Business
Great Elm Capital Corp. Announces Third Quarter 2022 Financial Results
Company to Host Quarterly Conference Call and Webcast at 11:00 AM ET Today WALTHAM, Mass., Nov. 03, 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., Nov. 03, 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 third quarter ended September 30, 2022. Financial and Operating Highlights Formed Great Elm Healthcare Finance, a specialty asset-based lending platform led by industry veteran Mike Gervais, to provide capital to healthcare-related businesses across the U.S.Modest increase in portfolio fair value in the third quarter as compared to the second quarter.Net investment income (“NII”) for the quarter ended September 30, 2022 was $1.1 million, or $0.14 per share. NII was impacted by costs and expenses related to the formation of Great Elm Healthcare Finance as well as certain legacy investments. Net assets were $95.5 million on September 30, 2022, as compared to $97.6 million on June 30, 2022, and $99.4 million on September 30, 2021.NAV per share was $12.56 as of September 30, 2022, as compared to $12.84 as of June 30, 2022, and $22.17 as of September 30, 2021.GECC’s asset coverage ratio was approximately 165.5% as of September 30, 2022, as compared to 166.9% as of June 30, 2022, and 163.8% as of September 30, 2021.The Board of Directors has approved a quarterly dividend of $0.45 per share for the fourth quarter of 2022, equating to a 14.3% annualized yield on September 30, 2022 NAV per share. Management Commentary“Our portfolio value remained resilient in the face of a challenging market and economic backdrop,” said Matt Kaplan, GECC’s Chief Executive Officer. “NII was adversely impacted in the quarter by elevated costs and expenses largely related to legacy positions and the creation of our Healthcare lending platform. We continue to work on building our Specialty Finance pipeline and positioning our platforms for consistent and durable growth. We remain disciplined with respect to deploying capital as we look to further grow our diverse portfolio and ultimately increase our NII and NAV.” Financial Highlights – Per Share Data(1) Q3/20211Q4/20211Q1/20221Q2/20221Q3/20221Earnings Per Share (“EPS”)($0.79)($4.95)($1.12)($0.87)$0.18Net Investment Income (“NII”) Per Share$0.39$1.58$1.31$0.23$0.14Pre-Incentive Net Investment Income Per Share$0.49$0.42$0.24...