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Here are 1-3 brief analogies for Great Elm Capital (GECC):

• A publicly traded private credit firm, akin to a KKR focused on lending to private businesses.
• Like a Real Estate Investment Trust (REIT), but it invests in loans to private companies instead of real estate.

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• Senior Secured Debt Investments: GECC provides first and second lien loans to private middle-market companies.
• Equity and Other Investments: GECC invests in the equity of portfolio companies, often alongside debt, and makes other opportunistic investments.

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Great Elm Capital (GECC) is a Business Development Company (BDC). As a BDC, its primary business involves providing debt and equity financing solutions to middle-market companies. Therefore, its "customers" are the companies in which it invests.

GECC maintains a diversified investment portfolio across various industries and does not typically have a small number of "major customers" in the traditional sense, where a few companies account for a significant majority of its revenue or assets. Its income is derived from interest, fees, and dividends generated from its broad portfolio of investments.

Given its diversified lending and investment strategy, it is not appropriate to list specific "major customers" as if they were dominant buyers of a product or service. However, to illustrate the types of companies GECC invests in (its customer base), here are a few examples from its diversified portfolio as of its most recent financial filings (e.g., the 10-K for the fiscal year ended December 31, 2023). Please note that these are private companies and do not have public symbols:

• Ascensus, LLC
• New Omni Financial Group, Inc.
• ConnectWise, LLC
• MedVet Associates, LLC
• Cengage Learning Holdings II, Inc.

These companies represent a portion of GECC's broad base of borrowers and investees, rather than acting as a concentration of "major customers."

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• Great Elm Capital Management, Inc.
• U.S. Bancorp (USB)

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Matt Kaplan, President & Chief Executive Officer

Matt Kaplan has served as the Chief Executive Officer and President of Great Elm Capital Corp. since March 2022. He is also a Portfolio Manager for Great Elm Capital Management (GECM) and a Managing Director of Imperial Capital Asset Management, LLC (ICAM) since 2020. ICAM manages various hedge funds, investment partnerships, a private REIT, and a private equity fund. Before joining ICAM, Mr. Kaplan spent four years at Citadel LLC from 2015 to 2019, investing in special situations and event-driven credit and equities. He previously served as a Senior Vice President of Imperial Capital UK, where he advised on complex transactions and the liquidation of a failed bank.

Keri A. Davis, Chief Financial Officer and Treasurer

Keri A. Davis has been the Chief Financial Officer of Great Elm Capital Corp. since March 2019 and also holds the title of Treasurer. She became Chief Financial Officer of Great Elm Group (GEG) in May 2023. Ms. Davis possesses over twenty years of experience in finance and accounting within the asset management industry. Prior to her roles at Great Elm, she was a Senior Manager in the Audit practice at PwC from 2005 to 2017, where she specialized in audit and assurance services for asset management clients, including hedge funds and private equity firms.

Michael P. Keller, President of Great Elm Specialty Finance

Michael P. Keller has served as President of Great Elm Specialty Finance, a subsidiary of Great Elm Capital Corp., since November 2021. He has significant experience in direct lending, encompassing origination, underwriting, portfolio management, and workouts. Before joining Great Elm, Mr. Keller was a Partner and Portfolio Manager at Credit Value Partners, LLC, where he developed and oversaw the firm's Direct Lending and Investment Platform. He was also a member of CapitalSource Finance's senior management team, leading its Restructuring Group, overseeing special situation lending initiatives, and spearheading a $300 million opportunistic credit fund. Additionally, Mr. Keller headed restructuring efforts for the $1.8 billion Healthcare Finance Division of FINOVA.

Adam M. Kleinman, Chief Compliance Officer and Secretary

Adam M. Kleinman has been the Chief Compliance Officer and Secretary of Great Elm Capital Corp. since September 2017. He also holds the titles of President, General Counsel, and Chief Compliance Officer for Great Elm Group (GEG) since March 2018. From March 2018 to August 2022, Mr. Kleinman served as the Chief Operating Officer of GEG. Previously, he was a Partner, Chief Operating Officer, and General Counsel at MAST Capital from March 2009 to September 2017.

Jason W. Reese, Chairman and Chief Executive Officer of Great Elm Group, Inc.

Jason W. Reese is the Co-Founder, Chairman, and Chief Executive Officer of Imperial Capital Asset Management, LLC (ICAM) and the Co-Founder of Imperial Capital, LLC, both established in 1997. ICAM is an investment advisor that has managed various hedge funds, investment partnerships, a private REIT, and a private equity fund.

