Affiliated investments are defined by the Investment Company Act, whereby the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities and the investments are not classified as controlled investments. The aggregate fair value of non-controlled, affiliated investments at June 30, 2026 represented 0% of the Company’s net assets.

Controlled investments are defined by the Investment Company Act, whereby the Company owns more than 25% of the portfolio company’s outstanding voting securities or maintains the ability to nominate greater than 50% of the board representation. The aggregate fair value of controlled investments at June 30, 2026 represented 73% of the Company’s net assets.

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.

In accordance with SEC Regulation S-X (“S-X”) Rules 3-09 and 4-08(g), the Company must determine which of its unconsolidated controlled portfolio companies, if any, are considered to be “significant subsidiaries.” After performing this analysis, the Company determined that CLO Formation JV, LLC (“CLO JV”) and Great Elm Specialty Finance, LLC (“GESF”) are significant subsidiaries for the six months ended June 30, 2026 under at least one of the conditions of S-X Rule 1-02(w).

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	)