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Great Elm Capital Corp. director Jason W. Reese filed an initial ownership report showing indirect holdings of the company’s Common Stock. According to the filing, 87,237 shares are held by IC Leverage Income Fund, LLC and 229,460 shares are held by Imperial Capital Group Holdings II, LLC. Mr. Reese has voting and dispositive power over the shares held by both entities.
Great Elm Capital Corp. reported fourth quarter 2025 results showing strong income but significant valuation pressure. Total investment income was $12.6 million, generating net investment income of $4.4 million, or $0.31 per share, more than 50% higher than the prior quarter as higher cash income from investments flowed through.
However, net realized and unrealized losses of about $26.4 million, mostly unrealized, reduced net asset value from $10.01 to $8.07 per share, with full‑year net losses of $49.1 million. The board declared a $0.30 per share cash distribution for the first quarter of 2026, equating to a 19.2% annualized yield on the February 27, 2026 closing price of $6.26.
The company is also reshaping governance and its balance sheet. Jason Reese was appointed Executive Chairman, succeeding Matthew Drapkin, and the external adviser waived all accrued incentive fees of approximately $2.3 million, or $0.16 per share, as of December 31, 2025, plus first quarter 2026 incentive fees. GECC repurchased and called portions of its GECCO notes and authorized up to $10 million of common share repurchases, while ending 2025 with $5 million of cash, $50 million of undrawn revolver capacity, and about $11 million of liquid exchange‑traded assets.
Great Elm Capital Corp. (GECC) describes its business as a closed-end, externally managed BDC and RIC that seeks current income and capital appreciation by lending to middle‑market companies and specialty finance platforms. It focuses on secured and senior secured debt, CLO equity through its CLO Formation JV, LLC, and income‑generating equity in specialty finance businesses.
The filing highlights concentration in a limited number of portfolio companies and industries, with large positions in the CLO JV, Great Elm Specialty Finance, LLC, and Vivos Holdings, LLC. GECC outlines rigorous, research‑driven underwriting and ongoing monitoring, including detailed due diligence and active portfolio oversight.
The company explains its external management agreement with Great Elm Capital Management, LLC, including a 1.50% base management fee on average adjusted gross assets and performance‑based incentive fees tied to net investment income above a 7.00% annualized hurdle and to realized capital gains. It also discloses extensive risk factors, such as credit risk in middle‑market borrowers, distressed lending exposure, regulatory constraints of BDC and RIC status, cybersecurity, and potential conflicts of interest.
Great Elm Capital Corp. is redeeming $20,000,000 aggregate principal amount of its 5.875% Notes due 2026 on March 31, 2026. Holders will receive 100% of principal, or $25.00 per Note, plus any accrued and unpaid interest through, but excluding, the redemption date.
Interest from December 31, 2025 to March 31, 2026 will be paid on March 31, 2026 to holders of record as of March 15, 2026, so the company does not expect additional accrued interest outstanding on the redemption date. After redemption, interest on the redeemed Notes will cease to accrue and holders’ remaining right will be payment of the redemption price upon surrender.