Great Elm Capital (US:GECC)2024-08-02 12:41Financial Performance (Q2 2024) - Net Investment Income (NII) was $3.1 million, or $0.32 per share, compared to $3.2 million, or $0.37 per share in Q1 2024[6, 12] - Net assets were $126.0 million, or $12.06 per share, compared to $118.8 million, or $12.57 per share in Q1 2024[6] - NAV per share was adversely impacted by ~$0.39 due to write-downs of illiquid investments on non-accrual in two companies[6] - Asset coverage ratio was 171.0% compared to 180.2% in Q1 2024[6] - Debt-to-equity ratio was 1.41x compared to 1.25x in Q1 2024[6] Distribution - A distribution for the quarter ending September 30, 2024, was approved at a rate of $0.35 per share[6, 7] - This equates to a 13.0% annualized yield on the Company's closing market price of $10.73 on July 31, 2024[6, 7] - It also represents an 11.6% annualized yield on the Company's June 30, 2024 NAV of $12.06 per share[6, 7] Portfolio Composition (as of June 30, 2024) - Total portfolio fair value was $297.7 million[11] - Debt investments comprised 70.7% of the portfolio, with a fair value of $210.4 million and a weighted average current yield of 13.1%[21] - Equity investments included $28.1 million in CLO Formation JV (9.4%), $15.6 million in dividend-paying equity investments (5.2%), $15.0 million in Great Elm Specialty Finance (5.0%), and $19.2 million in other equity investments (6.4%)[21]