Great Elm sells majority interest in Forest Investments to JPMorgan affiliate

Great Elm (GEG) announced its sale of a majority of its ownership interest in Forest Investments to J.P. Morgan Broker-Dealer Holdings (JPM). Transaction Highlights: GEG has sold 61% of its direct and indirect common equity of Forest to JPM for approximately $18M in cash. Together with its purchase of 20% of the common equity of Forest in December 2020, JPM owns 81% of Forest as of December 30, 2022. GEG has the right to put its remaining 19% ownership interest in Forest for cash proceeds of approximately $27M. Jason Reese, Executive Chairman of GEG, said, "The Forest transaction represents a successful outcome for Great Elm’s shareholders. This marks the latest in a series of strategic actions taken to enhance our focus and capabilities across our core investment management strategy. We are pleased to have worked with JPM as a financial partner in Forest. This transaction underscores the ability for Great Elm to raise capital as it looks to grow its investment management business."