Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 28, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
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 $0.01 per share | |
Security Exchange Name | NASDAQ | |
6.75% Notes due 2025 | ||
Document Information [Line Items] | ||
Trading Symbol | GECCM | |
Title of 12(b) Security | 6.75% Notes due 2025 | |
Security Exchange Name | NASDAQ | |
6.50% Notes due 2024 | ||
Document Information [Line Items] | ||
Trading Symbol | GECCN | |
Title of 12(b) Security | 6.50% Notes due 2024 | |
Security Exchange Name | NASDAQ | |
5.875% Notes due 2026 | ||
Document Information [Line Items] | ||
Trading Symbol | GECCO | |
Title of 12(b) Security | 5.875% Notes due 2026 | |
Security Exchange Name | NASDAQ |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Investments | |||
Total investments | $ 286,689 | $ 412,144 | |
Cash and cash equivalents | 1,502 | 9,132 | |
Restricted cash | 13 | ||
Receivable for investments sold | 452 | 766 | |
Interest receivable | 3,049 | 1,811 | |
Dividends receivable | 827 | 1,540 | |
Due from portfolio company | 1 | 136 | |
Due from affiliates | 17 | ||
Deferred financing costs | 265 | 376 | |
Prepaid expenses and other assets | 343 | 379 | |
Total assets | 293,128 | 426,314 | |
Liabilities | |||
Notes payable (including unamortized discount of $3,071 and $3,935, respectively) | 142,862 | 141,998 | |
Payable for investments purchased | 53,132 | 203,575 | |
Interest payable | 58 | 29 | |
Accrued incentive fees payable | 4,854 | ||
Due to affiliates | 974 | 1,012 | |
Accrued expenses and other liabilities | 586 | 290 | |
Total liabilities | 197,612 | 351,758 | |
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 4,484,278 shares issued and outstanding, respectively) | [1] | 76 | 45 |
Additional paid-in capital | 284,359 | 245,531 | |
Accumulated losses | (188,919) | (171,020) | |
Total net assets | 95,516 | 74,556 | |
Total liabilities and net assets | $ 293,128 | $ 426,314 | |
Net asset value per share | [1],[2] | $ 12.56 | $ 16.63 |
Non-affiliated, Non-controlled Investments | |||
Investments | |||
Total investments | $ 169,552 | $ 164,203 | |
Non-affiliated, Non-controlled Short-term Investments | |||
Investments | |||
Total investments | 69,676 | 199,995 | |
Affiliated Investments | |||
Investments | |||
Total investments | 2,686 | 10,861 | |
Controlled Investments | |||
Investments | |||
Total investments | $ 44,775 | $ 37,085 | |
[1] Authorized, issued and outstanding shares of common stock and net asset value per share have been adjusted for the periods prior to February 28, 2022 to reflect the six-for-one reverse stock split effected on that date on a retroactive basis as described in Note 2. 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. |
CONSOLIDATED STATEMENTS OF AS_2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Investment at amortized cost | $ 300,913 | $ 538,380 | |
Unamortized discount | $ 3,071 | $ 3,935 | |
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 | 4,484,278 | |
Common stock, shares outstanding | [1] | 7,601,958 | 4,484,278 |
Non-affiliated, Non-controlled Investments | |||
Investment at amortized cost | $ 175,873 | $ 175,800 | |
Non-affiliated, Non-controlled Short-term Investments | |||
Investment at amortized cost | 69,680 | 199,995 | |
Affiliated Investments | |||
Investment at amortized cost | 13,436 | 129,936 | |
Controlled Investments | |||
Investment at amortized cost | $ 41,924 | $ 32,649 | |
[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. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||||
Investment Income: | |||||||
Total interest income | $ 4,990 | $ 5,872 | $ 12,765 | $ 15,143 | |||
Total dividend income | 740 | 915 | 3,396 | 2,809 | |||
Total other income | 303 | 586 | 943 | 949 | |||
Total investment income | 6,033 | 7,373 | 17,104 | 18,901 | |||
Expenses: | |||||||
Management fees | 804 | 876 | 2,355 | 2,301 | |||
Incentive fees | 382 | 888 | |||||
Administration fees | 221 | 175 | 704 | 511 | |||
Custody fees | 13 | 13 | 41 | 39 | |||
Directors’ fees | 49 | 61 | 156 | 172 | |||
Professional services | 878 | 937 | 1,669 | 1,613 | |||
Interest expense | 2,671 | 3,147 | 8,008 | 7,636 | |||
Other expenses | 313 | 209 | 698 | 561 | |||
Total expenses | 4,949 | 5,800 | 13,631 | 13,721 | |||
Incentive fee waiver | (4,854) | ||||||
Net expenses | 4,949 | 5,800 | 8,777 | 13,721 | |||
Net investment income before taxes | 1,084 | 1,573 | 8,327 | 5,180 | |||
Excise tax | 22 | 123 | |||||
Net investment income | 1,062 | 1,573 | 8,204 | 5,180 | |||
Net realized and unrealized gains (losses): | |||||||
Total net realized gain (loss) | 1,171 | 1,660 | (128,513) | (3,984) | |||
Total net change in unrealized appreciation (depreciation) | (902) | (6,364) | 112,013 | 10,706 | |||
Net realized and unrealized gains (losses) | 269 | (4,704) | (16,500) | 6,722 | |||
Net increase (decrease) in net assets resulting from operations | $ 1,331 | $ (3,131) | $ (8,296) | $ 11,902 | |||
Net investment income per share (basic and diluted): | [1] | $ 0.14 | $ 0.39 | $ 1.42 | [2] | $ 1.32 | [2] |
Earnings per share, basic | [1] | 0.18 | (0.79) | (1.43) | 3.02 | ||
Earnings per share,diluted | [1] | $ 0.18 | $ (0.79) | $ (1.43) | $ 3.02 | ||
Weighted average shares outstanding basic | [1] | 7,601,958 | 3,985,741 | 5,796,255 | 3,935,008 | ||
Weighted average shares outstanding diluted | [1] | 7,601,958 | 3,985,741 | 5,796,255 | 3,935,008 | ||
Non-affiliated, Non-controlled Investments | |||||||
Investment Income: | |||||||
Total interest income | $ 4,221 | $ 3,765 | $ 10,496 | $ 9,337 | |||
Total dividend income | 340 | 435 | 1,297 | 1,369 | |||
Total other income | 303 | 561 | 943 | 642 | |||
Net realized and unrealized gains (losses): | |||||||
Total net realized gain (loss) | 1,171 | 1,770 | (17,729) | 38 | |||
Non-affiliated, non-controlled investments (PIK) | |||||||
Investment Income: | |||||||
Total interest income | 259 | 63 | 728 | 161 | |||
Total other income | 282 | ||||||
Net realized and unrealized gains (losses): | |||||||
Total net change in unrealized appreciation (depreciation) | 163 | (3,202) | 5,274 | 13,994 | |||
Affiliated Investments | |||||||
Investment Income: | |||||||
Total interest income | 25 | 305 | 68 | 889 | |||
Net realized and unrealized gains (losses): | |||||||
Total net realized gain (loss) | (110) | (110,784) | (4,162) | ||||
Total net change in unrealized appreciation (depreciation) | 5 | (3,568) | 108,325 | (5,062) | |||
Affiliated investments (PIK) | |||||||
Investment Income: | |||||||
Total interest income | 1,588 | 58 | 4,595 | ||||
Controlled Investments | |||||||
Investment Income: | |||||||
Total interest income | 485 | 151 | 1,415 | 161 | |||
Total dividend income | 400 | 480 | 2,099 | 1,440 | |||
Total other income | 25 | 25 | |||||
Net realized and unrealized gains (losses): | |||||||
Total net realized gain (loss) | 140 | ||||||
Total net change in unrealized appreciation (depreciation) | $ (1,070) | $ 406 | $ (1,586) | $ 1,774 | |||
[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 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. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Increase (decrease) in net assets resulting from operations: | |||||
Net investment income | $ 1,062 | $ 1,573 | $ 8,204 | $ 5,180 | |
Net realized gain (loss) | 1,171 | 1,660 | (128,513) | (3,984) | |
Net change in unrealized appreciation (depreciation) on investments | (902) | (6,364) | 112,013 | 10,706 | |
Net increase (decrease) in net assets resulting from operations | 1,331 | (3,131) | (8,296) | 11,902 | |
Distributions to stockholders: | |||||
Distributions | [1] | (3,421) | (2,350) | (9,603) | (7,051) |
Total distributions to stockholders | (3,421) | (2,350) | (9,603) | (7,051) | |
Capital transactions: | |||||
Issuance of common stock, net | 0 | 13,239 | 38,859 | 13,239 | |
Fractional shares redeemed for cash in lieu of reverse stock split | 0 | 0 | 0 | 0 | |
Common stock distributed | 0 | 0 | 0 | 1,720 | |
Net increase (decrease) in net assets resulting from capital transactions | 0 | 13,239 | 38,859 | 14,959 | |
Total increase (decrease) in net assets | (2,090) | 7,758 | 20,960 | 19,810 | |
Net assets at beginning of period | 97,606 | 91,667 | 74,556 | 79,615 | |
Net assets at end of period | $ 95,516 | $ 99,425 | $ 95,516 | $ 99,425 | |
Capital share activity | |||||
Shares outstanding at the beginning of the period | [2] | 7,601,958 | 3,918,038 | 4,484,278 | 3,838,242 |
Issuance of common stock | [2] | 0 | 566,240 | 3,117,684 | 566,240 |
Fractional shares redeemed for cash in lieu of reverse stock split | [2] | 0 | 0 | (4) | 0 |
Common stock distributed | [2] | 0 | 0 | 0 | 79,796 |
Shares outstanding at the end of the period | [2] | 7,601,958 | 4,484,278 | 7,601,958 | 4,484,278 |
[1] Distributions were from distributable earnings for each of the periods presented. 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. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Parenthetical) (unaudited) | Feb. 28, 2022 |
Assets Net [Abstract] | |
Reverse stock split, conversion ratio | 0.17 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net increase (decrease) in net assets resulting from operations | $ (8,296) | $ 11,902 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities: | ||
Purchases of investments | (109,350) | (164,792) |
Net change in short-term investments | (19,769) | (4) |
Capitalized payment-in-kind interest | (934) | (3,762) |
Proceeds from sales of investments | 46,068 | 50,126 |
Proceeds from principal payments | 46,413 | 43,547 |
Net realized (gain) loss on investments | 128,513 | 3,984 |
Net change in unrealized (appreciation) depreciation on investments | (112,013) | (10,706) |
Amortization of premium and accretion of discount, net | (1,001) | (3,175) |
Amortization of discount (premium) on long term debt | 982 | 1,156 |
Increase (decrease) in operating assets and liabilities: | ||
(Increase) decrease in interest receivable | (1,238) | (1,989) |
(Increase) decrease in dividends receivable | 713 | (880) |
(Increase) decrease in due from portfolio company | 135 | 834 |
(Increase) decrease in due from affiliates | 17 | (11) |
(Increase) decrease in prepaid expenses and other assets | 67 | (96) |
Increase (decrease) in due to affiliates | (4,892) | 1,146 |
Increase (decrease) in interest payable | 29 | (272) |
Increase (decrease) in accrued expenses and other liabilities | 296 | (66) |
Net cash provided by (used for) operating activities | (34,260) | (73,058) |
Cash flows from financing activities | ||
Issuance of notes payable | 55,255 | |
Borrowings under credit facility | 10,000 | |
Repayment of notes payable | (30,293) | |
Proceeds from issuance of common stock | 37,507 | 13,239 |
Payments of deferred financing costs | (1,287) | (469) |
Distributions paid | (9,603) | (7,242) |
Net cash provided by (used for) financing activities | 26,617 | 40,490 |
Net increase (decrease) in cash | (7,643) | (32,568) |
Cash and cash equivalents and restricted cash, beginning of period | 9,145 | 53,182 |
Cash and cash equivalents and restricted cash, end of period | 1,502 | 20,614 |
Supplemental disclosure of non-cash financing activities: | ||
Common stock distributed | 0 | 1,720 |
Common stock issued in-kind | 2,600 | |
Supplemental disclosure of cash flow information: | ||
Cash paid for excise tax | 162 | |
Cash paid for interest | $ 6,988 | $ 6,753 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) (unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Cash Flows [Abstract] | ||||
Cash and cash equivalents | $ 1,502 | $ 9,132 | $ 20,609 | $ 52,582 |
Restricted cash | 13 | 5 | 600 | |
Total cash and cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows | $ 1,502 | $ 9,145 | $ 20,614 | $ 53,182 |
CONSOLIDATED SCHEDULE OF INVEST
CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Dec. 31, 2021 | ||||
Schedule of Investments [Line Items] | |||||
Cost | $ 300,913 | $ 538,380 | |||
Fair Value | $ 286,689 | $ 412,144 | |||
Percentage of Net Assets | 300.15% | 552.80% | |||
Other Liabilities in Excess of Assets | $ (191,173) | $ 337,588 | |||
NET ASSETS | 95,516 | 74,556 | |||
Chemicals | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 24,477 | $ 15,058 | |||
Percentage of Net Assets | 25.63% | 20.20% | |||
Wireless Telecommunications Services | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 3,550 | $ 8,137 | |||
Percentage of Net Assets | 3.72% | 10.91% | |||
Industrial | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 5,451 | $ 7,551 | |||
Percentage of Net Assets | 5.71% | 10.13% | |||
Aircraft | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 3,574 | ||||
Percentage of Net Assets | 3.74% | ||||
Energy Midstream | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 26,333 | $ 31,815 | |||
Percentage of Net Assets | 27.57% | 42.67% | |||
Closed-End Fund | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 2,654 | ||||
Percentage of Net Assets | 2.78% | ||||
Casinos & Gaming | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 7,931 | $ 5,291 | |||
Percentage of Net Assets | 8.30% | 7.10% | |||
Specialty Finance | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 51,347 | $ 47,952 | |||
Percentage of Net Assets | 53.76% | 64.32% | |||
Shipping | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 7,292 | ||||
Percentage of Net Assets | 7.63% | ||||
Transportation Equipment Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 11,679 | $ 6,030 | |||
Percentage of Net Assets | 12.23% | 8.09% | |||
Metals & Mining | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 13,693 | $ 13,711 | |||
Percentage of Net Assets | 14.33% | 18.39% | |||
Energy Services | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 4,469 | ||||
Percentage of Net Assets | 4.68% | ||||
Technology | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (355) | $ (158) | |||
Percentage of Net Assets | (0.37%) | (0.21%) | |||
Apparel | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 2,585 | $ 2,929 | |||
Percentage of Net Assets | 2.71% | 3.93% | |||
Internet Media | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 13,298 | $ 11,870 | |||
Percentage of Net Assets | 13.92% | 15.92% | |||
Consumer Products | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 7,258 | ||||
Percentage of Net Assets | 7.60% | ||||
Oil & Gas Refining | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 5,358 | $ 3,030 | |||
Percentage of Net Assets | 5.61% | 4.06% | |||
Food & Staples | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 6,404 | $ 2,724 | |||
Percentage of Net Assets | 6.70% | 3.65% | |||
Restaurants | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 3,333 | $ 8,310 | |||
Percentage of Net Assets | 3.49% | 11.15% | |||
Hospitality | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 5,001 | $ 4,085 | |||
Percentage of Net Assets | 5.24% | 5.48% | |||
Special Purpose Acquisition Company | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 276 | $ 3,086 | |||
Fair Value | 39 | 3,062 | |||
Auto Manufacturer | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 2 | ||||
Percentage of Net Assets | 0% | ||||
IT Services | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 1 | $ 7 | |||
Percentage of Net Assets | 0% | 0.01% | |||
Biotechnology | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 4 | $ 11 | |||
Percentage of Net Assets | 0% | 0.01% | |||
Household & Personal Products | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 1 | ||||
Percentage of Net Assets | 0% | ||||
Investments excluding Short-Term Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 231,233 | $ 338,385 | |||
Fair Value | 217,013 | 212,149 | |||
Short-Term Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 69,680 | 199,995 | |||
Fair Value | $ 69,676 | $ 199,995 | |||
Percentage of Net Assets | 72.95% | 268.25% | |||
Short-Term Investments | Treasury Bill | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 0% | |||
Initial Acquisition Date | Dec. 30, 2021 | ||||
Maturity | Feb. 01, 2022 | ||||
Par Amount / Quantity | $ 200,000 | ||||
Healthcare Supplies | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 2,869 | ||||
Percentage of Net Assets | 3.85% | ||||
Software Services | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 1,994 | ||||
Percentage of Net Assets | 2.67% | ||||
Oil & Gas Exploration & Production | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 11,647 | $ 9,849 | |||
Percentage of Net Assets | 12.19% | 13.21% | |||
Consumer Services | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 2,640 | ||||
Percentage of Net Assets | 3.54% | ||||
Home Security | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 5,590 | ||||
Percentage of Net Assets | 7.50% | ||||
Commercial Printing | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 2,025 | ||||
Percentage of Net Assets | 2.72% | ||||
Construction Materials Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 10,461 | ||||
Percentage of Net Assets | 14.03% | ||||
Retail | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 5 | $ 4,267 | |||
Percentage of Net Assets | 0.01% | 5.72% | |||
Communications Equipment | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 1 | $ 1,057 | |||
Percentage of Net Assets | 0% | 1.42% | |||
ABB/Con-Cise Optical Group LLC 12301 NW 39th Street Coral Springs, FL 33065 | Healthcare Supplies | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 6% | |||
Initial Acquisition Date | [2] | Dec. 01, 2020 | |||
Maturity | [2] | Jun. 15, 2023 | |||
Par Amount / Quantity | [2] | $ 2,961 | |||
Cost | [2] | 2,818 | |||
Fair Value | [2] | $ 2,869 | |||
ABB/Con-Cise Optical Group LLC 12301 NW 39th Street Coral Springs, FL 33065 | Healthcare Supplies | 3 Month LIBOR | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 5% | |||
ABB/Con-Cise Optical Group LLC 12301 NW 39th Street Coral Springs, FL 33065 | Healthcare Supplies | Floor Rate | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 6% | |||
AgroFresh Inc. One Washington Square, 510-530 Walnut Street, Suite 1350, Philadelphia, PA 19106 | Chemicals | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 9.37% | [3] | 7.25% | [1],[2] | |
Initial Acquisition Date | Mar. 31, 2021 | [3] | Mar. 31, 2021 | [2] | |
Maturity | Dec. 31, 2024 | [3] | Dec. 31, 2024 | [2] | |
Par Amount / Quantity | $ 4,413 | [3] | $ 3,446 | [2] | |
Cost | 4,397 | [3] | 3,452 | [2] | |
Fair Value | $ 4,325 | [3] | $ 3,382 | [2] | |
AgroFresh Inc. One Washington Square, 510-530 Walnut Street, Suite 1350, Philadelphia, PA 19106 | Chemicals | 1 Month LIBOR | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 6.25% | [3] | 6.25% | [1],[2] | |
AgroFresh Inc. One Washington Square, 510-530 Walnut Street, Suite 1350, Philadelphia, PA 19106 | Chemicals | Floor Rate | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7.25% | [3] | 7.25% | [1],[2] | |
Altus Midstream LP One Post Oak Central, 2000 Post Oak Boulevard, Suite 100, Houston, TX 77056 | Energy Midstream | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [2] | Nov. 24, 2021 | |||
Par Amount / Quantity | [2] | $ 10,571 | |||
Cost | [2] | 11,950 | |||
Fair Value | [2] | $ 11,970 | |||
Percentage of Net Assets | [2] | 1.60% | |||
American Tower Corporation 116 Huntington Avenue Boston, MA 02116 | Wireless Telecommunications Services | Corporate Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4] | 3.50% | |||
Initial Acquisition Date | [4] | Jun. 24, 2022 | |||
Maturity | [4] | Jan. 31, 2023 | |||
Par Amount / Quantity | [4] | $ 3,000 | |||
Cost | [4] | 3,001 | |||
Fair Value | [4] | $ 2,991 | |||
APTIM Corp. 4171 Essen Lane Baton Rouge, LA 70809 | Industrial | 1st Lien, Secured Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7.75% | [3],[5] | 7.75% | [1],[6] | |
Initial Acquisition Date | Mar. 28, 2019 | [5] | Mar. 28, 2019 | [6] | |
Maturity | Jun. 15, 2025 | [5] | Jun. 15, 2025 | [6] | |
Par Amount / Quantity | $ 5,000 | [5] | $ 3,000 | [6] | |
Cost | 4,059 | [5] | 2,602 | [6] | |
Fair Value | $ 3,450 | [5] | $ 2,663 | [6] | |
ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove, IL 60089 | Chemicals | Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3] | 10.83% | |||
Initial Acquisition Date | [3] | Sep. 21, 2022 | |||
Maturity | [3] | Nov. 24, 2028 | |||
Par Amount / Quantity | [3] | $ 1,625 | |||
Cost | [3] | 1,499 | |||
Fair Value | [3] | $ 1,499 | |||
ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove, IL 60089 | Chemicals | 1 Month LIBOR | Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3] | 7.75% | |||
ANGUS Chemical Company 1500 E Lake Cook Rd Buffalo Grove, IL 60089 | Chemicals | Floor Rate | Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3] | 8.50% | |||
Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB | Wireless Telecommunications Services | Junior Priority E2 Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4],[7],[8],[9] | 12.50% | |||
Initial Acquisition Date | [4],[7],[8],[9] | Apr. 13, 2022 | |||
Maturity | [4],[7],[8],[9] | Apr. 13, 2024 | |||
Par Amount / Quantity | [4],[7],[8],[9] | $ 1,251 | |||
