<p>大榆资本公司（Great Elm Capital Corp，简称 GECC）已召开其第三季度财报电话会议。以下是会议的主要亮点。</p>
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<p>大榆资本公司的近期财报电话会议呈现出复杂的情绪，资本筹集和投资回报方面有积极亮点，但由于 First Brands 破产以及净投资收入（NII）和净资产价值（NAV）的下降，也面临重大挑战。会议强调了公司在某些不利发展背景下的战略财务举措。</p>
<h2>成功的资本筹集与再融资</h2>
<p>大榆资本公司通过成功以净资产价值（NAV）筹集大量股本，展示了强大的财务策略。公司将其循环信贷额度翻倍，将利率降低 50 个基点，并以低 100 个基点的利率再融资其最高成本的借款。这些努力反映了公司有效管理财务资源的积极态度。</p>
<h2>Nice-Pak 投资成功</h2>
<p>财报电话会议强调了大榆在 Nice-Pak 的投资成功，该投资通过担保贷款和认股权证实现了 38% 的内部收益率（IRR）。这一投资是在过去一个季度获得的，突显了公司识别和利用有利机会的能力。</p>
<h2>强劲的专业金融表现</h2>
<p>大榆专业金融部门向大榆资本公司报告了分配显著增加，从上个季度的 120,000 美元上升至 450,000 美元。这一表现表明公司专业金融部门的实力和增长潜力。</p>
<h2>股息和股票回购批准</h2>
<p>董事会批准了 2025 年第四季度每股 0.37 美元的股息，并宣布了一项 1000 万美元的股票回购计划。这些决定反映了公司在面临某些财务挑战时，仍致力于为股东创造价值。</p>
<h2>CoreWeave 资本分配</h2>
<p>大榆在第三季度收到了来自 CoreWeave 的资本分配，总计 290 万美元，并在 10 月份获得额外的 280 万美元，有效覆盖了最初的 600 万美元投资。这一进展突显了公司成功的资本管理和投资回收策略。</p>
<h2>First Brands 破产的影响</h2>
<p>First Brands 的破产对大榆的财务产生了重大不利影响，净资产价值减少约 1650 万美元，并将贷款置于不计息状态。这一事件对公司的整体财务健康构成了重大挑战。</p>
<h2>NII 下降</h2>
<p>净投资收入（NII）从第二季度的 0.51 美元下降至 0.20 美元，主要由于 CLO 合资企业分配减少和利息支出增加。这一 NII 的下降对公司维持收入水平构成挑战。</p>
<h2>每股 NAV 下降</h2>
<p>每股净资产价值从 12.10 美元下降至 10.01 美元，主要由于 First Brands 破产造成的未实现损失。这一下降反映了外部挑战对公司资产估值的财务影响。</p>
<h2>与保险相关的投资未支付</h2>
<p>一项与保险相关的投资在第三季度未支付股息，此前在第二季度支付了 210 万美元。这一未支付增加了大榆面临的财务挑战。</p>
<h2>CW Opportunity 2 LP 的未实现下降</h2>
<p>CW Opportunity 2 LP 的投资公允价值经历了未实现下降，因为 CoreWeave 普通股下跌约 16%。这一下降突显了某些投资的波动性和风险。</p>
<h2>前瞻性指导</h2>
<p>展望未来，大榆资本公司预计净投资收入（NII）将反弹，得益于在第四季度初收到的 430 万美元 CLO 分配。公司计划从无收益资产中收回超过 2000 万美元，以投资于现金产生机会，保持强劲的流动性，现金超过 2500 万美元，循环信贷额度下可用 5000 万美元。这些战略计划反映了公司专注于提升财务表现和把握未来机会。</p>
<p>总之，大榆资本公司的财报电话会议呈现了成就与挑战的平衡视角。尽管公司展示了成功的资本筹集努力和投资回报，但也因 First Brands 破产以及 NII 和 NAV 的下降面临重大挫折。展望未来，公司对其战略举措以提升财务表现和股东价值保持乐观。</p>

GECC

<p>Great Elm Capital Corp 的第三季度财报电话会议揭示了混合的结果，突显了成功的资本筹集努力和对 Nice-Pak 的强劲投资，带来了 38% 的内部收益率。然而，公司面临 First Brands 破产带来的挑战，导致净资产价值（NAV）减少了 1650 万美元，净投资收益（NII）下降至每股 0.20 美元。董事会批准了 0.37 美元的股息和 1000 万美元的股票回购计划，同时预计即将到来的 CLO 分配将支持 NII 的反弹。总体而言，公司旨在尽管面临挫折，仍提升财务表现</p>

<p>Great Elm Capital Corp ((GECC)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>大榆资本公司（Great Elm Capital Corp，简称 GECC）已召开其第三季度财报电话会议。以下是会议的主要亮点。</p>
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<div class="lb-trans"><h3>认识您的 ETF 人工智能分析师</h3>
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<div class="lb-trans"><ul>
<li>了解 TipRanks 的_ETF_人工智能分析师如何帮助您做出更明智的投资决策</li>
<li>探索 TipRanks 用户喜爱的 ETF，并查看 <strong>_ETF_人工智能分析师</strong> 对您关注的 ETF 所揭示的见解。</li>
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</div><p>Great Elm Capital Corp’s recent earnings call presented a mixed sentiment, with positive highlights in capital-raising efforts and investment returns, but also significant challenges due to the First Brands bankruptcy and declines in net investment income (NII) and net asset value (NAV). The call underscored the company’s strategic financial maneuvers amidst a backdrop of certain adverse developments.</p>
<div class="lb-trans"><p>大榆资本公司的近期财报电话会议呈现出复杂的情绪，资本筹集和投资回报方面有积极亮点，但由于 First Brands 破产以及净投资收入（NII）和净资产价值（NAV）的下降，也面临重大挑战。会议强调了公司在某些不利发展背景下的战略财务举措。</p>
</div><h2>Successful Capital Raising and Refinancing</h2>
