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OFFON

GREAT ELM CAPITAL CORPORATION

(GECC)
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Great Elm Capital : Q2 2021 Earnings Presentation

08/03/2021 | 07:23am EDT

Great Elm Capital Corp.

(NASDAQ: GECC)

Investor Presentation

Quarter Ended June 30, 2021

August 3, 2021

Forward Looking Statement

Statements in this communication that are not historical facts are "forward-looking" statements within the meaning of the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as "expect," "anticipate," "should," "will," "estimate," "designed," "seek," "continue," "upside," "potential," "preliminary" and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are: conditions in the credit markets, the price of GECC common stock, the performance of GECC's portfolio and investment manager and risks associated with the economic impact of the COVID-19 pandemic on GECC and its portfolio companies. Information concerning these and other factors can be found in GECC's Annual Report on Form 10-K and other reports filed with the SEC. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this communication or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

You should consider the investment objective, risks, charges and expenses of GECC carefully before investing. GECC's filings with the SEC contain this and other information about GECC and are available by contacting GECC at the phone number and address at the end of this presentation. The SEC also maintains a website that contains the aforementioned documents. The address of the SEC's website is http://www.sec.gov. These documents should be read and considered carefully before investing.

The performance, distributions and financial data contained herein represent past performance, distributions and results and neither guarantees nor is indicative of future performance, distributions or results. Investment return and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than the original cost. GECC's market price and net asset value will fluctuate with market conditions. Current performance may be lower or higher than the performance data quoted. All information and data, including portfolio holdings and performance characteristics, is as of June 30, 2021, unless otherwise noted, and is subject to change.

This presentation does not constitute an offer of any securities for sale.

August 2021

© 2021 Great Elm Capital Corp.

2

About GECC

Great Elm

Capital Corp.

Investment Objective

Portfolio

(as of 6/30/2021)

  • Externally managed, total-return-focused BDC
  • Liquid balance sheet
  • Directors of GECC, employees of GECM and officers and directors of GECM's parent, including investment funds managed by directors of GECM's parent, own approximately 42.5% of GECC's outstanding shares
  • To generate current income and capital appreciation by investing in debt and income generating equity securities, including actively pursuing investments in specialty finance businesses
  • $209.4 million of portfolio fair value; $91.7 million of net asset value
  • Debt investments carry a weighted average current yield of 11.1%1
  • 53 investments (42 debt, 11 equity) in 43 companies across 24 industries, excluding investments in SPACs
  1. Weighted average current yield is based upon the stated coupon rate and fair value of outstanding debt securities at the measurement date.

August 2021

© 2021 Great Elm Capital Corp.

3

Second Quarter 2021 Overview: Capital Deployment and Monetization

Deployment of

Capital

Monetization of Investments

Attractive

Funding

Sources

  • During Q2 2021, deployed $49.9 million, excluding SPACs, into 25 investments at a weighted average current yield of 9.29% and a weighted average price of 98% of par
  • During Q2 2021, monetized $35.1 million, excluding SPACs, across 18 investments, in whole or in part, at a weighted average current yield of 8.0% and a weighted average price of 100% of par
    • This includes $19.4 million of paydowns and repayments with the complete exit of 5 positions during the quarter
  • Monetized $0.4 million of SPAC securities during the period
  • GECCN 6.50% Notes due June 2024
  • GECCM 6.75% Notes due January 2025
  • New $25.0 Million Credit Facility with a 3 Year Term at LIBOR rate plus 3.50%
  • GECCO 5.875% Notes due June 2026 (Issued in June 2021)

August 2021

© 2021 Great Elm Capital Corp.

4

Second Quarter 2021: Net Investment Income ("NII") Analysis

  • NII for the quarter ended June 30, 2021 was approximately $2.1 million, or $0.09 per share(1), as compared to NII of $1.5 million or $0.06 per share for the quarter ended March 31, 2021

NII by Quarter

$ in $000s

$7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000

$0

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

  1. Based on weighted average shares outstanding of 23,508,232 for the quarter ended June 30, 2021 and 23,401,837 for the quarter ended March 31, 2021.

August 2021

© 2021 Great Elm Capital Corp.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Great Elm Capital Corp. published this content on 03 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2021 11:22:12 UTC.


© Publicnow 2021
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Sales 2021 25,1 M - -
Net income 2021 19,0 M - -
Net Debt 2021 - - -
P/E ratio 2021 4,33x
Yield 2021 11,4%
Capitalization 82,5 M 82,5 M -
Capi. / Sales 2021 3,28x
Capi. / Sales 2022 2,93x
Nbr of Employees -
Free-Float 62,4%
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Mean consensus HOLD
Number of Analysts 2
Last Close Price 3,51 
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Managers and Directors
Peter Andrew Reed Chairman, President & Chief Executive Officer
Keri A. Davis Chief Financial Officer & Treasurer
Adam M. Kleinman Secretary, Director & Chief Compliance Officer
Randall Revell Horsey Independent Director
Mark Kuperschmid Lead Independent Director