---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-22-007874"
form_type: "8-K"
ticker: "GECC"
cik: "0001675033"
company_name: "Great Elm Capital Corp."
filed_at: "2022-03-04T23:59:59+00:00"
generated_at: "2026-06-27T01:37:39.358587+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Great Elm Capital posts Q4 net loss; CEO ousted amid Avanti impairment; new specialty finance focus

## Summary
- Q4 2021 EPS -$4.95; NAV per share fell to $16.63 from $22.17; Avanti investments caused $26.6M unrealized loss.
- CEO Peter Reed resigned; replaced by Matt Kaplan. Board chair Matthew Drapkin and new director Richard Cohen appointed.
- Company noncompliant with Nasdaq Listing Rules 5605(b)(1) and 5605(c)(2)(A) due to board vacancies.
- Quarterly dividends: $0.60 for Q1 2022 and $0.45 for Q2 2022 (10.8% annualized yield on pro forma NAV).
- Acquired majority stake in Sterling Commercial Credit ($7.5M) and formed joint venture with Utica Leaseco for equipment financing.

## SEC filing metadata
- accession: 0001140361-22-007874
- form_type: 8-K
- ticker: GECC
- cik: 0001675033
- company_name: Great Elm Capital Corp.
- filed_at: 2022-03-04T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 3.01, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1675033/000114036122007874/0001140361-22-007874-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1675033/000114036122007874/ny20003136x2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-22-007874
- JSON: https://secwatch.observer/filing/0001140361-22-007874.json
- Plain text: https://secwatch.observer/filing/0001140361-22-007874.txt

## Key facts
- Executive change
  Richard Cohen was appointed as Class I Director at Great Elm Capital Corp..
  - Action: appointed
  - Role: Class I Director
  source text: the Board also appointed Richard Cohen as a Class I director
  evidence_url: https://www.sec.gov/Archives/edgar/data/1675033/000114036122007874/0001140361-22-007874-index.htm
- Executive change
  Peter Reed resigned as Chief Executive Officer, President and Chairman at Great Elm Capital Corp..
  - Action: resigned
  - Role: Chief Executive Officer, President and Chairman
  source text: On March 2, 2022, Peter Reed notified the Company that he would resign from his position as the Company’s Chief Executive Officer and President and as Chairman of the Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/1675033/000114036122007874/0001140361-22-007874-index.htm
- Executive change
  Michael Speller resigned as Director at Great Elm Capital Corp..
  - Action: resigned
  - Role: Director
  source text: each of Randall Revell Horsey and Michael Speller notified the Company that they would resign from the Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/1675033/000114036122007874/0001140361-22-007874-index.htm
- Executive change
  Matt Kaplan was appointed as Chief Executive Officer and President at Great Elm Capital Corp..
  - Action: appointed
  - Role: Chief Executive Officer and President
  source text: On March 4, 2022, the Board appointed Matt Kaplan, age 35, as the Company’s Chief Executive Officer and President.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1675033/000114036122007874/0001140361-22-007874-index.htm
- Executive change
  Randall Revell Horsey resigned as Director at Great Elm Capital Corp..
  - Action: resigned
  - Role: Director
  source text: each of Randall Revell Horsey and Michael Speller notified the Company that they would resign from the Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/1675033/000114036122007874/0001140361-22-007874-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.