The company's financial position appears increasingly fragile, evidenced by a retained earnings deficit of $250.9M and a debt-to-equity ratio of 1.57 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 |
|---|
| Cash & Short Term Investments | 2.79M | 1.83M | 8.45M | 953K | 587K | 9.13M | 52.58M | 4.61M | 82.25M | 2.92M | 66.78M | 33.39M | 3.74M | 0 | 18.03M | 639.15K | 4.72M |
| Cash & Due from Banks | 0 | 1.83M | 0 | 953K | 587K | 9.13M | 52.58M | 4.61M | 4.17M | 2.92M | 66.78M | 33.39M | 3.74M | 0 | 18.03M | 639.15K | 4.72M |
| Short Term Investments | 0 | 0 | 8.45M | 0 | 0 | 0 | 0 | 0 | 78.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 0 | 0 | 341.16M | 0 | 0 | 0 | 0 | 0 | 340.36M | 230.76M | 154.68M | 81.12M | 152.11M | 150.19M | 88.17M | 94.85M | 82.79M |
| Investments Growth % | -100% | -100% | - | - | - | - | - | -100% | 47.49% | 49.19% | 90.67% | -46.67% | 1.28% | 70.33% | -7.03% | 14.56% | - |
| Long-Term Investments | 0 | 0 | 332.71M | 0 | 0 | 0 | 0 | 0 | 262.27M | 230.76M | 154.68M | 81.12M | 152.11M | 150.19M | 88.17M | 94.85M | 82.79M |
| Accounts Receivables | 0 | 0 | 0 | 3.98M | 4.93M | 4.27M | 3.26M | 3M | 14.71M | 5.93M | 14.92M | 993.97K | 2.73M | 1.36M | 1.1M | 902.71K | 680.53K |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 282.76M | 338.94M | 391K | 241.89M | 301.31M | 412.53M | 227.25M | 283.35M | -281.56M | -239.91M | -236.54M | -81.12M | -152.11M | -150.19M | -88.17M | -94.85M | -82.79M |
| Total Current Assets | 0 | 1.83M | 8.93M | 4.94M | 8.8M | 13.78M | 56.08M | 7.69M | 96.96M | 8.85M | 81.87M | 34.6M | 6.47M | 1.36M | 21.67M | 2.07M | 5.4M |
| Total Non-Current Assets | 282.76M | 338.94M | 333.1M | 241.89M | 301.31M | 412.53M | 227.25M | 283.35M | 262.27M | 230.76M | 154.68M | 81.12M | 152.11M | 150.19M | 88.17M | 94.85M | 82.79M |
| Total Assets | 282.76M | 340.77M | 342.03M | 246.82M | 310.11M | 426.31M | 283.33M | 291.04M | 281.56M | 239.91M | 236.54M | 115.86M | 160.72M | 155.34M | 113.06M | 99.45M | 88.5M |
| Asset Growth % | 3.96% | -0.37% | 38.57% | -20.41% | -27.26% | 50.47% | -2.65% | 3.37% | 17.36% | 1.42% | 104.16% | -27.91% | 3.47% | 37.39% | 13.69% | 12.38% | - |
| Return on Assets (ROA) | -9.08% | -9.31% | 1.21% | 9.1% | -4.23% | -2.9% | -11.13% | -2.64% | -3.45% | -1.16% | -10.09% | -7.01% | -3.29% | -5.68% | 3.58% | 2.85% | 3.26% |
| Accounts Payable | 3.93M | 33.72M | 11.8M | 4.12M | 70.06M | 203.6M | 77.75M | 74.44M | 84.1M | 66.17M | 21.82M | 3.89K | 15.89M | 24.9M | 1.19M | 737.15K | 139.65K |
| Total Debt | 169.14M | 189.32M | 189.69M | 140.21M | 153.15M | 142M | 115.66M | 119.81M | 76.3M | 31.2M | 163K | 33.11M | 32.97M | 29.45M | 50.13M | 21.95M | 3.4M |
| Net Debt | 169.14M | 187.49M | 189.69M | 139.26M | 152.56M | 132.87M | 63.08M | 115.21M | 72.13M | 28.28M | -66.62M | -284.72K | 29.23M | 29.45M | 32.11M | 21.31M | -1.32M |
| Long-Term Debt | 169.14M | 189.32M | 189.69M | 140.21M | 153.15M | 142M | 115.66M | 119.81M | 76.3M | 31.2M | 34.53M | 33.11M | 32.97M | 28.63M | 50.13M | 3.4M | 3.4M |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 821.32K | 25.58M | 18.54M | 0 |
| Other Liabilities | 719K | 1.05M | 4.42M | 3.75M | 2.09M | 6.16M | 10.3M | 9.9M | -76.3M | -31.2M | 0 | -33.11M | -32.97M | -28.63M | -50.13M | -3.4M | -3.4M |
| Total Current Liabilities | 5.42M | 37.46M | 11.8M | 4.12M | 70.06M | 203.6M | 77.75M | 74.44M | 87.9M | 69.53M | 29.03M | 3.89K | 15.89M | 34.15M | 26.77M | 19.28M | 139.65K |
| Total Non-Current Liabilities | 169.86M | 190.37M | 194.11M | 143.97M | 155.24M | 148.15M | 125.96M | 129.71M | 76.3M | 31.2M | 34.53M | 33.11M | 32.97M | 29.45M | 50.13M | 21.95M | 3.4M |
| Total Liabilities | 175.29M | 227.83M | 205.91M | 148.09M | 225.3M | 351.76M | 203.71M | 204.15M | 171.45M | 107.63M | 128K | 35.19M | 60.79M | 82.36M | 52.42M | 46.01M | 32.02M |
| Total Equity | 107.48M | 112.95M | 136.11M | 98.74M | 84.81M | 74.56M | 79.61M | 86.89M | 104.17M | 94.68M | 204.3M | 80.67M | 99.94M | 72.98M | 60.64M | 53.44M | 56.47M |
| Equity Growth % | -13.31% | -17.02% | 37.85% | 16.43% | 13.75% | -6.35% | -8.37% | -16.59% | 10.02% | -53.66% | 153.25% | -19.28% | 36.94% | 20.34% | 13.47% | -5.37% | - |
| Equity / Assets (Capital Ratio) | 38.01% | 33.14% | 39.8% | 40% | 27.35% | 17.49% | 28.1% | 29.85% | 37% | 39.46% | 86.37% | 69.63% | 62.18% | 46.98% | 53.64% | 53.74% | 63.82% |
