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Great Elm CAPITAL CORP Investor Presentation Quarter Ended June 30 , 2026 August 6 , 2026 NASDAQ : GECC
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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 plans and expectations. These statements are often, but not always, made through the use of words or phrases such as “expect,” “anticipate,” “should,” “will,” “estimate,” “designed,” “seek,” “continue,” “upside,” “potential” and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. The key factors that could cause actual results to differ materially from those projected in the forward- looking statements include, without limitation: conditions in the credit markets, our expected financings and investments, including interest rate volatility, inflationary pressure, the price of GECC common stock and the performance of GECC’s portfolio and investment manager. Information concerning these and other factors can be found in GECC’s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this communication or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. ©2026 Great Elm Capital Corp.August 6, 2026 Forward Looking Statement 2
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Incentive Fee Waiver • Great Elm Capital Management, LLC (“GECM”), GECC’s Investment Adviser, waived all accrued incentive fees through June 30, 2026. • GECM waived approximately $3.7 million of incentive fees through June 30, 2026 ($0.26 per share), including $0.9 million ($0.06 per share) during 2Q26. • The incentive fee waiver is accretive to NAV, strengthens alignment with shareholders and directly enhances shareholder returns. Cash Distribution & NAV Increase • Declared a regular quarterly cash distribution of $0.25 per share, payable September 30, 2026, to stockholders of record on September 15, 2026. • The quarterly distribution represents an annualized yield of approximately 12.6% based on June 30, 2026, NAV of $7.95 per share and 18.9% on GECC’s closing price of $5.29 on August 4, 2026. • NAV increased by $0.21 per share during the quarter, reflecting strong portfolio performance. and disciplined capital management. August 6, 2026 ©2026 Great Elm Capital Corp. Shareholder Value Initiatives 3
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2Q26 Overview August 6, 2026 ©2026 Great Elm Capital Corp. 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 NII decreased to $4.5 million, or $0.32 per share in 2Q26, vs. $5.0 million, or $0.36 per share in 1Q26 • NII decrease driven by the size of the benefit of the incentive fee waiver recognized in 1Q26 • Pre-incentive fee NII increased approximately 66% quarter-over-quarter to $4.5 million for the quarter ended June 30, 2026, from $2.7 million for the quarter ended March 31, 2026 Investment Income The Board declared $0.25 per share distribution for the third quarter of 2026. The distribution equates to: • 12.6% annualized yield on the Company’s June 30, 2026, NAV of $7.95 per share Under the $10 million stock repurchase program, beginning January 1, 2026, through August 4, 2026, GECC repurchased approximately 0.1 million shares for $0.5 million, at an average price of $4.98 per share, or ~37% discount to NAV on June 30, 2026 Shareholder Returns Net assets were $110.4 million, or $7.95 per share (2Q26) vs. $107.5 million, or $7.74 per share (1Q26) • 2.7% quarter-over-quarter growth in net assets was primarily driven by realized and unrealized gains on investments, notably our CoreWeave-related equity investment • Asset coverage ratio was 166.4% and debt-to-equity ratio was 1.51x (2Q26) vs. 1.62x last quarter (1Q26) Assets 4
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Strong Liquidity Position August 6, 2026 Strong liquidity position with ample cash and revolving credit facility availability ©2026 Great Elm Capital Corp. 5 $10 $6 $50 $39 $60 million $45 million $0 $10 $20 $30 $40 $50 $60 $70 3/31/2026 6/30/2026 $ Millions Revolver Availability Total Cash Total
