The firm maintains a highly leveraged capital structure with a debt-to-equity ratio of 1.57 as of 2026Q1, compounded by a lack of cash reserves to support its $169.1 million in total debt.
| Total Current Assets | 2.38M | 0 | 0 | 4.94M |
| Cash & Short-Term Investments | - | - | - | - |
| Cash Only | - | - | - | - |
| Short-Term Investments | - | - | - | - |
| Accounts Receivable | - | - | - | - |
| Days Sales Outstanding | - | - | - | - |
| Inventory | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 0 | 0 | 0 | 241.89M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - |
| Total Assets | 282.76M | 96.46M | 49.22M | 246.82M |
| Asset Turnover | 0.10x | 0.32x | 0.64x | 0.17x |
| Asset Growth % | -19.4% | 95.98% | -80.06% | - |
| Total Current Liabilities | 169.14M | 53.31M | 836K | 4.12M |
| Accounts Payable | 0 | 0 | 0 | 4.12M |
| Days Payables Outstanding | - | - | - | - |
| Short-Term Debt | 169.14M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - |
| Other Current Liabilities | 0 | 53.31M | 836K | 0 |
| Current Ratio | 0.01x | - | - | 1.20x |
| Quick Ratio | 0.01x | - | - | 1.20x |
| Cash Conversion Cycle | - | - | - | - |
| Total Non-Current Liabilities | 6.14M | 28.32M | 33.06M | 143.97M |
| Long-Term Debt | 0 | 0 | 0 | 140.21M |
| Capital Lease Obligations | 0 | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - |
| Other Non-Current Liabilities | - | - | - | - |
| Total Liabilities | 175.29M | 81.64M | 33.89M | 148.09M |
| Total Debt | 169.14M | 0 | 0 | 140.21M |
| Net Debt | 169.14M | 0 | 0 | 139.26M |
| Debt / Equity | 1.57x | - | - | 1.42x |
| Debt / EBITDA | 2.28x | - | - | 5.53x |
| Net Debt / EBITDA | 2.28x | - | - | 5.50x |
| Interest Coverage | -0.17x | 1.49x | 1.86x | 2.50x |
| Total Equity | 107.48M | 14.82M | 15.33M | 98.74M |
| Equity Growth % | -18.76% | -3.28% | -84.48% | - |
| Book Value per Share | 7.69 | 1.20 | 1.56 | 10.03 |
| Total Shareholders' Equity | 107.48M | 14.82M | 15.33M | 98.74M |
| Common Stock | 139K | 0 | 0 | 76K |
| Retained Earnings | 0 | 0 | 0 | -185.13M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
High Leverage and Liquidity
As reported in quarterly filings, GECCI's total assets fluctuated from $420.0 million in 2025Q3 to $282.8 million by 2026Q1, signaling a significant contraction in the firm's investment base that warrants close monitoring regarding the long-term viability of its current capital structure.
The rapid reduction in asset scale suggests a potential shift toward portfolio liquidation or significant write-downs of underlying Level 3 assets. This volatility in the asset base complicates the firm's ability to maintain a consistent leverage profile, potentially pressuring the net asset value over the coming quarters.
Based on the provided financial data, the debt-to-equity ratio reached 1.57 in 2026Q1, reflecting a persistent reliance on external financing that appears increasingly precarious given the recent contraction in the firm's total asset base and overall portfolio size.
The firm's leverage remains high relative to its shrinking equity base, which limits the margin for error in its credit underwriting. Investors should consider whether this debt load is sustainable if the underlying micro-cap borrowers face further liquidity constraints or credit deterioration.
According to recent balance sheet disclosures, GECCI reported a current ratio of 0.01 in 2026Q1 with effectively zero cash on hand, highlighting a severe lack of immediate liquidity to address operational needs or unexpected portfolio capital calls.
The near-total absence of cash reserves suggests that the firm is operating with virtually no buffer against market shocks or borrower defaults. This liquidity position appears highly vulnerable, as the firm lacks the internal resources to manage short-term obligations without relying on external capital market access.
As indicated by the balance sheet, the complete absence of reported goodwill or PPE suggests that the firm's value is entirely tied to its investment portfolio, which, based on reported figures, is subject to significant valuation adjustments that may mask underlying credit quality issues.
The reliance on Level 3 asset valuations means that the reported equity value may be highly sensitive to management's internal assumptions rather than objective market pricing. This creates a risk where the balance sheet may not accurately reflect the true recovery value of the portfolio in a stressed credit environment.
Quick answers to the most common questions about buying GECCI stock.
As of 2025, Great Elm Capital Corp. 8.50% Notes DUE 2029 (GECCI) had total assets of $96.5M including $0.0M in current assets.
Great Elm Capital Corp. 8.50% Notes DUE 2029 (GECCI) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Great Elm Capital Corp. 8.50% Notes DUE 2029 (GECCI) has total shareholders' equity (book value) of $14.8M ($1.20 book value per share). Book value represents the net worth of the company belonging to common stock holders.