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Think of it as a specialized Enterprise Rent-A-Car for respiratory medical equipment (like CPAP machines and oxygen tanks), which also manages an investment fund.

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• Distribution of Respiratory Care Equipment: Great Elm distributes a range of respiratory medical devices, including PAP equipment, ventilators, oxygen equipment, and their replacement parts.
• Sleep Study Services: The company provides services for conducting and analyzing sleep studies.
• Medical Equipment Rental: Great Elm rents various types of medical equipment to its customers.
• Investment Management Services: The company offers professional services to manage investments.

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Great Elm Group, Inc. (GEG) primarily serves individuals through its durable medical equipment business, while also providing services to institutional and high-net-worth clients through its investment management segment.

The major customer categories for Great Elm (GEG) are:

1. Individual Patients Requiring Respiratory Care and Sleep Therapy: These are the direct end-users of Great Elm's durable medical equipment business. This category includes individuals diagnosed with conditions such as sleep apnea, chronic obstructive pulmonary disease (COPD), and other respiratory conditions who require equipment like CPAP machines, ventilators, oxygen concentrators, and related supplies. It also includes individuals seeking professional sleep study services.
2. Individual Patients Needing General Medical Equipment Rentals: This category comprises individuals who require the rental of various medical equipment for home use, often for short-term recovery post-hospitalization or for managing long-term health conditions.
3. Institutional Clients and High-Net-Worth Individuals: For its investment management services, Great Elm serves sophisticated investors. This category includes other investment funds, pension funds, endowments, family offices, and affluent individuals who seek professional management and advisory for their investment portfolios.

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• ResMed Inc. (Symbol: RMD)
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Jason W. Reese, Chairman and Chief Executive Officer

Jason W. Reese has served as the Chairman and Chief Executive Officer of Great Elm Group, Inc. since May 5, 2023. He is also the Executive Chairman of the Board of Directors of Great Elm Capital Corp. Mr. Reese co-founded Imperial Capital Asset Management, LLC ("ICAM") and Imperial Capital, LLC ("Imperial Capital") in 1997, serving as Chairman and Chief Executive Officer for ICAM. ICAM is an investment adviser managing various hedge funds, investment partnerships, a private REIT, and a private equity fund. During his tenure at Imperial Capital, Mr. Reese formed Monomoy Properties REIT, LLC in 2014, which focuses on the Industrial Outdoor Storage sector. He is also a founding member of City Ventures, LLC, a California-based private homebuilder, established in 2009. Prior to founding Imperial Capital, Mr. Reese was a Principal with Gordon Investment Corporation, a merchant banking firm, where he focused on investing in distressed real estate, high-yield securities, and leveraged buyouts.

Keri A. Davis, Chief Financial Officer

Keri A. Davis has been the Chief Financial Officer of Great Elm Group, Inc. since May 15, 2023. Additionally, she has served as the Chief Financial Officer and Treasurer of Great Elm Capital Corp. ("GECC") since March 2019. Before these roles, Ms. Davis was the SEC Reporting Manager for both Great Elm Group, Inc. and GECC. Her previous experience includes working as a Senior Manager in the Audit practice at PwC.

Adam M. Kleinman, President

Adam M. Kleinman has served as the President of Great Elm Group, Inc. since March 21, 2018. He also holds positions as GECC's Chief Compliance Officer and GECM's President, General Counsel, and Chief Compliance Officer. From 2009 to September 2017, Mr. Kleinman was a Partner, Chief Operating Officer, and General Counsel at MAST Capital. Earlier in his career, he was an associate in the Banking and Leverage Finance group at Bingham McCutchen LLP, where he advised financial institutions, hedge funds, and corporate borrowers on various commercial finance transactions, including syndicated debt financings, asset-based credit facilities, and debt workouts and restructurings.

Nichole Milz, Chief Operating Officer

Nichole Milz has been the Chief Operating Officer of Great Elm Group, Inc. since September 6, 2022. Before joining Great Elm Group, Inc., Mrs. Milz spent 16 years at Magnetar Capital, where she held several senior Operations, Finance, and Strategy positions.

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The key risks to Great Elm Group, Inc. (GEG) primarily stem from its core business in alternative asset management, following the sale of its durable medical equipment (DME) business in January 2023.

1. Significant Investment Losses and Portfolio Volatility: Great Elm Group faces substantial risks related to the performance and volatility of its investment portfolio. Recent financial reports indicate significant unrealized losses on investments, which have been a primary driver of net losses. This includes losses associated with its investments in Great Elm Capital Corp. (GECC) common stock and other related investments. The company operates in a demanding credit environment, and losses from portfolio restructurings have contributed to declines in Net Asset Value (NAV).
2. Intense Competition in Alternative Asset Management: The company operates within a highly competitive landscape in the alternative asset management industry. It faces competition from a wide array of larger and well-financed entities, including global asset managers, investment banks, commercial banks, and private equity funds. This competitive environment can impact Great Elm Group's ability to attract and retain capital, as well as generate management and incentive fees.
3. Exposure to Market Uncertainties and Economic Volatility: Great Elm Group is exposed to broader market uncertainties, economic volatility, and fluctuations in interest rates. These external factors can significantly impact the value of its investments, the availability and cost of capital, and overall business performance. Adverse economic conditions can increase funding costs and limit access to capital markets.

