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Visual21 Nov 2025
Data center suppliers
Great Elm Capital (GECC) investor relations material
Great Elm Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Net asset value (NAV) per share declined to $10.01 from $12.10, mainly due to unrealized losses on First Brands investments and significant unrealized depreciation.
Net investment income (NII) dropped to $2.4 million ($0.20 per share) from $5.9 million ($0.51 per share) in the prior quarter, impacted by lower CLO JV distributions and higher interest expense.
Total investment income for Q3 2025 was $10.6 million, down from $14.3 million in Q2 2025, mainly due to lower CLO JV distributions and absence of an insurance-related distribution.
Board approved a $0.37 per share dividend for Q4 2025 and a $10 million share repurchase program.
Raised $27 million in equity, refinanced high-cost debt, and expanded the revolver to $50 million, resulting in strong liquidity and capital position.
Financial highlights
Net assets stood at $140 million as of September 30, 2025, with total fair value of investments at $325.1 million.
Debt-to-equity ratio was 1.47x, with $205 million in total debt outstanding and $25 million in cash.
Net realized and unrealized losses totaled $24.4 million ($1.98 per share) for Q3 2025.
Annualized dividend yield was 19.8% on market price and 14.8% on NAV.
Asset coverage ratio was 168.2% as of September 30, 2025.
Outlook and guidance
Management expects NII to recover in Q4 2025, driven by increased CLO JV distributions, normalized interest expense, and new capital deployments.
Board maintained the quarterly distribution at $0.37 per share for Q4 2025.
Plan to harvest over $20 million from non-yielding assets and redeploy into income-generating investments.
Ample liquidity and leverage at approximately 1.5x debt-to-equity position the company for further capital deployment.
Next insurance-related investment distribution expected in Q2 2026.
Specifics on reducing portfolio position size
Drivers of NII rebound beyond CLO distributions?
Target returns for redeployed non-yielding capital?
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Next Great Elm Capital earnings date
Q4 20255 Mar, 2026
Next Great Elm Capital earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
Great Elm Capital Corp. (GECC) is an externally managed business development company that focuses on generating current income and capital appreciation. It achieves this by investing in debt instruments and income-generating equity securities, including stakes in specialty finance businesses. GECC specializes in loan and mezzanine investments in middle-market companies, with a preference for investing in sectors such as media, commercial services and supplies, healthcare, telecommunications services, and communications equipment. The company is headquartered in Waltham, Massachusetts, and its shares are listed on the Nasdaq.
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