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<1% Non-Accrual Rate • Improved credit quality and earnings durability by exiting higher-risk investments, ending the quarter with non-accruals below 1% of the portfolio Portfolio Highlights August 6, 2026 ©2026 Great Elm Capital Corp. Strong Portfolio Credit Quality $30.0 million Deployed Across 14 Investments (2Q26) • Increased investment activity, enhancing diversification and supporting future earnings growth Unique Private Investment Opportunities • Closed on 3 private credit transactions totaling ~$11.7 million while continuing to build a robust pipeline sourced through institutional caliber partners Disciplined Capital Deployment Proprietary Sourcing 6
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August 6, 2026 ©2026 Great Elm Capital Corp. On August 5, 2026, the Company announced that its Board of Directors approved a quarterly cash distribution of $0.25 per share for the quarter ending September 30, 2026 $0.25 Per Share September 30th The third quarter 2026 cash distribution will be payable on September 30, 2026, to stockholders of record as of September 15, 2026 Payable Date 18.9% The cash distribution equates to a 18.9% annualized dividend yield on our closing market price of $5.29 on August 4, 2026 Annualized Dividend Yield on Stock Price 12.6% The cash distribution equates to a 12.6% annualized dividend yield on our June 30, 2026, NAV of $7.95 per share Annualized Dividend Yield on NAV Quarterly Cash Distributions 7
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Recent Capital Activity August 6, 2026 ©2026 Great Elm Capital Corp. 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 • GECCI Notes Partially Called • In July 2026, GECC called $6.5 million of its $56.5 million outstanding 8.5% senior notes due April 2029 (NASDAQ: GECCI) for redemption on August 19, 2026 Deleveraging Stock Repurchase Activity • Continued opportunistic share repurchases in 2Q26 at an average ~37% discount to NAV at quarter end • The Board authorized a stock repurchase program in October 2025, allowing the Company to opportunistically repurchase up to $10 million of its outstanding common shares, representing ~14% of the Company’s market capitalization as of August 4, 2026 Stock Repurchases 8
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August 6, 2026 ©2026 Great Elm Capital Corp. Externally managed, total-return- focused BDC Significant insider ownership of GECC by GEG and its officers and directors Investment ObjectiveGreat Elm Capital Corp. To generate current income and capital appreciation by investing in debt and income generating equity securities, including actively pursuing investments in specialty finance businesses and CLOs Portfolio Overview • $268.3 million of portfolio fair value • $110.4 million of net asset value (“NAV”) • Debt investments carry a weighted average current yield of 11%1 • 89 investments (69 debt, 20 equity) in 62 companies across 27 industries About GECC 9 1 Weighted average current yield is based upon the stated coupon rate and fair value of outstanding debt securities at the meas urement date and excludes nine non-accrual investments with a fair value of $1.7 million as of 6/30/26.
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Total & Net Investment Income ©2026 Great Elm Capital Corp. 10 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Cash Accretion + PIK $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 NII 2 0 Incentive Fee Waiver 2 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 Total Investment Income (TII) Net Investment Income (NII) 1 Based on weighted average shares outstanding of 13.9 million for the quarters ended June 30, 2026, and March 31, 2026. 2 1Q26 and 2Q26’s NII includes a fee waiver of approximately $2.8 million and $0.9 million, respectively. • NII decreased, despite higher TII, due to the size of the benefit of the incentive fee waiver recognized in the prior period • Pre-incentive fee NII increased approximately 66% quarter-over-quarter August 6, 2026
