Business
Great Elm Capital Corp. Announces Third Quarter 2019 Financial Results; Third Quarter Net Investment Income of $0.26 per Share; Board Sets First Quarter 2020 Distribution of $0.083 per Share per Month
WALTHAM, Mass., Nov. 14, 2019 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,” “us,” “our” or “GECC”), (NASDAQ: GECC), today announced its financial results
About this update from Great Elm Capital Corp.
[{"type":"text","content":"WALTHAM, Mass., Nov. 14, 2019 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,” “us,” “our” or “GECC”), (NASDAQ: GECC), today announced its financial results for the quarter ended September 30, 2019.\n FINANCIAL HIGHLIGHTS Net investment income (“NII”) for the quarter ended September 30, 2019 was approximately $2.6 million, or $0.26 per share, equating to greater than 1.0x distribution coverage.In November 2019, the Board of Directors (the “Board”) set monthly distributions of $0.083 per share for the first quarter of 2020, representing a yield of approximately 11.0% on September 30, 2019 net asset value (“NAV”).Net assets on September 30, 2019 were approximately $91.5 million. NAV per share on September 30, 2019 was $9.09, as compared to NAV per share of $10.30 on June 30, 2019, driven primarily by unrealized losses in certain of our investmentsWe had approximately $0.3 million of net realized gains during the quarter ended September 30, 2019, or approximately $0.02 per share, and net unrealized depreciation of approximately $12.5 million, or approximately $1.24 per share. Unrealized depreciation in the Avanti Communications Group, plc investments accounted for $4.1 million of the $12.5 million net unrealized loss during the quarter During the quarter ended September 30, 2019, we invested approximately $46.1 million across 15 investments(1), including four new issuers. During the quarter ended September 30, 2019, we monetized (in part or in full) approximately $44.6 million across 16 investments(2).Strong performance from our investment in the equity interests of Prestige Capital Finance, LLC led to significant NII generation in our second full quarter of ownershipWe issued $45 million of 6.50% senior unsecured bonds due June 2024 during the second and third quarter (NASDAQ: GECCN). “I’m pleased to report that NII covered our base distribution again this quarter,” remarked Peter A. Reed, GECC’s Chief Executive Officer. “Despite volatility in the fair value of certain of our investments, our team continues to be encouraged by the portfolio’s underlying credit quality, outlook and increasing diversity.” PORTFOLIO AND INVESTMENT ACTIVITY As of September 30, 2019, we held 29 debt investments, totaling approximately $168.3 million and representing 86.4% of the fair market value of our total investments. First lien and/or secured de...