gecc-8k_20200930.htm

 

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 9, 2020

 

Great Elm Capital Corp.

(Exact name of Registrant as Specified in Its Charter)

 

 

Maryland

814-01211

81-2621577

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

800 South Street, Suite 230, Waltham, MA

 

02453

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (617) 375-3006

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.01 par value

GECC

Nasdaq Global Market

6.50% Notes due 2022

GECCL

Nasdaq Global Market

6.75% Notes due 2025

GECCM

Nasdaq Global Market

6.50% Notes due 2024

GECCN

Nasdaq Global Market

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

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. 

 

 

 

 


 


 

Item 2.02 Results of Operations and Financial Condition.

On November 9, 2020, Great Elm Capital Corp. issued the press release and published a presentation furnished as exhibits 99.1 and 99.2, respectively, to this report.

The foregoing information (including the exhibits hereto) are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

On November 9, 2020, Great Elm Capital Corp. issued the press release furnished as exhibit 99.3 to this report.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit is furnished with this report but shall not be deemed filed:

  

 

 

 

Exhibit

Number

  

Description

99.1

 

Earnings Press Release, dated November 9, 2020.

99.2

  

Presentation, dated November 9, 2020.

99.3

 

Distribution Press Release, dated November 9, 2020.

 

 


 

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 hereunto duly authorized.

 

 

 

 

 

 

 

 

GREAT ELM CAPITAL CORP.

 

 

 

Date:  November 9, 2020

 

/s/  Keri A. Davis

 

 

By:

 

Keri A. Davis

 

 

Title:

 

Chief Financial Officer

 

 

 

 

 

gecc-ex991_8.htm

Exhibit 99.1

 

Great Elm Capital Corp. Announces THIRD Quarter 2020 Financial Results HIGHLIGHTED BY NET INVESTMENT INCOME of $0.18 per share

 

Company to Host Quarterly Conference Call at 11:00 AM ET Today

 

WALTHAM, MA, November 9, 2020 – Great Elm Capital Corp. (“we,” “us,” “our,” “GECC,” or “Great Elm BDC”), (NASDAQ: GECC), a business development company (BDC), today announced its financial results for the third quarter ended September 30, 2020.

 

Financial Highlights

Net investment income (“NII”) for the quarter increased quarter-over-quarter to $1.9 million, as compared to NII of $0.9 million for the quarter ended June 30, 2020, as the Company reported a full period of NII following the strategic repositioning of its portfolio in the prior quarter

NII per share increased to $0.18, as compared to NII per share of $0.09 for the quarter ended June 30, 2020

As of September 30, 2020, Great Elm BDC’s asset coverage ratio was approximately 150.9%, up from 144.5% as of June 30, 2020 and up from 141.1% as of March 31, 2020, compared to a minimum asset coverage ratio of 150.0%

Net assets on September 30, 2020 grew to approximately $60.5 million, as compared to net assets of $53.2 million at June 30, 2020 and $50.8 million at March 31, 2020.

NAV per share on September 30, 2020 increased to $5.53, from $5.10 per share at June 30, 2020

For the nine months ended September 30, 2020, we repurchased $5.3 million in aggregate principal of our senior notes at a weighted average price of $19.16 per note

 

Rights Offering

Subsequent to quarter end, on October 1, 2020, the Company successfully completed a non-transferable rights offering which entitled holders of rights to purchase one new share of common stock for each right held at a subscription price of $2.95 per share. In total, the Company sold 10,761,950 shares of its common stock for aggregate gross proceeds of approximately $31.7 million.

As of October 1, 2020, total shares outstanding were 21,703,720 (see selected pro-forma balance sheet information in attached tables)

NAV per share at September 30, 2020 was $4.18 after giving effect to the rights offering

Asset coverage ratio was approximately 176.5% after giving effect to the rights offering

The parent company of our external manager owns more than 25.4% of outstanding shares following the rights offering


Management Commentary

Peter A. Reed, GECC’s Chief Executive Officer, stated, “This was an excellent turnaround quarter, as Great Elm BDC achieved NII growth during the quarter as a result of continued outperformance from specialty finance investments. We believe there are attractive new investment opportunities at compelling values on a risk-adjusted return basis during this period of dislocation in the market. We expect to utilize the proceeds from our recent rights offering to proactively seek investments in the specialty finance market. Since the beginning of our repositioning last quarter we have achieved a number of objectives: strengthening our capital base, which will

 

 


 

allow us to grow our investment portfolio, monetizing and redeploying over $80 million of our portfolio, and covering our distribution through a combination of investment income and realized gains.” 

Portfolio and Investment Activity

As of September 30, 2020, we held 34 debt investments, totaling approximately $136.1 million and representing 80.3% of the fair market value of our total investments. First lien and/or secured debt investments comprised 98.5% of the fair market value of our debt investments.

 

As of the same date, we held 8 equity investments, totaling approximately $33.4 million and representing 19.7% of the fair market value of our total investments.

 

As of September 30, 2020, the weighted average current yield on our debt portfolio was 10.1%. Floating rate instruments comprised approximately 59.4% of the fair market value of debt investments.

 

During the quarter ended September 30, 2020, we deployed approximately $34.5 million into six investments(1), at a weighted average current yield of 12.3% The weighted average price of the debt deployment activity was 91% of par.

 

During the quarter ended September 30, 2020, we monetized, in part or in full, 12 investments for approximately $18.2 million(2), at a weighted average current yield of 9.6%. The weighted average realized price was 97% of par.

 

Financial Review

Total investment income for the quarter ended September 30, 2020 was approximately $6.0 million, or $0.56 per share. Total expenses for the quarter ended September 30, 2020 were approximately $4.0 million, or $0.38 per share.

 

Net realized losses for the quarter ended September 30, 2020 were approximately $0.1 million, or $0.02 per share. Net unrealized appreciation from investments for the quarter ended September 30, 2020 was approximately $6.0 million, or $0.56 per share.

 

Liquidity and Capital Resources

As of September 30, 2020, our cash balance was approximately $12.6 million, exclusive of holdings of United States Treasury Bills and restricted cash. Total debt outstanding as of September 30, 2020 was $118.7 million, comprised of our 6.50% senior notes due September 2022 (NASDAQ: GECCL), our 6.50% senior notes due June 2024 (NASDAQ: GECCN) and our 6.75% senior notes due January 2025 (NASDAQ: GECCM). During the quarter ended September 30, 2020, we repurchased $5.3 million in aggregate principal of our senior notes at a weighted average price of $21.30 per note. Importantly, as of September 30, 2020, we had no secured credit facility, which allows for greater flexibility in the use of our cash and other assets.

 

As of September 30, 2020, our asset coverage ratio was approximately 150.9%, up from 144.5% as of June 30, 2020 and 141.1% as of March 31, 2020.

-2-


 

Distributions

Great Elm BDC also announced this morning that its Board set the distribution for the quarter ending March 31, 2021 at $0.10 per quarter.

 

The distributions will be paid in cash and covered by net investment income. The record and payment dates for the distribution are expected to be set by GECC in December pursuant to authority granted by the Board.

 

Conference Call and Webcast

GECC will discuss these results in a conference call later this morning (Monday, November 9, 2020) at 11:00 a.m. ET.

 

Conference Call Details

Date/Time:Monday, November 9, 2020 – 11:00 a.m. ET

 

Participant Dial-In Numbers:

(United States):844-820-8297

(International):661-378-9758

 

To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode "GECC". An accompanying slide presentation will be available in .pdf format via the “Investor Relations” section of Great Elm Capital Corp.’s website at http://www.investor.greatelmcc.com/events-and-presentations/presentations after the issuance of the earnings release.

 

Webcast

The call and presentation will also be simultaneously webcast over the Internet via the Investor Relations section of GECC’s website or by clicking on the conference call link: Great Elm Capital Corp (GECC) Q3 2020 Conference Call Webcast.

 

About Great Elm Capital Corp.

Great Elm Capital Corp. is an externally managed, specialty finance company focused on investing in debt instruments of middle market companies. GECC elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. GECC seeks to generate attractive, risk-adjusted returns through both current income and capital appreciation.

 

Cautionary Statement Regarding Forward-Looking Statements

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

-3-


 

revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

 

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

 

Endnotes:

(1) This includes new deals, additional fundings (inclusive of those on revolving credit facilities), refinancings and capitalized PIK income. Amounts included herein do not include investments in short-term securities, including United States Treasury Bills.

(2) This includes scheduled principal payments, prepayments, sales and repayments (inclusive of those on revolving credit facilities). Amounts included herein do not include investments in short-term securities, including United States Treasury Bills.

 

Media & Investor Contact:

Investor Relations

+1 (617) 375-3006

investorrelations@greatelmcap.com

 

Adam Prior

The Equity Group Inc.

+1 (212) 836-9606

aprior@equityny.com


-4-


 

GREAT ELM CAPITAL CORP.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited)

Dollar amounts in thousands (except per share amounts)

 

 

 

September 30, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

Non-affiliated, non-controlled investments, at fair value

   (amortized cost of $144,747 and $168,269, respectively)

 

$

110,194

 

 

$

147,412

 

Non-affiliated, non-controlled short-term investments, at fair value

   (amortized cost of $74,983 and $85,733, respectively)

 

 

74,980

 

 

 

85,733

 

Affiliated investments, at fair value

   (amortized cost of $107,256 and $102,704, respectively)

 

 

39,364

 

 

 

40,608

 

Controlled investments, at fair value

   (amortized cost of $18,740 and $10,601, respectively)

 

 

19,928

 

 

 

9,595

 

Total investments

 

 

244,466

 

 

 

283,348

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

12,570

 

 

 

4,606

 

Restricted cash

 

 

600

 

 

 

-

 

Receivable for investments sold

 

 

1,531

 

 

 

-

 

Interest receivable

 

 

4,091

 

 

 

2,350

 

Dividends receivable

 

 

-

 

 

 

14

 

Due from portfolio company

 

 

750

 

 

 

617

 

Due from affiliates

 

 

-

 

 

 

15

 

Prepaid expenses and other assets

 

 

497

 

 

 

89

 

Total assets

 

$

264,505

 

 

$

291,039

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Notes payable 6.50% due September 18, 2022 (including unamortized discount

   of $566 and $839, respectively)

 

$

29,727

 

 

$

31,792

 

Notes payable 6.75% due January 31, 2025 (including unamortized discount

   of $1,107 and $1,321, respectively)

 

 

44,503

 

 

 

45,078

 

Notes payable 6.50% due June 30, 2024 (including unamortized discount

   of $1,639 and $2,058, respectively)

 

 

41,184

 

 

 

42,942

 

Payable for investments purchased

 

 

77,120

 

 

 

72,749

 

Interest payable

 

 

366

 

 

 

354

 

Distributions payable

 

 

908

 

 

 

1,338

 

