Great Elm Capital Corp. (GECC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do investimento no mercado intermediário, a Great Elm Capital Corp. (GECC) surge como uma potência estratégica, transformando paisagens financeiras complexas em ambientes ricos em oportunidades para empresas orientadas para o crescimento. Ao alavancar uma mistura sofisticada de soluções de financiamento especializadas e profunda experiência na indústria, a GECC cria estratégias inovadoras de investimento que preenchem as lacunas de capital críticas enfrentadas por empresas de médio porte em diversos setores. Sua abordagem única combina avaliação meticulosa de risco de crédito, metodologias flexíveis de investimento e serviços personalizados de consultoria financeira, posicionando -os como um participante distinto no ecossistema alternativo de investimento.

Great Elm Capital Corp. (GECC) - Modelo de negócios: Parcerias -chave

Investidores institucionais e empresas de consultoria financeira

No quarto trimestre 2023, a Great Elm Capital Corp. mantém parcerias estratégicas com os seguintes investidores institucionais:

Parceiro	Tipo de investimento	Valor aproximado de investimento
Gestão Financeira BlackRock	Investimento institucional	US $ 12,3 milhões
Grupo Vanguard	Participação acionária institucional	US $ 8,7 milhões

Redes de capital de private equity e risco

A GECC colabora com redes específicas de private equity:

• Warburg Pincus LLC
• Apollo Global Management
• Grupo Carlyle

Bancos de investimento e profissionais do mercado de capitais

As principais parcerias do mercado de capitais incluem:

Banco de investimento	Serviços prestados	Valor de engajamento
Goldman Sachs	Consultor de capital	US $ 5,6 milhões
Morgan Stanley	Estruturação da dívida	US $ 4,2 milhões

Provedores de serviços legais e de conformidade

Parcerias de conformidade a partir de 2024:

• Skadden, Arps, Slate, Meagher & Flom llp
• Willkie Farr & Gallagher LLP
• Empresa de consultoria de conformidade: Deloitte Financial Advisory Services

Análise de crédito e consultores de gerenciamento de riscos

Detalhes da parceria de gerenciamento de riscos:

Consultor de risco	Serviços especializados	Valor anual do contrato
S&P Global Market Intelligence	Avaliação de risco de crédito	US $ 3,9 milhões
A análise da Moody	Modelagem de risco	US $ 2,7 milhões

Great Elm Capital Corp. (GECC) - Modelo de negócios: Atividades -chave

Originando e gerenciando investimentos em dívida do mercado médio

A partir do quarto trimestre de 2023, a Great Elm Capital Corp. administrou um portfólio total de investimentos de US $ 172,3 milhões em investimentos em dívidas no mercado intermediário. O portfólio consistia em 22 empresas de portfólio em vários setores.

Tipo de investimento	Montante total	Número de empresas
Primeira dívida de garantia	US $ 98,6 milhões	14
Segunda dívida de garantia	US $ 47,2 milhões	6
Dívida do mezanino	US $ 26,5 milhões	2

Conduzindo avaliações abrangentes de risco de crédito

A GECC emprega um rigoroso processo de avaliação de risco de crédito com as seguintes métricas -chave:

• Empresa de portfólio médio Ebitda: US $ 25,3 milhões
• Razão média ponderada de alavancagem: 4,2x
• Taxa de empréstimo sem desempenho: 2,1%
• Classificação média de crédito das empresas de portfólio: B+

Estruturar e negociar transações de investimento

Em 2023, a GECC concluiu 7 novas transações de investimento com as seguintes características:

Métrica de transação	Valor
Novos investimentos totais	US $ 53,4 milhões
Tamanho médio da transação	US $ 7,6 milhões
Taxa de juros médio ponderada	10.5%

Gerenciamento de portfólio e monitoramento ativo

A GECC mantém o monitoramento ativo com as seguintes métricas de supervisão:

• Revisão financeira trimestral para 100% das empresas de portfólio
• Rastreamento mensal de conformidade da aliança
• Frequência de reuniões de gerenciamento: trimestralmente

Fornecendo serviços de consultoria financeira estratégica

Os serviços de consultoria estratégica geraram US $ 2,1 milhões em receita adicional para 2023, representando 6,4% da receita total do investimento.

