. 19, 2021	[4],[10],[12]
Par Amount / Quantity		$ 500	[8],[9]	$ 500	[4],[10],[12]
Cost		$ 1	[8],[9]	$ 1	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Supernova Partners Acquisition Company III Ltd. 4301 50th Street NW Suite 300 PMB 1044 Washington DC 20016 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/23/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 23, 2021
Par Amount / Quantity	[4],[10],[12]			$ 80
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Sustainable Development Acquisition I Corp 5701 Truxtun Avenue Suite 201 Bakersfield CA 90036 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/05/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 05, 2021	[8],[9]	Feb. 05, 2021	[4],[10],[12]
Par Amount / Quantity		$ 1,250	[8],[9]	$ 1,250	[4],[10],[12]
Cost		$ 1	[8],[9]	$ 1	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies TLG Acquisition One Corp 515 North Flagler Drive Suite 520 West Palm Beach FL 33401 Special Purpose Acquisition Company Warrants Initial Acquisition Date 01/28/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Jan. 28, 2021	[8],[9]	Jan. 28, 2021	[4],[10],[12]
Par Amount / Quantity		$ 5,000	[8],[9]	$ 5,000	[4],[10],[12]
Cost		$ 3	[8],[9]	$ 3	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Tailwind International Acquisition Corp 150 Greenwich Street 29th Floor New York NY 10006 Special Purpose Acquisition Company Warrants Initial Acquisition Date 02/19/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Feb. 19, 2021
Par Amount / Quantity	[4],[10],[12]			$ 4,166
Cost	[4],[10],[12]			$ 3
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Tech and Energy Transition Corporation 125 West 55th Street New York NY 10019 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/17/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 17, 2021
Par Amount / Quantity	[4],[10],[12]			$ 666
Cost	[4],[10],[12]			$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Terran Orbital Corporation 6800 Broken Sound Pkwy NW Suite 200 Boca Raton FL 33487 Communications Equipment Warrants Initial Acquisition Date 02/19/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 19, 2021	[8],[9]	Feb. 19, 2021	[4],[10],[12]
Par Amount / Quantity		$ 3,333	[8],[9]	$ 3,333	[4],[10],[12]
Cost		3	[8],[9]	$ 3	[4],[10],[12]
Fair Value	[8],[9]	$ 1
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Tritium DCFC Ltd 23 Archimedes Place Murarrie QLD Australia Transportation Equipment Manufacturing Warrants Initial Acquisition Date 02/04/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 04, 2021	[8],[9]	Feb. 04, 2021	[4],[10],[12]
Par Amount / Quantity		$ 5,000	[8],[9]	$ 5,000	[4],[10],[12]
Cost		6	[8],[9]	6	[4],[10],[12]
Fair Value		$ 2	[8],[9]	$ 2	[4],[10],[12]
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies VPC Impact Acquisition Holdings II 150 North Riverside Plaza Suite 5200 Chicago IL 60606 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 05, 2021
Par Amount / Quantity	[4],[10],[12]			$ 10,000
Cost	[4],[10],[12]			$ 7
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Warburg Pincus Capital Corp I-A 450 Lexington Avenue New York NY 10017 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 05, 2021
Par Amount / Quantity	[4],[10],[12]			$ 80
Investment, Identifier [Axis]: Investments in Special Purpose Acquisition Companies (SPAC) & De-SPAC Companies Warburg Pincus Capital Corp I-B 450 Lexington Avenue New York NY 10017 Special Purpose Acquisition Company Warrants Initial Acquisition Date 03/05/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[4],[10],[12]			Mar. 05, 2021
Par Amount / Quantity	[4],[10],[12]			$ 80
Investment, Identifier [Axis]: Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance 1st Lien Secured Revolver - Unfunded Initial Acquisition Date 09/20/2021 Maturity 09/20/2023
Schedule of Investments [Line Items]
Initial Acquisition Date	[3],[4],[10],[20]			Sep. 20, 2021
Maturity	[3],[4],[10],[20]			Sep. 20, 2023
Par Amount / Quantity	[3],[4],[10],[20]			$ 3,445
Investment, Identifier [Axis]: Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance 1st Lien Secured Revolver Interest Rate Prime
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4],[10],[20]			1.25%
Investment, Identifier [Axis]: Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance 1st Lien Secured Revolver Interest Rate Prime + 1.25% 1.25% Floor (8.75%) Initial Acquisition Date 09/20/2021 Maturity 09/20/2023
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4],[10],[20]			8.75%
Interest Rate, Floor	[2],[3],[4],[10],[20]			1.25%
Initial Acquisition Date	[2],[3],[4],[10],[20]			Sep. 20, 2021
Maturity	[2],[3],[4],[10],[20]			Sep. 20, 2023
Par Amount / Quantity	[2],[3],[4],[10],[20]			$ 1,555
Cost	[2],[3],[4],[10],[20]			1,555
Fair Value	[2],[3],[4],[10],[20]			$ 1,555
Investment, Identifier [Axis]: Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance 1st Lien, Secured Revolver - Unfunded Initial Acquisition Date 09/20/2021 Maturity 09/20/2023
Schedule of Investments [Line Items]
Initial Acquisition Date	[8],[11],[19]	Sep. 20, 2021
Maturity	[8],[11],[19]	Sep. 20, 2023
Par Amount / Quantity	[8],[11],[19]	$ 5,000
Investment, Identifier [Axis]: Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance Common Equity Initial Acquisition Date 09/20/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Sep. 20, 2021	[8],[11],[19]	Sep. 20, 2021	[3],[4],[10],[20]
Par Amount / Quantity		$ 6,287	[8],[11],[19]	$ 6,287	[3],[4],[10],[20]
Cost		7,250	[8],[11],[19]	7,250	[3],[4],[10],[20]
Fair Value		$ 250	[8],[11],[19]	$ 2,205	[3],[4],[10],[20]
Percentage of Net Assets		56.13%	[8],[11],[13],[19]	62.87%	[3],[4],[10],[20]
Investment, Identifier [Axis]: Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance Subordinated Note Interest Rate 6.73% Initial Acquisition Date 09/20/2021 Maturity 09/20/2026
Schedule of Investments [Line Items]
Interest Rate	[5],[8],[11],[19]	6.73%
Initial Acquisition Date	[8],[11],[19]	Sep. 20, 2021
Maturity	[8],[11],[19]	Sep. 20, 2026
Par Amount / Quantity	[8],[11],[19]	$ 9,521
Cost	[8],[11],[19]	9,521
Fair Value	[8],[11],[19]	$ 9,521
Investment, Identifier [Axis]: Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance Subordinated Note Interest Rate 8.44% Initial Acquisition Date 09/20/2021 Maturity 09/20/2026
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4],[10],[20]			8.44%
Initial Acquisition Date	[3],[4],[10],[20]			Sep. 20, 2021
Maturity	[3],[4],[10],[20]			Sep. 20, 2026
Par Amount / Quantity	[3],[4],[10],[20]			$ 10,000
Cost	[3],[4],[10],[20]			10,000
Fair Value	[3],[4],[10],[20]			$ 10,000
Investment, Identifier [Axis]: Lummus Technology Holdings 5825 N. Sam Houston Parkway West #600 Houston TX 77086 Chemicals Unsecured Bond Interest Rate 9.00% Initial Acquisition Date 05/17/2022 Maturity 07/01/2028
Schedule of Investments [Line Items]
Interest Rate		9.00%	[5]	9.00%	[2],[4]
Initial Acquisition Date		May 17, 2022		May 17, 2022	[4]
Maturity		Jul. 01, 2028		Jul. 01, 2028	[4]
Par Amount / Quantity		$ 4,150		$ 4,150	[4]
Cost		3,587		3,549	[4]
Fair Value		$ 3,616		$ 3,475	[4]
Investment, Identifier [Axis]: Mad Engine Global LLC 6740 Cobra Way San Diego CA 92121 Industry Apparel Security 1st Lien Secured Loan Interest Rate 3 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[5]	7.00%
Investment, Identifier [Axis]: Mad Engine Global LLC 6740 Cobra Way San Diego CA 92121 Industry Apparel Security 1st Lien Secured Loan Interest Rate 3M L + 7.00% 8.00% Floor (12.54%) Initial Acquisition Date 06/30/2021 Maturity 07/15/2027
Schedule of Investments [Line Items]
Interest Rate	[5]	12.54%
Interest Rate, Floor	[5]	8.00%
Initial Acquisition Date	[5]	Jun. 30, 2021
Maturity	[5]	Jul. 15, 2027
Par Amount / Quantity	[5]	$ 2,869
Cost	[5]	2,815
Fair Value	[5]	$ 2,013
Investment, Identifier [Axis]: Mad Engine Global LLC 6740 Cobra Way San Diego CA, 92121 Apparel 1st Lien Secured Loan Interest Rate 3 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			7.00%
Investment, Identifier [Axis]: Mad Engine Global LLC 6740 Cobra Way San Diego CA, 92121 Apparel 1st Lien Secured Loan Interest Rate 3M L + 7.00% 8.00% Floor (11.73%) Initial Acquisition Date 06/30/2021 Maturity 07/15/2027
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			11.73%
Interest Rate, Floor	[2],[3],[4]			8.00%
Initial Acquisition Date	[2],[3],[4]			Jun. 30, 2021
Maturity	[2],[3],[4]			Jul. 15, 2027
Par Amount / Quantity	[2],[3],[4]			$ 2,906
Cost	[2],[3],[4]			2,845
Fair Value	[2],[3],[4]			$ 2,371
Investment, Identifier [Axis]: Martin Midstream Partners LP 4200 Stone Road Kilgore TX 75662 Energy Midstream 2nd Lien Secured Bond Interest Rate 11.50% Initial Acquisition Date 12/09/2020 Maturity 02/28/2025
Schedule of Investments [Line Items]
Interest Rate	[2],[4]			11.50%
Initial Acquisition Date	[4]			Dec. 09, 2020
Maturity	[4]			Feb. 28, 2025
Par Amount / Quantity	[4]			$ 9,584
Cost	[4]			9,582
Fair Value	[4]			$ 9,536
Investment, Identifier [Axis]: Martin Midstream Partners LP 4200 Stone Road Kilgore TX 75662 Industry Energy Midstream Security 2nd Lien Secured Bond Interest Rate 11.50% Initial Acquisition Date 01/31/2023 Maturity 02/15/2028
Schedule of Investments [Line Items]
Interest Rate	[5]	11.50%
Initial Acquisition Date		Jan. 31, 2023
Maturity		Feb. 15, 2028
Par Amount / Quantity		$ 2,000
Cost		1,944
Fair Value		$ 1,929
Investment, Identifier [Axis]: Maverick Gaming LLC 12530 NE 144th Street Kirkland WA 98034 Casinos & Gaming 1st Lien Secured Loan Interest Rate 3 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			7.50%
Investment, Identifier [Axis]: Maverick Gaming LLC 12530 NE 144th Street Kirkland WA 98034 Casinos & Gaming 1st Lien Secured Loan Interest Rate 3M L + 7.50% 8.50% Floor (12.23%) Initial Acquisition Date 11/16/2021 Maturity 09/03/2026
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			12.23%
Interest Rate, Floor	[2],[3],[4]			8.50%
Initial Acquisition Date	[2],[3],[4]			Nov. 16, 2021
Maturity	[2],[3],[4]			Sep. 03, 2026
Par Amount / Quantity	[2],[3],[4]			$ 5,919
Cost	[2],[3],[4]			5,763
Fair Value	[2],[3],[4]			$ 4,883
Investment, Identifier [Axis]: Maverick Gaming LLC 12530 NE 144th Street Kirkland WA 98034 Industry Casinos & Gaming Security 1st Lien Secured Loan Interest Rate 3 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	7.50%
Investment, Identifier [Axis]: Maverick Gaming LLC 12530 NE 144th Street Kirkland WA 98034 Industry Casinos & Gaming Security 1st Lien Secured Loan Interest Rate 3M L + 7.50% 8.50% Floor (12.98%) Initial Acquisition Date 11/16/2021 Maturity 09/03/2026
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	12.98%
Interest Rate, Floor	[5],[11]	8.50%
Initial Acquisition Date	[5],[11]	Nov. 16, 2021
Maturity	[5],[11]	Sep. 03, 2026
Par Amount / Quantity	[5],[11]	$ 5,884
Cost	[5],[11]	5,748
Fair Value	[5],[11]	$ 4,672
Investment, Identifier [Axis]: NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Promissory Note Initial Acquisition Date 09/30/2022 Maturity 09/30/2029
Schedule of Investments [Line Items]
Initial Acquisition Date		Sep. 30, 2022	[9],[11]	Sep. 30, 2022	[3],[4],[12]
Maturity		Sep. 30, 2029	[9],[11]	Sep. 30, 2029	[3],[4],[12]
Par Amount / Quantity		$ 1,449	[9],[11]	$ 1,449	[3],[4],[12]
Fair Value		$ 1,065	[9],[11]	$ 632	[3],[4],[12]
Investment, Identifier [Axis]: NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Secured Loan B Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4],[18]			13.50%
Investment, Identifier [Axis]: NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Secured Loan B Interest Rate 3M SOFR + 13.50% 14.50% Floor (18.08%) (10.08% cash + 8.00% PIK) Initial Acquisition Date 09/30/2022 Maturity 09/30/2027
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4],[18]			18.08%
Interest Rate, Floor	[2],[3],[4],[18]			14.50%
Interest Rate, Cash	[2],[3],[4],[18]			10.08%
Interest Rate, PIK	[2],[3],[4],[18]			8.00%
Initial Acquisition Date	[2],[3],[4],[18]			Sep. 30, 2022
Maturity	[2],[3],[4],[18]			Sep. 30, 2027
Par Amount / Quantity	[2],[3],[4],[18]			$ 8,672
Cost	[2],[3],[4],[18]			8,405
Fair Value	[2],[3],[4],[18]			$ 7,781
Investment, Identifier [Axis]: NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Warrants Initial Acquisition Date 09/30/2022
Schedule of Investments [Line Items]
Initial Acquisition Date		Sep. 30, 2022	[11]	Sep. 30, 2022	[3],[4]
Par Amount / Quantity		$ 880,909	[11]	$ 880,909	[3],[4]
Percentage of Net Assets		2.56%	[11],[13]	2.56%	[3],[4],[14]
Investment, Identifier [Axis]: NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Industry Consumer Products Security Secured Loan B Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[11],[16]	13.50%
Investment, Identifier [Axis]: NICE-PAK Products, Inc. Two Nice-Pak Park Orangeburg, NY 10962 Industry Consumer Products Security Secured Loan B Interest Rate 3M SOFR + 13.50%, 14.50% Floor (19.00%), (11.00% cash + 8.00% PIK) Initial Acquisition Date 09/30/2022 Maturity 09/30/2027
Schedule of Investments [Line Items]
Interest Rate	[5],[11],[16]	19.00%
Interest Rate, Floor	[5],[11],[16]	14.50%
Interest Rate, Cash	[5],[11],[16]	(11.00%)
Interest Rate, PIK	[5],[11],[16]	8.00%
Initial Acquisition Date	[5],[11],[16]	Sep. 30, 2022
Maturity	[5],[11],[16]	Sep. 30, 2027
Par Amount / Quantity	[5],[11],[16]	$ 9,026
Cost	[5],[11],[16]	8,783
Fair Value	[5],[11],[16]	$ 8,189
Investment, Identifier [Axis]: New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Security 1st Lien Secured Loan Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[8],[11],[16]	12.50%
Investment, Identifier [Axis]: New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Security 1st Lien Secured Loan Interest Rate 3M SOFR + 12.50% 14.50% Floor (17.44%) (12.44% cash + 5.00% PIK) Initial Acquisition Date 04/06/2023 Maturity 04/06/2026
Schedule of Investments [Line Items]
Interest Rate	[5],[8],[11],[16]	17.44%
Interest Rate, Floor	[5],[8],[11],[16]	14.50%
Interest Rate, Cash	[5],[8],[11],[16]	12.44%
Interest Rate, PIK	[5],[8],[11],[16]	5.00%
Initial Acquisition Date	[5],[8],[11],[16]	Apr. 06, 2023
Maturity	[5],[8],[11],[16]	Apr. 06, 2026
Par Amount / Quantity	[5],[8],[11],[16]	$ 5,000
Cost	[5],[8],[11],[16]	4,860
Fair Value	[5],[8],[11],[16]	$ 4,894
Investment, Identifier [Axis]: New Wilkie Energy Pty Limited 56 Pitt Street Sydney New South Wales 2000 Australia Industry Metals & Mining Warrants Initial Acquisition Date 04/06/2023
Schedule of Investments [Line Items]
Initial Acquisition Date	[8],[11]	Apr. 06, 2023
Par Amount / Quantity	[8],[11]	$ 1,078,899
Fair Value	[8],[11]	$ 35
Investment, Identifier [Axis]: Newfold Digital Inc 5335 Gate Parkway Jacksonville FL 32256 Internet Media Unsecured Bond Interest Rate 6.00% Initial Acquisition Date 06/28/2022 Maturity 02/15/2029
Schedule of Investments [Line Items]
Interest Rate	[2],[4]			6.00%
Initial Acquisition Date	[4]			Jun. 28, 2022
Maturity	[4]			Feb. 15, 2029
Par Amount / Quantity	[4]			$ 2,000
Cost	[4]			1,508
Fair Value	[4]			$ 1,375
Investment, Identifier [Axis]: NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Energy Midstream Preferred Equity Interest Rate 3 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[2],[4]			6.77%
Investment, Identifier [Axis]: NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Energy Midstream Preferred Equity Interest Rate 3 Month LIBOR One
Schedule of Investments [Line Items]
Interest Rate	[2],[4]			6.88%
Investment, Identifier [Axis]: NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Energy Midstream Preferred Equity Interest Rate 3M L + 6.77% 6.77% Floor (11.41%) Initial Acquisition Date 12/22/2022
Schedule of Investments [Line Items]
Interest Rate	[2],[4]			11.41%
Interest Rate, Floor	[2],[4]			6.77%
Initial Acquisition Date	[2],[4]			Dec. 22, 2022
Par Amount / Quantity	[2],[4]			$ 2,500
Cost	[2],[4]			55
Fair Value	[2],[4]			$ 57
Investment, Identifier [Axis]: NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Energy Midstream Preferred Equity Interest Rate 3M L + 6.88% 6.88% Floor (11.52%) Initial Acquisition Date 12/22/2022
Schedule of Investments [Line Items]
Interest Rate	[2],[4]			11.52%
Interest Rate, Floor	[2],[4]			6.88%
Initial Acquisition Date	[2],[4]			Dec. 12, 2022
Par Amount / Quantity	[2],[4]			$ 7,500
Cost	[2],[4]			166
Fair Value	[2],[4]			$ 177
Investment, Identifier [Axis]: NuStar Energy LP 19003 1H-10 West San Antonio TX 78257 Industry Energy Midstream Security Preferred Equity Interest Rate 3 Month LIBOR One
Schedule of Investments [Line Items]
Interest Rate	[5],[8]	6.88%
Investment, Identifier [Axis]: NuStar Energy LP 19003 1H-10 West San Antonio, TX 78257 Industry Energy Midstream Security Preferred Equity Interest Rate 3M L + 6.88%, 6.88% Floor (11.72%) Initial Acquisition Date 12/12/2022 Maturity
Schedule of Investments [Line Items]
Interest Rate	[5],[8]	11.72%
Interest Rate, Floor	[5],[8]	6.88%
Initial Acquisition Date	[5],[8]	Dec. 12, 2022
Par Amount / Quantity	[5],[8]	$ 6,406
Cost	[5],[8]	142
Fair Value	[5],[8]	$ 162
Investment, Identifier [Axis]: Other Liabilities in Excess of Net Assets
Schedule of Investments [Line Items]
Percentage of Net Assets		238.79%		255.01%
Investment, Identifier [Axis]: PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples 1st Lien Secured Loan Interest Rate 1 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate		7.00%	[5],[11],[21]	7.00%	[2],[3],[4],[22]
Investment, Identifier [Axis]: PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples 1st Lien Secured Loan Interest Rate 1M L + 7.00% 8.00% Floor (11.35%) Initial Acquisition Date 11/13/2020 Maturity 11/13/2024
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4],[22]			11.35%
Interest Rate, Floor	[2],[3],[4],[22]			8.00%
Initial Acquisition Date	[2],[3],[4],[22]			Nov. 13, 2020
Maturity	[2],[3],[4],[22]			Nov. 13, 2024
Par Amount / Quantity	[2],[3],[4],[22]			$ 1,055
Cost	[2],[3],[4],[22]			1,055
Fair Value	[2],[3],[4],[22]			$ 896
Investment, Identifier [Axis]: PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples 1st Lien Secured Loan Interest Rate 1M L + 7.00% 8.00% Floor (12.15%) Initial Acquisition Date 11/13/2020 Maturity 11/13/2024
Schedule of Investments [Line Items]
Interest Rate	[5],[11],[21]	12.15%
Interest Rate, Floor	[5],[11],[21]	8.00%
Initial Acquisition Date	[5],[11],[21]	Nov. 13, 2020
Maturity	[5],[11],[21]	Nov. 13, 2024
Par Amount / Quantity	[5],[11],[21]	$ 1,049
Cost	[5],[11],[21]	1,049
Fair Value	[5],[11],[21]	$ 944
Investment, Identifier [Axis]: PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples Common Equity Initial Acquisition Date 11/13/2020
Schedule of Investments [Line Items]
Initial Acquisition Date		Nov. 13, 2020	[9],[11],[21]	Nov. 13, 2020	[3],[4],[12],[22]
Par Amount / Quantity		$ 5,238	[9],[11],[21]	$ 5,238	[3],[4],[12],[22]
Cost		12,378	[9],[11],[21]	12,378	[3],[4],[12],[22]
Fair Value		$ 506	[9],[11],[21]	$ 408	[3],[4],[12],[22]
Percentage of Net Assets		5.20%	[9],[11],[13],[21]	5.24%	[3],[4],[12],[14],[22]
Investment, Identifier [Axis]: PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach FL 33139 Industry Specialty Finance Security Term Loan Interest Rate Prime
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	6.50%
Investment, Identifier [Axis]: PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach FL 33139 Industry Specialty Finance Security Term Loan Interest Rate Prime + 6.50% 6.50% Floor (14.75%) Initial Acquisition Date 11/22/2021 Maturity 12/31/2024
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	14.75%
Interest Rate, Floor	[5],[11]	6.50%
Initial Acquisition Date	[5],[11]	Nov. 22, 2021
Maturity	[5],[11]	Dec. 31, 2024
Par Amount / Quantity	[5],[11]	$ 2,000
Cost	[5],[11]	2,000
Fair Value	[5],[11]	$ 1,995
Investment, Identifier [Axis]: PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach FL 33139 Specialty Finance Term Loan Interest Rate Prime
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			6.50%
Investment, Identifier [Axis]: PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach FL 33139 Specialty Finance Term Loan Interest Rate Prime + 6.50% 6.50% Floor (14.00%) Initial Acquisition Date 11/22/2021 Maturity 12/31/2024
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			14.00%
Interest Rate, Floor	[2],[3],[4]			6.50%
Initial Acquisition Date	[2],[3],[4]			Nov. 22, 2021
Maturity	[2],[3],[4]			Dec. 31, 2024
Par Amount / Quantity	[2],[3],[4]			$ 2,000
Cost	[2],[3],[4]			2,000
Fair Value	[2],[3],[4]			$ 1,997
Investment, Identifier [Axis]: Par Petroleum LLC 825 Town & Country Lane Suite 1500 Houston TX 77024 Oil & Gas Refining 1st Lien Secured Bond Interest Rate 12.88% Initial Acquisition Date 05/17/2022 Maturity 01/15/2026
Schedule of Investments [Line Items]
Interest Rate	[2],[4],[10]			12.88%
Initial Acquisition Date	[4],[10]			May 17, 2022
Maturity	[4],[10]			Jan. 15, 2026
Par Amount / Quantity	[4],[10]			$ 2,383
Cost	[4],[10]			2,610
Fair Value	[4],[10]			$ 2,508
Investment, Identifier [Axis]: Par Petroleum LLC 825 Town & Country Lane Suite 1500 Houston TX 77024 Oil & Gas Refining 1st Lien Secured Bond Interest Rate 7.75% Initial Acquisition Date 10/30/2020 Maturity 12/15/2025
Schedule of Investments [Line Items]
Interest Rate	[2],[4],[10]			7.75%
Initial Acquisition Date	[4],[10]			Oct. 30, 2020
Maturity	[4],[10]			Dec. 15, 2025
Par Amount / Quantity	[4],[10]			$ 3,000
Cost	[4],[10]			2,696
Fair Value	[4],[10]			$ 2,880
Investment, Identifier [Axis]: Par Petroleum LLC 825 Town & Country Lane Suite 1500 Houston TX 77024 Oil & Gas Refining Security 1st Lien Secured Loan Interest Rate 1 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[8]	4.25%
Investment, Identifier [Axis]: Par Petroleum LLC 825 Town & Country Lane Suite 1500 Houston TX 77024 Oil & Gas Refining Security 1st Lien Secured Loan Interest Rate 3M SOFR + 4.25% 4.75% Floor (9.61%) Initial Acquisition Date 02/14/2023 Maturity 02/28/2030
Schedule of Investments [Line Items]
Interest Rate	[5],[8]	9.61%
Interest Rate, Floor	[5],[8]	4.75%
Initial Acquisition Date	[5],[8]	Feb. 14, 2023
Maturity	[5],[8]	Feb. 28, 2030
Par Amount / Quantity	[5],[8]	$ 3,990
Cost	[5],[8]	3,931
Fair Value	[5],[8]	$ 3,917
Investment, Identifier [Axis]: Perforce Software Inc 400 First Avenue North #200 Minneapolis MN 55401 Technology 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 01/24/2020 Maturity 07/01/2024
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			0.50%
Initial Acquisition Date	[3],[4]			Jan. 24, 2020
Maturity	[3],[4]			Jul. 01, 2024
Par Amount / Quantity	[3],[4]			$ 4,375
Fair Value	[3],[4]			$ (365)
Investment, Identifier [Axis]: Perforce Software Inc 400 First Avenue North #200 Minneapolis MN 55401 Technology 1st Lien Secured Revolver Interest Rate Prime
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			3.25%
Investment, Identifier [Axis]: Perforce Software Inc 400 First Avenue North #200 Minneapolis MN 55401 Technology 1st Lien Secured Revolver Interest Rate Prime + 3.25% 3.25% Floor (10.75%) Initial Acquisition Date 01/24/2020 Maturity 07/01/2024
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			10.75%
Interest Rate, Floor	[2],[3],[4]			3.25%
Initial Acquisition Date	[2],[3],[4]			Jan. 24, 2020
Maturity	[2],[3],[4]			Jul. 01, 2024
Cost	[2],[3],[4]			$ 361
Investment, Identifier [Axis]: Prestige Capital Finance LLC 400 Kelby St 10th Floor Fort Lee NJ 07024 Specialty Finance Common Equity Initial Acquisition Date 02/08/2019
Schedule of Investments [Line Items]
Initial Acquisition Date		Feb. 08, 2019	[8],[11],[19]	Feb. 08, 2019	[3],[4],[10],[20]
Par Amount / Quantity		$ 100	[8],[11],[19]	$ 100	[3],[4],[10],[20]
Cost		7,786	[8],[11],[19]	7,786	[3],[4],[10],[20]
Fair Value		$ 12,792	[8],[11],[19]	$ 11,638	[3],[4],[10],[20]
Percentage of Net Assets		80.00%	[8],[11],[13],[19]	80.00%	[3],[4],[10],[14],[20]
Investment, Identifier [Axis]: Prestige Capital Finance LLC 400 Kelby St 10th Floor Fort Lee NJ 07024 Specialty Finance Subordinated Note Interest Rate 11.00% Initial Acquisition Date 06/15/2021 Maturity 06/15/2023
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4],[10],[20]			11.00%
Initial Acquisition Date	[3],[4],[10],[20]			Jun. 15, 2021
Maturity	[3],[4],[10],[20]			Jun. 15, 2023
Par Amount / Quantity	[3],[4],[10],[20]			$ 3,000
Cost	[3],[4],[10],[20]			3,000
Fair Value	[3],[4],[10],[20]			$ 3,000
Investment, Identifier [Axis]: Prestige Capital Finance LLC 400 Kelby St 10th Floor Fort Lee NJ 07024 Specialty Finance Subordinated Note Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[8],[11],[19]	8.50%
Investment, Identifier [Axis]: Prestige Capital Finance LLC 400 Kelby St 10th Floor Fort Lee NJ 07024 Specialty Finance Subordinated Note Interest Rate 3M SOFR + 8.50% 10.50% Floor (13.74%) Initial Acquisition Date 06/15/2021 Maturity 06/15/2025
