We are a BDC that seeks to generate both current income and capital appreciation through debt and income generating equity investments, including investments in specialty finance businesses. To achieve our investment objective, we invest in secured and senior secured debt instruments of middle market companies, as well as income generating equity investments in specialty finance companies, that we believe offer sufficient downside protection and have the potential to generate attractive returns. In addition, we invest in collateralized loan obligation ("CLO") securities and related warehouse facilities. We generally define middle market companies as companies with enterprise values between $100 million and $2 billion. We also make investments throughout other portions of a company’s capital structure, including subordinated debt, mezzanine debt, and equity or equity linked securities. We source these transactions directly with issuers and in the secondary markets through relationships with industry professionals.

Risk Factors [Table Text Block]

Item 1A. Risk Factors.

There have been no material changes in risk factors in the period covered by this report. See discussion of risk factors in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024.

Share Price [Table Text Block]

Share Price Data

The following table sets forth: (i) NAV per share of our common stock as of the applicable period end, (ii) the range of high and low closing sales prices of our common stock as reported on the Nasdaq Global Market during the applicable period, (iii) the closing high and low sales prices as a premium (discount) to NAV during the relevant period, and (iv) the distributions per share of our common stock declared during the applicable period. Shares of business development companies may trade at a market price that is less than the value of the net assets attributable to those shares. The possibility that our shares of common stock will trade at a discount or premium to NAV is separate and distinct from the risk that our NAV will decrease. During the last two fiscal years, our common stock has generally traded below NAV.

During the last two fiscal years, using the high and low sales prices within each fiscal quarter compared to the NAV at such quarter end, our common stock has traded as high as a 14.4% premium to NAV and as low as a 40.4% discount to NAV.


		Closing Sales Price		Premium (Discount) of High Sales Price	Premium (Discount) of Low Sales Price	Distributions
	NAV	High	Low	to NAV(1)	to NAV(1)	Declared(2)
Fiscal year ending December 31, 2025
Fourth Quarter (through October 30, 2025)	N/A	$8.98	$7.29	--	--	--
Third Quarter	10.01	11.45	10.02	14.4%	0.1%	$0.37
Second Quarter	12.10	11.11	9.20	(8.2)	(24.0)	0.37
First Quarter	11.46	11.34	10.02	(1.0)	(12.6)	0.37
Fiscal year ending December 31, 2024
Fourth Quarter	$11.79	$10.99	$9.68	(6.8)%	(17.9)%	$0.35
Third Quarter	12.04	10.90	9.66	(9.5)	(19.8)	0.35
Second Quarter	12.06	10.91	10.07	(9.5)	(16.5)	0.35
First Quarter	12.57	11.10	10.22	(11.7)	(18.7)	0.35
Fiscal year ending December 31, 2023
Fourth Quarter	$12.99	$10.98	$8.51	(15.5)%	(34.5)%	$0.45
Third Quarter	12.88	10.25	7.68	(20.4)	(40.4)	0.35
Second Quarter	12.21	9.10	7.58	(25.5)	(37.9)	0.35
First Quarter	11.88	9.75	8.50	(17.9)	(28.5)	0.35

(1)

Calculated as of the respective high or low closing sales price divided by the quarter-end NAV.

(2)

We have adopted a dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, if our Board authorizes, and we declare, a cash distribution, our stockholders who have not opted out of our dividend reinvestment plan will have their cash distributions (net of any applicable withholding tax) automatically reinvested in additional shares of our common stock, rather than receiving the cash distributions.

For all periods presented in the table above, there was no return of capital included in any distribution.

The last reported closing price for our common stock on October 30, 2025 was $7.64 per share. As of October 29, 2025, we had 11 record holders of our common stock.

Lowest Price or Bid

$ 10.02

$ 9.2

$ 10.02

$ 9.68

$ 9.66

$ 10.07

$ 10.22

$ 8.51

$ 7.68

$ 7.58

$ 8.5

Highest Price or Bid

$ 11.45

$ 11.11

$ 11.34

$ 10.99

$ 10.9

$ 10.91

$ 11.1

$ 10.98

$ 10.25

$ 9.1

$ 9.75

Highest Price or Bid, Premium (Discount) to NAV [Percent]

14.40%

(8.20%)

(1.00%)

(6.80%)

(9.50%)

(11.70%)

(15.50%)

(20.40%)

(25.50%)

(17.90%)

14.40%

Lowest Price or Bid, Premium (Discount) to NAV [Percent]

0.10%

(24.00%)

(12.60%)

(17.90%)

(19.80%)

(16.50%)

(18.70%)

(34.50%)

(40.40%)

(37.90%)

(28.50%)

NAV Per Share

$ 10.01

^[1]

$ 12.1

$ 11.46

$ 11.79

^[1]

$ 12.04

^[1]

$ 12.06

$ 12.57

$ 12.99

^[1]

$ 12.88

$ 12.21

$ 11.88

$ 10.01

^[1]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt [Table Text Block]

Notes Payable

On January 11, 2018, we issued $43.0 million in aggregate principal amount of 6.75% notes due 2025 (the “GECCM Notes”). On January 19, 2018 and February 9, 2018, we issued an additional $1.9 million and $1.5 million, respectively, of the GECCM Notes upon partial exercise of the underwriters’ over-allotment option. On September 12, 2024, we caused redemption notices to be issued to the holders of the GECCM Notes regarding the Company's exercise of its option to redeem, in whole, the issued and outstanding GECCM Notes. We redeemed all of the issued and outstanding GECCM Notes on October 12, 2024 at 100% of the principal amount plus accrued and unpaid interest thereon from September 30, 2024 through, but excluding, the redemption date, October 12, 2024.

