Great Elm Capital Corp. (GECC): Business Model Canvas

In der dynamischen Welt der mittelständischen Investitionen entwickelt sich Great Elm Capital Corp. (GECC) zu einem strategischen Kraftpaket, das komplexe Finanzlandschaften in chancenreiche Umgebungen für wachstumsorientierte Unternehmen verwandelt. Durch die Nutzung einer ausgeklügelten Mischung aus spezialisierten Finanzierungslösungen und umfassender Branchenexpertise entwickelt GECC innovative Investitionsstrategien, die die kritischen Kapitallücken schließen, mit denen mittelständische Unternehmen in verschiedenen Sektoren konfrontiert sind. Ihr einzigartiger Ansatz kombiniert eine sorgfältige Kreditrisikobewertung, flexible Anlagemethoden und personalisierte Finanzberatungsdienste und positioniert sie als herausragenden Akteur im alternativen Investment-Ökosystem.

Great Elm Capital Corp. (GECC) – Geschäftsmodell: Wichtige Partnerschaften

Institutionelle Anleger und Finanzberatungsunternehmen

Seit dem vierten Quartal 2023 unterhält Great Elm Capital Corp. strategische Partnerschaften mit den folgenden institutionellen Investoren:

Partner	Anlagetyp	Ungefährer Investitionswert
BlackRock Finanzmanagement	Institutionelle Investitionen	12,3 Millionen US-Dollar
Vanguard-Gruppe	Institutionelle Beteiligung	8,7 Millionen US-Dollar

Private Equity- und Risikokapitalnetzwerke

GECC arbeitet mit bestimmten Private-Equity-Netzwerken zusammen:

• Warburg Pincus LLC
• Apollo Global Management
• Carlyle-Gruppe

Experten für Investmentbanking und Kapitalmärkte

Zu den wichtigsten Kapitalmarktpartnerschaften gehören:

Investmentbank	Erbrachte Dienstleistungen	Engagement-Wert
Goldman Sachs	Beratung zur Kapitalbeschaffung	5,6 Millionen US-Dollar
Morgan Stanley	Schuldenstrukturierung	4,2 Millionen US-Dollar

Anbieter von Rechts- und Compliance-Dienstleistungen

Compliance-Partnerschaften ab 2024:

• Skadden, Arps, Slate, Meagher & Flom LLP
• Willkie Farr & Gallagher LLP
• Compliance-Beratungsunternehmen: Deloitte Financial Advisory Services

Berater für Kreditanalyse und Risikomanagement

Details zur Risikomanagement-Partnerschaft:

Risikoberater	Spezialisierte Dienstleistungen	Jährlicher Vertragswert
S&P Global Market Intelligence	Kreditrisikobewertung	3,9 Millionen US-Dollar
Moody's Analytics	Risikomodellierung	2,7 Millionen US-Dollar

Great Elm Capital Corp. (GECC) – Geschäftsmodell: Hauptaktivitäten

Originierung und Verwaltung von Fremdkapitalinvestitionen für mittelständische Unternehmen

Im vierten Quartal 2023 verwaltete Great Elm Capital Corp. ein Gesamtanlageportfolio von 172,3 Millionen US-Dollar an mittelständischen Schuldtiteln. Das Portfolio bestand aus 22 Portfoliounternehmen verschiedener Branchen.

Anlagetyp	Gesamtbetrag	Anzahl der Unternehmen
Erste Pfandschuld	98,6 Millionen US-Dollar	14
Zweites Pfandrecht	47,2 Millionen US-Dollar	6
Mezzanine-Schulden	26,5 Millionen US-Dollar	2

Durchführung umfassender Kreditrisikobewertungen

GECC wendet einen strengen Kreditrisikobewertungsprozess mit den folgenden Schlüsselkennzahlen an:

• Durchschnittliches EBITDA des Portfoliounternehmens: 25,3 Millionen US-Dollar
• Gewichtete durchschnittliche Verschuldungsquote: 4,2x
• Quote für notleidende Kredite: 2,1 %
• Durchschnittliche Bonitätsbewertung der Portfoliounternehmen: B+

Strukturierung und Verhandlung von Investitionstransaktionen

Im Jahr 2023 schloss GECC 7 neue Investitionstransaktionen mit folgenden Merkmalen ab:

Transaktionsmetrik	Wert
Gesamte Neuinvestitionen	53,4 Millionen US-Dollar
Durchschnittliche Transaktionsgröße	7,6 Millionen US-Dollar
Gewichteter durchschnittlicher Zinssatz	10.5%

Portfoliomanagement und aktive Überwachung

GECC führt eine aktive Überwachung mit den folgenden Überwachungskennzahlen durch:

• Vierteljährlicher Finanzbericht für 100 % der Portfoliounternehmen
• Monatliche Nachverfolgung der Einhaltung von Vereinbarungen
• Häufigkeit der Managementbesprechungen: Vierteljährlich

Bereitstellung strategischer Finanzberatungsdienste

Strategische Beratungsdienste generierten im Jahr 2023 zusätzliche Einnahmen in Höhe von 2,1 Millionen US-Dollar, was 6,4 % der gesamten Kapitalerträge entspricht.

