# EDGAR Filing Document

**Accession Number:** 0001675033
**File Stem:** 0001193125-26-204228
**Filing Date:** 2026-5
**Character Count:** 210337
**Document Hash:** 97cd140aef13fc21885ab684fa89e9fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-204228.hdr.sgml**: 20260504

**ACCESSION NUMBER**: 0001193125-26-204228

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Great Elm Capital Corp.
- **CENTRAL INDEX KEY:** 0001675033

**ORGANIZATION NAME:**
- **EIN:** 812621577
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01211
- **FILM NUMBER:** 26938729

**BUSINESS ADDRESS:**
- **STREET 1:** 3801 PGA BOULEVARD
- **STREET 2:** SUITE 603
- **CITY:** PALM BEACH GARDENS
- **STATE:** FL
- **ZIP:** 33410
- **BUSINESS PHONE:** 617-375-3006

**MAIL ADDRESS:**
- **STREET 1:** 3801 PGA BOULEVARD
- **STREET 2:** SUITE 603
- **CITY:** PALM BEACH GARDENS
- **STATE:** FL
- **ZIP:** 33410

?xml version='1.0' encoding='ASCII'? 10-Q

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM** 10-Q

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**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended** **March 31,** 2026

**or**

 **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission File Number:** 814-01211

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Great Elm Capital Corp.

**(Exact name of registrant as specified in its charter)**

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| | |
|:---|:---|
| Maryland | 81-2621577 |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 3801 PGA Boulevard**,** Suite 603**,** Palm Beach Gardens**,** FL | 33410 |
| (Address of principal executive offices) | (Zip Code) |

---

**Registrant's telephone number, including area code: (**617**)** 375-3006

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Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading Symbol(s)** | &nbsp;&nbsp;**Name of each exchange on which registered** |
| &nbsp;&nbsp;Common stock, par value $0.01 per share | &nbsp;&nbsp;GECC | &nbsp;&nbsp;Nasdaq Global Market |
| &nbsp;&nbsp;5.875% Notes due 2026 | &nbsp;&nbsp;GECCO | &nbsp;&nbsp;Nasdaq Global Market |
| &nbsp;&nbsp;8.50% Notes due 2029 | &nbsp;&nbsp;GECCI | &nbsp;&nbsp;Nasdaq Global Market |
| &nbsp;&nbsp;8.125% Notes due 2029 | &nbsp;&nbsp;GECCH | &nbsp;&nbsp;Nasdaq Global Market |
| &nbsp;&nbsp;7.75% Notes due 2030 | &nbsp;&nbsp;GECCG | &nbsp;&nbsp;Nasdaq Global Market |

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No 

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No ☒

As of April 27, 2026, the registrant had 13,892,045 shares of common stock, $0.01 par value per share, outstanding.

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**Table of Contents**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I.** | [**<u>FINANCIAL INFORMATION</u>**](#part_ifinancial_information) |  |
| Item 1. | [<u>Financial Statements</u>](#item_1_financial_statements) | 3 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_analysis_f) | 3 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_qualitative_disclosu) | 14 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_procedures) | 15 |
| **PART II.** | [**<u>OTHER INFORMATION</u>**](#part_iior_information) |  |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 15 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 16 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item2) | 16 |
| Item 5. | [<u>Other Information</u>](#item_5_other_information) | 16 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 17 |
|  | [<u>Signatures</u>](#signatures) | 18 |
|  | [<u>Index to Financial Statements</u>](#index_to_consolidated_financial_statemen) | F-19 |
|  | [<u>Statements of Assets and Liabilities (unaudited)</u>](#consolidated_statements_assets_liabiliti) | F-20 |
|  | [<u>Statements of Operations (unaudited)</u>](#consolidated_statement_operations) | F-21 |
|  | [<u>Statements of Changes in Net Assets (unaudited)</u>](#consolidated_statements_changes_in_net_a) | F-22 |
|  | [<u>Statements of Cash Flows (unaudited)</u>](#consolidated_statements_cash_flows) | F-23 |
|  | [<u>Schedules of Investments (unaudited)</u>](#consolidated_schedule_investments) | F-24 |
|  | [<u>Notes to the Unaudited Financial Statements</u>](#notes_to_consolidated_financial_statemen) | F-38 |

---

i

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**PART I—FINANCIAL INFORMATION**

Unless the context otherwise requires, all references to "GECC," "we," "us," "our," the "Company" and words of similar import are to Great Elm Capital Corp. and/or its subsidiaries. We reference materials on our website, www.greatelmcc.com, but nothing on our website shall be deemed incorporated by reference or otherwise contained in this report.

**Cautionary Note Regarding Forward-Looking Information**

Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or financial conditions. Important factors that could cause actual results to differ from those in the forward-looking statements contained in this report include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪our, or our portfolio companies', future business, operations, operating results or prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the return or impact of current and future investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the impact of a protracted decline in the liquidity of credit markets on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the impact of fluctuations in interest rates on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪our current and future management structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the general economy, including recessionary trends, and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪serious disruptions and catastrophic events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪our expected financings and investments, including interest rate volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the adequacy of our financing resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the timing, form and amount of any dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the effect of social, economic, and political conditions and geopolitical events, including as a result of changes in U.S. presidential administrations or Congress including the potential impact of tariff enactment and tax reductions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪our ability to maintain our qualification as a regulated investment company ("RIC") and as a business development company ("BDC").

We use words such as "anticipate," "believe," "expect," "intend," "will," "should," "could," "may," "plan" and similar words to identify forward-looking statements. The forward-looking statements contained in this report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth under "Item 1A. Risk Factors," herein and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the "SEC").

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**Item 1. Financial Statements.**

The financial statements listed in the index to financial statements immediately following the signature page to this report are incorporated herein by reference.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

**Overview**

We are a BDC that seeks to generate both current income and capital appreciation through debt and income generating equity investments, including investments in specialty finance businesses. To achieve our investment objective, we invest in secured and senior secured debt instruments of middle market companies, as well as income generating equity investments in specialty finance companies, that we believe offer sufficient downside protection and have the potential to generate attractive returns. In addition, we invest in collateralized loan obligation ("CLO") securities and related warehouse facilities. We generally define middle market companies as companies with enterprise values between $100 million and $2 billion. We also make investments throughout other portions of a company's capital structure, including subordinated debt, mezzanine debt, and equity or equity linked securities. We source these transactions directly with issuers and in the secondary markets through relationships with industry professionals.

On April 23, 2024, we contributed investments in certain CLOs and formed a joint venture, the CLO Formation JV, LLC (the "CLO JV") to facilitate the creation of CLOs. The CLO JV invests primarily in the subordinated note securities in CLOs (colloquially referred to as "CLO equity"), as well as loan accumulation facilities (colloquially referred to as "CLO warehouses"). CLO subordinated note securities are entitled to recurring distributions which are generally equal to the residual cash flow of payments received from underlying securities after contractual payments to more senior CLO mezzanine debt holders and fund expenses.

On September 1, 2023, we contributed investments in certain of our operating company subsidiaries and other specialty finance assets to our formerly wholly owned subsidiary, Great Elm Specialty Finance, LLC ("GESF") in exchange for equity and subordinated indebtedness in GESF. In connection with this contribution, a strategic investor purchased approximately 12.5% of the equity interests and subordinated indebtedness in GESF. Through its subsidiaries, GESF provides a variety of financing options along a "continuum of lending" to middle-market borrowers, including receivables factoring, asset-based and asset-backed lending, lender finance, and equipment financing. GESF expects to generate both revenue and cost synergies across its specialty finance company subsidiaries.

On September 27, 2016, we and Great Elm Capital Management, LLC ("GECM"), our external investment manager, entered into an investment management agreement (the "Investment Management Agreement") and an administration agreement (the "Administration Agreement"), and we began to accrue obligations to our external investment manager under those agreements. On August 1, 2022, upon receiving our stockholders' approval, we and GECM entered into an amendment to the Investment Management Agreement to reset the capital gains incentive fee to begin on April 1, 2022, which eliminated $163.2 million of realized and unrealized losses incurred prior to April 1, 2022 in calculating future incentive fees. In addition, the incentive fee based on income was amended to reset the mandatory deferral commencement date used in calculating deferred incentive fees to April 1, 2022. The Investment Management Agreement renews for successive annual periods, subject to requisite approvals from our board of directors (our "Board") and/or stockholders.

We have elected to be treated as a RIC for U.S. federal income tax purposes. As a RIC, we will not be taxed on our income to the extent that we distribute such income each year and satisfy other applicable income tax requirements. To qualify as a RIC, we must, among other things, meet source-of-income and asset diversification requirements and annually distribute to our stockholders generally at least 90% of our investment company taxable income on a timely basis. If we qualify as a RIC, we generally will not have to pay corporate level taxes on any income that we distribute to our stockholders.

***Investments***

Our level of investment activity can and does vary substantially from period to period depending on many factors, including, among others, the amount of debt and equity capital available from other sources to middle-market companies, the level of merger and acquisition activity, pricing in the high yield and leveraged loan credit markets, our expectations of future investment opportunities, the general economic environment as well as the competitive environment for the types of investments we make.

As a BDC, our investments and the composition of our portfolio are required to comply with regulatory requirements.

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***Revenues***

We generate revenue primarily from interest on the debt investments that we hold. We may also generate revenue from dividends on the equity investments that we hold, capital gains on the disposition of investments and other income. Our investments in fixed income instruments generally have an expected maturity of three to five years, although we have no lower or upper constraint on maturity. Our debt investments generally pay interest quarterly or semi-annually. Payments of principal of our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments and preferred stock investments may defer payments of cash interest or dividends or payment-in-kind ("PIK"). In addition, we may generate revenue in the form of prepayment fees, commitment, origination, due diligence fees, end-of-term or exit fees, fees for providing significant managerial assistance, consulting fees and other investment-related income.

***Expenses***

Our primary operating expenses include the payment of a base management fee, administration fees (including the allocable portion of overhead under the Administration Agreement), and, depending on our operating results, an incentive fee. The base management fee and incentive fee remunerates GECM for work in identifying, evaluating, negotiating, closing and monitoring our investments. The Administration Agreement provides for reimbursement of costs and expenses incurred for office space rental, office equipment and utilities allocable to us under the Administration Agreement, as well as certain costs and expenses incurred relating to non-investment advisory, administrative or operating services provided by GECM or its affiliates to us. We also bear all other costs and expenses of our operations and transactions. In addition, our expenses include interest on our outstanding indebtedness.

**Critical Accounting Policies and Estimates**

***Valuation of Portfolio Investments***

We value our portfolio investments at fair value based upon the principles and methods of valuation set forth in policies adopted by our Board. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (1) are independent of us; (2) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary); (3) are able to transact for the asset; and (4) are willing to transact for the asset (that is, they are motivated but not forced or otherwise compelled to do so).

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. Debt and equity securities for which market quotations are not readily available or for which market quotations are deemed not to represent fair value, are valued at fair value using a valuation process consistent with our Board-approved policy.

GECM, as the Board's valuation designee, approves in good faith the valuation of our portfolio as of the end of each quarter, subject to the general oversight of the Board of Directors. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that we may ultimately realize. In addition, changes in the market environment and other events may impact the market quotations used to value some of our investments.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables; applicable market yields and multiples, security covenants, call protection provisions, information rights and the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, and merger and acquisition comparables; and enterprise values.

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We prefer the use of observable inputs and minimize the use of unobservable inputs in our valuation process. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing an asset developed based on the best information available in the circumstances.

Both observable and unobservable inputs are subject to some level of uncertainty and assumptions used bear the risk of change in the future. We utilize the best information available to us, including the factors listed above, in preparing the fair valuations. In determining the fair value of any individual investment, we may use multiple inputs or utilize more than one approach to calculate the fair value to assess the sensitivity to change and determine a reasonable range of fair value. In addition, our valuation procedures include an assessment of the current valuation as compared to the previous valuation for each investment and where differences are material understanding the primary drivers of those changes, incorporating updates to our current valuation inputs and approaches as appropriate.

***Revenue Recognition***

Interest and dividend income, including PIK income, is recorded on an accrual basis. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts ("OID"), earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment if such fees are fixed in nature. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, and end-of-term or exit fees that have a contingency feature or are variable in nature are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

We may purchase debt investments at a discount to their face value. Discounts on the acquisition of corporate debt instruments are generally amortized using the effective-interest or constant-yield method unless there are material questions as to collectability.

We assess the outstanding accrued income receivables for collectability at least quarterly, or more frequently if there is an event that indicates the underlying portfolio company may not be able to make the expected payments. If it is determined that amounts are not likely to be paid we may establish a reserve against or reverse the income and put the investment on non-accrual status.

***Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)***

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale of an investment and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Realized gains and losses are computed using the specific identification method.

Net change in unrealized appreciation or depreciation reflects the net change in portfolio investment fair values and portfolio investment cost bases during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

**Portfolio and Investment Activity**

The following is a summary of our investment activity for the year ended December 31, 2025 and the three months ended March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
| ***(in thousands)*** | **Acquisitions**<sup>(1)</sup> | **Dispositions**<sup>(2)</sup> | **Weighted Average Yield<br>End of Period**<sup>(3)</sup> |
| Quarter ended March 31, 2025 | 48097 | (27039) | 12.29% |
| Quarter ended June 30, 2025 | 36589 | (50050) | 12.54% |
| Quarter ended September 30, 2025 | 64089 | (50385) | 11.52% |
| Quarter ended December 31, 2025 | 29359 | (30726) | 11.66% |
| **For the Year Ended December 31, 2025** | $178134 | $(158200) |  |
| Quarter ended March 31, 2026 | 26655 | (52700) | 11.56% |
| **For the Three Months Ended March 31, 2026** | $26655 | $(52700) |  |

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<sup>(1)</sup> Includes new investments, additional fundings (inclusive of those on revolving credit facilities), refinancings and capitalized PIK income. Investments in short-term securities, including U.S. Treasury Bills and money market mutual funds, were excluded.

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<sup>(2)</sup> Includes scheduled principal payments, prepayments, sales, and repayments (inclusive of those on revolving credit facilities). Investments in short-term securities, including U.S. Treasury Bills and money market mutual funds, were excluded.

<sup>(3)</sup> Weighted average yield is based upon the stated coupon rate and fair value of outstanding debt securities at the measurement date. Debt securities on non-accrual status are included in the calculation and are treated as having 0% as their applicable interest rate for purposes of this calculation, unless such debt securities are valued at zero.

***Portfolio Reconciliation*** 

The following is a reconciliation of the investment portfolio for the three months ended March 31, 2026 and the year ended December 31, 2025. Investments in short-term securities, including U.S. Treasury Bills and money market mutual funds, are excluded from the table below.

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| | | |
|:---|:---|:---|
| ***(in thousands)*** | **For the Three Months Ended March 31, 2026** | **For the Year Ended December 31, 2025** |
| Beginning Investment Portfolio, at fair value | $298268 | $324262 |
| Portfolio Investments acquired<sup>(1)</sup> | 26655 | 178134 |
| Amortization of premium and accretion of discount, net | 666 | 2952 |
| Portfolio Investments repaid or sold<sup>(2)</sup> | (52700) | (158200) |
| Net change in unrealized appreciation (depreciation) on investments | (8358) | (43601) |
| Net realized gain (loss) on investments | 2632 | (5279) |
| Ending Investment Portfolio, at fair value | $267163 | $298268 |

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<sup>(1)</sup> Includes new investments, additional fundings (inclusive of those on revolving credit facilities), refinancings, and capitalized PIK income.

<sup>(2)</sup> Includes scheduled principal payments, prepayments, sales, and repayments (inclusive of those on revolving credit facilities).

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***Portfolio Classification***

The following table shows the fair value of our portfolio of investments by industry as of March 31, 2026 and December 31, 2025 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Industry** | **Investments at<br>Fair Value** | **Percentage of<br>Fair Value** | **Investments at<br>Fair Value** | **Percentage of<br>Fair Value** |
| Structured Finance | $44072 | 16.51% | $47899 | 16.05% |
| Specialty Finance | 37790 | 14.14% | 38462 | 12.90% |
| Technology | 30035 | 11.24% | 31550 | 10.58% |
| Consumer Products | 26374 | 9.87% | 24174 | 8.10% |
| Insurance | 18575 | 6.95% | 22604 | 7.58% |
| Industrial | 13521 | 5.06% | 12943 | 4.34% |
| Food & Staples | 13288 | 4.97% | 15908 | 5.33% |
| Chemicals | 11370 | 4.26% | 19359 | 6.49% |
| Metals & Mining | 8392 | 3.14% | 10189 | 3.42% |
| Media | 7000 | 2.62% | 40 | 0.01% |
| Apparel | 6484 | 2.43% | 5572 | 1.87% |
| Transportation Equipment Manufacturing | 5928 | 2.22% | 6316 | 2.12% |
| Consumer Services | 5382 | 2.01% | 10113 | 3.39% |
| Energy Services | 5280 | 1.98% | 5393 | 1.81% |
| Credit Fund | 4184 | 1.57% | 10096 | 3.38% |
| Business Services | 3864 | 1.45% | 8712 | 2.92% |
| Casinos & Gaming | 3852 | 1.44% | 3865 | 1.30% |
| Marketing Services | 3055 | 1.14% | 3073 | 1.03% |
| Energy Midstream | 2941 | 1.10% | 2970 | 1.00% |
| Packaging | 2891 | 1.08% | 4025 | 1.35% |
| Restaurants | 2861 | 1.07% | 3056 | 1.02% |
| Textiles | 2015 | 0.75% | 1954 | 0.66% |
| Environmental Services | 1999 | 0.75% | - | 0.00% |
| Oil & Gas Exploration & Production | 1945 | 0.73% | 3817 | 1.28% |
| Financial Services | 1660 | 0.62% | 2834 | 0.95% |
| Retail | 1415 | 0.53% | 1450 | 0.49% |
| Healthcare | 990 | 0.37% | 995 | 0.33% |
| Closed-End Fund | - | 0.00% | 899 | 0.30% |
|  | $**267163** | **100.00%** | $**298268** | **100.00%** |

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**Results of Operations**

***Investment Income***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | In Thousands | Per Share<sup>(1)</sup> | In Thousands | Per Share<sup>(2)</sup> |
| **Total Investment Income** | $**9544** | $**0.68** | $**12495** | $**1.08** |
| Interest income | 6720 | 0.48 | 7966 | 0.69 |
| Dividend income | 2705 | 0.19 | 3612 | 0.31 |
| Other income | 119 | 0.01 | 917 | 0.08 |

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<sup>(1)</sup> The per share amounts are based on a weighted average of 13,984,828 outstanding common shares for the three months ended March 31, 2026.

<sup>(2)</sup> The per share amounts are based on a weighted average of 11,544,415 outstanding common shares for the three months ended March 31, 2025.

Investment income consists of interest income, including net amortization of premium and accretion of discount on loans and debt securities, dividend income and other income, which primarily consists of amendment fees, commitment fees and funding fees on loans.

Interest income decreased for the three months ended March 31, 2026 as compared to the corresponding period in the prior year primarily due to a lower average coupon rate across the portfolio combined with a decrease in the debt investment portfolio size. As of March 31, 2026, the debt investment portfolio had an average coupon rate of 10.9% on approximately $199.2 million of principal as compared to 11.7% on approximately $256.2 million of principal as of March 31, 2025, excluding positions on non-accrual in each period. Interest income includes PIK interest which is reported in the Statements of Operations. The total PIK interest earned remained consistent for the three months ended March 31, 2026 as compared to the corresponding period in the prior year.

Dividend income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 due to fewer holdings in dividend-paying equity investments and reductions in distributions from the investment in the CLO JV which distributed $2.5 million and $3.3 million for the three months ended March 31, 2026 and 2025, respectively.

Other income decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 primarily due to non-refundable carry fees, early repayment fees, and amendment fees on new and amended debt positions received during the three months ended March 31, 2025. These were one-time fees on investments and were not received during the three months ended March 31, 2026.

***Expenses***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | In Thousands | Per Share<sup>(1)</sup> | In Thousands | Per Share<sup>(2)</sup> |
| **Total Expenses** | $**4470** | $**0.32** | $**7851** | $**0.68** |
| &nbsp;&nbsp;Management fees | 1072 | 0.08 | 1272 | 0.11 |
| &nbsp;&nbsp;Incentive fees | 543 | 0.04 | 1150 | 0.10 |
| &nbsp;&nbsp;Incentive fee waiver | (2810) | (0.20) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees | $(1195) | $(0.08) | $2422 | $0.21 |
| &nbsp;&nbsp;Administration fees | 510 | 0.04 | 355 | 0.03 |
| &nbsp;&nbsp;Directors' fees | 54 | - | 53 | - |
| &nbsp;&nbsp;Interest expense | 4256 | 0.30 | 4251 | 0.37 |
| &nbsp;&nbsp;Professional services | 514 | 0.04 | 424 | 0.04 |
| &nbsp;&nbsp;Custody fees | 35 | - | 38 | - |
| &nbsp;&nbsp;Other | 296 | 0.02 | 308 | 0.03 |
| **Income Tax Expense** |  |  |  |  |
| &nbsp;&nbsp;Excise tax | 91 | 0.01 | 68 | 0.01 |

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<sup>(1)</sup> The per share amounts are based on a weighted average of 13,984,828 outstanding common shares for the three months ended March 31, 2026.

