Quarterly ResultMay 4, 2026, 04:17 PM
Great Elm Capital Appoints Jason Reese CEO; Q1 NII $0.36/Share; Waives Incentive Fees
AI Summary
Great Elm Capital Corp. announced the appointment of Jason Reese as its new Chief Executive Officer, effective May 4, 2026. The company's investment adviser also waived all accrued incentive fees through Q2 2026, including $2.8 million through March 31, 2026. For Q1 2026, GECC reported Net Investment Income of $0.36 per share, an approximate 13% increase quarter-over-quarter, while NAV stood at $7.74 per share. The company also fully repaid $57.5 million of GECCO Notes, declared a $0.25 per share distribution for Q2 2026, and repurchased shares at a significant discount to NAV.
Key Highlights
- Jason Reese appointed Chief Executive Officer of Great Elm Capital Corp.
- Investment Adviser waived all accrued incentive fees through Q2 2026, including $2.8 million ($0.20/share) through March 31, 2026.
- Net Investment Income (NII) was $0.36 per share in Q1 2026, growing approximately 13% quarter-over-quarter.
- Net Asset Value (NAV) was $7.74 per share as of March 31, 2026.
- Called or repurchased all $57.5 million of GECCO Notes due June 2026, leaving no funded debt maturity until 2029.
- Board declared a $0.25 per share distribution for Q2 2026, an 18% annualized dividend yield on May 1, 2026, closing price.
- Repurchased approximately 0.1 million shares for $0.5 million, at a 36% discount to March 31, 2026, NAV.
- Total investment income for Q1 2026 was $9.5 million, or $0.68 per share.