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Durable Medical Equipment

• The overall U.S. durable medical equipment market was estimated at USD 70.66 billion in 2025 and is projected to reach USD 108.73 billion by 2033, growing at a compound annual growth rate (CAGR) of 5.51% from 2026 to 2033.
• More specifically, the U.S. respiratory durable medical equipment (DME) market was valued at USD 4.01 billion in 2025 and is projected to reach USD 5.89 billion by 2033, with a CAGR of 4.93% from 2026 to 2033.
• The U.S. ventilators market was valued at USD 1.44 billion in 2025 and is predicted to increase to approximately USD 3.15 billion by 2035, demonstrating a CAGR of 8.14% from 2026 to 2035.
• The U.S. medical oxygen concentrators market was calculated at USD 380 million in 2025 and is predicted to grow to approximately USD 690 million by 2035, expanding at a CAGR of 6.15% from 2026 to 2035.

Sleep Study Services

• The U.S. sleep testing services market was valued at USD 7.93 billion in 2023 and is projected to reach USD 22.26 billion by 2032, with a CAGR of 12.15%.

Investment Management Services

• The U.S. asset management market generated a revenue of USD 115.63 billion in 2023 and is expected to reach USD 849.25 billion by 2030, growing at a CAGR of 34.6% from 2024 to 2030.

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Here are 3-5 expected drivers of future revenue growth for Great Elm (GEG) over the next 2-3 years:

1. Growth in Fee-Paying Assets Under Management (AUM): Great Elm Group's revenue growth is significantly tied to the increase in fee-paying assets under management across its alternative asset management platform, particularly from Great Elm Capital Corp. (GECC) and Monomoy Properties REIT. The company consistently emphasizes its focus on growing fee-paying AUM.
2. Incentive Fees from Great Elm Capital Corp. (GECC): GEG has been realizing consistent incentive fees from GECC due to GECC's strong performance and net investment income, and management anticipates the continued collection of these fees, contributing to GEG's profitability.
3. Expansion of the Real Estate Platform: The growth of the Monomoy Properties REIT, through the addition of properties to its portfolio and the successful completion of build-to-suit development projects, is a key revenue driver. Recent activities include closing on new properties and the acquisition of Greenfield CRE to form Monomoy Construction Services.
4. Launch of New Investment Funds and Strategic Partnerships: Great Elm is actively focused on expanding its alternative asset management platform by introducing new investment funds, such as the Great Elm Credit Income Fund (GECIF), which focuses on direct lending, syndicated credit, and special situations. The company also evaluates strategic mergers and acquisitions (M&A) opportunities and forms strategic partnerships to further diversify and scale its offerings.

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Share Repurchases

• In July 2025, Great Elm's Board of Directors authorized an increase in the company's stock repurchase plan from $20 million to $25 million.
• Through February 3, 2026, Great Elm repurchased approximately 6.4 million shares for $12.7 million.
• As of February 3, 2026, approximately $12.3 million of authorized capacity remained under the repurchase program.

Share Issuance

• In July 2025, Kennedy Lewis Investment Management (KLIM) purchased approximately 1.4 million shares of GEG common stock at $2.11 per share as part of a strategic partnership.
• Great Elm granted various restricted stock awards to directors and officers between September 2025 and March 2026, including 26,531 shares to a director on January 8, 2026, and 27,022 shares to Jason W. Reese on March 3, 2026.

Inbound Investments

• In July 2025, Great Elm established a strategic partnership with Kennedy Lewis Investment Management (KLIM), which included KLIM providing up to $150 million in leverageable capital to Monomoy REIT.
• Capital investments by Woodstead Value Fund, L.P. were reported through SEC filings.

Outbound Investments

• Great Elm made an initial CoreWeave-related investment of $5.0 million, which had generated distributions exceeding the original investment by November 11, 2025.
• On February 4, 2025, the company completed a Merger/Acquisition with Greenfield CRE.
• Through its Monomoy BTS subsidiary, Great Elm engaged in build-to-suit development properties, with one such property sold in June 2024 and another commencing a lease in December 2024.

Capital Expenditures

• Great Elm's capital expenditures have primarily focused on real estate development through its Monomoy BTS subsidiary.
• By December 31, 2025, the Monomoy BTS subsidiary completed its third build-to-suit project in Florida, which then commenced active marketing.
• These real estate developments involve acquiring land parcels and constructing improvements for subsequent sale or lease.