Content Detail

• Content META

  Title	Great Elm Capital Corp. Announces Fourth Quarter and Full Year 2024 Financial Results
  ID	7597331
  External ID	7615702403
  Author	Unknown
  Published Date	March 10, 2025, 3:20 p.m.
  Summary	Company to Host Conference Call and Webcast at 8:30 AM ET on March 11, 2025 PALM BEACH GARDENS, Fla., March 10, 2025 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. ("we,” "our,” the "Company” or "GECC”)
  Tags	None
  URL	https://www.manilatimes.net/2025/03/11/tmt-newswire/globenewswire/great-elm-capital-corp-announces-fourth-quarter-and-full-year-2024-financial-results/2070577
  Sentiment	Negative: 0.05322    Neutral: 0.05593    Positive: 0.89085
  Relevance	0.04571

• Content Details

  Content ID	4902577
  Key	74cae9f6-86ee-4dd6-b7e7-be65bf8daea8
  Content	Company to Host Conference Call and Webcast at 8:30 AM ET on March 11, 2025 PALM BEACH GARDENS, Fla., March 10, 2025 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. ("we,” "our,” the "Company” or "GECC”) (NASDAQ: GECC), a business development company, today announced its financial results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter and Other Recent Highlights In December 2024, the GECC raised $13.2 million of equity at Net Asset Value from Summit Grove Partners, LLC ("SGP”), supported by a $3.3 million investment by Great Elm Group, Inc. ("GEG”) in SGP. Net investment income ("NII”) for the quarter ended December 31, 2024 was $2.1 million, or $0.20 per share, as compared to $4.1 million, or $0.39 per share, for the quarter ended September 30, 2024. Timing of distributions from CLO Formation JV, LLC ("CLO JV”) and certain isolated financing- related expenses adversely impacted NII in the quarter. GECC received $0.5 million of cash distributions from the CLO JV in the quarter ended December 31, 2024, as compared to $3.2 million in the quarter ended September 30, 2024. Additionally, in 2025 through March 7 th , GECC received $3.8 million of cash distributions from the CLO JV. Net assets were $136.1 million, or $11.79 per share, on December 31, 2024, as compared to $125.8 million, or $12.04 per share, on September 30, 2024. GECC's asset coverage ratio was 169.7% as of December 31, 2024, as compared to 166.2% as of September 30, 2024. GECC declared a $0.05 per common share special distribution in December 2024, attributable to the Company's strong performance throughout 2024. The Board of Directors approved a 5.7% increase in the quarterly dividend to $0.37 per share (from $0.35 per share) for the first quarter of 2025, equating to a 13.7% annualized yield on the Company's closing market price on March 7, 2025 of $10.78. Management Commentary "We had a strong 2024, successfully raising nearly $150 million of capital through multiple equity and note issuances, including $50 million of equity at net asset value,” said Matt Kaplan, GECC's Chief Executive Officer. "We grew our portfolio substantially during the year, and also enhanced our cash-generating ability with the formation of our distinctive CLO JV. Further, we continued to showcase our commitment to shareholders, paying a special cash distribution and announcing a 5.7% increase to our quarterly base dividend for the first quarter of 2025.” "During the fourth quarter, NII was primarily impacted by the uneven cadence of cash flows from our CLO JV, which is to be expected given the early stage of the underlying CLO investments. As the CLO JV grows and matures, we believe the magnitude of this impact should decline in future quarters. Looking ahead, we expect to deliver strong NII in 2025 as CLO distributions materialize and we deploy additional capital into investments with attractive risk-adjusted returns. As such, we currently believe we are well-positioned to cover our increased dividend in the first quarter and over 2025 as we continue to deliver meaningful value to our shareholders.” Financial Highlights - Per Share Data Q4/2023 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Earnings Per Share ("EPS”) Net Investment Income ("NII”) Per Share Pre-Incentive Net Investment Income Per Share Net Realized and Unrealized Gains / (Losses) Per Share Net Asset Value Per Share at Period End Distributions Paid / Declared Per Share Portfolio and Investment Activity Advertisement As of December 31, 2024, GECC held total investments of $324.3 million at fair value, as follows: 52 debt investments in corporate credit, totaling approximately $207.0 million, representing 63.8% of the fair market value of the Company's total investments. Secured debt investments comprised a substantial majority of the fair market value of the Company's debt investments. An investment in Great Elm Specialty Finance, totaling approximately $43.2 million, comprised of one debt investment of $29.7 million and one equity investment of $13.5 million, representing 9.2% and 4.2%, respectively, of the fair market value of the Company's total investments. An investment in the CLO