GEG

SEC source: 0000899243-23-013639 · doc4.xml · nonDerivative · entry 2

Reese Jason W. · CIK 0001479613 · Director · Chief Executive Officer · 10% owner

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Imperial Capital Group Holdings II, LLC · CIK 0001961798 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnotes

Disclosed balance after: 6,011,479

F3 · price: The price reported in Column 4 is a weighted average price, rounded to the nearest cent. These shares were purchased in multiple transactions at prices ranging from $1.96 to $2.05, 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, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

F2 · ownership.nature: Each of Mr. Reese, ICAM, Long Ball and ICGH2 disclaims beneficial ownership of the securities reported herein, except to the extent of that person's pecuniary interest.

F4 · ownership.nature: Consists of 4,641,495 shares held directly by Long Ball, 909,084 shares held directly by ICAM, and 460,900 shares held directly by ICGH2.

SEC source: 0000899243-23-013682 · doc4.xml · nonDerivative · entry 1

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 3,699,187

F1 · shares: 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.

F4 · ownership.nature: 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 · ownership.nature: 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 · ownership.nature: (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.

SEC source: 0001140361-23-026105 · form4.xml · nonDerivative · entry 2

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 1,841,704

F2 · ownership.direct: Represents shares of common stock purchased by managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management").

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F4 · ownership.nature: (continued from footnote 3) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-23-026105 · form4.xml · nonDerivative · entry 1

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 1,857,483

F1 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F4 · ownership.nature: (continued from footnote 3) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0000899243-23-013639 · doc4.xml · nonDerivative · entry 1

Reese Jason W. · CIK 0001479613 · Director · Chief Executive Officer · 10% owner

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Imperial Capital Group Holdings II, LLC · CIK 0001961798 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnotes

Disclosed balance after: 5,767,489

F1 · ownership.nature: Consists of 4,397,505 shares held directly by Long Ball, 909,084 shares held directly by Imperial Capital Asset Management, LLC ("ICAM"), and 460,900 shares held directly by Imperial Capital Group Holdings II, LLC ("ICGH2"). Mr. Reese is portfolio manager to Long Ball and is Chairman and Chief Executive Officer of ICAM, which is the managing member of and investment manager to Long Ball. Mr. Reese is one of the owners of Imperial Capital Group Holdings, LLC, which is the managing member of ICGH2. Mr. Reese has voting and dispositive power over the shares of Common Stock held directly by ICGH2.

F2 · ownership.nature: Each of Mr. Reese, ICAM, Long Ball and ICGH2 disclaims beneficial ownership of the securities reported herein, except to the extent of that person's pecuniary interest.

SEC source: 0000899243-23-012958 · doc4.xml · derivative · entry 1

Reese Jason W. · CIK 0001479613 · Director · Chief Executive Officer · 10% owner

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Imperial Capital Group Holdings II, LLC · CIK 0001961798 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,000,000

Underlying: Common Stock · 2,000,000 shares

Expires 2033-05-11

F1 · derivative.exercise_date: On May 11, 2023, the reporting person was granted an option (the "Option") to purchase up to 2,000,000 shares of common stock of the Issuer (the "Common Stock") as compensation for the reporting person's role as Chief Executive Officer of the Issuer. The Option will vest and become exercisable in five equal installments on the first, second, third, fourth and fifth anniversaries of May 5, 2023, subject to continued employment and subject to certain Stock Price Vesting Triggers (each, a "Stock Price Vesting Trigger") as set forth below. For each of the five annual vesting tranches, the Stock Price Vesting Trigger will be deemed achieved as of the first date following May 11, 2023 that the 30 calendar-day trailing average of the trading price of the Common Stock (as measured by the volume-weighted average price) equals or exceeds:

F2 · derivative.exercise_date: (Continued from footnote 1) (i) $4.07 for the first tranche, (ii) $6.00 for the second tranche, (iii) $8.00 for the third tranche, (iv) $10.00 for the fourth tranche and (v) $12.00 for the fifth tranche.

SEC source: 0001140361-23-016649 · form4.xml · nonDerivative · entry 3

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 425,171

F5 · kind: The Reporting Person was awarded 21,763 shares of restricted stock, which vest in three equal installments on the end of each quarter beginning on June 30, 2023 through December 31, 2023, contingent upon continued service as a member of the board of directors of Great Elm Capital Corp.

