Great Elm Capital Q3 net investment income and NAV fall
GECC•Great Elm Capital reported quarter-over-quarter declines in Q3 net investment income and NAV, and a $0.30 loss per share. It repurchased shares at a 33% discount to NAV during the quarter.
1. Quarterly results
Great Elm Capital Corp reported that Q3 net investment income and NAV declined quarter over quarter. Lower net investment income was driven by reduced investment income and the return of incentive fee accruals; the company reported a $0.30 loss per share.
2. NAV and outlook
The NAV decline was mainly due to realized and unrealized investment losses, especially in the CLO Formation JV. The company repurchased shares at a 33% discount to NAV and expects strong liquidity and its investment pipeline to support future earnings, while continuing to address CLO investment performance and seek value enhancement opportunities.
