Earnings release
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Exhibit 99.1 GREAT ELM CAPITAL CORP. ANNOUNCES THIRD QUARTER 2026 FINANCIAL RESULTS Company to Host Conference Call and Webcast at 8:30 AM ET on November 3, 2026 Disciplined Portfolio Management and Selective Capital Deployment, Supported by a Growing Pipeline of Differentiated Investment Opportunities Net Investment Income (“NII”) of $0.17 Per Share in 3Q26 NAV of $7.40 Per Share as of September 30, 2026 Strong Liquidity Position with Approximately $6 Million of Cash and Equivalents, $44 Million of Revolving Credit Facility Availability, and Ample Liquid Assets as of September 30, 2026 Redeemed $6.5 Million of GECCI Notes due April 2029, Retiring a Portion of Highest Cost and Nearest Term Debt Year-to-Date through October 30, 2026, Repurchased Approximately 350,000 Shares at a 33% Discount to NAV on September 30, 2026 Board Declares $0.25 Per Share Distribution for 4Q26, Resulting in an Annualized Dividend Yield of 20.2% on GECC’s Closing Price as of October 30, 2026 PALM BEACH GARDENS, Florida, November 2, 2026 – Great Elm Capital Corp. (“we,” “our,” the “Company” or “GECC”) (NASDAQ: GECC), a business development company, today announced its financial results for the third quarter ended September 30, 2026. Management Commentary Jason Reese, Chairman of the Board of Directors and Chief Executive Officer of the Company, stated: “Our third quarter results reflect a challenging credit environment and continued pressure on certain portfolio investments, particularly our CLO joint venture. While net investment income and NAV declined during the quarter, we remain focused on strengthening portfolio performance, maintaining disciplined underwriting standards and positioning GECC for more consistent earnings and long-term value creation. We made meaningful progress advancing our investment strategy during the quarter, expanding our pipeline of private investment opportunities and further diversifying the portfolio. We continue to emphasize credit quality, attractive risk- adjusted returns and durable cash income, while leveraging our institutional relationships to access differentiated opportunities across private credit and select equity investments. Importantly, our underlying credit portfolio remains healthy. We also saw positive momentum across our specialty finance platform, with distributions from Great Elm Specialty Finance increasing meaningfully during the quarter. We remain actively engaged with our CLO partners to address performance and identify opportunities to enhance the value of those investments. At the same time, we continue to manage our balance sheet proactively, reducing our highest-cost debt while maintaining substantial liquidity and financial flexibility. We also repurchased shares at a significant discount to NAV, reflecting our confidence in the long-term value of our portfolio and our commitment to disciplined capital allocation.
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-2- Looking ahead, we believe our growing pipeline of differentiated investments, strong liquidity position and continued focus on portfolio optimization provide a solid foundation for improving earnings performance and creating long-term shareholder value.” Recent Board Actions and Shareholder Returns ▪ The Company’s Board of Directors approved a quarterly dividend of $0.25 per share for the fourth quarter of 2026, equating to a 20.2% annualized yield on GECC’s October 30, 2026, closing price of $4.95. ▪ From July 1, 2026, through October 30, 2026, the Company repurchased 241,235 shares for approximately $1.2 million, at an average price of $4.95 per share or a 33% discount to the Company’s net asset value (“NAV”) on September 30, 2026. Third Quarter and Recent Operating Highlights ▪ Total investment income (“TII”) for the quarter ended September 30, 2026, was $8.7 million, as compared to $10.9 million for the quarter ended June 30, 2026. ▪ The quarter-over-quarter decrease was primarily driven by a $2.0 million dividend received from the Company's investment in insurance-related preference shares in the prior quarter. ▪ Net investment income (“NII”) for the quarter ended September 30, 2026, was $2.4 million, or $0.17 per share, as compared to $4.5 million, or $0.32 per share, for the quarter ended June 30, 2026. ▪ The decrease in