Great Elm Capital Corp. GECC
We are a Maryland corporation that was formed in April 2016. We operate as a closed‑end, externally managed, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition, for tax purposes, we elected to be treated as a RIC under the Code, beginning with our tax year starting October 1, 2016.
We seek 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. We generally define middle market companies as companies with enterprise values between $100 million and $2 billion.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | — | $39.3M | $35.8M | $24.4M | $25.3M | $22.9M |
| Total operating expenses | $32.1M | $26.5M | $23.0M | $18.6M | $12.9M | $15.7M |
| Net income | -$31.8M | $3.6M | $25.3M | -$15.6M | -$10.3M | -$32.0M |
| EPS, basic | -2.57 | 0.36 | 3.33 | -2.49 | -2.52 | -14.41 |
| EPS, diluted | -2.57 | 0.36 | 3.33 | -2.49 | -2.52 | -14.41 |
| Shares, diluted (wtd. avg.) | $12.4M | $9.8M | $7.6M | $6.3M | $4.1M | $2.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $1.8M | $0 | $953.0K | $587.0K | $9.1M | $52.6M |
| Total assets | $340.8M | $342.0M | $246.8M | $310.1M | $426.3M | — |
| Total liabilities | $227.8M | $205.9M | $148.1M | $225.3M | $351.8M | — |
| Retained earnings | — | $14.9M | $11.4M | $13.0M | $9.7M | — |
| Total equity | $112.9M | $136.1M | $98.7M | $84.8M | $74.6M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$2.8M | -$82.7M | $25.7M | -$41.8M | -$58.5M | $27.4M |
| Financing cash flow | $4.6M | $81.7M | -$25.3M | $33.2M | $14.5M | $21.2M |
| Dividends paid | $19.2M | $15.1M | $10.6M | $13.0M | $9.9M | $5.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-085697.