Great Elm Capital Corp. (GECC) Balance Sheet
GECC balance sheet, 2025
December 31, 2025 · U.S. dollars$340.8M assets = $227.8M liabilities + $112.9M equity
Both columns are drawn to the same scale: what GECC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
GECC financial health
Descriptive bands, not a rating. Fiscal 2025.
GECC balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $76.7M2017 | $340.8M2025 | +18.0%/yr | |
| Total liabilities | $10.5M2017 | $227.8M2025 | +40.8%/yr | |
| Shareholders’ equity | $66.2M2017 | $112.9M2025 | +6.1%/yr | |
| Cash & short-term investments | $66.8M2017 | $1.8M2025 | −32.9%/yr | |
| Total debt | $2.1M2017 | $189.3M2025 | +65.2%/yr | |
| Net cash (debt) | $64.7M2017 | −$187.5M2025 | −$252.2M | |
| Working capital | $62.3M2017 | −$35.6M2025 | −$97.9M | |
| Book value per share | $18.302021 | $9.142025 | −15.9%/yr | |
| Current ratio | 11.872017 | 0.052025 | −11.82 | |
| Debt / equity | 0.032017 | 1.682025 | +1.65 | |
| Shares outstanding | 4.1M2021 | 12.4M2025 | +32.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GECC assets
GECC liabilities and equity
GECC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
GECC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.8M | $8.4M | $953,000 | $587,000 | $9.1M | $52.6M | $4.6M | $82.3M | $2.9M | $66.8M |
| Cash & equivalents | $1.8M | $0 | $953,000 | $587,000 | $9.1M | $52.6M | $4.6M | $4.2M | $2.9M | $45.9M |
| Short-term investments | $32.8M | $8.4M | $10.8M | $76.1M | $200.0M | $75.0M | $85.7M | $78.1M | $65.9M | $20.9M |
| Receivables | $6.4M | $8.8M | $4.0M | $4.9M | $4.3M | $3.3M | $3.0M | $14.7M | $5.9M | $1.1M |
| Inventory | $0 | $0 | $15.7M | $81.6M | $213.4M | $131.4M | $93.3M | −$281.6M | −$239.9M | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $281.6M | $239.9M | $174,000 |
| Total current assets | $1.8M | $8.9M | $4.9M | $5.5M | $13.8M | $56.1M | $7.6M | $97.0M | $8.9M | $68.0M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5.8M |
| Long-term investments | $331.1M | $332.7M | $241.4M | $301.1M | $412.1M | $226.6M | $283.3M | $262.3M | $230.8M | $2.8M |
| Other non-current assets | $7.9M | $391,000 | $470,000 | $3.5M | $389,000 | $600,000 | $89,000 | $0 | $302,000 | $133,000 |
| Total assets | $340.8M | $342.0M | $246.8M | $310.1M | $426.3M | $283.3M | $291.0M | $281.6M | $239.9M | $76.7M |
| Liabilities | ||||||||||
| Accounts payable | $33.7M | $11.8M | $4.1M | $70.1M | $203.6M | $77.8M | $74.4M | $87.9M | $69.5M | $1.7M |
| Short-term debt | — | — | $140.2M | $153.2M | $142.0M | $115.7M | $119.8M | $76.3M | $31.2M | $421,000 |
| Deferred revenue | — | — | −$140.2M | −$83.1M | $61.6M | −$37.9M | −$45.4M | $11.6M | $38.3M | — |
| Total current liabilities | $37.5M | $11.8M | $4.1M | $70.1M | $203.6M | $77.8M | $74.4M | $87.9M | $69.5M | $5.7M |
| Long-term debt | $0 | $0 | $0 | $143.2M | $0 | $0 | $119.8M | $76.3M | $31.2M | $1.6M |
| Other long-term liabilities | $190.4M | $194.1M | $144.0M | $10.0M | $148.2M | $126.0M | $0 | $0 | $0 | $3.1M |
| Total liabilities | $227.8M | $205.9M | $148.1M | $225.3M | $351.8M | $203.7M | $204.2M | $171.4M | $107.6M | $10.5M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $140,000 | $115,000 | $76,000 | $76,000 | $45,000 | $38,000 | $101,000 | $107,000 | $107,000 | $23,000 |
| Retained earnings (deficit) | −$246.0M | −$196.1M | −$185.1M | −$199.4M | −$171.0M | −$151.1M | −$106.3M | −$88.2M | −$66.2M | −$3.23B |
