Affiliates and Controlled Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments in and Advances to Affiliates [Abstract]

Schedule of Fair Value with Transactions in Affiliated investments and controlled investments

Fair value as of March 31, 2026 along with transactions during the three months ended March 31, 2026 in these affiliated investments and controlled investments were as follows:


	For the Three Months Ended March 31, 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 March 31, 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		-		-		-		-			25,325		812		-		-
Equity (87.5% of class)		13,137		-		-		-		(672	)		12,465		-		-		28
		38,462		-		-		-		(672	)		37,790		812		-		28

CLO Formation JV, LLC
Equity (71.25% of class)		41,425		-		-		-		(3,835	)		37,590		-		-		2,518
		41,425		-		-		-		(3,835	)		37,590		-		-		2,518

Totals	$	79,887	$	-	$	-	$	-	$	(4,507	)	$	75,380	$	812	$	-	$	2,546

(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 three months ended March 31, 2026 and 2025 has been included below:


Statement of Operations	For the Three Months Ended March 31, 2026			For the Three Months Ended March 31, 2025
Total Revenues		2,203			1,707
Total Expenses		2			45
Net Income		2,201			1,662

Realized Gain (Loss)		-			-
Unrealized Gain (Loss)		(4,069	)		324
Net Results		(1,868	)		1,986

Selected unaudited financial information of GESF for the three months ended March 31, 2026 and 2025 has been included below:


Statement of Operations	For the Three Months Ended March 31, 2026			For the Three Months Ended March 31, 2025
Gross revenues		2,464			1,856
Other income (expense)		(1,859	)		(2,358	)
Net profit from operations		605			(502	)