Great Elm Capital raises $24M equity at NAV; Q4 NAV $12.99/share, NII $0.43; declares $0.35 dividend

Great Elm Capital Corp.

Issued 1,850,424 shares at $12.97 NAV/share for $24M gross in private placement; $6M from Great Elm Group.
Preliminary Q4 2023 NAV of $98.7M ($12.99/share) and net investment income of $0.43/share.
Board declared Q1 2024 distribution of $0.35/share, equating to 14.6% yield on Feb 8 close of $10.26.
CEO says non-dilutive capital supports growth strategy and portfolio diversification.

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Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Great Elm Capital Corp. reported the three months ended December 31, 2023 results: net income $0.43 per share.

Period: the three months ended December 31, 2023
Net income: $0.43 per share
Result: preliminary results

Exact text from the filing

Net investment income of the Company of $0.43 per share of the Company’s common stock for the three months ended December 31, 2023

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Great Elm Capital Corp. entered into Share Purchase Agreement with Great Elm Strategic Partnership I, LLC valued at an aggregate purchase price of $24 million (effective 2024-02-08).

Action: entry
Agreement: equity purchase
Counterparty: Great Elm Strategic Partnership I, LLC
Value: an aggregate purchase price of $24 million
Effective: 2024-02-08

Exact text from the filing

On February 8, 2024, Great Elm Capital Corp. (the “Company”) entered into a Share Purchase Agreement with Great Elm Strategic Partnership I, LLC (the “Purchaser”), pursuant to which the Purchaser purchased, and the Company issued, 1,850,424 shares of the Company’s common stock, par value $0.01 (the “Shares”), at a current net asset value of $12.97 per share or an aggregate purchase price of $24 million.

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Great Elm Capital Corp. filing history →

Source: SEC EDGAR

accession 0000950170-24-012860

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