JV, totaling approximately $40.1 million, representing 12.4% of the fair market value of the Company's total investments. Three dividend paying equity investments, totaling approximately $10.7 million, representing 3.3% of the fair market value of the Company's total investments. Other equity investments, totaling approximately $23.3 million, representing 7.2% of the fair market value of the Company's total investments. As of December 31, 2024, the weighted average current yield on the Company's debt portfolio was 12.4%. Floating rate instruments comprised approximately 72% of the fair market value of debt investments (comparable to last quarter) and the Company's fixed rate debt investments had a weighted average maturity of 1.8 years. During the quarter ended December 31, 2024, we deployed approximately $47.2 million into 18 investments at a weighted average current yield of 12.9%. Advertisement During the quarter ended December 31, 2024, we monetized, in part or in full, 48 investments for approximately $57.5 million , at a weighted average current yield of 9.9%. Monetizations include $7.4 million of mandatory debt paydowns and redemptions at a weighted average current yield of 10.9%. Financial Review Total investment income for the quarter ended December 31, 2024 was $9.1 million, or $0.85 per share. Net expenses for the quarter ended December 31, 2024 were approximately $7.0 million, or $0.66 per share. Net realized and unrealized losses for the quarter ended December 31, 2024 were approximately $0.3 million, or $0.03 per share. Advertisement Liquidity and Capital Resources As of December 31, 2024, cash and money market fund investments totaled approximately $8.4 million, and availability on GECC's undrawn revolving line of credit remained at $25.0 million. As of December 31, 2024, total debt outstanding (par value) was $195.4 million, comprised of 5.875% senior notes due June 2026 (NASDAQ: GECCO), 8.75% senior notes due September 2028 (NASDAQ: GECCZ), 8.50% senior notes due April 2029 (NASDAQ: GECCI) and 8.125% senior notes due December 2029 (NASDAQ: GECCH). Distributions Advertisement The Company's Board of Directors has approved a quarterly cash distribution of $0.37 per share for the quarter ending March 31, 2025. The first quarter distribution will be payable on March 31, 2025 to stockholders of record as of March 17, 2025. The distribution equates to a 13.7% annualized dividend yield on the Company's closing market price on March 7, 2025 of $10.78 and a 12.6% annualized dividend yield on the Company's December 31, 2024 NAV of $11.79 per share. Conference Call and Webcast GECC will discuss these results in a conference at 8:30 a.m. ET on March 11, 2025. Advertisement Conference Call Details Date/Time: Tuesday, March 11, 2025 - 8:30 a.m. ET Participant Dial-In Numbers: (United States): (International): 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 "Events and Presentations” section of Great Elm Capital Corp.'s website here after the issuance of the earnings release. Webcast Advertisement The call and presentation will also be simultaneously webcast over the internet via the "Events and Presentations” section of GECC's website or by clicking on the webcast link here About Great Elm Capital Corp. GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses and CLOs. For additional information, please visit http://www.greatelmcc.com 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 include statements regarding our future business plans and expectations. 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. The key factors that could cause actual results to differ materially from those projected in the forward-looking statements include, without limitation: conditions in the credit markets, our expected financings and investments, including interest rate volatility, inflationary pressure, the price of GECC common stock and the performance of GECC's portfolio and investment manager. Information concerning these and other factors can be found in GECC's Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. 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. Endnotes: 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. 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 investorrelations@greatelmcap.com GREAT ELM CAPITAL CORP. CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited) Dollar amounts in thousands (except per share amounts) December 31, December 31, Assets Investments Non-affiliated, non-controlled investments, at fair value (amortized cost of $244,378 and $179,626, respectively) Non-affiliated, non-controlled short-term investments, at fair value (amortized cost of $8,448 and $10,807, respectively) Affiliated investments, at fair value (amortized cost of $12,378 and $13,423, respectively) Controlled investments, at fair value (amortized cost of $87,014 and $46,300, respectively) Total investments Cash and cash equivalents Receivable for investments sold Interest receivable