Great Elm Capital Corp. · NASDAQ:GECC
Great Elm Capital — Q2 2026 Earnings Presentation
24 slides from Great Elm Capital's earnings presentation, Aug 6, 2026
Slide 1: Investor Presentation
Investor Presentation Quarter Ended June 30, 2026 August 6, 2026 NASDAQ: GECC
Slide 2: Forward Looking Statement
Forward Looking Statement 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 pla
Slide 3: Shareholder Value Initiatives
Shareholder Value Initiatives Incentive Fee Waiver Cash Distribution & NAV Increase • Great Elm Capital Management, LLC (“GECM”), GECC’s • Declared a regular quarterly cash distribution of $0.25 Investment Adviser, waived all accrued incentive fees per share, payable September 30, 2026, to through J
Slide 4: 2Q26 Overview
2Q26 Overview TII increased to $10.9 million in 2Q26 (+14%) from $9.5 million in 1Q26 • TII increase driven by a $2.0 million dividend received from the Company’s investment in insurance-related preference shares Investment NII decreased to $4.5 million, or $0.32 per share in 2Q26, vs. $5.0 million,
Slide 5: Strong Liquidity Position
Strong Liquidity Position Strong liquidity position with ample cash and revolving credit facility availability $70 $60 million $60 $50 $45 million Revolver Availability $ Millions $40 Total Cash $50 $30 Total $39 $20 $10 $10 $6 $0 3/31/2026 6/30/2026 August 6, 2026 ©2026 Great Elm Capital Corp. 5
Slide 6: Portfolio Highlights
Portfolio Highlights <1% Non-Accrual Rate Strong Portfolio • Improved credit quality and earnings durability by exiting higher-risk investments, Credit Quality ending the quarter with non-accruals below 1% of the portfolio $30.0 million Deployed Across 14 Investments (2Q26) Disciplined Capital • Inc
Slide 7: Quarterly Cash Distributions
Quarterly Cash Distributions September $0.25 30th 18.9% 12.6% Per Share Payable Date Annualized Dividend Annualized Dividend Yield on Stock Price Yield on NAV On August 5, 2026, the The third quarter 2026 The cash distribution The cash distribution Company announced that cash distribution will equat
Slide 8: Recent Capital Activity
Recent Capital Activity GECCO Notes Fully Retired • GECC called or repurchased all $57.5 million of 5.875% senior notes due June 2026 (NASDAQ: GECCO), driving significant deleveraging and leaving no debt maturity until 2029 Deleveraging • GECCI Notes Partially Called • In July 2026, GECC called $6.5
Slide 9: About GECC
About GECC Great Elm Capital Corp. Investment Objective Portfolio Overview Externally managed, total-return- To generate current income and • $268.3 million of portfolio fair value focused BDC capital appreciation by investing • $110.4 million of net asset value (“NAV”) Significant insider ownership
Slide 10: Total & Net Investment Income
Total & Net Investment Income TII increasing to $10.9 million from $9.5 million in 1Q26 and NII decreasing to $4.5 million, or $0.32 per share1, from $5.0 million, or $0.36 per share1, in 1Q26 • NII decreased, despite higher TII, due to the size of the benefit of the incentive fee waiver recognized
Slide 11: 2Q26 NAV Per Share Bridge
2Q26 NAV Per Share Bridge Net assets were $110.4 million, or $7.95 per share1, as of June 30, 2026, as compared to $107.5 million, or $7.74 per share1, as of March 31, 2026 • Increase in NAV driven by appreciation in a CoreWeave-related equity investment $0.26 $0.06 $0.14 $0.00 $7.95 $7.74 ($0.25) 3