Cost | [4],[7],[8],[9] | 1,138 | |||
Fair Value | [4],[7],[8],[9] | $ 59 | |||
Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB | Wireless Telecommunications Services | Junior Priority F Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4],[7],[8],[9] | 12.50% | |||
Initial Acquisition Date | [4],[7],[8],[9] | Apr. 13, 2022 | |||
Maturity | [4],[7],[8],[9] | Apr. 13, 2024 | |||
Par Amount / Quantity | [4],[7],[8],[9] | $ 4,957 | |||
Cost | [4],[7],[8],[9] | $ 4,552 | |||
Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB | Wireless Telecommunications Services | Junior Priority G Notes | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4],[7],[8],[9] | 12.50% | |||
Initial Acquisition Date | [4],[7],[8],[9] | Apr. 13, 2022 | |||
Maturity | [4],[7],[8],[9] | Oct. 13, 2024 | |||
Par Amount / Quantity | [4],[7],[8],[9] | $ 1,458 | |||
Cost | [4],[7],[8],[9] | $ 1,340 | |||
Avanti Space Limited Cobham House 20 Black Friars Lane London, UK EC4V 6EB | Wireless Telecommunications Services | Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[8],[10] | Apr. 13, 2022 | |||
Par Amount / Quantity | [4],[8],[10] | $ 1,722 | |||
Percentage of Net Assets | [4],[8],[10] | 1.72% | |||
Avanti Communications Group PLC Cobham House 20 Black Friars Lane London, UK EC4V 6EB | Wireless Telecommunications Services | Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [2],[11],[12],[13] | Nov. 03, 2016 | |||
Par Amount / Quantity | [2],[11],[12],[13] | $ 196,086,410 | |||
Cost | [2],[11],[12],[13] | $ 50,660 | |||
Percentage of Net Assets | [2],[11],[12],[13] | 9.06% | |||
Avanti Communications Group PLC Cobham House 20 Black Friars Lane London, UK EC4V 6EB | Wireless Telecommunications Services | 2nd Lien Secured Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[6],[11],[13],[14],[15] | 9% | |||
Initial Acquisition Date | [2],[6],[11],[13],[14],[15] | Nov. 03, 2016 | |||
Maturity | [2],[6],[11],[13],[14],[15] | Oct. 01, 2022 | |||
Par Amount / Quantity | [2],[6],[11],[13],[14],[15] | $ 50,643 | |||
Cost | [2],[6],[11],[13],[14],[15] | $ 49,370 | |||
Avanti Communications Group PLC Cobham House 20 Black Friars Lane London, UK EC4V 6EB | Wireless Telecommunications Services | 1.125 Lien Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[6],[11],[13],[15],[16] | 12.50% | |||
Initial Acquisition Date | [2],[6],[11],[13],[15],[16] | Feb. 16, 2021 | |||
Maturity | [2],[6],[11],[13],[15],[16] | Jul. 31, 2022 | |||
Par Amount / Quantity | [2],[6],[11],[13],[15],[16] | $ 4,410 | |||
Cost | [2],[6],[11],[13],[15],[16] | 4,410 | |||
Fair Value | [2],[6],[11],[13],[15],[16] | $ 3,622 | |||
Avanti Communications Group PLC Cobham House 20 Black Friars Lane London, UK EC4V 6EB | Wireless Telecommunications Services | 1.25 Lien Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[6],[11],[13],[15],[16] | 12.50% | |||
Initial Acquisition Date | [2],[6],[11],[13],[15],[16] | Apr. 28, 2020 | |||
Maturity | [2],[6],[11],[13],[15],[16] | Jul. 31, 2022 | |||
Par Amount / Quantity | [2],[6],[11],[13],[15],[16] | $ 1,298 | |||
Cost | [2],[6],[11],[13],[15],[16] | 1,298 | |||
Fair Value | [2],[6],[11],[13],[15],[16] | $ 649 | |||
Avanti Communications Group PLC Cobham House 20 Black Friars Lane London, UK EC4V 6EB | Wireless Telecommunications Services | 1.5 Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[6],[11],[13],[14],[15],[16] | 12.50% | |||
Initial Acquisition Date | [2],[6],[11],[13],[14],[15],[16] | May 24, 2019 | |||
Maturity | [2],[6],[11],[13],[14],[15],[16] | Jul. 31, 2022 | |||
Par Amount / Quantity | [2],[6],[11],[13],[14],[15],[16] | $ 10,754 | |||
Cost | [2],[6],[11],[13],[14],[15],[16] | 10,754 | |||
Fair Value | [2],[6],[11],[13],[14],[15],[16] | $ 3,866 | |||
Avation Capital SA 65 Kampong Bahru Road, #01-01 Singapore 169370 | Aircraft | 2nd Lien Secured Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4],[9] | 8.25% | |||
Initial Acquisition Date | [4],[9] | Feb. 04, 2022 | |||
Maturity | [4],[9] | Oct. 31, 2026 | |||
Par Amount / Quantity | [4],[9] | $ 4,500 | |||
Cost | [4],[9] | 3,911 | |||
Fair Value | [4],[9] | $ 3,574 | |||
California Pizza Kitchen, Inc. 12181 Bluff Creek Drive Playa Vista, CA 90094 | Restaurants | Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [2],[12] | Nov. 23, 2020 | |||
Par Amount / Quantity | [2],[12] | $ 100,000 | |||
Cost | [2],[12] | 8,817 | |||
Fair Value | [2],[12] | $ 4,650 | |||
Percentage of Net Assets | [2],[12] | 2.50% | |||
Cleaver-Brooks, Inc. 221 Law Street Thomasville, GA 31792 | Industrial | 1st Lien, Secured Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 7.88% | |||
Initial Acquisition Date | May 05, 2021 | ||||
Maturity | Mar. 01, 2023 | ||||
Par Amount / Quantity | $ 5,000 | ||||
Cost | 4,975 | ||||
Fair Value | $ 4,888 | ||||
Blackstone Secured Lending 345 Park Avenue New York, NY 10154 | Closed-End Fund | Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4] | Aug. 18, 2022 | |||
Par Amount / Quantity | [4] | $ 53,820 | |||
Cost | [4] | 1,276 | |||
Fair Value | [4] | $ 1,224 | |||
Crestwood Equity Partners LP 811 Main Street, Suite 3400 Houston, TX 77002 | Energy Midstream | Class A Preferred Equity Units | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4] | 9.25% | |||
Initial Acquisition Date | Jun. 19, 2020 | [4] | Jun. 19, 2020 | [11] | |
Par Amount / Quantity | $ 693,387 | [4] | $ 925,047 | [11] | |
Cost | 4,146 | [4] | 5,533 | [11] | |
Fair Value | $ 6,220 | [4] | $ 9,102 | [11] | |
Percentage of Net Assets | [11] | 1.30% | |||
Eagle Point Credit Company Inc 600 Steamboat Road, Suite 202 Greenwich, CT 06830 | Closed-End Fund | Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4] | Aug. 18, 2022 | |||
Par Amount / Quantity | [4] | $ 129,969 | |||
Cost | [4] | 1,464 | |||
Fair Value | [4] | $ 1,430 | |||
ECL Entertainment, LLC 8978 Spanish Ridge Ave Las Vegas, NV 89148 | Casinos & Gaming | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10.62% | [3] | 8.25% | [1],[2] | |
Initial Acquisition Date | Mar. 31, 2021 | [3] | Mar. 31, 2021 | [2] | |
Maturity | Apr. 30, 2028 | [3] | Apr. 30, 2028 | [2] | |
Par Amount / Quantity | $ 2,469 | [3] | $ 2,488 | [2] | |
Cost | 2,448 | [3] | 2,464 | [2] | |
Fair Value | $ 2,432 | [3] | $ 2,525 | [2] | |
ECL Entertainment, LLC 8978 Spanish Ridge Ave Las Vegas, NV 89148 | Casinos & Gaming | 1 Month LIBOR | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7.50% | [3] | 7.50% | [1],[2] | |
ECL Entertainment, LLC 8978 Spanish Ridge Ave Las Vegas, NV 89148 | Casinos & Gaming | Floor Rate | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 8.25% | [3] | 8.25% | [1],[2] | |
Equitrans Midstream Corp. 2200 Energy Drive Canonsburg, PA 15317 | Energy Midstream | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3] | 9.75% | |||
Initial Acquisition Date | Jul. 01, 2021 | [4],[8] | Jul. 01, 2021 | [2],[11] | |
Par Amount / Quantity | $ 250,000 | [4],[8] | $ 250,000 | [2],[11] | |
Cost | 5,275 | [4],[8] | 5,275 | [2],[11] | |
Fair Value | $ 4,972 | [4],[8] | $ 5,446 | [2],[11] | |
Percentage of Net Assets | [2],[11] | 0.05% | |||
Enservco / Heat Waves 14133 County Rd 9 1/2 Longmont, CO 80504 | Specialty Finance | Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3] | 22.29% | |||
Initial Acquisition Date | [8] | Mar. 24, 2022 | |||
Maturity | [8] | Jun. 24, 2026 | |||
Par Amount / Quantity | [8] | $ 1,999 | |||
Cost | [8] | 2,025 | |||
Fair Value | [8] | $ 1,999 | |||
FTAI Infrastructure Inc. 1345 Avenue of the Americas, 45th Floor New York, NY 10105 | Industrial | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4] | 10.50% | |||
Initial Acquisition Date | [4] | Jun. 29, 2022 | |||
Maturity | [4] | Jun. 01, 2027 | |||
Par Amount / Quantity | [4] | $ 2,000 | |||
Cost | [4] | 1,895 | |||
Fair Value | [4] | $ 2,001 | |||
Finastra Group Holdings, Ltd. 285 Madison Avenue New York, NY 10017 | Software Services | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[11] | 8.25% | |||
Initial Acquisition Date | [11] | Dec. 14, 2017 | |||
Maturity | [11] | Jun. 13, 2025 | |||
Par Amount / Quantity | [11] | $ 2,000 | |||
Cost | [11] | 1,957 | |||
Fair Value | [11] | $ 1,994 | |||
Finastra Group Holdings, Ltd. 285 Madison Avenue New York, NY 10017 | Software Services | Six Month LIBOR | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[11] | 7.25% | |||
Finastra Group Holdings, Ltd. 285 Madison Avenue New York, NY 10017 | Software Services | Floor Rate | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[11] | 8.25% | |||
First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309 | Transportation Equipment Manufacturing | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11.87% | [3],[8] | 9.50% | [1],[2] | |
Initial Acquisition Date | Mar. 24, 2021 | [3],[8] | Mar. 24, 2021 | [2] | |
Maturity | Mar. 30, 2028 | [3],[8] | Mar. 30, 2028 | [2] | |
Par Amount / Quantity | $ 11,795 | [3],[8] | $ 6,000 | [2] | |
Cost | 11,489 | [3],[8] | 5,888 | [2] | |
Fair Value | $ 11,670 | [3],[8] | $ 6,030 | [2] | |
First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309 | Transportation Equipment Manufacturing | 3 Month LIBOR | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 8.50% | |||
First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309 | Transportation Equipment Manufacturing | Six Month LIBOR | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 8.50% | |||
First Brands, Inc. 3255 West Hamlin Road Rochester Hills, MI 48309 | Transportation Equipment Manufacturing | Floor Rate | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 9.50% | |||
Foresight Energy 211 North Broadway, Suite 2600 St. Louis, MO 63102 | Metals & Mining | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 9.50% | |||
Initial Acquisition Date | [2] | Jul. 29, 2021 | |||
Maturity | [2] | Jun. 30, 2027 | |||
Par Amount / Quantity | [2] | $ 6,121 | |||
Cost | [2] | 6,160 | |||
Fair Value | [2] | $ 6,137 | |||
Foresight Energy 211 North Broadway, Suite 2600 St. Louis, MO 63102 | Metals & Mining | 1st Lien, Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 11.67% | |||
Initial Acquisition Date | [3],[8] | Jul. 29, 2021 | |||
Maturity | [3],[8] | Jun. 30, 2027 | |||
Par Amount / Quantity | [3],[8] | $ 6,065 | |||
Cost | [3],[8] | 6,101 | |||
Fair Value | [3],[8] | $ 6,065 | |||
Foresight Energy 211 North Broadway, Suite 2600 St. Louis, MO 63102 | Metals & Mining | 3 Month LIBOR | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 8% | |||
Foresight Energy 211 North Broadway, Suite 2600 St. Louis, MO 63102 | Metals & Mining | 3 Month LIBOR | 1st Lien, Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 8% | |||
Foresight Energy 211 North Broadway, Suite 2600 St. Louis, MO 63102 | Metals & Mining | Floor Rate | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 9.50% | |||
Foresight Energy 211 North Broadway, Suite 2600 St. Louis, MO 63102 | Metals & Mining | Floor Rate | 1st Lien, Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 9.50% | |||
Forum Energy Technologies, Inc. 10344 Sam Houston Park Drive, Suite 300 Houston, TX 77064 | Energy Services | Convertible Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[9] | 9% | |||
Initial Acquisition Date | [9] | May 09, 2022 | |||
Maturity | [9] | Aug. 04, 2025 | |||
Par Amount / Quantity | [9] | $ 4,624 | |||
Cost | [9] | 4,462 | |||
Fair Value | [9] | $ 4,469 | |||
GAC HoldCo Inc. Suite 1220, 407 - 2nd Street S.W. Calgary, AB T2P 2Y3 | Oil & Gas Exploration & Production | 1st Lien, Secured Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[11] | 12% | |||
Initial Acquisition Date | [11] | Jul. 27, 2021 | |||
Maturity | [11] | Aug. 15, 2025 | |||
Par Amount / Quantity | [11] | $ 3,250 | |||
Cost | [11] | 3,153 | |||
Fair Value | [11] | $ 3,510 | |||
GAC HoldCo Inc. Suite 1220, 407 - 2nd Street S.W. Calgary, AB T2P 2Y3 | Oil & Gas Exploration & Production | Corporate Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4] | 12% | |||
Initial Acquisition Date | [4] | Jul. 27, 2021 | |||
Maturity | [4] | Aug. 15, 2025 | |||
Par Amount / Quantity | [4] | $ 3,598 | |||
Cost | [4] | 3,598 | |||
Fair Value | [4] | $ 3,805 | |||
GAC HoldCo Inc. Suite 1220, 407 - 2nd Street S.W. Calgary, AB T2P 2Y3 | Oil & Gas Exploration & Production | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [2],[11] | Oct. 18, 2021 | |||
Par Amount / Quantity | [2],[11] | $ 3,250 | |||
Fair Value | [2],[11] | $ 609 | |||
Percentage of Net Assets | [2],[11] | 0.26% | |||
The GEO Group, Inc. 4955 Technology Way Boca Raton, FL 33431 | Consumer Services | Unsecured Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[11] | 5.88% | |||
Initial Acquisition Date | [11] | Mar. 09, 2021 | |||
Maturity | [11] | Oct. 15, 2024 | |||
Par Amount / Quantity | [11] | $ 3,000 | |||
Cost | [11] | 2,492 | |||
Fair Value | [11] | $ 2,640 | |||
Greenway Health, LLC 4301 W. Boy Scout Blvd, Suite 800 Tampa, FL 33607 | Technology | 1st Lien, Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 7.94% | [3],[8] | 3.96% | [1],[2] | |
Initial Acquisition Date | Jan. 27, 2020 | [3],[8] | Jan. 27, 2020 | [2] | |
Maturity | Nov. 17, 2023 | [3],[8] | Nov. 17, 2023 | [2] | |
Cost | $ (44) | [3],[8] | $ (73) | [2] | |
Greenway Health, LLC 4301 W. Boy Scout Blvd, Suite 800 Tampa, FL 33607 | Technology | 1st Lien, Revolver - Unfunded | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 0.50% | [3],[8] | 0.50% | [1],[2] | |
Initial Acquisition Date | Jan. 27, 2020 | [8] | Jan. 27, 2020 | [2] | |
Maturity | Nov. 17, 2023 | [8] | Feb. 17, 2022 | [2] | |
Par Amount / Quantity | $ 8,026 | [8] | $ 8,026 | [2] | |
Greenway Health, LLC 4301 W. Boy Scout Blvd, Suite 800 Tampa, FL 33607 | Technology | 3 Month LIBOR | 1st Lien, Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 4.75% | [3],[8] | 3.75% | [1],[2] | |
Greenway Health, LLC 4301 W. Boy Scout Blvd, Suite 800 Tampa, FL 33607 | Technology | Floor Rate | 1st Lien, Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 3.96% | |||
Harvey Gulf Holdings LLC 701 Poydras Street, Suite 3700 New Orleans, LA 70139 | Shipping | Secured Loan A | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 7.95% | |||
Initial Acquisition Date | [3],[8] | Aug. 10, 2022 | |||
Maturity | [3],[8] | Aug. 10, 2027 | |||
Par Amount / Quantity | [3],[8] | $ 494 | |||
Cost | [3],[8] | 485 | |||
Fair Value | [3],[8] | $ 487 | |||
Harvey Gulf Holdings LLC 701 Poydras Street, Suite 3700 New Orleans, LA 70139 | Shipping | Secured Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 13% | |||
Initial Acquisition Date | [3],[8] | Aug. 10, 2022 | |||
Maturity | [3],[8] | Aug. 10, 2027 | |||
Par Amount / Quantity | [3],[8] | $ 6,913 | |||
Cost | [3],[8] | 6,709 | |||
Fair Value | [3],[8] | $ 6,805 | |||
Harvey Gulf Holdings LLC 701 Poydras Street, Suite 3700 New Orleans, LA 70139 | Shipping | 3 Month SOFR | Secured Loan A | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 5% | |||
Harvey Gulf Holdings LLC 701 Poydras Street, Suite 3700 New Orleans, LA 70139 | Shipping | 3 Month SOFR | Secured Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 10.04% | |||
Harvey Gulf Holdings LLC 701 Poydras Street, Suite 3700 New Orleans, LA 70139 | Shipping | Floor Rate | Secured Loan A | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 6.11% | |||
Harvey Gulf Holdings LLC 701 Poydras Street, Suite 3700 New Orleans, LA 70139 | Shipping | Floor Rate | Secured Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 11.16% | |||
ITP Live Production Group 101 Greenwich Street, Floor 26 New York, NY 10006 | Specialty Finance | Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4],[8],[17] | 19.71% | |||
Initial Acquisition Date | [8] | Dec. 22, 2021 | |||
Maturity | [8] | May 22, 2026 | |||
Par Amount / Quantity | [8] | $ 1,632 | |||
Cost | [8] | 1,653 | |||
Fair Value | [8] | $ 1,664 | |||
ITP Live Production Group 101 Greenwich Street, Floor 26 New York, NY 10006 | Specialty Finance | Secured Equipment Financing | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 18.21% | |||
Initial Acquisition Date | [2] | Dec. 22, 2021 | |||
Maturity | [2] | May 22, 2026 | |||
Par Amount / Quantity | [2] | $ 1,806 | |||
Cost | [2] | 1,832 | |||
Fair Value | [2] | $ 1,833 | |||
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118 | Specialty Finance | Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | Sep. 20, 2021 | [4],[8],[17] | Sep. 20, 2021 | [2],[18] | |
Par Amount / Quantity | $ 6,287 | [4],[8],[17] | $ 6,287 | [2],[18] | |
Cost | 7,250 | [4],[8],[17] | 7,250 | [2],[18] | |
Fair Value | $ 6,302 | [4],[8],[17] | $ 7,309 | [2],[18] | |
Percentage of Net Assets | 62.87% | [4],[8],[17] | 62.87% | [2],[18] | |
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118 | Specialty Finance | Subordinated Note | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4],[8],[17] | 8.44% | |||
Initial Acquisition Date | [4],[8],[17] | Sep. 20, 2021 | |||
Maturity | [4],[8],[17] | Sep. 20, 2026 | |||
Par Amount / Quantity | [4],[8],[17] | $ 10,000 | |||
Cost | [4],[8],[17] | 10,000 | |||
Fair Value | [4],[8],[17] | $ 10,000 | |||
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118 | Specialty Finance | Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4],[8],[17] | 7.50% | |||
Initial Acquisition Date | [3],[4],[8],[17] | Sep. 20, 2021 | |||
Maturity | [3],[4],[8],[17] | Sep. 20, 2023 | |||
Par Amount / Quantity | [3],[4],[8],[17] | $ 545 | |||
Cost | [3],[4],[8],[17] | 545 | |||
Fair Value | [3],[4],[8],[17] | $ 545 | |||
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118 | Specialty Finance | Revolver - Unfunded | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[8],[17] | Sep. 20, 2021 | |||
Maturity | [4],[8],[17] | Sep. 20, 2023 | |||
Par Amount / Quantity | [4],[8],[17] | $ 4,455 | |||
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118 | Specialty Finance | Subordinated Note | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[18] | 11% | |||
Initial Acquisition Date | [2],[18] | Sep. 20, 2021 | |||
Maturity | [2],[18] | Sep. 20, 2026 | |||
Par Amount / Quantity | [2],[18] | $ 10,000 | |||
Cost | [2],[18] | 10,000 | |||
Fair Value | [2],[18] | $ 10,000 | |||
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118 | Specialty Finance | Secured Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[18] | 4.50% | |||
Initial Acquisition Date | [2],[18] | Sep. 20, 2021 | |||
Maturity | [2],[18] | Sep. 20, 2026 | |||
Par Amount / Quantity | [2],[18] | $ 1,933 | |||
Cost | [2],[18] | 1,933 | |||
Fair Value | [2],[18] | $ 1,933 | |||
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118 | Specialty Finance | Secured Revolver - Unfunded | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[18] | 0.25% | |||
Initial Acquisition Date | [2],[18] | Sep. 20, 2021 | |||
Maturity | [2],[18] | Sep. 20, 2026 | |||
Par Amount / Quantity | [2],[18] | $ 3,067 | |||
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118 | Specialty Finance | Prime Rate | Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4],[8],[17] | 1.25% | |||
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118 | Specialty Finance | Prime Rate | Secured Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[18] | 1.25% | |||
Lenders Funding, LLC 523 A Avenue Coronado, CA 92118 | Specialty Finance | Floor Rate | Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4],[8],[17] | 1.25% | |||
Levy/Stormer 905 South Boulevard East Rochester Hills, MI 48307 | Specialty Finance | Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 12.50% | |||
Initial Acquisition Date | [2] | May 13, 2021 | |||
Maturity | [2] | Feb. 15, 2022 | |||
Par Amount / Quantity | [2] | $ 3,500 | |||
Cost | [2] | 3,498 | |||
Fair Value | [2] | $ 3,500 | |||
Lummus Technology Holdings 5825 N. Sam Houston Parkway West, #600 Houston, TX 77086 | Chemicals | Corporate Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3] | 9% | |||
Initial Acquisition Date | May 17, 2022 | ||||
Maturity | Jul. 01, 2028 | ||||
Par Amount / Quantity | $ 4,150 | ||||
Cost | 3,530 | ||||
Fair Value | $ 3,445 | ||||
Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 | Apparel | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 8% | |||
Initial Acquisition Date | [2] | Jun. 30, 2021 | |||
Maturity | [2] | Jun. 30, 2027 | |||
Par Amount / Quantity | [2] | $ 2,981 | |||
Cost | [2] | 2,910 | |||
Fair Value | [2] | $ 2,929 | |||
Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 | Apparel | Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 9.87% | |||
Initial Acquisition Date | [3],[8] | Jun. 30, 2021 | |||
Maturity | [3],[8] | Jul. 15, 2027 | |||
Par Amount / Quantity | [3],[8] | $ 2,925 | |||
Cost | [3],[8] | 2,862 | |||
Fair Value | [3],[8] | $ 2,585 | |||
Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 | Apparel | 3 Month LIBOR | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 7% | |||
Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 | Apparel | Six Month LIBOR | Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 7% | |||
Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 | Apparel | Floor Rate | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 8% | |||