| Accumulated other comprehensive income | — | — | $98.7M | $0 | $74.6M | $79.6M | $0 | −$88.2M | −$33.3M | — |
| Total shareholders' equity | $112.9M | $136.1M | $98.7M | $84.8M | $74.6M | $79.6M | $86.9M | $110.1M | $132.3M | $66.2M |
| Key figures | ||||||||||
| Total debt | $189.3M | $189.7M | $140.2M | $296.3M | $142.0M | $115.7M | $119.8M | $76.3M | $31.2M | $2.1M |
| Net cash (debt) | −$187.5M | −$181.2M | −$139.3M | −$295.7M | −$132.9M | −$63.1M | −$115.2M | $6.0M | −$28.3M | $64.7M |
| Working capital | −$35.6M | −$2.9M | $817,000 | −$64.5M | −$189.8M | −$21.7M | −$66.8M | $9.1M | −$60.7M | $62.3M |
| Tangible book value | $112.9M | $136.1M | $98.7M | $84.8M | $74.6M | $79.6M | $86.9M | $110.1M | $132.3M | $60.4M |
| Book value per share | $9.14 | $13.83 | $12.99 | $13.57 | $18.30 | — | — | — | — | — |
| Shares outstanding | 12.4M | 9.8M | 7.6M | 6.3M | 4.1M | — | — | — | — | — |
| Current ratio | 0.05 | 0.76 | 1.20 | 0.08 | 0.07 | 0.72 | 0.10 | 1.10 | 0.13 | 11.87 |
| Quick ratio | 0.22 | 1.46 | 1.20 | 0.08 | 0.07 | 0.72 | 0.10 | 1.10 | 0.13 | 11.84 |
| Debt / equity | 1.68 | 1.39 | 1.42 | 3.49 | 1.90 | 1.45 | 1.38 | 0.69 | 0.24 | 0.03 |
| Equity / assets | 33.1% | 39.8% | 40.0% | 27.3% | 17.5% | 28.1% | 29.9% | 39.1% | 55.1% | 86.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.7M | $0 | $1.8M | $88.7M | $960,000 | $1.3M | $8.4M | $305,000 | $2.6M | $334,000 | $953,000 | $1.8M |
| Cash & equivalents | $1.7M | $0 | $1.8M | $0 | $960,000 | $1.3M | $0 | $305,000 | $2.6M | $334,000 | $953,000 | $1.8M |
| Short-term investments | $4.0M | — | $32.8M | $88.7M | $68.2M | — | $8.4M | $85.5M | $20.4M | $8.3M | $10.8M | $1.0M |
| Receivables | $4.4M | $2.4M | $6.4M | $4.9M | $4.3M | $7.2M | $8.8M | $7.4M | $5.3M | $7.2M | $4.0M | $7.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $97.6M | $0 | $0 | $15.7M | $10.6M |
| Other current assets | $4.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $10.1M | $2.4M | $1.8M | $4.9M | $5.3M | $8.4M | $8.9M | $7.7M | $7.9M | $7.6M | $4.9M | $9.6M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $272.3M | $276.8M | $331.1M | $413.8M | $403.3M | $341.9M | $332.7M | $418.8M | $318.1M | $271.2M | $241.4M | $236.4M |
| Other non-current assets | $0 | $3.6M | $7.9M | $1.3M | $761,000 | $495,000 | $391,000 | $568,000 | $569,000 | $375,000 | $470,000 | $313,000 |
| Total assets | $280.0M | $282.8M | $340.8M | $420.0M | $409.3M | $350.8M | $342.0M | $427.0M | $326.5M | $279.1M | $246.8M | $246.3M |
| Liabilities | ||||||||||||
| Accounts payable | $5.5M | $3.9M | $33.7M | $75.9M | $66.2M | $10.6M | $11.8M | $66.2M | $22.8M | $10.4M | $4.1M | $4.4M |
| Short-term debt | $150.9M | $169.1M | — | $200.2M | $190.5M | $190.1M | — | $230.0M | — | $45.6M | — | $140.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | −$45.6M | — | −$135.5M |
| Total current liabilities | $6.9M | $5.4M | $37.5M | $78.6M | $66.2M | $10.6M | $11.8M | $66.2M | $22.8M | $10.4M | $4.1M | $4.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $162.7M | $169.9M | $190.4M | $201.3M | $203.1M | $207.9M | $194.1M | $235.0M | $177.7M | $149.9M | $144.0M | $143.9M |
| Total liabilities | $169.6M | $175.3M | $227.8M | $280.0M | $269.3M | $218.5M | $205.9M | $301.2M | $200.5M | $160.3M | $148.1M | $148.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $139,000 | $139,000 | $140,000 | $140,000 | $116,000 | $115,000 | $115,000 | $104,000 | $104,000 | $94,000 | $76,000 | $76,000 |
