GEG

SEC source: 0001140361-22-023315 · 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: 1,440,199

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: 0001140361-22-023312 · form4.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 · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,172,423

F2 · shares: Represents 1,565 shares of common stock of GEG purchased by Northern Right QP, 515 shares of common stock of GEG purchased by NRC Partners and 2,692 shares of common stock of GEG purchased by the Accounts on behalf of an investment advisory client of Northern Right Management. Northern Right Management acts as investment manager for the Accounts.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,447,383 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 101,849 shares of common stock of GEG. Managed accounts (the "Managed Accounts) on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,644,803 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Accounts and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case except to the extent of any pecuniary interest therein,

F6 · ownership.nature: (continued from footnote 5) and this report shall not be deemed an admission that any such entity or person is the beneficial owner of or has any pecuniary interest in, such securities forpurposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000899243-22-022921 · 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: 4,633,319

F2 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.37 to $2.48, 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 3,263,335 shares held directly by Long Ball and 1,369,984 shares held directly by ICAM.

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.

SEC source: 0001140361-22-023285 · form4.xml · nonDerivative · entry 2

Matter David · CIK 0001931402 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 267,096

SEC source: 0001140361-22-023315 · 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: 1,629,978

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: 0001140361-22-023315 · 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: 99,039

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: 0001140361-22-023315 · 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: 1,438,634

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: 0001140361-22-023312 · form4.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 · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,167,651

F1 · shares: Represents 24,633 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 8,097 shares of common stock of GEG purchased by NRC Partners I, L.P. ("NRC Partners") and 42,270 shares of common stock of GEG purchased by managed accounts (the "Accounts") on behalf of an investment advisory client of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as investment manager for the Accounts.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,447,383 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 101,849 shares of common stock of GEG. Managed accounts (the "Managed Accounts) on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,644,803 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Accounts and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case except to the extent of any pecuniary interest therein,

F6 · ownership.nature: (continued from footnote 5) and this report shall not be deemed an admission that any such entity or person is the beneficial owner of or has any pecuniary interest in, such securities forpurposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000899243-22-022921 · 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: 4,628,547

F1 · ownership.nature: Consists of 3,258,563 shares held directly Long Ball Partners, LLC ("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.

SEC source: 0001140361-22-023285 · form4.xml · nonDerivative · entry 1

Matter David · CIK 0001931402 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 220,990

SEC source: 0001140361-22-022800 · form4.xml · nonDerivative · entry 4

Matter David · CIK 0001931402 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 98,217

SEC source: 0001140361-22-022800 · form4.xml · nonDerivative · entry 3

Matter David · CIK 0001931402 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 91,595

SEC source: 0001140361-22-022800 · form4.xml · nonDerivative · entry 2

Matter David · CIK 0001931402 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 67,096

F2 · ownership.direct: The Reporting Person was awarded 17,074 shares of restricted stock in lieu of cash for retainer fees for service on the Registrant's board of directors, 2,820 of which vest on June 30, 2022, and the remaining of which vest in equal quarterly installments on the end of each quarter beginning on September 30, 2022 through December 31, 2022, contingent upon continued service as a member of the board of directors of GEG.

SEC source: 0001140361-22-022800 · form4.xml · nonDerivative · entry 1

Matter David · CIK 0001931402 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50,022

F1 · ownership.direct: The Reporting Person was awarded 17,074 shares of restricted stock, 442 of which vested on May 31, 2022, and the remaining of which vest in equal monthly installments on the end of each month beginning on June 30, 2022 through December 31, 2022, contingent upon continued service as a member of the board of directors of Great Elm Group, Inc. ("GEG").

SEC source: 0001140361-22-022817 · 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: 1,587,860

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: 0001140361-22-022817 · 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: 90,972

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: 0001140361-22-022817 · 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: 1,414,089

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: 0001140361-22-022815 · form4.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 · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 3,092,921

F1 · shares: Represents 77,128 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 25,883 shares of common stock of GEG purchased by NRC Partners I, L.P. ("NRC Partners") and 134,626 shares of common stock of GEG purchased by managed accounts (the "Accounts") on behalf of an investment advisory client of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as investment manager for the Accounts.

