Great Elm Capital Corp. · NASDAQ:GECC
Great Elm Capital — Q4 2025 Earnings Presentation
37 slides from Great Elm Capital's earnings presentation, Mar 3, 2026
Slide 1: Investor Presentation
Investor Presentation Quarter Ended December 31, 2025 March 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: Board Actions & Fee Waiver
Board Actions & Fee Waiver Jason Reese Appointed Executive Chairman Incentive Fee Waiver through 1Q 2026 • Jason Reese appointed Executive Chairman of GECC, • Great Elm Capital Management, LLC (“GECM”), succeeding Matthew Drapkin, and brings decades of GECC’s Investment Adviser, waived all accrued c
Slide 4: Fourth Quarter 2025 Overview
Fourth Quarter 2025 Overview TII increased to $12.6 million in 4Q 25 from $10.6 million in 3Q 25 • TII in 4Q 25 benefited from higher CLO JV distributions ($4.3 million in 4Q 25 vs. $1.5 million in 3Q 25) Investment Income NII increased to $4.4 million, or $0.31 per share in 4Q 25, vs. $2.4 million,
Slide 5: Strong Liquidity Position
Strong Liquidity Position Strong liquidity position with ample cash, revolving credit facility availability & liquid exchange-traded assets 90 $80 million 80 $14 70 $66 million 60 $11 Exchange-traded Assets $ Millions 50 Revolver Availability 40 $50 Total Cash 30 $50 20 10 $16 $5 0 12/31/2025 2/27/2
Slide 6: Year End Highlights
Year End Highlights <1% Non-Accrual Rate Improved Portfolio • Improved credit quality and earnings durability by exiting higher-risk investments, reducing Credit Quality PIK income, and ending the year with non-accruals below 1% of the portfolio $26 million Deployed Across 12 New Investments in Synd
Slide 7: Quarterly Cash Distributions
Quarterly Cash Distributions March $0.30 31st 19.2% 14.9%1 Per Share Payable Date Annualized Dividend Annualized Dividend Yield on Stock Price Yield on NAV On March 2, 2026, the The first quarter 2026 The cash distribution The cash distribution Company announced that cash distribution will equates t
Slide 8: Capital Activity for 2025
Capital Activity for 2025 $85 million of Issuances and Revolver Enhancement $13 million of net proceeds in 2025 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
Slide 9: About GECC
About GECC Great Elm Capital Corp. Investment Objective Portfolio Overview Externally managed, total-return- To generate current income and • $298.3 million of portfolio fair value focused BDC capital appreciation by investing • $112.9 million of GAAP net asset value Significant insider ownership of
Slide 10: Total Investment Income (TII)
Total Investment Income (TII) TII for the quarter ended December 31, 2025, was $12.6 million, compared to $10.6 million for the quarter ended September 30, 2025 • CLO JV distributions rose to $4.3 million from $1.5 million quarter-over-quarter $000s Cash Accretion + PIK $14,000 $12,000 $10,000 $8,00
Slide 11: Net Investment Income (NII)
Net Investment Income (NII) NII for the quarter ended December 31, 2025, was $4.4 million, or $0.31 per share1, compared to $2.4 million, or $0.20 per share1, for the quarter ended September 30, 2025 • NII grew over 50% quarter-over-quarter on higher cash income $000s $6,000 $5,000 $4,000 $3,000 $2,
Slide 12: 4Q 2025 NAV Per Share Bridge
4Q 2025 NAV Per Share Bridge Net assets were $112.9 million, or $8.07 per share1, as of December 31, 2025, as compared to $140.1 million, or $10.01 per share, as of September 30, 2025 • Pro forma net assets, reflecting the impact of the incentive fee waiver as approved by the Company’s Investment Ad
Slide 13: 4Q 2025 NAV Bridge
4Q 2025 NAV Bridge Net assets were $112.9 million, or $8.07 per share1, as of December 31, 2025, as compared to $140.1 million, or $10.01 per share, as of September 30, 2025 • Pro forma net assets, reflecting the impact of the incentive fee waiver as approved by the Company’s Investment Adviser, wer
Slide 14: Q4 2025 Portfolio Review
Q4 2025 Portfolio Review March 3, 2026 ©2026 Great Elm Capital Corp. 14
Slide 15: Total Quarter End Portfolio Detail
Total Quarter End Portfolio Detail1 Debt Investments 92.6%2 $200.8 67.3% 59 Weighted million Of Portfolio 11.7%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 16: Portfolio Asset Mix
Portfolio Asset Mix End of Period Investments1 12/31/20252 $341.9 $332.0 $322.9 $331.2 5% 7% $320.2 7% 3% 11% $295.6 5% $288.2 9% 11% 3% 4% 3% 6% 3% 5% 7% 4% 4% 1L $258.2 5% 5% 15% 5% 6% 12% 5% 4% 5% 10% 17% 16% 16% 2L 6% 10% 13% 16% 4% 13% 13% 6% Specialty Finance 11% 17% 16% 7% 7% 14% 48% CLO 7% 7
