Great Elm Group, Inc.

B usiness. Overview GEG is a publicly-traded alternative asset management company 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. We decided to invest in the asset management business because of our assessment of its ability to generate recurring free cash flows, its growth prospects and our Board of Directors’ (our Board ) and employees’ industry expertise. GECM, our wholly-owned registered investment adviser subsidiary, is an investment adviser providing investment management services to GECC, as well as other private funds. MCRE, another wholly-owned subsidiary, provides investment management services to Monomoy UpREIT. The combined assets under management of these entities at June 30, 2026 was approximately $770.6 million. GECC was established in 2016 and it elected to be treated as a business development company ( BDC ) under the Investment Company Act of 1940, as amended (the Investment Company Act ). We own approximately 9.8% of GECC’s shares as of June 30, 2026. We earn dividends from these shares and may sell them to redeploy our capital in higher yielding opportunities. Monomoy UpREIT is the operating partnership of Monomoy Properties REIT, LLC. Monomoy Properties REIT, LLC was formed in 2014 with the purpose of building an industry-leading single-tenant Industrial Outdoor Storage (IOS ) focused portfolio specializing in net leased assets, specifically Class B & C warehouse, distribution & light manufacturing assets.