Great Elm Capital Corp
NASDAQ:GECC
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Great Elm Capital Corp
Great Elm Capital is an externally-managed business development company that invests in the debt instruments of middle-market companies. The company is headquartered in Waltham, Massachusetts. The company went IPO on 2016-11-04. The firm is focused on generating income and capital appreciation by investing in middle-market companies that operate in a range of industries. The company also focuses on making multi-year investments, primarily in secured debt instruments that it purchases in the secondary market, though it may also originate investments directly. The firm's investment advisor is Great Elm Capital Management, Inc. (GECM).
Great Elm Capital is an externally-managed business development company that invests in the debt instruments of middle-market companies. The company is headquartered in Waltham, Massachusetts. The company went IPO on 2016-11-04. The firm is focused on generating income and capital appreciation by investing in middle-market companies that operate in a range of industries. The company also focuses on making multi-year investments, primarily in secured debt instruments that it purchases in the secondary market, though it may also originate investments directly. The firm's investment advisor is Great Elm Capital Management, Inc. (GECM).
NAV Decline: Net asset value per share fell sharply to $10.01 from $12.10, mainly due to losses from First Brands, which filed for bankruptcy.
NII Drop: Net investment income dropped to $0.20 per share from $0.51 last quarter, impacted by lower CLO JV distributions and no dividend from an insurance investment.
Liquidity & Capital: GECC has over $25 million in cash and $50 million revolver capacity, with plans to harvest over $20 million from non-yielding assets for reinvestment.
Dividend & Buyback: A $0.37 per share Q4 dividend was declared, with a 14.8% annualized yield, and a $10 million share repurchase program was approved.
Specialty Finance Strength: Specialty Finance business posted strong results, increasing its distribution to GECC and making progress on strategic transformation.
Future Outlook: Management expects NII to rebound in Q4 due to increased CLO distributions and capital deployment, and is focused on further diversifying and strengthening the portfolio.
