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Great Elm Capital Corporation (GECC)

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Previous Close3.2500
Open3.2500
Bid3.2100 x 1800
Ask3.2500 x 900
Day's Range3.2000 - 3.2500
52 Week Range2.4390 - 5.3951
Volume73,369
Avg. Volume242,545
Market Cap75.931M
Beta (5Y Monthly)2.04
PE Ratio (TTM)N/A
EPS (TTM)-2.4010
Earnings DateAug 05, 2021 - Aug 09, 2021
Forward Dividend & Yield0.40 (12.31%)
Ex-Dividend DateMar 12, 2021
1y Target Est3.41
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  • ACCESSWIRE

    Great Elm Capital Corp. to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / May 7, 2021 / Great Elm Capital Corp. (NASDAQ:GECC) will be discussing their earnings results in their 2021 First Quarter Earnings call to be held on May 7, 2021 at 11:00 AM Eastern Time.

  • Great Elm Capital Corp. Announces First Quarter 2021 Financial Results Highlighted By 12.4% Increase in Nav Per Share
    GlobeNewswire

    Great Elm Capital Corp. Announces First Quarter 2021 Financial Results Highlighted By 12.4% Increase in Nav Per Share

    Company to Host Quarterly Conference Call at 11:00 AM ET TodayWALTHAM, Mass., May 07, 2021 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,” “us,” “our,” or “GECC,”) (NASDAQ: GECC), a business development company, today announced its financial results for the first quarter ended March 31, 2021. Financial Highlights Net investment income (“NII”) for the quarter was $1.5 million, as compared to NII of $1.6 million for the quarter ended December 31, 2020. NII was largely flat quarter-over-quarter due to slower than anticipated deployment of capital in January which subsequently accelerated in February and March.NII per share was $0.06 based on weighted average shares outstanding of 23,401,837, as compared to NII per share of $0.07, based on weighted average shares outstanding of 22,249,283, for the quarter ended December 31, 2020.As of March 31, 2021, GECC’s asset coverage ratio was approximately 177.1%, up from 167.1% as of December 31, 2020, and 141.1% as of March 31, 2020.Net assets grew to approximately $91.5 million on March 31, 2021, as compared to $79.6 million on December 31, 2020, and $50.8 million at March 31, 2020.NAV per share of $3.89 as of March 31, 2021, compared to $3.46 at December 31, 2020. NAV per share was $5.05 as of March 31, 2020. New $25.0 Million Credit FacilityGECC yesterday announced that it closed a $25.0 million senior secured revolving line of credit with City National Bank. Borrowings under the revolving line bear interest at the applicable LIBOR rate plus 3.50% with a 1.00% floor. The revolving line of credit has a three year term with a maturity date of May 5, 2024, subject to a springing maturity on May 15, 2022 if the company’s 6.50% notes due 2022 are not refinanced on or prior to such date. Management CommentaryPeter A. Reed, GECC’s Chief Executive Officer, stated, “We saw a significant increase in NAV per share during the period, largely related to unrealized gains as a result of several positive developments at our portfolio companies during the first quarter. We reported lower than expected net investment income during the quarter as we entered the year with a significant cash balance which was deployed at a pace that increased over February and March at favorable yields. Our new $25 million credit facility provides financial flexibility and improves the company’s ability to be more fully invested in yield generating assets.” Mr. Reed continued, “Throughout the past few quarters we have continued to reposition the portfolio and build upon the success of our investment in Prestige Capital Finance. We believe our investments in the specialty finance sector give GECC access to proprietary deal flow with the potential to generate attractive IRRs over time. Through our relationship with Prestige we are seeing a robust pipeline of additional opportunities in both factoring and complementary specialty finance businesses.” Financial Highlights – Per Share Data(1) Q1/20201Q2/20201Q3/20201Q4/20201Q1/20211Earnings Per Share (“EPS”)($3.33)$0.34$0.72 ($0.43)$0.53 Net Investment Income (“NII”) Per Share$0.26 $0.09$0.18 $0.07 $0.06 Net Realized Gains / (Losses) Per Share($1.12)$0.09($0.02)$0.03 ($0.14)Net Unrealized Gains / (Losses) Per Share($2.47)$0.16$0.56 ($0.54)$0.61 Net Asset Value Per Share at Period End$5.05 $5.10$5.53 $3.46 $3.89 Distributions Paid / Declared Per Share$0.249 $0.249$0.249 $0.249 $0.10 Portfolio and Investment Activity As of March 31, 2021, GECC held total investments of $193.6 million at fair value, held in the following: 33 debt investments, totaling approximately $135.5 million and representing 70.0% of the fair market value of our total investments. Secured debt investments comprised a substantial majority of the fair market value of our debt investments.3 yielding equity investments, totaling approximately $30.1 million representing 15.5% of the fair market value of our total investments.7 other equity investments, totaling approximately $18.0 million and representing 9.3% of the fair market value of our total investments.Special Purpose Acquisition Company (SPAC) instruments totaling approximately $10.0 million, which consist of SPAC units, common stock, and warrants, representing approximately 5.2% of total investments. As of March 31, 2021, the weighted average current yield on our debt portfolio was 10.9%. Floating rate instruments comprised approximately 51.3% of the fair market value of debt investments. During the quarter ended March 31, 2021, we deployed approximately $43.9 million into new investments(2) excluding SPACs, at a weighted average current yield of 9.85%. The weighted average price of the debt deployment activity was 96% of par. We also deployed approximately $14.5 million into SPACs during the period. During the quarter ended March 31, 2021, we monetized, in part or in full, 20 investments for approximately $23.7 million(3) excluding SPACs, at a weighted average current yield of 11.6%. The weighted average realized price was 89% of par. We also monetized $4.5 million of SPAC securities during the period. Financial ReviewTotal investment income for the quarter