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- **NAV Recovery Path**: Q3 NAV down 17% to $10.01, but $25M deployable cash and $50M revolver for growth.
- **Dividend Growth**: Q4 $0.37 dividend (14.8% yield), up 12% YoY.
- **Strategic Wins**: 38% IRR from Nice-Pak and $6.1M CoreWeave returns exceed initial investment.
- **Risk Management**: 1.5% portfolio on nonaccrual, cautious on AI disruption.

**【CEO Summary Section】**
- **Third Quarter Overview**: Despite challenges, GECC achieved a strong start with capital raises and refinancing, but faced a $16.5M NAV decline from First Brands exposure. A 38% IRR from Nice-Pak highlights successful investments.
- **Strategic Moves**: Doubled revolver size, reduced interest rates, and $25M deployable cash. Focused on diversification and reducing position sizing. Fourth quarter dividend of $0.37 approved.
- **Portfolio Performance**: NII of $0.20 per share, down from $0.51Q2 due to CLO JV and insurance-related income declines. NAV at $10.01, down from $12.10.
- **Risk Management**: 1.5% of portfolio on nonaccrual, minimal AI disruption impact, and cautious approach to new originations.

**【CFO Financial Commentary】**
- **Financials**: Q3 NII $0.20, down from $0.51Q2. NAV $10.01, down 17% from Q2. $205M debt, $25M cash, $50M revolver available.
- **Dividends**: Q4 $0.37 dividend (14.8% yield). Q3 distributions $4.3M from CLO JV, none from insurance prefs.
- **Liquidity**: $25M to deploy, $50M revolver for future opportunities.

**【Specialty Finance Update】**
- **Growth Initiatives**: GESF increased distributions to GECC by 275%QoQ. Prestige invoice financing strong, GECF repositioned for profitability.

**【Q&A Highlights】**
- **CoreWeave Distributions**: $6.1M received, 102% of initial investment. $20M+ nonyielding assets to harvest.
- **Pipeline**: Focused on secured, income-generating opportunities with 15-20% returns. CLO distributions expected to normalize in Q4.
- **Tariffs and AI Impact**: Minimal China exposure, cautious on AI disruption.


Great Elm Capital Corporation (GECC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GECC

GECC fundamentals

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