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v3.26.1

Affiliates and Controlled Investments (Tables) | 6 Months Ended
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Jun. 30, 2026
Investments in and Advances to Affiliates [Abstract] |
Schedule of Fair Value with Transactions in Affiliated investments and controlled investments | Fair value as of June 30, 2026 along with transactions during the six months ended June 30, 2026 in these affiliated investments and controlled investments were as follows:
|  | For the Six Months Ended June 30, 2026 |
Issue(1) |  | Fair value at December 31, 2025 |  |  | Gross Additions(2) |  |  | Gross Reductions(3) |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Fair value at June 30, 2026 |  |  | Interest Income |  |  | Fee Income |  |  | Dividend Income |
Non-Controlled, Affiliated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PFS Holdings Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Equity (5.05% of class) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Totals |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Controlled Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Great Elm Specialty Finance, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated Note |  |  | 25,325 |  |  |  | 3,550 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 28,875 |  |  |  | 1,711 |  |  |  | - |  |  |  | - |
Equity (87.5% of class) |  |  | 13,137 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,500 | ) |  |  | 11,637 |  |  |  | - |  |  |  | - |  |  |  | 56 |
|  |  | 38,462 |  |  |  | 3,550 |  |  |  | - |  |  |  | - |  |  |  | (1,500 | ) |  |  | 40,512 |  |  |  | 1,711 |  |  |  | - |  |  |  | 56 |
CLO Formation JV, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity (71.25% of class) |  |  | 41,425 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3,841 | ) |  |  | 37,584 |  |  |  | - |  |  |  | - |  |  |  | 5,059 |
|  |  | 41,425 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3,841 | ) |  |  | 37,584 |  |  |  | - |  |  |  | - |  |  |  | 5,059 |
Alpha Edison Quantum II, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity (93.70% of class) |  |  | - |  |  |  | 2,900 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,900 |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | - |  |  |  | 2,900 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,900 |  |  |  | - |  |  |  | - |  |  |  | - |
Totals |  | $ | 79,887 |  |  | $ | 6,450 |  |  | $ | - |  |  | $ | - |  |  | $ | (5,341 | ) |  | $ | 80,996 |  |  | $ | 1,711 |  |  | $ | - |  |  | $ | 5,115 |
(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.
Schedule of Unaudited Financial Information | Selected unaudited financial information of CLO JV for the six months ended June 30, 2026 and 2025 has been included below:
Statement of Operations |  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Total Revenues |  |  | 3,135 |  |  |  | 4,627 |  |  |  | 5,338 |  |  |  | 6,334 |
Total Expenses |  |  | 15 |  |  |  | 45 |  |  |  | 17 |  |  |  | 90 |
Net Income |  |  | 3,120 |  |  |  | 4,582 |  |  |  | 5,321 |  |  |  | 6,244 |
Realized Gain (Loss) |  |  | - |  |  |  | (410 | ) |  |  | - |  |  |  | (410 | )
Unrealized Gain (Loss) |  |  | 456 |  |  |  | (2,012 | ) |  |  | (3,613 | ) |  |  | (1,688 | )
Net Results |  |  | 3,576 |  |  |  | 2,160 |  |  |  | 1,708 |  |  |  | 4,146 |
Selected unaudited financial information of GESF for the six months ended June 30, 2026 and 2025 has been included below:
Statement of Operations |  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Gross revenues |  |  | 3,233 |  |  |  | 2,169 |  |  |  | 5,697 |  |  |  | 4,025 |
Other income (expense) |  |  | (3,400 | ) |  |  | (1,994 | ) |  |  | (5,259 | ) |  |  | (4,352 | )
Net profit (loss) from operations |  |  | (167 | ) |  |  | 175 |  |  |  | 438 |  |  |  | (327 | )

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- Definition Tabular disclosure of summarized financial information for nonconsolidated subsidiary of investment company. Excludes information consolidated by reporting entity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(i)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
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- Definition A tabular presentation of the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates, as prescribed by the SEC. It reflects specified information about ownership, financial results from, and financial position in such entities. Includes the tabular presentations that disaggregate investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. + References No definition available. + Details
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