GECCH Great Elm Capital Corp., GECCI Great Elm Capital Corp., GECCO Great Elm Capital Corp., GECCZ Great Elm Capital Corp., GECC Great Elm Capital Corp., GECCG Great Elm Capital Corp. - 10-Q - (2025-11-04)

Great Elm Capital Corp. (GECC) Q3 2025 results were dominated by significant unrealized portfolio depreciation, offsetting operational income strength. NAV per share dropped to $10.01 (from $11.79 YE 2024), resulting in a negative NAV-based Total Return of (6.34%) for the nine months ended September 30, 2025.

Financial Performance & Portfolio Volatility: Net Investment Income (NII) showed slight YTD improvement per share (\(1.09 vs. \)1.08), but quarterly NII declined due to smaller average portfolio size and lower coupon rates. The primary driver of poor results was a massive **$30.6M