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Great Elm Capital Corp. Announces Third Quarter 2025 Financial Results

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Great Elm Capital Corp (NASDAQ: GECC) reported third quarter 2025 results on Nov 4, 2025: NAV fell to $10.01 per share from $12.10 at June 30, driven primarily by losses on First Brands. Total investment income was $10.6M; net investment income was $2.4M (or $0.20 per share) versus $5.9M ($0.51) in Q2. Net realized and unrealized losses were $24.4M for the quarter.

The company raised approximately $27M of equity, refinanced higher-cost notes (issuing $50M of 7.75% GECCG notes), doubled the revolver to $50M and cut its rate by 0.50%. The Board declared a $0.37 quarterly dividend and authorized a $10M share repurchase program. GECC will host a conference call on Nov 5, 2025, 8:30 AM ET.

Great Elm Capital Corp (NASDAQ: GECC) ha riportato i risultati del terzo trimestre 2025 il 4 novembre 2025: NAV sceso a 10,01$ per azione rispetto a 12,10$ al 30 giugno, trainato principalmente dalle perdite su First Brands. Il reddito complessivo da investimenti è stato di 10,6 milioni di dollari; il reddito netto da investimenti è stato di 2,4 milioni di dollari (o 0,20$ per azione) rispetto a 5,9 milioni (0,51) nel Q2. Le perdite nette realizzate e non realizzate sono state di 24,4 milioni di dollari per il trimestre.

La società ha raccolto circa 27 milioni di dollari di capitale, rifinanziato note a costo più elevato (emettendo 50 milioni di dollari di note GECCG al 7,75%), raddoppiato il revolver a 50 milioni di dollari e tagliato il tasso di 0,50 punti percentuali. Il Consiglio ha dichiarato un dividendo trimestrale di 0,37 dollari e ha autorizzato un programma di riacquisto azionario da 10 milioni di dollari. GECC terrà una conference call il 5 novembre 2025, ore 8:30 ET.

Great Elm Capital Corp (NASDAQ: GECC) informó los resultados del tercer trimestre de 2025 el 4 de noviembre de 2025: el NAV cayó a 10,01$ por acción desde 12,10$ al 30 de junio, impulsado principalmente por pérdidas en First Brands. Los ingresos totales por inversiones fueron de 10,6 millones de dólares; los ingresos netos por inversiones fueron de 2,4 millones de dólares (o 0,20$ por acción) frente a 5,9 millones (0,51) en el 2T. Las pérdidas netas realizadas y no realizadas fueron de 24,4 millones de dólares para el trimestre.

La empresa recaudó aproximadamente 27 millones de dólares de capital, refinanció notas de mayor costo (emitiendo 50 millones de dólares de notas GECCG al 7,75%), duplicó el revolver a 50 millones de dólares y redujo su tasa en 0,50%. El Consejo declaró un dividendo trimestral de 0,37$ y autorizó un programa de recompra de acciones por 10 millones de dólares. GECC realizará una conferencia telefónica el 5 de noviembre de 2025 a las 8:30 AM ET.

Great Elm Capital Corp (NASDAQ: GECC)는 2025년 11월 4일 2025년 3분기 실적을 발표했습니다: NAV가 주당 10.01달러로 하락했고 6월 30일 기준 12.10달러에서 주로 First Brands의 손실로 인해 하락했습니다. 총 투자 소득은 1060만 달러; 순 투자 소득은 240만 달러였으며(주당 0.20달러) 2분기 590만 달러(주당 0.51)와 비교됩니다. 순실현 및 미실현 손실은 분기 동안 2440만 달러였습니다.

회사는 약 2700만 달러의 자본을 조달했고, 비용이 높은 채권을 재융자했으며(7.75% GECCG 채권 5000만 달러 발행), 리볼버를 2배로 늘려 5000만 달러로 증가시키고 금리를 0.50%p 인하했습니다. 이사회는 분기 배당금을 0.37달러로 선언했고 1000만 달러의 자사주 매입 프로그램을 승인했습니다. GECC는 2025년 11월 5일 동부시간 8:30 AM에 컨퍼런스콜을 개최합니다.

Great Elm Capital Corp (NASDAQ: GECC) a publié les résultats du troisième trimestre 2025 le 4 novembre 2025 : la NAV est tombée à 10,01$ par action contre 12,10$ au 30 juin, principalement en raison des pertes sur First Brands. Le revenu total des investissements était de 10,6 millions de dollars ; le revenu net des investissements était de 2,4 millions de dollars (ou 0,20$ par action) contre 5,9 millions (0,51) au T2. Les pertes nettes réalisées et latentes nettes s’élevaient à 24,4 millions de dollars pour le trimestre.

