GECC

SEC source: 0001140361-25-022237 · form4.xml · nonDerivative · entry 1

COHEN RICHARD M · CIK 0001075891 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,000

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $10.6115 to $10.6500, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

SEC source: 0001140361-25-021631 · form4.xml · nonDerivative · entry 1

Perry Chad · CIK 0001537306 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,850

SEC source: 0001140361-24-050291 · form4.xml · nonDerivative · entry 1

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,438,079

F1 · kind: Represents shares of common stock of Great Elm Capital Corp. transferred on December 23, 2024 as a result of vested compensation awards granted in prior years.

SEC source: 0001140361-24-041816 · form4.xml · nonDerivative · entry 4

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,429,911

F3 · kind: Represents shares of common stock of GECC transferred on September 24, 2024 as a result of a stock dividend associated with the portion of the equity compensation previously awarded by GEG to certain employees that vested on the anniversary of those grant dates.

F4 · ownership.direct: GEG's direct holdings includes 1,230 shares of common stock of GECC previously reported as transferred in connection with an unvested equity compensation award, subject to such employee's continued service; however, such employee forfeited such compensation award and GEG retained beneficial ownership over such shares.

SEC source: 0001140361-24-041816 · form4.xml · nonDerivative · entry 3

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,440,722

F2 · kind: Represents shares of common stock of GECC transferred on September 20, 2024 and September 24, 2024 as a result of vested compensation awards granted in prior years.

SEC source: 0001140361-24-041812 · form4.xml · nonDerivative · entry 2

Kleinman Adam M · CIK 0001715823 · CCO and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 30,419

F2 · kind: Represents shares of common stock of GECC acquired as a result of a stock dividend associated with the portion of the equity compensation awarded to Mr. Kleinman in previous years that vested on the anniversary of those grant dates.

F3 · ownership.direct: Includes 1,574 shares of common stock of GECC acquired as a result of stock dividends associated with portions of equity compensation awarded to Mr. Kleinman in previous years that vested on the anniversary of those grant dates.

SEC source: 0001140361-24-041810 · form4.xml · nonDerivative · entry 2

Davis Keri · CIK 0001770670 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 19,313

F2 · kind: Represents shares of common stock of GECC acquired as a result of a stock dividend associated with the portion of the equity compensation awarded to Ms. Davis in previous years that vested on the anniversary of those grant dates.

SEC source: 0001140361-24-041839 · form4.xml · nonDerivative · entry 2

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,440,722

F1 · kind: Represents shares of common stock of Great Elm Capital Corp transferred on September 20, 2024 and September 24, 2024 as a result of vested compensation awards granted in prior years.

F2 · shares: This amendment is being filed to correct information pertaining to the amount of securities transferred as a result of vested compensation awards granted in prior years.

SEC source: 0001140361-24-042241 · form4.xml · nonDerivative · entry 2

Kleinman Adam M · CIK 0001715823 · CCO and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,344

F3 · kind: Represents shares of common stock of GECC acquired as a result of a stock dividend associated with the portion of the equity compensation awarded to Mr. Kleinman in previous years that vested on the anniversary of those grant dates.

SEC source: 0001140361-24-042239 · form4.xml · nonDerivative · entry 2

Davis Keri · CIK 0001770670 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 19,392

F1 · kind: Represents shares of common stock of Great Elm Capital Corp. acquired as a result of a stock dividend associated with the portion of the equity compensation awarded to Ms. Davis in previous years that vested on the anniversary of those grant dates.

F2 · shares: This amendment is being filed to correct information pertaining to the date of the acquisition and the amount of securities acquired as a result of a stock dividend associated with the portion of the equity compensation awarded to Ms. Davis in previous years that vested on the anniversary of those grant dates.

SEC source: 0001140361-24-041816 · form4.xml · nonDerivative · entry 2

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,455,699

F2 · kind: Represents shares of common stock of GECC transferred on September 20, 2024 and September 24, 2024 as a result of vested compensation awards granted in prior years.

SEC source: 0001140361-24-041816 · form4.xml · nonDerivative · entry 1

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,486,283

F1 · kind: On September 20, 2024, Great Elm Group, Inc. ("GEG") agreed to transfer an aggregate of 31,879 shares of common stock of Great Elm Capital Corp. ("GECC") owned by GEG as compensation. These shares vested on the grant date, September 20, 2024, and the remainder of the unvested shares awarded on the grant date vest in equal annual installments on each 20th of September for the next two or three consecutive years, depending on the award, subject to continued service. GEG will retain voting rights over the unvested portion of the shares.

