---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-232655"
form_type: "8-K"
ticker: "GECC"
cik: "0001675033"
company_name: "Great Elm Capital Corp."
filed_at: "2025-10-07T23:59:59+00:00"
generated_at: "2026-05-17T04:27:33.532268+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-232655
- form_type: 8-K
- ticker: GECC
- cik: 0001675033
- company_name: Great Elm Capital Corp.
- filed_at: 2025-10-07T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1675033/000119312525232655/0001193125-25-232655-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1675033/000119312525232655/d31018d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-232655
- JSON: https://secwatch.observer/filing/0001193125-25-232655.json
- Plain text: https://secwatch.observer/filing/0001193125-25-232655.txt

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