Overview

• Business development company's Q4 net investment income grew over 50% quarter-over-quarter

• Company repurchased $18.7 mln of GECCO notes due June 2026

Outlook

• Company waives all accrued incentive fees through Q1 2026

• Company declares $0.30 per share dividend for Q1 2026

Result Drivers

• NET INVESTMENT INCOME - Q4 net investment income rose over 50% quarter-over-quarter, driven by increased cash income from investments

• INCENTIVE FEE WAIVER - Waived $2.3 mln in accrued incentive fees

Company press release: ID:nGNX9VlF2Y

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the closed end funds peer group is "hold"

• Wall Street's median 12-month price target for Great Elm Capital Corp is $8.75, about 40.4% above its March 2 closing price of $6.23

• The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 6 three months ago

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