GECC on Nasdaq

Great Elm Capital Corp.

We are a Maryland corporation that was formed in April 2016.⁴ From its latest annual report

Price unavailable

Last updated Oct 19, 2026.

Overview

TickerGECC on Nasdaq²
HeadquartersBoston, United States²
Incorporated inMD³
Business address3801 Pga Boulevard, Suite 603, Palm Beach Gardens, Fl 33410³
Filer categoryNon-accelerated filer³
Legal formCorporation²
Kind of organizationInvestment fund²
LEI549300JTA9ODXNIVFC33²
StatusActive²
LEI statusLapsed (not renewed)²
Registered addressC/O CSC-Lawyers Incorporating Service Company, 21202 Baltimore, United States²

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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, 2016.⁴ From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income⁵⁶⁷⁸-$31.8M in 2025−1% since 2020

Every line of the income statement as filed: the last 3 fiscal years, latest first.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Total interest income	$31.0M	$31.5M	$28.9M
Total dividend income	$16.6M	$6.9M	$3.5M
Total other income	$2.3M	$157.0K	$371.0K
Total investment income	$50.0M	$39.3M	$35.8M
Management fees	$5.0M	$4.5M	$3.5M
Incentive fees	$3.7M	$2.6M	$3.1M
Administration fees	$1.6M	$1.4M	$1.5M
Custody fees	$134.0K	$147.0K	$81.0K
Directors fees	$213.0K	$211.0K	$205.0K
Professional services	$2.0M	$1.8M	$1.8M
Interest expense	$18.4M	$14.9M	$11.7M
Other (income) expenses	$967.0K	$1.1M	$1.0M
Total expenses	$32.1M	$26.5M	$23.0M
Net investment income before taxes	$17.9M	$12.8M	$12.8M
Excise tax	$579.0K	$348.0K	$287.0K
Net investment income	$17.3M	$12.5M	$12.5M
Total net realized gain (loss)	-$5.5M	$1.9M	-$4.7M
Total net change in unrealized appreciation (depreciation)	-$43.6M	-$10.8M	$17.5M
Net realized and unrealized gains (losses)	-$49.1M	-$8.9M	$12.8M
Net increase (decrease) in net assets resulting from operations	-$31.8M	$3.6M	$25.3M
Earnings per share, basic	-$2.57	$0.36	$3.33
Earnings per share,diluted	-$2.57	$0.36	$3.33
Weighted average shares outstanding basic	12.4M shares	9.8M shares	7.6M shares
Weighted average shares outstanding diluted	12.4M shares	9.8M shares	7.6M shares

Total assets⁵⁶⁷⁸$340.8M in 2025−20% since 2021

Total liabilities⁵⁶⁷⁸$227.8M in 2025−35% since 2021

Shareholders’ equity⁵⁶⁷⁸$112.9M in 2025+51% since 2021

Cash⁵⁶⁷⁸$1.8M in 2025−97% since 2020

Fiscal year	2019	2020	2021	2022	2023	2024	2025	2026
Cash		$52.6M⁵	$9.1M⁶	$587.0K⁶	$953.0K⁷	$0⁷	$1.8M⁸
Total assets			$426.3M⁵	$310.1M⁶	$246.8M⁷	$342.0M⁸	$340.8M⁸
Total liabilities			$351.8M⁵	$225.3M⁶	$148.1M⁷	$205.9M⁸	$227.8M⁸
Retained earnings			$9.7M⁶	$13.0M⁷	$11.4M⁷	$14.9M⁷
Shareholders’ equity			$74.6M⁵	$84.8M⁶	$98.7M⁷	$136.1M⁸	$112.9M⁸
Shares outstanding	1.7M shares⁵	3.8M shares⁶	4.5M shares⁸	7.6M shares⁸	7.6M shares⁸	11.5M shares⁸	14.0M shares⁸	14.0M shares⁸