SEC source: 0000899243-23-009138 · doc4.xml · nonDerivative · entry 1

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 3,649,187

F1 · shares: Represents 20,364 shares of common stock of GEG purchased by Northern Right Capital (QP), L.P. ("Northern Right QP") and 3,266 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 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,814,596 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,834,591 shares of common stock of GEG.

F3 · ownership.nature: 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.

F4 · ownership.nature: (Continued from Footnote 3) 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.

SEC source: 0000899243-23-009123 · doc4.xml · nonDerivative · entry 1

Reese Jason W. · CIK 0001479613 · Director · 10% owner

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Imperial Capital Group Holdings II, LLC · CIK 0001961798 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnotes

Disclosed balance after: 5,717,489

F1 · price: The price reported in Column 4 is a weighted average price, rounded to the nearest cent. These shares were purchased in multiple transactions at prices ranging from $2.30 to $2.40, 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 ("SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

F2 · ownership.nature: Consists of 4,347,505 shares held directly by Long Ball, 909,084 shares held directly by Imperial Capital Asset Management, LLC ("ICAM"), and 460,900 shares held directly by Imperial Capital Group Holdings II, LLC ("ICGH2"). Mr. Reese is portfolio manager to Long Ball and is Chairman and Chief Executive Officer of ICAM, which is the managing member of and investment manager to Long Ball. Mr. Reese is one of the owners of Imperial Capital Group Holdings, LLC, which is the managing member of ICGH2. Mr. Reese has voting and dispositive power over the shares of Common Stock held directly by ICGH2.

F3 · ownership.nature: Each of Mr. Reese, ICAM, Long Ball and ICGH2 disclaims beneficial ownership of the securities reported herein, except to the extent of that person's pecuniary interest.

SEC source: 0001140361-23-012602 · form4.xml · nonDerivative · entry 2

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 1,834,591

F2 · ownership.direct: Represents shares of common stock purchased by managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management").

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F4 · ownership.nature: (continued from footnote 3) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-23-012602 · form4.xml · nonDerivative · entry 1

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 1,814,596

F1 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").

F3 · ownership.nature: As general partner and investment manager of Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F4 · ownership.nature: (continued from footnote 3) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0000899243-23-008273 · doc4.xml · nonDerivative · entry 3

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,625,557

F3 · shares: Represents 14,437 shares of common stock of GEG purchased by Northern Right QP and 2,379 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 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,794,232 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,831,325 shares of common stock of GEG.

F5 · ownership.nature: 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 · ownership.nature: (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.

SEC source: 0001140361-23-011462 · form4.xml · nonDerivative · entry 4

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,831,325

F2 · ownership.direct: Represents shares of common stock purchased managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management").

F3 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F4 · ownership.nature: (continued from footnote 3) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-23-011462 · form4.xml · nonDerivative · entry 3

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,794,232

F1 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP"). Includes 152,315 shares of common stock that were previously owned by NRC Partners I, L.P. ("NRC Partners") and were transferred to Northern Right QP on March 1, 2023.

F3 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F4 · ownership.nature: (continued from footnote 3) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0000899243-23-008258 · doc4.xml · nonDerivative · entry 2

Reese Jason W. · CIK 0001479613 · Director · 10% owner

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Imperial Capital Group Holdings II, LLC · CIK 0001961798 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 5,693,851

F4 · price: The price reported in Column 4 is a weighted average price, rounded to the nearest cent. These shares were purchased in multiple transactions at prices ranging from $2.20 to $2.25, 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.

F3 · ownership.nature: Each of Mr. Reese, ICAM, Long Ball and ICGH2 disclaims beneficial ownership of the securities reported herein, except to the extent of that person's pecuniary interest.

F5 · ownership.nature: Consists of 4,323,867 shares held directly by Long Ball, 909,084 shares held directly by ICAM, and 460,900 shares held directly by ICGH2.

SEC source: 0000899243-23-008273 · doc4.xml · nonDerivative · entry 2

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,608,741

F2 · shares: Represents 24,564 shares of common stock of GEG purchased by Northern Right QP and 4,049 shares of common stock of GEG purchased by managed accounts (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 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,794,232 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,831,325 shares of common stock of GEG.

