How does GECC determine when to repurchase shares?

GECC pursues opportunistic repurchases under its Board-authorized program, focusing on purchases at significant discounts to net asset value (NAV). In this period, the company repurchased shares at $4.98 per share, a 37% discount to the June 30, 2026 NAV of $7.95, demonstrating disciplined capital allocation in pursuit of shareholder value accretion.

What amount of the repurchase program has been utilized?

As of August 4, 2026, GECC has repurchased 0.1 million shares for $0.5 million under the $10 million program authorized in October 2025, leaving $9.5 million of remaining capacity. This represents approximately 5% utilization of the total authorization, indicating selective execution.

How does the buyback program relate to GECC's dividend policy?

GECC maintains both share repurchase capacity and a quarterly dividend policy. In Q3 2026, the Board declared a $0.25 per share distribution (18.9% annualized yield at the August 4, 2026 price of $5.29). The company balances opportunistic buybacks with distributions from its net investment income and capital structure priorities.

What is GECC's liquidity position to support the buyback program?

As of June 30, 2026, GECC had approximately $6 million in cash and equivalents, plus $39 million of availability under its revolving credit facility, providing strong liquidity to execute opportunistic repurchases. The company also holds ample liquid investment assets, supporting financial flexibility for both buybacks and portfolio deployment.

What discount to NAV did GECC achieve in these repurchases?

GECC repurchased shares at $4.98 per share, representing a 37% discount to the company's NAV of $7.95 per share as of June 30, 2026. This significant discount to book value suggests potential accretion to remaining shareholder value as the company retired shares at depressed valuations.

When was the repurchase program originally authorized?

The Board of Directors authorized the $10.0 million stock repurchase program in October 2025. The authorization represents approximately 14% of GECC's market capitalization as of August 4, 2026, and is designed to allow opportunistic repurchases of common shares.

GECCI 8-K Filed 2026-08-05 Execution disclosure

Great Elm Capital repurchased 0.1M shares at $4.98 avg, $9.5M capacity remains

Program authorized October 2025 at $10M; company executed $0.5M of repurchases through early August 2026

Shares repurchased100K

Avg price paid$4.98

Remaining$10M

MechanismRule 10b-18 open-market purcha

What the filing says

Great Elm Capital Corp. (NASDAQ: GECC), a business development company, reported execution activity under its stock repurchase program in an earnings release filed on August 5, 2026. Beginning January 1, 2026 through August 4, 2026, the company repurchased approximately 0.1 million shares for $0.5 million at an average price of $4.98 per share, representing a 37% discount to the company's net asset value (NAV) of $7.95 per share as of June 30, 2026.

The Board of Directors authorized the $10.0 million stock repurchase program in October 2025. Following the repurchases disclosed in this filing, approximately $9.5 million of the original authorization remains available for future opportunistic share repurchases. The authorization represents approximately 14% of the company's market capitalization as of August 4, 2026.

GECC maintained strong liquidity as of June 30, 2026, with approximately $6 million in cash and equivalents, $39 million of available capacity on its revolving credit facility, and ample liquid assets. The company also declared a quarterly cash distribution of $0.25 per share for the third quarter of 2026, equating to an 18.9% annualized yield on the company's August 4, 2026 closing price of $5.29.

Beginning January 1, 2026 through August 4, 2026, the Company has repurchased approximately 0.1 million shares for $0.5 million, at an average price of $4.98 per share or a 37% discount to the Company's NAV on June 30, 2026, leaving approximately $9.5 million of remaining capacity under the program for future repurchases. — Great Elm Capital Corp. 8-K filing · View on SEC EDGAR →

What this means

GECC's repurchase activity reflects opportunistic execution under a board-authorized program at meaningful discounts to NAV. The company has deployed only 5% of its $10 million authorization through early August 2026, suggesting a disciplined approach to share buybacks. At $4.98 per share (37% below NAV), the repurchases theoretically accreate value to remaining shareholders by reducing share count at depressed valuations. With $9.5 million remaining capacity and strong liquidity ($6 million cash plus $39 million revolver availability), the company maintains flexibility to continue repurchases if market opportunities arise while funding its 18.9% annualized dividend yield.

Frequently asked questions

How does GECC determine when to repurchase shares?: GECC pursues opportunistic repurchases under its Board-authorized program, focusing on purchases at significant discounts to net asset value (NAV). In this period, the company repurchased shares at $4.98 per share, a 37% discount to the June 30, 2026 NAV of $7.95, demonstrating disciplined capital allocation in pursuit of shareholder value accretion.
What amount of the repurchase program has been utilized?: As of August 4, 2026, GECC has repurchased 0.1 million shares for $0.5 million under the $10 million program authorized in October 2025, leaving $9.5 million of remaining capacity. This represents approximately 5% utilization of the total authorization, indicating selective execution.
How does the buyback program relate to GECC's dividend policy?: GECC maintains both share repurchase capacity and a quarterly dividend policy. In Q3 2026, the Board declared a $0.25 per share distribution (18.9% annualized yield at the August 4, 2026 price of $5.29). The company balances opportunistic buybacks with distributions from its net investment income and capital structure priorities.
What is GECC's liquidity position to support the buyback program?: As of June 30, 2026, GECC had approximately $6 million in cash and equivalents, plus $39 million of availability under its revolving credit facility, providing strong liquidity to execute opportunistic repurchases. The company also holds ample liquid investment assets, supporting financial flexibility for both buybacks and portfolio deployment.
What discount to NAV did GECC achieve in these repurchases?: GECC repurchased shares at $4.98 per share, representing a 37% discount to the company's NAV of $7.95 per share as of June 30, 2026. This significant discount to book value suggests potential accretion to remaining shareholder value as the company retired shares at depressed valuations.
When was the repurchase program originally authorized?: The Board of Directors authorized the $10.0 million stock repurchase program in October 2025. The authorization represents approximately 14% of GECC's market capitalization as of August 4, 2026, and is designed to allow opportunistic repurchases of common shares.

execution bdc rule-10b-18 discounted-to-nav opportunistic liquidity

Source. This editorial summary is based on the SEC filing linked above. BuybackStocks aggregates and editorializes publicly available SEC EDGAR filings. Not investment advice. Past authorization announcements do not guarantee future repurchase activity or share price performance. See our full disclosures policy.