Great Elm Group Q1 FY2027 revenue falls to $3.34M
Monomoy REIT acquired four properties during the quarter, and Great Elm had $43.204 million in cash and cash equivalents at September 30, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Great Elm Group, Inc. reported fiscal 2027 first-quarter revenue of $3.338 million, down from $10.788 million a year earlier; the prior-year period included approximately $7.4 million from a build-to-suit property sale. Net loss attributable to shareholders narrowed to $4.146 million from $7.030 million, while Adjusted EBITDA loss widened to $898,000 from $463,000. Fee-paying assets under management were approximately $564 million and AUM approximately $760 million as of September 30, 2026, down 5% and 3%, respectively, year over year.
Cash and cash equivalents were $43.204 million as of September 30, 2026. Monomoy REIT acquired four properties, deploying approximately $8.11 million, and had a pipeline of nearly $90 million in potential investments. Great Elm repurchased approximately 266,000 shares during the quarter at an average price of $2.20. Through October 30, it had repurchased approximately 8.4 million shares for $16.8 million under its $40 million program, leaving approximately $23.2 million in capacity. First-quarter distributions from its CoreWeave-related equity investment were $0.7 million; cumulative distributions were approximately $8.6 million against the original $5.0 million investment.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointShareholder net loss narrowed to $4.146 million from $7.030 million.
Negative
- Moderate pointQuarterly revenue fell to $3.338 million from $10.788 million.
- Moderate pointAdjusted EBITDA loss widened to $898,000 from $463,000.
Filing Explained
After quarter-end, MBTS acquired a third development property for approximately $5.0 million, following two quarter acquisitions for approximately $4.0 million.
This Form 8-K furnishes first-quarter results; at
Great Elm also reports that MBTS acquired two development properties during the quarter for approximately
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
fee-paying assets under management financial
net asset value financial
build-to-suit technical
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were GEG's fiscal 2027 first-quarter results?
What real estate acquisitions did GEG report?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: |
|
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
|
|
Trading |
|
|
|
|
|||
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 4, 2026, Great Elm Group, Inc. issued the press release furnished as Exhibit 99.1 to this report.
The foregoing information (including the Exhibit 99.1 hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
|
|
|
Exhibit Number |
|
Description |
99.1 |
|
Press Release, dated November 4, 2026 |
104 |
|
The cover page from this Current Report on Form 8-K, formatted as inline XBRL |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
Great Elm Group, Inc. |
|
|
|
|
Date: |
November 4, 2026 |
By: |
/s/ Keri Davis |
|
|
|
Keri Davis, Chief Financial Officer |
Exhibit 99.1
GREAT ELM GROUP REPORTS FISCAL 2027 FIRST QUARTER FINANCIAL RESULTS
Advancing Strategic Initiatives Across Credit and Real Estate to Drive Growth and Expand Fee-Paying AUM
Strong Balance Sheet with Over $43 Million of Cash and Cash Equivalents to Support Continued Growth Initiatives
Monomoy REIT Continued Acquisition Momentum, Deploying Approximately $8 Million1 While Building Its Largest Investment Pipeline to Date
Fiscal First Quarter Net Loss of Approximately $4 Million, Narrowed from $7 Million in the Prior-Year Period
Repurchased Approximately 266,000 Shares for $0.6 Million During the First Quarter
Company to Host Conference Call at 8:30 a.m. ET on November 5, 2026
PALM BEACH GARDENS, Florida, November 4, 2026 – 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 first quarter ended September 30, 2026.
Management Commentary
Jason Reese, Chief Executive Officer of the Company, stated, “We made meaningful progress during the quarter on several strategic initiatives designed to drive growth across our alternative asset management platform, expand fee-paying assets under management, and build a more scalable and durable earnings base. While our first quarter financial results reflected the uneven cadence of certain real estate investment sales and headwinds in alternative credit, we remain confident in our ability to execute on our strategic priorities.
In Alternative Credit, GECC remains focused on sustainable investment performance, preserving liquidity, and rebuilding net asset value. We are prioritizing portfolio diversification, credit quality, and disciplined underwriting over incremental yield, while maintaining a measured approach to capital deployment. GECC’s lower leverage, ample liquidity, and manageable debt maturity profile provide flexibility to capitalize on compelling investment opportunities. Our institutional relationships and differentiated sourcing capabilities further enhance our ability to identify investments that we believe can generate attractive risk-adjusted returns and support more consistent earnings over time.