Mad Engine Global, LLC 6740 Cobra Way San Diego, CA, 92121 | Apparel | Floor Rate | Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 8% | |||
Martin Midstream Partners LP 4200 Stone Road Kilgore, TX 75662 | Energy Midstream | 2nd Lien Secured Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11.50% | [3] | 11.50% | [1],[2] | |
Initial Acquisition Date | Dec. 09, 2020 | Dec. 09, 2020 | [2] | ||
Maturity | Feb. 28, 2025 | Feb. 28, 2025 | [2] | ||
Par Amount / Quantity | $ 9,584 | $ 3,000 | [2] | ||
Cost | 9,582 | 3,089 | [2] | ||
Fair Value | $ 9,321 | $ 3,152 | [2] | ||
Maverick Gaming LLC 12530 NE 144th Street Kirkland, WA 98034 | Casinos & Gaming | Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 10.57% | |||
Initial Acquisition Date | [3],[8] | Nov. 16, 2021 | |||
Maturity | [3],[8] | Sep. 03, 2026 | |||
Par Amount / Quantity | [3],[8] | $ 5,934 | |||
Cost | [3],[8] | 5,770 | |||
Fair Value | [3],[8] | $ 5,499 | |||
Maverick Gaming LLC 12530 NE 144th Street Kirkland, WA 98034 | Casinos & Gaming | 1st Lien, Secured Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 8.50% | |||
Initial Acquisition Date | [2] | Nov. 16, 2021 | |||
Maturity | [2] | Aug. 19, 2026 | |||
Par Amount / Quantity | [2] | $ 2,743 | |||
Cost | [2] | 2,764 | |||
Fair Value | [2] | $ 2,766 | |||
Maverick Gaming LLC 12530 NE 144th Street Kirkland, WA 98034 | Casinos & Gaming | 3 Month LIBOR | Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 7.50% | |||
Maverick Gaming LLC 12530 NE 144th Street Kirkland, WA 98034 | Casinos & Gaming | 3 Month LIBOR | 1st Lien, Secured Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 7.50% | |||
Maverick Gaming LLC 12530 NE 144th Street Kirkland, WA 98034 | Casinos & Gaming | Floor Rate | Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 8.50% | |||
Maverick Gaming LLC 12530 NE 144th Street Kirkland, WA 98034 | Casinos & Gaming | Floor Rate | 1st Lien, Secured Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 8.50% | |||
Monitronics International, Inc. 1990 Wittington Place Dallas, TX 75234 | Home Security | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 7.75% | |||
Initial Acquisition Date | [2] | Jun. 24, 2021 | |||
Maturity | [2] | Mar. 29, 2024 | |||
Par Amount / Quantity | [2] | $ 5,962 | |||
Cost | [2] | 5,823 | |||
Fair Value | [2] | $ 5,590 | |||
Monitronics International, Inc. 1990 Wittington Place Dallas, TX 75234 | Home Security | 3 Month LIBOR | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 6.50% | |||
Monitronics International, Inc. 1990 Wittington Place Dallas, TX 75234 | Home Security | Floor Rate | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 7.75% | |||
Natural Resource Partners LP 1201 Louisiana Street, Suite 3400 Houston, TX 77002 | Metals & Mining | Unsecured Note | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 9.13% | [3] | 9.13% | [1] | |
Initial Acquisition Date | Jun. 12, 2020 | Jun. 12, 2020 | |||
Maturity | Jun. 30, 2025 | Jun. 30, 2025 | |||
Par Amount / Quantity | $ 7,462 | $ 7,462 | |||
Cost | 7,002 | 6,900 | |||
Fair Value | $ 7,628 | $ 7,574 | |||
Newfold Digital Inc. 5335 Gate Parkway Jacksonville, FL 32256 | Internet Media | Unsecured Note | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3] | 6% | |||
Initial Acquisition Date | Jun. 28, 2022 | ||||
Maturity | Feb. 15, 2029 | ||||
Par Amount / Quantity | $ 2,000 | ||||
Cost | 1,494 | ||||
Fair Value | $ 1,328 | ||||
NICE-PAK Products, Inc.Two Nice-Pak Park Orangeburg, NY 10962 | Consumer Products | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [8] | Sep. 30, 2022 | |||
Par Amount / Quantity | [8] | $ 777,273 | |||
Percentage of Net Assets | [8] | 2.56% | |||
NICE-PAK Products, Inc.Two Nice-Pak Park Orangeburg, NY 10962 | Consumer Products | Promissory Note | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [8] | Sep. 30, 2022 | |||
Maturity | [8] | Sep. 30, 2029 | |||
Par Amount / Quantity | [8] | $ 1,278 | |||
NICE-PAK Products, Inc.Two Nice-Pak Park Orangeburg, NY 10962 | Consumer Products | Secured Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 17.32% | |||
Initial Acquisition Date | [3],[8],[9] | Sep. 30, 2022 | |||
Maturity | [3],[8],[9] | Sep. 30, 2027 | |||
Par Amount / Quantity | [3],[8],[9] | $ 7,500 | |||
Cost | [3],[8],[9] | 7,258 | |||
Fair Value | [3],[8],[9] | $ 7,258 | |||
NICE-PAK Products, Inc.Two Nice-Pak Park Orangeburg, NY 10962 | Consumer Products | 3 Month SOFR | Secured Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 13.50% | |||
NICE-PAK Products, Inc.Two Nice-Pak Park Orangeburg, NY 10962 | Consumer Products | Floor Rate | Secured Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 14.50% | |||
Par Petroleum, LLC 825 Town & Country Lane, Suite 1500 Houston, TX 77024 | Oil & Gas Refining | 1st Lien, Secured Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[11] | 7.75% | |||
Initial Acquisition Date | [11] | Oct. 30, 2020 | |||
Maturity | [11] | Dec. 15, 2025 | |||
Par Amount / Quantity | [11] | $ 3,000 | |||
Cost | [11] | 2,615 | |||
Fair Value | [11] | $ 3,030 | |||
Par Petroleum, LLC 825 Town & Country Lane, Suite 1500 Houston, TX 77024 | Oil & Gas Refining | 1st Lien, Secured Note | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4] | 7.75% | |||
Initial Acquisition Date | [4] | Oct. 30, 2020 | |||
Maturity | [4] | Dec. 15, 2025 | |||
Par Amount / Quantity | [4] | $ 3,000 | |||
Cost | [4] | 2,675 | |||
Fair Value | [4] | $ 2,850 | |||
Par Petroleum, LLC 825 Town & Country Lane, Suite 1500 Houston, TX 77024 | Oil & Gas Refining | 12.88% 1st Lien Secured Note | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4] | 12.88% | |||
Initial Acquisition Date | [4] | May 17, 2022 | |||
Maturity | [4] | Jan. 15, 2026 | |||
Par Amount / Quantity | [4] | $ 2,383 | |||
Cost | [4] | 2,626 | |||
Fair Value | [4] | $ 2,508 | |||
Perforce Software, Inc. 400 First Avenue North #200 Minneapolis, MN 55401 | Technology | 1st Lien, Secured Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 8.75% | [3],[8] | 4.40% | [1],[2] | |
Initial Acquisition Date | Jan. 24, 2020 | [3],[8] | Jan. 24, 2020 | [2] | |
Maturity | Jul. 01, 2024 | [3],[8] | Jul. 01, 2024 | [2] | |
Cost | $ (361) | [3],[8] | $ (361) | [2] | |
Perforce Software, Inc. 400 First Avenue North #200 Minneapolis, MN 55401 | Technology | 1st Lien, Secured Revolver - Unfunded | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 0.50% | [3],[8] | 0.50% | [1],[2] | |
Initial Acquisition Date | Jan. 24, 2020 | [8] | Jan. 24, 2020 | [2] | |
Maturity | Jul. 01, 2024 | [8] | Jul. 01, 2024 | [2] | |
Par Amount / Quantity | $ 4,375 | [8] | $ 4,375 | [2] | |
Fair Value | $ (355) | [8] | $ (158) | [2] | |
Perforce Software, Inc. 400 First Avenue North #200 Minneapolis, MN 55401 | Technology | Prime Rate | 1st Lien, Secured Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 3.25% | |||
Perforce Software, Inc. 400 First Avenue North #200 Minneapolis, MN 55401 | Technology | 3 Month LIBOR | 1st Lien, Secured Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 4.25% | |||
Perforce Software, Inc. 400 First Avenue North #200 Minneapolis, MN 55401 | Technology | Floor Rate | 1st Lien, Secured Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 4.25% | [3],[8] | 4.25% | [1],[2] | |
PFS Holdings Corp. 3747 Hecktown Road Easton, PA 18045 | Food & Staples | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 9.99% | [3],[8],[19] | 8% | [1],[2],[13] | |
Initial Acquisition Date | Nov. 13, 2020 | [3],[8],[19] | Nov. 13, 2020 | [2],[13] | |
Maturity | Nov. 13, 2024 | [3],[8],[19] | Nov. 13, 2024 | [2],[13] | |
Par Amount / Quantity | $ 1,057 | [3],[8],[19] | $ 1,065 | [2],[13] | |
Cost | 1,057 | [3],[8],[19] | 1,065 | [2],[13] | |
Fair Value | $ 921 | [3],[8],[19] | $ 922 | [2],[13] | |
PFS Holdings Corp. 3747 Hecktown Road Easton, PA 18045 | Food & Staples | Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | Nov. 13, 2020 | [8],[10],[19] | Nov. 13, 2020 | [2],[12],[13] | |
Par Amount / Quantity | $ 5,238 | [8],[10],[19] | $ 5,231 | [2],[12],[13] | |
Cost | 12,379 | [8],[10],[19] | 12,378 | [2],[12],[13] | |
Fair Value | $ 1,765 | [8],[10],[19] | $ 1,802 | [2],[12],[13] | |
Percentage of Net Assets | 5.24% | [8],[10],[19],[20] | 5.23% | [2],[12],[13] | |
PFS Holdings Corp. 3747 Hecktown Road Easton, PA 18045 | Food & Staples | 1 Month LIBOR | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[19] | 7% | |||
PFS Holdings Corp. 3747 Hecktown Road Easton, PA 18045 | Food & Staples | 3 Month LIBOR | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[13] | 7% | |||
PFS Holdings Corp. 3747 Hecktown Road Easton, PA 18045 | Food & Staples | Floor Rate | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 8% | [3],[8],[19] | 8% | [1],[2],[13] | |
PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach, FL 33139 | Specialty Finance | Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 12.75% | |||
Initial Acquisition Date | [3],[8] | Nov. 22, 2021 | |||
Maturity | [3],[8] | Dec. 31, 2024 | |||
Par Amount / Quantity | [3],[8] | $ 2,000 | |||
Cost | [3],[8] | 2,000 | |||
Fair Value | [3],[8] | $ 1,995 | |||
PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach, FL 33139 | Specialty Finance | Receivable | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 9.75% | |||
Initial Acquisition Date | [2] | Nov. 22, 2021 | |||
Maturity | [2] | Nov. 22, 2022 | |||
Par Amount / Quantity | [2] | $ 2,000 | |||
Cost | [2] | 2,000 | |||
Fair Value | [2] | $ 2,000 | |||
PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach, FL 33139 | Specialty Finance | Prime Rate | Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 6.50% | |||
PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach, FL 33139 | Specialty Finance | Prime Rate | Receivable | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 6.50% | |||
PIRS Capital LLC 1688 Meridian Ave Ste 700 Miami Beach, FL 33139 | Specialty Finance | Floor Rate | Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 6.50% | |||
Prestige Capital Finance, LLC 400 Kelby St., 10th Floor Fort Lee, NJ 07024 | Specialty Finance | Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | Feb. 08, 2019 | [4],[8],[17] | Feb. 08, 2019 | [2],[11],[18] | |
Par Amount / Quantity | $ 100 | [4],[8],[17] | $ 100 | [2],[11],[18] | |
Cost | 7,786 | [4],[8],[17] | 7,466 | [2],[11],[18] | |
Fair Value | $ 12,003 | [4],[8],[17] | $ 11,843 | [2],[11],[18] | |
Percentage of Net Assets | 80% | [4],[8],[17],[20] | 80% | [2],[11],[18] | |
Prestige Capital Finance, LLC 400 Kelby St., 10th Floor Fort Lee, NJ 07024 | Specialty Finance | Unsecured Note | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4],[8],[17] | 11% | |||
Initial Acquisition Date | [4],[8],[17] | Jun. 15, 2021 | |||
Maturity | [4],[8],[17] | Jun. 15, 2023 | |||
Par Amount / Quantity | [4],[8],[17] | $ 5,000 | |||
Cost | [4],[8],[17] | 1,000 | |||
Fair Value | [4],[8],[17] | $ 1,000 | |||
Prestige Capital Finance, LLC 400 Kelby St., 10th Floor Fort Lee, NJ 07024 | Specialty Finance | Subordinated Note | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[11],[18] | 11% | |||
Initial Acquisition Date | [2],[11],[18] | Jun. 15, 2021 | |||
Maturity | [2],[11],[18] | Jun. 15, 2023 | |||
Par Amount / Quantity | [2],[11],[18] | $ 6,000 | |||
Cost | [2],[11],[18] | 6,000 | |||
Fair Value | [2],[11],[18] | $ 6,000 | |||
Quad/Graphics, Inc. N61 W23044 Harry's Way Sussex, WI 53089 | Commercial Printing | Unsecured Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 7% | |||
Initial Acquisition Date | Mar. 31, 2021 | ||||
Maturity | May 01, 2022 | ||||
Par Amount / Quantity | $ 2,000 | ||||
Cost | 1,987 | ||||
Fair Value | $ 2,025 | ||||
Research Now Group, Inc. 5800 Tennyson Parkway Suite 600 Plano, TX 75024 | Internet Media | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 12.81% | [3],[8] | 10.50% | [1],[2] | |
Initial Acquisition Date | May 20, 2019 | [3],[8] | May 20, 2019 | [2] | |
Maturity | Dec. 20, 2025 | [3],[8] | Dec. 20, 2025 | [2] | |
Par Amount / Quantity | $ 8,000 | [3],[8] | $ 12,000 | [2] | |
Cost | 7,962 | [3],[8] | 11,965 | [2] | |
Fair Value | $ 7,146 | [3],[8] | $ 12,000 | [2] | |
Research Now Group, Inc. 5800 Tennyson Parkway Suite 600 Plano, TX 75024 | Internet Media | 1st Lien, Secured Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 8.25% | [3],[8] | 4.66% | [1],[2] | |
Initial Acquisition Date | Jan. 29, 2019 | [3],[8] | Jan. 29, 2019 | [2] | |
Maturity | Dec. 20, 2022 | [3],[8] | Dec. 20, 2022 | [2] | |
Par Amount / Quantity | [3],[8] | $ 5,263 | |||
Cost | 5,214 | [3],[8] | $ (212) | [2] | |
Fair Value | [3],[8] | $ 5,032 | |||
Research Now Group, Inc. 5800 Tennyson Parkway Suite 600 Plano, TX 75024 | Internet Media | 1st Lien, Secured Revolver - Unfunded | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 0.50% | [3],[8] | 0.50% | [1],[2] | |
Initial Acquisition Date | Jan. 29, 2019 | [8] | Jan. 29, 2019 | [2] | |
Maturity | Dec. 20, 2022 | [8] | Dec. 20, 2022 | [2] | |
Par Amount / Quantity | $ 4,737 | [8] | $ 10,000 | [2] | |
Fair Value | $ (209) | [8] | $ (130) | [2] | |
Research Now Group, Inc. 5800 Tennyson Parkway Suite 600 Plano, TX 75024 | Internet Media | Prime Rate | 1st Lien, Secured Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 3.50% | |||
Research Now Group, Inc. 5800 Tennyson Parkway Suite 600 Plano, TX 75024 | Internet Media | Six Month LIBOR | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 9.50% | [3],[8] | 9.50% | [1],[2] | |
Research Now Group, Inc. 5800 Tennyson Parkway Suite 600 Plano, TX 75024 | Internet Media | Six Month LIBOR | 1st Lien, Secured Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 4.50% | |||
Research Now Group, Inc. 5800 Tennyson Parkway Suite 600 Plano, TX 75024 | Internet Media | Floor Rate | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10.50% | [3],[8] | 10.50% | [1],[2] | |
Research Now Group, Inc. 5800 Tennyson Parkway Suite 600 Plano, TX 75024 | Internet Media | Floor Rate | 1st Lien, Secured Revolver | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 4.50% | [3],[8] | 4.84% | [1],[2] | |
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 | Restaurants | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[15] | 13.25% | |||
Initial Acquisition Date | [2],[15] | Feb. 24, 2021 | |||
Maturity | [2],[15] | Feb. 24, 2025 | |||
Par Amount / Quantity | [2],[15] | $ 2,949 | |||
Cost | [2],[15] | 2,949 | |||
Fair Value | [2],[15] | $ 2,788 | |||
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 | Restaurants | Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 14.50% | |||
Initial Acquisition Date | [3],[8],[9] | Feb. 24, 2021 | |||
Maturity | [3],[8],[9] | Feb. 24, 2025 | |||
Par Amount / Quantity | [3],[8],[9] | $ 2,382 | |||
Cost | [3],[8],[9] | 2,382 | |||
Fair Value | [3],[8],[9] | $ 2,327 | |||
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 | Restaurants | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | Feb. 24, 2021 | [8],[10] | Feb. 24, 2021 | [2],[12] | |
Par Amount / Quantity | $ 311,697 | [8],[10] | $ 311,697 | [2],[12] | |
Fair Value | $ 1,006 | [8],[10] | $ 872 | [2],[12] | |
Percentage of Net Assets | 2.81% | [8],[10],[20] | 2.81% | [2],[12] | |
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 | Restaurants | Cash | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[15] | 7.25% | |||
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 | Restaurants | Cash | Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 8.50% | |||
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 | Restaurants | 1 Month LIBOR | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [2],[15] | 12% | |||
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 | Restaurants | 1 Month LIBOR | Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 12% | |||
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 | Restaurants | Floor Rate | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[15] | 13.25% | |||
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 | Restaurants | Floor Rate | Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 13.25% | |||
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 | Restaurants | PIK | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[15] | 6% | |||
Ruby Tuesday Operations LLC 333 E. Broadway Avenue Maryville, TN 37804 | Restaurants | PIK | Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 6% | |||
SCIH Salt Holdings Inc. 1875 Century Park East Suite 320 Los Angeles, CA 90067 | Food & Staples | Corporate Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3] | 6.63% | |||
Initial Acquisition Date | Jun. 24, 2022 | ||||
Maturity | May 01, 2029 | ||||
Par Amount / Quantity | $ 2,000 | ||||
Cost | 1,635 | ||||
Fair Value | $ 1,537 | ||||
Sprint Communications 6200 Sprint Parkway Overland Park, KS 66251 | Wireless Telecommunications Services | Unsecured Note | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4] | 6% | |||
Initial Acquisition Date | [4] | Jun. 24, 2022 | |||
Maturity | [4] | Nov. 15, 2022 | |||
Par Amount / Quantity | [4] | $ 500 | |||
Cost | [4] | 501 | |||
Fair Value | [4] | $ 500 | |||
Sprout Holdings, LLC 90 Merrick Ave, East Meadow, NY 11554 | Specialty Finance | Receivable | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 11.50% | |||
Initial Acquisition Date | [2] | Jun. 23, 2021 | |||
Maturity | [2] | Jun. 23, 2022 | |||
Par Amount / Quantity | [2] | $ 2,000 | |||
Cost | [2] | 2,000 | |||
Fair Value | [2] | $ 2,000 | |||
Sprout Holdings, LLC 90 Merrick Ave, East Meadow, NY 11554 | Specialty Finance | Receivable | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8] | 11.50% | |||
Initial Acquisition Date | [8] | Jun. 23, 2021 | |||
Maturity | [8] | Jun. 23, 2023 | |||
Par Amount / Quantity | [8] | $ 986 | |||
Cost | [8] | 986 | |||
Fair Value | [8] | $ 914 | |||
Sterling Commercial Credit, LLC 10153 Grand River Rd Brighton, MI 48116 | Specialty Finance | Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [8],[17] | Feb. 03, 2022 | |||
Par Amount / Quantity | [8],[17] | $ 3,280,000 | |||
Cost | [8],[17] | 7,843 | |||
Fair Value | [8],[17] | $ 7,425 | |||
Percentage of Net Assets | [8],[17],[20] | 80% | |||
Sterling Commercial Credit, LLC 10153 Grand River Rd Brighton, MI 48116 | Specialty Finance | Secured Note | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[17] | 11% | |||
Initial Acquisition Date | [8],[17] | Feb. 03, 2022 | |||
Maturity | [8],[17] | May 01, 2025 | |||
Par Amount / Quantity | [8],[17] | $ 10,000 | |||
Cost | [8],[17] | 7,500 | |||
Fair Value | [8],[17] | $ 7,500 | |||
Summit Midstream Holdings, LLC 910 Louisiana Street, Suite 4200 Houston, TX 77002 | Energy Midstream | 2nd Lien Secured Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1] | 8.50% | |||
Initial Acquisition Date | Oct. 19, 2021 | ||||
Maturity | Oct. 15, 2026 | ||||
Par Amount / Quantity | $ 1,000 | ||||
Cost | 985 | ||||
Fair Value | $ 1,042 | ||||
Summit Midstream Holdings, LLC 910 Louisiana Street, Suite 4200 Houston, TX 77002 | Energy Midstream | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [12] | Jun. 03, 2021 | |||
Par Amount / Quantity | [12] | $ 1,500,000 | |||
Cost | [12] | 1,067 | |||
Fair Value | [12] | $ 1,103 | |||
Percentage of Net Assets | [12] | 1.05% | |||
Summit Midstream Holdings, LLC 910 Louisiana Street, Suite 4200 Houston, TX 77002 | Energy Midstream | Corporate Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3] | 5.75% | |||
Initial Acquisition Date | Aug. 10, 2022 | ||||
Maturity | Apr. 15, 2025 | ||||
Par Amount / Quantity | $ 1,386 | ||||
Cost | 1,161 | ||||
Fair Value | $ 1,126 | ||||
Summit Midstream Holdings, LLC 910 Louisiana Street, Suite 4200 Houston, TX 77002 | Energy Midstream | Corporate Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3] | 8.50% | |||
Initial Acquisition Date | Oct. 19, 2021 | ||||
Maturity | Oct. 15, 2026 | ||||
Par Amount / Quantity | $ 5,000 | ||||
Cost | 4,789 | ||||
Fair Value | $ 4,694 | ||||
Target Hospitality Corp. 2170 Buckthorne Place, Suite 440 The Woodlands, TX 77380 | Hospitality | Secured Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[11] | 9.50% | |||
Initial Acquisition Date | [11] | May 13, 2021 | |||
Maturity | [11] | Mar. 15, 2024 | |||
Par Amount / Quantity | [11] | $ 4,000 | |||
Cost | [11] | 3,998 | |||
Fair Value | [11] | $ 4,085 | |||
Target Hospitality Corp. 2170 Buckthorne Place, Suite 440 The Woodlands, TX 77380 | Hospitality | Corporate Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[4] | 9.50% | |||
Initial Acquisition Date | [4] | May 13, 2021 | |||
Maturity | [4] | Mar. 15, 2024 | |||
Par Amount / Quantity | [4] | $ 5,000 | |||
Cost | [4] | 4,982 | |||
Fair Value | [4] | $ 5,001 | |||
TRU Taj Trust 505 Park Avenue, 2nd Floor New York, NY 10022 | Retail | Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [8],[10] | Jul. 21, 2017 | |||
Par Amount / Quantity | [8],[10] | $ 16,000 | |||
Cost | [8],[10] | 721 | |||
Fair Value | [8],[10] | $ 5 | |||
Percentage of Net Assets | [8],[10],[20] | 2.75% | |||
Vantage Specialty Chemicals, Inc. 1751 Lake Cook Rd., Suite 550 Deerfield, IL 60015 | Chemicals | Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3] | 11.32% | |||