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August 6, 2026 ©2026 Great Elm Capital Corp. 11 2Q26 NAV Per Share Bridge 1 NAV per share based on shares outstanding of 13.9 million as of June 30, 2026, and 13.9 million as of March 31, 2026. Distrib utions is the declared, per share amount. NII, Net Realized Gain/(Loss), and Net Unrealized Gain / (Loss) per share amounts based on weighted average shares outstanding of 13.9 million. $7.74 $0.26 $0.06 ($0.25) $0.14 $0.00 $7.95 3/31/26 NAV NII Incentive Fee Waivers Distributions Net Investment Gain/(Loss) Share Repurchases 6/30/2026 NAV 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
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2Q26 Portfolio Review August 6, 2026 ©2026 Great Elm Capital Corp. 12
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Total Quarter End Portfolio Detail1 11.0%2 Weighted Average Current Yield of Debt Investments 60 Debt Investments Debt Investments Equity Investments August 6, 2026 ©2026 Great Elm Capital Corp. 13 1 Excludes five equity investments with a fair value of $0 and nine non-accrual investments with a fair value of $1.7 million as of 6/30/26. 2 Weighted average dollar price and current yield are based upon fair value of outstanding investments and the anticipated distribution rate excluding fee income, as applicable, at the measurement date. Amounts in the above tables do not include investments in short-term securities. 71.1% Of Portfolio in Debt Investments $190.9 million Fair Value of Debt Investments 93.7%2 Weighted Average Price as % of Par 15 Equity Investments CLO Investments $43.8 million 16.3% Dividend Paying Equity Investments $7.1 million 2.6% Great Elm Specialty Finance $11.6 million 4.3% Other Equity Investments $13.2 million 4.9% % of Portfolio inFair Value
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August 6, 2026 ©2026 Great Elm Capital Corp. 14 Portfolio Asset Mix End of Period Investments1 1 Excludes fair value of non-accrual investments in the respective periods, including nine non-accrual investments with a fair value of $1.7 million as of 6/30/26. Portfolio by Asset Type ($266.6mm)1 Investments Fair Value $mm % of Total Portfolio Corporate Credit $162.0 61% Specialty Finance Debt $28.9 11% Specialty Finance Equity $11.6 4% CLO + Yielding Equity $50.9 19% Other Equity $13.2 5% Total Portfolio $266.6 100% 50% 52% 51% 47% 47% 48% 51% 51% 13% 13% 13% 11% 14% 13% 14% 15% 7% 7% 7% 7% 6% 5% 5% 5% 5% 4% 4% 4% 5% 6% 5% 5% 5% 7% 7% 11% 9% 5% 3% 5% 10% 12% 15% 17% 16% 16% 17% 16% 11% 3% 3% 3% 3% 6% 4% 3% $332.0 $322.9 $341.9 $331.2 $320.2 $295.6 $265.1 $266.6 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 1L SF 2L Unsecured Other Equity CLO Yielding Equity Corporate Credit 61% SF - Debt 11% SF - Equity 4% CLO + Yielding Equity 19% Other Equity 5%
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©2026 Great Elm Capital Corp. 15 Corporate Portfolio 1 Excludes fair value of non-accrual investments in the respective periods, including nine non -accrual investments with a fair value of $1.7 million as of 6/30/26. Fixed and Floating Rate Exposure1 Investment Mix Type ($182.2mm)1 Value ($mm) % of Corp. Weighted Average Price Coupon Maturity CY Fixed Rate $34.4 19% 98.97 8.4% 3.0 yrs 8.5% Floating Rate $127.6 70% 93.81 10.5% 3.3 yrs 11.2% Total Credit $162.0 89% 94.91 10.1% 3.2 yrs 10.6% Yielding Equity $7.1 4% 23.7% 22.8% Other Equity $13.2 7% Total $182.2 100% 9.9% 10.3% August 6, 2026 23% 70% 7% Fixed Rate Floating Rate Other Equity 69% 64% 68% 74% 75% 11% 8% 7% 8% 7% 6% 7% 9% 7% 8% 11% 16% 8% 5% 7% 4% 5% 8% 6% 4% $226.3 $232.6 $209.2 $183.2 $182.2 2Q25 3Q25 4Q25 1Q26 2Q26 1L 2L Unsecured Other Equity Yielding Equity