Our Real Estate business continues to demonstrate strong momentum, driven by the expansion of Monomoy REIT's industrial outdoor storage portfolio and our vertically integrated operating capabilities. During the quarter, Monomoy REIT deployed approximately $8 million of committed capital and built its largest acquisition pipeline to date, representing nearly $90 million of potential investments. We also continued to explore capital raising opportunities to support the next phase of growth across the platform.
We continue to actively manage our direct investment portfolio while pursuing opportunities for additional value creation. During the quarter, we received approximately $0.7 million in distributions from our CoreWeave-related equity investment, bringing cumulative distributions to approximately $8.6 million against our original $5.0 million investment, with additional upside potential.
With approximately $43 million of cash and cash equivalents at quarter end, we believe Great Elm is well positioned to support its strategic growth initiatives. We also repurchased shares of our common stock for the twelfth consecutive quarter, reflecting our confidence in the long-term value of the Company. Looking ahead, our priorities remain centered on disciplined capital allocation, growing AUM and recurring fee revenue, and delivering sustainable long-term value for shareholders.”
Fiscal 2027 First Quarter and Recent Highlights
GEG Business Highlights
Alternative Credit
Real Estate
2
Investments
Stock Repurchase Program
As of October 30, 2026, Great Elm repurchased approximately 8.4 million shares at an average price of $2.01 per share, equating to $16.8 million since the initiation of the stock repurchase program, leaving approximately $23.2 million of remaining capacity under the stock repurchase program for future repurchases.
Fiscal 2027 First Quarter Conference Call & Webcast Information
When: Thursday, November 5, 2026, 8:30 a.m. Eastern Time (ET)
Call: All interested parties are invited to participate in the conference call by dialing +1 (877) 407-0752; international callers should dial +1 (201) 389-0912. Participants should enter the Conference ID 13757474 if asked.
Webcast: The conference call will be webcast simultaneously and can be accessed here. A copy of the slide presentation accompanying the conference call can be found here.
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 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.
3
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 (loss).
Endnotes
1 Includes estimated future capital expenditures and tenant improvement commitments
Media & Investor Contact:
Investor Relations
geginvestorrelations@greatelmcap.com
4
Great Elm Group, Inc.
Consolidated Balance Sheets
Dollar amounts in thousands (except per share data)
ASSETS |
|
September 30, 2026 |
|
|
June 30, 2026 |
|
||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
43,204 |
|
|
$ |
53,474 |
|
Receivables from managed funds |
|
|
3,973 |
|
|
|
3,954 |
|
Investments, at fair value |
|
|
35,217 |
|
|
|
32,612 |
|
Prepaid and other current assets |
|
|
1,771 |
|
|
|
1,671 |
|
Real estate assets, net |
|
|
8,963 |
|
|
|
2,403 |
|
Assets of Consolidated Funds: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
- |
|
|
|
113 |
|
Investments, at fair value |
|
|
- |
|
|
|
5,346 |
|
Other assets |
|
|
- |
|
|
|
61 |
|
Total current assets |
|
|
93,128 |
|
|
|
99,634 |
|
Identifiable intangible assets, net |
|
|
10,601 |
|
|
|
10,879 |
|
Goodwill |
|
|
440 |
|
|
|
440 |
|
Right-of-use assets |
|
|
3,990 |
|
|
|
1,238 |
|
Other assets |
|
|
1,854 |
|
|
|
1,493 |
|
Total assets |
|
$ |
110,013 |
|
|
$ |
113,684 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
924 |
|
|
$ |
1,215 |
|
Accrued expenses and other current liabilities |
|
|
3,839 |
|
|
|
5,932 |
|
Debt (face value $26,945) |
|
|
26,730 |
|
|
|
- |
|
Related party payables |
|
|
205 |
|
|
|
234 |
|
Current portion of lease liabilities |
|
|
579 |
|
|
|
337 |
|
Liabilities of Consolidated Funds: |
|
|
|
|
|
|
||
Accrued expenses and other liabilities |
|
|
- |
|
|
|
11 |
|
Total current liabilities |
|
|
32,277 |
|
|
|
7,729 |
|
Lease liabilities, net of current portion |
|
|
3,459 |
|
|
|
923 |
|
Debt (face value $26,945) |
|
|
- |
|
|
|
26,658 |
|
Convertible notes (face value $36,838 and $36,838, including $17,853 and $17,853 held by related parties, respectively) |
|
|
36,499 |
|
|
|
36,474 |
|
Other liabilities |
|
|
1,129 |
|
|
|
1,091 |
|
Total liabilities |
|
|
73,364 |
|
|
|
72,875 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Stockholders' equity |
|
|
|
|
|
|
||
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 30,940,370 shares issued and 29,941,200 outstanding at September 30, 2026; and 31,139,625 shares issued and 29,778,239 outstanding at June 30, 2026 |
|
|
27 |
|
|
|
27 |
|
Additional paid-in-capital |
|
|
3,316,275 |
|
|
|
3,316,289 |
|
Accumulated deficit |
|
|
(3,279,653 |
) |
|
|
(3,275,507 |
) |
Total Great Elm Group, Inc. stockholders' equity |
|
|
36,649 |
|
|
|
40,809 |
|
Redeemable non-controlling interest in Consolidated Funds |
|
|
- |
|
|
|
- |
|
Total stockholders' equity |
|
|
36,649 |
|
|
|
40,809 |
|
Total liabilities and stockholders' equity |
|
$ |
110,013 |
|
|
$ |
113,684 |
|
5
Great Elm Group, Inc.