Schedule of Investments [Line Items]
Interest Rate	[5],[8],[11],[19]	13.74%
Interest Rate, Floor	[5],[8],[11],[19]	10.50%
Initial Acquisition Date	[5],[8],[11],[19]	Jun. 15, 2021
Maturity	[5],[8],[11],[19]	Jun. 15, 2025
Par Amount / Quantity	[5],[8],[11],[19]	$ 3,000
Cost	[5],[8],[11],[19]	3,000
Fair Value	[5],[8],[11],[19]	$ 3,000
Investment, Identifier [Axis]: ProFrac Holdings II LLC 333 Shops Boulevard Suite 301 Weatherford Texas 76087 Industry Energy Services Security 1st Lien Secured Loan Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[8]	7.25%
Investment, Identifier [Axis]: ProFrac Holdings II LLC 333 Shops Boulevard Suite 301 Weatherford Texas 76087 Industry Energy Services Security 1st Lien Secured Loan Interest Rate 3M SOFR + 7.25% 8.25% Floor (12.75%) Initial Acquisition Date 02/01/2023 Maturity 03/04/2025
Schedule of Investments [Line Items]
Interest Rate	[5],[8]	12.75%
Interest Rate, Floor	[5],[8]	8.25%
Initial Acquisition Date	[5],[8]	Feb. 01, 2023
Maturity	[5],[8]	Mar. 04, 2025
Par Amount / Quantity	[5],[8]	$ 9,647
Cost	[5],[8]	9,487
Fair Value	[5],[8]	$ 9,647
Investment, Identifier [Axis]: Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Industry Internet Media Security 1st Lien Secured Revolver Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	4.50%
Investment, Identifier [Axis]: Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Industry Internet Media Security 1st Lien Secured Revolver Interest Rate 3M SOFR + 4.50% 4.50% Floor (10.00%) Initial Acquisition Date 01/29/2019 Maturity 06/14/2024
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	10.00%
Interest Rate, Floor	[5],[11]	4.50%
Initial Acquisition Date	[5],[11]	Jan. 29, 2019
Maturity	[5],[11]	Jun. 14, 2024
Par Amount / Quantity	[5],[11]	$ 6,093
Cost	[5],[11]	6,090
Fair Value	[5],[11]	$ 5,411
Investment, Identifier [Axis]: Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 01/29/2019 Maturity 06/14/2024
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			0.50%
Initial Acquisition Date	[3],[4]			Jan. 29, 2019
Maturity	[3],[4]			Jun. 14, 2024
Par Amount / Quantity	[3],[4]			$ 4,026
Fair Value	[3],[4]			$ (267)
Investment, Identifier [Axis]: Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 1st Lien Secured Revolver Interest Rate Prime
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			3.50%
Investment, Identifier [Axis]: Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 1st Lien Secured Revolver Interest Rate Prime + 3.50% 3.50% Floor (11.00%) Initial Acquisition Date 01/29/2019 Maturity 06/14/2024
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			11.00%
Interest Rate, Floor	[2],[3],[4]			3.50%
Initial Acquisition Date	[2],[3],[4]			Jan. 29, 2019
Maturity	[2],[3],[4]			Jun. 14, 2024
Par Amount / Quantity	[2],[3],[4]			$ 5,974
Cost	[2],[3],[4]			5,967
Fair Value	[2],[3],[4]			$ 5,577
Investment, Identifier [Axis]: Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 2nd Lien Secured Loan Interest Rate 6 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			9.50%
Investment, Identifier [Axis]: Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media 2nd Lien Secured Loan Interest Rate 6M L + 9.50% 10.50% Floor (12.84%) Initial Acquisition Date 05/20/2019 Maturity 12/20/2025
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			12.84%
Interest Rate, Floor	[2],[3],[4]			10.50%
Initial Acquisition Date	[2],[3],[4]			May 20, 2019
Maturity	[2],[3],[4]			Dec. 20, 2025
Par Amount / Quantity	[2],[3],[4]			$ 8,000
Cost	[2],[3],[4]			7,964
Fair Value	[2],[3],[4]			$ 5,561
Investment, Identifier [Axis]: Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media Security 1st Lien Secured Revolver - Unfunded Interest Rate 0.50% Initial Acquisition Date 01/29/2019 Maturity 06/14/2024
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	0.50%
Initial Acquisition Date	[11]	Jan. 29, 2019
Maturity	[11]	Jun. 14, 2024
Par Amount / Quantity	[11]	$ 3,907
Fair Value	[11]	$ (438)
Investment, Identifier [Axis]: Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media Security 2nd Lien Secured Loan Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	9.50%
Investment, Identifier [Axis]: Research Now Group Inc 5800 Tennyson Parkway Suite 600 Plano TX 75024 Internet Media Security 2nd Lien Secured Loan Interest Rate 3M SOFR + 9.50% 10.50% Floor (14.80%) Initial Acquisition Date 05/20/2019 Maturity 12/20/2025
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	14.80%
Interest Rate, Floor	[5],[11]	10.50%
Initial Acquisition Date	[5],[11]	May 20, 2019
Maturity	[5],[11]	Dec. 20, 2025
Par Amount / Quantity	[5],[11]	$ 8,000
Cost	[5],[11]	7,971
Fair Value	[5],[11]	$ 4,897
Investment, Identifier [Axis]: Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants 1st Lien Secured Loan Interest Rate 1 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4],[18]			12.00%
Investment, Identifier [Axis]: Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants 1st Lien Secured Loan Interest Rate 1M L + 12.00% 13.25% Floor (16.06%) (10.06% cash + 6.00% PIK) Initial Acquisition Date 02/24/2021 Maturity 02/24/2025
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4],[18]			16.06%
Interest Rate, Floor	[2],[3],[4],[18]			13.25%
Interest Rate, Cash	[2],[3],[4],[18]			10.06%
Interest Rate, PIK	[2],[3],[4],[18]			6.00%
Initial Acquisition Date	[2],[3],[4],[18]			Feb. 24, 2021
Maturity	[2],[3],[4],[18]			Feb. 24, 2025
Par Amount / Quantity	[2],[3],[4],[18]			$ 2,272
Cost	[2],[3],[4],[18]			2,272
Fair Value	[2],[3],[4],[18]			$ 2,187
Investment, Identifier [Axis]: Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 1 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[11],[16]	12.00%
Investment, Identifier [Axis]: Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 1 Month SOFR One
Schedule of Investments [Line Items]
Interest Rate	[5],[11],[16]	16.00%
Investment, Identifier [Axis]: Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 1M SOFR + 12.00% 13.25% Floor (17.26%) (11.26% cash + 6.00% PIK) Initial Acquisition Date 02/24/2021 Maturity 02/24/2025
Schedule of Investments [Line Items]
Interest Rate	[5],[11],[16]	17.26%
Interest Rate, Floor	[5],[11],[16]	13.25%
Interest Rate, Cash	[5],[11],[16]	11.26%
Interest Rate, PIK	[5],[11],[16]	6.00%
Initial Acquisition Date	[5],[11],[16]	Feb. 24, 2021
Maturity	[5],[11],[16]	Feb. 24, 2025
Par Amount / Quantity	[5],[11],[16]	$ 2,180
Cost	[5],[11],[16]	2,180
Fair Value	[5],[11],[16]	$ 2,114
Investment, Identifier [Axis]: Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security 1st Lien Secured Loan Interest Rate 1M SOFR + 16.00% 17.25% Floor (21.26%) Initial Acquisition Date 01/31/2023 Maturity 02/24/2025
Schedule of Investments [Line Items]
Interest Rate	[5],[11],[16]	21.26%
Interest Rate, Floor	[5],[11],[16]	17.25%
Initial Acquisition Date	[5],[11],[16]	Jan. 31, 2023
Maturity	[5],[11],[16]	Feb. 24, 2025
Par Amount / Quantity	[5],[11],[16]	$ 537
Cost	[5],[11],[16]	537
Fair Value	[5],[11],[16]	$ 537
Investment, Identifier [Axis]: Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security Warrants Initial Acquisition Date 02/24/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[9],[11]	Feb. 24, 2021
Par Amount / Quantity	[9],[11]	$ 311,697
Fair Value	[9],[11]	$ 832
Percentage of Net Assets	[9],[11],[13]	2.81%
Investment, Identifier [Axis]: Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Warrants Initial Acquisition Date 02/24/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[3],[4],[12]			Feb. 24, 2021
Par Amount / Quantity	[3],[4],[12]			$ 311,697
Fair Value	[3],[4],[12]			$ 923
Percentage of Net Assets	[3],[4],[12],[14]			2.81%
Investment, Identifier [Axis]: SCIH Salt Holdings Inc 1875 Century Park East Suite 320 Los Angeles CA 90067 Food & Staples Security 1st Lien Secured Loan Interest Rate 1 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[5]	4.00%
Investment, Identifier [Axis]: SCIH Salt Holdings Inc 1875 Century Park East Suite 320 Los Angeles CA 90067 Food & Staples Security 1st Lien Secured Loan Interest Rate 1M L + 4.00% 4.75% Floor (9.15%) Initial Acquisition Date 06/21/2023 Maturity 03/16/2027
Schedule of Investments [Line Items]
Interest Rate	[5]	9.15%
Interest Rate, Floor	[5]	4.75%
Initial Acquisition Date	[5]	Jun. 21, 2023
Maturity	[5]	Mar. 16, 2027
Par Amount / Quantity	[5]	$ 1,994
Cost	[5]	1,959
Fair Value	[5]	$ 1,962
Investment, Identifier [Axis]: SCIH Salt Holdings Inc 1875 Century Park East Suite 320 Los Angeles CA 90067 Food & Staples Unsecured Bond Interest Rate 6.63% Initial Acquisition Date 06/24/2022 Maturity 05/01/2029
Schedule of Investments [Line Items]
Interest Rate	[2],[4]			6.63%
Initial Acquisition Date	[4]			Jun. 24, 2022
Maturity	[4]			May 01, 2029
Par Amount / Quantity	[4]			$ 2,000
Cost	[4]			1,645
Fair Value	[4]			$ 1,611
Investment, Identifier [Axis]: Short-Term Investments GS Financial Square Treasury Obligations Fund Short-Term Investments Money Market Interest Rate 0.00% Initial Acquisition Date 06/30/2022
Schedule of Investments [Line Items]
Interest Rate		0.00%	[5]	0.00%	[2]
Initial Acquisition Date		Jun. 30, 2022		Jun. 30, 2022
Par Amount / Quantity		$ 8,424,039		$ 6,341,888
Cost		8,424		6,342
Fair Value		$ 8,424		$ 6,342
Investment, Identifier [Axis]: Short-Term Investments United States Treasury Short-Term Investments Treasury Bill 0.00 Initial Acquisition Date 06/30/2023, Maturity 08/01/2023
Schedule of Investments [Line Items]
Interest Rate	[5]	0.00%
Initial Acquisition Date		Jun. 30, 2023
Maturity		Aug. 01, 2023
Par Amount / Quantity		$ 70,000,000
Cost		69,734
Fair Value		$ 69,715
Investment, Identifier [Axis]: Short-Term Investments United States Treasury Short-Term Investments Treasury Bill Interest Rate 0.00% Initial Acquisition Date 12/30/2022 Maturity 03/31/2023
Schedule of Investments [Line Items]
Interest Rate	[2]			0.00%
Initial Acquisition Date				Dec. 30, 2022
Maturity				Mar. 31, 2023
Par Amount / Quantity				$ 70,000,000
Cost				69,798
Fair Value				$ 69,785
Investment, Identifier [Axis]: Sprout Holdings LLC 90 Merrick Ave East Meadow NY 11554 Specialty Finance Term Loan Interest Rate 11.50% Initial Acquisition Date 06/23/2021 Maturity 06/23/2023
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			11.50%
Initial Acquisition Date	[3],[4]			Jun. 23, 2021
Maturity	[3],[4]			Jun. 23, 2023
Par Amount / Quantity	[3],[4]			$ 873
Cost	[3],[4]			873
Fair Value	[3],[4]			$ 873
Investment, Identifier [Axis]: Sterling Commercial Credit LLC 10153 Grand River Rd Brighton MI 48116 Specialty Finance Common Equity Initial Acquisition Date 02/03/2022
Schedule of Investments [Line Items]
Initial Acquisition Date	[3],[4],[20]			Feb. 03, 2022
Par Amount / Quantity	[3],[4],[20]			$ 3,280,000
Cost	[3],[4],[20]			7,843
Fair Value	[3],[4],[20]			$ 6,262
Percentage of Net Assets	[3],[4],[14],[20]			80.00%
Investment, Identifier [Axis]: Sterling Commercial Credit LLC 10153 Grand River Rd Brighton MI 48116 Specialty Finance Security Common Equity Initial Acquisition Date 02/03/2022
Schedule of Investments [Line Items]
Initial Acquisition Date	[11],[19]	Feb. 03, 2022
Par Amount / Quantity	[11],[19]	$ 3,280,000
Cost	[11],[19]	7,842
Fair Value	[11],[19]	$ 5,844
Percentage of Net Assets	[11],[13],[19]	80.00%
Investment, Identifier [Axis]: Sterling Commercial Credit LLC 10153 Grand River Rd Brighton MI 48116 Specialty Finance Security Subordinated Note Interest Rate 11.00% Initial Acquisition Date 02/03/2022 Maturity 05/03/2025
Schedule of Investments [Line Items]
Interest Rate	[5],[11],[16],[19]	11.00%
Initial Acquisition Date	[11],[16],[19]	Feb. 03, 2022
Maturity	[11],[16],[19]	May 03, 2025
Par Amount / Quantity	[11],[16],[19]	$ 8,733
Cost	[11],[16],[19]	8,733
Fair Value	[11],[16],[19]	$ 8,733
Investment, Identifier [Axis]: Sterling Commercial Credit LLC 10153 Grand River Rd Brighton MI 48116 Specialty Finance Subordinated Note Interest Rate 11.00% Initial Acquisition Date 02/03/2022 Maturity 05/03/2025
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4],[20]			11.00%
Initial Acquisition Date	[3],[4],[20]			Feb. 03, 2022
Maturity	[3],[4],[20]			May 03, 2025
Par Amount / Quantity	[3],[4],[20]			$ 8,500
Cost	[3],[4],[20]			8,500
Fair Value	[3],[4],[20]			$ 8,500
Investment, Identifier [Axis]: Stone Ridge Opportunities Fund LP One Vanderbilt Ave 65th Floor New York NY 10017 Insurance Security Private Fund Initial Acquisition Date 12/15/2022
Schedule of Investments [Line Items]
Initial Acquisition Date	[23]	Dec. 15, 2022
Par Amount / Quantity	[23]	$ 3,000,000
Cost	[23]	3,000
Fair Value	[23]	$ 3,415
Investment, Identifier [Axis]: Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 Energy Midstream 2nd Lien, Secured Bond Interest Rate 8.50% Initial Acquisition Date 10/19/2021 Maturity 10/15/2026
Schedule of Investments [Line Items]
Interest Rate	[2],[4]			8.50%
Initial Acquisition Date	[4]			Oct. 19, 2021
Maturity	[4]			Oct. 15, 2026
Par Amount / Quantity	[4]			$ 5,000
Cost	[4]			4,800
Fair Value	[4]			$ 4,762
Investment, Identifier [Axis]: Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 Energy Midstream Security 2nd Lien Secured Bond Interest Rate 9.00% Initial Acquisition Date 10/19/2021 Maturity 10/15/2026
Schedule of Investments [Line Items]
Interest Rate	[5]	9.00%
Initial Acquisition Date		Oct. 19, 2021
Maturity		Oct. 15, 2026
Par Amount / Quantity		$ 4,000
Cost		3,833
Fair Value		$ 3,885
Investment, Identifier [Axis]: Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 Energy Midstream Security Unsecured Bond Interest Rate 5.75% Initial Acquisition Date 08/10/2022 Maturity 04/15/2025
Schedule of Investments [Line Items]
Interest Rate	[5]	5.75%
Initial Acquisition Date		Aug. 10, 2022
Maturity		Apr. 15, 2025
Par Amount / Quantity		$ 386
Cost		340
Fair Value		351
Investment, Identifier [Axis]: Summit Midstream Holdings LLC 910 Louisiana Street Suite 4200 Houston TX 77002 Energy Midstream Unsecured Bond Interest Rate 5.75% Initial Acquisition Date 08/10/2022 Maturity 04/15/2025
Schedule of Investments [Line Items]
Interest Rate	[2],[4]			5.75%
Initial Acquisition Date	[4]			Aug. 10, 2022
Maturity	[4]			Apr. 15, 2025
Par Amount / Quantity	[4]			$ 1,386
Cost	[4]			1,180
Fair Value	[4]			1,173
Investment, Identifier [Axis]: TOTAL INVESTMENTS
Schedule of Investments [Line Items]
Cost		336,037	[24]	327,318	[1]
Fair Value		$ 314,570	[24]	$ 301,084	[1]
Percentage of Net Assets		338.80%
Investment, Identifier [Axis]: TRU Taj Trust 505 Park Avenue 2nd Floor New York NY 10022 Retail Common Equity Initial Acquisition Date 07/21/2017
Schedule of Investments [Line Items]
Initial Acquisition Date	[3],[4],[12]			Jul. 21, 2017
Par Amount / Quantity	[3],[4],[12]			$ 16,000
Cost	[3],[4],[12]			611
Fair Value	[3],[4],[12]			$ 5
Percentage of Net Assets	[3],[4],[12],[14]			2.75%
Investment, Identifier [Axis]: TRU Taj Trust 505 Park Avenue 2nd Floor New York NY 10022 Retail Security Common Equity Initial Acquisition Date 07/21/2017
Schedule of Investments [Line Items]
Initial Acquisition Date	[9],[11]	Jul. 21, 2017
Par Amount / Quantity	[9],[11]	$ 16,000
Cost	[9],[11]	611
Fair Value	[9],[11]	$ 44
Percentage of Net Assets	[9],[11],[13]	2.75%
Investment, Identifier [Axis]: Target Hospitality Corp 2170 Buckthorne Place Suite 440 The Woodlands TX 77380 Hospitality Secured Bond Interest Rate 9.50% Initial Acquisition Date 05/13/2021 Maturity 03/15/2024
Schedule of Investments [Line Items]
Interest Rate	[2],[4],[10]			9.50%
Initial Acquisition Date	[4],[10]			May 13, 2021
Maturity	[4],[10]			Mar. 15, 2024
Par Amount / Quantity	[4],[10]			$ 5,000
Cost	[4],[10]			4,985
Fair Value	[4],[10]			4,988
Investment, Identifier [Axis]: Target Hospitality Corp 2170 Buckthorne Place Suite 440 The Woodlands TX 77380 Hospitality Security Secured Bond Interest Rate 9.50% Initial Acquisition Date 05/13/2021 Maturity 03/15/2024
Schedule of Investments [Line Items]
Interest Rate	[5],[8]	9.50%
Initial Acquisition Date	[8]	May 13, 2021
Maturity	[8]	Mar. 15, 2024
Par Amount / Quantity	[8]	$ 3,331
Cost	[8]	3,321
Fair Value	[8]	3,338
Investment, Identifier [Axis]: Total Investments excluding Short-Term Investments
Schedule of Investments [Line Items]
Cost		257,879		251,178
Fair Value		$ 236,431		$ 224,957
Percentage of Net Assets		254.64%		265.25%
Investment, Identifier [Axis]: Total Investments in Special Purpose Acquisition Companies
Schedule of Investments [Line Items]
Cost		$ 150		$ 201
Fair Value		37		27
Investment, Identifier [Axis]: Total Short-Term Investments
Schedule of Investments [Line Items]
Cost		78,158		76,140
Fair Value		$ 78,139		$ 76,127
Percentage of Net Assets		84.16%		89.76%
Investment, Identifier [Axis]: Traeger Inc 1215 E Wilmington Ave Suite 200 Salt Lake City UT 84106 Consumer Products Security 1st Lien Secured Loan Interest Rate 1 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[5],[8]	3.25%
Investment, Identifier [Axis]: Traeger Inc 1215 E Wilmington Ave Suite 200 Salt Lake City UT 84106 Consumer Products Security 1st Lien Secured Loan Interest Rate 1M L + 3.25% 4.00% Floor (8.45%) Initial Acquisition Date 03/30/2023 Maturity 06/29/2028
Schedule of Investments [Line Items]
Interest Rate	[5],[8]	8.45%
Interest Rate, Floor	[5],[8]	4.00%
Initial Acquisition Date	[5],[8]	Mar. 30, 2023
Maturity	[5],[8]	Jun. 29, 2028
Par Amount / Quantity	[5],[8]	$ 3,240
Cost	[5],[8]	2,579
Fair Value	[5],[8]	$ 2,697
Investment, Identifier [Axis]: United Insurance Holdings Corp 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
Schedule of Investments [Line Items]
Interest Rate	[5]	7.25%
Initial Acquisition Date		Dec. 20, 2022
Maturity		Dec. 15, 2027
Par Amount / Quantity		$ 17,500
Cost		8,707
Fair Value		$ 12,950
Investment, Identifier [Axis]: United Insurance Holdings Corp 800 2nd Avenue S. Saint Petersburg FL 33701 Insurance Unsecured Bond Interest Rate 7.25% Initial Acquisition Date 12/20/2022 Maturity 12/15/2027
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			7.25%
Initial Acquisition Date	[3],[4]			Dec. 20, 2022
Maturity	[3],[4]			Dec. 15, 2027
Par Amount / Quantity	[3],[4]			$ 6,000
Cost	[3],[4]			2,469
Fair Value	[3],[4]			$ 2,340
Investment, Identifier [Axis]: Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan B Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[11],[16]	13.06%
Investment, Identifier [Axis]: Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan B Interest Rate 3M SOFR + 13.06% 14.06% Floor (18.28%) (9.28% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/2026
Schedule of Investments [Line Items]
Interest Rate	[5],[11],[16]	18.28%
Interest Rate, Floor	[5],[11],[16]	14.06%
Interest Rate, Cash	[5],[11],[16]	9.28%
Interest Rate, PIK	[5],[11],[16]	9.00%
Initial Acquisition Date	[5],[11],[16]	Sep. 30, 2021
Maturity	[5],[11],[16]	Sep. 29, 2026
Par Amount / Quantity	[5],[11],[16]	$ 7,472
Cost	[5],[11],[16]	7,385
Fair Value	[5],[11],[16]	$ 7,547
Investment, Identifier [Axis]: Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan C Interest Rate 3 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[11],[16]	13.06%
Investment, Identifier [Axis]: Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Security Term Loan C Interest Rate 3M SOFR + 13.06% 14.06% Floor (18.28%) (9.28% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/2026
Schedule of Investments [Line Items]
Interest Rate	[5],[11],[16]	18.28%
Interest Rate, Floor	[5],[11],[16]	14.06%
Interest Rate, Cash	[5],[11],[16]	9.28%
Interest Rate, PIK	[5],[11],[16]	9.00%
Initial Acquisition Date	[5],[11],[16]	Sep. 30, 2021
Maturity	[5],[11],[16]	Sep. 29, 2026
Par Amount / Quantity	[5],[11],[16]	$ 2,881
Cost	[5],[11],[16]	2,838
Fair Value	[5],[11],[16]	$ 2,694
Investment, Identifier [Axis]: Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan B Interest Rate 3 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4],[18]			11.69%
Investment, Identifier [Axis]: Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan B Interest Rate 3M L + 11.69% 12.69% Floor (17.92%) (8.92% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/2026
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4],[18]			17.92%
Interest Rate, Floor	[2],[3],[4],[18]			12.69%
Interest Rate, Cash	[2],[3],[4],[18]			8.92%
Interest Rate, PIK	[2],[3],[4],[18]			9.00%
Initial Acquisition Date	[2],[3],[4],[18]			Sep. 30, 2021
Maturity	[2],[3],[4],[18]			Sep. 29, 2026
Par Amount / Quantity	[2],[3],[4],[18]			$ 7,172
Cost	[2],[3],[4],[18]			7,072
Fair Value	[2],[3],[4],[18]			$ 7,192
Investment, Identifier [Axis]: Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan C Interest Rate 3 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4],[18]			11.69%
Investment, Identifier [Axis]: Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Term Loan C Interest Rate 3M L + 11.69% 12.69% Floor (17.92%) (8.92% cash + 9.00% PIK) Initial Acquisition Date 09/30/2021 Maturity 09/29/2026
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4],[18]			17.92%
Interest Rate, Floor	[2],[3],[4],[18]			12.69%
Interest Rate, Cash	[2],[3],[4],[18]			8.92%
Interest Rate, PIK	[2],[3],[4],[18]			9.00%
Initial Acquisition Date	[2],[3],[4],[18]			Sep. 30, 2021
Maturity	[2],[3],[4],[18]			Sep. 29, 2026
Par Amount / Quantity	[2],[3],[4],[18]			$ 2,766
Cost	[2],[3],[4],[18]			2,716
Fair Value	[2],[3],[4],[18]			$ 2,576
Investment, Identifier [Axis]: Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Warrants Initial Acquisition Date 09/30/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Sep. 30, 2021	[9],[11]	Sep. 30, 2021	[3],[4],[12]
Par Amount / Quantity		$ 3,383	[9],[11]	$ 3,383	[3],[4],[12]
Fair Value		$ 1,579	[9],[11]	$ 1,246	[3],[4],[12]
Percentage of Net Assets		1.50%	[9],[11],[13]	1.50%	[3],[4],[12],[14]
Investment, Identifier [Axis]: Vantage Specialty Chemicals Inc 1751 Lake Cook Rd Suite 550 Deerfield IL 60015 Chemicals 1st Lien Secured Loan 1M SOFR + 4.75% 5.25% Floor (9.90%) Initial Acquisition Date 03/03/2023 Maturity 10/26/2026
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	9.90%
Interest Rate, Floor	[5],[11]	5.25%
Initial Acquisition Date	[5],[11]	Mar. 03, 2023
Maturity	[5],[11]	Oct. 26, 2026
Par Amount / Quantity	[5],[11]	$ 4,975
Cost	[5],[11]	4,836
Fair Value	[5],[11]	$ 4,823
Investment, Identifier [Axis]: Vantage Specialty Chemicals Inc 1751 Lake Cook Rd Suite 550 Deerfield IL 60015 Chemicals 1st Lien Secured Loan Interest Rate 1 Month SOFR
Schedule of Investments [Line Items]
Interest Rate	[5],[11]	4.75%
Investment, Identifier [Axis]: Vantage Specialty Chemicals Inc 1751 Lake Cook Rd Suite 550 Deerfield IL 60015 Chemicals 2nd Lien Secured Loan Interest Rate 3 Month LIBOR
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			8.25%
Investment, Identifier [Axis]: Vantage Specialty Chemicals Inc 1751 Lake Cook Rd Suite 550 Deerfield IL 60015 Chemicals 2nd Lien Secured Loan Interest Rate 3M L + 8.25% 9.25% Floor (12.98%) Initial Acquisition Date 06/08/2021 Maturity 10/26/2025
Schedule of Investments [Line Items]
Interest Rate	[2],[3],[4]			12.98%
Interest Rate, Floor	[2],[3],[4]			9.25%
Initial Acquisition Date	[2],[3],[4]			Jun. 08, 2021
Maturity	[2],[3],[4]			Oct. 26, 2025
Par Amount / Quantity	[2],[3],[4]			$ 4,693
Cost	[2],[3],[4]			4,582
Fair Value	[2],[3],[4]			$ 4,543
Investment, Identifier [Axis]: Vector Group Ltd 4400 Biscayne Blvd Miami FL 33137 Food & Staples Unsecured Bond Interest Rate 10.50% Initial Acquisition Date 07/08/2022 Maturity 11/01/2026
Schedule of Investments [Line Items]
Interest Rate		10.50%	[5],[8]	10.50%	[2],[4],[10]
Initial Acquisition Date		Jul. 08, 2022	[8]	Jul. 08, 2022	[4],[10]
Maturity		Nov. 01, 2026	[8]	Nov. 01, 2026	[4],[10]
Par Amount / Quantity		$ 750	[8]	$ 750	[4],[10]
Cost		718	[8]	714	[4],[10]
Fair Value		$ 750	[8]	$ 745	[4],[10]
Investment, Identifier [Axis]: W&T Offshore Inc 5718 Westheimer Road Suite 700 Houston TX 77057 Oil & Gas Exploration & Production 2nd Lien Secured Bond 11.75% Initial Acquisition Date 01/12/2023 Maturity 02/01/2026
Schedule of Investments [Line Items]
Interest Rate	[5],[8]	11.75%
Initial Acquisition Date	[8]	Jan. 12, 2023
Maturity	[8]	Feb. 01, 2026
Par Amount / Quantity	[8]	$ 6,000
Cost	[8]	6,000
Fair Value	[8]	$ 5,984
Investment, Identifier [Axis]: W&T Offshore Inc 5718 Westheimer Road Suite 700 Houston TX 77057 Oil & Gas Exploration & Production 2nd Lien Secured Bond Interest Rate 9.75% Initial Acquisition Date 05/05/2021 Maturity 11/01/2023
Schedule of Investments [Line Items]
Interest Rate	[2],[4],[10]			9.75%
Initial Acquisition Date	[4],[10]			May 05, 2021
Maturity	[4],[10]			Nov. 01, 2023
Par Amount / Quantity	[4],[10]			$ 8,000
Cost	[4],[10]			7,798
Fair Value	[4],[10]			$ 7,858