<sup>(2)</sup> The per share amounts are based on a weighted average of 11,544,415 outstanding common shares for the three months ended March 31, 2025.

Expenses are largely comprised of advisory fees and administration fees paid to GECM and interest expense on our outstanding notes payable. See "—Liquidity and Capital Resources." Advisory fees include management fees and incentive fees calculated in accordance with the Investment Management Agreement, and administration fees include direct costs reimbursable to GECM under the Administration Agreement and fees paid for sub-administration services.

Management fees decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 due to a decrease in the underlying management fee assets, primarily due to a decline in the fair value of the portfolio of investments, in the current year period as compared to the corresponding prior year period.

Effective February 2026, GECM waived all accrued and unpaid incentive fees through March 31, 2026. As of December 31, 2025, there were approximately $2.3 million of accrued and unpaid incentive fees on our balance sheet. For the three months ended March 31, 2026, an additional $0.5 million of incentive fees were accrued, resulting in $2.8 million of accrued and unpaid incentive fees. In connection with the incentive fee waiver, we recognized the reversal of these accrued and unpaid incentive fees during the three months ended March 31, 2026, resulting in a corresponding increase in net income and increase in net asset value in the period (subject to any offsetting additional expenses or losses). The incentive fee waiver is not subject to recapture. Effective April 2026, GECM waived all accrued and unpaid incentive fees through June 30, 2026.

Professional services costs increased for the three months ended March 31, 2026 as compared to the corresponding period in the prior year, primarily due to general rate increases for professional services, including legal and accounting fees, along with certain one-time fees.

Administration fees increased for the three months ended March 31, 2026 as compared to the corresponding period in the prior year primarily due to higher allocable overhead and other expenses incurred by GECM under the Administration Agreement.

***Realized Gains (Losses)***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | In Thousands | Per Share<sup>(1)</sup> | In Thousands | Per Share<sup>(2)</sup> |
| **Net Realized Gain (Loss)** | $**2632** | $**0.19** | $**264** | $**0.02** |
| &nbsp;&nbsp;Gross realized gain | 3730 | 0.27 | 365 | 0.03 |
| &nbsp;&nbsp;Gross realized loss | (1098) | (0.08) | (101) | (0.01) |

---

<sup>(1)</sup> The per share amounts are based on a weighted average of 13,984,828 outstanding common shares for the three months ended March 31, 2026.

<sup>(2)</sup> The per share amounts are based on a weighted average of 11,544,415 outstanding common shares for the three months ended March 31, 2025.

Realized gain for the three months ended March 31, 2026 includes approximately $2.7 million from the realization of our investment in Stone Ridge Opportunities Fund, LP ("Stone Ridge") and $0.7 million from the partial realization of our investment in the unsecured bond of American Coastal Insurance Corp ("American Coastal"). Realized losses for the three months ended March 31, 2026 were primarily driven by a $0.2 million loss on the sale of our equity investment in the State Street Blackstone Senior Loan ETF, $0.2 million from the partial realization of our investment in the first lien term loan of Auction.com, and $0.1 million from the partial realization of our investment in the first lien second out term loan of Conuma Resources LTD. The remaining $0.6 million of realized losses was attributable to smaller positions, none of which were individually material, and reflected routine portfolio activity.

Realized gain for the three months ended March 31, 2025 includes $0.2 million in gains from the realization of our investment in W&T Offshore Inc. secured bonds. Realized losses for the three months ended March 31, 2025 includes $0.1 million in loss from the realization of our investment in Dynata, LLC ("Dynata", formerly known as Research Now Group, Inc.) common equity.

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***Change in Unrealized Appreciation (Depreciation) on Investments***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | In Thousands | Per Share<sup>(1)</sup> | In Thousands | Per Share<sup>(2)</sup> |
| **Net change in unrealized appreciation/ (depreciation)** | $**(8358)** | $**(0.60)** | $**(4387)** | $**(0.38)** |
| &nbsp;&nbsp;Unrealized appreciation | 4312 | 0.31 | 5994 | 0.52 |
| &nbsp;&nbsp;Unrealized depreciation | (12670) | (0.91) | (10381) | (0.90) |

---

<sup>(1)</sup> The per share amounts are based on a weighted average of 13,984,828 outstanding common shares for the three months ended March 31, 2026.

<sup>(2)</sup> The per share amounts are based on a weighted average of 11,544,415 outstanding common shares for the three months ended March 31, 2025.

For the three months ended March 31, 2026, net unrealized depreciation was primarily attributable to (i) approximately $3.8 million of unrealized depreciation related to our investment in CLO JV, driven by decreases in the fair value of the underlying CLO investments and (ii) approximately $2.3 million of net unrealized depreciation related to our investment in Universal Fiber Systems, LLC ("Universal Fibers"). In addition, unrealized depreciation included approximately $2.6 million attributable to the reversal of previously recognized unrealized appreciation on our investment in Stone Ridge and approximately $1.1 million attributable to the reversal of previously recognized unrealized appreciation on our investment in American Coastal, in each case in connection with the realization activity discussed above.

These unrealized losses were partially offset by unrealized appreciation attributable to increases in the fair value of (i) approximately $0.5 million related to our investment in CW Opportunity 2 LP, (ii) approximately $0.4 million related to our investment in W&T Offshore, Inc., and (iii) approximately $0.3 million related to our investment in Trouvaille RE Ltd. In addition, unrealized appreciation included approximately $1.1 million attributable to the reversal of previously recognized unrealized depreciation on our investment in Del Monte Food Corp II, Inc., primarily in connection with a $1.6 million partial paydown of our junior debtor-in-possession loan.

For the three months ended March 31, 2025, unrealized appreciation was primarily driven by an increase in fair value of our investment in Trouvaille Re Ltd. preference shares of approximately $0.8 million and in our investment in Dynata common equity of approximately $0.8 million. Unrealized depreciation for the three months ended March 31, 2025 was primarily driven by a decrease in fair value of our investment in CLO JV common equity of approximately $1.9 million and in our investment in CW Opportunity 2, LP of approximately $1.1 million.

**Liquidity and Capital Resources**

We generate liquidity through our operations with cash received from investment income and sales and paydowns on investments. Such proceeds are generally reinvested in new investment opportunities, distributed to shareholders in the form of dividends, or used to pay operating expenses. We also receive proceeds from our issuances of notes payable and our revolving credit facility and from time to time may raise additional equity capital. See "—Revolver" and "—Notes Payable" below for more information regarding our outstanding credit facility and notes.

As of March 31, 2026, we had approximately $9.6 million of short term investments in money market fund investments. As of March 31, 2026, we had investments in 65 debt instruments across 49 companies, totaling approximately $190.4 million at fair value and 18 equity investments in 15 companies, with an aggregate fair value of approximately $76.8 million.

In the normal course of business, we may enter into investment agreements under which we commit to make an investment in a portfolio company at some future date or over a specified period of time. As of March 31, 2026, we had approximately $1.3 million in unfunded commitments to provide financing to certain of our portfolio companies. We had sufficient availability on our Revolver as well as cash and other liquid assets on our March 31, 2026 balance sheet to satisfy the unfunded commitments.

For the three months ended March 31, 2026, net cash provided by operating activities was approximately $23.5 million, reflecting $54.5 million provided by the sales of investments and principal payments offset by $25.9 million used for the purchase of investments and $6.5 million from the change in short-term investments.

For the three months ended March 31, 2026, net cash used for financing activities was $25.3 million. Cash outflows included $20.4 million to repurchase and redeem the 5.875% notes due 2026 (the "GECCO Notes"), $0.5 million from the repurchases of common stock, and $4.2 million in distributions to stockholders.

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We believe we have sufficient liquidity available to meet our short-term and long-term obligations for at least the next 12 months and for the foreseeable future thereafter.

***Contractual Obligations and Cash Requirements***

A summary of our material contractual payment and other cash obligations as of March 31, 2026 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **Total** | **Less than<br>1 year** | **1-3 years** | **3-5 years** | **More than<br>5 years** |
| ***Contractual and Other Cash Obligations*** | ***Contractual and Other Cash Obligations*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GECCO Notes | 18628 | 18628 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;GECCI Notes | 56500 | - | - | 56500 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;GECCH Notes | 41400 | - | - | 41400 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;GECCG Notes | 57500 | - | - | 57500 | - |
| **Total** | $174028 | $18628 | $- | $155400 | $- |

---

See "—Revolver" and "—Notes Payable" below for more information regarding our outstanding credit facility and notes.

We have certain contracts under which we have material future commitments. Under the Investment Management Agreement, GECM provides investment advisory services to us. For providing these services, we pay GECM a fee, consisting of two components: (1) a base management fee based on the average value of our total assets and (2) an incentive fee based on our performance.

We are also party to the Administration Agreement with GECM. Under the Administration Agreement, GECM furnishes us with, or otherwise arranges for the provision of, office facilities, equipment, clerical, bookkeeping, finance, accounting, compliance and record keeping services at such office facilities and other such services as our administrator.

If any of the contractual obligations discussed above are terminated, our costs under any new agreements that we enter into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under our Investment Management Agreement and our Administration Agreement. Any new investment management agreement would also be subject to approval by our stockholders.

Both the Investment Management Agreement and the Administration Agreement may be terminated by either party without penalty upon no fewer than 60 days' written notice to the other.

***Revolver***

On May 5, 2021, we entered into a Loan, Guarantee and Security Agreement (the "Loan Agreement") with City National Bank ("CNB"). The Loan Agreement provides for a senior secured revolving line of credit (the "Revolver") of up to $25 million (subject to a borrowing base as defined in the Loan Agreement). We may request to increase the revolving line in an aggregate amount not to exceed $25 million, which increase is subject to the sole discretion of CNB. In November 2023, we entered into an amendment to the Loan Agreement extending the maturity date of the revolving line to May 5, 2027. We are required to pay a commitment fee of 0.50% per annum on any unused portion of the revolving line of credit when less than $25 million is drawn; if borrowings are $25 million or more on the facility, the commitment fee decreases to 0.25% per annum on any unused portion of the revolving line of credit.

On August 13, 2025, we amended the Loan Agreement to increase the commitment of the revolving line of credit to up to $50 million (subject to a borrowing base as defined in the Loan Agreement). The amendment also allows us to request an increase of the Revolving Facility in an aggregate amount not to exceed $40 million (up to a revolving line of $90 million), which increase is subject to the sole discretion of CNB and updates the maturity date of the revolving line to the earlier of (i) May 5, 2027 and (ii) May 31, 2026 if the Company's 5.875% notes due 2026 have not been refinanced prior to such date. In addition, the amendment provides that borrowings under the Revolving Facility shall bear interest at a rate equal to (i) at all times when a minimum deposit test is met (a) SOFR plus 2.50% or (b) a base rate plus 1.50% and (ii) at all times when a minimum deposit test is not met (a) SOFR plus 3.50% or (b) a base rate plus 2.50%. The amendment also amended the financial covenant of minimum net assets requirement to be of not less than $80 million. As of March 31, 2026, there were no borrowings outstanding under the revolving line.

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Borrowings under the revolving line are secured by a first priority security interest in substantially all of our assets, subject to certain specified exceptions. We have made customary representations and warranties and are required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar loan agreements. In addition, the Loan Agreement contains financial covenants requiring (i) net assets of not less than $80 million, (ii) asset coverage equal to or greater than 150% and (iii) bank asset coverage equal to or greater than 300%, in each case tested as of the last day of each fiscal quarter of the Company. Borrowings are also subject to the leverage restrictions contained in the Investment Company Act of 1940, as amended (the "Investment Company Act").

***Notes Payable***

On June 23, 2021, we issued $50.0 million in aggregate principal amount of GECCO Notes. On July 9, 2021, we issued an additional $7.5 million of the GECCO Notes upon full exercise of the underwriters' over-allotment option. In December 2025, we repurchased $18.5 million of the outstanding principal on the GECCO Notes. During the three months ended March 31, 2026, we repurchased $0.4 million of the outstanding principal on the GECCO Notes. On March 31, 2026, we redeemed $20.0 million of outstanding GECCO Notes at 100% of the principal amount. The aggregate principal balance of the GECCO Notes outstanding as of March 31, 2026 was $18.6 million. On April 27, 2026, we caused a notice to be issued to the holders of the GECCO Notes regarding the Company's exercise of its option to redeem $18.6 million aggregate principal amount of the issued and outstanding GECCO Notes on May 27, 2026.

On August 16, 2023, we issued $40.0 million in aggregate principal amount of 8.75% notes due 2028 (the "GECCZ Notes"). On August 29, 2025, we caused redemption notices to be issued to the holders of the GECCZ Notes regarding the Company's exercise of its option to redeem $40.0 million aggregate principal amount of the issued and outstanding GECCZ Notes. We redeemed all of the issued and outstanding GECCZ Notes on September 30, 2025 at 100% of the principal amount plus accrued and unpaid interest thereon from July 1, 2025 through, but excluding, the redemption date, September 30, 2025.

On April 17, 2024, we issued $30.0 million in aggregate principal amount of 8.50% notes due 2029 (the "GECCI Notes"). On April 25, 2024, we issued an additional $4.5 million of the GECCI Notes upon full exercise of the underwriters' over-allotment option. On July 9, 2024, we issued an additional $22.0 million in aggregate principal amount of the GECCI Notes in a direct placement. The aggregate principal balance of the GECCI Notes outstanding as of March 31, 2026 was $56.5 million.

On September 19, 2024, we issued $36.0 million in aggregate principal amount of 8.125% notes due 2029 (the "GECCH Notes"). On October 3, 2024, we issued an additional $5.4 million of the GECCH Notes upon full exercise of the underwriters' over-allotment option. The aggregate principal balance of the GECCH Notes outstanding as of March 31, 2026 was $41.4 million.

On September 11, 2025, we issued $50.0 million in aggregate principal amount of 7.75% notes due 2030 (the "GECCG Notes" and together with the GECCO Notes, GECCI Notes and GECCH Notes, the "Notes"). On October 2, 2025, we issued an additional $7.5 million of the GECCG Notes upon full exercise of the underwriters' over-allotment option. The aggregate principal balance of the GECCG Notes outstanding as of March 31, 2026 was $57.5 million.

The Notes are our unsecured obligations and rank equal with all of our outstanding and future unsecured unsubordinated indebtedness. The unsecured notes are effectively subordinated, or junior in right of payment, to indebtedness under our Loan Agreement and any other future secured indebtedness that we may incur to the extent of the value of the assets securing such indebtedness and structurally subordinated to all future indebtedness and other obligations of our subsidiaries. We pay interest on the Notes on March 31, June 30, September 30 and December 31 of each year. The GECCO Notes, GECCI Notes, GECCH Notes and GECCG Notes will mature on June 30, 2026, April 30, 2029, December 31, 2029 and December 31, 2030, respectively. The GECCO Notes are currently callable at the Company's option and the GECCI Notes, GECCH Notes and GECCG Notes can be called on, or after, April 30, 2026, December 31, 2026, and December 31, 2027, respectively. Holders of the Notes do not have the option to have the Notes repaid prior to the stated maturity date. The Notes were issued in minimum denominations of $25 and integral multiples of $25 in excess thereof.

We may repurchase the Notes in accordance with the Investment Company Act and the rules promulgated thereunder.

On May 3, 2018, a majority of our stockholders approved the application of the modified minimum asset coverage requirement pursuant to Section 61(a)(2) under the Investment Company Act. As a result of such approval, and subject to satisfying certain ongoing disclosure requirements, effective May 4, 2018 the asset coverage ratio test applicable to the Company was decreased from 200% to 150%. As of March 31, 2026, our asset coverage ratio was approximately 161.8%. Under the Investment Company Act, we are subject to a minimum asset coverage ratio of 150%.

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**Share Price Data**

The following table sets forth: (i) NAV per share of our common stock as of the applicable period end, (ii) the range of high and low closing sales prices of our common stock as reported on the Nasdaq Global Market during the applicable period, (iii) the closing high and low sales prices as a premium (discount) to NAV during the relevant period, and (iv) the distributions per share of our common stock declared during the applicable period. Shares of business development companies may trade at a market price that is less than the value of the net assets attributable to those shares. The possibility that our shares of common stock will trade at a discount or premium to NAV is separate and distinct from the risk that our NAV will decrease. During the last two fiscal years, our common stock has generally traded below NAV.

During fiscal years 2024 and 2025 and through April 27, 2026, using the high and low sales prices within each fiscal quarter compared to the NAV at such quarter end, our common stock has traded as high as a 14.4% premium to NAV and as low as a 38.8% discount to NAV.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Closing Sales Price**<sup>(1)</sup> | **Closing Sales Price**<sup>(1)</sup> | **Premium (Discount) of High Sales Price** | **Premium (Discount) of Low Sales Price** | **Distributions** |
|  | **NAV** | **High** | **Low** | **to NAV**<sup>(1)(2)</sup> | **to NAV**<sup>(1)(2)</sup> | **Declared**<sup>(3)</sup> |
| **Fiscal year ending December 31, 2026** |  |  |  |  |  |  |
| Second Quarter (through April 27, 2026) | N/A | $5.55 | $5.00 | -- | -- | -- |
| First Quarter | 7.74 | 7.31 | 4.74 | (5.6)% | (38.8)% | 0.30 |
| **Fiscal year ending December 31, 2025** |  |  |  |  |  |  |
| Fourth Quarter | $8.07 | $8.98 | $6.66 | 11.3% | (17.5)% | $0.37 |
| Third Quarter | 10.01 | 11.45 | 10.02 | 14.4% | 0.1% | 0.37 |
| Second Quarter | 12.10 | 11.11 | 9.20 | (8.2)% | (24.0)% | 0.37 |
| First Quarter | 11.46 | 11.34 | 10.02 | (1.0)% | (12.6)% | 0.37 |
| **Fiscal year ending December 31, 2024** |  |  |  |  |  |  |
| Fourth Quarter | $11.79 | $10.99 | $9.68 | (6.8)% | (17.9)% | $0.40 |
| Third Quarter | 12.04 | 10.90 | 9.66 | (9.5)% | (19.8)% | 0.35 |
| Second Quarter | 12.06 | 10.91 | 10.07 | (9.5)% | (16.5)% | 0.35 |
| First Quarter | 12.57 | 11.10 | 10.22 | (11.7)% | (18.7)% | 0.35 |

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<sup>(1)</sup> NAV per share is determined as of the last day in the relevant quarter and therefore does not necessarily reflect the NAV per share on the date of the high and low closing sales prices. The NAVs shown are based on outstanding shares at the end of each period.

<sup>(2)</sup> Calculated as of the respective high or low closing sales price divided by the quarter-end NAV.

<sup>(3)</sup> We have adopted a dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, if our Board authorizes, and we declare, a cash distribution, our stockholders who have not opted out of our dividend reinvestment plan will have their cash distributions (net of any applicable withholding tax) automatically reinvested in additional shares of our common stock, rather than receiving the cash distributions.

For all periods presented in the table above, there was no return of capital included in any distribution.

The last reported closing price for our common stock on April 27, 2026 was $5.52 per share. As of April 27, 2026, we had 12 record holders of our common stock.

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**Distributions**

The following table summarizes our distributions declared for record dates since January 1, 2024:

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| | | |
|:---|:---|:---|
| **Record Date** | **Payment Date** | **Distribution Per Share Declared** |
| &nbsp;&nbsp;March 15, 2024 | &nbsp;&nbsp;March 29, 2024 | $0.35 |
| &nbsp;&nbsp;June 14, 2024 | &nbsp;&nbsp;June 30, 2024 | $0.35 |
| &nbsp;&nbsp;September 16, 2024 | &nbsp;&nbsp;September 30, 2024 | $0.35 |
| &nbsp;&nbsp;December 16, 2024 | &nbsp;&nbsp;December 31, 2024 | $0.35 |
| &nbsp;&nbsp;December 31, 2024 | &nbsp;&nbsp;January 15, 2025 | $0.05 |
| &nbsp;&nbsp;March 17, 2025 | &nbsp;&nbsp;March 31, 2025 | $0.37 |
| &nbsp;&nbsp;June 16, 2025 | &nbsp;&nbsp;June 30, 2025 | $0.37 |
| &nbsp;&nbsp;September 16, 2025 | &nbsp;&nbsp;September 30, 2025 | $0.37 |
| &nbsp;&nbsp;December 15, 2025 | &nbsp;&nbsp;December 31, 2025 | $0.37 |
| &nbsp;&nbsp;March 16, 2026 | &nbsp;&nbsp;March 31, 2026 | $0.30 |
| &nbsp;&nbsp;June 15, 2026 | &nbsp;&nbsp;June 30, 2026 | $0.25 |

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**Recent Developments**

***Distribution***

Our board set the distribution for the quarter ending June 30, 2026 at a rate of $0.25 per share. The full amount of each distribution will be from distributable earnings. The distribution will be payable on June 30, 2026 to stockholders of record as of June 15, 2026. The distribution will be paid in cash.

