GECC Q3 NAV per share $10.01, NII $0.20; maintains $0.37 dividend, $10M buyback

Great Elm Capital Corp.

2025-Q3 EPS reported -$0.83

Q3 NAV per share $10.01 vs $12.10 in Q2, drop driven by First Brands bankruptcy unrealized losses of ~$24.4M.
NII per share $0.20 vs $0.51 in Q2; total investment income $10.6M, down from $14.3M due to lower CLO distributions.
Board maintains $0.37 quarterly dividend (19.8% yield on $7.48 close) and authorizes new $10M share repurchase.
Strengthened balance sheet: raised $27M equity, refinanced 8.75% notes with 7.75% notes, doubled revolver to $50M.
Management expects NII recovery in Q4 with increased CLO distributions, normalized interest expense, new deployments.

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