Great Elm Group, Inc. · NASDAQ:GEG
Great Elm — Q2 2026 Earnings Presentation
18 slides from Great Elm's earnings presentation, Feb 5, 2026
Slide 1: Fiscal Second Quarter Ended December 31, 2025
February 5, 2026 Fiscal Second Quarter Ended December 31, 2025 NASDAQ: GEG
Slide 2: GEG FY2Q26 Highlights
GEG FY2Q26 Highlights • FPAUM and AUM: GEG FPAUM and AUM1 of $561 million and $740 million, respectively, as of December 31, 2025, with FPAUM growth of 4% year-over-year Unrealized Loss2: Unrealized loss on GEG’s investments of $14.4 million and realized gain of $2.3 million were driven by market vo
Slide 3: Our Goals
Our Goals Increase • Management fees were approximately $2.2 million in the fiscal second quarter • Monomoy BTS substantially completed its third build-to-suit property, and is actively marketing it for sale Profitability • MCS completed its third full quarter of operations, adding $0.4 million to t
Slide 4: 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 income g
Slide 5: 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”) ~$310 million AUM1 strategy focuses on direct industrial outdoor storage develops properties from • ~10%
Slide 6: Summary Financial Position
Summary Financial Position1 GEG December 31, 2025, condensed balance sheet, excluding Consolidated Funds $ Million December 31, 2025 Cash & Marketable Securities $51.2 Current Liabilities $7.0 Investments 47.8 Long-Term Debt 26.5 Other Current and Long-Term 27.9 Convertible Notes 35.5 Assets Other L
Slide 7: Real Estate Highlights
Real Estate Highlights Asset Management Fees Transaction Activity Project Activity Ramp in Business MCRE generated stable fee In Fiscal Q2 2026, acquired In F2Q26, substantially Since launching MCS, the revenue for the quarter ended three properties at attractive completed third design-build busines
Slide 8: Alternative Credit Highlights
Alternative Credit Highlights GECC Private Credit New Talent Enhancing Capital Structure Orderly Wind-Down Management hired new Head of Research Issued $57.5 million principal amount of its Management commenced an orderly wind- with over 25 years of credit analysis of 7.75% Notes due December 31, 20
Slide 9: Stock Repurchases
Stock Repurchases Disciplined execution of repurchases continues to support long-term shareholder value Fiscal 2Q26 Repurchase Activity Significant Stock Repurchases1 • Repurchased approximately 1.1 million shares at an average price of $2.47 per share 1,732 • Represents over 3% of shares outstandin
Slide 10: Fiscal 2026 Second Quarter Highlights
Fiscal 2026 Second Quarter Highlights February 5, 2026 10
Slide 11: Fiscal 2Q26 Financial Highlights
Fiscal 2Q26 Financial Highlights Revenue Net Income Adjusted EBITDA2 • Fiscal 2Q26 revenue of $3.0 • Net loss of $(16.5) million for • Fiscal 2Q26 Adjusted EBITDA million, compared to $3.5 Fiscal 2Q26, compared to net of $(1.6) million, compared million in the prior-year period income of $1.4 millio
Slide 12: Assets Under Management
Assets Under Management1 $mm AUM $mm FPAUM $800 $751 $740 $600 $561 $538 +4% $600 $450 $400 $300 $200 $150 $0 $0 12/31/2024 12/31/2025 12/31/2024 12/31/2025 $740 million of Assets Under Management (“AUM”) $561 million of Fee-Paying AUM (“FPAUM”) as of as of December 31, 2025 December 31, 2025, up 4%
Slide 13: Financial Review: Fiscal 2Q26 Balance Sheet
Financial Review: Fiscal 2Q26 Balance Sheet (in thousands) December 31, 2025 June 30, 2025 ASSETS Cash and cash equivalents $ 51,228 $ 30,603 Receivables from managed funds 3,648 8,331 Investments at fair value 41,415 60,614 Prepaid and other current assets 3,112 2,803 Identifiable intangible assets
Slide 14: Financial Review: Fiscal 2Q26 Income Statement
Financial Review: Fiscal 2Q26 Income Statement Three months ended December 31, Six months ended December 31, (in thousands) 2025 2024 2025 2024 Revenues $ 3,011 $ 3,507 $ 13,799 $ 7,499 Cost of Revenues 16 458 6,764 1,093 Operating costs and expenses: Compensation and benefits 4,919 3,425 10,156 6,9
Slide 15: Results By Quarter
Results By Quarter Three Months Ended December 31, September 30, June 30, March 31, December 31, (in thousands) 2025 2025 2025 2025 2024 NON-GAAP RECONCILIATION Net (loss) income $ (16,548) $ (7,904) $ 15,723 $ (4,501) $ 1,354 Interest expense 1,022 1,028 1,060 1,039 1,030 Income tax (benefit) expen
Slide 16: Results Year-Over-Year
Results Year-Over-Year (in thousands) Three months ended December 31, Six months ended December 31, 2025 2024 2025 2024 NON-GAAP RECONCILIATION Net (loss) income $ (16,548) $ 1,354 $ (24,452) $ 4,328 Interest expense 1,022 1,030 2,050 2,058 Income tax (benefit) expense (54) - 17 - Depreciation and a
Slide 17: Contact Information
Contact Information Investor Relations Contact geginvestorrelations@greatelmcap.com February 5, 2026 17
Slide 18: 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