Northern Right Capital Management, L.P. - May 18, 2023 Form 4 Insider Report for Great Elm Group, Inc. (GEG)

Role: Member of 13D 10% Group, 10%+ Owner
Signature: Northern Right Capital Management, L.P. By: BC Advisors, LLC, its general partner By: /s/ Adam Cina, attorney-in-fact for authorized signatory
Stock symbol: GEG
Transactions as of: May 18, 2023
Transactions value $: $592,302
Form type: 4
Date filed: 5/22/2023, 09:32 PM
Previous filing: Mar 20, 2023
Next filing: May 31, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	GEG	Common Stock	Purchase	$98.5K	+50K	+1.37%	$1.97	3.7M	May 18, 2023	See Footnote	F1, F4, F5, F6
transaction	GEG	Common Stock	Purchase	$488K	+244K	+6.6%	$2.00	3.94M	May 19, 2023	See Footnote	F2, F4, F5, F6
transaction	GEG	Common Stock	Purchase	$5.38K	+2.61K	+0.07%	$2.06	3.95M	May 22, 2023	See Footnote	F3, F4, F5, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents 42,887 shares of common stock of GEG purchased by Northern Right Capital (QP), L.P. ("Northern Right QP") and 7,113 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.
F2	Represents 209,280 shares of common stock of GEG purchased by Northern Right QP and 34,711 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.
F3	Represents 2,240 shares of common stock of GEG purchased by Northern Right QP and 372 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.
F4	Northern Right QP beneficially owns and has the power to vote or to direct the vote of 2,069,003 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,876,787 shares of common stock of GEG.
F5	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.
F6	(Continued from Footnote 5) 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 of 1934, as amended, or for any other purpose.

Remarks:

The Reporting Persons are jointly filing this Form 4.