Great Elm Group Inc (NASDAQ: GEG) is an alternative asset management company that grows a portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. Revenue comes from management fees, property management fees, incentive fees, and administration fees earned through investment management agreements with its managed vehicles, with fees generally based on assets under management, rent collected, investment performance, and allocable expenses. GEG currently manages Great Elm Capital Corp. (GECC), a publicly-traded business development company (BDC), and Monomoy UpREIT, an Industrial Outdoor Storage (IOS) focused real estate investment trust, with combined assets under management of approximately $758.5 million as of June 30, 2025. GEG also holds approximately 5.1% of Monomoy UpREIT and approximately 4.0% of Monomoy Properties REIT, LLC, and through subsidiary Monomoy BTS Corporation, acts as lessor on build-to-suit land parcels in Mississippi and Florida. GEG competes against larger, well-financed organizations including operating companies, global asset managers, investment banks, commercial banks, and private equity funds.

Revenue model

Fee income from investment management agreements covering management fees, property management fees, incentive fees, and administration fees. Fees are generally tied to assets under management, rent collected, investment performance, and allocable expenses. GEG also earns interest income from intercompany notes, such as the promissory note issued to Monomoy REIT in January 2025, and lease income from build-to-suit land parcels held through Monomoy BTS Corporation.

Products and services

Investment management services for GECC (a publicly-traded BDC focused on credit) and Monomoy UpREIT (an IOS-focused REIT specializing in net-leased Class B and C warehouse, distribution, and light manufacturing assets). Build-to-suit land ownership and commercial leasing through Monomoy BTS Corporation, with parcels in Mississippi and Florida as of March 2025.

Customers and end markets

Managed investment vehicles including Great Elm Capital Corp. (a BDC) and Monomoy UpREIT (an industrial outdoor storage REIT). End markets span credit, real estate, specialty finance, and other alternative investment strategies.

Value-chain role

External investment manager and general partner-equivalent for permanent and long-duration capital vehicles. GEG's wholly-owned subsidiaries GECM and MCRE hold the investment management agreements with each vehicle. GEG also acts as a co-investor, holding minority equity stakes in the vehicles it manages.

Geographic exposure

Operations referenced in Mississippi and Florida (build-to-suit land parcels as of March 2025). Broader investment activity not limited by geography per the 10-K filed 2025-09-02.

Competitors

Operating companies (unspecified), Global asset managers (unspecified), Investment banks (unspecified), Commercial banks (unspecified), Private equity funds (unspecified)

Source: SEC 10-K, filed 2025-09-02

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