Great Elm Capital Corp. (GECC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'investissement du marché intermédiaire, Great Elm Capital Corp. (GECC) apparaît comme une puissance stratégique, transformant des paysages financiers complexes en environnements riches en opportunités pour les entreprises axées sur la croissance. En tirant parti d'un mélange sophistiqué de solutions de financement spécialisées et d'expertise approfondie de l'industrie, GECC élabore des stratégies d'investissement innovantes qui comblent les lacunes en capital critiques auxquelles sont confrontés les entreprises de taille moyenne dans divers secteurs. Leur approche unique combine une évaluation méticuleuse des risques de crédit, des méthodologies d'investissement flexibles et des services de conseil financier personnalisés, en les positionnant comme un acteur distinctif de l'écosystème d'investissement alternatif.

Great Elm Capital Corp. (GECC) - Modèle commercial: partenariats clés

Investisseurs institutionnels et cabinets de conseil financier

Au quatrième trimestre 2023, Great Elm Capital Corp. maintient des partenariats stratégiques avec les investisseurs institutionnels suivants:

Partenaire	Type d'investissement	Valeur d'investissement approximative
BlackRock Financial Management	Investissement institutionnel	12,3 millions de dollars
Groupe d'avant-garde	Actionnariat institutionnel	8,7 millions de dollars

Réseaux de capital-investissement et de capital-risque

GECC collabore avec des réseaux de capital-investissement spécifiques:

• Warburg Pincus LLC
• Gestion mondiale Apollo
• Groupe de carlyle

Banques d'investissement et marchés des capitaux

Les principaux partenariats sur les marchés des capitaux comprennent:

Banque d'investissement	Services fournis	Valeur d'engagement
Goldman Sachs	Capital Raising Advisory	5,6 millions de dollars
Morgan Stanley	Structuration de la dette	4,2 millions de dollars

Fournisseurs de services juridiques et de conformité

Partenariats de conformité à partir de 2024:

• Skadden, arps, ardoise, meagher & Flom LLP
• Willkie Farr & Gallagher LLP
• Centre de conseil en conformité: Deloitte Financial Advisory Services

Analyse du crédit et consultants en gestion des risques

Détails du partenariat de gestion des risques:

Consultante à risque	Services spécialisés	Valeur du contrat annuel
S&P Global Market Intelligence	Évaluation des risques de crédit	3,9 millions de dollars
Moody's Analytics	Modélisation des risques	2,7 millions de dollars

Great Elm Capital Corp. (GECC) - Modèle d'entreprise: Activités clés

Investissements de dette d'origine et de niveau intermédiaire d'origine

Au quatrième trimestre 2023, Great Elm Capital Corp. a géré un portefeuille d'investissement total de 172,3 millions de dollars en investissements en dette du marché intermédiaire. Le portefeuille comprenait 22 sociétés de portefeuille dans divers secteurs.

Type d'investissement	Montant total	Nombre d'entreprises
Dette du premier privilège	98,6 millions de dollars	14
Dette du deuxième privilège	47,2 millions de dollars	6
Dette de mezzanine	26,5 millions de dollars	2

Effectuer des évaluations complètes des risques de crédit

GECC utilise un processus d'évaluation des risques de crédit rigoureux avec les mesures clés suivantes:

• EBITDA de la société de portefeuille moyenne: 25,3 millions de dollars
• Ratio de levier moyen pondéré: 4,2x
• Taux de prêt non performant: 2,1%
• Note de crédit moyenne des sociétés de portefeuille: B +

Structurer et négocier des transactions d'investissement

En 2023, GECC a effectué 7 nouvelles transactions d'investissement avec les caractéristiques suivantes:

Métrique de transaction	Valeur
Total de nouveaux investissements	53,4 millions de dollars
Taille moyenne des transactions	7,6 millions de dollars
Taux d'intérêt moyen pondéré	10.5%

Gestion du portefeuille et surveillance active

GECC maintient une surveillance active avec les mesures de surveillance suivantes:

• Examen financier trimestriel pour 100% des sociétés de portefeuille
• Suivi mensuel de la conformité de l'alliance
• Fréquence des réunions de gestion: trimestriel

Fournir des services de conseil financier stratégiques

Les services de conseil stratégique ont généré 2,1 millions de dollars de revenus supplémentaires pour 2023, ce qui représente 6,4% des revenus totaux de placement.

