September 3, 2025 Fiscal Year & Fourth Quarter Ended June 30, 2025 NASDAQ: GEG GEG Highlights 1 Amount excludes Consolidated Funds; book value per share as of June 30, 2025, pro forma for the July 2025 KLIM transaction and August 2025 Woodstead transaction, was $2.58, before transaction fees and expenses March 2023 September 3, 2025 ©2023 Great Elm Capital Corp. 2 2 • Record Results: Fiscal Q4 2025 marked the best operating quarter and fiscal year in Great Elm's history, with record net income, attributed t ...

Core Insights - Great Elm Group, Inc. reported a record net income from continuing operations of $15.7 million for the fourth quarter of fiscal 2025, a significant improvement from a net loss of $0.6 million in the prior-year period [4] - The company's book value per share increased by 24% to $2.65 as of June 30, 2025, compared to the prior-year end [4] - Recent capital raises exceeding $100 million in credit and real estate products position the company for continued growth [4] Management Commentary - The CEO highlighted fiscal 2025 as the strongest operating year in the company's history, with substantial growth in fee revenue driven by management and incentive fees from Great Elm Capital Corp. (GECC) [2] - The launch of Monomoy Construction Services in February 2025 added a new revenue stream, enhancing the company's real estate platform [2] - A partnership with Kennedy Lewis Investment Management was announced, providing up to $150 million in leverageable capital to accelerate the expansion of the real estate platform [2][8] Financial Performance - For the fourth quarter, total revenue was $5.6 million, down from $8.9 million in the prior-year period, primarily due to a previous $6.6 million revenue from a property sale [4] - Excluding that transaction, revenue growth was over 140%, driven by record management and incentive fees from GECC, totaling $3.8 million, up approximately 253% from $1.1 million [4] - Adjusted EBITDA for the fourth quarter was $1.5 million, compared to $1.2 million in the prior-year period [4] Full Fiscal Year Highlights - Total revenue for fiscal 2025 was $16.3 million, compared to $17.8 million for fiscal 2024, with a 35% growth in revenue when excluding the previous year's property sale [6] - Management fee revenue grew 17% year-over-year to $8.4 million, while incentive fees increased by 52% to approximately $4.1 million [6] - As of June 30, 2025, fee-paying assets under management (FPAUM) totaled approximately $553 million, reflecting a 5% increase from the prior year [6] Strategic Partnerships and Investments - The partnership with Kennedy Lewis Investment Management included a purchase of 4.9% of Great Elm's common stock at $2.11 per share and the provision of term loans to Monomoy REIT [8] - In August 2025, Woodstead Value Fund invested $9 million in newly issued shares of GEG at $2.25 per share, aligning interests with shareholders [9] - Booker Smith joined the Board of Directors, bringing expertise in credit and real estate to support the company's growth [9][10] Operational Developments - The company completed the formation of Monomoy Construction Services, enhancing its end-to-end real estate platform [12] - GECC achieved record total investment income of $14.3 million for the quarter ended June 30, 2025, driven by cash flows from its growing CLO platform [12]

NEW YORK and SALT LAKE CITY, Sept. 02, 2025 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) and Bridge Investment Group Holdings Inc. (“Bridge”) today announced that Apollo has completed the previously announced acquisition of Bridge in an all-stock transaction. As a platform company within Apollo’s asset management business, Bridge will retain its existing brand, management and investment teams and dedicated capital formation team. Apollo Partner and Co-Head of Equity David Sambur said, “Completing the acquisition ...

Core Insights - Great Elm Group, Inc. announced a strategic investment from Woodstead, an institutional investor, involving the purchase of 4.0 million shares of GEG's common stock at $2.25 per share, totaling $9.0 million [1][2] - Booker Smith has joined GEG's Board of Directors, bringing extensive experience in corporate credit and real estate investing, which will support GEG's strategic priorities [3][4] - The transaction aims to provide growth capital for GEG to expand its assets under management and enhance profitability, with long-term alignment between Woodstead and GEG shareholders through warrants [5][6] Transaction Details - Woodstead is purchasing 4.0 million shares at $2.25 per share, generating gross proceeds of $9.0 million, and will hold 10-year warrants for an additional 2.0 million shares at prices of $3.50 and $5.00 [2][7] - Separately, Great Elm Capital Corp. issued approximately 1.3 million shares to Poor Richard LLC, an affiliate of Booker Smith, at $11.65 per share, raising $15.0 million, which strengthens GECC's balance sheet [6][7] Strategic and Financial Impact - The investment is expected to provide new growth capital for GEG, facilitating the expansion of assets under management and profitability enhancement [5] - The capital raised by GECC is anticipated to generate incremental management fees for GEG once deployed, reflecting investor confidence in GECC's turnaround since March 2022 [6][7] Upcoming Events - GEG will release its fiscal 2025 earnings after market close on September 2, 2025, followed by a conference call on September 3, 2025, at 8:30 a.m. ET [1][8]