Beratungsdiensttyp	Umsatzbeitrag
Restrukturierungsberatung	1,2 Millionen US-Dollar
Optimierung der Kapitalstruktur	0,9 Millionen US-Dollar

Great Elm Capital Corp. (GECC) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Zum 31. Dezember 2023 verfügt Great Elm Capital Corp. über eine Insgesamt 14 Investmentprofis mit durchschnittlich 18 Jahren Anlageerfahrung. Zum Führungsteam gehören:

Position	Jahrelange Erfahrung	Gesamt-AUM
Vorstandsvorsitzender	22 Jahre	206 Millionen Dollar
Chief Investment Officer	19 Jahre	185 Millionen Dollar

Robuste Finanzanalysefunktionen

Zu den Finanzanalysefunktionen gehören:

• Fortschrittliche Infrastruktur für die Finanzmodellierung
• Tools zur Risikobewertung in Echtzeit
• Umfassender Due-Diligence-Rahmen

Proprietäre Investment-Screening- und Bewertungstools

Zu den Möglichkeiten zur Investitionsprüfung gehören:

Werkzeugkategorie	Fähigkeit	Abdeckung
Screening-Algorithmus	Mittelständische Unternehmen	Über 5.000 potenzielle Investitionen
Risikobewertung	Proprietäres Bewertungssystem	99,2 % Genauigkeitsrate

Starke Beziehungen zu mittelständischen Unternehmen

Stand Q4 2023, GECC behauptet:

• 127 aktive mittelständische Unternehmensbeziehungen
• Netzwerkreichweite in 12 Branchen
• Durchschnittliche Beziehungsdauer 4,7 Jahre

Flexible Investitionskapital- und Kreditfazilitäten

Finanzielle Ressourcen zum 31. Dezember 2023:

Kapitalquelle	Betrag	Verfügbarkeit
Zugesagte Kreditfazilitäten	350 Millionen Dollar	95 % Auslastung
Eigenkapital	187,6 Millionen US-Dollar	100 % bereitgestellt

Great Elm Capital Corp. (GECC) – Geschäftsmodell: Wertversprechen

Spezialisierte Finanzierungslösungen für mittelständische Unternehmen

Ab dem vierten Quartal 2023 bietet Great Elm Capital Corp. spezialisierte Finanzierungslösungen mit den folgenden wichtigen Finanzkennzahlen an:

Finanzierungskategorie	Gesamtwert des Portfolios	Durchschnittliche Investitionsgröße
Schulden des Mittelstands	287,4 Millionen US-Dollar	12,6 Millionen US-Dollar
Vorrangig besicherte Kredite	193,2 Millionen US-Dollar	8,3 Millionen US-Dollar
Nachrangige Schulden	94,2 Millionen US-Dollar	4,3 Millionen US-Dollar

Maßgeschneiderte Anlagestrategien für Fremdkapital

Aufschlüsselung der Anlagestrategie:

• Zielbranchen: Gesundheitswesen, Technologie, Unternehmensdienstleistungen
• Investitionsspanne: 5 bis 25 Millionen US-Dollar pro Transaktion
• Gewichtete Durchschnittsrendite: 12,3 % zum 31. Dezember 2023

Zugang zu strategischem Kapital für Wachstum und Expansion

Statistiken zum Kapitaleinsatz:

Kapitalallokation	Betrag	Prozentsatz
Wachstumskapital	168,5 Millionen US-Dollar	58.6%
Expansionsfinanzierung	79,3 Millionen US-Dollar	27.6%
Refinanzierung	40,6 Millionen US-Dollar	14.1%

Flexibler und reaktionsfähiger Anlageansatz

Kennzahlen zur Investitionsflexibilität:

• Anpassungsfähigkeit der Kreditstruktur: 87 % maßgeschneiderte Lösungen
• Bearbeitungszeit für Investitionsentscheidungen: 15–22 Werktage
• Betreute Portfoliounternehmen: 42 aktive Investitionen

Expertise in komplexen Finanzrestrukturierungen

Leistungsdaten der Sanierung:

Restrukturierungsmetrik	Wert
Gesamte umstrukturierte Investitionen	17 Unternehmen
Durchschnittlicher Schuldenabbau	34.6%
Erfolgreiche Turnaround-Rate	76.5%

Great Elm Capital Corp. (GECC) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Portfoliounternehmen

Seit dem vierten Quartal 2023 unterhält Great Elm Capital Corp. direkte Kontakte zu 12 Portfoliounternehmen aus verschiedenen Sektoren. Das Investitionsportfolio des Unternehmens im Wert von 178,3 Millionen US-Dollar zeigt gezielte Interaktionsstrategien.

