Great Elm Capital Corp.

Good day, and welcome to Great Elm Capital Corp.'s second quarter of 2026 Financial Results Conference Call. All participants will be in a listen-only mode for the duration of the call. And should you need any assistance today, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. into withdrawal question, please press star, then two. Also, please be aware that today's call is being recorded. I would now like to turn the call over to Adam Yates, Managing Director. Please go ahead.

Hello, and thank you for joining us for Great Elm Capital Corp.'s second quarter 2026 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 securities. 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 Chairman of the Board and CEO. He will be joined by Matt Kaplan, Portfolio Manager, Chris Curteau, Head of Research, Chief Financial Officer Keri 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 Chairman and CEO, Jason Reese.

Thanks, Adam, and thank you, everyone, for joining us today. Since stepping into the CEO role, our priorities have remained unchanged. Protecting and growing NAV, generating sustainable net investment income, and maintaining a disciplined approach to capital allocation and portfolio management. We believe this quarter's results demonstrate solid progress toward each of those objectives. NAV increased nearly 3% from the prior quarter. Net Investment Income, or NII, fully covered our quarterly distribution and we generated meaningful, realized, and unrealized gains from investment modernizations and appreciation. At the same time, we continue to strengthen the quality of the portfolio and position GECC to generate durable earnings and create long-term shareholder value. These results were supported by continued strong portfolio performance, including our CoreWeave-related equity investment. During the quarter, we received $2.6 million of distributions from this investment, bringing cumulative distributions to approximately $9.5 million, well above our original $6 million investment. Although our CoreWeave-related equity investment remains subject to market volatility, it continues to provide meaningful upside potential. Importantly, this quarter's strong results were achieved while we enhanced the overall quality of the portfolio. We once again ended the quarter with less than 1% of the portfolio on non-accrual, reflecting our focus on proactive risk management and portfolio quality. The broader credit market remains highly competitive, but our disciplined approach to portfolio management has not changed. We continue to prioritize protecting capital, maintaining strict underwriting standards, and investing only where we believe risk-adjusted returns are justified. During the quarter, we deployed approximately $30 million of capital across 14 investments, including three private credit transactions sourced through our proprietary network of partners representing approximately $12 million. We also selectively expanded our broadly syndicated loan portfolio, increasing our diversified pool of primarily senior secured investments. Our CLO investments also helped increase portfolio diversity, providing GECC with exposure to over 300 senior secured loans. CLO investments accounted for approximately 16% of our portfolio fair value at quarter end, generating meaningful cash flow to GECC diversifying our income streams and supporting the sustainability of our NII. At Great Elm Specialty Finance, or GESF, we continue to execute on our strategic transformation to streamline the platform and enhance growth and profitability. Great Elm Commercial Finance and Great Elm Healthcare Finance continue to build robust lending pipelines while Prestige, our invoice factoring business, continues to generate attractive returns, albeit with some quarter-to-quarter variability due to the high customer churn rate inherent in its business. All three GESF verticals were profitable during the quarter and generated cash distributions, reinforcing GESF's role as a growing source of diversified assets and income for GECC. Manager alignment with our shareholders remains a core principle at GECC. Consistent with that commitment, our investment manager, GECM, waived all accrued and unpaid incentive fees through the second quarter of 2026. This marks the third consecutive quarter of fee waivers, directly benefiting shareholders through approximately $3.7 million, or 26 cents per share, of cumulative waived incentive fees as of June 30th. including approximately $0.9 million or 6 cents per share during the second quarter. These waivers are created to NAV and directly support shareholder returns. We also continue to opportunistically repurchase GECC shares at a discount to NAV through our stock repurchase program. Beginning January 1, 2026 through August 4, 2026, We have repurchased approximately 1% of our outstanding shares at an average 37% discount toward June 30th NAV, leaving $9.5 million of remaining capacity under the $10 million authorization approved in October 2025. At current market prices, the remaining authorization represents approximately 14% of GECC's market capitalization. Our balance sheet continues to strengthen. During the quarter, we extended the maturity of our revolving credit facility from 2027 to 2029 and retired all outstanding GECCO notes, leaving no debt maturities until 2029. Subsequent quarter end, we also called $6.5 million of GECCI notes our highest cost debt, further reducing our capital costs. Furthermore, our liquidity position is a competitive advantage, allowing us to navigate a volatile market environment while selectively capitalizing on attractive investment opportunities. We ended the quarter with approximately $6 million of cash and equivalents, $39 million of available capacity under our evolving credit facility, and a meaningful portfolio of liquid investments. This liquidity and disciplined capital deployment provides us with the flexibility to act quickly when the right investment opportunities arise. Looking ahead, we remain focused on disciplined execution and prudent capital allocation. We believe the progress we've made this quarter, strengthening portfolio quality, maintaining dividend coverage, enhancing the balance sheet, and preserving liquidity, positions GECC to continue creating long-term value for shareholders. I'd now like to turn the call over to Keri Davis to review our financial results in greater detail.