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Great Elm Capital (GECC) - 2024 Q4 - Annual Results
GECCGreat Elm Capital (GECC)2025-03-10 21:06

Capital Raising and Financial Position - Great Elm Capital Corp. raised nearly 150millionincapitalduring2024,including150 million in capital during 2024, including 50 million of equity at net asset value[3] - Net assets increased to 136.1million,or136.1 million, or 11.79 per share, as of December 31, 2024, compared to 125.8million,or125.8 million, or 12.04 per share, at the end of Q3 2024[4] - Cash and money market fund investments totaled approximately 8.4million,withanundrawnrevolvinglineofcreditavailabilityof8.4 million, with an undrawn revolving line of credit availability of 25.0 million[9] Investment Income and Expenses - Net investment income (NII) for Q4 2024 was 2.1million,or2.1 million, or 0.20 per share, down from 4.1million,or4.1 million, or 0.39 per share in Q3 2024[4] - Total investment income for Q4 2024 was 9.1million,or9.1 million, or 0.85 per share, while net expenses were approximately 7.0million,or7.0 million, or 0.66 per share[8] - Total investment income for 2024 was 39,323,000,anincreaseof9.239,323,000, an increase of 9.2% from 35,825,000 in 2023[21] - Net investment income for 2024 was 12,453,000,slightlydownfrom12,453,000, slightly down from 12,542,000 in 2023[21] - Total expenses increased to 26,522,000in2024,up15.026,522,000 in 2024, up 15.0% from 22,996,000 in 2023[21] Investment Performance - Net realized gain on investment transactions was 1,871,000in2024,comparedtoalossof1,871,000 in 2024, compared to a loss of 4,707,000 in 2023[21] - Net change in unrealized depreciation on investments was (10,771,000)in2024,contrastingwithanappreciationof(10,771,000) in 2024, contrasting with an appreciation of 17,498,000 in 2023[21] - Interest income from non-affiliated, non-controlled investments rose to 24,619,000in2024,upfrom24,619,000 in 2024, up from 23,582,000 in 2023[21] - Total dividend income increased to 6,925,000in2024,comparedto6,925,000 in 2024, compared to 3,478,000 in 2023[21] Shareholder Returns - A special cash distribution of 0.05percommonsharewasdeclaredinDecember2024,reflectingstrongperformancethroughouttheyear[4]−Thequarterlydividendwasincreasedby5.70.05 per common share was declared in December 2024, reflecting strong performance throughout the year[4] - The quarterly dividend was increased by 5.7% to 0.37 per share for Q1 2025, representing a 13.7% annualized yield based on the closing market price of 10.78onMarch7,2025[4]ShareStatistics−Earningspershare(basicanddiluted)for2024was10.78 on March 7, 2025[4] Share Statistics - Earnings per share (basic and diluted) for 2024 was 0.36, a significant decrease from 3.33in2023[21]−Weightedaveragesharesoutstandingincreasedto9,844,014in2024from7,601,958in2023[21]AssetCoverageandCashFlow−Theassetcoverageratioimprovedto169.73.33 in 2023[21] - Weighted average shares outstanding increased to 9,844,014 in 2024 from 7,601,958 in 2023[21] Asset Coverage and Cash Flow - The asset coverage ratio improved to 169.7% as of December 31, 2024, from 166.2% at the end of Q3 2024[4] - Cash distributions from the CLO JV decreased to 0.5 million in Q4 2024 from $3.2 million in Q3 2024[4]