Great Elm Group Earnings Call Transcripts
Fiscal Year 2026
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Fiscal 2026 featured strong revenue growth and operational progress, but significant mark-to-market losses from GECC investments led to lower net income. Real estate and alternative credit segments showed momentum, and liquidity remains robust for future growth.
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Fiscal Q3 2026 saw revenue growth but a larger net loss due to unrealized losses in GECC holdings. Strategic deleveraging, portfolio rotation, and robust real estate activity were highlights, while share repurchases continued amid sector volatility.
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Fiscal Q2 2026 saw a net loss of $16.5 million due to significant unrealized losses from market volatility, especially in BDC and CoreWeave investments. Despite this, fee-paying AUM grew 4% year-over-year, and liquidity remains strong to support future growth.
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Revenue more than doubled year-over-year to $10.8 million, driven by property sales and AUM growth. Despite a net loss from unrealized investment losses, capital raising and platform expansion continued, with a strong cash position and expanded buyback program.
Fiscal Year 2025
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Record net income and book value growth were achieved, driven by strong credit and real estate performance, strategic capital raises, and new partnerships. Unrealized gains from CoreWeave and the launch of Monomoy Construction Services contributed significantly to results.
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A strategic partnership with Kennedy Lewis brings significant capital, board representation, and expertise to accelerate expansion in the industrial real estate sector. The collaboration targets $1 billion in assets and $100 million in revenue by 2030, with a potential IPO for Monterey REIT.
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Q3 2025 saw 15% revenue and AUM growth, driven by real estate and credit platforms, despite a net loss from unrealized investment declines. Strategic acquisitions and a robust share buyback program support future growth, with strong liquidity to capitalize on market opportunities.
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Revenue grew 24% year-over-year to $3.5 million, with net income from continuing operations of $1.4 million and fee-paying AUM up 17%. Strategic acquisitions and a strong balance sheet support continued growth in credit and real estate platforms.
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Revenue grew 21% year-over-year to $4 million, with net income from continuing operations at $3 million. Fee-paying assets under management rose 21% to $545 million, and the company maintains strong liquidity and expanded its stock repurchase program.
Fiscal Year 2024
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Fiscal Q4 revenue tripled year-over-year to $9 million, driven by property sales and strong asset management growth. AUM reached $749 million post-July capital raise, with adjusted EBITDA at $1.2 million and improved capital structure through debt and equity repurchases.