Great Elm Capital

Name

Great Elm Capital

Legal name

Great Elm Capital Corp.

Website

https://greatelmcc.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Business Development Company (BDC) Investment Management

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Miscellaneous Financial Investment Activities (523999), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Asset-Backed Securities (6189), Finance Services (6199)

akta.pro primary industry

BDC / Public Vehicle Venture Debt Providers (FSANAIAC)

akta.pro secondary industry

Specialty Finance & Litigation/Claims Credit (FSAHAGAL)

Keywords

• Business development company
• Middle market lending
• Specialty finance investments
• Corporate credit portfolio
• CLO investments

Headquarters

HQ city

Waltham

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Debt Investments: The company generates interest income from investments in secured, subordinated, mezzanine debt, and other corporate credit instruments. As of Q1 2026, total interest income was $6.72 million for the quarter. The weighted average current yield on the debt portfolio was approximately 11.7% as of Q4 2025.
2. Dividend Income from Equity and CLO Investments: The company receives dividend income from equity investments in specialty finance companies and CLO investments. Q1 2026 dividend income was $2.7 million. CLO JV distributions are a significant component, with $2.5 million received in Q1 2026.
3. Specialty Finance Platform Income: The company invests in specialty finance businesses through its Great Elm Specialty Finance platform, which includes factoring, asset-backed lending (ABL), and healthcare finance. The goal is to grow the percentage of assets invested in specialty finance companies to approximately 50%.
4. Public Notes Issuance: The company raises capital through public offerings of senior notes (baby bonds) listed on NASDAQ. These notes carry fixed interest rates (ranging from 5.875% to 8.75%) and are used to fund investments and redeem existing debt.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Great Elm Capital Corp. is an externally managed Business Development Company (BDC) that invests in debt instruments and income-generating equity securities of middle-market companies, with an emphasis on specialty finance businesses. It generates current income and capital appreciation through two principal segments: Corporate Credit (loans, bonds, preferred equities) and Great Elm Specialty Finance (factoring, asset-backed lending, and healthcare finance), supplemented by Collateralized Loan Obligation (CLO) investments through a joint venture. Capital is raised via NASDAQ-listed common stock and multiple series of senior notes, and income is distributed to shareholders as quarterly cash dividends.

Product overview

Great Elm Capital Corp. (GECC) is an externally managed business development company (BDC) that operates as a unified investment platform focused on generating current income and capital appreciation. The company's investment strategy is comprised of two main segments: Corporate Credit (investments in loans, bonds, preferred equities) and Specialty Finance (investments in specialty finance companies through its Great Elm Specialty Finance platform). The company also maintains CLO investments as part of its portfolio. GECC issues various senior notes (GECCO, GECCI, GECCH, GECCG) as part of its capital structure, traded on NASDAQ. The company is regulated under the Investment Company Act of 1940.

Differentiator

Problem solved

Functional benefit

Brands

• Great Elm Specialty Finance: Oversees specialty finance related investments including factoring, asset-backed lending (ABL), and healthcare finance
• CLO Formation JV

Products and services

• Corporate Credit Portfolio Portfolio of loans, bonds, preferred equities and other debt and equity investments in middle-market companies, including direct investments, club deals, and public market securities. These are income-generating investments that generate interest income for shareholders of the BDC.
• Great Elm Specialty Finance Specialty finance investment platform providing exposure to bespoke investment products through a continuum of lending, including factoring for early-stage businesses, asset-backed lending for SMBs, and asset-based lending for healthcare-focused businesses. Investors gain access to differentiated, asset-backed yield streams not typically available in liquid credit markets.
• CLO Investments via CLO Formation JV, LLC Investments in Collateralized Loan Obligation equity and debt tranches through a joint venture structure, providing exposure to diversified pools of leveraged loans and structured credit products with different risk-return profiles than direct lending.
• 5.875% Senior Notes due 2026 (GECCO) Senior notes issued by Great Elm Capital Corp. with a 5.875% interest rate, maturing in June 2026, listed on NASDAQ. Pays quarterly interest to noteholders and is part of the company's capital structure for funding investments.
• 8.50% Senior Notes due 2029 (GECCI) Senior notes issued by Great Elm Capital Corp. with an 8.50% interest rate, maturing in April 2029, listed on NASDAQ. Pays quarterly interest to fixed-income investors.
• 8.125% Senior Notes due 2029 (GECCH) Senior notes issued by Great Elm Capital Corp. with an 8.125% interest rate, maturing in December 2029, listed on NASDAQ. Pays quarterly interest to fixed-income investors.
• 7.75% Senior Notes due 2030 (GECCG) Senior notes issued by Great Elm Capital Corp. with a 7.75% interest rate, maturing in December 2030, listed on NASDAQ. Pays quarterly interest to fixed-income investors and is the most recent senior note series in the company's capital structure.
• GECC Common Stock Common stock of Great Elm Capital Corp. listed on NASDAQ under ticker GECC, providing investors with equity participation in the BDC's investment performance. Pays quarterly cash distributions to shareholders and trades globally through NASDAQ.