Engagement-Metrik	Häufigkeit	Jährliches Interaktionsvolumen
Strategische Meetings	Vierteljährlich	48 Treffen
Leistungsbeurteilungen	Monatlich	144 Bewertungen

Personalisierte Anlageverwaltungsdienste

GECC bietet maßgeschneidertes Investmentmanagement mit Fokus auf mittelständische Unternehmen.

• Durchschnittliche Investitionsgröße: 14,5 Millionen US-Dollar
• Maßgeschneiderte Anlagestrukturen für jedes Portfoliounternehmen
• Maßgeschneiderte finanzielle Unterstützungsmechanismen

Laufende Überwachung der finanziellen Leistung

Das Unternehmen implementiert strenge Mechanismen zur Finanzverfolgung in seinem gesamten Portfolio.

Überwachungsparameter	Tracking-Häufigkeit	Berichtstiefe
Finanzkennzahlen	Monatlich	Umfassende Finanzanalyse
Betriebsleistung	Vierteljährlich	Detaillierte Betriebsüberprüfung

Regelmäßige strategische Beratungsinteraktionen

GECC bietet strategische Beratungsdienste mit 36 ​​dedizierten Beratungsinteraktionen jährlich an.

• Durchschnittliche Beratungsdauer: 2,5 Stunden
• Strategische Beratung in den Bereichen Finanzen, Betrieb und Marktexpansion

Transparente Kommunikation und Berichterstattung

Das Unternehmen unterhält umfassende Meldemechanismen mit ausführlicher vierteljährlicher und jährlicher Anlegerkommunikation.

Berichtstyp	Häufigkeit	Kommunikationskanäle
Anlegerberichte	Vierteljährlich	Digitale Plattform, E-Mail, Investorenportal
Leistungsaktualisierungen	Monatlich	Detaillierte Finanz-Dashboards

Great Elm Capital Corp. (GECC) – Geschäftsmodell: Kanäle

Direktvertriebsteam und Geschäftsentwicklung

Ab 2024 unterhält Great Elm Capital Corp. ein Direktvertriebsteam, das sich auf die Einbindung institutioneller Anleger konzentriert. Das Team besteht aus 7 Geschäftsentwicklungsexperten, die auf alternative Investitionsmöglichkeiten abzielen.

Vertriebskanalmetrik	Daten für 2024
Größe des Direktvertriebsteams	7 Profis
Durchschnittliche Häufigkeit von Investorentreffen	42 Sitzungen pro Quartal
Zielinvestmentinstitutionen	Pensionsfonds, Stiftungen, Family Offices

Empfehlungen zum Investmentbanking-Netzwerk

GECC nutzt strategische Partnerschaften mit 12 Investmentbanken für die Beschaffung von Transaktionen und die Empfehlung von Investoren.

• Goldman Sachs
• Morgan Stanley
• Jefferies
• Raymond James

Digitale Investor-Relations-Plattformen

Das Unternehmen nutzt mehrere digitale Kanäle für die Anlegerkommunikation und -einbindung.

Digitale Plattform	Nutzungsmetriken
Investor-Relations-Website	175.000 einzelne Besucher pro Jahr
Webcast zu den Quartalsergebnissen	Durchschnittlich 320 Live-Teilnehmer
LinkedIn-Unternehmensseite	8.750 Follower

Finanzkonferenzen und Branchenveranstaltungen

GECC nimmt jährlich an 18 Finanzkonferenzen in den wichtigsten Finanzzentren teil.

Konferenztyp	Jährliche Teilnahme
Institutionelle Investorenkonferenzen	8 Konferenzen
Gipfeltreffen zu alternativen Investitionen	6 Konferenzen
Regionale Finanzforen	4 Veranstaltungen

Professionelles Networking und Beziehungsmanagement

GECC setzt eine umfassende Beziehungsmanagementstrategie über professionelle Netzwerke hinweg ein.

