Great Elm Capital
Finances middle-market companies through corporate credit, specialty-finance platforms, and CLO equity.
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Profile
Provides corporate credit to middle-market borrowers and owns specialty-finance platforms and CLO equity, earning investment income from interest, dividends, and fees. Its listed BDC structure relies on an external adviser for investment management and administration.
Deploys capital across secured and senior-secured loans, bonds, and selective equity or warrants issued by middle-market companies. Investment income comes chiefly from interest, alongside dividends and distributions from controlled specialty-finance companies and the CLO Formation JV, plus lending-related fees. The portfolio is predominantly U.S.-exposed.
Operates specialty-finance lines through Prestige Capital’s receivables factoring, Great Elm Commercial Finance’s asset-based lending, and Great Elm Healthcare Finance’s secured lending and real-estate assets. The CLO Formation JV owns residual CLO equity and funds loan warehouses, extending its credit focus beyond corporate loans.
Relies on Great Elm Capital Management, an external adviser, for sourcing, underwriting, portfolio monitoring, administration, and personnel. BDC asset-coverage, qualifying-asset, and regulated-investment-company rules constrain its capital structure and investment activity.
Company facts
Categories
Key statistics
Year to date −11.1% · Average volume (30d) 54.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Target |
|---|---|---|---|
| Sep 30, 2025 | Capital One Financial | Target | $11 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.35 | $0.32 | −8.6% | $11.3M | $10.9M | −3.7% | +11.05% |
| May 4, 2026Q1 FY26 | $0.32 | $0.36 | +14.3% | $10.7M | $9.5M | −11.1% | +2.71% |
| Mar 2, 2026Q4 FY25 | $0.32 | $0.31 | −3.1% | $13.1M | $12.6M | −3.6% | −3.69% |
| Nov 4, 2025Q3 FY25 | $0.24 | $0.20 | −16.7% | $13.2M | $10.6M | −19.5% | +3.35% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $6.0M | $17.4M | −$15.1M | −$16.1M | $2.2M | $13.8M | |
| Gross profit | $2.1M | $13.5M | −$19.1M | −$19.9M | −$1.6M | $12.3M | |
| Operating income | $453.0K | $11.7M | −$22.0M | −$22.0M | −$745.0K | $10.4M | |
| Net income | $453.0K | $11.7M | −$22.0M | −$22.0M | −$745.0K | $6.4M | |
| Diluted EPS | $0.04 | $1.02 | −$1.79 | −$1.84 | −$0.05 | $0.46 | |
| Gross margin | 35.6% | 77.6% | — | — | -72.1% | 89.0% | |
| Operating margin | 7.6% | 67.6% | — | — | -33.8% | 75.0% |
Fiscal years (4-quarter sums)FY21 $25.3M · FY22 $24.4M · FY23 $34.9M · FY24 $23.4M · FY25 −$7.8M
Balance sheet, Jun 30, 2026Cash & short-term investments $1.7M · Total debt $161.9M · Total assets $280.0M · Shareholders' equity $110.4M
Dividends
Raised for 2 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $0.25 | cut from $0.30 |
| Mar 16, 2026 | Mar 16 | Mar 31 | $0.30 | cut from $0.37 |
| Dec 15, 2025 | Dec 15 | Dec 31 | $0.37 | |
| Sep 15, 2025 | Sep 15 | Sep 30 | $0.37 | |
| Jun 16, 2025 | Jun 16 | Jun 30 | $0.37 | |
| Mar 17, 2025 | Mar 17 | Mar 31 | $0.37 | raised from $0.35 |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.05 | special dividend |
| Dec 16, 2024 | Dec 16 | Dec 31 | $0.35 |
Ownership
Shares outstanding 11.53M · Float 6.90M · 59.9% free float
A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Great Elm Strategic Partnership I, LLC · 10 percent owner | 1.38M | 11.95% | Form 4 | Jun 30, 2026 |
| Poor Richard LLC | 1.29M | 9.90% | 13G | Sep 4, 2025 |
| Summit Grove Partners, LLC | 1.09M | 9.50% | 13G | Dec 12, 2024 |
| Matthew A. Drapkin | 874.2K | 7.60% | 13D | Jan 21, 2025 |
| Northern Right Capital Management, L.P. | 384.0K | 3.33% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 7, 2025 | Matthew D. Kaplan | officer: CEO and President | +19,650 | $7.64 |
| Sep 26, 2025 | Great Elm Strategic Partnership I, LLC | 10 percent owner | −2,313 | $11.45 |
| Sep 25, 2025 | Great Elm Strategic Partnership I, LLC | 10 percent owner | −1,696 | $11.45 |
| Sep 23, 2025 | Great Elm Strategic Partnership I, LLC | 10 percent owner | −1,490 | $11.45 |
| Sep 22, 2025 | Great Elm Strategic Partnership I, LLC | 10 percent owner | −48,248 | $11.45 |
Peers
- Ares Capital
Scaled BDC rival for U.S. middle-market direct lending.
- Prospect Capital
Broad BDC alternative for U.S. middle-market financing.
- Eagle Point Credit Company
Specialist public rival in CLO equity and junior debt.
- Oxford Square Capital
BDC peer in corporate debt, CLO equity and warehouses.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Great Elm Capital | $6.13 | +0.49% | $70.7M | — | 6.4 | — | −23.7% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Prospect Capital | $2.25 | +0.13% | $1.13B | 5.5 | 5.9 | 1.8 | — |
| Eagle Point Credit Company | $3.91 | 0.00% | $515.6M | — | 5.5 | 64.7 | −21.7% |
| Oxford Square Capital | $1.38 | +1.10% | $143.4M | — | 6.8 | — | −1.3% |
| Median | 10.2 | 6.4 | 6.2 | −1.3% |