Accrued incentive fees payable

 

 

8,967

 

 

 

8,157

 

Due to affiliates

 

 

781

 

 

 

997

 

Accrued expenses and other liabilities

 

 

485

 

 

 

743

 

Total liabilities

 

$

204,041

 

 

$

204,150

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common stock, par value $0.01 per share (100,000,000 shares authorized,

   10,941,770 shares issued and outstanding and 10,062,682 shares issued and

   outstanding, respectively)

 

$

109

 

 

$

101

 

Additional paid-in capital

 

 

196,742

 

 

 

193,114

 

Accumulated losses

 

 

(136,387

)

 

 

(106,326

)

Total net assets

 

$

60,464

 

 

$

86,889

 

Total liabilities and net assets

 

$

264,505

 

 

$

291,039

 

Net asset value per share

 

$

5.53

 

 

$

8.63

 

 


-5-


 

GREAT ELM CAPITAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

Dollar amounts in thousands (except per share amounts)

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-affiliated, non-controlled investments

 

$

2,718

 

 

$

4,477

 

 

$

9,800

 

 

$

11,999

 

Affiliated investments

 

 

246

 

 

 

216

 

 

 

716

 

 

 

627

 

Affiliated investments (PIK)

 

 

1,321

 

 

 

1,124

 

 

 

3,842

 

 

 

2,939

 

Controlled investments

 

 

90

 

 

 

282

 

 

 

188

 

 

 

1,335

 

Controlled investments (PIK)

 

 

-

 

 

 

101

 

 

 

-

 

 

 

684

 

Total interest income

 

 

4,375

 

 

 

6,200

 

 

 

14,546

 

 

 

17,584

 

Dividend income from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-affiliated, non-controlled investments

 

 

401

 

 

 

196

 

 

 

404

 

 

 

407

 

Controlled investments

 

 

880

 

 

 

480

 

 

 

1,760

 

 

 

1,280

 

Total dividend income

 

 

1,281

 

 

 

676

 

 

 

2,164

 

 

 

1,687

 

Other income from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-affiliated, non-controlled investments

 

 

295

 

 

 

5

 

 

 

351

 

 

 

137

 

Affiliated investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2

 

Affiliated investments (PIK)

 

 

-

 

 

 

108

 

 

 

75

 

 

 

564

 

Controlled investments

 

 

-

 

 

 

13

 

 

 

12

 

 

 

52

 

Total other income

 

 

295

 

 

 

126

 

 

 

438

 

 

 

755

 

Total investment income

 

$

5,951

 

 

$

7,002

 

 

$

17,148

 

 

$

20,026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management fees

 

$

609

 

 

$

759

 

 

$

1,898

 

 

$

2,207

 

Incentive fees

 

 

482

 

 

 

654

 

 

 

810

 

 

 

2,099

 

Administration fees

 

 

152

 

 

 

282

 

 

 

547

 

 

 

734

 

Custody fees

 

 

20

 

 

 

15

 

 

 

59

 

 

 

45

 

Directors’ fees

 

 

49

 

 

 

51

 

 

 

151

 

 

 

150

 

Professional services

 

 

287

 

 

 

243

 

 

 

794

 

 

 

711

 

Interest expense

 

 

2,225

 

 

 

2,308

 

 

 

6,920

 

 

 

5,333

 

Other expenses

 

 

194

 

 

 

71

 

 

 

468

 

 

 

349

 

Total expenses

 

$

4,018

 

 

$

4,383

 

 

$

11,647

 

 

$

11,628

 

Net investment income

 

$

1,933

 

 

$

2,619

 

 

$

5,501

 

 

$

8,398

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on investment transactions from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-affiliated, non-controlled investments

 

$

(262

)

 

$

97

 

 

$

(11,760

)

 

$

1,115

 

Controlled investments

 

 

-

 

 

 

154

 

 

 

-

 

 

 

154

 

Repurchase of debt

 

 

120

 

 

 

-

 

 

 

1,237

 

 

 

-

 

Total net realized gain (loss)

 

 

(142

)

 

 

251

 

 

 

(10,523

)

 

 

1,269

 

Net change in unrealized appreciation (depreciation) on investment transactions from:

 

 

 

 

 

Non-affiliated, non-controlled investments

 

 

3,544

 

 

 

(8,075

)

 

 

(13,699

)

 

 

(7,357

)

Affiliated investments

 

 

319

 

 

 

(4,096

)

 

 

(5,796

)

 

 

(7,666

)

Controlled investments

 

 

2,050

 

 

 

(345

)

 

 

2,194

 

 

 

(600

)

Total net change in unrealized appreciation (depreciation)

 

 

5,913

 

 

 

(12,516

)

 

 

(17,301

)

 

 

(15,623

)

Net realized and unrealized gains (losses)

 

$

5,771

 

 

$

(12,265

)

 

$

(27,824

)

 

$

(14,354

)

Net increase (decrease) in net assets resulting from operations

 

$

7,704

 

 

$

(9,646

)

 

$

(22,323

)

 

$

(5,956

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income per share (basic and diluted):

 

$

0.18

 

 

$

0.26

 

 

$

0.53

 

 

$

0.81

 

Earnings per share (basic and diluted):

 

$

0.72

 

 

$

(0.96

)

 

$

(2.17

)

 

$

(0.58

)

Weighted average shares outstanding (basic and diluted):

 

 

10,660,894

 

 

 

10,062,682

 

 

 

10,307,771

 

 

 

10,312,561

 

 


-6-


 

GREAT ELM CAPITAL CORP.

