| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 3.01 | 72.1% | 14.3% |
| Total Income | 3.01 | 72.1% | 14.3% |
| Expenditure | 7.24 | 50.1% | 32.1% |
| PBT | -16.60 | 112.0% | 1329.6% |
| Net Profit | -15.75 | 124.0% | 1434.8% |
| OPM | — | ||
| NPM | — | ||
| EPS | -0.50 | 108.3% | 1350.0% |
Great Elm Group Reports Q2 FY26 Results; Fee-Paying AUM Up 4% YoY
04 May 2026 · 4 May, 1:31 am
Summary
Great Elm Group reported financial results for its fiscal second quarter ended December 31, 2025. The company's fee-paying assets under management grew by 4% year-over-year. Total revenue for the quarter was $3.0 million, compared to $3.5 million in the prior-year period. The company experienced a net loss of $(16.5) million, primarily driven by unrealized losses on investments. During the quarter, Great Elm repurchased approximately 1.1 million shares of its common stock.
Key Highlights
- 1
Great Elm Group's fee-paying assets under management increased by 4% year-over-year as of December 31, 2025.
- 2
The company reported a significant unrealized loss of $14.4 million and a realized gain of $2.3 million on its investments during the quarter.
- 3
Total revenue for the second quarter was $3.0 million, compared to $3.5 million for the prior-year period.
- 4
Net loss was $(16.5) million for the second quarter, compared to net income of $1.4 million in the prior-year period.
- 5
The company recognized a realized gain of $2.2 million from its CoreWeave-related investment for the second quarter ended December 31, 2025.
- 6
Great Elm repurchased approximately 1.1 million shares in the second quarter, representing over 3% of shares outstanding.
- 7
As of December 31, 2025, Great Elm Group had approximately $51.2 million of cash and cash equivalents on its balance sheet.
Management Comments
Jason Reese
We continued to build momentum across our alternative asset management platform despite market headwinds during the quarter. While heightened volatility drove significant unrealized losses in our core portfolio investments and weighed on reported results, we remain focused on disciplined execution. Against a challenging market backdrop for the BDC, GECC management took actions in the portfolio to position the platform for success, re-underwriting the entire portfolio and working deliberately to further diversify investments as well as optimizing the portfolio to improve overall credit quality. With significant liquidity, a healthy balance sheet, and a lower cost of capital, we believe GECC remains well-positioned to rebuild in calendar 2026. During the quarter, we completed our third Monomoy build-to-suit project in Florida and commenced active marketing of the property. In addition, we repurchased more than one million shares of our common stock since the end of the first quarter of fiscal 2026, underscoring our confidence in the business and our commitment to shareholder value. Our CoreWeave-related investment continues to represent a compelling success despite significant market volatility during the quarter that contributed to our unrealized losses. We have received distributions on this investment to date well in excess of GEG’s original investment, and we continue to believe there is meaningful upside potential based on current trading levels. Looking ahead, we are focused on leveraging our balance sheet to find new investments as we grow our assets under management and fee revenue, and deliver sustained, long-term value for our shareholders.”
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