Great Elm Capital Corp. · NASDAQ:GECC

Great Elm Capital — Q3 2025 Earnings Presentation

34 slides from Great Elm Capital's earnings presentation, Nov 5, 2025

  1. Slide 1: Investor Presentation

    Investor Presentation Quarter Ended September 30, 2025 November 5, 2025 NASDAQ: GECC

  2. Slide 2: Forward Looking Statement

    Forward Looking Statement 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 a

  3. Slide 3: Third Quarter 2025 Overview

    Third Quarter 2025 Overview TII declined to $10.6 million in 3Q 25 from $14.3 million in 2Q 25 • TII in 2Q 25 benefited from higher CLO JV distributions ($4.3 million in 2Q 25 vs. $1.5 million in 3Q 25) and the receipt of a $2.1 million distribution in 2Q 25 on preference shares on an Investment ins

  4. Slide 4: Quarterly Cash Distributions

    Quarterly Cash Distributions December $0.37 31st 19.8% 14.8% Per Share Payable Date Annualized Dividend Annualized Dividend Yield on Stock Price Yield on NAV On November 4, 2025, the The fourth quarter 2025 The cash distribution The cash distribution Company announced that cash distribution will equ

  5. Slide 5: Capital Activity Year to Date

    Capital Activity Year to Date $85 million of Issuances and Revolver Enhancement $13 million of net proceeds YTD through at-the-market equity program launched in May 2025 ATM • Issued ~1.1 million shares generating net proceeds of approximately $12.7 million in 3Q 25 • Issued ~24k shares generating n

  6. Slide 6: About GECC

    About GECC Great Elm Capital Corp. Investment Objective Portfolio Overview Externally managed, total-return- To generate current income and • $325.1 million of portfolio fair value focused BDC capital appreciation by investing • $140.1 million of net asset value (“NAV”) Significant insider ownership

  7. Slide 7: Total Investment Income (TII)

    Total Investment Income (TII) TII for the quarter ended September 30, 2025 was $10.6 million, compared to $14.3 million for the quarter ended June 30, 2025 • Sequential TII decline primarily attributable to lower CLO JV distributions and lack of an insurance related distribution that benefited the J

  8. Slide 8: Net Investment Income (NII)

    Net Investment Income (NII) NII for the quarter ended September 30, 2025 was $2.4 million, or $0.20 per share1, compared to NII of $5.9 million, or $0.51 per share1, for the quarter ended June 30, 2025 • In addition to lower sequential TII of $3.7 million, NII in 3Q 25 was impacted by approximately

  9. Slide 9: 3Q 2025 NAV Per Share Bridge

    3Q 2025 NAV Per Share Bridge Net assets were approximately $10.01 per share1 ($140.1 million) on September 30, 2025, as compared to $12.10 per share1 ($140.0 million) on June 30, 2025. $0.20 $0.50 $12.10 ($0.37) $0.06 $10.01 ($2.48) 6/30/25 NAV 3Q25 NII 3Q25 Regular Net Realized Net Unrealized Equit

  10. Slide 10: 3Q 2025 NAV Bridge

    3Q 2025 NAV Bridge Net assets were approximately $10.01 per share1 ($140.1 million) on September 30, 2025, as compared to $12.10 per share1 ($140.0 million) on June 30, 2025. $2.4 $6.2 $140.0 $27.0 $140.1 ($4.9) ($30.6) 6/30/25 NAV 3Q25 NII 3Q25 Regular Net Realized Net Unrealized Equity Issuance/ 9

  11. Slide 11: Q3 2025 Portfolio Review

    Q3 2025 Portfolio Review November 5, 2025 ©2025 Great Elm Capital Corp. 11

  12. Slide 12: Total Quarter End Portfolio Detail

    Total Quarter End Portfolio Detail1 Debt Investments 93.8%2 $215.8 66.4% 61 Weighted million Of Portfolio 11.5%2 Debt Average Price as Weighted Average Current Fair Value of in Debt Investments % of Par Investments Yield of Debt Investments Debt Investments Equity Investments Fair Value % of Portfol