Consolidated Statements of Operations
Dollar amounts in thousands (except per share data)
|
|
For the three months ended September 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Revenues |
|
$ |
3,338 |
|
|
$ |
10,788 |
|
Cost of revenues |
|
|
- |
|
|
|
6,748 |
|
Operating costs and expenses: |
|
|
|
|
|
|
||
Compensation and benefits |
|
|
5,034 |
|
|
|
5,237 |
|
Selling, general and administrative |
|
|
1,487 |
|
|
|
2,166 |
|
Depreciation and amortization |
|
|
305 |
|
|
|
342 |
|
Expenses of Consolidated Funds |
|
|
- |
|
|
|
21 |
|
Total operating costs and expenses |
|
|
6,826 |
|
|
|
7,766 |
|
Operating loss |
|
|
(3,488 |
) |
|
|
(3,726 |
) |
Dividends and interest income |
|
|
1,195 |
|
|
|
1,238 |
|
Interest expense |
|
|
(1,055 |
) |
|
|
(1,028 |
) |
Net realized and unrealized loss |
|
|
(803 |
) |
|
|
(2,861 |
) |
Net realized and unrealized loss on investments of Consolidated Funds |
|
|
- |
|
|
|
(1,808 |
) |
Interest and other income of Consolidated Funds |
|
|
- |
|
|
|
352 |
|
Loss before income taxes |
|
|
(4,151 |
) |
|
|
(7,833 |
) |
Income tax benefit (expense) |
|
|
5 |
|
|
|
(71 |
) |
Net loss |
|
$ |
(4,146 |
) |
|
$ |
(7,904 |
) |
Less: net loss attributable to non-controlling interest in Consolidated Funds |
|
|
- |
|
|
|
(874 |
) |
Net loss attributable to Great Elm Group, Inc. stockholders |
|
$ |
(4,146 |
) |
|
$ |
(7,030 |
) |
Net loss attributable to stockholders per share |
|
|
|
|
|
|
||
Basic |
|
$ |
(0.14 |
) |
|
$ |
(0.24 |
) |
Diluted |
|
|
(0.14 |
) |
|
|
(0.24 |
) |
Weighted average shares outstanding |
|
|
|
|
|
|
||
Basic |
|
|
29,735 |
|
|
|
28,972 |
|
Diluted |
|
|
29,735 |
|
|
|
28,972 |
|
6
Great Elm Group, Inc.
Reconciliation from Net Loss to Adjusted EBITDA
Dollar amounts in thousands
|
|
Three months ended September 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Net loss |
|
$ |
(4,146 |
) |
|
$ |
(7,904 |
) |
Interest expense |
|
|
1,055 |
|
|
|
1,028 |
|
Income tax (benefit) expense |
|
|
(5 |
) |
|
|
71 |
|
Depreciation and amortization |
|
|
305 |
|
|
|
342 |
|
Non-cash compensation |
|
|
1,090 |
|
|
|
1,331 |
|
Loss on investments |
|
|
803 |
|
|
|
4,669 |
|
Adjusted EBITDA |
|
$ |
(898 |
) |
|
$ |
(463 |
) |
7