  We study spin wave excitations in a three-dimensional nanocomposite magnet of
exchange coupled hard (SmCo$_5$) and soft (FeCo) phases. The dipolar
interaction splits the spin wave energies into the upper and lower branches of
the spin wave manifold. When the amount of the soft phase is increased the
energy of low-lying spin excitations is considerably softened due to two
reasons: (i) the low- lying mode locked into the soft phase region with a spin
wave gap at ${\bf k}= 0$ which scales approximately proportional to the
anisotropy constant of the soft phase and (ii) the internal dipolar field which
comes from magnetic charges forming at hard-soft boundaries with normals
parallel to the magnetization displaces the spin wave manifold toward the lower
energies. With adding more soft phase the spin wave gap closes and the system
moves to another ground state characterized by the magnetization mismatch
between spins of the hard and soft phases.