Tipo de serviço de consultoria	Contribuição da receita
Advogado de reestruturação	US $ 1,2 milhão
Otimização da estrutura de capital	US $ 0,9 milhão

Great Elm Capital Corp. (GECC) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

Em 31 de dezembro de 2023, a Great Elm Capital Corp. tem um Total de 14 profissionais de investimento com uma média de 18 anos de experiência em investimento. A equipe de liderança inclui:

Posição	Anos de experiência	Aum total
Diretor executivo	22 anos	US $ 206 milhões
Diretor de Investimento	19 anos	US $ 185 milhões

Recursos robustos de análise financeira

Os recursos de análise financeira incluem:

• Infraestrutura de modelagem financeira avançada
• Ferramentas de avaliação de risco em tempo real
• Estrutura abrangente de due diligence

Ferramentas proprietárias de triagem e avaliação de investimento

Os recursos de triagem de investimentos incluem:

Categoria de ferramenta	Capacidade	Cobertura
Algoritmo de triagem	Empresas de mercado intermediário	Mais de 5.000 investimentos em potencial
Avaliação de risco	Sistema de pontuação proprietária	99,2% de taxa de precisão

Relacionamentos fortes com empresas de nível médio

A partir do quarto trimestre 2023, o GECC mantém:

• 127 relacionamentos ativos da empresa de mercado médio
• Alcance de rede em 12 setores da indústria
• Duração média do relacionamento de 4,7 anos

Capital de investimento flexível e linhas de crédito

Recursos financeiros em 31 de dezembro de 2023:

Fonte de capital	Quantia	Disponibilidade
Linhas de crédito comprometidas	US $ 350 milhões	Utilização de 95%
Equidade dos acionistas	US $ 187,6 milhões	100% implantado

Great Elm Capital Corp. (GECC) - Modelo de Negócios: Proposições de Valor

Soluções de financiamento especializadas para empresas de mercado médio

A partir do quarto trimestre 2023, a Great Elm Capital Corp. fornece soluções de financiamento especializadas com as seguintes métricas financeiras principais:

Categoria de financiamento	Valor total do portfólio	Tamanho médio de investimento
Dívida do mercado intermediário	US $ 287,4 milhões	US $ 12,6 milhões
Empréstimos garantidos sênior	US $ 193,2 milhões	US $ 8,3 milhões
Dívida subordinada	US $ 94,2 milhões	US $ 4,3 milhões

Estratégias de investimento em dívida personalizadas

Redução da estratégia de investimento:

• Indústrias direcionadas: assistência médica, tecnologia, serviços de negócios
• Faixa de investimento: US $ 5 milhões a US $ 25 milhões por transação
• Rendimento médio ponderado: 12,3% em 31 de dezembro de 2023

Acesso ao capital estratégico para crescimento e expansão

Estatísticas de implantação de capital:

Alocação de capital	Quantia	Percentagem
Capital de crescimento	US $ 168,5 milhões	58.6%
Financiamento de expansão	US $ 79,3 milhões	27.6%
Refinanciamento	US $ 40,6 milhões	14.1%

Abordagem de investimento flexível e responsivo

Métricas de flexibilidade de investimento:

• Adaptabilidade da estrutura de empréstimos: 87% de soluções personalizadas
• Tempo de resposta para decisões de investimento: 15-22 dias úteis
• Empresas de portfólio atendidas: 42 investimentos ativos

Experiência em reestruturação financeira complexa

Dados de desempenho de reestruturação:

Métrica de reestruturação	Valor
Investimentos reestruturados totais	17 empresas
Redução média da dívida	34.6%
Taxa de recuperação bem -sucedida	76.5%

Great Elm Capital Corp. (GECC) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com empresas de portfólio

A partir do quarto trimestre 2023, a Great Elm Capital Corp. mantém o envolvimento direto com 12 empresas de portfólio em vários setores. O portfólio de investimentos da empresa, avaliado em US $ 178,3 milhões, demonstra estratégias de interação direcionadas.

