Q3 2025 Great Elm Capital Corp Earnings Call Transcript

Nov 5, 2025 / 01:30 PM GMT

Release Date Price: $7.72 (+3.35%)

Transcript 10-Q8-K

Key Points

Positve

Great Elm Capital Corp (GECC) raised significant equity and doubled the size of its revolver, reducing the interest rate by 50 basis points.
Successfully refinanced its highest cost debt, reducing it by 100 basis points.
Achieved a 38% IRR from the acquisition of Nice Pack, a secured loan with warrants.
The board approved a $0.37 dividend for the fourth quarter of 2025 and a $10 million share repurchase program.
Great Elm Specialty Finance increased its distribution to GECC significantly, indicating strong performance in the third quarter.

Negative

GECC's exposure to First Brands resulted in a $16.5 million adverse impact on MAV due to bankruptcy.
Net Investment Income (NII) decreased to $0.20 per share from $0.51 in the second quarter, primarily due to lower CLOJV distributions and elevated interest expenses.
NAV per share declined from $12.10 to $10.01, driven by unrealized losses associated with First Brands.
The insurance-related investment did not pay a dividend this quarter, impacting income generation.
Increased share count from capital raising programs led to short-term cash drag impacts, offsetting absolute NII growth.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GECC.OQ - Great Elm Capital Corp
Q3 2025 Great Elm Capital Corp Earnings Call
Nov 05, 2025 / 01:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and welcome to the Great Elm Capital Corp 3rd quarter 2025 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the key followed by zero. After today's presentation, there will be An Opportunity to ask questions. To ask a question, you may press, then 1 on your telephone keypad. To withdraw your question, please press 2. Please note this event is being recorded. I would now like to turn the conference over to Adam Yates, managing director. Please go ahead.

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Unidentified_2 [2]
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