Pro-Forma Balance Sheet Information (unaudited)

Dollar amounts in thousands (except per share amounts)

 

(Dollars are in ‘000s)

 

9/30/2020

 

 

Actual

 

Adjustments

 

As Adjusted

Investments, at fair value

 

                      $  244,466

 

 

 

                $     244,466

Cash and cash equivalents

 

                         13,170

 

30,357

 

                        43,527

Other assets

 

                           6,869

 

 

 

                          6,869

Total Assets

 

                $   264,505

 

                  30,357

 

             $     294,862

 

 

 

 

 

 

 

Notes payable 6.50% due September 18, 2022 (including unamortized discount of $566 and $839, respectively)

 

                         29,727

 

 

 

                        29,727

Notes payable 6.75% due January 31, 2025 (including unamortized discount   of $1,107 and $1,321, respectively)

 

                         44,503

 

 

 

                        44,503

Notes payable 6.50% due June 30, 2024 (including unamortized discount   of $1,639 and $2,058, respectively)

 

                         41,184

 

 

 

                        41,184

Other liabilities

 

                         88,627

 

 

 

                        88,627

Total liabilities

 

                       204,041

 

                           -  

 

                     204,041

 

 

 

 

 

 

 

NET ASSETS

 

                         60,464

 

                  30,357

 

                       90,821

 

 

 

 

 

 

 

Total liabilities and net assets

 

                       264,505

 

                  30,357

 

                     294,862

 

 

 

 

 

 

 

Shares outstanding

 

                 10,941,770

 

           10,761,950

 

                21,703,720

 

 

 

 

 

 

 

NAV per Share

 

                     $        5.53

 

            $         (1.35)

 

                   $         4.18

 

 

-7-

gecc-ex992_9.pptx.htm

Slide 1

Exhibit 99.2

Slide 2

Statements in this communication that are not historical facts are “forward-looking” statements within the meaning of the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as “expect,” “anticipate,” “should,” “will,” “estimate,” “designed,” “seek,” “continue,” “upside,” “potential” and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are: conditions in the credit markets, the price of GECC common stock, the performance of GECC’s portfolio and investment manager and risks associated with the economic impact of the COVID-19 pandemic on GECC and its portfolio companies. Information concerning these and other factors can be found in GECC’s Annual Report on Form 10-K and other reports filed with the SEC. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this communication or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. You should consider the investment objective, risks, charges and expenses of GECC carefully before investing. GECC’s filings with the SEC contain this and other information about GECC and are available by contacting GECC at the phone number and address at the end of this presentation. The SEC also maintains a website that contains the aforementioned documents. The address of the SEC’s website is http://www.sec.gov. These documents should be read and considered carefully before investing.   The performance, distributions and financial data contained herein represent past performance, distributions and results and neither guarantees nor is indicative of future performance, distributions or results. Investment return and principal value of an investment will fluctuate so that an investor’s shares may be worth more or less than the original cost. GECC’s market price and net asset value will fluctuate with market conditions. Current performance may be lower or higher than the performance data quoted. All information and data, including portfolio holdings and performance characteristics, is as of September 30, 2020, unless otherwise noted, and is subject to change. This presentation does not constitute an offer of any securities for sale. Forward Looking Statement

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About Great Elm BDC Great Elm BDC Investment Objective Investment Strategy Externally managed, total-return-focused BDC Liquid balance sheet Employees and affiliates of Great Elm Capital Management, Inc., GECC’s investment manager, own approximately 43.6% of GECC’s outstanding shares To generate both current income and capital appreciation, while seeking to protect against the risk of capital loss To apply the key principles of value investing to the capital structures of middle-market companies and to acquire majority stakes in income-generating specialty finance businesses Portfolio (as of 9/30/2020) $264.5 million of total assets; $169.5 million of portfolio fair value; $60.5 million of net asset value Debt investments carry a weighted average current yield of 10.1%1 42 investments (34 debt, 8 equity) in 29 companies across 23 industries (1) Weighted average current yield is based upon the stated coupon rate and fair value of outstanding debt securities at the measurement date.

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Third Quarter 2020 Overview: Capital Deployment During Q3 2020, monetized $18.2 million across 12 investments, in whole or in part, at a weighted average current yield of 9.58% and a weighted average price of $0.97 This includes the complete exit of 1 position during the quarter During Q3 2020, deployed $34.5 million into 11 investments at a weighted average current yield of 12.31% and a weighted average price of $0.91 Capital deployed into both secured and unsecured investments GECCL 6.50% Notes due September 2022 GECCN 6.50% Notes due June 2024 GECCM 6.75% Notes due January 2025 Attractive Fixed Rate Debt Deployment of Capital Monetization of Investments

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Third Quarter 2020: Net Investment Income (“NII”) Analysis NII for the quarter ended September 30, 2020 was approximately $1.9 million, or $0.18 per share, as compared to NII of $0.9 million or $0.09 per share for the quarter ended June 30, 2020 Reported a full period of NII following the strategic repositioning of its portfolio in the prior quarter. Better-than-anticipated returns from the Company’s investment in specialty finance company Prestige Capital During the quarter ended June 30, 2020, we began repositioning the portfolio, including taking actions to create liquidity that had the effect of depressing net investment income (“NII”) Specifically, as the impact of COVID-19 increased volatility in the leveraged credit secondary markets, we monetized investments in anticipation of more attractive redeployment opportunities $ in $000s