Slide 17: Total Quarter End Asset Mix
Total Quarter End Asset Mix Portfolio by Asset Type ($295.6mm)1 Debt Investments by Rate Type ($200.8mm)1,2 Other Equity 5% Yielding Equity 6% Weighted average fixed Fixed Rate CLO rate yield of 26% 16% Corporate SF - Equity 10.8% Floating Credit 4% Rate 59% 74% Weighted average SF - Debt floating r
Slide 18: Corporate Portfolio Overview
Corporate Portfolio Overview March 3, 2026 ©2026 Great Elm Capital Corp. 18
Slide 19: Corporate Portfolio Investment Mix Type
Corporate Portfolio1 Investment Mix Type ($mm) $245.8 $232.0 $232.6 9% $226.3 7% 4% $209.2 5% 11% 16% 6% 6% 4% 8% 10% 6% 5% 8% 10% 7% 11% 9% 8% 7% 73% 71% 69% 64% 68% 4Q24 1Q25 2Q25 3Q25 4Q25 1L 2L Unsecured Yielding Equity Other Equity 1 Excludes fair value of non-accrual investments in the respect
Slide 20: Corporate Portfolio Fixed and Floating Rate Exposure
Corporate Portfolio1 Fixed and Floating Rate Exposure Portfolio by Rate Type 12/31/2025 Weighted Average Value % of 8% ($mm) Corp. Price Coupon Maturity CY Fixed Rate $26.8 13% 96.81 8.9% 2.8 yrs 9.1% 16% Floating Rate $148.7 71% 93.05 11.1% 3.3 yrs 11.9% Total Credit $175.5 84% 93.60 10.7% 3.3 yrs
Slide 21: Corporate Portfolio Industry Breakdown
Corporate Portfolio1 Industry Breakdown December 31, 2025 Percentage of Fair Value Industry Investments at Fair Value ($ in 000s) % of Fair Value Technology $31,551 15.1% Consumer Products $24,173 11.6% Technology 11% Insurance $22,604 10.8% 15.1% Consumer Products Chemicals $19,359 9.3% 2% Insuranc
Slide 22: CLO Platform Overview
CLO Platform Overview March 3, 2026 ©2026 Great Elm Capital Corp. 22
Slide 23: CLO Platform Update
CLO Platform Update Deployed $53.2mm into the CLO JV through December 31, 2025, and $6.2mm in one CLO Equity position directly • Targeting 17-20% annualized CLO equity returns over time Overview CLO JV - Innovative Structure for Financing 1st Lien Loans and Holding Majority CLO Equity Positions • Pr
Slide 24: 4Q 2025 CLO Portfolio Composition
4Q 2025 CLO Portfolio Composition Combined underlying CLO portfolios1 S&P Ratings Distribution2 CLO Underlying Asset Mix 1.1% 1.0% 2.1% 0.8% 1.7% 2.8% 22.0% 71.0% 97.4% A BBB BB B CCC NR First Lien Second Lien Unsecured 1 The information presented herein is on a look-through basis to CLO equity held
Slide 25: CLO Issuer Concentration
CLO Issuer Concentration Top 10 Issuers represent 8.2% of the combined CLOs, with no single issuer representing > 1.1% weighting1 Aggregate Issuer Concentration2 Sector Composition Issuer Total Exposure ($mm) % Weighting Financials Software DIRECTV Financing, LLC $8.0 1.1% Media Chemicals Profession
Slide 26: Great Elm Specialty Finance
Great Elm Specialty Finance March 3, 2026 ©2026 Great Elm Capital Corp. 26
Slide 27: 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
Slide 28: 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
Slide 29: 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
Slide 30: 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
Slide 31: 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
Slide 32: Q4 2025 Financial Review
Q4 2025 Financial Review March 3, 2026 ©2026 Great Elm Capital Corp. 32
Slide 33: Financial Review: Per Share Data
Financial Review: Per Share Data Financial Highlights – Per Share Data 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Earnings Per Share (“EPS”) $0.17 $0.04 $1.02 ($1.79) ($1.57) Net Investment Income (“NII”) $0.20 $0.40 $0.51 $0.20 $0.31 Per Share Pre-Incentive NII Per Share $0.20 $0.50 $0.64 $0.20 $0.39 Net Realiz
Slide 34: Financial Review: Quarterly Operating Results
Financial Review: Quarterly Operating Results 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 $ in $000s Per Share1 Per Share1 Per Share1 Per Share1 Per Share1 Total Investment Income $9,139 $0.85 $12,495 $1.08 $14,277 $1.24 $10,642 $0.86 $12,574 $0.90 Interest Income 8,076 0.75 7,966 0.69 7,969 0.69 7,583
Slide 35: Financial Review: Portfolio
Financial Review: Portfolio Financial Highlights - Portfolio 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Capital Deployed in Period $47.2 million $37.4 million $22.6 million $56.6 million $48.2 million Investments Monetized in $57.5 million $13.8 million $35.0 million $42.9 million $49.1 million Period Total Fair
Slide 36: 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 37: Contact Information
Contact Information Media & Investor Contact: Investors Relations investorrelations@greatelmcap.com March 3, 2026 ©2026 Great Elm Capital Corp. 37