Great Elm Group acquires Monomoy REIT management agreements for $10M; AUM doubles to $572M

Great Elm Group, Inc.

Upfront purchase price of $10M paid with $2.5M in GEG stock, $1.25M in GECC stock, and $6.3M promissory note at 6.5% interest.
GEG committed to invest $15M into Monomoy REIT, intends additional $15M over next 12 months.
ICAM may receive two earnout payments of up to $1M each based on FY2023 and FY2024 financial metrics.
Transaction approved by disinterested directors; Jason Reese (GEG Executive Chairman) is co-founder/CEO of ICAM, creating related-party status.
AUM increases from $224M to $572M; Monomoy REIT holds 108 net-leased industrial properties valued at $348M (as of March 31, 2022).

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