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Portfolio Review: GECC Overview Third Quarter 2020: Repositioning and Recapitalization Update Thus far in 2020, we have monetized over $85.4 million, while redeploying $82 million into cash-generative investment opportunities that diversify our holdings Intend to more heavily weight investments in specialty finance businesses, like Prestige Capital Finance, LLC (“Prestige”), whose performance has exceeded internal expectations Examine Investments In Light of Changing Macro-economic Environment Following COVID-19 Evaluation Divest Certain Legacy Holdings to Monetize and Reposition Portfolio Repositioning Establish New Positions in Cash-Generating Investments (e.g. Specialty Finance) Proactive Redeployment Completed Strategic Rights Offering in October 2020 Recapitalization

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Portfolio Review: GECC Overview Rights Offering: Provides Ample Liquidity to Pursue New Investments Subsequent to quarter end, the Company successfully completed a non-transferable rights offering which entitled holders of rights to purchase one new share of common stock for each right held at a subscription price of $2.95 per share. In total, the Company sold 10,761,950 shares of its common stock for aggregate gross proceeds of approximately $31.7 million. RATIONALE FOR DECISION TO PURSUE RIGHTS OFFERING New investment opportunities at compelling values on a risk-adjusted return basis Attractive specialty finance sector Dislocation due to market volatility Raises asset coverage ratio to 176.5% as of October 1, 2020 Capital resources can be utilized to support portfolio companies Management participation / aligned interest with shareholders

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Portfolio Review: GECC Overview Rights Offering: Pre and Post-Offering At 9/30/2020 At 10/1/2020 (Post Rights Offering)* Shares Outstanding 10,941,770 21,703,720 Asset Coverage Ratio 150.9% 176.5% Net Asset Value Per Share $5.53 $4.18 Distributions Paid / Declared Per Share $0.249 $0.249 Pre and Post Rights Offering – Per Share Data Company Well-Positioned to Deploy Capital Utilizing Specialty Finance Value Proposition * See reconciliation table in appendix

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Investment Activity: New Investments (July 1, 2020* – November 9, 2020) Throughout 3Q20 and subsequent to quarter end, we actively deployed approximately $34.2 million of available cash into eight new investments at a weighted average current yield of 12.3% $ in $000s (1) Investment activity includes activity in Q3/2020 and the subsequent period through and including November 8, 2020. Investment activity does not include revolver draws or PIK interest. (2) Represents $3.0 million of Viasat Inc. receivables on balance sheet as of October 23, 2020.      (3) Weighted average current yield is based upon the stated coupon rate and fair value of outstanding investments as of the most recent measurement date or date of purchase, as applicable. These figures do not include Viasat, Inc. receivables.

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Specialty Finance Investments

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On February 8, 2019, GECC acquired 80.0% of the outstanding equity interests of Prestige for approximately $7.5 million Prestige is a leading provider of “spot factoring” services, providing clients with an opportunity to sell individual accounts receivable for an upfront payment Specialty Finance Investments: Prestige Capital Finance, LLC Functional Prestige purchases the individual accounts receivable of creditworthy companies from its clients. It typically advances 75%-85% of the receivable to the client upfront and remits the rest to the client (less Prestige’s fee) upon payment of the receivable Wide Assortment of Potential Customers Prestige’s clients are generally unable to access traditional bank financing to meet their capital needs but have accounts receivable from creditworthy companies Limited Risk The combination of clients’ capital needs and receivables from creditworthy counterparties allows Prestige to consistently underwrite profitable business while taking limited corporate credit risk Over 30 years in business and through $6+ billion of transactions factored, Prestige has a track record of strong credit underwriting with minimal losses

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Prestige is a highly profitable company In 2019, Prestige’s pretax income was approximately $2.8 million on average book equity of $3.1 million Through the first nine months of 2020, Prestige’s pretax income was approximately $3.9 million on average book equity of $3.6 million 2020 third quarter clients include two companies that fund the manufacturing and importing of masks, swab transport containers and disinfectant wipes and a nondurable goods distributor based in Rhode Island GECC earns a high rate of return on its investment in Prestige Despite not acquiring Prestige until February 2019, GECC received $1.6 million in distributions from Prestige throughout 2019, representing an approximate 24% annualized yield on its investment Through the first nine months of 2020, GECC received $1.8 million in distributions, representing an approximate 32% annualized yield on its investment Prestige Capital Finance, LLC – Third Quarter 2020 Update “Overflow” opportunities that would allow GECC to participate in certain of Prestige’s larger factoring transactions directly Significant Mutual Benefits Greater access to capital allows Prestige to increase the size of the transactions it can pursue, which may further enhance its growth Rates of return may be higher than traditional leveraged credit investments Proprietary to GECC and unique to portfolio

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The positive trends our investment in Prestige continues to exhibit leads us explore complementary opportunities in other niche areas of specialty finance We are focused on acquiring controlling interests in a number of sub-categories of specialty finance, including: Factoring Asset based lending Equipment leasing Hard money real estate lending Trade claim acquisition In addition, we believe that owning controlling interests in businesses in the above disciplines may create proprietary “overflow” investment opportunities As an investor in niche specialty finance businesses, we can help our partners grow by creatively structuring transactions and utilizing our liquid balance sheet Specialty Finance Investments: Additional Investments

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Portfolio Review (Quarter Ended 9/30/2020)

