Financial Data and Key Metrics Changes - Total revenue for the quarter was approximately $25.8 million from continuing operations, excluding revenue from office discontinued operations of approximately $25.2 million [10] - Net income attributable to common shareholders was approximately $3.5 million, or 9 cents per share [10] - Funds from operations (FFO) was approximately $18.3 million, or 46 cents per share on a fully diluted basis [10] - Core FFO was approximately $19.1 million, or $0.48 per share on a fully diluted basis [11] - Adjusted funds from operations (AFFO) was approximately $18.6 million, or $0.47 per share on a fully diluted basis [11] - Same-store cash net operating income (NOI) increased by 3.7% compared to the same quarter last year [11] Business Line Data and Key Metrics Changes - The industrial portfolio now generates more than 60% of the company's annual base rent (ABR) [4] - The IOS operating portfolio achieved 100% leasing with weighted average releasing spreads of 116% on a cash basis and 120% on a GAAP basis [5] - Incremental IOS ABR generated from new leases, renewals, and proactive lease modifications exceeded $1 million during the quarter [5] Market Data and Key Metrics Changes - The IOS market fundamentals remain solid, characterized by strong tenant demand and persistent supply constraints, keeping vacancies low and supporting healthy rent growth [5] - The company executed a new eight-year lease in Philadelphia with 7.7% average annual rent escalations [6] - In Houston, a new lease was signed with releasing spreads of 9% on a cash basis and 7% on a GAAP basis [6] Company Strategy and Development Direction - The company is focused on a strategic transformation into an industrial-only REIT, emphasizing growth in the industrial outdoor storage sector [4] - The company plans to continue disciplined office sales and targeted IOS acquisitions to strengthen its balance sheet [4] - The company aims to utilize proceeds from office sales to pay down debt, with expectations of completing a majority of these sales by the end of the year [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategy and ability to create value for shareholders, supported by solid liquidity and a growing IOS investment pipeline [4] - The company noted that the lender community has become more accepting, which may facilitate future acquisitions [19] - Management highlighted the importance of maintaining a flexible balance sheet to respond to market opportunities [19] Other Important Information - Total liquidity at quarter end was approximately $438 million, with a cash balance of approximately $326 million [11] - The company paid a dividend of $0.10 per common share on October 17th and announced a fourth-quarter dividend of the same amount [14][15] - The company reduced total debt by approximately $450 million, improving total leverage to 5.4 times on a pro forma basis [4] Q&A Session Summary Question: When should we expect an acceleration in IOS acquisitions? - Management indicated that they will continue disciplined management of growth and strengthening of the balance sheet, with a current debt ratio of 5.4 times [18] Question: Have you seen any increased competition for IOS assets? - Management noted that there is more acceptance in the market rather than increased competition, with a flexible balance sheet allowing for disciplined responses to opportunities [19] Question: What is the sustainable same-store NOI growth for the portfolio? - Management stated that they are not providing guidance at this time but emphasized transparency and the availability of metrics for analysis [22] Question: How confident are you in achieving the pricing range for remaining office sales? - Management expressed confidence, stating that virtually every asset is engaged and half are officially under control [29]

Core Viewpoint - Great Elm Group, Inc. has announced a strategic partnership with KLIM, which includes a $150 million debt investment to enhance its industrial real estate platform and a purchase of 4.9% of its common stock [1][2][3] Transaction Highlights - KLIM is providing an initial $100 million term loan to Monomoy REIT, with an option for an additional $50 million in future capital [2] - KLIM is purchasing 4.9% of Great Elm Group's common stock at approximately $2.11 per share and will hold an initial 15% profits interest in Great Elm Real Estate Ventures, LLC [2][5] Strategic and Financial Impact - The financing from KLIM will improve Monomoy REIT's cost of capital, allowing for refinancing of existing convertible debt and repayment of key credit facilities [10] - The capital will also be utilized for new acquisitions and scaling Monomoy's operations [10] About the Monomoy Platform - Monomoy Properties REIT, LLC has approximately $400 million in diversified net leased industrial outdoor storage (IOS) assets, providing investors with returns through dividends and long-term capital appreciation [4] - The Monomoy platform includes Monomoy CRE, LLC, Monomoy Construction Services, LLC, and Monomoy BTS Corp, creating a vertically integrated real estate enterprise [5][16] Company Overview - Great Elm Group, Inc. is an alternative asset manager focused on building a diversified portfolio across credit, real estate, and specialty finance [14] - The newly formed Great Elm Real Estate Ventures consolidates GEG's real estate subsidiaries, enhancing its ability to deliver comprehensive real estate solutions [9][16]

First Quarter 2025 Disclaimers / Forward-Looking Disclosure Cautionary Statement Regarding Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisi ...