NRC Partners I, LP

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: 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: 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: 0000899243-22-035396 · 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: 3,551,790

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 818 shares of common stock of GEG purchased by Northern Right QP, 265 shares of common stock of GEG purchased by NRC Partners I and 170 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 1,584,555 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 146,348 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,820,887 shares of common stock of GEG.

F5 · 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.

F6 · ownership.nature: (continued 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: 0000899243-22-035396 · 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: 3,550,537

F1 · shares: Represents 3,642 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 1,181 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 756 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 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,584,555 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 146,348 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,820,887 shares of common stock of GEG.

F5 · 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.

F6 · ownership.nature: (continued 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: 0000899243-22-034499 · doc4.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

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: 3,544,958

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · shares: Represents 2,904 shares of common stock of GEG purchased by Northern Right QP, 951 shares of common stock of GEG purchased by NRC Partners I and 613 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.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,580,095 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 144,902 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,819,961 shares of common stock of GEG.

F6 · 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.

F7 · ownership.nature: (Continued from footnote 6) 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: 0000899243-22-034499 · 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: 3,540,490

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 2,582 shares of common stock of GEG purchased by Northern Right QP, 843 shares of common stock of GEG purchased by NRC Partners I and 539 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.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,580,095 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 144,902 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,819,961 shares of common stock of GEG.

F6 · 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.

F7 · ownership.nature: (Continued from footnote 6) 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: 0000899243-22-034499 · 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: 3,536,526

F1 · shares: Represents 2,062 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 675 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 431 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 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,580,095 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 144,902 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,819,961 shares of common stock of GEG.

F6 · 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.

F7 · ownership.nature: (Continued from footnote 6) 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: 0000899243-22-034154 · 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: 3,533,358

F1 · shares: Represents 3,484 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 1,130 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 710 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 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,572,547 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 142,433 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,818,378 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: 0000899243-22-033906 · 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: 3,528,034

F1 · shares: Represents 14,039 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 4,584 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 2,870 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 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,569,063 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 141,303 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,817,668 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: 0000899243-22-033681 · doc4.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

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: 3,506,541

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · shares: Represents 3,477 shares of common stock of GEG purchased by Northern Right QP, 1,114 shares of common stock of GEG purchased by NRC Partners I and 687 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.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,555,024 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 136,719 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,814,798 shares of common stock of GEG.

F6 · 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.

F7 · ownership.nature: (Continued from footnote 6) 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: 0000899243-22-033681 · 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: 3,501,263

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 4,328 shares of common stock of GEG purchased by Northern Right QP, 1,397 shares of common stock of GEG purchased by NRC Partners I and 869 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.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,555,024 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 136,719 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,814,798 shares of common stock of GEG.

F6 · 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.

F7 · ownership.nature: (Continued from footnote 6) 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: 0000899243-22-033681 · 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: 3,494,669

F1 · shares: Represents 1,038 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 334 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 206 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 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,555,024 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 136,719 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,814,798 shares of common stock of GEG.

F6 · 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.

F7 · ownership.nature: (Continued from footnote 6) 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: 0000899243-22-033429 · doc4.xml · nonDerivative · entry 4

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: 3,493,091

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F5 · shares: Represents 2,813 shares of common stock of GEG purchased by Northern Right QP, 897 shares of common stock of GEG purchased by NRC Partners I and 2,292 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.

F6 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,546,181 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 133,874 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,813,036 shares of common stock of GEG.

F7 · 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. 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

F8 · ownership.nature: (Continued Footnote 7) Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000899243-22-033429 · doc4.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

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: 3,487,089

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · shares: Represents 1,103 shares of common stock of GEG purchased by Northern Right QP, 354 shares of common stock of GEG purchased by NRC Partners I and 1,890 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.

F6 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,546,181 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 133,874 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,813,036 shares of common stock of GEG.

F7 · 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. 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

F8 · ownership.nature: (Continued Footnote 7) Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000899243-22-033429 · 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: 3,483,742

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 403 shares of common stock of GEG purchased by Northern Right QP, 129 shares of common stock of GEG purchased by NRC Partners I and 691 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.

F6 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,546,181 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 133,874 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,813,036 shares of common stock of GEG.

F7 · 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. 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

F8 · ownership.nature: (Continued Footnote 7) Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000899243-22-033429 · 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: 3,482,519

F1 · shares: Represents 725 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 235 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 1,254 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 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F6 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,546,181 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 133,874 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,813,036 shares of common stock of GEG.