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Portfolio Review: Quarter End Portfolio Detail 34 Debt Investments $136.1 million Fair Value of Debt Investments 81.6% Weighted Average Dollar Price of Debt Investments 10.1%1 Weighted Average Current Yield of Debt Investments 80.3% Of Invested Capital in Debt Investments 8 Equity Investments $33.4 million Fair Value of Equity Investments Debt Investments: Equity Investments2: 19.7% Of Invested Capital in Equity Investments (1) Weighted average current yield is based upon the anticipated distribution rate and fair value of outstanding investments at the measurement date. Amounts in the above tables do not include investments in short-term securities, including United States Treasury Bills. (2) Two of the eight equity investments, totaling approximately $22.6 million of fair value as of September 30, 2020, are income-generating equity investments: Prestige Capital Finance, LLC and Crestwood Equity Partners, LP. 17.3%1 Weighted Average Current Yield of Income-Generating Equity Investments

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Portfolio by Asset Type ($MM) Portfolio by Interest Rate Type ($MM) Weighted average fixed rate yield of 13.8%1 Weighted average floating rate yield of 7.7%1 (1) Weighted average fixed and floating rate current yield is based upon the stated coupon rate and fair value of outstanding debt instruments at the measurement date. Amounts in the above tables do not include investments in short-term securities, including United States Treasury Bills. Portfolio Review: Quarter End Asset Type and Interest Rate Type Investments Fair Value of Investments Percentage of Total Portfolio Investments Count Fair Value of Debt Percentage of Debt Holdings Debt $136.1 0.80294985250737461 Fixed Rate 7 $45.24810317 0.37389042493462155 Equity / Other $33.4 0.19705014749262537 Floating Rate 22 $75.771586429999999 0.62610957506537845 Total $169.5 1 Total 29 $121.01968959999999 1 Investments Fair Value of Investments Percentage of Total Portfolio Investments Count Fair Value of Debt Percentage of Debt Holdings Debt $121.01969 0.82742321100483618 Fixed Rate 9 $55.2 0.40558412931667898 Equity / Other $25.241242 0.17257678899516379 Floating Rate 25 $80.8 0.59368111682586333 Total $146.260932 1 Total 34 $136.1 0.99926524614254231

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Portfolio Review: Quarter End Industry Breakdown Amounts in the above tables do not include investments in short-term securities, including United States Treasury Bills. September 30, 2020 Industry Investments at Fair Value Percentage of Fair Value Wireless Telecommunications Services $ 39,334 23.21 % Specialty Finance 19,423 11.46 % Internet Media 18,157 10.71 % Construction Materials Manufacturing 16,220 9.57 % Oil & Gas 12,710 7.50 % Retail 9,472 5.59 % Food & Staples 8,189 4.83 % Restaurants 7,907 4.67 % Software Services 6,583 3.88 % Radio Broadcasting 5,393 3.18 % Apparel & Textile Products 5,062 2.99 % Chemicals 4,550 2.67 % Industrial 3,120 1.84 % Transportation Equipment Manufacturing 2,904 1.71 % Hotel Operator 2,894 1.71 % Technology 2,776 1.64 % Metals & Mining 2,078 1.23 % Communications Equipment 2,006 1.18 % Real Estate Services 500 0.30 % Consumer Finance 343 0.20 % Building Cleaning and Maintenance Services 162 0.10 % Maritime Security Services 30 0.02 % Gaming, Lodging & Restaurants - - % Water Transport - - % Consulting - - % Telecommunications Services (327 ) (0.19 )% Total $ 169,486 100.00 % $ in $000s

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Portfolio Review: Quarterly Investment Activity Q3/2019 Q4/2019 Q1/2020 Q2/2020 Q3/2020 Dollar Value of New Investments1 $46.1 million $15.1 million $31.9 million $15.9 million $34.5 million Weighted Average Price of New Debt Investments $0.97 $0.97 $0.99 $0.92 $0.91 Weighted Average Current Yield of New Debt Investments2 10.2% 9.0% 7.1% 12.2% 12.3% % of New Debt Investments - 1st Lien / Secured Instruments 100% 100% 100% 43% 81% Dollar Value of Monetized Investments3 $44.6 million $9.6 million $29.4 million $37.5 million $18.2 million Weighted Average Price of Monetized Debt Investments $1.00 $1.00 $0.82 $0.98 $0.97 Weighted Average Current Yield of Monetized Debt Investments2 10.8% 8.5% 13.7% 6.5% 9.6% % of Monetized Debt Investments - 1st Lien / Secured Instruments 100% 100% 100% 96% 100% (1) This includes new deals, additional fundings (inclusive of those on revolving credit facilities), refinancings and PIK interest. Amounts included herein are exclusive of investments in short-term securities, including United States Treasury Bills. Weighted average dollar price is based upon the stated par value and fair value of outstanding debt securities at the measurement date. Weighted average current yield is based upon the stated coupon rate and fair value of outstanding debt securities at the measurement date. (2) Weighted average current yield metrics specifically refer to the applicable investment activity in the respective period. (3) This includes scheduled principal payments, prepayments, sales and repayments (inclusive of those on revolving credit facilities). Amounts included herein are exclusive of investments in short-term securities, including United States Treasury Bills. Weighted average dollar price is based upon the stated par value and fair value of outstanding debt securities at the measurement date. Weighted average current yield is based upon the stated coupon rate and fair value of outstanding debt securities at the measurement date. New Investments vs. Monetized Investments

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Financial Review (Quarter Ended 9/30/2020)

