The following is a summary of the Great Elm Capital Corporation (GECC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• GECC raised $24 million in equity and grew its asset base by over 20%.

• The company issued $34.5 million in notes due in June 2029, improving their financing rate.

• Despite surpassing the base dividend with NIIs per share of $0.37, the NAV per share declined from $12.99 to $12.57 due to illiquid investments in two portfolio companies.

Business Progress:

• GECC strengthened its growth strategy by raising fresh equity capital and public offering of notes.

• A new joint venture dedicated to investing in CLO entities was formed, with notable distributions expected from H2 of the year.

• The company maintained a focus on refining the Healthcare Finance platform effectiveness, while deal activity across the Specialty Finance platforms rose.

• Addition of seasoned banking executive, Jason Schwartz, as Chief Credit Officer strengthened the Specialty Finance vertical, further pointing towards the continuity in covering quarterly distribution and dividend coverage throughout 2024.

More details: Great Elm Capital IR

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