X0206 3 2020-02-26 0 0001082506 Great Elm Capital Group, Inc. GEC 0001805378 Imperial Capital Asset Management, LLC 10100 SANTA MONICA BLVD., SUITE 2400 LOS ANGELES CA 90067 0 0 1 0 0001308057 LONG BALL PARTNERS LLC C/O IMPERIAL CAPITAL ASSET MANAGEMENT 10100 SANTA MONICA BLVD., SUITE 2400 LOS ANGELES CA 90067 0 0 1 0 0001479613 Reese Jason W. C/O IMPERIAL CAPITAL ASSET MANAGEMENT 10100 SANTA MONICA BLVD., SUITE 2400 LOS ANGELES CA 90067 1 0 1 0 Common stock, par value $0.001 per share 2319887 I See Footnote 5.0% Convertible Senior PIK Note due 2030 3.4722 2020-02-26 2030-02-26 Common stock, par value $0.001 per share 1843211 I See Footnote These securities are held directly by Long Ball Partners, LLC ("Long Ball"). Jason Reese is portfolio manager to Long Ball and is Chairman and Chief Executive Officer of Imperial Capital Asset Management, LLC ("ICAM"), which is the managing member and investment manager to Long Ball. Mr. Reese and ICAM each may be deemed to be the beneficial owner of the securities directly held by Long Ball. Each of Mr. Reese and ICAM disclaims beneficial ownership of these securities except to the extent of that person's pecuniary interest therein. Long Ball has the right, at its option, to convert all or any portion of its $6,400,000 5.0% Convertible Senior PIK Note due 2030 issued by the Issuer (the "Note") at any time prior to the close of business on the second business day immediately preceding the maturity date of the Note into common stock, par value $0.001 per share, of the Issuer (the "Common Stock") at an initial conversation rate of 288.0018 shares of Common Stock per $1,000 principal amount and an initial conversion price of $3.4722 per share (subject to, and in accordance with, the terms of the Note). Mr. Reese is a director and Executive Co-Chairman of the Issuer. The Reporting Persons are jointly filing this Form 3. Long Ball Partners, LLC, By: Imperial Capital Asset Management, LLC, its Managing Member, By: /s/ Jason Reese, Jason Reese, Chairman & CEO 2020-03-06 Imperial Capital Asset Management, LLC, By: /s/ Jason Reese, Jason Reese, Chairman & CEO 2020-03-06 /s/ Jason Reese 2020-03-06