SEC source: 0001140361-24-041812 · form4.xml · nonDerivative · entry 1

Kleinman Adam M · CIK 0001715823 · CCO and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 28,326

F1 · kind: Mr. Kleinman is the Chief Compliance Officer and Secretary of Great Elm Capital Corp. ("GECC"). Mr. Kleinman received an award of 6,194 shares of common stock of GECC as equity compensation for his position at GECC, 1,548 of which vested on the grant date, September 20, 2024, and the remainder of which will vest in equal annual installments on each anniversary of the grant date until September 20, 2027, subject to continued service with GECM.

SEC source: 0001140361-24-041811 · form4.xml · nonDerivative · entry 1

Kaplan Matthew D · CIK 0001916576 · CEO and President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 92,789

F1 · kind: Mr. Kaplan is the President and Chief Executive Officer of Great Elm Capital Corp. ("GECC"). Mr. Kaplan received an award of 42,121 shares of common stock of GECC as equity compensation for his position at GECC, 10,530 of which vested on the grant date, September 20, 2024, and the remainder of which will vest in equal annual installments on each anniversary of the grant date until September 20, 2027, subject to continued service with GECC.

SEC source: 0001140361-24-041810 · form4.xml · nonDerivative · entry 1

Davis Keri · CIK 0001770670 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 18,532

F1 · kind: Ms. Davis is the CFO of Great Elm Capital Management, Inc. ("GECM"), the external investment manager of Great Elm Capital Corp. ("GECC"). Ms. Davis received an award of 3,717 shares of common stock of GECC as equity compensation for her position at GECM, 929 of which vested on the grant date, September 20, 2024, and the remainder of which will vest in equal annual installments on each anniversary of the grant date until September 20, 2027, subject to continued service with GECM.

SEC source: 0001140361-24-041839 · form4.xml · nonDerivative · entry 1

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,431,545

F1 · kind: Represents shares of common stock of Great Elm Capital Corp transferred on September 20, 2024 and September 24, 2024 as a result of vested compensation awards granted in prior years.

F2 · shares: This amendment is being filed to correct information pertaining to the amount of securities transferred as a result of vested compensation awards granted in prior years.

SEC source: 0001140361-24-042241 · form4.xml · nonDerivative · entry 1

Kleinman Adam M · CIK 0001715823 · CCO and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 38,251

F1 · kind: Mr. Kleinman is the Chief Compliance Officer and Secretary of Great Elm Capital Corp. ("GECC"). Mr. Kleinman received an award of 6,194 shares of common stock of GECC as equity compensation for his position at GECC, 1,548 of which vested on the grant date, September 20, 2024, and the remainder of which will vest in equal annual installments on each anniversary of the grant date until September 20, 2027, subject to continued service with GECM.

F2 · balance_after: This amendment is being filed to correct the number of shares beneficially owned after the reported transactions.

SEC source: 0001140361-24-042239 · form4.xml · nonDerivative · entry 1

Davis Keri · CIK 0001770670 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 19,179

F1 · kind: Represents shares of common stock of Great Elm Capital Corp. acquired as a result of a stock dividend associated with the portion of the equity compensation awarded to Ms. Davis in previous years that vested on the anniversary of those grant dates.

F2 · shares: This amendment is being filed to correct information pertaining to the date of the acquisition and the amount of securities acquired as a result of a stock dividend associated with the portion of the equity compensation awarded to Ms. Davis in previous years that vested on the anniversary of those grant dates.

SEC source: 0001140361-24-041281 · form4.xml · nonDerivative · entry 3

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 75,716

F3 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.68 to $9.98, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

SEC source: 0001140361-24-038131 · form4.xml · nonDerivative · entry 4

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 66,116

SEC source: 0001140361-24-038131 · form4.xml · nonDerivative · entry 3

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 64,806

F3 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.95 to $10.10, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

SEC source: 0001140361-24-011198 · form4.xml · nonDerivative · entry 1

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,516,932

F1 · kind: On March 4, 2024, Great Elm Group, Inc. ("GEG") agreed to transfer an aggregate of 1,239 shares of common stock of Great Elm Capital Corp. owned by GEG as compensation to certain of GEG's employees. The shares vest in equal annual installments on each 20th of September for the next four consecutive years, beginning on September 20, 2024, subject to continued service with GEG. GEG will retain voting rights over the unvested portion of the shares.

SEC source: 0001140361-24-009083 · form4.xml · nonDerivative · entry 1

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,518,171

F1 · kind: On February 15, 2024, Great Elm Group, Inc. ("GEG") transferred an aggregate of 2,389 shares of Great Elm Capital Corp.'s common stock, par value $0.01 per share, owned by GEG as vested compensation awards.

