X0306 4 2022-10-06 0 0001831096 Great Elm Group, Inc. GEG 0001346543 Northern Right Capital Management, L.P. 9 OLD KINGS HWY. S. 4TH FLOOR DARIEN CT 06820 0 0 1 1 Member of 13D 10% Group 0001763594 NRC Partners I, LP C/O NORTHERN RIGHT CAPITAL MANAGEMENT, L.P., 9 OLD KINGS HWY S., 4TH FLOOR DARIEN CT 06820 0 0 1 0 0001451722 Northern Right Capital (QP), L.P. C/O NORTHERN RIGHT CAPITAL MANAGEMENT, L.P., 9 OLD KINGS HWY S., 4TH FLOOR DARIEN CT 06820 0 0 1 0 0001349003 BC Advisors LLC C/O NORTHERN RIGHT CAPITAL MANAGEMENT, L.P., 9 OLD KINGS HWY S., 4TH FLOOR DARIEN CT 06820 0 0 1 0 Common Stock 2022-10-06 4 P 0 2214 2.00 A 3482519 I See Footnote Common Stock 2022-10-07 4 P 0 1223 1.9998 A 3483742 I See Footnote Common Stock 2022-10-10 4 P 0 3347 2.00 A 3487089 I See Footnote Common Stock 2022-10-11 4 P 0 6002 1.9983 A 3493091 I See Footnote Represents 725 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 235 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 1,254 shares of common stock of GEG purchased by managed accounts (the "Managed Accounts") on behalf of investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as the investment manager for the Managed Accounts. Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022. Represents 403 shares of common stock of GEG purchased by Northern Right QP, 129 shares of common stock of GEG purchased by NRC Partners I and 691 shares of common stock of GEG purchased by the Managed Accounts on behalf of investment advisory clients of Northern Right Management. Northern Right Management acts as the investment manager for the Managed Accounts. Represents 1,103 shares of common stock of GEG purchased by Northern Right QP, 354 shares of common stock of GEG purchased by NRC Partners I and 1,890 shares of common stock of GEG purchased by the Managed Accounts on behalf of investment advisory clients of Northern Right Management. Northern Right Management acts as the investment manager for the Managed Accounts. Represents 2,813 shares of common stock of GEG purchased by Northern Right QP, 897 shares of common stock of GEG purchased by NRC Partners I and 2,292 shares of common stock of GEG purchased by the Managed Accounts on behalf of investment advisory clients of Northern Right Management. Northern Right Management acts as the investment manager for the Managed Accounts. Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,546,181 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 133,874 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,813,036 shares of common stock of GEG. As general partner and investment manager of NRC Partners I and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners I and Northern Right QP. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As the general partner of Northern Right Management, BC Advisors, LLC may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case, except to the extent of any pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of (Continued Footnote 7) Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. The Reporting Persons are jointly filing this Form 4. Northern Right Capital Management, L.P., By: BC Advisors, LLC, its general partner, By: /s/ Matthew A. Drapkin, Matthew A. Drapkin, Authorized Signatory 2022-10-11 NRC Partners I, LP, By: Northern Right Capital Management, L.P., its general partner, By: BC Advisors, LLC, its general partner, By: /s/ Matthew A. Drapkin, Matthew A. Drapkin, Authorized Signatory 2022-10-11 Northern Right Capital (QP), L.P., By: Northern Right Capital Management, L.P., its general partner, By: BC Advisors, LLC, its general partner, By: /s/ Matthew A. Drapkin, Matthew A. Drapkin, Authorized Signatory 2022-10-11 BC Advisors, LLC, By: /s/ Matthew A. Drapkin, Matthew A. Drapkin, Authorized Signatory 2022-10-11