Great Elm Capital Corp. Announces Third Quarter 2025 Financial Results
Great Elm Capital Corp (NASDAQ: GECC) reported third quarter 2025 results on Nov 4, 2025: NAV fell to $10.01 per share from $12.10 at June 30, driven primarily by losses on First Brands. Total investment income was $10.6M; net investment income was $2.4M (or $0.20 per share) versus $5.9M ($0.51) in Q2. Net realized and unrealized losses were $24.4M for the quarter.
The company raised approximately $27M of equity, refinanced higher-cost notes (issuing $50M of 7.75% GECCG notes), doubled the revolver to $50M and cut its rate by 0.50%. The Board declared a $0.37 quarterly dividend and authorized a $10M share repurchase program. GECC will host a conference call on Nov 5, 2025, 8:30 AM ET.
Great Elm Capital Corp (NASDAQ: GECC) ha riportato i risultati del terzo trimestre 2025 il 4 novembre 2025: NAV sceso a 10,01$ per azione rispetto a 12,10$ al 30 giugno, trainato principalmente dalle perdite su First Brands. Il reddito complessivo da investimenti è stato di 10,6 milioni di dollari; il reddito netto da investimenti è stato di 2,4 milioni di dollari (o 0,20$ per azione) rispetto a 5,9 milioni (0,51) nel Q2. Le perdite nette realizzate e non realizzate sono state di 24,4 milioni di dollari per il trimestre.
La società ha raccolto circa 27 milioni di dollari di capitale, rifinanziato note a costo più elevato (emettendo 50 milioni di dollari di note GECCG al 7,75%), raddoppiato il revolver a 50 milioni di dollari e tagliato il tasso di 0,50 punti percentuali. Il Consiglio ha dichiarato un dividendo trimestrale di 0,37 dollari e ha autorizzato un programma di riacquisto azionario da 10 milioni di dollari. GECC terrà una conference call il 5 novembre 2025, ore 8:30 ET.
Great Elm Capital Corp (NASDAQ: GECC) informó los resultados del tercer trimestre de 2025 el 4 de noviembre de 2025: el NAV cayó a 10,01$ por acción desde 12,10$ al 30 de junio, impulsado principalmente por pérdidas en First Brands. Los ingresos totales por inversiones fueron de 10,6 millones de dólares; los ingresos netos por inversiones fueron de 2,4 millones de dólares (o 0,20$ por acción) frente a 5,9 millones (0,51) en el 2T. Las pérdidas netas realizadas y no realizadas fueron de 24,4 millones de dólares para el trimestre.
La empresa recaudó aproximadamente 27 millones de dólares de capital, refinanció notas de mayor costo (emitiendo 50 millones de dólares de notas GECCG al 7,75%), duplicó el revolver a 50 millones de dólares y redujo su tasa en 0,50%. El Consejo declaró un dividendo trimestral de 0,37$ y autorizó un programa de recompra de acciones por 10 millones de dólares. GECC realizará una conferencia telefónica el 5 de noviembre de 2025 a las 8:30 AM ET.
Great Elm Capital Corp (NASDAQ: GECC)는 2025년 11월 4일 2025년 3분기 실적을 발표했습니다: NAV가 주당 10.01달러로 하락했고 6월 30일 기준 12.10달러에서 주로 First Brands의 손실로 인해 하락했습니다. 총 투자 소득은 1060만 달러; 순 투자 소득은 240만 달러였으며(주당 0.20달러) 2분기 590만 달러(주당 0.51)와 비교됩니다. 순실현 및 미실현 손실은 분기 동안 2440만 달러였습니다.
회사는 약 2700만 달러의 자본을 조달했고, 비용이 높은 채권을 재융자했으며(7.75% GECCG 채권 5000만 달러 발행), 리볼버를 2배로 늘려 5000만 달러로 증가시키고 금리를 0.50%p 인하했습니다. 이사회는 분기 배당금을 0.37달러로 선언했고 1000만 달러의 자사주 매입 프로그램을 승인했습니다. GECC는 2025년 11월 5일 동부시간 8:30 AM에 컨퍼런스콜을 개최합니다.
