Great Elm Group (GEG) is a small publicly traded alternative asset manager that earns fees by managing two investment vehicles: Great Elm Capital Corp (GECC), a business development company (BDC) focused on middle-market credit and CLOs, and Monomoy Properties REIT, an industrial outdoor storage (IOS)-focused REIT that owns Class B & C warehouse, distribution, and light manufacturing properties under net leases. GEG manages GECC through its registered investment adviser subsidiary GECM, and manages Monomoy through its subsidiary MCRE. Combined AUM across these vehicles was approximately $758M as of June 30, 2025. GEG earns recurring management fees tied to AUM, performance fees when GECC returns exceed certain thresholds, and transaction gains from its build-to-suit development business, which acquires land, builds improvements for tenants, and sells completed properties. GEG also launched a private credit fund, GECIF, in late 2023. A key part of GEG's growth strategy is co-investing its own balance sheet alongside institutional investors in GECC equity raises, which grows fee-paying AUM and generates dividend income from GEG's direct ~12% GECC stake. GEG also holds opportunistic balance sheet investments, including a convertible preferred stake in CoreWeave. With a fixed cost base of roughly 50 employees, GEG has meaningful operating leverage as AUM grows.