***Interest Rate Risk***

We are also subject to financial risks, including changes in market interest rates. As of March 31, 2026, approximately $146.0 million in principal amount of our debt investments bore interest at variable rates, which are generally based on SOFR or US prime rate, and many of which are subject to certain floors. Recently, interest rates have risen and a prolonged increase in interest rates will increase our gross investment income and could result in an increase in our net investment income if such increases in interest rates are not offset by a corresponding decrease in the spread over variable rates that we earn on any portfolio investments or an increase in our operating expenses. See "Item 3. Quantitative and Qualitative Disclosures About Market Risk" for an analysis of the impact of hypothetical base rate changes in interest rates.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

We are subject to financial market risks, including changes in interest rates. As of March 31, 2026, 11 debt investments in our portfolio bore interest at a fixed rate, and the remaining 43 debt investments were at variable rates, representing approximately $53.2 million and $146.0 million in principal debt, respectively. As of December 31, 2025, 12 debt investments in our portfolio bore interest at a fixed rate, and the remaining 46 debt investments were at variable rates, representing approximately $53.0 million and $159.8 million in principal debt, respectively. The variable rates are generally based upon the SOFR or US prime rate.

To illustrate the potential impact of a change in the underlying interest rate on our net investment income, we have assumed a 1%, 2%, and 3% increase and 1%, 2%, and 3% decrease in the underlying reference rate, and no other change in our portfolio as of March 31, 2026. We have also assumed there are no outstanding floating rate borrowings by the Company. See the following table for the effect the rate changes would have on net investment income.

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| | |
|:---|:---|
| **Reference Rate Increase (Decrease)** | **Increase (decrease) of Net<br>Investment Income<br>(in thousands)**<sup>(1)</sup> |
| 3.00% | $4380 |
| 2.00% | 2920 |
| 1.00% | 1460 |
| (1.00)% | (1460) |
| (2.00)% | (2920) |
| (3.00)% | (4380) |

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<sup>(1)</sup> Several of our debt investments with variable rates contain a reference rate floor. The actual increase (decrease) of net investment income reflected in the table above takes into account such floors to the extent applicable.

Although we believe that this analysis is indicative of our existing interest rate sensitivity as of March 31, 2026, it does not adjust for changes in the credit quality, size and composition of our portfolio, and other business developments, including borrowing under a credit facility, that could affect the net increase (decrease) in net assets resulting from operations. Accordingly, no assurances can be given that actual results would not differ materially from the results under this hypothetical analysis.

We may in the future hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates.

**Item 4. Controls and Procedures.**

**Evaluation of Disclosure Controls and Procedures**

As of March 31, 2026, we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities and Exchange Act of 1934, as amended (the "Exchange Act")). Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic filings with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

**Changes in Internal Control Over Financial Reporting**

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings.**

From time to time, we, our investment adviser or administrator may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. A description of our legal proceedings is included in Note 7 of the unaudited financial statements attached to this report.

------

**Item 1A. Risk Factors.**

There have been no material changes in risk factors in the period covered by this report. See discussion of risk factors in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2025.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

In October 2025, the Company implemented a stock buyback program pursuant to Rule 10b5-1 under the Exchange Act authorizing us to repurchase up to $10.0 million of its outstanding shares. Such repurchases may be accomplished through a Rule 10b5-1 plan, which sets certain restrictions on the method, timing, price and volume of share repurchases. The repurchase program does not obligate the Company to acquire any specific number of shares. During the three months ended March 31, 2026, 106,123 shares were purchased at an average price of $4.98 per share.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Month** | **Total Number of <br>Shares Purchased** | **Average Price Per <br>Share**<sup>(1)</sup> | **Total Number of <br>Shares Purchased <br>as Part of Publicly <br>Announced Program** | **Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program<br>(in thousands)** |
| January 1 - January 31, 2026 | - |  | - |  |
| February 1 - February 28, 2026 | - |  | - |  |
| March 1 - March 31, 2026 | 106123 | $4.98 | 106123 | $9472 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **106123** | $**4.98** | **106123** | $**9472** |

---

<sup>(1)</sup> The average price per share reflects the total consideration paid, including commissions incurred in connection with share repurchases.

**Item 5. Other Information.**

During the quarter ended March 31, 2026, no director or officer (as defined in Rule 16a-1(f) promulgated under the Exchange Act) of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" (as each term is defined in Item 408 of Regulation S-K).

------

**Item 6. Exhibits.**

Unless otherwise indicated, all references are to exhibits to the applicable filing by Great Elm Capital Corp. (the "Registrant") under File No. 814-01211 with the Securities and Exchange Commission.

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [<u>Amended and Restated Charter of the Registrant (incorporated by reference to Exhibit 3.1 to the Form 8-K filed on November 7, 2016)</u>](https://www.sec.gov/Archives/edgar/data/1675033/000110465916154983/a16-21052_2ex3d1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [<u>Amendment to Amended and Restated Articles of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Form 8-K filed on March 2, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1675033/000114036122007519/brhc10034690_ex3-1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | [<u>Bylaws of the Registrant (incorporated by reference to Exhibit 2 to the Registration Statement on Form N-14 (File No. 333-212817) filed on August 1, 2016)</u>](https://www.sec.gov/Archives/edgar/data/1675033/000104746916014597/a2229140zex-99_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.1\* | [<u>Certification of the Registrant's Chief Executive Officer ("CEO")</u>](gecc-ex31_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.2\* | [<u>Certification of the Registrant's Chief Financial Officer ("CFO")</u>](gecc-ex31_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.1\*# | [<u>Certification of the Registrant's CEO and CFO</u>](gecc-ex32_1.htm) |
| 101 | Materials from the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026, formatted in inline Extensible Business Reporting Language (XBRL): (i) statements of assets and liabilities, (ii) statements of operations, (iii) statements of changes in net assets, (iv) statements of cash flows, (v) schedules of investments, and (vi) related notes to the financial statements, tagged in detail (furnished herewith) |
| 104 | The cover page from the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026, formatted in inline XBRL (included as Exhibit 101) |

---

\* Filed herewith

# This certification is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | GREAT ELM CAPITAL CORP. | GREAT ELM CAPITAL CORP. |
| Date: May 4, 2026 | By: | &nbsp;&nbsp;/s/ Matt Kaplan |
|  | Name: | &nbsp;&nbsp;Matt Kaplan |
|  | Title: | &nbsp;&nbsp;Chief Executive Officer |
| Date: May 4, 2026 | By: | &nbsp;&nbsp;/s/ Keri A. Davis |
|  | Name: | &nbsp;&nbsp;Keri A. Davis |
|  | Title: | &nbsp;&nbsp;Chief Financial Officer |

---

------

**GREAT ELM CAPITAL CORP.**

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities as of March 31, 2026 and December 31, 2025 (unaudited)](#consolidated_statements_assets_liabiliti) | F-20 |
| [Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)](#consolidated_statement_operations) | F-21 |
| [Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (unaudited)](#consolidated_statements_changes_in_net_a) | F-22 |
| [Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)](#consolidated_statements_cash_flows) | F-23 |
| [Schedules of Investments as of March 31, 2026 and December 31, 2025 (unaudited)](#consolidated_schedule_investments) | F-24 |
| [Notes to the Unaudited Financial Statement](#notes_to_consolidated_financial_statemen)s | F-38 |

---

------

**GREAT ELM CAPITAL CORP.**

**STATEMENTS OF ASSETS AND LIABILITIES (unaudited)**

**Dollar amounts in thousands (except per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Assets** |  |  |
| Investments |  |  |
| &nbsp;&nbsp;Non-affiliated, non-controlled investments, at fair value (amortized cost of $231,569 and $254,313, respectively) | $191783 | $218381 |
| &nbsp;&nbsp;Non-affiliated, non-controlled short-term investments, at fair value (amortized cost of $9,600 and $32,803, respectively) | 9600 | 32803 |
| &nbsp;&nbsp;Affiliated investments, at fair value (amortized cost of $12,379 and $12,379, respectively) | - | - |
| &nbsp;&nbsp;Controlled investments, at fair value (amortized cost of $94,683 and $94,683, respectively) | 75380 | 79887 |
| Total investments | 276763 | 331071 |
| Cash and cash equivalents | - | 1834 |
| Receivable for investments sold | 1442 | 3215 |
| Interest receivable | 2385 | 2182 |
| Dividends receivable | 782 | 1046 |
| Due from affiliates | 178 | 218 |
| Deferred financing costs | 211 | 256 |
| Prepaid expenses and other assets | 1003 | 953 |
| **Total assets** | $282764 | $340775 |
| **Liabilities** |  |  |
| Notes payable (including unamortized discount of $4,884 and $5,064, respectively) | $169143 | $189319 |
| Payable for investments purchased | 3859 | 33652 |
| Interest payable | 73 | 64 |
| Accrued incentive fees payable | - | 2267 |
| Due to affiliates | 1492 | 1475 |
| Accrued expenses and other liabilities | 720 | 1052 |
| **Total liabilities** | $175287 | $227829 |
| Commitments and contingencies (Note 7) |  |  |
| **Net Assets** |  |  |
| Common stock, par value $0.01 per share (100,000,000 shares authorized, 13,892,045 shares issued and outstanding and 13,998,168 shares issued and outstanding, respectively) | $139 | $140 |
| Additional paid-in capital | 358251 | 358778 |
| Accumulated losses | (250913) | (245972) |
| **Total net assets** | $107477 | $112946 |
| **Total liabilities and net assets** | $282764 | $340775 |
| **Net asset value per share** | $7.74 | $8.07 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**GREAT ELM CAPITAL CORP.**

**STATEMENTS OF OPERATIONS (unaudited)**

**Dollar amounts in thousands (except per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Investment Income:** |  |  |
| Interest income from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-affiliated, non-controlled investments | $5089 | $6402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-affiliated, non-controlled investments (PIK) | 819 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled investments | 812 | 953 |
| Total interest income | 6720 | 7966 |
| Dividend income from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-affiliated, non-controlled investments | 159 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled investments | 2546 | 3376 |
| Total dividend income | 2705 | 3612 |
| Other income from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-affiliated, non-controlled investments | 119 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-affiliated, non-controlled investments (PIK) | - | 174 |
| Total other income | 119 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | $9544 | $12495 |
| **Expenses:** |  |  |
| Management fees | $1072 | $1272 |
| Incentive fees | 543 | 1150 |
| Administration fees | 510 | 355 |
| Custody fees | 35 | 38 |
| Directors' fees | 54 | 53 |
| Professional services | 514 | 424 |
| Interest expense | 4256 | 4251 |
| Other expenses | 296 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | $7280 | $7851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee waiver | (2810) | - |
| Net expenses | $4470 | $7851 |
| Net investment income before taxes | $5074 | $4644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excise tax | $91 | $68 |
| Net investment income | $4983 | $4576 |
| **Net realized and unrealized gains (losses):** |  |  |
| Net realized gain (loss) on investment transactions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-affiliated, non-controlled investments | $2632 | $264 |
| Realized loss on repurchase of debt | (2) | - |
| Total net realized gain (loss) | 2630 | 264 |
| Net change in unrealized appreciation (depreciation) on investment transactions from: | Net change in unrealized appreciation (depreciation) on investment transactions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-affiliated, non-controlled investments | (3851) | (2066) |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled investments | (4507) | (2321) |
| Total net change in unrealized appreciation (depreciation) | (8358) | (4387) |
| Net realized and unrealized gains (losses) | $(5728) | $(4123) |
| **Net increase (decrease) in net assets resulting from operations** | $(745) | $453 |
| Earnings per share (basic and diluted): | $(0.05) | $0.04 |
| Weighted average shares outstanding (basic and diluted): | 13984828 | 11544415 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**GREAT ELM CAPITAL CORP.**

**STATEMENTS OF CHANGES IN NET ASSETS (unaudited)**

**Dollar amounts in thousands**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Increase (decrease) in net assets resulting from operations:** |  |  |
| Net investment income | $4983 | $4576 |
| Net realized gain (loss) | 2630 | 264 |
| Net change in unrealized appreciation (depreciation) on investments | (8358) | (4387) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (745) | 453 |
| **Distributions to stockholders:** |  |  |
| Distributions<sup>(1)</sup> | (4196) | (4271) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to stockholders** | (4196) | (4271) |
| **Capital transactions:** |  |  |
| Issuance (Buyback) of common stock, net | (528) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital transactions** | (528) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (5469) | (3818) |
| **Net assets at beginning of period** | $112946 | $136113 |
| **Net assets at end of period** | $107477 | $132295 |
| **Capital share activity** |  |  |
| **Shares outstanding at the beginning of the period** | **13998168** | **11544415** |
| Issuance (Buyback) of common stock, net | (106123) | - |
| **Shares outstanding at the end of the period** | **13892045** | **11544415** |

---

<sup>(1)</sup> Distributions were from distributable earnings for each of the periods presented.

*The accompanying notes are an integral part of these financial statements.*

------

**GREAT ELM CAPITAL CORP.**

**STATEMENTS OF CASH FLOWS (unaudited)**

**Dollar amounts in thousands**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Cash flows from operating activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $(745) | $453 |
| **Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (25893) | (47794) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in short-term investments | (6540) | 8448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized payment-in-kind interest | (812) | (938) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of investments | 45013 | 23703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal payments | 9460 | 5887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | (2632) | (264) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 8358 | 4387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount, net | (666) | (713) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on repurchase of debt | 2 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount (premium) on long term debt | 469 | 418 |
| **Increase (decrease) in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest receivable | (203) | (784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in dividends receivable | 264 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in due from affiliates | 40 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses and other assets | (50) | (128) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in due to affiliates and incentive fee payable | (2250) | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in interest payable | 9 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses and other liabilities | (332) | 93 |
| Net cash provided by (used for) operating activities | 23492 | (5869) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of notes payable | (20356) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under credit facility | - | 23000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments under credit facility | - | (11000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance (buyback) of common stock, net of issuance costs | (528) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred financing costs | (246) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid | (4196) | (4848) |
| Net cash provided by (used for) financing activities | (25326) | 7142 |
| Net increase (decrease) in cash | (1834) | 1273 |
| Cash, cash equivalents and restricted cash, beginning of period | 1834 | - |
| Cash, cash equivalents and restricted cash, end of period | $- | $1273 |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid for interest | $3789 | $3774 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**GREAT ELM CAPITAL CORP.**

