Great Elm Capital Corp.

Greetings and welcome to the Great Elm Capital Corporation fourth quarter and full year 2025 financial results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Adam Yates, Managing Director. Please go ahead.

Hello, and thank you everyone for joining us for Great Elm Capital Corp's fourth quarter and full year 2025 earnings conference call. If you would like to be added to our distribution list, you can email investorrelations at greatelmcap.com, or you can sign up for alerts directly on our website, www.greatelmcc.com. The slide presentation accompanying today's conference call and webcast can be found on our website under events and presentations. On our website, you can also find our earnings release and SEC filings. I would like to call your attention to the customary safe harbor statement regarding forward-looking information. Also, please note that nothing in today's call constitutes an offer to sell or a solicitation of offers to purchase our security. Today's conference call includes forward-looking statements, and we ask that you refer to Great Elm Capital Corp's filings with the SEC for important factors that could cause actual results to differ materially from these statements. Great Elm Capital Corp does not undertake to update its forward-looking statements unless required by law. To obtain copies of our SEC filings, please visit Great Elm Capital Corp's website under Financials, SEC Filings, or visit the SEC's website. Hosting the call today is Jason Reese, Great Elm Capital Corp's newly appointed Executive Chairman of the Board. He will be joined by Matt Kaplan, Chief Executive Officer, Chris Groteau, Head of Research, Chief Financial Officer, Kerry Davis, Chief Compliance Officer and General Counsel, Adam Kleinman, and Mike Keller, President of Great Elm Specialty Finance. I will now turn the call over to GECC's Executive Chairman, Jason Reese.

Thanks, Adam, and thank you for joining us today. I am excited to assume the role of Executive Chairman at this important time for the company. This change reflects the Board's decision to enhance direct engagement with management and increase active oversight on our operations as we navigate a more demanding credit environment. I would like to begin by thanking Matt Grapkin for his service and leadership during his tenure on the board. His commitment to GECC helped guide the company through a meaningful chapter, and we are grateful for his many contributions. It is important to note Matt will continue in his role as Vice Chairman of GEG, working closely with me to create value for both GEG and GECC shareholders. As the chairman and CEO of Great Home Group, the parent company to GECC's investment manager, I'm well acquainted with both the management team and our investment process. That familiarity supports a seamless transition into this role. My focus is clear. Strengthen oversight, protect shareholder value, and reinforce accountability across the platform. We recognize that recent quarters were challenging for GECC as they have been across much of the sector. We experienced losses that reduced NAV, and when performance falls short of expectations, it is our responsibility to respond decisively and transparently. That is precisely what we have done. First, Gradome Capital Management waived all accrued and unpaid incentive fees through March 31, 2026. As of year end, that represented a direct benefit to shareholders of approximately $2.3 million, or 16 cents per share. This action is immediately accretive to NAV and reinforces our commitment to economic alignment. Second, we strengthened our investment platform with the addition of Chris Croteau as head of credit research. Chris brings over 25 years of credit experience and deep underwriting discipline to the team. Since joining, he has worked alongside Matt and the team to enhance portfolio surveillance, fortify risk management, and source compelling new investments. We're excited to have Chris speak with you today. Third, we have been deliberate in repositioning the portfolio. We ended the year with minimal investments on non-accrual, significantly expanded portfolio diversification, meaningfully reduced exposure to higher risk investments and materially enhanced our liquidity profile. We believe the portfolio today is more resilient and better aligned with current market conditions. Matt and Chris will provide additional details shortly. Finally, through my appointment as executive chairman, I will be actively engaged. With decades of credit investing experience, I look forward to working closely with management to reinforce discipline underwriting, thoughtful capital allocation, and proactive portfolio management and sourcing. During late 2025 and into first quarter of 2026, we have selectively closed what we believe are compelling cash generative investments to support sustainable NII growth. We are operating from a position of balance sheet strength. We maintain substantial liquidity, including meaningful cash on hand, availability under our revolving credit facility, and a healthy base of liquid assets. We have no near-term balance sheet constraints and full flexibility to act. That flexibility matters. periods of uncertainty often create the most attractive risk-adjusted opportunities for disciplined investors. With our strengthened underwriting framework, reduced exposure to higher volatility sectors, and ample liquidity, we are well-positioned to selectively deploy capital as markets reprice risk. We intend to be patient but decisive. When compelling cash-generative opportunities emerge through our proprietary sourcing network, We have the capital, the experience, and the governance structure to move quickly. We are committed to rigorous credit standards, transparency, accountability, and long-term shareholder value creation. We believe these principles position GECC to deliver durable performance for our shareholders. I'll now turn it over to Matt to discuss operating results and portfolio positioning in greater detail.