[1] As of period end, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $2,230; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $19,401; the net unrealized depreciation was $(17,171); the aggregate cost of securities for Federal income tax purposes was $318,255.

[2] Certain of the Company’s variable rate debt investments bear interest at a rate that is determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), prime rate (“Prime”), or Secured Overnight Financing Rate (“SOFR”) 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 one-month (“1M”) LIBOR as of period end was 4.39%. The three-month (“3M”) LIBOR as of period end was 4.77%. The six-month (“6M”) LIBOR as of period end was 5.14%. The prime rate as of period end was 7.50%. The SOFR as of period end was 4.30%.

[3] Investments classified as Level 3 whereby fair value was determined by the Company’s Board.

[4] The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933 and, therefore, are generally subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act of 1933.

[5] Certain of the Company’s variable rate debt investments bear interest at a rate that is determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), prime rate (“Prime”), or Secured Overnight Financing Rate (“SOFR”) 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 one-month (“1M”) LIBOR as of period end was 5.22%. The three-month (“3M”) LIBOR as of period end was 5.55%. The six-month (“6M”) LIBOR as of period end was 5.76%. The prime rate as of period end was 8.25%. The SOFR as of period end was 5.09%.

[6] 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.

[7] Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. Such security may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration.

[8] 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, 24.21% were non-qualifying assets as of period end.

[9] Non-income producing security.

[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, 24.76% were non-qualifying assets as of period end.

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

[12] Non-income producing security.

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

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

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

[16] Security pays, or has the option to pay, some or all of its interest in kind. As of June 30, 2023, the Avation Capital SA secured bond, New Wilkie Energy Pty Limited secured loan, Nice-Pak Products, Inc. secured loan B, Ruby Tuesday Operations, LLC secured loans and each of the Universal Fiber Systems term loans pay all or a portion of their interest in-kind and the rates above reflect the payment-in-kind (“PIK”) interest rates. As of June 30, 2023, each of the Avanti Space Limited secured debt pay in kind and the rates above reflect the PIK interest rates, however, each position is on non-accrual.

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

[18] Security pays, or has the option to pay, some or all of its interest in kind. As of December 31, 2022, 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. As of December 31, 2022, each of the Avanti Space Limited secured debt pay in kind and the rates above reflect the PIK interest rates, however, each position is on non-accrual. As of December 31, 2022, Forum Energy Technologies, Inc has the option to pay in kind but currently pay cash and the rate above reflects the cash interest rate.

[19] 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.“

[20] 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.“

[21] 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.

[22] 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.

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

[24] As of period end, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $15,906; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $37,373; the net unrealized depreciation was $21,467; the aggregate cost of securities for Federal income tax purposes was $336,037

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CONSOLIDATED SCHEDULE OF INVESTMENTS (Parenthetical) (unaudited) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023		Dec. 31, 2022
Schedule of Investments [Line Items]
Percentage of Net Assets		338.80%		355.01%	[1]
Percentage of non-qualifying assets		24.21%		24.76%
Investment owned, gross unrealized appreciation excess of value cost		$ 15,906		$ 2,230
Investment owned, gross unrealized depreciation excess of value cost		37,373		19,401
Investment owned,net unrealized depreciation		21,467		(17,171)
Aggregate cost of federal income tax		$ 336,037		$ 318,255
Maximum
Schedule of Investments [Line Items]
Percentage of Net Assets		1.00%		1.00%
Minimum
Schedule of Investments [Line Items]
Percentage of qualifying assets		70.00%		70.00%
Investment, Identifier [Axis]: Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB Wireless Telecommunications Services Common Equity Interest Rate 12.50% Initial Acquisition Date 04/13/2022
Schedule of Investments [Line Items]
Percentage of Net Assets		1.39%	[2],[3],[4],[5]	1.72%	[6],[7],[8],[9],[10]
Investment, Identifier [Axis]: Great Elm Healthcare Finance LLC 3100 West End Ave Suite 750 Nashville TN 37203 Specialty Finance Common Equity Initial Acquisition Date 11/17/2022
Schedule of Investments [Line Items]
Percentage of Net Assets		87.50%	[3],[5],[11]	87.50%	[7],[9],[10],[12]
Investment, Identifier [Axis]: Lenders Funding LLC 523 A Avenue Coronado CA 92118 Specialty Finance Common Equity Initial Acquisition Date 09/20/2021
Schedule of Investments [Line Items]
Percentage of Net Assets		56.13%	[2],[3],[5],[11]	62.87%	[6],[7],[10],[12]
Investment, Identifier [Axis]: NICE-PAK Products Inc Two Nice-Pak Park Orangeburg NY 10962 Consumer Products Warrants Initial Acquisition Date 09/30/2022
Schedule of Investments [Line Items]
Percentage of Net Assets		2.56%	[3],[5]	2.56%	[7],[9],[10]
Investment, Identifier [Axis]: One-month LIBOR
Schedule of Investments [Line Items]
Investment interest rate of percentage		5.22%		4.39%
Investment, Identifier [Axis]: Other Liabilities in Excess of Net Assets
Schedule of Investments [Line Items]
Percentage of Net Assets		238.79%		255.01%
Investment, Identifier [Axis]: PFS Holdings Corp 3747 Hecktown Road Easton PA 18045 Food & Staples Common Equity Initial Acquisition Date 11/13/2020
Schedule of Investments [Line Items]
Percentage of Net Assets		5.20%	[3],[4],[5],[13]	5.24%	[7],[8],[9],[10],[14]
Investment, Identifier [Axis]: Prestige Capital Finance LLC 400 Kelby St 10th Floor Fort Lee NJ 07024 Specialty Finance Common Equity Initial Acquisition Date 02/08/2019
Schedule of Investments [Line Items]
Percentage of Net Assets		80.00%	[2],[3],[5],[11]	80.00%	[6],[7],[9],[10],[12]
Investment, Identifier [Axis]: Prime rate
Schedule of Investments [Line Items]
Investment interest rate of percentage		8.25%		7.50%
Investment, Identifier [Axis]: Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Security Warrants Initial Acquisition Date 02/24/2021
Schedule of Investments [Line Items]
Percentage of Net Assets	[3],[4],[5]	2.81%
Investment, Identifier [Axis]: Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville TN 37804 Restaurants Warrants Initial Acquisition Date 02/24/2021
Schedule of Investments [Line Items]
Percentage of Net Assets	[7],[8],[9],[10]			2.81%
Investment, Identifier [Axis]: SOFR
Schedule of Investments [Line Items]
Investment interest rate of percentage		5.09%		4.30%
Investment, Identifier [Axis]: Six-month LIBOR
Schedule of Investments [Line Items]
Investment interest rate of percentage		5.76%		5.14%
Investment, Identifier [Axis]: Sterling Commercial Credit LLC 10153 Grand River Rd Brighton MI 48116 Specialty Finance Common Equity Initial Acquisition Date 02/03/2022
Schedule of Investments [Line Items]
Percentage of Net Assets	[7],[9],[10],[12]			80.00%
Investment, Identifier [Axis]: Sterling Commercial Credit LLC 10153 Grand River Rd Brighton MI 48116 Specialty Finance Security Common Equity Initial Acquisition Date 02/03/2022
Schedule of Investments [Line Items]
Percentage of Net Assets	[3],[5],[11]	80.00%
Investment, Identifier [Axis]: TOTAL INVESTMENTS
Schedule of Investments [Line Items]
Percentage of Net Assets		338.80%
Investment, Identifier [Axis]: TRU Taj Trust 505 Park Avenue 2nd Floor New York NY 10022 Retail Common Equity Initial Acquisition Date 07/21/2017
Schedule of Investments [Line Items]
Percentage of Net Assets	[7],[8],[9],[10]			2.75%
Investment, Identifier [Axis]: TRU Taj Trust 505 Park Avenue 2nd Floor New York NY 10022 Retail Security Common Equity Initial Acquisition Date 07/21/2017
Schedule of Investments [Line Items]
Percentage of Net Assets	[3],[4],[5]	2.75%
Investment, Identifier [Axis]: Three-month LIBOR
Schedule of Investments [Line Items]
Investment interest rate of percentage		5.55%		4.77%
Investment, Identifier [Axis]: Total Investments excluding Short-Term Investments
Schedule of Investments [Line Items]
Percentage of Net Assets		254.64%		265.25%
Investment, Identifier [Axis]: Total Short-Term Investments
Schedule of Investments [Line Items]
Percentage of Net Assets		84.16%		89.76%
Investment, Identifier [Axis]: Universal Fiber Systems 640 State Street Bristol TN 37620 Chemicals Warrants Initial Acquisition Date 09/30/2021
Schedule of Investments [Line Items]
Percentage of Net Assets		1.50%	[3],[4],[5]	1.50%	[7],[8],[9],[10]

[1] As of period end, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $2,230; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $19,401; the net unrealized depreciation was $(17,171); the aggregate cost of securities for Federal income tax purposes was $318,255.

[2] 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, 24.21% were non-qualifying assets as of period end.

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

[4] Non-income producing security.

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

[6] 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, 24.76% were non-qualifying assets as of period end.

[7] Investments classified as Level 3 whereby fair value was determined by the Company’s Board.

[8] Non-income producing security.

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

[10] The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933 and, therefore, are generally subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act of 1933.

[11] 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.“

[12] 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.“

[13] 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.

[14] 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.

