Great Elm : Fiscal 2024 Third Quarter Conference Call

Alternative Credit

• Focus on income generation and capital preservation
• Investment in debt and income-generating securities, direct lending and special situations
• Active investment in specialty finance businesses including Factoring, Asset Based Lending, and Healthcare

ALTERNATIVE

CREDIT

Other Alternative Strategies

• Build-to-Suit"BTS" division provides differentiated design-build solutions and construction management services
• Actively seeking growth through other subsectors

Our Goals

Improve

Profitability

Expand

Platform

• Recent debt and equity capital raises at GECC expected to drive growth of future recurring fee revenue streams with high contribution margins
• • GEG's supportive investment in the GECC equity capital raise is expected to deliver attractive returns over time
• GECC delivered another solid quarter, and GEG will once again collect incentive fees, with total fees of $1.6 million for the quarter from GECC
• Contracted sale of first Monomoy BTS property, expected to close in fiscal Q4 at a profit
• Monomoy BTS significantly grew its pipeline of new projects, building expected future value
• Recently Launched Monomoy BTS Construction Management, a consulting business, supported by experienced team assembled over the past few months and anchored by a key tenant contract, adding another accretive revenue stream to GEG

Grow AUM

• Since January, GECC raised approximately $58.5million of new capital, comprised of $24million of equity at NAV and $34.5million of 8.50% notes due 2029
• Grew FPAUM and AUM by approximately 13% and 9%, respectively, from prior year quarter end
• Grew pro forma FPAUM1 and AUM1 by approximately 19% and 14%, respectively, from prior year quarter end
• Positioned to expand the platform to create future AUM growth

• Public BDC with $300+1 million AUM
• 16% of common stock held by GEG
• Base management fee of 1.5% on gross assets
• Income incentive fee of 20% after 7% hurdle on net assets

• Great Elm Credit Income Fund focuses on direct lending, syndicated credit and special situations
• Great Elm Opportunities Fund I participates in unique investment opportunities presented to the Great Elm investment team

• Private Industrial REIT with $390+ million AUM
• ~8% direct investment held by GEG
• Base management fee of 1% on net assets
• Property management fee of 4% on rents
• 20% performance fee charged upon liquidity event after 8% hurdle

• Build-to-Suitdivision provides design-build solutions and utilizes exclusive vendor relationships to offer cost savings and expedited timelines
• Construction Management consulting services allow customers to leverage seasoned Monomoy team to oversee in-house projects

$ Million

• Raised ~$58.5 million of fresh capital YTD, increasing asset base by over 20%
• Paid cash incentive fees to GEG for fourth consecutive quarter
• Expanded reach into CLO investments, expect meaningful distributions beginning in the second half of the year
• Reported solid NII of $0.37 per share, covering the $0.35 distribution
• 13.8% annualized dividend yield on closing market price of $10.15, as of May 8, 2024

May 9, 2024

• Monomoy REIT maintained strong activity; since the beginning of the calendar year:
• • Closed on six properties with in-place leases, totaling ~$11.6mm
  • Amended two existing tenant leases for meaningful term extensions and a facility expansion
  • Executed renewal options for meaningful term extensions at six properties
• Monomoy BTS grew its pipeline of new projects, and contracted to sell its first build-to-suit property with expected closing in fiscal Q4
• Launched Monomoy BTS Construction Management, a consulting business anchored by an experienced construction management team and a key tenant contract

7

• Fiscal 3Q24 revenue up 47% to $2.8 million vs. Fiscal 3Q23 revenue of $1.9 million
• Growth primarily driven by an increase in incentive fees earned from GECC

• Net loss from continuing operations of ($2.9) million for Fiscal 3Q24, compared to a net loss from continuing operations of ($0.5) million in the prior-year period
• Excluding the impact of the unrealized loss on our investment in Great Elm Strategic Partnership I LLC during the quarter, GEG would be approximately break even

• Fiscal 3Q24 Adjusted EBITDA of $1.2 million, compared to an Adjusted EBITDA loss of ($0.3) million in Fiscal 3Q23

1 Please refer to the disclaimers on slide 16 and the Adjusted EBITDA reconciliation table on slide 13

May 9, 2024

9

$mm AUM

$mm FPAUM

$800

$688 $716

$600

$521

$700 $631

$493

$500 $438

$600

$500

+4%

$400+6%

$400 +9%

$300

$200

$100

$0

$716 million of Pro Forma Assets Under Management

("AUM") as of March 31, 2024, up 14% since March 31, 2023

$300 +13%

$200

$100

$0

$521 million of Pro Forma Fee-Paying AUM ("FPAUM") as of March 31, 2024, up 19% since March 31, 2023