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August 6, 2026 ©2026 Great Elm Capital Corp. 16 Corporate Portfolio1 Industry Breakdown Percentage of Fair Value 1 Excludes fair value of non-accrual investments in the respective periods, including nine non- accrual investments with a fair value of $1.7 million as of 6/30/26. Industry Investments at Fair Value ($ in 000s) % of Fair Value Technology $34,560 19% Consumer Products $27,175 15% Media $15,000 8% Industrial $14,921 8% Insurance $13,136 7% Food & Staples $12,533 7% Chemicals $12,290 7% Metals & Mining $6,899 4% Transportation Equipment Mfg $5,599 3% Consumer Services $5,562 3% Energy Services $5,092 3% Business Service $3,950 2% Packaging $3,900 2% Marketing Services $2,993 2% Other (10 Industries) $24,654 10% Total Corporate Portfolio $182,236 100% June 30, 2026 19% 15% 8% 8%7% 7% 7% 4% 3% 3% 3% 2% 2% 2% 10 Technology Consumer Products Media Industrial Insurance Food & Staples Chemicals Metals & Mining Transportation Equipment Manufacturing Consumer Services Energy Services Business Services Packaging Marketing Services Other (10 Industries)
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17 2Q26 CLO Portfolio Composition1 S&P Ratings Distribution2 CLO Underlying Asset Mix ©2026 Great Elm Capital Corp.August 6, 2026 • Invested $53.2 million in the CLO JV and $6.2 million directly into CLO equity, targeting 17–20% annualized returns • CLO JV provides majority ownership in three CLOs with exposure to ~$1.1 billion of first lien loans • GECC has received ~$22.6 million of CLO JV distributions from inception through 2Q26 • Portfolio remains highly diversified, with 300+ assets per CLO CLO Highlights 1 The information presented herein is on a look-through basis to CLO equity held by GECC as of the period end date noted and reflects the aggregate underlying exposure of GECC based on the portfolios of such CLOs as of such period end date. The data is estimated and unaudited and is derived from CLO trustee reports received by the Company related to the underlying CLO portfolios which may not be exactly as of the period end date, depending on when such information was received. 2 D-rating represents defaulted assets allocated between First Brands Group (0.9%) and Ascend Performance (0.1%). 1.4% 3.8% 20.6% 67.8% 5.4% 1.1% A BBB BB B CCC D 96.7% 0.2% 3.1% First Lien Second Lien Unsecured
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Spot factoring provider purchasing individual receivables from creditworthy counterparties Asset-based lender providing working capital solutions to lower middle market companies Focused on healthcare-related real estate assets ©2026 Great Elm Capital Corp. 18 Great Elm Specialty Finance Platform Great Elm Specialty Finance Direct Origination Real Estate Industry Specific Junior Capital Industry Specific August 6, 2026
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2Q26 Financial Review August 6, 2026 ©2026 Great Elm Capital Corp. 19
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2Q25 3Q25 4Q25 1Q26 2Q26 Earnings Per Share (“EPS”) $1.02 ($1.79) ($1.57) ($0.05) $0.46 Net Investment Income (“NII”) Per Share $0.51 $0.20 $0.31 $0.36 $0.32 Net Realized and Unrealized Gains / (Losses) Per Share $0.51 ($1.98) ($1.88) ($0.41) $0.14 Net Asset Value (“NAV”) Per Share $12.10 $10.01 $8.07 $7.74 $7.95 Distributions Paid / Declared Per Share $0.37 $0.37 $0.37 $0.30 $0.25 Financial Highlights – Per Share Data August 6, 2026 ©2026 Great Elm Capital Corp. Financial Review: Per Share Data 20
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1 The per share figures are based on a weighted average of the shares outstanding for the preceding quarter, except where such amounts need to be adjusted to be consistent with the financial highlights of our consolidated financial statements. August 6, 2026 ©2026 Great Elm Capital Corp. 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 Dividend & Other Income 6,308 0.55 3,059 0.24 5,085 0.36 2,824 0.20 4,739 0.34 Net Operating Expenses $8,305 $0.72 $7,971 $0.65 $7,963 $0.57 $4,470 $0.33 $6,310 $0.45 Management fees 1,278 0.11 1,253 0.10 1,184 0.08 1,072 0.08 1,015 0.07 Incentive fees 1,470 0.13 - 0.00 1,122 0.08 543 0.04 901 0.06 Incentive fee Waiver (2,810) (0.20) (901) (0.06) Total Investment Management fees 2,748 0.24 1,253 0.10 2,306 0.16 (1,195) (0.09) 1,015 0.07 Administration fees 383 0.03 505 0.04 376 0.03 510 0.04 472 0.03 Directors' fees 53 0.00 53 0.00 54 0.00 54 0.00 53 0.00 Interest expense 4,318 0.38 5,485 0.46 4,351 0.31 4,256 0.30 3,868 0.28 Professional services 459 0.04 587 0.05 553 0.04 514 0.04 587 0.04 Custody fees 37 0.00 38 0.00 21 0.00 35 0.00 33 0.00 Other 307 0.03 50 0.00 302 0.02 296 0.02 282 0.02 Income Tax, Including Excise Tax 68 0.01 238 0.02 205 0.01 91 0.01 83 0.01 Net Investment Income $5,904 $0.51 $2,433 $0.20 $4,406 $0.31 $4,983 $0.36 $4,503 $0.32 21
