Great Elm Capital Corp
NASDAQ:GECC
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Great Elm Capital Corp
NASDAQ:GECC
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Great Elm Capital Corp
Great Elm Capital is an externally-managed business development company that invests in the debt instruments of middle-market companies. The company is headquartered in Waltham, Massachusetts. The company went IPO on 2016-11-04. The firm is focused on generating income and capital appreciation by investing in middle-market companies that operate in a range of industries. The company also focuses on making multi-year investments, primarily in secured debt instruments that it purchases in the secondary market, though it may also originate investments directly. The firm's investment advisor is Great Elm Capital Management, Inc. (GECM).
Great Elm Capital is an externally-managed business development company that invests in the debt instruments of middle-market companies. The company is headquartered in Waltham, Massachusetts. The company went IPO on 2016-11-04. The firm is focused on generating income and capital appreciation by investing in middle-market companies that operate in a range of industries. The company also focuses on making multi-year investments, primarily in secured debt instruments that it purchases in the secondary market, though it may also originate investments directly. The firm's investment advisor is Great Elm Capital Management, Inc. (GECM).
NAV: Net asset value fell to $8.07 per share at 12/31/25 from $10.01 at 9/30/25 (pro forma $8.23 after an incentive-fee waiver), with several discrete mark drivers called out by management.
NII: Net investment income improved to $4.4 million, or $0.31 per share in Q4, up from $2.4 million / $0.20 in Q3, driven largely by higher cash income and stronger CLO JV distributions.
Portfolio derisking: Management materially reduced higher‑risk exposures in Q4 (including exiting first‑brand exposure and selling/downsizing ~30% of corporate credit names by count) and ended the year with nonaccruals below 1%.
Liquidity & balance sheet: GECC ended with meaningful liquidity — ~$5 million cash, $50 million revolver capacity with no borrowings, $14 million of liquid exchange‑traded assets, and $194.4 million total debt at par — and repurchased ~$18.7 million of notes at or below par.
Governance & alignment: Great Elm waived accrued/unpaid incentive fees through 3/31/26 (benefit ~ $2.3 million or $0.16 per share) and appointed Jason Reese as Executive Chairman and Chris Croteau as Head of Credit Research to strengthen oversight and underwriting.
CLOs: CLO equity investing was volatile in 2025 and detracted from Q4 marks, but the CLO JV produced roughly flat gross returns in the quarter and remains a meaningful cash generator that outperformed many peers.
Capital allocation: Management is selectively deploying capital into senior secured, cash‑generative investments and evaluating buybacks versus new investments on a daily basis with the Board.