F5 · ownership.nature: 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 · ownership.nature: (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.

SEC source: 0001140361-23-011462 · form4.xml · nonDerivative · entry 2

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,828,946

F2 · ownership.direct: Represents shares of common stock purchased managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management").

F3 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F4 · ownership.nature: (continued from footnote 3) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-23-011462 · form4.xml · nonDerivative · entry 1

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,779,795

F1 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP"). Includes 152,315 shares of common stock that were previously owned by NRC Partners I, L.P. ("NRC Partners") and were transferred to Northern Right QP on March 1, 2023.

F3 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F4 · ownership.nature: (continued from footnote 3) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0000899243-23-008258 · doc4.xml · nonDerivative · entry 1

Reese Jason W. · CIK 0001479613 · Director · 10% owner

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Imperial Capital Group Holdings II, LLC · CIK 0001961798 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 5,677,031

F1 · price: The price reported in Column 4 is a weighted average price, rounded to the nearest cent. These shares were purchased in multiple transactions at prices ranging from $2.24 to $2.35, 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 ("SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

F2 · ownership.nature: Consists of 4,307,047 shares held directly by Long Ball, 909,084 shares held directly by Imperial Capital Asset Management, LLC ("ICAM"), and 460,900 shares held directly by Imperial Capital Group Holdings II, LLC ("ICGH2"). Mr. Reese is portfolio manager to Long Ball and is Chairman and Chief Executive Officer of ICAM, which is the managing member of and investment manager to Long Ball. Mr. Reese is one of the owners of Imperial Capital Group Holdings, LLC, which is the managing member of ICGH2. Mr. Reese has voting and dispositive power over the shares of Common Stock held directly by ICGH2.

F3 · ownership.nature: Each of Mr. Reese, ICAM, Long Ball and ICGH2 disclaims beneficial ownership of the securities reported herein, except to the extent of that person's pecuniary interest.

SEC source: 0000899243-23-008273 · doc4.xml · nonDerivative · entry 1

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,580,128

F1 · shares: Northern Right Capital Management, L.P. ("Northern Right Management") is the general partner and investment manager of NRC Partners I, LP ("NRC Partners I") and Northern Right Capital (QP), L.P. ("Northern Right QP"), and Northern Right QP acquired 152,315 shares of common stock of Great Elm Group, Inc. ("GEG") for no consideration upon a distribution by NRC Partners I.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,794,232 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,831,325 shares of common stock of GEG.

F5 · ownership.nature: 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 · ownership.nature: (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.

SEC source: 0000899243-23-008493 · doc4.xml · nonDerivative · entry 1

NRC Partners I, LP · CIK 0001763594 · 10% owner · Member of 13D 10% Group

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 0

F1 · shares: Northern Right Capital Management, L.P. is the general partner and investment manager of NRC Partners I, LP ("NRC Partners I") and Northern Right Capital (QP), L.P. ("Northern Right QP"). NRC Partners I distributed 152,315 shares of common stock of Great Elm Group, Inc. to Northern Right QP for no consideration.

F1 · ownership.nature: Northern Right Capital Management, L.P. is the general partner and investment manager of NRC Partners I, LP ("NRC Partners I") and Northern Right Capital (QP), L.P. ("Northern Right QP"). NRC Partners I distributed 152,315 shares of common stock of Great Elm Group, Inc. to Northern Right QP for no consideration.

SEC source: 0001140361-23-008679 · form4.xml · nonDerivative · entry 6

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,824,897

F3 · ownership.direct: Represents shares of common stock purchased managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-23-008679 · form4.xml · nonDerivative · entry 5

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 152,315

F2 · ownership.direct: Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-23-008679 · form4.xml · nonDerivative · entry 4

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,602,916

F1 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0000899243-23-006156 · doc4.xml · nonDerivative · entry 2

Reese Jason W. · CIK 0001479613 · Director · 10% owner

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Imperial Capital Group Holdings II, LLC · CIK 0001961798 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 5,648,415

F4 · price: The price reported in Column 4 is a weighted average price, rounded to the nearest cent. These shares were purchased in multiple transactions at prices ranging from $2.11 to $2.18, 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.

F3 · ownership.nature: Each of Mr. Reese, ICAM, Long Ball and ICGH2 disclaims beneficial ownership of the securities reported herein, except to the extent of that person's pecuniary interest.