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Financial Review: Per Share Data Q3/20191 Q4/20191 Q1/20201 Q2/20201 Q3/20201 Earnings Per Share (“EPS”) ($0.96) ($0.16) ($3.33) $0.34 $0.72 Net Investment Income (“NII”) Per Share $0.26 $0.25 $0.26 $0.09 $0.18 Net Realized Gains / (Losses) Per Share $0.02 $0.00 ($1.12) $0.09 ($0.02) Net Unrealized Gains / (Losses) Per Share ($1.24) ($0.41) ($2.47) $0.16 $0.56 Net Asset Value Per Share at Period End $9.09 $8.63 $5.05 $5.10 $5.53 Distributions Paid / Declared Per Share $0.249 $0.299 $0.249 $0.249 $0.249 (1) The per share figures are based on a weighted average outstanding share count for the respective period. Financial Highlights – Per Share Data

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Financial Review: Quarterly Operating Results (1) The per share figures are based on a weighted average of the shares outstanding for the preceding quarter, except where such amounts need to be adjusted to be consistent with the financial highlights of our consolidated financial statements. (2) Total investment income includes PIK income and net accretion of OID and market discount. (3) Incentive fees include the reversal of certain accrued incentive fees. Q3/2019 Q4/2019 Q1/2020 Q2/2020 Q3/2020 $ in $000s Per Share1 Per Share1 Per Share1 Per Share1 Per Share1 Total Investment Income2 $7,002 $0.70 $7,012 $0.70 $6,429 $0.64 $4,768 $0.47 $5,951 $0.56 Interest Income 6,200 0.62 6,614 0.66 5,987 0.60 4,184 0.41 4,375 0.41 Dividend & Other Income 802 0.08 398 0.04 442 0.04 584 0.06 1,576 0.15 Net Operating Expenses 4,383 0.44 4,264 0.42 3,777 0.38 3,852 0.38 4,018 0.38 Management fees 759 0.08 746 0.07 698 0.07 591 0.06 609 0.06 Incentive fees3 654 0.06 635 0.06 100 0.01 228 0.02 482 0.05 Total Investment Management fees 1,412 0.14 1,381 0.14 798 0.08 819 0.08 1,091 0.10 Administration fees 282 0.03 253 0.03 204 0.02 191 0.02 152 0.01 Directors’ fees 51 0.00 50 0.00 51 0.01 51 0.01 49 0.005 Interest expense 2,308 0.23 2,303 0.23 2,305 0.23 2,390 0.23 2,225 0.21 Professional services 243 0.02 122 0.01 257 0.03 250 0.02 287 0.03 Custody fees 15 0.00 12 0.00 20 0.00 19 0.00 20 0.002 Other 71 0.01 143 0.01 142 0.01 132 0.01 195 0.02 Income Tax, Including Excise Tax 0 0.00 209 0.02 0 0.00 0 0.00 0 0.00 Net Investment Income $2,619 $0.26 $2,539 $0.25 $2,652 $0.26 $916 $0.09 $1,933 $0.18

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Financial Review: Portfolio Q3/2019 Q4/2019 Q1/2020 Q2/2020 Q3/2020 Capital Deployed $46.1 million $15.1 million $31.9 million $15.9 million $34.5 million Investments Monetized $44.6 million $9.6 million $29.4 million $37.5 million $18.2 million Total Fair Value of Investments at Period End1 $194.8 million $197.6 million $165.5 million $146.3 million $169.5 million Net Asset Value at Period End $91.5 million $86.9 million $50.8 million $53.2 million $60.5 million Total Assets at Period End $298.2 million $291.0 million $273.6 million $258.0 million $264.5 million Total Debt Outstanding at Period End (Par Value) $124.0 million $124.0 million $123.8 million $119.5 million $118.7 million Debt to Equity Ratio at Period End 1.36x 1.43x 2.43x 2.25x 1.96x Cash at Period End2 $24.8 million $15.6 million $22.8 million $31.0 million $12.6 million Total Fair Value of Investments does not include investments in short-term securities, including United States Treasury Bills. Cash does not include our holdings in United States Treasury Bills or Restricted Cash. Financial Highlights - Portfolio

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Summary

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The Company had previously delivered a monthly distribution of $0.083 per share. The majority of our fourth quarter 2020 distributions will be paid in shares of common stock in order to maximize liquidity and strengthen our balance sheet Capital Activity: Declared Quarterly Cash Distribution Distributions Great Elm BDC’s Board set the distribution for the quarter ending March 31, 2021 at $0.10 per quarter The distributions will be paid in cash. The distribution will be covered from net investment income. The record and payment dates for the distribution are expected to be set by GECC in December pursuant to authority granted by the Board. On an annualized basis, this currently represents a 9.6% yield on NAV and a 15.4% yield on the November 6, 2020 closing price of $2.60. (based on Net Asset Value of $90.8 million, or $4.18 per share, after giving effect to the rights offering)

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Investment Takeaways Recent portfolio repositioning and capital decisions have GECC well-positioned to take advantage of market dislocation and grow NII Intend to weight investments in specialty finance businesses in future portfolio Significant cash balance No secured credit facility A diversified portfolio, primarily comprised of secured loans, secured bonds and investments in specialty finance businesses uncorrelated to the corporate credit portfolio Debt investments carry a weighted average current yield of 10.1%1 Weighted average current yield of income-generating equity investments carry a weighted average current yield of 17.3%1,2 and Performing Well Liquid Balance Sheet Portfolio Repositioning: Continuing Distributions Cash distribution of $0.10 set for first quarter of 2021 To date, $4.74 in total distributions paid, declared or set (1) Weighted average current yield is based upon the anticipated distribution rate and fair value of outstanding investments at the measurement date. Amounts in the above tables do not include investments in short-term securities, including United States Treasury Bills. (2) Two of the eight equity investments, totaling approximately $22.6 million of fair value as of September 30, 2020, are income-generating equity investments: Prestige Capital Finance, LLC and Crestwood Equity Partners, LP.