La société alevé environ 27 millions de dollars de capitaux propres, refinancé des notes à coût plus élevé (émission de 50 millions de dollars de notes GECCG à 7,75%), doublé la ligne de crédit à 50 millions de dollars et réduit son taux de 0,50%. Le conseil d’administration a déclaré un dividende trimestriel de 0,37$ et a approuvé un programme de rachat d’actions de 10 millions de dollars. GECC tiendra une conférence téléphonique le 5 novembre 2025 à 8h30, heure de l’Est.

Great Elm Capital Corp (NASDAQ: GECC) meldete die Ergebnisse des dritten Quartals 2025 am 4. November 2025: NAV fiel auf 10,01$ pro Aktie von 12,10$ zum 30. Juni, hauptsächlich bedingt durch Verluste bei First Brands. Das Gesamtertrag aus Investitionen betrug 10,6 Mio. USD; der Nettogewinn aus Investitionen betrug 2,4 Mio. USD (bzw. 0,20$ pro Aktie) gegenüber 5,9 Mio. USD (0,51) im Q2. Netterealisiert und unrealisiert Verluste betrugen 24,4 Mio. USD für das Quartal.

Das Unternehmen sammelte etwa 27 Mio. USD Eigenkapital, refinanzierte hochverzinsliche Anleihen (Ausgabe von 50 Mio. USD GECCG-Anleihen zu 7,75%), verdoppelte die revolver-Linie auf 50 Mio. USD und senkte den Zinssatz um 0,50 Prozentpunkte. Der Vorstand erklärte eine vierteljährliche Dividende von 0,37$ und genehmigte ein Aktienrückkaufprogramm über 10 Mio. USD. GECC wird am 5. November 2025 um 8:30 Uhr ET eine Telefonkonferenz abhalten.

Great Elm Capital Corp (NASDAQ: GECC) أبلغت عن نتائج الربع الثالث لعام 2025 في 4 نوفمبر 2025: انخفض صافي قيمة الأصول إلى 10.01 دولاراً للسهم من 12.10 دولار في 30 يونيو، مدفوعاً أساساً بخسائر في First Brands. إجمالي دخل الاستثمار كان 10.6 مليون دولار؛ صافي دخل الاستثمار كان 2.4 مليون دولار (أو 0.20 دولار للسهم) مقارنة بـ 5.9 مليون دولار (0.51) في الربع الثاني. الخسائر المحققة وغير المحققة الصافية بلغت 24.4 مليون دولار للربع.

جمعت الشركة نحو 27 مليون دولار من الأسهم، وأعيد تمويل سندات ذات تكلفة أعلى (إصدار 50 مليون دولار من سند GECCG بسعر 7.75%)، وزادت الائتمان القابل للدورة إلى 50 مليون دولار وخفضت معدلها بمقدار 0.50%. كما أعلن المجلس عن توزيعات ربع سنوية قدرها 0.37 دولار وسمح ببرنامج إعادة شراء أسهم بقيمة 10 ملايين دولار. ستعقد GECC مكالمة مؤتمر صحفي في 5 نوفمبر 2025، الساعة 8:30 صباحاً بتوقيت شرق الولايات المتحدة.

Positive
  • Raised approximately $27 million of equity in Q3 2025
  • Issued $50 million of 7.75% GECCG notes to refinance GECCZ
  • Revolver increased to $50 million and rate reduced 0.50%
  • Board approved quarterly dividend of $0.37 per share
  • Authorized $10 million share repurchase program
Negative
  • NAV declined from $12.10 to $10.01 per share
  • Net realized and unrealized losses of $24.4 million
  • Net investment income fell to $2.4 million ($0.20 per share)
  • Earnings per share of ($1.79) in Q3 2025

Insights

Strong liquidity and refinancing offset a meaningful NAV hit from a bankruptcy-driven loss; near-term income expected to normalize.

The company reported a NAV decline to $10.01 per share from $12.10, driven primarily by unrealized losses on its First Brands position and a $24.4 million quarterly net realized and unrealized loss. At the same time, management raised approximately $27 million of equity, increased committed revolver capacity to $50 million (with potential expansion), and refinanced higher-cost notes by issuing $50 million of 7.75% notes plus a $7.5 million overallotment, which reduces near-term cash interest.

Key dependencies and risks include the realization of CLO JV cash flows (received $1.5 million in Q3 and $4.3 million through Nov. 3, 2025), recovery of NII as expected, and the eventual resolution or further mark movements on the First Brands position. Watch cash distributions from the CLO JV and interest expense trends over the next quarter; expect material signals within one quarter (Q4 2025).

Dividend maintained and repurchase authorized despite earnings volatility; income stability hinges on CLO receipts and new deployments.

Management kept the quarterly dividend at $0.37 per share and approved a $10 million repurchase program while reporting NII of $2.4 million ($0.20 per share) due to uneven CLO distributions and one-time refinancing costs. The portfolio shows active deployment and monetization: ~$56.6 million deployed at a weighted yield of 10.7% and ~$42.9 million monetized at a weighted yield of 13.3 during the quarter.

Risks include the NAV sensitivity to single large credits (First Brands) and near-term earnings volatility from timing of joint-venture distributions. Monitor NII per share and CLO JV cash receipts in the upcoming quarter and the company’s stated leverage ~1.5x; expect observable effects within the next quarter (Q4 2025).

Company to Host Conference Call and Webcast at 8:30 AM ET on November 5, 2025

Board Maintains $0.37 Per Share Distribution and Announces $10 Million Share Repurchase Authorization

GECC Strengthened its Balance Sheet Raising $27 Million of Equity and Refinancing Highest Cost Debt

NAV Decline From $12.10 to $10.01 Per Share Primarily Due to Losses on First Brands; NII Lower As Anticipated Due to Uneven CLO JV Distributions and Lack of a Preference Share Dividend 

NII Expected to Recover in the Fourth Quarter with Increased CLO JV Distributions, Normalized Interest Expense and Income Generation From New Deployments

PALM BEACH GARDENS, Fla., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,” “our,” the “Company” or “GECC”) (NASDAQ: GECC), a business development company, today announced its financial results for the third quarter ended September 30, 2025.

Management Commentary

“As outlined in our October 7th press release, GECC was impacted by the First Brands bankruptcy which was the key driver of our NAV decline in the quarter to $10.01 per share as of September 30th from $12.10 per share at the end of the second quarter,” said Matt Kaplan, GECC's Chief Executive Officer. “In addition, as highlighted on our August conference call, we saw NII step down as anticipated, driven by the uneven cadence of CLO cash flows, the lack of a distribution on preference shares received in the second quarter, and elevated expenses associated with our baby bond refinancing. We currently expect NII to recover in the fourth quarter with normalized interest expense, increased CLO JV distributions and income from new deployments.”

“We continued to strengthen our balance sheet in the third quarter, raising approximately $27 million of equity. Additionally, we successfully refinanced our highest cost debt, the 8.75% GECCZ Notes, with the issuance of our new 7.75% GECCG Notes, and doubled the size of our revolving credit facility while reducing its interest rate, resulting in lower borrowing costs going forward,” added Mr. Kaplan. “Looking ahead, we have ample liquidity and our leverage is consistent with our historical operating levels at approximately 1.5x debt-to-equity. We have begun to realize capital distributions on our non-yielding CoreWeave equity-related investment, and we are well positioned to deploy capital into additional cash-generating investments.”

Shareholder Returns

  • The Board of Directors approved a quarterly dividend of $0.37 per share for the fourth quarter of 2025, equating to a 19.8% annualized yield on GECC’s November 3, 2025 closing price of $7.48.
  • Subsequent to quarter end, the Board of Directors authorized a new share repurchase program whereby the Company may repurchase up to an aggregate of $10 million of its outstanding common shares.

Third Quarter Operating Highlights

  • Total investment income (“TII”) for the quarter ended September 30, 2025, was $10.6 million as compared to $14.3 million for the quarter ended June 30, 2025.
    • TII in the prior quarter benefited from higher income received from CLO investments and the receipt of a $2.1 million distribution on preference shares from an insurance-related investment.
    • GECC received $1.5 million of cash distributions from the CLO JV in the quarter ended September 30, 2025, as compared to $4.3 million in the quarter ended June 30, 2025. Additionally, in the fourth quarter through November 3rd, GECC received $4.3 million of cash distributions from the CLO JV.
  • Net investment income (“NII”) for the quarter ended September 30, 2025, was $2.4 million, or $0.20 per share, as compared to $5.9 million, or $0.51 per share, for the quarter ended June 30, 2025.
    • In addition to lower TII, in the third quarter NII was adversely impacted by elevated interest expense of approximately $1.1 million due to impacts from the baby-bond refinancing from the write-off of deferred offering costs and double-interest expense for most of September.
  • Net assets were $140.1 million, or $10.01 per share, on September 30, 2025, as compared to $140.0 million, or $12.10 per share, on June 30, 2025.
    • The decrease in net asset value (“NAV”) per share was primarily driven by unrealized losses on First Brands investments, as detailed in the Company’s October 7th press release.
  • GECC’s asset coverage ratio was 168.2% as of September 30, 2025, as compared to 169.5% as of June 30, 2025.

Third Quarter and Other Recent Capital Activity

  • The Company generated net proceeds of approximately $27 million from equity issuances totaling approximately 2.4 million shares of common stock in the third quarter.
    • The Company utilized its at-the-market (“ATM”) program to issue 1.1 million shares of common stock in the third quarter for net proceeds of approximately $13 million.
    • In August, GECC issued approximately 1.3 million shares in a private placement to Poor Richard, LLC for net proceeds of $14 million.
  • In August, GECC amended its Revolving Credit Facility to increase the borrowing capacity to $50 million from $25 million and reduced the interest rate by 0.50% per annum to SOFR + 2.50%.
    • The amendment allows GECC, under certain circumstances and subject to lender approval, to increase the overall borrowing capacity by an additional $40 million to $90 million in aggregate.
  • In September, GECC issued $50 million principal amount of its of 7.75% Notes due December 31, 2030 (NASDAQ: GECCG) and redeemed all of its $40 million principal amount of 8.75% Notes due September 30, 2028 (NASDAQ: GECCZ).
    • In October, the underwriters exercised their overallotment option in full to purchase an additional $7.5 million principal amount of the 7.75% GECCG Notes.

Financial Highlights – Per Share Data

 Q3/2024Q4/2024Q1/2025Q2/2025Q3/2025
Earnings Per Share (“EPS”)$0.33$0.17$0.04$1.02($1.79)
Net Investment Income (“NII”) Per Share$0.39$0.20$0.40$0.51$0.20
Pre-Incentive Net Investment Income Per Share$0.49$0.20$0.50$0.64$0.20
Net Realized and Unrealized Gains / (Losses) Per Share($0.06)($0.03)($0.36)$0.51($1.98)
Net Asset Value Per Share at Period End$12.04$11.79$11.46$12.10$10.01
Distributions Paid / Declared Per Share$0.35$0.40$0.37$0.37$0.37


Portfolio and Investment Activity

As of September 30, 2025, GECC held total investments of $325.1 million at fair value, as follows:

  • 64 debt investments in corporate credit, totaling approximately $189.3 million, representing 58.2% of the fair market value of the Company’s total investments. Secured debt investments comprised a substantial majority of the fair market value of the Company’s debt investments.
  • An investment in Great Elm Specialty Finance, totaling approximately $44.7 million, comprised of two debt investments of $31.3 million and one equity investment of $13.4 million, representing 9.6% and 4.1%, respectively, of the fair market value of the Company’s total investments.
  • CLO investments, totaling approximately $52.3 million, representing 16.1% of the fair market value of the Company’s total investments.
  • Three dividend-paying equity investments, totaling approximately $10.5 million, representing 3.2% of the fair market value of the Company’s total investments.
  • Other equity investments, totaling approximately $28.2 million, representing 8.7% of the fair market value of the Company’s total investments.

As of September 30, 2025, the weighted average current yield on the Company’s debt portfolio was 11.5%(1). Floating rate instruments comprised approximately 67% of the fair market value of debt investments and the Company’s fixed rate debt investments had a weighted average maturity of 2.8 years.

During the quarter ended September 30, 2025, the Company deployed approximately $56.6 million into 36 investments(2) at a weighted average current yield of 10.7%.

During the quarter ended September 30, 2025, the Company monetized, in part or in full, 40 investments for approximately $42.9 million(3), at a weighted average current yield of 13.3%. Monetizations include $28.2 million of mandatory debt paydowns and redemptions at a weighted average current yield of 14.3%.

Financial Review

Total investment income for the quarter ended September 30, 2025 was $10.6 million, or $0.86 per share. Total expenses for the quarter ended September 30, 2025 were approximately $8.2 million, or $0.67 per share, inclusive of excise tax expense.

Net realized and unrealized losses for the quarter ended September 30, 2025 were approximately $24.4 million, or $1.98 per share.

Liquidity and Capital Resources

As of September 30, 2025, cash and money market fund investments totaled approximately $24.3 million. In addition, GECC had availability of $50.0 million on its revolving line of credit (the “Revolver”) as of September 30, 2025.

As of September 30, 2025, total debt outstanding (par value) was $205.4 million, comprised of 5.875% senior notes due June 2026 (NASDAQ: GECCO), 8.50% senior notes due April 2029 (NASDAQ: GECCI), 8.125% senior notes due December 2029 (NASDAQ: GECCH), and 7.75% senior notes due December 2030 (NASDAQ: GECCG).

Distributions
The Company’s Board of Directors has approved a quarterly cash distribution of $0.37 per share for the quarter ending December 31, 2025 to be paid from distributable earnings. The fourth quarter distribution will be payable on December 31, 2025 to stockholders of record as of December 15, 2025.

The distribution equates to a 19.8% annualized dividend yield on the Company’s closing market price on November 3, 2025 of $7.48 and a 14.8% annualized dividend yield on the Company’s September 30, 2025 NAV of $10.01 per share.

Stock Repurchase Program
The Company’s Board of Directors has authorized a new share repurchase program, whereby the Company may repurchase up to an aggregate of $10 million of its outstanding common shares.

Conference Call and Webcast
GECC will discuss these results in a conference call at 8:30 a.m. ET on November 5, 2025.

Conference Call Details

Date/Time:Wednesday, November 5, 2025 – 8:30 a.m. ET
  
Participant Dial-In Numbers: 
(United States):844-825-9789
(International):412-317-5180


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.

This press release does not constitute an offer of any securities for sale.

Endnotes:

(1) Weighted average current yield is based upon the stated coupon rate and fair value of outstanding debt securities at the measurement date and excludes five non-accrual investments with a fair value of $4.9 million as of September 30, 2025.
(2) This includes new deals, additional fundings (inclusive of those on revolving credit facilities), refinancings and capitalized PIK income. Amounts included herein do not include investments in short-term securities, including United States Treasury Bills.
(3) This includes scheduled principal payments, prepayments, sales and repayments (inclusive of those on revolving credit facilities). Amounts included herein do not include investments in short-term securities, including United States Treasury Bills.


Media & Investor Contact: 

Investor Relations
investorrelations@greatelmcap.com

GREAT ELM CAPITAL CORP.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
Dollar amounts in thousands (except per share amounts)

  September 30, 2025  December 31, 2024 
Assets      
Investments      
Non-affiliated, non-controlled investments, at fair value (amortized cost of $267,160 and $244,378, respectively) $241,014  $240,958 
Non-affiliated, non-controlled short-term investments, at fair value (amortized cost of $88,698 and $8,448, respectively)  88,698   8,448 
Affiliated investments, at fair value (amortized cost of $12,378 and $12,378, respectively)  -   - 
Controlled investments, at fair value (amortized cost of $94,684 and $87,014, respectively)  84,092   83,304 
Total investments  413,804   332,710 
       
Cash and cash equivalents  -   - 
Receivable for investments sold  67   5,065 
Interest receivable  3,383   3,306 
Dividends receivable  1,305   364 
Due from portfolio company  32   32 
Due from affiliates  146   160 
Deferred financing costs  301   237 
Prepaid expenses and other assets  1,011   154 
Total assets $420,049  $342,028 
       
Liabilities      
Notes payable (including unamortized discount of $5,211 and $5,705, respectively) $200,189  $189,695 
Revolving credit facility  -   - 
Payable for investments purchased  75,628   11,194 
Interest payable  296   32 
Accrued incentive fees payable  1,145   1,712 
Distributions payable  -   577 
Due to affiliates  1,570   1,385 
Accrued expenses and other liabilities  1,123   1,320 
Total liabilities $279,951  $205,915 
       
Commitments and contingencies $-  $- 
       
Net Assets      
Common stock, par value $0.01 per share (100,000,000 shares authorized, 13,998,168 shares issued and outstanding and 11,544,415 shares issued and outstanding, respectively) $140  $115 
Additional paid-in capital  359,371   332,111 
Accumulated losses  (219,413)  (196,113)
Total net assets $140,098  $136,113 
Total liabilities and net assets $420,049  $342,028 
Net asset value per share $10.01  $11.79 


