Slides
Page 1
November 5, 2026 Fiscal First Quarter 2027 Ended September 30, 2026 NASDAQ: GEG
Page 2
GEG Highlights November 5, 2026 ©2026 Great Elm Group, Inc. 2November 5, 2026 2 • Net Loss: Fiscal 1Q27 net loss was $(4.1) million, compared to $(7.0) million in the prior-year period, reflecting lower net realized and unrealized investment losses • Capital Raises: GEG and its managed vehicles have raised nearly $400 million of gross capital since July 1, 2025 o Real Estate team continued to explore capital raising opportunities to support next phase of platform growth • Revenue: First quarter total revenue of $3.3 million, compared to $10.8 million in the prior-year period, which included ~$7.4 million from a build-to-suit property sale • FPAUM and AUM: FPAUM and AUM decreased 5% and 3% from the prior-year period to $564 million and $760 million as of September 30, 2026 • Real Estate: Great Elm Real Estate Ventures (“Real Estate Ventures”) continued to grow during the first quarter: o Monomoy REIT (“MREIT”): Acquired four properties, deploying ~$8 million1, while building its largest investment pipeline to date of nearly $90 million o Monomoy BTS (“MBTS”): Nearing completion of its fourth project; deployed ~$9 million to acquire three development properties, during and post quarter end o Monomoy CRE (“MCRE”): Received investment and property management fees of ~$1.1 million, up ~18% year over year o Monomoy Construction Services (“MCS”): Completed its sixth full quarter of operations, generating ~$0.7 million of revenue • Alternative Credit: GECC has reduced total debt by nearly $40 million calendar year-to-date, addressing all near-term debt maturities • CoreWeave-Related Equity Investment: Since inception, GEG has received cumulative distributions of ~$8.6 million versus the original $5 million investment, with continued upside potential • Strong Balance Sheet: GEG closed the first quarter with a strong and liquid balance sheet, including ~$43 million of cash and cash equivalents on September 30, 2026, to support growth initiatives and disciplined capital allocation • Stock Repurchases: Board has authorized up to $40 million of stock repurchases; through October 30, 2026, ~8.4 million shares repurchased for $16.8 million ($2.01 average price), leaving ~$23.2 million of program capacity 1 Includes estimated future capital expenditures and tenant improvement commitments
Page 3
About GEG Great Elm Group, Inc. (GEG) is a publicly traded alternative asset manager focused on: • Growing a scalable and diversified portfolio of long-duration and permanent capital vehicles • Investing in credit, real estate, and other alternative strategies Alternative Credit • Focus on capital preservation and income generation • Investment in debt and income-generating securities, direct lending, CLOs, and special situations • Active investment in specialty finance businesses including factoring, asset-based lending and healthcare Real Estate • Full-service, end-to-end real estate platform, Great Elm Real Estate Ventures (“Real Estate Ventures”), combining investment expertise and turnkey execution capabilities for industrial outdoor storage (“IOS”) sector • Focus on single-tenant properties in the United States with building footprints on significant acreage • Build-to-Suit (“BTS”) entity provides differentiated design-build solutions • Integrated Construction entity serves needs across business verticals and third-party consulting services Other Alternative Strategies • Active pursuit of new strategic businesses • Focus on long duration “sticky” capital • Alignment through GEG investment in funds • Durable fee structure • Operational leverage supported by existing GEG infrastructure ALTERNATIVE CREDIT REAL ESTATE OTHER ALTERNATIVE STRATEGIES 4November 5, 2026
Page 4
4 • Public BDC with ~$250+ million AUM • ~9% of common stock held by GEG • Base management fee of 1.5% on gross assets • Income incentive fee of 20% after 7% hurdle on net assets Private VehiclesGECC • Great Elm’s private credit strategy focuses on direct lending, syndicated credit and special situations • Great Elm participates in unique investment opportunities sourced through our proprietary network and strategic relationships Monomoy REIT • Private REIT focused on industrial outdoor storage (“IOS”) sector with ~$500+ million AUM • ~7% direct investment held by GEG • Base management fee of 1% on net assets • Property management fee of 4% on rents • 20% performance fee charged upon liquidity event after 8% hurdle GEG Platform ALTERNATIVE CREDIT Real Estate Ventures • Monomoy BTS (“MBTS”) develops properties from the ground up to meet specific tenant needs • Monomoy Construction Services (“MCS”) partners with customers to deliver custom solutions utilizing services of in-house design and construction team • Monomoy CRE (“MCRE”) ensures seamless coordination across the acquisition, development, and asset management continuum REAL ESTATE November 5, 2026 Amounts are approximate as of September 30, 2026
Page 5
November 5, 2026 5 Summary Financial Position GEG September 30, 2026, condensed balance sheet $ Millions Cash & Cash Equivalents $43.2 Current Liabilities $5.5 Investments 35.2 Current Debt 26.7 Other Current and Long-Term Assets 31.6 Convertible Notes 36.5 Other Liabilities 4.7 Total Liabilities $73.4 Total Equity $36.6 Total Assets $110.0 Total Liabilities & Equity $110.0 Book Value per Share ~ $1.22 September 30, 2026
Page 6
MCS continues to focus on business development with core tenants, IOS prospects, and expanding engagement through consulting and preconstruction services Generated approximately $0.7 million of construction revenue for the quarter ended September 30, 2026 In fiscal 1Q27, MREIT closed four property acquisitions, deploying ~$8.1 million1, while building its largest pipeline to date In July and September 2026, MREIT closed 10-year mortgage financings for $8.0 million and $4.9 million, each at a 5.5% fixed rate Real Estate Highlights 6 MCRE generated fee revenue of $1.1 million for the quarter ended September 30, 2026, up ~18% from the prior-year period Monomoy AUM grew to ~$502 million as of September 30, 2026 Real Estate team continued to explore capital raising opportunities to support next phase of platform growth MBTS is nearing completion of its fourth build-to-suit project MBTS acquired two development properties during the quarter totaling ~$4.0 million After quarter end, acquired a third development property for ~$5.0 million Asset Management Fees Project Activity Financing Initiatives November 5, 2026 www.monomoycre.com Ramp in BusinessTransaction Activity Construction RevenueDevelopment Activity 1 Includes estimated future capital expenditures and tenant improvement commitments Capital Raising
Page 7
Alternative Credit Highlights GECC NAV decreased $0.55 to $7.40 per share, including $0.24 per share of loss attributable to its CLO Formation JV investment November 5, 2026 7 GECC continued to deploy capital selectively in private investment, high yield bond and BSL markets, focused on credit quality, current income and portfolio diversification www.greatelmcc.com Optimized Portfolio Enhancing Capital Structure Dividend Net Asset Value GECC declared a quarterly distribution of $0.25 per share for calendar 3Q26; net investment income was $0.17 per share GECC redeemed $6.5 million of GECCI notes, its highest-cost and nearest-term debt, and has reduced debt by nearly $40 million year-to- date, with no debt maturities until 2029
Page 8
1 Shares (in thousands) repurchased during each fiscal quarter; cumulative total reflects repurchases since December 19, 2023. Note nominal share repurchases in FY2Q24 and FY3Q24. November 5, 2026 Cumulative Impact of Share Repurchase Program Fiscal 1Q27 Repurchase Activity • Repurchased 265,978 shares at an average price of $2.20 per share since June 30, 2026 • Since the stock repurchase program’s inception in 2023, Great Elm has repurchased approximately 8.4 million shares for $16.8 million ($2.01 average price) • GEG’s Board has authorized up to $40 million of total share repurchases, providing approximately $23.2 million of remaining capacity as of October 30, 2026 1,162 1,115 1,732 579 468 252 1,061 1,371 265 266 Significant Stock Repurchases1 Stock Repurchases Disciplined execution of repurchases continues to support long-term shareholder value 8
Page 9
Fiscal 2027 First Quarter Financial Review November 5, 2026 9
Page 10
Fiscal 1Q27 Financial Highlights Revenue • FY1Q27 revenue of $3.3 million, compared to $10.8 million in the prior-year period • Prior-year revenue included ~$7.4 million from a property sale November 5, 2026 10 Net Loss Adjusted EBITDA1 • FY1Q27 Adjusted EBITDA of $(0.9) million, compared to $(0.5) million in the prior- year period • Net loss of $(4.1) million for FY1Q27, compared to net loss of $(7.0) million in the prior- year period • Reduced net loss primarily reflects lower net realized and unrealized losses on the Company’s investments compared to the prior-year period 1 Please refer to the disclaimers on slide 17 and the Adjusted EBITDA reconciliation table on slide 15.
