May 7, 2021 © 2021 Great Elm Capital Corp. Great Elm Capital Corp. (NASDAQ: GECC) Investor Presentation Quarter Ended March 31, 2021 Forward Looking Statement Statements in this communication that are not historical facts are "forward-looking" statements within the meaning of the federal securities laws. 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," "pre ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 814-01211 Great Elm Capital Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Emplo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 814-01211 Great Elm Capital Corp. (Exact name of registrant as specified in its charter) Maryland 81-2621577 (State or other jurisdiction of incorporation or organization) (I.R.S. E ...

Great Elm Capital Corporation (NASDAQ:GECC) Q3 2020 Earnings Conference Call November 9, 2020 11:00 AM ET Company Participants Adam Yates - Portfolio Manager Peter Reed - President & Chief Executive Officer Keri Davis - Chief Financial Officer Conference Call Participants Josh Horowitz - Palm Global Mickey Schleien - Ladenburg Operator Ladies and gentlemen, thank you for standing by and welcome to the Great Elm Capital Corporation Third Quarter 2020 Financial Results Conference Call. At this time, all part ...

November 9, 2020 © 2020 Great Elm Capital Corp. Great Elm Capital Corp. (NASDAQ: GECC) Investor Presentation Quarter Ended September 30, 2020 Forward Looking Statement Statements in this communication that are not historical facts are "forward-looking" statements within the meaning of the federal securities laws. 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," "potenti ...

Great Elm Capital Corporation (NASDAQ:GECC) Q2 2020 Earnings Conference Call August 10, 2020 10:00 AM ET Company Participants Adam Yates - Portfolio Manager Peter Reed - President and CEO Adam Kleinman - COO Keri Davis - CFO Conference Call Participants Operator Good morning ladies and gentlemen, welcome to the Great Elm Capital Corp Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that ...

Portfolio Repositioning and Investment Strategy - Great Elm Capital Corp(GECC) began repositioning its portfolio during the quarter ended June 30, 2020, to maximize shareholder value[6] - GECC intends to weight investments in specialty finance businesses more significantly in its future portfolio, like Prestige Capital Finance, LLC[6] - As of June 30, 2020, GECC's portfolio fair value was $1463 million, with debt investments carrying a weighted average current yield of 102%[24] - Throughout Q2 2020 and subsequent to quarter end, GECC actively deployed approximately $255 million into eight new investments at a weighted average current yield of 127%[13] Financial Performance - Net Investment Income(NII) for the quarter ended June 30, 2020, was approximately $09 million, or $009 per share, compared to $27 million, or $026 per share, for the quarter ended March 31, 2020[6] - During Q2 2020, GECC monetized $375 million across 17 investments at a weighted average current yield of 65% and a weighted average price of $098[28] - In 2019, Prestige's pretax income was approximately $28 million on average book equity of $31 million[18] - Through the first half of 2020, Prestige's pretax income was approximately $15 million on average book equity of $33 million[18] Capital Activity and Distributions - GECC's Board set monthly distributions of $0083 per share for the third and fourth quarters of 2020, with approximately 90% to be paid in shares of common stock[56, 57] - As of June 30, 2020, GECC's asset coverage ratio was approximately 1445%, up from 1411% as of March 31, 2020[53]

Great Elm Capital Group Inc (NASDAQ:GECC) Q1 2020 Results Conference Call May 11, 2020 10:00 AM ET Company Participants Adam Yates - Investor Relations Peter Reed - President and Chief Executive Officer Adam Kleinman - Chief Operating Officer Adam Yates - Portfolio Manager Keri Davis - Chief Financial Officer Conference Call Participants Operator Ladies and gentlemen, thank you for standing by, and welcome to the Great Elm Capital Corp., First Quarter Earnings Conference Call. At this time, all participants ...

