附录99.1
大榆树资本公司宣布
2024年第三季度财务结果
公司将于今天上午8:30举行电话会议和网络直播。
2024年10月31日，佛罗里达州棕榈滩花园市 - 大榆树资本公司（「我们」、「我们的」、「公司」或「GECC」）（纳斯达克：GECC），一家业务发展公司，今天宣布截至2024年9月30日的第三季度财务业绩。
第三季度及其他近期要点：
管理层评论
“我们在第三季度表现强劲，NIl超出我们季度分配，并实现创纪录的总投资收益达1170万美元，”GECC执行长马特·卡普兰说道。“除了管理我们稳定的投资组合，我们成功地重新融资了GECCm票据，延长我们的债务到期概况。我们期待著在2024年以坚实基础闭幕一个非常成功的年度，完成多次巨额净资本筹集计划并启动我们的CLO合资企业。我们创新的JV方法利用CLO结构，已经增加了我们对长期无追溯金融的优先银行贷款的风险敞口，并且已经产生稳健的现金收入。展望未来，我们相信我们仍然处于有利位置，以保持股息覆盖并为我们的股东创造具吸引力的风险调整回报。”
财务要闻 - 每股数据
|
Q3/2023 |
Q4/2023 |
Q1/2024 |
Q2/2024 |
Q3/2024 |
每股收益（"EPS"） |
$1.02 |
$0.55 |
($0.05) |
($0.14) |
$0.33 |
每股净投资收入（"NII"） |
$0.40 |
$0.43 |
$0.37 |
$0.32 |
$0.39 |
每股激励前净投资收入 |
$0.50 |
$0.54 |
$0.46 |
$0.40 |
$0.49 |
每股净实现和未实现增益/（亏损） |
$0.62 |
$0.12 |
($0.42) |
($0.46) |
($0.06) |
期末每股净资产价值 |
$12.88 |
$12.99 |
$12.57 |
$12.06 |
$12.04 |
每股支付/宣告的分配 |
$0.35 |
$0.45 |
$0.35 |
$0.35 |
$0.35 |
投资组合和投资活动
截至2024年9月30日，GECC持有的总投资金额为33330万美元，其公允价值如下：
截至2024年9月30日，公司债务投资组合的加权平均当前收益率为12.8%。浮动利率工具约占债务投资的市值的72%（较上季增加至69%），公司固定利率的债务投资加权平均到期年限为2.0年。
于截至2024年9月30日的季度，我们投入了大约7360万美元到29项投资。(1) 以加权平均当前收益率11.5%。
在2024年9月30日结束的季度中，我们部分或全部实现了38笔投资，金额约为3910万美元。(2)，加权平均当前收益率为10.9%。实现包括1320万美元的强制还款和赎回，加权平均当前收益率为13.1%。
财务回顾
2024年9月30日结束的季度总投资收入为1170万美元，每股1.12美元。截至2024年9月30日结束的季度净支出约为770万美元，每股0.73美元。
2024年9月30日结束的季度，净实现及未实现损失约为60万美元，每股0.06美元。
-2-
流动性和资本资源
截至2024年9月30日，现金和货币型基金投资合计约2600万美元。
截至2024年9月30日，总未偿债务（票面价值）为23530万美元，包括截至2025年1月到期的6.75%乐富高级票据（纳斯达克代号: GECCM），截至2026年6月到期的5.875%乐富高级票据（纳斯达克代号: GECCO），截至2028年9月到期的8.75%乐富高级票据（纳斯达克代号: GECCZ），截至2029年4月到期的8.50%乐富高级票据（纳斯达克代号: GECCI）以及截至2029年12月到期的8.125%乐富高级票据（纳斯达克代号: GECCH）。
于季度结束后，公司利用GECCH票据发行的净收益和手头现金赎回所有的GECCm票据。截至2024年10月30日，拟议总负债金额（票面价值）为19540万美元。
分配
公司董事会已经批准截至2024年12月31日的季度现金分配为每股0.35美元。第四季度分配将于2024年12月31日支付给截至2024年12月16日的股东。
该分配相当于2024年10月30日公司收盘价10.03美元的年化股息率14.0％，以及公司2024年9月30日每股12.04美元的净资产值的年化股息率11.6％。
公开说明会和网路网路直播
GECC将于今天早上8:30举行一场电话会议来讨论这些结果。
电话会议详细资讯
日期/时间: 2024年10月31日星期四 – 美东时间上午8:30
参与者拨入号码:
(美国): 877-407-0789
(国际): 201-689-8562
若要查看看涨，请在开始控制项前约五分钟拨打电话，并在要求时提供操作员通行证“GECC”。附带的幻灯片演示将通过Great Elm Capital Corp.网站的“活动和演示”部分以pdf格式提供。 点此 在盈利公告发布后。
Webcast
The call and presentation will also be simultaneously webcast over the internet via the “Events and Presentations” section of GECC’s website or by clicking on the webcast link here.
About Great Elm Capital Corp.
GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses. For additional information, please visit http://www.greatelmcc.com.