XML

CONSOLIDATED SCHEDULE OF INVESTMENTS (Investment Consisted) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Investments at Fair Value	$ 314,570	$ 301,084
Percentage of Net Assets	338.80%	355.01%	[1]
Debt
Schedule of Investments [Line Items]
Investments at Fair Value	$ 198,822	$ 184,955
Percentage of Net Assets	214.13%	218.08%
Equity/Other
Schedule of Investments [Line Items]
Investments at Fair Value	$ 37,609	$ 40,002
Percentage of Net Assets	40.51%	47.17%
Short-Term Investments
Schedule of Investments [Line Items]
Investments at Fair Value	$ 78,139	$ 76,127
Percentage of Net Assets	84.16%	89.76%

[1] As of period end, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $2,230; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $19,401; the net unrealized depreciation was $(17,171); the aggregate cost of securities for Federal income tax purposes was $318,255.

XML

CONSOLIDATED SCHEDULE OF INVESTMENTS (Geographic Composition of Portfolio At Fair Value) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Investments at Fair Value	$ 314,570	$ 301,084
Percentage of Net Assets	338.80%	355.01%	[1]
United States
Schedule of Investments [Line Items]
Investments at Fair Value	$ 298,338	$ 290,222
Percentage of Net Assets	321.31%	342.21%
Canada
Schedule of Investments [Line Items]
Investments at Fair Value	$ 7,278	$ 7,278
Percentage of Net Assets	7.84%	8.58%
Australia
Schedule of Investments [Line Items]
Investments at Fair Value	$ 4,929
Percentage of Net Assets	5.31%
Europe
Schedule of Investments [Line Items]
Investments at Fair Value	$ 4,018	$ 3,580
Percentage of Net Assets	4.33%	4.22%
Asia/Oceania
Schedule of Investments [Line Items]
Investments at Fair Value	$ 7	$ 4
Percentage of Net Assets	0.01%	0.00%

[1] As of period end, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $2,230; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $19,401; the net unrealized depreciation was $(17,171); the aggregate cost of securities for Federal income tax purposes was $318,255.

XML

CONSOLIDATED SCHEDULE OF INVESTMENTS (Industry Composition of Portfolio At Fair Value) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Investments at Fair Value	$ 314,570	$ 301,084
Percentage of Net Assets	338.80%	355.01%	[1]
Specialty Finance
Schedule of Investments [Line Items]
Investments at Fair Value	$ 54,208	$ 58,250
Percentage of Net Assets	58.38%	68.68%
Chemicals
Schedule of Investments [Line Items]
Investments at Fair Value	$ 26,172	$ 31,702
Percentage of Net Assets	28.19%	37.38%
Energy Midstream
Schedule of Investments [Line Items]
Investments at Fair Value	$ 6,327	$ 22,559
Percentage of Net Assets	6.81%	26.60%
Oil & Gas Exploration & Production
Schedule of Investments [Line Items]
Investments at Fair Value	$ 13,262	$ 15,136
Percentage of Net Assets	14.28%	17.85%
Internet Media
Schedule of Investments [Line Items]
Investments at Fair Value	$ 9,870	$ 12,247
Percentage of Net Assets	10.63%	14.44%
Transportation Equipment Manufacturing
Schedule of Investments [Line Items]
Investments at Fair Value	$ 16,041	$ 11,803
Percentage of Net Assets	17.28%	13.92%
Casinos & Gaming
Schedule of Investments [Line Items]
Investments at Fair Value	$ 9,332	$ 9,301
Percentage of Net Assets	10.05%	10.97%
Consumer Products
Schedule of Investments [Line Items]
Investments at Fair Value	$ 11,951	$ 8,413
Percentage of Net Assets	12.87%	9.92%
Shipping
Schedule of Investments [Line Items]
Investments at Fair Value	$ 14,066	$ 7,206
Percentage of Net Assets	15.15%	8.50%
Metals & Mining
Schedule of Investments [Line Items]
Investments at Fair Value	$ 10,938	$ 6,046
Percentage of Net Assets	11.78%	7.13%
Closed-End Fund
Schedule of Investments [Line Items]
Investments at Fair Value	$ 7,738	$ 5,825
Percentage of Net Assets	8.33%	6.87%
Industrial
Schedule of Investments [Line Items]
Investments at Fair Value	$ 6,014	$ 5,498
Percentage of Net Assets	6.48%	6.47%
Oil & Gas Refining
Schedule of Investments [Line Items]
Investments at Fair Value	$ 3,917	$ 5,388
Percentage of Net Assets	4.22%	6.35%
Hospitality
Schedule of Investments [Line Items]
Investments at Fair Value	$ 3,338	$ 4,988
Percentage of Net Assets	3.60%	5.88%
Food & Staples
Schedule of Investments [Line Items]
Investments at Fair Value	$ 7,657	$ 3,660
Percentage of Net Assets	8.25%	4.32%
Aircraft
Schedule of Investments [Line Items]
Investments at Fair Value	$ 4,015	$ 3,577
Percentage of Net Assets	4.32%	4.22%
Restaurants
Schedule of Investments [Line Items]
Investments at Fair Value	$ 3,483	$ 3,110
Percentage of Net Assets	3.75%	3.67%
Wireless Telecommunications Services
Schedule of Investments [Line Items]
Investments at Fair Value		$ 2,997
Percentage of Net Assets		3.53%
Energy Services
Schedule of Investments [Line Items]
Investments at Fair Value	$ 9,647	$ 2,877
Percentage of Net Assets	10.39%	3.39%
Apparel
Schedule of Investments [Line Items]
Investments at Fair Value	$ 2,013	$ 2,371
Percentage of Net Assets	2.17%	2.80%
Insurance
Schedule of Investments [Line Items]
Investments at Fair Value	$ 16,365	$ 2,340
Percentage of Net Assets	17.63%	2.76%
Special Purpose Acquisition Company
Schedule of Investments [Line Items]
Investments at Fair Value	$ 28	$ 19
Percentage of Net Assets	0.03%	0.02%
Retail
Schedule of Investments [Line Items]
Investments at Fair Value	$ 44	$ 5
Percentage of Net Assets	0.05%	0.01%
Auto Manufacturer
Schedule of Investments [Line Items]
Investments at Fair Value	$ 1	$ 2
Percentage of Net Assets	0.00%	0.00%
Biotechnology
Schedule of Investments [Line Items]
Investments at Fair Value	$ 1	$ 1
Percentage of Net Assets	0.00%	0.00%
Household & Personal Products
Schedule of Investments [Line Items]
Investments at Fair Value		$ 1
Percentage of Net Assets		0.00%
Technology
Schedule of Investments [Line Items]
Investments at Fair Value	$ 0	$ (365)
Percentage of Net Assets	0.00%	(0.43%)
Short-Term Investments
Schedule of Investments [Line Items]
Investments at Fair Value	$ 78,139	$ 76,127
Percentage of Net Assets	84.16%	89.76%
Communications Equipment
Schedule of Investments [Line Items]
Investments at Fair Value	$ 1
Percentage of Net Assets	0.00%
IT Services
Schedule of Investments [Line Items]
Investments at Fair Value	$ 2
Percentage of Net Assets	0.00%

[1] As of period end, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $2,230; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $19,401; the net unrealized depreciation was $(17,171); the aggregate cost of securities for Federal income tax purposes was $318,255.

XML

N-2 - USD ($)
$ / shares in Units, $ in Millions

1 Months Ended

3 Months Ended

6 Months Ended

Jul. 27, 2023

Jul. 09, 2021

Jun. 23, 2021

Jul. 05, 2019

Jun. 18, 2019

Feb. 09, 2018

Jan. 19, 2018

Jan. 11, 2018

Jul. 27, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2023

Cover [Abstract]

Entity Central Index Key

0001675033

Amendment Flag

false

Securities Act File Number

814-01211

Document Type

10-Q

Entity Registrant Name

Great Elm Capital Corp.

Entity Address, Address Line One

800 South Street

Entity Address, Address Line Two

Suite 230

Entity Address, City or Town

Waltham

Entity Address, State or Province

MA

Entity Address, Postal Zip Code

02453

City Area Code

617

Local Phone Number

375-3006

Entity Emerging Growth Company

false

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

We are a BDC that seeks to generate both current income and capital appreciation through debt and income-generating equity investments, including investments in specialty finance businesses. To achieve our investment objective, we invest in secured and senior secured debt instruments of middle market companies, as well as income-generating equity investments in specialty finance companies, that we believe offer sufficient downside protection and have the potential to generate attractive returns. We generally define middle market companies as companies with enterprise values between $100 million and $2 billion. We also make investments throughout other portions of a company’s capital structure, including subordinated debt, mezzanine debt, and equity or equity‑linked securities. We source these transactions directly with issuers and in the secondary markets through relationships with industry professionals.

Risk Factors [Table Text Block]

Item 1A. Risk Factors.

There have been no material changes in risk factors in the period covered by this report. See discussion of risk factors in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2022.

Share Price [Table Text Block]

Share Price Data

The following table sets forth: (i) NAV per share of our common stock as of the applicable period end, (ii) the range of high and low closing sales prices of our common stock as reported on the Nasdaq Global Market during the applicable period, (iii) the closing high and low sales prices as a premium (discount) to NAV during the relevant period, and (iv) the distributions per share of our common stock declared during the applicable period. Shares of business development companies may trade at a market price that is less than the value of the net assets attributable to those shares. The possibility that our shares of common stock will trade at a discount or premium to NAV is separate and distinct from the risk that our NAV will decrease. During the last two fiscal years, our common stock has generally traded below NAV. During the last two fiscal years, using the high and low sales prices within each fiscal quarter compared to the NAV at such quarter end, our common stock has traded as high as a 27.0% premium to NAV and as low as a 37.9% discount to NAV.

			Closing Sales Price				Premium (Discount) of High Sales Price	Premium (Discount) of Low Sales Price	Distributions
	NAV(1)		High		Low		to NAV(2)	to NAV(2)	Declared(3)
Fiscal year ending December 31, 2023
Third Quarter (through July 27, 2023)	N/A		$	8.33	$	7.68	--	--	$	0.35
Second Quarter	$	12.21		9.10		7.58	(25.5)%	(37.9)%		0.35
First Quarter		11.88		9.75		8.50	(17.9)%	(28.5)%		0.35
Fiscal year ending December 31, 2022
Fourth Quarter	$	11.16	$	10.29	$	8.17	(7.8)%	(26.8)%	$	0.45
Third Quarter		12.56		12.70		8.04	1.1%	(36.0)%		0.45
Second Quarter		12.84		15.00		12.30	16.9%	(4.2)%		0.45
First Quarter		15.06		18.99		13.80	26.1%	(8.4)%		0.60
Fiscal year ending December 31, 2021
Fourth Quarter	$	16.63	$	21.12	$	18.24	27.0%	9.7%	$	0.60
Third Quarter		22.17		21.84		19.50	(1.5)%	(12.0)%		0.60
Second Quarter		23.40		23.04		19.26	(1.5)%	(17.7)%		0.60
First Quarter		23.36		24.18		18.24	3.5%	(21.9)%		0.60

(1)NAV per share is determined as of the last day in the relevant quarter and therefore does not necessarily reflect the NAV per share on the date of the high and low closing sales prices. The NAVs shown are based on outstanding shares at the end of each period as adjusted retroactively for the reverse stock split effected on February 28, 2022.

(2)Calculated as of the respective high or low closing sales price divided by the quarter-end NAV.

(3)We have adopted a dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, if our Board authorizes, and we declare, a cash distribution, our stockholders who have not opted out of our dividend reinvestment plan will have their cash distributions (net of any applicable withholding tax) automatically reinvested in additional shares of our common stock, rather than receiving the cash distributions.

For all periods presented in the table above, there was no return of capital included in any distribution.

The last reported closing price for our common stock on July 27, 2023 was $8.28 per share. As of July 27, 2023, we had 9 record holders of our common stock.

Lowest Price or Bid

$ 7.68

$ 7.58

$ 8.50

$ 8.17

$ 8.04

$ 12.30

$ 13.80

$ 18.24

$ 19.50

$ 19.26

$ 18.24

Highest Price or Bid

$ 8.33

$ 9.10

$ 9.75

$ 10.29

$ 12.70

$ 15.00

$ 18.99

$ 21.12

$ 21.84

$ 23.04

$ 24.18

Highest Price or Bid, Premium (Discount) to NAV [Percent]

(25.50%)

(17.90%)

(7.80%)

1.10%

16.90%

26.10%

27.00%

(1.50%)

(1.50%)

3.50%

Lowest Price or Bid, Premium (Discount) to NAV [Percent]

(37.90%)

(28.50%)

(26.80%)

(36.00%)

(4.20%)

(8.40%)

9.70%

(12.00%)

(17.70%)

(21.90%)

Latest Share Price

$ 8.28

Latest NAV

$ 12.21

$ 11.88

$ 11.16

$ 12.56

$ 12.84

$ 15.06

$ 16.63

$ 22.17

$ 23.40

$ 23.36

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt [Table Text Block]

Notes Payable

On January 11, 2018, we issued $43.0 million in aggregate principal amount of 6.75% notes due 2025 (the “GECCM Notes”). On January 19, 2018 and February 9, 2018, we issued an additional $1.9 million and $1.5 million, respectively, of the GECCM Notes upon partial exercise of the underwriters’ over-allotment option. The aggregate principal balance of the GECCM Notes outstanding as of June 30, 2023 is $45.6 million.

On June 18, 2019, we issued $42.5 million in aggregate principal amount of 6.50% Notes due 2024 (the “GECCN Notes”), which included $2.5 million of GECCN Notes issued in connection with the partial exercise of the underwriters’ over-allotment option. On July 5, 2019, we issued an additional $2.5 million of the GECCN Notes upon another partial exercise of the underwriters’ over-allotment option. The aggregate principal balance of the GECCN Notes outstanding as of June 30, 2023 is $42.8 million.

On June 23, 2021, we issued $50.0 million in aggregate principal amount of 5.875% notes due 2026 (the “GECCO Notes” and, together with the GECCM Notes and GECCN Notes, the “Notes”). On July 9, 2021, we issued an additional $7.5 million of the GECCO Notes upon full exercise of the underwriters’ over-allotment option. The aggregate principal balance of the GECCO Notes outstanding as of June 30, 2023 is $57.5 million.

The Notes are our unsecured obligations and rank equal with all of our outstanding and future unsecured unsubordinated indebtedness. The unsecured notes are effectively subordinated, or junior in right of payment, to indebtedness under our Loan Agreement and any other future secured indebtedness that we may incur and structurally subordinated to all future indebtedness and other obligations of our subsidiaries. We pay interest on the Notes on March 31, June 30, September 30 and December 31 of each year. The GECCM Notes, GECCN Notes and GECCO Notes will mature on January 31, 2025, June 30, 2024 and June 30, 2026, respectively. The GECCM Notes and GECCN Notes are currently callable at the Company’s option and the GECCO Notes can be called on, or after, June 30, 2023. Holders of the Notes do not have the option to have the Notes repaid prior to the stated maturity date. The Notes were issued in minimum denominations of $25 and integral multiples of $25 in excess thereof.

We may repurchase the Notes in accordance with the Investment Company Act and the rules promulgated thereunder.

As of June 30, 2023, our asset coverage ratio was approximately 161.5%. Under the Investment Company Act, we are subject to a minimum asset coverage ratio of 150%.

Long Term Debt, Structuring [Text Block]

We pay interest on the Notes on March 31, June 30, September 30 and December 31 of each year. The GECCM Notes, GECCN Notes and GECCO Notes will mature on January 31, 2025, June 30, 2024 and June 30, 2026, respectively. The GECCM Notes and GECCN Notes are currently callable at the Company’s option and the GECCO Notes can be called on, or after, June 30, 2023. Holders of the Notes do not have the option to have the Notes repaid prior to the stated maturity date. The Notes were issued in minimum denominations of $25 and integral multiples of $25 in excess thereof.

Long Term Debt, Rights Limited by Other Securities [Text Block]

The Notes are our unsecured obligations and rank equal with all of our outstanding and future unsecured unsubordinated indebtedness. The unsecured notes are effectively subordinated, or junior in right of payment, to indebtedness under our Loan Agreement and any other future secured indebtedness that we may incur and structurally subordinated to all future indebtedness and other obligations of our subsidiaries.

GECCM Notes [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

GECCM Notes

Long Term Debt, Principal

$ 1.5

$ 1.9

$ 43.0

$ 45.6

GECCN Notes [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

GECCN Notes

Long Term Debt, Principal

$ 2.5

$ 42.5

42.8

GECCO Notes [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

GECCO Notes

Long Term Debt, Principal

$ 7.5

$ 50.0

$ 57.5

XML

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Insider Trading Arrangement [Line Items]
Rule 10b51 Arrangement Adopted Flag	false
Non Rule 10b51 Arrangement Adopted Flag	false
Rule 10b51 Arrangement Trmntd Flag	false
Non Rule 10b51 Arrangement Trmntd Flag	false

XML

Organization

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Organization

1. ORGANIZATION

Great Elm Capital Corp. (the “Company”) was formed on April 22, 2016 as a Maryland corporation. The Company is structured as an externally managed, non-diversified closed-end management investment company. The Company elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company is managed by Great Elm Capital Management, Inc., a Delaware corporation (“GECM”), a subsidiary of Great Elm Group, Inc., a Delaware corporation (“GEG”).

The Company seeks to generate current income and capital appreciation through debt and income generating equity investments, including investments in specialty finance businesses.

XML

Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation. The Company’s functional currency is U.S. dollars and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X and Regulation S-K. These financial statements reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes are necessary to fairly state results for the interim periods presented. Results of operations for interim periods are not necessarily indicative of annual results of operations. The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.

Retroactive Adjustments for Reverse Stock Split. The outstanding shares and per share amounts of the Company’s common stock in the consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted for the reverse stock split effected on February 28, 2022 for all activity prior to that date.

Basis of Consolidation. Under the Investment Company Act, Article 6 of Regulation S-X and GAAP, the Company is generally precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services and benefits to the Company. The accompanying consolidated financial statements include the Company’s accounts and the accounts of the Company’s wholly-owned subsidiary, Great Elm Specialty Finance, LLC. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.

Revenue Recognition. Interest and dividend income, including income paid in kind, is recorded on an accrual basis. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments, are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment if such fees are fixed in nature. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, and end-of-term or exit fees that have a contingency feature or are variable in nature are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are generally included in interest income.

Interest income received as paid-in-kind (“PIK”) is reported separately in the Statements of Operations. Income is included as PIK if the instrument solely provides for settlement in kind. In the event that the borrower can settle in kind or via cash payment, the income is not included as PIK until the borrower elects to pay in kind and the payment is received by the Company. In the event there is a lesser cash rate in a PIK toggle instrument, income is accrued at the lesser cash rate until the coupon is paid in kind and such larger payment is received by the Company.

Certain of the Company’s debt investments were purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate debt instruments are generally amortized using the effective-interest or constant-yield method assuming there are no material questions as to collectability.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation). The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale of an investment and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Realized gains and losses are computed using the specific identification method. Net change in unrealized appreciation or depreciation reflects the net change in portfolio investment values and portfolio investment cost bases during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Cash and Cash Equivalents. Cash and cash equivalents typically consist of bank demand deposits. Restricted cash generally consists of collateral for unfunded positions held by counterparties.

Valuation of Portfolio Investments. The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent pricing services, broker or dealer quotations or alternative price sources. In the absence of quoted market prices, broker or dealer quotations or alternative price sources, investments are measured at fair value as determined by the Company’s board of directors (the “Board”).

Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 4.

The Company values its portfolio investments at fair value based upon the principles and methods of valuation set forth in policies adopted by the Board. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (1) are independent of the Company, (2) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (3) are able to transact for the asset, and (4) are willing to transact for the asset (that is, they are motivated but not forced or otherwise compelled to do so).

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. The Company generally obtains market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker-dealers or market makers. Short term debt investments with remaining maturities within ninety days are generally valued at amortized cost, which approximates fair value. Debt and equity securities for which market quotations are not readily available, which is the case for many of the Company’s investments, or for which market quotations are deemed not to represent fair value, are valued at fair value using a consistently applied valuation process in accordance with the Company’s documented valuation policy that has been reviewed and approved by the Board, who also approve in good faith the valuation of such securities as of the end of each quarter. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that the Company may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of the Company’s investments than on the fair values of the Company’s investments for which market quotations are not readily available. Market quotations may be deemed not to represent fair value in certain circumstances where the Company believes that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a particular security cause current market quotations to not reflect the fair value of the security.

The valuation process approved by the Board with respect to investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value is as follows:

▪The investment professionals of GECM provide recent portfolio company financial statements and other reporting materials to an independent valuation firm (or firms) approved by the Board;

▪Such firms evaluate this information along with relevant observable market data to conduct independent appraisals each quarter, and their preliminary valuation conclusions are documented, discussed, and iterated with senior management of GECM;

▪The fair value of investments comprising in the aggregate less than 5% of the Company’s total capitalization and individually less than 1% of the Company’s total capitalization may be determined by GECM in good faith in accordance with the Company’s valuation policy without the employment of an independent valuation firm; and

▪The Company’s audit committee recommends, and the Board approves, the fair value of the investments in the Company’s portfolio in good faith based on the input of GECM, the independent valuation firms (to the extent applicable) and the business judgment of the audit committee and the Board, respectively.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account in determining the fair value of its investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, and enterprise values.

Investments in revolvers or delayed draw loans may include unfunded commitments for which the Company’s acquisition cost will be offset by compensation received on the portion of the commitment that is unfunded. As a result, the purchases of a commitment that is not fully funded may result in a negative cost basis for the funded commitment. The fair value of the unfunded commitment is adjusted for price appreciation or depreciation and may result in a negative fair value for the unfunded commitment.

Deferred Financing Costs and Deferred Offering Costs. Deferred financing costs and deferred offering costs consist of fees and expenses incurred in connection with financing or capital raising activities and include professional fees, printing fees, filing fees and other related expenses.

Deferred financing costs incurred in connection with the revolving credit facility are amortized on a straight-line basis over the term of the revolving credit facility. Unamortized costs are included in deferred financing costs on the consolidated statements of assets and liabilities and amortization of those costs is included in interest expense on the consolidated statements of operations.

Deferred offering costs incurred in connection with the unsecured notes are amortized over the term of the respective unsecured note using the effective interest method. Unamortized costs are treated as a reduction to the carrying amount of the debt on the consolidated statements of assets and liabilities and amortization of those costs is included in interest expense on the consolidated statements of operations.

