WALTHAM, Massachusetts, August 13, 2019 (GLOBE NEWSWIRE) – Great Elm Capital Corp. ("we", "we", "our" or "GECC") (NASDAQ: GECC), as we speak announced June 30, 2019 financial outcomes for the final quarter.
FINANCIAL ITEMS (1)
- Net funding income (NII) for the quarter ended June 30, 2019 was approximately $ three.0 million, or $ zero.29 per share, equivalent to 1.2 occasions the distribution coverage for the quarter.
- In August 2019, the Board of Administrators ("the Board") confirmed a month-to-month allocation of $ 0.083 per share for the fourth quarter of 2019, yielding a return of approximately 9.7% as of June 30, 2019 (NAV).
- On June 30, 2019, net belongings have been approximately $ 103.6 million. At 30 June 2019, the Net Asset Value was $ 10.30 compared to the Net Asset Value of $ 10.89 on March 31, 2019, which was primarily on account of unrealized losses on some of our investments in Avanti Communications Group, plc.
- We had approximately $ zero.4 million in net profit for the quarter ended June 30, 2019, approximately $ zero.04 per share, and unrealized depreciation of approximately $ 7.eight million, or roughly $ zero.76 per share.
- Unrealized depreciation in Avanti Communications plc's investments was $ 6.7 million out of a $ 7.8 million unrealized net loss through the quarter
- 30. Through the quarter ended June 30, 2019, we invested approximately $ 61.7 million in 15 investments (2), together with three new issuers. Through the quarter ended June 30, 2019, we earned (partially or absolutely) roughly $ 36.6 million in 16 investments (3).
- Robust Earnings Investments in Status Capital Corporation Stock Ownership Vital First NII Era First Possession
- We issued $ 45 million 6.50% unsecured notes maturing in June 2024 (Q2: GECCN).
- We repurchased 397,719 shares of GECC within the open market over the past quarter. June 30, 2019
"I am pleased to announce that the NII tukijakelumme covered by such a large margin this quarter," remarked GECC's President and CEO Peter A. Reed. “Portfolio performance, prospects and increased diversity continue to motivate our team.”
PORTFOLIO AND INVESTMENT
30. As of June 2016, we had 27 loan investments, totaling approximately $ 173.2 million, representing 84.eight% of the truthful market worth of the investments. The first lien and / or collateralised debt securities accounted for 100.zero% of the truthful value of the loan investments. After the identical date, we had seven fairness investments totaling approximately $ 31.0 million, representing 15.2% of the market value of the investments.
30. As of June 2019, the weighted common return on the debt portfolio was 11.four%. Floating price instruments accounted for roughly 74.4% of the truthful worth of mortgage investments.
30. In the course of the quarter ended June 30, 2019, we invested roughly $ 61.7 million in 15 investments (which included investments in three new corporations and 10 present portfolio corporations). (2). The weighted common value of debt mobilization was 98% of face value and its weighted common return was 10.9%.
In the course of the quarter ended June 30, 2019, we traded 16 investments, in entire or partially, roughly $ 36.6 million (3), with a weighted average return of 10.eight%. Our weighted common realized worth was par.
LEGACY FULL CIRCLE PORTFOLIO
Following the completion of the Full Circle Capital Company ("Full Circle") merger in November 2016, we’ve got been targeted on incomes our old portfolio. To date, we’ve got gone from 24 positions in 16 portfolio corporations to a complete return of $ 5.1 million. These realized positive aspects symbolize 109% of NAV, which is a vital achievement given earlier market estimates for this portfolio.
CONSOLIDATED OPERATING RESULT
Complete funding income for the quarter ended June 30, 2019 was roughly $ 6.7 million or $ 0.66 per share. Ice. Complete expense for the quarter ended June 30, 2019 was roughly $ three.7 million, or $ 0.36 per share.
Net revenue for the quarter ended June 30, 2019 was roughly $ 0.4 million, or $ zero.04 per share. Net investment depreciation for the quarter ended June 30, 2019 was approximately $ 7.eight million, or $ zero.76 per share. LIQUIDITY AND CAPITAL RESOURCES
30. As of June 2016, the out there liquidity of cash and money market investments was roughly $ 52.eight million excluding US Treasury payments. As of June 30, 2019, the entire outstanding loan portfolio was $ 121.5 million, consisting of 6.50% of our senior notes maturing in September 2022 (NASDAQ: GECCL), 6.75% of our senior notes maturing in January 2025 (NASDAQ: GECCM), and lately we concern 6.50% for senior loans due June 2024 (NASDAQ: GECCN). Asset protection ratio was roughly 185.6% and gearing was 1.17x.
