GEG

This article first appeared on GuruFocus. Revenue: Fiscal fourth quarter revenue was $10.6 million, an 88% increase from $5.6 million in the prior year period. Net Income: Fourth quarter net income was approximately $1.1 million, compared to $13.6 million in the prior year period, primarily due to lower net unrealized gains on investments. Adjusted EBITDA: Approximately $0.3 million for the quarter, compared to $1.5 million in the prior year period. Fee-Paying AUM: Approximately $590 million as of June 30, 2026, up 7% from the prior year period. AUM: Approximately $771 million as of June 30, 2026, up 2% from the prior year period. Cash and Cash Equivalents: Approximately $53.5 million at fiscal year-end. Monomoy CRE Fees: Approximately $1.1 million in investment and property management fees during the fourth quarter, up 29% year-over-year; full-year fees totaled approximately $3.9 million, up 19%. Monomoy Construction Services Revenue: Approximately $0.4 million during the fourth quarter. Share Repurchases: Approximately 265,000 shares repurchased in the fourth quarter at an average price of $2.18 per share; cumulative repurchases since inception total approximately 8.1 million shares for $16.1 million at an average price of approximately $2 per share. Warning! GuruFocus has detected 5 Warning Signs with GEG. Is GEG fairly valued? Test your thesis with our free DCF calculator. Release Date: August 27, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Fee-paying AUM increased 7% to approximately $590 million, with nearly $400 million of gross capital raised during fiscal 2026. Monomoy REIT achieved a record fourth quarter for capital deployments, completing six acquisitions totaling approximately $34 million in committed capital. GECC's net assets increased approximately 3% sequentially in Q4, with less than 1% of investments on non-accrual status. GECC strengthened its capital structure by retiring all 2026 notes and extending its credit facility maturity to 2029, with no debt maturities until then. The company repurchased shares for the 11th consecutive quarter, with nearly $24 million remaining under its buyback authorization. GECC's stock price declined nearly 50% during fiscal 2026, from $10.67 to $5.45, with its discount to NAV widening from 12% to 31%. The company reported a fiscal year loss due to significant mark-to-market losses on GECC-related investments. Adjusted EBITDA for Q4 fell to approximately $0.3 million, down from $1.5 million in the prior year period. Monomoy Construction Services had a slower ramp than anticipated, generating only $0.4 million in Q4 revenue. Net income for Q4 dropped to $1.1 million from $13.6 million in the prior year, primarily due to lower unrealized gains. Q: What were the primary drivers of Great Elm Group's (NASDAQ:GEG) fiscal 2026 financial performance, and what is the outlook for fiscal 2027?A: Jason Reese, CEO, stated that fiscal 2026 was a year of meaningful progress across the platform, but this was overshadowed by significant mark-to-market losses primarily from investments in GECC and related vehicles. GECC's stock price declined nearly 50% from $10.67 to $5.45, and its discount to NAV widened from 12% to 31%. Despite this, GEG raised nearly $400 million in gross capital, grew fee-paying AUM by 7% to approximately $590 million, and exited the year with strong momentum in real estate and alternative credit. For fiscal 2027, priorities include growing AUM and fee-related earnings, scaling platforms, improving investment performance, and selectively pursuing new opportunities. Q: What specific actions are being taken to improve GECC's performance and capital structure?A: Jason Reese, CEO, detailed that he assumed a more active leadership role at GECC, becoming Executive Chairman in March and CEO in May. Priorities include protecting and growing NAV, generating sustainable income, and maintaining disciplined capital allocation. During Q4, GECC's net assets increased 3% sequentially, with less than 1% of investments on non-accrual. GECC retired all $18.6 million of 2026 notes, extended its revolver maturity to 2029, and called an additional $6.5 million of high-cost debt post-quarter. GECC also maintained approximately $39 million of revolver availability, and Great Elm waived $3.7 million in incentive fees during fiscal 2026 to support GECC shareholders. Q: How did the real estate segment, particularly Monomoy, perform and what is its growth trajectory?A: Jason Reese, CEO, highlighted real estate as a key strength. Monomoy REIT had a record Q4 for capital deployments, completing six acquisitions totaling approximately $34 million in committed capital. The remaining $50 million under the $150 million Kennedy Lewis strategic financing was drawn to fund this growth. Monomoy CRE generated $1.1 million in property management fees in Q4, up 29% year-over-year, and $3.9 million for the full year, up 19%. Monomoy BTS sold its third development property for a $0.9 million gain and commenced a fourth project, while Monomoy Construction Services is ramping with a developing pipeline. Q: What is the status of GEG's capital allocation strategy, specifically regarding share repurchases?A: Jason Reese, CEO, confirmed that GEG repurchased shares for the 11th consecutive quarter, buying approximately 265,000 shares at an average price of $2.18 in Q4. Since the program's inception in 2023, GEG has repurchased about 8.1 million shares for $16.1 million. The Board has authorized up to $40 million in total repurchases, leaving nearly $24 million in capacity. The company will continue to evaluate repurchases against other investment opportunities to maximize risk-adjusted returns for shareholders. Q: Can you provide details on the financial results for the fourth quarter and full year?A: Keri Davis, CFO, reported Q4 revenue of $10.6 million, an 88% increase year-over-year. Net income for the quarter was approximately $1.1 million, compared to $13.6 million in the prior year period, primarily due to lower net unrealized gains. Adjusted EBITDA was $0.3 million versus $1.5 million in the prior year. Fee-paying AUM and total AUM were approximately $590 million and $771 million, respectively, as of June 30, 2026, representing increases of 7% and 2% year-over-year. The company ended the fiscal year with approximately $53.5 million in cash. Q: What is the current status of the WE-related investment and its contribution to value creation?A: Jason Reese, CEO, noted that the WE-related investment continued to create value. Since April 1, GEG received approximately $3 million in distributions, bringing cumulative distributions to approximately $8.6 million against an original $5 million investment. The company also recognized a $2.1 million net gain on the investment during Q4 and retains meaningful upside potential. Q: How is GEG positioned to capitalize on growth opportunities in its alternative credit business?A: Jason Reese, CEO, explained that GECC is exploring opportunities to expand its investment strategy and enhance its value proposition. The focus is on a stronger portfolio, improved capital structure, and a disciplined investment approach. GECC sourced and selectively deployed capital into new private investments with attractive risk-adjusted returns. The alignment of interests is reinforced by Great Elm Capital Management waiving incentive fees, which totaled $3.7 million for fiscal 2026. Q: What is the outlook for Monomoy Construction Services, which had a slower ramp?A: Jason Reese, CEO, acknowledged that Monomoy Construction Services generated only $0.4 million in revenue during Q4, which was slower than anticipated. However, management is encouraged by its developing pipeline with core tenants, ILS prospects, and expanding consulting and pre-development relationships. The company believes this business is part of a differentiated, fully integrated real estate platform with substantial opportunity for additional scale. Q: What is GEG's overall financial flexibility and liquidity position entering fiscal 2027?A: Keri Davis, CFO, confirmed that GEG ended June with approximately $53.5 million in cash and equivalents. This strong liquidity position provides substantial financial flexibility to support growth initiatives across the platform, including investments in existing businesses, pursuit of new opportunities, and continued disciplined capital allocation. Jason Reese added that this capacity allows GEG to invest where it can generate the best risk-adjusted returns. Q: What are the key priorities and strategic focus for Great Elm Group in fiscal 2027?A: Jason Reese, CEO, outlined clear priorities for fiscal 2027: continue growing AUM and fee-related earnings, scale the real estate and alternative credit platforms, improve the performance and value of existing investments, and selectively pursue new opportunities where GEG's capital, relationships, and operating capabilities provide an advantage. The overarching objective is to translate operational progress into stronger, more consistent financial performance and long-term value for shareholders. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Great Elm Group, Inc.? Here are five stocks we like better. Fourth-quarter revenue surged 88% year over year to $10.6 million, but net income fell to approximately $1.1 million and adjusted EBITDA declined to $0.3 million due largely to mark-to-market losses on GECC-related investments. GECC weighed on performance as its share price fell nearly 49% and its discount to NAV widened to about 31%; however, Great Elm said GECC improved sequentially, extended debt maturities to 2029 and maintained less than 1% non-accrual investments. The real estate platform continued expanding, with Monomoy REIT completing six acquisitions, fee revenue rising 29% year over year and Great Elm ending the year with $53.5 million in cash plus nearly $24 million remaining under its share-repurchase authorization. Great Elm Group (NASDAQ:GEG) reported higher fourth-quarter revenue for fiscal 2026 but said results were weighed down by mark-to-market losses tied primarily to its investments in Great Elm Capital Corp. and related vehicles. Fourth-quarter revenue rose 88% year over year to $10.6 million from $5.6 million, Chief Financial Officer Keri Davis said. Net income was approximately $1.1 million, compared with $13.6 million in the prior-year period, reflecting lower unrealized investment gains. Adjusted EBITDA was about $0.3 million, down from $1.5 million a year earlier. → Quantum Computing Is Raising the Stakes for Cybersecurity: 5 Stocks to Watch Chief Executive Officer Jason Reese said the company made operational progress during the year despite the reported loss. Great Elm and its managed vehicles raised nearly $400 million of gross capital during fiscal 2026, while fee-paying assets under management increased 7% to about $590 million. Total AUM was approximately $771 million at June 30, up 2% from the prior-year period. Reese said Great Elm Capital Corp., or GECC, was the primary source of the company’s investment-related volatility. GECC’s share price declined from $10.67 to $5.45 over the fiscal year, while its discount to net asset value widened to approximately 31% from about 12%. GECC’s NAV was $7.95 per share as of June 30. → NVIDIA Reveals $21 Billion SpaceX Stake: Signal of Confidence or Circular Financing? Reese, who became executive chairman of GECC’s board in March and its CEO in May, said the company’s priorities are to protect and grow NAV, generate sustainable income, and maintain underwriting and capital-allocation discipline. During the fourth quarter, GECC’s net assets increased approximately 3% sequentially, portfolio performance improved, and less than 1% of investments were on non-accrual status at quarter-end, Reese said. GECC also retired all $18.6 million of notes maturing in 2026 and extended its revolving credit facility, leaving no debt maturities until 2029. After quarter-end, it called an additional $6.5 million of its highest-cost debt. → Berkshire Boosts Its Bet: This AI Hyperscaler Is Now a Top-3 Holding At June 30, GECC had approximately $39 million available under its revolving credit facility. Great Elm Capital Management waived about $0.9 million of GECC incentive fees during the fourth quarter, bringing fiscal-year waivers to approximately $3.7 million, or $0.26 per GECC share. Reese described real estate as an area of strength, citing growth supported by Great Elm’s partnership with Kennedy Lewis. Monomoy REIT completed six acquisitions in the fourth quarter representing about $34 million of committed capital, including estimated future capital expenditures and tenant-improvement commitments. The company also drew the remaining $50 million under its $150 million strategic financing arrangement with Kennedy Lewis during the quarter. Reese said the capital, along with property-level financings completed during the year, positions Monomoy REIT to continue expanding its industrial outdoor storage portfolio. Monomoy CRE generated approximately $1.1 million in investment and property-management fees during the fourth quarter, up about 29% from the prior-year period. Full-year fees totaled approximately $3.9 million, an increase of 19%. Elsewhere in real estate, Monomoy BTS sold its third development property in June for an approximately $0.9 million gain. The business began development on a fourth Texas project during the quarter and, after year-end, acquired a fifth property for roughly $3 million. Monomoy Construction Services generated approximately $0.4 million in fourth-quarter revenue, though Reese said its ramp had been slower than initially expected. Great Elm ended the fiscal year with approximately $53.5 million in cash and cash equivalents. Reese said the company views that liquidity as providing capacity to invest in existing businesses, pursue new opportunities and repurchase shares. The company repurchased approximately 265,000 shares in the fourth quarter at an average price of $2.18 per share, representing roughly 1% of shares outstanding at June 30. Since its repurchase program began in 2023, Great Elm has repurchased about 8.1 million shares for $16.1 million at an average price of approximately $2 per share. Its board has authorized up to $40 million in total repurchases, leaving nearly $24 million available. Great Elm also received approximately $3 million of distributions from its CoreWeave-related investment since April 1, bringing cumulative distributions to approximately $8.6 million against an original $5 million investment. The company recognized an approximately $2.1 million net gain on that investment in the fourth quarter. For fiscal 2027, Reese said Great Elm intends to grow AUM and fee-related earnings, scale its real estate and alternative-credit platforms, improve investment performance and selectively deploy capital into new opportunities. Great Elm Group (NASDAQ: GEG) is a closed-end investment company specializing in private credit and equity co-investments for U.S. middle-market companies. The firm's portfolio is composed primarily of senior secured loans, unitranche financing structures and selective equity interests, with an emphasis on providing flexible capital solutions for growth initiatives, refinancings, acquisitions and recapitalizations. Through a disciplined underwriting process, Great Elm Group evaluates opportunities across a diverse range of industry sectors, including healthcare, business services, manufacturing and consumer products. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Great Elm Group Q4 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

– Fiscal 2026 Net Loss of Approximately $35 Million, Driven Primarily by GECC Share Price Decline – – Fourth Quarter Total Revenue Increased 88% from the Prior-Year Period – – Nearly $400 Million of Gross Capital Raised in Fiscal 2026 – – Fee-Paying AUM and AUM Grew 7% and 2% from the Prior-Year Period to $590 Million and $771 Million, Respectively, as of June 30, 2026 – – Monomoy REIT Achieved Record Capital Deployment in the Fourth Quarter with Six Acquisitions and $34 Million of Committed Capital1 – – Monomoy BTS Sold Third Development Property in June 2026 for Approximately $0.9 Million Gain on Sale and Purchased Fifth Development Property in July 2026 – – GECC Delivered Improved NAV and Portfolio Performance During the Quarter While Continuing to Strengthen its Capital Structure Through Addressing Near Term Debt Maturities – – Strong, Liquid Balance Sheet with Over $53 Million of Cash and Equivalents Positions Company to Drive Continued Growth – – Repurchased Approximately 0.3 Million Shares, Roughly 1% of Shares Outstanding During the Fourth Quarter – Company to Host Conference Call at 8:30 a.m. ET on August 27, 2026 PALM BEACH GARDENS, Fla., Aug. 26, 2026 (GLOBE NEWSWIRE) -- Great Elm Group, Inc. (“we,” “our,” “GEG,” “Great Elm,” or “the Company”), (NASDAQ: GEG), an alternative asset manager, today announced financial results for its fiscal fourth quarter and year ended June 30, 2026. Management Commentary Jason Reese, Chief Executive Officer of the Company stated, “Fiscal 2026 was a year of meaningful progress across Great Elm’s platform, although that progress was overshadowed by significant unrealized losses primarily driven by our investments in GECC and GECC-related vehicles. These mark-to-market changes had a significant impact on our financial results and book value. Importantly, we exited the year with improving momentum across several of our businesses. We