F2 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,414,089 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 90,972 shares of common stock of GEG. Managed accounts (the "Managed Accounts) on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,587,860 shares of common stock of GEG.

F3 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Accounts and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case except to the extent of any pecuniary interest therein,

F4 · ownership.nature: (continued from footnote 3) and this report shall not be deemed an admission that any such entity or person is the beneficial owner of or has any pecuniary interest in, such securities forpurposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000899243-22-022260 · 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: 4,553,547

F1 · ownership.nature: Consists of 3,183,563 shares held directly Long Ball Partners, LLC ("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.

F2 · 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.

SEC source: 0001140361-22-021661 · form4.xml · nonDerivative · entry 3

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

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

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,855,284

F3 · shares: Represents 2,035 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 687 shares of common stock of GEG purchased by NRC Partners I, L.P. ("NRC Partners") and 3,570 shares of common stock of GEG purchased by managed accounts (the "Accounts") on behalf of an investment advisory client of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as investment manager for the Accounts.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,336,961 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 65,089 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,453,234 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Accounts and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case except to the extent of any pecuniary interest therein,

F6 · ownership.nature: (continued from footnote 5) 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: 0000899243-22-020736 · 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: 4,316,181

F5 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.39 to $2.43, 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.

F6 · ownership.nature: Consists of 2,946,197 shares held directly by Long Ball and 1,369,984 shares held directly by ICAM.

F7 · 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.

SEC source: 0001140361-22-021661 · form4.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 · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,848,992

F2 · shares: Represents 8,098 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 2,718 shares of common stock of GEG purchased by NRC Partners I, L.P. ("NRC Partners") and 14,108 shares of common stock of GEG purchased by managed accounts (the "Accounts") on behalf of an investment advisory client of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as investment manager for the Accounts.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,336,961 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 65,089 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,453,234 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Accounts and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case except to the extent of any pecuniary interest therein,

F6 · ownership.nature: (continued from footnote 5) 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: 0000899243-22-020736 · 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: 4,309,890

F3 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.33 to $2.41, 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: Consists of 2,939,906 shares held directly by Long Ball and 1,369,984 shares held directly by ICAM.

F7 · 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.

SEC source: 0001140361-22-021661 · form4.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 · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,824,068

F1 · shares: Represents 3,403 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 1,143 shares of common stock of GEG purchased by NRC Partners I, L.P. ("NRC Partners") and 5,938 shares of common stock of GEG purchased by managed accounts (the "Accounts") on behalf of an investment advisory client of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as investment manager for the Accounts.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,336,961 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 65,089 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,453,234 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Accounts and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case except to the extent of any pecuniary interest therein,

F6 · ownership.nature: (continued from footnote 5) 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: 0000899243-22-020736 · 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: 4,284,965

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.29 to $2.37, 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 2,914,981 shares held directly Long Ball Partners, LLC ("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.

F7 · 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.

SEC source: 0000899243-22-019504 · 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: 4,274,482

F1 · ownership.nature: Consists of 2,904,498 shares held directly Long Ball Partners, LLC ("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.

SEC source: 0001140361-22-020615 · form4.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 · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,813,584

F1 · shares: Represents 16,307 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 5,464 shares of common stock of GEG purchased by NRC Partners I, L.P. ("NRC Partners") and 28,229 shares of common stock of GEG purchased by managed accounts (the "Accounts") on behalf of an investment advisory client of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as investment manager for the Accounts.

F2 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,323,425 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 60,541 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,429,618 shares of common stock of GEG.

F3 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Accounts and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case except to the extent of any pecuniary interest therein,

F4 · ownership.nature: (continued from footnote 3) and this report shall not be deemed an admission that any such entity or person is the beneficial owner of or has any pecuniary interest in, such securities forpurposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000899243-22-019086 · 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: 4,224,482

F2 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.00 to $2.19, 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: Consists of 2,854,498 shares held directly Long Ball, and 1,369,984 shares held directly by ICAM.

F5 · 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.

SEC source: 0001140361-22-020096 · form4.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 · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,763,584

F2 · shares: Represents 13,042 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 4,361 shares of common stock of GEG purchased by NRC Partners I, L.P. ("NRC Partners") and 22,597 shares of common stock of GEG purchased by managed accounts (the "Accounts") on behalf of an investment advisory client of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as investment manager for the Accounts.