Initial Acquisition Date | [3],[8] | Jun. 08, 2021 | |||
Maturity | [3],[8] | Oct. 26, 2025 | |||
Par Amount / Quantity | [3],[8] | $ 4,488 | |||
Cost | [3],[8] | 4,394 | |||
Fair Value | [3],[8] | $ 4,393 | |||
Vantage Specialty Chemicals, Inc. 1751 Lake Cook Rd., Suite 550 Deerfield, IL 60015 | Chemicals | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 9.25% | |||
Initial Acquisition Date | [2] | Jun. 08, 2021 | |||
Maturity | [2] | Oct. 26, 2025 | |||
Par Amount / Quantity | [2] | $ 3,874 | |||
Cost | [2] | 3,780 | |||
Fair Value | [2] | $ 3,836 | |||
Vantage Specialty Chemicals, Inc. 1751 Lake Cook Rd., Suite 550 Deerfield, IL 60015 | Chemicals | 3 Month LIBOR | Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3] | 8.25% | |||
Vantage Specialty Chemicals, Inc. 1751 Lake Cook Rd., Suite 550 Deerfield, IL 60015 | Chemicals | 3 Month LIBOR | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 8.25% | |||
Vantage Specialty Chemicals, Inc. 1751 Lake Cook Rd., Suite 550 Deerfield, IL 60015 | Chemicals | Floor Rate | Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3] | 9.25% | |||
Vantage Specialty Chemicals, Inc. 1751 Lake Cook Rd., Suite 550 Deerfield, IL 60015 | Chemicals | Floor Rate | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 9.25% | |||
Vector Group Ltd. 4400 Biscayne Blvd Miami, FL 33137 | Food & Staples | Unsecured Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [4] | 10.50% | |||
Initial Acquisition Date | [4] | Jul. 08, 2022 | |||
Maturity | [4] | Nov. 01, 2026 | |||
Par Amount / Quantity | [4] | $ 2,350 | |||
Cost | [4] | 2,232 | |||
Fair Value | [4] | $ 2,181 | |||
W&T Offshore, Inc. 5718 Westheimer Road, Suite 700 Houston, TX 77057 | Oil & Gas Exploration & Production | 2nd Lien Secured Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[11] | 9.75% | |||
Initial Acquisition Date | May 05, 2021 | ||||
Maturity | Nov. 01, 2023 | ||||
Par Amount / Quantity | $ 6,000 | ||||
Cost | 5,602 | ||||
Fair Value | $ 5,730 | ||||
W&T Offshore, Inc. 5718 Westheimer Road, Suite 700 Houston, TX 77057 | Oil & Gas Exploration & Production | Corporate Bond | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [4] | 9.75% | |||
Initial Acquisition Date | [4] | May 05, 2021 | |||
Maturity | [4] | Nov. 01, 2023 | |||
Par Amount / Quantity | [4] | $ 8,000 | |||
Cost | [4] | 7,741 | |||
Fair Value | [4] | $ 7,842 | |||
Accelerate Acquisition Corp. 51 John F Kennedy Parkway Short Hills, NJ 07078 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 18, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 10,000 | |||
Cost | [4],[10] | 12 | |||
Fair Value | [4],[10] | $ 1 | |||
AdTheorent Holding Company, Inc 330 Hudson Street, 13th Floor New York, NY 10013 | Internet Media | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 26, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 4,166 | |||
Cost | [4],[10] | 3 | |||
Fair Value | [4],[10] | $ 1 | |||
Advanced Merger Partners Inc 555 West 57th Street, Suite 1326 New York, NY 10019 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 02, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 666 | |||
Cost | [4],[10] | $ 1 | |||
Agile Growth Corp Riverside Center 275 Grove Street, Suite 2-400 Newton, MA 02466 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 10, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 652 | |||
Cost | [4],[10] | $ 1 | |||
Allego N.V. Industriepark Kleefse Waard Westervoortsedijk 73 KB 6827 AV Arnhem, The Netherlands | Transportation Equipment Manufacturing | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 17, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 8,000 | |||
Cost | [4],[10] | 9 | |||
Fair Value | [4],[10] | $ 4 | |||
Apollo Strategic Growth Capital II 9 West 57th Street, 43rd Floor New York, NY 10019 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 10, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 500 | |||
Cost | [4],[10] | $ 1 | |||
ArcLight Clean Transition Corp 200 Clarendon Street, 55th Floor Boston, MA 02116 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 23, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 400 | |||
Cost | [4],[10] | 1 | |||
Fair Value | [4],[10] | $ 1 | |||
Arctos NorthStar Acquisition Corp. 2021 McKinney Avenue, Suite 200 Dallas, TX 75201 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 23, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 125 | |||
Ares Acquisition Corp 245 Park Avenue, 44th Floor New York, NY 10167 | Special Purpose Acquisition Company | Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [11],[12] | Feb. 02, 2021 | |||
Par Amount / Quantity | [11],[12] | $ 74,800 | |||
Cost | [11],[12] | 734 | |||
Fair Value | [11],[12] | $ 729 | |||
Percentage of Net Assets | [11],[12] | 0.07% | |||
Ares Acquisition Corp 245 Park Avenue, 44th Floor New York, NY 10167 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | Feb. 02, 2021 | [4],[10] | Feb. 02, 2021 | [11],[12] | |
Par Amount / Quantity | $ 20,000 | [4],[10] | $ 20,000 | [11],[12] | |
Cost | 18 | [4],[10] | 18 | [11],[12] | |
Fair Value | $ 2 | [4],[10] | $ 18 | [11],[12] | |
Percentage of Net Assets | [11],[12] | 0.10% | |||
Atlas Crest Investment Corp. II 399 Park Avenue New York, NY 10022 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 04, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,250 | |||
Cost | [4],[10] | $ 1 | |||
Austerlitz Acquisition Corp. I 1701 Village Center Circle Las Vegas, NV 89134 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | Feb. 26, 2021 | [4],[10] | Feb. 26, 2021 | [11],[12] | |
Par Amount / Quantity | $ 12,500 | [4],[10] | $ 12,500 | [11],[12] | |
Cost | 12 | [4],[10] | 12 | [11],[12] | |
Fair Value | $ 1 | [4],[10] | $ 13 | [11],[12] | |
Percentage of Net Assets | [11],[12] | 0.07% | |||
Austerlitz Acquisition Corp. II 1701 Village Center Circle Las Vegas, NV 89134 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | Feb. 26, 2021 | [4],[10] | Feb. 26, 2021 | [11],[12] | |
Par Amount / Quantity | $ 12,500 | [4],[10] | $ 12,500 | [11],[12] | |
Cost | 12 | [4],[10] | 12 | [11],[12] | |
Fair Value | $ 1 | [4],[10] | $ 12 | [11],[12] | |
Percentage of Net Assets | [11],[12] | 0.04% | |||
BigBear.ai Holdings, Inc. 6811 Benjamin Franklin Dr, Suite 200 Columbia, MD 21046 | IT Services | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 09, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 8,333 | |||
Cost | [4],[10] | 6 | |||
Fair Value | [4],[10] | $ 1 | |||
BigBear.ai 6811 Benjamin Franklin Drive, Suite 200 Columbia, Maryland 21046 | IT Services | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [11],[12] | Feb. 09, 2021 | |||
Par Amount / Quantity | [11],[12] | $ 8,333 | |||
Cost | [11],[12] | 6 | |||
Fair Value | [11],[12] | $ 7 | |||
Percentage of Net Assets | [11],[12] | 0.07% | |||
Biote Corp. 1875 W. Walnut Hill Ln #100 Irving, TX 75038 | Healthcare | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 02, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 400 | |||
Cartesian Growth Corporation 505 5th Avenue, 15th Floor New York, NY 10017 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 24, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,666 | |||
Cost | [4],[10] | $ 1 | |||
Catcha Investment Corp Level 42, Suntec Tower Three, 8 Temasek Blvd, Singapore 038988 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 12, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 166 | |||
CC Neuberger Principal Holdings III 200 Park Avenue, 58th Floor New York, NY 10166 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 03, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 500 | |||
Cost | [4],[10] | $ 1 | |||
CF Acquisition Corp VI 110 East 59th Street New York, NY 10022 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 12, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,000 | |||
Cost | [4],[10] | $ 1 | |||
Climate Real Impact Solutions II Acquisition Corporation | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Jan. 27, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,000 | |||
Cost | [4],[10] | $ 2 | |||
Colicity Inc | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 24, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 2,000 | |||
Cost | [4],[10] | $ 3 | |||
Colonnade Acquisition Corp II | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 10, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 2,000 | |||
Cost | [4],[10] | $ 2 | |||
Compute Health Acquisition Corp. | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 05, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 125 | |||
Core Scientific, Inc | Technology | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 10, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,250 | |||
Cost | [4],[10] | $ 2 | |||
D & Z Media Acquisition Corp | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Jan. 26, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 166 | |||
Dave Inc. | Consumer Finance | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 05, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 10,000 | |||
Cost | [4],[10] | $ 7 | |||
Digital Transformation Opportunities Corp. | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 10, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 2,500 | |||
Cost | [4],[10] | $ 2 | |||
ESM Acquisition Corp | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 10, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 6,630 | |||
Cost | [4],[10] | 7 | |||
Fair Value | [4],[10] | $ 1 | |||
FAST Acquisition Corp II | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 16, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 5,000 | |||
Cost | [4],[10] | 7 | |||
Fair Value | [4],[10] | $ 3 | |||
Fast Radius, Inc. | Industrial | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 09, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 625 | |||
Cost | [4],[10] | $ 1 | |||
Fathom Digital Manufacturing Corporation | Industrial | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 05, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 125 | |||
Figure Acquisition Corp I | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 19, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 937 | |||
Cost | [4],[10] | $ 1 | |||
FinServ Acquisition Corp II | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 18, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 125 | |||
First Reserve Sustainable Growth Corp. | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 05, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 5,000 | |||
Cost | [4],[10] | $ 6 | |||
Forest Road Acquisition Corp. II | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 10, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 80 | |||
Fortistar Sustainable Solutions Corp. 1 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Jan. 27, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,250 | |||
Cost | [4],[10] | $ 1 | |||
Fortress Value Acquisition Corp. IV | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 16, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,000 | |||
Cost | [4],[10] | $ 1 | |||
Forum Merger IV Corp | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 18, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 5,000 | |||
Cost | [4],[10] | $ 9 | |||
Freedom Acquisition I Corp | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 26, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 625 | |||
Cost | [4],[10] | $ 1 | |||
Frontier Acquisition Corp | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 11, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 2,500 | |||
Cost | [4],[10] | $ 3 | |||
FTAC Athena Acquisition Corp. | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 23, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,250 | |||
Cost | [4],[10] | $ 2 | |||
FTAC Hera Acquisition Corp. | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 04, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 100 | |||
Fusion Acquisition Corp II | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 26, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,666 | |||
Cost | [4],[10] | $ 1 | |||
G Squared Ascend I Inc. | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 05, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,000 | |||
Cost | [4],[10] | $ 1 | |||
Ginko Bioworks Holdings, Inc. | Biotechnology | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | Feb. 24, 2021 | [4],[10] | Feb. 24, 2021 | [11],[12] | |
Par Amount / Quantity | $ 5,000 | [4],[10] | $ 5,000 | [11],[12] | |
Cost | 13 | [4],[10] | 13 | [11],[12] | |
Fair Value | $ 4 | [4],[10] | $ 11 | [11],[12] | |
Percentage of Net Assets | [11],[12] | 0.01% | |||
Gores Holdings VII, Inc. | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 23, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 625 | |||
Cost | [4],[10] | $ 1 | |||
Gores Holdings VIII, Inc. | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 25, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 312 | |||
Gores Technology Partners II, Inc | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 12, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 400 | |||
Gores Technology Partners, Inc | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 12, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 400 | |||
Grove Collaborative Holdings, Inc. | Household & Personal Products | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 23, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 5,000 | |||
Cost | [4],[10] | 7 | |||
Fair Value | [4],[10] | $ 1 | |||
Hudson Executive Investment Corp. II 570 Lexington Avenue, 35th Floor New York, NY 10022 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Jan. 26, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 125 | |||
Hudson Executive Investment Corp. III 570 Lexington Avenue, 35th Floor New York, NY | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Apr. 26, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 100 | |||
Iris Acquisition Corp 2700 19th Street San Francisco, CA 94110 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 05, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 500 | |||
Cost | [4],[10] | $ 1 | |||
Jaws Mustang Acquisition Corporation 1601 Washington Avenue, Suite 800 Miami Beach, FL 33139 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | Feb. 02, 2021 | [4],[10] | Feb. 02, 2021 | [11],[12] | |
Par Amount / Quantity | $ 6,250 | [4],[10] | $ 6,250 | [11],[12] | |
Cost | 7 | [4],[10] | 7 | [11],[12] | |
Fair Value | $ 1 | [4],[10] | $ 6 | [11],[12] | |
Percentage of Net Assets | [11],[12] | 0.02% | |||
Kismet Acquisition Two Corp. 850 Library Avenue, Suite 204 Newark, DE 19715 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 18, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 326 | |||
Kismet Acquisition Three Corp. 850 Library Avenue, Suite 204 Newark, DE 19715 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 18, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 4,133 | |||
Cost | [4],[10] | $ 3 | |||
KKR Acquisition Holdings I Corp. 30 Hudson Yards, Suite 7500 New York, NY 10001 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 17, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 2,000 | |||
Cost | [4],[10] | $ 3 | |||
L Catterton Asia Acquisition C 8 Marina View Asia Square Tower 1, No 41-03 Singapore, 018960 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 11, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 5,933 | |||
Cost | [4],[10] | $ 6 | |||
Lazard Growth Acquisition Corp 30 Rockefeller Plaza New York, NY 10112 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 10, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 500 | |||
Cost | [4],[10] | $ 1 | |||
Liberty Media Acquisition Corporation 12300 Liberty Blvd Englewood, CO 80112 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Jan. 22, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 100 | |||
Live Oak Mobility Acquisition Corp. 4921 William Arnold Road Memphis, TN 38117 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 02, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 400 | |||
Cost | [4],[10] | $ 1 | |||
Longview Acquisition Corp. II 767 Fifth Avenue, 44th Floor New York, NY 10153 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 19, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 2,000 | |||
Cost | [4],[10] | $ 3 | |||
M3-Brigade Acquisition II Corp. 1700 Broadway, 19th Floor New York, NY 10019 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 04, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 3,333 | |||
Cost | [4],[10] | $ 4 | |||
Mission Advancement Corp. 2525 East Camelback Road, Suite 850 Phoenix, AZ 85016 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 03, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,333 | |||
Cost | [4],[10] | $ 1 | |||
New Vista Acquisition Corp. 125 South Wacker Drive, Suite 300 Chicago, IL 60606 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 17, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 166 | |||
Northern Star Investment Corp. II The Chrysler Building 405 Lexington Avenue New York, NY 10174 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Jan. 26, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 100 | |||
Northern Star Investment Corp. III The Chrysler Building 405 Lexington Avenue New York, NY 10174 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 02, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 66 | |||
Northern Star Investment Corp. IV The Chrysler Building 405 Lexington Avenue New York, NY 10174 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 02, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 66 | |||
One Equity Partners Open Water I Corp | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Jan. 22, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 8,000 | |||
Cost | [4],[10] | $ 6 | |||
Orion Acquisition Corp. 767 5th Avenue, 44th Floor New York, NY 10017 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 02, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 3,500 | |||
Cost | [4],[10] | $ 3 | |||
Oyster Enterprises Acquisition Corp. 777 South Flagler Drive, Suite 800W West Palm Beach, FL 33401 | Special Purpose Acquisition Company | Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [11],[12] | Jan. 20, 2021 | |||
Par Amount / Quantity | [11],[12] | $ 24,790 | |||
Cost | [11],[12] | 241 | |||
Fair Value | [11],[12] | $ 242 | |||
Percentage of Net Assets | [11],[12] | 0.11% | |||
Oyster Enterprises Acquisition Corp. 777 South Flagler Drive, Suite 800W West Palm Beach, FL 33401 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | Jan. 20, 2021 | [4],[10] | Jan. 20, 2021 | [11],[12] | |
Par Amount / Quantity | $ 12,500 | [4],[10] | $ 12,500 | [11],[12] | |
Cost | 7 | [4],[10] | 7 | [11],[12] | |
Fair Value | $ 2 | [4],[10] | $ 6 | [11],[12] | |
Percentage of Net Assets | [11],[12] | 0.07% | |||
Pathfinder Acquisition Corp 1950 University Avenue, Suite 350 Palo Alto, CA 94303 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 17, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,000 | |||
Cost | [4],[10] | $ 1 | |||
Pear Therapeutics, Inc. 200 State Street, 13th Floor Boston, MA 02109 | Technology | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 02, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,666 | |||
Cost | [4],[10] | $ 2 | |||
Peridot Acquisition Corp. II 2229 San Felipe Street, Suite 1450 Houston, TX 77019 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 09, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 2,000 | |||
Cost | [4],[10] | $ 3 | |||
Pivotal Investment Corp III The Chrysler Building 405 Lexington Avenue, 11th Floor New York, NY 10174 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 09, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 100 | |||
Planet Labs PBC 645 Harrison Street, 4th Floor San Francisco, CA 94107 | Communications Equipment | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 05, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 400 | |||
Plum Acquisition Corp. I 2021 Fillmore Street, #2089 San Francisco, CA 94115 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 16, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,600 | |||
Cost | [4],[10] | $ 2 | |||
Polestar Automotive Holding UK PLC Assar Gabrielssons Väg 9 405 31 Göteborg, Sweden | Auto Manufacturer | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 23, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 2,000 | |||
Cost | [4],[10] | 5 | |||
Fair Value | [4],[10] | $ 2 | |||
Primavera Capital Acquisition Corporation 41/F Gloucester Tower 15 Queen's Road Central Hong Kong | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Jan. 22, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 5,000 | |||
Cost | [4],[10] | 6 | |||
Fair Value | [4],[10] | $ 1 | |||
RMG Acquisition Corp. III 57 Ocean, Suite 403 5775 Collins Avenue Miami Beach, FL 33140 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 05, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 3,333 | |||
Cost | [4],[10] | $ 5 | |||
