| 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:
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For the Six Months Ended June 30, 2026 |
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Issue(1) |
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Fair value at December 31, 2025 |
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Gross Additions(2) |
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Gross Reductions(3) |
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Net Realized
Gain (Loss) |
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Change in Unrealized
Appreciation (Depreciation) |
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Fair value at June 30, 2026 |
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Interest
Income |
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Fee
Income |
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Dividend
Income |
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Non-Controlled, Affiliated Investments |
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PFS Holdings Corp. |
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Common Equity (5.05% of class) |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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Totals |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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Controlled Investments |
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Great Elm Specialty Finance, LLC |
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Subordinated Note |
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25,325 |
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3,550 |
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- |
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- |
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- |
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28,875 |
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1,711 |
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- |
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- |
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Equity (87.5% of class) |
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13,137 |
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- |
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- |
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- |
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(1,500 |
) |
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11,637 |
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- |
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- |
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56 |
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38,462 |
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3,550 |
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- |
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- |
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(1,500 |
) |
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40,512 |
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1,711 |
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- |
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56 |
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CLO Formation JV, LLC |
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Equity (71.25% of class) |
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41,425 |
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- |
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- |
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- |
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(3,841 |
) |
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37,584 |
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- |
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- |
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5,059 |
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41,425 |
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- |
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- |
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- |
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(3,841 |
) |
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37,584 |
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- |
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- |
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5,059 |
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Alpha Edison Quantum II, LLC |
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Equity (93.70% of class) |
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- |
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2,900 |
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- |
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- |
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- |
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2,900 |
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- |
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- |
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- |
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- |
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2,900 |
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- |
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- |
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- |
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2,900 |
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- |
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- |
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- |
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Totals |
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$ |
79,887 |
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$ |
6,450 |
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$ |
- |
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$ |
- |
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$ |
(5,341 |
) |
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$ |
80,996 |
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$ |
1,711 |
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$ |
- |
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$ |
5,115 |
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(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.
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| 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:
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Statement of Operations |
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For the Three Months Ended June 30, |
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For the Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Total Revenues |
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3,135 |
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4,627 |
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5,338 |
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6,334 |
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Total Expenses |
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15 |
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45 |
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17 |
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90 |
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Net Income |
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3,120 |
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4,582 |
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5,321 |
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6,244 |
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Realized Gain (Loss) |
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- |
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(410 |
) |
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- |
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(410 |
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Unrealized Gain (Loss) |
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456 |
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(2,012 |
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(3,613 |
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(1,688 |
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Net Results |
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3,576 |
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2,160 |
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1,708 |
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4,146 |
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Selected unaudited financial information of GESF for the six months ended June 30, 2026 and 2025 has been included below:
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Statement of Operations |
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For the Three Months Ended June 30, |
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For the Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Gross revenues |
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3,233 |
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2,169 |
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5,697 |
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4,025 |
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Other income (expense) |
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(3,400 |
) |
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(1,994 |
) |
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(5,259 |
) |
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(4,352 |
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Net profit (loss) from operations |
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(167 |
) |
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175 |
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438 |
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(327 |
) |
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