Great Elm Group nearly doubled quarterly revenue during its fiscal fourth quarter, but investment losses associated primarily with Great Elm Capital Corp. weighed heavily on its full-year bottom line. Fourth-quarter revenue increased 88% to $10.6 million from $5.6 million.
For fiscal 2026, revenue increased approximately 70% to $27.8 million from $16.3 million. The full-year figure included $14.7 million of revenue recognized through sales of two Monomoy build-to-suit development properties.
Despite the revenue growth, Great Elm posted a fiscal-year net loss of approximately $35.4 million compared with $12.9 million of net income in fiscal 2025.
The swing primarily reflected $22.2 million of net realized and unrealized investment losses, largely tied to GECC common shares and GECC-related special-purpose vehicles.
A year earlier, Great Elm recorded $16.9 million of net realized and unrealized investment gains.
Adjusted EBITDA also moved negative, reaching a $3.4 million loss compared with positive $4.3 million a year earlier.
The company’s asset-management platform nevertheless expanded.
Fee-paying assets under management increased 7% to $590 million, while total AUM increased 2% to $771 million.
Great Elm and its managed vehicles raised approximately $393 million of gross capital during fiscal 2026.
Real estate activity accelerated late in the year.
Monomoy REIT completed six acquisitions during the fourth quarter and deployed or committed approximately $34 million.
Great Elm also recorded a $2.1 million quarterly gain on its CoreWeave-related equity investment. Cumulative distributions from that investment reached approximately $8.6 million against an original $5 million investment.
The company ended June with approximately $53.5 million of cash and equivalents and continues returning capital through a $40 million stock repurchase authorization.
KEY QUOTE:
“Fiscal 2026 was a year of meaningful progress across Great Elm’s platform, although that progress was overshadowed by significant unrealized losses.”
Jason Reese, Chief Executive Officer of Great Elm Group
