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• A micro-cap version of Berkshire Hathaway, also operating a diversified investment management business.
• Like a publicly traded alternative asset manager (e.g., Apollo Global Management or KKR), but with a greater focus on owning and operating various businesses directly.

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• Asset Management Services: Provides investment management and advisory services to various public and private funds and managed accounts across multiple asset classes.
• Business Development Company (BDC) Management: Manages and holds a significant equity stake in Great Elm Capital Corp. (GECC), a publicly traded BDC that invests in debt and equity of middle-market companies.
• Real Estate Investment & Management: Engages in direct investment and management of commercial real estate properties and related ventures.
• Specialty Finance Investments: Deploys capital into a range of niche or structured credit and equity opportunities through various investment platforms.

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Great Elm Group, Inc. (GEG) is an alternative asset manager that manages capital for investors across various strategies, including private credit, opportunistic real estate, and special situations.

The company primarily serves investors who allocate capital to its managed funds. Great Elm does not publicly disclose the specific names of individual customer companies (e.g., specific pension funds or endowments) due to confidentiality and the nature of their investment relationships.

Instead, Great Elm identifies its customer base by the following categories of investors:

• Institutional Investors: This broad category includes entities such as pension funds, university endowments, and charitable foundations that seek professional management for their capital. These organizations invest in Great Elm's funds to meet their long-term financial objectives.
• Family Offices and Other Financial Institutions: Great Elm serves various private wealth management entities, including family offices, and other financial institutions looking to diversify their investment portfolios or gain exposure to alternative assets.
• High-Net-Worth Individuals (HNWIs): Affluent individuals who invest a significant portion of their wealth in Great Elm's specialized funds to achieve specific financial goals, often including capital preservation, income generation, or long-term growth.

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• Great Elm Capital Management, Inc.
• GEG Administrator LLC
• KPMG LLP
• Dechert LLP
• Computershare Limited (ASX: CPU)
• U.S. Bancorp (NYSE: USB)

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Jason W. Reese, Chairman and Chief Executive Officer
Mr. Reese has served as Chairman and Chief Executive Officer of Great Elm Group since May 5, 2023. He is the Co-Founder, Chairman, and Chief Executive Officer of Imperial Capital Asset Management, LLC (“ICAM”) and the Co-Founder of Imperial Capital, LLC, both established in 1997. ICAM is an investment advisor that has managed various hedge funds, investment partnerships, a private REIT, and a private equity fund. Mr. Reese is also a founding member of City Ventures, LLC, a California-based private home builder, established in 2009. Prior to Imperial Capital, he was a principal with Gordon Investment Corporation, a merchant banking firm, where he focused on investing in distressed real estate transactions, high yield securities, and leveraged buyouts. He also worked in the Corporate Finance Group at PaineWebber.

Keri A. Davis, Chief Financial Officer
Ms. Davis has been the Chief Financial Officer of Great Elm Group since May 15, 2023, and brings over twenty years of finance and accounting experience in the asset management sector. In addition to her role at GEG, she has served as Chief Financial Officer and Treasurer of Great Elm Capital Corp. (“GECC”) since March 2019. Before joining Great Elm, Ms. Davis was a Senior Manager in the Audit practice of PwC from 2005 to 2017, where she focused primarily on Asset Management clients.

Adam M. Kleinman, President
Mr. Kleinman serves as President of Great Elm. He is also GECC's Chief Compliance Officer and GECM's President, General Counsel, and Chief Compliance Officer. Previously, he was a Partner, Chief Operating Officer, and General Counsel of MAST Capital from 2009 to September 2017. Prior to MAST Capital, Mr. Kleinman was an associate in the Banking and Leverage Finance group at Bingham McCutchen LLP, where he represented financial institutions, hedge funds, and corporate borrowers in a range of commercial finance transactions.

Nichole Milz, Chief Operating Officer
Mrs. Milz has been the Chief Operating Officer of Great Elm Group since September 6, 2022. Before joining GEG, she spent 16 years at Magnetar Capital, holding various senior Operations, Finance, and Strategy roles, including Deputy Chief Operating Officer and ESG Officer of the Magnetar Energy and Infrastructure Group. Prior to Magnetar, Mrs. Milz spent four years at Citadel as Head of Capital Structure Analysis. She began her career in Assurance & Advisory Business Services at Ernst & Young.