Cash from operations⁵⁶⁷⁸-$2.8M in 2025

Dividends paid⁵⁶⁷⁸$19.2M in 2025+285% since 2020

Every line of the cash flow as filed: the last 3 fiscal years, latest first.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Net increase (decrease) in net assets / member's capital resulting from operations	-$31.8M	$3.6M	$25.3M
Purchases of investments	-$182.1M	-$335.0M	-$220.4M
Net change in short-term investments	$5.4M	$2.4M	-$4.5M
Capitalized payment-in-kind interest	-$3.3M	-$2.8M	-$2.6M
Proceeds from sales of investments	$93.6M	$201.9M	$184.4M
Proceeds from principal payments	$66.4M	$39.5M	$50.7M
Net realized (gain) loss on investments	$5.3M	-$1.9M	$4.7M
Net change in unrealized (appreciation) depreciation on investments	$43.6M	$10.8M	-$17.5M
Amortization of premium and accretion of discount, net	-$3.0M	-$2.4M	-$2.4M
Net realized loss on repurchase of debt	$222.0K	$3.0K
Amortization of discount (premium) on long term debt	$2.8M	$1.5M	$1.6M
(Increase) decrease in interest receivable	$1.1M	-$1.2M	$985.0K
(Increase) decrease in dividends receivable	-$682.0K	$637.0K	$439.0K
(Increase) decrease in due from portfolio company	$32.0K	$5.0K	-$36.0K
(Increase) decrease in due from affiliates	-$58.0K	-$160.0K
(Increase) decrease in prepaid expenses and other assets	-$799.0K	-$19.0K	$3.2M
Increase (decrease) in due to affiliates	$645.0K	$471.0K	$1.0M
Increase (decrease) in interest payable	$32.0K		-$10.0K
Increase (decrease) in accrued expenses and other liabilities	-$268.0K	$193.0K	$647.0K
Net cash provided by (used for) operating activities	-$2.8M	-$82.7M	$25.7M
Issuance of notes payable	$57.5M	$97.9M	$38.4M
Repayment of notes payable	-$58.7M	-$45.6M	-$42.8M
Borrowings under credit facility	$34.0M	$5.0M	$2.0M
Repayments under credit facility	-$34.0M	-$5.0M	-$12.0M
Proceeds from issuance of common stock, net of issuance costs	$27.3M	$48.7M
Payments of deferred financing costs	-$2.2M	-$4.2M	-$259.0K
Distributions paid	-$19.2M	-$15.1M	-$10.6M
Net cash provided by (used for) financing activities	$4.6M	$81.7M	-$25.3M
Net increase (decrease) in cash	$1.8M	-$953.0K	$366.0K
Cash paid for interest	$15.6M	$13.4M	$10.1M
Proceeds from sales of investments			$48.0M

Compare Great Elm Capital Corp. with another company

Leadership

Who has led Great Elm Capital Corp., and when. Pick a name to see everywhere that person has worked.

Chief executive

President

Chief financial officer

20202025

Chief executive officerMatthew D. Kaplan Mar 10, 2022 to now¹¹
Chief executive officerPeter A. Reed Dec 9, 2016 to Sep 28, 2021¹²
PresidentMatthew D. Kaplan Mar 10, 2022 to now¹¹
PresidentPeter A. Reed Dec 9, 2016 to Sep 28, 2021¹²
Chief financial officerKeri Davis May 19, 2020 to now¹³
Chief financial officerMichael J. Sell Dec 9, 2016 to Dec 9, 2016¹⁴

Board members and other officers (16)

OfficerKeri Davis Mar 18, 2019 to Nov 21, 2019¹⁵
OfficerJohn J. Woods Jun 8, 2018 to Jun 8, 2018¹⁶
OfficerPeter A. Reed Nov 19, 2018 to Dec 20, 2018¹⁷
Chief Compliance OfficerAdam M. Kleinman Oct 5, 2017 to now¹⁸
OfficerMichael J. Sell Nov 13, 2017 to Nov 13, 2017¹⁹
Board memberJason W. Reese Mar 5, 2026 to now²⁰
Board memberMatthew A. Drapkin Mar 11, 2022 to Sep 17, 2024²¹
Board memberChad Perry Mar 16, 2022 to now²²
Board memberErik A. Falk Mar 25, 2021 to Mar 25, 2021²³
Board memberRandall Revell Horsey Apr 23, 2018 to Jan 26, 2021²⁴
Board memberMichael C. Speller Nov 9, 2017 to Jan 26, 2021²⁵
Board memberEugene I. Davis Dec 9, 2016 to Dec 9, 2016²⁶
Board memberJohn Edward Stuart Dec 9, 2016 to Jan 26, 2021²⁷
Board memberMarc C. Biderman Dec 9, 2016 to Dec 9, 2016²⁸
Board memberMark Kuperschmid Dec 9, 2016 to May 16, 2023²⁹
Board memberPeter A. Reed Dec 9, 2016 to Sep 28, 2021¹²

Named in SEC Form D filings

People the company listed in its private-offering notices.