ended March 31, 2022 was approximately $5.3 million, or $0.23 per share. Total expenses for the quarter ended March 31, 2021 were approximately $3.8 million, or $0.16 per share. Net realized losses for the quarter ended March 31, 2021 were approximately $3.3 million, or $0.14 per share. Net unrealized appreciation from investments for the quarter ended March 31, 2021 was approximately $14.3 million, or $0.61 per share. Liquidity and Capital ResourcesAs of March 31, 2021, our cash balance was approximately $26.6 million, exclusive of holdings of United States Treasury Bills and restricted cash. Total debt outstanding (par value) as of March 31, 2021 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). DistributionsWe also announced this morning that our board of directors authorized a $0.10 per share cash distribution for the quarter ending September 30, 2021. The record and payment dates for the distribution are expected to be set by GECC in the third quarter pursuant to authority granted by its board of directors. The Company previously has announced that our board of directors authorized a $0.10 per share cash distribution for the quarter ending June 30, 2021. The record and payment dates for the distribution are expected to be set by GECC in the second quarter pursuant to authority granted by its board of directors. Conference Call and WebcastGECC will discuss these results in a conference call later this morning (Friday, May 7, 2021) at 11:00 a.m. ET. Conference Call Details Date/Time: Friday, May 7, 2021 – 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. WebcastThe 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) Q1 2021 Conference Call Webcast. About Great Elm Capital Corp. Great Elm Capital Corp. is an externally managed, specialty finance 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. GECC elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. 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. Endnotes:(1) The per share figures are based on a weighted average outstanding share count for the respective period.(2) 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.(3) 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 PriorThe Equity Group Inc.+1 (212) 836-9606aprior@equityny.com GREAT ELM CAPITAL CORP.CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited)Dollar amounts in thousands (except per share amounts) March 31, 2021 December 31, 2020Assets Investments Non-affiliated, non-controlled investments, at fair value (amortized cost of $169,052 and $147,494, respectively) $143,171 $112,116 Non-affiliated, non-controlled short-term investments, at fair value (amortized cost of $139,997 and $74,997, respectively) 139,991 74,998 Affiliated investments, at fair value (amortized cost of $114,478 and $109,840, respectively) 38,210 29,289 Controlled investments, at fair value (amortized cost of $9,093 and $7,630, respectively) 12,250 10,243 Total investments 333,622 226,646 Cash and cash equivalents 26,572 52,582 Restricted cash - 600 Receivable for investments sold 6,111 - Interest receivable 4,118 2,423 Due from portfolio company 895 837 Prepaid expenses and other assets 44 240 Total assets $371,362 $283,328 Liabilities Notes payable 6.50% due September 18, 2022 (including unamortized discount of $425 and $494, respectively) $29,868 $29,799 Notes payable 6.75% due January 31, 2025 (including unamortized discount of $980 and $1,042, respectively) 44,630 44,568 Notes payable 6.50% due June 30, 2024 (including unamortized discount of $1,421 and $1,529, respectively) 41,402 41,294 Payable for investments purchased 152,953 75,511 Interest payable 328 328 Distributions payable - 1,911 Accrued incentive fees payable 9,284 9,176 Due to affiliates 776 764 Accrued expenses and other liabilities 590 362 Total liabilities $279,831 $203,713 Commitments and contingencies $- $- Net Assets Common stock, par value $0.01 per share (100,000,000 shares authorized,23,508,232 shares issued and outstanding and 23,029,453 shares issued and outstanding, respectively) $235 $230 Additional paid-in capital 232,219 230,504 Accumulated losses (140,923) (151,119)Total net assets $91,531 $79,615 Total liabilities and net assets $371,362 $283,328 Net asset value per share $3.89 $3.46 GREAT ELM CAPITAL CORP.CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)Dollar amounts in thousands (except per share amounts) For the Three Months Ended March 31, 2021 2020 Investment Income: Interest income from: Non-affiliated, non-controlled investments $2,442 $4,466 Non-affiliated, non-controlled investments (PIK) 30 - Affiliated investments 260 227 Affiliated investments (PIK) 1,439 1,224 Controlled investments 8 70 Total interest income 4,179 5,987 Dividend income from: Non-affiliated, non-controlled investments 481 3 Controlled investments 320 400 Total dividend income 801 403 Other income from: Non-affiliated, non-controlled investments 33 30 Affiliated investments (PIK) 282 - Controlled investments - 9 Total other income 315 39 Total investment income $5,295 $6,429 Expenses: Management fees $660 $698 Incentive fees 108 100 Administration fees 156 204 Custody fees 13 20 Directors’ fees 55 51 Professional services 425 257 Interest expense 2,198 2,305 Other expenses 176 142 Total expenses $3,791 $3,777 Net investment income $1,504 $2,652 Net realized and unrealized gains (losses): Net realized gain (loss) on investment transactions from: Non-affiliated, non-controlled investments $(3,415) $(11,456)Controlled investments 140 - Realized gain on repurchase of debt - 143 Total net realized gain (loss) (3,275) (11,313)Net change in unrealized appreciation (depreciation) on investment transactions from: Non-affiliated, non-controlled investments 9,490 (19,715)Affiliated investments 4,283 (5,085)Controlled investments 544 (77)Total net change in unrealized appreciation (depreciation) 14,317 (24,877)Net realized and unrealized gains (losses) $11,042 $(36,190)Net increase (decrease) in net assets resulting from operations $12,546 $(33,538) Net investment income per share (basic and diluted): $0.06 $0.26 Earnings per share (basic and diluted): $0.53 $(3.33)Weighted average shares outstanding (basic and diluted): 23,401,837 10,062,682