F5 · ownership.nature: Consists of 4,278,431 shares held directly by Long Ball, 909,084 shares held directly by ICAM, and 460,900 shares held directly by ICGH2.

SEC source: 0000899243-23-006170 · doc4.xml · nonDerivative · entry 2

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner · Member of 13D 10% Group

NRC Partners I, LP · CIK 0001763594 · 10% owner

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,580,128

F2 · shares: Represents 8,605 shares of common stock of GEG purchased by Northern Right QP, 2,795 shares of common stock of GEG purchased by NRC Partners I and 1,876 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 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,602,916 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 152,315 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,824,897 shares of common stock of GEG.

F4 · ownership.nature: As general partner and investment manager of NRC Partners I and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners I and 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.

F5 · ownership.nature: (Continued from Footnote 4) 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.

SEC source: 0001140361-23-008674 · form4.xml · nonDerivative · entry 2

Hugar James H · CIK 0001475698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 254,739

F2 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.08 to $2.10, inclusive. The Reporting Person undertakes to provide to GEG, any security holder of GEG, 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: 0001140361-23-008679 · form4.xml · nonDerivative · entry 3

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,823,021

F3 · ownership.direct: Represents shares of common stock purchased managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-23-008679 · form4.xml · nonDerivative · entry 2

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 149,520

F2 · ownership.direct: Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0001140361-23-008679 · form4.xml · nonDerivative · entry 1

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,594,311

F1 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.

F5 · ownership.nature: (continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.

SEC source: 0000899243-23-006156 · doc4.xml · nonDerivative · entry 1

Reese Jason W. · CIK 0001479613 · Director · 10% owner

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Imperial Capital Group Holdings II, LLC · CIK 0001961798 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 5,635,138

F1 · price: The price reported in Column 4 is a weighted average price, rounded to the nearest cent. These shares were purchased in multiple transactions at prices ranging from $2.11 to $2.17, 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 ("SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

F2 · ownership.nature: Consists of 4,265,154 shares held directly by Long Ball, 909,084 shares held directly by Imperial Capital Asset Management, LLC ("ICAM"), and 460,900 shares held directly by Imperial Capital Group Holdings II, LLC ("ICGH2"). Mr. Reese is portfolio manager to Long Ball and is Chairman and Chief Executive Officer of ICAM, which is the managing member of and investment manager to Long Ball. Mr. Reese is one of the owners of Imperial Capital Group Holdings, LLC, which is the managing member of ICGH2. Mr. Reese has voting and dispositive power over the shares of Common Stock held directly by ICGH2.

F3 · ownership.nature: Each of Mr. Reese, ICAM, Long Ball and ICGH2 disclaims beneficial ownership of the securities reported herein, except to the extent of that person's pecuniary interest.

SEC source: 0001140361-23-008674 · form4.xml · nonDerivative · entry 1

Hugar James H · CIK 0001475698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 253,939

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.11 to $2.17, inclusive. The Reporting Person undertakes to provide to Great Elm Group, Inc. ("GEG"), any security holder of GEG, 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: 0000899243-23-006170 · doc4.xml · nonDerivative · entry 1

Northern Right Capital Management, L.P. · CIK 0001346543 · 10% owner · Member of 13D 10% Group

NRC Partners I, LP · CIK 0001763594 · 10% owner

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner

BC Advisors LLC · CIK 0001349003 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,566,852

F1 · shares: Represents 9,756 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 3,172 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 2,134 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.

F3 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,602,916 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 152,315 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,824,897 shares of common stock of GEG.

F4 · ownership.nature: As general partner and investment manager of NRC Partners I and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners I and 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.

F5 · ownership.nature: (Continued from Footnote 4) 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.

SEC source: 0000899243-23-001535 · doc4.xml · nonDerivative · entry 2

Reese Jason W. · CIK 0001479613 · Director · 10% owner

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Imperial Capital Group Holdings II, LLC · CIK 0001961798 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 5,620,000

F1 · shares: Represents a transfer of 460,900 shares (the "Transfer") from Imperial Capital Asset Management, LLC ("ICAM") to Imperial Capital Group Holdings II, LLC ("ICGH2"). The Transfer is a change in form of ownership exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended, except with respect to 27,097 shares of Common Stock. The Section 16(b) profits that result from the Transfer will be disgorged to the Issuer.

