Great Elm Group, Inc.

Great Elm Group, Inc.

Overview

Great Elm Group, Inc. is a publicly traded asset management company focused on building a scalable, diversified portfolio of long-duration and permanent capital vehicles. Its investment strategies cover credit, real estate, specialty finance, and other alternative strategies.

Key subsidiaries and operations

• GECM (Great Elm Capital Management, Inc.) – Wholly owned investment adviser that provides investment management services to GECC and other private funds. Revenue primarily comes from investment management agreements (IMAs), including management fees, property management fees, incentive fees, and administration fees. Fees are generally based on assets under management (AUM), rent, investment performance, and allocable expenses.
• MCRE (Monomoy Capital Management, LLC) – Wholly owned subsidiary providing investment management services to Monomoy UpREIT. Revenue is generated from IMAs on terms similar to GECM.
• GECC (Great Elm Capital Corp.) – A business development company (BDC). Great Elm owns approximately 9.8% of GECC’s shares as of June 30, 2026 and receives dividends from those shares; the company may sell shares to redeploy capital.
• Monomoy UpREIT – Operating partnership of Monomoy Properties REIT. Great Elm owns approximately 3.3% of Monomoy UpREIT.
• Monomoy Properties REIT, LLC – Real estate REIT entity. Great Elm owns approximately 3.6% of Monomoy Properties REIT, LLC.
• Monomoy Construction Services, LLC (MCS) – Wholly owned construction services subsidiary providing integrated construction services to Great Elm’s real estate businesses and to third parties.
• Monomoy BTS Corporation (MBTS) – Build-to-suit land acquisition and lease entity that acquires land, enters into land and build-to-suit leases, and intends to sell the land and improvements with attached leases at or after lease commencement.

Real estate and construction activity

• MBTS pairs land purchases with build-to-suit leases and intends to sell the land and improvements together with the attached leases at or after lease commencement.
• In February 2025, Great Elm acquired the assets of Greenfield CRE, expanding into construction management through MCS. Those assets were integrated into the company’s construction-management operations.

Assets under management and revenue drivers

• Assets under management (AUM): Approximately $770.6 million across combined entities as of June 30, 2026.
• Revenue under IMAs is earned through:
  • Management fees
  • Property management fees
  • Incentive fees
  • Administration fees
• IMAs with pooled investment vehicles (for example, GECC and Monomoy UpREIT) may be cancellable at the counterparties’ discretion, subject to applicable notice periods.
• An intangible asset related to IMAs is being amortized over a 15-year economic life.

Ownership, capital structure, and tax attributes

• Ownership stakes:
  • ~9.8% ownership in GECC (as of June 30, 2026)
  • ~3.3% ownership in Monomoy UpREIT
  • ~3.6% ownership in Monomoy Properties REIT, LLC
• The company may issue additional common or preferred stock, which could dilute existing shareholders. Convertible debt and outstanding warrants introduce further potential dilution.
  • Example: 5.0% Convertible Senior Notes due 2030.
• Net operating loss (NOL) carryforwards:
  • Federal NOL carryforwards: $13.4 million
  • State NOL carryforwards: $14.0 million
• A Tax Benefits Preservation Agreement (Tax Rights Plan) is in place to preserve tax attributes and could be triggered by certain ownership changes.

People and locations

• Employees: 52 (as of June 30, 2026)
• Headquarters: Palm Beach Gardens, Florida
• Additional leased offices:
  • Boston, Massachusetts (lease non-cancellable through November 2029)
  • Charleston, South Carolina (lease through September 2029)