Great Elm Capital Corp. · NASDAQ:GECC
Great Elm Capital — Q3 2026 Earnings Presentation
24 slides from Great Elm Capital's earnings presentation, Nov 3, 2026
Slide 1: Investor Presentation
Investor Presentation Quarter Ended September 30, 2026 November 3, 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: About GECC
About GECC Great Elm Capital Corp. Investment Objective Portfolio Overview Externally managed, total-return- To generate current income and • $245.4 million of portfolio fair value focused BDC capital appreciation by investing • $102.7 million of net asset value (“NAV”) Significant insider ownership
Slide 4: Shareholder Value Initiatives
Shareholder Value Initiatives Balance Sheet Optimization Cash Distribution & NAV • Repurchased 241,235 shares for ~$1.2 million from • Declared a regular, quarterly cash distribution of July 1, 2026, through October 30, 2026, at an average $0.25 per share, payable December 31, 2026, to price of $4.9
Slide 5: 3Q26 Overview
3Q26 Overview TII decreased by 20% to $8.7 million in 3Q26, from $10.9 million in 2Q26 • Primarily driven by a $2.0 million dividend received in 2Q26 from the Company’s investment in insurance- Investment related preference shares Income NII decreased to $2.4 million, or $0.17 per share in 3Q26, vs.
Slide 6: Strong Liquidity Position
Strong Liquidity Position Strong liquidity position with ample cash and revolving credit facility availability $60 $50 million $50 $45 million $40 Revolver Availability $ Millions Total Cash $30 $44 $39 Total $20 $10 $6 $6 $0 6/30/2026 9/30/2026 November 3, 2026 ©2026 Great Elm Capital Corp. 6
Slide 7: Portfolio Highlights
Portfolio Highlights Strong Portfolio Diversified Portfolio of Primarily Senior Secured Investments Credit Quality • Improved credit quality and earnings durability by exiting higher-risk investments $20.1 million1 Deployed Across 10 Investments (3Q26) Disciplined Capital • Increased investment acti
Slide 8: Quarterly Cash Distributions
Quarterly Cash Distributions December $0.25 31st 20.2% 13.5% Per Share Payable Date Annualized Dividend Annualized Dividend Yield on Stock Price Yield on NAV On November 2, 2026, the The fourth quarter 2026 The cash distribution The cash distribution Company announced that cash distribution will equ
Slide 9: Recent Capital Activity
Recent Capital Activity Meaningfully Reduced Debt • Year to date, GECC has reduced debt outstanding by nearly $40 million, leaving no debt maturity until 2029 Deleveraging • GECCI Notes Partially Called • In 3Q26, GECC redeemed $6.5 million of its outstanding 8.50% senior notes due April 2029 (NASDA
Slide 10: Total & Net Investment Income
Total & Net Investment Income TII decreased to $8.7 million from $10.9 million in 2Q26 and NII decreased to $2.4 million, or $0.17 per share1, from $4.5 million, or $0.32 per share1, in 2Q26 • NII decreased due to lower TII and the reinstatement of incentive fee accruals following the waiver in the
Slide 11: 3Q26 NAV Per Share Bridge
3Q26 NAV Per Share Bridge Net assets were $102.7 million, or $7.40 per share1, as of September 30, 2026, as compared to $110.4 million, or $7.95 per share1, as of June 30, 2026 • Decrease in NAV driven by realized and unrealized investment losses, including a decrease in the fair value of the CLO Fo
Slide 12: 3Q26 Portfolio Review
3Q26 Portfolio Review November 3, 2026 ©2026 Great Elm Capital Corp. 12
Slide 13: Quarter End Portfolio Detail
Quarter End Portfolio Detail Debt Investments 95.3%1 $171.2 69.7% 52 Weighted million Of Portfolio 11.4%1 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 Portfolio in C
Slide 14: Portfolio Asset Mix
Portfolio Asset Mix End of Period Investments1 Portfolio by Asset Type ($244.1mm)1 $341.9 Other Equity $331.2 $322.9 3% $320.2 7% 3% 3% 3% $295.6 15% CLO + Yielding 12% 17% 16% 6% $265.1 $266.6 Equity 7% $244.1 18% Corporate 7% 4% 3% 4% 11% 16% Credit 4% 9% 2% 17% 16% 58% 7% 7% 4% 5% 5% 17% SF - Equ
Slide 15: Corporate Portfolio
Corporate Portfolio Fixed and Floating Rate Exposure1 Investment Mix Type ($162.5mm)1 Fixed Rate Floating Rate Other Equity $232.6 11% 5% $209.2 16% 16% 8% $183.2 $182.2 8% 4% 7% 6% $162.5 9% 5% 7% 8% 7% 2% 7% 8% 11% 8% 7% 5% 8% 73% Weighted Average 64% 68% Value % of 74% 75% ($mm) Corp. Price Coupo
Slide 16: Corporate Portfolio Industry Breakdown
Corporate Portfolio1 Industry Breakdown September 30, 2026 Percentage of Fair Value Industry Investments at Fair Value ($ in 000s) % of Fair Value Technology Technology $39,171 24% Consumer Products $32,221 20% Consumer Products 2% 10% Chemicals $11,303 7% 2% Chemicals 2% Industrial $9,326 6% 24% In
Slide 17: 3Q26 CLO Portfolio Composition
3Q26 CLO Portfolio Composition1 CLO Highlights S&P Ratings Distribution2 CLO Sector Composition 1.4% • Invested $53.2 million in the CLO JV 0.9% 3.4% Financials and $6.2 million directly into CLO equity, 5.8% Health Care targeting 17–20% annualized returns Software • CLO JV provides majority ownersh
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: 3Q26 Financial Review
3Q26 Financial Review November 3, 2026 ©2026 Great Elm Capital Corp. 19
Slide 20: Financial Review: Per Share Data
Financial Review: Per Share Data Financial Highlights – Per Share Data 3Q25 4Q25 1Q26 2Q26 3Q26 Earnings Per Share (“EPS”) ($1.79) ($1.57) ($0.05) $0.46 ($0.30) Net Investment Income (“NII”) $0.20 $0.31 $0.36 $0.32 $0.17 Per Share Net Realized and Unrealized Gains ($1.98) ($1.88) ($0.41) $0.14 ($0.4
Slide 21: Financial Review: Quarterly Operating Results
Financial Review: Quarterly Operating Results 3Q25 4Q25 1Q26 2Q26 3Q26 $ in $000s Per Share1 Per Share1 Per Share1 Per Share1 Per Share1 Total Investment Income $10,642 $0.86 $12,574 $0.91 $9,544 $0.68 $10,896 $0.78 $8,694 $0.63 Interest Income 7,583 0.62 7,489 0.54 6,720 0.48 6,157 0.44 5,549 0.40
Slide 22: Financial Review: Portfolio
Financial Review: Portfolio Financial Highlights - Portfolio 3Q25 4Q25 1Q26 2Q26 3Q26 Capital Deployed in Period $56.6 million $48.2 million $26.7 million $30.7 million $21.1 million Investments Monetized in $42.9 million $49.1 million $52.7 million $31.8 million $37.6 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 November 3, 2026 ©2026 Great Elm Capital Corp. 24