Great Elm Group, Inc. · NASDAQ:GEG
Great Elm — Q1 2026 Earnings Presentation
19 slides from Great Elm's earnings presentation, Nov 13, 2025
Slide 1: Fiscal First Quarter Ended September 30, 2025
November 13, 2025 Fiscal First Quarter Ended September 30, 2025 NASDAQ: GEG
Slide 2: GEG Highlights
GEG Highlights • FPAUM and AUM Growth: GEG grew pro forma FPAUM and AUM by 10% and 7%, respectively, year over year as of September 30, 20251 • KLIM Strategic Partnership: In July 2025, Great Elm announced a transformative strategic partnership with Kennedy Lewis Investment Management (“KLIM”), deli
Slide 3: Our Accomplishments
Our Accomplishments Improve • Grew total management fees by ~8% year-over-year, with growth in both the Alternative Credit and Real Estate fees • Monomoy BTS sold its second property in Canton, MS for approximately $7.4 million, resulting in a gain of $0.5 million Profitability • MCS completed its s
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”) ~$360 million AUM1 strategy focuses on direct industrial outdoor storage develops properties to from • ~
Slide 6: Summary Financial Position
Summary Financial Position1 GEG September 30, 2025, condensed balance sheet, excluding Consolidated Funds $ Million September 30, 2025 Cash $53.5 Current Liabilities $7.7 Investments 62.5 Long-Term Debt 26.4 Other Current and Long-Term Assets 29.0 Convertible Notes 34.6 Other Liabilities 2.5 Total L
Slide 7: Alternative Credit Highlights
Alternative Credit Highlights GECC Private Credit Equity Raises Enhancing Capital Structure Strong Performance Raised approximately $28 million through Issued $57.5 million principal amount of its Great Elm’s private credit strategy posted equity issuances, including a $15 million of 7.75% Notes due
Slide 8: Real Estate Highlights
Real Estate Highlights Asset Management Fees Transaction Activity Transaction Activity Ramp in Business Monomoy CRE generated In Fiscal Q1 2026, acquired Sold second BTS property in Since launching MCS, the stable fee revenue for the seven properties for ~$13.3 Canton, MS for $7.4mm in business expe
Slide 9: July 2025 Strategic Transactions
July 2025 Strategic Transactions • On July 31, 2025, Great Elm and Kennedy Lewis Investment Management (“KLIM”) closed a strategic transaction catalyzing growth across the Monomoy real estate platform • Transaction included an investment in GEG, up to $150 million in capital for real estate, and Boa
Slide 10: August 2025 Strategic Transactions
August 2025 Strategic Transactions GEG Transactions • On August 27, 2025, Great Elm and Woodstead closed a strategic transaction providing new growth capital to GEG to be used to expand AUM and enhance profitability • Transactions included a $9 million investment in GEG, warrants, and a Board role:
Slide 11: Fiscal 2026 First Quarter Highlights
Fiscal 2026 First Quarter Highlights November 13, 2025 11
Slide 12: Fiscal 1Q26 Financial Highlights
Fiscal 1Q26 Financial Highlights Revenue Net Income Adjusted EBITDA1 • Fiscal 1Q26 revenue was $10.8 • Net loss was $(7.9) million for • Fiscal 1Q26 Adjusted EBITDA million, compared to $4.0 Fiscal 1Q26, compared to net of $(0.5) million, compared million in the prior-year period income of $3.0 mill
Slide 13: Assets Under Management
Assets Under Management1,2 $mm AUM $mm FPAUM $785 $792 $700 $800 $741 $594 $601 $600 $545 $700 +7% +10% $600 $500 $500 $400 $400 $300 $300 $200 $200 $100 $100 $0 $0 9/30/2024 9/30/2025 9/30/2025 9/30/2024 9/30/2025 9/30/2025 Pro Forma1 Pro Forma2 Pro Forma1 Pro Forma2 $792 million of Pro Forma Asset
Slide 14: Financial Review: Fiscal 1Q26 Balance Sheet
Financial Review: Fiscal 1Q26 Balance Sheet (in thousands) September 30, 2025 June 30, 2025 ASSETS Cash and cash equivalents $ 53,470 $ 30,603 Receivables from managed funds 4,935 8,331 Investments at fair value 55,445 60,614 Prepaid and other current assets 4,127 2,803 Identifiable intangible asset
Slide 15: Financial Review: Fiscal 1Q26 Income Statement
Financial Review: Fiscal 1Q26 Income Statement Three months ended September 30, (in thousands) 2025 2024 Revenues $ 10,788 $ 3,992 Cost of Revenues 6,748 635 Operating costs and expenses: Compensation and benefits 5,237 3,563 Selling, general and administrative 2,166 1,501 Depreciation and amortizat
Slide 16: Results By Quarter
Results By Quarter Three Months Ended September 30, June 30, March 31, December 31, September 30, (in thousands) 2025 2025 2025 2024 2024 NON-GAAP RECONCILIATION Net (loss) income $ (7,904) $ 15,723 $ (4,501) $ 1,354 $ 2,974 Interest expense 1,028 1,060 1,039 1,030 1,028 Income tax expense 71 86 - -
Slide 17: Results Year-Over-Year
Results Year-Over-Year Three months ended September 30, (in thousands) 2025 2024 NON-GAAP RECONCILIATION Net (loss) income $ (7,904) $ 2,974 Interest expense 1,028 1,028 Income tax expense 71 - Depreciation and amortization 342 273 Non-cash compensation 1,331 1,117 Loss (gain) on investments 4,669 (
Slide 18: Contact Information
Contact Information Investor Relations Contact geginvestorrelations@greatelmcap.com November 13, 2025 18
Slide 19: 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