PHOENIX, Aug. 25, 2025 /PRNewswire/ -- Trinity Capital Inc. (NASDAQ: TRIN) (the "Company"), a leading alternative asset manager, today announced the appointment of Josh Mackey, Director of Tech Lending, based in San Francisco, California. With over a decade of experience supporting innovative technology companies across the U.S., Mr. Mackey is a trusted partner within the venture ecosystem. Josh Mackey, Director of Tech Lending at Trinity Capital "It is a pleasure to welcome Josh to the Trinity team," ...

Within the alternative asset solutions space, StepStone Group (NASDAQ: STEP ) stands out for having one of the largest global networks spanning both the limited partner (e.g., pension funds, endowments, etc.) and general partner (e.g., fund managers) sides. This network is underpinned by dedicatedAnalyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, a ...

180 Degree Capital's shareholders to receive shares of New Mount Logan based on 110% of Net Asset Value ("NAV") of 180 Degree Capital at closing, an increase from 100% of NAV New Mount Logan, together with its management, affiliates and related parties, commits to provide an aggregate of US$25 million for shareholder liquidity at or above the Closing Merger Value with US$15 million expected to be launched no later than 60 days from closing and the remaining US$10 million staged over 24 months (the "Liquidit ...

Core Insights - Abacus Global Management reported a significant increase in total revenue and adjusted earnings for the second quarter of 2025, nearly doubling year-over-year, which has led to an upward revision of the full-year outlook for adjusted earnings [1][2][5]. Financial Performance - Total revenue for Q2 2025 reached $56.2 million, a 93% increase from $29.1 million in the same period last year [3]. - GAAP net income for Q2 2025 was $17.6 million, up from $0.7 million in the prior-year period [3]. - Adjusted net income grew 87% year-over-year to $21.9 million, compared to $11.7 million in Q2 2024 [3]. - Adjusted EBITDA increased 89% year-over-year to $31.5 million, with an adjusted EBITDA margin of 56.1% [3][29]. Capital and Liquidity - As of June 30, 2025, the company had cash and cash equivalents of $74.8 million and total assets of $848.4 million [4][22]. - The company reported outstanding long-term debt of $357 million [4]. Growth Outlook - The full-year 2025 outlook for adjusted net income has been raised to between $74 million and $80 million, reflecting a growth of 59% to 72% compared to the previous year [5]. - The company experienced strong demand for policyholder liquidity and increased inflows for new asset management offerings, contributing to its robust performance [2]. Shareholder Information - Following the completion of a warrant exchange offer, the number of common shares outstanding increased by approximately 5% [6][7]. - The company announced a newly authorized $20 million share repurchase program [11]. Operational Highlights - The company reported origination capital deployment of $121.8 million in Q2 2025, compared to $104.7 million in the prior-year period [3]. - The number of policies held as of the end of Q2 2025 was 600, up from 458 in the prior-year period [3]. Key Performance Indicators - Adjusted annualized return on invested capital (ROIC) for Q2 2025 was 22% [3]. - Annualized return on equity (ROE) for Q2 2025 was 21% [3].

Financial Data and Key Metrics Changes - Fundraising in Q2 2025 was $1.3 billion, contributing to a total of approximately $4.5 billion for the first half of the year, which is 75% of the original $6 billion target for 2025 [6][14] - Fee-related earnings for Q2 2025 were $46.1 million, reflecting an 8% sequential and 17% year-over-year growth, while fee-earning AUM grew 6% sequentially and 20% year-over-year [6][29] - Total AUM reached $48.7 billion, with organic net inflows of over $600 million in Q2 2025 and $1.3 billion year-to-date [7][10] Business Line Data and Key Metrics Changes - Fee-earning AUM rose to $37.2 billion, marking a 20% year-over-year and 6% sequential increase [10][24] - The company reported a 34% year-over-year reduction in redemptions, indicating improved organic growth capabilities [11] - Infrastructure fundraising in 2025 was approximately three times greater than in all of 2024, driven by strong demand for Infrastructure Fund V [15] Market Data and Key Metrics Changes - Local investors accounted for approximately 55% of fundraising in 2025, indicating a strong preference for local investment opportunities [21] - The company noted a shift in investor interest towards Latin America as a destination for capital allocation, influenced by geopolitical uncertainties in the U.S. [54][20] - The Brazilian REIT acquisitions are expected to add approximately $600 million in fee-earning AUM, enhancing the company's market position [66] Company Strategy and Development Direction - The company aims to achieve a full-year fundraising target of $6.3 billion to $6.6 billion, reflecting a 5% to 10% increase from the original target [6][21] - The strategy includes leveraging acquisitions to enhance growth, as demonstrated by the recent acquisition of seven listed REITs in Brazil [12][66] - The focus on resilient sectors such as agribusiness, food and beverage, and healthcare is expected to drive positive underlying business trends [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 fee-related earnings target of $200 million to $225 million, with a strong start to the three-year plan [21][30] - The company is well-positioned to navigate global macroeconomic uncertainties, with a focus on local consumption markets rather than export markets [17][20] - Management highlighted the importance of organic growth and the ability to generate revenue independent of M&A and investment returns [7][11] Other Important Information - The company reported a net accrued performance fee balance of $394 million, reflecting a 7% increase from the previous quarter [8] - The effective tax rate for Q2 2025 was 8%, with expectations to hover around 10% annually [31] - A quarterly dividend of $0.15 per share was approved for 2025, indicating a commitment to returning value to shareholders [32] Q&A Session Summary Question: Expansion plans in Mexico - Management acknowledged Mexico as an attractive long-term market and discussed potential local partnerships in real estate and credit sectors [36][42] Question: Deployment pipeline in infrastructure - Management indicated a strong pipeline in infrastructure, particularly in Brazil and Colombia, with significant capital available for investment [44][45] Question: Clarification on fundraising guidance - Management clarified that the increased fundraising guidance excludes the recent REIT acquisitions, with interest coming from Asian, Middle Eastern, and local investors [50][52] Question: Timeline for REIT acquisitions consolidation - Management confirmed that the REIT acquisitions are already closed and will start contributing to results in Q3 2025 [66]

Financial Data and Key Metrics Changes - Fundraising in Q2 2025 was $1.3 billion, contributing to a total of approximately $4.5 billion for the first half of the year, which is 75% of the original $6 billion target for 2025 [6][14] - Fee-related earnings for Q2 2025 were $46.1 million, reflecting an 8% sequential increase and a 17% year-over-year growth [6][29] - Total AUM reached $48.7 billion, with fee-earning AUM growing 6% sequentially and 20% year-over-year [7][11] - The company generated over $600 million in organic net inflows into fee-earning AUM in Q2 2025, totaling $1.3 billion year-to-date [7][11] Business Line Data and Key Metrics Changes - Fee-earning AUM rose to $37.2 billion, with a 20% year-over-year increase and a 6% sequential increase [11][25] - The company reported a 34% year-over-year reduction in redemptions, indicating improved organic growth [12] - Infrastructure fundraising in 2025 was approximately three times greater than in all of 2024, driven by strong demand for Infrastructure Fund V [15] Market Data and Key Metrics Changes - The company noted a shift in investor interest towards Latin America and Europe due to geopolitical uncertainties and high inflation concerns in the U.S. [17][20] - Local investors accounted for approximately 55% of fundraising in 2025, up from 68% in 2024 [21] Company Strategy and Development Direction - The company aims to achieve a full-year fundraising target of $6.3 billion to $6.6 billion, reflecting a 5% to 10% increase from the original target [6][22] - The strategy includes leveraging acquisitions to enhance fee-earning AUM, as demonstrated by the acquisition of seven listed REITs in Brazil [13][70] - The company is focusing on expanding its presence in Mexico, particularly in real estate and credit sectors, while maintaining a cautious approach to growth [37][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 fee-related earnings target of $200 million to $225 million, with a strong start to the year [22][30] - The company highlighted the resilience of its business model, which is designed to grow regardless of macroeconomic conditions [12][20] - Management noted that the current high interest rate environment is driving demand for credit and infrastructure investments [12][18] Other Important Information - The company reported a net accrued performance fee balance of $394 million, which rose approximately 7% from the previous quarter [9] - The effective tax rate for Q2 2025 was 8%, with expectations to hover around 10% annually [31] Q&A Session Summary Question: Expansion in Mexico - The company sees Mexico as an attractive long-term market and is looking for local partners in real estate, credit, and infrastructure [36][37] - A small acquisition of a Mexican real estate fund was made, with plans to expand into logistics real estate [38][39] Question: Deployment Pipeline in Infrastructure - The company has a significant pipeline in infrastructure, particularly in Brazil and Colombia, focusing on toll roads and energy projects [45][46] Question: Fundraising Guidance Clarification - The increase in fundraising guidance is separate from the REIT acquisitions, with strong interest from Asian, Middle Eastern, and local investors [52][54] - The company is experiencing a shift in capital allocation towards Latin America due to geopolitical uncertainties [56] Question: Timeline for REIT Consolidation - The acquisition of REITs is already closed, and the numbers will be reflected in Q3 results [70]