G
Great Elm Capital Corp.
GECCOCIK 0001675033NasdaqNon-AcceleratedMarylandFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-31.79M
Total Assets
—
Equity
—
Shares Out
14.00M
Op. Cash Flow
$-2.81M
Business
Great Elm Capital Corp. is a closed-end, externally managed business development company that invests in debt and income-generating equity to generate income and capital appreciation. It offers investments in secured and senior secured debt, subordinated and mezzanine debt, equity and equity-linked securities, participations, and investments in collateralized loan obligations and warehousing through its CLO Formation JV. Key business segments include its investment portfolio, a CLO joint venture, and Great Elm Specialty Finance for specialty finance originators and platforms. It sources opportunities directly with issuers and through secondary markets, brokers, bankers and industry relationships, focusing on U.S. middle-market companies and broadly syndicated loan markets.
Summary from filing dated 2025-03-10
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Total interest income | 31 | 32 | 29 | 19 | 20 | |
| Total dividend income | 17 | 7 | 3 | 4 | 4 | |
| Total other income | 2 | 157,000 | 371,000 | — | — | |
| Total investment income | 50 | 39 | 36 | — | — | |
| Management fees | 5 | 4 | 4 | 3 | 3 | |
| Incentive fees | 4 | 3 | 3 | — | — | |
| Administration fees | 2 | 1 | 2 | 938,000 | 673,000 | |
| Custody fees | 134,000 | 147,000 | 81,000 | 53,000 | 54,000 | |
| Directors fees | 213,000 | 211,000 | 205,000 | 215,000 | 233,000 | |
| Professional services | 2 | 2 | 2 | 2 | 2 | |
| Interest expense | 18 | 15 | 12 | 11 | 10 | |
| Other (income) expenses | 967,000 | 1 | 1 | — | — | |
| Total expenses | 32 | 27 | 23 | 19 | 13 | |
| Net investment income before taxes | 18 | 13 | 13 | 11 | 12 | |
| Excise tax | 579,000 | 348,000 | 287,000 | — | — | |
| Net investment income | 17 | 12 | 13 | — | — | |
| Total net realized gain (loss) | −6 | 2 | −5 | — | — | |
| Total net change in unrealized appreciation (depreciation) | −44 | −11 | 17 | 100 | −13 | |
| Net realized and unrealized gains (losses) | −49 | −9 | 13 | — | — | |
| Net increase (decrease) in net assets resulting from operations | −32 | 4 | 25 | −16 | −10 | |
| Earnings per share, basic | −2.57 | 0.36 | 3.33 | −2.49 | −2.52 | |
| Earnings per share,diluted | −2.57 | 0.36 | 3.33 | −2.49 | −2.52 | |
| Weighted average shares outstanding basic | 12 | 10 | 8 | 6 | 4 | |
| Weighted average shares outstanding diluted | 12 | 10 | 8 | 6 | 4 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Purchases of investments | −182 | −335 | −220 | −149 | −192 | |
| Net change in short-term investments | 5 | 2 | −4 | −6 | −6,000 | |
| Capitalized payment-in-kind interest | −3 | −3 | −3 | −1 | −7 | |
| Proceeds from sales of investments | 94 | 202 | 184 | 56 | 65 | |
| Proceeds from principal payments | 66 | 39 | 51 | 57 | 70 | |
| Net realized (gain) loss on investments | 5 | −2 | 5 | 126 | 10 | |
| Amortization of premium and accretion of discount, net | −3 | −2 | −2 | −1 | −4 | |
| Net realized loss on repurchase of debt | 222,000 | 3,000 | — | — | — | |
| Amortization of discount (premium) on long term debt | 3 | 1 | 2 | 1 | 1 | |
| (Increase) decrease in interest receivable | 1 | −1 | 985,000 | −1 | 612,000 | |
| (Increase) decrease in dividends receivable | −682,000 | 637,000 | 439,000 | 100,000 | −2 | |
| (Increase) decrease in due from portfolio company | 32,000 | 5,000 | −36,000 | 135,000 | 701,000 | |
| (Increase) decrease in due from affiliates | −58,000 | −160,000 | — | 17,000 | −17,000 | |
| (Increase) decrease in prepaid expenses and other assets | −799,000 | −19,000 | 3 | −3 | −60,000 | |
| Increase (decrease) in due to affiliates | 645,000 | 471,000 | 1 | −4 | −4 | |
| Increase (decrease) in interest payable | 32,000 | — | −10,000 | 13,000 | −299,000 | |
| Increase (decrease) in accrued expenses and other liabilities | −268,000 | 193,000 | 647,000 | 190,000 | −72,000 | |
| Net cash provided by (used for) operating activities | −3 | −83 | 26 | −42 | −58 | |
| Issuance of notes payable | 58 | 98 | 38 | — | 55 | |
| Repayment of notes payable | −59 | −46 | −43 | — | −30 | |
| Borrowings under credit facility | 34 | 5 | 2 | — | — | |
| Repayments under credit facility | −34 | −5 | −12 | — | −10 | |
| Proceeds from issuance of common stock, net of issuance costs | 27 | 49 | — | 38 | — | |
| Payments of deferred financing costs | −2 | −4 | −259,000 | −1 | −550,000 | |
| Distributions paid | −19 | −15 | −11 | −13 | −10 | |
| Net cash provided by (used for) financing activities | 5 | 82 | −25 | 33 | 14 | |
| Net increase (decrease) in cash | 2 | −953,000 | 366,000 | −9 | −44 | |
| Cash paid for interest | 16 | 13 | 10 | 9 | 9 |
Filings
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