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Side-by-side financial comparison of Great Elm Capital Corp. (GECC) and Chicago Atlantic BDC, Inc. (LIEN). Click either name above to swap in a different company.
Great Elm Capital Corp. is the larger business by last-quarter revenue ($12.5M vs $2.5M, roughly 4.9× Chicago Atlantic BDC, Inc.). Great Elm Capital Corp. runs the higher net margin — 3.6% vs -6.5%, a 10.1% gap on every dollar of revenue. On growth, Great Elm Capital Corp. posted the faster year-over-year revenue change (40.3% vs -8.0%).
Great Elm Capital Corp. is a U.S.-based business development company offering debt financing and equity investments to domestic middle-market enterprises. Its core coverage segments include technology, healthcare, consumer goods, and industrial services, focusing on generating risk-adjusted returns for shareholders.
Chicago Atlantic BDC, Inc. is a publicly traded business development company that provides structured debt financing and select minority equity investments to small and mid-sized private companies across core U.S. sectors including healthcare, business services and industrial goods. It targets firms with stable operational track records to generate consistent risk-adjusted returns for its shareholders.
GECC vs LIEN — Head-to-Head
Income Statement — Q1 2025 vs Q3 2024
| Metric | | |
|---|---|---|
| Revenue | $12.5M | $2.5M |
| Net Profit | $453.0K | $-165.0K |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 3.6% | -6.5% |
| Revenue YoY | 40.3% | -8.0% |
| Net Profit YoY | 198.9% | 93.8% |
| EPS (diluted) | $0.04 | $-0.03 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 25 | $12.5M | — | ||
| Q4 24 | $9.1M | — | ||
| Q3 24 | $11.7M | $2.5M | ||
| Q2 24 | $9.5M | $2.6M | ||
| Q1 24 | $8.9M | $2.6M | ||
| Q4 23 | $9.2M | $3.3M | ||
| Q3 23 | $9.3M | $2.8M | ||
| Q2 23 | $9.0M | $2.6M |
| Q1 25 | $453.0K | — | ||
| Q4 24 | $1.9M | — | ||
| Q3 24 | $3.5M | $-165.0K | ||
| Q2 24 | $-1.3M | $1.3M | ||
| Q1 24 | $-458.0K | $-1.0M | ||
| Q4 23 | $4.2M | $6.4M | ||
| Q3 23 | $7.8M | $-2.6M | ||
| Q2 23 | $5.2M | $1.2M |
| Q1 25 | 3.6% | — | ||
| Q4 24 | 20.4% | — | ||
| Q3 24 | 29.6% | -6.5% | ||
| Q2 24 | -13.9% | 50.1% | ||
| Q1 24 | -5.1% | -40.0% | ||
| Q4 23 | 46.0% | 197.3% | ||
| Q3 23 | 83.7% | -95.8% | ||
| Q2 23 | 57.9% | 46.6% |
| Q1 25 | $0.04 | — | ||
| Q4 24 | $0.22 | — | ||
| Q3 24 | $0.33 | $-0.03 | ||
| Q2 24 | $-0.14 | $0.21 | ||
| Q1 24 | $-0.05 | $0.08 | ||
| Q4 23 | $0.56 | $0.41 | ||
| Q3 23 | $1.02 | $0.20 | ||
| Q2 23 | $0.68 | $0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3M | $30.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $132.3M | $82.5M |
| Total Assets | $350.8M | $89.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 25 | $1.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $305.0K | $30.1M | ||
| Q2 24 | $2.6M | $34.0M | ||
| Q1 24 | $334.0K | $33.2M | ||
| Q4 23 | $953.0K | $32.6M | ||
| Q3 23 | $1.8M | $29.8M | ||
| Q2 23 | $3.4M | $32.9M |
| Q1 25 | $132.3M | — | ||
| Q4 24 | $136.1M | — | ||
| Q3 24 | $125.8M | $82.5M | ||
| Q2 24 | $126.0M | $84.3M | ||
| Q1 24 | $118.8M | $84.5M | ||
| Q4 23 | $98.7M | $85.6M | ||
| Q3 23 | $97.9M | $87.4M | ||
| Q2 23 | $92.8M | $90.0M |
| Q1 25 | $350.8M | — | ||
| Q4 24 | $342.0M | — | ||
| Q3 24 | $427.0M | $89.3M | ||
| Q2 24 | $326.5M | $90.1M | ||
| Q1 24 | $279.1M | $90.4M | ||
| Q4 23 | $246.8M | $88.6M | ||
| Q3 23 | $246.3M | $89.2M | ||
| Q2 23 | $322.5M | $91.3M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-5.9M | $-2.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -12.96× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 25 | $-5.9M | — | ||
| Q4 24 | $31.4M | — | ||
| Q3 24 | $-54.4M | $-2.3M | ||
| Q2 24 | $-34.3M | $2.5M | ||
| Q1 24 | $-25.4M | $2.1M | ||
| Q4 23 | $2.1M | $7.1M | ||
| Q3 23 | $10.5M | $840.2K | ||
| Q2 23 | $4.4M | $351.6K |
| Q1 25 | -12.96× | — | ||
| Q4 24 | 16.87× | — | ||
| Q3 24 | -15.66× | — | ||
| Q2 24 | — | 1.92× | ||
| Q1 24 | — | — | ||
| Q4 23 | 0.50× | 1.11× | ||
| Q3 23 | 1.35× | — | ||
| Q2 23 | 0.84× | 0.29× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