DirectorRichard Cohen named Feb 13, 2024 to Aug 28, 2025³⁰

Timeline

Mar 10, 2022New chief executive Matthew D. Kaplan becomes CEO¹¹
Dec 9, 2016New chief executive Peter A. Reed becomes CEO¹²

Filings

321 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 62 major events, 66 insider forms, 36 large holders, 4 private raises, 132 other. The latest 20:

Sep 23, 20264 EDGAR
Sep 23, 20264 EDGAR
Sep 23, 20264 EDGAR
Aug 24, 2026PRE 14A EDGAR
Aug 6, 2026SCHEDULE 13G/A EDGAR
Aug 6, 2026SCHEDULE 13G/A EDGAR
Aug 6, 2026SCHEDULE 13G/A EDGAR
Aug 5, 20268-K EDGAR
Aug 5, 202610-Q EDGAR
Jul 24, 202640-17G EDGAR
Jul 20, 2026N-23C-2 EDGAR
Jul 20, 20268-K FORM 8K EDGAR
Jun 30, 20264 EDGAR
Jun 8, 20268-K EDGAR
Jun 1, 20268-K EDGAR
May 27, 202625-NSE EDGAR
May 15, 2026SCHEDULE 13G/A EDGAR
May 4, 20268-K EDGAR
May 4, 202610-Q EDGAR
Apr 27, 20268-K FORM 8K EDGAR

The 321 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

45 open-market trades by officers, directors and large owners since October 2021: 22 buys and 23 sales. Grants, option exercises and gifts are left out.

Date	Who	Trade	Shares	Price	Value	Filing
Nov 7, 2025	Kaplan Matthew DCEO and President	Buy	19,650	$7.64	$150.1K	Form 4
Sep 26, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	2,313	$11.45	$26.5K	Form 4
Sep 25, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	1,696	$11.45	$19.4K	Form 4
Sep 23, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	1,490	$11.45	$17.1K	Form 4
Sep 22, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	48,248	$11.45	$552.4K	Form 4
Sep 19, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	14,737	$11.45	$168.7K	Form 4
Sep 18, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	100	$11.45	$1.1K	Form 4
Sep 15, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	20,938	$11.45	$239.7K	Form 4
Aug 26, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	21,472	$11.20	$240.5K	Form 4
Aug 25, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	25,711	$11.20	$288.0K	Form 4
Aug 22, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	17,956	$11.20	$201.1K	Form 4
Aug 21, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	26,705	$11.20	$299.1K	Form 4
Aug 20, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	7,793	$11.20	$87.3K	Form 4
Aug 18, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	363	$11.20	$4.1K	Form 4
Jul 11, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	38,793	$10.95	$424.8K	Form 4
Jul 10, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	8,661	$10.95	$94.8K	Form 4
Jul 9, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	3,129	$10.95	$34.3K	Form 4
Jul 8, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	3,218	$10.95	$35.2K	Form 4
Jul 7, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	11,852	$10.95	$129.8K	Form 4
Jul 3, 2025	Great Elm Strategic Partnership I, LLC10% owner	Sale	11,021	$10.95	$120.7K	Form 4

All 45 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Great Elm Strategic Partnership I, LLCSCHEDULE 13G/A, 3 filings Feb 13, 2024 to Aug 6, 2026³¹
Prosper Peak Holdings, LLCSCHEDULE 13G/A, 2 filings Jun 24, 2024 to Aug 6, 2026³²
Summit Grove Partners, LLCSCHEDULE 13G/A, 2 filings Dec 12, 2024 to Aug 6, 2026³³
Northern Right Capital Management, L.P.SCHEDULE 13G/A, 9 filings Feb 14, 2022 to May 15, 2026³⁴
Booker SmithSCHEDULE 13G, 1 filing Sep 4, 2025³⁵
Imperial Capital Asset Management, LLCSC 13G/A, 4 filings Feb 14, 2022 to Aug 15, 2024³⁶
Lenders Funding LLC /CaliforniaSC 13G/A, 4 filings Oct 13, 2021 to Jun 16, 2023³⁷

Money raised

Private offerings the company reported to the SEC on Form D.