F7 · 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. 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

F8 · ownership.nature: (Continued Footnote 7) Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000899243-22-032212 · doc4.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

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: 3,480,305

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · shares: Represents 1,827 shares of common stock of GEG purchased by Northern Right QP, 588 shares of common stock of GEG purchased by NRC Partners I and 3,146 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.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,541,137 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 132,259 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,806,909 shares of common stock of GEG.

F6 · 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.

F7 · ownership.nature: (continued from footnote 6) 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: 0000899243-22-032212 · 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: 3,474,744

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 4,444 shares of common stock of GEG purchased by Northern Right QP, 1,415 shares of common stock of GEG purchased by NRC Partners I and 7,605 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.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,541,137 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 132,259 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,806,909 shares of common stock of GEG.

F6 · 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.

F7 · ownership.nature: (continued from footnote 6) 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: 0000899243-22-032212 · 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: 3,461,280

F1 · shares: Represents 30,455 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 9,708 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 52,146 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 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,541,137 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 132,259 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,806,909 shares of common stock of GEG.

F6 · 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.

F7 · ownership.nature: (continued from footnote 6) 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: 0000899243-22-031949 · 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: 3,368,971

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 2,428 shares of common stock of GEG purchased by Northern Right QP, 778 shares of common stock of GEG purchased by NRC Partners I and 4,169 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 1,504,411 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 120,548 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,744,012 shares of common stock of GEG.

F5 · 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.

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: 0000899243-22-031949 · 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: 3,361,596

F1 · shares: Represents 1,988 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 647 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 3,453 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 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,504,411 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 120,548 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,744,012 shares of common stock of GEG.

F5 · 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.

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: 0000899243-22-030852 · doc4.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

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: 3,355,508

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · shares: Represents 2,050 shares of common stock of GEG purchased by Northern Right QP, 685 shares of common stock of GEG purchased by NRC Partners I and 3,630 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.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,499,995 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 119,123 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,736,390 shares of common stock of GEG.

F6 · 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.

F7 · ownership.nature: (Continued from Footnote 6): 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. 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: 0000899243-22-030852 · 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: 3,349,143

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 2,631 shares of common stock of GEG purchased by Northern Right QP, 875 shares of common stock of GEG purchased by NRC Partners I and 4,647 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.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,499,995 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 119,123 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,736,390 shares of common stock of GEG.

F6 · 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.

F7 · ownership.nature: (Continued from Footnote 6): 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. 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: 0000899243-22-030852 · 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: 3,340,990

F1 · shares: Represents 1,412 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 466 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 2,483 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 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,499,995 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 119,123 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,736,390 shares of common stock of GEG.

F6 · 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.

F7 · ownership.nature: (Continued from Footnote 6): 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. 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: 0000899243-22-030507 · 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: 3,336,629

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 405 shares of common stock of GEG purchased by Northern Right QP, 133 shares of common stock of GEG purchased by NRC Partners I and 709 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 1,493,902 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 117,097 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,725,630 shares of common stock of GEG.

F5 · 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.

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: 0000899243-22-030507 · 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: 3,335,382

F1 · shares: Represents 785 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 260 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 1,377 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 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,493,902 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 117,097 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,725,630 shares of common stock of GEG.

F5 · 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.

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: 0000899243-22-029104 · doc4.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

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: 3,332,960

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · shares: Represents 660 shares of common stock of GEG purchased by Northern Right QP, 218 shares of common stock of GEG purchased by NRC Partners I and 1,149 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.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,492,712 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 116,704 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,723,544 shares of common stock of GEG.

F6 · 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.

F7 · ownership.nature: (continued from footnote 6) 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: 0000899243-22-029104 · 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: 3,330,933

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 5,151 shares of common stock of GEG purchased by Northern Right QP, 1,710 shares of common stock of GEG purchased by NRC Partners I and 9,016 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.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,492,712 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 116,704 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,723,544 shares of common stock of GEG.

F6 · 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.

F7 · ownership.nature: (continued from footnote 6) 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: 0000899243-22-029104 · 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: 3,315,056

F1 · shares: Represents 8,496 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 2,813 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 14,841 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 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F5 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,492,712 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 116,704 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,723,544 shares of common stock of GEG.

F6 · 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.

F7 · ownership.nature: (continued from footnote 6) 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: 0000899243-22-028526 · 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: 3,288,906

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 13,360 shares of common stock of GEG purchased by Northern Right QP, 4,423 shares of common stock of GEG purchased by NRC Partners I and 23,337 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 1,478,405 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 111,963 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,698,538 shares of common stock of GEG.

F5 · 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.

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: 0000899243-22-028526 · 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: 3,247,786

F1 · shares: Represents 1,351shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 444 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 2,349 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 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,478,405 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 111,963 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,698,538 shares of common stock of GEG.