-3-
Cautionary Statement Regarding Forward-Looking Statements
Statements in this communication that are not historical facts are “forward-looking” statements within the meaning of the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as “expect,” “anticipate,” “should,” “will,” “estimate,” “designed,” “seek,” “continue,” “upside,” “potential” and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. The key factors that could cause actual results to differ materially from those projected in the forward-looking statements include, without limitation: conditions in the credit markets, our expected financings and investments, including interest rate volatility, inflationary pressure, the price of GECC common stock and the performance of GECC’s portfolio and investment manager. Information concerning these and other factors can be found in GECC’s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this communication or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
This press release does not constitute an offer of any securities for sale.
Endnotes:
(1) This includes new deals, additional fundings (inclusive of those on revolving credit facilities), refinancings and capitalized PIK income. Amounts included herein do not include investments in short-term securities, including United States Treasury Bills.
(2) This includes scheduled principal payments, prepayments, sales and repayments (inclusive of those on revolving credit facilities). Amounts included herein do not include investments in short-term securities, including United States Treasury Bills.
Media & Investor Contact:
Investor Relations
investorrelations@greatelmcap.com
-4-
GREAT ELM CAPITAL CORP.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
Dollar amounts in thousands (except per share amounts)
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
Assets |
|
|
|
|
|
|
||
Investments |
|
|
|
|
|
|
||
Non-affiliated, non-controlled investments, at fair value (amortized cost of $259,732 and $179,626, respectively) |
|
$ |
256,777 |
|
|
$ |
183,335 |
|
Non-affiliated, non-controlled short-term investments, at fair value (amortized cost of $85,484 and $10,807, respectively) |
|
|
85,474 |
|
|
|
10,807 |
|
Affiliated investments, at fair value (amortized cost of $12,378 and $13,423, respectively) |
|
|
- |
|
|
|
1,067 |
|
Controlled investments, at fair value (amortized cost of $80,642 and $46,300, respectively) |
|
|
76,506 |
|
|
|
46,210 |
|
Total investments |
|
|
418,757 |
|
|
|
241,419 |
|
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
305 |
|
|
|
953 |
|
Receivable for investments sold |
|
|
3,121 |
|
|
|
840 |
|
Interest receivable |
|
|
3,652 |
|
|
|
2,105 |
|
Dividends receivable |
|
|
622 |
|
|
|
1,001 |
|
Due from portfolio company |
|
|
1 |
|
|
|
37 |
|
Deferred financing costs |
|
|
262 |
|
|
|
335 |
|
Prepaid expenses and other assets |
|
|
306 |
|
|
|
135 |
|
Total assets |
|
$ |
427,026 |
|
|
$ |
246,825 |
|
|
|
|
|
|
|
|
||
Liabilities |
|
|
|
|
|
|
||
Notes payable (including unamortized discount of $5,317 and $2,896, respectively) |
|
$ |
229,967 |
|
|
$ |
140,214 |
|
Payable for investments purchased |
|
|
66,043 |
|
|
|
3,327 |
|
Interest payable |
|
|
170 |
|
|
|
32 |
|
Accrued incentive fees payable |
|
|
2,594 |
|
|
|
1,431 |
|
Distributions payable |
|
|
- |
|
|
|
760 |
|
Due to affiliates |
|
|
1,445 |
|
|
|
1,195 |
|
Accrued expenses and other liabilities |
|
|
981 |
|
|
|
1,127 |
|
Total liabilities |
|
$ |
301,200 |
|
|
$ |
148,086 |
|
|
|
|
|
|
|
|
||
Commitments and contingencies |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
||
Net Assets |
|
|
|
|
|
|
||
Common stock, par value $0.01 per share (100,000,000 shares authorized, 10,449,888 shares issued and outstanding and 7,601,958 shares issued and outstanding, respectively) |
|
$ |
104 |
|
|
$ |
76 |
|
Additional paid-in capital |
|
|
319,438 |
|
|
|
283,795 |
|
Accumulated losses |
|
|
(193,716 |
) |
|
|
(185,132 |
) |
Total net assets |
|
$ |
125,826 |
|
|
$ |
98,739 |
|
Total liabilities and net assets |
|
$ |
427,026 |
|
|
$ |
246,825 |
|
Net asset value per share |
|
$ |
12.04 |
|
|
$ |
12.99 |
|
-5-