On June 23, 2021, we issued $50.0 million in aggregate principal amount of 5.875% notes due 2026 (the “GECCO Notes”). On July 9, 2021, we issued an additional $7.5 million of the GECCO Notes upon full exercise of the underwriters’ over-allotment option. The aggregate principal balance of the GECCO Notes outstanding as of September 30, 2025 was $57.5 million.

On August 16, 2023, we issued $40.0 million in aggregate principal amount of 8.75% notes due 2028 (the “GECCZ Notes”). On August 29, 2025, we caused redemption notices to be issued to the holders of the GECCZ Notes regarding the Company's exercise of its option to redeem $40 million aggregate principal amount of the issued and outstanding GECCZ Notes. We redeemed all of the issued and outstanding GECCZ Notes on September 30, 2025 at 100% of the principal amount plus accrued and unpaid interest thereon.

On April 17, 2024, we issued $30.0 million in aggregate principal amount of 8.50% notes due 2029 (the “GECCI Notes”). On April 25, 2024, we issued an additional $4.5 million of the GECCI Notes upon full exercise of the underwriters’ over-allotment option. On July 9, 2024, we issued an additional $22.0 million in aggregate principal amount of the GECCI Notes in a direct placement. The aggregate principal balance of the GECCI Notes outstanding as of September 30, 2025 was $56.5 million.

On September 19, 2024, the Company issued $36.0 million in aggregate principal amount of 8.125% notes due 2029 (the "GECCH Notes"). On October 3, 2024, the Company issued an additional $5.4 million of the GECCH Notes upon full exercise of the underwriters' over-allotment option. The aggregate principal balance of the GECCH Notes outstanding as of September 30, 2025 was $41.4 million.

On September 11, 2025, the Company issued $50.0 million in aggregate principal amount of 7.75% notes due 2030 (the "GECCG Notes") and together with the GECCO Notes, GECCI Notes and GECCH Notes, the "Notes"). The aggregate principal balance of the GECCG Notes outstanding as of September 30, 2025 was $50.0 million. On October 2, 2025, we issued an additional $7.5 million of the GECCG Notes upon full exercise of the underwriters' over-allotment option.

The Notes are our unsecured obligations and rank equal with all of our outstanding and future unsecured unsubordinated indebtedness. The unsecured notes are effectively subordinated, or junior in right of payment, to indebtedness under our Loan Agreement and any other future secured indebtedness that we may incur to the extent of the value of the assets securing such indebtedness and structurally subordinated to all future indebtedness and other obligations of our subsidiaries. We pay interest on the Notes on March 31, June 30, September 30 and December 31 of each year. The GECCO Notes, GECCI Notes, GECCH Notes and GECCG Notes will mature on June 30, 2026, April 30, 2029, December 31, 2029 and December 31, 2030, respectively. The GECCO Notes are currently callable at the Company’s option and the GECCI Notes, GECCH Notes and GECCG Notes can be called on, or after, April 30, 2026, December 31, 2026, and December 31, 2027, respectively. Holders of the Notes do not have the option to have the Notes repaid prior to the stated maturity date. The Notes were issued in minimum denominations of $25 and integral multiples of $25 in excess thereof.

We may repurchase the Notes in accordance with the Investment Company Act and the rules promulgated thereunder.

As of September 30, 2025, our asset coverage ratio was approximately 168.2%. Under the Investment Company Act, we are subject to a minimum asset coverage ratio of 150%.

Long Term Debt, Structuring [Text Block]

We pay interest on the Notes on March 31, June 30, September 30 and December 31 of each year. The GECCO Notes, GECCI Notes, GECCH Notes and GECCG Notes will mature on June 30, 2026, April 30, 2029, December 31, 2029 and December 31, 2030, respectively. The GECCO Notes are currently callable at the Company’s option and the GECCI Notes, GECCH Notes and GECCG Notes can be called on, or after, April 30, 2026, December 31, 2026, and December 31, 2027, respectively. Holders of the Notes do not have the option to have the Notes repaid prior to the stated maturity date. The Notes were issued in minimum denominations of $25 and integral multiples of $25 in excess thereof.

Long Term Debt, Rights Limited by Other Securities [Text Block]

Subsequent Event [Member]

General Description of Registrant [Abstract]

$ 7.29

8.98

$ 7.64

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

GECCM Notes

GECCO Notes [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

GECCO Notes

Long Term Debt, Principal

$ 7.5

$ 50.0

$ 1.5

$ 1.9

$ 43.0

$ 57.5

GECCZ Notes [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

GECCZ Notes

Long Term Debt, Principal

$ 40.0

GECCI Notes [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

GECCI Notes

Long Term Debt, Principal

$ 22.0

$ 4.5

$ 30.0

$ 56.5

GECCH Notes [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

GECCH Notes

Long Term Debt, Principal

$ 5.4

$ 36.0

$ 41.4

GECCG Notes

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

GECCG Notes

Long Term Debt, Principal

$ 7.5

$ 50.0

[1]	The per share data was derived by using the weighted average shares outstanding during the period, except where such calculations deviate from those specified under the instructions to Form N-2.

Great Elm Capital Corp. 10-Q