Great Elm Group, Inc. Q3 FY2025 earnings call

• Launched Monomoy Construction Services through the acquisition of Greenfield CRE, combining it with existing Monomoy BTS Construction Management business.
• Fee-paying AUM grew 15% year-over-year, with Great Elm Capital Corp. contributing significantly due to equity and debt issuances.
• GECC generated record total investment income of $12.5 million in Q3 '25, and launched an at-the-market offering. Base management fees from GECC grew over 40% year-over-year.
• Repurchased ~4.8 million GEG shares under a $20 million buyback program at an average cost of $1.84 per share, ~15% discount to book value.
• Monomoy REIT acquired a property for ~$3 million and maintained a strong pipeline of transaction opportunities.

Fee-paying assets under management reached approximately $565 million, a 15% year-over-year increase, primarily driven by Great Elm Capital Corp. which raised ~$147 million through equity and debt issuances in 2024. Great Elm Credit Income Fund has delivered a net return on invested capital of approximately 13.9% net of fees since inception through March 2025. In real estate, Monomoy closed on the land purchase for its third build-to-suit property and made progress on the fourth project; Monomoy REIT acquired a property for ~$3 million during the quarter. Total revenue was $3.2 million, growing 15% year-over-year.

• Anticipate continued profitability across the Monomoy platform as they execute on development projects.
• Will continue to evaluate strategic opportunities to expand businesses and add accretive differentiated product offerings with attractive risk-adjusted return profiles.

• Net loss in the quarter was primarily driven by unrealized losses related to investments in CoreWeave and GECC shares due to broader market volatility; however, management remains confident these losses will reverse as market conditions stabilize.