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Debt (Tables)
 9 Months Ended
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