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1. Dependence on Investment Performance and Valuation Fluctuations: Great Elm Group's financial health and operational results are fundamentally tied to the performance and valuation of its diverse investment portfolio, which includes various industries and vehicles such as SPACs. These investments are subject to decline in value, and significant investment or acquisition decisions may not require stockholder approval, meaning investors may not have the opportunity to assess their specific risks or merits prior to the company committing to them.
2. Intense Competition: Great Elm faces substantial competition from a wide array of larger and well-capitalized domestic and international organizations, including global asset managers, investment banks, commercial banks, private equity funds, sovereign wealth funds, and state-owned enterprises. This competitive landscape, alongside government regulation in specific industries, can adversely impact Great Elm's revenues and profitability.
3. Reliance on Key Personnel: The successful execution of Great Elm Group's growth strategy and the overall operation and profitability of its business are highly dependent on the continued efforts and expertise of its key personnel. The departure or loss of these critical individuals could severely and negatively affect the company's performance.

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Great Elm Group (GEG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its alternative asset management and real estate platforms:

1. Growth in Assets Under Management (AUM) and Fee-Paying AUM (FPAUM) within its Credit Platform: Great Elm Capital Corp. (GECC), a business development company managed by Great Elm Group, has been actively raising new capital through equity and debt issuances. This expansion of GECC's capital base directly increases GEG's fee-paying assets under management, leading to higher recurring management fees. For example, GECC raised approximately $76.6 million of new capital during fiscal year 2025.
2. Expansion and Performance of the Real Estate Platform, particularly Monomoy Construction Services (MCS) and Monomoy Build-to-Suit (BTS): The launch of Monomoy Construction Services (MCS) in fiscal 2025 created a new revenue stream, which the company anticipates will double its revenue in fiscal 2026. Revenue from build-to-suit property sales, such as the initial property sale that generated over $6 million in revenue in fiscal 2024, is also a significant contributor.
3. Increased Incentive Fees and Investment Income from Great Elm Capital Corp. (GECC): GECC's strong investment performance and record total investment income contribute directly to Great Elm Group's incentive fee revenue. For instance, incentive fees collected by Great Elm increased by 52% to approximately $4.1 million in fiscal 2025 due to GECC's performance.
4. Strategic Partnerships and Capital Raises: Great Elm Group has actively pursued strategic partnerships and capital raises to accelerate growth across its platforms. A transformational partnership with Kennedy Lewis Investment Management in July 2025 is expected to drive continued growth in its credit and real estate products. The company also completed over $100 million of capital raises across its credit and real estate platforms in July and August, positioning it for future growth.
5. Leveraging Balance Sheet for High-Value Investment Opportunities: The company emphasizes its ability to leverage its balance sheet and strategic relationships to source unique, high-value investment opportunities, as evidenced by strong returns from CoreWeave-related investments in fiscal 2025. This strategy allows GEG to generate additional income beyond its core fee-based services.

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Share Repurchases

• As of July 2025, Great Elm's Board of Directors authorized an additional $5 million for share repurchases, increasing the total repurchase program to $25 million with approximately $15.7 million remaining capacity.
• Through September 1, 2025, Great Elm repurchased approximately 5.1 million shares for $9.3 million at an average price of $1.85 per share.
• As of November 8, 2024, the company had repurchased approximately 2.5 million shares for $4.6 million, following an increase in authorization to $20 million.

Share Issuance

• In August 2025, Woodstead Value Fund purchased 4.0 million newly issued shares of Great Elm (GEG) common stock for $9.0 million.
• In August 2025, Great Elm Capital Corp. (GECC), a subsidiary managed by GEG, issued 1.3 million shares to an affiliate of Booker Smith for $15.0 million.
• During the fiscal year ended June 30, 2025, GECC raised approximately $76.6 million of new capital, including $13.2 million of equity, and launched a $100 million At-the-Market equity program.

Inbound Investments

• In July 2025, Great Elm announced a strategic partnership with Kennedy Lewis Investment Management (KLIM), in which KLIM purchased 4.9% of GEG's common stock.
• Also in July 2025, Kennedy Lewis provided up to $150 million in term loans to Monomoy REIT, a Great Elm entity, with $100 million drawn at closing to accelerate growth in its industrial real estate platform.
• In August 2025, Woodstead Value Fund made a strategic investment of $9.0 million by purchasing 4.0 million newly issued shares of GEG common stock.

Outbound Investments

• On January 3, 2023, Great Elm completed the sale of its DME (Durable Medical Equipment) business.
• As of September 30, 2025, Great Elm Capital Corp. (GECC) held a portfolio of 85 investments (66 debt, 19 equity) in 58 companies across 27 industries, with a total fair value of $325.1 million.
• During the quarter ended September 30, 2025, GECC deployed approximately $56.6 million into 36 investments.

Capital Expenditures

• Great Elm launched a vertically integrated Real Estate Ventures entity and Monomoy Construction Services, indicating investments in expanding its real estate platform.
• In July 2025, Great Elm received $100 million in term loans from Kennedy Lewis to accelerate growth across the Monomoy industrial real estate platform, which is consolidated under Great Elm Real Estate Ventures, LLC.