Deferred offering costs incurred in connection with the shelf registration on form N-2 are capitalized when incurred and recognized as a reduction to offering proceeds when the offering becomes effective or expensed upon expiration of the registration statement, if applicable. Deferred offering costs are included with prepaid expenses and other assets on the consolidated statements of assets and liabilities.

Prepaid Expenses and Other Assets. Prepaid expenses include expenses paid in advance such as annual insurance premiums and deferred offering costs, as described above. Other assets may include contributions to investments paid in advance of trade date. As of December 31, 2022, contributions to investments paid in advance of trade date were $3,000. There were no such contributions to investments paid in advance of trade date as of June 30, 2023.

Foreign Currency Translation. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (1) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the date of valuation; and (2) purchases and sales of investments and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments.

U.S. Federal Income Taxes. From inception to September 30, 2016, the Company was a taxable association under Internal Revenue Code of 1986, as amended (the “Code”). The Company has elected to be taxed as a regulated investment company (“RIC”) under subchapter M of the Code. The Company intends to operate in a manner so as to qualify for the tax treatment applicable to RICs in that taxable year and all future taxable years. In order to qualify as a RIC, among other things, the Company will be required to timely distribute to its stockholders at least 90% of investment company taxable income (“ICTI”) including PIK interest, as defined by the Code, for each taxable year in order to be eligible for tax treatment under subchapter M of the Code. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year dividend distributions into the next tax year. Any such carryover ICTI must be distributed prior to the 15th day of the ninth month after the tax year-end. So long as the Company maintains its status as a RIC, it generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as distributions. Rather, any tax liability related to income earned by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

If the Company does not distribute (or is not deemed to have distributed) each calendar year the sum of (1) 98% of its net ordinary income for each calendar year, (2) 98.2% of its capital gain net income for the one-year period ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years (the “Minimum Distribution Amount”), the Company will generally be required to pay an excise tax equal to 4% of the amount by the which Minimum Distribution Amount exceeds the distributions for the year. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, the Company accrues excise taxes, if any, on estimated excess taxable income as taxable income is earned using an annual effective excise tax rate. The annual effective excise tax rate is determined by dividing the estimated annual excise tax by the estimated annual taxable income.

The Company has accrued $28 of excise tax expense during the six months ended June 30, 2023. The Company accrued $252 of excise tax expense during the year ended December 31, 2022.

At December 31, 2022, the Company, for federal income tax purposes, had capital loss carryforwards of $185,737 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to stockholders, which would otherwise be necessary to relieve the Company of any liability for federal income tax. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed into law. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Of the capital loss carryforwards at December 31, 2022, $41,899 are limited losses and available for use subject to annual limitation under Section 382. Of the capital losses at December 31, 2022, $16,815 are short-term and $168,922 are long term.

ASC 740 Accounting for Uncertainty in Income Taxes (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Company has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.

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Significant Agreements and Related Parties

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Significant Agreements and Related Parties

3. SIGNIFICANT AGREEMENTS AND RELATED PARTIES

Investment Management Agreement. The Company has an investment management agreement (the “Investment Management Agreement”) with GECM. Beginning on November 4, 2016, the Company began accruing for GECM’s fees for its services under the Investment Management Agreement. This fee consists of two components: a base management fee and an incentive fee.

The Company’s Chief Compliance Officer is also the president, general counsel and chief compliance officer of GECM, and the president of GEG. The Company’s Chief Financial Officer is also the chief financial officer of GECM.

Management Fee The base management fee is calculated at an annual rate of 1.50% of the Company’s average adjusted gross assets, including assets purchased with borrowed funds. The base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of the Company’s gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the then current calendar quarter. Base management fees for any partial quarter are prorated.

For the three and six months ended June 30, 2023 management fees amounted to $884 and $1,753, respectively. For the three and six months ended June 30, 2022 management fees amounted to $771 and $1,551, respectively. As of June 30, 2023 and December 31, 2022, $884 and $850, respectively, remained payable.

Incentive Fee The incentive fee consists of two components that are independent of each other with the result that one component may be payable even if the other is not. One component of the incentive fee is based on income (the “Income Incentive Fee”) and the other component is based on capital gains (the “Capital Gains Incentive Fee”).

The Income Incentive Fee is calculated on a quarterly basis as 20% of the amount by which the Company’s pre-incentive fee net investment income (the “Pre-Incentive Fee Net Investment Income”) for the quarter exceeds a hurdle rate of 1.75% (7.0% annualized) of the Company’s net assets at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision pursuant to which GECM receives all of such income in excess of the 1.75% level but less than 2.1875% (8.75% annualized) and subject to a total return requirement (described below). The effect of the “catch-up” provision is that, subject to the total return provision, if pre-incentive fee net investment income exceeds 2.1875% of the Company’s net assets at the end of the immediately preceding calendar quarter, in any calendar quarter, GECM will receive 20.0% of the Company’s pre-incentive fee net investment income as if the 1.75% hurdle rate did not apply. These calculations will be appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the then current quarter.

Pre-Incentive Fee Net Investment Income includes any accretion of original issue discount, market discount, PIK interest, PIK dividends or other types of deferred or accrued income, including in connection with zero coupon securities, that the Company and its consolidated subsidiaries have recognized in accordance with GAAP, but have not yet received in cash (collectively, “Accrued Unpaid Income”). Pre-Incentive Fee Net Investment Income does not include any realized capital gains or losses or unrealized capital appreciation or depreciation.

Any Income Incentive Fee otherwise payable with respect to Accrued Unpaid Income (collectively, the “Accrued Unpaid Income Incentive Fees”) is deferred, on a security by security basis, and becomes payable only if, as, when and to the extent cash is received by the Company or its consolidated subsidiaries in respect thereof. Any Accrued Unpaid Income that is subsequently reversed in connection with a write-down, write-off, impairment or similar treatment of the investment giving rise to such Accrued Unpaid Income will, in the applicable period of reversal, (1) reduce Pre-Incentive Fee Net Investment Income and (2) reduce the amount of Accrued Unpaid Income Incentive Fees previously deferred.

The Company will defer cash payment of any Income Incentive Fee otherwise payable to the investment adviser in any quarter (excluding Accrued Unpaid Income Incentive Fees with respect to such quarter) that exceeds (1) 20% of the Cumulative Pre‑Incentive Fee Net Return (as defined below) during the most recent twelve full calendar quarter period ending on or prior to the date such payment is to be made (the “Trailing Twelve Quarters”) less (2) the aggregate incentive fees that were previously paid to the investment adviser during such Trailing Twelve Quarters (excluding Accrued Unpaid Income Incentive Fees during such Trailing Twelve Quarters and not subsequently paid). “Cumulative Pre‑Incentive Fee Net Return” during the relevant Trailing Twelve Quarters means the sum of (a) pre‑incentive fee net investment income in respect of such Trailing Twelve Quarters less (b) net realized capital losses and net unrealized capital depreciation, if any, in each case calculated in accordance with GAAP, in respect of such Trailing Twelve Quarters.

Under the Capital Gains Incentive Fee, the Company is obligated to pay GECM at the end of each calendar year 20% of the aggregate cumulative realized capital gains from November 4, 2016 through the end of that year, computed net of aggregate cumulative realized capital losses and aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gains incentive fees.

In March 2022, GECM waived all accrued and unpaid incentive fees as of March 31, 2022. As of March 31, 2022, there were approximately $4.9 million of accrued fees. In connection with the waiver, the Company recognized the reversal of these accrued fees during the period ending March 31, 2022, resulting in a corresponding increase in net income in that period. The incentive fee waiver is not subject to recapture.

For the six months ended June 30, 2023 and 2022, the Company incurred Income Incentive Fees of $1,552 and $(4,854), inclusive of the incentive fee waiver as of March 31, 2022, respectively. As of June 30, 2023, cumulative accrued incentive fees payable were $2,116, and after calculating the total return requirement, $1,001 was immediately payable. As of December 31, 2022, cumulative accrued incentive fees payable were $565, and after calculating the total return requirement, none was immediately payable. These payable amounts included both Accrued Unpaid Income Incentive Fees and amounts deferred under the total return requirement and would have become due upon meeting the criteria described above had they not been waived by GECM as of March 31, 2022. For the six months ended June 30, 2023 and the year ended December 31, 2022, the Company did not have any Capital Gains Incentive Fees accrual.

On August 1, 2022, the Company’s stockholders approved a proposal to amend the Capital Gains Incentive Fee and mandatory deferral provisions in sections 4.4 and 4.5, respectively, of the Investment Management Agreement. The amendment amended (i) section 4.4 of the Investment Management Agreement to provide that (x) the capital gains commencement date shall be April 1, 2022 and (y) for the year ending December 31, 2022, the Capital Gains Incentive Fee shall be calculated for the period beginning on the Capital Gains Commencement Date and ending on December 31, 2022 and (ii) section 4.5 of the Investment Management Agreement to provide that (x) the Trailing Twelve Quarters shall commence April 1, 2022 (the “Mandatory Deferral Commencement Date”) and (y) in the event the Trailing Twelve Quarters is less than twelve full calendar quarters, Trailing Twelve Quarters shall mean the period from the Mandatory Deferral Commencement Date through the quarter ending on or prior to the date such Income Incentive Fee payment is to be made.

The Investment Management Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, GECM and its officers, managers, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of GECM’s services under the Investment Management Agreement or otherwise as an investment adviser of the Company.

Administration Fees. The Company has an administration agreement (the “Administration Agreement”) with GECM to provide administrative services, including, among other things, furnishing the Company with office facilities, equipment, clerical, bookkeeping and record keeping services. The Company will reimburse GECM for its allocable portion of overhead and other expenses of GECM in performing its obligations under the Administration Agreement. Compensation of administrator personnel is allocated based on time allocation for the period. Other overhead expenses are based on a combination of time allocation and total headcount.

The Administration Agreement provides that, absent willful misfeasance, bad faith or negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, GECM and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of GECM’s services under the Administration Agreement or otherwise as administrator for the Company.

For the three and six months ended June 30, 2023, the Company incurred expenses under the Administration Agreement of $341 and $636, respectively. For the three and six months ended June 30, 2022, the Company incurred expenses under the Administration Agreement of $262 and $483, respectively. As of June 30, 2023 and December 31, 2022, $290 and $188 remained payable, respectively.

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Fair Value Measurement

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

4. FAIR VALUE MEASUREMENT

The fair value of a financial instrument is the amount that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price).

The fair value hierarchy under ASC 820 prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

Basis of Fair Value Measurement

Level 1 Investments valued using unadjusted quoted prices in active markets for identical assets.

Level 2 Investments valued using other unadjusted observable market inputs, e.g. quoted prices in markets that are not active or quotes for comparable instruments.

Level 3 Investments that are valued using quotes and other observable market data to the extent available, but which also take into consideration one or more unobservable inputs that are significant to the valuation taken as a whole.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Note 2 should be read in conjunction with the information outlined below.

The table below presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 2 and Level 3 Instruments.

Level 2 Instruments Valuation Techniques and Significant Inputs

Equity, Bank Loans, Corporate Debt, and Other Debt Obligations The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency may include commercial paper, most government agency obligations, certain corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly-listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments. Valuations of Level 2 debt and equity instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources.

Level 3 Instruments Valuation Techniques and Significant Inputs

Bank Loans, Corporate Debt, and Other Debt Obligations

Valuations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on an analysis of market comparables, transactions in similar instruments and/or recovery and liquidation analyses.

Equity

Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available: ▪Transactions in similar instruments; ▪Discounted cash flow techniques; ▪Third party appraisals; and ▪Industry multiples and public comparables. ▪Current financial performance as compared to projected performance; ▪Capitalization rates and multiples; and ▪Market yields implied by transactions of similar or related assets. Evidence includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including:

As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of June 30, 2023 and December 31, 2022. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates is risk of default, rating of the investment (if any), call provisions and comparable company valuations. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market multiples would result in an increase or decrease, respectively, in the fair value.

The following summarizes the Company’s investment assets categorized within the fair value hierarchy as of June 30, 2023:

Type of Investment	Level 1		Level 2		Level 3		Total
Asset
Debt	$	-	$	97,120	$	101,700	$	198,820
Equity/Other		7,941		-		26,256		34,197
Short Term Investments		78,138		-		-		78,138
Total	$	86,079	$	97,120	$	127,956		311,155
Investment measured at net asset value(1)								3,415
Total Investments, at fair value							$	314,570

(1)Certain investments that are measured at fair value using net asset value (“NAV”) have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities.

The following summarizes the Company’s investment assets categorized within the fair value hierarchy as of December 31, 2022:

Assets	Level 1		Level 2		Level 3		Total
Debt	$	-	$	80,622	$	104,333	$	184,955
Equity/Other		7,958		-		32,044		40,002
Short Term Investments		76,127		-		-		76,127
Total investment assets	$	84,085	$	80,622	$	136,377	$	301,084

The following is a reconciliation of Level 3 assets for the six months ended June 30, 2023:

Level 3	Beginning Balance as of January 1, 2023		Net Transfers In/Out			Purchases(1)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)(2)			Sales and Settlements(1)			Net Amortization of Premium/ Discount		Ending Balance as of June 30, 2023
Debt	$	104,333	$	(8,888	)	$	27,186	$	613	$	(390	)	$	(21,322	)	$	168	$	101,700
Equity/Other		32,044		-			-		187		(511	)		(5,464	)		-		26,256
Total investment assets	$	136,377	$	(8,888	)	$	27,186	$	800	$	(901	)	$	(26,786	)	$	168	$	127,956

The following is a reconciliation of Level 3 assets for the year ended December 31, 2022:

Level 3	Beginning Balance as of January 1, 2022		Net Transfers In/Out			Purchases(1)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)(2)		Sales and Settlements(1)			Net Amortization of Premium/ Discount		Ending Balance as of December 31, 2022
Debt	$	104,936	$	(6,311	)	$	66,461	$	(60,207	)	$	45,325	$	(46,314	)	$	443	$	104,333
Equity/Other		49,088		-			12,538		(69,384	)		61,476		(21,674	)		-		32,044
Total investment assets	$	154,024	$	(6,311	)	$	78,999	$	(129,591	)	$	106,801	$	(67,988	)	$	443	$	136,377

(1)Purchases may include new deals, additional fundings (inclusive of those on revolving credit facilities), refinancings, capitalized PIK income, and securities received in corporate actions and restructurings. Sales and Settlements may include scheduled principal payments, prepayments, sales and repayments (inclusive of those on revolving credit facilities), and securities delivered in corporate actions and restructuring of investments.

(2)The net change in unrealized appreciation relating to Level 3 assets still held at June 30, 2023 totaled $(1,222) consisting of the following: $(417) related to debt investments and $(805) related to equity investments. The net change in unrealized depreciation relating to Level 3 assets still held at December 31, 2022 totaled $(19,811) consisting of the following: $(11,792) related to debt investments and $(8,019) relating to equity/other.

Two investments with an aggregate fair value of $13,305 were transferred from Level 3 to Level 2 as a result of increased pricing transparency during the six months ended June 30, 2023. One investment with a fair value of $4,418 was transferred from Level 2 to Level 3 as a result of decreased pricing transparency during the six months ended June 30, 2023.

Two investments with an aggregate fair value of $6,311 were transferred from Level 3 to Level 2 as a result of increased pricing transparency during the year ended December 31, 2022.

The following tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of June 30, 2023 and December 31, 2022, respectively. These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest yield in 1st Lien Debt is appropriate for valuing that specific debt investment, but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.

As of June 30, 2023
Investment Type	Fair value		Valuation Technique(1)	Unobservable Input(1)	Range (Weighted Average)(2)
Debt	$	70,034	Income Approach	Discount Rate	8.37% - 46.20% (20.97%)
		23,693	Market Approach	Earnings Multiple	2.25 - 13.05 (3.61)
		4,973	Income Approach	Implied Yield	4.08% - 36.76% (20.42%)
		3,000	Income Approach	Discount Rate	22.00% - 24.00% (23.00%)
			Market Approach	Earnings Multiple	4.50 - 5.50 (5.00)
		-	Asset Recovery / Liquidation (3)
Total Debt	$	101,700
Equity/Other	$	12,792	Income Approach	Discount Rate	22.00% - 24.00% (23.00%)
			Market Approach	Earnings Multiple	4.50 - 5.50 (5.00)
		13,420	Market Approach	Earnings Multiple	0.12 - 8.20 (3.93)
		44	Asset Recovery / Liquidation (3)
Total Equity/Other	$	26,256

As of December 31, 2022
Investment Type	Fair value		Valuation Technique(1)	Unobservable Input(1)	Range (Weighted Average)(2)
Debt	$	65,570	Income Approach	Discount Rate	9.39% - 33.61% (17.55%)
		20,687	Market Approach	Earnings Multiple	0.25 - 9.50 (4.20)
		4,945	Income Approach	Implied Yield	3.95% - 26.49% (15.80%)
		4,883	Broker Quotes		80.00% - 85.00% (82.50%)
		4,375	Recent Transaction
		3,000	Income Approach	Discount Rate	24.00% - 26.00% (25.00%)
			Market Approach	Earnings Multiple	4.00 - 5.00 (4.50)
		873	Asset Recovery / Liquidation(3)
		-	Options Pricing Model	Volatility and Risk Free Rate	20.00% and 4.49%
Total Debt	$	104,333
Equity/Other	$	11,638	Income Approach	Discount Rate	24.00% - 26.00% (25.00%)
			Market Approach	Earnings Multiple	4.00 - 5.00 (4.50)
		11,044	Market Approach	Earnings Multiple	0.12 - 8.50 (4.07)
		4,982	Income Approach	Discount Rate	19.07% - 19.07% (19.07%)
		5	Asset Recovery / Liquidation(3)
		4,375	Recent Transaction
		-	Options Pricing Model	Volatility and Risk Free Rate	20.00% and 4.49%
Total Equity/Other	$	32,044

(1)The fair value of any one instrument may be determined using multiple valuation techniques or unobservable inputs.

(2)Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. The range and weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

(3)Investments valued using the asset recovery or liquidation technique include investments for which valuation is based on current financial data without a discount rate applied.

The Company values investments in private funds using NAV as reported by each fund’s investment manager. The private funds calculate NAV in a manner consistent with the measurement principles of FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, as of the valuation date. Investments valued using NAV as a practical expedient are not categorized within the fair value hierarchy.

As of June 30, 2023 the Company held an investment in one private fund valued using NAV as a practical expedient. The Company has no unfunded commitments with respect to this investment. Withdrawals from the investment are permitted annually and there is no set duration for the private fund.

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Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

DEBT

5. DEBT

Revolver

On May 5, 2021, the Company entered into a Loan, Guarantee and Security Agreement (the “Loan Agreement”) with City National Bank (“CNB”). The Loan Agreement provides for a senior secured revolving line of credit of up to $25 million (subject to a borrowing base as defined in the Loan Agreement). The Company may request to increase the revolving line in an aggregate amount not to exceed $25 million, which increase is subject to the sole discretion of CNB. The maturity date of the revolving line is May 5, 2024. Borrowings under the revolving line bear interest at a rate equal to (i) the secured overnight financing rate (“SOFR”) plus 3.50%, (ii) a base rate plus 2.00% or (iii) a combination thereof, as determined by the Company. As of June 30, 2023, there were $5.0 million borrowings outstanding under the revolving line of credit.

Borrowings under the revolving line are secured by a first priority security interest in substantially all of the Company’s assets, subject to certain specified exceptions. The Company has made customary representations and warranties and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar loan agreements. In addition, the Loan Agreement contains financial covenants requiring (i) net assets of not less than $65 million, (ii) asset coverage equal to or greater than 150% and (iii) bank asset coverage equal to or greater than 300%, in each case tested as of the last day of each fiscal quarter of the Company. Borrowings are also subject to the leverage restrictions contained in the Investment Company Act. In May 2022, the Loan Agreement was amended to require an asset coverage equal to or greater than 150% as of the last day of each fiscal quarter except for the fiscal quarters ending March 31, 2022 and June 30, 2022. In addition, the interest rate was amended to replace the LIBOR with SOFR.

Unsecured Notes

On January 11, 2018, the Company issued $43,000 in aggregate principal amount of 6.75% notes due 2025 (the “GECCM Notes”). On January 19, 2018 and February 9, 2018, the Company issued an additional $1,898 and $1,500 of the GECCM Notes upon partial exercise of the underwriters’ over-allotment option.

On June 18, 2019, the Company issued $42,500 in aggregate principal amount of 6.50% notes due 2024 (the “GECCN Notes”), which included $2,500 of the GECCN Notes issued in connection with the partial exercise of the underwriters’ over-allotment option. On July 5, 2019, the Company issued an additional $2,500 of the GECCN Notes upon another partial exercise of the underwriters’ over-allotment option.

On June 23, 2021, the Company issued $50,000 in aggregate principal amount of 5.875% notes due 2026 (the “GECCO Notes”). On July 9, 2021, the Company issued an additional $7,500 of the GECCO Notes upon full exercise of the underwriters’ over-allotment option.

The Notes are our unsecured obligations and rank equal with all of our outstanding and future unsecured unsubordinated indebtedness. The unsecured notes are effectively subordinated, or junior in right of payment, to indebtedness under our Loan Agreement and any other future secured indebtedness that the Company may incur and structurally subordinated to all future indebtedness and other obligations of our subsidiaries. The Company pays interest on the unsecured notes on March 31, June 30, September 30 and December 31 of each year. The GECCM Notes, GECCN Notes and GECCO Notes will mature on January 31, 2025, June 30, 2024 and June 30, 2026, respectively. The GECCM Notes and GECCN Notes are currently callable at the Company’s option and the GECCO Notes can be called on or after June 30, 2023. Holders of the unsecured notes do not have the option to have the unsecured notes repaid prior to the stated maturity date. The unsecured notes were issued in minimum denominations of $25 and integral multiples of $25 in excess thereof.

As part of the offerings, the Company incurred fees and costs, which are treated as a reduction of the carrying amount of the debt on the Company’s consolidated statements of assets and liabilities. These deferred financing costs presented as a reduction to the Notes payable balance are being amortized into interest expense over the term of the Notes.

The Company may repurchase the Notes in accordance with the Investment Company Act and the rules promulgated thereunder.

