Great Elm Group, Inc. Q3 FY2026 earnings call

Jason Reese assumed role of executive chairman of GECC, reprioritizing to protect and grow NAV. At GECC, strengthened balance sheet by calling and repurchasing near-term funded debt, GECC will have no debt maturities until 2029; advanced portfolio rotation strategy, first lien investments now ~75% of corporate credit portfolio; expanded proprietary sourcing, closed 3 transactions through institutional partners. Real Estate: Monomoy CRE had strong quarter, Monomoy REIT had 5 acquisitions, Monomoy BTS delivered dev property, Monomoy Construction Services had 4th quarter of operations. Board approved $15 million increase in stock repurchase program to $40 million, repurchased ~1.4 million shares in quarter

In Fiscal third quarter 2026, GECC had approximately $9.8 million of unrealized losses mainly related to its common stock and SPVs, but balance sheet remained strong with over $45 million cash. Great Elm Credit Income Fund began orderly wind down, company's investment was ~$7 million at quarter end, net return over 20% from inception to Mar 31, 26. Real Estate: Monomoy CRE generated ~$1 million investment and property management fees, growing >20% y-o-y; Monomoy REIT closed 5 acquisitions, deployed ~$28 million; Monomoy BTS delivered third dev property; Monomoy Construction Services had $0.7 million total revenue. CoreWeave-related investment had cumulative distributions of $6.8 million, exceeding initial $5 million

Remain focused on growing fee-paying AUM, scaling alternative credit and real estate businesses, sourcing new investment opportunities in Q4. Seek to expand platform and add accretive, differentiated investment solutions with attractive risk-adjusted return profiles

Heightened volatility across the BDC sector, which affected GECC with unrealized losses related to its common stock and SPVs

No questions during Q&A, Jason Reese gave closing comments about confidence in strategic direction, credit and real estate platforms executing, and strength of balance sheet