Business
GREAT ELM CAPITAL CORP. ANNOUNCES FOURTH QUARTER AND YEAR END 2019 FINANCIAL RESULTS; FOURTH QUARTER NET INVESTMENT INCOME OF $0.25 PER SHARE; BOARD SETS SECOND QUARTER 2020 DISTRIBUTION OF $0.083 PER SHARE PER MONTH; MAINTAINS STRONG BALANCE SHEET
WALTHAM, Mass., March 19, 2020 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,” “us,” “our” or “GECC”), (NASDAQ: GECC), today announced its financial
About this update from Great Elm Capital Corp.
[{"type":"text","content":"WALTHAM, Mass., March 19, 2020 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,” “us,” “our” or “GECC”), (NASDAQ: GECC), today announced its financial results for the quarter and year ended December 31, 2019.\n FINANCIAL HIGHLIGHTS As of December 31, 2019, we maintained a strong balance sheet with approximately $15.6 million of cash, cash equivalents and money market fund investments and no maintenance covenants in our outstanding debtNet investment income (“NII”) for the quarter ended December 31, 2019 was approximately $2.5 million, or $0.25 per share, equating to greater than 1.0x distribution coverageIn December 2019, our Board of Directors (the “Board”) declared a special distribution of $0.05 per share, paid to shareholders of record in January 2020. Including base distributions, we declared approximately $1.05 per share in total distributions in 2019, representing an annual distribution yield of 12.1% on the December 31, 2019 NAVIn March 2020, our Board set monthly distributions of $0.083 per share for the second quarter of 2020 The distributions will be paid in cash or shares of our common stock at the election of shareholders, although the total amount of cash to be distributed to all shareholders will be limited to approximately 20% of the total distributions to be paid to all shareholders; the remainder of the distributions (approximately 80%) will be paid in the form of shares of our common stock Net assets on December 31, 2019 were approximately $86.9 million. NAV per share on December 31, 2019 was $8.63, as compared to NAV per share of $9.09 on September 30, 2019, driven primarily by unrealized losses in certain of our investments “The first quarter of 2020 has thus far been characterized by unprecedented volatility in the leveraged credit markets, driven in part by the impact of the global Coronavirus outbreak and violent swings in commodity prices,” remarked Peter A. Reed, GECC’s Chief Executive Officer. “Our significant liquidity position is of paramount importance during times like these. A portion of our second quarter 2020 distributions will be paid in shares of our common stock in order to maximize our liquidity and further strengthen our balance sheet in this volatile investment environment.” PORTFOLIO AND INVESTMENT ACTIVITY As of December 31, 2019, we held 28 debt investments, totaling approximately $174...