Great Elm Group (GEG) Q2 2025 earnings summary

Executive summary

• Revenue increased 24% year-over-year to $3.5 million for Q2 2025, driven by Monomoy BTS growth, real estate property sales, and higher GECC management fees.

• Net income from continuing operations was $1.4 million, reversing a prior-year loss of $0.2 million.

• Adjusted EBITDA rose to $1.0 million from $0.6 million year-over-year.

• Assets under management reached $751 million, up 14% year-over-year; fee-paying AUM grew 17% to $538 million.

• Acquisition of Greenfield CRE and launch of Monomoy Construction Services expanded real estate capabilities.

Financial highlights

• Book value per share was $2.30 as of December 31, 2024.

• Cash and cash equivalents stood at $44 million as of December 31, 2024.

• GECC raised $147 million in capital during 2024, including $49 million equity and $98 million debt.

• Great Elm Credit Income Fund delivered a 13.9% net return since inception through December 2024.

• Share repurchases totaled 4.1 million shares for $7.4 million at an average price of $1.83 per share as of February 4, 2025.

Outlook and guidance

• Strong pipeline of build-to-suit real estate projects and value-added acquisitions expected to close in the next six months.

• Focus remains on expanding core platforms, enhancing financial performance, and growing AUM.

• Management expects the Greenfield CRE acquisition to enhance construction management expertise and expand service offerings.