附錄99.1
大榆樹資本公司宣布
2024年第三季度財務結果
公司將於今天上午8:30舉行電話會議和網絡直播。
2024年10月31日，佛羅里達州棕櫚灘花園市 - 大榆樹資本公司（「我們」、「我們的」、「公司」或「GECC」）（納斯達克：GECC），一家業務發展公司，今天宣佈截至2024年9月30日的第三季度財務業績。
第三季度及其他近期要點：
管理層評論
“我們在第三季度表現強勁，NIl超出我們季度分配，並實現創紀錄的總投資收益達1170萬美元，”GECC執行長馬特·卡普蘭說道。“除了管理我們穩定的投資組合，我們成功地重新融資了GECCm票據，延長我們的債務到期概況。我們期待著在2024年以堅實基礎閉幕一個非常成功的年度，完成多次巨額淨資本籌集計畫並啟動我們的CLO合資企業。我們創新的JV方法利用CLO結構，已經增加了我們對長期無追溯金融的優先銀行貸款的風險敞口，並且已經產生穩健的現金收入。展望未來，我們相信我們仍然處於有利位置，以保持股息覆蓋並為我們的股東創造具吸引力的風險調整回報。”
財務要聞 - 每股數據
|
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 |
每股淨投資收入（"NII"） |
$0.40 |
$0.43 |
$0.37 |
$0.32 |
$0.39 |
每股激勵前淨投資收入 |
$0.50 |
$0.54 |
$0.46 |
$0.40 |
$0.49 |
每股淨實現和未實現增益/（虧損） |
$0.62 |
$0.12 |
($0.42) |
($0.46) |
($0.06) |
期末每股淨資產價值 |
$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 |
投資組合和投資活動
截至2024年9月30日，GECC持有的總投資金額為33330萬美元，其公允價值如下：
截至2024年9月30日，公司債務投資組合的加權平均當前收益率為12.8%。浮動利率工具約佔債務投資的市值的72%（較上季增加至69%），公司固定利率的債務投資加權平均到期年限為2.0年。
於截至2024年9月30日的季度，我們投入了大約7360萬美元到29項投資。(1) 以加權平均當前收益率11.5%。
在2024年9月30日結束的季度中，我們部分或全部實現了38筆投資，金額約為3910萬美元。(2)，加權平均當前收益率為10.9%。實現包括1320萬美元的強制還款和贖回，加權平均當前收益率為13.1%。
財務回顧
2024年9月30日結束的季度總投資收入為1170萬美元，每股1.12美元。截至2024年9月30日結束的季度淨支出約為770萬美元，每股0.73美元。
2024年9月30日結束的季度，淨實現及未實現損失約為60萬美元，每股0.06美元。
-2-
流動性和資本資源
截至2024年9月30日，現金和貨幣型基金投資合計約2600萬美元。
截至2024年9月30日，總未偿债务（票面价值）為23530萬美元，包括截至2025年1月到期的6.75%樂富高級票據（納斯達克代號: GECCM），截至2026年6月到期的5.875%樂富高級票據（納斯達克代號: GECCO），截至2028年9月到期的8.75%樂富高級票據（納斯達克代號: GECCZ），截至2029年4月到期的8.50%樂富高級票據（納斯達克代號: GECCI）以及截至2029年12月到期的8.125%樂富高級票據（納斯達克代號: GECCH）。
於季度結束後，公司利用GECCH票據發行的淨收益和手頭現金贖回所有的GECCm票據。截至2024年10月30日，擬議總負債金額（票面價值）為19540萬美元。
分配
公司董事會已經批准截至2024年12月31日的季度現金分配為每股0.35美元。第四季度分配將於2024年12月31日支付給截至2024年12月16日的股東。
該分配相當於2024年10月30日公司收盤價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美元的淨資產值的年化股息率11.6％。
公開說明會和網路網路直播
GECC將於今天早上8:30舉行一場電話會議來討論這些結果。
電話會議詳細資訊
日期/時間: 2024年10月31日星期四 – 美東時間上午8:30
參與者撥入號碼:
(美國): 877-407-0789
(國際): 201-689-8562
若要查看看漲，請在開始控制項前約五分鐘撥打電話，並在要求時提供操作員通行證“GECC”。附帶的幻燈片演示將通過Great Elm Capital Corp.網站的“活動和演示”部分以pdf格式提供。 點此 在盈利公告發布後。
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-