Information about the Company’s senior securities (including debt securities and other indebtedness) is shown in the following table:

As of	Total Amount Outstanding(1)		Asset Coverage Ratio Per Unit(2)		Involuntary Liquidation Preference Per Unit(3)	Average Market Value Per Unit(4)
December 31, 2016
8.25% Notes due 2020	$	33,646	$	6,168	N/A	$	1.02
December 31, 2017
GECCL Notes	$	32,631	$	5,010	N/A	$	1.02
December 31, 2018
GECCL Notes	$	32,631	$	2,393	N/A	$	1.01
GECCM Notes		46,398		2,393	N/A		0.98
December 31, 2019
GECCL Notes	$	32,631	$	1,701	N/A	$	1.01
GECCM Notes		46,398		1,701	N/A		1.01
GECCN Notes		45,000		1,701	N/A		1.00
December 31, 2020
GECCL Notes	$	30,293	$	1,671	N/A	$	0.89
GECCM Notes		45,610		1,671	N/A		0.84
GECCN Notes		42,823		1,671	N/A		0.84
December 31, 2021
GECCM Notes	$	45,610	$	1,511	N/A	$	1.00
GECCN Notes		42,823		1,511	N/A		1.00
GECCO Notes		57,500		1,511	N/A		1.02
December 31, 2022
GECCM Notes	$	45,610	$	1,544	N/A	$	0.99
GECCN Notes		42,823		1,544	N/A		1.00
GECCO Notes		57,500		1,544	N/A		1.00
Revolving Credit Facility		10,000		1,544	N/A		-
June 30, 2023
GECCM Notes	$	45,610	$	1,615	N/A	$	0.98
GECCN Notes		42,823		1,615	N/A		0.99
GECCO Notes		57,500		1,615	N/A		0.96
Revolving Credit Facility		5,000		1,615	N/A		-

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

(3)The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it.

(4)The average market value per unit for the Notes, as applicable, is based on the average daily prices of such Notes and is expressed per $1 of indebtedness.

The terms of the unsecured notes are governed by a base indenture, dated as of September 18, 2017, by and between the Company and Equiniti Trust Company, LLC (formerly known as American Stock Transfer & Trust Company, LLC), as trustee (as supplemented with respect to each series of notes, the “Indenture”). The Indenture’s covenants, include restrictions on certain activities in the event the Company falls below the minimum asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the Investment Company Act, as well as covenants requiring the Company to provide financial information to the holders of the Notes and the trustee if the Company ceases to be subject to the reporting requirements of the Securities Exchange Act of 1934. These covenants are subject to limitations and exceptions that are described in the Indenture. The Investment Company Act limits, with certain exceptions, the Company’s borrowing such that its asset coverage ratio, as defined in the Investment Company Act, is at least 1.5 to 1 after such borrowing.

As of June 30, 2023, the Company’s asset coverage ratio was approximately 161.5%.

As of June 30, 2023 and December 31, 2022, the Company was in compliance with all covenants under the Indenture.

For the three and six months ended June 30, 2023 and 2022, the components of interest expense were as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Borrowing interest expense	$	2,443		$	2,340		$	4,941		$	4,683
Amortization of acquisition premium		326			327			649			654
Total	$	2,769		$	2,667		$	5,590		$	5,337
Weighted average interest rate(1)		7.36	%		7.33	%		7.39	%		7.37	%
Average outstanding balance	$	150,933		$	145,933		$	152,596		$	145,933

(1)Annualized.

The fair value of the Company’s Notes are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company’s Notes is determined by utilizing market quotations at the measurement date as they are Level 1 securities.

	June 30, 2023
Facility	Commitments		Borrowings Outstanding		Fair Value
Unsecured Debt - GECCM Notes	$	45,610	$	45,610	$	45,010
Unsecured Debt - GECCN Notes		42,823		42,823		42,458
Unsecured Debt - GECCO Notes		57,500		57,500		54,947
Total	$	145,933	$	145,933	$	142,415

	December 31, 2022
Facility	Commitments		Borrowings Outstanding		Fair Value
Unsecured Debt - GECCM Notes	$	45,610	$	45,610	$	45,081
Unsecured Debt - GECCN Notes		42,823		42,823		42,686
Unsecured Debt - GECCO Notes		57,500		57,500		54,510
Total	$	145,933	$	145,933	$	142,277

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Capital Activity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Capital Activity

6. CAPITAL ACTIVITY

On June 13, 2022, the Company completed a non-transferable rights offering, which entitled holders of rights to purchase one new share of common stock for each right held at a subscription price of $12.50 per share. In total, the Company sold 3,000,567 shares of the Company’s common stock for aggregate gross proceeds of approximately $37,507.

On February 28, 2022, the Company effected a 6-for-1 reverse stock split of the Company’s outstanding common stock. As a result of the reverse stock split, every six shares of the Company’s issued and outstanding common stock were converted into one share of issued and outstanding common stock. Any fractional shares as a result of the reverse stock split were redeemed for cash at the closing market price on the business day immediately prior to the effective date of the reverse stock split. Such fractional shares aggregated to the equivalent of four shares and were redeemed for $0.1 in aggregate.

On February 3, 2022, the Company issued 117,117 shares of common stock (as adjusted for the reverse stock split described above) for $2,600 based on the most recently published net asset value. This common stock was issued in a private placement exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.

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Commitment and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company may enter into investment agreements under which it commits to make an investment in a portfolio company at some future date or over a specified period of time. As of June 30, 2023, the Company had approximately $11,932 in unfunded loan commitments, subject to the Company’s approval in certain instances, to provide debt financing to certain of its portfolio companies. To the degree applicable, unrealized gains or losses on these commitments as of June 30, 2023 are included in the Company’s Statements of Assets and Liabilities and the corresponding Schedule of Investments. The Company believes that it had sufficient cash and other liquid assets on its balance sheet to satisfy the unfunded commitments. In addition, the Company has the ability to draw on its revolving line of credit to manage cash flows. The Company has considered the net increases in net assets and positive cash flows from operations and has concluded that it has the ability to meet its obligations in the ordinary course of business based upon an evaluation of its cash position and sources of liquidity.

From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company rights under contracts with the Company portfolio companies.

The Company is named as a defendant in a lawsuit filed on March 5, 2016, and captioned Intrepid Investments, LLC v. London Bay Capital, which is pending in the Delaware Court of Chancery. The plaintiff immediately agreed to stay the action in light of an ongoing mediation among parties other than the Company. This lawsuit was brought by a member of Speedwell Holdings (formerly known as The Selling Source, LLC), one of the Company’s portfolio investments, against various members of and lenders to Speedwell Holdings. The plaintiff asserts claims of aiding and abetting, breaches of fiduciary duty, and tortious interference against the Company. In June 2018, Intrepid Investments, LLC (“Intrepid”) sent notice to the court and defendants effectively lifting the stay and triggering defendants’ obligation to respond to the Intrepid complaint. In September 2018, the Company joined the other defendants in a motion to dismiss on various grounds. In February 2019, Intrepid filed a second amended complaint to which defendants filed a renewed motion to dismiss in March 2019. In June 2023, the Court granted in part and denied in part defendants' motion to dismiss and directed the parties to confer on a schedule to respond to the surviving complaints. The Company intends to defend the matter as necessary.

In July 2016, Full Circle Capital Corporation (“Full Circle”) filed suit in the District Court of Caldwell County, Texas against, among others, Willis Pumphrey for breach of a guaranty agreement arising from a loan transaction with Full Circle. Dr. Pumphrey, a personal guarantor of the loan made by Full Circle, the Company’s predecessor in interest, brought counterclaims alleging breach of a confidentiality agreement and tortious interference with Dr. Pumphrey’s attempted sale of a business in which he owned an interest. Dr. Pumphrey is seeking between $2 million and $6 million in damages. GECC believes Dr. Pumphrey’s claims to be frivolous and intends to vigorously defend them. In September 2019, the Company received a judgment against Dr. Pumphrey from the District Court of Caldwell County, Texas. On June 4, 2020, Dr. Pumphrey filed a Chapter 11 Bankruptcy Petition in the United States Bankruptcy Court for the Southern District of Texas. As of June 2023, the Company’s attempts to reach a consensual restructuring plan with Dr. Pumphrey and his other creditors have been unsuccessful, and it is likely Dr. Pumphrey’s estate will liquidate.

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Indemnification

6 Months Ended

Jun. 30, 2023

Indemnification [Abstract]

Indemnification

8. INDEMNIFICATION

Under the Company’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. In addition, in the normal course of business the Company expects to enter into contracts that contain a variety of representations which provide general indemnifications. The Company’s maximum exposure under these agreements cannot be known; however, the Company expects any risk of loss to be remote.

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Financial Highlights

6 Months Ended

Jun. 30, 2023

Investment Company Financial Highlights [Abstract]

Financial Highlights

9. FINANCIAL HIGHLIGHTS

Below is the schedule of financial highlights of the Company:

	For the Six Months Ended June 30,
	2023			2022
Per Share Data:(1)
Net asset value, beginning of period	$	11.16		$	16.63
Net investment income		0.82			1.46
Net realized gains (loss)		0.31			(26.58	)
Net change in unrealized appreciation (depreciation)		0.63			23.15
Net increase (decrease) in net assets resulting from operations		1.76			(1.97	)
Issuance of common stock		(0.01	)		(0.77	)
Distributions declared from net investment income(2)		(0.70	)		(1.05	)
Net decrease resulting from distributions to common stockholders		(0.70	)		(1.05	)
Net asset value, end of period	$	12.21		$	12.84
Per share market value, end of period	$	7.76		$	12.50
Shares outstanding, end of period		7,601,958			7,601,958
Total return based on net asset value(3)		15.86	%		(16.90	)%
Total return based on market value(3)		1.63	%		(27.06	)%
Ratio/Supplemental Data:
Net assets, end of period		92,850			97,606
Ratio of total expenses to average net assets before waiver (4),(5)		23.11	%		23.39	%
Ratio of total expenses to average net assets after waiver (4),(5),(6)		23.11	%		16.98	%
Ratio of incentive fees to average net assets(4)		1.71	%		—
Ratio of net investment income to average net assets(4),(5),(6)		15.54	%		12.50	%
Portfolio turnover		32	%		32	%

(1)The per share data was derived by using the weighted average shares outstanding during the period, except where such calculations deviate from those specified under the instructions to Form N-2. Per share data and shares outstanding have been adjusted for the periods shown to reflect the six-for-one reverse stock split effected on February 28, 2022 on a retrospective basis, as described in Note 2.

(2)The per share data for distributions declared reflects the actual amount of distributions of record per share for the period.

(3)Total return based on net asset value is calculated as the change in net asset value per share, assuming the Company’s distributions were reinvested through its dividend reinvestment plan. Total return based on market value is calculated as the change in market value per share, assuming the Company’s distributions were reinvested through its dividend reinvestment plan. Total return does not include any estimate of a sales load or commission paid to acquire shares.

(4)Average net assets used in ratio calculations is calculated using monthly ending net assets for the period presented. For the six months ended June 30, 2023 and 2022 average net assets were $90,718 and $75,734, respectively.

(5)Annualized for periods less than one year.

(6)Ratio for the six months ended June 30, 2022 reflects the impact of the incentive fee waiver described in Note 3.

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Affiliates and Controlled Investments

6 Months Ended

Jun. 30, 2023

Investments In And Advances To Affiliates [Abstract]

Affiliated and Controlled Investments

10. AFFILIATED AND CONTROLLED INVESTMENTS

Affiliated investments are defined by the Investment Company Act, whereby the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities and the investments are not classified as controlled investments. The aggregate fair value of non-controlled, affiliated investments at June 30, 2023 represented 2% of the Company’s net assets.

Controlled investments are defined by the Investment Company Act, whereby the Company owns more than 25% of the portfolio company’s outstanding voting securities or maintains the ability to nominate greater than 50% of the board representation. The aggregate fair value of controlled investments at June 30, 2023 represented 53% of the Company’s net assets.

Fair value as of June 30, 2023 along with transactions during the six months ended June 30, 2023 in these affiliated investments and controlled investments was as follows:

	For the Six Months Ended June 30, 2023
Issue(1)	Fair value at December 31, 2022		Gross Additions(2)		Gross Reductions(3)		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Fair value at June 30, 2023		Interest Income(4)		Fee Income		Dividend Income
Non-Controlled, Affiliated Investments
PFS Holdings Corp.
1st Lien, Secured Loan		896		-		6		-		54			944		62		-		-
Common Equity (5% of class)		408		-		-		-		98			506		-		-		-
		1,304		-		6		-		152			1,450		62		-		-
Totals	$	1,304	$	-	$	6	$	-	$	152		$	1,450	$	62	$	-	$	-
Controlled Investments
Great Elm Healthcare Financing, LLC
Subordinated Note		4,375		-		-		-		-			4,375		260		-		-
Equity (88% of class)		4,375		-		-		-		-			4,375		-		-		-
		8,750		-		-		-		-			8,750		260		-		-
Lenders' Funding, LLC
Subordinated Note		10,000		-		479		-		-			9,521		368		-		-
Revolver		1,555		264		1,819		-		-			-		31		-		-
Equity (56% of class)		2,205		-		-		-		(1,955	)		250		-		-		-
		13,760		264		2,298		-		(1,955	)		9,771		399		-		-
Prestige Capital Finance, LLC
Subordinated Note		3,000		-		-		-		-			3,000		167		-		-
Equity (80% of class)		11,638		-		-		-		1,154			12,792		-		-		1,316
		14,638		-		-		-		1,154			15,792		167		-		1,316
Sterling Commercial Credit, LLC
Subordinated Note		8,500		233		-		-		-			8,733		472		-		-
Equity (80% of class)		6,262		-		-		-		(418	)		5,844		-		-		-
		14,762		233		-		-		(418	)		14,577		472		-		-
Totals	$	51,910	$	497	$	2,298	$	-	$	(1,219	)	$	48,890	$	1,298	$	-	$	1,316

(1)Non-unitized equity investments are disclosed with percentage ownership in lieu of quantity.

(2)Gross additions include increases resulting from new or additional portfolio investments, capitalized PIK income, accretion of discounts and the exchange of one or more existing securities for one or more new securities.

(3)Gross reductions include decreases resulting from principal collections related to investment repayments or sales and the exchange of one or more existing securities for one or more new securities.

(4)Income amounts include accrued PIK income.

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Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

11. SUBSEQUENT EVENTS

The Board set distributions for the quarter ending September 30, 2023 at a rate of $0.35 per share. The full amount of each distribution will be from distributable earnings. The schedule of distribution payments will be established by the Company pursuant to authority granted by the Board. The distribution will be paid in cash.

In July 2023, the Company sold its entire equity investment in Lenders Funding for $250. The subordinated note issued by Lenders Funding to the Company was repaid at par plus accrued interest. The Company continues to hold a commitment under Lenders Funding’s senior credit facility.

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation. The Company’s functional currency is U.S. dollars and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X and Regulation S-K. These financial statements reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes are necessary to fairly state results for the interim periods presented. Results of operations for interim periods are not necessarily indicative of annual results of operations. The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.

Retroactive Adjustments for Reverse Stock Split

Retroactive Adjustments for Reverse Stock Split. The outstanding shares and per share amounts of the Company’s common stock in the consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted for the reverse stock split effected on February 28, 2022 for all activity prior to that date.

Basis of Consolidation

Basis of Consolidation. Under the Investment Company Act, Article 6 of Regulation S-X and GAAP, the Company is generally precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services and benefits to the Company. The accompanying consolidated financial statements include the Company’s accounts and the accounts of the Company’s wholly-owned subsidiary, Great Elm Specialty Finance, LLC. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.

Revenue Recognition

Revenue Recognition. Interest and dividend income, including income paid in kind, is recorded on an accrual basis. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments, are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment if such fees are fixed in nature. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, and end-of-term or exit fees that have a contingency feature or are variable in nature are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are generally included in interest income.

Interest income received as paid-in-kind (“PIK”) is reported separately in the Statements of Operations. Income is included as PIK if the instrument solely provides for settlement in kind. In the event that the borrower can settle in kind or via cash payment, the income is not included as PIK until the borrower elects to pay in kind and the payment is received by the Company. In the event there is a lesser cash rate in a PIK toggle instrument, income is accrued at the lesser cash rate until the coupon is paid in kind and such larger payment is received by the Company.

Certain of the Company’s debt investments were purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate debt instruments are generally amortized using the effective-interest or constant-yield method assuming there are no material questions as to collectability.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation). The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale of an investment and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Realized gains and losses are computed using the specific identification method. Net change in unrealized appreciation or depreciation reflects the net change in portfolio investment values and portfolio investment cost bases during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Cash and Cash Equivalents

Cash and Cash Equivalents. Cash and cash equivalents typically consist of bank demand deposits. Restricted cash generally consists of collateral for unfunded positions held by counterparties.

Valuation of Portfolio Investments

Valuation of Portfolio Investments. The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent pricing services, broker or dealer quotations or alternative price sources. In the absence of quoted market prices, broker or dealer quotations or alternative price sources, investments are measured at fair value as determined by the Company’s board of directors (the “Board”).

Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 4.

The Company values its portfolio investments at fair value based upon the principles and methods of valuation set forth in policies adopted by the Board. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (1) are independent of the Company, (2) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (3) are able to transact for the asset, and (4) are willing to transact for the asset (that is, they are motivated but not forced or otherwise compelled to do so).

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. The Company generally obtains market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker-dealers or market makers. Short term debt investments with remaining maturities within ninety days are generally valued at amortized cost, which approximates fair value. Debt and equity securities for which market quotations are not readily available, which is the case for many of the Company’s investments, or for which market quotations are deemed not to represent fair value, are valued at fair value using a consistently applied valuation process in accordance with the Company’s documented valuation policy that has been reviewed and approved by the Board, who also approve in good faith the valuation of such securities as of the end of each quarter. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that the Company may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of the Company’s investments than on the fair values of the Company’s investments for which market quotations are not readily available. Market quotations may be deemed not to represent fair value in certain circumstances where the Company believes that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a particular security cause current market quotations to not reflect the fair value of the security.

The valuation process approved by the Board with respect to investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value is as follows:

▪The investment professionals of GECM provide recent portfolio company financial statements and other reporting materials to an independent valuation firm (or firms) approved by the Board;

▪Such firms evaluate this information along with relevant observable market data to conduct independent appraisals each quarter, and their preliminary valuation conclusions are documented, discussed, and iterated with senior management of GECM;

▪The fair value of investments comprising in the aggregate less than 5% of the Company’s total capitalization and individually less than 1% of the Company’s total capitalization may be determined by GECM in good faith in accordance with the Company’s valuation policy without the employment of an independent valuation firm; and

▪The Company’s audit committee recommends, and the Board approves, the fair value of the investments in the Company’s portfolio in good faith based on the input of GECM, the independent valuation firms (to the extent applicable) and the business judgment of the audit committee and the Board, respectively.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account in determining the fair value of its investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, and enterprise values.

Investments in revolvers or delayed draw loans may include unfunded commitments for which the Company’s acquisition cost will be offset by compensation received on the portion of the commitment that is unfunded. As a result, the purchases of a commitment that is not fully funded may result in a negative cost basis for the funded commitment. The fair value of the unfunded commitment is adjusted for price appreciation or depreciation and may result in a negative fair value for the unfunded commitment.

Deferred Financing Costs and Deferred Offering Costs

Deferred Financing Costs and Deferred Offering Costs. Deferred financing costs and deferred offering costs consist of fees and expenses incurred in connection with financing or capital raising activities and include professional fees, printing fees, filing fees and other related expenses.

Deferred financing costs incurred in connection with the revolving credit facility are amortized on a straight-line basis over the term of the revolving credit facility. Unamortized costs are included in deferred financing costs on the consolidated statements of assets and liabilities and amortization of those costs is included in interest expense on the consolidated statements of operations.

Deferred offering costs incurred in connection with the unsecured notes are amortized over the term of the respective unsecured note using the effective interest method. Unamortized costs are treated as a reduction to the carrying amount of the debt on the consolidated statements of assets and liabilities and amortization of those costs is included in interest expense on the consolidated statements of operations.

Deferred offering costs incurred in connection with the shelf registration on form N-2 are capitalized when incurred and recognized as a reduction to offering proceeds when the offering becomes effective or expensed upon expiration of the registration statement, if applicable. Deferred offering costs are included with prepaid expenses and other assets on the consolidated statements of assets and liabilities.

Prepaid Expenses and Other Assets

Prepaid Expenses and Other Assets. Prepaid expenses include expenses paid in advance such as annual insurance premiums and deferred offering costs, as described above. Other assets may include contributions to investments paid in advance of trade date. As of December 31, 2022, contributions to investments paid in advance of trade date were $3,000. There were no such contributions to investments paid in advance of trade date as of June 30, 2023.

Foreign Currency Transaction

Foreign Currency Translation. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (1) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the date of valuation; and (2) purchases and sales of investments and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments.

U.S. Federal Income Taxes

U.S. Federal Income Taxes. From inception to September 30, 2016, the Company was a taxable association under Internal Revenue Code of 1986, as amended (the “Code”). The Company has elected to be taxed as a regulated investment company (“RIC”) under subchapter M of the Code. The Company intends to operate in a manner so as to qualify for the tax treatment applicable to RICs in that taxable year and all future taxable years. In order to qualify as a RIC, among other things, the Company will be required to timely distribute to its stockholders at least 90% of investment company taxable income (“ICTI”) including PIK interest, as defined by the Code, for each taxable year in order to be eligible for tax treatment under subchapter M of the Code. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year dividend distributions into the next tax year. Any such carryover ICTI must be distributed prior to the 15th day of the ninth month after the tax year-end. So long as the Company maintains its status as a RIC, it generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as distributions. Rather, any tax liability related to income earned by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

If the Company does not distribute (or is not deemed to have distributed) each calendar year the sum of (1) 98% of its net ordinary income for each calendar year, (2) 98.2% of its capital gain net income for the one-year period ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years (the “Minimum Distribution Amount”), the Company will generally be required to pay an excise tax equal to 4% of the amount by the which Minimum Distribution Amount exceeds the distributions for the year. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, the Company accrues excise taxes, if any, on estimated excess taxable income as taxable income is earned using an annual effective excise tax rate. The annual effective excise tax rate is determined by dividing the estimated annual excise tax by the estimated annual taxable income.

The Company has accrued $28 of excise tax expense during the six months ended June 30, 2023. The Company accrued $252 of excise tax expense during the year ended December 31, 2022.

At December 31, 2022, the Company, for federal income tax purposes, had capital loss carryforwards of $185,737 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to stockholders, which would otherwise be necessary to relieve the Company of any liability for federal income tax. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed into law. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Of the capital loss carryforwards at December 31, 2022, $41,899 are limited losses and available for use subject to annual limitation under Section 382. Of the capital losses at December 31, 2022, $16,815 are short-term and $168,922 are long term.

