The following is a summary of the Great Elm Capital Corporation (GECC) Q3 2024 Earnings Call Transcript:

Financial Performance:

• NII for Q3 was $0.39 per share, up from $0.32 in Q2, surpassing the quarterly distribution of $0.35.

• Net asset value per share was stable at $12.04, with total net assets amounting to $126 million as of September 30th.

• Debt issuances and refinancing in the quarter totaled over $41.4 million, enhancing the company's financial flexibility by extending debt maturity profiles.

Business Progress:

• GECC completed a second CLO in their joint venture and reported the highest investment income in its history.

• They successfully issued $36 million of 8.125% GECCH notes and used the proceeds to redeem 6.75% GECCM notes due January 2025.

• The company's portfolio increasingly focused on higher-quality secured debt and CLO investments, now representing 60% of the portfolio.

Opportunities:

• Continued expansion and scaling of the CLO joint venture can expect to provide high returns, between the high teens to 20% over time.

Risks:

• Acknowledgement of expected NII reduction in Q4 due to the uneven nature of CLO distributions at their inception.

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