| Retained earnings (deficit) | −$248.0M | −$250.9M | −$246.0M | −$219.4M | −$192.5M | −$199.9M | −$196.1M | −$193.7M | −$193.5M | −$188.9M | −$185.1M | −$186.2M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | $0 | — | $0 |
| Total shareholders' equity | $110.4M | $107.5M | $112.9M | $140.1M | $140.0M | $132.3M | $136.1M | $125.8M | $126.0M | $118.8M | $98.7M | $97.9M |
| Key figures | ||||||||||||
| Total debt | $161.9M | $169.1M | $189.3M | $200.2M | $196.5M | $202.1M | $189.7M | $230.0M | $173.8M | $145.5M | $140.2M | $140.0M |
| Net cash (debt) | −$160.2M | −$169.1M | −$187.5M | −$111.5M | −$195.5M | −$200.8M | −$181.2M | −$229.7M | −$171.2M | −$145.1M | −$139.3M | −$138.2M |
| Working capital | $3.2M | −$3.0M | −$35.6M | −$73.7M | −$60.9M | −$2.2M | −$2.9M | −$58.5M | −$15.0M | −$2.9M | $817,000 | $5.2M |
| Tangible book value | $110.4M | $107.5M | $112.9M | $140.1M | $140.0M | $132.3M | $136.1M | $125.8M | $126.0M | $118.8M | $98.7M | $97.9M |
| Book value per share | $9.56 | $7.69 | $9.14 | $11.38 | $12.12 | $11.46 | $13.15 | $12.04 | $13.19 | $13.72 | $12.99 | $12.88 |
| Shares outstanding | 11.5M | 14.0M | 12.4M | 12.3M | 11.6M | 11.5M | 10.3M | 10.4M | 9.6M | 8.7M | 7.6M | 7.6M |
| Current ratio | 1.46 | 0.44 | 0.05 | 0.06 | 0.08 | 0.79 | 0.76 | 0.12 | 0.34 | 0.72 | 1.20 | 2.16 |
| Quick ratio | 0.88 | 0.44 | 0.22 | 1.19 | 0.08 | 0.79 | 1.46 | 0.12 | 0.34 | 0.72 | 1.20 | 2.16 |
| Debt / equity | 1.47 | 1.57 | 1.68 | 1.43 | 1.40 | 1.53 | 1.39 | 1.83 | 1.38 | 1.22 | 1.42 | 1.43 |
| Equity / assets | 39.4% | 38.0% | 33.1% | 33.4% | 34.2% | 37.7% | 39.8% | 29.5% | 38.6% | 42.6% | 40.0% | 39.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
GECC financial position
At the end of fiscal 2025 (December 31, 2025), Great Elm Capital had total assets of $340.8 million (down 0.4% from a year earlier), total liabilities of $227.8 million and shareholders' equity of $112.9 million. It held $1.8 million in cash and short-term investments against $189.3 million of debt, net debt of $187.5 million. Its current ratio was 0.05. In the latest quarter (ended June 30, 2026) total assets were $280.0 million and equity $110.4 million.
Related: GECC income statement, GECC cash flow statement, GECC key metrics. See the GECC stock overview for the latest quote and news.
GECC balance sheet FAQ
What are Great Elm Capital's total assets?
Great Elm Capital reported total assets of $340.8 million at the end of fiscal 2025 (December 31, 2025), compared with $342.0 million a year earlier.
How much debt does Great Elm Capital have?
Great Elm Capital had $189.3 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.68.
How much cash does Great Elm Capital have?
Great Elm Capital held $1.8 million in cash and short-term investments at the end of fiscal 2025; with $189.3 million of debt that is net debt of $187.5 million.
What is Great Elm Capital's book value?
Great Elm Capital's shareholders' equity (book value) was $112.9 million at the end of fiscal 2025, or $9.14 per share.
What is Great Elm Capital's current ratio?
Great Elm Capital had current assets of $1.8 million and current liabilities of $37.5 million, a current ratio of 0.05 (current liabilities exceed current assets).