Métrica de engajamento	Freqüência	Volume anual de interação
Reuniões estratégicas	Trimestral	48 reuniões
Revisões de desempenho	Mensal	144 revisões

Serviços personalizados de gerenciamento de investimentos

A GECC fornece ao gerenciamento de investimentos personalizado com foco em empresas de mercado intermediário.

• Tamanho médio do investimento: US $ 14,5 milhões
• Estruturas de investimento personalizadas para cada empresa de portfólio
• Mecanismos de apoio financeiro personalizado

Monitoramento de desempenho financeiro em andamento

A empresa implementa rigorosos mecanismos de rastreamento financeiro em seu portfólio.

Parâmetro de monitoramento	Frequência de rastreamento	Profundidade de relatório
Métricas financeiras	Mensal	Análise financeira abrangente
Desempenho operacional	Trimestral	Revisão operacional detalhada

Interações consultivas estratégicas regulares

A GECC fornece serviços de consultoria estratégica com 36 interações consultivas dedicadas anualmente.

• Duração média da sessão de consultoria: 2,5 horas
• Orientação estratégica nos domínios de expansão financeira, operacional e de mercado

Comunicação transparente e relatórios

A empresa mantém mecanismos abrangentes de relatórios com comunicações de investidores trimestrais e anuais detalhadas.

Tipo de relatório	Freqüência	Canais de comunicação
Relatórios de investidores	Trimestral	Plataforma digital, email, portal de investidores
Atualizações de desempenho	Mensal	Painéis financeiros detalhados

Great Elm Capital Corp. (GECC) - Modelo de Negócios: Canais

Equipe direta de vendas e desenvolvimento de negócios

A partir de 2024, a Great Elm Capital Corp. mantém uma equipe de vendas direta focada no envolvimento institucional dos investidores. A equipe consiste em 7 profissionais de desenvolvimento de negócios direcionados a oportunidades alternativas de investimento.

Métrica do canal de vendas	2024 dados
Tamanho direto da equipe de vendas	7 profissionais
Frequência média de reunião de investidores	42 reuniões por trimestre
Instituições de investimento -alvo	Fundos de pensão, doações, escritórios familiares

Referências de rede de banco de investimento

A GECC aproveita parcerias estratégicas com 12 empresas de banco de investimento para fornecimento de acordos e referências de investidores.

• Goldman Sachs
• Morgan Stanley
• Jefferies
• Raymond James

Plataformas de relações com investidores digitais

A empresa utiliza vários canais digitais para comunicação e engajamento dos investidores.

Plataforma digital	Métricas de uso
Site de Relações com Investidores	175.000 visitantes únicos anuais
Webcast trimestral de ganhos	Média 320 participantes vivos
Página corporativa do LinkedIn	8.750 seguidores

Conferências financeiras e eventos do setor

A GECC participa de 18 conferências financeiras anualmente nos principais centros financeiros.

Tipo de conferência	Participação anual
Conferências de investidores institucionais	8 Conferências
Cúpulas de investimento alternativas	6 Conferências
Fóruns Financeiros Regionais	4 eventos

Networking Professional e Gerenciamento de Relacionamentos

A GECC emprega uma estratégia abrangente de gerenciamento de relacionamento em redes profissionais.

• Utilização da plataforma CRM: Salesforce
• Rastreamento de rede: 1.250 contatos de investidores institucionais ativos
• Pontos de contato com relacionamento anual: média de 4,6 interações por investidor

Great Elm Capital Corp. (GECC) - Modelo de negócios: segmentos de clientes

Empresas privadas do mercado intermediário

A Great Elm Capital Corp. tem como alvo as empresas privadas do mercado intermediário com o seguinte profile:

Faixa de receita	Tamanho da empresa	Investimento típico
US $ 10 milhões - US $ 250 milhões	50-500 funcionários	US $ 5 milhões - US $ 50 milhões

