Business
Great Elm Capital Corp. Announces Third Quarter 2021 Financial Results
Company to Host Quarterly Conference Call at 11:00 AM ET Today WALTHAM, Mass., Nov. 05, 2021 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,” “us,” “our,”
About this update from Great Elm Group, Inc.
[{"type":"text","content":"Company to Host Quarterly Conference Call at 11:00 AM ET Today\nWALTHAM, Mass., Nov. 05, 2021 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,” “us,” “our,” or “GECC,”) (NASDAQ: GECC), a business development company, today announced its financial results for the third quarter and nine months ended September 30, 2021. Financial and Operating Highlights Net investment income (“NII”) for the quarter was $1.6 million, as compared to NII of $2.1 million for the quarter ended June 30, 2021, and $1.9 million for the quarter ended September 30, 2020.NII per share was $0.07 based on weighted average shares outstanding of 23,914,447 for the quarter ended September 30, 2021, as compared to NII per share of $0.09, based on weighted average shares outstanding of 23,508,232 for the quarter ended June 30, 2021. NII was impacted by certain one-time items primarily related to legal fees incurred in connection with a legacy Full Circle investment which resulted in a reduction to NII of approximately $0.02 per share in the quarter ended September 30, 2021. Acquired a majority equity interest in Lenders Funding, LLC (“Lenders Funding”), a private funding and risk sharing source for factors and asset-based lenders, in a transaction that strategically enhances GECC’s specialty finance platform. Issued $13.25 million of equity at NAV in connection with the Lenders Funding transaction to support its growth. Net assets grew to approximately $99.4 million on September 30, 2021, as compared to $91.7 million on June 30, 2021, and $79.6 million on December 31, 2020.NAV per share was $3.70 as of September 30, 2021, compared to $3.90 as of June 30, 2021, and $3.46 at December 31, 2020.As of September 30, 2021, GECC’s asset coverage ratio was approximately 163.8%, compared to 166.2% as of June 30, 2021, and 167.1% as of December 31, 2020.Board of directors approved a quarterly dividend of $0.10 per share for the first quarter of 2022, consistent with the quarterly dividends declared in 2021. Management CommentaryPeter A. Reed, GECC’s Chief Executive Officer, stated, “We continued to grow net assets during the quarter and further diversified our business with the acquisition of a majority ownership stake in Lenders Funding. This transaction furthers GECC’s vision of growing its specialty finance platform and we expect will provide GECC with additional access t...