# EDGAR Filing Document

**Accession Number:** 0001451722
**File Stem:** 0000899243-23-006170
**Filing Date:** 2023-2
**Character Count:** 14107
**Document Hash:** d1ba7c8b0bd7c4fee24162807be41393
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000899243-23-006170.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0000899243-23-006170

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230222

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Northern Right Capital Management, L.P.
- **CENTRAL INDEX KEY:** 0001346543
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39832
- **FILM NUMBER:** 23670249

**BUSINESS ADDRESS:**
- **STREET 1:** 9 OLD KINGS HWY. S.
- **STREET 2:** 4TH FLOOR
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820
- **BUSINESS PHONE:** (203) 951-6084

**MAIL ADDRESS:**
- **STREET 1:** 9 OLD KINGS HWY. S.
- **STREET 2:** 4TH FLOOR
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820

**FORMER NAME:**
- **FORMER CONFORMED NAME:** Becker Drapkin Management, L.P.
- **DATE OF NAME CHANGE:** 20100824

**FORMER NAME:**
- **FORMER CONFORMED NAME:** SRB Management, L.P.
- **DATE OF NAME CHANGE:** 20051209
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** BC Advisors LLC
- **CENTRAL INDEX KEY:** 0001349003
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39832
- **FILM NUMBER:** 23670246

**BUSINESS ADDRESS:**
- **STREET 1:** 500 CRESCENT COURT
- **STREET 2:** SUITE 230
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** (214) 756-6016

**MAIL ADDRESS:**
- **STREET 1:** 500 CRESCENT COURT
- **STREET 2:** SUITE 230
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Northern Right Capital (QP), L.P.
- **CENTRAL INDEX KEY:** 0001451722
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39832
- **FILM NUMBER:** 23670247

**BUSINESS ADDRESS:**
- **STREET 1:** 9 OLD KINGS HWY. S.
- **STREET 2:** 4TH FLOOR
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820
- **BUSINESS PHONE:** (203) 951-5440

**MAIL ADDRESS:**
- **STREET 1:** 9 OLD KINGS HWY. S.
- **STREET 2:** 4TH FLOOR
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820

**FORMER NAME:**
- **FORMER CONFORMED NAME:** BECKER DRAPKIN PARTNERS (QP), L.P.
- **DATE OF NAME CHANGE:** 20100820

**FORMER NAME:**
- **FORMER CONFORMED NAME:** SRB GREENWAY OPPORTUNITY FUND (QP) LP
- **DATE OF NAME CHANGE:** 20081209
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** NRC Partners I, LP
- **CENTRAL INDEX KEY:** 0001763594
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39832
- **FILM NUMBER:** 23670248

**BUSINESS ADDRESS:**
- **STREET 1:** 9 OLD KINGS HIGHWAY SOUTH
- **STREET 2:** 4TH FLOOR
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820
- **BUSINESS PHONE:** (203) 951-5440

**MAIL ADDRESS:**
- **STREET 1:** 9 OLD KINGS HIGHWAY SOUTH
- **STREET 2:** 4TH FLOOR
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Great Elm Group, Inc.
- **CENTRAL INDEX KEY:** 0001831096
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **IRS NUMBER:** 853622015
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**BUSINESS ADDRESS:**
- **STREET 1:** 800 SOUTH STREET, SUITE 230
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02453
- **BUSINESS PHONE:** (617) 375-3006

**MAIL ADDRESS:**
- **STREET 1:** 800 SOUTH STREET, SUITE 230
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02453

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Northern Right Capital Management, L.P.<br><sub>(Last) (First) (Middle)</sub><br>9 OLD KINGS HWY. S.<br>4TH FLOOR<br><sub>(Street)</sub><br>DARIEN, CT 06820<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-22 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_Member of 13D 10% Group_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Great Elm Group, Inc. [ GEG ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>NRC Partners I, LP<br><sub>(Last) (First) (Middle)</sub><br>C/O NORTHERN RIGHT CAPITAL MANAGEMENT,<br>L.P., 9 OLD KINGS HWY S., 4TH FLOOR<br><sub>(Street)</sub><br>DARIEN, CT 06820<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-22 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Great Elm Group, Inc. [ GEG ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Northern Right Capital (QP), L.P.<br><sub>(Last) (First) (Middle)</sub><br>C/O NORTHERN RIGHT CAPITAL MANAGEMENT,<br>L.P., 9 OLD KINGS HWY S., 4TH FLOOR<br><sub>(Street)</sub><br>DARIEN, CT 06820<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-22 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Great Elm Group, Inc. [ GEG ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>BC Advisors LLC<br><sub>(Last) (First) (Middle)</sub><br>C/O NORTHERN RIGHT CAPITAL MANAGEMENT,<br>L.P., 9 OLD KINGS HWY S., 4TH FLOOR<br><sub>(Street)</sub><br>DARIEN, CT 06820<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-22 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Great Elm Group, Inc. [ GEG ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-02-22 |  | P |  | 15062<sup>(1)</sup> | A | $2.1499 | 3566852 | I | See Footnote<sup>(3)(4)(5)</sup> |
| Common Stock | 2023-02-24 |  | P |  | 13276<sup>(2)</sup> | A | $2.141 | 3580128 | I | See Footnote<sup>(3)(4)(5)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) 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.

(2) 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.

(3) 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.

(4) 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.

(5) (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.

**Remarks:**
The Reporting Persons are jointly filing this Form 4.

**Signature:** Northern Right Capital Management, L.P.  By: BC Advisors, LLC, its general partner By: /s/ Adam Cina, attorney-in-fact for authorized signatory  
**Date:** 2023-02-24

**Signature:** NRC Partners I, LP  By: Northern Right Capital Management, L.P., its general partner By: BC Advisors, LLC, its general partner By: /s/ Adam Cina, attorney-in-fact for authorized signatory  
**Date:** 2023-02-24

**Signature:** Northern Right Capital (QP), L.P.  By: Northern Right Capital Management, L.P., its general partner By: BC Advisors, LLC, its general partner By: /s/ Adam Cina, attorney-in-fact for authorized signatory  
**Date:** 2023-02-24

**Signature:** BC Advisors, LLC  By: /s/ Adam Cina, attorney-in-fact for authorized signatory  
**Date:** 2023-02-24

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**