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Appendix Financial Statements Pro-Forma Balance Sheet General Risks Contact Information

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Consolidated Statements of Operations (unaudited) $ in $000s (except per share amounts)

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Consolidated Statements of Assets and Liabilities (unaudited) $ in $000s (except per share amounts)

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Unaudited Pro-Forma Balance Sheet Information As of 9/30/2020 $ in $000s except shares outstanding and per share totals After Giving Effect to Rights Offering 9/30/2020 Actual Adjustments As Adjusted Investments, at fair value $ 244,466   $ 244,466 Cash and cash equivalents 13,170 30,357 43,527 Other assets 6,869   6,869 Total Assets $ 264,505 30,357 $ 294,862       Notes payable 6.50% due September 18, 2022 (including unamortized discount of $566 and $839, respectively) 29,727   29,727 Notes payable 6.75% due January 31, 2025 (including unamortized discount of $1,107 and $1,321, respectively) 44,503   44,503 Notes payable 6.50% due June 30, 2024 (including unamortized discount of $1,639 and $2,058, respectively) 41,184   41,184 Other liabilities 88,627   88,627 Total liabilities 204,041 - 204,041       NET ASSETS 60,464 30,357 90,821       Total liabilities and net assets 264,505 30,357 294,862       Shares outstanding 10,941,770 10,761,950 21,703,720       NAV per Share $ 5.53 $ (1.35) $ 4.18

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Appendix: General Risks Debt instruments are subject to credit and interest rate risks.   Credit risk refers to the likelihood that an obligor will default in the payment of principal or interest on an instrument. Financial strength and solvency of an obligor are the primary factors influencing credit risk. In addition, lack or inadequacy of collateral or credit enhancement for a debt instrument may affect its credit risk. Credit risk may change over the life of an instrument, and debt instruments that are rated by rating agencies are often reviewed and may be subject to downgrade. Our debt investments either are, or if rated would be, rated below investment grade by independent rating agencies. These “junk bonds” and “leveraged loans” are regarded as having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may be illiquid and difficult to value and typically do not require repayment of principal before maturity, which potentially heightens the risk that we may lose all or part of our investment.   Interest rate risk refers to the risks associated with market changes in interest rates. Interest rate changes may affect the value of a debt instrument indirectly (especially in the case of fixed rate obligations) or directly (especially in the case of an instrument whose rates are adjustable). In general, rising interest rates will negatively impact the price of a fixed rate debt instrument and falling interest rates will have a positive effect on price. Adjustable rate instruments also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other factors).   GECC utilizes leverage to seek to enhance the yield and net asset value of its common stock. These objectives will not necessarily be achieved in all interest rate environments. The use of leverage involves risk, including the potential for higher volatility and greater declines of GECC’s net asset value, fluctuations of dividends and other distributions paid by GECC and the market price of GECC’s common stock, among others. The amount of leverage that GECC may employ at any particular time will depend on, among other things, our Board’s and our adviser’s assessment of market and other factors at the time of any proposed borrowing.   As part of our lending activities, we may purchase notes or make loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financings may result in significant financial returns to us, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. We cannot assure you that we will correctly evaluate the value of the assets collateralizing our investments or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a portfolio company, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the investment advanced by us to the borrower.

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Investor Relations 800 South Street, Suite 230 Waltham, MA 02453 Phone: +1 (617) 375-3006 investorrelations@greatelmcap.com Adam Prior The Equity Group Inc. +1 (212) 836-9606 aprior@equityny.com Contact Information

gecc-ex993_7.htm

Exhibit 99.3

 

Great Elm Capital Corp. DECLARES QUARTERLY CASH DISTRIBUTION

OF $0.10 PER SHARE

 

WALTHAM, MA, November 9, 2020 – Great Elm Capital Corp. (“we,” “us,” “our,” “GECC,” or “Great Elm BDC”), (NASDAQ: GECC), a business development company (BDC), today announced that Great Elm BDC’s Board set the distribution for the quarter ending March 31, 2021 at $0.10 per quarter.

 

The distributions will be paid in cash and covered by net investment income. The record and payment dates for the distribution are expected to be set by GECC in December pursuant to authority granted by the Board.

 

Peter A. Reed, GECC’s Chief Executive Officer, stated, “We were pleased to increase the cash portion of our distribution while maintaining a favorable overall return to shareholders following the completion of our rights offering. On an annualized basis, this currently represents a 9.6% yield on NAV (based on Net Asset Value of $90.8 million, or $4.18 per share, after giving effect to the rights offering) and a 15.4% yield on the November 6, 2020 closing price of $2.60.”

 

About Great Elm Capital Corp.

Great Elm Capital Corp. is an externally managed, specialty finance company focused on investing in debt instruments of middle market companies. GECC elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. GECC seeks to generate attractive, risk-adjusted returns through both current income and capital appreciation.

 

Cautionary Statement Regarding Forward-Looking Statements

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

 

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

 

 


 

 


Exhibit 99.3

 

Media & Investor Contact:

Investor Relations

+1 (617) 375-3006

investorrelations@greatelmcap.com

 

Adam Prior

The Equity Group Inc.

+1 (212) 836-9606

aprior@equityny.com