Ladies and gentlemen, thank you for standing by and welcome to the Great Elm Capital Corp. Fourth Quarter 2019 Financial Results Conference Call. [Operator Instructions] I would now like to hand the conference over to your speaker today, Adam Yates. Thank you. Please go ahead, sir.

Thank you, Jiji and good morning everyone. Thank you for joining us for Great Elm Capital Corp.’s fourth quarter and year end 2019 earnings conference call. As a reminder, this webcast is being recorded on Tuesday, March 24, 2020. If you would like to be added to our distribution list, you can e-mail investorrelations@greatelmcap.com or you can sign up for alerts directly on our website www.greatelmcc.com. The slide presentation accompanying this morning’s conference call and webcast can be found on our website under Financial Information, Quarterly Results. On the website you can also find a copy of our earnings release, Form 10-Q and a link to the webcast. I would like to call your attention to the customary Safe Harbor statement regarding forward-looking information. Also please note that nothing in today’s call constitutes an offer to sell or a solicitation of offers to purchase our securities. Today’s conference call includes forward-looking statements and projections and we ask that you refer to the Great Elm Capital Corp.’s filings with the SEC for important factors that could cause actual results to differ materially from these projections. Great Elm Capital Corp. does not undertake to update its forward-looking statements unless required by law. To obtain copies of the SEC filings, please visit Great Elm Capital Corp.’s website under Financial Information, SEC filings or visit the SEC's website. Hosting the call this morning is Peter Reed, Great Elm Capital Corp.’s President and Chief Executive Officer. I will now turn the call over to Peter.

Thank you, Adam. Good morning and thank you for joining us today. I am joined this morning by our COO, Adam Kleinman; Portfolio Manager, Adam Yates; and our CFO, Keri Davis. Where relevant in our prepared remarks, we will point you to the corresponding slide number in the deck that Adam referenced, which is available on our website as well as through the webcast. Please turn to Slide 3 for an overview of GECC. GECC is an externally managed total return-focused BDC with a strong balance sheet. GECC seeks to generate both current income and capital appreciation from its portfolio of investments comprised primarily of secured loans, secured bonds and specialty finance investments. As of December 31, 2020, GECC had total assets of approximately $291 million; a portfolio value of $197.6 million; and a net asset value of $86.9 million equating to $8.63 per share. The weighted average current yield on our debt holdings was approximately 10.8%. GECC pays an $0.083 per share monthly base distribution that may in part be paid in common shares of GECC. This equates to approximately $1 a value per share on an annual basis. Importantly, greater than 20% of GECC shares are held by employees and affiliates of Great Elm Capital Management Inc., GECC’s investment manager, creating very clear alignment of interest between management and our shareholders. Let’s turn to Slide 4 to go over a few highlights and recent achievements. As we have previously announced, a portion of our second quarter 2020 distributions will be paid in shares of our common stock. These are unprecedented times filled with unprecedented opportunities. In order to best capitalize on these opportunities, we believe it is prudent to preserve as much capital as possible and strengthen our already healthy balance sheet. Our existing portfolio investments continued to…

Thank you again for joining us this morning. We look forward to continued dialogue and please let us know if we can be helpful with anything in follow-up. Have a great day.

Ladies and gentlemen, this concludes today’s conference call. Thank you for participating. You may now disconnect.