ASC 740 Accounting for Uncertainty in Income Taxes (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Company has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.

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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Investment Assets Categorized within Fair Value Hierarchy

The following summarizes the Company’s investment assets categorized within the fair value hierarchy as of June 30, 2023:

Type of Investment	Level 1		Level 2		Level 3		Total
Asset
Debt	$	-	$	97,120	$	101,700	$	198,820
Equity/Other		7,941		-		26,256		34,197
Short Term Investments		78,138		-		-		78,138
Total	$	86,079	$	97,120	$	127,956		311,155
Investment measured at net asset value(1)								3,415
Total Investments, at fair value							$	314,570

(1)Certain investments that are measured at fair value using net asset value (“NAV”) have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities.

The following summarizes the Company’s investment assets categorized within the fair value hierarchy as of December 31, 2022:

Assets	Level 1		Level 2		Level 3		Total
Debt	$	-	$	80,622	$	104,333	$	184,955
Equity/Other		7,958		-		32,044		40,002
Short Term Investments		76,127		-		-		76,127
Total investment assets	$	84,085	$	80,622	$	136,377	$	301,084

Summary of Reconciliation of Level 3 Assets

The following is a reconciliation of Level 3 assets for the six months ended June 30, 2023:

Level 3	Beginning Balance as of January 1, 2023		Net Transfers In/Out			Purchases(1)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)(2)			Sales and Settlements(1)			Net Amortization of Premium/ Discount		Ending Balance as of June 30, 2023
Debt	$	104,333	$	(8,888	)	$	27,186	$	613	$	(390	)	$	(21,322	)	$	168	$	101,700
Equity/Other		32,044		-			-		187		(511	)		(5,464	)		-		26,256
Total investment assets	$	136,377	$	(8,888	)	$	27,186	$	800	$	(901	)	$	(26,786	)	$	168	$	127,956

The following is a reconciliation of Level 3 assets for the year ended December 31, 2022:

Level 3	Beginning Balance as of January 1, 2022		Net Transfers In/Out			Purchases(1)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)(2)		Sales and Settlements(1)			Net Amortization of Premium/ Discount		Ending Balance as of December 31, 2022
Debt	$	104,936	$	(6,311	)	$	66,461	$	(60,207	)	$	45,325	$	(46,314	)	$	443	$	104,333
Equity/Other		49,088		-			12,538		(69,384	)		61,476		(21,674	)		-		32,044
Total investment assets	$	154,024	$	(6,311	)	$	78,999	$	(129,591	)	$	106,801	$	(67,988	)	$	443	$	136,377

(1)Purchases may include new deals, additional fundings (inclusive of those on revolving credit facilities), refinancings, capitalized PIK income, and securities received in corporate actions and restructurings. Sales and Settlements may include scheduled principal payments, prepayments, sales and repayments (inclusive of those on revolving credit facilities), and securities delivered in corporate actions and restructuring of investments.

(2)The net change in unrealized appreciation relating to Level 3 assets still held at June 30, 2023 totaled $(1,222) consisting of the following: $(417) related to debt investments and $(805) related to equity investments. The net change in unrealized depreciation relating to Level 3 assets still held at December 31, 2022 totaled $(19,811) consisting of the following: $(11,792) related to debt investments and $(8,019) relating to equity/other.

Ranges of Significant Unobservable Inputs to Value Level 3 Assets

The following tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of June 30, 2023 and December 31, 2022, respectively. These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest yield in 1st Lien Debt is appropriate for valuing that specific debt investment, but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.

As of June 30, 2023
Investment Type	Fair value		Valuation Technique(1)	Unobservable Input(1)	Range (Weighted Average)(2)
Debt	$	70,034	Income Approach	Discount Rate	8.37% - 46.20% (20.97%)
		23,693	Market Approach	Earnings Multiple	2.25 - 13.05 (3.61)
		4,973	Income Approach	Implied Yield	4.08% - 36.76% (20.42%)
		3,000	Income Approach	Discount Rate	22.00% - 24.00% (23.00%)
			Market Approach	Earnings Multiple	4.50 - 5.50 (5.00)
		-	Asset Recovery / Liquidation (3)
Total Debt	$	101,700
Equity/Other	$	12,792	Income Approach	Discount Rate	22.00% - 24.00% (23.00%)
			Market Approach	Earnings Multiple	4.50 - 5.50 (5.00)
		13,420	Market Approach	Earnings Multiple	0.12 - 8.20 (3.93)
		44	Asset Recovery / Liquidation (3)
Total Equity/Other	$	26,256

As of December 31, 2022
Investment Type	Fair value		Valuation Technique(1)	Unobservable Input(1)	Range (Weighted Average)(2)
Debt	$	65,570	Income Approach	Discount Rate	9.39% - 33.61% (17.55%)
		20,687	Market Approach	Earnings Multiple	0.25 - 9.50 (4.20)
		4,945	Income Approach	Implied Yield	3.95% - 26.49% (15.80%)
		4,883	Broker Quotes		80.00% - 85.00% (82.50%)
		4,375	Recent Transaction
		3,000	Income Approach	Discount Rate	24.00% - 26.00% (25.00%)
			Market Approach	Earnings Multiple	4.00 - 5.00 (4.50)
		873	Asset Recovery / Liquidation(3)
		-	Options Pricing Model	Volatility and Risk Free Rate	20.00% and 4.49%
Total Debt	$	104,333
Equity/Other	$	11,638	Income Approach	Discount Rate	24.00% - 26.00% (25.00%)
			Market Approach	Earnings Multiple	4.00 - 5.00 (4.50)
		11,044	Market Approach	Earnings Multiple	0.12 - 8.50 (4.07)
		4,982	Income Approach	Discount Rate	19.07% - 19.07% (19.07%)
		5	Asset Recovery / Liquidation(3)
		4,375	Recent Transaction
		-	Options Pricing Model	Volatility and Risk Free Rate	20.00% and 4.49%
Total Equity/Other	$	32,044

(1)The fair value of any one instrument may be determined using multiple valuation techniques or unobservable inputs.

(2)Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. The range and weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

(3)Investments valued using the asset recovery or liquidation technique include investments for which valuation is based on current financial data without a discount rate applied.

The Company values investments in private funds using NAV as reported by each fund’s investment manager. The private funds calculate NAV in a manner consistent with the measurement principles of FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, as of the valuation date. Investments valued using NAV as a practical expedient are not categorized within the fair value hierarchy.

As of June 30, 2023 the Company held an investment in one private fund valued using NAV as a practical expedient. The Company has no unfunded commitments with respect to this investment. Withdrawals from the investment are permitted annually and there is no set duration for the private fund.

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Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Senior Securities (Including Debt Securities and Other Indebtedness)

Information about the Company’s senior securities (including debt securities and other indebtedness) is shown in the following table:

As of	Total Amount Outstanding(1)		Asset Coverage Ratio Per Unit(2)		Involuntary Liquidation Preference Per Unit(3)	Average Market Value Per Unit(4)
December 31, 2016
8.25% Notes due 2020	$	33,646	$	6,168	N/A	$	1.02
December 31, 2017
GECCL Notes	$	32,631	$	5,010	N/A	$	1.02
December 31, 2018
GECCL Notes	$	32,631	$	2,393	N/A	$	1.01
GECCM Notes		46,398		2,393	N/A		0.98
December 31, 2019
GECCL Notes	$	32,631	$	1,701	N/A	$	1.01
GECCM Notes		46,398		1,701	N/A		1.01
GECCN Notes		45,000		1,701	N/A		1.00
December 31, 2020
GECCL Notes	$	30,293	$	1,671	N/A	$	0.89
GECCM Notes		45,610		1,671	N/A		0.84
GECCN Notes		42,823		1,671	N/A		0.84
December 31, 2021
GECCM Notes	$	45,610	$	1,511	N/A	$	1.00
GECCN Notes		42,823		1,511	N/A		1.00
GECCO Notes		57,500		1,511	N/A		1.02
December 31, 2022
GECCM Notes	$	45,610	$	1,544	N/A	$	0.99
GECCN Notes		42,823		1,544	N/A		1.00
GECCO Notes		57,500		1,544	N/A		1.00
Revolving Credit Facility		10,000		1,544	N/A		-
June 30, 2023
GECCM Notes	$	45,610	$	1,615	N/A	$	0.98
GECCN Notes		42,823		1,615	N/A		0.99
GECCO Notes		57,500		1,615	N/A		0.96
Revolving Credit Facility		5,000		1,615	N/A		-

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

(3)The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it.

(4)The average market value per unit for the Notes, as applicable, is based on the average daily prices of such Notes and is expressed per $1 of indebtedness.

Summary of Components of Interest Expense

For the three and six months ended June 30, 2023 and 2022, the components of interest expense were as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Borrowing interest expense	$	2,443		$	2,340		$	4,941		$	4,683
Amortization of acquisition premium		326			327			649			654
Total	$	2,769		$	2,667		$	5,590		$	5,337
Weighted average interest rate(1)		7.36	%		7.33	%		7.39	%		7.37	%
Average outstanding balance	$	150,933		$	145,933		$	152,596		$	145,933

(1)Annualized.

Summary of Commitments, Borrowings Outstanding and Fair Value of Notes

The fair value of the Company’s Notes are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company’s Notes is determined by utilizing market quotations at the measurement date as they are Level 1 securities.

	June 30, 2023
Facility	Commitments		Borrowings Outstanding		Fair Value
Unsecured Debt - GECCM Notes	$	45,610	$	45,610	$	45,010
Unsecured Debt - GECCN Notes		42,823		42,823		42,458
Unsecured Debt - GECCO Notes		57,500		57,500		54,947
Total	$	145,933	$	145,933	$	142,415

	December 31, 2022
Facility	Commitments		Borrowings Outstanding		Fair Value
Unsecured Debt - GECCM Notes	$	45,610	$	45,610	$	45,081
Unsecured Debt - GECCN Notes		42,823		42,823		42,686
Unsecured Debt - GECCO Notes		57,500		57,500		54,510
Total	$	145,933	$	145,933	$	142,277

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2023

Investment Company Financial Highlights [Abstract]

Schedule of Financial Highlights of the Company

Below is the schedule of financial highlights of the Company:

	For the Six Months Ended June 30,
	2023			2022
Per Share Data:(1)
Net asset value, beginning of period	$	11.16		$	16.63
Net investment income		0.82			1.46
Net realized gains (loss)		0.31			(26.58	)
Net change in unrealized appreciation (depreciation)		0.63			23.15
Net increase (decrease) in net assets resulting from operations		1.76			(1.97	)
Issuance of common stock		(0.01	)		(0.77	)
Distributions declared from net investment income(2)		(0.70	)		(1.05	)
Net decrease resulting from distributions to common stockholders		(0.70	)		(1.05	)
Net asset value, end of period	$	12.21		$	12.84
Per share market value, end of period	$	7.76		$	12.50
Shares outstanding, end of period		7,601,958			7,601,958
Total return based on net asset value(3)		15.86	%		(16.90	)%
Total return based on market value(3)		1.63	%		(27.06	)%
Ratio/Supplemental Data:
Net assets, end of period		92,850			97,606
Ratio of total expenses to average net assets before waiver (4),(5)		23.11	%		23.39	%
Ratio of total expenses to average net assets after waiver (4),(5),(6)		23.11	%		16.98	%
Ratio of incentive fees to average net assets(4)		1.71	%		—
Ratio of net investment income to average net assets(4),(5),(6)		15.54	%		12.50	%
Portfolio turnover		32	%		32	%

(1)The per share data was derived by using the weighted average shares outstanding during the period, except where such calculations deviate from those specified under the instructions to Form N-2. Per share data and shares outstanding have been adjusted for the periods shown to reflect the six-for-one reverse stock split effected on February 28, 2022 on a retrospective basis, as described in Note 2.

(2)The per share data for distributions declared reflects the actual amount of distributions of record per share for the period.

(3)Total return based on net asset value is calculated as the change in net asset value per share, assuming the Company’s distributions were reinvested through its dividend reinvestment plan. Total return based on market value is calculated as the change in market value per share, assuming the Company’s distributions were reinvested through its dividend reinvestment plan. Total return does not include any estimate of a sales load or commission paid to acquire shares.

(4)Average net assets used in ratio calculations is calculated using monthly ending net assets for the period presented. For the six months ended June 30, 2023 and 2022 average net assets were $90,718 and $75,734, respectively.

(5)Annualized for periods less than one year.

(6)Ratio for the six months ended June 30, 2022 reflects the impact of the incentive fee waiver described in Note 3.

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Affiliates and Controlled Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments In And Advances To Affiliates [Abstract]

Schedule of Fair Value with Transactions in Affiliated investments and controlled investments

Fair value as of June 30, 2023 along with transactions during the six months ended June 30, 2023 in these affiliated investments and controlled investments was as follows:

	For the Six Months Ended June 30, 2023
Issue(1)	Fair value at December 31, 2022		Gross Additions(2)		Gross Reductions(3)		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Fair value at June 30, 2023		Interest Income(4)		Fee Income		Dividend Income
Non-Controlled, Affiliated Investments
PFS Holdings Corp.
1st Lien, Secured Loan		896		-		6		-		54			944		62		-		-
Common Equity (5% of class)		408		-		-		-		98			506		-		-		-
		1,304		-		6		-		152			1,450		62		-		-
Totals	$	1,304	$	-	$	6	$	-	$	152		$	1,450	$	62	$	-	$	-
Controlled Investments
Great Elm Healthcare Financing, LLC
Subordinated Note		4,375		-		-		-		-			4,375		260		-		-
Equity (88% of class)		4,375		-		-		-		-			4,375		-		-		-
		8,750		-		-		-		-			8,750		260		-		-
Lenders' Funding, LLC
Subordinated Note		10,000		-		479		-		-			9,521		368		-		-
Revolver		1,555		264		1,819		-		-			-		31		-		-
Equity (56% of class)		2,205		-		-		-		(1,955	)		250		-		-		-
		13,760		264		2,298		-		(1,955	)		9,771		399		-		-
Prestige Capital Finance, LLC
Subordinated Note		3,000		-		-		-		-			3,000		167		-		-
Equity (80% of class)		11,638		-		-		-		1,154			12,792		-		-		1,316
		14,638		-		-		-		1,154			15,792		167		-		1,316
Sterling Commercial Credit, LLC
Subordinated Note		8,500		233		-		-		-			8,733		472		-		-
Equity (80% of class)		6,262		-		-		-		(418	)		5,844		-		-		-
		14,762		233		-		-		(418	)		14,577		472		-		-
Totals	$	51,910	$	497	$	2,298	$	-	$	(1,219	)	$	48,890	$	1,298	$	-	$	1,316

(1)Non-unitized equity investments are disclosed with percentage ownership in lieu of quantity.

(2)Gross additions include increases resulting from new or additional portfolio investments, capitalized PIK income, accretion of discounts and the exchange of one or more existing securities for one or more new securities.

(3)Gross reductions include decreases resulting from principal collections related to investment repayments or sales and the exchange of one or more existing securities for one or more new securities.

(4)Income amounts include accrued PIK income.

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Organization - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Date of incorporation	Apr. 22, 2016

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Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Reverse stock split effective date	Feb. 28, 2022
Contributions to investments paid in advance of trade date	$ 0	$ 3,000
Percentage of investment company taxable income distribute to stockholders	90.00%
Percentage of net ordinary income	98.00%
Percentage of capital gain net income	98.20%
Percentage of excise tax on minimum distribution amount	4.00%
Accrued excise tax expense	$ 28	252
Federal
Significant Accounting Policies [Line Items]
Deferred tax assets, capital loss carryforwards		185,737
Capital loss carryforward		41,899
Capital loss carryforward, short-term		16,815
Capital loss carryforward, long-term		$ 168,922
Maximum
Significant Accounting Policies [Line Items]
Percentage of aggregate investment fair value on total capitalization	5.00%
Percentage of individual investment fair value on total capitalization	1.00%

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Significant Agreements and Related Parties - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended	80 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jun. 30, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Management fee calculated at annual rate of average adjusted gross assets			1.50%
Management fees	$ 884,000	$ 771,000	$ 1,753,000	$ 1,551,000
Management fee payable	884,000		$ 884,000		$ 850,000	$ 884,000
Income incentive fee calculation percentage on pre-incentive fee net investment income			20.00%
Hurdle rate income incentive fee calculation on quarterly basis			1.75%
Annualized hurdle rate on income incentive fee calculation			7.00%
Percentage of net assets			1.75%
Percentage of annualized pre-incentive fee net investment income subject to a catch-up provision			8.75%
Receivable percentage of pre-incentive fee net investment income			20.00%
Percentage of Cumulative pre incentive fee net return			20.00%
Accrued incentive fees payable	2,116,000		$ 2,116,000		565,000	$ 2,116,000
Incentive fees	842,000		1,552,000
Incentive fee waiver				4,854,000
Administration fees	341,000	262,000	636,000	483,000
Great Elm Capital Management, Inc.,
Related Party Transaction [Line Items]
Aggregate cumulative realized capital gains percentage						20.00%
Cumulative accrued incentive fees payable	2,116,000		2,116,000			$ 2,116,000
Accrued incentive fees payable	1,001,000		1,001,000		565,000	1,001,000	$ 4,900,000
Incentive fees			1,552,000
Incentive fee waiver				(4,854,000)
Capital gains incentive fees accrual			0		0
Administration fees	341,000	$ 262,000	636,000	$ 483,000
Administrative expense payable	$ 290,000		$ 290,000		$ 188,000	$ 290,000
Minimum
Related Party Transaction [Line Items]
Hurdle rate income incentive fee calculation on quarterly basis			1.75%
Maximum
Related Party Transaction [Line Items]
Hurdle rate income incentive fee calculation on quarterly basis			2.1875%
Percentage of net assets			2.1875%

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Fair Value Measurement - Summary of Investment Assets Categorized within Fair Value Hierarchy (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total investment assets		$ 311,155	$ 301,084
Investments at Fair Value		314,570	301,084
Receivable
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments at Fair Value	[1]	3,415
Debt
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total investment assets		198,820	184,955
Equity/Other
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total investment assets		34,197	40,002
Short Term Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total investment assets		78,138	76,127
Level 1
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total investment assets		86,079	84,085
Level 1 | Equity/Other
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total investment assets		7,941	7,958
Level 1 | Short Term Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total investment assets		78,138	76,127
Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total investment assets		97,120	80,622
Level 2 | Debt
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total investment assets		97,120	80,622
Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total investment assets		127,956	136,377
Level 3 | Debt
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total investment assets		101,700	104,333
Level 3 | Equity/Other
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total investment assets		$ 26,256	$ 32,044

[1] Certain investments that are measured at fair value using net asset value (“NAV”) have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities.

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Fair Value Measurement - Summary of Reconciliation of Level 3 Assets (Details) - Level 3 - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance		$ 136,377	$ 154,024
Net Transfers In/Out		(8,888)	(6,311)
Purchases	[1]	27,186	78,999
Net Realized Gain (Loss)		800	(129,591)
Net Change in Unrealized Appreciation (Depreciation)	[2]	901	106,801
Sales and Settlements	[1]	(26,786)	(67,988)
Net Amortization of Premium/ Discount		168	443
Ending Balance		127,956	136,377
Debt
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance		104,333	104,936
Net Transfers In/Out		(8,888)	(6,311)
Purchases	[1]	27,186	66,461
Net Realized Gain (Loss)		613	(60,207)
Net Change in Unrealized Appreciation (Depreciation)	[2]	390	45,325
Sales and Settlements	[1]	(21,322)	(46,314)
Net Amortization of Premium/ Discount		168	443
Ending Balance		101,700	104,333
Equity/Other
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance		32,044	49,088
Purchases	[1]		12,538
Net Realized Gain (Loss)		187	(69,384)
Net Change in Unrealized Appreciation (Depreciation)	[2]	511	61,476
Sales and Settlements	[1]	(5,464)	(21,674)
Ending Balance		$ 26,256	$ 32,044

[1] Purchases may include new deals, additional fundings (inclusive of those on revolving credit facilities), refinancings, capitalized PIK income, and securities received in corporate actions and restructurings. Sales and Settlements may include scheduled principal payments, prepayments, sales and repayments (inclusive of those on revolving credit facilities), and securities delivered in corporate actions and restructuring of investments.

[2] The net change in unrealized appreciation relating to Level 3 assets still held at June 30, 2023 totaled $(1,222) consisting of the following: $(417) related to debt investments and $(805) related to equity investments. The net change in unrealized depreciation relating to Level 3 assets still held at December 31, 2022 totaled $(19,811) consisting of the following: $(11,792) related to debt investments and $(8,019) relating to equity/other.

