Great Elm Capital Corp. 8.125% Notes Due 2029 (GECCH)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I would treat these 8.125% notes due 2029 as a credit question first, not an equity bargain hunt. The issuer is a financial-services company, and the supplied record is uneven. In fiscal 2023 it earned $25.3M, or $3.33 per diluted share, and in fiscal 2024 it earned $3.6M, or $0.36. Then fiscal 2025 swung to a $31.8M net loss, or $2.57 per diluted share, which is why FairStock's Lynch category is TURNAROUND - a loss in the latest year after earlier profits. Quarterly figures show how volatile this has been: fiscal Q3 2025 lost $22.0M, or $1.79 per diluted share; fiscal Q1 2026 lost $745,000, or $0.05; but fiscal Q2 2026 earned $6.4M, or $0.46. That latest profit is encouraging, but one quarter does not erase a full-year loss. I see no evidence in these numbers of a durable competitive moat; for a financial-services issuer, asset quality and balance-sheet strength matter more, and the supplied data leave leverage, return and coverage ratios unavailable. FairStock's P/E and P/B are N/A, so I cannot use them. At $24.70 on 2026-10-16, the notes sit at the bottom of their $24.70-$26.52 52-week range. That may price in caution, but without credit metrics I cannot call it a Graham-style bargain. The key question is whether the Q2 2026 profit continues and supports the stated coupon and 2029 maturity.

In plain English: These are debt notes issued by a financial-services company, not shares of stock; they pay 8.125% and come due in 2029. The business looks uneven: it had a large loss in the 2025 financial year but a profit in the quarter ended June 30, 2026. At $24.70, the notes are at the bottom of their one-year price range, but the limited numbers make it hard to call them cheap or expensive; they look like a higher-risk income investment.

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Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer