Great Elm Capital Corp 2025年季度报告

For the quarterly period endedMarch 31,2025or 3801 PGA Boulevard,Suite 603,Palm Beach Gardens,FL(Address of principal executive offices)Registrant’s telephone number, including area code: (617)375-3006 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Quantitative and Qualitative Disclosures About Market Risk OTHER INFORMATIONLegal ProceedingsRisk Factors Signatures Statements of Assets and Liabilities (unaudited)Statements of Operations (unaudited) iSchedule of Investments (unaudited)Notes to the Unaudited Financial Statements our, or our portfolio companies’, future business, operations, operating results or prospects; the return or impact of current and future investments; the impact of fluctuations in interest rates on our business; the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies; our contractual arrangements and relationships with third parties;our current and future management structure;the general economy, including recessionary trends, and its impact on the industries in which we invest;the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives; the ability of our investment adviser to locate suitable investments for us and to monitor and administer ourinvestments;the timing of cash flows, if any, from the operations of our portfolio companies;the timing, form and amount of any dividend distributions; the valuation of any investments in portfolio companies, particularly those having no liquid trading market; andour ability to maintain our qualification as a regulated investment company (“RIC”) and as a business developmentcompany (“BDC”). We use words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “could,” “may,” “plan” and similar words toidentify forward-looking statements. The forward-looking statements contained in this report involve risks and uncertainties. Ouractual results could differ materially from those implied or expressed in the forward-looking statements for any reason, includingthe factors set forth under “Item 1A. Risk Factors,” herein and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.We have based the forward-looking statements included in this report on information available to us on the date of this report, andwe assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or updateany forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult anyadditional disclosures that we may make directly to you or through reports that we have filed or in the future may file with theSecurities and Exchange Commission (the “SEC”). incorporated herein by reference.Item 2. Management’s Discussion and Analysis ofFinancial Condition and Results of Operations. senior secured debt instruments of middle market companies, as well as income generating equity investments in specialty financecompanies, that we believe offer sufficient downside protection and have the potential to generate attractive returns. In addition, we invest in collateralized loan obligation ("CLO") securities and related warehouse facilities. We generally define middle marketcompanies as companies with enterprise values between $100 million and $2 billion. We also make investments throughout otherportions of a company’s capital structure, including subordinated debt, mezzanine debt, and equity or equity linked securities. We On April 23, 2024, we contributed investments in certain CLOs and formed a joint venture, the CLO Formation JV, LLC (the“CLO JV”) to facilitate the creation of CLOs. The CLO JV invests primarily in the subordinated note securities in CLOs lending, lender finance, and equipment financing. GESF expects to generate both revenue and cost synergies across its specialtyfinance company subsidiaries. On September 27, 2016, we and Great Elm Capital Management, LLC (“GECM”), our external investment manager, entered intoan investment management agreement (the "Investment Management Agreement") and an administration agreement (the"Administration Agreement"), and we began to accrue obligations to our external investment manager under those agreements. OnAugust 1, 2022, upon receiving our stockholders’ approval, we and GECM entered into an amendment to the InvestmentManagement Agreement to reset the capital gains incentive fee to begin on April 1, 2022, which eliminated $163.2 million ofrealized and unrealized losses incurred prior to April 1, 2022 in calculating future incentive fees. In addition, the incentive fee We have elected to be treated as a RIC for U.S. federal income tax purposes. As a RIC, we will