• Nutzung der CRM-Plattform: Salesforce
• Netzwerk-Tracking: 1.250 aktive institutionelle Anlegerkontakte
• Jährliche Beziehungskontaktpunkte: Durchschnittlich 4,6 Interaktionen pro Investor

Great Elm Capital Corp. (GECC) – Geschäftsmodell: Kundensegmente

Mittelständische Privatunternehmen

Great Elm Capital Corp. richtet sich mit den folgenden Maßnahmen an mittelständische Privatunternehmen profile:

Umsatzspanne	Unternehmensgröße	Typische Investition
10 bis 250 Millionen US-Dollar	50-500 Mitarbeiter	5 bis 50 Millionen Dollar

Private-Equity-unterstützte Unternehmen

Konzentriert sich auf Unternehmen, die von Private-Equity-Firmen mit spezifischen Merkmalen unterstützt werden:

• Unterstützt durch institutionelle Private-Equity-Fonds
• Auf der Suche nach Wachstumskapital
• Demonstrierte skalierbare Geschäftsmodelle

Wachstumsorientierte Unternehmen

Wichtige Kennzahlen für wachstumsorientierte Geschäftsfelder:

Wachstumsindikator	Mindestschwelle
Jährliches Umsatzwachstum	15 % oder mehr
EBITDA-Marge	10 % oder mehr

Unternehmen, die eine alternative Finanzierung suchen

Merkmale des Kundensegments Alternative Finanzierung:

• Beschränkter Zugang zu traditionellen Bankkrediten
• Sie benötigen flexible Kapitallösungen
• Suche nach nicht verwässernden Finanzierungsmöglichkeiten

Unternehmen aus verschiedenen Branchen

Branchenverteilung für das GECC-Portfolio:

Industriesektor	Prozentsatz des Portfolios
Technologie	25%
Gesundheitswesen	20%
Unternehmensdienstleistungen	18%
Herstellung	15%
Andere Sektoren	22%

Great Elm Capital Corp. (GECC) – Geschäftsmodell: Kostenstruktur

Personalaufwand für das Investmentmanagement

Ab dem Geschäftsjahr 2023 meldete Great Elm Capital Corp. Gesamtvergütungs- und Sozialaufwendungen in Höhe von 4,5 Millionen US-Dollar. Die Aufschlüsselung umfasst:

Ausgabenkategorie	Betrag ($)
Grundgehälter	2,750,000
Leistungsprämien	1,250,000
Aktienbasierte Vergütung	500,000

Due Diligence und Transaktionskosten

Die transaktionsbezogenen Ausgaben für das Jahr 2023 beliefen sich auf insgesamt etwa 1,2 Millionen US-Dollar, darunter:

• Anwaltskosten: 650.000 US-Dollar
• Beratungsleistungen: 350.000 US-Dollar
• Kosten für die Bewertung durch Dritte: 200.000 US-Dollar

Technologie- und Infrastrukturinvestitionen

Die Technologieausgaben für 2023 beliefen sich auf 750.000 US-Dollar mit folgender Zuteilung:

Technologie-Investitionsbereich	Betrag ($)
Software und Systeme	450,000
Verbesserungen der Cybersicherheit	200,000
Hardware-Upgrades	100,000

Kosten für Compliance und regulatorische Berichterstattung

Die Compliance-bezogenen Kosten beliefen sich im Jahr 2023 auf 850.000 US-Dollar, aufgeteilt wie folgt:

• Externe Prüfungsgebühren: 350.000 US-Dollar
• Kosten für die behördliche Einreichung: 250.000 US-Dollar
• Compliance-Software und -Systeme: 250.000 US-Dollar

Marketing- und Geschäftsentwicklungsaktivitäten

Die Marketing- und Geschäftsentwicklungskosten beliefen sich im Jahr 2023 auf 600.000 US-Dollar, darunter:

Kategorie der Marketingausgaben	Betrag ($)
Teilnahme an Konferenzen und Veranstaltungen	250,000
Digitales Marketing	200,000
Investor-Relations-Materialien	150,000

Great Elm Capital Corp. (GECC) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Fremdkapitalinvestitionen

Für das Geschäftsjahr 2023 meldete Great Elm Capital Corp. einen Gesamtzinsertrag von 13,4 Millionen US-Dollar aus seinem Schuldeninvestitionsportfolio.

Anlagetyp	Zinserträge (Mio. USD)	Prozentsatz der Gesamtsumme
Vorrangig besicherte Kredite	9.6	71.6%
Nachrangige Schulden	3.8	28.4%

Gebühren für die Anlageverwaltung

Die Anlageverwaltungsgebühren für 2023 beliefen sich auf insgesamt 4,2 Millionen US-Dollar.

• Grundverwaltungsgebührensatz: 1,5 % des Gesamtvermögens
• Gesamtes verwaltetes Vermögen: 287 Millionen US-Dollar

Kapitalzuwachs aus Eigenkapitalpositionen

Die realisierten und nicht realisierten Gewinne aus Aktieninvestitionen beliefen sich im Jahr 2023 auf 6,7 Millionen US-Dollar.

Kategorie „Aktieninvestitionen“.	Gewinn/Verlust (Mio. USD)
Realisierte Gewinne	3.9
Nicht realisierte Gewinne	2.8

Strukturierungs- und Transaktionsgebühren

Die Strukturierungs- und Transaktionsgebühren für 2023 beliefen sich auf 2,1 Millionen US-Dollar.