SEC source: 0001140361-23-054289 · form4.xml · nonDerivative · entry 1

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,520,560

SEC source: 0001140361-23-047903 · form4.xml · nonDerivative · entry 1

Kaplan Matthew D · CIK 0001916576 · CEO and President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 50,668

F1 · kind: Mr. Kaplan is a Managing Director of Imperial Capital Asset Management, LLC ("ICAM"). Mr. Kaplan received an award of 38,668 fully vested shares of Great Elm Capital Corp.'s common stock, par value $0.01 per share, as equity compensation for his position at ICAM.

SEC source: 0001140361-23-045005 · form4.xml · nonDerivative · entry 1

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,506,159

F1 · kind: On September 20, 2023, Great Elm Group, Inc. ("GEG") transferred an aggregate of 26,360 shares of Great Elm Capital Corp.'s common stock, par value $0.01 per share, owned by GEG as vested compensation awards.

SEC source: 0001140361-23-045003 · form4.xml · nonDerivative · entry 2

Davis Keri · CIK 0001770670 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 14,815

F2 · kind: Represents shares of common stock of GECC acquired as a result of a stock dividend associated with the portion of the equity compensation awarded to Ms. Davis on September 20, 2022 that vested on the one-year anniversary of that date.

SEC source: 0001140361-23-045003 · form4.xml · nonDerivative · entry 1

Davis Keri · CIK 0001770670 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 14,619

F1 · kind: Ms. Davis is the CFO of Great Elm Capital Management, Inc. ("GECM"), the external investment manager of Great Elm Capital Corp. ("GECC"). Ms. Davis received an award of 5,585 shares of common stock of GECC as equity compensation for her position at GECM, 1,396 of which vested on the grant date, September 20, 2023, and the remainder of which will vest in equal annual installments on each anniversary of the grant date until September 20, 2026, subject to continued service with GECM.

SEC source: 0001140361-23-040139 · form4.xml · nonDerivative · entry 1

COHEN RICHARD M · CIK 0001075891 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By Spouse

Disclosed balance after: 2,612

F1 · ownership.nature: The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of any of the reported shares for purposes of Section 16 or for any other purpose.

SEC source: 0001140361-23-026271 · form4.xml · nonDerivative · entry 1

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,532,519

F1 · kind: On May 19, 2023, Great Elm Group, Inc. ("GEG") granted 37,268 shares of Great Elm Capital Corp.'s common stock, par value $0.01 per share, to Peter A. Reed in connection with Mr. Reed's resignation as Chief Executive Officer of GEG.

SEC source: 0001140361-23-025139 · form4.xml · nonDerivative · entry 3

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,000

SEC source: 0001140361-23-025139 · form4.xml · nonDerivative · entry 2

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 300

SEC source: 0001140361-23-025139 · form4.xml · nonDerivative · entry 1

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By Benmark Investments LLC

Disclosed balance after: 13,972

F1 · balance_after: The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of any of the reported shares for purposes of Section 16 or for any other purpose.

SEC source: 0001140361-23-011675 · form4.xml · nonDerivative · entry 1

Kaplan Matthew D · CIK 0001916576 · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,000

F1 · shares: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.25 to $9.41, inclusive. The Reporting Person undertakes to provide to Great Elm Capital Corp. ("GECC"), any security holder of GECC, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased in each transaction at each separate price within the ranges set forth herein.

SEC source: 0001140361-23-010985 · form4.xml · nonDerivative · entry 3

Kaplan Matthew D · CIK 0001916576 · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,900

F3 · shares: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.30 to $9.48, inclusive. The Reporting Person undertakes to provide to GECC, any security holder of GECC, or the staff of the SEC, upon request, full information regarding the number of shares purchased in each transaction at each separate price within the ranges set forth herein.

SEC source: 0001140361-23-010985 · form4.xml · nonDerivative · entry 2

Kaplan Matthew D · CIK 0001916576 · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,221

F2 · shares: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.35 to $9.50, inclusive. The Reporting Person undertakes to provide to GECC, any security holder of GECC, or the staff of the SEC, upon request, full information regarding the number of shares purchased in each transaction at each separate price within the ranges set forth herein.

SEC source: 0001140361-23-010985 · form4.xml · nonDerivative · entry 1

Kaplan Matthew D · CIK 0001916576 · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,020

F1 · shares: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.11 to $9.15, inclusive. The Reporting Person undertakes to provide to Great Elm Capital Corp. ("GECC"), any security holder of GECC, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares purchased in each transaction at each separate price within the ranges set forth herein.

SEC source: 0001140361-23-000265 · form4.xml · nonDerivative · entry 3

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · Great Elm Opportunities Fund I, LP

Disclosed balance after: 0

F4 · shares: On January 3, 2023, Great Elm Opportunities Fund I, LP, a Delaware limited partnership ("GEOF"), distributed 73,176 shares of Common Stock to a third party limited partner in GEOF. In connection with the distribution, GEG may no longer be deemed to be the beneficial owner of the shares of common stock previously beneficially owned (or deemed beneficially owned) by GEOF.

