Great Elm Capital Corp. Announces Fourth Quarter and Full Year 2025 Financial Results and New Executive Chairman of Board

Jason Reese Appointed as Executive Chairman of the Board of Directors, Succeeding Matthew Drapkin and Fortifying the Board's Management Oversight

Published on Mar. 2, 2026

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Great Elm Capital Corp. (GECC), a business development company, announced its financial results for the fourth quarter and full year ended December 31, 2025, as well as the appointment of Jason Reese as Executive Chairman of the Board of Directors. The company reported strong liquidity, reduced non-accruals, and waived accrued incentive fees to align with shareholders. GECC also declared a $0.30 per share dividend for the first quarter of 2026, resulting in a 19.2% annualized yield.

Why it matters

The appointment of Jason Reese as Executive Chairman brings seasoned credit investment experience and active management oversight to GECC's board. The waiver of accrued incentive fees demonstrates the investment adviser's commitment to enhancing net asset value and improving earnings quality for shareholders. GECC's focus on credit quality, liquidity, and shareholder returns positions the company for sustainable performance in the current market environment.

The details

GECC reported total investment income of $12.6 million for the fourth quarter, up from $10.6 million in the prior quarter. Net investment income grew over 50% quarter-over-quarter to $0.31 per share. The company ended the year with less than 1% of investments on non-accrual and a significantly underweight allocation to software businesses. GECC deployed $48.2 million into 32 investments at a weighted average current yield of 8.1% during the quarter and monetized $49.1 million of investments at a weighted average current yield of 9.3%.

  • On March 31, 2026, GECC will redeem $20 million of its GECCO notes.
  • GECC's first quarter 2026 dividend of $0.30 per share will be payable on March 31, 2026 to stockholders of record as of March 16, 2026.

The players

Jason Reese

Jason Reese was appointed as Executive Chairman of the Board of Directors of Great Elm Capital Corp., succeeding Matthew Drapkin. Reese currently serves as Chairman and CEO of Great Elm Group, Inc., the parent of GECC's investment adviser.

Matthew Drapkin

Matthew Drapkin, the former Executive Chairman of the Board of Directors, will continue to serve as Vice Chairman of Great Elm Group, Inc. and remain engaged with GECC and its investment adviser.

Chris Croteau

Chris Croteau was hired as Head of Research, strengthening GECC's investment platform. Croteau has over 25 years of credit experience and has played a key role in portfolio development and underwriting.

Great Elm Capital Management, LLC

GECC's external investment adviser, Great Elm Capital Management, LLC, waived all accrued incentive fees through March 31, 2026, equating to approximately $2.3 million or $0.16 per share.

Matt Kaplan

Matt Kaplan is the Chief Executive Officer of Great Elm Capital Corp.

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What they’re saying

“First, I would like to sincerely thank Matt Drapkin for his leadership and dedication to GECC during his tenure on the Board. It is important to note that Matt will continue in his role as Vice Chairman of GEG, working closely with me to create value for both GEG and GECC shareholders. His commitment to the Company has helped position GECC for its next chapter, and we appreciate his meaningful contribution and service.”

— Jason Reese, Executive Chairman of the Board of Directors

“Our fourth quarter results reflected a challenging credit environment, including realized and unrealized losses in select positions. We proactively managed the portfolio during the quarter, exiting certain underperforming investments. We ended the period with ample liquidity, and less than 1% of investments on nonaccrual, positioning us to prudently deploy capital into cash-generating opportunities through our proprietary network.”

— Matt Kaplan, Chief Executive Officer

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