Welcome to our dedicated page for Great Elm Capital. news (Ticker: GECC), a resource for investors and traders seeking the latest updates and insights on Great Elm Capital. stock.
Great Elm Capital Corp. (NASDAQ: GECC) is a specialty finance company focused on investing in the debt instruments of middle market companies. The company has elected to be regulated as a Business Development Company (BDC) under the Investment Company Act of 1940, as amended. GECC is externally managed by Great Elm Capital Management (GECM), whose investment team boasts over 100 years of combined experience in financing and investing in leveraged middle market companies.
GECC's investment objective is to generate both current income and capital appreciation, while seeking to protect against the risk of permanent capital loss. To achieve this, the company invests predominantly in the debt securities of middle market companies, including senior secured and unsecured debt, junior loans, and mezzanine debt. In addition, GECC invests in specialty finance businesses and other income-generating equity securities.
Under the leadership of CEO Peter A. Reed, GECC has an extensive history dating back to its team's experience under Mast Capital Management, LLC, where they deployed over $17 billion in investments across more than 550 issuers in 20+ jurisdictions. This extensive track record showcases the team's deep expertise and strategic acumen in the financial sector.
GECC's revenue generation primarily comes from the interest on its debt investments. The company continuously evaluates new investment opportunities to enhance its portfolio, aiming to achieve a balanced mix of income and growth while managing risks effectively.
Recent achievements include scheduled conference calls and webcasts to discuss quarterly financial results and strategic initiatives. GECC has also declared its first quarter 2024 distribution of $0.35 per share, reflecting its commitment to returning value to shareholders.
For further details and the latest updates, investors and stakeholders are encouraged to visit GECC's Investor Relations section or contact their Investor Relations department at investorrelations@greatelmcap.com.
Great Elm Capital Corp. (GECC) has raised $12 million through the issuance of approximately 1.0 million shares of common stock at a net asset value of $12.03 per share to Prosper Peak Holdings. The parent company, Great Elm Group (GEG), invested $3 million in Prosper Peak Holdings, aligning its interests with GECC shareholders.
This latest funding brings GECC's total non-dilutive equity raised this year to $38 million. CEO Matt Kaplan highlighted the company's growth, noting a nearly 80% increase in gross net asset value since March 2022. GEG's CEO, Jason Reese, emphasized the group's commitment to expanding its credit platform through this investment.
Great Elm Capital Corp. announced its first quarter 2024 financial results, with NII of $3.2 million, NAV at $118.8 million, and asset coverage ratio at 180.2%. They raised $24 million in equity, issued $34.5 million in notes, and approved a $0.35 dividend per share. GECC aims to cover the dividend with NII and deploy capital for new investments.
Great Elm Capital Corp. (GECC) has scheduled its First Quarter 2024 Earnings Release and Conference Call for May 2, 2024, at 5:00 p.m. ET. The financial results for the quarter ended March 31, 2024, will be discussed during the call. Participants can access the call using the provided dial-in numbers and passcode, with a slide presentation available on the company's website. The call will also be webcasted.
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