Page 11
Assets Under Management $564 million of Fee-Paying AUM (“FPAUM”) as of September 30, 2026, down 5% from September 30, 2025 November 5, 2026 11 $594 $564 $0 $150 $300 $450 $600 $750 9/30/2025 9/30/2026 FPAUM $785 $760 $0 $200 $400 $600 $800 9/30/2025 9/30/2026 AUM $mm $mm $760 million of Assets Under Management (“AUM”) as of September 30, 2026, down 3% from September 30, 2025
Page 12
Financial Review: Fiscal 1Q27 Balance Sheet November 5, 2026 12 Other assets include right-of-use assets; other liabilities include lease liabilities. In thousands September 30, 2026 June 30, 2026 ASSETS Cash and cash equivalents 43,204$ 53,474$ Receivables from managed funds 3,973 3,954 Investments at fair value 35,217 32,612 Prepaid and other current assets 1,771 1,671 Identifiable intangible assets, net 10,601 10,879 Goodwill 440 440 Real estate assets, net 8,963 2,403 Other assets 5,844 2,731 Assets of consolidated funds - 5,520 Total assets 110,013$ 113,684$ LIABILITIES Accounts payable and accrued expenses 4,763 7,147 Related party payables 205 234 Debt 26,730 26,658 Convertible notes 36,499 36,474 Other liabilities 5,167 2,351 Liabilities of consolidated funds - 11 Total liabilities 73,364$ 72,875$ Stockholders' equity and non-controlling interest 36,649$ 40,809$ Total liabilities, non-controlling interest and stockholders' equity 110,013$ 113,684$
Page 13
November 5, 2026 13 Financial Review: Fiscal 1Q27 Income Statement Prior-year period includes Consolidated Funds. In thousands 2026 2025 Revenues 3,338$ 10,788$ Cost of Revenues - 6,748 Operating costs and expenses: Compensation and benefits 5,034 5,237 Selling, general and administrative 1,487 2,166 Depreciation and amortization 305 342 Expenses of Consolidated Funds - 21 Total operating costs and expenses 6,826$ 7,766$ Operating loss (3,488) (3,726) Dividends and interest income 1,195 1,238 Interest expense (1,055) (1,028) Net realized and unrealized loss (803) (2,861) Net realized and unrealized loss on investments of Consolidated Funds - (1,808) Interest and other income of Consolidated Funds - 352 Loss before income taxes (4,151)$ (7,833)$ Income tax benefit (expense) 5 (71) Net loss (4,146)$ (7,904)$ Less: net loss attributable to non-controlling interest in Consolidated Funds - (874) Net loss attributable to Great Elm Group, Inc. stockholders (4,146)$ (7,030)$ Three months ended September 30,
Page 14
Results By Quarter November 5, 2026 14 Please refer to the disclaimers on slide 17. September 30, June 30, March 31, December 31, September 30, In thousands 2026 2026 2026 2025 2025 NON-GAAP RECONCILIATION Net (loss) income $ (4,146) $ 1,064 $ (13,520) $ (16,548) $ (7,904) Interest expense 1,055 1,023 1,033 1,022 1,028 Income tax (benefit) expense (5) (480) 87 (54) 71 Depreciation and amortization 305 332 313 312 342 Non-cash compensation 1,090 856 750 678 1,331 Loss (gain) on investments 803 (2,507) 9,779 12,962 4,669 Adj. EBITDA $ (898) $ 288 $ (1,558) $ (1,628) $ (463) CASH FLOW Adj. EBITDA $ (898) $ 288 $ (1,558) $ (1,628) $ (463) Capital expenditures (347) (15) (21) (35) (14) Unleveraged free cash flow (1,245) 273 (1,579) (1,663) (477) Interest expense paid (488) (483) (489) (494) (488) Leveraged free cash flow (1,733)$ (210)$ (2,068)$ (2,157)$ (965)$ Three Months Ended
Page 15
Results Year-Over-Year November 5, 2026 15 Please refer to the disclaimers on slide 17. In thousands 2026 2025 NON-GAAP RECONCILIATION Net loss $ (4,146) $ (7,904) Interest expense 1,055 1,028 Income tax (benefit) expense (5) 71 Depreciation and amortization 305 342 Non-cash compensation 1,090 1,331 Loss on investments 803 4,669 Adj. EBITDA (898)$ (463)$ CASH FLOW Adj. EBITDA $ (898) $ (463) Capital expenditures (347) (14) Unleveraged free cash flow $ (1,245) $ (477) Interest expense paid (488) (488) Leveraged free cash flow (1,733)$ (965)$ Three months ended September 30,
Page 16
Contact Information November 5, 2026 16 Investor Relations Contact geginvestorrelations@greatelmcap.com
Page 17
Disclaimer November 5, 2026 17 Statements in this presentation that are “forward-looking” statements, including statements regarding expected growth, profitability, acquisition opportunities and outlook involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent Great Elm’s assumptions and expectations in light of currently available information. These statements involve risks, variables and uncertainties, and Great Elm’s actual performance results may differ from those projected, and any such differences may be material. For information on certain factors that could cause actual events or results to differ materially from Great Elm’s expectations, please see Great Elm’s filings with the Securities and Exchange Commission (“SEC”), including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Additional information relating to Great Elm’s financial position and results of operations is also contained in Great Elm’s annual and quarterly reports filed with the SEC and available for download at its website www.greatelmgroup.com or at the SEC website www.sec.gov. Non-GAAP Financial Measures The SEC has adopted rules to regulate the use in filings with the SEC, and in public disclosures, of financial measures that are not in accordance with US GAAP, such as adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and free cash flow. See slides 14 & 15 for reconciliations of non-GAAP measures to their most directly comparable GAAP measures. This presentation does not constitute an offer of any securities for sale by Great Elm or an offer to sell or a solicitation of an offer to buy interests in any investment vehicle managed by Great Elm or its subsidiaries. Performance results should not be regarded as final until audited financial statements are issued covering the period shown. Past performance is no guarantee of future results.