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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.
Keri Davis, CFO of Great Elm Capital Management (the external manager of Great Elm Capital Corp.), reported changes in her beneficial ownership of GECC common stock. On 09/19/2025 she received an equity award of 3,820 shares as compensation for her role at the manager, with 955 shares vesting immediately and the remainder vesting in equal annual installments through 09/20/2028. Also on 09/19/2025 she received 1,406 shares from a stock dividend related to prior vested awards. On 09/23/2025 there was a net share settlement disposing of 2,725 shares at a price of $11.43, leaving her with 21,893 shares beneficially owned following the reported transactions.
Adam M. Kleinman, Chief Compliance Officer and Secretary of Great Elm Capital Corp. (GECC), reported changes in his beneficial ownership on Form 4. On September 19, 2025 he received an exempt grant of 5,458 shares of common stock as equity compensation, of which 1,365 vested immediately and the remainder vests in equal annual installments through September 20, 2028, subject to continued service. Also on September 19 he received 156 shares in connection with a stock dividend tied to prior vested awards. On September 23, 2025 he disposed of 1,361 shares through net share settlement related to vesting at a reported price of $11.43, leaving him with 44,597 shares following the transactions.
Matthew D. Kaplan, President and CEO of Great Elm Capital Corp. (GECC / GECCZ), reported equity awards and a net share settlement tied to restricted stock vesting. On 09/19/2025 he was granted 37,117 shares as compensation, of which 9,280 vested immediately and the remainder vests in equal annual installments through 09/20/2028 subject to continued service. Also on 09/19/2025 he received 1,055 shares from a stock dividend related to prior awards. On 09/23/2025 a net share settlement disposed of 8,211 shares at $11.43 per share. Following these transactions he beneficially owned 122,750 shares.
Great Elm Group, Inc. filed a Form 4 reporting changes in beneficial ownership of Great Elm Capital Corp. (ticker: GECC) stock held directly by the reporting entity, which is identified as a Director. On 09/19/2025 Great Elm Group reported a disposition of 16,612 shares and, on 09/20/2025, a disposition of 63,189 shares. Both transactions are coded J(1) and show a price of $0, reflecting delivery of shares as compensation to employees upon vesting of awards. Share totals after each transaction are reported as 1,421,467 and 1,358,278 shares, respectively. The form is signed by an attorney-in-fact on 09/23/2025.
Great Elm Capital Corp. reporting person Great Elm Strategic Partnership I, LLC disclosed insider sales of Common Stock on 09/22/2025 and 09/23/2025. A total of 49,738 shares were sold at $11.45 per share (48,248 on 09/22 and 1,490 on 09/23). After these disposals the reporting person beneficially owned 1,562,269 shares. The Form 4 was signed by an attorney-in-fact on 09/23/2025. The filing indicates the reporting person is a director and the transaction was filed by one reporting person.
Great Elm Strategic Partnership I, LLC reported two insider sales of Great Elm Capital Corp. (GECCZ) common stock at $11.45 per share. On 09/18/2025 it sold 100 shares, leaving 1,626,744 shares beneficially owned; on 09/19/2025 it sold 14,737 shares, leaving 1,612,007 shares beneficially owned. Transactions were reported on a Form 4 signed by an attorney-in-fact.