10-K · March 2, 2026
GECC positions itself as a BDC/RIC focused on middle‑market debt and specialty finance investments (enterprise values $100M–$2B) and has built ownership stakes in a CLO JV (71.25%) and a specialty finance platform (GESF…
Earnings analysis · 10-Q
GECC earnings analysis
Filed May 4, 2026 · Our reading of the company's report
The latest report
Great Elm Capital Corp. reported Q1 results with total revenue of $9.54 million, a decrease from $12.50 million in Q1 2025, and an EPS of $0.36, outperforming analysts' expectations of $0.24. The investment firm faced…
Read full summary
Great Elm Capital Corp. reported Q1 results with total revenue of $9.54 million, a decrease from $12.50 million in Q1 2025, and an EPS of $0.36, outperforming analysts' expectations of $0.24. The investment firm faced challenges leading to a net decrease in net assets, primarily due to unrealized depreciation in its investment portfolio, totaling $(8.36 million). Cash flow remained strong with $23.5 million from operations despite a reduction in total assets.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.36
What stood out
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Earnings Beat Estimates
Actual EPS of $0.36 surpassed the estimate of $0.24 by 50%.
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Operating Cash Flow Strength
Operating cash flow was approximately $23.5 million for the quarter.
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Increased Net Investment Income
Net investment income was reported at $4.98 million, up from $4.57 million in the prior year.
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Effective Management Fee Reduction
Management fees decreased to $1.07 million from $1.27 million in Q1 2025.
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Distribution Declared at $0.25
The Company announced a distribution of $0.25 per share for Q2 2026.
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Solid Debt Position
As of March 31, 2026, the Company had $175.3 million in liabilities with a net asset coverage ratio of 161.8%.
What to watch
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Decrease in Total Revenue
Total revenue fell to $9.54 million from $12.50 million in Q1 2025.
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Net Unrealized Depreciation
Posted a net change in unrealized depreciation of $(8.36 million), impacting overall net assets.
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Portfolio Investment Value Decline
Total investments at fair value decreased from $298 million to $276 million.
Management's outlook
The discussion about quantitative outlook deferred to future communications.
Earlier filings 4
10-Q · November 4, 2025
Great Elm Capital (GECC) reported Q3 2025 total investment income of $10.642 million, beating revenue consensus by ~4.5% but down 9.3% versus Q3 2024 ($11.727 million). Operating income compressed as expenses and…
10-Q · May 5, 2025
For Q1 ended March 31, 2025 GECC reported higher investment income and a modestly larger portfolio: total investment income was $12,495,000 vs $8,909,000 in Q1 2024 and the investment portfolio increased to $341,910,000…
10-K · February 29, 2024
Great Elm Capital (GECC) continues to position itself as a middle‑market BDC focused on secured and senior secured debt and specialty finance, with an expanded allocation to specialty finance through Great Elm Specialty…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.