NII was primarily driven by lower TII and the reinstatement of incentive fee accruals following the waiver of such fees in the prior quarter. ▪ Net assets were $102.7 million, or $7.40 per share, as of September 30, 2026, as compared to $110.4 million, or $7.95 per share, as of June 30, 2026. ▪ The 6.9% quarter-over-quarter decrease in net assets was primarily driven by realized and unrealized investment losses, including a $3.3 million decrease in the fair value of the CLO Formation JV investment. ▪ During the quarter ended September 30, 2026, GECC received $0.8 million of distributions from its CoreWeave-related equity investment, bringing total distributions to date to approximately $10.3 million, well in excess of its $6.0 million original capital investment. ▪ GECC’s asset coverage ratio was 166.3% as of September 30, 2026, as compared to 166.4% as of June 30, 2026. Financial Highlights – Per Share Data Q3/2025 Q4/2025 Q1/2026 Q2/2026 Q3/2026 Earnings Per Share ("EPS") $ (1.79)$ (1.57)$ (0.05)$ 0.46 $ (0.30) Net Investment Income ("NII") Per Share $ 0.20 $ 0.31 $ 0.36 $ 0.32 $ 0.17 Net Realized and Unrealized Gains / (Losses) Per Share $ (1.98)$ (1.88)$ (0.41)$ 0.14 $ (0.48) Net Asset Value ("NAV") Per Share $ 10.01 $ 8.07 $ 7.74 $ 7.95 $ 7.40 Distributions Paid / Declared Per Share $ 0.37 $ 0.37 $ 0.30 $ 0.25 $ 0.25 Financial Review Total investment income for the quarter ended September 30, 2026, was $8.7 million, or $0.63 per share. Total expenses for the quarter ended September 30, 2026, were $6.3 million, or $0.46 per share, including a $0.2 million excise tax benefit. Net realized and unrealized losses for the quarter ended September 30, 2026, were approximately $6.6 million, or ($0.48) per share.
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-3- Liquidity and Capital Resources As of September 30, 2026, cash and money market fund investments totaled approximately $6 million. In addition, GECC had $44 million of availability on its revolving line of credit (the “Revolver”) and ample liquid assets as of September 30, 2026. As of September 30, 2026, total debt outstanding (par value) was $154.9 million, comprised of $50.0 million 8.50% senior notes due April 2029 (NASDAQ: GECCI), $41.4 million 8.125% senior notes due December 2029 (NASDAQ: GECCH), $57.5 million 7.75% senior notes due December 2030 (NASDAQ: GECCG), and $6.0 million on the Revolver due June 2029. Distributions The Company’s Board of Directors has approved a quarterly cash distribution of $0.25 per share for the quarter ending December 31, 2026, to be paid from distributable earnings. The fourth quarter distribution will be payable on December 31, 2026, to stockholders of record as of December 15, 2026. The distribution equates to a 20.2% annualized dividend yield on the Company’s closing market price of $4.95 on October 30, 2026, and a 13.5% annualized dividend yield on the Company’s September 30, 2026, NAV of $7.40 per share. Stock Repurchase Program The Company’s Board of Directors authorized a stock repurchase program in October 2025, whereby the Company may opportunistically repurchase up to an aggregate of $10.0 million of its outstanding common shares. From July 1, 2026, through October 30, 2026, the Company repurchased 241,235 shares for $1.2 million, at an average price of $4.95 per share. From January 1, 2026, through October 30, 2026, the Company repurchased 349,653 shares for approximately $1.7 million, at an average price of $4.96 per share or a 33% discount to the Company’s NAV on September 30, 2026, leaving approximately $8.3 million of remaining capacity under the program for future repurchases. Conference Call and Webcast GECC will discuss these results in a conference call at 8:30 a.m. ET on November 3, 2026. Conference Call Details Date/Time: Tuesday, November 3, 2026 – 8:30 a.m. ET Participant Dial-In Numbers: (United States): 877-407-0789 (International): 201-689-8562 To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode “GECC”. An accompanying slide presentation will be available via the “Events and Presentations” section of Great Elm Capital Corp.’s website here, after the issuance of the earnings release. Webcast The call and presentation will also be simultaneously webcast over the internet via the “Events and Presentations” section of GECC’s website or by clicking on the webcast link here.
