SCHEDULE 13G/A 0001805255 XXXXXXXX LIVE 5 Common Stock, $0.001 par value per share 06/30/2025 0001831096 Great Elm Group, Inc. 39037G109 3801 PGA Boulevard, Suite 603, Palm Beach Gardens, FL 33410 Rule 13d-1(c) PC Elfun LLC DE 0.00 3070041.00 0.00 3070041.00 3070041.00 N 9.9 OO Item 9 represents 3,070,041 shares of common stock issuable upon the conversion of 5.00% convertible senior PIK notes due 2030 of the Issuer (the "Convertible Notes") after giving effect to the 9.9% conversion cap set forth in the Letter Agreement, dated as of June 13, 2025, by and between PC Elfun LLC and the Issuer (the "Letter Agreement"). Item 11 is calculated based upon an aggregate of (i) 27,940,476 shares of common stock outstanding as of May 2, 2025, as reported on the Issuer's Form 10-Q, filed on May 7, 2025, as increased by (ii) 3,070,041 shares of common stock issuable upon the conversion of the Convertible Notes after giving effect to the conversion cap described above. Pine Crest Capital LLC DE 0.00 3070041.00 0.00 3070041.00 3070041.00 N 9.9 OO Item 9 represents 3,070,041 shares of common stock issuable upon the conversion of the Convertible Notes after giving effect to the conversion cap described above. Item 11 is calculated based upon an aggregate of (i) 27,940,476 shares of common stock outstanding as of May 2, 2025, as reported on the Issuer's Form 10-Q, filed on May 7, 2025, as increased by (ii) 3,070,041 shares of common stock issuable upon the conversion of the Convertible Notes after giving effect to the conversion cap described above. Michael Hughes X1 0.00 3070041.00 0.00 3070041.00 3070041.00 N 9.9 IN Item 9 represents 3,070,041 shares of common stock issuable upon the conversion of the Convertible Notes after giving effect to the conversion cap described above. Item 11 is calculated based upon an aggregate of (i) 27,940,476 shares of common stock outstanding as of May 2, 2025, as reported on the Issuer's Form 10-Q, filed on May 7, 2025, as increased by (ii) 3,070,041 shares of common stock issuable upon the conversion of the Convertible Notes after giving effect to the conversion cap described above. Daniel J. Hopkins X1 0.00 3070041.00 0.00 3070041.00 3070041.00 N 9.9 IN Item 9 represents 3,070,041 shares of common stock issuable upon the conversion of the Convertible Notes after giving effect to the conversion cap described above. Item 11 is calculated based upon an aggregate of (i) 27,940,476 shares of common stock outstanding as of May 2, 2025, as reported on the Issuer's Form 10-Q, filed on May 7, 2025, as increased by (ii) 3,070,041 shares of common stock issuable upon the conversion of the Convertible Notes after giving effect to the conversion cap described above. Great Elm Group, Inc. The Company's principal executive offices are located at 3801 PGA Boulevard, Suite 603, Palm Beach Gardens, FL 33410. This statement is being jointly filed by each of the persons below pursuant to Rule 13d-1(k) promulgated by the Securities and Exchange Commission pursuant to Section 13 of the Act, all of whom together are referred to herein as the "Reporting Persons": (i) PC Elfun LLC (ii) Pine Crest Capital LLC (iii) Michael Hughes (iv) Daniel J. Hopkins The address of the Reporting Persons is: 3547 53rd Avenue West, #220, Bradenton, FL 34210. PC Elfun LLC and Pine Crest Capital LLC are limited liability companies formed in Delaware. Michael Hughes is a citizen of the United States. Daniel J. Hopkins is a citizen of the United States. Y See responses to Item 9 on each cover page. See responses to Item 11 on each cover page. See responses to Item 5 on each cover page. See responses to Item 6 on each cover page. See responses to Item 7 on each cover page. See responses to Item 8 on each cover page. The Reporting Persons are entitled from time to time at their option to convert the Convertible Notes into shares of Common Stock at a conversion rate of $3.4722 per share. As of June 30, 2025, PC Elfun LLC directly held $11,393,685 of Convertible Notes convertible into an aggregate of 3,281,402 shares of Common Stock of the Issuer, or 10.5% of the outstanding shares of Common Stock of the Issuer, assuming the exchange of all Convertible Notes held by PC Elfun LLC into shares of Common Stock, in accordance with Rule 13d-3 of the Act. However, pursuant to the Letter Agreement, the Convertible Notes held by PC Elfun LLC are subject to a 9.9% conversion cap, and as a result, as of June 30, 2025, PC Elfun LLC was entitled to convert the Convertible Notes into a maximum of 3,070,041 shares of Common Stock of the Issuer. PC Elfun LLC is managed by Pine Crest Capital LLC, which is jointly owned by Michael Hughes and Daniel J. Hopkins. Pine Crest Capital LLC, Michael Hughes and Daniel J. Hopkins each may be deemed to beneficially own the Convertible Notes owned by PC Elfun LLC, but disclaim such beneficial ownership. The Reporting Persons expressly declare that the filing of this statement shall not be construed as an admission that any such person is, for the purposes of Section 13(d) and/or Section 13(g) of the Act or otherwise, the beneficial owner of any securities covered by this statement held by any other person. The Reporting Persons expressly disclaim that they have agreed to act as a group other than as described in this Schedule 13G. Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Exhibit 1 Joint Filing Agreement, dated as of February 8, 2022, incorporated by reference to the Schedule 13G/A filed by the Reporting Persons on February 9, 2022. PC Elfun LLC /s/ Daniel J. Hopkins 08/13/2025 Pine Crest Capital LLC /s/ Daniel J. Hopkins 08/13/2025 Michael Hughes /s/ Michael Hughes 08/13/2025 Daniel J. Hopkins /s/ Daniel J. Hopkins 08/13/2025