Matthew A. Drapkin - Sep 21, 2022 Form 4 Insider Report for Great Elm Group, Inc. (GEG)

Role: Director, 10%+ Owner
Signature: /s/ Adam M. Kleinman, attorney-in-fact
Stock symbol: GEG
Transactions as of: Sep 21, 2022
Transactions value $: $27,588
Form type: 4
Date filed: 9/23/2022, 09:00 PM
Previous filing: Sep 12, 2022
Next filing: Sep 28, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	GEG	Common Stock	Purchase	$4.08K	+1.99K	+0.13%	$2.05	1.5M	Sep 21, 2022	See Footnote	F1, F4, F5
transaction	GEG	Common Stock	Purchase	$1.33K	+647	+0.54%	$2.05	120K	Sep 21, 2022	See Footnote	F2, F4, F5
transaction	GEG	Common Stock	Purchase	$7.08K	+3.45K	+0.2%	$2.05	1.74M	Sep 21, 2022	See Footnote	F3, F4, F5
transaction	GEG	Common Stock	Purchase	$4.97K	+2.43K	+0.16%	$2.05	1.5M	Sep 23, 2022	See Footnote	F1, F4, F5
transaction	GEG	Common Stock	Purchase	$1.59K	+778	+0.65%	$2.05	121K	Sep 23, 2022	See Footnote	F2, F4, F5
transaction	GEG	Common Stock	Purchase	$8.54K	+4.17K	+0.24%	$2.05	1.74M	Sep 23, 2022	See Footnote	F3, F4, F5
holding	GEG	Common Stock						277K	Sep 21, 2022	Direct

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

Explanation of Responses:

Id	Content
F1	Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").
F2	Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").
F3	Represents shares of common stock purchased managed accounts (the "Managed Accounts") on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. ("Northern Right Management").
F4	As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Capital Management, L.P. ("Northern Right Management") may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and Northern Right QP. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.
F5	(continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.