|Over a week ago|
Great Elm Capital initiated with a Perform at Oppenheimer » 16:5104/0704/07/21
Oppenheimer analyst Mitchel Penn initiated coverage of Great Elm Capital with a Perform rating. The company can earn a 6%-14% ROE, and given an estimated cost of equity capital of 12%, he estimates a fair value range of $1.75 to $4.00/share, the analyst tells investors in a research note. Penn adds that Great Elm's estimate leverage will likely remain at current levels over the next two years.
|Over a month ago|
Great Elm Capital appoints Erik Falk to board of directors » 08:4203/1803/18/21
Great Elm Capital…
Great Elm Capital announced that Erik Falk has joined GECC's Board of Directors. Mr. Falk replaces John Stuart, who is leaving the Board to pursue other interests. With the change, the Board remains at five members. Mr. Falk is Head of Strategy at Magnetar, an alternative asset manager with about $13 billion in AUM as of January 2021.
Great Elm Capital board establishes quarterly distribution of 10c per share » 07:0703/1603/16/21
The company said,…
The company said, "We also announced that our board of directors set a $0.10 per share cash distribution for the quarter ending June 30, 2021.The record and payment dates for the distribution are expected to be set by GECC in the second quarter pursuant to authority granted by its board of directors.
Great Elm Capital reports Q4 NII 7c, two est. 11c » 07:0603/1603/16/21
As of December 31, 2020,…
As of December 31, 2020, GECC's asset coverage ratio was approximately 167.1%, up from 150.9% as of September 30, 2020, 144.5% as of June 30, 2020 and 141.1% as of March 31, 2020. GECC's minimum asset coverage ratio is 150.0%. Net assets grew to approximately $79.6 million on December 31, 2020, as compared to net assets of $60.5 million at September 30, 2020, $53.2 million at June 30, 2020 and $50.8 million at March 31, 2020. NAV per share was $3.46 on December 31, 2020, compared to $5.53 at September 30, 2020. The decline from the prior quarter includes the effect of dilution of $1.35 per share from the rights offering and $0.06 per share from stock distributions in the fourth quarter of 2020. Peter Reed, GECC's CEO, stated, "Our fourth quarter income decline was the result of cash drag from higher cash balances than we had planned, greater than anticipated legal expenses, and unrealized losses from legacy investments. Our position in Avanti was the largest of our unrealized losses in the quarter, as uncertainty of the status of its refinancing and delayed new business significantly impacted its valuation. While these results are a disappointing way to end the year, we ended the quarter with a strong and liquid balance sheet and with continued momentum in our effort to invest more in specialty finance. Finally, after year end, Avanti successfully extended the maturity of its first lien debt. We have much work to do but are positioned to have a better year in 2021."
|Over a quarter ago|
Great Elm Capital reports Q3 NII 18c, two est. 12c » 07:4711/0911/09/20
As of September 30, 2020,…
As of September 30, 2020, Great Elm BDC's asset coverage ratio was approximately 150.9%, up from 144.5% as of June 30, 2020 and up from 141.1% as of March 31, 2020, compared to a minimum asset coverage ratio of 150.0%. Net assets on September 30, 2020 grew to approximately $60.5 million, as compared to net assets of $53.2 million at June 30, 2020 and $50.8 million at March 31, 2020. NAV per share on September 30, 2020 increased to $5.53, from $5.10 per share at June 30, 2020. Peter A. Reed, GECC's Chief Executive Officer, stated, "This was an excellent turnaround quarter, as Great Elm BDC achieved NII growth during the quarter as a result of continued outperformance from specialty finance investments. We believe there are attractive new investment opportunities at compelling values on a risk-adjusted return basis during this period of dislocation in the market. We expect to utilize the proceeds from our recent rights offering to proactively seek investments in the specialty finance market. Since the beginning of our repositioning last quarter we have achieved a number of objectives: strengthening our capital base, which will allow us to grow our investment portfolio, monetizing and redeploying over $80 million of our portfolio, and covering our distribution through a combination of investment income and realized gains."
Great Elm Capital announces non-transferable rights offering » 06:0408/3108/31/20
Great Elm Capital…
Great Elm Capital announced that its Board of Directors has approved the terms of a non-transferable subscription rights offering to purchase shares of its common stock. The company will issue to its stockholders of record as of 5:00 p.m. New York City time, on September 4, non-transferable rights to subscribe for up to an aggregate of 10,761,950 shares of the company's common stock. Record date stockholders will receive one right for each share of common stock owned on the record date. The rights entitle the holders to purchase at the subscription price one new share of common stock for every one right held, and record date stockholders who fully exercise their rights will be entitled to subscribe, subject to certain limitations set forth in the prospectus and subject to allotment, for additional shares of common stock that were not subscribed for by other holders of record. Stockholders may exercise their rights at any time during the subscription period, which commences on September 8, and ends at 5:00 p.m., New York City time, on September 28, unless extended by the company in its sole discretion.
Great Elm Capital reports Q2 NII 9c, consensus 22c » 06:0808/0708/07/20
NAV per share on June 30…
NAV per share on June 30 was $5.10, as compared to NAV per share of $5.05 on March 31, as share count increased by approximately 3.6%.