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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 Period $35.0 million $42.9 million $49.1 million $52.7 million $31.8 million Total Fair Value of Investments1 $335.1 million $325.1 million $298.3 million $267.2 million $268.3 million Net Asset Value (NAV) $140.0 million $141.1 million $112.9 million $107.5 million $110.4 million Total Assets $409.3 million $420.0 million $340.8 million $282.8 million $280.0 million Total Debt Outstanding (Par Value) $201.4 million $205.4 million $195.4 million $174.0 million $166.4 million Debt to Equity Ratio 1.44x 1.47x 1.72x 1.62x 1.51x Cash & Equivalents 2 $4.4 million $24.3 million $4.9 million $9.6 million $5.6 million 1 Total Fair Value of Investments does not include investments in short-term securities and United States Treasury Bills. 2 Cash does not include our holdings in United States Treasury Bills or Restricted Cash. Cash includes money market securities. Financial Highlights - Portfolio ©2026 Great Elm Capital Corp. Financial Review: Portfolio August 6, 2026 22
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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 addition, lack or inadequacy of collateral or credit enhancement for a debt instrument may affect its credit risk. Credit risk may change over the life of an instrument, and debt instruments that are rated by rating agencies are often reviewed and may be subject to downgrade. Our debt investments either are, or if rated would be, rated below investment grade by independent rating agencies. These “junk bonds” and “leveraged loans” are regarded as having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may be illiquid and difficult to value and typically do not require repayment of principal before maturity, which potentially heightens the risk that we may lose all or part of our investment. Interest rate risk refers to the risks associated with market changes in interest rates. Interest rate changes may affect the value of a debt instrument indirectly (especially in the case of fixed rate obligations) or directly (especially in the case of an instrument whose rates are adjustable). In general, rising interest rates will negatively impact the price of a fixed rate debt instrument and falling interest rates will have a positive effect on price. Adjustable rate instruments also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other factors). GECC utilizes leverage to seek to enhance the yield and net asset value of its common stock. These objectives will not necessarily be achieved in all interest rate environments. The use of leverage involves risk, including the potential for higher volatility and greater declines of GECC’s net asset value, fluctuations of dividends and other distributions paid by GECC and the market price of GECC’s common stock, among others. The amount of leverage that GECC may employ at any particular time will depend on, among other things, our Board’s and our adviser’s assessment of market and other factors at the time of any proposed borrowing. As part of our lending activities, we may purchase notes or make loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financings may result in significant financial returns to us, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. We cannot assure you that we will correctly evaluate the value of the assets collateralizing our investments or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a portfolio company, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the investment advanced by us to the borrower. August 6, 2026 ©2026 Great Elm Capital Corp. General Risks 23
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Media & Investor Contact: Investor Relations investorrelations@greatelmcap.com August 6, 2026 ©2026 Great Elm Capital Corp. Contact Information 24