Dividends receivable Due from portfolio company Due from affiliates Deferred financing costs Prepaid expenses and other assets Total assets Liabilities Notes payable (including unamortized discount of $5,705 and $2,896, respectively) Payable for investments purchased Interest payable Accrued incentive fees payable Distributions payable Due to affiliates Accrued expenses and other liabilities Total liabilities Commitments and contingencies Net Assets Common stock, par value $0.01 per share (100,000,000 shares authorized, 11,544,415 shares issued and outstanding and 7,601,958 shares issued and outstanding, respectively) Additional paid-in capital Accumulated losses Total net assets Total liabilities and net assets Net asset value per share GREAT ELM CAPITAL CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Dollar amounts in thousands (except per share amounts) For the Year Ended December 31, Investment Income: Interest income from: Non-affiliated, non-controlled investments Non-affiliated, non-controlled investments (PIK) Affiliated investments Affiliated investments (PIK) Controlled investments Controlled investments (PIK) Total interest income Dividend income from: Non-affiliated, non-controlled investments Controlled investments Total dividend income Other commitment fees from non-affiliated, non-controlled investments Other income from: Non-affiliated, non-controlled investments ()[\]\\.,;:\s@\"]+)*)|(\".+\"))@((\[[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\])|(([a-zA-Z\-0-9]+\.)+[a-zA-Z]{2,}))$/;return b.test(a)}$(document).ready(function(){if(performance.navigation.type==2){location.reload(true)}$("iframe[data-lazy-src]").each(function(b){$(this).attr("src",$(this).attr("data-lazy-src"))});if($(".owl-article-body-images").length){$(".owl-article-body-images").owlCarousel({items:1,loop:true,center:false,dots:false,autoPlay:true,mouseDrag:false,touchDrag:false,pullDrag:false,nav:true})}var a=$("#display_full_text").val();if(a==0){$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:$("#cms_article_id").val()},dataType:"json",success:function(b){},error:function(b,d,c){}})}$(".read-full-article").on("click",function(d){d.preventDefault();var b=$(this).attr("data-cmsArticleId");var c=$(this).attr("data-productId");var f=$(this).attr("data-href");dataLayer.push({event:"paywall_click",paywall_name:"the_manila_times_premium",paywall_id:"paywall_article_"+b});$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:b,productId:c},dataType:"json",success:function(e){window.location.href=$("#BASE_URL").val()+f},error:function(e,h,g){}})});$(".article-embedded-newsletter-form .close-btn").on("click",function(){$(".article-embedded-newsletter-form").fadeOut(1000)})});$(document).on("click",".article-embedded-newsletter-form .newsletter-button",function(){var b=$(".article-embedded-newsletter-form .newsletter_email").val();var d=$("#ga_user_id").val();var c=$("#ga_user_yob").val();var a=$("#ga_user_gender").val();var e=$("#ga_user_country").val();if(validateEmail(b)){$.ajax({url:"/ajax/sendynewsletter",type:"POST",data:{email:b},success:function(f){$(".article-embedded-newsletter-form .nf-message").html(f);$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000);dataLayer.push({event:"newsletter_sub",user_id:d,product_name:"newsletter",gender:a,yob:c,country:e})},error:function(f,h,g){}})}else{$(".article-embedded-newsletter-form .nf-message").html("Please enter a valid email address.");$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000)}});$(document).on("click",".article-embedded-newsletter-form .nf-message",function(){$(this).removeClass("show");$(this).html("")}); News Nation Regions World Sports Entertainment Lifestyle The Sunday Times Opinion Editorial Editorial Cartoon OP-ED Columns From our Readers Legal Advice Business Top Business Corporate News Foreign Business Sunday Business & IT Company Announcements Special Sections Special Features TMT Newswire Videos Podcasts Market Overview Weather Exam Results The Manila Times Home Delivery Subscription Subscribe to our Digital Edition The Manila Times College The Manila Times Streaming The Manila Times Forum The Manila Times Coffee Break The Manila Times Classifieds Twitter Youtube Facebook Instagram DailyMotion Spotify Subscribe Now Copyright © The Manila Times – All Rights Reserved. Advertise Contact Us About Us Privacy Policy Home My Library Podcasts Videos Games This website uses cookies. By continuing to browse the website, you are agreeing to our use of cookies. Read More. Close
  Content Reference URL	None

• Publisher

  Publisher Name	Manila Times
  Publisher URL	https://www.manilatimes.net
  Description	None
  Trust Flow Score	24
  Citation Flow Score	33

• Data Source

  Data Source Name	Quantexa News
  Data Source Type	news
  Data Source URL	https://app.aylien.com/dashboard
  Description	Welcome to Quantexa News API — the most powerful way to aggregate, filter, and integrate global news data into your apps and models.
  Weight	10