F3 · ownership.nature: Each of Mr. Reese, ICAM, Long Ball and ICGH2 disclaims beneficial ownership of the securities reported herein, except to the extent of that person's pecuniary interest.

F4 · ownership.nature: Consists of 4,250,016 shares held directly by Long Ball, 909,084 shares held directly by ICAM and 460,900 shares held directly by ICGH2. Mr. Reese is portfolio manager to Long Ball and is Chairman and Chief Executive Officer of ICAM, which is the managing member of and investment manager to Long Ball. Mr. Reese is one of the owners of Imperial Capital Group Holdings, LLC ("ICGH"), which is the managing member of ICGH2. Mr. Reese has voting and dispositive power over the shares of Common Stock held directly by ICGH2.

SEC source: 0000899243-23-001535 · doc4.xml · nonDerivative · entry 1

Reese Jason W. · CIK 0001479613 · Director · 10% owner

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Imperial Capital Group Holdings II, LLC · CIK 0001961798 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 5,159,100

F1 · shares: Represents a transfer of 460,900 shares (the "Transfer") from Imperial Capital Asset Management, LLC ("ICAM") to Imperial Capital Group Holdings II, LLC ("ICGH2"). The Transfer is a change in form of ownership exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended, except with respect to 27,097 shares of Common Stock. The Section 16(b) profits that result from the Transfer will be disgorged to the Issuer.

F2 · ownership.nature: Consists of 4,250,016 shares held directly by Long Ball Partners, LLC ("Long Ball") and 909,084 shares held directly by ICAM. Mr. Reese is portfolio manager to Long Ball and is Chairman and Chief Executive Officer of ICAM, which is the managing member of and investment manager to Long Ball.

F3 · ownership.nature: Each of Mr. Reese, ICAM, Long Ball and ICGH2 disclaims beneficial ownership of the securities reported herein, except to the extent of that person's pecuniary interest.

SEC source: 0001140361-23-001110 · form4.xml · nonDerivative · entry 2

Scheyer Eric J · CIK 0001589127 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 259,087

F2 · ownership.direct: The Reporting Person was awarded 38,462 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2023 through December 31, 2023, contingent upon continued service as a member of the board of directors of GEG.

SEC source: 0001140361-23-001110 · form4.xml · nonDerivative · entry 1

Scheyer Eric J · CIK 0001589127 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 220,625

F1 · ownership.direct: The Reporting Person was awarded 29,412 shares of restricted stock, which vest in equal monthly installments on the end of each month beginning on January 31, 2023 through December 31, 2023, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0001140361-23-001109 · form4.xml · nonDerivative · entry 2

Matter David · CIK 0001931402 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 330,445

F2 · ownership.direct: The Reporting Person was awarded 33,937 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2023 through December 31, 2023, contingent upon continued service as a member of the board of directors of GEG.

SEC source: 0001140361-23-001109 · form4.xml · nonDerivative · entry 1

Matter David · CIK 0001931402 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 296,508

F1 · ownership.direct: The Reporting Person was awarded 29,412 shares of restricted stock, which vest in equal monthly installments on the end of each month beginning on January 31, 2023 through December 31, 2023, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0001140361-23-001108 · form4.xml · nonDerivative · entry 5

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 403,408

F7 · ownership.direct: The Reporting Person was awarded 97,285 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2023 through December 31, 2023, contingent upon continued service as a member of the board of directors of GEG.

SEC source: 0001140361-23-001108 · form4.xml · nonDerivative · entry 4

Drapkin Matthew A · CIK 0001458693 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 306,123

F6 · ownership.direct: The Reporting Person was awarded 29,412 shares of restricted stock, which vest in equal monthly installments on the end of each month beginning on January 31, 2023 through December 31, 2023, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0001140361-23-001107 · form4.xml · nonDerivative · entry 2

Parmelee James P · CIK 0001711322 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 275,299

F2 · ownership.direct: The Reporting Person was awarded 38,462 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2023 through December 31, 2023, contingent upon continued service as a member of the board of directors of GEG.