Ross Acquisition Corp II 1 Pelican Lane Palm Beach, FL 33480 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 12, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 6,666 | |||
Cost | [4],[10] | 7 | |||
Fair Value | [4],[10] | $ 1 | |||
Rumble Inc. 444 Gulf of Mexico Drive Longboat Key, FL 34228 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | May 10, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,250 | |||
Cost | [4],[10] | 1 | |||
Fair Value | [4],[10] | $ 4 | |||
RXR Acquisition Corp. 625 RXR Plaza Uniondale, NY 11556 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 04, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 2,000 | |||
Cost | [4],[10] | $ 2 | |||
Sandbridge X2 Corp 725 5th Avenue, 23rd Floor New York, NY 10022 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 10, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 666 | |||
Cost | [4],[10] | $ 1 | |||
Science Strategic Acquisition Corp. Alpha 1447 2nd Street Santa Monica, CA 90401 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Jan. 26, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 191 | |||
ScION Tech Growth II 10 Queen St Place, 2nd Floor London, UK EC4R 1BE | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 10, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 166 | |||
Silver Spike Acquisition Corp II 660 Madison Avenue, Suite 1600 New York, NY 10065 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 11, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 5,000 | |||
Cost | [4],[10] | $ 6 | |||
Simon Property Group Acquisition Holdings, Inc. 225 West Washington Street Indianapolis, IN 46204 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 19, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 500 | |||
Cost | [4],[10] | $ 1 | |||
Slam Corp. 55 Hudson Yards, 47th Floor, Suite C New York, NY 10001 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Apr. 26, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,250 | |||
Cost | [4],[10] | $ 1 | |||
Sonder Holdings Inc. 101 15th Street San Francisco, CA 94103 | Hospitality | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 19, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 500 | |||
Cost | [4],[10] | $ 1 | |||
Supernova Partners Acquisition Company III, Ltd. 4301 50th Street NW, Suite 300 PMB 1044 Washington, DC 20016 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 23, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 80 | |||
Sustainable Development Acquisition I Corp. 5701 Truxtun Avenue, Suite 201 Bakersfield, CA 90036 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 05, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,250 | |||
Cost | [4],[10] | $ 1 | |||
Tailwind International Acquisition Corp. 150 Greenwich Street, 29th Floor New York, NY 10006 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 19, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 4,166 | |||
Cost | [4],[10] | $ 3 | |||
TCW Special Purpose Acquisition Corp. 865 South Figueroa Street Los Angeles, CA 90017 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 02, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 133 | |||
Tech and Energy Transition Corporation 125 West 55th Street New York, NY 10019 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 17, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 666 | |||
Cost | [4],[10] | $ 1 | |||
Tensar Corporation 2500 Northwinds Parkway, Suite 500 Alpharetta, GA 30009 | Construction Materials Manufacturing | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 13% | |||
Initial Acquisition Date | [2] | Nov. 20, 2020 | |||
Maturity | [2] | Feb. 20, 2026 | |||
Par Amount / Quantity | [2] | $ 10,000 | |||
Cost | [2] | 9,710 | |||
Fair Value | [2] | $ 10,461 | |||
Tensar Corporation 2500 Northwinds Parkway, Suite 500 Alpharetta, GA 30009 | Construction Materials Manufacturing | 3 Month LIBOR | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 12% | |||
Tensar Corporation 2500 Northwinds Parkway, Suite 500 Alpharetta, GA 30009 | Construction Materials Manufacturing | Floor Rate | 2nd Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 13% | |||
Terran Orbital Corporation 6800 Broken Sound Pkwy NW, Suite 200 Boca Raton, FL 33487 | Communications Equipment | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 19, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 3,333 | |||
Cost | [4],[10] | 3 | |||
Fair Value | [4],[10] | $ 1 | |||
Tishman Speyer Innovation Corp. II Rockefeller Center 45 Rockefeller Plaza New York , NY 10111 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 12, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 1,000 | |||
Cost | [4],[10] | $ 1 | |||
TLG Acquisition One Corp. 515 North Flagler Drive, Suite 520 West Palm Beach, FL 33401 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Jan. 28, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 5,000 | |||
Cost | [4],[10] | $ 3 | |||
Tritium DCFC Ltd 23 Archimedes Place Murarrie, QLD Australia | Transportation Equipment Manufacturing | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 04, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 5,000 | |||
Cost | [4],[10] | 6 | |||
Fair Value | [4],[10] | $ 5 | |||
TRU (UK) Asia Limited Cannon Place, 78 Cannon Street, London, EC4N 6AF | Retail | Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [2],[11],[12] | Jul. 21, 2017 | |||
Par Amount / Quantity | [2],[11],[12] | $ 576,954 | |||
Cost | [2],[11],[12] | 19,344 | |||
Fair Value | [2],[11],[12] | $ 4,046 | |||
Percentage of Net Assets | [2],[11],[12] | 1.63% | |||
TRU (UK) Asia Limited Liquidating Trust Cannon Place, 78 Cannon Street, London, EC4N 6AF | Retail | Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [2],[12] | Jul. 21, 2017 | |||
Par Amount / Quantity | [2],[12] | $ 16,000 | |||
Cost | [2],[12] | 900 | |||
Fair Value | [2],[12] | $ 221 | |||
Percentage of Net Assets | [2],[12] | 2.75% | |||
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 16.95% | |||
Initial Acquisition Date | [3],[8],[9] | Sep. 30, 2021 | |||
Maturity | [3],[8],[9] | Sep. 29, 2026 | |||
Par Amount / Quantity | [3],[8],[9] | $ 7,027 | |||
Cost | [3],[8],[9] | 6,922 | |||
Fair Value | [3],[8],[9] | $ 7,093 | |||
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | Term Loan C | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 16.95% | |||
Initial Acquisition Date | [3],[8],[9] | Sep. 30, 2021 | |||
Maturity | [3],[8],[9] | Sep. 29, 2026 | |||
Par Amount / Quantity | [3],[8],[9] | $ 2,710 | |||
Cost | [3],[8],[9] | 2,658 | |||
Fair Value | [3],[8],[9] | $ 2,540 | |||
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | Sep. 30, 2021 | [8],[10] | Sep. 30, 2021 | [2] | |
Par Amount / Quantity | $ 3,383 | [8],[10] | $ 1,759 | [2] | |
Fair Value | $ 1,182 | [8],[10] | $ 320 | [2] | |
Percentage of Net Assets | 1.50% | [8],[10],[20] | 1.50% | [2] | |
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | Secured Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[15] | 13.90% | |||
Initial Acquisition Date | [2],[15] | Sep. 30, 2021 | |||
Maturity | [2],[15] | Sep. 29, 2026 | |||
Par Amount / Quantity | [2],[15] | $ 6,133 | |||
Cost | [2],[15] | 6,017 | |||
Fair Value | [2],[15] | $ 6,004 | |||
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | Secured Loan C | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[15] | 13.90% | |||
Initial Acquisition Date | [2],[15] | Sep. 30, 2021 | |||
Maturity | [2],[15] | Sep. 29, 2026 | |||
Par Amount / Quantity | [2],[15] | $ 1,549 | |||
Cost | [2],[15] | 1,505 | |||
Fair Value | [2],[15] | $ 1,516 | |||
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | Cash | Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 7.95% | |||
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | Cash | Term Loan C | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 7.95% | |||
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | 3 Month LIBOR | Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 13.21% | |||
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | 3 Month LIBOR | Term Loan C | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 13.21% | |||
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | Floor Rate | Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 14.21% | |||
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | Floor Rate | Term Loan C | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 14.21% | |||
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | PIK | Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 9% | |||
Universal Fiber Systems 640 State Street Bristol, TN 37620 | Chemicals | PIK | Term Loan C | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[8],[9] | 9% | |||
USHG Acquisition Corp. 853 Broadway, 17th Floor New York, NY 10003 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 25, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 833 | |||
Cost | [4],[10] | $ 1 | |||
Viasat, Inc. 6155 El Camino Real Carlsbad, CA 92009 | Communications Equipment | Receivable | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [2] | Oct. 25, 2021 | |||
Maturity | [2] | Mar. 15, 2022 | |||
Par Amount / Quantity | [2] | $ 402 | |||
Cost | [2] | 361 | |||
Fair Value | [2] | $ 363 | |||
Viasat, Inc. 6155 El Camino Real Carlsbad, CA 92009 | Communications Equipment | Receivable | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [2] | Oct. 25, 2021 | |||
Maturity | [2] | Jun. 15, 2022 | |||
Par Amount / Quantity | [2] | $ 402 | |||
Cost | [2] | 348 | |||
Fair Value | [2] | $ 350 | |||
Viasat, Inc. 6155 El Camino Real Carlsbad, CA 92009 | Communications Equipment | Receivable | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [2] | Oct. 25, 2021 | |||
Maturity | [2] | Sep. 15, 2022 | |||
Par Amount / Quantity | [2] | $ 402 | |||
Cost | [2] | 342 | |||
Fair Value | [2] | $ 344 | |||
Velocity Acquisition Corp | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Feb. 23, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 166 | |||
Spartan Acquisition Corp. III 9 West 57th Street, 43rd Floor New York, NY 10019 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [11],[12] | Feb. 09, 2021 | |||
Par Amount / Quantity | [11],[12] | $ 10,000 | |||
Cost | [11],[12] | 11 | |||
Fair Value | [11],[12] | $ 14 | |||
Percentage of Net Assets | [11],[12] | 0.07% | |||
VPC Impact Acquisition Holdings II 150 North Riverside Plaza, Suite 5200 Chicago, IL 60606 | Special Purpose Acquisition Company | Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [11],[12] | Mar. 05, 2021 | |||
Par Amount / Quantity | [11],[12] | $ 13,454 | |||
Cost | [11],[12] | 132 | |||
Fair Value | [11],[12] | $ 132 | |||
Percentage of Net Assets | [11],[12] | 0.05% | |||
VPC Impact Acquisition Holdings II 150 North Riverside Plaza, Suite 5200 Chicago, IL 60606 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | Mar. 05, 2021 | [4],[10] | Mar. 05, 2021 | [11],[12] | |
Par Amount / Quantity | $ 10,000 | [4],[10] | $ 10,000 | [11],[12] | |
Cost | 7 | [4],[10] | 7 | [11],[12] | |
Fair Value | $ 1 | [4],[10] | $ 10 | [11],[12] | |
Percentage of Net Assets | [11],[12] | 0.16% | |||
VPC Impact Acquisition Holdings III 150 North Riverside Plaza, Suite 5200 Chicago, IL 60606 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [11],[12] | Mar. 05, 2021 | |||
Par Amount / Quantity | [11],[12] | $ 10,000 | |||
Cost | [11],[12] | 7 | |||
Fair Value | [11],[12] | $ 11 | |||
Percentage of Net Assets | [11],[12] | 0.16% | |||
Miscellaneous | Special Purpose Acquisition Company | Equity | |||||
Schedule of Investments [Line Items] | |||||
Par Amount / Quantity | [11],[12],[21] | $ 335,621 | |||
Cost | [11],[12],[21] | 1,879 | |||
Fair Value | [11],[12],[21] | $ 1,851 | |||
Warburg Pincus Capital Corp I-A 450 Lexington Avenue New York, NY 10017 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 05, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 80 | |||
Warburg Pincus Capital Corp I-B 450 Lexington Avenue New York, NY 10017 | Special Purpose Acquisition Company | Warrants | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [4],[10] | Mar. 05, 2021 | |||
Par Amount / Quantity | [4],[10] | $ 80 | |||
Wynden Stark LLC 295 Madison Ave, 12th Floor New York, NY 10017 | Specialty Finance | Receivable | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 11% | |||
Initial Acquisition Date | [2] | Mar. 15, 2021 | |||
Maturity | [2] | Mar. 15, 2022 | |||
Par Amount / Quantity | [2] | $ 1,534 | |||
Cost | [2] | 1,534 | |||
Fair Value | [2] | $ 1,534 | |||
Wynden Stark LLC 295 Madison Ave, 12th Floor New York, NY 10017 | Specialty Finance | Receivable - Unfunded | |||||
Schedule of Investments [Line Items] | |||||
Initial Acquisition Date | [2] | Mar. 15, 2021 | |||
Maturity | [2] | Mar. 15, 2022 | |||
Par Amount / Quantity | [2] | $ 6,466 | |||
United States Treasury | Short-Term Investments | Treasury Bill | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3] | 0% | |||
Initial Acquisition Date | Sep. 29, 2022 | ||||
Maturity | Dec. 31, 2022 | ||||
Par Amount / Quantity | $ 50,000 | ||||
Cost | 49,896 | 199,995 | |||
Fair Value | 49,892 | $ 199,995 | |||
GS Financial Square Treasury Obligations Fund | Short-Term Investments | Money Market | |||||
Schedule of Investments [Line Items] | |||||
Par Amount / Quantity | 19,784 | ||||
Cost | 19,784 | ||||
Fair Value | $ 19,784 | ||||
[1] 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”) or prime rate (“Prime”) which are reset periodically. For each debt investment, the Company has provided the interest rate in effect as of period end. A floor is the minimum rate that will be applied in calculating an interest rate. A cap is the maximum rate that will be applied in calculating an interest rate. The one month (“1M”) LIBOR as of period end was 0.10 %. The three month (“3M”) LIBOR as of period end was 0.21 %. The six month (“6M”) LIBOR as of period end was 0.34 %. The prime rate as of period end was 3.25 %. Investments classified as Level 3 whereby fair value was determined by the Company's Board. 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 3.14 % . The three-month (“3M”) LIBOR as of period end was 3.75 % . The six-month (“6M”) LIBOR as of period end was 4.23 % . The prime rate as of period end was 6.25 % . The SOFR as of period end was 2.98 % . Indicates assets that the Company believes do not represent ‘‘qualifying assets’’ under Section 55(a) of the Investment Company Act. Qualifying assets must represent at least 70 % of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. Of the Company’s total assets, 26.34 % were non-qualifying assets as of period end. 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. 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. Investment was on non-accrual status as of period end. Investments classified as Level 3 whereby fair value was determined by the Company's board of directors (the “Board”). Security pays, or has the option to pay, some or all of its interest in kind. As of September 30, 2022, the 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 September 30, 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 September 30, 2022, Avation Capital SA secured bond and Forum Energy Technologies, Inc have the option to pay in kind but currently pay cash and the rates above reflects the cash interest rates. Non-income producing security. 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, 16.5 % were non-qualifying assets as of period end. Non-income producing security. ‘‘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. Investment was on non-accrual status as of period end. Security pays, or has the option to pay, all of its interest in kind. As of December 31, 2021, each of the Avanti Communications Group, plc secured debt pay in-kind. As of December 31, 2021, the Ruby Tuesday Operations, LLC secured loan and each of the Universal Fiber Systems term loans pay a portion of their interest in-kind. The rates above reflect the PIK interest rates. Under the terms of the credit agreement, this investment has an exit fee which requires the borrower to pay, in connection with each prepayment or other repayment a fee equal to 2.50 % of the amount being repaid. ‘‘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. ‘‘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. ‘‘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. Percentage of class held refers only to equity held, if any, calculated on a fully diluted basis. Represents previously undisclosed unrestricted securities, which the Company has held for less than one year. |
CONSOLIDATED SCHEDULE OF INVE_2
CONSOLIDATED SCHEDULE OF INVESTMENTS (Parenthetical) (unaudited) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule of Investments [Line Items] | ||
Percentage of Net Assets | 300.15% | 552.80% |
Percentage of non-qualifying assets | 26.34% | 16.50% |
Investment owned, gross unrealized appreciation excess of value cost | $ 10,589 | $ 49,821 |
Investment owned, gross unrealized depreciation excess of value cost | 24,813 | 162,667 |
Investment owned,net unrealized depreciation | 14,224 | (112,846) |
Aggregate cost of federal income tax | $ 300,913 | $ 524,990 |
Investment owned, amount being repaid percentage | 2.50% | |
Maximum | ||
Schedule of Investments [Line Items] | ||
Percentage of Net Assets | 1% | |
Percentage of qualifying assets | 70% | 70% |
1 Month LIBOR | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 3.14% | 0.10% |
3 Month LIBOR | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 3.75% | 0.21% |
Six Month LIBOR | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 4.23% | 0.34% |
Prime Rate | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 6.25% | 3.25% |
SOFR | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 2.98% | |
Investments excluding Short-Term Investments | ||
Schedule of Investments [Line Items] | ||
Percentage of Net Assets | 227.20% | 284.55% |
Other Liabilities in Excess of Assets | ||
Schedule of Investments [Line Items] | ||
Percentage of Net Assets | 200.15% | 452.80% |
CONSOLIDATED SCHEDULE OF INVE_3
CONSOLIDATED SCHEDULE OF INVESTMENTS (Investment Consisted) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 286,689 | $ 412,144 |
Percentage of Net Assets | 300.15% | 552.80% |
Debt | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 173,440 | $ 149,794 |
Percentage of Net Assets | 181.58% | 200.91% |
Equity | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 43,573 | |
Percentage of Net Assets | 45.62% | |
Short-Term Investments | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 69,676 | $ 199,995 |
Percentage of Net Assets | 72.95% | 268.25% |
Equity/Other | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 62,355 | |
Percentage of Net Assets | 83.64% |
CONSOLIDATED SCHEDULE OF INVE_4
CONSOLIDATED SCHEDULE OF INVESTMENTS (Geographic Composition of Portfolio At Fair Value) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 286,689 | $ 412,144 |
Percentage of Net Assets | 300.15% | 552.80% |
United States | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 279,239 | $ 393,848 |
Percentage of Net Assets | 292.35% | 528.26% |
Canada | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 3,805 | $ 4,119 |
Percentage of Net Assets | 3.98% | 5.52% |
Asia/Oceania | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 6 | |
Percentage of Net Assets | 0.01% | |
Europe | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 3,639 | |
Percentage of Net Assets | 3.81% | |
United Kingdom | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 14,177 | |
Percentage of Net Assets | 19.02% |
CONSOLIDATED SCHEDULE OF INVE_5
CONSOLIDATED SCHEDULE OF INVESTMENTS (Industry Composition of Portfolio At Fair Value) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 286,689 | $ 412,144 |
Percentage of Net Assets | 300.15% | 552.80% |
Specialty Finance | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 51,347 | $ 47,952 |
Percentage of Net Assets | 53.76% | 64.32% |
Energy Midstream | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 26,333 | $ 31,815 |
Percentage of Net Assets | 27.57% | 42.67% |
Chemicals | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 24,477 | $ 15,058 |
Percentage of Net Assets | 25.63% | 20.20% |
Metals & Mining | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 13,693 | $ 13,711 |
Percentage of Net Assets | 14.33% | 18.39% |
Internet Media | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 13,298 | $ 11,870 |
Percentage of Net Assets | 13.92% | 15.92% |
Transportation Equipment Manufacturing | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 11,679 | $ 6,030 |
Percentage of Net Assets | 12.23% | 8.09% |
Oil & Gas Exploration & Production | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 11,647 | $ 9,849 |
Percentage of Net Assets | 12.19% | 13.21% |
Casinos & Gaming | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 7,931 | $ 5,291 |
Percentage of Net Assets | 8.30% | 7.10% |
Shipping | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 7,292 | |
Percentage of Net Assets | 7.63% | |