Leistungsorientierte Vergütung

Die leistungsabhängigen Gebühren beliefen sich im Jahr 2023 auf 1,5 Millionen US-Dollar, was 8 % der gesamten Einnahmequellen entspricht.

Leistungsmetrik	Gebührenbetrag (Mio. USD)
Hurdle-Rate überschritten	1.5

Great Elm Capital Corp. (GECC) - Canvas Business Model: Value Propositions

You're looking at what Great Elm Capital Corp. (GECC) offers its investors and borrowers-the core reasons they choose this Business Development Company (BDC) over others. It boils down to income, access to unique assets, and a focus on secured lending for middle-market firms.

High Current Income for Investors

The immediate draw for many is the consistent cash return. The Board of Directors approved a quarterly cash distribution of $0.37 per share for the quarter ending December 31, 2025. This level of distribution was maintained from the third quarter of 2025. To put that in perspective, based on the November 3, 2025 closing price of $7.48, that quarterly payout translates to an annualized yield of 19.8%. Even when measured against the Net Asset Value (NAV) per share of $10.01 as of September 30, 2025, the distribution represents a 14.8% annualized yield. This distribution level was an increase from earlier in the year, moving to $0.37 per share from $0.35 per share starting in Q1 2025.

Here's a quick look at the recent distribution history:

Distribution Quarter	Per Share Amount	Annualized Yield on Price (Approx.)	Date of Declaration
Q3 2025 (Paid Sept 30, 2025)	$0.37	13.5% (on Aug 1, 2025 price of $10.98)	August 4, 2025
Q4 2025 (Payable Dec 31, 2025)	$0.37	19.8% (on Nov 3, 2025 price of $7.48)	November 4, 2025

Access to Bespoke, Higher-Yield Investments

Great Elm Capital Corp. offers investors exposure to investments that are not easily accessible in the broader liquid credit markets. This is achieved through two key areas:

• Investment in the CLO JV (Collateralized Loan Obligation Joint Venture).
• Direct investment in Great Elm Specialty Finance.

As of September 30, 2025, CLO investments stood at approximately $52.3 million, making up 16.1% of the fair market value of total investments. The platform itself targets returns in the high teens to 20% over time. Furthermore, the Great Elm Specialty Finance segment, which includes asset-based lending and factoring, represented an investment of approximately $44.7 million as of September 30, 2025. The distribution from this segment to GECC was strong in the third quarter, increasing to about $450,000 from $120,000 the prior quarter. This focus is part of a strategy to increase the percentage of assets in specialty finance companies to a target of approximately 50%.

Flexible Capital Solutions for Middle-Market Companies

For companies needing capital, Great Elm Capital Corp. provides flexible solutions, generally targeting the middle market. You should know that Great Elm Capital Corp. typically defines middle market companies as those with an enterprise value between $100 million and $2 billion. The firm invests in debt instruments and also makes equity investments, sometimes between $3 million and $10 million in companies with revenues between $3 million and $75 million. This focus on the middle market is central to their direct lending approach.

Emphasis on Senior Secured Debt

The portfolio structure is designed for defense and risk adjustment by prioritizing secured debt. The strategy is to invest in secured and senior secured debt instruments. As of September 30, 2025, first lien loans made up 2/3 of the corporate portfolio. The corporate credit portion of the portfolio, which includes these debt investments, totaled approximately $189.3 million, representing 58.2% of the fair market value of total investments. The weighted average current yield on the entire debt portfolio as of that date was 11.5%. This emphasis on secured positions is a deliberate choice to enhance portfolio quality and maintain a focus on income-generating assets that offer sufficient downside protection.

Finance: draft 13-week cash view by Friday.

Great Elm Capital Corp. (GECC) - Canvas Business Model: Customer Relationships

You're looking at how Great Elm Capital Corp. (GECC) manages its two distinct sets of customers: the public shareholders who provide capital and the portfolio companies that receive it. The relationship management here is a balancing act between public market transparency and private deal-making intimacy.

Transactional and transparent relationship with public shareholders via NASDAQ

For the public shareholders trading on NASDAQ, the relationship is primarily transactional, built on clear, regular disclosures of financial health. You see this in the commitment to the dividend, even when earnings dip. For instance, the Board approved a quarterly cash distribution of $0.37 per share for the quarter ending December 31, 2025. This distribution equated to a 14.8% annualized dividend yield based on the September 30, 2025, Net Asset Value (NAV) per share of $10.01. Still, the market sees the volatility; the NAV per share had dropped from $12.10 to $10.01 as of September 30, 2025, largely due to unrealized losses on First Brands investments. The company's total investment income for that quarter was $10.6 million. The relationship is also transparent about capital structure, noting total debt outstanding was approximately $205.4 million as of September 30, 2025, while cash and money market securities stood at about $24.3 million. Furthermore, the board authorized a new share repurchase program for up to $10 million of common shares, a direct action aimed at supporting shareholder value.

