Great Elm Group, Inc.

Listed Company

GEGCIK 0001831096NasdaqNon-AcceleratedSmaller ReportingServices-Prepackaged SoftwareDelawareFY ends Jun 30

Period

FY 2025

Revenue

$16.32M

Net Income

$12.89M

Total Assets

$153.94M

Equity

$70.32M

Shares Out

32.74M

Op. Cash Flow

$-9.01M

Business

Great Elm Group, Inc. is an alternative asset manager focused on building a diversified portfolio of long‑duration and permanent capital vehicles across credit, real estate and specialty finance. It provides investment management to private funds and investment vehicles, earning management, property, incentive and administration fees and holding equity interests in affiliated vehicles. Key segments include its registered investment adviser and fund management operations, UpREIT management, and a build‑to‑suit land leasing and development subsidiary. The company operates in the United States and distributes services through management agreements, property leases and institutional channels.

Summary from filing dated 2025-09-02

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Revenues	16	18	9	5	—
Cost of revenues	1	6	—	—	—
Investment management expenses	15	11	10	7	—
Depreciation and amortization	1	1	1	524,000	2
Selling, general and administrative	7	8	8	6	6
Expenses of Consolidated Funds	59,000	53,000	46,000	135,000	75,000
Total operating costs and expenses	23	20	20	—	—
Operating loss	−8	−8	−11	−9	−4
Dividends and interest income	6	8	6	3	3
Net realized and unrealized gain	17	2	15	—	—
Net realized and unrealized gain on investments of Consolidated Funds	3	233,000	−16,000	—	—
Interest and other income of Consolidated Funds	2	829,000	—	—	—
Interest expense	−4	−4	−6	−6	−5
(Loss) income before income taxes from continuing operations	16	−800,000	15	−19	−7
Income tax benefit (expense)	−100,000	−100,000	−200,000	−83,000	−2
Net (loss) income from continuing operations	16	−942,000	14	−19	−9
Net income from discontinued operations	0	16,000	13	4	649,000
Net (loss) income	16	−926,000	28	−15	−8
Less: net income attributable to non-controlling interest, continuing operations	3	462,000	−2	684,000	−648,000
Net (loss) income attributable to Great Elm Group, Inc.	13	−1	28	−15	−7
Basic (per share)	0.47	−0.05	0.95	−0.56	−0.28
Diluted (per share)	0.38	−0.05	0.73	−0.56	−0.28
Basic (shares)	28	30	29	27	26
Diluted (shares)	39	30	41	27	26

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-12-31	FY 2022 2022-06-30
Cash and cash equivalents	31	48	60	—	22
Restricted cash	0	2	—	—	—
Investments in marketable securities	0	10	25	—	—
Investments, at fair value	61	45	33	—	48
Prepaid and other current assets	3	1	717,000	—	665,000
Real estate assets, net	9	6	—	—	—
Assets of Consolidated Funds - Cash and cash equivalents	4	2	—	—	—
Assets of Consolidated Funds - Investments, at fair value	14	11	—	—	2
Assets of Consolidated Funds - Other assets	227,000	253,000	—	—	—
Total current assets	138	128	123	—	84
Identifiable intangible assets, net	12	11	12	—	13
Goodwill	440,000	0	—	—	52
Right-of-use asset	2	225,000	497,000	—	733,000
Other assets	2	2	143,000	—	103,000
Total assets	154	140	136	—	168
Accrued expenses and other current liabilities	8	7	5	—	4
Current portion of lease liabilities	355,000	137,000	359,000	—	341,000
Liabilities of Consolidated Funds - Payable for securities purchased	96,000	100,000	—	—	—
Liabilities of Consolidated Fund - accrued expenses and other	172,000	162,000	—	—	11,000
Total current liabilities	10	8	7	—	20
Lease liabilities, net of current portion	1	57,000	142,000	—	472,000
Long-term debt (face value $26,945)	26	26	26	—	26
Convertible notes (face value $35,063 and $35,494, including $16,993 and $16,174 held by related parties, respectively)	35	35	37	—	35
Other liabilities	1	845,000	669,000	—	908,000
Total liabilities	73	70	72	—	126
Commitments and Contingencies (Note 17)	—	—	—	—	—
Preferred stock, $0.001 par value; 5,000,000 authorized and zero outstanding	—	—	—	—	—
Common stock, $0.001 par value; 350,000,000 shares authorized and 27,630,305 shares issued and 26,552,948 outstanding at June 30, 2025; and 31,875,285 shares issued and 30,494,448 outstanding at June 30, 2024	25,000	30,000	30,000	—	29,000
Additional paid-in-capital	3,310	3,316	3,315	—	3,313
Accumulated deficit	−3,240	−3,253	−3,252	—	−3,279
Total Great Elm Group, Inc. stockholders' equity	70	63	64	—	33
Non-controlling interests	10	7	—	3	7
Total stockholders' equity	81	70	64	—	40
Total liabilities and stockholders' equity	154	140	136	—	168

