Private Credit Portfolio Analysis | Great Elm Capital Corp Reports Q4 2024 Results
- Editor
- Mar 10
- 2 min read
Whats New:
Great Elm Capital Corp (GECC) reported its Q4 2024 financial results, showing significant growth in total assets and investments at fair value compared to the end of 2023. The fund's total assets increased to $342.03 million as of December 31, 2024, up from $246.83 million at the end of 2023. However, the Net Asset Value (NAV) per share decreased to $11.79 from $12.99 at the end of the previous year.
Portfolio Dynamics:
Total assets grew to $342.03 million as of December 31, 2024, compared to $246.83 million at the end of 2023.
Investments owned at fair value increased to $332.71 million, up from $241.42 million at the end of 2023.
Cash and cash equivalents decreased to $0 from $953,000 at the end of 2023.
Investment Activty:
Receivable from investment sales increased significantly to $5.07 million from $840,000 at the end of 2023.
Interest receivable rose to $3.31 million from $2.11 million at the end of 2023.
The fund reported $160,000 in other receivables, compared to zero at the end of 2023.
Capital Structure:
Notes payable increased to $189.70 million from $140.21 million at the end of 2023.
Stockholders' equity grew to $136.11 million from $98.74 million at the end of 2023.
The fund issued additional common stock, with the value increasing to $115,000 from $76,000 at the end of 2023.
Performance Profile:
Net asset value per share decreased to $11.79 as of December 31, 2024, compared to $12.99 at the end of 2023.
The fund reported a profit of $3.55 million for the year ended December 31, 2024.
Additional paid-in capital increased to $332.11 million from $283.80 million at the end of 2023.
Risk & Quality:
Accrued incentive fees payable increased to $1.71 million from $1.43 million at the end of 2023.
Payable for investment purchases rose significantly to $11.19 million from $3.33 million at the end of 2023.
Other liabilities increased to $1.39 million from $1.20 million at the end of 2023.
The Wrap:
Great Elm Capital Corp demonstrated significant growth in Q4 2024, with substantial increases in total assets and investments at fair value. However, the fund's net asset value per share declined, reflecting a mixed performance. The increase in notes payable and various liabilities suggests higher costs associated with the fund's expanded operations and investment activities. The fund's profit for the year and increased stockholders' equity indicate overall positive financial performance despite the challenges.
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