Here's a quick look at the ownership structure as of mid-2025, showing who is holding the stock:

Shareholder Type	Holding Percentage (July 2025)	Trend Since Feb 2025
Institutional Investors	8.86%	Increased (from 7.62%)
Insiders	2.30%	Decreased (from 2.38%)
Mutual Funds	0.05%	Decreased (from 0.08%)

High-touch, direct relationship with portfolio companies for debt origination

When it comes to the portfolio companies, the relationship shifts to be very hands-on, especially for debt origination. Great Elm Capital Corp. sources these transactions directly with issuers, which is the definition of a high-touch approach. This focus is evident in the portfolio composition as of September 30, 2025. The corporate credit portfolio held 64 debt investments totaling approximately $189.3 million, which made up 58.2% of the fair market value of total investments. The direct relationship also involves active portfolio management, as seen by the monetization of 40 investments during the third quarter for about $42.9 million, with debt paydowns yielding an average of 14.3%. Management is actively working to prune the book, expecting to harvest non-yielding assets in excess of $20 million to redeploy into new, cash-generating deals. This direct engagement is necessary to manage risk and secure the income stream that supports the public dividend.

Regular investor communication through quarterly earnings calls and presentations

Keeping the public informed requires a schedule of regular, formal check-ins. Great Elm Capital Corp. uses quarterly earnings calls and accompanying presentations to bridge the gap between private investment activity and public market expectations. For example, the Q3 2025 financial results were discussed on a conference call held on November 5, 2025, at 8:30 a.m. ET. The company provided an accompanying slide presentation to help investors digest the figures, such as the drop in Net Investment Income (NII) to $2.4 million, or $0.20 per share, from $5.9 million in the prior quarter. Management used these calls to explain the drivers, like uneven CLO joint venture distributions and the lack of a preference share dividend, while also setting expectations for recovery in Q4 2025. This structured communication is how Great Elm Capital Corp. maintains credibility with its diverse investor base.

• The Q3 2025 earnings call provided details on the 23.81% negative surprise in EPS versus forecasts.
• The company raised approximately $27 million of equity during Q3 2025 to strengthen the balance sheet.
• An affiliate of Booker Smith purchased 1.3 million shares of common stock for $15.0 million in August 2025.

Finance: draft 13-week cash view by Friday.

Great Elm Capital Corp. (GECC) - Canvas Business Model: Channels

You're looking at how Great Elm Capital Corp. (GECC) gets its services and capital to the market, which for a Business Development Company (BDC) means both where its stock trades and how it sources its investments. This is all about market access, both for raising funds and deploying capital into Specialty Finance deals.

NASDAQ Stock Exchange for Common Stock (GECC) and Publicly Traded Notes

Great Elm Capital Corp. common stock trades on the NASDAQ-GM under the ticker GECC. This is the primary public market channel for equity investors. As of late 2025 reporting, the 52 Week High/Low for the common stock was $11.455/$7.18, with a Market Cap reported at $59,523,347. The company also utilizes the public debt markets to raise capital through unsecured notes, which are also listed on NASDAQ. For instance, the 7.75% Notes due December 31, 2030, trade under the symbol GECCG. The September 2025 offering of these notes raised approximately $48.1 million in net proceeds. You can see the structure of their publicly traded debt instruments as of September 30, 2025, in the table below.

Security Identifier	Coupon Rate	Maturity Date	Principal Amount Outstanding (Par Value) as of 9/30/2025
GECC (Common Stock)	N/A	N/A	Market Cap: $59,523,347
GECCG (Notes)	7.75%	December 31, 2030	Included in Total Debt
GECCO (Notes)	5.875%	June 2026	Included in Total Debt
GECCI (Notes)	8.50%	April 2029	Included in Total Debt
GECCH (Notes)	8.125%	December 2029	Included in Total Debt

Total debt outstanding as of September 30, 2025, was approximately $205.4 million. The annualized dividend on the common stock was reported at $1.48, equating to a Current Yield of 19.4% based on a previous price point.

Direct Origination Efforts for New Specialty Finance Investments

The channel for deploying capital is largely managed through its subsidiary, Great Elm Specialty Finance (GESF), which oversees Specialty Finance investments, acquisitions, partnerships, and direct origination opportunities. This platform is focused on building equity stakes across the Continuum of Lending. The corporate portfolio, as of September 30, 2025, comprised over $220 million of investments. A key focus area is senior secured debt, with first lien loans making up 2/3 of the corporate portfolio on that date. The operational channel for asset-based lending (ABL) was rebranded as Great Elm Commercial Finance in the first quarter of 2025. The direct origination success is reflected in the distributions received by GECC; for example, Great Elm Specialty Finance increased its distribution to GECC to approximately $450,000 in the third quarter of 2025, up from $120,000 the prior quarter.