**SCHEDULE OF INVESTMENTS (unaudited)**

**March 31, 2026**

***Dollar amounts in thousands***

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Security**<sup>(1)</sup> | **Notes** | **Interest Rate**<sup>(2)</sup> | **Initial Acquisition Date** | **Maturity Date** | **Par Amount / Quantity** | **Cost** | **Fair Value** | **Percentage of Class**<sup>(3)</sup> |
| **Investments at Fair Value** |  |  |  |  |  |  |  |  |  |  |
| ACTIV8 Health, LLC | Insurance | 1st Lien, Secured Loan | 2, 6, 20 | 3M SOFR + 5.75% (9.41%) | 02/03/2026 | 02/03/2031 | 3696 | $3660 | $3655 |  |
| Advancion | Chemicals | 1st Lien, Secured Loan | 2, 16 | 3M SOFR + 4.00% (7.77%) | 08/26/2025 | 11/24/2027 | 2974 | 2944 | 2837 |  |
| American Coastal Insurance Corp. | Insurance | Unsecured Bond |  | 7.25% | 12/20/2022 | 12/15/2027 | 8000 | 6046 | 7945 |  |
| Auction.com | Financial Services | 1st Lien, Secured Loan | 2, 6, 19 | 6M SOFR + 6.00% (9.63%) | 09/09/2024 | 05/26/2028 | 1995 | 1921 | 1661 |  |
| CLO Formation JV, LLC | Structured Finance | Common Equity | 4, 10, 12 | n/a | 04/23/2024 | n/a | 166 | 52358 | 37590 | 71.25% |
| CMI Marketing, Inc. | Marketing Services | 1st Lien, Secured Loan | 2, 6, 15 | 1M SOFR + 4.25% (8.03%) | 09/05/2025 | 03/23/2028 | 1885 | 1874 | 1865 |  |
| Commercial Vehicle Group, Inc. | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | 2, 6, 20 | 1M SOFR + 9.75% (13.52%) | 07/31/2025 | 06/27/2030 | 4192 | 4079 | 4190 |  |
| Commercial Vehicle Group, Inc. | Transportation Equipment Manufacturing | Tranche 1 warrants | 8, 22 | n/a | 07/31/2025 | n/a | 103547 | - | 194 | \* |
| Commercial Vehicle Group, Inc. | Transportation Equipment Manufacturing | Tranche 2 warrants | 8, 22 | n/a | 07/31/2025 | n/a | 103547 | - | 176 | \* |
| Confluence Technologies | Technology | 1st Lien, Secured Loan | 2, 6, 15 | 3M SOFR + 3.75% (7.60%) | 03/04/2025 | 07/31/2028 | 1093 | 1005 | 902 |  |
| Conuma Resources LTD | Metals & Mining | 1st Lien, Secured Bond | 10, 11 | 13.13% | 08/08/2024 | 05/01/2028 | 1122 | 1139 | 1088 |  |
| Conuma Resources LTD | Metals & Mining | 1st Lien, Secured Bond | 10, 11 | 13.13% | 04/15/2025 | 05/01/2028 | 1400 | 1375 | 1428 |  |
| Coreweave Compute Acquisition Co. II, LLC | Technology | 1st Lien, Secured Loan | 2, 6, 14 | 3M SOFR + 9.62% (13.30%) | 08/21/2023 | 07/31/2028 | 10938 | 10912 | 11157 |  |
| Coreweave Compute Acquisition Co. IV, LLC | Technology | 1st Lien, Secured Loan | 2, 6, 14 | 3M SOFR + 6.00% (9.67%) | 05/29/2024 | 05/16/2030 | 2911 | 2878 | 2969 |  |
| CW Opportunity 2 LP | Technology | Private Fund | 10, 12 | n/a | 05/14/2024 | n/a | 4083246 | 4083 | 6267 |  |
| Del Monte Foods Corp II Inc | Food & Staples | Jr. DIP Loan | 6, 9, 17 | n/a | 07/14/2025 | 06/01/2026 | 2517 | 2515 | 705 |  |
| Del Monte Foods Corp II Inc | Food & Staples | 1st Lien, Secured Loan | 6, 9, 15 | n/a | 10/16/2024 | 08/02/2028 | 2040 | 2030 | - |  |
| Del Monte Foods Corp II Inc | Food & Staples | 1st Lien, Secured Loan | 6, 9, 14 | n/a | 04/17/2025 | 08/02/2028 | 264 | 255 | - |  |
| Dorel Industries Inc. | Consumer Products | 1st Lien, Secured Loan | 2, 6, 7, 20 | 3M SOFR + 11.17% (12.58% Cash + 2.50% PIK) | 11/14/2025 | 09/30/2030 | 6849 | 6555 | 6471 |  |
| Dorel Industries Inc. | Consumer Products | Warrants | 6, 8, 10, 22 | n/a | 11/14/2025 | n/a | 95122 | - | 121 | \* |
| DS Admiral Bidco, LLC | Technology | 1st Lien, Secured Loan | 2, 14 | 1M SOFR + 4.25% (7.95%) | 10/24/2025 | 06/26/2031 | 2486 | 2463 | 2326 |  |
| Dynata, LLC (New Insight Holdings, Inc.) | Internet Media | Warrants | 6, 8, 22 | n/a | 07/15/2024 | n/a | 45714 | - | - |  |
| EagleView Technology Corp | Technology | 1st Lien, Secured Loan | 2, 7, 20 | 3M SOFR + 6.50% (9.20% Cash + 1.00% PIK) | 10/21/2024 | 08/14/2028 | 4242 | 4150 | 3852 |  |
| ECL Entertainment, LLC | Casinos & Gaming | 1st Lien, Secured Loan | 2, 14 | 1M SOFR + 3.00% (6.67%) | 10/28/2025 | 08/31/2030 | 1990 | 1988 | 1975 |  |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Security**<sup>(1)</sup> | **Notes** | **Interest Rate**<sup>(2)</sup> | **Initial Acquisition Date** | **Maturity Date** | **Par Amount / Quantity** | **Cost** | **Fair Value** | **Percentage of Class**<sup>(3)</sup> |
| Elevate Textiles, Inc. | Textiles | 1st Lien, Secured Loan | 2, 6, 7, 17 | 3M SOFR + 6.50% (4.81% Cash + 5.50% PIK) | 11/07/2024 | 09/30/2027 | 2594 | 2257 | 2015 |  |
| First Brands, Inc. | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | 9, 17 | n/a | 06/09/2023 | 03/30/2027 | 2174 | 2175 | 3 |  |
| First Brands, Inc. | Transportation Equipment Manufacturing | 2nd Lien, Secured Loan | 9, 17 | n/a | 03/24/2021 | 03/30/2028 | 16200 | 15812 | 5 |  |
| Flexsys Cayman Holdings, LP | Chemicals | 1st Lien, Secured Loan | 2, 6, 16 | 3M SOFR + 5.25% (9.17%) | 05/28/2025 | 08/01/2029 | 5992 | 5195 | 365 |  |
| Foresight Energy | Metals & Mining | 1st Lien, Secured Loan | 2, 6, 19 | 3M SOFR + 8.00% (11.80%) | 07/29/2021 | 06/30/2027 | 5803 | 5815 | 5505 |  |
| Form Technologies LLC | Industrial | 1st Lien, Secured Loan | 2, 15 | 3M SOFR + 5.75% (9.42%) | 11/01/2024 | 07/19/2030 | 4714 | 4637 | 4267 |  |
| FPL Food LLC | Food & Staples | 1st Lien, Secured Loan | 2, 6, 14 | PRIME + 3.25% (11.50%) | 10/02/2024 | 02/13/2027 | 4000 | 4000 | 4000 |  |
| Goodnight Water Solutions, LLC | Energy Midstream | 1st Lien, Secured Loan | 2, 6, 14 | 1M SOFR + 4.00% (7.67%) | 10/15/2025 | 06/04/2029 | 2984 | 2945 | 2941 |  |
| Great Elm Specialty Finance, LLC | Specialty Finance | Subordinated Note | 4, 6 | 13.00% | 09/01/2023 | 06/30/2026 | 25325 | 25325 | 25325 |  |
| Great Elm Specialty Finance, LLC | Specialty Finance | Common Equity | 4, 6 | n/a | 09/01/2023 | n/a | 87500 | 17000 | 12465 | 87.50% |
| Inmar Inc. | Consumer Services | 1st Lien, Secured Loan | 2, 6, 14 | 3M SOFR + 4.50% (8.17%) | 10/31/2024 | 10/30/2031 | 1995 | 1991 | 1950 |  |
| Invesco Senior Loan | Credit Fund | Common Equity | 10 | n/a | 11/21/2025 | n/a | 205000 | 4264 | 4184 | \* |
| Ipsen US Holdings, Inc. | Industrial | 1st Lien, Secured Loan | 2, 6, 7, 21 | 1M SOFR + 12.05% (6.97% Cash + 8.75% PIK) | 08/14/2024 | 07/31/2029 | 5691 | 5546 | 5474 |  |
| ITG Communications LLC | Industrial | 1st Lien, Secured Loan | 2, 6, 14 | 1M SOFR + 4.75% (8.45%) | 11/04/2025 | 07/09/2031 | 2484 | 2437 | 2418 |  |
| JFL-Tiger Acquisition Co Inc | Environmental Services | 1st Lien, Secured Loan | 2, 6, 15 | 3M SOFR + 3.75% (7.43%) | 02/24/2026 | 10/17/2030 | 1995 | 1999 | 1999 |  |
| Mad Engine Global, LLC | Apparel | 1st Lien, Secured Loan | 2, 17 | 3M SOFR + 7.00% (10.96%) | 06/30/2021 | 07/15/2027 | 7488 | 6985 | 6484 |  |
| MajorDrive Holdings IV, LLC | Consumer Products | 1st Lien, Secured Loan | 2, 15 | 3M SOFR + 4.00% (7.96%) | 03/23/2026 | 06/01/2028 | 997 | 918 | 902 |  |
| MajorDrive Holdings IV, LLC | Consumer Products | Unsecured Bond |  | 6.38% | 12/03/2025 | 06/01/2029 | 2000 | 1492 | 1481 |  |
| Maverick Gaming LLC | Casinos & Gaming | Sr. DIP Loan | 2, 6, 20 | 1M SOFR + 12.50% (16.17%) | 07/31/2025 | 04/16/2026 | 907 | 905 | 907 |  |
| Maverick Gaming LLC | Casinos & Gaming | Jr. DIP Loan | 6, 9, 20 | n/a | 07/16/2025 | 04/16/2026 | 1603 | 1557 | 970 |  |
| Maverick Gaming LLC | Casinos & Gaming | 1st Lien, Secured Loan | 6, 9, 17 | n/a | 04/03/2024 | 06/03/2028 | 5741 | 6349 | - |  |
| NGC CLO 2 Ltd. | Structured Finance | CLO Equity | 6, 10 | n/a | 03/07/2025 | n/a | 7410 | 6190 | 6482 |  |
| Natus Medical Inc | Healthcare | 1st Lien, Secured Loan | 2, 6, 15 | 3M SOFR + 5.25% (9.10%) | 11/13/2025 | 07/20/2029 | 1000 | 998 | 990 |  |
| New Wilkie Energy Pty Limited | Metals & Mining | 1st Lien, Secured Loan | 6, 9, 10, 14 | n/a | 02/20/2025 | 02/20/2027 | 1268 | 1250 | 279 |  |
| New Wilkie Energy Pty Limited | Metals & Mining | 1st Lien, Secured Loan | 6, 9, 10, 14 | n/a | 02/20/2025 | 02/20/2027 | 114 | 103 | 92 |  |
| New Wilkie Energy Pty Limited | Metals & Mining | 2nd Lien, Secured Loan | 6, 8, 10, 14, 23 | n/a | 02/20/2025 | n/a | 4153 | 4460 | - |  |
| Northeast Grocery Inc | Food & Staples | 1st Lien, Secured Loan | 2, 6, 17 | 3M SOFR + 7.50% (11.15%) | 08/08/2024 | 12/13/2028 | 2601 | 2625 | 2608 |  |
| NY Daily News Enterprises, LLC | Media | 1st Lien, Secured Loan | 6 | 9.00% | 02/04/2026 | 02/04/2029 | 7000 | 7000 | 7000 |  |
| PFI Lower Midco LLC | Food & Staples | 1st Lien, Secured Loan | 2, 14 | 1M SOFR + 4.00% (7.67%) | 11/14/2025 | 12/01/2032 | 1995 | 1994 | 1999 |  |

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------

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Security**<sup>(1)</sup> | **Notes** | **Interest Rate**<sup>(2)</sup> | **Initial Acquisition Date** | **Maturity Date** | **Par Amount / Quantity** | **Cost** | **Fair Value** | **Percentage of Class**<sup>(3)</sup> |
| PFS Holdings Corp. | Food & Staples | Common Equity | 5, 6, 8 | n/a | 11/13/2020 | n/a | 5238 | 12379 | - | 5.05% |
| PowerStop LLC | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | 2, 15 | 6M SOFR + 4.75% (8.55%) | 02/09/2024 | 01/26/2029 | 1595 | 1503 | 1360 |  |
| ProFrac Holdings II, LLC | Energy Services | 1st Lien, Secured Bond | 2, 6, 10, 11, 21 | 3M SOFR + 7.25% (11.21%) | 12/27/2023 | 01/23/2029 | 5366 | 5333 | 5280 |  |
| Ruby Tuesday Operations LLC | Restaurants | 1st Lien, Secured Loan | 2, 6, 7, 18 | 1M SOFR + 16.00% (0.00% Cash + 19.78% PIK) | 01/31/2023 | 02/24/2027 | 177 | 177 | 175 |  |
| Ruby Tuesday Operations LLC | Restaurants | 1st Lien, Secured Loan | 2, 6, 7, 18 | 1M SOFR + 12.00% (9.78% Cash + 6.00% PIK) | 09/03/2024 | 02/24/2027 | 2669 | 2659 | 2612 |  |
| Ruby Tuesday Operations LLC | Restaurants | Warrants | 6, 8, 22 | n/a | 02/24/2021 | n/a | 311697 | - | 74 | \* |
| Ryan, LLC | Business Services | 1st Lien, Secured Loan | 2, 15 | 1M SOFR + 3.50% (7.17%) | 11/05/2025 | 11/05/2032 | 4000 | 3981 | 3864 |  |
| SCIH Salt Holdings Inc. | Food & Staples | 1st Lien, Secured Loan | 2, 16 | 6M SOFR + 2.75% (6.35%) | 10/14/2025 | 01/31/2029 | 3990 | 3987 | 3977 |  |
| Thryv, Inc. | Marketing Services | 1st Lien, Secured Loan | 2, 10, 17 | 1M SOFR + 6.75% (10.42%) | 04/30/2024 | 05/01/2029 | 1215 | 1207 | 1190 |  |
| Trident TPI Holding, Inc. | Packaging | 1st Lien, Secured Loan | 2, 15 | 3M SOFR + 3.75% (7.45%) | 03/23/2026 | 09/18/2028 | 997 | 944 | 943 |  |
| Trident TPI Holding, Inc. | Packaging | Unsecured Bond |  | 12.75% | 11/26/2025 | 12/31/2028 | 2000 | 2029 | 1948 |  |
| Trouvaille Re Ltd. | Insurance | Preference Shares | 6, 10 | n/a | 03/27/2024 | n/a | 100 | 5000 | 6975 |  |
| TRU Taj Trust | Retail | Common Equity | 6, 8 | n/a | 07/21/2017 | n/a | 16000 | 611 | 84 | 2.75% |
| TruGreen LP | Consumer Services | 1st Lien, Secured Loan | 2, 16 | 3M SOFR + 4.00% (7.77%) | 05/14/2024 | 11/02/2027 | 2260 | 2211 | 2147 |  |
| TruGreen LP | Consumer Services | 2nd Lien, Secured Loan | 2, 6, 16 | 3M SOFR + 8.50% (12.43%) | 05/14/2024 | 11/02/2028 | 1400 | 1235 | 1284 |  |
| Universal Fiber Systems | Chemicals | 1st Lien, Secured Loan | 2, 6, 7, 17 | 1M SOFR + 12.00% (7.78% Cash + 8.00% PIK) | 10/16/2024 | 09/30/2028 | 6029 | 6022 | 6330 |  |
| Universal Fiber Systems | Chemicals | Common Equity | 6, 8 | n/a | 10/16/2024 | n/a | 41687 | 6807 | 1838 | 5.44% |
| Universal Fiber Systems | Chemicals | Common Equity | 6, 8 | n/a | 10/16/2024 | n/a | 371 | - | - | \* |
| Universal Fiber Systems | Chemicals | Common Equity | 6, 8 | n/a | 10/16/2024 | n/a | 976 | - | - | 2.37% |
| VCI Asset Holdings 2 LLC | Technology | 1st Lien, Secured Loan | 6 | 7.38% | 02/13/2026 | 02/13/2031 | 2284 | 2262 | 2332 |  |
| VCI Intermediate TopCo 2 LLC | Technology | Private Fund | 6, 10 | n/a | 02/13/2026 | n/a | 228400 | 228 | 229 |  |
| Victra Holdings, LLC | Retail | 1st Lien, Secured Loan | 2, 6, 16 | 3M SOFR + 3.75% (7.45%) | 09/10/2024 | 03/31/2029 | 1348 | 1348 | 1331 |  |
| Vivos Holdings, LLC | Consumer Products | 1st Lien, Secured Loan | 2, 6, 19 | 1M SOFR + 6.00% (9.68%) | 08/13/2025 | 08/13/2030 | 4726 | 4684 | 4635 |  |
| Vivos Holdings, LLC | Consumer Products | 2nd Lien, Secured Loan | 2, 6, 7, 21 | 1M SOFR + 10.00% (0.00% Cash + 13.67% PIK) | 08/13/2025 | 02/13/2031 | 10371 | 10371 | 10519 |  |
| Vivos Holdings, LLC | Consumer Products | Promissory Note | 6, 7 | 4.50% PIK | 08/13/2025 | 08/13/2032 | 2069 | 2069 | 2069 |  |
| Vivos Holdings, LLC | Consumer Products | Promissory Note | 6, 7 | 9.00% PIK | 08/13/2025 | 08/13/2032 | 94 | 129 | 94 |  |
| Vivos Holdings, LLC | Consumer Products | Warrants | 6, 8, 22 | n/a | 08/13/2025 | n/a | 592 | - | 81 | \* |
| W&T Offshore, Inc. | Oil & Gas Exploration & Production | 2nd Lien, Secured Bond |  | 10.75% | 01/14/2025 | 02/02/2029 | 1900 | 1632 | 1945 |  |
| Walor North America, Inc | Industrial | 1st Lien, Secured Loan | 2, 6, 14 | 1M SOFR + 5.75% (9.55%) | 06/17/2025 | 06/17/2028 | 1369 | 1369 | 1363 |  |
| **Total Investments excluding Short-Term Investments (248.58% of Net Assets)** | **Total Investments excluding Short-Term Investments (248.58% of Net Assets)** | **Total Investments excluding Short-Term Investments (248.58% of Net Assets)** | **Total Investments excluding Short-Term Investments (248.58% of Net Assets)** |  |  |  |  | $**338631** | $**267163** |  |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |  |
| MFB Northern Inst Funds Treas Portfolio Premier CL | Short-Term Investments | Money Market |  | 4.16% | n/a | n/a | 9599565 | 9600 | 9600 |  |

---

------

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Security**<sup>(1)</sup> | **Notes** | **Interest Rate**<sup>(2)</sup> | **Initial Acquisition Date** | **Maturity Date** | **Par Amount / Quantity** | **Cost** | **Fair Value** | **Percentage of Class**<sup>(3)</sup> |
| **Total Short-Term Investments (8.93% of Net Assets)** | **Total Short-Term Investments (8.93% of Net Assets)** | **Total Short-Term Investments (8.93% of Net Assets)** |  |  |  |  |  | $**9600** | $**9600** |  |
| **TOTAL INVESTMENTS (257.51% of Net Assets)** | **TOTAL INVESTMENTS (257.51% of Net Assets)** | **TOTAL INVESTMENTS (257.51% of Net Assets)** | 13 |  |  |  |  | $**348231** | $**276763** |  |
| **Liabilities in Excess of Other Assets (157.51% of Net Assets)** | **Liabilities in Excess of Other Assets (157.51% of Net Assets)** | **Liabilities in Excess of Other Assets (157.51% of Net Assets)** |  |  |  |  |  |  | $(169286) |  |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |  |  |  |  |  |  | $**107477** |  |

---

<sup>(1)</sup> Great Elm Capital Corp.'s (the "Company") investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") and, therefore, are generally subject to limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

<sup>(2)</sup> Certain of the Company's variable rate debt investments bear interest at a rate that is determined by reference to Secured Overnight Financing Rate ("SOFR") or prime rate ("Prime") which are reset periodically. For each debt investment, the Company has provided the interest rate in effect as of period end. A floor is the minimum rate that will be applied in calculating an interest rate. A cap is the maximum rate that will be applied in calculating an interest rate. The SOFR as of period end was 3.68%. The one-month ("1M") SOFR as of period end was 3.66%. The three-month ("3M") SOFR as of period end was 3.68%. The six-month ("6M") SOFR as of period end was 3.70%. The Prime Rate as of period end was 6.75%.

<sup>(3)</sup> Percentage of class held refers only to equity held, if any, calculated on a fully diluted basis.

<sup>(4)</sup> "Controlled Investments" are investments in those companies that are "Controlled Investments" of the Company, as defined in the Investment Company Act of 1940, as amended (the "Investment Company Act"). A company is deemed to be a "Controlled Investment" of the Company if the Company owns more than 25% of the voting securities of such company.

<sup>(5)</sup> "Affiliate Investments" are investments in those companies that are "Affiliated Companies" of the Company, as defined in the Investment Company Act, which are not "Controlled Investments." A company is deemed to be an "Affiliate" of the Company if the Company owns 5% or more, but less than 25%, of the voting securities of such company.

<sup>(6)</sup> These investments were valued using unobservable inputs and are considered Level 3 investments.

<sup>(7)</sup> Security pays, or has the option to pay, some or all of its interest in kind. As of March 31, 2026, the Dorel Industries secured loan, the EagleView Technology Corp secured loan, the Elevate Textiles, Inc. secured loan, the Ipsen US Holdings, Inc. secured loan, each of the Ruby Tuesday Operations, LLC ("Ruby Tuesday") secured loans, the Universal Fiber Systems secured loan, and certain of the Vivos Holdings, LLC ("Vivos") loans and notes pay all or a portion of their interest in-kind and the rates above reflect the payment-in-kind ("PIK") interest rates.

<sup>(8)</sup> Non-income producing security.

<sup>(9)</sup> Investment was on non-accrual status as of period end.

<sup>(10)</sup> Indicates assets that the Company believes do not represent "qualifying assets" under Section 55(a) of the Investment Company Act. Qualifying assets must represent at least 70% of the Company's total assets at the time of acquisition of any additional non-qualifying assets. Of the Company's total assets, 25.29% were non-qualifying assets as of period end.

<sup>(11)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act. Such security may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration.

<sup>(12)</sup> As a practical expedient, the Company uses net asset value to determine the fair value of this investment.

<sup>(13)</sup> As of period end, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $8,392; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $(79,860); the net unrealized depreciation was $(71,468); the aggregate cost of securities for Federal income tax purposes was $348,231.

<sup>(14)</sup> Loan includes interest rate floor of 0.00%.

------

<sup>(15)</sup> Loan includes interest rate floor of 0.50%.

<sup>(16)</sup> Loan includes interest rate floor of 0.75%.

<sup>(17)</sup> Loan includes interest rate floor of 1.00%.

<sup>(18)</sup> Loan includes interest rate floor of 1.25%.

<sup>(19)</sup> Loan includes interest rate floor of 1.50%.

<sup>(20)</sup> Loan includes interest rate floor of 2.00%.

<sup>(21)</sup> Loan includes interest rate floor of 2.50%.

<sup>(22)</sup> The strike price at which investments in warrants may be exercised is $1.58 for the Commercial Vehicle Group, Inc. ("CVGI") Tranche 1 warrants, $2.07 for the CVGI Tranche 2 warrants, $37.72 for the Dynata, LLC warrants, $0.01 for the Ruby Tuesday warrants, $3,930.13 for the Vivos warrants and $0.01 for the Dorel Industries Inc. warrants.

<sup>(23)</sup> Investment is a debt investment that does not have a stated maturity date.

\* Represents less than 1%.