<div class="lb-trans"><h2>成功的资本筹集与再融资</h2>
</div><p>Great Elm Capital Corp demonstrated robust financial strategies by successfully raising significant equity at net asset value (NAV). The company doubled the size of its revolver, reduced the interest rate by 50 basis points, and refinanced its highest cost borrowing at a 100 basis points lower rate. These efforts reflect the company’s proactive approach to managing its financial resources effectively.</p>
<div class="lb-trans"><p>大榆资本公司通过成功以净资产价值（NAV）筹集大量股本，展示了强大的财务策略。公司将其循环信贷额度翻倍，将利率降低 50 个基点，并以低 100 个基点的利率再融资其最高成本的借款。这些努力反映了公司有效管理财务资源的积极态度。</p>
</div><h2>Nice-Pak Investment Success</h2>
<div class="lb-trans"><h2>Nice-Pak 投资成功</h2>
</div><p>The earnings call highlighted the success of Great Elm’s investment in Nice-Pak, which achieved an impressive 38% internal rate of return (IRR) from a secured loan with warrants. This investment, acquired in the past quarter, underscores the company’s ability to identify and capitalize on lucrative opportunities.</p>
<div class="lb-trans"><p>财报电话会议强调了大榆在 Nice-Pak 的投资成功，该投资通过担保贷款和认股权证实现了 38% 的内部收益率（IRR）。这一投资是在过去一个季度获得的，突显了公司识别和利用有利机会的能力。</p>
</div><h2>Strong Specialty Finance Performance</h2>
<div class="lb-trans"><h2>强劲的专业金融表现</h2>
</div><p>Great Elm Specialty Finance reported a significant increase in its distribution to Great Elm Capital Corp, rising to $450,000 from $120,000 in the previous quarter. This performance indicates the strength and growth potential within the company’s specialty finance segment.</p>
<div class="lb-trans"><p>大榆专业金融部门向大榆资本公司报告了分配显著增加，从上个季度的 120,000 美元上升至 450,000 美元。这一表现表明公司专业金融部门的实力和增长潜力。</p>
</div><h2>Dividend and Share Repurchase Approval</h2>
<div class="lb-trans"><h2>股息和股票回购批准</h2>
</div><p>The Board of Directors approved a $0.37 dividend for the fourth quarter of 2025 and announced a $10 million share repurchase program. These decisions reflect the company’s commitment to returning value to shareholders despite facing certain financial challenges.</p>
<div class="lb-trans"><p>董事会批准了 2025 年第四季度每股 0.37 美元的股息，并宣布了一项 1000 万美元的股票回购计划。这些决定反映了公司在面临某些财务挑战时，仍致力于为股东创造价值。</p>
</div><h2>CoreWeave Capital Distributions</h2>
<div class="lb-trans"><h2>CoreWeave 资本分配</h2>
</div><p>Great Elm received capital distributions totaling $2.9 million in the third quarter and an additional $2.8 million in October from CoreWeave, effectively covering the original $6 million investment. This development highlights the company’s successful capital management and investment recovery strategies.</p>
<div class="lb-trans"><p>大榆在第三季度收到了来自 CoreWeave 的资本分配，总计 290 万美元，并在 10 月份获得额外的 280 万美元，有效覆盖了最初的 600 万美元投资。这一进展突显了公司成功的资本管理和投资回收策略。</p>
</div><h2>Impact of First Brands Bankruptcy</h2>
<div class="lb-trans"><h2>First Brands 破产的影响</h2>
</div><p>The bankruptcy of First Brands had a significant adverse impact on Great Elm’s financials, reducing the NAV by approximately $16.5 million and placing loans on nonaccrual status. This event represents a major challenge for the company, affecting its overall financial health.</p>
<div class="lb-trans"><p>First Brands 的破产对大榆的财务产生了重大不利影响，净资产价值减少约 1650 万美元，并将贷款置于不计息状态。这一事件对公司的整体财务健康构成了重大挑战。</p>