Consumer Products | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 7,258 | |
Percentage of Net Assets | 7.60% | |
Food & Staples | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 6,404 | $ 2,724 |
Percentage of Net Assets | 6.70% | 3.65% |
Industrial | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 5,451 | $ 7,551 |
Percentage of Net Assets | 5.71% | 10.13% |
Oil & Gas Refining | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 5,358 | $ 3,030 |
Percentage of Net Assets | 5.61% | 4.06% |
Hospitality | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 5,001 | $ 4,085 |
Percentage of Net Assets | 5.24% | 5.48% |
Energy Services | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 4,469 | |
Percentage of Net Assets | 4.68% | |
Aircraft | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 3,574 | |
Percentage of Net Assets | 3.74% | |
Wireless Telecommunications Services | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 3,550 | $ 8,137 |
Percentage of Net Assets | 3.72% | 10.91% |
Restaurants | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 3,333 | $ 8,310 |
Percentage of Net Assets | 3.49% | 11.15% |
Closed-End Fund | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 2,654 | |
Percentage of Net Assets | 2.78% | |
Apparel | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 2,585 | $ 2,929 |
Percentage of Net Assets | 2.71% | 3.93% |
Special Purpose Acquisition Company | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 20 | $ 3,044 |
Percentage of Net Assets | 0.02% | 4.08% |
Retail | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 5 | $ 4,267 |
Percentage of Net Assets | 0.01% | 5.72% |
Biotechnology | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 4 | $ 11 |
Percentage of Net Assets | 0% | 0.01% |
Auto Manufacturer | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 2 | |
Percentage of Net Assets | 0% | |
Communications Equipment | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 1 | $ 1,057 |
Percentage of Net Assets | 0% | 1.42% |
Household & Personal Products | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 1 | |
Percentage of Net Assets | 0% | |
IT Services | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 1 | $ 7 |
Percentage of Net Assets | 0% | 0.01% |
Technology | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ (355) | $ (158) |
Percentage of Net Assets | (0.37%) | (0.21%) |
Short-Term Investments | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 69,676 | $ 199,995 |
Percentage of Net Assets | 72.95% | 268.25% |
Construction Materials Manufacturing | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 10,461 | |
Percentage of Net Assets | 14.03% | |
Home Security | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 5,590 | |
Percentage of Net Assets | 7.50% | |
Healthcare Supplies | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 2,869 | |
Percentage of Net Assets | 3.85% | |
Consumer Services | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 2,640 | |
Percentage of Net Assets | 3.54% | |
Commercial Printing | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 2,025 | |
Percentage of Net Assets | 2.72% | |
Software Services | ||
Schedule of Investments [Line Items] | ||
Investments at Fair Value | $ 1,994 | |
Percentage of Net Assets | 2.67% |
Organization
Organization | 9 Months Ended |
Sep. 30, 2022 | |
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. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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 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. ▪ 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. 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 $ 123 of excise tax expense for the nine months ended September 30, 2022 . The Company accrued $ 48 of excise tax expense for the year ended December 31, 2021. At December 31, 2021, the Company, for federal income tax purposes, had capital loss carryforwards of $ 62,971 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, 2021 , $ 42,978 are limited losses and available for use subject to annual limitation under Section 382. Of the capital losses at December 31, 2021, $ 16,815 are short-term and $ 46,156 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. |
Significant Agreements and Rela
Significant Agreements and Related Parties | 9 Months Ended |
Sep. 30, 2022 | |
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 nine months ended September 30, 2022 management fees amounted to $ 804 and $ 2,355 , respectively. For the three and nine months ended September 30, 2021 management fees amounted to $ 876 and $ 2,301 , respectively. As of September 30, 2022 and December 31, 2021, $ 805 and $ 881 , 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 nine months ended September 30, 2022 and 2021, the Company incurred Income Incentive Fees of $( 4,854 ) , inclusive of the incentive fee waiver as of March 31, 2022, and $ 888 , respectively. As of September 30, 2022 there were no incentive fees payable. As of December 31, 2021, $ 4,854 of Income Incentive Fees remained payable and none was immediately payable after calculating the total return requirement. 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 nine months ended September 30, 2022 and the year ended December 31, 2021 , the Company did no t 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 nine months ended September 30, 2022, the Company incurred expenses under the Administration Agreement of $ 221 and $ 704 , respectively. For the three and nine months ended September 30, 2021 , the Company incurred expenses under the Administration Agreement of $ 175 and $ 511 , respectively. As of September 30, 2022 and December 31, 2021, $ 169 and $ 131 remained payable, respectively. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021. 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 September 30, 2022: Assets Level 1 Level 2 Level 3 Total Debt $ - $ 78,507 $ 94,933 $ 173,440 Equity/Other 8,913 - 34,660 43,573 Short Term Investments 69,676 - - 69,676 Total investment assets $ 78,589 $ 78,507 $ 129,593 $ 286,689 The following summarizes the Company’s investment assets categorized within the fair value hierarchy as of December 31, 2021: Assets Level 1 Level 2 Level 3 Total Debt $ - $ 44,858 $ 104,936 $ 149,794 Equity/Other 12,164 1,103 49,088 62,355 Short Term Investments 199,995 - - 199,995 Total investment assets $ 212,159 $ 45,961 $ 154,024 $ 412,144 The following is a reconciliation of Level 3 assets for the nine months ended September 30, 2022: Level 3 Beginning Balance as of January 1, 2022 Net Transfers In/Out Purchases (1) Net Realized Gain (Loss) Net Change in Unrealized (2) Sales and Settlements (1) Net Amortization of Premium/ Discount Ending Balance as of September 30, 2022 Debt $ 104,936 $ ( 8,972 ) $ 49,187 $ ( 59,228 ) $ 47,937 $ ( 39,270 ) $ 343 $ 94,933 Equity/Other 49,088 - 8,163 ( 69,385 ) 68,358 ( 21,564 ) - 34,660 Total investment assets $ 154,024 $ ( 8,972 ) $ 57,350 $ ( 128,613 ) $ 116,295 $ ( 60,834 ) $ 343 $ 129,593 The following is a reconciliation of Level 3 assets for the year ended December 31, 2021: Level 3 Beginning Balance as of January 1, 2021 Net Transfers In/Out Purchases (1) Net Realized Gain (Loss) Net Change in Unrealized (2) Sales and Settlements (1) Net Amortization of Premium/ Discount Ending Balance as of December 31, 2021 Debt $ 85,865 $ - $ 118,965 $ ( 13,067 ) $ ( 19,544 ) $ ( 70,373 ) $ 3,090 $ 104,936 Equity/Other 26,191 - 24,476 ( 2,276 ) 4,907 ( 4,210 ) - 49,088 Total investment assets $ 112,056 $ - $ 143,441 $ ( 15,343 ) $ ( 14,637 ) $ ( 74,583 ) $ 3,090 $ 154,024 (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 September 30, 2022 totaled $( 10,085 ) consisting of the following: $( 8,948 ) related to debt investments and $( 1,137 ) related to equity investments. The net change in unrealized depreciation relating to Level 3 assets still held at December 31, 2021 totaled $( 27,528 ) consisting of the following: $( 31,826 ) related to debt investments and $ 4,298 relating to equity/other. Two investments with an aggregate fair value of $ 8,972 were transferred from Level 3 to Level 2 as a result of increased pricing transparency during the nine months ended September 30, 2022. There were no transfers into or out of Level 3 during the year ended December 31, 2021. The following tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of September 30, 2022 and December 31, 2021, 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 1 st 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 September 30, 2022 Investment Type Fair value Valuation Technique (1) Unobservable Input (1) Range (Weighted Average) (2) Debt $ 64,103 Income Approach Discount Rate 9.48 % - 23.74 % ( 15.74 %) 10,604 Market Approach Earnings Multiple 1.50 - 4.50 ( 3.99 ) 8,500 Income Approach Discount Rate 27.00 % - 33.50 % ( 31.97 %) Market Approach Earnings Multiple 3.40 - 4.50 ( 3.98 ) 7,258 Recent Transaction 4,468 Income Approach Implied Yield 9.60 % - 17.09 % ( 14.51 %) Total Debt $ 94,933 Equity/Other $ 19,428 Income Approach Discount Rate 27.00 % - 33.50 % ( 29.72 %) Market Approach Earnings Multiple 3.40 - 4.50 ( 3.88 ) 4,972 Income Approach Discount Rate 18.59 % - 18.59 % ( 18.59 %) 10,255 Market Approach Earnings Multiple 0.13 - 7.75 ( 3.87 ) 5 Asset Recovery / Liquidation (3) Total Equity/Other $ 34,660 As of December 31, 2021 Investment Type Fair value Valuation Technique (1) Unobservable Input (1) Range (Weighted Average) (2) Debt $ 20,070 Market Approach Earnings Multiple 1.00 - 5.25 ( 3.28 ) Income Approach Discount Rate 17.50 % - 32.50 % ( 27.68 %) 83,321 Income Approach Discount Rate 7.05 % - 65.41 % ( 13.16 %) ( 288 ) Income Approach Implied Yield 4.02 % - 6.87 % ( 4.97 %) 1,833 Recent Transaction Total Debt $ 104,936 Equity/Other $ 31,050 Market Approach Earnings Multiple 0.16 - 14.50 ( 5.44 ) Income Approach Discount Rate 14.00 % - 32.50 % ( 25.54 %) 5,238 Market Approach Earnings Multiple 0.13 - 7.25 ( 2.01 ) 12,579 Income Approach 11.51 % - 13.39 % ( 11.60 %) 221 Asset Recovery / Liquidation (3) Total Equity/Other $ 49,088 (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. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 , there were no borrowings outstanding under the revolving line. 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 of 1940, as amended. 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 (1) Asset Coverage (2) Involuntary Liquidation (3) Average Market (4) December 31, 2016 2020 Notes $ 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 September 30, 2022 GECCM Notes $ 45,610 $ 1,655 N/A $ 1.00 GECCN Notes 42,823 1,655 N/A 1.00 GECCO Notes 57,500 1,655 N/A 1.00 (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 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 (the "Minimum ACR"). As of September 30, 2022, the Company’s asset coverage ratio was approximately 165.5 % . As of September 30, 2022 and December 31, 2021, the Company was in compliance with all covenants under the Indenture. For the three and nine months ended September 30, 2022 and 2021, the components of interest expense were as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Borrowing interest expense $ 2,343 $ 2,499 $ 7,026 $ 6,480 Amortization of acquisition premium 328 648 982 1,156 Total $ 2,671 $ 3,147 $ 8,008 $ 7,636 Weighted average interest rate (1) 7.26 % 8.21 % 7.34 % 7.77 % Average outstanding balance $ 145,933 $ 152,145 $ 145,933 $ 131,453 (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. September 30, 2022 Facility Commitments Borrowings Fair Unsecured Debt - GECCM Notes $ 45,610 $ 45,610 $ 45,245 Unsecured Debt - GECCN Notes 42,823 42,823 42,138 Unsecured Debt - GECCO Notes 57,500 57,500 57,339 Total $ 145,933 $ 145,933 $ 144,722 December 31, 2021 Facility Commitments Borrowings Fair Unsecured Debt - GECCM Notes $ 45,610 $ 45,610 $ 45,701 Unsecured Debt - GECCN Notes 42,823 42,823 42,823 Unsecured Debt - GECCO Notes 57,500 57,500 58,742 Total $ 145,933 $ 145,933 $ 147,266 |
Capital Activity
Capital Activity | 9 Months Ended |
Sep. 30, 2022 | |
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. On September 20, 2021, the Company issued 138,888 shares of common stock (as adjusted for the reverse stock split described above) for $ 3,250 based on the most recently published net asset value and issued 427,351 shares of common stock (as adjusted for the reverse stock split described above) in exchange for a promissory note in aggregate principal amount of $ 10,000 . The issuance of the shares was a private placement exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. On January 21, 2021, the Company distributed 79,797 shares of common stock (as adjusted for the reverse stock split described above) as part of the fourth quarter 2020 distribution. |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022, the Company had approximately $ 21,592 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 September 30, 2022 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 negative 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. 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 in (i) the District Court of Caldwell County, Texas and (ii) the District Court of Harris County, Texas against, among others, Justin Bonner, an employee of GECM, in each case, alleging breach of a confidentiality agreement and tortious interference with Dr. Pumphrey’s attempted sale of a business in which he owned an interest. In August 2017, Dr. Pumphrey voluntarily withdrew his complaint against Mr. Bonner and Full Circle in the District Court of Harris County, Texas. In November 2017, Dr. Pumphrey voluntarily withdrew his complaint without prejudice against Full Circle in the District Court of Caldwell County, Texas. On November 29, 2017, Dr. Pumphrey refiled his claims in the District Court of Harris County, Texas naming Full Circle, MAST Capital Management, LLC, GECC and GECM as defendants. 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. Furthermore, the Company continues to pursue the initial claims against Dr. Pumphrey in the District Court of Caldwell County, Texas. In September 2019, the Company received a judgment in the Company’s favor 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. The Company is conducting mediation with Dr. Pumphrey and the other significant creditors in connection with the Chapter 11 proceeding. |
Indemnification
Indemnification | 9 Months Ended |
Sep. 30, 2022 | |
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. |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2022 | |
Investment Company Financial Highlights [Abstract] | |
Financial Highlights | 9. FINANCIAL HIGHLIGHTS Below is the schedule of financial highlights of the Company: For the Nine Months Ended September 30, 2022 2021 Per Share Data: (1) Net asset value, beginning of period $ 16.63 $ 20.74 Net investment income 1.42 1.32 Net realized gains (loss) ( 22.17 ) ( 1.01 ) Net change in unrealized appreciation (depreciation) 19.32 2.71 Net increase (decrease) in net assets resulting from operations ( 1.43 ) 3.02 Issuance of common stock ( 1.14 ) 0.21 Distributions declared from net investment income (2) ( 1.50 ) ( 1.80 ) Net decrease resulting from distributions to common stockholders ( 1.50 ) ( 1.80 ) Net asset value, end of period $ 12.56 $ 22.17 Per share market value, end of period $ 9.30 $ 20.94 Shares outstanding, end of period 7,601,958 4,484,278 Total return based on net asset value (3) ( 15.80 )% 18.57 % Total return based on market value (3) ( 43.11 )% 8.35 % Ratio/Supplemental Data: Net assets, end of period 95,516 99,425 Ratio of total expenses to average net assets before waiver (4),(5) 22.27 % 20.46 % Ratio of total expenses to average net assets after waiver (4),(5),(6) 16.39 % 20.46 % Ratio of incentive fees to average net assets (4) — 1.01 % Ratio of net investment income to average net assets (4),(5),(6) 11.30 % 8.19 % Portfolio turnover 45 % 48 % (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 nine months ended September 30, 2022 and 2021 average net assets were $ 82,579 and $ 88,183 , respectively. (5) Annualized for periods less than one year. (6) Ratio for the nine months ended September 30, 2022 reflects the impact of the incentive fee waiver described in Note 3. |
Affiliates and Controlled Inves
Affiliates and Controlled Investments | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 represented 3 % 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 September 30, 2022 represented 47 % of the Company's net assets. Fair value as of September 30, 2022 along with transactions during the nine months ended September 30, 2022 in these affiliated investments and controlled investments was as follows: For the Nine Months Ended September 30, 2022 Issue (1) Fair value at December 31, 2021 Gross Additions (2) Gross Reductions (3) Net Realized Change in Unrealized Fair value at September 30, 2022 Interest (4) Fee Dividend Non-Controlled, Affiliated Investments Avanti Communications Group PLC 1.125 Lien, Secured Loan $ 3,622 $ 142 $ 4,552 $ - $ 788 $ - $ 45 $ - $ - 1.25 Lien, Secured Loan 649 41 1,339 - 649 - 13 - - 1.5 Lien, Secured Loan 3,866 - - ( 10,754 ) 6,888 - - - - 2nd Lien, Secured Bond - - - ( 49,370 ) 49,370 - - - - Common Equity ( 0 % of class) - - - ( 50,660 ) 50,660 - - - - 8,137 183 5,891 ( 110,784 ) 108,355 - 58 - - PFS Holdings Corp. 1st Lien, Secured Loan 922 - 8 - 7 921 68 - - Common Equity ( 5 % of class) 1,802 - - - ( 37 ) 1,765 - - - 2,724 - 8 - ( 30 ) 2,686 68 - - Totals $ 10,861 $ 183 $ 5,899 $ ( 110,784 ) $ 108,325 $ 2,686 $ 126 $ - $ - Controlled Investments Lenders' Funding, LLC Subordinated Note 10,000 - - - - 10,000 694 - - Revolver 1,933 2,751 4,139 - - 545 102 - - Equity ( 63 % of class) 7,309 - - - ( 1,007 ) 6,302 - - 459 19,242 2,751 4,139 - ( 1,007 ) 16,847 796 - 459 Prestige Capital Finance, LLC Note 6,000 - 5,000 - - 1,000 211 - - Equity ( 80 % of class) 11,843 321 - - ( 161 ) 12,003 - - 1,640 17,843 321 5,000 - ( 161 ) 13,003 211 - 1,640 Sterling Commercial Credit, LLC Subordinated Note - 7,500 - - - 7,500 408 - - Equity ( 80 % of class) - 7,843 - - ( 418 ) 7,425 - - - - 15,343 - - ( 418 ) 14,925 408 - - Totals $ 37,085 $ 18,415 $ 9,139 $ - $ ( 1,586 ) $ 44,775 $ 1,415 $ - $ 2,099 (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. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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 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. ▪ 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. |
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 $ 123 of excise tax expense for the nine months ended September 30, 2022 . The Company accrued $ 48 of excise tax expense for the year ended December 31, 2021. At December 31, 2021, the Company, for federal income tax purposes, had capital loss carryforwards of $ 62,971 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, 2021 , $ 42,978 are limited losses and available for use subject to annual limitation under Section 382. Of the capital losses at December 31, 2021, $ 16,815 are short-term and $ 46,156 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. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022: Assets Level 1 Level 2 Level 3 Total Debt $ - $ 78,507 $ 94,933 $ 173,440 Equity/Other 8,913 - 34,660 43,573 Short Term Investments 69,676 - - 69,676 Total investment assets $ 78,589 $ 78,507 $ 129,593 $ 286,689 The following summarizes the Company’s investment assets categorized within the fair value hierarchy as of December 31, 2021: Assets Level 1 Level 2 Level 3 Total Debt $ - $ 44,858 $ 104,936 $ 149,794 Equity/Other 12,164 1,103 49,088 62,355 Short Term Investments 199,995 - - 199,995 Total investment assets $ 212,159 $ 45,961 $ 154,024 $ 412,144 |