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Fair Value Measurement - Summary of Reconciliation of Level 3 Assets (Parenthetical) (Details) - Level 3 - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, net change in unrealized appreciation	$ 1,222
Fair value, net change in unrealized depreciation		$ (19,811)
Debt
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, net change in unrealized appreciation	417
Fair value, net change in unrealized depreciation		(11,792)
Equity/Other
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, net change in unrealized appreciation	$ 805
Fair value, net change in unrealized depreciation		$ (8,019)

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Fair Value Measurement - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value transferred, increased pricing transparency	$ (8,888)	$ (6,311)
Aggregate fair value transferred from Level 2 to Level 3	4,418
Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value transferred, increased pricing transparency		$ 6,311
Aggregate fair value transferred from Level 3 to Level 2	$ 13,305

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Fair Value Measurement - Ranges of Significant Unobservable Inputs to Value Level 3 Assets (Details) $ in Thousands		Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value		$ 311,155	$ 301,084
Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value		127,956	136,377
Debt
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value		198,820	184,955
Debt | Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value		101,700	104,333
Debt | Level 3 | Income Approach | Implied Yield
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value		$ 4,973	4,945
Debt | Level 3 | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value			65,570
Debt | Level 3 | Broker Quotes
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value			4,883
Debt | Level 3 | Asset Recovery Liquidation Valuation Technique
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value	[1]		873
Debt | Level 3 | Recent Transaction
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value			$ 4,375
Debt | Level 3 | Options Pricing Model | Volatility
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)			0.2000
Debt | Level 3 | Options Pricing Model | Risk Free Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)			0.0449
Debt | Level 3 | Minimum | Income Approach | Implied Yield
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.0408	0.0395
Debt | Level 3 | Minimum | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.0939
Debt | Level 3 | Minimum | Broker Quotes
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)			0.8000
Debt | Level 3 | Maximum | Income Approach | Implied Yield
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.3676	0.2649
Debt | Level 3 | Maximum | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.3361
Debt | Level 3 | Maximum | Broker Quotes
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)			0.8500
Debt | Level 3 | Weighted Average | Income Approach | Implied Yield
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.2042	0.1580
Debt | Level 3 | Weighted Average | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.1755
Debt | Level 3 | Weighted Average | Broker Quotes
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)			(0.8250)
Debt | Level 3 | Debt Instrument Three | Minimum | Market Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.0400
Debt | Level 3 | Debt Instrument Three | Maximum | Market Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.0500
Debt | Level 3 | Debt Instrument Three | Weighted Average | Market Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		(0.0450)
Debt | Level 3 | Debt Instrument Four | Minimum | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.2400
Debt | Level 3 | Debt Instrument Four | Maximum | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.2600
Debt | Level 3 | Debt Instrument Four | Weighted Average | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.2500
Debt | Debt Instrument One | Level 3 | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value		$ 70,034
Debt | Debt Instrument One | Level 3 | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value			$ 20,687
Debt | Debt Instrument One | Level 3 | Minimum | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.0837
Debt | Debt Instrument One | Level 3 | Minimum | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.0025
Debt | Debt Instrument One | Level 3 | Maximum | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.4620
Debt | Debt Instrument One | Level 3 | Maximum | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.0950
Debt | Debt Instrument One | Level 3 | Weighted Average | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.2097
Debt | Debt Instrument One | Level 3 | Weighted Average | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		(0.0420)
Debt | Debt Instrument One | Level 3 | Equity Funds Three | Minimum | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.0012
Debt | Debt Instrument One | Level 3 | Equity Funds Three | Maximum | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.0820
Debt | Debt Instrument One | Level 3 | Equity Funds Three | Weighted Average | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	(0.0393)
Debt | Debt Instrument Two | Level 3 | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value		$ 3,000	$ 3,000
Debt | Debt Instrument Two | Level 3 | Minimum | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.2200
Debt | Debt Instrument Two | Level 3 | Minimum | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.0450
Debt | Debt Instrument Two | Level 3 | Maximum | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.2400
Debt | Debt Instrument Two | Level 3 | Maximum | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.0550
Debt | Debt Instrument Two | Level 3 | Weighted Average | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.2300
Debt | Debt Instrument Two | Level 3 | Weighted Average | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.0500
Equity/Other
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value		$ 34,197	40,002
Equity/Other | Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value		26,256	32,044
Equity/Other | Level 3 | Equity Funds One | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value		$ 12,792
Equity/Other | Level 3 | Equity Funds One | Income Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value			$ 11,638
Equity/Other | Level 3 | Equity Funds One | Minimum | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.2200
Equity/Other | Level 3 | Equity Funds One | Minimum | Income Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.2400
Equity/Other | Level 3 | Equity Funds One | Maximum | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.2400
Equity/Other | Level 3 | Equity Funds One | Maximum | Income Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.2600
Equity/Other | Level 3 | Equity Funds One | Weighted Average | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.2300
Equity/Other | Level 3 | Equity Funds One | Weighted Average | Income Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		(0.2500)
Equity/Other | Level 3 | Equity Funds Two | Minimum | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.0450
Equity/Other | Level 3 | Equity Funds Two | Minimum | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.0400
Equity/Other | Level 3 | Equity Funds Two | Maximum | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.0550
Equity/Other | Level 3 | Equity Funds Two | Maximum | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.0500
Equity/Other | Level 3 | Equity Funds Two | Weighted Average | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	(0.0500)
Equity/Other | Level 3 | Equity Funds Two | Weighted Average | Income Approach | Discount Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.0450
Equity/Other | Level 3 | Equity Funds Three
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value		$ 13,420
Equity/Other | Level 3 | Equity Funds Three | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value			$ 11,044
Equity/Other | Level 3 | Equity Funds Three | Minimum | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.0012
Equity/Other | Level 3 | Equity Funds Three | Maximum | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.0850
Equity/Other | Level 3 | Equity Funds Three | Weighted Average | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.0407
Equity/Other | Level 3 | Equity Funds Four | Income Approach
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value			$ 4,982
Equity/Other | Level 3 | Equity Funds Four | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value		$ 23,693
Equity/Other | Level 3 | Equity Funds Four | Minimum | Income Approach
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.1907
Equity/Other | Level 3 | Equity Funds Four | Minimum | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.0225
Equity/Other | Level 3 | Equity Funds Four | Maximum | Income Approach
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.1907
Equity/Other | Level 3 | Equity Funds Four | Maximum | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.1305
Equity/Other | Level 3 | Equity Funds Four | Weighted Average | Income Approach
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.1907
Equity/Other | Level 3 | Equity Funds Four | Weighted Average | Market Approach | Earnings Multiple
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]	0.0361
Equity/Other | Level 3 | Equity Funds Five | Asset Recovery Liquidation Valuation Technique
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value	[1]	$ 44	$ 5
Equity/Other | Level 3 | Equity Funds Six | Recent Transaction
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value			$ 4,375
Equity/Other | Level 3 | Equity Funds Seven | Options Pricing Model | Volatility
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.2000
Equity/Other | Level 3 | Equity Funds Seven | Options Pricing Model | Risk Free Rate
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Range (Weighted Average)	[2]		0.0449

[1] Investments valued using the asset recovery or liquidation technique include investments for which valuation is based on current financial data without a discount rate applied. The Company values investments in private funds using NAV as reported by each fund’s investment manager. The private funds calculate NAV in a manner consistent with the measurement principles of FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, as of the valuation date. Investments valued using NAV as a practical expedient are not categorized within the fair value hierarchy. As of June 30, 2023 the Company held an investment in one private fund valued using NAV as a practical expedient. The Company has no unfunded commitments with respect to this investment. Withdrawals from the investment are permitted annually and there is no set duration for the private fund.

[2] Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. The range and weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

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Debt - Additional Information (Details)	May 05, 2021 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 09, 2021 USD ($)	Jun. 23, 2021 USD ($)	Jul. 05, 2019 USD ($)	Jun. 18, 2019 USD ($)	Feb. 09, 2018 USD ($)	Jan. 19, 2018 USD ($)	Jan. 11, 2018 USD ($)
Debt Instrument [Line Items]
Revolving line of credit borrowings outstanding		$ 5,000,000	$ 10,000,000
Asset coverage ratio		161.5
Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, minimum denomination		$ 25
Debt instrument denomination integral multiples		25
GECCM Notes
Debt Instrument [Line Items]
Debt Instrument, aggregate principal amount								$ 1,500,000	$ 1,898,000	$ 43,000,000
Debt instrument, interest rate										6.75%
GECCN Notes
Debt Instrument [Line Items]
Debt Instrument, aggregate principal amount						$ 2,500,000	$ 42,500,000
Debt instrument, interest rate							6.50%
GECCO Notes
Debt Instrument [Line Items]
Debt Instrument, aggregate principal amount				$ 7,500,000	$ 50,000,000
Debt instrument, interest rate					5.875%
Senior Secured Revolving Line of Credit | Maximum
Debt Instrument [Line Items]
Line of credit facility covenant net assets	$ 65,000,000
Senior Secured Revolving Line of Credit | Minimum
Debt Instrument [Line Items]
Line of credit facility covenant net assets percentage	150.00%
Senior Secured Revolving Line of Credit | City National Bank
Debt Instrument [Line Items]
Revolving line of credit maximum borrowing capacity	$ 25,000,000
Increase revolving credit facility in aggregate amount	$ 25,000,000
Revolving line of credit, maturity date	May 05, 2024
Revolving line of credit borrowings outstanding		$ 5,000,000.0
Senior Secured Revolving Line of Credit | City National Bank | Minimum
Debt Instrument [Line Items]
Line of credit facility covenant net assets percentage	300.00%
Senior Secured Revolving Line of Credit | City National Bank | SOFR
Debt Instrument [Line Items]
Line of credit interest rate	3.50%
Senior Secured Revolving Line of Credit | City National Bank | Base Rate
Debt Instrument [Line Items]
Line of credit interest rate	2.00%

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Debt - Schedule of Senior Securities (Including Debt Securities and Other Indebtedness) (Details) - Senior Notes - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
8.25% Notes due 2020
Debt Instrument [Line Items]
Total Amount Outstanding								$ 33,646
Asset Coverage Ratio Per Unit								$ 6,168
Average Market Value Per Unit								$ 1.02
GECCL Notes
Debt Instrument [Line Items]
Total Amount Outstanding				$ 30,293	$ 32,631	$ 32,631	$ 32,631
Asset Coverage Ratio Per Unit				$ 1,671	$ 1,701	$ 2,393	$ 5,010
Average Market Value Per Unit				$ 0.89	$ 1.01	$ 1.01	$ 1.02
GECCM Notes
Debt Instrument [Line Items]
Total Amount Outstanding	$ 45,610	$ 45,610	$ 45,610	$ 45,610	$ 46,398	$ 46,398
Asset Coverage Ratio Per Unit	$ 1,615	$ 1,544	$ 1,511	$ 1,671	$ 1,701	$ 2,393
Average Market Value Per Unit	$ 0.98	$ 0.99	$ 1.00	$ 0.84	$ 1.01	$ 0.98
GECCN Notes
Debt Instrument [Line Items]
Total Amount Outstanding	$ 42,823	$ 42,823	$ 42,823	$ 42,823	$ 45,000
Asset Coverage Ratio Per Unit	$ 1,615	$ 1,544	$ 1,511	$ 1,671	$ 1,701
Average Market Value Per Unit	$ 0.99	$ 1.00	$ 1.00	$ 0.84	$ 1.00
GECCO Notes
Debt Instrument [Line Items]
Total Amount Outstanding	$ 57,500	$ 57,500	$ 57,500
Asset Coverage Ratio Per Unit	$ 1,615	$ 1,544	$ 1,511
Average Market Value Per Unit	$ 0.96	$ 1.00	$ 1.02
Revolving Credit Facility
Debt Instrument [Line Items]
Total Amount Outstanding	$ 5,000	$ 10,000
Asset Coverage Ratio Per Unit	$ 1,615	$ 1,544

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Debt - Schedule of Senior Securities (Including Debt Securities and Other Indebtedness) (Parenthetical) (Details) - Senior Notes - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2016
Debt Instrument [Line Items]
Amount of asset coverage per unit expressed indebtedness	$ 1,000
Amount of indebtedness	$ 1
8.25% Notes due 2020
Debt Instrument [Line Items]
Debt instrument, interest rate		8.25%

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Debt - Summary of Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Disclosure [Abstract]
Borrowing interest expense	$ 2,443	$ 2,340	$ 4,941	$ 4,683
Amortization of acquisition premium	326	327	649	654
Total	$ 2,769	$ 2,667	$ 5,590	$ 5,337
Weighted average interest rate	7.36%	7.33%	7.39%	7.37%
Average outstanding balance	$ 150,933	$ 145,933	$ 152,596	$ 145,933

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Debt - Summary of Commitments, Borrowings Outstanding and Fair Value of Notes (Details) - Unsecured Notes - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Commitments	$ 145,933	$ 145,933
Total Amount Outstanding	145,933	145,933
Fair Value	142,415	142,277
GECCM Notes
Debt Instrument [Line Items]
Commitments	45,610	45,610
Total Amount Outstanding	45,610	45,610
Fair Value	45,010	45,081
GECCN Notes
Debt Instrument [Line Items]
Commitments	42,823	42,823
Total Amount Outstanding	42,823	42,823
Fair Value	42,458	42,686
GECCO Notes
Debt Instrument [Line Items]
Commitments	57,500	57,500
Total Amount Outstanding	57,500	57,500
Fair Value	$ 54,947	$ 54,510

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Capital Activity - Additional Information (Details) - USD ($)			6 Months Ended
	Jun. 13, 2022	Feb. 28, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Feb. 03, 2022
Schedule of Capitalization [Line Items]
Sale of stock, price per share	$ 12.50
Common stock, shares issued	3,000,567		7,601,958		7,601,958	117,117
Proceeds from issuance of common stock	$ 37,507,000			$ 37,507,000
Description of reverse stock split			On February 28, 2022, the Company effected a 6-for-1 reverse stock split of the Company’s outstanding common stock. As a result of the reverse stock split, every six shares of the Company’s issued and outstanding common stock were converted into one share of issued and outstanding common stock.
Fractional shares		4
Fractional shares aggregate amount of redemption		$ 0.1
Common stock, value			$ 76,000		$ 76,000	$ 2,600,000

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Commitment and Contingencies - Additional Information (Details) - USD ($)		6 Months Ended
	Jul. 31, 2016	Jun. 30, 2023
Minimum
Commitments And Contingencies [Line Items]
Loss contingency, damages sought, value	$ 2,000,000
Maximum
Commitments And Contingencies [Line Items]
Loss contingency, damages sought, value	$ 6,000,000
Unfunded Loan Commitment
Commitments And Contingencies [Line Items]
Loans held for investment		$ 11,932,000

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Financial Highlights - Schedule of Financial Highlights of the Company (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Investment Company Investment Income Loss From Operations Per Share [Abstract]
Net asset value, beginning of period				$ 11.16	$ 16.63
Net investment income		$ 0.44	$ 0.23	0.82	1.46
Net realized gains (loss)				0.31	(26.58)
Net change in unrealized appreciation (depreciation)				0.63	23.15
Net increase (decrease) in net assets resulting from operations				1.76	(1.97)
Issuance of common stock				(0.01)	(0.77)
Distributions declared from net investment income	[1]			(0.70)	(1.05)
Net decrease resulting from distributions to common stockholders				(0.70)	(1.05)
Net asset value, end of period		12.21	12.84	12.21	12.84
Per share market value, end of period		$ 7.76	$ 12.50	$ 7.76	$ 12.50
Shares outstanding, end of period		7,601,958	7,601,958	7,601,958	7,601,958
Total return based on net asset value	[2]			15.86%	(16.90%)
Total return based on market value	[2]			1.63%	(27.06%)
Ratio/Supplemental Data:
Net assets, end of period		$ 92,850	$ 97,606	$ 92,850	$ 97,606	$ 90,308	$ 84,809	$ 69,286	$ 74,556
Ratio of total expenses to average net assets before waiver	[3],[4]			23.11%	23.39%
Ratio of total expenses to average net assets after waiver	[3],[4],[5]			23.11%	16.98%
Ratio of incentive fees to average net assets	[4]			1.71%
Ratio of net investment income to average net assets	[3],[4],[5]			15.54%	12.50%
Portfolio turnover				32.00%	32.00%

[1] The per share data for distributions declared reflects the actual amount of distributions of record per share for the period.

[2] Total return based on net asset value is calculated as the change in net asset value per share, assuming the Company’s distributions were reinvested through its dividend reinvestment plan. Total return based on market value is calculated as the change in market value per share, assuming the Company’s distributions were reinvested through its dividend reinvestment plan. Total return does not include any estimate of a sales load or commission paid to acquire shares.

[3] Annualized for periods less than one year.

[4] Average net assets used in ratio calculations is calculated using monthly ending net assets for the period presented. For the six months ended June 30, 2023 and 2022 average net assets were $90,718 and $75,734, respectively.

[5] Ratio for the six months ended June 30, 2022 reflects the impact of the incentive fee waiver described in Note 3.

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Financial Highlights - Schedule of Financial Highlights of the Company (Parenthetical) (Details) $ in Thousands		6 Months Ended
	Feb. 28, 2022	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Investment Company Financial Highlights [Abstract]
Reverse stock split, conversion ratio	0.17
Average net assets		$ 90,718	$ 75,734

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Affiliates and Controlled Investments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023
Schedule of Investments [Line Items]
Percentage Of Aggregate Fair Value Of Non Controlled Affiliated Investments	2.00%
Percentage of Aggregate Fair Value of Controlled Investments	53.00%
Maximum
Schedule of Investments [Line Items]
Percentage of board representation to nominate	50.00%

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Affiliates and Controlled Investments - Schedule of Fair Value with Transactions in Affiliated investments and controlled investments (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Investments [Line Items]
Net realized gain (loss)		$ 542	$ (109,751)	$ 2,387	$ (129,684)
Interest Income		7,081	3,734	13,711	7,775
Dividend Income		1,027	$ 1,389	1,961	$ 2,656
Non-Controlled, Affiliated Investments
Schedule of Investments [Line Items]
Fair value, Beginning Balance				1,304
Gross Reductions	[1]			6
Change in Unrealized Appreciation (Depreciation)				152
Fair value, Ending Balance		1,450		1,450
Interest Income	[2]			62
Non-Controlled, Affiliated Investments | PFS Holdings Corp
Schedule of Investments [Line Items]
Fair value, Beginning Balance				1,304
Gross Reductions	[1]			6
Change in Unrealized Appreciation (Depreciation)				152
Fair value, Ending Balance		1,450		1,450
Interest Income	[2]			62
Non-Controlled, Affiliated Investments | PFS Holdings Corp | 1st Lien, Secured Loan
Schedule of Investments [Line Items]
Fair value, Beginning Balance				896
Gross Reductions	[1]			6
Change in Unrealized Appreciation (Depreciation)				54
Fair value, Ending Balance		944		944
Interest Income	[2]			62
Non-Controlled, Affiliated Investments | PFS Holdings Corp | Common Equity
Schedule of Investments [Line Items]
Fair value, Beginning Balance				408
Change in Unrealized Appreciation (Depreciation)				98
Fair value, Ending Balance		506		506
Controlled Investments
Schedule of Investments [Line Items]
Fair value, Beginning Balance				51,910
Gross Additions	[3]			497
Gross Reductions	[1]			2,298
Change in Unrealized Appreciation (Depreciation)				(1,219)
Fair value, Ending Balance		48,890		48,890
Interest Income	[2]			1,298
Dividend Income				1,316
Controlled Investments | Great Elm Healthcare Financing, LLC
Schedule of Investments [Line Items]
Fair value, Beginning Balance				8,750
Fair value, Ending Balance		8,750		8,750
Interest Income	[2]			260
Controlled Investments | Great Elm Healthcare Financing, LLC | Subordinated Note
Schedule of Investments [Line Items]
Fair value, Beginning Balance				4,375
Fair value, Ending Balance		4,375		4,375
Interest Income	[2]			260
Controlled Investments | Great Elm Healthcare Financing, LLC | Equity (88% of Class)
Schedule of Investments [Line Items]
Fair value, Beginning Balance				4,375
Fair value, Ending Balance		4,375		4,375
Controlled Investments | Lenders Funding LLC
Schedule of Investments [Line Items]
Fair value, Beginning Balance				13,760
Gross Additions	[3]			264
Gross Reductions	[1]			2,298
Change in Unrealized Appreciation (Depreciation)				(1,955)
Fair value, Ending Balance		9,771		9,771
Interest Income	[2]			399
Controlled Investments | Lenders Funding LLC | Equity
Schedule of Investments [Line Items]
Fair value, Beginning Balance				2,205
Change in Unrealized Appreciation (Depreciation)				(1,955)
Fair value, Ending Balance		250		250
Controlled Investments | Lenders Funding LLC | Subordinated Note
Schedule of Investments [Line Items]
Fair value, Beginning Balance				10,000
Gross Reductions	[1]			479
Fair value, Ending Balance		9,521		9,521
Interest Income	[2]			368
Controlled Investments | Lenders Funding LLC | Revolver
Schedule of Investments [Line Items]
Fair value, Beginning Balance				1,555
Gross Additions	[3]			264
Gross Reductions	[1]			1,819
Interest Income	[2]			31
Controlled Investments | Prestige Capital Finance LLC
Schedule of Investments [Line Items]
Fair value, Beginning Balance				14,638
Change in Unrealized Appreciation (Depreciation)				1,154
Fair value, Ending Balance		15,792		15,792
Interest Income	[2]			167
Dividend Income				1,316
Controlled Investments | Prestige Capital Finance LLC | Equity
Schedule of Investments [Line Items]
Fair value, Beginning Balance				11,638
Change in Unrealized Appreciation (Depreciation)				1,154
Fair value, Ending Balance		12,792		12,792
Dividend Income				1,316
Controlled Investments | Prestige Capital Finance LLC | Subordinated Note
Schedule of Investments [Line Items]
Fair value, Beginning Balance				3,000
Fair value, Ending Balance		3,000		3,000
Interest Income	[2]			167
Controlled Investments | Sterling Commercial Credit LLC
Schedule of Investments [Line Items]
Fair value, Beginning Balance				14,762
Gross Additions	[3]			233
Change in Unrealized Appreciation (Depreciation)				(418)
Fair value, Ending Balance		14,577		14,577
Interest Income	[2]			472
Controlled Investments | Sterling Commercial Credit LLC | Equity
Schedule of Investments [Line Items]
Fair value, Beginning Balance				6,262
Change in Unrealized Appreciation (Depreciation)				(418)
Fair value, Ending Balance		5,844		5,844
Controlled Investments | Sterling Commercial Credit LLC | Subordinated Note
Schedule of Investments [Line Items]
Fair value, Beginning Balance				8,500
Gross Additions	[3]			233
Fair value, Ending Balance		$ 8,733		8,733
Interest Income	[2]			$ 472

[1] Gross reductions include decreases resulting from principal collections related to investment repayments or sales and the exchange of one or more existing securities for one or more new securities.

[2] Income amounts include accrued PIK income.

[3] Gross additions include increases resulting from new or additional portfolio investments, capitalized PIK income, accretion of discounts and the exchange of one or more existing securities for one or more new securities.

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Affiliates and Controlled Investments - Schedule of Fair Value with Transactions in Affiliated investments and controlled investments (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2023
Non-affiliated, Non-controlled Investments | Common Equity (5% of class) | PFS Holdings Corp
Schedule Of Investments [Line Items]
Percentage of class	5.00%
Controlled Investments | Equity (88% of Class) | Great Elm Healthcare Financing, LLC
Schedule Of Investments [Line Items]
Percentage of class	88.00%
Controlled Investments | Equity (56% of class) | Lenders Funding LLC
Schedule Of Investments [Line Items]
Percentage of class	56.00%
Controlled Investments | Equity (80% of class) | Prestige Capital Finance LLC
Schedule Of Investments [Line Items]
Percentage of class	80.00%
Controlled Investments | Equity (80% of class) | Sterling Commercial Credit LLC
Schedule Of Investments [Line Items]
Percentage of class	80.00%

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Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended
		Jul. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2023
Subsequent Event [Line Items]
Distributions declared from net investment income	[1]		$ 0.70	$ 1.05
Subsequent Events
Subsequent Event [Line Items]
Distributions per share					$ 0.35
Subsequent Events | Lenders Funding LLC
Subsequent Event [Line Items]
Equity investment sold		$ 250

[1] The per share data for distributions declared reflects the actual amount of distributions of record per share for the period.