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Net proceeds from sale of real estate	0	6	—	—	—
Gain on sale of real estate	−109,000	−1	—	—	—
Depreciation and amortization	1	1	1	524,000	9
Stock-based compensation	2	2	3	3	2
Unrealized gain on investments	−16	−39,000	−11	−623,000	−292,000
Realized loss on investments	−396,000	79,000	−4	8	137,000
Realized gain on Convertible Notes	−467,000	−2	—	—	—
Non-cash interest and amortization of capitalized issuance costs	2	2	2	2	2
Deferred tax expense	216,000	0	—	—	—
Change in fair value of contingent consideration	−6,000	−498,000	783,000	−121,000	−126,000
Other non-cash (income) expense, net	1	−246,000	470,000	2	2
Purchase of investments by Consolidated Funds	−5	−12	—	−19	−31
Proceeds from principal payments of Consolidated Funds	5	879,000	2	—	—
Amortization of premium and accretion of discount, net	−93,000	−32,000	—	—	—
Net realized and unrealized gain on investments	−3	−178,000	16,000	—	—
Receivables from managed funds	−6	1	−1	−876,000	−606,000
Prepaid and other assets	−2	−2	266,000	179,000	−3
Real estate under development	−3	−8	−2	—	—
Lease Liabilities	43,000	−35,000	−77,000	−22,000	−2
Related party payables	−370,000	−1	—	486,000	—
Accounts payable, accrued expenses and other liabilities	1	2	1	305,000	4
Cash and cash equivalents	−2	−2	—	—	—
Other assets	26,000	−253,000	746,000	—	—
Accrued expenses and other liabilities	−5,000	162,000	77,000	—	—
Net cash provided by (used in) operating activities - continuing operations	−9	−16	−3	17	−21
Net cash provided by (used in) operating activities	−9	−16	−2	29	−19
Purchases of investments in held-to-maturity securities	−7	−49	—	—	—
Proceeds from settlement of held-to-maturity investments	18	65	—	—	—
Purchases of investments	0	−20	−3	—	—
Proceeds from settlement of trading securities	29,000	0	—	—	—
Investments in portfolio funds	−4	0	—	—	—
Acquisition of business	−3	0	—	−1	−748,000
Related party loan receivable	−8	0	—	—	—
Redemption of investments	4	0	—	—	—
Sales of investments	0	7	27	5	35,000
Other	−376,000	−18,000	−53,000	—	—
Net cash provided by (used in) investing activities - continuing operations	−1	3	17	−33	−20
Net cash provided by (used in) investing activities - discontinued operations	0	−947,000	67	−7	4
Net cash provided by (used in) investing activities	−1	2	84	−40	−15
Net contributions to (distributions from) non-controlling interests in Consolidated Funds	223,000	7	—	27,000	5
Redemption of Convertible Notes	−2	−2	—	—	—
Stock repurchases	−7	−2	—	—	—
Net cash provided by (used in) financing activities - continuing operations	−9	3	−42	10	21
Net cash provided by (used in) financing activities	−9	3	−48	10	18
Net increase (decrease) in cash and cash equivalents, including cash and cash equivalents classified within current assets held for sale	−19	−10	34	−787,000	—
Net change in cash, cash equivalents and restricted cash	−19	−10	38	4	−16
Cash paid for interest	2	2	4	4	3
Cash paid for taxes	139,000	192,000	—	—	—
Non-cash contribution to Consolidated Funds	0	389,000	—	—	—
Lease liabilities and right of use assets arising from operating leases	2	0	167,000	543,000	1

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