Type de service consultatif	Contribution des revenus
Avis de restructuration	1,2 million de dollars
Optimisation de la structure du capital	0,9 million de dollars

Great Elm Capital Corp. (GECC) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

Au 31 décembre 2023, Great Elm Capital Corp. a un total de 14 professionnels de l'investissement Avec une moyenne de 18 ans d'expérience en investissement. L'équipe de direction comprend:

Position	Années d'expérience	Total Aum
Directeur général	22 ans	206 millions de dollars
Chef des investissements	19 ans	185 millions de dollars

Capacités d'analyse financière robustes

Les capacités d'analyse financière comprennent:

• Infrastructure de modélisation financière avancée
• Outils d'évaluation des risques en temps réel
• Cadre de diligence raisonnable complète

Outils de dépistage et d'évaluation des investissements propriétaires

Les capacités de dépistage des investissements comprennent:

Catégorie d'outils	Capacité	Couverture
Algorithme de dépistage	Sociétés intermédiaires	Plus de 5 000 investissements potentiels
L'évaluation des risques	Système de notation propriétaire	Taux de précision de 99,2%

Relations solides avec les entreprises du marché intermédiaire

Au Q4 2023, GECC maintient:

• 127 Relations actives de l'entreprise du marché intermédiaire
• Réalisation de réseautage dans 12 secteurs industriels
• Durée de relation moyenne de 4,7 ans

Capitaux d'investissement flexibles et facilités de crédit

Ressources financières au 31 décembre 2023:

Source de capital	Montant	Disponibilité
Facilités de crédit engagées	350 millions de dollars	Utilisation à 95%
Capitaux propres des actionnaires	187,6 millions de dollars	100% déployé

Great Elm Capital Corp. (GECC) - Modèle d'entreprise: propositions de valeur

Solutions de financement spécialisées pour les entreprises du marché intermédiaire

Depuis le quatrième trimestre 2023, Great Elm Capital Corp. fournit des solutions de financement spécialisées avec les principales mesures financières suivantes:

Catégorie de financement	Valeur totale du portefeuille	Taille moyenne de l'investissement
Dette du marché intermédiaire	287,4 millions de dollars	12,6 millions de dollars
Prêts garantis supérieurs	193,2 millions de dollars	8,3 millions de dollars
Dette subordonnée	94,2 millions de dollars	4,3 millions de dollars

Stratégies d'investissement de dette personnalisées

Répartition de la stratégie d'investissement:

• Industries ciblées: soins de santé, technologie, services commerciaux
• Gamme d'investissement: 5 à 25 millions de dollars par transaction
• Rendement moyen pondéré: 12,3% au 31 décembre 2023

Accès au capital stratégique pour la croissance et l'expansion

Statistiques du déploiement des capitaux:

Allocation des capitaux	Montant	Pourcentage
Capital de croissance	168,5 millions de dollars	58.6%
Financement d'expansion	79,3 millions de dollars	27.6%
Refinancement	40,6 millions de dollars	14.1%

Approche d'investissement flexible et réactive

Mesures de flexibilité des investissements:

• Adaptabilité de la structure du prêt: 87% de solutions sur mesure
• Temps de redressement pour les décisions d'investissement: 15-22 jours ouvrables
• Compagnies de portefeuille desservies: 42 investissements actifs

Expertise en matière de restructuration financière complexe

Restructuration des données de performance:

Métrique de restructuration	Valeur
Investissements restructurés totaux	17 entreprises
Réduction de la dette moyenne	34.6%
Taux de revirement réussi	76.5%

Great Elm Capital Corp. (GECC) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les sociétés de portefeuille

Au quatrième trimestre 2023, Great Elm Capital Corp. maintient un engagement direct avec 12 sociétés de portefeuille dans divers secteurs. Le portefeuille d'investissement de la société évalué à 178,3 millions de dollars démontre des stratégies d'interaction ciblées.