Quantifiable outcome

• 11.7% weighted average current yield on debt portfolio (Q4 2025)
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• BerkadiacoreStrategic or Co-development Partner · 1 November 2022Partnership with Berkadia on a healthcare secured lending venture announced in November 2022. This strategic alliance provides Great Elm Capital Corp. with exposure to healthcare-focused asset-backed lending opportunities, expanding the company's specialty finance platform capabilities.
• CLO Formation JV, LLCcoreStrategic or Co-development PartnerCLO joint venture through which Great Elm Capital Corp. makes investments in CLO equity and debt tranches. The company received $2.5 million in cash distributions from the CLO JV in Q1 2026 and $4.3 million in Q4 2025. CLO investments totaled approximately $47.9 million as of December 31, 2025, representing 16.1% of total investments.
• Great Elm Specialty FinancecoreStrategic or Co-development PartnerThe company's specialty finance platform oversees investments in factoring, asset-backed lending (ABL), and healthcare finance. As of December 31, 2025, Great Elm Specialty Finance investments totaled approximately $38.4 million (debt and equity), representing approximately 12.9% of total investments. The company aims to grow this allocation to approximately 50%.
• Great Elm Capital Management, LLC (GECM)coreStrategic or Co-development PartnerExternal investment adviser managing Great Elm Capital Corp. GECM waived all accrued incentive fees through Q2 2026 (approximately $2.8 million for Q1 2026), demonstrating alignment with shareholder interests. The adviser is a subsidiary of Great Elm Group, Inc. (NASDAQ: GEG).

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Ares Capital Corporation: One of the largest publicly-traded BDCs, investing in first-lien senior secured loans, mezzanine debt, and equity of middle-market companies. Directly comparable to GECC's corporate credit and specialty finance strategy, but at substantially larger scale.
• Main Street Capital Corporation: Internally managed BDC focused on debt and equity investments in lower middle-market companies, with a specialty finance segment. Comparable business model to GECC but with internal management and a much larger NAV base.

Direct peers

• Golub Capital BDC: Externally managed BDC investing in senior secured, one-stop (first lien plus equity), and second-lien loans to middle-market companies. Closely comparable to GECC in investment philosophy, structure, and senior note capitalization.
• Sixth Street Specialty Lending: Externally managed BDC focused on middle-market senior secured loans with flexible structuring. Highly comparable externally-managed BDC model with floating-rate book and quarterly distributions.
• Oaktree Specialty Lending: Externally managed BDC that invests in senior secured loans to U.S. middle-market companies. Directly comparable given similar externally managed structure, Oaktree's credit pedigree, and middle-market focus.
• BlackRock TCP Capital Corp: Externally managed BDC that originates leveraged loans to middle-market companies. Directly comparable in size, structure, and middle-market direct lending strategy.
• Trinity Capital Inc. Internally managed BDC providing debt and equipment financing to growth-stage middle-market companies. Comparable specialty finance orientation, particularly in equipment and venture lending, similar to GECC's Specialty Finance platform.
• Capital Southwest Corporation: Internally managed BDC focused on first-lien debt, SSRC debt, and equity investments in lower middle-market companies. Comparable middle-market direct lending approach with similar yield-oriented dividend profile.
• Stellus Capital Investment Corp: Externally managed BDC investing in private debt and private equity of middle-market companies. Closely comparable in sub-scale, externally managed structure with senior note capitalization.

Others

• Saratoga Investment Corp:

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks1 record

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/great-elm-capital
• Xx.com/GreatElmCC

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds9 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Great Elm Capital