completed record capital raises of nearly $400 million across GEG and our managed vehicles and expanded our fee-paying assets under management. Our real estate platform was a particular area of strength. Monomoy REIT achieved record acquisition activity as we continued to scale our industrial outdoor storage (IOS) portfolio, supported by our strategic partnership with Kennedy Lewis. Monomoy BTS advanced its build-to-suit strategy, profitably selling its second and third design-build properties, advancing development of its fourth project, and acquiring its fifth property in July. While Monomoy Construction Services had a slower than expected ramp, we are encouraged by its growing pipeline, anchored by core tenants and new expanding relationships. Together, these businesses provide an integrated platform spanning construction, development, acquisitions and asset management, with significant opportunity to further scale. We also strengthened our alternative credit platform during the year. Despite portfolio setbacks early in the year and challenging market sentiment toward private credit, GECC maintained a disciplined investment approach, enhanced portfolio quality, and took important steps to strengthen its capital structure, including redeeming debt and extending the maturity of its revolving credit facility.  These actions leave GECC better positioned to pursue attractive investment opportunities and generate long-term, fee-related earnings. Our CoreWeave-related equity investment also continued to generate significant value. Since April 1, we have received approximately $3 million of distributions, bringing our total distributions since inception to $8.6 million, compared with our original $5.0 million investment, while retaining meaningful upside potential at current trading levels. Finally, we repurchased shares of our common stock for the eleventh consecutive quarter, reflecting our conviction in the intrinsic value of Great Elm, with nearly $24 million of capacity remaining under the repurchase program. While we are not satisfied with the reported loss for fiscal 2026, we enter fiscal 2027 with growing fee-paying assets, substantial liquidity and improving momentum across our operating businesses. We remain focused on disciplined capital deployment, expanding fee-related earnings and creating long-term value for our shareholders.” Fiscal Fourth Quarter 2026 and Recent Highlights Total revenue for the fourth quarter was $10.6 million, compared to $5.6 million for the prior-year period, an 88% increase. Net income was $1.1 million for the fourth quarter, compared to net income of $13.6 million in the prior-year period. Adjusted EBITDA for the fourth quarter was $0.3 million compared to $1.5 million in the prior-year period. During the fourth quarter 2026, Monomoy BTS sold its third development property for a gain of $0.9 million, continued development of its fourth property, and acquired its fifth property in July 2026. As of June 30, 2026, GEG had approximately $53.5 million of cash and cash equivalents on its balance sheet to support growth initiatives across its alternative asset management platform. GEG repurchased approximately 0.3 million shares in the fourth quarter, or roughly 1% of shares outstanding, at an average price of $2.18 per share. Full Fiscal Year 2026 Highlights Total revenue for fiscal 2026 was $27.8 million, compared to $16.3 million for fiscal 2025, representing an increase of approximately 70%. Since July 1, 2025, Great Elm and its managed vehicles raised approximately $393 million of gross capital across the Company's credit and real estate platforms, including capital provided through the strategic partnership with Kennedy Lewis Investment Management and the strategic investments from Woodstead Value Fund, L.P. and affiliates. GEG’s fee-paying assets under management (“FPAUM”) and assets under management (“AUM”) totaled approximately $590 million and $771 million, respectively, as of June 30, 2026. Net loss for fiscal 2026 was $(35.4) million, compared to net income of $12.9 million in the prior-year period. Adjusted EBITDA for fiscal 2026 was $(3.4) million, compared to $4.3 million for fiscal 2025. Great Elm maintained a strong and liquid balance sheet, ending fiscal 2026 with approximately $53.5 million of cash and cash equivalents as of June 30, 2026, providing substantial financial flexibility to support growth initiatives and disciplined capital allocation. GEG Business Highlights Alternative Credit GEG received management fees from GECC of $1.0 million for the fiscal fourth quarter ended June 30, 2026. In April 2026, Great Elm Capital Management, LLC (“GECM”) waived all accrued incentive fees for the quarter ended June 30, 2026, totaling $0.9 million, in addition to previously waiving all $2.8 million of accrued incentive fees through March 31, 2026. GECC paid $0.25 per share of dividends to shareholders in the quarter ended June 30, 2026. GECC's net assets grew approximately 2.7% from the prior quarter to $110.4 million as of June 30, 2026. GECC maintained substantial liquidity and continued to selectively deploy capital into investments that management believes offer attractive risk-adjusted returns and support improved long-term portfolio performance. Real Estate Great Elm Real Estate Ventures (“Real Estate Ventures”), formed in connection with the KLIM strategic partnership, consolidates Great Elm’s three real estate subsidiaries under a single entity. These subsidiaries include: Real Estate Ventures operates as a comprehensive, vertically-integrated real estate enterprise serving the IOS sector, experiencing significant growth and investment activity during fiscal 2026 MCRE received investment and property management fees of approximately $1.1 million, growing roughly 29% from the prior-year period. Monomoy REIT achieved record capital deployment during fiscal 2026, including substantial acquisition activity during the last quarter of the fiscal year. MCS completed its fifth full quarter of operations, generating $0.4 million of revenue in the quarter. Subsequent to quarter end, MBTS acquired a fifth build-to-suit site for approximately $3.0 million. Investments Great Elm recorded a net gain of $2.1 million from its CoreWeave-related equity investment during the fiscal fourth quarter of 2026, driven by market-based valuation changes. Unrealized losses on the Company’s investments in GECC common stock and SPVs related to GECC common stock totaled $(6.5) million and $(12.6) million respectively, for fiscal 2026. Stock Repurchase Program In the fiscal fourth quarter of 2026, GEG’s Board of Directors approved a $15 million increase to the Company’s stock repurchase program, authorizing the repurchase of up to $40 million in aggregate of its outstanding common stock in the open market. As of August 24, 2026, Great Elm has repurchased approximately 8.1 million shares at an average price of $2.00 per share, equating to $16.1 million since the initiation of the stock repurchase program, leaving approximately $23.9 million of remaining capacity under the program for future repurchases. Fiscal 2026 Fourth Quarter Conference Call & Webcast Information About Great Elm Group, Inc. Great Elm Group, Inc. (NASDAQ: GEG) is a publicly-traded, alternative asset manager focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. Great Elm Group, Inc. and its subsidiaries currently manage Great Elm Capital Corp., a publicly-traded business development company, and Monomoy Properties REIT, LLC, an industrial outdoor storage (“IOS”) focused real estate investment trust, in addition to other investments. Great Elm Group, Inc.’s website can be found at www.greatelmgroup.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 Statements in this press release 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”). Adjusted EBITDA is derived from methodologies other than in accordance with US GAAP. Great Elm believes that Adjusted EBITDA is an important measure for investors to use in evaluating Great Elm’s businesses. In addition, Great Elm’s management reviews Adjusted EBITDA as they evaluate acquisition opportunities. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it either in isolation from, or as a substitute for, analyzing Great Elm’s results as reported under US GAAP. Non-GAAP financial measures reported by Great Elm may not be comparable to similarly titled amounts reported by other companies. Included in the financial tables below is a reconciliation of Adjusted EBITDA to the most directly comparable US GAAP financial measure, net income from continuing operations. Endnotes1 Includes estimated future capital expenditures and tenant improvement commitments Media & Investor Contact:Investor Relations [email protected] Great Elm Group, Inc.Consolidated Balance Sheets Dollar amounts in thousands (except per share data) Great Elm Group, Inc.Consolidated Statements of Operations Dollar amounts in thousands (except per share data) Great Elm Group, Inc.Reconciliation from Net Income (Loss) to Adjusted EBITDA Dollar amounts in thousands