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As of March 31, 2026, the Company's investments consisted of the following:

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| | | |
|:---|:---|:---|
| **Investment Type** | **Investments at<br>Fair Value** | **Percentage of<br>Net Assets** |
| Debt | $190403 | 177.16% |
| Equity/Other | 76760 | 71.42% |
| Short-Term Investments | 9600 | 8.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**276763** | **257.51%** |

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As of March 31, 2026, the geographic composition of the Company's portfolio at fair value was as follows:

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| | | |
|:---|:---|:---|
| **Geography** | **Investments at<br>Fair Value** | **Percentage of<br>Net Assets** |
| United States | $266901 | 248.33% |
| Canada | 2516 | 2.34% |
| Bermuda | 6975 | 6.49% |
| Australia | 371 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**276763** | **257.51%** |

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As of March 31, 2026, the industry composition of the Company's portfolio at fair value was as follows:

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| | | |
|:---|:---|:---|
| **Industry** | **Investments at<br>Fair Value** | **Percentage of<br>Net Assets** |
| Structured Finance | $44072 | 41.02% |
| Specialty Finance | 37790 | 35.16% |
| Technology | 30035 | 27.95% |
| Consumer Products | 26374 | 24.54% |
| Insurance | 18575 | 17.28% |
| Industrial | 13521 | 12.58% |
| Food & Staples | 13288 | 12.36% |
| Chemicals | 11370 | 10.58% |
| Short-Term Investments | 9600 | 8.93% |
| Metals & Mining | 8392 | 7.81% |
| Media | 7000 | 6.51% |
| Apparel | 6484 | 6.03% |
| Transportation Equipment Manufacturing | 5928 | 5.52% |
| Consumer Services | 5382 | 5.01% |
| Energy Services | 5280 | 4.91% |
| Credit Fund | 4184 | 3.89% |
| Business Services | 3864 | 3.60% |
| Casinos & Gaming | 3852 | 3.58% |
| Marketing Services | 3055 | 2.84% |
| Energy Midstream | 2941 | 2.74% |
| Packaging | 2891 | 2.69% |
| Restaurants | 2861 | 2.66% |
| Textiles | 2015 | 1.87% |
| Environmental Services | 1999 | 1.86% |
| Oil & Gas Exploration & Production | 1945 | 1.81% |
| Financial Services | 1660 | 1.54% |
| Retail | 1415 | 1.32% |
| Healthcare | 990 | 0.92% |
|  | $**276763** | **257.51%** |

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**GREAT ELM CAPITAL CORP.**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

***Dollar amounts in thousands***

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Security**<sup>(1)</sup> | **Notes** | **Interest Rate**<sup>(2)</sup> | **Initial Acquisition Date** | **Maturity Date** | **Par Amount / Quantity** | **Cost** | **Fair Value** | **Percentage of Class**<sup>(3)</sup> |
| **Investments at Fair Value** |  |  |  |  |  |  |  |  |  |  |
| Advancion | Chemicals | 1st Lien, Secured Loan | 2, 16 | 1M SOFR + 4.00% (7.82%) | 08/26/2025 | 11/24/2027 | 2982 | 2947 | 2717 |  |
| American Coastal Insurance Corp. | Insurance | Unsecured Bond |  | 7.25% | 12/20/2022 | 12/15/2027 | 11000 | 7982 | 10980 |  |
| Auction.com | Financial Services | 1st Lien, Secured Loan | 2, 6, 19 | 6M SOFR + 6.00% (10.04%) | 09/09/2024 | 05/26/2028 | 3156 | 3045 | 2834 |  |
| Blackstone Secured Lending Fund | Closed-End Fund | Common Equity | 10 | n/a | 09/25/2024 | n/a | 6000 | 182 | 158 | \* |
| Blue Ribbon, LLC | Food & Staples | 1st Lien, Secured Loan | 2, 7, 16 | 3M SOFR + 8.00% (7.86% Cash + 4.00% PIK) | 01/16/2025 | 05/08/2028 | 252 | 247 | 247 |  |
| CLO Formation JV, LLC | Structured Finance | Common Equity | 4, 10, 12 | n/a | 04/23/2024 | n/a | 166 | 52358 | 41425 | 71.25% |
| CMI Marketing, Inc. | Marketing Services | 1st Lien, Secured Loan | 2, 15 | 1M SOFR + 4.25% (8.08%) | 09/05/2025 | 03/23/2028 | 1890 | 1877 | 1862 |  |
| Commercial Vehicle Group, Inc. | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | 2, 6, 20 | 1M SOFR + 9.75% (13.57%) | 07/31/2025 | 06/27/2030 | 4975 | 4835 | 4827 |  |
| Commercial Vehicle Group, Inc. | Transportation Equipment Manufacturing | Tranche 1 warrants | 8, 23 | n/a | 07/31/2025 | n/a | 103547 | - | 74 |  |
| Commercial Vehicle Group, Inc. | Transportation Equipment Manufacturing | Tranche 2 warrants | 8, 23 | n/a | 07/31/2025 | n/a | 103547 | - | 64 |  |
| Confluence Technologies | Technology | 1st Lien, Secured Loan | 2, 15 | 3M SOFR + 3.75% (7.57%) | 03/04/2025 | 07/31/2028 | 1095 | 999 | 909 |  |
| Conuma Resources LTD | Metals & Mining | 1st Lien, Secured Bond | 6, 10, 11 | 13.13% | 08/08/2024 | 05/01/2028 | 2929 | 2980 | 2720 |  |
| Conuma Resources LTD | Metals & Mining | 1st Lien, Secured Bond | 10, 11 | 13.13% | 04/15/2025 | 05/01/2028 | 1400 | 1372 | 1372 |  |
| Coreweave Compute Acquisition Co. II, LLC | Technology | 1st Lien, Secured Loan | 2, 6, 14 | 3M SOFR + 9.62% (13.41%) | 08/21/2023 | 07/31/2028 | 11813 | 11775 | 12049 |  |
| Coreweave Compute Acquisition Co. IV, LLC | Technology | 1st Lien, Secured Loan | 2, 6, 14 | 3M SOFR + 6.00% (9.84%) | 05/29/2024 | 05/16/2030 | 3314 | 3274 | 3380 |  |
| CW Opportunity 2 LP | Technology | Private Fund | 10, 12 | n/a | 05/14/2024 | n/a | 4083246 | 4083 | 5798 |  |
| Del Monte Foods Corp II Inc | Food & Staples | Sr. DIP Loan | 2, 6, 7, 17 | 1M SOFR + 9.50% (4.85% Cash + 8.50% PIK) | 07/14/2025 | 04/02/2026 | 2769 | 2727 | 2769 |  |
| Del Monte Foods Corp II Inc | Food & Staples | Jr. DIP Loan | 2, 6, 9, 17 | n/a | 07/14/2025 | 04/02/2026 | 4086 | 4083 | 1159 |  |
| Del Monte Foods Corp II Inc | Food & Staples | 1st Lien, Secured Loan | 2, 6, 9, 15 | n/a | 10/16/2024 | 08/02/2028 | 2040 | 2030 | - |  |
| Del Monte Foods Corp II Inc | Food & Staples | 1st Lien, Secured Loan | 2, 6, 9, 14 | n/a | 04/17/2025 | 08/02/2028 | 264 | 255 | - |  |
| Dorel Industries Inc. | Consumer Products | 1st Lien, Secured Loan | 2, 6, 7, 20 | 3M SOFR + 11.26% (6.72% Cash + 4.54% PIK) | 11/14/2025 | 09/30/2030 | 6823 | 6516 | 6389 |  |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Security**<sup>(1)</sup> | **Notes** | **Interest Rate**<sup>(2)</sup> | **Initial Acquisition Date** | **Maturity Date** | **Par Amount / Quantity** | **Cost** | **Fair Value** | **Percentage of Class**<sup>(3)</sup> |
| Dorel Industries Inc. | Consumer Products | Warrants | 6, 10, 23 | n/a | 11/14/2025 | n/a | 95122 | - | 89 | \* |
| DS Admiral Bidco, LLC | Technology | 1st Lien, Secured Loan | 2, 6, 14 | 1M SOFR + 4.25% (7.92%) | 10/24/2025 | 06/26/2031 | 2493 | 2469 | 2468 |  |
| DTI HOLDCO, INC. | Business Services | 1st Lien, Secured Loan | 2, 16 | 1M SOFR + 4.00% (7.72%) | 09/04/2025 | 04/26/2029 | 2195 | 2054 | 2042 |  |
| Dynata, LLC (New Insight Holdings, Inc.) | Internet Media | Warrants | 6, 8, 23 | n/a | 07/15/2024 | n/a | 45714 | - | - | \* |
| EagleView Technology Corp | Technology | 1st Lien, Secured Loan | 2, 7, 20 | 3M SOFR + 6.50% (9.17% Cash + 1.00% PIK) | 10/21/2024 | 08/14/2028 | 6231 | 6083 | 5986 |  |
| ECL Entertainment, LLC | Casinos & Gaming | 1st Lien, Secured Loan | 2, 14 | 1M SOFR + 3.00% (6.72%) | 10/28/2025 | 08/31/2030 | 1995 | 1993 | 1988 |  |
| Elevate Textiles, Inc. | Textiles | 1st Lien, Secured Loan | 2, 7, 17 | 3M SOFR + 6.50% (5.14% Cash + 5.50% PIK) | 11/07/2024 | 09/30/2027 | 2563 | 2185 | 1954 |  |
| First Brands, Inc. | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | 2, 9, 17 | n/a | 06/09/2023 | 03/30/2027 | 2174 | 2175 | 4 |  |
| First Brands, Inc. | Transportation Equipment Manufacturing | 2nd Lien, Secured Loan | 2, 9, 17 | n/a | 03/24/2021 | 03/30/2028 | 16200 | 15812 | 20 |  |
| Flexsys Cayman Holdings, LP | Chemicals | 1st Lien, Secured Loan | 2, 16 | 3M SOFR + 5.25% (9.08%) | 05/28/2025 | 08/01/2029 | 5992 | 5148 | 330 |  |
| Foresight Energy | Metals & Mining | 1st Lien, Secured Loan | 2, 6, 19 | 3M SOFR + 8.00% (11.77%) | 07/29/2021 | 06/30/2027 | 5822 | 5834 | 5561 |  |
| Form Technologies LLC | Industrial | 1st Lien, Secured Loan | 2, 15 | 3M SOFR + 5.75% (9.62%) | 11/01/2024 | 07/19/2030 | 4726 | 4645 | 4236 |  |
| FPL Food LLC | Food & Staples | 1st Lien, Secured Loan | 2, 6, 14 | PRIME + 3.25% (11.50%) | 10/02/2024 | 02/13/2027 | 4000 | 4000 | 4000 |  |
| FS KKR CAPITAL CORP | Closed-End Fund | Common Equity | 10 | n/a | 05/09/2024 | n/a | 50000 | 752 | 741 | \* |
| Goodnight Water Solutions, LLC | Energy Midstream | 1st Lien, Secured Loan | 2, 14 | 1M SOFR + 4.00% (7.72%) | 10/15/2025 | 06/04/2029 | 2992 | 2951 | 2970 |  |
| GPC Merger Sub Inc. | Packaging | Unsecured Bond |  | 7.13% | 10/15/2025 | 08/15/2028 | 3000 | 2993 | 3001 |  |
| Great Elm Specialty Finance, LLC | Specialty Finance | Subordinated Note | 4, 6 | 13.00% | 09/01/2023 | 06/30/2026 | 25325 | 25325 | 25325 |  |
| Great Elm Specialty Finance, LLC | Specialty Finance | Common Equity | 4, 6 | n/a | 09/01/2023 | n/a | 87500 | 17000 | 13137 | 87.50% |
| Inmar Inc. | Consumer Services | 1st Lien, Secured Loan | 2, 14 | 3M SOFR + 4.50% (8.34%) | 10/31/2024 | 10/30/2031 | 7169 | 7172 | 7067 |  |
| Invesco Senior Loan | Credit Fund | Common Equity | 10 | n/a | 11/21/2025 | n/a | 240000 | 5023 | 5040 | \* |
| Ipsen US Holdings, Inc. | Industrial | 1st Lien, Secured Loan | 2, 6, 7, 21 | 1M SOFR + 12.07% (7.01% Cash + 8.78% PIK) | 08/14/2024 | 07/31/2029 | 5581 | 5427 | 5343 |  |
| ITG Communications LLC | Industrial | 1st Lien, Secured Loan | 2, 14 | 6M SOFR + 4.75% (8.95%) | 11/04/2025 | 07/09/2031 | 2000 | 1962 | 1930 |  |
| Mad Engine Global, LLC | Apparel | 1st Lien, Secured Loan | 2, 17 | 3M SOFR + 7.00% (10.93%) | 06/30/2021 | 07/15/2027 | 6442 | 5986 | 5572 |  |
| Main Street Sports Group LLC | Media | 1st Lien, Secured Loan |  | 15.00% | 02/06/2025 | 01/03/2028 | 116 | 106 | 40 |  |
| MajorDrive Holdings IV, LLC | Consumer Products | Unsecured Bond |  | 6.38% | 12/03/2025 | 06/01/2029 | 1000 | 701 | 723 |  |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Security**<sup>(1)</sup> | **Notes** | **Interest Rate**<sup>(2)</sup> | **Initial Acquisition Date** | **Maturity Date** | **Par Amount / Quantity** | **Cost** | **Fair Value** | **Percentage of Class**<sup>(3)</sup> |
| Manchester Acquisition Sub, LLC | Chemicals | 1st Lien, Secured Loan | 2, 6, 16 | 3M SOFR + 5.75% (9.67%) | 09/26/2023 | 12/01/2026 | 6256 | 6083 | 5996 |  |
| Maverick Gaming LLC | Casinos & Gaming | Sr. DIP Loan | 2, 6, 20 | 1M SOFR + 12.50% (16.22%) | 07/31/2025 | 04/16/2026 | 907 | 891 | 907 |  |
| Maverick Gaming LLC | Casinos & Gaming | Jr. DIP Loan | 2, 6, 9, 20 | n/a | 07/16/2025 | 04/16/2026 | 1603 | 1576 | 970 |  |
| Maverick Gaming LLC | Casinos & Gaming | 1st Lien, Secured Loan | 2, 6, 9, 17 | n/a | 04/03/2024 | 06/03/2028 | 5741 | 6349 | - |  |
| NGC CLO 2 Ltd. | Structured Finance | CLO Equity | 6, 10 | n/a | 03/07/2025 | n/a | 7410 | 6190 | 6474 |  |
| Natus Medical Inc | Healthcare | 1st Lien, Secured Loan | 2, 6, 15 | 3M SOFR + 5.25% (9.07%) | 11/13/2025 | 07/20/2029 | 1000 | 998 | 995 |  |
| New Wilkie Energy Pty Limited | Metals & Mining | 1st Lien, Secured Loan | 6, 8, 9, 10, 14 | n/a | 02/20/2025 | 02/20/2027 | 1268 | 1250 | 444 |  |
| New Wilkie Energy Pty Limited | Metals & Mining | 1st Lien, Secured Loan | 6, 8, 9, 10, 14 | n/a | 02/20/2025 | 02/20/2027 | 114 | 103 | 92 |  |
| New Wilkie Energy Pty Limited | Metals & Mining | 2nd Lien, Secured Loan | 6, 8, 10, 14, 24 | n/a | 02/20/2025 | n/a | 4153 | 4460 | - |  |
| Northeast Grocery Inc | Food & Staples | 1st Lien, Secured Loan | 2, 17 | 3M SOFR + 7.50% (11.38%) | 08/08/2024 | 12/13/2028 | 2714 | 2740 | 2721 |  |
| PFI Lower Midco LLC | Food & Staples | 1st Lien, Secured Loan | 2, 14 | 1M SOFR + 4.00% (7.87%) | 11/14/2025 | 12/01/2032 | 1000 | 990 | 1006 |  |
| PFS Holdings Corp. | Food & Staples | Common Equity | 5, 6, 8 | n/a | 11/13/2020 | n/a | 5238 | 12379 | - | 5.05% |
| PowerStop LLC | Transportation Equipment Manufacturing | 1st Lien, Secured Loan | 2, 15 | 6M SOFR + 4.75% (8.55%) | 02/09/2024 | 01/26/2029 | 1599 | 1502 | 1327 |  |
| ProFrac Holdings II, LLC | Energy Services | 1st Lien, Secured Bond | 2, 6, 10, 11, 21 | 3M SOFR + 7.25% (11.81%) | 12/27/2023 | 01/23/2029 | 5556 | 5519 | 5393 |  |
| Ruby Tuesday Operations LLC | Restaurants | 1st Lien, Secured Loan | 2, 6, 7, 18 | 1M SOFR + 16.00% (0.00% Cash + 19.98% PIK) | 01/31/2023 | 02/24/2027 | 169 | 169 | 167 |  |
| Ruby Tuesday Operations LLC | Restaurants | 1st Lien, Secured Loan | 2, 6, 7, 18 | 1M SOFR + 12.00% (9.98% Cash + 6.00% PIK) | 09/03/2024 | 02/24/2027 | 2629 | 2616 | 2575 |  |
| Ruby Tuesday Operations LLC | Restaurants | Warrants | 6, 8, 23 | n/a | 02/24/2021 | n/a | 311697 | - | 314 | 2.81% |
| Ryan, LLC | Business Services | 1st Lien, Secured Loan | 2, 15 | 1M SOFR + 3.50% (7.22%) | 11/05/2025 | 11/05/2032 | 5000 | 4975 | 4929 |  |
| SCIH Salt Holdings Inc. | Food & Staples | 1st Lien, Secured Loan | 2, 16 | 6M SOFR + 2.75% (6.52%) | 10/14/2025 | 01/31/2029 | 4000 | 3997 | 4006 |  |
| SIRVA Worldwide Inc | Business Services | 1st Lien, Secured Loan | 2, 20 | 3M SOFR + 8.00% (11.69%) | 02/06/2025 | 02/20/2029 | 700 | 694 | 644 |  |
| SIRVA Worldwide Inc | Business Services | Delayed Draw, Secured Loan | 2, 20 | 3M SOFR + 8.00% (11.69%) | 02/19/2025 | 02/20/2029 | 126 | 125 | 115 |  |
| State Street Blackstone Senior Loan ETF | Credit Fund | Common Equity | 10 | n/a | 11/21/2025 | n/a | 122500 | 5051 | 5056 |  |
| Stone Ridge Opportunities Fund L.P. | Insurance | Private Fund | 8, 10, 12 | n/a | 01/01/2023 | n/a | 2379875 | 2380 | 4965 |  |
| Thryv, Inc. | Marketing Services | 1st Lien, Secured Loan | 2, 6, 10, 17 | 1M SOFR + 6.75% (10.47%) | 04/30/2024 | 05/01/2029 | 1215 | 1206 | 1211 |  |
| Trident TPI Holding, Inc. | Packaging | Unsecured Bond |  | 12.75% | 11/26/2025 | 12/31/2028 | 1000 | 1008 | 1024 |  |
| Trouvaille Re Ltd. | Insurance | Preference Shares | 6, 10 | n/a | 03/27/2024 | n/a | 100 | 5000 | 6659 |  |
| TRU Taj Trust | Retail | Common Equity | 6, 8 | n/a | 07/21/2017 | n/a | 16000 | 611 | 85 | 2.75% |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Industry** | **Security**<sup>(1)</sup> | **Notes** | **Interest Rate**<sup>(2)</sup> | **Initial Acquisition Date** | **Maturity Date** | **Par Amount / Quantity** | **Cost** | **Fair Value** | **Percentage of Class**<sup>(3)</sup> |
| TruGreen LP | Consumer Services | 1st Lien, Secured Loan | 2, 16 | 1M SOFR + 4.00% (7.82%) | 05/14/2024 | 11/02/2027 | 2266 | 2209 | 2216 |  |
| TruGreen LP | Consumer Services | 2nd Lien, Secured Loan | 2, 16 | 3M SOFR + 8.50% (12.60%) | 05/14/2024 | 11/02/2028 | 900 | 751 | 830 |  |
| Universal Fiber Systems | Chemicals | Common Equity | 6, 8 | n/a | 10/16/2024 | n/a | 41687 | 6807 | 4535 | 5.44% |
| Universal Fiber Systems | Chemicals | Common Equity | 6, 8 | n/a | 10/16/2024 | n/a | 371 | - | - | \* |
| Universal Fiber Systems | Chemicals | Common Equity | 6, 8 | n/a | 10/16/2024 | n/a | 976 | - | - | 2.37% |
| Universal Fiber Systems | Chemicals | 1st Lien, Secured Loan | 2, 6, 7, 17 | 1M SOFR + 12.00% (7.83% Cash + 8.00% PIK) | 10/16/2024 | 09/30/2028 | 5910 | 5903 | 5781 |  |
| Victra Holdings, LLC | Retail | 1st Lien, Secured Loan | 2, 16 | 3M SOFR + 3.75% (7.42%) | 09/10/2024 | 03/31/2029 | 1365 | 1365 | 1365 |  |
| Vivos Holdings, LLC | Consumer Products | Promissory Note | 6, 7 | 4.50% | 08/13/2025 | 08/13/2032 | 2045 | 2045 | 2045 |  |
| Vivos Holdings, LLC | Consumer Products | Promissory Note | 6, 7 | 9.00% | 08/13/2025 | 08/13/2032 | 131 | 131 | 131 |  |
| Vivos Holdings, LLC | Consumer Products | Warrants | 6, 23 | n/a | 08/13/2025 | n/a | 592 | - | 145 | \* |
| Vivos Holdings, LLC | Consumer Products | 1st Lien, Secured Loan | 2, 6, 19 | 1M SOFR + 6.00% (9.74%) | 08/13/2025 | 08/13/2030 | 4750 | 4705 | 4655 |  |
| Vivos Holdings, LLC | Consumer Products | 2nd Lien, Secured Loan | 2, 6, 7, 21 | 1M SOFR + 10.00% (0.00% Cash + 13.72% PIK) | 08/13/2025 | 02/13/2031 | 10028 | 10028 | 9997 |  |
| VT Topco, Inc. | Business Services | 1st Lien, Secured Loan | 2, 15 | 1M SOFR + 3.00% (6.87%) | 11/03/2025 | 08/09/2030 | 997 | 985 | 982 |  |
| W&T Offshore, Inc. | Oil & Gas Exploration & Production | 2nd Lien, Secured Bond |  | 10.75% | 01/14/2025 | 02/02/2029 | 4175 | 3889 | 3817 |  |
| Walor North America, Inc | Industrial | 1st Lien, Secured Loan | 2, 6, 14 | 1M SOFR + 5.75% (9.62%) | 06/17/2025 | 06/17/2028 | 1434 | 1434 | 1434 |  |
| x.AI LLC | Technology | 1st Lien, Secured Bond |  | 12.50% | 08/29/2025 | 06/30/2030 | 900 | 898 | 960 |  |
| **Total Investments excluding Short-Term Investments (264.08% of Net Assets)** | **Total Investments excluding Short-Term Investments (264.08% of Net Assets)** | **Total Investments excluding Short-Term Investments (264.08% of Net Assets)** | **Total Investments excluding Short-Term Investments (264.08% of Net Assets)** | **Total Investments excluding Short-Term Investments (264.08% of Net Assets)** |  |  |  | **361375** | **298268** |  |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |  |
| United States Treasury | Short-Term Investments | Treasury Bill |  | 0.00% | n/a | n/a | 30000000 | 29743 | 29743 |  |
| MFB Northern Inst Funds Treas Portfolio Premier CL | Short-Term Investments | Money Market |  | 4.16% | n/a | n/a | 3060059 | 3060 | 3060 |  |
| **Total Short-Term Investments (29.04% of Net Assets)** | **Total Short-Term Investments (29.04% of Net Assets)** | **Total Short-Term Investments (29.04% of Net Assets)** | **Total Short-Term Investments (29.04% of Net Assets)** |  |  |  |  | **32803** | **32803** |  |
| **TOTAL INVESTMENTS (293.12% of Net Assets)** | **TOTAL INVESTMENTS (293.12% of Net Assets)** | **TOTAL INVESTMENTS (293.12% of Net Assets)** | 13 |  |  |  |  | $**394178** | $**331071** |  |
| **Liabilities in Excess of Other Assets (193.12% of Net Assets)** | **Liabilities in Excess of Other Assets (193.12% of Net Assets)** | **Liabilities in Excess of Other Assets (193.12% of Net Assets)** | **Liabilities in Excess of Other Assets (193.12% of Net Assets)** |  |  |  |  |  | $(218125) |  |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |  |  |  |  |  | $**112946** |  |

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<sup>(1)</sup> Great Elm Capital Corp.'s (the "Company") investments are generally acquired in private transactions exempt from registration under the Securities Act, as amended (the "Securities Act") and, therefore, are generally subject to limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

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<sup>(2)</sup> Certain of the Company's variable rate debt investments bear interest at a rate that is determined by reference to Secured Overnight Financing Rate ("SOFR") or prime rate ("Prime") which are reset periodically. For each debt investment, the Company has provided the interest rate in effect as of period end. A floor is the minimum rate that will be applied in calculating an interest rate. A cap is the maximum rate that will be applied in calculating an interest rate. The SOFR as of period end was 3.87%. The one-month ("1M") SOFR as of period end was 3.69%. The three-month ("3M") SOFR as of period end was 3.65%. The six-month ("6M") SOFR as of period end was 3.57%. The prime rate as of period end was 6.75%.

<sup>(3)</sup> Percentage of class held refers only to equity held, if any, calculated on a fully diluted basis.

<sup>(4)</sup> "Controlled Investments" are investments in those companies that are "Controlled Investments" of the Company, as defined in the Investment Company Act. A company is deemed to be a "Controlled Investment" of the Company if the Company owns more than 25% of the voting securities of such company.

<sup>(5)</sup> "Affiliate Investments" are investments in those companies that are "Affiliated Companies" of the Company, as defined in the Investment Company Act, which are not "Controlled Investments." A company is deemed to be an "Affiliate" of the Company if the Company owns 5% or more, but less than 25%, of the voting securities of such company.

<sup>(6)</sup> Investments classified as Level 3 whereby fair value was determined by the Company's board of directors (the "Board").

<sup>(7)</sup> Security pays, or has the option to pay, some or all of its interest in kind. As of December 31, 2025, Blue Ribbon, LLC secured loan, Del Monte Food Corp II Inc. Sr. DIP Loan, Dorel Industries, Inc. secured loan, EagleView Technology Corp secured loan, Elevate Textiles, Inc. secured loan, Ipsen US Holdings, Inc. secured loan, Ruby Tuesday Operations LLC secured loan, Universal Fiber Systems secured loan, and Vivos Holdings, LLC secured loan pay a portion of their interest in-kind and the rates above reflect the payment-in-kind ("PIK") interest rates.

<sup>(8)</sup> Non-income producing security.

<sup>(9)</sup> Investment was on non-accrual status as of period end.

<sup>(10)</sup> Indicates assets that the Company believes do not represent "qualifying assets" under Section 55(a) of the Investment Company Act. Qualifying assets must represent at least 70% of the Company's total assets at the time of acquisition of any additional non-qualifying assets. Of the Company's total assets, 25.81% were non-qualifying assets as of period end.

<sup>(11)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act. Such security may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration.

<sup>(12)</sup> As a practical expedient, the Company uses net asset value to determine the fair value of this investment.

<sup>(13)</sup> As of period end, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $11,467; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $80,177; the net unrealized depreciation was $(68,710); the aggregate cost of securities for Federal income tax purposes was $399,781.

<sup>(14)</sup> Loan includes interest rate floor of 0.00%.

<sup>(15)</sup> Loan includes interest rate floor of 0.50%.

<sup>(16)</sup> Loan includes interest rate floor of 0.75%.

<sup>(17)</sup> Loan includes interest rate floor of 1.00%.

<sup>(18)</sup> Loan includes interest rate floor of 1.25%.

<sup>(19)</sup> Loan includes interest rate floor of 1.50%.

<sup>(20)</sup> Loan includes interest rate floor of 2.00%.

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<sup>(21)</sup> Loan includes interest rate floor of 2.50%.

<sup>(22)</sup> Loan includes interest rate floor of 8.25%.

<sup>(23)</sup> The strike price at which investments in warrants may be exercised is $1.58 for the Commercial Vehicle Group, Inc. ("CVGI") Tranche 1 warrants, $2.07 for the CVGI Tranche 2 warrants, $37.72 for the Dynata, LLC warrants, $0.01 for the Ruby Tuesday warrants, $3,930.13 for the Vivos warrants and $0.01 for the Dorel Industries Inc. warrants.

<sup>(24)</sup> Investment is a debt instrument that does not have a stated maturity date.

\* Represents less than 1%.

As of December 31, 2025 the Company's investments consisted of the following:

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| | | |
|:---|:---|:---|
| **Investment Type** | **Investments at<br>Fair Value** | **Percentage of<br>Net Assets** |
| Debt | $203509 | 180.18% |
| Equity/Other | 94759 | 83.90% |
| Short-Term Investments | 32803 | 29.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**331071** | **293.12%** |

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As of December 31, 2025 the geographic composition of the Company's portfolio at fair value was as follows:

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| | | |
|:---|:---|:---|
| **Geography** | **Investments at<br>Fair Value** | **Percentage of<br>Net Assets** |
| United States | $319784 | 283.13% |
| Canada | 4092 | 3.62% |
| Bermuda | 6659 | 5.90% |
| Australia | 536 | 0.47% |
| Europe | - | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**331071** | **293.12%** |

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As of December 31, 2025 the industry composition of the Company's portfolio at fair value was as follows:

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| | | |
|:---|:---|:---|
| **Industry** | **Investments at<br>Fair Value** | **Percentage of<br>Net Assets** |
| Structured Finance | $47899 | 42.44% |
| Specialty Finance | 38462 | 34.05% |
| Short-Term Investments | 32803 | 29.04% |
| Technology | 31550 | 27.93% |
| Consumer Products | 24174 | 21.40% |
| Insurance | 22604 | 20.01% |
| Chemicals | 19359 | 17.14% |
| Food & Staples | 15908 | 14.08% |
| Industrial | 12943 | 11.46% |
| Metals & Mining | 10189 | 9.02% |
| Consumer Services | 10113 | 8.95% |
| Credit Fund | 10096 | 8.94% |
| Business Services | 8712 | 7.71% |
| Transportation Equipment Manufacturing | 6316 | 5.59% |
| Apparel | 5572 | 4.93% |
| Energy Services | 5393 | 4.77% |
| Packaging | 4025 | 3.56% |
| Casinos & Gaming | 3865 | 3.42% |
| Oil & Gas Exploration & Production | 3817 | 3.38% |
| Marketing Services | 3073 | 2.72% |
| Restaurants | 3056 | 2.71% |
| Energy Midstream | 2970 | 2.63% |
| Financial Services | 2834 | 2.51% |
| Textiles | 1954 | 1.73% |
| Retail | 1450 | 1.28% |
| Healthcare | 995 | 0.88% |
| Closed-End Fund | 899 | 0.80% |
| Media | 40 | 0.04% |
| **Total** | $**331071** | **293.12%** |

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*The accompanying notes are an integral part of these financial statements.*

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**GREAT ELM CAPITAL CORP.**

**NOTES TO THE UNAUDITED FINANCIAL STATEMENTS**

**Dollar amounts in thousands, except share and per share amounts**

**1. ORGANIZATION** 

Great Elm Capital Corp. (the "Company") was formed on April 22, 2016 as a Maryland corporation. The Company is structured as an externally managed, non-diversified closed-end management investment company. The Company elected to be regulated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Company is managed by Great Elm Capital Management, LLC, a Delaware corporation ("GECM"), a subsidiary of Great Elm Group, Inc., a Delaware corporation ("GEG").

The Company seeks to generate current income and capital appreciation through debt and income-generating equity investments, including investments in specialty finance businesses.

**2. SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation**. The Company's functional currency is U.S. dollars and these financial statements have been prepared in that currency. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to Regulation S-X and Regulation S-K. These financial statements reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes are necessary to fairly state results for the interim periods presented. Results of operations for interim periods are not necessarily indicative of annual results of operations. The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies*.

**Use of Estimates**. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.

**Revenue Recognition**. Interest and dividend income, including income paid in kind, is recorded on an accrual basis. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments, are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment if such fees are fixed in nature. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, and end-of-term or exit fees that have a contingency feature or are variable in nature are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are generally included in interest income.

Interest income received as paid-in-kind ("PIK") is reported separately in the Statements of Operations. Income is included as PIK if the instrument solely provides for settlement in kind. In the event that the borrower can settle in kind or via cash payment, the income is not included as PIK until the borrower elects to pay in kind and the payment is received by the Company. In the event there is a lesser cash rate in a PIK toggle instrument, income is accrued at the lesser cash rate until the coupon is paid in kind and such larger payment is received by the Company.

Certain of the Company's debt investments were purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate debt instruments are generally amortized using the effective-interest or constant-yield method assuming there are no material questions as to collectability.

Interest income in CLO subordinated note investments are recorded on an accrual basis utilizing an effective interest methodology based upon an effective yield to maturity of projected cash flows. ASC Topic 325-40, Beneficial Interests in Securitized Financial Assets ("ASC 325") requires investment income from such investments be recognized under the effective interest method, with any difference between cash distributed and the amount calculated pursuant to the effective interest method be recorded as an adjustment to the cost basis of the investment. It is the Company's policy to monitor and update the effective yield for each CLO subordinated note position held at each measurement date and updated periodically, as needed.

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**Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)**. The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale of an investment and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Realized gains and losses are computed using the specific identification method. Net change in unrealized appreciation or depreciation reflects the net change in portfolio investment values and portfolio investment cost bases during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

**Cash and Cash Equivalents**. Cash and cash equivalents typically consist of bank demand deposits. Restricted cash generally consists of collateral for unfunded positions held by counterparties.

**Valuation of Portfolio Investments**. The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent pricing services, broker or dealer quotations or alternative price sources. In the absence of quoted market prices, broker or dealer quotations or alternative price sources, investments are measured at fair value as determined by the Company's board of directors (the "Board").

Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 4.

The Company values its portfolio investments at fair value based upon the principles and methods of valuation set forth in policies adopted by the Board. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (1) are independent of the Company, (2) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (3) are able to transact for the asset, and (4) are willing to transact for the asset (that is, they are motivated but not forced or otherwise compelled to do so).

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. The Company generally obtains market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker-dealers or market makers. Short term debt investments with remaining maturities within ninety days are generally valued at amortized cost, which approximates fair value. Debt and equity securities for which market quotations are not readily available, which is the case for many of the Company's investments, or for which market quotations are deemed not to represent fair value, are valued at fair value using a consistently applied valuation process in accordance with the Company's documented valuation policy that has been reviewed and approved by the Board. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that the Company may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of the Company's investments than on the fair values of the Company's investments for which market quotations are not readily available. Market quotations may be deemed not to represent fair value in certain circumstances where the Company believes that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a particular security cause current market quotations to not reflect the fair value of the security.

The valuation process approved by the Board with respect to investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The investment professionals of GECM provide recent portfolio company financial statements and other reporting materials to an independent valuation firm (or firms) approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Such firms evaluate this information along with relevant observable market data to conduct independent appraisals each quarter, and their preliminary valuation conclusions are documented, discussed, and iterated with senior management of GECM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪The fair value of investments comprising in the aggregate less than 5% of the Company's total capitalization and individually less than 1% of the Company's total capitalization may be determined by GECM in good faith in accordance with the Company's valuation policy without the employment of an independent valuation firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪GECM, as the Board's valuation designee, approves the fair value of the investments in the Company's portfolio in good faith.

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Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account in determining the fair value of its investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, and enterprise values.

Investments in revolvers or delayed draw loans may include unfunded commitments for which the Company's acquisition cost will be offset by compensation received on the portion of the commitment that is unfunded. As a result, the purchases of a commitment that is not fully funded may result in a negative cost basis for the funded commitment. The fair value of the unfunded commitment is adjusted for price appreciation or depreciation and may result in a negative fair value for the unfunded commitment.

**Deferred Financing Costs and Deferred Offering Costs**. Deferred financing costs and deferred offering costs consist of fees and expenses incurred in connection with financing or capital raising activities and include professional fees, printing fees, filing fees and other related expenses.

Deferred financing costs incurred in connection with the revolving credit facility are amortized on a straight-line basis over the term of the revolving credit facility. Unamortized costs are included in deferred financing costs on the Statements of Assets and Liabilities and amortization of those costs is included in interest expense on the Statements of Operations.

Deferred offering costs incurred in connection with the unsecured notes are amortized over the term of the respective unsecured note using the effective interest method. Unamortized costs are treated as a reduction to the carrying amount of the debt on the Statements of Assets and Liabilities and amortization of those costs is included in interest expense on the Statements of Operations.

Deferred offering costs incurred in connection with the shelf registration on form N-2 are capitalized when incurred and recognized as a reduction to offering proceeds when the offering becomes effective or expensed upon expiration of the registration statement, if applicable. Deferred offering costs are included with prepaid expenses and other assets on the Statements of Assets and Liabilities.

**Prepaid Expenses and Other Assets.** Prepaid expenses include expenses paid in advance such as annual insurance premiums and deferred offering costs, as described above. Other assets may include contributions to investments paid in advance of trade date.

**U.S. Federal Income Taxes**. From inception to September 30, 2016, the Company was a taxable association under Internal Revenue Code of 1986, as amended (the "Code"). The Company has elected to be taxed as a regulated investment company ("RIC") under subchapter M of the Code. The Company intends to operate in a manner so as to qualify for the tax treatment applicable to RICs in that taxable year and all future taxable years. In order to qualify as a RIC, among other things, the Company will be required to timely distribute to its stockholders at least 90% of investment company taxable income ("ICTI") including PIK interest, as defined by the Code, for each taxable year in order to be eligible for tax treatment under subchapter M of the Code. Depending on the level of ICTI earned in a tax year, the Company may choose to relate back distributions in the next tax year to meet the requirement to distribute 90% of its ICTI in the prior year. Any such "spillover dividends" must generally be declared on or before the 15th day of the ninth month after the tax-year end. So long as the Company maintains its status as a RIC, it generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as distributions. Rather, any tax liability related to income earned by the Company represents obligations of the Company's stockholders and will not be reflected in the financial statements of the Company.

If the Company does not distribute (or is not deemed to have distributed) each calendar year the sum of (1) 98% of its net ordinary income for each calendar year, (2) 98.2% of its capital gain net income for the one-year period ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years (the "Minimum Distribution Amount"), the Company will generally be required to pay an excise tax equal to 4% of the amount by which Minimum Distribution Amount exceeds the distributions for the year. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, the Company accrues excise taxes, if any, on estimated excess taxable income as taxable income is earned using an annual effective excise tax rate. The annual effective excise tax rate is determined by dividing the estimated annual excise tax by the estimated annual taxable income.

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The Company has accrued $91 of excise tax expense during the three months ended March 31, 2026. The Company accrued $68 of excise tax expense during the three months ended March 31, 2025.

At December 31, 2025, the Company, for federal income tax purposes, had capital loss carryforwards of $188,051 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Code, and thus will reduce the amount of distributions to stockholders, which would otherwise be necessary to relieve the Company of any liability for federal income tax. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Modernization Act") was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss. Of the capital loss carryforwards at December 31, 2025, $38,660 are limited losses and available for use subject to annual limitation under Section 382. Of the capital losses at December 31, 2025, $16,815 are short-term and $171,236 are long term.

ASC 740, *Accounting for Uncertainty in Income Taxes* ("ASC 740") provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (fiscal years 2021 through 2024), the Company has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.

**Recent Accounting Pronouncements**

**Income Statement.** In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures ("ASU 2024-03"), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its financial statements.

**Interim Reporting.** In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) to improve the navigability of the guidance in ASC 270 and clarify when it applies. The amendments in this ASU are effective for public business entities for interim reporting periods within annual reporting periods beginning after December 31, 2027. Early adoption is permitted. The Company is evaluating the potential impact that the adoption of this ASU will have on its financial statements and related disclosures.

**3. SIGNIFICANT AGREEMENTS AND RELATED PARTIES**

**Investment Management Agreement.** The Company has an investment management agreement (the "Investment Management Agreement") with GECM. Beginning on November 4, 2016, the Company began accruing for GECM's fees for its services under the Investment Management Agreement. This fee consists of two components: a base management fee and an incentive fee. Effective August 1, 2022, upon receiving approval from the Company's stockholders, the Company and GECM amended the Investment Management Agreement to reset the Capital Gains Incentive Fee to begin on April 1, 2022, which eliminated $163.2 million of historical realized and unrealized losses incurred prior to April 1, 2022 in calculating future incentive fees. In addition, the Income Incentive Fee was amended to reset the mandatory deferral commencement date used in calculating deferred incentive fees to April 1, 2022.

The Company's President and Chief Executive Officer is also a portfolio manager and president of GECM, as well as a Managing Director of Imperial Capital Asset Management, LLC. The Company's Chief Compliance Officer is also the chief compliance officer and general counsel of GECM, and the president of GEG. The Company's Chief Financial Officer is also the chief financial officer of GEG.

***Management Fee*** The base management fee is calculated at an annual rate of 1.50% of the Company's average adjusted gross assets, including assets purchased with borrowed funds. The base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of the Company's gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the then current calendar quarter. Base management fees for any partial quarter are prorated.

For the three months ended March 31, 2026, management fees amounted to $1,072. For the three months ended March 31, 2025, management fees amounted to $1,272. As of March 31, 2026 and December 31, 2025, $1,072 and $1,183, respectively, remained payable.

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***Incentive Fee*** The incentive fee consists of two components that are independent of each other with the result that one component may be payable even if the other is not. One component of the incentive fee is based on income (the "Income Incentive Fee") and the other component is based on capital gains (the "Capital Gains Incentive Fee").

The Income Incentive Fee is calculated on a quarterly basis as 20% of the amount by which the Company's pre-incentive fee net investment income (the "Pre-Incentive Fee Net Investment Income") for the quarter exceeds a hurdle rate of 1.75% (7.0% annualized) of the Company's net assets at the end of the immediately preceding calendar quarter, subject to a "catch-up" provision pursuant to which GECM receives all of such income in excess of the 1.75% level but less than 2.1875% (8.75% annualized) and subject to a total return requirement (described below). The effect of the "catch-up" provision is that, subject to the total return provision, if pre-incentive fee net investment income exceeds 2.1875% of the Company's net assets at the end of the immediately preceding calendar quarter, in any calendar quarter, GECM will receive 20.0% of the Company's pre-incentive fee net investment income as if the 1.75% hurdle rate did not apply. These calculations will be appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the then current quarter.

Pre-Incentive Fee Net Investment Income includes any accretion of original issue discount, market discount, PIK interest, PIK dividends or other types of deferred or accrued income, including in connection with zero coupon securities, that the Company and its consolidated subsidiaries have recognized in accordance with GAAP, but have not yet received in cash (collectively, "Accrued Unpaid Income"). Pre-Incentive Fee Net Investment Income does not include any realized capital gains or losses or unrealized capital appreciation or depreciation.