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1. Credit Risk and Investment-Specific Exposures: A dominant risk for Great Elm Capital is its exposure to credit risk within its investment portfolio, as notably demonstrated by the recent Chapter 11 bankruptcy filing of First Brands, an auto parts manufacturer. Great Elm Capital had provided loans to First Brands, and this bankruptcy directly led to a significant decline in GECC's Net Asset Value (NAV) and raised substantial concerns about potential financial exposure. This event underscores the vulnerability of GECC's portfolio to the financial distress of its underlying investments.
2. Adverse Credit Market Conditions and Market Volatility: As an externally managed business development company (BDC) that invests in debt and income-generating equity securities, Great Elm Capital is highly susceptible to broader credit market conditions and overall market volatility. This includes risks such as rising default rates, fluctuating recovery rates in both investment-grade and non-investment-grade credit markets, interest rate volatility, and inflationary pressures. Such conditions can lead to impairment losses, diminishing net income, and challenges in accessing capital markets on favorable terms.
3. Concentration Risk and Illiquidity of Investments: Great Elm Capital's portfolio exhibits concentration risk due to its limited number of portfolio companies and industries. This increases the potential for significant losses if one or more of these investments perform poorly or if a particular industry experiences an economic downturn. Additionally, investments in middle-market companies, which form a part of GECC's strategy, carry inherent high risks due to their typically limited financial resources and increased vulnerability to adverse economic conditions. The illiquidity of many of its investments further exacerbates this risk, making it difficult to sell them quickly without potentially incurring significant losses if the need arises.

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Great Elm Capital (GECC) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of the Investment Portfolio through Capital Raises: Great Elm Capital has been actively raising equity and debt capital to increase its investable assets. For example, in the fiscal year ended June 30, 2025, GECC raised approximately $76.6 million of new capital, including $13.2 million of equity at Net Asset Value (NAV), and launched a $100 million At-the-Market equity program to provide additional capital flexibility. Management has also highlighted the significant capital actions taken, including raising equity at NAV, doubling the size of their revolver, and refinancing debt, which provides ample deployable cash and capacity for income-generating opportunities.
2. Increased Allocation to Specialty Finance Companies: GECC's stated goal is to grow its investment portfolio and increase the percentage of assets invested in specialty finance companies to a target of approximately 50%. These investments are a core part of their strategy to generate current income and capital appreciation, offering exposure to bespoke investment products designed to outperform liquid credit markets. The Great Elm Specialty Finance segment itself has shown strong performance, increasing its distribution to GECC in Q3 2025.
3. Growth in Collateralized Loan Obligation (CLO) Products and Joint Ventures: The company has expanded into CLO products, notably through a joint venture structure aimed at strengthening cash generation capabilities and increasing exposure to a diversified portfolio of first-lien loans. Although CLO cash flows can be uneven, GECC has seen significant distributions from its CLO joint venture, for instance, receiving $4.3 million in Q2 2025. The company anticipates a rebound in net investment income based on increased CLO distributions.
4. Deployment of Available Capital into Income-Generating Investments: Management has emphasized their focus on deploying available cash and monetizing non-yielding assets into income-generating investments. With approximately $25 million of deployable cash and $50 million of revolver availability as of September 30, 2025, GECC possesses significant financial flexibility to capitalize on new opportunities. This strategic deployment is expected to rebuild income and net asset value.
5. Rotation into Higher-Yielding Investments: GECC has demonstrated a strategy of rotating its portfolio into higher-yielding investments. In Q4 2023, the company deployed approximately $30 million into new investments at average yields of about 14%, up from 11.4% in the prior quarter, taking advantage of the elevated interest rate environment. This continued focus on higher-yielding opportunities is expected to contribute to future revenue growth.

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Share Repurchases

• In the third quarter of 2025, Great Elm Capital's Board of Directors authorized a new share repurchase program, permitting the company to repurchase up to an aggregate of $10 million of its outstanding common shares.

Share Issuance

• In the third quarter of 2025, Great Elm Capital generated approximately $27 million in net proceeds from equity issuances, which included about 2.4 million shares of common stock.
• This $27 million equity raise included approximately $13 million from the issuance of 1.1 million shares through an at-the-market (ATM) program and $14 million from a private placement of 1.3 million shares.
• In August 2020, Great Elm Capital announced a non-transferable subscription rights offering for up to 10,761,950 shares of its common stock, with proceeds intended for opportunistic investments and supporting existing portfolio companies.

Inbound Investments

• In August 2025, Poor Richard, LLC, an affiliate of Booker Smith, made an inbound investment by purchasing approximately 1.3 million newly-issued shares of Great Elm Capital's common stock in a private placement for net proceeds of $14 million.

Outbound Investments

• As of September 30, 2025, Great Elm Capital held total investments valued at $325.1 million, including approximately $189.3 million across 64 debt investments in corporate credit and $44.7 million in Great Elm Specialty Finance.
• Through September 30, 2025, the company deployed $53.2 million into its CLO joint venture, aiming for annualized CLO equity returns of 17-20%.
• In the third quarter of 2025, Great Elm Capital sold $4.5 million principal amount of its First Lien Loan in First Brands for $4.4 million, following a significant impact from the First Brands bankruptcy.

Capital Expenditures

• No specific information on capital expenditures for Great Elm Capital was found, as the company operates as a business development company primarily making investments rather than engaging in significant internal capital expenditures.