# EDGAR Filing Document

**Accession Number:** 0001675033
**File Stem:** 0001193125-26-204241
**Filing Date:** 2026-5
**Character Count:** 26368
**Document Hash:** ce2d0464b6ac9fbf57e1921d92747f60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-204241.hdr.sgml**: 20260504

**ACCESSION NUMBER**: 0001193125-26-204241

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20260501

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Great Elm Capital Corp.
- **CENTRAL INDEX KEY:** 0001675033

**ORGANIZATION NAME:**
- **EIN:** 812621577
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01211
- **FILM NUMBER:** 26938768

**BUSINESS ADDRESS:**
- **STREET 1:** 3801 PGA BOULEVARD
- **STREET 2:** SUITE 603
- **CITY:** PALM BEACH GARDENS
- **STATE:** FL
- **ZIP:** 33410
- **BUSINESS PHONE:** 617-375-3006

**MAIL ADDRESS:**
- **STREET 1:** 3801 PGA BOULEVARD
- **STREET 2:** SUITE 603
- **CITY:** PALM BEACH GARDENS
- **STATE:** FL
- **ZIP:** 33410

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** May 01, 2026<br>

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Great Elm Capital Corp.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Maryland | 814-01211 | 81-2621577 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 3801 PGA Boulevard, Suite 603 |  |  |
| Palm Beach Gardens**,** Florida |  | 33410 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 617 375-3006<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common stock, par value $0.01 per share | GECC | Nasdaq Global Market |
| 5.875% Notes due 2026 | GECCO | Nasdaq Global Market |
| 8.50% Notes due 2029 | GECCI | Nasdaq Global Market |
| 8.125% Notes due 2029 | GECCH | Nasdaq Global Market |
| 7.75% Notes due 2030 | GECCG | Nasdaq Global Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 2.02 Results of Operations and Financial Condition.
On May 4, 2026, Great Elm Capital Corp. ("we," "us," "our" or the "Company") issued the press release furnished as exhibit 99.1 to this report.

The foregoing information (including the exhibit hereto) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

## Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 1, 2026, the Company's board of directors appointed Jason W. Reese to serve as the Company's Chief Executive Officer effective immediately following the filing of the Company's Form 10-Q for the period ended March 31, 2026. Upon Mr. Reese's assumption of this role, Matt Kaplan, who was appointed President and Chief Executive Officer of the Company effective March 4, 2022, concluded his service as the Company's President and Chief Executive Officer. This decision was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or procedures. Mr. Kaplan will remain with the Company's external investment adviser, Great Elm Capital Management, LLC ("GECM"), as a portfolio manager.

Mr. Reese will not receive compensation from the Company for his service as Chief Executive Officer.

Mr. Reese, 60, is the Co-Founder, Chairman and CEO of Imperial Capital Asset Management, LLC ("ICAM") and the Co-Founder of Imperial Capital, LLC ("Imperial Capital"), both founded in 1997. ICAM has managed various hedge funds, investment partnerships, a private REIT and a private equity fund. Imperial Capital is a registered broker-dealer. During his time at Imperial Capital, Mr. Reese formed Monomoy Properties REIT, LLC in 2014, focusing on the Industrial Outdoor Storage sector and continues to serve on the Board of Directors. Mr. Reese is also a founding member of City Ventures, LLC, a California-based private home builder, and has served on the Board of Directors since its inception in 2009. Prior to Imperial Capital, Mr. Reese was a principal with Gordon Investment Corporation ("Gordon"), a merchant banking firm in New York and Dallas, where he focused on investing in distressed real estate transactions, high yield securities and leveraged buyouts. Prior to his time with Gordon, Mr. Reese worked in the Corporate Finance Group at PaineWebber in New York. Mr. Reese graduated with honors from Yale University with a B.S. in Electrical Engineering.

Mr. Reese also serves a member of the investment committee of GECM, and as CEO and Chairman of the board of directors Great Elm Group, Inc. ("GEG"), the parent company of GECM. GEG owns approximately 9.7% of our common stock as of the date hereof.

We have entered into various agreements with GEG and GECM, including a license agreement with GEG and our Investment Management Agreement and our Administration Agreement with GECM, each as disclosed in our Annual Reports on Form 10-K filed with the Securities and Exchange Commission.