SEC source: 0001140361-23-001107 · form4.xml · nonDerivative · entry 1

Parmelee James P · CIK 0001711322 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 236,837

F1 · ownership.direct: The Reporting Person was awarded 29,412 shares of restricted stock, which vest in equal monthly installments on the end of each month beginning on January 31, 2023 through December 31, 2023, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0001140361-23-001106 · form4.xml · nonDerivative · entry 3

Reese Jason W. · CIK 0001479613 · Director · 10% owner

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 730,061

F4 · ownership.direct: Mr. Reese was awarded 135,747 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2023 through December 31, 2023, contingent upon continued service as a member of the board of directors of GEG.

SEC source: 0001140361-23-001106 · form4.xml · nonDerivative · entry 2

Reese Jason W. · CIK 0001479613 · Director · 10% owner

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 594,314

F3 · ownership.direct: Mr. Reese was awarded 29,412 shares of restricted stock, which vest in equal monthly installments on the end of each month beginning on January 31, 2023 through December 31, 2023, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0001140361-23-001105 · form4.xml · nonDerivative · entry 2

Hugar James H · CIK 0001475698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 238,939

F2 · ownership.direct: The Reporting Person was awarded 42,986 shares of restricted stock, which vest in equal quarterly installments on the end of each quarter beginning on March 31, 2023 through December 31, 2023, contingent upon continued service as a member of the board of directors of GEG.

SEC source: 0001140361-23-001105 · form4.xml · nonDerivative · entry 1

Hugar James H · CIK 0001475698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 195,953

F1 · ownership.direct: The Reporting Person was awarded 29,412 shares of restricted stock, which vest in equal monthly installments on the end of each month beginning on January 31, 2023 through December 31, 2023, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0000899243-22-039602 · doc4.xml · nonDerivative · entry 3

Reese Jason W. · CIK 0001479613 · Director · 10% owner

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 5,620,000

F1 · kind: This purchase was effected pursuant to a Rule 10b5-1 Trading Plan established by Long Ball Partners, LLC ("Long Ball") on June 15, 2022.

F6 · price: The price reported in Column 4 is a weighted average price, rounded to the nearest cent. These shares were purchased in multiple transactions at prices ranging from $1.92 to $2.02, 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.

F4 · ownership.nature: Each of Mr. Reese, ICAM and Long Ball disclaims beneficial ownership of the securities reported herein, except to the extent of that person's pecuniary interest.

F7 · ownership.nature: Consists of 4,250,016 shares held directly by Long Ball and 1,369,984 share held directly by ICAM.

SEC source: 0000899243-22-039602 · doc4.xml · nonDerivative · entry 2

Reese Jason W. · CIK 0001479613 · Director · 10% owner

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 5,310,407

F1 · kind: This purchase was effected pursuant to a Rule 10b5-1 Trading Plan established by Long Ball Partners, LLC ("Long Ball") on June 15, 2022.

F4 · ownership.nature: Each of Mr. Reese, ICAM and Long Ball disclaims beneficial ownership of the securities reported herein, except to the extent of that person's pecuniary interest.

F5 · ownership.nature: Consists of 3,940,423 shares held directly by Long Ball and 1,369,984 share held directly by ICAM.

SEC source: 0000899243-22-039602 · doc4.xml · nonDerivative · entry 1

Reese Jason W. · CIK 0001479613 · Director · 10% owner

Imperial Capital Asset Management, LLC · CIK 0001805378 · 10% owner

LONG BALL PARTNERS LLC · CIK 0001308057 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 5,309,037

F1 · kind: This purchase was effected pursuant to a Rule 10b5-1 Trading Plan established by Long Ball Partners, LLC ("Long Ball") on June 15, 2022.

F2 · price: The price reported in Column 4 is a weighted average price, rounded to the nearest cent. These shares were purchased in multiple transactions at prices ranging from $1.85 to $2.00, 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 ("SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

F3 · ownership.nature: Consists of 3,939,053 shares held directly by Long Ball and 1,369,984 shares held directly by Imperial Capital Asset Management, LLC ("ICAM"). Mr. Reese is portfolio manager to Long Ball and is Chairman and Chief Executive Officer of ICAM, which is the managing member of and investment manager to Long Ball.

F4 · ownership.nature: Each of Mr. Reese, ICAM and Long Ball disclaims beneficial ownership of the securities reported herein, except to the extent of that person's pecuniary interest.