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Debt (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Senior Securities (Including Debt Securities and Other Indebtedness) | Information about the Company’s senior securities (including debt securities and other indebtedness) is shown in the following table:
As of |  | Total Amount Outstanding(1) |  |  | Asset Coverage Ratio Per Unit(2) |  |  | Involuntary Liquidation Preference Per Unit(3) |  | Average Market Value Per Unit(4) |
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |
8.25% Notes due 2020 |  | $ | 33,646 |  |  | $ | 6,168 |  |  | N/A |  | $ | 1.02 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |
6.50% Notes due 2022 (“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 |
6.50% Notes due 2024 ("GECCN Notes") |  |  | 45,000 |  |  |  | 1,701 |  |  | N/A |  |  | 1.00 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
GECCL Notes |  | $ | 30,293 |  |  | $ | 1,671 |  |  | N/A |  | $ | 0.89 |
GECCM Notes |  |  | 45,610 |  |  |  | 1,671 |  |  | N/A |  |  | 0.84 |
GECCN Notes |  |  | 42,823 |  |  |  | 1,671 |  |  | N/A |  |  | 0.84 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
GECCM Notes |  | $ | 45,610 |  |  | $ | 1,511 |  |  | N/A |  | $ | 1.00 |
GECCN Notes |  |  | 42,823 |  |  |  | 1,511 |  |  | N/A |  |  | 1.00 |
GECCO Notes |  |  | 57,500 |  |  |  | 1,511 |  |  | N/A |  |  | 1.02 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
GECCM Notes |  | $ | 45,610 |  |  | $ | 1,544 |  |  | N/A |  | $ | 0.99 |
GECCN Notes |  |  | 42,823 |  |  |  | 1,544 |  |  | N/A |  |  | 1.00 |
GECCO Notes |  |  | 57,500 |  |  |  | 1,544 |  |  | N/A |  |  | 1.00 |
Revolving Credit Facility |  |  | 10,000 |  |  |  | 1,544 |  |  | N/A |  |  | - |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
GECCM Notes |  | $ | 45,610 |  |  | $ | 1,690 |  |  | N/A |  | $ | 0.99 |
GECCO Notes |  |  | 57,500 |  |  |  | 1,690 |  |  | N/A |  |  | 0.96 |
GECCZ Notes |  |  | 40,000 |  |  |  | 1,690 |  |  | N/A |  |  | 0.99 |
Revolving Credit Facility |  |  | - |  |  |  | 1,690 |  |  | N/A |  |  | - |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
GECCO Notes |  | $ | 57,500 |  |  | $ | 1,697 |  |  | N/A |  | $ | 0.99 |
GECCZ Notes |  |  | 40,000 |  |  |  | 1,697 |  |  | N/A |  |  | 1.01 |
GECCI Notes |  |  | 56,500 |  |  |  | 1,697 |  |  | N/A |  |  | 1.01 |
GECCH Notes |  |  | 41,400 |  |  |  | 1,697 |  |  | N/A |  |  | 1.00 |
Revolving Credit Facility |  |  | - |  |  |  | 1,697 |  |  | N/A |  |  | - |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
GECCO Notes |  | $ | 57,500 |  |  | $ | 1,682 |  |  | N/A |  | $ | 1.00 |
GECCI Notes |  |  | 56,500 |  |  |  | 1,682 |  |  | N/A |  |  | 1.01 |
GECCH Notes |  |  | 41,400 |  |  |  | 1,682 |  |  | N/A |  |  | 1.01 |
GECCG Notes |  |  | 50,000 |  |  |  | 1,682 |  |  | N/A |  |  | 1.00 |
Revolving Credit Facility |  |  | - |  |  |  | 1,682 |  |  | N/A |  |  | - |
(1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) Asset coverage per unit is the ratio of the carrying value of the Company’s total 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, 2025 and 2024, the components of interest expense were as follows:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Borrowing interest expense |  | $ | 4,080 |  |  | $ | 3,819 |  |  | $ | 11,808 |  |  | $ | 9,485 |
Amortization of acquisition premium |  |  | 464 |  |  |  | 391 |  |  |  | 1,305 |  |  |  | 1,005 |
Acquisition discount expensed at time of redemption |  |  | 941 |  |  |  | - |  |  |  | 941 |  |  |  | - |
Total |  | $ | 5,485 |  |  | $ | 4,210 |  |  | $ | 14,054 |  |  | $ | 10,490 |
Weighted average interest rate(1) |  |  | 10.38 | % |  |  | 8.28 | % |  |  | 9.26 | % |  |  | 8.12 | %
Average outstanding balance |  | $ | 209,683 |  |  | $ | 202,348 |  |  | $ | 202,944 |  |  | $ | 172,660 |
(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, 2025 |
Facility |  | Commitments |  |  | Borrowings Outstanding |  |  | Fair Value |
Unsecured Debt - GECCO Notes |  | $ | 57,500 |  |  | $ | 57,500 |  |  | $ | 57,500 |
Unsecured Debt - GECCI Notes |  |  | 56,500 |  |  |  | 56,500 |  |  |  | 57,201 |
Unsecured Debt - GECCH Notes |  |  | 41,400 |  |  |  | 41,400 |  |  |  | 41,814 |
Unsecured Debt - GECCG Notes |  |  | 50,000 |  |  |  | 50,000 |  |  |  | 50,200 |
Total |  | $ | 205,400 |  |  | $ | 205,400 |  |  | $ | 206,715 |
|  | December 31, 2024 |
Facility |  | Commitments |  |  | Borrowings Outstanding |  |  | Fair Value |
Unsecured Debt - GECCO Notes |  | $ | 57,500 |  |  | $ | 57,500 |  |  | $ | 57,017 |
Unsecured Debt - GECCZ Notes |  |  | 40,000 |  |  |  | 40,000 |  |  |  | 40,360 |
Unsecured Debt - GECCI Notes |  |  | 56,500 |  |  |  | 56,500 |  |  |  | 56,988 |
Unsecured Debt - GECCH Notes |  |  | 41,400 |  |  |  | 41,400 |  |  |  | 41,317 |
Total |  | $ | 195,400 |  |  | $ | 195,400 |  |  | $ | 195,682 |

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