Here are some key metrics related to the deployment channel as of the end of Q3 2025:

• Net Assets (NAV) per share as of September 30, 2025: $10.01.
• Cash and money market fund investments as of September 30, 2025: approximately $24.3 million.
• Availability under the Revolving Credit Facility (Revolver) as of September 30, 2025: $50.0 million.
• The Revolver facility size was increased to $50 million from $25 million in August 2025.

Investment Banks and Brokers for Capital Raising and Debt Issuance

Investment banks and brokers serve as crucial intermediaries for Great Elm Capital Corp. when accessing public capital markets for both equity and debt issuance. For the September 2025 offering of 7.75% Notes due 2030 (GECCG), the company utilized a syndicate of established financial institutions. The joint book-running managers were Lucid Capital Markets, LLC and Piper Sandler & Co. The co-managers included Clear Street LLC, InspereX LLC, and Janney Montgomery Scott LLC. This channel is also used for equity raises; for example, an August 2025 equity issuance raised $15 million by issuing approximately 1.3 million shares at $11.65 per share. Overall in the third quarter of 2025, GECC generated net proceeds of approximately $27 million from total equity issuances of approximately 2.4 million shares.

Investor Relations Website for SEC Filings and Financial Data

The Investor Relations website acts as the direct, self-service channel for stakeholders to access official regulatory documents and performance data. The primary website address is www.greatelmcc.com. Investors can find SEC filings under the Financials section. The latest major filing available reflecting late 2025 performance is the Form 10-Q dated November 04, 2025, covering the third quarter ended September 30, 2025. The company also provides a direct email contact for distribution list sign-ups: investorrelations@greatelmcap.com. The Q3 2025 earnings call was hosted on November 5, 2025. You can review the official filings for detailed transaction data, such as the Form 424B5 dated September 04, 2025, related to the notes offering.

Great Elm Capital Corp. (GECC) - Canvas Business Model: Customer Segments

You're looking at the specific groups Great Elm Capital Corp. (GECC) directs its investment efforts toward as of late 2025. This isn't about the general market; it's about who actually receives the capital or provides the funding base.

Retail and institutional investors seeking high-yield BDC exposure are the equity holders of Great Elm Capital Corp. (GECC). As of September 30, 2025, the company had approximately 14.0 million shares outstanding. The Board maintained the quarterly cash distribution at $0.37 per share for the fourth quarter of 2025. This distribution equated to a 14.8% annualized dividend yield on the September 30, 2025, net asset value (NAV) of $10.01 per share.

The core lending focus is on middle-market companies needing financing, primarily through direct corporate credit investments. As of September 30, 2025, Great Elm Capital Corp. (GECC) held 64 debt investments in corporate credit, valued at approximately $189.3 million at fair value, which was 58.2% of total investments. First lien loans comprised 2/3 of the corporate portfolio as of that date. The weighted average current yield on the entire debt portfolio stood at 11.5% as of September 30, 2025.

Institutional partners in the Collateralized Loan Obligation (CLO) market provide exposure to broadly syndicated first lien loans. CLO investments represented approximately $52.3 million, or 16.1% of the fair market value of total investments on September 30, 2025. The CLO joint venture targets returns in the high teens to 20% over time.

Small-to-medium businesses (SMBs) served by Great Elm Specialty Finance represent a distinct segment. The total investment in Great Elm Specialty Finance was approximately $44.7 million as of September 30, 2025. This allocation included two debt investments of $31.3 million and one equity investment of $13.4 million. The underlying businesses served by the Specialty Finance arm, such as those financed through Sterling, typically have annual sales between $3 Million and $100 Million.

Here is a quick look at how the investment portfolio was allocated as of September 30, 2025:

Investment Type	Fair Value Amount	Percentage of Total Investments
Debt Investments in Corporate Credit	Approximately $189.3 million	58.2%
CLO Investments	Approximately $52.3 million	16.1%
Investment in Great Elm Specialty Finance	Approximately $44.7 million	13.7% (9.6% debt + 4.1% equity)
Other Equity Investments	Approximately $28.2 million	8.7%
Dividend-Paying Equity Investments	Approximately $10.5 million	3.2%

The deployment activity shows the ongoing engagement with these segments:

• During the quarter ended September 30, 2025, Great Elm Capital Corp. (GECC) deployed approximately $56.6 million into 36 investments.
• The weighted average current yield on investments deployed during that quarter was 10.7%.
• The company monetized, in part or in full, 40 investments for approximately $42.9 million during the same quarter.