GECM has also entered into the Shared Services Agreement, pursuant to which ICAM makes available to GECM certain back-office employees of ICAM to provide services to GECM in exchange for reimbursement by GECM of the allocated portion of such employees' time.

## Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

The following exhibits are furnished with this report but shall not be deemed filed:

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | [<u>Earnings Press Release, dated May 4, 2026.</u>](gecc-ex99_1.htm) |
| 104 | The cover page of this Current Report on Form 8-K, formatted as inline XBRL. |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Great Elm Capital Corp. |
| Date: | May 4, 2026 | By:  | /s/ Keri Davis |
|  |  |  | Keri Davis<br>Chief Financial Officer |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img78866663_0.jpg](img78866663_0.jpg)

**Great Elm Capital Corp. Announces**

**First Quarter 2026 Financial Results**

**Company to Host Conference Call and Webcast at 8:30 AM ET on May 5, 2026**

<br> ***Jason Reese, Executive Chairman of the Board of Directors, Appointed as CEO of the Company***

***GECC's Investment Adviser Waives 2Q26 Incentive Fees, Following the Waiver of $2.8 Million, or $0.20 Per Share, of Accrued Incentive Fees through March 31, 2026***

***Net Investment Income ("NII") of $0.36 Per Share in 1Q26 Grew Approximately 13% Quarter-over-Quarter***

***NAV of $7.74 Per Share as of March 31, 2026*** 

***Called or Repurchased All $57.5 Million of GECCO Notes due June 2026, Leaving No Funded Debt Maturity Until 2029***

***Strong Liquidity Position with Approximately $10 Million of Cash and Equivalents, $50 Million of Revolving Credit Facility Availability, and Ample Liquid Assets as of March 31, 2026***

***Repurchased Approximately 1% of GECC's Outstanding Shares at an Average 36% Discount to March 31, 2026, NAV***

 ***Board Declares $0.25 Per Share Distribution for 2Q26, Resulting in an Annualized Dividend Yield of 18% on GECC's Closing Price as of May 1, 2026***

PALM BEACH GARDENS, Florida, May 4, 2026 – Great Elm Capital Corp. ("we," "our," the "Company" or "GECC") (NASDAQ: GECC), a business development company, today announced its financial results for the first quarter ended March 31, 2026.

**Management Commentary**

Jason Reese, Chairman of the Board of Directors and Chief Executive Officer of the Company stated, "I am honored to step into the role of CEO of GECC. In my first few months as Executive Chairman, I have focused on executing a clear mandate: Strengthening oversight, protecting shareholder value, and reinforcing accountability across the platform. The progress we have made this quarter reflects that commitment. We have brought greater rigor, transparency, and accountability to the platform, and I am encouraged by the direction of the portfolio and the quality of the team executing on our strategy. I would like to thank Matt Kaplan for his leadership during his tenure as CEO. Matt will continue in his role as Portfolio Manager.

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The Manager's decision to waive all accrued and unpaid incentive fees through the second quarter of 2026 demonstrates alignment with GECC shareholders. We remain focused on increasing net asset value, improving earnings quality, and positioning GECC for sustainable performance. With a strong foundation in place and continued discipline across credit underwriting and portfolio oversight, I am confident we are well-positioned to navigate the current market environment and deliver attractive, risk-adjusted returns to our investors. Our first quarter results exhibit meaningful progress in building a portfolio positioned for durable, long-term performance. At quarter end, GECC had less than 1% of investments on nonaccrual, a stark contrast to our peers.

While capital deployment remained measured during the quarter given the historically tight spread environment, we expanded our private credit pipeline and further diversified the portfolio. We ended the period with ample liquidity, including meaningful cash on hand, full availability under our revolving credit facility, and a healthy base of liquid assets."

**Recent Board Actions and Shareholder Returns**

▪GECC's Board of Directors appointed Jason Reese as Chief Executive Officer on May 4, 2026, succeeding Matt Kaplan, following Mr. Reese's appointment as Executive Chairman on March 2, 2026, to provide seasoned credit investment experience and active management oversight. Mr. Reese currently serves as Chairman and CEO of Great Elm Group, Inc. (NASDAQ: GEG), the parent of the Company's investment adviser, Great Elm Capital Management, LLC ("GECM" or "Investment Adviser").

