Good day ladies and gentlemen and welcome to the Great Elm Capital Corp's First Quarter 2019 Financial Results Conference Call. At this time, all participants are in a listen-only mode and later we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions] As a reminder, this conference call maybe recorded. I will now like to introduce your host for today's conference Mr. Adam Yates, Portfolio Manager. Sir, you may begin.

Thank you, Crystal and good morning everyone. Thank you all for joining us for Great Elm Capital Corp's first quarter 2019 earnings conference call. As a reminder, this webcast is being recorded on Tuesday, May 14, 2019. If you'd like to be added to our distribution list, you can email investorrelations@greatelmcap.com or you can sign up for alerts directly on our Web site www.greatelmcc.com. The slide presentation accompanying this morning's conference call and webcast can be found on our Web site under Financial Information, Quarterly Results. On the Web site you can also find a copy of our earnings release, Form 10-Q and the link to the webcast. I'd 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 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 Web site under Financial Information, SEC filings or visit the SEC's Web site. 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'm joined this morning by our COO, Adam Kleinman; Portfolio Manager, Adam Yates; and 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 Web site as well as through the webcast. Please turn to Slide 3 for an overview of GECC. GECC is an externally managed special situations-focused BDC. GECC seeks to generate both current income and capital appreciation from its portfolio of investments comprised of secured loans and bonds sourced in the secondary market as well as in originated transactions. As of March 31, 2019, GECC had total assets of approximately $290.2 million, a portfolio fair value of $185.7 million and a net asset value of $114 million equating to $10.89 per share. The weighted average current yield on our debt holdings was approximately 11.3%. GECC placed an $0.083 per share base monthly distribution that equates to approximately $1 per share on an annual basis. Importantly, greater than 20% of GECC's shares are held between Great Elm Capital Group Inc., Great Elm Capital Management Inc.'s employees and GECC's Board of Directors creating a 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. I'm pleased to report that GECC's net investment income has covered its declared distributions every quarter since inception in 2016. In 2018, GECC paid $1.24 in total distributions consisting of an $0.083 monthly based distribution and $0.24 special distribution. Based upon March 31, NAV and closing market price that total distribution equates to an annual distribution yield of 11.3% and almost 15% respectively. During the quarter, we deployed capital at…

Thank you. [Operator Instructions] And I'm showing no questions from our phone lines today. I'd now like to turn the conference back over to Adam Yates for any closing remarks.

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

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program. You may all disconnect. Everyone have a wonderful day.