GECC
Great Elm Capital Corp.7.07
+0.14+2.02%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms derisking; eyes buybacks
Q&A largely reaffirmed prepared remarks on portfolio derisking, with Matt Kaplan confirming actions are mostly complete and software exposure now below 4% from 7%. Management stayed selective on private credit amid tight spreads, probing public loan opportunities from volatility while prioritizing downside protection. Board eyes buybacks daily versus NAV discount—riskless value over credits. CLO cash flows will smooth versus prior lumpiness. Portfolio's now clean.
Key Stats
Market Cap
98.97MP/E (TTM)
-Basic EPS (TTM)
-0.65Dividend Yield
0.21%Recent Filings
8-K
Q4 results, new Chairman
Great Elm Capital Corp. reported Q4 2025 results with NAV at $8.07 per share, down from $10.01 in Q3 amid $26.4M net realized and unrealized losses, yet NII jumped 50%+ to $0.31 per share on higher income. Jason Reese replaced Matthew Drapkin as Executive Chairman effective post-10K filing; adviser waived $2.3M incentive fees through Q1 2026. Board declared $0.30/share Q1 dividend. Board acts align interests.
8-K
GECC redeems $20M notes
Great Elm Capital Corp. issued notice on February 27, 2026, to redeem its entire $20,000,000 aggregate principal of 5.875% Notes due 2026 at 100% of principal ($25.00 per Note) on March 31, 2026, under the 2017 Indenture. No accrued interest expected at redemption, as quarterly payment goes to holders of record March 15. Debt fully cleared.
10-K
FY2025 results
CLO Formation JV posted $12.1M net investment income for FY2025 ended December 31, 2025, but unrealized depreciation of $9.5M on CLO subordinated notes dragged net operations to a $2.2M gain—yet distributions outpaced at $19.5M. Portfolio fair value held at $55.8M despite $64.7M cost basis, reflecting $9.5M markdowns on Apex Credit CLOs while interest income tripled from $5.2M prior year. Members' capital edged up 3% to $58.1M after $19.1M contributions fully tapped $74.6M commitments. Cash flow turned positive at $401K from operations. Distributions track quarterly net income. Level 3 valuations hinge on discount rates of 14.5%-18.5%. Rising rates threaten CLO residuals.
10-Q
Q3 FY2025 results
Great Elm Capital Corp. posted Q3 investment income of $10.6M, off 9% y/y from $11.7M yet steady YTD at $37.4M versus $30.2M prior year, as lower interest offset dividend drops from CLO JV. Expenses climbed to $8.0M on $5.5M interest after issuing $50M 7.75% notes due 2030, redeeming higher-coupon 8.75% notes. Realized gains hit $6.2M from Nice-Pak merger and CW Opportunity, but $30.6M unrealized depreciation stemmed from First Brands bankruptcy and CLO JV. Portfolio ended at $325.1M fair value; liquidity strong with $88.7M short-term investments, $50M revolver availability, and $205.4M notes. Debt trades at asset coverage of 168%. Share repurchases underway. Bankruptcy outcomes stay uncertain.
8-K
Q3 NAV falls to $10.01
Great Elm Capital Corp. reported Q3 NAV plunging to $10.01 per share from $12.10, hammered by First Brands losses, while NII dropped to $0.20 per share from $0.51 on uneven CLO distributions and refinancing costs. Yet it raised $27M equity, refinanced high-cost debt to 7.75% notes, and doubled revolver capacity to $50M. Board holds $0.37 dividend, authorizes $10M buyback. NII poised to rebound Q4.
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