Great Elm Capital Corp. — Form 8-K
Filed November 2, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 42/100
What the filing says
Great Elm Capital Corp. reported Q3 2026 net investment income of $0.17/share (down from $0.32 in Q2), net assets of $102.7M or $7.40/share (down 6.9% QoQ), and net realized/unrealized losses of $6.6M driven largely by a $3.3M decline in CLO Formation JV fair value. Management redeemed $6.5M of GECCI Notes due April 2029, repurchased 241K shares YTD through October 30 at $4.95/share (33% discount to NAV), and declared a $0.25/share Q4 dividend (20.2% annualized yield at $4.95 closing price). Cash position: $6M plus $44M revolver availability; total debt $154.9M par.
Why this rating
Declining NAV (-8.3% since YE2025), falling NII, and portfolio stress (CLO losses) are material headwinds for a $77.6M market-cap BDC. Debt reduction and buybacks at discount show capital discipline, but cannot offset core earnings deterioration. Moderate concern warranted.
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