Business
Great Elm Capital Corp. Announces Second Quarter 2022 Financial Results
Company to Host Quarterly Conference Call and Webcast at 11:00 AM ET Today WALTHAM, Mass., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,”
About this update from Great Elm Capital Corp.
[{"type":"text","content":"Company to Host Quarterly Conference Call and Webcast at 11:00 AM ET Today\nWALTHAM, Mass., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,” “us,” “our,” the “Company” or “GECC,”) (NASDAQ: GECC), a business development company, today announced its financial results for the second quarter ended June 30, 2022. Financial and Operating Highlights Completed previously announced rights offering, selling approximately 3.0 million shares of common stock for aggregate gross proceeds of $37.5 million.Net investment income (“NII”) for the quarter ended June 30, 2022 was $1.2 million, or $0.23 per share.Net assets were $97.6 million on June 30, 2022, as compared to $69.3 million on March 31, 2022, and $91.7 million on June 30, 2021.NAV per share was $12.84 as of June 30, 2022, as compared to $15.06 as of March 31, 2022, and $23.40 as of June 30, 2021.GECC’s asset coverage ratio was approximately 166.9% as of June 30, 2022, as compared to 147.5% as of March 31, 2022, and 166.2% as of June 30, 2021.Board of Directors has approved a quarterly dividend of $0.45 per share for the fourth quarter of 2022, equating to a 14.0% annualized yield on June 30, 2022 NAV per share. Management Commentary“We completed our rights offering in June, which strengthened our balance sheet, enhanced our asset coverage ratio and provided added liquidity which we are deploying opportunistically into new higher-yielding investments,” said Matt Kaplan, GECC’s Chief Executive Officer. “We are navigating through the challenging macro environment and have been able to take advantage of volatility in the secondary markets. Moving forward, we continue to focus on our strategy of growing our Specialty Finance platforms as we seek to grow our NII and NAV over time and create stockholder value.” Rights OfferingOn June 13, 2022, the Company announced the final results of a non-transferable rights offering, which entitled holders of rights to purchase one new share of common stock for every one right held at a subscription price of $12.50 per share. The company sold approximately 3.0 million shares of common stock for aggregate gross proceeds of $37.5 million. Net proceeds from the offering will be deployed opportunistically in accordance with the Company’s investment objectives and policies, including into investments in specialty finance businesses. Financial H...