F3 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,307,118 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 55,077 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,401,389 shares of common stock of GEG.

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Accounts and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case except to the extent of any pecuniary interest therein,

F5 · ownership.nature: (continued from footnote 4) and this report shall not be deemed an admission that any such entity or person is the beneficial owner of or has any pecuniary interest in, such securities forpurposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000899243-22-019086 · 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: 4,184,482

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.01 to $2.10, 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 2,814,498 shares held directly Long Ball Partners, LLC ("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.

F5 · 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.

SEC source: 0001140361-22-020099 · form4.xml · nonDerivative · entry 1

Hugar James H · CIK 0001475698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 166,295

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.01 to $2.10, 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: 0001140361-22-020096 · form4.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 · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,723,584

F1 · shares: Represents 1,630 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 545 shares of common stock of GEG purchased by NRC Partners I, L.P. ("NRC Partners") and 2,825 shares of common stock of GEG purchased by managed accounts (the "Accounts") on behalf of an investment advisory client of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as investment manager for the Accounts.

F3 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,307,118 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 55,077 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,401,389 shares of common stock of GEG.

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Accounts and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case except to the extent of any pecuniary interest therein,

F5 · ownership.nature: (continued from footnote 4) and this report shall not be deemed an admission that any such entity or person is the beneficial owner of or has any pecuniary interest in, such securities forpurposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0001140361-22-020429 · form4.xml · nonDerivative · entry 1

Hugar James H · CIK 0001475698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 166,541

F1 · shares: This amendment is being filed to correct information pertaining to the amount of securities purchased, purchase price and amount of securities beneficially owned following the transaction.

F1 · price: This amendment is being filed to correct information pertaining to the amount of securities purchased, purchase price and amount of securities beneficially owned following the transaction.

F2 · price: Price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.01 to $2.10, 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.

F1 · balance_after: This amendment is being filed to correct information pertaining to the amount of securities purchased, purchase price and amount of securities beneficially owned following the transaction.

SEC source: 0000899243-22-018238 · 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: 4,179,482

F6 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.06 to $2.16, 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 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 2,809,498 shares held directly by Long Ball and 1,369,984 shares held directly by ICAM.

SEC source: 0001140361-22-019454 · form4.xml · nonDerivative · entry 3

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

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

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,718,584

F3 · shares: Represents 2,606 shares of common stock of GEG purchased by Northern Right QP, 872 shares of common stock of GEG purchased by NRC Partners and 4,522 shares of common stock of GEG purchased by the Accounts.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,292,446 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 50,171 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,375,967 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Accounts and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case except to the extent of any pecuniary interest therein,

F6 · ownership.nature: (continued from footnote 5) and this report shall not be deemed an admission that any such entity or person is the beneficial owner of or has any pecuniary interest in, such securities forpurposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0001140361-22-019452 · form4.xml · nonDerivative · entry 3

Hugar James H · CIK 0001475698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 164,718

F3 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.06 to $2.16, 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: 0000899243-22-018238 · 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: 4,171,482

F4 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.00 to $2.05, 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 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 2,801,498 shares held directly Long Ball and 1,369,984 shares held directly by ICAM.

SEC source: 0001140361-22-019454 · form4.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 · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,710,584

F2 · shares: Represents 8,144 shares of common stock of GEG purchased by Northern Right QP, 2,716 shares of common stock of GEG purchased by NRC Partners and 14,140 shares of common stock of GEG purchased by the Accounts.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,292,446 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 50,171 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,375,967 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Accounts and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case except to the extent of any pecuniary interest therein,

F6 · ownership.nature: (continued from footnote 5) and this report shall not be deemed an admission that any such entity or person is the beneficial owner of or has any pecuniary interest in, such securities forpurposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0001140361-22-019452 · form4.xml · nonDerivative · entry 2

Hugar James H · CIK 0001475698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 163,044

F2 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.00 to $2.05, 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: 0000899243-22-018238 · 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: 4,146,482

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.94 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.