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-4- About Great Elm Capital Corp. GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses and CLOs. For additional information, please visit http://www.greatelmcc.com. 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. Media & Investor Contact: Investor Relations investorrelations@greatelmcap.com
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-5- GREAT ELM CAPITAL CORP. STATEMENTS OF ASSETS AND LIABILITIES (unaudited) Dollar amounts in thousands (except per share amounts) September 30, 2026 December 31, 2025 Assets Investments Non-affiliated, non-controlled investments, at fair value (amortized cost of $190,290 and $254,313, respectively) $ 155,840 $ 218,381 Non-affiliated, non-controlled short-term investments, at fair value (amortized cost of $5,586 and $32,803, respectively) 5,586 32,803 Affiliated investments, at fair value (amortized cost of $25,961 and $12,379, respectively) 8,244 - Controlled investments, at fair value (amortized cost of $106,133 and $94,683, respectively) 81,358 79,887 Total investments 251,028 331,071 Cash and cash equivalents - 1,834 Receivable for investments sold 637 3,215 Interest receivable 2,045 2,182 Dividends receivable 1,025 1,046 Due from affiliates 73 218 Deferred financing costs 480 256 Prepaid expenses and other assets 1,418 953 Total assets $ 256,706 $ 340,775 Liabilities Notes payable (including unamortized discount of $4,091 and $5,064, respectively) $ 144,808 $ 189,319 Revolving credit facility 6,000 - Payable for investments purchased 464 33,652 Interest payable 97 64 Accrued incentive fees payable 593 2,267 Due to affiliates 1,225 1,475 Accrued expenses and other liabilities 800 1,052 Total liabilities $ 153,987 $ 227,829 Commitments and contingencies (Note 7) Net Assets Common stock, par value $0.01 per share (100,000,000 shares authorized, 13,889,750 shares issued and outstanding and 13,998,168 shares issued and outstanding, respectively) $ 139 $ 140 Additional paid-in capital 358,239 358,778 Accumulated losses (255,659) (245,972) Total net assets $ 102,719 $ 112,946 Total liabilities and net assets $ 256,706 $ 340,775 Net asset value per share $ 7.40 $ 8.07
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-6- GREAT ELM CAPITAL CORP. STATEMENTS OF OPERATIONS (unaudited) Dollar amounts in thousands (except per share amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2026 2025 2026 2025 Investment Income: Interest income from: Non-affiliated, non-controlled investments $ 3,933 $ 5,907 $ 13,271 $ 18,869 Non-affiliated, non-controlled investments (PIK) 571 866 2,093 2,121 Affiliated investments 62 - 232 - Affiliated investments (PIK) 13 - 149 - Controlled investments 970 810 2,681 2,528 Total interest income 5,549 7,583 18,426 23,518 Dividend income from: Non-affiliated, non-controlled investments - 95 2,207 2,663 Controlled investments 2,647 1,965 7,762 9,245 Total dividend income 2,647 2,060 9,969 11,908 Other income from: Non-affiliated, non-controlled investments 315 999 556 1,814 Non-affiliated, non-controlled investments (PIK) 183 - 183 174 Total other income 498 999 739 1,988 Total investment income $ 8,694 $ 10,642 $ 29,134 $ 37,414 Expenses: Management fees $ 974 $ 1,253 $ 3,061 $ 3,803 Incentive fees 593 - 2,037 2,620 Administration fees 280 505 1,262 1,243 Custody fees 32 38 100 113 Directors’ fees 55 53 162 159 Professional services 642 587 1,743 1,470 Interest expense 3,692 5,485 11,816 14,054 Other expenses 260 50 838 665 Total expenses $ 6,528 $ 7,971 $ 21,019 $ 24,127 Incentive fee waiver - - (3,711) - Net expenses $ 6,528 $ 7,971 $ 17,308 $ 24,127 Net investment income before taxes $ 2,166 $ 2,671 $ 11,826 $ 13,287 Excise tax $ (208) $ 238 $ (34) $ 374 Net investment income $ 2,374 $ 2,433 $ 11,860 $ 12,913 Net realized and unrealized gains (losses): Net realized gain (loss) on investment transactions from: Non-affiliated, non-controlled investments $ (2,214) $ 6,156 $ 3,360 $ 6,879 Affiliated investments - - 1 - Realized loss on repurchase of debt - - (2) - Total net realized gain (loss) (2,214) 6,156 3,359 6,879 Net change in unrealized appreciation (depreciation) on investment transactions from: Non-affiliated, non-controlled investments 996 (28,339) (842) (22,726) Affiliated investments (744) - (2,944) - Controlled investments (4,638) (2,262) (9,979) (6,882) Total net change in unrealized appreciation (depreciation) (4,386) (30,601) (13,765) (29,608) Net realized and unrealized gains (losses) $ (6,600) $ (24,445) $ (10,406) $ (22,729) Net increase (decrease) in net assets resulting from operations $ (4,226) $ (22,012) $ 1,454 $ (9,816) Earnings per share (basic and diluted): $ (0.30) $ (1.79) $ 0.10 $ (0.83) Weighted average shares outstanding (basic and diluted): 13,889,750 12,315,210 13,921,112 11,808,363