Great Elm Group, Inc. — Director's Dealing 2022

May 26, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Great Elm Group, Inc. (GEG)
CIK: 0001831096
Period of Report: 2022-05-23

Reporting Person: Northern Right Capital Management, L.P. (N/A)
Reporting Person: NRC Partners I, LP (N/A)
Reporting Person: Northern Right Capital (QP), L.P. (N/A)
Reporting Person: BC Advisors LLC (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-05-23	Common Stock	P	50000	$2.19	Acquired	2813584	Indirect

Footnotes

F1: Represents 16,307 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 5,464 shares of common stock of GEG purchased by NRC Partners I, L.P. ("NRC Partners") and 28,229 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.

F2: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,323,425 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 60,541 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 1,429,618 shares of common stock of GEG.

F3: 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,

F4: (continued from footnote 3) 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.