GECCO Overview

Analyst Recommendation: Janney Montgomery Scott has maintained a Neutral recommendation for Great Elm Capital - Corporate Bond (NasdaqGM:GECCO) as of November 6, 2025.

Price Target and Upside: The average one-year price target for GECCO is $34.00/share, indicating a potential upside of 34.64% from its recent closing price of $25.26/share.

Revenue Projections: Great Elm Capital's projected annual revenue is $38 million, reflecting a decrease of 19.33%, with a projected non-GAAP EPS of 0.85.

Institutional Holdings: Institutional ownership in GECCO remains stable, with a slight increase in total shares owned by institutions over the last three months, while Holbrook Income Fund Class I has increased its holdings by 3.40%.

Financial Performance: Great Elm Capital Corp. reported a record total investment income of $14.3 million for Q2 2025, with net investment income increasing to $5.9 million or $0.51 per share, driven by strong cash generation and distributions from investments.

Future Outlook: The company anticipates a decrease in net investment income for the third quarter due to variable cash flows but remains optimistic about exceeding annual distributions while focusing on capital deployment for risk-adjusted returns.

Financial Performance: Great Elm Capital Corp. reported a record total investment income of $14.3 million for Q2 2025, with net investment income increasing to $5.9 million or $0.51 per share, driven by strong cash generation and higher income from CLO investments.

Dividends and Future Outlook: The Board approved a quarterly dividend of $0.37 per share, reflecting a 13.5% annualized yield. CEO Matt Kaplan indicated expectations for continued NII growth despite potential fluctuations in cash flows from their CLO joint venture.

Financial Performance: Great Elm Capital Corp. reported a record total investment income of $12.5 million for Q1 2025, with net investment income increasing to $4.6 million, leading to a quarterly distribution increase of 5.7% to $0.37 per share.

Investment Strategy and Outlook: The company plans to continue monitoring market conditions while strategically deploying capital into opportunities that offer compelling risk-adjusted returns, aiming to maintain strong performance throughout 2025.

Financial Performance Overview: Great Elm Capital Corp. reported a net investment income of $2.1 million for Q4 2024, down from $4.1 million in Q3 2024, with total net assets increasing to $136.1 million. The company declared a special distribution of $0.05 per share and increased its quarterly dividend by 5.7% to $0.37 per share.

Investment Strategy and Future Outlook: The CEO highlighted a successful capital raise of nearly $150 million in 2024 and expressed confidence in generating strong net investment income in 2025 as cash flows from their CLO joint venture stabilize and additional investments are deployed.

Financial Performance: Great Elm Capital Corp. reported a net investment income of $4.1 million for Q3 2024, an increase from the previous quarter, and announced a quarterly dividend of $0.35 per share, reflecting a 14.0% annualized yield based on its market price.

Investment Strategy and Portfolio: The company successfully refinanced its debt, extended maturity profiles, and increased exposure to first lien bank loans through a CLO joint venture, while maintaining a strong asset coverage ratio of 166.2% as of September 30, 2024.