Aug 27, 2025Raised $15 million in a private offering of equity Form D: 1 investor so far Form D
Dec 11, 2024Raised $13.2 million in a private offering of equity Form D: 1 investor so far Form D
Jun 21, 2024Raised $12 million in a private offering of equity Form D: 1 investor so far Form D
Feb 8, 2024Raised $24 million in a private offering of equity Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
Northern Right Capital Management, L.P.	383,971	$2.1M	0.6%	No change
Cruiser Capital Advisors, LLC	97,779	$532.9K	0.3%	−29,691
UBS Group AG	28,250	$154.0K	0.0%	+22,329
Crestwood Advisors Group, LLC	26,625	$145.1K	0.0%	No change
Vident Advisory, LLC	26,609	$145.0K	0.0%	New
Rockefeller Capital Management L.P.	25,000	$136.2K	0.0%	No change
Ethos Financial Group, LLC	24,059	$131.1K	0.0%	−2,250
Significant Wealth Partners LLC	16,771	$91.4K	0.1%	+298
Founders Financial Alliance, LLC	13,770	$75.0K	0.0%	New
Rangeley Capital, LLC	10,000	$54.5K	0.1%	No change
Trust Co Of Toledo Na /oh/	3,874	$21.1K	0.0%	No change
Royal Bank Of Canada	2,612	$14.0K	0.0%	No change
Allworth Financial LP	1,400	$7.6K	0.0%	−6
Morgan Stanley	1,387	$7.6K	0.0%	−36
Russell Investments Group, Ltd.	744	$4.1K	0.0%	New
Triumph Capital Management	500	$2.7K	0.0%	No change
Caitong International Asset Management Co., Ltd	44	$240	0.0%	New
Wells Fargo & Company/mn	3	$15	0.0%	−878
Arax Advisory Partners	1	$6	0.0%	No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARGreat Elm Capital Corp. filings on SEC EDGAR
2
GLEIFGreat Elm Capital Corp. LEI record (549300JTA9ODXNIVFC33)
3
SEC EDGARGreat Elm Capital Corp. filings on SEC EDGAR
4
SEC EDGARGreat Elm Capital Corp. annual report, Item 1 (Business)
5
SEC EDGARGreat Elm Capital Corp. 10-K for fiscal 2020
6
SEC EDGARGreat Elm Capital Corp. 10-K for fiscal 2021
7
SEC EDGARGreat Elm Capital Corp. 10-K for fiscal 2022
8
SEC EDGARGreat Elm Capital Corp. 10-K for fiscal 2023
9
SEC EDGARGreat Elm Capital Corp. 10-Q for fiscal 2026
10
SEC EDGARGreat Elm Capital Corp. 10-Q for fiscal 2026
11
SEC EDGARMatthew D. Kaplan, Chief executive officer
12
SEC EDGARPeter A. Reed, Chief executive officer
13
SEC EDGARKeri Davis, Chief financial officer
14
SEC EDGARMichael J. Sell, Chief financial officer
15
SEC EDGARKeri Davis, Officer
16
SEC EDGARJohn J. Woods, Officer
17
SEC EDGARPeter A. Reed, Officer
18
SEC EDGARAdam M. Kleinman, Chief Compliance Officer
19
SEC EDGARMichael J. Sell, Officer
20
SEC EDGARJason W. Reese, Board member
21
SEC EDGARMatthew A. Drapkin, Board member
22
SEC EDGARChad Perry, Board member
23
SEC EDGARErik A. Falk, Board member
24
SEC EDGARRandall Revell Horsey, Board member
25
SEC EDGARMichael C. Speller, Board member
26
SEC EDGAREugene I. Davis, Board member
27
SEC EDGARJohn Edward Stuart, Board member
28
SEC EDGARMarc C. Biderman, Board member
29
SEC EDGARMark Kuperschmid, Board member
30
SEC EDGARGreat Elm Capital Corp. Form D naming Richard Cohen
31
SEC EDGARGreat Elm Strategic Partnership I, LLC SCHEDULE 13G/A on Great Elm Capital Corp.
32
SEC EDGARProsper Peak Holdings, LLC SCHEDULE 13G/A on Great Elm Capital Corp.
33
SEC EDGARSummit Grove Partners, LLC SCHEDULE 13G/A on Great Elm Capital Corp.
34
SEC EDGARNorthern Right Capital Management, L.P. SCHEDULE 13G/A on Great Elm Capital Corp.
35
SEC EDGARBooker Smith SCHEDULE 13G on Great Elm Capital Corp.
36
SEC EDGARImperial Capital Asset Management, LLC SC 13G/A on Great Elm Capital Corp.
37
SEC EDGARLenders Funding LLC /California SC 13G/A on Great Elm Capital Corp.