GEG · Great Elm Group, Inc.

Great Elm Group reported a wider net loss of $13.5 million for the fiscal third quarter ended March 31, 2026, compared to $4.5 million in the prior-year period, primarily due to $9.8 million in unrealized losses on investments in GECC common stock ($2.8 million) and related SPVs ($8.1 million), driven by GECC share price volatility amid market negativity toward private credit. Despite this, total revenue grew 7% year-over-year to $3.4 million, supported by management fees from GECC ($1.1 million) and real estate fees from Monomoy CRE ($1.0 million, up over 20%). Adjusted EBITDA was $(1.6) million, down from $0.5 million last year. CEO Jason Reese highlighted decisive actions at GECC, including his appointment as CEO on May 4, 2026, following Executive Chairman role on March 2, to strengthen the balance sheet, enhance portfolio quality through rigorous underwriting, diversification, and secured investments. In real estate, Monomoy REIT closed five acquisitions deploying $28 million, Monomoy BTS started its fourth development, and MCS generated $0.7 million revenue. Fee-paying AUM fell 7% to $528 million and total AUM 3% to $744 million. Balance sheet remains strong with $45.5 million cash, enabling growth and share repurchases of 1.4 million shares (4% outstanding) at $2.04 average. Board expanded buyback to $40 million total, with $24.4 million capacity left post $15.6 million spent on 7.8 million shares. CoreWeave investment showed $0.4 million unrealized gain, with distributions exceeding original $5.0 million investment. No forward guidance provided; conference call scheduled May 7, 2026.