▪GECM waived all accrued incentive fees through June 30, 2026, in addition to previously waiving all $2.8 million, or $0.20 per share, of accrued incentive fees through March 31, 2026.

▪The Company's Board of Directors approved a quarterly dividend of $0.25 per share for the second quarter of 2026, equating to an 18% annualized yield on GECC's May 1, 2026, closing price of $5.56.

▪The Company's Board of Directors authorized a stock repurchase program in October 2025, whereby the Company may opportunistically repurchase up to an aggregate of $10 million of its outstanding common shares. Through May 1, 2026, the Company repurchased approximately 0.1 million shares for $0.5 million, at an average price of $4.98 per share or a 36% discount to the Company's NAV on March 31, 2026, leaving approximately $9.5 million of remaining capacity under the program for future repurchases.

**First Quarter and Recent Operating Highlights**

▪Total investment income ("TII") for the quarter ended March 31, 2026, was $9.5 million, as compared to $12.6 million for the quarter ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪GECC received $2.5 million of cash distributions from the CLO Formation JV, LLC ("CLO JV") in the quarter ended March 31, 2026, as compared to $4.3 million in the quarter ended December 31, 2025, driven by the uneven cadence of CLO cash flows.

▪Net investment income ("NII") for the quarter ended March 31, 2026, was $5.0 million, or $0.36 per share, as compared to $4.4 million, or $0.31 per share, for the quarter ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪NII increased, despite lower TII, primarily due to the benefit of the incentive fee waiver.

▪Net assets were $107.5 million, or $7.74 per share, as of March 31, 2026, as compared to $112.9 million, or $8.07 per share, as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Unrealized losses, primarily resulting from mark-to-market volatility, drove the change in net assets, partially offset by realized gains and the positive impact of the incentive fee waiver.

▪GECC recently called or repurchased all $57.5 million of GECCO notes, including calling the $18.6 million outstanding balance of the notes for redemption on May 27, 2026.

▪GECC's asset coverage ratio was 161.8% as of March 31, 2026, as compared to 158.1% as of December 31, 2025.

▪Subsequent to quarter end, GECC received an additional $1.2 million distribution from its CoreWeave-related investment, bringing total distributions to date to approximately $8.1 million, well in excess of its $6.0 million original capital investment.

**Financial Highlights – Per Share Data**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Q1/2025** | &nbsp;&nbsp;&nbsp;**Q2/2025** | &nbsp;&nbsp;&nbsp;**Q3/2025** | &nbsp;&nbsp;&nbsp;**Q4/2025** | &nbsp;&nbsp;&nbsp;**Q1/2026** |
| &nbsp;&nbsp;&nbsp;Earnings Per Share ("EPS")  | &nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;$1.02 | &nbsp;&nbsp;&nbsp;($1.79) | &nbsp;&nbsp;&nbsp;($1.57) | &nbsp;&nbsp;&nbsp;$(0.05) |
| &nbsp;&nbsp;&nbsp;Net Investment Income ("NII") Per Share | &nbsp;&nbsp;&nbsp;$0.40 | &nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;$0.31 | &nbsp;&nbsp;&nbsp;$0.36 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gains / (Losses) Per Share | &nbsp;&nbsp;&nbsp;($0.36) | &nbsp;&nbsp;&nbsp;$0.51 | &nbsp;&nbsp;&nbsp;($1.98) | &nbsp;&nbsp;&nbsp;($1.88) | &nbsp;&nbsp;&nbsp;($0.41) |
| &nbsp;&nbsp;&nbsp;Net Asset Value Per Share at Period End | &nbsp;&nbsp;&nbsp;$11.46 | &nbsp;&nbsp;&nbsp;$12.10 | &nbsp;&nbsp;&nbsp;$10.01 | &nbsp;&nbsp;&nbsp;$8.07 | &nbsp;&nbsp;&nbsp;$7.74 |
| &nbsp;&nbsp;&nbsp;Distributions Paid / Declared Per Share | &nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;$0.37 | &nbsp;&nbsp;&nbsp;$0.30 |

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**Financial Review** 

Total investment income for the quarter ended March 31, 2026, was $9.5 million, or $0.68 per share. Total expenses for the quarter ended March 31, 2026, were $7.4 million, or $0.53 per share, inclusive of excise tax expense.

Net realized and unrealized losses for the quarter ended March 31, 2026, were approximately $5.7 million, or $0.41 per share, driven by unrealized depreciation in investments, primarily resulting from mark-to-market volatility, partially offset by net realized gains.

**Liquidity and Capital Resources**

As of March 31, 2026, cash and money market fund investments totaled approximately $10 million. In addition, GECC had $50 million of availability on its revolving line of credit (the "Revolver") and approximately $4 million of liquid, exchange-traded assets as of March 31, 2026.

As of March 31, 2026, total debt outstanding (par value) was $174.0 million, comprised of $18.6 million 5.875% senior notes due June 2026 (NASDAQ: GECCO), $56.5 million 8.50% senior notes due April 2029 (NASDAQ: GECCI), $41.4 million 8.125% senior notes due December 2029 (NASDAQ: GECCH), and $57.5 million 7.75% senior notes due December 2030 (NASDAQ: GECCG).

**Distributions**

The Company's Board of Directors has approved a quarterly cash distribution of $0.25 per share for the quarter ending June 30, 2026, to be paid from distributable earnings. The second quarter distribution will be payable on June 30, 2026, to stockholders of record as of June 15, 2026.

The distribution equates to an 18.0% annualized dividend yield on the Company's closing market price of $5.56 on May 1, 2026, and a 12.9% annualized dividend yield on the Company's March 31, 2026, NAV of $7.74 per share.

**Stock Repurchase Program**

The Company's Board of Directors authorized a stock repurchase program in October 2025, whereby the Company may opportunistically repurchase up to an aggregate of $10 million of its outstanding common shares. The authorization represents approximately 12% of the Company's market capitalization as of May 1, 2026. Through May 1, 2026, the Company has repurchased approximately 0.1 million shares for $0.5 million, at an average price of $4.98 per share or a 36% discount to the Company's NAV on March 31, 2026, leaving approximately $9.5 million of remaining capacity under the program for future repurchases.

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**Conference Call and Webcast**

GECC will discuss these results in a conference call at 8:30 a.m. ET on May 5, 2026.

*Conference Call Details*

Date/Time: Tuesday, May 5, 2026 – 8:30 a.m. ET

Participant Dial-In Numbers:

(United States): 877-407-0789

(International): 201-689-8562

To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode "GECC". An accompanying slide presentation will be available in pdf format via the "Events and Presentations" section of Great Elm Capital Corp.'s website here after the issuance of the earnings release.

*Webcast*

The call and presentation will also be simultaneously webcast over the internet via the "Events and Presentations" section of GECC's website or by clicking on the webcast link here.

**About Great Elm Capital Corp.** 

GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses and CLOs. For additional information, please visit http://www.greatelmcc.com.

**Cautionary Statement Regarding Forward-Looking Statements**

Statements in this communication that are not historical facts are "forward-looking" statements within the meaning of the federal securities laws. These statements include statements regarding our future business plans and expectations. These statements are often, but not always, made through the use of words or phrases such as "expect," "anticipate," "should," "will," "estimate," "designed," "seek," "continue," "upside," "potential" and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. The key factors that could cause actual results to differ materially from those projected in the forward-looking statements include, without limitation: conditions in the credit markets, our expected financings and investments, including interest rate volatility, inflationary pressure, the price of GECC common stock and the performance of GECC's portfolio and investment manager. Information concerning these and other factors can be found in GECC's Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this communication or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

**Media & Investor Contact:** 

Investor Relations

investorrelations@greatelmcap.com

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**GREAT ELM CAPITAL CORP.**

**STATEMENTS OF ASSETS AND LIABILITIES (unaudited)**

**Dollar amounts in thousands (except per share amounts)**

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| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31, 2025** |
| **Assets** |  |  |
| Investments |  |  |
| &nbsp;&nbsp;Non-affiliated, non-controlled investments, at fair value (amortized cost of $231,569 and $254,313, respectively) | $191783 | $218381 |
| &nbsp;&nbsp;Non-affiliated, non-controlled short-term investments, at fair value (amortized cost of $9,600 and $32,803, respectively) | 9600 | 32803 |
| &nbsp;&nbsp;Affiliated investments, at fair value (amortized cost of $12,379 and $12,379, respectively) | - | - |
| &nbsp;&nbsp;Controlled investments, at fair value (amortized cost of $94,683 and $94,683, respectively) | 75380 | 79887 |
| Total investments | 276763 | 331071 |
| Cash and cash equivalents | - | 1834 |
| Receivable for investments sold | 1442 | 3215 |
| Interest receivable | 2385 | 2182 |
| Dividends receivable | 782 | 1046 |
| Due from affiliates | 178 | 218 |
| Deferred financing costs | 211 | 256 |
| Prepaid expenses and other assets | 1003 | 953 |
| **Total assets** | $282764 | $340775 |
| **Liabilities** |  |  |
| Notes payable (including unamortized discount of $4,884 and $5,064, respectively) | $169143 | $189319 |
| Payable for investments purchased | 3859 | 33652 |
| Interest payable | 73 | 64 |
| Accrued incentive fees payable | - | 2267 |
| Due to affiliates | 1492 | 1475 |
| Accrued expenses and other liabilities | 720 | 1052 |
| **Total liabilities** | $175287 | $227829 |
| **Commitments and contingencies (Note 7)** |  |  |
| **Net Assets** |  |  |
| Common stock, par value $0.01 per share (100,000,000 shares authorized, 13,892,045 shares issued and outstanding and 13,998,168 shares issued and outstanding, respectively) | $139 | $140 |
| Additional paid-in capital | 358251 | 358778 |
| Accumulated losses | (250913) | (245972) |
| **Total net assets** | $107477 | $112946 |
| **Total liabilities and net assets** | $282764 | $340775 |
| **Net asset value per share** | $7.74 | $8.07 |

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**GREAT ELM CAPITAL CORP.**

**STATEMENTS OF OPERATIONS (unaudited)**

**Dollar amounts in thousands (except per share amounts)**

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Investment Income:** |  |  |
| Interest income from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-affiliated, non-controlled investments | $5089 | $6402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-affiliated, non-controlled investments (PIK) | 819 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled investments | 812 | 953 |
| Total interest income | 6720 | 7966 |
| Dividend income from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-affiliated, non-controlled investments | 159 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled investments | 2546 | 3376 |
| Total dividend income | 2705 | 3612 |
| Other income from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-affiliated, non-controlled investments | 119 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-affiliated, non-controlled investments (PIK) | - | 174 |
| Total other income | 119 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | $9544 | $12495 |
| **Expenses:** |  |  |
| Management fees | $1072 | $1272 |
| Incentive fees | 543 | 1150 |
| Administration fees | 510 | 355 |
| Custody fees | 35 | 38 |
| Directors' fees | 54 | 53 |
| Professional services | 514 | 424 |
| Interest expense | 4256 | 4251 |
| Other expenses | 296 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | $7280 | $7851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee waiver | (2810) | - |
| Net expenses | $4470 | $7851 |
| Net investment income before taxes | $5074 | $4644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excise tax | $91 | $68 |
| Net investment income | $4983 | $4576 |
| **Net realized and unrealized gains (losses):** |  |  |
| Net realized gain (loss) on investment transactions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-affiliated, non-controlled investments | $2632 | $264 |
| Realized loss on repurchase of debt | (2) | - |
| Total net realized gain (loss) | 2630 | 264 |
| Net change in unrealized appreciation (depreciation) on investment transactions from: | Net change in unrealized appreciation (depreciation) on investment transactions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-affiliated, non-controlled investments | (3851) | (2066) |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled investments | (4507) | (2321) |
| Total net change in unrealized appreciation (depreciation) | (8358) | (4387) |
| Net realized and unrealized gains (losses) | $(5728) | $(4123) |
| **Net increase (decrease) in net assets resulting from operations** | $(745) | $453 |
| Earnings per share (basic and diluted): | $(0.05) | $0.04 |
| Weighted average shares outstanding (basic and diluted): | 13984828 | 11544415 |

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