secwatch.observer — SEC 8-K summary
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Issuer:     Great Elm Capital Corp. (GECC)
CIK:        0001675033
Form:       8-K
Filed at:   2025-10-07T23:59:59+00:00
Accession:  0001193125-25-232655
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1675033/000119312525232655/0001193125-25-232655-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1675033/000119312525232655/d31018d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-232655

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