Slide 12: 2Q26 Portfolio Review
2Q26 Portfolio Review August 6, 2026 ©2026 Great Elm Capital Corp. 12
Slide 13: Total Quarter End Portfolio Detail
Total Quarter End Portfolio Detail1 Debt Investments 93.7%2 $190.9 71.1% 60 Weighted million Of Portfolio 11.0%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
Slide 14: Portfolio Asset Mix
Portfolio Asset Mix End of Period Investments1 Portfolio by Asset Type ($266.6mm)1 $341.9 $332.0 $331.2 Other Equity $322.9 3% $320.2 5% 3% 11% 3% 3% $295.6 15% CLO + Yielding 12% 17% Equity 16% 6% $265.1 $266.6 10% 19% 7% 3% 5% 7% 16% 4% 4% 4% 11% 9% Corporate 5% 17% 16% 7% 7% 4% SF - Equity Credit
Slide 15: Corporate Portfolio
Corporate Portfolio Fixed and Floating Rate Exposure1 Investment Mix Type ($182.2mm)1 Fixed Rate Floating Rate Other Equity $232.6 $226.3 5% $209.2 7% 4% 11% 16% 23% 8% $183.2 $182.2 6% 8% 7% 6% 4% 11% 9% 5% 7% 8% 7% 8% 7% 8% 7% 70% 69% 64% Value % of Weighted Average 68% 74% 75% ($mm) Corp. Price C
Slide 16: Corporate Portfolio Industry Breakdown
Corporate Portfolio1 Industry Breakdown June 30, 2026 Percentage of Fair Value Industry Investments at Fair Value ($ in 000s) % of Fair Value Technology Technology $34,560 19% Consumer Products Consumer Products $27,175 15% 2% 10 2% 19% Media Media $15,000 8% 2% Industrial Industrial $14,921 8% Insu
Slide 17: 2Q26 CLO Portfolio Composition
2Q26 CLO Portfolio Composition1 CLO Highlights S&P Ratings Distribution2 CLO Underlying Asset Mix 1.4% • Invested $53.2 million in the CLO JV 1.1% 3.8% and $6.2 million directly into CLO equity, 5.4% 0.2% 3.1% targeting 17–20% annualized returns • CLO JV provides majority ownership 20.6% in three CL
Slide 18: Great Elm Specialty Finance Platform
Great Elm Specialty Finance Platform Great Elm Specialty Finance Real Industry Industry Junior Estate Specific Specific Capital Direct Origination Spot factoring provider Asset-based lender providing Focused on healthcare-related purchasing individual receivables working capital solutions to lower r
Slide 19: 2Q26 Financial Review
2Q26 Financial Review August 6, 2026 ©2026 Great Elm Capital Corp. 19
Slide 20: Financial Review: Per Share Data
Financial Review: Per Share Data Financial Highlights – Per Share Data 2Q25 3Q25 4Q25 1Q26 2Q26 Earnings Per Share (“EPS”) $1.02 ($1.79) ($1.57) ($0.05) $0.46 Net Investment Income (“NII”) $0.51 $0.20 $0.31 $0.36 $0.32 Per Share Net Realized and Unrealized Gains $0.51 ($1.98) ($1.88) ($0.41) $0.14 /
Slide 21: Financial Review: Quarterly Operating Results
Financial Review: Quarterly Operating Results 2Q25 3Q25 4Q25 1Q26 2Q26 $ in $000s Per Share1 Per Share1 Per Share1 Per Share1 Per Share1 Total Investment Income $14,277 $1.24 $10,642 $0.86 $12,574 $0.91 $9,544 $0.68 $10,896 $0.78 Interest Income 7,969 0.69 7,583 0.62 7,489 0.54 6,720 0.48 6,157 0.44
Slide 22: Financial Review: Portfolio
Financial Review: Portfolio Financial Highlights - Portfolio 2Q25 3Q25 4Q25 1Q26 2Q26 Capital Deployed in Period $22.6 million $56.6 million $48.2 million $26.7 million $30.7 million Investments Monetized in $35.0 million $42.9 million $49.1 million $52.7 million $31.8 million Period Total Fair Valu
Slide 23: 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
Slide 24: Contact Information
Contact Information Media & Investor Contact: Investor Relations investorrelations@greatelmcap.com August 6, 2026 ©2026 Great Elm Capital Corp. 24