X0407 4 2023-05-26 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 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 0 Common Stock 2023-05-26 4 P 0 4491 2.0499 A 3950281 I See Footnote Common Stock 2023-05-31 4 P 0 4678 2.0578 A 3954959 I See Footnote Represents 3,852 shares of common stock of GEG purchased by Northern Right Capital (QP), L.P. ("Northern Right QP") and 639 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 4,012 shares of common stock of GEG purchased by Northern Right QP and 666 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 2,076,867 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,878,092 shares of common stock of GEG. As general partner and investment manager of Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by 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 Section 16 of the Securities Exchange Act (Continued Footnote 4) 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/ Adam Cina, attorney-in-fact for authorized signatory 2023-05-31 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/ Adam Cina, attorney-in-fact for authorized signatory 2023-05-31 BC Advisors, LLC By: /s/ Adam Cina, attorney-in-fact for authorized signatory 2023-05-31