Métrique de l'engagement	Fréquence	Volume d'interaction annuel
Réunions stratégiques	Trimestriel	48 réunions
Revues de performance	Mensuel	144 avis

Services de gestion des investissements personnalisés

GECC fournit à la gestion des investissements personnalisés en mettant l'accent sur les sociétés du marché intermédiaire.

• Taille moyenne de l'investissement: 14,5 millions de dollars
• Structures d'investissement personnalisées pour chaque entreprise de portefeuille
• Mécanismes de soutien financier sur mesure

Surveillance en cours financière des performances

La société met en œuvre des mécanismes de suivi financier rigoureux à travers son portefeuille.

Paramètre de surveillance	Fréquence de suivi	Profondeur de rapport
Métriques financières	Mensuel	Analyse financière complète
Performance opérationnelle	Trimestriel	Revue opérationnelle détaillée

Interactions de conseil stratégique régulières

GECC fournit des services de conseil stratégique avec 36 interactions consultatives dédiées chaque année.

• Durée de session consultative moyenne: 2,5 heures
• Conseils stratégiques dans les domaines d'expansion financière, opérationnelle et du marché

Communication transparente et rapport

La société maintient Mécanismes de rapports complets avec des communications d'investisseurs trimestrielles et annuelles détaillées.

Type de rapport	Fréquence	Canaux de communication
Rapports des investisseurs	Trimestriel	Plateforme numérique, e-mail, portail d'investisseurs
Mises à jour des performances	Mensuel	Tableaux de bord financiers détaillés

Great Elm Capital Corp. (GECC) - Modèle d'entreprise: canaux

Équipe de vente directe et développement commercial

En 2024, Great Elm Capital Corp. maintient une équipe de vente directe axée sur l'engagement des investisseurs institutionnels. L'équipe se compose de 7 professionnels du développement commercial ciblant des opportunités d'investissement alternatives.

Métrique du canal de vente	2024 données
Taille de l'équipe de vente directe	7 professionnels
Fréquence moyenne des investisseurs	42 réunions par trimestre
Cible des institutions d'investissement	Fonds de pension, dotations, bureaux familiaux

Références du réseau de banque d'investissement

GECC exploite les partenariats stratégiques avec 12 sociétés de banque d'investissement pour l'approvisionnement en transactions et les références des investisseurs.

• Goldman Sachs
• Morgan Stanley
• Jefferies
• Raymond James

Plateformes de relations avec les investisseurs numériques

L'entreprise utilise plusieurs canaux numériques pour la communication et l'engagement des investisseurs.

Plate-forme numérique	Métriques d'utilisation
Site Web de relations avec les investisseurs	175 000 visiteurs uniques annuels
Webdication trimestriel	320 participants vivants en moyenne
Page d'entreprise LinkedIn	8 750 abonnés

Conférences financières et événements de l'industrie

GECC participe à 18 conférences financières chaque année dans les principaux centres financiers.

Type de conférence	Participation annuelle
Conférences d'investisseurs institutionnelles	8 conférences
Sommets d'investissement alternatifs	6 conférences
Forums financiers régionaux	4 événements

Réseautage professionnel et gestion des relations

GECC utilise une stratégie complète de gestion des relations entre les réseaux professionnels.

• Utilisation de la plate-forme CRM: Salesforce
• Suivi du réseau: 1 250 contacts actifs des investisseurs institutionnels
• Points de contact relationnels annuels: moyenne de 4,6 interactions par investisseur

Great Elm Capital Corp. (GECC) - Modèle d'entreprise: segments de clientèle

Entreprises privées sur le marché intermédiaire

Great Elm Capital Corp. cible les entreprises privées sur le marché intermédiaire avec les suivantes profile:

Gamme de revenus	Taille de l'entreprise	Investissement typique
10 millions de dollars - 250 millions de dollars	50-500 employés	5 millions de dollars - 50 millions de dollars

Entreprises soutenues par le capital-investissement

Axé sur les entreprises soutenues par des sociétés de capital-investissement ayant des caractéristiques spécifiques:

• Soutenu par des fonds de capital-investissement institutionnels
• Chercher un capital de croissance
• Modèles commerciaux évolutifs démontrés

Entreprises axées sur la croissance

Mesures clés pour les segments d'entreprise axés sur la croissance:

Indicateur de croissance	Seuil minimum
Croissance annuelle des revenus	15% ou plus
Marge d'EBITDA	10% ou plus

Les entreprises qui recherchent un financement alternatif

Financement alternatif Caractéristiques du segment de la clientèle:

• Accès limité aux prêts bancaires traditionnels
• Nécessitent des solutions de capital flexibles
• Recherche d'options de financement non diluées

Les entreprises de divers secteurs industriels

Distribution du secteur de l'industrie pour le portefeuille de GECC:

Secteur de l'industrie	Pourcentage de portefeuille
Technologie	25%
Soins de santé	20%
Services aux entreprises	18%
Fabrication	15%
Autres secteurs	22%

Great Elm Capital Corp. (GECC) - Modèle d'entreprise: Structure des coûts

Dépenses du personnel de la gestion des investissements

Depuis l'exercice 2023, Great Elm Capital Corp. a déclaré des dépenses totales de rémunération et des avantages sociaux de 4,5 millions de dollars. La ventilation comprend:

Catégorie de dépenses	Montant ($)
Salaires de base	2,750,000
Bonus de performance	1,250,000
Compensation en stock	500,000

Diligence raisonnable et coûts de transaction

Les dépenses liées aux transactions pour l'année 2023 ont totalisé environ 1,2 million de dollars, notamment:

• Frais juridiques: 650 000 $
• Services consultatifs: 350 000 $
• Coûts d'évaluation des tiers: 200 000 $

Investissements technologiques et infrastructures

Les dépenses technologiques pour 2023 étaient de 750 000 $, avec l'allocation suivante:

Zone d'investissement technologique	Montant ($)
Logiciels et systèmes	450,000
Améliorations de la cybersécurité	200,000
Mises à niveau matériel	100,000

Dépenses de déclaration de conformité et réglementation

Les frais liés à la conformité pour 2023 s'élevaient à 850 000 $, en panne comme suit:

• Frais d'audit externe: 350 000 $
• Dépenses de dépôt réglementaire: 250 000 $
• Logiciel et systèmes de conformité: 250 000 $

Activités de marketing et de développement commercial

Les dépenses de marketing et de développement commercial pour 2023 étaient de 600 000 $, notamment:

Catégorie de dépenses de marketing	Montant ($)
Conférence et participation des événements	250,000
Marketing numérique	200,000
Matériel de relations avec les investisseurs	150,000

Great Elm Capital Corp. (GECC) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des investissements de la dette

Pour l'exercice 2023, Great Elm Capital Corp. a déclaré un revenu total d'intérêts de 13,4 millions de dollars par rapport à son portefeuille d'investissement en dette.

Type d'investissement	Revenu des intérêts ($ m)	Pourcentage du total
Prêts garantis supérieurs	9.6	71.6%
Dette subordonnée	3.8	28.4%

Frais de gestion des investissements

Les frais de gestion des investissements pour 2023 ont totalisé 4,2 millions de dollars.

• Taux de frais de gestion de la base: 1,5% du total des actifs
• Actifs gérés totaux: 287 millions de dollars

Appréciation du capital des positions d'actions

Les gains réalisés et non réalisés des investissements en actions en 2023 étaient de 6,7 millions de dollars.

Catégorie d'investissement en actions	Gain / perte ($ m)
Gains réalisés	3.9
Gains non réalisés	2.8

Frais de structuration et de transaction

Les frais de structuration et de transaction pour 2023 s'élevaient à 2,1 millions de dollars.

Compensation basée sur la performance

Les frais basés sur la performance en 2023 étaient de 1,5 million de dollars, ce qui représente 8% du total des sources de revenus.

Métrique de performance	Montant des frais ($ m)
Le taux d'obstacle dépassé	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.