| --- | --- | --- | |-------|-------|-------| | | | | | | | | Disclaimer Statements in this communication that are not historical facts are "forward-looking" statements within the meaning of the federal securities laws. 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 assumpti ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Consolidated financial statements and notes detail the company's financial position, performance, and investment portfolio Consolidated Statements of Assets and Liabilities (unaudited) | Metric | March 31, 2020 (in thousands) | December 31, 2019 (in thousands) | | :--- | :--- | :--- | | Total investments | $240,490 | $283,348 | | Cash and cash equivalents | $22,837 | $4,606 | | Total assets | $273,609 | $291,039 | | Total liabilities | $222,764 | $204,150 | | Total net assets | $50,845 | $86,889 | | Net asset value per share | $5.05 | $8.63 | Consolidated Statements of Operations (unaudited) for the Three Months Ended March 31 | Metric | 2020 (in thousands) | 2019 (in thousands) | | :--- | :--- | :--- | | Total investment income | $6,429 | $6,313 | | Total expenses | $3,777 | $3,529 | | Net investment income | $2,652 | $2,784 | | Net realized gain (loss) | $(11,313) | $608 | | Net change in unrealized appreciation (depreciation) | $(24,877) | $4,676 | | Net increase (decrease) in net assets from operations | $(33,538) | $8,068 | | Net investment income per share | $0.26 | $0.26 | | Earnings per share | $(3.33) | $0.76 | Consolidated Statements of Changes in Net Assets (unaudited) for the Three Months Ended March 31 | Metric | 2020 (in thousands) | 2019 (in thousands) | | :--- | :--- | :--- |\n| Net assets at beginning of period | $86,889 | $110,116 | | Net increase (decrease) in net assets from operations | $(33,538) | $8,068 | | Distributions to stockholders | $(2,506) | $(2,637) | | Purchases of common stock | $- | $(1,593) | | Net assets at end of period | $50,845 | $113,954 | | Shares outstanding at end of period | 10,062,682 | 10,460,401 | Consolidated Statements of Cash Flows (unaudited) for the Three Months Ended March 31 | Metric | 2020 (in thousands) | 2019 (in thousands) | | :--- | :--- | :--- | | Net cash provided by (used for) operating activities | $21,372 | $6,043 | | Net cash provided by (used for) financing activities | $(3,141) | $(6,803) | | Net increase (decrease) in cash | $18,231 | $(760) | | Cash, end of period | $22,837 | $3,407 | | Cash paid for interest | $2,044 | $1,313 | Investment Portfolio Composition (Fair Value) | Investment Type | March 31, 2020 (in thousands) | Percentage of Net Assets (March 31, 2020) | December 31, 2019 (in thousands) | Percentage of Net Assets (December 31, 2019) | | :--- | :--- | :--- | :--- | :--- | | Debt | $146,708 | **288.55%** | $174,066 | **200.33%** | | Equity/Other | $18,804 | **36.98%** | $23,549 | **27.10%** | | Short-Term Investments | $74,978 | **147.46%** | $85,733 | **98.67%** | | **Total Investments** | **$240,490** | **472.99%** | **$283,348** | **326.10%** | Top 5 Industry Classifications (Fair Value) as of March 31, 2020 | Industry | Fair Value (in thousands) | Percentage of Net Assets | | :--- | :--- | :--- | | Wireless Telecommunications Services | $35,986 | **70.78%** | | Internet Media | $18,978 | **37.33%** | | Software Services | $15,824 | **31.11%** | | Food & Staples | $13,133 | **25.83%** | | Retail | $9,904 | **19.48%** | Geographic Composition (Fair Value) as of March 31, 2020 | Geography | Fair Value (in thousands) | Percentage of Net Assets | | :--- | :--- | :--- | | United States | $204,475 | **402.16%** | | United Kingdom | $36,015 | **70.83%** | | **Total** | **$240,490** | **472.99%** | Notes to the Unaudited Consolidated Financial Statements 1. ORGANIZATION - **Great Elm Capital Corp. (GECC)** is a Maryland corporation, externally managed, non-diversified closed-end management investment company, regulated as a **Business Development Company (BDC)**[138](index=138&type=chunk) - The company aims to generate **current income and capital appreciation** primarily through **secured and senior unsecured debt investments** in secondary markets[139](index=139&type=chunk) 2. SIGNIFICANT ACCOUNTING POLICIES - The financial statements are prepared in accordance with **GAAP** and reflect all necessary adjustments for interim periods[140](index=140&type=chunk) - Revenue recognition includes accrual of interest and dividend income (including **PIK**), amortization of upfront fees and **OID**, and recognition of other fees as earned[143](index=143&type=chunk) - Investments are valued at fair value based on Board-adopted policies, prioritizing observable market data (Level 1, 2) and using valuation techniques like market and income approaches for unobservable inputs (Level 3)[149](index=149&type=chunk)[151](index=151&type=chunk)[154](index=154&type=chunk) - The company has elected to be taxed as a **Regulated Investment Company (RIC)** and intends to distribute at least **90%** of its investment company taxable income to avoid corporate-level taxes[157](index=157&type=chunk) - The company adopted ASU 2018-13 (Fair Value Measurement) and ASU 2020-04 (Reference Rate Reform) with **no material impact** on financial statements[163](index=163&type=chunk)[165](index=165&type=chunk) 3. SIGNIFICANT AGREEMENTS and RELATED PARTIES - The company has an Investment Management Agreement with **Great Elm Capital Management, Inc. (GECM)** for advisory services, incurring a base management fee and an incentive fee[167](index=167&type=chunk) Management Fees | Period | Amount (in thousands) | | :--- | :--- | | Three months ended March 31, 2020 | $698 | | Three months ended March 31, 2019 | $706 | Incentive Fees (Income Incentive Fee) | Period | Amount (in thousands) | | :--- | :--- | | Three months ended March 31, 2020 | $100 | | Three months ended March 31, 2019 | $696 | *Note: As of March 31, 2020, **$8,257 thousand** of Income Incentive Fees remained payable, deferred due to total return requirement.* - An Administration Agreement with **GECM** covers office facilities, equipment, clerical, bookkeeping, and record-keeping services, with reimbursement for allocable overhead and expenses[180](index=180&type=chunk) 4. FAIR VALUE MEASUREMENT - Fair value is determined using a hierarchy: Level 1 (quoted prices in active markets), Level 2 (observable market inputs other than Level 1), and Level 3 (significant unobservable inputs)[185](index=185&type=chunk)[189](index=189&type=chunk) Summary of Investment Assets by Fair Value Hierarchy (March 31, 2020) | Assets | Level 1 (in thousands) | Level 2 (in thousands) | Level 3 (in thousands) | Total (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Debt | $- | $27,209 | $119,499 | $146,708 | | Equity/Other | $- | $- | $18,804 | $18,804 | | Short Term Investments | $74,978 | $- | $- | $74,978 | | **Total investment assets** | **$74,978** | **$27,209** | **$138,303** | **$240,490** | - During Q1 2020, one investment (**$6,917k** fair value) transferred from Level 3 to Level 2 due to increased pricing transparency, while three investments (**$16,965k** aggregate fair value) transferred from Level 2 to Level 3 due to decreased pricing transparency[194](index=194&type=chunk) 5. DEBT - The company has three series of unsecured notes outstanding: **6.50% Notes due 2022 (GECCL Notes)**, **6.75% Notes due 2025 (GECCM Notes)**, and **6.50% Notes due 2024 (GECCN Notes)**[72](index=72&type=chunk)[74](index=74&type=chunk