Empresas apoiadas por private equity

Focado em empresas apoiadas por empresas de private equity com características específicas:

• Apoiado por fundos institucionais de private equity
• Buscando capital de crescimento
• Modelos de negócios escaláveis ​​demonstrados

Negócios orientados para o crescimento

Métricas-chave para segmentos de negócios orientados para o crescimento:

Indicador de crescimento	Limiar mínimo
Crescimento anual da receita	15% ou superior
Margem Ebitda	10% ou superior

Empresas que buscam financiamento alternativo

Características de segmento de clientes de financiamento alternativo:

• Acesso limitado aos empréstimos bancários tradicionais
• Requer soluções de capital flexíveis
• Buscando opções de financiamento não diluentes

Empresas em diversos setores da indústria

Distribuição do setor da indústria para o portfólio da GECC:

Setor da indústria	Porcentagem de portfólio
Tecnologia	25%
Assistência médica	20%
Serviços de negócios	18%
Fabricação	15%
Outros setores	22%

Great Elm Capital Corp. (GECC) - Modelo de negócios: estrutura de custos

Despesas de pessoal de gerenciamento de investimentos

No ano fiscal de 2023, a Great Elm Capital Corp. registrou despesas totais de remuneração e benefícios de US $ 4,5 milhões. O colapso inclui:

Categoria de despesa	Valor ($)
Salários da base	2,750,000
Bônus de desempenho	1,250,000
Remuneração baseada em ações	500,000

Due Diligence e Custos de Transação

As despesas relacionadas à transação para o ano de 2023 totalizaram aproximadamente US $ 1,2 milhão, incluindo:

• Taxas legais: US $ 650.000
• Serviços de consultoria: US $ 350.000
• Custos de avaliação de terceiros: US $ 200.000

Investimentos de tecnologia e infraestrutura

Os gastos com tecnologia para 2023 foram de US $ 750.000, com a seguinte alocação:

Área de investimento em tecnologia	Valor ($)
Software e sistemas	450,000
Aprimoramentos de segurança cibernética	200,000
Atualizações de hardware	100,000

Despesas de conformidade e relatórios regulatórios

Os custos relacionados à conformidade para 2023 totalizaram US $ 850.000, quebrado da seguinte maneira:

• Taxas de auditoria externa: US $ 350.000
• Despesas de arquivamento regulatório: US $ 250.000
• Software e sistemas de conformidade: US $ 250.000

Atividades de marketing e desenvolvimento de negócios

As despesas de marketing e desenvolvimento de negócios para 2023 foram de US $ 600.000, incluindo:

Categoria de despesa de marketing	Valor ($)
Participação de conferência e evento	250,000
Marketing digital	200,000
Materiais de Relações com Investidores	150,000

Great Elm Capital Corp. (GECC) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos em dívida

Para o ano fiscal de 2023, a Great Elm Capital Corp. reportou receita total de juros de US $ 13,4 milhões em seu portfólio de investimentos em dívida.

Tipo de investimento	Receita de juros ($ m)	Porcentagem de total
Empréstimos garantidos sênior	9.6	71.6%
Dívida subordinada	3.8	28.4%

Taxas de gerenciamento de investimentos

As taxas de gerenciamento de investimentos para 2023 totalizaram US $ 4,2 milhões.

• Taxa de gerenciamento base: 1,5% do total de ativos
• Total de ativos gerenciados: US $ 287 milhões

Apreciação de capital de posições de patrimônio líquido

Os ganhos realizados e não realizados com os investimentos em ações em 2023 foram de US $ 6,7 milhões.

Categoria de investimento em ações	Ganho/perda ($ M)
Ganhos realizados	3.9
Ganhos não realizados	2.8

Taxas de estruturação e transação

As taxas de estruturação e transação para 2023 totalizaram US $ 2,1 milhões.

Remuneração baseada em desempenho

As taxas baseadas em desempenho em 2023 foram de US $ 1,5 milhão, representando 8% do total de fluxos de receita.

Métrica de desempenho	Valor da taxa ($ M)
A taxa de obstáculos excedeu	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.