Great Elm Capital Corp. · NASDAQ:GECC
Great Elm Capital — Q1 2026 Earnings Presentation
24 slides from Great Elm Capital's earnings presentation, May 5, 2026
Slide 1: Investor Presentation
Investor Presentation Quarter Ended March 31, 2026 May 5, 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: Board Actions & Fee Waiver
Board Actions & Fee Waiver Jason Reese Appointed CEO Incentive Fee Waiver through 2Q26 • Jason Reese, Executive Chairman of GECC, appointed as • Great Elm Capital Management, LLC (“GECM”), CEO of the Company on May 4, 2026, bringing decades GECC’s Investment Adviser, waived all accrued of credit inv
Slide 4: 1Q26 Overview
1Q26 Overview TII decreased to $9.5 million in 1Q26 from $12.6 million in 4Q25 • TII decrease driven by the uneven cadence of CLO cash flows, with lower CLO JV distributions ($2.5mm in Investment 1Q26 vs. $4.3mm in 4Q25) Income NII increased to $5.0 million, or $0.36 per share in 1Q26, vs. $4.4 mill
Slide 5: Strong Liquidity Position
Strong Liquidity Position Strong liquidity position with ample cash, revolving credit facility availability & liquid exchange-traded assets 70 $66 million $64 million $4 60 $11 50 Exchange-traded Assets 40 $ Millions $50 Revolver Availability 30 $50 Total Cash 20 10 $10 $5 0 12/31/2025 3/31/2026 May
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 $22 million Deployed Across 12 Investments in Corporate Credit (1Q26) Prudent
Slide 7: Quarterly Cash Distributions
Quarterly Cash Distributions June $0.25 30th 18.0% 12.9% Per Share Payable Date Annualized Dividend Annualized Dividend Yield on Stock Price Yield on NAV On May 4, 2026, the The second quarter 2026 The cash distribution The cash distribution Company announced that cash distribution will equates to a
Slide 8: Recent Capital Activity
Recent Capital Activity GECCO Notes Called • GECC called or repurchased all $57.5 million of 5.875% senior notes due June 2026 Deleveraging (NASDAQ: GECCO), driving significant deleveraging • Called all outstanding $18.6 million GECCO notes for redemption on May 27, 2026, leaving no funded debt matu
Slide 9: About GECC
About GECC Great Elm Capital Corp. Investment Objective Portfolio Overview Externally managed, total-return- To generate current income and • $267.2 million of portfolio fair value focused BDC capital appreciation by investing • $107.5 million of net asset value (“NAV”) Significant insider ownership
Slide 10: Total & Net Investment Income
Total & Net Investment Income Mixed sequential results in 1Q26, with TII decreasing to $9.5 million from $12.6 million in 4Q25 and NII increasing to $5.0 million, or $0.36 per share, from $4.4 million, or $0.31 per share, in 4Q25 • NII increased, despite lower TII, driven by the $2.8 million incenti
Slide 11: 1Q26 NAV Per Share Bridge
1Q26 NAV Per Share Bridge Net assets were $107.5 million, or $7.74 per share1, as of March 31, 2026, as compared to $112.9 million, or $8.07 per share, as of December 31, 2025 • Decline in NAV driven by unrealized losses, partially offset by realized gains and the positive impact of the incentive fe
Slide 12: 1Q26 Portfolio Review
1Q26 Portfolio Review May 5, 2026 ©2026 Great Elm Capital Corp. 12
Slide 13: Total Quarter End Portfolio Detail
Total Quarter End Portfolio Detail1 Debt Investments 92.6%2 $188.3 71.0% 56 Weighted million Of Portfolio 11.6%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 ($265.1mm)1 Other Equity 3% $341.9 $332.0 $322.9 $331.2 3% $320.2 CLO + Yielding 3% 11% 3% 3% $296.1 Equity $288.2 15% 12% 17% 21% $258.2 5% 10% 16% 6% $265.1 7% 10% 5% 7% 4% 4% 4% 11% 16% 4% 7% 5% 4% 9% Corporate 5% 7% 17% 7% 7%
Slide 15: Corporate Portfolio
Corporate Portfolio Fixed and Floating Rate Exposure1 Investment Mix Type ($mm)1 Fixed Rate Floating Rate Other Equity and Credit 5% 19% $245.8 4% $226.3 $232.6 6% 4% 5% $209.2 9% 6% 7% 11% 8% $183.2 10% 16% 9% 6% 11% 8% 7% 76% 8% 7% 5% 8% 71% Weighted Average 69% 64% 68% Value ($mm) % of Corp. Pric
Slide 16: Corporate Portfolio Industry Breakdown
Corporate Portfolio1 Industry Breakdown March 31, 2026 Percentage of Fair Value Industry Investments at Fair Value ($ in 000s) % of Fair Value Technology Technology $30,035 16% Consumer Products Consumer Products $26,374 14% 14% 16% Insurance Insurance $18,575 10% Industrial Industrial $13,521 7% 2%
Slide 17: 1Q26 CLO Portfolio Composition
1Q26 CLO Portfolio Composition1 CLO Highlights S&P Ratings Distribution2 CLO Underlying Asset Mix 1.2% • Invested $53.2 million in the CLO JV 3.7% 1.3% 3.2% 0.8% 1.7% and $6.2 million directly into CLO equity, targeting 17–20% annualized returns 18.8% • CLO JV provides majority ownership 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: 1Q26 Financial Review
1Q26 Financial Review May 5, 2026 ©2026 Great Elm Capital Corp. 19
Slide 20: Financial Review: Per Share Data
Financial Review: Per Share Data Financial Highlights – Per Share Data 1Q 25 2Q25 3Q25 4Q25 1Q26 Earnings Per Share (“EPS”) $0.04 $1.02 ($1.79) ($1.57) ($0.05) Net Investment Income (“NII”) $0.40 $0.51 $0.20 $0.31 $0.36 Per Share Net Realized and Unrealized Gains ($0.36) $0.51 ($1.98) ($1.88) ($0.41
Slide 21: Financial Review: Quarterly Operating Results
Financial Review: Quarterly Operating Results 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 $ in $000s Per Share1 Per Share1 Per Share1 Per Share1 Per Share1 Total Investment Income $12,495 $1.08 $14,277 $1.24 $10,642 $0.86 $12,574 $0.91 $9,544 $0.68 Interest Income 7,966 0.69 7,969 0.69 7,583 0.62 7,489
Slide 22: Financial Review: Portfolio
Financial Review: Portfolio Financial Highlights - Portfolio 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 Capital Deployed in Period $37.4 million $22.6 million $56.6 million $48.2 million $26.7 million Investments Monetized in $13.8 million $35.0 million $42.9 million $49.1 million $52.7 million Period Total Fair
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: Investors Relations investorrelations@greatelmcap.com May 5, 2026 ©2026 Great Elm Capital Corp. 24