Great Elm Group, Inc.

Great Elm Group, Inc. is a publicly-traded alternative asset management company that focuses on building a scalable and diversified portfolio of long-duration and permanent capital vehicles. These vehicles span across credit, real estate, specialty finance, and other alternative strategies. The company invests in the asset management business due to its ability to generate recurring free cash flows and its growth prospects. Great Elm Capital Management, LLC (GECM), a wholly-owned registered investment adviser subsidiary, provides investment management services to Great Elm Capital Corp. (GECC) and other private funds. Monomoy Management, LLC (MCRE), another wholly-owned subsidiary, provides investment management services to Monomoy UpREIT. The combined assets under management of these entities totaled approximately $770.6 million at June 30, 2026. GECC, established in 2016, operates as a business development company (BDC) under the Investment Company Act of 1940. Great Elm Group, Inc. owns approximately 9.8% of GECC's shares as of June 30, 2026, earning dividends from these shares. Monomoy UpREIT is the operating partnership of Monomoy Properties REIT, LLC, which was formed in 2014 to build a single-tenant Industrial Outdoor Storage (IOS) focused portfolio specializing in net leased assets, specifically Class B & C warehouse, distribution & light manufacturing assets. Great Elm Group, Inc. acquired the investment management agreement of Monomoy UpREIT in May 2022 and owns approximately 3.3% of Monomoy UpREIT and approximately 3.6% of Monomoy Properties REIT, LLC. GECM and MCRE generate revenue through investment management agreements with each investment vehicle, which provide for management fees, property management fees, incentive fees, and/or administration fees. These fees are generally based on assets under management, rent collected, investment performance, and allocable expenses incurred in the administration of these investment vehicles. Monomoy Construction Services, LLC (MCS), a wholly-owned subsidiary, is an integrated, full-service construction business.