XML 37 R31.htm IDEA: XBRL DOCUMENT v3.26.1
Affiliates and Controlled Investments (Tables)
 6 Months Ended
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

)