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STATEMENTS OF ASSETS AND LIABILITIES (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Investments    
Total investments at fair value $ 272,252 [1] $ 331,071 [2],[3]
Cash and cash equivalents 1,669 1,834
Receivable for investments sold 1,764 3,215
Interest receivable 1,821 2,182
Dividends receivable 782 1,046
Due from affiliates $ 68 $ 218
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration] srt:AffiliatedEntityMember srt:AffiliatedEntityMember
Deferred financing costs $ 524 $ 256
Prepaid expenses and other assets 1,102 953
Total assets 279,982 340,775
Liabilities    
Notes payable (including unamortized discount of $4,546 and $5,064, respectively) 150,853 189,319
Revolving credit facility 11,000  
Payable for investments purchased 5,340 33,652
Interest payable 153 64
Accrued incentive fees payable   2,267
Due to affiliates $ 1,402 $ 1,475
Other Liability, Related Party [Extensible Enumeration] srt:AffiliatedEntityMember srt:AffiliatedEntityMember
Accrued expenses and other liabilities $ 816 $ 1,052
Total liabilities 169,564 227,829
Commitments and contingencies (Note 7)
Net Assets    
Common stock, par value $0.01 per share (100,000,000 shares authorized, 13,889,750 shares issued and outstanding and 13,998,168 shares issued and outstanding, respectively) 139 140
Additional paid-in capital 358,239 358,778
Accumulated losses (247,960) (245,972)
Total net assets 110,418 112,946
Total liabilities and net assets $ 279,982 $ 340,775
Net asset value per share [4] $ 7.95 $ 8.07
Non-affiliated, Non-controlled Investments    
Investments    
Total investments at fair value $ 187,290 $ 218,381
Non-affiliated, Non-controlled Short-term Investments    
Investments    
Total investments at fair value 3,966 32,803
Controlled Investments    
Investments    
Total investments at fair value $ 80,996 $ 79,887
[1] As of period end, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $9,671; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $(82,260); the net unrealized depreciation was $(72,589); the aggregate cost of securities for Federal income tax purposes was $344,841.
[2] As of period end, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $11,467; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $80,177; the net unrealized depreciation was $(68,710); the aggregate cost of securities for Federal income tax purposes was $399,781.
[3] reat Elm Capital Corp.’s (the “Company”) investments are generally acquired in private transactions exempt from registration under the Securities Act, as amended (the “Securities Act”) and, therefore, are generally subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
[4] 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.