GREAT ELM CAPITAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Dollar amounts in thousands (except per share amounts)
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income from: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-affiliated, non-controlled investments |
|
$ |
6,321 |
|
|
$ |
6,357 |
|
|
$ |
18,276 |
|
|
$ |
17,669 |
|
Non-affiliated, non-controlled investments (PIK) |
|
|
826 |
|
|
|
552 |
|
|
|
2,267 |
|
|
|
1,591 |
|
Affiliated investments |
|
|
- |
|
|
|
33 |
|
|
|
64 |
|
|
|
95 |
|
Controlled investments |
|
|
974 |
|
|
|
650 |
|
|
|
2,858 |
|
|
|
1,715 |
|
Controlled investments (PIK) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
233 |
|
Total interest income |
|
|
8,121 |
|
|
|
7,592 |
|
|
|
23,465 |
|
|
|
21,303 |
|
Dividend income from: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-affiliated, non-controlled investments |
|
|
584 |
|
|
|
254 |
|
|
|
2,015 |
|
|
|
899 |
|
Controlled investments |
|
|
3,002 |
|
|
|
525 |
|
|
|
3,912 |
|
|
|
1,841 |
|
Total dividend income |
|
|
3,586 |
|
|
|
779 |
|
|
|
5,927 |
|
|
|
2,740 |
|
Other commitment fees from non-affiliated, non-controlled investments |
|
|
- |
|
|
|
802 |
|
|
|
700 |
|
|
|
2,406 |
|
Other income from: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-affiliated, non-controlled investments |
|
|
20 |
|
|
|
103 |
|
|
|
92 |
|
|
|
214 |
|
Total other income |
|
|
20 |
|
|
|
103 |
|
|
|
92 |
|
|
|
214 |
|
Total investment income |
|
$ |
11,727 |
|
|
$ |
9,276 |
|
|
$ |
30,184 |
|
|
$ |
26,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Management fees |
|
$ |
1,201 |
|
|
$ |
899 |
|
|
$ |
3,209 |
|
|
$ |
2,652 |
|
Incentive fees |
|
|
1,018 |
|
|
|
763 |
|
|
|
2,580 |
|
|
|
2,315 |
|
Administration fees |
|
|
375 |
|
|
|
420 |
|
|
|
1,156 |
|
|
|
1,056 |
|
Custody fees |
|
|
38 |
|
|
|
19 |
|
|
|
110 |
|
|
|
62 |
|
Directors’ fees |
|
|
52 |
|
|
|
51 |
|
|
|
160 |
|
|
|
156 |
|
Professional services |
|
|
409 |
|
|
|
422 |
|
|
|
1,210 |
|
|
|
1,392 |
|
Interest expense |
|
|
4,210 |
|
|
|
3,344 |
|
|
|
10,490 |
|
|
|
8,934 |
|
Other expenses |
|
|
277 |
|
|
|
267 |
|
|
|
866 |
|
|
|
770 |
|
Total expenses |
|
$ |
7,580 |
|
|
$ |
6,185 |
|
|
$ |
19,781 |
|
|
$ |
17,337 |
|
Net investment income before taxes |
|
$ |
4,147 |
|
|
$ |
3,091 |
|
|
$ |
10,403 |
|
|
$ |
9,326 |
|
Excise tax |
|
$ |
75 |
|
|
$ |
39 |
|
|
$ |
80 |
|
|
$ |
67 |
|
Net investment income |
|
$ |
4,072 |
|
|
$ |
3,052 |
|
|
$ |
10,323 |
|
|
$ |
9,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized and unrealized gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized gain (loss) on investment transactions from: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-affiliated, non-controlled investments |
|
$ |
227 |
|
|
$ |
1,637 |
|
|
$ |
2,738 |
|
|
$ |
4,024 |
|
Affiliated investments |
|
|
(1 |
) |
|
|
- |
|
|
|
(626 |
) |
|
|
- |
|
Controlled investments |
|
|
- |
|
|
|
(3,461 |
) |
|
|
- |
|
|
|
(3,461 |
) |
Realized loss on repurchase of debt |
|
|
(3 |
) |
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
Total net realized gain (loss) |
|
|
223 |
|
|
|
(1,824 |
) |
|
|
2,109 |
|
|
|
563 |
|
Net change in unrealized appreciation (depreciation) on investment transactions from: |
|
|
|
|
||||||||||||
Non-affiliated, non-controlled investments |
|
|
715 |
|
|
|
2,581 |
|
|
|
(6,674 |
) |
|
|
8,416 |
|
Affiliated investments |
|
|
1 |
|
|
|
25 |
|
|
|
(22 |
) |
|
|
177 |
|
Controlled investments |
|
|
(1,537 |
) |
|
|
3,926 |
|
|
|
(4,046 |
) |
|
|
2,707 |
|
Total net change in unrealized appreciation (depreciation) |
|
|
(821 |
) |
|
|
6,532 |
|
|
|
(10,742 |
) |
|
|
11,300 |
|
Net realized and unrealized gains (losses) |
|
$ |
(598 |
) |
|
$ |
4,708 |
|
|
$ |
(8,633 |
) |
|
$ |
11,863 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ |
3,474 |
|
|
$ |
7,760 |
|
|
$ |
1,690 |
|
|
$ |
21,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income per share (basic and diluted): |
|
$ |
0.39 |
|
|
$ |
0.40 |
|
|
$ |
1.08 |
|
|
$ |
1.22 |
|
Earnings per share (basic and diluted): |
|
$ |
0.33 |
|
|
$ |
1.02 |
|
|
$ |
0.18 |
|
|
$ |
2.77 |
|
Weighted average shares outstanding (basic and diluted): |
|
|
10,449,888 |
|
|
|
7,601,958 |
|
|
|
9,556,695 |
|
|
|
7,601,958 |
|
-6-