Great Elm Group, Inc. Q1 FY2024 earnings call

• Great Elm Group had a strong start to fiscal 2024, growing fee-paying assets under management sequentially and year-over-year, with net income nearly $3 million and EBITDA more than doubled YOY. - First clean quarter as streamlined asset management business, with clear year-over-year comparison including Monomoy Properties REIT vehicle acquired in May 22 and no impact from divested businesses. - Organically launched private credit fund in fiscal second quarter and continued build-to-suit projects in Monomoy BTS business. - Actively evaluated multiple strategic M&A opportunities with robust pipeline due diligence in Q2. - GECC had milestone quarter with 8.5% ROE and 25% over first nine months, NAV up 5% QOQ. - Monomoy remained active with property closings, lease amendments, and build-to-suit projects in FL and MS expected to complete in fiscal year. - Board approved $10 million common stock repurchase program.

In the fiscal first quarter, Great Elm Group saw continuing operations revenues grow 78% year-over-year to $3.3 million. AUM was $641 million as of September 30, 2023, up modestly from prior quarter end and 3% from prior year quarter end. Fee-paying AUM grew to $451 million, up 1% quarter-to-date and 5% from prior year quarter-end. GECC generated an ROE of approximately 8.5% in the quarter and 25% over the first nine months of 2023. Monomoy closed on two properties with key tenants totaling nearly $6 million, amended four existing tenant leases for term extensions and executed five-year renewal options at three properties. GECC's net asset value grew to $12.88 per share, up 5% from last quarter and over 15% calendar year-to-date.

• Plan to scale core business, launch new fund products, and deploy capital into new platform opportunities with compelling risk-adjusted returns. - Continue to accelerate momentum at core businesses GECC and Monomoy.

Q: A: Q: A: