Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Senior Securities (Including Debt Securities and Other Indebtedness)

Information about the Company’s senior securities (including debt securities and other indebtedness) is shown in the following table:

As of	Total Amount Outstanding(1)		Asset Coverage Ratio Per Unit(2)		Involuntary Liquidation Preference Per Unit(3)	Average Market Value Per Unit(4)
December 31, 2016
8.25% Notes due 2020	$	33,646	$	6,168	N/A	$	1.02
December 31, 2017
6.50% Notes due 2022 (“GECCL Notes”)	$	32,631	$	5,010	N/A	$	1.02
December 31, 2018
GECCL Notes	$	32,631	$	2,393	N/A	$	1.01
GECCM Notes		46,398		2,393	N/A		0.98
December 31, 2019
GECCL Notes	$	32,631	$	1,701	N/A	$	1.01
GECCM Notes		46,398		1,701	N/A		1.01
GECCN Notes		45,000		1,701	N/A		1.00
December 31, 2020
GECCL Notes	$	30,293	$	1,671	N/A	$	0.89
GECCM Notes		45,610		1,671	N/A		0.84
GECCN Notes		42,823		1,671	N/A		0.84
December 31, 2021
GECCM Notes	$	45,610	$	1,511	N/A	$	1.00
GECCN Notes		42,823		1,511	N/A		1.00
GECCO Notes		57,500		1,511	N/A		1.02
December 31, 2022
GECCM Notes	$	45,610	$	1,544	N/A	$	0.99
GECCN Notes		42,823		1,544	N/A		1.00
GECCO Notes		57,500		1,544	N/A		1.00
Revolving Credit Facility		10,000		1,544	N/A		-
September 30, 2023
GECCM Notes	$	45,610	$	1,684	N/A	$	0.98
GECCO Notes		57,500		1,684	N/A		0.96
GECCZ Notes		40,000		1,684	N/A		0.96

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

(3)The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it.

(4)The average market value per unit for the Notes, as applicable, is based on the average daily prices of such Notes and is expressed per $1 of indebtedness.

Summary of Components of Interest Expense

For the three and nine months ended September 30, 2023 and 2022, the components of interest expense were as follows:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2023			2022			2023			2022
Borrowing interest expense	$	2,653		$	2,343		$	7,594		$	7,026
Amortization of acquisition premium		691			328			1,340			982
Total	$	3,344		$	2,671		$	8,934		$	8,008
Weighted average interest rate(1)		8.42	%		7.26	%		7.74	%		7.34	%
Average outstanding balance	$	157,619		$	145,933		$	154,289		$	145,933

(1)Annualized.

Summary of Commitments, Borrowings Outstanding and Fair Value of Notes

The fair value of the Company’s Notes are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company’s Notes is determined by utilizing market quotations at the measurement date as they are Level 1 securities.

	September 30, 2023
Facility	Commitments		Borrowings Outstanding		Fair Value
Unsecured Debt - GECCM Notes	$	45,610	$	45,610	$	45,410
Unsecured Debt - GECCO Notes		57,500		57,500		55,062
Unsecured Debt - GECCZ Notes		40,000		40,000		39,440
Total	$	143,110	$	143,110	$	139,912

	December 31, 2022
Facility	Commitments		Borrowings Outstanding		Fair Value
Unsecured Debt - GECCM Notes	$	45,610	$	45,610	$	45,081
Unsecured Debt - GECCN Notes		42,823		42,823		42,686
Unsecured Debt - GECCO Notes		57,500		57,500		54,510
Total	$	145,933	$	145,933	$	142,277