Interested in Great Elm Group, Inc.? Here are five stocks we like better. Great Elm reported a Q3 net loss of $13.5 million (vs. $4.5M year-ago), driven primarily by approximately $9.8 million of unrealized, non-cash losses tied to its holdings in Great Elm Capital Corp. and related SPVs; revenue was $3.4M and adjusted EBITDA was negative $1.6M. CEO Jason Reese has taken the helm at GECC and is prioritizing protecting and growing NAV; GECC has substantially delevered by calling/repurchasing near-term funded debt, expects no debt maturities until 2029, and has rotated into nearly 75% first‑lien corporate credit positions. Great Elm ended the quarter with strong liquidity—about $45.5 million in cash—and continued aggressive buybacks, repurchasing ~1.4M shares (>4% of shares outstanding) in the quarter as the board raised the repurchase authorization to $40 million (≈$24.4M remaining); its CoreWeave-related investment has returned $6.8M to date. Great Elm Group (NASDAQ:GEG) executives said the company made progress on strategic initiatives during its fiscal 2026 third quarter, while acknowledging a difficult market backdrop that pressured results through unrealized, non-cash losses tied largely to its exposure to Great Elm Capital Corp. (GECC), its publicly traded business development company. On the company’s May 7 earnings call, CEO Jason Reese said the quarter was “marked by heightened volatility across the BDC sector, driven by broader concerns around private credit quality,” and noted GECC “was not insulated from that volatility.” Great Elm reported approximately $9.8 million of unrealized losses in the quarter, “primarily related to our holdings in GECC common stock and related SPVs,” he said. → Berkshire Hathaway’s Record Cash Hoard: Why and What's Next? CFO Keri Davis reported fiscal third quarter revenue of $3.4 million, up from $3.2 million in the prior-year period, which she attributed primarily to “growth in MCS construction management fees.” The company posted a net loss of $13.5 million for the quarter versus a net loss of $4.5 million a year earlier. Davis said the change was “primarily driven by $9.8 million of unrealized losses, including consolidated funds,” with the majority associated with Great Elm’s investments in GECC common stock and related special purpose vehicles. → A Prada Payday: Is AMC Back in Style? Adjusted EBITDA was negative $1.6 million for the quarter, compared with positive $0.5 million in the prior-year period, Davis said. Management highlighted balance sheet liquidity as a key source of flexibility. Reese said Great Elm’s balance sheet “remains strong with over $45 million of cash and equivalents,” and Davis reported that as of March 31, 2026, the company held approximately $45.5 million of cash and cash equivalents “to deploy across our growing alternative asset management platform.” → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% Reese discussed leadership developments at GECC, saying he assumed the role of Executive Chairman in March “at an important inflection point,” and was appointed CEO on May 4. He described an updated near-term priority for the BDC: “We will protect and grow NAV first and secondarily create income.” During the quarter, Reese said GECC took steps aimed at strengthening its capital structure and improving portfolio quality. He stated the company “substantially delevered the capital structure by calling and repurchasing all near-term funded debt,” and expects GECC will soon have “no debt maturities until 2029,” which he said reduces near-term refinancing risk. Reese also said GECC advanced its portfolio rotation strategy by exiting certain investments and reallocating capital into “predominantly senior secured positions.” As a result, he said first lien investments now represent nearly 75% of GECC’s corporate credit portfolio, which he described as “the highest level in recent history.” On sourcing activity, Reese said GECC closed three transactions during the quarter sourced through institutional partners, closed another proprietary private investment in April, and expects to close additional investments in the near future. Reese said the Great Elm Credit Income Fund, launched in November 2023, “began an orderly wind down last quarter.” The company offered third-party investors an early redemption option, and Reese said “all have since exited the fund,” leaving Great Elm Group with an approximately $7 million investment at quarter end. He added that the fund generated a net return of over 20% from inception through March 31, 2026. In real estate, Reese said Great Elm Real Estate Ventures delivered another strong quarter, driven by continued execution across the Monomoy platform. He reported that Monomoy CRE generated approximately $1 million of investment and property management fees during the quarter, “growing more than 20% from the prior year period.” Reese also highlighted activity within Monomoy’s investment vehicles and development pipeline: Monomoy REIT closed on five acquisitions in the quarter, deploying approximately $28 million, and Reese said this surpassed its full-year 2025 acquisition activity. Monomoy BTS delivered a third development property in Florida to an investment-grade tenant, with rent commencing in March. The team advanced a fourth design-build project in Texas following a land acquisition, Reese said. Reese added that the real estate platform is building a “robust pipeline” of additional build-to-suit opportunities. He also noted Monomoy Construction Services completed its fourth full quarter of operations and added $0.7 million in total revenue. Outside its core platform, Reese said Great Elm’s CoreWeave-related investment “continues to perform well,” with cumulative distributions of $6.8 million to date, exceeding the company’s initial $5 million investment. He said management continues to see upside potential “based on current trading levels,” and pointed to CoreWeave’s recent stock price rebound and successful capital raises. On capital allocation, Reese said management believes Great Elm’s shares remain “materially undervalued” and continues to prioritize repurchases. The board approved a $15 million increase in the company’s stock repurchase program, bringing total authorization to $40 million. Reese said the quarter marked Great Elm’s 10th consecutive quarter of share repurchases. During the quarter, the company repurchased approximately 1.4 million shares—more than 4% of shares outstanding—at an average price of $2.04 per share. Through May 4, he said Great Elm had repurchased approximately 7.8 million shares at an average price of $2 per share, deploying $15.6 million since inception and leaving approximately $24.4 million of remaining capacity. No analysts asked questions during the call’s Q&A portion. In closing remarks, Reese said the company remains confident in its strategic direction, adding that Great Elm’s “credit and real estate platforms continue to execute,” and that management is taking “disciplined actions to position the platform for long-term success.” Great Elm Group (NASDAQ: GEG) is a closed-end investment company specializing in private credit and equity co-investments for U.S. middle-market companies. The firm's portfolio is composed primarily of senior secured loans, unitranche financing structures and selective equity interests, with an emphasis on providing flexible capital solutions for growth initiatives, refinancings, acquisitions and recapitalizations. Through a disciplined underwriting process, Great Elm Group evaluates opportunities across a diverse range of industry sectors, including healthcare, business services, manufacturing and consumer products. The article "Great Elm Group Q3 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