F2 · ownership.nature: Consists of 2,776,498 shares held directly Long Ball Partners, LLC ("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.

F3 · 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.

SEC source: 0001140361-22-019454 · form4.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 · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,685,584

F1 · shares: Represents 6,854 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 2,290 shares of common stock of GEG purchased by NRC Partners I, L.P. ("NRC Partners") and 11,856 shares of common stock of GEG purchased by managed accounts (the "Accounts") on behalf of an investment advisory client of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as investment manager for the Accounts.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,292,446 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 50,171 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,375,967 shares of common stock of GEG.

F5 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Accounts and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case except to the extent of any pecuniary interest therein,

F6 · ownership.nature: (continued from footnote 5) and this report shall not be deemed an admission that any such entity or person is the beneficial owner of or has any pecuniary interest in, such securities forpurposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0001140361-22-019452 · form4.xml · nonDerivative · entry 1

Hugar James H · CIK 0001475698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 161,685

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.94 to $2.00, 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: 0001140361-22-018542 · form4.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 · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,664,584

F2 · shares: Represents 5,722 shares of common stock of GEG purchased by Northern Right QP, 1,898 shares of common stock of GEG purchased by NRC Partners and 9,880 shares of common stock of GEG purchased by the Account.

F3 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,274,842 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 44,293 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,345,449 shares of common stock of GEG.

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Account and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case except to the extent of any pecuniary interest therein,

F5 · ownership.nature: (continued from footnote 5) and this report shall not be deemed an admission that any such entity or person is the beneficial owner of or has any pecuniary interest in, such securities forpurposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000899243-22-017521 · 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: 4,125,839

F4 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.73 to $1.96, 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 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 2,755,855 shares held directly Long Ball and 1,369,984 shares held directly by ICAM.

SEC source: 0001140361-22-018700 · form4.xml · nonDerivative · entry 2

Hugar James H · CIK 0001475698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 158,326

SEC source: 0001140361-22-018914 · form4.xml · nonDerivative · entry 2

Harbin Thomas S · CIK 0001719963 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 248,603

SEC source: 0001140361-22-018542 · form4.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 · Member of 13D 10% Group

Northern Right Capital (QP), L.P. · CIK 0001451722 · 10% owner · Member of 13D 10% Group

BC Advisors LLC · CIK 0001349003 · 10% owner · Member of 13D 10% Group

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 2,647,084

F1 · shares: Represents 26,082 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 8,708 shares of common stock of GEG purchased by NRC Partners I, L.P. ("NRC Partners") and 45,210 shares of common stock of GEG purchased by a managed account (the "Account") on behalf of an investment advisory client of Northern Right Capital Management, L.P. ("Northern Right Management"). Northern Right Management acts as investment manager for the Account.

F3 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,274,842 shares of common stock of GEG. NRC Partners beneficially owns and has the power to vote or to direct the vote of 44,293 shares of common stock of GEG. Managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management beneficially own 1,345,449 shares of common stock of GEG.

F4 · ownership.nature: As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by NRC Partners and Northern Right QP. As the investment manager of the Account and the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the securities held by such accounts. As general partner of Northern Right Management, BC Advisors, LLC ("BCA") may be deemed to be the beneficial owner of the securities beneficially owned (or deemed beneficially owned) by Northern Right Management. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein that may be beneficially owned by any of the other Reporting Persons, in each case except to the extent of any pecuniary interest therein,

F5 · ownership.nature: (continued from footnote 5) and this report shall not be deemed an admission that any such entity or person is the beneficial owner of or has any pecuniary interest in, such securities forpurposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0001140361-22-018539 · form4.xml · nonDerivative · entry 1

Parmelee James P · CIK 0001711322 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 207,425

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.7200 to $1.7500, 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: 0000899243-22-017521 · 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: 4,107,982

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.58 to $1.78, 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 2,737,998 shares held directly Long Ball Partners, LLC ("Long Ball") and 1,369,984 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 and Long Ball disclaims beneficial ownership of the securities reported herein, except to the extent of that person's pecuniary interest.

SEC source: 0001140361-22-018700 · form4.xml · nonDerivative · entry 1

Hugar James H · CIK 0001475698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 156,326