Summary of Reconciliation of Level 3 Assets | The following is a reconciliation of Level 3 assets for the nine months ended September 30, 2022: Level 3 Beginning Balance as of January 1, 2022 Net Transfers In/Out Purchases (1) Net Realized Gain (Loss) Net Change in Unrealized (2) Sales and Settlements (1) Net Amortization of Premium/ Discount Ending Balance as of September 30, 2022 Debt $ 104,936 $ ( 8,972 ) $ 49,187 $ ( 59,228 ) $ 47,937 $ ( 39,270 ) $ 343 $ 94,933 Equity/Other 49,088 - 8,163 ( 69,385 ) 68,358 ( 21,564 ) - 34,660 Total investment assets $ 154,024 $ ( 8,972 ) $ 57,350 $ ( 128,613 ) $ 116,295 $ ( 60,834 ) $ 343 $ 129,593 The following is a reconciliation of Level 3 assets for the year ended December 31, 2021: Level 3 Beginning Balance as of January 1, 2021 Net Transfers In/Out Purchases (1) Net Realized Gain (Loss) Net Change in Unrealized (2) Sales and Settlements (1) Net Amortization of Premium/ Discount Ending Balance as of December 31, 2021 Debt $ 85,865 $ - $ 118,965 $ ( 13,067 ) $ ( 19,544 ) $ ( 70,373 ) $ 3,090 $ 104,936 Equity/Other 26,191 - 24,476 ( 2,276 ) 4,907 ( 4,210 ) - 49,088 Total investment assets $ 112,056 $ - $ 143,441 $ ( 15,343 ) $ ( 14,637 ) $ ( 74,583 ) $ 3,090 $ 154,024 (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 September 30, 2022 totaled $( 10,085 ) consisting of the following: $( 8,948 ) related to debt investments and $( 1,137 ) related to equity investments. The net change in unrealized depreciation relating to Level 3 assets still held at December 31, 2021 totaled $( 27,528 ) consisting of the following: $( 31,826 ) related to debt investments and $ 4,298 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 September 30, 2022 and December 31, 2021, 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 1 st 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 September 30, 2022 Investment Type Fair value Valuation Technique (1) Unobservable Input (1) Range (Weighted Average) (2) Debt $ 64,103 Income Approach Discount Rate 9.48 % - 23.74 % ( 15.74 %) 10,604 Market Approach Earnings Multiple 1.50 - 4.50 ( 3.99 ) 8,500 Income Approach Discount Rate 27.00 % - 33.50 % ( 31.97 %) Market Approach Earnings Multiple 3.40 - 4.50 ( 3.98 ) 7,258 Recent Transaction 4,468 Income Approach Implied Yield 9.60 % - 17.09 % ( 14.51 %) Total Debt $ 94,933 Equity/Other $ 19,428 Income Approach Discount Rate 27.00 % - 33.50 % ( 29.72 %) Market Approach Earnings Multiple 3.40 - 4.50 ( 3.88 ) 4,972 Income Approach Discount Rate 18.59 % - 18.59 % ( 18.59 %) 10,255 Market Approach Earnings Multiple 0.13 - 7.75 ( 3.87 ) 5 Asset Recovery / Liquidation (3) Total Equity/Other $ 34,660 As of December 31, 2021 Investment Type Fair value Valuation Technique (1) Unobservable Input (1) Range (Weighted Average) (2) Debt $ 20,070 Market Approach Earnings Multiple 1.00 - 5.25 ( 3.28 ) Income Approach Discount Rate 17.50 % - 32.50 % ( 27.68 %) 83,321 Income Approach Discount Rate 7.05 % - 65.41 % ( 13.16 %) ( 288 ) Income Approach Implied Yield 4.02 % - 6.87 % ( 4.97 %) 1,833 Recent Transaction Total Debt $ 104,936 Equity/Other $ 31,050 Market Approach Earnings Multiple 0.16 - 14.50 ( 5.44 ) Income Approach Discount Rate 14.00 % - 32.50 % ( 25.54 %) 5,238 Market Approach Earnings Multiple 0.13 - 7.25 ( 2.01 ) 12,579 Income Approach 11.51 % - 13.39 % ( 11.60 %) 221 Asset Recovery / Liquidation (3) Total Equity/Other $ 49,088 (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. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 (1) Asset Coverage (2) Involuntary Liquidation (3) Average Market (4) December 31, 2016 2020 Notes $ 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 September 30, 2022 GECCM Notes $ 45,610 $ 1,655 N/A $ 1.00 GECCN Notes 42,823 1,655 N/A 1.00 GECCO Notes 57,500 1,655 N/A 1.00 (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 nine months ended September 30, 2022 and 2021, the components of interest expense were as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Borrowing interest expense $ 2,343 $ 2,499 $ 7,026 $ 6,480 Amortization of acquisition premium 328 648 982 1,156 Total $ 2,671 $ 3,147 $ 8,008 $ 7,636 Weighted average interest rate (1) 7.26 % 8.21 % 7.34 % 7.77 % Average outstanding balance $ 145,933 $ 152,145 $ 145,933 $ 131,453 (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. September 30, 2022 Facility Commitments Borrowings Fair Unsecured Debt - GECCM Notes $ 45,610 $ 45,610 $ 45,245 Unsecured Debt - GECCN Notes 42,823 42,823 42,138 Unsecured Debt - GECCO Notes 57,500 57,500 57,339 Total $ 145,933 $ 145,933 $ 144,722 December 31, 2021 Facility Commitments Borrowings Fair Unsecured Debt - GECCM Notes $ 45,610 $ 45,610 $ 45,701 Unsecured Debt - GECCN Notes 42,823 42,823 42,823 Unsecured Debt - GECCO Notes 57,500 57,500 58,742 Total $ 145,933 $ 145,933 $ 147,266 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investment Company Financial Highlights [Abstract] | |
Schedule of Financial Highlights of the Company | Below is the schedule of financial highlights of the Company: For the Nine Months Ended September 30, 2022 2021 Per Share Data: (1) Net asset value, beginning of period $ 16.63 $ 20.74 Net investment income 1.42 1.32 Net realized gains (loss) ( 22.17 ) ( 1.01 ) Net change in unrealized appreciation (depreciation) 19.32 2.71 Net increase (decrease) in net assets resulting from operations ( 1.43 ) 3.02 Issuance of common stock ( 1.14 ) 0.21 Distributions declared from net investment income (2) ( 1.50 ) ( 1.80 ) Net decrease resulting from distributions to common stockholders ( 1.50 ) ( 1.80 ) Net asset value, end of period $ 12.56 $ 22.17 Per share market value, end of period $ 9.30 $ 20.94 Shares outstanding, end of period 7,601,958 4,484,278 Total return based on net asset value (3) ( 15.80 )% 18.57 % Total return based on market value (3) ( 43.11 )% 8.35 % Ratio/Supplemental Data: Net assets, end of period 95,516 99,425 Ratio of total expenses to average net assets before waiver (4),(5) 22.27 % 20.46 % Ratio of total expenses to average net assets after waiver (4),(5),(6) 16.39 % 20.46 % Ratio of incentive fees to average net assets (4) — 1.01 % Ratio of net investment income to average net assets (4),(5),(6) 11.30 % 8.19 % Portfolio turnover 45 % 48 % (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 nine months ended September 30, 2022 and 2021 average net assets were $ 82,579 and $ 88,183 , respectively. (5) Annualized for periods less than one year. (6) Ratio for the nine months ended September 30, 2022 reflects the impact of the incentive fee waiver described in Note 3. |
Affiliates and Controlled Inv_2
Affiliates and Controlled Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments In And Advances To Affiliates [Abstract] | |
Schedule of Fair Value with Transactions in Affiliated investments and controlled investments | Fair value as of September 30, 2022 along with transactions during the nine months ended September 30, 2022 in these affiliated investments and controlled investments was as follows: For the Nine Months Ended September 30, 2022 Issue (1) Fair value at December 31, 2021 Gross Additions (2) Gross Reductions (3) Net Realized Change in Unrealized Fair value at September 30, 2022 Interest (4) Fee Dividend Non-Controlled, Affiliated Investments Avanti Communications Group PLC 1.125 Lien, Secured Loan $ 3,622 $ 142 $ 4,552 $ - $ 788 $ - $ 45 $ - $ - 1.25 Lien, Secured Loan 649 41 1,339 - 649 - 13 - - 1.5 Lien, Secured Loan 3,866 - - ( 10,754 ) 6,888 - - - - 2nd Lien, Secured Bond - - - ( 49,370 ) 49,370 - - - - Common Equity ( 0 % of class) - - - ( 50,660 ) 50,660 - - - - 8,137 183 5,891 ( 110,784 ) 108,355 - 58 - - PFS Holdings Corp. 1st Lien, Secured Loan 922 - 8 - 7 921 68 - - Common Equity ( 5 % of class) 1,802 - - - ( 37 ) 1,765 - - - 2,724 - 8 - ( 30 ) 2,686 68 - - Totals $ 10,861 $ 183 $ 5,899 $ ( 110,784 ) $ 108,325 $ 2,686 $ 126 $ - $ - Controlled Investments Lenders' Funding, LLC Subordinated Note 10,000 - - - - 10,000 694 - - Revolver 1,933 2,751 4,139 - - 545 102 - - Equity ( 63 % of class) 7,309 - - - ( 1,007 ) 6,302 - - 459 19,242 2,751 4,139 - ( 1,007 ) 16,847 796 - 459 Prestige Capital Finance, LLC Note 6,000 - 5,000 - - 1,000 211 - - Equity ( 80 % of class) 11,843 321 - - ( 161 ) 12,003 - - 1,640 17,843 321 5,000 - ( 161 ) 13,003 211 - 1,640 Sterling Commercial Credit, LLC Subordinated Note - 7,500 - - - 7,500 408 - - Equity ( 80 % of class) - 7,843 - - ( 418 ) 7,425 - - - - 15,343 - - ( 418 ) 14,925 408 - - Totals $ 37,085 $ 18,415 $ 9,139 $ - $ ( 1,586 ) $ 44,775 $ 1,415 $ - $ 2,099 (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. |
Organization - Additional Infor
Organization - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Date of incorporation | Apr. 22, 2016 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | ||
Reverse stock split effective date | Feb. 28, 2022 | |
Percentage of investment company taxable income distribute to stockholders | 90% | |
Percentage of net ordinary income | 98% | |
Percentage of capital gain net income | 98.20% | |
Percentage of excise tax on minimum distribution amount | 4% | |
Accrued excise tax expense | $ 123 | $ 48 |
Federal | ||
Significant Accounting Policies [Line Items] | ||
Deferred tax assets, capital loss carryforwards | 62,971 | |
Capital loss carryforward | 42,978 | |
Capital loss carryforward, short-term | 16,815 | |
Capital loss carryforward, long-term | $ 46,156 | |
Maximum | ||
Significant Accounting Policies [Line Items] | ||
Percentage of aggregate investment fair value on total capitalization | 5% | |
Percentage of individual investment fair value on total capitalization | 1% |
Significant Agreements and Re_2
Significant Agreements and Related Parties - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 71 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Sep. 30, 2022 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | |||||||
Management fee calculated at annual rate of average adjusted gross assets | 1.50% | ||||||
Management fees | $ 804,000 | $ 876,000 | $ 2,355,000 | $ 2,301,000 | |||
Management fee payable | 805,000 | $ 805,000 | $ 881,000 | $ 805,000 | |||
Income incentive fee calculation percentage on pre-incentive fee net investment income | 20% | ||||||
Hurdle rate income incentive fee calculation on quarterly basis | 1.75% | ||||||
Annualized hurdle rate on income incentive fee calculation | 7% | ||||||
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% | ||||||
Percentage of Cumulative pre incentive fee net return | 20% | ||||||
Accrued incentive fees payable | 4,854,000 | ||||||
Incentive fees | 382,000 | 888,000 | |||||
Administration fees | 221,000 | 175,000 | $ 704,000 | 511,000 | |||
Great Elm Capital Management, Inc., | |||||||
Related Party Transaction [Line Items] | |||||||
Aggregate cumulative realized capital gains percentage | 20% | ||||||
Accrued incentive fees payable | 4,854,000 | $ 4,900,000 | |||||
Incentive fee waiver | 4,854,000 | 4,854,000 | |||||
Incentive fees | 888,000 | ||||||
Capital gains incentive fees accrual | 0 | 0 | |||||
Administration fees | 221,000 | $ 175,000 | 704,000 | $ 511,000 | |||
Administrative expense payable | $ 169,000 | $ 169,000 | $ 131,000 | $ 169,000 | |||
Minimum [Member] | |||||||
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% |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Investment Assets Categorized within Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total investment assets | $ 286,689 | $ 412,144 |
Debt | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total investment assets | 173,440 | 149,794 |
Equity/Other | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total investment assets | 43,573 | 62,355 |
Short Term Investments | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total investment assets | 69,676 | 199,995 |
Level 1 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total investment assets | 78,589 | 212,159 |
Level 1 | Equity/Other | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total investment assets | 8,913 | 12,164 |
Level 1 | Short Term Investments | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total investment assets | 69,676 | 199,995 |
Level 2 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total investment assets | 78,507 | 45,961 |
Level 2 | Debt | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total investment assets | 78,507 | 44,858 |
Level 2 | Equity/Other | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total investment assets | 1,103 | |
Level 3 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total investment assets | 129,593 | 154,024 |
Level 3 | Debt | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total investment assets | 94,933 | 104,936 |
Level 3 | Equity/Other | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Total investment assets | $ 34,660 | $ 49,088 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Reconciliation of Level 3 Assets (Details) - Level 3 - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | $ 154,024,000 | $ 112,056,000 | |
Net Transfers In/Out | (8,972,000) | 0 | |
Purchases | [1] | 57,350,000 | 143,441,000 |
Net Realized Gain (Loss) | (128,613,000) | (15,343,000) | |
Net Change in Unrealized Appreciation (Depreciation) | [2] | 116,295,000 | (14,637,000) |
Sales and Settlements | [1] | (60,834,000) | (74,583,000) |
Net Amortization of Premium/ Discount | 343,000 | 3,090,000 | |
Ending Balance | 129,593,000 | 154,024,000 | |
Debt | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 104,936,000 | 85,865,000 | |
Net Transfers In/Out | (8,972,000) | ||
Purchases | [1] | 49,187,000 | 118,965,000 |
Net Realized Gain (Loss) | (59,228,000) | (13,067,000) | |
Net Change in Unrealized Appreciation (Depreciation) | [2] | 47,937,000 | (19,544,000) |
Sales and Settlements | [1] | (39,270,000) | (70,373,000) |
Net Amortization of Premium/ Discount | 343,000 | 3,090,000 | |
Ending Balance | 94,933,000 | 104,936,000 | |
Equity/Other | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 49,088,000 | 26,191,000 | |
Purchases | [1] | 8,163,000 | 24,476,000 |
Net Realized Gain (Loss) | (69,385,000) | (2,276,000) | |
Net Change in Unrealized Appreciation (Depreciation) | [2] | 68,358,000 | 4,907,000 |
Sales and Settlements | [1] | (21,564,000) | (4,210,000) |
Ending Balance | $ 34,660,000 | $ 49,088,000 | |
[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. The net change in unrealized appreciation relating to Level 3 assets still held at September 30, 2022 totaled $( 10,085 ) consisting of the following: $( 8,948 ) related to debt investments and $( 1,137 ) related to equity investments. The net change in unrealized depreciation relating to Level 3 assets still held at December 31, 2021 totaled $( 27,528 ) consisting of the following: $( 31,826 ) related to debt investments and $ 4,298 relating to equity/other. |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Reconciliation of Level 3 Assets (Parenthetical) (Details) - Level 3 - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value, net change in unrealized appreciation | $ (10,085) | |
Fair value, net change in unrealized depreciation | $ (27,528) | |
Debt | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value, net change in unrealized appreciation | (8,948) | |
Fair value, net change in unrealized depreciation | (31,826) | |
Equity/Other | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value, net change in unrealized appreciation | $ (1,137) | |
Fair value, net change in unrealized depreciation | $ 4,298 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Level 3 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value transferred, increased pricing transparency | $ (8,972,000) | $ 0 |
Level 2 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Aggregate fair value transferred from Level 3 to Level 2 | $ 8,972,000 |
Fair Value Measurement - Ranges
Fair Value Measurement - Ranges of Significant Unobservable Inputs to Value Level 3 Assets (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | $ 286,689 | $ 412,144 | |
Level 3 | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | 129,593 | 154,024 | |
Debt | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | 173,440 | 149,794 | |
Debt | Level 3 | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | 94,933 | 104,936 | |
Debt | Level 3 | Income Approach | Discount Rate | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | [1] | 83,321 | |
Debt | Level 3 | Income Approach | Implied Yield | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | [1] | 4,468 | (288) |
Debt | Level 3 | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | [1] | 20,070 | |
Debt | Level 3 | Recent Transaction | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | [1] | $ 7,258 | $ 1,833 |
Debt | Level 3 | Minimum [Member] | Income Approach | Implied Yield | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.0960 | 0.0402 |
Debt | Level 3 | Minimum [Member] | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 1 | |
Debt | Level 3 | Maximum | Income Approach | Implied Yield | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.1709 | 0.0687 |
Debt | Level 3 | Maximum | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 5.25 | |
Debt | Level 3 | Weighted Average | Income Approach | Implied Yield | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.1451 | 0.0497 |
Debt | Level 3 | Weighted Average | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 3.28 | |
Debt | Level 3 | Debt Instrument Three | Minimum [Member] | Income Approach | Discount Rate | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.1750 | |
Debt | Level 3 | Debt Instrument Three | Maximum | Income Approach | Discount Rate | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.3250 | |
Debt | Level 3 | Debt Instrument Three | Weighted Average | Income Approach | Discount Rate | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.2768 | |
Debt | Level 3 | Debt Instrument Four | Minimum [Member] | Income Approach | Discount Rate | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.0705 | |
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) | [1],[2] | 0.6541 | |
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) | [1],[2] | 0.1316 | |
Debt | Debt Instrument One | Level 3 | Income Approach | Discount Rate | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | [1] | $ 64,103 | |
Debt | Debt Instrument One | Level 3 | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | [1] | $ 10,604 | |
Debt | Debt Instrument One | Level 3 | Minimum [Member] | Income Approach | Discount Rate | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.0948 | |
Debt | Debt Instrument One | Level 3 | Minimum [Member] | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 1.50 | |
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) | [1],[2] | 0.2374 | |
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) | [1],[2] | 4.50 | |
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) | [1],[2] | 0.1574 | |
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) | [1],[2] | 3.99 | |
Debt | Debt Instrument Two | Level 3 | Income Approach | Discount Rate | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | [1] | $ 8,500 | |
Debt | Debt Instrument Two | Level 3 | Minimum [Member] | Income Approach | Discount Rate | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.2700 | |
Debt | Debt Instrument Two | Level 3 | Minimum [Member] | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 3.40 | |
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) | [1],[2] | 0.3350 | |
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) | [1],[2] | 4.50 | |
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) | [1],[2] | 0.3197 | |
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) | [1],[2] | 3.98 | |
Equity/Other | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | $ 43,573 | $ 62,355 | |
Equity/Other | Level 3 | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | 34,660 | 49,088 | |
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 | [1] | $ 19,428 | |
Equity/Other | Level 3 | Equity Funds One | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | [1] | $ 31,050 | |
Equity/Other | Level 3 | Equity Funds One | Minimum [Member] | Income Approach | Discount Rate | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.2700 | |
Equity/Other | Level 3 | Equity Funds One | Minimum [Member] | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.16 | |
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) | [1],[2] | 0.3350 | |
Equity/Other | Level 3 | Equity Funds One | Maximum | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 14.50 | |
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) | [1],[2] | 0.2972 | |
Equity/Other | Level 3 | Equity Funds One | Weighted Average | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 5.44 | |
Equity/Other | Level 3 | Equity Funds Two | Minimum [Member] | Income Approach | Discount Rate | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.1400 | |
Equity/Other | Level 3 | Equity Funds Two | Minimum [Member] | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 3.40 | |
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) | [1],[2] | 0.3250 | |
Equity/Other | Level 3 | Equity Funds Two | Maximum | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 4.50 | |
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) | [1],[2] | 0.2554 | |
Equity/Other | Level 3 | Equity Funds Two | Weighted Average | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 3.88 | |
Equity/Other | Level 3 | Equity Funds Three | Income Approach | Discount Rate | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | [1] | $ 4,972 | |
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 | [1] | $ 5,238 | |
Equity/Other | Level 3 | Equity Funds Three | Minimum [Member] | Income Approach | Discount Rate | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.1859 | |
Equity/Other | Level 3 | Equity Funds Three | Minimum [Member] | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.13 | |
Equity/Other | Level 3 | Equity Funds Three | Maximum | Income Approach | Discount Rate | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.1859 | |
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) | [1],[2] | 7.25 | |
Equity/Other | Level 3 | Equity Funds Three | Weighted Average | Income Approach | Discount Rate | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.1859 | |