SEC source: 0001140361-23-000265 · form4.xml · nonDerivative · entry 2

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · Forest Investments, Inc.

Disclosed balance after: 0

F2 · shares: On December 30, 2022, GEG and Great Elm FM Acquisition, Inc. ("FM Acquisition"), a wholly-owned subsidiary of GEG, entered into a stock purchase agreement (the "Stock Purchase Agreement") with J.P. Morgan Broker-Dealer Holdings Inc. ("JPM") to sell 61 shares of the common stock, $0.001 par value per share, of Forest Investments, Inc. ("Forest") owned by FM Acquisition and GEG, which shares constitute 61% of the issued and outstanding shares of Forest's common stock. As the parent of Forest, prior to the entry into the Stock Purchase Agreement, GEG may have been deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Forest.

F3 · ownership.nature: Following the entry into the Stock Purchase Agreement, GEG may no longer be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Forest.

SEC source: 0001140361-23-002604 · form4.xml · nonDerivative · entry 5

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,569,787

F5 · kind: On December 22, 2022, GEG transferred an aggregate of 1,866 shares of Common Stock owned by GEG as vested compensation awards.

SEC source: 0001140361-23-002604 · form4.xml · nonDerivative · entry 4

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,571,653

F4 · kind: Between December 7, 2022 and December 13, 2022, GEG transferred an aggregate of 200,000 shares of Common Stock to ICAM as partial repayment under the Seller Note.

SEC source: 0001140361-23-002604 · form4.xml · nonDerivative · entry 3

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,771,653

F3 · kind: On September 26, 2022, GEG transferred an aggregate of 10,116 shares of Common Stock owned by GEG as vested compensation awards.

SEC source: 0001140361-23-015504 · form4.xml · nonDerivative · entry 2

Davis Keri · CIK 0001770670 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,034

F2 · kind: Represents shares of common stock of GECC acquired as a result of a stock dividend associated with the portion of the equity compensation awarded to Ms. Davis on September 24, 2021 that vested on the one-year anniversary of that date.

SEC source: 0001140361-23-002604 · form4.xml · nonDerivative · entry 2

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,781,769

F2 · kind: On September 20, 2022, GEG transferred an aggregate of 9,947 shares of Common Stock owned by GEG as vested compensation awards.

SEC source: 0001140361-23-015504 · form4.xml · nonDerivative · entry 1

Davis Keri · CIK 0001770670 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,011

F1 · kind: Ms. Davis is the CFO of Great Elm Capital Management, Inc. ("GECM"), the external investment manager of Great Elm Capital Corp. ("GECC"). Ms. Davis received an award of 5,894 shares of common stock of GECC as equity compensation for her position at GECM, 1,474 of which vested on the grant date, September 20, 2022, and the remainder of which will vest in equal annual installments on each anniversary of the grant date until September 20, 2025, subject to continued service with GECM.

SEC source: 0001140361-23-002604 · form4.xml · nonDerivative · entry 1

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,791,716

F1 · kind: On August 30, 2022, Great Elm Group, Inc. ("GEG") transferred 50,000 shares of Great Elm Capital Corp.'s common stock, par value $0.01 per share (the "Common Stock") to Imperial Capital Asset Management, LLC ("ICAM") as partial repayment under a promissory note (the "Seller Note") entered into by Great Elm Capital Management, Inc. ("GECM"), a wholly-owned subsidiary of GEG, and ICAM.

SEC source: 0001140361-22-023496 · form4.xml · derivative · entry 7

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · Forest Investments, Inc.

Disclosed balance after: 0

Underlying: Common Stock · 400,000 shares

Expires 2022-06-10

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001140361-22-023496 · form4.xml · derivative · entry 6

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,000,000 shares

Expires 2022-06-10

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001140361-22-023496 · form4.xml · nonDerivative · entry 4

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · Forest Investments, Inc.

Disclosed balance after: 400,100

F4 · shares: Reflects additional shares of Common Stock acquired by Forest in connection with the Issuer's rights offering pursuant to the over-subscription privilege.

F5 · ownership.nature: Represents shares of common stock of GECC held directly by Forest. As the parent of Forest, GEG may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Forest.

SEC source: 0001140361-22-023496 · form4.xml · nonDerivative · entry 3

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · Forest Investments, Inc.

Disclosed balance after: 200

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · shares: On June 15, 2022, Forest Investments, Inc. ("Forest") exercised in full its primary subscription rights (each 1 subscription right entitling Forest to purchase 1 share of Common Stock), which were issued to holders of Common Stock on the May 23, 2022 record date for the rights offering.

F5 · ownership.nature: Represents shares of common stock of GECC held directly by Forest. As the parent of Forest, GEG may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Forest.