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Great Elm Capital (GECC)

Great Elm Capital Corp. is an externally managed, specialty finance company focused on investing in debt instruments of middle market companies. GECC elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. GECC seeks to generate attractive, risk-adjusted returns through both current income and capital appreciation.

Company profile

Ticker
GECC, GECCN, GECCM, GECCO
Exchange
CEO
Peter Andrew Reed
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Great Elm Specialty Finance • Prestige Capital Finance ...

GECC stock data

Calendar

4 Aug 22
3 Oct 22
31 Dec 22
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Jun 22 Kleinman Adam M Common Stock Option exercise Acquire M No No 12.5 4,000 50K 20,558
15 Jun 22 Kleinman Adam M Subscription Rights Common Stock Option exercise Dispose M No No 12.5 4,000 50K 0
15 Jun 22 Kuperschmid Mark Common Stock Option exercise Acquire M Yes No 12.5 5,986 74.83K 11,972
15 Jun 22 Kuperschmid Mark Subscription Rights Common Stock Option exercise Dispose M Yes No 12.5 5,986 74.83K 0
15 Jun 22 Great Elm Common Stock Other Acquire J Yes No 12.5 399,990 5M 400,100
15 Jun 22 Great Elm Common Stock Option exercise Acquire M Yes No 12.5 100 1.25K 200
15 Jun 22 Great Elm Common Stock Other Acquire J No No 12.5 185,889 2.32M 1,814,111
15 Jun 22 Great Elm Common Stock Option exercise Acquire M No No 12.5 814,111 10.18M 1,628,222
15 Jun 22 Great Elm Subscription Rights Common Stock Option exercise Dispose M Yes No 12.5 400,000 5M 0
15 Jun 22 Great Elm Subscription Rights Common Stock Option exercise Dispose M No No 12.5 1,000,000 12.5M 0
26.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 14 24 -41.7%
Opened positions 2 7 -71.4%
Closed positions 12 0 NEW
Increased positions 2 3 -33.3%
Reduced positions 7 7
13F shares Current Prev Q Change
Total value 38.6M 44.06M -12.4%
Total shares 10.79M 13.78M -21.7%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
GEG Great Elm 5.76M $19.35M 0.0%
Lenders Funding LLC /California 3.4M $10.46M 0.0%
Imperial Capital Asset Management 1.32M $4.05M 0.0%
Northern Right Capital Management 227.14K $3.33M -83.3%
Two Sigma Advisers 31.09K $456K -79.5%
Clayton Partners 25K $367K NEW
Two Sigma Investments 22.32K $328K -88.2%
MS Morgan Stanley 13.28K $195K +34.3%
RY Royal Bank Of Canada 2.12K $31K NEW
Acadian Asset Management 1.93K $28K -96.2%
Largest transactions Shares Bought/sold Change
Northern Right Capital Management 227.14K -1.13M -83.3%
Alden Global Capital 0 -902.29K EXIT
Acuitas Investments 0 -249.8K EXIT
Meros Investment Management 0 -249.8K EXIT
Two Sigma Investments 22.32K -167.04K -88.2%
Two Sigma Advisers 31.09K -120.8K -79.5%
Acadian Asset Management 1.93K -48.43K -96.2%
Cove Street Capital 0 -42.2K EXIT
CSS 0 -31.42K EXIT
Clayton Partners 25K +25K NEW

Financial report summary

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Risks
  • Risks Relating to Our Investments
  • Risks Relating to Our Business and Structure
  • Risks Relating to Our Common Stock
Management Discussion
  • Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
  • We are a BDC that seeks to generate both current income and capital appreciation through debt and income-generating equity investments, including investments in specialty finance businesses. To achieve our investment objective, we invest in secured and senior secured debt instruments of middle market companies, as well as income-generating equity investments in specialty finance companies, that we believe offer sufficient downside protection and have the potential to generate attractive returns. We generally define middle market companies as companies with enterprise values between $100 million and $2 billion. We also make investments throughout other portions of a company’s capital structure, including subordinated debt, mezzanine debt, and equity or equity‑linked securities. We source these transactions directly with issuers and in the secondary markets through relationships with industry professionals.
  • In December 2021, Great Elm Specialty Finance, LLC (“GESF") a wholly-owned subsidiary of GECC, was formed to oversee specialty finance related investments, and Michael Keller, a seasoned professional with significant experience in specialty finance, was appointed President of GESF. We believe investments in specialty finance companies along the “continuum of lending” provide durable risk adjusted returns that are expected to be largely uncorrelated to the liquid credit markets. The “continuum of lending” as seen by Great Elm Capital Management, Inc. (“GECM”) is the various stages of capital that are provided to under-banked small and medium sized businesses and includes, but is not limited to inventory and purchase order financing, receivables factoring, asset-based and asset-backed lending, and equipment financing. GECM believes that ownership interests in multiple specialty finance companies will create a natural competitive advantage for each business and generate both revenue and cost synergies across companies.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
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Removed: exact, sector, semiannually, Supplemental