  13. Slide 13: Portfolio Asset Mix

    Portfolio Asset Mix End of Period Investments1 9/30/20252 $341.9 $332.0 $331.2 5% $322.9 7% $320.2 7% 3% 11% 9% 9% $288.2 11% 3% 4% 7% 4% 3% 4% 3% 3% 1L 5% $258.2 5% 15% 5% 12% 5% $230.6 5% 4% 5% 10% 17% 16% 2L 3% 6% 10% 3% 4% 13% 13% Specialty Finance 7% 13% 17% 16% 7% 11% 14% 47% 23% 7% 7% 7% 16%

  14. Slide 14: Total Quarter End Asset Mix

    Total Quarter End Asset Mix Portfolio by Asset Type ($320.2mm)1 Debt Investments by Rate Type ($213.2mm)1, 2 Other Equity 9% Yielding Equity 2% Weighted CLO average fixed rate yield of Fixed Rate 16% Corporate 9.9% 33% SF - Equity Credit Floating 4% 59% Rate 67% Weighted average floating rate yield

  15. Slide 15: Corporate Portfolio Overview

    Corporate Portfolio Overview November 5, 2025 ©2025 Great Elm Capital Corp. 15

  16. Slide 16: Corporate Portfolio

    Corporate Portfolio1 Investment Mix Type ($mm) $255.5 $239.6 $246.9 $239.4 6% 10% 10% $223.2 14% 4% 16% 4% 6% 13% 6% 6% 4% 9% 5% 5% 8% 9% 7% 10% 9% 65% 71% 71% 66% 67% 3Q24 4Q24 1Q25 2Q25 3Q25 1L 2L Unsecured Yielding Equity Other Equity 1 Excludes fair value of non-accrual investments in the respec

  17. Slide 17: Corporate Portfolio Fixed and Floating Rate Exposure

    Corporate Portfolio1 Fixed and Floating Rate Exposure Portfolio by Rate Type 9/30/2025 1% Weighted Average Value % of 13% ($mm) Corp. Price Coupon Maturity CY Fixed Rate $38.1 17% 96.96 9.5% 2.8 yrs 9.7% Floating Rate $143.7 64% 93.39 11.6% 3.1 yrs 12.5% 20% 66% Total Credit $181.9 81% 94.11 11.2% 3

  18. Slide 18: Corporate Portfolio Industry Breakdown

    Corporate Portfolio1 Industry Breakdown September 30, 2025 Percentage of Fair Value Industry Investments at Fair Value ($ in 000s) % of Fair Value Technology $39,082 17.5% Chemicals $28,749 12.9% Technology 10% Insurance $24,119 10.8% Chemicals 17.5% 2% Consumer Products $17,344 7.8% Insurance 2% Fo

  19. Slide 19: CLO Platform Overview

    CLO Platform Overview November 5, 2025 ©2025 Great Elm Capital Corp. 19

  20. Slide 20: CLO Platform Update

    CLO Platform Update Deployed $53.2mm into the CLO JV through 9/30/2025 and $6.2mm in one CLO Equity position directly • Targeting 17-20% annualized CLO equity returns over time Overview CLO JV - Innovative Structure for Financing 1st Lien Loans and Holding Majority CLO Equity Positions • Provides GE

  21. Slide 21: 3Q 2025 CLO Portfolio Composition

    3Q 2025 CLO Portfolio Composition Combined underlying CLO portfolios1 S&P Ratings Distribution CLO Underlying Asset Mix 1% 2% 3.6% 1.0% 1.2% 22.5% 71.7% 97% A BBB BB B CCC 1st Lien 2nd Lien Unsecured 1 The information presented herein is on a look-through basis to CLO equity held by GECC as of the p

