Net Loss Widens to $13.5M, AUM Falls 7%, Raises Buyback to $40M
Great Elm Group reported fiscal Q3 results with fee-paying AUM down 7% to $528 million and total AUM at $744 million, while net loss widened to $13.5 million driven by a $9.8 million unrealized loss on GECC investments. Revenue rose 7% to $3.4 million, the board approved a $40 million buyback (with $24.4 million capacity remaining), and cash stood at $45.5 million.
1. Financial Results for Q3 2026
Great Elm reported fee-paying AUM of $528 million and total AUM of $744 million, down 7% and 3% year-over-year. Total revenue increased 7% to $3.4 million, while net loss widened to $13.5 million driven by a $9.8 million unrealized loss on GECC investments and adjusted EBITDA of negative $1.6 million.
2. Expanded Share Repurchase Program
The board increased buyback authorization by $15 million to a total of $40 million. During Q3, the company repurchased 1.4 million shares at an average price of $2.04 and has $24.4 million of remaining capacity under the program, with 7.8 million shares acquired since inception at an average $2.00 per share.
3. Strong Liquidity Position
As of March 31, 2026, Great Elm held $45.5 million in cash and equivalents, supporting planned capital deployments across its alternative asset management and real estate platforms.
4. Operational Platform Updates
In alternative credit, GECC paid $0.30 per share dividend, management fees of $1.1 million were earned, and incentive fees were waived through June 30, 2026. In real estate, Monomoy BTS began its fourth build-to-suit development, Monomoy REIT closed five acquisitions deploying $28 million, and $10.5 million of three-year property-level financing was secured.