| Return on Equity (ROE) | -26.36% | -25.53% | 3.03% | 27.6% | -19.56% | -13.33% | -38.38% | -7.9% | -9.06% | -1.84% | -12.48% | -10.74% | -6.02% | -11.41% | 6.66% | 4.87% | 5.1% |
| Book Value per Share | 7.69 | 9.14 | 13.83 | 12.99 | 13.57 | 18.30 | 35.89 | 50.86 | 58.67 | 48.74 | 69.83 | 21.36 | 40.51 | 50.34 | 51.85 | 49.65 | 63.33 |
| Tangible BV per Share | 7.69 | 9.14 | 13.83 | 12.99 | 13.57 | 18.30 | 35.89 | 50.86 | 58.67 | 48.74 | 69.83 | 21.36 | 40.51 | 50.34 | 51.85 | 49.65 | 63.33 |
| Common Stock | 139K | 140K | 115K | 76K | 76K | 45K | 38K | 101K | 107K | 107K | 0 | 224.72K | 232.35K | 114.43K | 75.69K | 62.19K | 62.19K |
| Additional Paid-in Capital | 358.25M | 358.78M | 332.11M | 283.8M | 284.11M | 245.53M | 230.7M | 193.11M | 198.25M | 198.43M | 219.32M | 128.08M | 132.49M | 92.1M | 66.32M | 57.46M | 58.2M |
| Retained Earnings | -250.91M | -245.97M | -196.11M | -185.13M | -199.37M | -171.02M | -151.12M | -106.33M | -88.24M | -66.25M | 172.98M | -107.39K | -119.32K | -131.25K | -200.2K | -122.76K | -340.53K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -88.24M | -33.33M | 172.98M | -47.53M | -32.66M | -19.11M | -5.55M | -3.95M | -1.45M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.33M | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio credit impairment risk
As reported in financial statements, GECC's equity base has experienced significant volatility, declining from $140.1M in 2025Q3 to $107.5M by 2026Q1, a trend that suggests persistent portfolio write-downs are systematically undermining the firm's net asset value and overall balance sheet stability over the observed period.
The consistent contraction in equity, coupled with a widening deficit in retained earnings, suggests that the firm is struggling to generate sufficient returns to offset credit losses within its lower middle market portfolio. Investors should monitor whether this downward trajectory in net assets necessitates further capital raises, which could lead to additional shareholder dilution.
Based on the reported figures, GECC maintained a debt-to-equity ratio of 1.57 in 2026Q1, which, while appearing moderate for a BDC, warrants caution as the firm's total debt of $169.1M remains high relative to its shrinking equity base and limited cash-generating capacity from its investment portfolio.
The reliance on debt to fund operations in an environment of negative net margins suggests that leverage is being used to sustain the business rather than to drive accretive growth. This structure creates significant refinancing risk, particularly if the underlying asset valuations continue to face downward pressure.
According to recent SEC filings, GECC's cash position has frequently approached zero, with the firm reporting $0 in cash as of 2026Q1, indicating a precarious liquidity profile that leaves little room for error in managing operational expenses or meeting potential margin calls on its debt facilities.
The near-total absence of cash reserves suggests that the company is operating with virtually no margin of safety, making it highly sensitive to any delays in interest collections from its borrowers. This lack of liquidity appears to be a structural constraint that limits the firm's ability to navigate periods of market volatility.
As evidenced by the balance sheet data, GECC's retained earnings have deteriorated to a deficit of $250.9M in 2026Q1, a figure that serves as a stark indicator of cumulative historical losses that may not be fully captured in the current fair value of the investment portfolio.
This deep deficit suggests that the firm's historical underwriting performance has been fundamentally value-destructive, raising questions about the quality of the assets currently held on the balance sheet. Analysts should consider whether the reported asset values are overly optimistic given the persistent inability to generate positive retained earnings.
Quick answers to the most common questions about buying GECC stock.
As of 2025, Great Elm Capital Corp. (GECC) had total assets of $340.8M including $1.8M in current assets.
Great Elm Capital Corp. (GECC) carries total debt of $189.3M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Great Elm Capital Corp. (GECC) has total shareholders' equity (book value) of $112.9M ($9.14 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Great Elm Capital Corp. (GECC) reported a current ratio of 0.05x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.