Great Elm Capital Corp. 2025 年季度报告

(Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF Great Elm Capital Corp. (Exact name of registrant as specified in its charter) Registrant’s telephone number, including area code: (617)375-3006 Name of each exchange on which registered Nasdaq Global MarketNasdaq Global MarketNasdaq Global MarketNasdaq Global Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller 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.¨ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes¨No As of April 30, 2025, the registrant had11,544,415shares of common stock, $0.01 par value per share, outstanding. Table of Contents PART I.FINANCIAL INFORMATION Item 1.Financial StatementsItem 2.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures About Market RiskItem 4.Controls and ProceduresPART II.OTHER INFORMATIONItem 1.Legal ProceedingsItem 1A.Risk FactorsItem 5.Other InformationItem 6.ExhibitsSignaturesIndex to Financial StatementsStatements of Assets and Liabilities (unaudited)Statements of Operations (unaudited)Statements of Changes in Net Assets (unaudited)Statements of Cash Flows (unaudited)Schedule of Investments (unaudited)Notes to the Unaudited Financial Statements i PART I—FINANCIAL INFORMATION Unless the context otherwise requires, all references to “GECC,” “we,” “us,” “our,” the “Company” and words of similar importare to Great Elm Capital Corp. and/or its subsidiaries. We reference materials on our website, www.greatelmcc.com, but nothingon our website shall be deemed incorporated by reference or otherwise contained in this report. Cautionary Note Regarding Forward-Looking Information Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate tofuture events or our future performance or financial conditions. Important factors that could cause actual results to differ from ▪our, or our portfolio companies’, future business, operations, operating results or prospects;▪the return or impact of current and future investments;▪the impact of a protracted decline in the liquidity of credit markets on our business;▪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;▪serious disruptions and catastrophic events; ▪our expected financings and investments, including interest rate volatility; ▪the adequacy of our financing resources and working capital;▪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 effect of social, economic, and political conditions and geopolitical events, including as a result of changes in U.S.presidential administrations or Congress including the potential impact of tariff enactment and tax reductions;▪the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and▪our 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 express