PALM BEACH GARDENS, Fla., June 24, 2024 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (the "Company" or "GECC"), (NASDAQ: GECC), a business development company, today announced it issued approximately 1.0 million shares of the Company's common stock at a current net asset value of $12.03 per share, for an aggregate gross purchase price of $12 million, to Prosper Peak Holdings, LLC ("PPH"). "We have raised $38 million of non-dilutive equity year-to-date, bolstering our efforts to expand the platform," said Mat ...

Financial Data and Key Metrics Changes - In Q1 2024, the company generated net investment income (NII) of $3.2 million or $0.37 per share, compared to $3.3 million or $0.43 per share in Q4 2023, reflecting a sequential decline attributed to cash drag and increased share count from equity issuance [7][55] - The net asset value (NAV) per share declined to $12.57 as of March 31, 2024, down from $12.99 at the end of 2023, primarily due to write-downs of inherited investments [18][20] - Total debt outstanding was approximately $148 million as of March 31, with cash and money market securities totaling around $9 million [9] Business Line Data and Key Metrics Changes - The company continued to rotate into higher-yielding investments, deploying approximately $64 million into new investments at average yields of about 13% while monetizing $29 million of assets at average yields of approximately 11% [68] - The rotation into floating rate investments increased, with 69% of the debt investment portfolio comprised of floating rate debt, up from 67% in the previous quarter [10] Market Data and Key Metrics Changes - The asset coverage ratio improved to approximately 180.2% as of March 31, compared to 169% at the end of 2023 [67] - The company raised nearly $60 million in fresh capital through various initiatives, including a successful public offering of $34.5 million in notes [6][17] Company Strategy and Development Direction - The company is focused on strategic refinements in its healthcare finance platform, despite a slow start to the year, and aims to execute on its investment pipeline in the coming months [12] - A new joint venture was formed to invest in CLO entities and related warehouse facilities, expected to generate significant distributions starting in the second half of the year [32][53] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the opportunities ahead, anticipating that NII in the second half of the year will significantly outpace the first half due to expected distributions from recent investments [19] - The company remains disciplined in capital deployment, focusing on investments that perform well in the current elevated rate environment and through economic cycles [36] Other Important Information - The company announced a cash distribution of $0.35 per share for the quarter ending June 30, 2024, equating to an 11% annualized dividend yield based on the March 31 NAV [35] - The company has appointed Jason Schwartz as Chief Credit Officer, bringing significant experience to enhance underwriting finance and operations [58] Q&A Session Summary Question: Can you characterize the 29 investments made in the quarter by category? - Over half of the investments were in first lien secured debt, with about $10.8 million in CLO subordinated notes [25] Question: How is the CLO initiative structured? - It is a joint venture where the company holds a 75% stake and the partner holds 25%, focusing on CLO securities and warehouse facilities [26] Question: How will the company access attractive investment opportunities in CLO equity? - The initial investment was about $10.8 million, with a total asset mix of approximately $300 million post-bond deal [27] Question: What is the role of the joint venture partner? - The partner is involved in the CLO business and has developed a strategic relationship with the company [41] Question: Are there pressures in the healthcare finance area? - The company focuses on asset-based loans and is keenly aware of cash flows, monitoring them closely to avoid risks [46]

Yielding Equity 3 $21.2 8% May 2, 2024 @2024 Great Elm Capital Corp. Net assets were $118.8mm ($12.57 per share¹) on March 31, 2024, as compared to $98.7mm ($12.99 per share¹) on December 31, 2023. 1 Based on shares outstanding of 9.5 million as of March 31, 2024 and 7.6 million as of December 31, 2023. 2 Illiquid, level 3 investments in two portfolio companies originated by prior management. ©2024 Great Elm Capital Corp. Q1 2024 Portfolio Review May 2, 2024 ©2024 Great Elm Capital Corp. 11 Debt Investments ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 814-01211 Great Elm Capital Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employe ...

Exhibit 99.1 GREAT ELM CAPITAL CORP. ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS Company to Host Conference Call and Webcast at 5:00 PM ET Today PALM BEACH GARDENS, Florida, May 2, 2024 – Great Elm Capital Corp. ("we," "our," the "Company" or "GECC") (NASDAQ: GECC), a business development company, today announced its financial results for the first quarter ended March 31, 2024. First Quarter and Other Recent Highlights: Management Commentary "With 2024 underway, we were pleased to generate NII that cover ...

PALM BEACH GARDENS, Fla., April 09, 2024 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (the "Company" or "GECC") (NASDAQ:GECC) announced today the commencement of an underwritten public offering of unsecured notes due 2029 (the "Notes"). The Notes are expected to be listed on The Nasdaq Global Market under the trading symbol "GECCI," and to trade thereon within 30 days from the original issue date. The interest rate and other terms of the Notes will be determined by negotiations between the Company and the un ...

Great Elm Capital (GECC) came out with quarterly earnings of $0.43 per share, missing the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $0.30 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.27%. A quarter ago, it was expected that this company would post earnings of $0.43 per share when it actually produced earnings of $0.40, delivering a surprise of -6.98%.Over the last four quarters, the compan ...

Great Elm Capital Corporation (NASDAQ:GECC) Q4 2023 Results Conference Call February 29, 2024 8:30 AM ET Company Participants Garrett Edson - Investor Relations Matt Kaplan - President and Chief Executive Officer Keri Davis - Chief Financial Officer and Treasurer Mike Keller - President, Great Elm Specialty Finance Adam Kleinman - Chief Compliance Officer Operator Greetings. Welcome to the Great Elm Capital Corporation's Fourth Quarter and Full Year 2023 Earnings Conference Call. At this time, all participa ...

PALM BEACH GARDENS, Fla., Feb. 29, 2024 (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, 2023. Fourth Quarter and Other Recent Highlights: In February 2024, the Company raised $24 million of equity at Net Asset Value from a special purchase vehicle ("SPV"), supported by a $6 million investment by Great Elm Group ("GEG") into the SPV. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or | | Securities registered pursuant to Section 12(b) of the Act: | | | --- | --- | --- | | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | Common stock, par value $0.01 per share | GECC | Nasdaq Global Market | | 6.75% Notes due 2025 | GECCM | Nasdaq Global ...