Finance: draft 13-week cash view by Friday.

Great Elm Capital Corp. (GECC) - Canvas Business Model: Cost Structure

You're looking at the direct costs Great Elm Capital Corp. (GECC) incurs to run its investment management platform, which is heavily influenced by its debt load and its external management structure. These costs are key because they directly reduce the Net Investment Income (NII) available for shareholders.

The most significant recurring cost is the interest expense tied to the capital structure. As of September 30, 2025, Great Elm Capital Corp. had total debt outstanding (par value) of approximately $205.4 million. This debt is comprised of several senior notes, including the 5.875% notes due June 2026, 8.50% notes due April 2029, 8.125% notes due December 2029, and the new 7.75% notes due December 2030. The company noted that in Q3 2025, elevated expenses were associated with the baby bond refinancing, which involved redeeming the 8.75% GECCZ Notes and issuing the new 7.75% GECCG Notes.

Cost Component	Associated Amount / Context	Date / Period
Total Debt Outstanding (Par Value)	$205.4 million	As of September 30, 2025
Equity Raised (Net Proceeds)	$27 million	Q3 2025
Debt Refinancing Savings (Annualized Cash Interest)	Approximately $0.4 million per annum	Pro forma for September refinancing
Total Expenses (Inclusive of Excise Tax)	Approximately $8.2 million	Q3 2025

The external management arrangement with Great Elm Group (GEG) creates a variable cost structure based on performance and asset growth. For the full fiscal year ended June 30, 2025, GEG collected incentive fees totaling approximately $4.1 million from Great Elm Capital Corp., a 52% increase from the prior year due to strong investment performance.

General operating expenses, which cover the day-to-day running of the investment portfolio, are also material. You can see the components of these costs, which are paid to the external manager, in the table below, using the latest available quarterly data points for specific line items:

• Management fees for Q2 2025 were $1.278 million.
• Administration fees for Q2 2025 were $0.383 million.
• Professional services for Q1 2025 were $0.424 million.
• Custody fees for Q2 2025 were $0.037 million.

Costs related to capital raises are distinct from ongoing operating expenses, though they can temporarily elevate the expense base. The capital raise in Q3 2025 involved generating $27 million in net proceeds from equity issuances. The company specifically mentioned that total expenses in Q3 2025 were elevated due to costs associated with the baby bond refinancing.

Great Elm Capital Corp. (GECC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Great Elm Capital Corp. (GECC) brings in money, which is mostly through lending and investments, as of their latest reported numbers in late 2025.

Total Investment Income (TII) for the quarter ended September 30, 2025, was reported at $10.6 million. This figure is the aggregate of interest earned, dividends, and realized gains from the various assets on the balance sheet.

A significant, though variable, component of this income comes from the CLO Joint Venture (CLO JV). GECC received cash distributions from the CLO JV totaling $1.5 million for the quarter ending September 30, 2025. This was lower than the $4.3 million received in the preceding quarter, Q2 2025. Also, note that the TII in the prior quarter benefited from a $2.1 million distribution on preference shares from an insurance-related investment, which was not present in the Q3 2025 results.

The primary engine remains interest income from the debt portfolio. As of September 30, 2025, the weighted average current yield on Great Elm Capital Corp.'s debt portfolio stood at 11.5%.

Income also flows from equity investments, including the Specialty Finance platform, Great Elm Specialty Finance (GESF). As of September 30, 2025, the investment in GESF represented approximately $44.7 million at fair value, which included $13.4 million in equity exposure.

Here's a quick look at how the revenue-generating assets and key yield metrics stacked up at the end of Q3 2025:

Revenue Driver / Metric	Amount / Value	Period / Date
Total Investment Income (TII)	$10.6 million	Quarter ended September 30, 2025
CLO JV Cash Distributions	$1.5 million	Quarter ended September 30, 2025
Weighted Average Current Yield on Debt Portfolio	11.5%	As of September 30, 2025
Fair Value of Specialty Finance Equity Investment	$13.4 million	As of September 30, 2025

You should keep an eye on the composition of the debt portfolio, as it directly impacts the stability of the interest income stream. The structure of the debt investments shows a clear preference for floating rates, which helps manage interest rate risk.

• Floating rate instruments comprised approximately 67% of the fair market value of debt investments as of September 30, 2025.
• Fixed rate debt investments had a weighted average maturity of 2.8 years as of September 30, 2025.
• The Company deployed approximately $56.6 million into 36 new investments during the quarter at a weighted average current yield of 10.7%.

Also, remember that income from equity investments can include capital gains, which are inherently less predictable than the contractual interest payments from debt. For instance, the prior quarter's TII was boosted by a one-time $2.1 million preference share distribution that didn't repeat in Q3 2025.

Finance: draft 13-week cash view by Friday.