– Unrealized Loss of $9.8 Million on GEG’s Investments in the Quarter, Driven Primarily by GECC Share Price Volatility1 – – Fee-Paying AUM and AUM Totaled $528 Million and $744 Million, Respectively, as of March 31, 2026 – – Total Revenue Increased 7% from the Prior-Year Period – – Monomoy BTS Begins Development of Fourth Build-to-Suit Property – – Strong, Liquid Balance Sheet with Over $45 Million of Cash and Equivalents Positions Company to Drive Continued Growth – –Repurchased Approximately 1.4 Million Shares, Over 4% of Shares Outstanding – – Board Approved a $15 Million Increase to GEG’s Stock Repurchase Program, Bringing Total Authorization to $40 Million – Company to Host Conference Call at 8:30 a.m. ET on May 7, 2026 PALM BEACH GARDENS, Fla., May 06, 2026 (GLOBE NEWSWIRE) -- Great Elm Group, Inc. (“we,” “our,” “GEG,” “Great Elm,” or “the Company”), (NASDAQ: GEG), an alternative asset manager, today announced financial results for its fiscal third quarter ended March 31, 2026. Management Commentary Jason Reese, Chief Executive Officer of the Company stated, “We navigated a challenging fiscal third quarter against a backdrop of continued volatility and market negativity towards private credit. Results were primarily impacted by unrealized losses tied to movements in GECC’s share price. Nevertheless, we remain focused on prudent capital deployment and building momentum across our alternative asset management platform. At GECC, we took decisive actions to strengthen the balance sheet and enhance portfolio quality. Our focus remains on rigorous credit underwriting, increasing portfolio diversification, and adding cash-generative, secured credit investments. GECC maintains ample liquidity and is positioned for an improved trajectory and long-term performance. Within our real estate platform, Monomoy continues to drive growth and value creation. The business delivered strong operational execution during the quarter, supported by robust acquisition activity, an expanding development pipeline, and continued progress on strategic capital initiatives. Monomoy REIT closed five acquisitions during the quarter, surpassing total acquisition activity for all of calendar 2025, and continues to action a strong pipeline of attractive opportunities. We are actively exploring additional capital raising opportunities to grow the business. We also continue to source unique investments through our proprietary network. Our CoreWeave-related investment continues to perform well, with cumulative distributions exceeding our initial investment and meaningful upside potential remaining at current trading levels. Finally, we repurchased a significant amount of our common stock for the tenth consecutive quarter, underscoring our conviction in the business and our commitment to building shareholder value. Under our recently expanded stock repurchase program, approximately $25 million of capacity remains available. Looking ahead, we are focused on selectively deploying capital into compelling opportunities, growing assets under management and fee-related earnings, and delivering sustained long-term value for our shareholders.” Fiscal Third Quarter 2026 and Recent Highlights GEG’s fee-paying assets under management (“FPAUM”) and assets under management (“AUM”) totaled approximately $528 million and $744 million, respectively. FPAUM and AUM decreased by 7% and 3%, respectively, compared to the prior-year period. Total revenue for the third quarter was $3.4 million, compared to $3.2 million for the prior-year period, a 7% increase. Net loss was $(13.5) million for the third quarter, compared to net loss of $(4.5) million in the prior-year period. Increase in net loss primarily driven by unrealized losses associated with the Company’s investments in GECC common stock and SPVs related to GECC common stock. Adjusted EBITDA for the third quarter was $(1.6) million compared to $0.5 million in the prior-year period. As of March 31, 2026, GEG had approximately $45.5 million of cash and cash equivalents on its balance sheet to support growth initiatives across its alternative asset management platform. GEG repurchased approximately 1.4 million shares in the third quarter, or over 4% of shares outstanding, at an average price of $2.04 per share. Through May 4, 2026, Great Elm has repurchased approximately 7.8 million shares at an average price of $2.00 per share, equating to $15.6 million since the initiation of the stock repurchase program, leaving approximately $24.4 million of remaining capacity under the program for future repurchases. GEG Business Highlights Alternative Credit GECC’s Board of Directors appointed Jason Reese as Chief Executive Officer on May 4, 2026, following Mr. Reese’s appointment as Executive Chairman on March 2, 2026, to provide seasoned credit investment experience and active management oversight. GEG received management fees from GECC of $1.1 million for the fiscal third quarter ended March 31, 2026. In February 2026, Great Elm Capital Management, LLC (“GECM”) waived all accrued and unpaid incentive fees for GECC through March 31, 2026. Additionally, in April 2026, GECM waived all accrued and unpaid incentive fees for GECC through June 30, 2026. GECC paid $0.30 per share of dividends to shareholders in the quarter ended March 31, 2026. GECC’s investment team continued targeted portfolio reviews and credit optimization initiatives during the quarter. In Great Elm’s private credit strategy, the Great Elm Credit Income Fund, launched in November 2023, redeemed all third-party investors during the quarter, leaving the Company’s approximately $7.0 million investment at March 31, 2026. Real Estate Great Elm Real Estate Ventures (“Real Estate Ventures”), formed in connection with the KLIM strategic partnership, consolidates Great Elm’s three real estate subsidiaries under a single entity. These subsidiaries include: Monomoy CRE, LLC, an asset manager, including manager of Monomoy REIT (“MREIT”); Monomoy BTS, Corp. (“MBTS”), a build-to-suit development arm; and Monomoy Construction Services, LLC (“MCS”), a full-service procurement and construction manager. Real Estate Ventures operates as a comprehensive, vertically-integrated real estate enterprise serving the Industrial Outdoor Storage, or “IOS,” sector. MCRE received investment and property management fees of approximately $1.0 million, growing more than 20% from the prior-year period. MCRE is actively exploring additional capital raising opportunities to grow the business. Monomoy REIT closed on five acquisitions, deploying and committing approximately $28 million2, and continued value-add construction on existing properties. Additionally, MREIT closed $10.5 million three-year I/O property-level financing at an attractive interest rate. MBTS delivered to the tenant and commenced the lease for its third development property in Florida and purchased land to begin its fourth development project in Texas. MCS completed its fourth full quarter of operations, generating $0.7 million of revenue in the quarter. Investments Great Elm recorded an unrealized gain of $0.4 million from its CoreWeave-related investment during the fiscal third quarter of 2026, driven by market-based valuation changes. Subsequent to quarter end, Great Elm received an additional $1.0 million of distributions from its CoreWeave-related investment, bringing total distributions to date to approximately $6.8 million, well in excess of its $5.0 million original capital investment. Based on the closing price of CoreWeave’s common stock on May 5, 2026, the estimated value of GEG’s remaining investment is approximately $7.5 million, as of the date hereof. Unrealized losses on the Company’s investments in GECC common stock and SPVs related to GECC common stock totaled $2.8 million and $8.1 million, respectively, for the quarter ended March 31, 2026. Stock Repurchase Program In the fiscal third quarter of 2026, GEG’s Board of Directors approved a $15 million increase to the Company’s stock repurchase program, authorizing the repurchase of up to $40 million in aggregate of its outstanding common stock in the open market. As of May 4, 2026, the Company has repurchased approximately 7.8 million shares for $15.6 million, at an average price of $2.00 per share, leaving approximately $24.4 million of capacity remaining under the program for future repurchases. Fiscal 2026 Third Quarter Conference Call & Webcast Information About Great Elm Group, Inc. Great Elm Group, Inc. (NASDAQ: GEG) is a publicly-traded, alternative asset manager focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. Great Elm Group, Inc. and its subsidiaries currently manage Great Elm Capital Corp., a publicly-traded business development company, and Monomoy Properties REIT, LLC, an industrial outdoor storage (“IOS”) focused real estate investment trust, in addition to other investments. Great Elm Group, Inc.’s website can be found at www.greatelmgroup.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 Statements in this press release 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”). Adjusted EBITDA is derived from methodologies other than in accordance with US GAAP. Great Elm believes that Adjusted EBITDA is an important measure for investors to use in evaluating Great Elm’s businesses. In addition, Great Elm’s management reviews Adjusted EBITDA as they evaluate acquisition opportunities. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it either in isolation from, or as a substitute for, analyzing Great Elm’s results as reported under US GAAP. Non-GAAP financial measures reported by Great Elm may not be comparable to similarly titled amounts reported by other companies. Included in the financial tables below is a reconciliation of Adjusted EBITDA to the most directly comparable US GAAP financial measure, net income from continuing operations. Endnotes 1 Includes approximately $0.1 million of net realized and unrealized gain attributable to the Company’s investment in Consolidated Funds for the quarter ended March 31, 2026. 2 Includes estimated future capital expenditures and tenant improvement commitments. Media & Investor Contact: Investor Relations [email protected] Great Elm Group, Inc. Condensed Consolidated Balance Sheets Dollar amounts in thousands (except per share data) Great Elm Group, Inc. Condensed Consolidated Statements of Operations Dollar amounts in thousands (except per share data) Great Elm Group, Inc. Reconciliation from Net Loss to Adjusted EBITDA Dollar amounts in thousands

Company to Host Conference Call and Webcast at 8:30 AM ET on May 5, 2026 Jason Reese, Executive Chairman of the Board of Directors, Appointed as CEO of the Company GECC’s Investment Adviser Waives 2Q26 Incentive Fees, Following the Waiver of $2.8 Million, or $0.20 Per Share, of Accrued Incentive Fees through March 31, 2026 Net Investment Income (“NII”) of $0.36 Per Share in 1Q26 Grew Approximately 13% Quarter-over-Quarter NAV of $7.74 Per Share as of March 31, 2026 Called or Repurchased All $57.5 Million of GECCO Notes due June 2026, Leaving No Funded Debt Maturity Until 2029 Strong Liquidity Position with Approximately $10 Million of Cash and Equivalents, $50 Million of Revolving Credit Facility Availability, and Ample Liquid Assets as of March 31, 2026 Repurchased Approximately 1% of GECC's Outstanding Shares at an Average 36% Discount to March 31, 2026, NAV Board Declares $0.25 Per Share Distribution for 2Q26, Resulting in an Annualized Dividend Yield of 18% on GECC’s Closing Price as of May 1, 2026 PALM BEACH GARDENS, Fla., May 04, 2026 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,” “our,” the “Company” or “GECC”) (NASDAQ: GECC), a business development company, today announced its financial results for the first quarter ended March 31, 2026. Management Commentary Jason Reese, Chairman of the Board of Directors and Chief Executive Officer of the Company, stated, “I am honored to step into the role of CEO of GECC. In my first few months as Executive Chairman, I have focused on executing a clear mandate: Strengthening oversight, protecting shareholder value, and reinforcing accountability across the platform. The progress we have made this quarter reflects that commitment. We have brought greater rigor, transparency, and accountability to the platform, and I am encouraged by the direction of the portfolio and the quality of the team executing on our strategy. I would like to thank Matt Kaplan for his leadership during his tenure as CEO. Matt will continue in his role as Portfolio Manager. The Manager's decision to waive all accrued and unpaid incentive fees through the second quarter of 2026 demonstrates alignment with GECC shareholders. We remain focused on increasing net asset value, improving earnings quality, and positioning GECC for sustainable performance. With a strong foundation in place and continued discipline across credit underwriting and portfolio oversight, I am confident we are well-positioned to navigate the current market environment and deliver attractive, risk-adjusted returns to our investors. Our first quarter results exhibit meaningful progress in building a portfolio positioned for durable, long-term performance. At quarter end, GECC had less than 1% of investments on nonaccrual, a stark contrast to our peers. While capital deployment remained measured during the quarter given the historically tight spread environment, we expanded our private credit pipeline and further diversified the portfolio. We ended the period with ample liquidity, including meaningful cash on hand, full availability under our revolving credit facility, and a healthy base of liquid assets.” Recent Board Actions and Shareholder Returns GECC’s Board of Directors appointed Jason Reese as Chief Executive Officer on May 4, 2026, succeeding Matt Kaplan, following Mr. Reese’s appointment as Executive Chairman on March 2, 2026, to provide seasoned credit investment experience and active management oversight. Mr. Reese currently serves as Chairman and CEO of Great Elm Group, Inc. (NASDAQ: GEG), the parent of the Company’s investment adviser, Great Elm Capital Management, LLC (“GECM” or “Investment Adviser”). GECM waived all accrued incentive fees through June 30, 2026, in addition to previously waiving all $2.8 million, or $0.20 per share, of accrued incentive fees through March 31, 2026. The Company’s Board of Directors approved a quarterly dividend of $0.25 per share for the second quarter of 2026, equating to an 18% annualized yield on GECC’s May 1, 2026, closing price of $5.56. The Company’s Board of Directors authorized a stock repurchase program in October 2025, whereby the Company may opportunistically repurchase up to an aggregate of $10 million of its outstanding common shares. Through May 1, 2026, the Company repurchased approximately 0.1 million shares for $0.5 million, at an average price of $4.98 per share or a 36% discount to the Company’s NAV on March 31, 2026, leaving approximately $9.5 million of remaining capacity under the program for future repurchases. First Quarter and Recent Operating Highlights Total investment income (“TII”) for the quarter ended March 31, 2026, was $9.5 million, as compared to $12.6 million for the quarter ended December 31, 2025. GECC received $2.5 million of cash distributions from the CLO Formation JV, LLC (“CLO JV”) in the quarter ended March 31, 2026, as compared to $4.3 million in the quarter ended December 31, 2025, driven by the uneven cadence of CLO cash flows. Net investment income (“NII”) for the quarter ended March 31, 2026, was $5.0 million, or $0.36 per share, as compared to $4.4 million, or $0.31 per share, for the quarter ended December 31, 2025. NII increased, despite lower TII, primarily due to the benefit of the incentive fee waiver. Net assets were $107.5 million, or $7.74 per share, as of March 31, 2026, as compared to $112.9 million, or $8.07 per share, as of December 31, 2025. Unrealized losses, primarily resulting from mark-to-market volatility, drove the change in net assets, partially offset by realized gains and the positive impact of the incentive fee waiver. GECC recently called or repurchased all $57.5 million of GECCO notes, including calling the $18.6 million outstanding balance of the notes for redemption on May 27, 2026. GECC’s asset coverage ratio was 161.8% as of March 31, 2026, as compared to 158.1% as of December 31, 2025. Subsequent to quarter end, GECC received an additional $1.2 million distribution from its CoreWeave-related investment, bringing total distributions to date to approximately $8.1 million, well in excess of its $6.0 million original capital investment. Financial Highlights – Per Share Data Financial Review Total investment income for the quarter ended March 31, 2026, was $9.5 million, or $0.68 per share. Total expenses for the quarter ended March 31, 2026, were $7.4 million, or $0.53 per share, inclusive of excise tax expense. Net realized and unrealized losses for the quarter ended March 31, 2026, were approximately $5.7 million, or $0.41 per share, driven by unrealized depreciation in investments, primarily resulting from mark-to-market volatility, partially offset by net realized gains. Liquidity and Capital Resources As of March 31, 2026, cash and money market fund investments totaled approximately $10 million. In addition, GECC had $50 million of availability on its revolving line of credit (the “Revolver”) and approximately $4 million of liquid, exchange-traded assets as of March 31, 2026. As of March 31, 2026, total debt outstanding (par value) was $174.0 million, comprised of $18.6 million 5.875% senior notes due June 2026 (NASDAQ: GECCO), $56.5 million 8.50% senior notes due April 2029 (NASDAQ: GECCI), $41.4 million 8.125% senior notes due December 2029 (NASDAQ: GECCH), and $57.5 million 7.75% senior notes due December 2030 (NASDAQ: GECCG). Distributions The Company’s Board of Directors has approved a quarterly cash distribution of $0.25 per share for the quarter ending June 30, 2026, to be paid from distributable earnings. The second quarter distribution will be payable on June 30, 2026, to stockholders of record as of June 15, 2026. The distribution equates to an 18.0% annualized dividend yield on the Company’s closing market price of $5.56 on May 1, 2026, and a 12.9% annualized dividend yield on the Company’s March 31, 2026, NAV of $7.74 per share. Stock Repurchase Program The Company’s Board of Directors authorized a stock repurchase program in October 2025, whereby the Company may opportunistically repurchase up to an aggregate of $10 million of its outstanding common shares. The authorization represents approximately 12% of the Company’s market capitalization as of May 1, 2026. Through May 1, 2026, the Company has repurchased approximately 0.1 million shares for $0.5 million, at an average price of $4.98 per share or a 36% discount to the Company’s NAV on March 31, 2026, leaving approximately $9.5 million of remaining capacity under the program for future repurchases. Conference Call and Webcast GECC will discuss these results in a conference call at 8:30 a.m. ET on May 5, 2026. Conference Call Details To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode “GECC”. An accompanying slide presentation will be available in pdf format via the “Events and Presentations” section of Great Elm Capital Corp.’s website here after the issuance of the earnings release. Webcast The call and presentation will also be simultaneously webcast over the internet via the “Events and Presentations” section of GECC’s website or by clicking on the webcast link here. About Great Elm Capital Corp. GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses and CLOs. For additional information, please visit http://www.greatelmcc.com. Cautionary Statement Regarding Forward-Looking Statements Statements in this communication that are not historical facts are “forward-looking” statements within the meaning of the federal securities laws. These statements include statements regarding our future business plans and expectations. These statements are often, but not always, made through the use of words or phrases such as “expect,” “anticipate,” “should,” “will,” “estimate,” “designed,” “seek,” “continue,” “upside,” “potential” and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. The key factors that could cause actual results to differ materially from those projected in the forward-looking statements include, without limitation: conditions in the credit markets, our expected financings and investments, including interest rate volatility, inflationary pressure, the price of GECC common stock and the performance of GECC’s portfolio and investment manager. Information concerning these and other factors can be found in GECC’s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this communication or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Media & Investor Contact: Investor Relations [email protected] GREAT ELM CAPITAL CORP. STATEMENTS OF ASSETS AND LIABILITIES (unaudited) Dollar amounts in thousands (except per share amounts) GREAT ELM CAPITAL CORP. STATEMENTS OF OPERATIONS (unaudited) Dollar amounts in thousands (except per share amounts)

Company to Host Conference Call and Webcast at 8:30 AM ET on March 3, 2026 Jason Reese Appointed as Executive Chairman of the Board of Directors, Succeeding Matthew Drapkin and Fortifying the Board’s Management Oversight Mr. Drapkin Continues to Serve as Vice Chairman of Great Elm Group, Inc. - Remaining Engaged with GECC and Great Elm Capital Management, LLC, its Investment Adviser Platform Strengthened with Seasoned Credit Investor Chris Croteau Hired as Head of Research GECC’s Investment Adviser Waives All Accrued Incentive Fees as of December 31, 2025, Equating to Approximately $2.3 Million, or $0.16 Per Share, and 1Q 2026 Incentive Fees Waived as Well GAAP NAV of $8.07 Per Share as of December 31, 2025 Pro Forma NAV of $8.23 Per Share as of December 31, 2025, Reflects Waived Incentive Fees Adjustment Net Investment Income (“NII”) of $0.31 in 4Q 2025 Per Share Grew Over 50% Quarter-over-Quarter Strong Liquidity Position with Approximately $5 Million of Cash and Equivalents, $50 Million of Revolving Credit Facility Availability, and Ample Liquid Assets as of December 31, 2025 Repurchased $18.7 Million of GECCO notes due June 2026 to Date Leaving $38.8 Million Outstanding as of February 27, 2026 Call Notice Issued for $20 Million of GECCO Notes to be Redeemed on March 31, 2026 Board Declares $0.30 Per Share Distribution for the First Quarter of 2026, Resulting in an Annualized Dividend Yield of 19.2% as of February 27, 2026 PALM BEACH GARDENS, Fla., March 02, 2026 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (“we,” “our,” the “Company” or “GECC”) (NASDAQ: GECC), a business development company, today announced both its financial results for the fourth quarter and full year ended December 31, 2025, and the appointment of Jason Reese as Executive Chairman of the Board of Directors. Executive Chairman and Management Commentary Jason Reese, Executive Chairman of the Board of Directors of the Company stated, “First, I would like to sincerely thank Matt Drapkin for his leadership and dedication to GECC during his tenure on the Board. It is important to note that Matt will continue in his role as Vice Chairman of GEG, working closely with me to create value for both GEG and GECC shareholders. His commitment to the Company has helped position GECC for its next chapter, and we appreciate his meaningful contribution and service. I am honored to step into the role of Executive Chairman at GECC at this important time for the Company. GECC has a strong foundation, and I look forward to working closely with the Board and management team to build on that foundation with disciplined credit underwriting, active portfolio management, and a continued focus on long-term shareholder value. The Manager's decision to waive all accrued and unpaid incentive fees through the first quarter of 2026 reflects a clear commitment to alignment with GECC shareholders. We believe this action underscores our focus on enhancing net asset value, improving earnings quality, and positioning GECC for sustainable performance going forward. With decades of experience in credit investing and portfolio oversight, I am committed to bringing rigorous discipline, transparency, and accountability to GECC as we navigate today’s market environment and work to deliver attractive risk-adjusted returns for our investors.” Matt Kaplan, GECC’s Chief Executive Officer, stated, “Our fourth quarter results reflected a challenging credit environment, including realized and unrealized losses in select positions. We proactively managed the portfolio during the quarter, exiting certain underperforming investments. We ended the period with ample liquidity, and less than 1% of investments on nonaccrual, positioning us to prudently deploy capital into cash-generating opportunities through our proprietary network. In addition, our portfolio had a significantly underweight allocation to software businesses, which represented approximately 6% of total investments at year end and less than 4% at February 27, with our largest software-related position representing less than 1% of the portfolio. While capital deployment remained measured during the quarter, given historically tight spreads, we continued to expand our private credit pipeline, enhance portfolio credit quality, and further diversify the portfolio. Finally, last week, we called $20 million of our GECCO notes for redemption on March 31, 2026. This further bolsters our balance sheet and positions us to strategically address the remaining balance of the notes.” Recent Board Actions and Shareholder Returns GECC’s Board of Directors appointed Jason Reese as Executive Chairman effective today, succeeding Matthew Drapkin, to provide seasoned credit investment experience and active management oversight. Mr. Reese currently serves as Chairman and CEO of Great Elm Group, Inc. (NASDAQ: GEG), the parent of the Company’s investment adviser. Great Elm Capital Management, LLC (“GECM” or the “Investment Adviser”), GECC’s external investment adviser, waived all accrued incentive fees through March 31, 2026. As of December 31, 2025, there were approximately $2.3 million, or $0.16 per share, of accrued incentive fees recorded on GECC’s balance sheet. The Company’s Board of Directors approved a quarterly dividend of $0.30 per share for the first quarter of 2026, equating to a 19.2% annualized yield on GECC’s February 27, 2026, closing price of $6.26. In the fourth quarter of 2025, the GECC’s Board of Directors authorized a stock repurchase program, whereby the Company may opportunistically repurchase up to an aggregate of $10 million of its outstanding common shares. Fourth Quarter and Recent Operating Highlights Total investment income (“TII”) for the quarter ended December 31, 2025, was $12.6 million, as compared to $10.6 million for the quarter ended September 30, 2025. GECC received $4.3 million of cash distributions from the CLO Formation JV, LLC (“CLO JV”) in the quarter ended December 31, 2025, as compared to $1.5 million in the quarter ended September 30, 2025. Additionally, in the first quarter through March 2, 2026, GECC received $2.5 million of cash distributions from the CLO JV. Net investment income (“NII”) for the quarter ended December 31, 2025, was $4.4 million, or $0.31 per share, as compared to $2.4 million, or $0.20 per share, for the quarter ended September 30, 2025. NII quarter-over-quarter growth in excess of 50% was primarily driven by increased cash income from investments. Net assets were $112.9 million, or $8.07 per share, as of December 31, 2025, as compared to $140.1 million, or $10.01 per share, as of September 30, 2025. Unrealized losses comprised more than half of the change in net assets. Pro forma net assets, reflecting solely the impact of the incentive fee waiver as approved by the Company’s Investment Adviser, were $115.2 million, or $8.23 per share, as of December 31, 2025. GECC’s asset coverage ratio was 158.1% as of December 31, 2025, as compared to 168.2% as of September 30, 2025. Pro forma asset coverage ratio was approximately 166.0% as of December 31, 2025, reflecting the impact of the incentive fee waiver and called GECCO notes. Fourth Quarter and Other Recent Capital Activity In the fourth quarter of 2025, the Company repurchased approximately $18.5 million of the outstanding principal amount of its 5.875% senior notes due June 2026 (NASDAQ: GECCO) in open market transactions at prices at or below par, plus accrued interest. Furthermore, in the first quarter through February 27, 2026, GECC repurchased approximately $0.2 million of the outstanding principal amount of its GECCO notes at prices at or below par, plus accrued interest. Last week we issued a notice to call $20 million of GECCO notes on March 31, 2026, leaving less than $19 million outstanding as we exit 1Q 2026. Full Year Commentary During 2025, the Company took steps to improve portfolio credit quality and earnings durability by exiting higher-risk investments, reducing payment-in-kind income as a percentage of total investment income, and ending the year with non-accruals below 1% of the portfolio. We also strengthened our investment platform during the year with the addition of Chris Croteau as Head of Research. Mr. Croteau brings over 25 years of credit experience and has played a key role in portfolio development and underwriting. Financial Highlights – Per Share Data Portfolio and Investment Activity As of December 31, 2025, GECC held total investments of $298.3 million at fair value, as follows: 67 debt investments in corporate credit, totaling approximately $178.2 million, representing 59.7% of the fair market value of the Company’s total investments. Secured debt investments comprised a substantial majority of the fair market value of the Company’s debt investments. An investment in Great Elm Specialty Finance, totaling approximately $38.4 million, comprised of one debt investment of $25.3 million and one equity investment of $13.1 million, representing 8.5% and 4.4%, respectively, of the fair market value of the Company’s total investments. CLO investments, totaling approximately $47.9 million, representing 16.1% of the fair market value of the Company’s total investments. Five dividend-paying equity investments, totaling approximately $17.7 million, representing 5.9% of the fair market value of the Company’s total investments. Other equity investments, totaling approximately $16.1 million, representing 5.4% of the fair market value of the Company’s total investments. As of December 31, 2025, the weighted average current yield on the Company’s debt portfolio was 11.7% (1). Floating rate instruments comprised approximately 74% of the fair market value of debt investments and the Company’s fixed rate debt investments had a weighted average maturity of 1.8 years. During the quarter ended December 31, 2025, the Company deployed approximately $48.2 million into 32 investments (2) at a weighted average current yield of 8.1%. During the quarter ended December 31, 2025, the Company monetized, in part or in full, 46 investments for approximately $49.1 million (3), at a weighted average current yield of 9.3%. Monetizations include $18.2 million of mandatory debt repayments and redemptions at a weighted average current yield of 6.9%. Financial Review Total investment income for the quarter ended December 31, 2025, was $12.6 million, or $0.90 per share. Total expenses for the quarter ended December 31, 2025, were approximately $8.2 million, or $0.58 per share, inclusive of excise tax expense. Net realized and unrealized losses for the quarter ended December 31, 2025, were approximately $26.4 million, or $1.88 per share, with over 50% comprised of unrealized losses. Liquidity and Capital Resources As of December 31, 2025, cash and money market fund investments totaled approximately $5 million. In addition, GECC had $50.0 million of availability on its revolving line of credit (the “Revolver”) and approximately $11 million of liquid exchange-traded assets as of December 31, 2025. As of December 31, 2025, total debt outstanding (par value) was $194.4 million, comprised of $39.0 million 5.875% senior notes due June 2026 (NASDAQ: GECCO), $56.5 million 8.50% senior notes due April 2029 (NASDAQ: GECCI), $41.4 million 8.125% senior notes due December 2029 (NASDAQ: GECCH), and $57.5 million 7.75% senior notes due December 2030 (NASDAQ: GECCG). Distributions The Company’s Board of Directors has approved a quarterly cash distribution of $0.30 per share for the quarter ending March 31, 2026, to be paid from distributable earnings. The first quarter distribution will be payable on March 31, 2026, to stockholders of record as of March 16, 2026. The distribution equates to a 19.2% annualized dividend yield on the Company’s closing market price on February 27, 2026, of $6.26, and a 14.9% annualized dividend yield on the Company’s December 31, 2025, NAV of $8.07 per share. The distribution equates to a 14.6% annualized dividend yield based on the Company’s pro forma NAV as of December 31, 2025, adjusted for the impact of the incentive fee waiver. Stock Repurchase Program In the fourth quarter of 2025, the Company’s Board of Directors authorized a stock repurchase program, whereby the Company may opportunistically repurchase up to an aggregate of $10 million of its outstanding common shares. The authorization represents approximately 11% of the Company’s market capitalization as of February 27, 2026. Conference Call and Webcast GECC will discuss these results in a conference call at 8:30 a.m. ET on March 3, 2026. To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode “GECC”. An accompanying slide presentation will be available in pdf format via the “Events and Presentations” section of Great Elm Capital Corp.’s website here after the issuance of the earnings release. Webcast The call and presentation will also be simultaneously webcast over the internet via the “Events and Presentations” section of GECC’s website or by clicking on the webcast link here. About Great Elm Capital Corp. GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses and CLOs. For additional information, please visit http://www.greatelmcc.com. Cautionary Statement Regarding Forward-Looking Statements Statements in this communication that are not historical facts are “forward-looking” statements within the meaning of the federal securities laws. These statements include statements regarding our future business plans and expectations. These statements are often, but not always, made through the use of words or phrases such as “expect,” “anticipate,” “should,” “will,” “estimate,” “designed,” “seek,” “continue,” “upside,” “potential” and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. The key factors that could cause actual results to differ materially from those projected in the forward-looking statements include, without limitation: conditions in the credit markets, our expected financings and investments, including interest rate volatility, inflationary pressure, the price of GECC common stock and the performance of GECC’s portfolio and investment manager. Information concerning these and other factors can be found in GECC’s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this communication or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Endnotes: Media & Investor Contact: Investor Relations [email protected] GREAT ELM CAPITAL CORP. CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited) Dollar amounts in thousands (except per share amounts) GREAT ELM CAPITAL CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Dollar amounts in thousands (except per share amounts)