X0306 4 2022-05-12 0001831096 Great Elm Group, Inc. GEG 0001346543 Northern Right Capital Management, L.P. 9 OLD KINGS HWY S., 4TH FLOOR DARIEN CT 06820 true true Member of 13D 10% Group 0001763594 NRC Partners I, LP C/O NORTHERN RIGHT CAPITAL MANAGEMENT, L 9 OLD KINGS HWY S., 4TH FLOOR DARIEN CT 06820 true true Member of 13D 10% Group 0001451722 Northern Right Capital (QP), L.P. C/O NORTHERN RIGHT CAPITAL MANAGEMENT, L 9 OLD KINGS HWY S., 4TH FLOOR DARIEN CT 06820 true true Member of 13D 10% Group 0001349003 BC Advisors LLC C/O NORTHERN RIGHT CAPITAL MANAGEMENT, L 9 OLD KINGS HWY S., 4TH FLOOR DARIEN CT 06820 true true Member of 13D 10% Group Common Stock 2022-05-12 4 P 0 21000 1.9767 A 2685584 I See Footnote Common Stock 2022-05-13 4 P 0 25000 2.0487 A 2710584 I See Footnote Common Stock 2022-05-16 4 P 0 8000 2.1132 A 2718584 I See Footnote Represents 6,854 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 2,290 shares of common stock of GEG purchased by NRC Partners I, L.P. ("NRC Partners") and 11,856 shares of common stock of GEG purchased by managed accounts (the "Accounts") on behalf of an investment advisory client of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as investment manager for the Accounts. Represents 8,144 shares of common stock of GEG purchased by Northern Right QP, 2,716 shares of common stock of GEG purchased by NRC Partners and 14,140 shares of common stock of GEG purchased by the Accounts. Represents 2,606 shares of common stock of GEG purchased by Northern Right QP, 872 shares of common stock of GEG purchased by NRC Partners and 4,522 shares of common stock of GEG purchased by the Accounts. Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,292,446 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 50,171 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,375,967 shares of common stock of GEG. As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Accounts and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") 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, (continued from footnote 5) 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 forpurposes of 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 2022-05-16 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 2022-05-16 Northern Right Capital QP, 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 2022-05-16 BC Advisors, LLC By: /s/ Matthew A. Drapkin Matthew A. Drapkin, Authorized Signatory 2022-05-16