  22. Slide 22: 3Q 2025 CLO Issuer Concentration

    3Q 2025 CLO Issuer Concentration1 Top 10 Issuers represent 8.5% of the CLOs on a look-through basis to GECC, with no single issuer > 1.1% weighting Top 10 Issuer Concentration2 Sector Composition Financials Issuer % Weighting Chemicals Software Health Care Services DirecTV Financing 1.1% Building Pr

  23. Slide 23: Great Elm Specialty Finance

    Great Elm Specialty Finance November 5, 2025 ©2025 Great Elm Capital Corp. 23

  24. Slide 24: Specialty Finance Overview

    Specialty Finance Overview The Specialty Finance Platform Operates Across the “Continuum of Lending” Equity ownership in Specialty Finance Companies (SFCs) generates two levels of proprietary investment exposure for investors: • We believe direct investments in SFCs are largely uncorrelated to the b

  25. Slide 25: Great Elm Specialty Finance

    Great Elm Specialty Finance Great Elm Specialty Finance (“GESF”) is a subsidiary of GECC formed to oversee Specialty Finance investments and all future specialty finance acquisitions, strategic partnerships, and direct origination opportunities • GESF oversees existing platforms – shaded below • In

  26. Slide 26: GESF: Prestige Capital

    GESF: Prestige Capital Provider of “spot factoring” services, providing clients with opportunities to sell individual accounts receivable for upfront payments Functional Risk Management Prestige purchases the individual The combination of clients’ capital needs accounts receivable of creditworthy an

  27. Slide 27: GESF: Great Elm Commercial Finance

    GESF: Great Elm Commercial Finance (fka Sterling Commercial Credit) Provider of asset-based loans to small and middle market companies throughout the United States Direct Lending Solution Diversified Products Sterling provides short term, asset-based Sterling offers a variety of product types loans

  28. Slide 28: GESF: Great Elm Healthcare Finance

    GESF: Great Elm Healthcare Finance Repositioned in 1Q 25 to hold Healthcare-related real estate assets • Building a robust pipeline of proprietary deal flow alongside ABL originations at Great Elm Commercial Finance Robust Underwriting Nationwide Lending Focus • Asset driven focus Industries: • Emph

  29. Slide 29: Q3 2025 Financial Review

    Q3 2025 Financial Review November 5, 2025 ©2025 Great Elm Capital Corp. 29

  30. Slide 30: Financial Review: Per Share Data

    Financial Review: Per Share Data Financial Highlights – Per Share Data 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 Earnings Per Share (“EPS”) $0.33 $0.17 $0.04 $1.02 ($1.79) Net Investment Income (“NII”) $0.39 $0.20 $0.40 $0.51 $0.20 Per Share Pre-Incentive NII Per Share $0.49 $0.20 $0.50 $0.64 $0.20 Net Realized

  31. Slide 31: Financial Review: Quarterly Operating Results

    Financial Review: Quarterly Operating Results 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 $ in $000s Per Share1 Per Share1 Per Share1 Per Share1 Per Share1 Total Investment Income $11,727 $1.12 $9,139 $0.85 $12,495 $1.08 $14,277 $1.24 $10,642 $0.86 Interest Income 8,121 0.78 8,076 0.75 7,966 0.69 7,969

  32. Slide 32: Financial Review: Portfolio

    Financial Review: Portfolio Financial Highlights - Portfolio 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 Capital Deployed $73.6 million $47.2 million $37.4 million $22.6 million $56.6 million Investments Monetized $39.1 million $57.5 million $13.8 million $35.0 million $42.9 million Total Fair Value of Investment

  33. Slide 33: General Risks

    General Risks Debt instruments are subject to credit and interest rate risks. Credit risk refers to the likelihood that an obligor will default in the payment of principal or interest on an instrument. Financial strength and solvency of an obligor are the primary factors influencing credit risk. In

  34. Slide 34: Contact Information

    Contact Information Media & Investor Contact: Investors Relations investorrelations@greatelmcap.com November 5, 2025 ©2025 Great Elm Capital Corp. 34

Great Elm Capital — Q3 2025 Earnings Presentation on 6ix