GECC earnings analysis
What we found in GECC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Earnings Beat Estimates
- Actual EPS of $0.36 surpassed the estimate of $0.24 by 50%.
- Operating Cash Flow Strength
- Operating cash flow was approximately $23.5 million for the quarter.
- Increased Net Investment Income
- Net investment income was reported at $4.98 million, up from $4.57 million in the prior year.
- Effective Management Fee Reduction
- Management fees decreased to $1.07 million from $1.27 million in Q1 2025.
- Distribution Declared at $0.25
- The Company announced a distribution of $0.25 per share for Q2 2026.
- 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%.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decrease in Total Revenue
- Total revenue fell to $9.54 million from $12.50 million in Q1 2025.
- Net Unrealized Depreciation
- Posted a net change in unrealized depreciation of $(8.36 million), impacting overall net assets.
- Portfolio Investment Value Decline
- Total investments at fair value decreased from $298 million to $276 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.36
What they said about what is next.
The discussion about quantitative outlook deferred to future communications.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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