Great Elm Capital Corp (NASDAQ: GECC) a publié les résultats du troisième trimestre 2025 le 4 novembre 2025 : la NAV est tombée à 10,01$ par action contre 12,10$ au 30 juin, principalement en raison des pertes sur First Brands. Le revenu total des investissements était de 10,6 millions de dollars ; le revenu net des investissements était de 2,4 millions de dollars (ou 0,20$ par action) contre 5,9 millions (0,51) au T2. Les pertes nettes réalisées et latentes nettes s’élevaient à 24,4 millions de dollars pour le trimestre.
La société alevé environ 27 millions de dollars de capitaux propres, refinancé des notes à coût plus élevé (émission de 50 millions de dollars de notes GECCG à 7,75%), doublé la ligne de crédit à 50 millions de dollars et réduit son taux de 0,50%. Le conseil d’administration a déclaré un dividende trimestriel de 0,37$ et a approuvé un programme de rachat d’actions de 10 millions de dollars. GECC tiendra une conférence téléphonique le 5 novembre 2025 à 8h30, heure de l’Est.
Great Elm Capital Corp (NASDAQ: GECC) meldete die Ergebnisse des dritten Quartals 2025 am 4. November 2025: NAV fiel auf 10,01$ pro Aktie von 12,10$ zum 30. Juni, hauptsächlich bedingt durch Verluste bei First Brands. Das Gesamtertrag aus Investitionen betrug 10,6 Mio. USD; der Nettogewinn aus Investitionen betrug 2,4 Mio. USD (bzw. 0,20$ pro Aktie) gegenüber 5,9 Mio. USD (0,51) im Q2. Netterealisiert und unrealisiert Verluste betrugen 24,4 Mio. USD für das Quartal.
Das Unternehmen sammelte etwa 27 Mio. USD Eigenkapital, refinanzierte hochverzinsliche Anleihen (Ausgabe von 50 Mio. USD GECCG-Anleihen zu 7,75%), verdoppelte die revolver-Linie auf 50 Mio. USD und senkte den Zinssatz um 0,50 Prozentpunkte. Der Vorstand erklärte eine vierteljährliche Dividende von 0,37$ und genehmigte ein Aktienrückkaufprogramm über 10 Mio. USD. GECC wird am 5. November 2025 um 8:30 Uhr ET eine Telefonkonferenz abhalten.
Great Elm Capital Corp (NASDAQ: GECC) أبلغت عن نتائج الربع الثالث لعام 2025 في 4 نوفمبر 2025: انخفض صافي قيمة الأصول إلى 10.01 دولاراً للسهم من 12.10 دولار في 30 يونيو، مدفوعاً أساساً بخسائر في First Brands. إجمالي دخل الاستثمار كان 10.6 مليون دولار؛ صافي دخل الاستثمار كان 2.4 مليون دولار (أو 0.20 دولار للسهم) مقارنة بـ 5.9 مليون دولار (0.51) في الربع الثاني. الخسائر المحققة وغير المحققة الصافية بلغت 24.4 مليون دولار للربع.
جمعت الشركة نحو 27 مليون دولار من الأسهم، وأعيد تمويل سندات ذات تكلفة أعلى (إصدار 50 مليون دولار من سند GECCG بسعر 7.75%)، وزادت الائتمان القابل للدورة إلى 50 مليون دولار وخفضت معدلها بمقدار 0.50%. كما أعلن المجلس عن توزيعات ربع سنوية قدرها 0.37 دولار وسمح ببرنامج إعادة شراء أسهم بقيمة 10 ملايين دولار. ستعقد GECC مكالمة مؤتمر صحفي في 5 نوفمبر 2025، الساعة 8:30 صباحاً بتوقيت شرق الولايات المتحدة.
- Raised approximately $27 million of equity in Q3 2025
- Issued $50 million of 7.75% GECCG notes to refinance GECCZ
- Revolver increased to $50 million and rate reduced 0.50%
- Board approved quarterly dividend of $0.37 per share
- Authorized $10 million share repurchase program
- NAV declined from $12.10 to $10.01 per share
- Net realized and unrealized losses of $24.4 million
- Net investment income fell to $2.4 million ($0.20 per share)
- Earnings per share of ($1.79) in Q3 2025
Insights
Strong liquidity and refinancing offset a meaningful NAV hit from a bankruptcy-driven loss; near-term income expected to normalize.
The company reported a NAV decline to
Key dependencies and risks include the realization of CLO JV cash flows (received
Dividend maintained and repurchase authorized despite earnings volatility; income stability hinges on CLO receipts and new deployments.
Management kept the quarterly dividend at
Risks include the NAV sensitivity to single large credits (First Brands) and near-term earnings volatility from timing of joint-venture distributions. Monitor NII per share and CLO JV cash receipts in the upcoming quarter and the company’s stated leverage ~1.5x; expect observable effects within the next quarter (
Company to Host Conference Call and Webcast at 8:30 AM ET on November 5, 2025
Board Maintains
GECC Strengthened its Balance Sheet Raising
NAV Decline From
NII Expected to Recover in the Fourth Quarter with Increased CLO JV Distributions, Normalized Interest Expense and Income Generation From New Deployments
PALM BEACH GARDENS, Fla., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,” “our,” the “Company” or “GECC”) (NASDAQ: GECC), a business development company, today announced its financial results for the third quarter ended September 30, 2025.
Management Commentary
“As outlined in our October 7th press release, GECC was impacted by the First Brands bankruptcy which was the key driver of our NAV decline in the quarter to
“We continued to strengthen our balance sheet in the third quarter, raising approximately
Shareholder Returns
- The Board of Directors approved a quarterly dividend of
$0.37 per share for the fourth quarter of 2025, equating to a19.8% annualized yield on GECC’s November 3, 2025 closing price of$7.48 . - Subsequent to quarter end, the Board of Directors authorized a new share repurchase program whereby the Company may repurchase up to an aggregate of
$10 million of its outstanding common shares.
Third Quarter Operating Highlights
- Total investment income (“TII”) for the quarter ended September 30, 2025, was
$10.6 million as compared to$14.3 million for the quarter ended June 30, 2025.- TII in the prior quarter benefited from higher income received from CLO investments and the receipt of a
$2.1 million distribution on preference shares from an insurance-related investment. - GECC received
$1.5 million of cash distributions from the CLO JV in the quarter ended September 30, 2025, as compared to$4.3 million in the quarter ended June 30, 2025. Additionally, in the fourth quarter through November 3rd, GECC received$4.3 million of cash distributions from the CLO JV.
- TII in the prior quarter benefited from higher income received from CLO investments and the receipt of a
- Net investment income (“NII”) for the quarter ended September 30, 2025, was
$2.4 million , or$0.20 per share, as compared to$5.9 million , or$0.51 per share, for the quarter ended June 30, 2025.- In addition to lower TII, in the third quarter NII was adversely impacted by elevated interest expense of approximately
$1.1 million due to impacts from the baby-bond refinancing from the write-off of deferred offering costs and double-interest expense for most of September.
- In addition to lower TII, in the third quarter NII was adversely impacted by elevated interest expense of approximately
- Net assets were
$140.1 million , or$10.01 per share, on September 30, 2025, as compared to$140.0 million , or$12.10 per share, on June 30, 2025.- The decrease in net asset value (“NAV”) per share was primarily driven by unrealized losses on First Brands investments, as detailed in the Company’s October 7th press release.
- GECC’s asset coverage ratio was
168.2% as of September 30, 2025, as compared to169.5% as of June 30, 2025.
Third Quarter and Other Recent Capital Activity
- The Company generated net proceeds of approximately
$27 million from equity issuances totaling approximately 2.4 million shares of common stock in the third quarter.- The Company utilized its at-the-market (“ATM”) program to issue 1.1 million shares of common stock in the third quarter for net proceeds of approximately
$13 million . - In August, GECC issued approximately 1.3 million shares in a private placement to Poor Richard, LLC for net proceeds of
$14 million .
- The Company utilized its at-the-market (“ATM”) program to issue 1.1 million shares of common stock in the third quarter for net proceeds of approximately
- In August, GECC amended its Revolving Credit Facility to increase the borrowing capacity to
$50 million from$25 million and reduced the interest rate by0.50% per annum to SOFR +2.50% .- The amendment allows GECC, under certain circumstances and subject to lender approval, to increase the overall borrowing capacity by an additional
$40 million to$90 million in aggregate.
- The amendment allows GECC, under certain circumstances and subject to lender approval, to increase the overall borrowing capacity by an additional
- In September, GECC issued
$50 million principal amount of its of7.75% Notes due December 31, 2030 (NASDAQ: GECCG) and redeemed all of its$40 million principal amount of8.75% Notes due September 30, 2028 (NASDAQ: GECCZ).- In October, the underwriters exercised their overallotment option in full to purchase an additional
$7.5 million principal amount of the7.75% GECCG Notes.
- In October, the underwriters exercised their overallotment option in full to purchase an additional
Financial Highlights – Per Share Data
| Q3/2024 | Q4/2024 | Q1/2025 | Q2/2025 | Q3/2025 | ||
| Earnings Per Share (“EPS”) | ( | |||||
| Net Investment Income (“NII”) Per Share | ||||||
| Pre-Incentive Net Investment Income Per Share | ||||||
| Net Realized and Unrealized Gains / (Losses) Per Share | ( | ( | ( | ( | ||
| Net Asset Value Per Share at Period End | ||||||
| Distributions Paid / Declared Per Share | ||||||
Portfolio and Investment Activity
As of September 30, 2025, GECC held total investments of
- 64 debt investments in corporate credit, totaling approximately
$189.3 million , representing58.2% of the fair market value of the Company’s total investments. Secured debt investments comprised a substantial majority of the fair market value of the Company’s debt investments. - An investment in Great Elm Specialty Finance, totaling approximately
$44.7 million , comprised of two debt investments of$31.3 million and one equity investment of$13.4 million , representing9.6% and4.1% , respectively, of the fair market value of the Company’s total investments. - CLO investments, totaling approximately
$52.3 million , representing16.1% of the fair market value of the Company’s total investments. - Three dividend-paying equity investments, totaling approximately
$10.5 million , representing3.2% of the fair market value of the Company’s total investments. - Other equity investments, totaling approximately
$28.2 million , representing8.7% of the fair market value of the Company’s total investments.
As of September 30, 2025, the weighted average current yield on the Company’s debt portfolio was
During the quarter ended September 30, 2025, the Company deployed approximately
During the quarter ended September 30, 2025, the Company monetized, in part or in full, 40 investments for approximately
Financial Review
Total investment income for the quarter ended September 30, 2025 was
Net realized and unrealized losses for the quarter ended September 30, 2025 were approximately
Liquidity and Capital Resources
As of September 30, 2025, cash and money market fund investments totaled approximately
As of September 30, 2025, total debt outstanding (par value) was
Distributions
The Company’s Board of Directors has approved a quarterly cash distribution of
The distribution equates to a
Stock Repurchase Program
The Company’s Board of Directors has authorized a new share repurchase program, whereby the Company may repurchase up to an aggregate of
Conference Call and Webcast
GECC will discuss these results in a conference call at 8:30 a.m. ET on November 5, 2025.
Conference Call Details
| Date/Time: | Wednesday, November 5, 2025 – 8:30 a.m. ET |
| Participant Dial-In Numbers: | |
| (United States): | 844-825-9789 |
| (International): | 412-317-5180 |
To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode “GECC”. An accompanying slide presentation will be available in pdf format via the “Events and Presentations” section of Great Elm Capital Corp.’s website here after the issuance of the earnings release.
Webcast
The call and presentation will also be simultaneously webcast over the internet via the “Events and Presentations” section of GECC’s website or by clicking on the webcast link here.
About Great Elm Capital Corp.
GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses and CLOs. For additional information, please visit http://www.greatelmcc.com.
Cautionary Statement Regarding Forward-Looking Statements
Statements in this communication that are not historical facts are “forward-looking” statements within the meaning of the federal securities laws. These statements include statements regarding our future business plans and expectations. These statements are often, but not always, made through the use of words or phrases such as “expect,” “anticipate,” “should,” “will,” “estimate,” “designed,” “seek,” “continue,” “upside,” “potential” and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. The key factors that could cause actual results to differ materially from those projected in the forward-looking statements include, without limitation: conditions in the credit markets, our expected financings and investments, including interest rate volatility, inflationary pressure, the price of GECC common stock and the performance of GECC’s portfolio and investment manager. Information concerning these and other factors can be found in GECC’s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this communication or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
This press release does not constitute an offer of any securities for sale.
Endnotes:
| (1) | Weighted average current yield is based upon the stated coupon rate and fair value of outstanding debt securities at the measurement date and excludes five non-accrual investments with a fair value of |
| (2) | This includes new deals, additional fundings (inclusive of those on revolving credit facilities), refinancings and capitalized PIK income. Amounts included herein do not include investments in short-term securities, including United States Treasury Bills. |
| (3) | This includes scheduled principal payments, prepayments, sales and repayments (inclusive of those on revolving credit facilities). Amounts included herein do not include investments in short-term securities, including United States Treasury Bills. |
Media & Investor Contact:
Investor Relations
investorrelations@greatelmcap.com
GREAT ELM CAPITAL CORP.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
Dollar amounts in thousands (except per share amounts)
| September 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Investments | ||||||||
| Non-affiliated, non-controlled investments, at fair value (amortized cost of | $ | 241,014 | $ | 240,958 | ||||
| Non-affiliated, non-controlled short-term investments, at fair value (amortized cost of | 88,698 | 8,448 | ||||||
| Affiliated investments, at fair value (amortized cost of | - | - | ||||||
| Controlled investments, at fair value (amortized cost of | 84,092 | 83,304 | ||||||
| Total investments | 413,804 | 332,710 | ||||||
| Cash and cash equivalents | - | - | ||||||
| Receivable for investments sold | 67 | 5,065 | ||||||
| Interest receivable | 3,383 | 3,306 | ||||||
| Dividends receivable | 1,305 | 364 | ||||||
| Due from portfolio company | 32 | 32 | ||||||
| Due from affiliates | 146 | 160 | ||||||
| Deferred financing costs | 301 | 237 | ||||||
| Prepaid expenses and other assets | 1,011 | 154 | ||||||
| Total assets | $ | 420,049 | $ | 342,028 | ||||
| Liabilities | ||||||||
| Notes payable (including unamortized discount of | $ | 200,189 | $ | 189,695 | ||||
| Revolving credit facility | - | - | ||||||
| Payable for investments purchased | 75,628 | 11,194 | ||||||
| Interest payable | 296 | 32 | ||||||
| Accrued incentive fees payable | 1,145 | 1,712 | ||||||
| Distributions payable | - | 577 | ||||||
| Due to affiliates | 1,570 | 1,385 | ||||||
| Accrued expenses and other liabilities | 1,123 | 1,320 | ||||||
| Total liabilities | $ | 279,951 | $ | 205,915 | ||||
| Commitments and contingencies | $ | - | $ | - | ||||
| Net Assets | ||||||||
| Common stock, par value | $ | 140 | $ | 115 | ||||
| Additional paid-in capital | 359,371 | 332,111 | ||||||
| Accumulated losses | (219,413 | ) | (196,113 | ) | ||||
| Total net assets | $ | 140,098 | $ | 136,113 | ||||
| Total liabilities and net assets | $ | 420,049 | $ | 342,028 | ||||
| Net asset value per share | $ | 10.01 | $ | 11.79 | ||||
GREAT ELM CAPITAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Dollar amounts in thousands (except per share amounts)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Investment Income: | ||||||||||||||||
| Interest income from: | ||||||||||||||||
| Non-affiliated, non-controlled investments | $ | 5,907 | $ | 6,321 | $ | 18,869 | $ | 18,276 | ||||||||
| Non-affiliated, non-controlled investments (PIK) | 866 | 826 | 2,121 | 2,267 | ||||||||||||
| Affiliated investments | - | - | - | 64 | ||||||||||||
| Controlled investments | 810 | 974 | 2,528 | 2,858 | ||||||||||||
| Total interest income | 7,583 | 8,121 | 23,518 | 23,465 | ||||||||||||
| Dividend income from: | ||||||||||||||||
| Non-affiliated, non-controlled investments | 95 | 584 | 2,663 | 2,015 | ||||||||||||
| Controlled investments | 1,965 | 3,002 | 9,245 | 3,912 | ||||||||||||
| Total dividend income | 2,060 | 3,586 | 11,908 | 5,927 | ||||||||||||
| Other commitment fees from non-affiliated, non-controlled investments | - | - | - | 700 | ||||||||||||
| Other income from: | ||||||||||||||||
| Non-affiliated, non-controlled investments | 999 | 20 | 1,814 | 92 | ||||||||||||
| Non-affiliated, non-controlled investments (PIK) | - | - | 174 | - | ||||||||||||
| Total other income | 999 | 20 | 1,988 | 92 | ||||||||||||
| Total investment income | $ | 10,642 | $ | 11,727 | $ | 37,414 | $ | 30,184 | ||||||||
| Expenses: | ||||||||||||||||
| Management fees | $ | 1,253 | $ | 1,201 | $ | 3,803 | $ | 3,209 | ||||||||
| Incentive fees | - | 1,018 | 2,620 | 2,580 | ||||||||||||
| Administration fees | 505 | 375 | 1,243 | 1,156 | ||||||||||||
| Custody fees | 38 | 38 | 113 | 110 | ||||||||||||
| Directors’ fees | 53 | 52 | 159 | 160 | ||||||||||||
| Professional services | 587 | 409 | 1,470 | 1,210 | ||||||||||||
| Interest expense | 5,485 | 4,210 | 14,054 | 10,490 | ||||||||||||
| Other expenses | 50 | 277 | 665 | 866 | ||||||||||||
| Total expenses | $ | 7,971 | $ | 7,580 | $ | 24,127 | $ | 19,781 | ||||||||
| Net investment income before taxes | $ | 2,671 | $ | 4,147 | $ | 13,287 | $ | 10,403 | ||||||||
| Excise tax | $ | 238 | $ | 75 | $ | 374 | $ | 80 | ||||||||
| Net investment income | $ | 2,433 | $ | 4,072 | $ | 12,913 | $ | 10,323 | ||||||||
| Net realized and unrealized gains (losses): | ||||||||||||||||
| Net realized gain (loss) on investment transactions from: | ||||||||||||||||
| Non-affiliated, non-controlled investments | $ | 6,156 | $ | 227 | $ | 6,879 | $ | 2,738 | ||||||||
| Affiliated investments | - | (1 | ) | - | (626 | ) | ||||||||||
| Realized loss on repurchase of debt | - | (3 | ) | - | (3 | ) | ||||||||||
| Total net realized gain (loss) | 6,156 | 223 | 6,879 | 2,109 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investment transactions from: | ||||||||||||||||
| Non-affiliated, non-controlled investments | (28,339 | ) | 715 | (22,726 | ) | (6,674 | ) | |||||||||
| Affiliated investments | - | 1 | - | (22 | ) | |||||||||||
| Controlled investments | (2,262 | ) | (1,537 | ) | (6,882 | ) | (4,046 | ) | ||||||||
| Total net change in unrealized appreciation (depreciation) | (30,601 | ) | (821 | ) | (29,608 | ) | (10,742 | ) | ||||||||
| Net realized and unrealized gains (losses) | $ | (24,445 | ) | $ | (598 | ) | $ | (22,729 | ) | $ | (8,633 | ) | ||||
| Net increase (decrease) in net assets resulting from operations | $ | (22,012 | ) | $ | 3,474 | $ | (9,816 | ) | $ | 1,690 | ||||||
| Earnings per share (basic and diluted): | $ | (1.79 | ) | $ | 0.33 | $ | (0.83 | ) | $ | 0.18 | ||||||
| Weighted average shares outstanding (basic and diluted): | 12,315,210 | 10,449,888 | 11,808,363 | 9,556,695 | ||||||||||||