GREAT ELM CAPITAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Dollar amounts in thousands (except per share amounts)

  For the Three Months Ended September 30,  For the Nine Months Ended September 30, 
  2025  2024  2025  2024 
Investment Income:            
Interest income from:            
Non-affiliated, non-controlled investments $5,907  $6,321  $18,869  $18,276 
Non-affiliated, non-controlled investments (PIK)  866   826   2,121   2,267 
Affiliated investments  -   -   -   64 
Controlled investments  810   974   2,528   2,858 
Total interest income  7,583   8,121   23,518   23,465 
Dividend income from:            
Non-affiliated, non-controlled investments  95   584   2,663   2,015 
Controlled investments  1,965   3,002   9,245   3,912 
Total dividend income  2,060   3,586   11,908   5,927 
Other commitment fees from non-affiliated, non-controlled investments  -   -   -   700 
Other income from:            
Non-affiliated, non-controlled investments  999   20   1,814   92 
Non-affiliated, non-controlled investments (PIK)  -   -   174   - 
Total other income  999   20   1,988   92 
Total investment income $10,642  $11,727  $37,414  $30,184 
             
Expenses:            
Management fees $1,253  $1,201  $3,803  $3,209 
Incentive fees  -   1,018   2,620   2,580 
Administration fees  505   375   1,243   1,156 
Custody fees  38   38   113   110 
Directors’ fees  53   52   159   160 
Professional services  587   409   1,470   1,210 
Interest expense  5,485   4,210   14,054   10,490 
Other expenses  50   277   665   866 
Total expenses $7,971  $7,580  $24,127  $19,781 
Net investment income before taxes $2,671  $4,147  $13,287  $10,403 
Excise tax $238  $75  $374  $80 
Net investment income $2,433  $4,072  $12,913  $10,323 
             
Net realized and unrealized gains (losses):            
Net realized gain (loss) on investment transactions from:            
Non-affiliated, non-controlled investments $6,156  $227  $6,879  $2,738 
Affiliated investments  -   (1)  -   (626)
Realized loss on repurchase of debt  -   (3)  -   (3)
Total net realized gain (loss)  6,156   223   6,879   2,109 
Net change in unrealized appreciation (depreciation) on investment transactions from:            
Non-affiliated, non-controlled investments  (28,339)  715   (22,726)  (6,674)
Affiliated investments  -   1   -   (22)
Controlled investments  (2,262)  (1,537)  (6,882)  (4,046)
Total net change in unrealized appreciation (depreciation)  (30,601)  (821)  (29,608)  (10,742)
Net realized and unrealized gains (losses) $(24,445) $(598) $(22,729) $(8,633)
Net increase (decrease) in net assets resulting from operations $(22,012) $3,474  $(9,816) $1,690 
             
Earnings per share (basic and diluted): $(1.79) $0.33  $(0.83) $0.18 
Weighted average shares outstanding (basic and diluted):  12,315,210   10,449,888   11,808,363   9,556,695 

FAQ

Why did GECC's NAV fall to $10.01 per share in Q3 2025 (GECC)?

NAV declined primarily due to unrealized losses on First Brands investments, reducing NAV from $12.10 to $10.01 per share.

What dividend did Great Elm Capital Corp (GECC) declare for Q4 2025 and when is it payable?

The Board declared a quarterly dividend of $0.37 per share payable on Dec 31, 2025 to holders of record on Dec 15, 2025.

How much equity did GECC raise in Q3 2025 and by what programs (GECC)?

GECC raised approximately $27 million in Q3 2025 via ~2.4 million common shares, including ATM issuances and a private placement.

What is GECC's new debt and credit facility status after Q3 2025 actions?

GECC issued $50 million of 7.75% GECCG notes, redeemed GECCZ notes, and increased its revolver to $50 million with a 0.50% rate reduction.

How did GECC's net investment income (NII) change in Q3 2025 (GECC)?

NII decreased to $2.4 million (or $0.20 per share) in Q3 2025 from $5.9 million ($0.51) in Q2 2025.

What share repurchase program did Great Elm Capital announce on Nov 4, 2025 (GECC)?

The Board authorized a share repurchase program to buy up to an aggregate of $10 million of common shares.
Great Elm Capital Corp

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105.97M
6.29M
52.04%
12.43%
0.38%
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