Great Elm Capital Corp. (GECC) is a Business Development Company (BDC) that provides debt and equity financing to middle market companies, generally defined as those with enterprise values between $100M and $2B. GECC operates through three core strategies: direct corporate lending, CLO equity investing through a joint venture, and specialty finance through a majority-owned subsidiary. The corporate lending portfolio — mostly first lien senior secured loans — is the largest component of the business. The CLO joint venture, in which GECC owns 71.25%, invests in the equity tranches of Collateralized Loan Obligations (CLOs), earning residual cash flows from diversified pools of broadly syndicated loans after senior CLO noteholders are paid. GECC also owns roughly 87.5% of Great Elm Specialty Finance, a platform that provides receivables factoring, asset-based lending, and healthcare finance to smaller borrowers. GECC earns income through interest on loans, cash distributions from the CLO JV, and fees from the specialty finance platform. GECC is externally managed by Great Elm Capital Management, which earns a base management fee plus incentive fees tied to income and capital gains. GECC uses leverage to amplify returns and, as a regulated investment company, distributes at least 90% of taxable income to shareholders. Growth priorities include scaling the CLO JV, expanding the specialty finance platform, and growing the asset base through equity issuances at or above NAV.