</div><h2>NII Decline</h2>
<div class="lb-trans"><h2>NII 下降</h2>
</div><p>Net investment income (NII) saw a decline to $0.20 per share from $0.51 in the second quarter, attributed to lower CLO JV distributions and increased interest expenses. This decrease in NII poses a challenge for the company in maintaining its income levels.</p>
<div class="lb-trans"><p>净投资收入（NII）从第二季度的 0.51 美元下降至 0.20 美元，主要由于 CLO 合资企业分配减少和利息支出增加。这一 NII 的下降对公司维持收入水平构成挑战。</p>
</div><h2>Decline in NAV Per Share</h2>
<div class="lb-trans"><h2>每股 NAV 下降</h2>
</div><p>The NAV per share decreased from $12.10 to $10.01, primarily due to unrealized losses from the First Brands bankruptcy. This decline reflects the financial impact of external challenges on the company’s asset valuation.</p>
<div class="lb-trans"><p>每股净资产价值从 12.10 美元下降至 10.01 美元，主要由于 First Brands 破产造成的未实现损失。这一下降反映了外部挑战对公司资产估值的财务影响。</p>
</div><h2>Insurance-Related Investment Nonpayment</h2>
<div class="lb-trans"><h2>与保险相关的投资未支付</h2>
</div><p>An insurance-related investment did not pay a dividend in the third quarter, following a $2.1 million payment in the second quarter. This nonpayment adds to the financial challenges faced by Great Elm.</p>
<div class="lb-trans"><p>一项与保险相关的投资在第三季度未支付股息，此前在第二季度支付了 210 万美元。这一未支付增加了大榆面临的财务挑战。</p>
</div><h2>Unrealized Decline in CW Opportunity 2 LP</h2>
<div class="lb-trans"><h2>CW Opportunity 2 LP 的未实现下降</h2>
</div><p>The fair value of the investment in CW Opportunity 2 LP experienced an unrealized decline as CoreWeave common stock fell approximately 16%. This decline highlights the volatility and risks associated with certain investments.</p>
<div class="lb-trans"><p>CW Opportunity 2 LP 的投资公允价值经历了未实现下降，因为 CoreWeave 普通股下跌约 16%。这一下降突显了某些投资的波动性和风险。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, Great Elm Capital Corp anticipates a rebound in net investment income (NII), supported by $4.3 million in CLO distributions received early in the fourth quarter. The company plans to harvest over $20 million from non-yielding assets to invest in cash-generating opportunities, maintaining a strong liquidity position with over $25 million in cash and $50 million available under its revolver. These strategic plans reflect the company’s focus on enhancing its financial performance and capitalizing on future opportunities.</p>
<div class="lb-trans"><p>展望未来，大榆资本公司预计净投资收入（NII）将反弹，得益于在第四季度初收到的 430 万美元 CLO 分配。公司计划从无收益资产中收回超过 2000 万美元，以投资于现金产生机会，保持强劲的流动性，现金超过 2500 万美元，循环信贷额度下可用 5000 万美元。这些战略计划反映了公司专注于提升财务表现和把握未来机会。</p>
</div><p>In conclusion, Great Elm Capital Corp’s earnings call presented a balanced view of achievements and challenges. While the company showcased successful capital-raising efforts and investment returns, it also faced significant setbacks due to the First Brands bankruptcy and declines in NII and NAV. Looking forward, the company remains optimistic about its strategic initiatives to enhance financial performance and shareholder value.</p>
<div class="lb-trans"><p>总之，大榆资本公司的财报电话会议呈现了成就与挑战的平衡视角。尽管公司展示了成功的资本筹集努力和投资回报，但也因 First Brands 破产以及 NII 和 NAV 的下降面临重大挫折。展望未来，公司对其战略举措以提升财务表现和股东价值保持乐观。</p>
</div>

Great Elm Capital Corp 的收益电话会议表现不一的回顾