Any Income Incentive Fee otherwise payable with respect to Accrued Unpaid Income (collectively, the "Accrued Unpaid Income Incentive Fees") is deferred, on a security by security basis, and becomes payable only if, as, when and to the extent cash is received by the Company or its subsidiaries in respect thereof. Any Accrued Unpaid Income that is subsequently reversed in connection with a write-down, write-off, impairment or similar treatment of the investment giving rise to such Accrued Unpaid Income will, in the applicable period of reversal, (1) reduce Pre-Incentive Fee Net Investment Income and (2) reduce the amount of Accrued Unpaid Income Incentive Fees previously deferred.

The Company will defer cash payment of any Income Incentive Fee otherwise payable to the investment adviser in any quarter (excluding Accrued Unpaid Income Incentive Fees with respect to such quarter) that exceeds (1) 20% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the most recent twelve full calendar quarter period ending on or prior to the date such payment is to be made (the "Trailing Twelve Quarters") less (2) the aggregate incentive fees that were previously paid to the investment adviser during such Trailing Twelve Quarters (excluding Accrued Unpaid Income Incentive Fees during such Trailing Twelve Quarters and not subsequently paid). "Cumulative Pre-Incentive Fee Net Return" during the relevant Trailing Twelve Quarters means the sum of (a) pre-incentive fee net investment income in respect of such Trailing Twelve Quarters less (b) net realized capital losses and net unrealized capital depreciation, if any, in each case calculated in accordance with GAAP, in respect of such Trailing Twelve Quarters. As a result of the amendment effective August 1, 2022, the calculation of Cumulative Pre-Incentive Fee Net Return begins as of April 1, 2022.

Under the Capital Gains Incentive Fee, the Company is obligated to pay GECM at the end of each calendar year 20% of the aggregate cumulative realized capital gains from April 1, 2022 through the end of that year, computed net of aggregate cumulative realized capital losses and aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gains incentive fees.

Effective February 2026, GECM waived all accrued and unpaid incentive fees through March 31, 2026. As of December 31, 2025, there were approximately $2,267 of accrued and unpaid incentive fees. For the three months ended March 31, 2026, an additional $543 of incentive fees were accrued, resulting in $2,810 of accrued and unpaid incentive fees. In connection with the incentive fee waiver, the Company recognized the reversal of these accrued and unpaid incentive fees during the three months ended March 31, 2026, resulting in a corresponding increase in net income and an increase in net asset value (subject to any offsetting expenses or losses). The incentive fee waiver is not subject to recapture. Effective April 2026, GECM waived all accrued and unpaid incentive fees through June 30, 2026.

For the three months ended March 31, 2026 and 2025, the Company incurred Income Incentive Fees of $543 and $1,150, respectively. As of March 31, 2026, there were no cumulative accrued incentive fees payable due to the incentive fee waiver. As of December 31, 2025, cumulative accrued incentive fees payable were $2,267, and after calculating the total return requirement, $0 was immediately payable. These payable amounts included both Accrued Unpaid Income Incentive Fees and amounts deferred under the total return requirement and would have become due upon meeting the criteria described above. For the three months ended March 31, 2026 and the year ended December 31, 2025, the Company did not have any Capital Gains Incentive Fees accrual.

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The Investment Management Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, GECM and its officers, managers, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of GECM's services under the Investment Management Agreement or otherwise as an investment adviser of the Company.

**Administration Fees**. The Company has an administration agreement (the "Administration Agreement") with GECM to provide administrative services, including, among other things, furnishing the Company with office facilities, equipment, clerical, bookkeeping and record keeping services. The Company will reimburse GECM for its allocable portion of overhead and other expenses of GECM in performing its obligations under the Administration Agreement. Compensation of administrator personnel is allocated based on time allocation for the period. Other overhead costs are based on a combination of time allocation and total headcount.

The Administration Agreement provides that, absent willful misfeasance, bad faith or negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, GECM and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of GECM's services under the Administration Agreement or otherwise as administrator for the Company.

For the three months ended March 31, 2026, the Company incurred expenses under the Administration Agreement of $420. For the three months ended March 31, 2025, the Company incurred expenses under the Administration Agreement of $355. As of March 31, 2026 and December 31, 2025, $420 and $292 remained payable.

**4. FAIR VALUE MEASUREMENT**

The fair value of a financial instrument is the amount that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price).

The fair value hierarchy under ASC 820 prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

**Basis of Fair Value Measurement**

Level 1 Investments valued using unadjusted quoted prices in active markets for identical assets.

Level 2 Investments valued using other unadjusted observable market inputs, e.g. quoted prices in markets that are not active or quotes for comparable instruments.

Level 3 Investments that are valued using quotes and other observable market data to the extent available, but which also take into consideration one or more unobservable inputs that are significant to the valuation taken as a whole.

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Note 2 should be read in conjunction with the information outlined below.

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The table below presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 2 and Level 3 Instruments.

**Level 2 Instruments Valuation Techniques and Significant Inputs**

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| | |
|:---|:---|
| **Equity, Bank Loans, Corporate Debt, and Other Debt Obligations** | The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency may include commercial paper, most government agency obligations, certain corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly-listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments.<br>Valuations of Level 2 debt and equity instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. |

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**Level 3 Instruments Valuation Techniques and Significant Inputs**

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| | |
|:---|:---|
| **Bank Loans, Corporate Debt, and Other Debt Obligations** | Valuations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on an analysis of market comparables, transactions in similar instruments and/or recovery and liquidation analyses. |
| **Equity** | Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Transactions in similar instruments;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Discounted cash flow techniques;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Third party appraisals; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Industry multiples and public comparables.<br>Evidence includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Current financial performance as compared to projected performance; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Capitalization rates and multiples; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Market yields implied by transactions of similar or related assets. |

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As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of March 31, 2026 and December 31, 2025. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates is risk of default, rating of the investment (if any), call provisions and comparable company valuations. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market multiples would result in an increase or decrease, respectively, in the fair value.

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The following summarizes the Company's investment assets categorized within the fair value hierarchy as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Investment** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset** |  |  |  |  |
| Debt | $- | $53966 | $136437 | $190403 |
| Equity/Other | 4184 | 369 | 28350 | 32903 |
| Short Term Investments | 9600 | - | - | 9600 |
| Total | $13784 | $54335 | $164787 | $232906 |
| Investment measured at net asset value<sup>(1)</sup> |  |  |  | 43857 |
| Total Investments, at fair value |  |  |  | $276763 |

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The following summarizes the Company's investment assets categorized within the fair value hierarchy as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Investment** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset** |  |  |  |  |
| Debt | $- | $81893 | $121618 | $203511 |
| Equity/Other | 10994 | 138 | 31437 | 42569 |
| Short Term Investments | 32803 | - | - | 32803 |
| Total | $43797 | $82031 | $153055 | $278883 |
| Investment measured at net asset value<sup>(1)</sup> |  |  |  | 52188 |
| Total Investments, at fair value |  |  |  | $331071 |

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<sup>(1)</sup> Certain investments that are measured at fair value using net asset value ("NAV") have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Statements of Assets and Liabilities.

The following is a reconciliation of Level 3 assets for the three months ended March 31, 2026:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Level 3** | **Beginning Balance as of January 1, 2026** | **Net Transfers In/Out** | **Purchases**<sup>(1)</sup> | **Net Realized Gain (Loss)** | **Net Change in Unrealized<br>Appreciation (Depreciation)**<sup>(2)</sup> | **Sales and Settlements**<sup>(1)</sup> | **Net Amortization of Premium/ Discount** | **Ending Balance as of March 31, 2026** |
| Debt | $121618 | $15538 | $16686 | $(163) | $1717 | $(19178) | $219 | $136437 |
| Equity/Other | 31437 | - | 228 | - | (3315) | - | - | 28350 |
| **Total investment assets** | $**153055** | $**15538** | $**16914** | $**(163)** | $**(1598)** | $**(19178)** | $**219** | $**164787** |

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The following is a reconciliation of Level 3 assets for the three months ended March 31, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Level 3** | **Beginning Balance as of January 1, 2025** | **Net Transfers In/Out** | **Purchases**<sup>(1)</sup> | **Net Realized Gain (Loss)** | **Net Change in Unrealized<br>Appreciation (Depreciation)**<sup>(2)</sup> | **Sales and Settlements**<sup>(1)</sup> | **Net Amortization of Premium/ Discount** | **Ending Balance as of March 31, 2025** |
| Debt | $159954 | $(21885) | $14524 | $108 | $(489) | $(13263) | $75 | $139024 |
| Equity/Other | 32937 | - | 6397 | (89) | 1079 | (412) | - | 39912 |
| **Total investment assets** | $**192891** | $**(21885)** | $**20921** | $**19** | $**590** | $**(13675)** | $**75** | $**178936** |

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<sup>(1)</sup> Purchases may include new deals, additional fundings (inclusive of those on revolving credit facilities), refinancings, capitalized PIK income, and securities received in corporate actions and restructurings. Sales and Settlements may include scheduled principal payments, prepayments, sales and repayments (inclusive of those on revolving credit facilities), and securities delivered in corporate actions and restructuring of investments.

<sup>(2)</sup> The net change in unrealized depreciation relating to Level 3 assets still held at March 31, 2026 totaled $(1,643) consisting of the following: $1,672 related to debt investments and $(3,315) related to equity/other. The net change in unrealized depreciation relating to Level 3 assets still held at March 31, 2025 totaled $(2,853) consisting of the following: $(3,932) related to debt investments and $1,079 relating to equity/other.

Three investments with an aggregate fair value of $6,399 were transferred from Level 3 to Level 2 as a result of increased pricing transparency during the three months ended March 31, 2026. Ten investments with an aggregate fair value of $21,937 were transferred from Level 2 to Level 3 as a result of reduced pricing transparency during the three months ended March 31, 2026.

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Six investments with a fair value of $23,630 were transferred from Level 3 to Level 2 as a result of increased pricing transparency during the three months ended March 31, 2025. Two investments with an aggregate fair value of $1,746 were transferred from Level 2 to Level 3 as a result of decreased pricing transparency during the three months ended March 31, 2025.

Changes in pricing transparency are the result of changes in the number of brokers quoting an investment and evidence of observable trading activity at a given price. These factors support the assumption that prices provided by third-party vendors are representative of the value that an investment may transact at, whereas limited evidence of these factors may indicate that additional valuation procedures including unobservable inputs should be utilized.

The following tables below present the ranges of significant unobservable inputs used to value the Company's Level 3 assets as of March 31, 2026 and December 31, 2025, respectively. These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest yield in 1<sup>st</sup> Lien Debt is appropriate for valuing that specific debt investment, but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company's Level 3 assets.

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| | | | | |
|:---|:---|:---|:---|:---|
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Investment Type** | **Fair value** | **Valuation Technique**<sup>(1)</sup> | **Unobservable Input**<sup>(1)</sup> | **Range (Weighted Average)**<sup>(2)</sup> |
| Debt | $103739 | Income Approach | Discount Rate | 7.02% - 29.35% (13.64%) |
|  | 25325 | Recent Transaction |  |  |
|  | 4411 | Market Approach | Earnings Multiple | 0.00 - 9.75 (4.78) |
|  | 2257 | Broker Quotes |  | 6.08 - 82.57 (36.66) |
|  | 705 | Asset Recovery | Recovery Rates | 17.00% - 22.00% (19.50%) |
| **Total Debt** | $**136437** |  |  |  |
| Equity / Other | $12465 | Recent Transaction |  |  |
|  | 6975 | Insurance Industry Model | Estimated Losses | $0.0MM - $65.0MM ($32.5MM) |
|  | 6711 | Income Approach | Discount Rate | 9.98% - 19.50% (18.21%) |
|  | 2115 | Market Approach | Earnings Multiple | 0.07 - 14.06 (8.77) |
|  | 84 | Asset Recovery / Liquidation<sup>(3)</sup> |  |  |
| **Total Equity** | $**28350** |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Investment Type** | **Fair value** | **Valuation Technique**<sup>(1)</sup> | **Unobservable Input**<sup>(1)</sup> | **Range (Weighted Average)**<sup>(2)</sup> |
| Debt | $86912 | Income Approach | Discount Rate | 8.02% - 27.19% (14.95%) |
|  | 25325 | Recent Transaction |  |  |
|  | 8386 | Market Approach | Earnings Multiple | 0.00 - 9.75 (0.00) |
|  | 995 | Broker Quotes |  | 99.50 - 99.50 (99.50) |
| **Total Debt** | $**121618** |  |  |  |
| Equity / Other | $13137 | Recent Transaction |  |  |
|  | 6659 | Insurance Industry Model | Estimated Losses | $0.0MM-$65.0MM($32.5MM) |
|  | 6474 | Income Approach | Discount Rate | 17.00% - 19.00% (18.00%) |
|  | 5082 | Market Approach | Earnings Multiple | 0.09 - 10.00 (8.76) |
|  | 85 | Asset Recovery / Liquidation <sup>(3)</sup> |  |  |
| **Total Equity/Other** | $**31437** |  |  |  |

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<sup>(1)</sup> The fair value of any one instrument may be determined using multiple valuation techniques or unobservable inputs.

<sup>(2)</sup> Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. The range and weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

<sup>(3)</sup> Investments valued using the asset recovery or liquidation technique include investments for which valuation is based on current financial data without a discount rate applied.

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In accordance with ASC 820, certain investments that do not have a readily determinable fair value and which are within the scope of Topic 946, *Financial Services - Investment Companies,* may be measured using NAV as a practical expedient. As of March 31, 2026 the Company held two investments valued using NAV as a practical expedient. These investments are generally restricted from withdrawal subject to the terms of each investment vehicle with withdrawals allowed no more than annually. There is no set duration for these entities.

**5. DEBT**

***Revolver***

On May 5, 2021, the Company entered into a Loan, Guarantee and Security Agreement (the "Loan Agreement") with City National Bank ("CNB"). The Loan Agreement provides for a senior secured revolving line of credit of up to $25 million (subject to a borrowing base as defined in the Loan Agreement). The Company may request to increase the revolving line in an aggregate amount not to exceed $25 million, which increase is subject to the sole discretion of CNB. On November 22, 2023, the Company amended the Loan Agreement to extend the maturity date of the revolving line from May 5, 2024 to May 5, 2027. The Company is required to pay a commitment fee of 0.50% per annum on any unused portion of the revolving line of credit when less than $25 million is drawn; if borrowings are $25 million or more on the facility, the commitment fee decreases to 0.25% per annum on any unused portion of the revolving line of credit.

On August 13, 2025, the Company amended the Loan Agreement to increase the commitment of the revolving line of credit to up to $50 million (subject to a borrowing base as defined in the Loan Agreement). The amendment also allows the Company to request an increase of the Revolving Facility in an aggregate amount not to exceed $40 million (up to a revolving line of $90 million), which increase is subject to the sole discretion of CNB and updates the maturity date of the revolving line to the earlier of (i) May 5, 2027 and (ii) May 31, 2026 if the Company's 5.875% notes due 2026 have not been refinanced prior to such date. In addition, the amendment provides that borrowings under the Revolving Facility shall bear interest at a rate equal to (i) at all times when a minimum deposit test is met (a) SOFR plus 2.50% or (b) a base rate plus 1.50% and (ii) at all times when a minimum deposit test is not met (a) SOFR plus 3.50% or (b) a base rate plus 2.50%. The amendment also amended the financial covenant of minimum net assets requirement to be of not less than $80 million. As of March 31, 2026, there were no borrowings outstanding under the revolving line.

Borrowings under the revolving line are secured by a first priority security interest in substantially all of the Company's assets, subject to certain specified exceptions. The Company has made customary representations and warranties and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar loan agreements. In addition, the Loan Agreement contains financial covenants requiring (i) net assets of not less than $80 million, (ii) asset coverage equal to or greater than 150% and (iii) bank asset coverage equal to or greater than 300%, in each case tested as of the last day of each fiscal quarter of the Company. Borrowings are also subject to the leverage restrictions contained in the Investment Company Act of 1940, as amended.

***Unsecured Notes***

On June 23, 2021, the Company issued $50.0 million in aggregate principal amount of 5.875% notes due 2026 (the "GECCO Notes"). On July 9, 2021, the Company issued an additional $7.5 million of the GECCO Notes upon full exercise of the underwriters' over-allotment option. In December 2025, the Company repurchased $18.5 million of the outstanding principal on the GECCO Notes. During the three months ended March 31, 2026, the Company repurchased $0.4 million of the outstanding principal on the GECCO Notes. On March 31, 2026, the Company redeemed $20.0 million of outstanding GECCO Notes at 100% of the principal amount. On April 27, 2026, the Company caused a notice to be issued to the holders of the GECCO Notes regarding the Company's exercise of its option to redeem $18.6 million aggregate principal amount of the issued and outstanding GECCO Notes on May 27, 2026.

On August 16, 2023, the Company issued $40.0 million in aggregate principal amount of 8.75% notes due 2028 (the "GECCZ Notes"). On August 29, 2025, we caused redemption notices to be issued to the holders of the GECCZ Notes regarding the Company's exercise of its option to redeem $40.0 million aggregate principal amount of the issued and outstanding GECCZ Notes. We redeemed all of the issued and outstanding GECCZ Notes on September 30, 2025 at 100% of the principal amount plus accrued and unpaid interest thereon from July 1, 2025 through, but excluding, the redemption date, September 30, 2025.

On April 17, 2024, the Company issued $30.0 million in aggregate principal amount of 8.50% notes due 2029 (the "GECCI Notes"). On April 25, 2024, the Company issued an additional $4.5 million of the GECCI Notes upon full exercise of the underwriters' over-allotment option. On July 9, 2024, we issued an additional $22.0 million in aggregate principal amount of the GECCI Notes in a direct placement.

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On September 19, 2024, the Company issued $36.0 million in aggregate principal amount of 8.125% notes due 2029 (the "GECCH Notes"). On October 3, 2024, the Company issued an additional $5.4 million of the GECCH Notes upon full exercise of the underwriters' over-allotment option.

On September 11, 2025, the Company issued $50.0 million in aggregate principal amount of 7.75% notes due 2030 (the "GECCG Notes"). On October 2, 2025, we issued an additional $7.5 million of the GECCG Notes upon partial exercise of the underwriters' over-allotment option.

The Notes are our unsecured obligations and rank equal with all of our outstanding and future unsecured unsubordinated indebtedness. The unsecured notes are effectively subordinated, or junior in right of payment, to indebtedness under our Loan Agreement and any other future secured indebtedness that the Company may incur to the extent of the value of the assets securing such indebtedness and structurally subordinated to all future indebtedness and other obligations of our subsidiaries. The Company pays interest on the unsecured notes on March 31, June 30, September 30 and December 31 of each year. The GECCO Notes, GECCI Notes, GECCH Notes and GECCG Notes will mature on June 30, 2026, April 30, 2029, December 31, 2029 and December 31, 2030, respectively. The GECCO Notes are currently callable at the Company's option and the GECCI Notes, GECCH Notes and GECCG Notes can be called on or after April 30, 2026, December 31, 2026 and December 31, 2027, respectively. Holders of the unsecured notes do not have the option to have the unsecured notes repaid prior to the stated maturity date. The unsecured notes were issued in minimum denominations of $25 and integral multiples of $25 in excess thereof.

As part of the offerings, the Company incurred fees and costs, which are treated as a reduction of the carrying amount of the debt on the Company's Statements of Assets and Liabilities. These deferred financing costs presented as a reduction to the Notes payable balance are being amortized into interest expense over the term of the Notes.

The Company may repurchase the Notes in accordance with the Investment Company Act and the rules promulgated thereunder.