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) | [1],[2] | 2.01 | |
Equity/Other | Level 3 | Equity Funds Four | Income Approach | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value | [1] | $ 12,579 | |
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 | [1] | $ 10,255 | |
Equity/Other | Level 3 | Equity Funds Four | Minimum [Member] | Income Approach | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.1151 | |
Equity/Other | Level 3 | Equity Funds Four | Minimum [Member] | Market Approach | Earnings Multiple | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Range (Weighted Average) | [1],[2] | 0.13 | |
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) | [1],[2] | 0.1339 | |
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) | [1],[2] | 7.75 | |
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) | [1],[2] | 0.1160 | |
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) | [1],[2] | 3.87 | |
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],[3] | $ 5 | $ 221 |
[1] The fair value of any one instrument may be determined using multiple valuation techniques or unobservable inputs. 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. 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. |
Debt - Additional Information (
Debt - Additional Information (Details) | May 05, 2021 USD ($) | Sep. 30, 2022 USD ($) | 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] | |||||||||
Asset coverage ratio | 165.5 | ||||||||
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% | ||||||||
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 | $ 0 | ||||||||
Senior Secured Revolving Line of Credit | City National Bank | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility covenant net assets percentage | 300% | ||||||||
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% |
Debt - Schedule of Senior Secur
Debt - Schedule of Senior Securities (Including Debt Securities and Other Indebtedness) (Details) - Senior Notes - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
2020 Notes | |||||||
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 | $ 46,398 | $ 46,398 | ||
Asset Coverage Ratio Per Unit | $ 1,655 | $ 1,511 | $ 1,671 | $ 1,701 | $ 2,393 | ||
Average Market Value Per Unit | $ 1 | $ 1 | $ 0.84 | $ 1.01 | $ 0.98 | ||
GECCN Notes | |||||||
Debt Instrument [Line Items] | |||||||
Total Amount Outstanding | $ 42,823 | $ 42,823 | $ 42,823 | $ 45,000 | |||
Asset Coverage Ratio Per Unit | $ 1,655 | $ 1,511 | $ 1,671 | $ 1,701 | |||
Average Market Value Per Unit | $ 1 | $ 1 | $ 0.84 | $ 1 | |||
GECCO Notes | |||||||
Debt Instrument [Line Items] | |||||||
Total Amount Outstanding | $ 57,500 | $ 57,500 | |||||
Asset Coverage Ratio Per Unit | $ 1,655 | $ 1,511 | |||||
Average Market Value Per Unit | $ 1 | $ 1.02 |
Debt - Schedule of Senior Sec_2
Debt - Schedule of Senior Securities (Including Debt Securities and Other Indebtedness) (Parenthetical) (Details) - Senior Notes $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | |
Amount of asset coverage per unit expressed indebtedness | $ 1,000 |
Amount of indebtedness | $ 1 |
Debt - Summary of Components of
Debt - Summary of Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Disclosure [Abstract] | ||||
Borrowing interest expense | $ 2,343 | $ 2,499 | $ 7,026 | $ 6,480 |
Amortization of discount (premium) on long term debt | 328 | 648 | 982 | 1,156 |
Total | $ 2,671 | $ 3,147 | $ 8,008 | $ 7,636 |
Weighted average interest rate | 7.26% | 8.21% | 7.34% | 7.77% |
Average outstanding balance | $ 145,933 | $ 152,145 | $ 145,933 | $ 131,453 |
Debt - Summary of Commitments,
Debt - Summary of Commitments, Borrowings Outstanding and Fair Value of Notes (Details) - Unsecured Notes - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Commitments | $ 145,933 | $ 145,933 |
Total Amount Outstanding | 145,933 | 145,933 |
Fair Value | 144,722 | 147,266 |
GECCM Notes | ||
Debt Instrument [Line Items] | ||
Commitments | 45,610 | 45,610 |
Total Amount Outstanding | 45,610 | 45,610 |
Fair Value | 45,245 | 45,701 |
GECCN Notes | ||
Debt Instrument [Line Items] | ||
Commitments | 42,823 | 42,823 |
Total Amount Outstanding | 42,823 | 42,823 |
Fair Value | 42,138 | 42,823 |
GECCO Notes | ||
Debt Instrument [Line Items] | ||
Commitments | 57,500 | 57,500 |
Total Amount Outstanding | 57,500 | 57,500 |
Fair Value | $ 57,339 | $ 58,742 |
Capital Activity - Additional I
Capital Activity - Additional Information (Details) | 9 Months Ended | |||||||||
Jun. 13, 2022 USD ($) NewShare $ / shares shares | Feb. 28, 2022 USD ($) shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) | Feb. 03, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Sep. 20, 2021 USD ($) shares | Jan. 21, 2021 shares | |||
Schedule of Capitalization [Line Items] | ||||||||||
Number of new shares of common stock purchased. | NewShare | 1 | |||||||||
Sale of stock, price per share | $ / shares | $ 12.50 | |||||||||
Common stock, shares issued | shares | 3,000,567 | 7,601,958 | 117,117 | 4,484,278 | 138,888 | 79,797 | ||||
Proceeds from issuance of common stock | $ 37,507,000 | $ 37,507,000 | $ 13,239,000 | |||||||
Reverse stock split, conversion ratio | 0.17 | |||||||||
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 | shares | 4 | |||||||||
Fractional shares aggregate amount of redemption | $ 0.1 | |||||||||
Common stock, value | $ 76,000 | [1] | $ 2,600,000 | $ 45,000 | [1] | $ 3,250,000 | ||||
Promissory Note | ||||||||||
Schedule of Capitalization [Line Items] | ||||||||||
Common stock, shares issued | shares | 427,351 | |||||||||
Common stock, value | $ 10,000,000 | |||||||||
[1] Authorized, issued and outstanding shares of common stock and net asset value per share have been adjusted for the periods prior to February 28, 2022 to reflect the six-for-one reverse stock split effected on that date on a retroactive basis as described in Note 2. |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) - USD ($) | 9 Months Ended | |
Nov. 29, 2017 | Sep. 30, 2022 | |
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 | $ 21,592 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights of the Company (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |||||
Investment Company Investment Income Loss From Operations Per Share [Abstract] | ||||||||||||
Net asset value, beginning of period | [2] | $ 16.63 | [1] | $ 20.74 | ||||||||
Net investment income | [3] | $ 0.14 | $ 0.39 | 1.42 | [2] | 1.32 | [2] | |||||
Net realized gains (loss) | [2] | (22.17) | (1.01) | |||||||||
Net change in unrealized appreciation (depreciation) | [2] | 19.32 | 2.71 | |||||||||
Net increase (decrease) in net assets resulting from operations | [2] | (1.43) | 3.02 | |||||||||
Issuance of common stock | [2] | (1.14) | 0.21 | |||||||||
Distributions declared from net investment income | [2],[4] | (1.50) | (1.80) | |||||||||
Net decrease resulting from distributions to common stockholders | [2] | (1.50) | (1.80) | |||||||||
Net asset value, end of period | [2] | 12.56 | [1] | 22.17 | 12.56 | [1] | 22.17 | |||||
Per share market value, end of period | [2] | $ 9.30 | $ 20.94 | $ 9.30 | $ 20.94 | |||||||
Shares outstanding, end of period | 7,601,958 | 4,484,278 | 7,601,958 | 4,484,278 | ||||||||
Total return based on net asset value | [5] | (15.80%) | 18.57% | |||||||||
Total return based on market value | [5] | (43.11%) | 8.35% | |||||||||
Ratio/Supplemental Data: | ||||||||||||
Net assets, end of period | $ 95,516 | $ 99,425 | $ 95,516 | $ 99,425 | $ 97,606 | $ 74,556 | $ 91,667 | $ 79,615 | ||||
Ratio of total expenses to average net assets before waiver | [6],[7] | 22.27% | 20.46% | |||||||||
Ratio of total expenses to average net assets after waiver | [6],[7],[8] | 16.39% | 20.46% | |||||||||
Ratio of incentive fees to average net assets | [7] | 1.01% | ||||||||||
Ratio of net investment income to average net assets | [6],[7],[8] | 11.30% | 8.19% | |||||||||
Portfolio turnover | 45% | 48% | ||||||||||
[1] Authorized, issued and outstanding shares of common stock and net asset value per share have been adjusted for the periods prior to February 28, 2022 to reflect the six-for-one reverse stock split effected on that date on a retroactive basis as described in Note 2. 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. 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 per share data for distributions declared reflects the actual amount of distributions of record per share for the period. 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. Annualized for periods less than one year. Average net assets used in ratio calculations is calculated using monthly ending net assets for the period presented. For the nine months ended September 30, 2022 and 2021 average net assets were $ 82,579 and $ 88,183 , respectively. Ratio for the nine months ended September 30, 2022 reflects the impact of the incentive fee waiver described in Note 3. |
Financial Highlights - Schedu_2
Financial Highlights - Schedule of Financial Highlights of the Company (Parenthetical) (Details) $ in Thousands | 9 Months Ended | ||
Feb. 28, 2022 | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Investment Company Financial Highlights [Abstract] | |||
Reverse stock split, conversion ratio | 0.17 | ||
Average net assets | $ 82,579 | $ 88,183 |
Affiliates and Controlled Inv_3
Affiliates and Controlled Investments - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Schedule of Investments [Line Items] | |
Percentage Of Aggregate Fair Value Of Non Controlled Affiliated Investments | 3% |
Percentage of Aggregate Fair Value of Controlled Investments | 47% |
Maximum | |
Schedule of Investments [Line Items] | |
Percentage of board representation to nominate | 50% |
Affiliates and Controlled Inv_4
Affiliates and Controlled Investments - Schedule of Fair Value with Transactions in Affiliated investments and controlled investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Schedule of Investments [Line Items] | |||||
Net realized gain (loss) | $ 1,171 | $ 1,660 | $ (128,513) | $ (3,984) | |
Interest Income | 4,990 | 5,872 | 12,765 | 15,143 | |
Dividend Income | 740 | $ 915 | 3,396 | $ 2,809 | |
Non-Controlled, Affiliated Investments | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 10,861 | |||
Gross Additions | [1],[2] | 183 | |||
Gross Reductions | [1],[3] | 5,899 | |||
Net realized gain (loss) | [1] | (110,784) | |||
Change in Unrealized Appreciation (Depreciation) | [1] | 108,325 | |||
Fair value, Ending Balance | [1] | 2,686 | 2,686 | ||
Interest Income | [1],[4] | 126 | |||
Non-Controlled, Affiliated Investments | Avanti Communications Group PLC | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 8,137 | |||
Gross Additions | [1],[2] | 183 | |||
Gross Reductions | [1],[3] | 5,891 | |||
Net realized gain (loss) | [1] | (110,784) | |||
Change in Unrealized Appreciation (Depreciation) | [1] | 108,355 | |||
Interest Income | [1],[4] | 58 | |||
Non-Controlled, Affiliated Investments | Avanti Communications Group PLC | 1.125 Lien Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 3,622 | |||
Gross Additions | [1],[2] | 142 | |||
Gross Reductions | [1],[3] | 4,552 | |||
Change in Unrealized Appreciation (Depreciation) | [1] | 788 | |||
Interest Income | [1],[4] | 45 | |||
Non-Controlled, Affiliated Investments | Avanti Communications Group PLC | 1.25 Lien Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 649 | |||
Gross Additions | [1],[2] | 41 | |||
Gross Reductions | [1],[3] | 1,339 | |||
Change in Unrealized Appreciation (Depreciation) | [1] | 649 | |||
Interest Income | [1],[4] | 13 | |||
Non-Controlled, Affiliated Investments | Avanti Communications Group PLC | 1.5 Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 3,866 | |||
Net realized gain (loss) | [1] | (10,754) | |||
Change in Unrealized Appreciation (Depreciation) | [1] | 6,888 | |||
Non-Controlled, Affiliated Investments | Avanti Communications Group PLC | 2nd Lien Secured Bond | |||||
Schedule of Investments [Line Items] | |||||
Net realized gain (loss) | [1] | (49,370) | |||
Change in Unrealized Appreciation (Depreciation) | [1] | 49,370 | |||
Non-Controlled, Affiliated Investments | Avanti Communications Group PLC | Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Net realized gain (loss) | [1] | (50,660) | |||
Change in Unrealized Appreciation (Depreciation) | [1] | 50,660 | |||
Non-Controlled, Affiliated Investments | PFS Holdings Corp | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 2,724 | |||
Gross Reductions | [1],[3] | 8 | |||
Change in Unrealized Appreciation (Depreciation) | [1] | (30) | |||
Fair value, Ending Balance | [1] | 2,686 | 2,686 | ||
Interest Income | [1],[4] | 68 | |||
Non-Controlled, Affiliated Investments | PFS Holdings Corp | 1st Lien, Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 922 | |||
Gross Reductions | [1],[3] | 8 | |||
Change in Unrealized Appreciation (Depreciation) | [1] | 7 | |||
Fair value, Ending Balance | [1] | 921 | 921 | ||
Interest Income | [1],[4] | 68 | |||
Non-Controlled, Affiliated Investments | PFS Holdings Corp | Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 1,802 | |||
Change in Unrealized Appreciation (Depreciation) | [1] | (37) | |||
Fair value, Ending Balance | [1] | 1,765 | 1,765 | ||
Controlled Investments | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 37,085 | |||
Gross Additions | [1],[2] | 18,415 | |||
Gross Reductions | [1],[2] | 9,139 | |||
Change in Unrealized Appreciation (Depreciation) | [1] | (1,586) | |||
Fair value, Ending Balance | [1] | 44,775 | 44,775 | ||
Interest Income | [1],[4] | 1,415 | |||
Dividend Income | [1] | 2,099 | |||
Controlled Investments | Lenders Funding LLC | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 19,242 | |||
Gross Additions | [1],[2] | 2,751 | |||
Gross Reductions | [1],[3] | 4,139 | |||
Change in Unrealized Appreciation (Depreciation) | [1] | (1,007) | |||
Fair value, Ending Balance | [1] | 16,847 | 16,847 | ||
Interest Income | [1],[4] | 796 | |||
Dividend Income | [1] | 459 | |||
Controlled Investments | Lenders Funding LLC | Equity | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 7,309 | |||
Gross Additions | |||||
Change in Unrealized Appreciation (Depreciation) | [1] | (1,007) | |||
Fair value, Ending Balance | [1] | 6,302 | 6,302 | ||
Dividend Income | [1] | 459 | |||
Controlled Investments | Lenders Funding LLC | Subordinated Note | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 10,000 | |||
Fair value, Ending Balance | [1] | 10,000 | 10,000 | ||
Interest Income | [1],[4] | 694 | |||
Controlled Investments | Lenders Funding LLC | Revolver | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 1,933 | |||
Gross Additions | [1],[2] | 2,751 | |||
Gross Reductions | [1],[3] | 4,139 | |||
Fair value, Ending Balance | [1] | 545 | 545 | ||
Interest Income | [1],[4] | 102 | |||
Controlled Investments | Prestige Capital Finance LLC | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 17,843 | |||
Gross Additions | [1],[2] | 321 | |||
Gross Reductions | [1],[3] | 5,000 | |||
Change in Unrealized Appreciation (Depreciation) | [1] | (161) | |||
Fair value, Ending Balance | [1] | 13,003 | 13,003 | ||
Interest Income | [1],[4] | 211 | |||
Dividend Income | [1] | 1,640 | |||
Controlled Investments | Prestige Capital Finance LLC | Equity | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 11,843 | |||
Gross Additions | [1],[2] | 321 | |||
Change in Unrealized Appreciation (Depreciation) | [1] | (161) | |||
Fair value, Ending Balance | [1] | 12,003 | 12,003 | ||
Dividend Income | [1] | 1,640 | |||
Controlled Investments | Prestige Capital Finance LLC | Note | |||||
Schedule of Investments [Line Items] | |||||
Fair value, Beginning Balance | [1] | 6,000 | |||
Gross Additions | |||||
Gross Reductions | [1],[3] | 5,000 | |||
Fair value, Ending Balance | [1] | 1,000 | 1,000 | ||
Interest Income | [1],[4] | 211 | |||
Controlled Investments | Sterling Commercial Credit LLC | |||||
Schedule of Investments [Line Items] | |||||
Gross Additions | [1],[2] | 15,343 | |||
Change in Unrealized Appreciation (Depreciation) | [1] | (418) | |||
Fair value, Ending Balance | [1] | 14,925 | 14,925 | ||
Interest Income | [1],[4] | 408 | |||
Controlled Investments | Sterling Commercial Credit LLC | Equity | |||||
Schedule of Investments [Line Items] | |||||
Gross Additions | [1],[2] | 7,843 | |||
Change in Unrealized Appreciation (Depreciation) | [1] | (418) | |||
Fair value, Ending Balance | [1] | 7,425 | 7,425 | ||
Controlled Investments | Sterling Commercial Credit LLC | Subordinated Note | |||||
Schedule of Investments [Line Items] | |||||
Gross Additions | [1],[2] | 7,500 | |||
Fair value, Ending Balance | [1] | $ 7,500 | 7,500 | ||
Interest Income | [1],[4] | $ 408 | |||
[1] Non-unitized equity investments are disclosed with percentage ownership in lieu of quantity. 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. 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. Income amounts include accrued PIK income. |
Affiliates and Controlled Inv_5
Affiliates and Controlled Investments - Schedule of Fair Value with Transactions in Affiliated investments and controlled investments (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Non-affiliated, Non-controlled Investments | Common Equity (0% of class) | Avanti Communications Group PLC | |
Schedule Of Investments [Line Items] | |
Percentage of class | 0% |
Non-affiliated, Non-controlled Investments | Common Equity (5% of class) | PFS Holdings Corp | |
Schedule Of Investments [Line Items] | |
Percentage of class | 5% |
Controlled Investments | Equity (63% of class) | Lenders Funding LLC | |
Schedule Of Investments [Line Items] | |
Percentage of class | 63% |
Controlled Investments | Equity (80% of class) | Prestige Capital Finance LLC | |
Schedule Of Investments [Line Items] | |
Percentage of class | 80% |
Controlled Investments | Equity (80% of class) | Sterling Commercial Credit LLC | |
Schedule Of Investments [Line Items] | |
Percentage of class | 80% |
N-2
N-2 - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||||||||||||
Oct. 28, 2022 | Jul. 09, 2021 | Jun. 23, 2021 | Jul. 05, 2019 | Jun. 18, 2019 | Feb. 19, 2018 | Jan. 19, 2018 | Jan. 11, 2018 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2022 | |
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. Ri sk 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, 2021 . | ||||||||||||||||||||
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 59.9 % premium to NAV and as low as a 51.0 % 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, 2022 Fourth Quarter (through October 28, 2022) N/A $ 10.29 $ 9.34 -- -- -- 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 Fiscal year ending December 31, 2020 Fourth Quarter $ 20.74 $ 24.36 $ 15.06 17.5 % ( 27.4 )% $ 1.50 Third Quarter 33.16 31.86 19.56 ( 3.9 )% ( 41.0 )% 1.50 Second Quarter 30.59 29.70 15.00 ( 2.9 )% ( 51.0 )% 1.50 First Quarter 30.32 48.48 15.72 59.9 % ( 48.2 )% 1.50 (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. In accordance with the terms of the dividend reinvestment plan, during 2021, a total of (i) 51,029 shares of our common stock were purchased in the open market by our plan administrator and (ii) 26 shares were purchased from the Company by our plan administrator. See “Dividend Reinvestment Plan” in this prospectus. 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 October 28, 2022 was $ 9.95 per share. As of October 28, 2022, we had 10 record holders of our common stock. | ||||||||||||||||||||
Lowest Price or Bid | $ 9.34 | $ 8.04 | $ 12.30 | $ 13.80 | $ 18.24 | $ 19.50 | $ 19.26 | $ 18.24 | $ 15.06 | $ 19.56 | $ 15 | $ 15.72 | |||||||||
Highest Price or Bid | $ 10.29 | $ 12.70 | $ 15 | $ 18.99 | $ 21.12 | $ 21.84 | $ 23.04 | $ 24.18 | $ 24.36 | $ 31.86 | $ 29.70 | $ 48.48 | |||||||||
Highest Price or Bid, Premium (Discount) to NAV [Percent] | 1.10% | 16.90% | 26.10% | 27% | (1.50%) | (1.50%) | 3.50% | 17.50% | (3.90%) | (2.90%) | 59.90% | 59.90% | |||||||||
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | (36.00%) | (4.20%) | (8.40%) | 9.70% | (12.00%) | (17.70%) | (21.90%) | (27.40%) | (41.00%) | (51.00%) | (48.20%) | (51.00%) | |||||||||
Latest Share Price | $ 9.95 | ||||||||||||||||||||
Latest NAV | $ 12.56 | $ 12.84 | $ 15.06 | $ 16.63 | $ 22.17 | $ 23.40 | $ 23.36 | $ 20.74 | $ 33.16 | $ 30.59 | $ 30.32 | ||||||||||
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 September 30, 2022 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 September 30, 2022 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 September 30, 2022 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 September 30, 2022, our asset coverage ratio was approximately 165.5% . 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. We may repurchase the Notes in accordance with the Investment Company Act and the rules promulgated thereunder. | ||||||||||||||||||||
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 | $ 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 | $ 57.5 |