Great Elm Capital Corp. updates on First Brands bankruptcy; expects ~$1.15-$1.25/sh NAV hit

Great Elm Capital Corp.

First Brands (auto parts) bankruptcy: GECC places $9.3M First Lien and $16.2M Second Lien loans on non-accrual; direct NAV impact ~$16.5M, or $1.15-$1.25/sh.
CLO investments add ~$0.25/sh NAV impact from First Brands exposure (0.9% of CLO portfolios as of June 30).
Capital activity: Q3 share issuances raised $27M, issued $50M of 7.75% notes due 2030, redeemed $40M of 8.75% notes.
Remaining First Lien $4.8M principal valued at $1.7M (35%), Second Lien $16.2M principal valued at $0.9M (5.5%).
Pro forma debt-to-equity ~1.5x; over $20M cash deployable, $50M credit line undrawn.

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