Great Elm Group, Inc. · NASDAQ:GEG
Great Elm — Q3 2026 Earnings Presentation
17 slides from Great Elm's earnings presentation, May 7, 2026
Slide 1: Fiscal Third Quarter Ended March 31, 2026
May 7, 2026 Fiscal Third Quarter Ended March 31, 2026 NASDAQ: GEG
Slide 2: GEG FY3Q26 Highlights
GEG FY3Q26 Highlights • Unrealized Loss1: ~$9.8 million unrealized loss on investments in FY3Q26, primarily due to GECC share price volatility • FPAUM and AUM: GEG FPAUM and AUM of $528 million and $744 million, respectively, as of March 31, 2026 • Real Estate: Monomoy drove growth across the Great
Slide 3: About GEG
About GEG Great Elm Group, Inc. (GEG) is a publicly-traded, alternative asset manager focused on: • Growing a scalable and diversified portfolio of long-duration and permanent capital vehicles • Investing in credit, real estate, and other alternative strategies Alternative Credit • Focus on capital
Slide 4: GEG Platform
GEG Platform ALTERNATIVE CREDIT REAL ESTATE GECC Private Vehicles Monomoy REIT Real Estate Ventures • Public BDC with • Great Elm’s private credit • Private REIT focused on • Monomoy BTS (“MBTS”) ~$280 million AUM strategy focuses on direct industrial outdoor storage develops properties from • ~10%
Slide 5: Summary Financial Position
Summary Financial Position1 GEG March 31, 2026, condensed balance sheet, excluding Consolidated Funds $ Million March 31, 2026 Cash & Cash Equivalents $45.5 Current Liabilities $7.3 Investments 38.4 Long-Term Debt 26.6 Other Current and Long-Term 27.8 Convertible Notes 35.6 Assets Other Liabilities
Slide 6: Real Estate Highlights
Real Estate Highlights Asset Management Fees Transaction Activity Project Activity Ramp in Business MCRE generated stable fee In FY3Q26, closed on five In March 2026, delivered third Since launching MCS, the revenue for the quarter ended acquisitions, deploying and build-to-suit property in business
Slide 7: Alternative Credit Highlights
Alternative Credit Highlights GECC Private Credit Leadership Enhancing Capital Structure Orderly Wind-Down Jason Reese, Chairman of the Board, GECC called or repurchased all $57.5 Management commenced an orderly wind- appointed as CEO of GECC on May 4, 2026, million of GECCO notes due June 2026, dow
Slide 8: Stock Repurchases
Stock Repurchases Disciplined execution of repurchases continues to support long-term shareholder value Fiscal 3Q26 Repurchase Activity Significant Stock Repurchases1 • Repurchased approximately 1.4 million shares at an average price of $2.04 per share 1,732 • Represents over 4% of shares outstandin
Slide 9: Fiscal 2026 Third Quarter Highlights
Fiscal 2026 Third Quarter Highlights May 7, 2026 9
Slide 10: Fiscal 3Q26 Financial Highlights
Fiscal 3Q26 Financial Highlights Revenue Net Income Adjusted EBITDA1 • Fiscal 3Q26 revenue of $3.4 • Net loss of $(13.5) million for • Fiscal 3Q26 Adjusted EBITDA million, compared to $3.2 Fiscal 3Q26, compared to net of $(1.6) million, compared million in the prior-year period, loss of $(4.5) milli
Slide 11: Assets Under Management
Assets Under Management $mm AUM $mm FPAUM $800 $768 $744 $600 $565 $528 $600 $450 $400 $300 $200 $150 $0 $0 3/31/2025 3/31/2026 3/31/2025 3/31/2026 $744 million of Assets Under Management (“AUM”) $528 million of Fee-Paying AUM (“FPAUM”) as of as of March 31, 2026 March 31, 2026 May 7, 2026 11
Slide 12: Financial Review: Fiscal 3Q26 Balance Sheet
Financial Review: Fiscal 3Q26 Balance Sheet (in thousands) March 31, 2026 June 30, 2025 ASSETS Cash and cash equivalents $ 45,529 $ 30,603 Receivables from managed funds 4,154 8,331 Investments at fair value 31,408 60,614 Prepaid and other current assets 1,863 2,803 Identifiable intangible assets, n
Slide 13: Financial Review: Fiscal 3Q26 Income Statement
Financial Review: Fiscal 3Q26 Income Statement Three months ended March 31, Nine months ended March 31, (in thousands) 2026 2025 2026 2025 Revenues $ 3,418 $ 3,209 $ 17,217 $ 10,708 Cost of Revenues - (11) 6,764 1,082 Operating costs and expenses: Compensation and benefits 5,307 4,001 15,463 10,989
Slide 14: Results By Quarter
Results By Quarter Three Months Ended March 31, December 31, September 30, June 30, March 31, (in thousands) 2026 2025 2025 2025 2025 NON-GAAP RECONCILIATION Net (loss) income $ (13,520) $ (16,548) $ (7,904) $ 15,723 $ (4,501) Interest expense 1,033 1,022 1,028 1,060 1,039 Income tax expense (benefi
Slide 15: Results Year-Over-Year
Results Year-Over-Year (in thousands) Three months ended March 31, Nine months ended March 31, 2026 2025 2026 2025 NON-GAAP RECONCILIATION Net loss $ (13,520) $ (4,501) $ (37,972) $ (173) Interest expense 1,033 1,039 3,083 3,097 Income tax expense 87 - 104 - Depreciation and amortization 313 361 967
Slide 16: Contact Information
Contact Information Investor Relations Contact geginvestorrelations@greatelmcap.com May 7, 2026 16
Slide 17: Disclaimer
Disclaimer Statements in this presentation 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