GECCI vs HRZN

For growth investors, Horizon Technology Finance Corporation (HRZN) is the stronger pick with 17.

9% revenue growth year-over-year, versus -1. 7% for Great Elm Capital Corp. 8. 50% Notes DUE 2029 (GECCI). Horizon Technology Finance Corporation (HRZN) offers the better valuation at 4. 3x trailing P/E (6. 1x forward), making it the more compelling value choice. Analysts rate Horizon Technology Finance Corporation (HRZN) a "Hold" — based on 22 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On forward P/E, Horizon Technology Finance Corporation is actually cheaper at 6.

1x.

Over the past 5 years, Great Elm Capital Corp.

8. 50% Notes DUE 2029 (GECCI) delivered a total return of +19. 4%, compared to -32. 8% for Horizon Technology Finance Corporation (HRZN). Over 10 years, the gap is even starker: HRZN returned +52. 9% versus GECCI's +19. 4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Great Elm Capital Corp.

8. 50% Notes DUE 2029 (GECCI) is the lower-risk stock at 0. 58β versus Horizon Technology Finance Corporation's 0. 70β — meaning HRZN is approximately 21% more volatile than GECCI relative to the S&P 500.

By revenue growth (latest reported year), Horizon Technology Finance Corporation (HRZN) is pulling ahead at 17.

9% versus -1. 7% for Great Elm Capital Corp. 8. 50% Notes DUE 2029 (GECCI). On earnings-per-share growth, the picture is similar: Horizon Technology Finance Corporation grew EPS 756. 3% year-over-year, compared to -813. 9% for Great Elm Capital Corp. 8. 50% Notes DUE 2029. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Great Elm Capital Corp.

8. 50% Notes DUE 2029 (GECCI) is the more profitable company, earning 57. 7% net margin versus -6. 6% for Horizon Technology Finance Corporation — meaning it keeps 57. 7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: GECCI leads at 88. 3% versus -4. 0% for HRZN. At the gross margin level — before operating expenses — GECCI leads at 93. 5%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

On forward earnings alone, Horizon Technology Finance Corporation (HRZN) trades at 6.

1x forward P/E versus 20. 0x for Great Elm Capital Corp. 8. 50% Notes DUE 2029 — 13. 9x cheaper on a one-year earnings basis.

All stocks in this comparison pay dividends.

Horizon Technology Finance Corporation (HRZN) offers the highest yield at 27. 8%, versus 0. 2% for Great Elm Capital Corp. 8. 50% Notes DUE 2029 (GECCI).

For long-horizon retirement investors, Horizon Technology Finance Corporation (HRZN) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.

70), 27. 8% yield). Both have compounded well over 10 years (HRZN: +52. 9%, GECCI: +19. 4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: GECCI is a small-cap quality compounder stock; HRZN is a small-cap high-growth stock. HRZN pays a dividend while GECCI does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.