11:04 AM EDT, 10/07/2025 (MT Newswires) -- Great Elm Capital ( GECC ) said Tuesday that it expects a direct net asset value impact of about $16.5 million for the quarter ended Sept. 30 from its investments in First Brands Group, which filed for bankruptcy in September.

On a preliminary basis, Great Elm Capital ( GECC ) estimates its investments in First Brands Group to negatively impact its net asset value by about $1.15 to $1.25 per share, based on its outstanding share count as of Sept. 30.

The company said it holds $4.8 million principal amount of First Brands' first lien term loan and $16.2 million principal amount of the second lien loan as of Sept. 30, with respective fair market values of about $1.7 million and $900,000 as of the same date.

Great Elm Capital ( GECC ) said it also has additional exposure to First Brands' first lien term loan through its investments in collateralized loan obligations or CLOs. The is estimated to have a preliminary negative impact of $0.25 per share on the Q3 value of its CLO investments, the company added.

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