Information about the Company's senior securities (including debt securities and other indebtedness) is shown in the following table:

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| | | | | |
|:---|:---|:---|:---|:---|
| **As of** | **Total Amount<br>Outstanding**<sup>(1)</sup> | **Asset Coverage<br>Ratio Per Unit**<sup>(2)</sup> | **Involuntary Liquidation<br>Preference Per Unit**<sup>(3)</sup> | **Average Market<br>Value Per Unit**<sup>(4)</sup> |
| **December 31, 2016** |  |  |  |  |
| 8.25% Notes due 2020 | $33646 | $6168 | N/A | $1.02 |
| **December 31, 2017** |  |  |  |  |
| 6.50% Notes due 2022 ("GECCL Notes") | $32631 | $5010 | N/A | $1.02 |
| **December 31, 2018** |  |  |  |  |
| GECCL Notes | $32631 | $2393 | N/A | $1.01 |
| 6.75% Notes due 2025 ("GECCM Notes") | 46398 | 2393 | N/A | 0.98 |
| **December 31, 2019** |  |  |  |  |
| GECCL Notes | $32631 | $1701 | N/A | $1.01 |
| GECCM Notes | 46398 | 1701 | N/A | 1.01 |
| 6.50% Notes due 2024 ("GECCN Notes") | 45000 | 1701 | N/A | 1.00 |
| **December 31, 2020** |  |  |  |  |
| GECCL Notes | $30293 | $1671 | N/A | $0.89 |
| GECCM Notes | 45610 | 1671 | N/A | 0.84 |
| GECCN Notes | 42823 | 1671 | N/A | 0.84 |
| **December 31, 2021** |  |  |  |  |
| GECCM Notes | $45610 | $1511 | N/A | $1.00 |
| GECCN Notes | 42823 | 1511 | N/A | 1.00 |
| GECCO Notes | 57500 | 1511 | N/A | 1.02 |
| **December 31, 2022** |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **As of** | **Total Amount<br>Outstanding**<sup>(1)</sup> | **Asset Coverage<br>Ratio Per Unit**<sup>(2)</sup> | **Involuntary Liquidation<br>Preference Per Unit**<sup>(3)</sup> | **Average Market<br>Value Per Unit**<sup>(4)</sup> |
| GECCM Notes | $45610 | $1544 | N/A | $0.99 |
| GECCN Notes | 42823 | 1544 | N/A | 1.00 |
| GECCO Notes | 57500 | 1544 | N/A | 1.00 |
| Revolving Credit Facility | 10000 | 1544 | N/A | - |
| **December 31, 2023** |  |  |  |  |
| GECCM Notes | $45610 | $1690 | N/A | $0.99 |
| GECCO Notes | 57500 | 1690 | N/A | 0.96 |
| GECCZ Notes | 40000 | 1690 | N/A | 0.99 |
| Revolving Credit Facility | - | 1690 | N/A | - |
| **December 31, 2024** |  |  |  |  |
| GECCO Notes | $57500 | $1697 | N/A | $0.99 |
| GECCZ Notes | 40000 | 1697 | N/A | 1.01 |
| GECCI Notes | 56500 | 1697 | N/A | 1.01 |
| GECCH Notes | 41400 | 1697 | N/A | 1.00 |
| Revolving Credit Facility | - | 1697 | N/A | - |
| **December 31, 2025** |  |  |  |  |
| GECCO Notes | $38983 | $1581 | N/A | 1.01 |
| GECCI Notes | 56500 | 1581 | N/A | 1.01 |
| GECCH Notes | 41400 | 1581 | N/A | 1.00 |
| GECCG Notes | 57500 | 1581 | N/A | 1.00 |
| Revolving Credit Facility | - | 1581 | N/A | - |
| **March 31, 2026** |  |  |  |  |
| GECCO Notes | $18628 | $1618 | N/A | $1.00 |
| GECCI Notes | 56500 | 1618 | N/A | 1.01 |
| GECCH Notes | 41400 | 1618 | N/A | 1.01 |
| GECCG Notes | 57500 | 1618 | N/A | 0.99 |
| Revolving Credit Facility | - | 1618 | N/A | - |

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<sup>(1)</sup> Total amount of each class of senior securities outstanding at the end of the period presented.

<sup>(2)</sup> Asset coverage per unit is the ratio of the carrying value of the Company's total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

<sup>(3)</sup> The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it.

<sup>(4)</sup> The average market value per unit for the Notes, as applicable, is based on the average daily prices of such Notes and is expressed per $1 of indebtedness.

The terms of the unsecured notes are governed by a base indenture, dated as of September 18, 2017, by and between the Company and Equiniti Trust Company, LLC (formerly known as American Stock Transfer & Trust Company, LLC), as trustee (as supplemented with respect to each series of notes, the "Indenture"). The Indenture's covenants include restrictions on certain activities in the event the Company falls below the minimum asset coverage requirements set forth in Section 18(a)(1)(A) as modified by Section 61(a)(1) of the Investment Company Act, as well as covenants requiring the Company to provide financial information to the holders of the Notes and the trustee if the Company ceases to be subject to the reporting requirements of the Securities Exchange Act of 1934. These covenants are subject to limitations and exceptions that are described in the Indenture. The Investment Company Act limits, with certain exceptions, the Company's borrowing such that its asset coverage ratio, as defined in the Investment Company Act, is at least 1.5 to 1 after such borrowing.

As of March 31, 2026, the Company's asset coverage ratio was approximately 161.8%.

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants under the indenture.

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For the three months ended March 31, 2026 and 2025, the components of interest expense were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Borrowing interest expense | $3787 | $3833 |
| Amortization of deferred offering costs | 428 | 418 |
| Deferred offering costs expensed at time of redemption | 41 | - |
| Total | $4256 | $4251 |
| Weighted average interest rate <sup>(1)</sup> | 8.90% | 8.72% |
| Average outstanding balance | $194011 | $197818 |

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<sup>(1)</sup> Annualized.

The fair value of the Company's Notes are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company's Notes is determined by utilizing market quotations at the measurement date as they are Level 1 securities.

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| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Facility** | **Commitments** | **Borrowings<br>Outstanding** | **Fair<br>Value** |
| Unsecured Debt - GECCO Notes | $18628 | $18628 | $18606 |
| Unsecured Debt - GECCI Notes | 56500 | 56500 | 57020 |
| Unsecured Debt - GECCH Notes | 41400 | 41400 | 42129 |
| Unsecured Debt - GECCG Notes | 57500 | 57500 | 56281 |
| **Total** | $174028 | $174028 | $174036 |

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Facility** | **Commitments** | **Borrowings<br>Outstanding** | **Fair<br>Value** |
| Unsecured Debt - GECCO Notes | $38983 | $38983 | $38983 |
| Unsecured Debt - GECCI Notes | 56500 | 56500 | 56776 |
| Unsecured Debt - GECCH Notes | 41400 | 41400 | 41648 |
| Unsecured Debt - GECCG Notes | 57500 | 57500 | 57562 |
| **Total** | $194383 | $194383 | $194969 |

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**6. CAPITAL ACTIVITY**

The Board of Directors authorized a repurchase program, whereby the Company may repurchase up to $10.0 million of its outstanding common shares. Such repurchases may be accomplished through a Rule 10b5-1 plan, which sets certain restrictions on the method, timing, price, and volume of share repurchases. The repurchase program does not obligate the Company to acquire any specific number of shares. During the three months ended March 31, 2026, the Company purchased 106,123 shares under the buyback program at a weighted average price of $4.98 per share.

On August 27, 2025, we entered into a Stock Purchase Agreement with Poor Richard, LLC ("Poor Richard"), a Delaware limited liability company (the "Purchaser"), an affiliate of Booker Smith, pursuant to which the Purchaser purchased, and we issued 1,290,000 shares (the "Shares") of our common stock, par value $0.01, at a price of $11.65 per share, for an aggregate purchase price of $14.3 million, net of transaction costs of $0.7 million. The Shares were issued in a private placement exempt from registration under Section 4(a)(2) and Rule 506(b) of Regulation D of the Securities Act of 1933, as amended (the "Securities Act").

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On May 6, 2025, we and GECM entered into an Equity Distribution Agreement (the "Agreement") with Lucid Capital Markets, LLC (the "Agent"), under which we may issue and sell through the Agent, from time to time, shares of our common stock, having an aggregate offering price of up to $100,000,000 (the "Offering"), pursuant to an effective shelf registration statement on Form N-2 (Registration No. 333-283503), as amended, originally filed with the Securities and Exchange Commission (the "SEC") on November 27, 2024. We filed a prospectus supplement with the SEC on May 6, 2025 in connection with the Offering. Sales of the common stock, if any, will be made by any method that is deemed to be an "at the market offering" as defined in Rule 415(a)(4) under the Securities Act. Subject to the terms of the Agreement, the Agent is not required to sell any specific amount, but will act as the Company's agent using commercially reasonable efforts consistent with its normal trading and sales practices. The Company will pay the Agent a commission rate of up to 2.0% of the gross sales price of any share of common stock sold under the Agreement. The sales price per share of the common stock sold in the Offering, less the Agent's commission, will not be less than the NAV per share of the common stock at the time of such sale. GECM or an affiliate of GECM may, from time to time and in their sole discretion, contribute proceeds necessary to ensure that no sales are made at a price below the then-current NAV per share. As of March 31, 2026, the Company has sold 1,163,753 shares for gross proceeds of $13.2 million at an average price of $11.45 per share for aggregate net proceeds of $13.0 million (net of transaction costs less than $0.2 million).

**7. COMMITMENTS AND CONTINGENCIES**

In the normal course of business, the Company may enter into investment agreements under which it commits to make an investment in a portfolio company at some future date or over a specified period of time. As of March 31, 2026, the Company had approximately $1.3 million in unfunded commitments to provide financing to certain of its portfolio companies as follows:

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| | |
|:---|:---|
| **Portfolio Company & Investment** | **Unfunded Commitments** |
| Activ8 Health, LLC - DDTL | $1304 |
| **Total** | $**1304** |

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To the degree applicable, unrealized gains or losses on these commitments as of March 31, 2026 are included in the Company's Statements of Assets and Liabilities and the corresponding Schedule of Investments. The Company believes that it had sufficient cash and other liquid assets on its balance sheet to satisfy the unfunded commitments. In addition, the Company has the ability to draw on its revolving line of credit to manage cash flows. The Company has considered the net decrease in net assets and positive cash flows from operations and has concluded that it has the ability to meet its obligations in the ordinary course of business based upon an evaluation of its cash position and sources of liquidity.

From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company rights under contracts with the Company portfolio companies.

The Company is named as a defendant in a lawsuit filed on March 5, 2016, and captioned Intrepid Investments, LLC v. London Bay Capital, which is pending in the Delaware Court of Chancery. The plaintiff immediately agreed to stay the action in light of an ongoing mediation among parties other than the Company. This lawsuit was brought by a member of Speedwell Holdings (formerly known as The Selling Source, LLC), one of the Company's portfolio investments, against various members of and lenders to Speedwell Holdings. The plaintiff asserts claims of aiding and abetting, breaches of fiduciary duty, and tortious interference against the Company. In June 2018, Intrepid Investments, LLC ("Intrepid") sent notice to the court and defendants effectively lifting the stay and triggering defendants' obligation to respond to the Intrepid complaint. In September 2018, the Company joined the other defendants in a motion to dismiss on various grounds. In February 2019, Intrepid filed a second amended complaint to which defendants filed a renewed motion to dismiss in March 2019. In June 2023, the Court granted in part and denied in part defendants' motion to dismiss. The parties are currently involved in pre-trial discovery on the surviving claims.

**8. INDEMNIFICATION**

Under the Company's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. In addition, in the normal course of business the Company expects to enter into contracts that contain a variety of representations which provide general indemnifications. The Company's maximum exposure under these agreements cannot be known; however, the Company expects any risk of loss to be remote.

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**9. FINANCIAL HIGHLIGHTS**

Below is the schedule of financial highlights of the Company:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Per Share Data:**<sup>(1)</sup> |  |  |
| Net asset value, beginning of period | $8.07 | $11.79 |
| Net investment income | 0.36 | 0.40 |
| Net realized gains (loss) | 0.19 | 0.02 |
| Net change in unrealized appreciation (depreciation) | (0.60) | (0.38) |
| Net increase (decrease) in net assets resulting from operations | (0.05) | 0.04 |
| Issuance of common stock | (0.00) | 0.00 |
| Accretion from share buybacks | 0.02 | - |
| Distributions declared from net investment income<sup>(2)</sup> | (0.30) | (0.37) |
| Net increase (decrease) resulting from transactions with common stockholders | (0.28) | (0.37) |
| Net asset value, end of period | $7.74 | $11.46 |
| Per share market value, end of period | $5.01 | $10.19 |
| Shares outstanding, end of period | 13892045 | 11544415 |
| Total return based on net asset value<sup>(3)</sup> | (0.37)% | 0.34% |
| Total return based on market value<sup>(3)</sup> | (24.63)% | (3.91)% |
| **Ratio/Supplemental Data:** |  |  |
| Net assets, end of period | $107477 | $132295 |
| Ratio of total expenses to average net assets before waiver <sup>(4),(5),(6)</sup> | 25.01% | 20.88% |
| Ratio of total expenses to average net assets after waiver <sup>(4),(5),(6)</sup> | 22.52% | 20.88% |
| Ratio of net investment income to average net assets<sup>(4),(5),(6)</sup> | 11.77% | 16.12% |
| Portfolio turnover | 9% | 8% |

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<sup>(1)</sup> The per share data was derived by using the weighted average shares outstanding during the period, except where such calculations deviate from those specified under the instructions to Form N-2.

<sup>(2)</sup> The per share data for distributions declared reflects the actual amount of distributions of record per share for the period.

<sup>(3)</sup> Total return based on net asset value is calculated as the change in net asset value per share, assuming the Company's distributions were reinvested through its dividend reinvestment plan. Total return based on market value is calculated as the change in market value per share, assuming the Company's distributions were reinvested through its dividend reinvestment plan. Total return does not include any estimate of a sales load or commission paid to acquire shares.

<sup>(4)</sup> Average net assets used in ratio calculations is calculated using monthly ending net assets for the period presented. For the three months ended March 31, 2026 and 2025 average net assets were $112,893 and $136,959, respectively.

<sup>(5)</sup> The ratio of incentive fees to average net assets was 0.48% and 0.84% for the three months ended March 31, 2026 and 2025, respectively

<sup>(6)</sup> Annualized for periods less than one year.

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**10. AFFILIATED AND CONTROLLED INVESTMENTS**

Affiliated investments are defined by the Investment Company Act, whereby the Company owns between 5% and 25% of the portfolio company's outstanding voting securities and the investments are not classified as controlled investments. The aggregate fair value of non-controlled, affiliated investments at March 31, 2026 represented 0% of the Company's net assets.

Controlled investments are defined by the Investment Company Act, whereby the Company owns more than 25% of the portfolio company's outstanding voting securities or maintains the ability to nominate greater than 50% of the board representation. The aggregate fair value of controlled investments at March 31, 2026 represented 70% of the Company's net assets.

Fair value as of March 31, 2026 along with transactions during the three months ended March 31, 2026 in these affiliated investments and controlled investments were as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| **Issue**<sup>(1)</sup> | **Fair value at December 31, 2025** | **Gross Additions**<sup>(2)</sup> | **Gross Reductions**<sup>(3)</sup> | **Net Realized<br>Gain (Loss)** | **Change in Unrealized<br>Appreciation (Depreciation)** | **Fair value at March 31, 2026** | **Interest<br>Income** | **Fee<br>Income** | **Dividend<br>Income** |
| **<u>Non-Controlled, Affiliated Investments</u>** | **<u>Non-Controlled, Affiliated Investments</u>** | **<u>Non-Controlled, Affiliated Investments</u>** | **<u>Non-Controlled, Affiliated Investments</u>** |  |  |  |  |  |  |
| PFS Holdings Corp. | PFS Holdings Corp. | PFS Holdings Corp. | PFS Holdings Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;Common Equity (5.05% of class) | - | - | - | - | - | - | - | - | - |
| **Totals** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** | $**-** |
| **<u>Controlled Investments</u>** | **<u>Controlled Investments</u>** | **<u>Controlled Investments</u>** | **<u>Controlled Investments</u>** |  |  |  |  |  |  |
| Great Elm Specialty Finance, LLC | Great Elm Specialty Finance, LLC | Great Elm Specialty Finance, LLC | Great Elm Specialty Finance, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Subordinated Note | 25325 | - | - | - | - | 25325 | 812 | - | - |
| &nbsp;&nbsp;Equity (87.5% of class) | 13137 | - | - | - | (672) | 12465 | - | - | 28 |
|  | 38462 | - | - | - | (672) | 37790 | 812 | - | 28 |
| CLO Formation JV, LLC | CLO Formation JV, LLC | CLO Formation JV, LLC | CLO Formation JV, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Equity (71.25% of class) | 41425 | - | - | - | (3835) | 37590 | - | - | 2518 |
|  | 41425 | - | - | - | (3835) | 37590 | - | - | 2518 |
| **Totals** | $**79887** | $**-** | $**-** | $**-** | $**(4507)** | $**75380** | $**812** | $**-** | $**2546** |

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<sup>(1)</sup> Non-unitized equity investments are disclosed with percentage ownership in lieu of quantity.

<sup>(2)</sup> Gross additions include increases resulting from new or additional portfolio investments, capitalized PIK income, accretion of discounts and the exchange of one or more existing securities for one or more new securities.

<sup>(3)</sup> Gross reductions include decreases resulting from principal collections related to investment repayments or sales and the exchange of one or more existing securities for one or more new securities.

In accordance with SEC Regulation S-X ("S-X") Rules 3-09 and 4-08(g), the Company must determine which of its unconsolidated controlled portfolio companies, if any, are considered to be "significant subsidiaries." After performing this analysis, the Company determined that CLO Formation JV, LLC ("CLO JV") and Great Elm Specialty Finance, LLC ("GESF") are significant subsidiaries for the three months ended March 31, 2026 under at least one of the conditions of S-X Rule 1-02(w).

Selected unaudited financial information of CLO JV for the three months ended March 31, 2026 and 2025 has been included below:

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| | | |
|:---|:---|:---|
| **Statement of Operations** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2025** |
| Total Revenues | 2203 | 1707 |
| Total Expenses | 2 | 45 |
| Net Income | 2201 | 1662 |
| Realized Gain (Loss) | - | - |
| Unrealized Gain (Loss) | (4069) | 324 |
| Net Results | (1868) | 1986 |

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Selected unaudited financial information of GESF for the three months ended March 31, 2026 and 2025 has been included below:

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| | | |
|:---|:---|:---|
| **Statement of Operations** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2025** |
| Gross revenues | 2464 | 1856 |
| Other income (expense) | (1859) | (2358) |
| Net profit from operations | 605 | (502) |

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**11. SEGMENT REPORTING**

The Company operates as a single reportable segment with an investment objective to generate both current income and capital appreciation through debt and equity investments and manages the business on a consolidated basis.

The chief operating decision maker ("CODM") is the Company's Chief Executive Officer. The primary performance metric provided to the CODM to assess performance and make operating decisions is Net increase (decrease) in net assets resulting from operations which is reported on the Statement of Operations.

The performance metric is provided to the CODM on a quarterly basis and is utilized to evaluate performance generated from segment net assets. In addition to other factors, the performance metric is utilized by the CODM to determine allocation of profits, such as the amount of dividends to be distributed to the Company's shareholders. As the Company operates as a single reporting segment, the segment net assets are reported on the Statements of Assets and Liabilities as total net assets and the significant segment expenses are listed on the Statement of Operations.

**12. SUBSEQUENT EVENTS**

Subsequent events have been evaluated through the date the financial statements were available to be issued. Other than the items discussed below, the Company has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

The Board set distributions for the quarter ending June 30, 2026 at a rate of $0.25 per share. The full amount of each distribution will be from distributable earnings. The distribution will be payable on June 30, 2026 to stockholders of record as of June 15, 2026. The distribution will be paid in cash.

On April 27, 2026, the Company caused a notice to be issued to the holders of the GECCO Notes regarding the Company's exercise of its option to redeem $18.6 million aggregate principal amount of the issued and outstanding GECCO Notes on May 27, 2026.

Effective April 2026, GECM waived all accrued and unpaid incentive fees through June 30, 2026.

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## Exhibit 31.1

**Exhibit 31.1**

**Certification of Chief Executive Officer**

I, Matt Kaplan, Chief Executive Officer of Great Elm Capital Corp., a Maryland corporation (the "Registrant"), certify that:

1. I have reviewed this quarterly report on Form 10-Q of the Registrant;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Dated: May 4, 2026 | /s/ Matt Kaplan |
|  | Matt Kaplan<br>Chief Executive Officer<br>(Principal Executive Officer) |

---

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## Exhibit 31.2

**Exhibit 31.2**

**Certification of Chief Financial Officer**

I, Keri A. Davis, Chief Financial Officer of Great Elm Capital Corp., a Maryland corporation (the "Registrant"), certify that:

1. I have reviewed this quarterly report on Form 10-Q of the Registrant;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Dated: May 4, 2026 | /s/ Keri A. Davis |
|  | Keri A. Davis<br>Chief Financial Officer<br>(Principal Financial Officer and Principal Accounting Officer) |

---

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## Exhibit 32.1

**Exhibit 32.1**

**Certification of Chief Executive Officer and Chief Financial Officer**

**Pursuant to**

**18 U.S.C. 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with this Quarterly Report on Form 10-Q of Great Elm Capital Corp., a Maryland corporation (the "Registrant"), for the three months ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, Matt Kaplan, as Chief Executive Officer of the Registrant, and Keri A. Davis, as Chief Financial Officer of the Registrant, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of each of the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| Dated: May 4, 2026 |
| /s/ Matt Kaplan |
| Matt Kaplan |
| Chief Executive Officer |
| (Principal Executive Officer) |
| /s/ Keri A. Davis |
| Keri A. Davis |
| Chief Financial Officer |
| (Principal Financial Officer and Principal Accounting Officer) |

---

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