SELECT SUBSEQUENT ACTIVITY
PE Facility Solutions, LLC
10. Might 2019, PE Facility Options, LLC (“PEFS”), a majority-owned subsidiary of GECC, entered into an asset purchase agreement to promote substantially all of its belongings to Kellermeyer Bergensons Providers, LLC for $ 23.75 million. The sale was accomplished on July 31, 2019. In reference to this sale, GECC's convertible and mortgage A have been repaid to PEFS, with curiosity, and GECC acquired a partial reimbursement on term B. We anticipate the remaining stability of the B-term loan to be repaid recovery of trade receivables and launch of collateral.
In August 2019, our Board of Administrators confirmed monthly revenue distributions for the fourth quarter of 2019 at $ 0.083 per share, akin to an annual primary distribution return of June 30, 2019 of NAV.
Our distribution coverage is designed to set the annual primary distribution fee overlaying NII. On occasion, when the catalyst-based investments are realized or once we earn our declared distributions, we might supplement the monthly distributions with specific NII distributions that happen when the reported distributions exceed (4).
Great Elm Capital Corp. hosts a conference call and webcast on Tuesday, August 13, 2019 at 10:00 am Japanese Time to discuss its first-quarter financial outcomes. All parties are invited to attend the conference name by calling +1 (844) 820-8297; worldwide callers ought to call +1 (661) 378-9758. Members ought to enter conference ID 5665734 when requested. To seek out a copy of the slideshow referenced throughout our convention call, visit http://www.investor.greatelmcc.com/events-and-presentations/presentations .
The convention calls will probably be simultaneously broadcast as a webcast at:
About Great Elm Capital Corp.
Great Elm Capital Corp. is an externally managed specialised finance company that focuses on investing in mid-market corporate debt instruments. GECC was chosen to be regulated as a business improvement firm underneath the Funding Corporations Act of 1940, as amended. GECC focuses on particular conditions and catalyst-based investments as it goals to generate engaging, risk-adjusted returns via each current returns and capital appreciation.
Assertion of Forward-Wanting Statements
Statements in this Communication that aren’t historic information. are forward-looking statements underneath federal securities legal guidelines. These statements are often, but not all the time, made using phrases or expressions akin to "expect", "anticipate", "hold", "intend", "estimate", "plan", "search", "continue", "" "," Potential "and comparable phrases. All such forward-looking statements include estimates and assumptions that embrace dangers, uncertainties, and different elements which will trigger precise results to materially differ from these expressed within the statements. The most essential elements which will trigger the precise results to differ materially from these introduced in the outlook are: credit score market circumstances, GECC inventory worth and GECC portfolio and funding supervisor performance. Info on these and other elements may be found in GECC's Annual Report on Type 10-Okay and other stories filed with the SEC. GECC is underneath no obligation to update the forward-looking statements contained in this Communication or to expressly respond to its obligation to update any forward-looking statements or to adapt earlier statements to precise outcomes or revised expectations until required by regulation. The reader is cautioned to not place undue reliance on these forward-looking statements, which converse only as of this date.
This press launch just isn’t a suggestion of any securities for sale. ) Share-based figures are based mostly on the weighted common number of shares outstanding through the three months ended June 30, 2019, until these amounts must be adjusted to mirror the monetary highlights of our consolidated monetary statements.
(2) Consists of new contracts, further financing (together with revolving credit amenities), refinancing, and capitalized PIK proceeds. The amounts included here do not embrace investments in short-term securities, including US Treasury payments and money market funds.
(three) Consists of deliberate capital payments, advances, sales and repayments (including credit score strains). . The amounts included here do not embrace investments in short-term securities, together with US Treasury bills and cash market funds.
(four) There could be no assurance that such further appropriations can be obtained or disposed of, or even acquired and executed, distributed or made obtainable for distribution. Past distributions do not mean future distributions. The Board of Administrators declares its distribution of the legally obtainable funds.
GREAT ELM CAPITAL OYJ.
CONSOLIDATED INTERIM REPORTING AND LIABILITIES
Quantities of dollars (excluding share)
(Differentiated bills $ 144,040 and $ 137,852 respectively)
(Differentiated bills of $ 124,914 and $ 78,093 respectively)
(Differentiated expenses $ 97,833 and $ 89,854 respectively)
(Differentiated expenses $ 29,622 and $ 20,648, respectively)
of $ 1,452 and $ 1,588, respectively)
of $ 2,200 and 0, respectively. dollars) 
10,062,682 shares issued and 10,652,401 shares issued and
GREAT ELM CAPITAL CORP.
CONSOLIDATED ANNUAL REPORT
Do Balances in Hundreds (Excluding Per Share)
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