Q4 2024 Great Elm Group Inc Earnings Call Transcript
Key Points
- Great Elm Group Inc (GEG) raised over $90 million in fresh capital, significantly growing fee-paying assets under management by nearly 30% year-over-year.
- GEG's GECC completed an underwritten public offering of $34.5 million of five-year notes at improved financing rates.
- The company generated total revenue of $9 million, tripling revenue from the prior year period.
- GEG ended the quarter with nearly $60 million in cash and marketable securities, providing a strong financial position.
- Monomoy BTS had a milestone fourth quarter, nearing completion on two inaugural properties and realizing a gain on sale of over $1 million.
- GEG reported an overall net loss of $0.9 million for the year, partly due to $3.8 million in unrealized losses.
- The financial accounting rules required GEG to mark its $9 million investment in SPVs to a lesser value, creating unrealized losses.
- Despite the capital raises, GEG's net loss from continuing operations was $0.6 million for the quarter.
- The company faced a $1.1 million unrealized loss on investments in Prosper Peak Holdings LLC.
- GEG's adjusted EBITDA for the quarter was $1.2 million, which, although an improvement, still indicates modest profitability.
Greetings, and welcome to the Great Elm Group fiscal fourth-quarter 2024 earnings conference call. (Operator Instructions) Please note that this conference is being recorded. I'll now turn the conference over to Adam Yates, Managing Director. Adam, you may now begin.
Good morning, everyone. Thank you for joining us for Great Elm Group's fiscal fourth-quarter 2024 earnings conference call. As a reminder, this conference call is being recorded on Friday, August 30, 2024. If you would like to be added to our distribution list, you can email GEG investor relations at greatelmcap.com, where you can sign up for alerts directly on our website, w.w.w.greatelmgroup.com.
A slide presentation accompanying today's conference call and webcast can be found on our website under events and presentations. A link to the webcast is also available on our website as well as in the press release that was disseminated to announce the quarterly results.
Today's conference call includes forward-looking statements,
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