F5 · 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.

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: 0000899243-22-028281 · 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: 3,243,642

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 2,866 shares of common stock of GEG purchased by Northern Right QP, 937 shares of common stock of GEG purchased by NRC Partners I and 4,966 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 1,463,694 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 107,096 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,672,852 shares of common stock of GEG.

F5 · 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.

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: 0000899243-22-028281 · 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: 3,234,873

F1 · shares: Represents 2,362 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 773 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 4,098 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 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,463,694 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 107,096 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,672,852 shares of common stock of GEG.

F5 · 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.

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: 0000899243-22-026777 · 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: 3,227,640

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 135 shares of common stock of GEG purchased by Northern Right QP, 42 shares of common stock of GEG purchased by NRC Partners I and 232 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 1,458,466 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 105,386 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,663,788 shares of common stock of GEG.

F5 · 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.

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: 0000899243-22-026777 · 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: 3,227,231

F1 · shares: Represents 8,658 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 2,762 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 14,836 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 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,458,466 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 105,386 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,663,788 shares of common stock of GEG.

F5 · 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.

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: 0000899243-22-026428 · 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: 3,200,975

F2 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F3 · shares: Represents 1,203 shares of common stock of GEG purchased by Northern Right QP, 388 shares of common stock of GEG purchased by NRC Partners I and 2,067 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 · balance_after: As a result of a ministerial error made by the broker for the Reporting Persons, in the Form 4 filed by the Reporting Persons on June 13, 2022 (the "June 13 Form 4") to report shares of common stock of GEG acquired by the Reporting Persons on June 9, 2022, the amount of securities acquired and the amount of securities beneficially owned following the reported transaction were incorrectly reported as 237,637 and 3,092,921, respectively. The correct amount of securities acquired and the correct amount of securities beneficially owned following the reported transaction reported in the June 13 Form 4 should have been 237,367 and 3,092,651, respectively. The broker's error was corrected in the Form 4 filed by the Reporting Persons on June 16, 2022, wherein the amount of securities beneficially owned following the reported transactions reflects the correct number of shares of common stock of GEG beneficially owned by the Reporting Persons as of the date thereof.

F5 · balance_after: (Continued Footnote 4) The amounts reported in this Form 4 also reflect the correction to the broker's error and are accurate as of the date hereof.

F6 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,449,673 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 102,582 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,648,720 shares of common stock of GEG.

F7 · 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. 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

F8 · ownership.nature: (Continued Footnote 7) Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000899243-22-026428 · 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: 3,197,317

F1 · shares: Represents 1,087 shares of common stock of Great Elm Group, Inc. ("GEG") purchased by Northern Right Capital (QP), L.P. ("Northern Right QP"), 345 shares of common stock of GEG purchased by NRC Partners I, LP ("NRC Partners I") and 1,850 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 · shares: Represents shares of common stock acquired in a transaction pursuant to the Rule 10b5-1 trading plan entered into by the Reporting Persons on June 16, 2022.

F4 · balance_after: As a result of a ministerial error made by the broker for the Reporting Persons, in the Form 4 filed by the Reporting Persons on June 13, 2022 (the "June 13 Form 4") to report shares of common stock of GEG acquired by the Reporting Persons on June 9, 2022, the amount of securities acquired and the amount of securities beneficially owned following the reported transaction were incorrectly reported as 237,637 and 3,092,921, respectively. The correct amount of securities acquired and the correct amount of securities beneficially owned following the reported transaction reported in the June 13 Form 4 should have been 237,367 and 3,092,651, respectively. The broker's error was corrected in the Form 4 filed by the Reporting Persons on June 16, 2022, wherein the amount of securities beneficially owned following the reported transactions reflects the correct number of shares of common stock of GEG beneficially owned by the Reporting Persons as of the date thereof.

F5 · balance_after: (Continued Footnote 4) The amounts reported in this Form 4 also reflect the correction to the broker's error and are accurate as of the date hereof.

F6 · ownership.nature: Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,449,673 shares of common stock of GEG. NRC Partners I beneficially owns and has the power to vote or to direct the vote of 102,582 shares of common stock of GEG. The Managed Accounts, on behalf of certain investment advisory clients of Northern Right Management, beneficially own 1,648,720 shares of common stock of GEG.

F7 · 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. 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

F8 · ownership.nature: (Continued Footnote 7) Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0001140361-22-023312 · 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: 3,194,035

F3 · shares: Represents 7,184 shares of common stock of GEG purchased by Northern Right QP, 2,295 shares of common stock of GEG purchased by NRC Partners and 12,133 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 0001140361-22-019454 · 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: 0001140361-22-019454 · 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.