  • Great Elm Capital Corp. Announces $25 Million Revolving Credit Facility
    GlobeNewswire

    Great Elm Capital Corp. Announces $25 Million Revolving Credit Facility

    WALTHAM, Mass., May 06, 2021 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (the “Company” or “GECC”) (NASDAQ: GECC), a business development company, today announced the Company has entered into a Loan, Guarantee and Security Agreement (the “Loan Agreement”) with City National Bank (“CNB”). The Loan Agreement provides for a senior secured revolving line of credit of up to $25 million (subject to a borrowing base as defined in the Loan Agreement). The Company may request to increase the revolving line in an aggregate amount not to exceed $25 million, which increase is subject to the sole discretion of CNB. The maturity date of the revolving line is the earlier of (i) May 5, 2024 and (ii) May 15, 2022 if the Company’s 6.50% notes due 2022 are not refinanced on or prior to such date. Borrowings under the revolving line bear interest at a rate equal to (i) the London Inter-bank Offered Rate plus 3.50%, (ii) a base rate plus 2.00% or (iii) a combination thereof, as determined by the Company. Management CommentaryPeter A. Reed, GECC’s Chief Executive Officer, stated, “We are pleased to enter into this revolving credit facility with City National Bank, which gives the Company additional financial flexibility on favorable terms so that it may be more fully invested in yield generating assets. City National Bank has been an excellent partner in this process, and we look forward to expanding our relationship with them in the future.” About Great Elm Capital Corp. Great Elm Capital Corp. is an externally managed, specialty finance company that seeks to generate both current income and capital appreciation through debt and income generating equity investments. GECC elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. 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. Media & Investor Contact: Investor Relations +1 (617) 375-3006 investorrelations@greatelmcap.com Adam PriorThe Equity Group Inc.+1 (212) 836-9606aprior@equityny.com