Great Elm Capital Corp. (GECC) reported third-quarter 2026 net investment income of $2.4 million, or $0.17 per share, down from $4.5 million, or $0.32 per share, in the second quarter. Total investment income was $8.7 million versus $10.9 million in the prior quarter; the company attributed lower NII to lower investment income and reinstated incentive-fee accruals.
Net assets were $102.7 million, or $7.40 per share, down 6.9% quarter over quarter, primarily due to realized and unrealized investment losses, including a $3.3 million decrease in the CLO Formation JV’s fair value. Third-quarter earnings per share were a $0.30 loss, and realized and unrealized losses totaled approximately $6.6 million. As of September 30, 2026, GECC had $6 million of cash and money-market investments, $44 million of revolver availability and $154.9 million of total debt outstanding at par. The board declared a $0.25-per-share fourth-quarter distribution, payable December 31, 2026, to holders of record December 15, 2026. From July 1 through October 30, GECC repurchased 241,235 shares for $1.2 million, averaging $4.95 per share, a 33% discount to September 30 NAV.
Great Elm Capital Corp. (GECC) reported results for the three and nine months ended September 30, 2026. Total investment income was $8.694 million for the quarter, compared with $10.642 million in the same period of 2025. For the nine-month period, it was $29.134 million, versus $37.414 million. The company attributed lower interest income primarily to a smaller debt-investment portfolio.
The investment portfolio had a fair value of $245.442 million as of September 30, 2026. For the nine months ended that date, acquisitions were $87.410 million and dispositions were $131.181 million. The weighted average yield on debt securities at the end of the September quarter was 11.43%.
Net cash provided by operating activities was approximately $49.9 million, while financing activities used $51.8 million during the nine months ended September 30, 2026. As of September 30, 2026, short-term investments in money market funds were approximately $5.6 million, and borrowings outstanding under the revolving credit facility were $6.0 million.
Great Elm Group, Inc., a 10% owner of Great Elm Capital Corp. (GECC), disposed of 111,958 GECC common shares on September 21, 2026, delivering them to employees as compensation awards vested for no consideration. GEG reported 1,244,167 shares held directly following the transaction.
Great Elm Capital Corp. reports that Keri Davis, CFO of its external investment manager, Great Elm Capital Management, Inc., received an award of 7,646 GECC common shares as equity compensation for her position at that manager. Of the award, 1,911 shares vested on September 21, 2026, and the remainder is scheduled to vest in equal annual installments on September 20 of each year until September 20, 2029, subject to continued service with the manager.
On September 21, 2026, Davis also acquired 1,372 shares through a stock dividend tied to previously awarded compensation and reported 2,972 shares delivered or withheld for payment of exercise price or tax liability; the related note describes a net share settlement of restricted-stock awards upon vesting. No Rule 10b5-1 plan is reported.
At Great Elm Capital Corp. (GECC), Chief Compliance Officer and Secretary Adam M. Kleinman received an exempt equity-compensation award of 15,292 common shares on September 21, 2026; 3,823 vested that day, with the balance vesting in equal annual installments each September 20 through September 20, 2029, subject to continued service with GECM. He also acquired 791 shares through a stock dividend associated with prior awards vesting on their anniversaries. He reported 3,451 shares delivered or withheld for payment of exercise price or tax liability; the footnote describes net share settlement of restricted-stock awards upon vesting. No Rule 10b5-1 plan is reported.
Summit Grove Partners, LLC reports beneficial ownership of common stock of Great Elm Capital Corp. in this amended Schedule 13G filing. Summit Grove holds 1,049,527 shares of common stock, representing 7.6% of the class based on 13,889,750 shares outstanding as of the quarter ended June 30, 2026. Summit Grove has sole voting power and sole dispositive power over all 1,049,527 shares, with no shared voting or dispositive power reported. The amendment is signed by Adam M. Kleinman as Authorized Signatory on August 6, 2026.
Great Elm Strategic Partnership I, LLC filed an amended Schedule 13G reporting beneficial ownership of 1,378,260 shares of Great Elm Capital Corp. common stock. This represents 9.9% of the outstanding common shares, based on 13,889,750 shares outstanding as of June 30, 2026. The reporting person has sole voting and dispositive power over all 1,378,260 shares and no shared voting or dispositive power.
Prosper Peak Holdings, LLC filed Amendment No. 1 to a Schedule 13G reporting its beneficial ownership in Great Elm Capital Corp. common stock. Prosper Peak reports beneficial ownership of 972,506 shares of common stock, representing 7.0% of the class.
The filing states that Prosper Peak has sole voting power and sole dispositive power over all 972,506 shares, with no shared voting or dispositive power. The percentage is based on 13,889,750 shares outstanding as reported in Great Elm Capital Corp.’s Form 10-Q for the quarter ended June 30, 2026.
Great Elm Capital Corp. reported second-quarter 2026 total investment income of $10.9 million, up from $9.5 million in the prior quarter. Net investment income was $4.5 million, or $0.32 per share, and earnings per share were $0.46, supported by approximately $1.9 million of net realized and unrealized gains. Net asset value per share increased to $7.95 as of June 30, 2026, from $7.74 as of March 31, 2026.
The company’s adviser waived $0.9 million of incentive fees in the quarter, in addition to $2.8 million previously waived through March 31, 2026. The board declared a $0.25 per share cash distribution for Q3 2026, implying an 18.9% annualized yield on the August 4, 2026, closing price and 12.6% on NAV. Liquidity included about $6 million of cash, $39 million of revolver availability, and an asset coverage ratio of 166.4%. Total debt outstanding was $166.4 million, with no debt maturities until 2029, and the company repurchased roughly 0.1 million shares for $0.5 million under its $10 million buyback program.
Great Elm Capital Corp. is a business development company focused on secured debt and income‑generating equity in middle‑market borrowers, specialty finance platforms and CLO equity. The investment portfolio’s fair value was 268,286 (in thousands) at June 30, 2026, down from 298,268 (in thousands) at December 31, 2025, with largest exposures to structured finance, specialty finance, technology and consumer products.
For the six months ended June 30, 2026, total investment income was 20,440 (in thousands), below 26,772 (in thousands) a year earlier as lower average coupon rates and a smaller debt portfolio reduced interest income. Net expenses fell to 10,780 (in thousands), helped by the adviser’s waiver of 3.7 million of previously accrued incentive fees, which increased net income and net asset value.
GECC reported net realized gains of 5,575 (in thousands), mainly from Stone Ridge Opportunities Fund LP, CW Opportunity 2 LP and American Coastal Insurance Corp. securities. It also recorded net unrealized depreciation of 9,379 (in thousands), driven by declines in CLO JV, Universal Fiber Systems and Great Elm Specialty Finance, partly offset by recoveries on Del Monte Foods and other positions. The debt portfolio’s weighted average yield was 11.10% at quarter‑end, including non‑accruals.