Business
Great Elm Group, Inc. (“GEG”) Invests $6 Million to Support a $24 million Equity Raise for Great Elm Capital Corp. (“GECC”) at Net Asset Value
PALM BEACH GARDENS, Fla., Feb. 08, 2024 (GLOBE NEWSWIRE) -- Great Elm Group, Inc. (the “Company” or “GEG”), (NASDAQ: GEG), an alternative asset manager, today
About this update from Great Elm Group, Inc.
[{"type":"text","content":"PALM BEACH GARDENS, Fla., Feb. 08, 2024 (GLOBE NEWSWIRE) -- Great Elm Group, Inc. (the “Company” or “GEG”), (NASDAQ: GEG), an alternative asset manager, today announced it has invested $6 million in a special purpose vehicle which acquired $24 million of common stock in GECC at net asset value (“NAV”). “This transaction leverages GEG’s key attributes to create a beneficial outcome for all stakeholders,” said Jason Reese, GEG’s Chief Executive Officer. “Raising equity at NAV for our permanent capital vehicle, GECC, will help leverage our infrastructure and help scale our credit platform. In addition, we believe our investment in the special purpose vehicle will deliver a strong return and allow us to grow our recurring revenue streams. GEG is committed to scaling its existing businesses and executing its strategic growth initiatives.” Matt Kaplan, GECC’s Chief Executive Officer, said, “GECC is committed to generating durable returns for its shareholders, and we believe the transaction announced today is a validation of this strategy. We are pleased to have continued support from GEG which will further enable GECC to scale its portfolio and deliver for investors.” About Great Elm Group, Inc. Great Elm Group, Inc. (NASDAQ: GEG) is a publicly-traded, alternative asset manager focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. Great Elm Group, Inc. and its subsidiaries currently manage Great Elm Capital Corp., a publicly-traded business development company, and Monomoy Properties REIT, LLC, an industrial-focused real estate investment trust, in addition to other investments. Great Elm Group, Inc.’s website can be found at www.greatelmgroup.com. Cautionary Statement Regarding Forward-Looking Statements Statements in this press release that are “forward-looking” statements, including statements regarding expected growth, profitability, acquisition opportunities and outlook involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent GEG’s assumptions and expectations in light of currently available information...