# EDGAR Filing Document

**Accession Number:** 0001831096
**File Stem:** 0000950170-25-113894
**Filing Date:** 2025-9
**Character Count:** 16530
**Document Hash:** f8c66febe00df2599011ca0987a487fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-113894.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0000950170-25-113894

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Great Elm Group, Inc.
- **CENTRAL INDEX KEY:** 0001831096
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 853622015
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92023
- **FILM NUMBER:** 251304554

**BUSINESS ADDRESS:**
- **STREET 1:** 3801 PGA BOULEVARD
- **STREET 2:** SUITE 603
- **CITY:** PALM BEACH GARDENS
- **STATE:** FL
- **ZIP:** 33410
- **BUSINESS PHONE:** (617) 375-3006

**MAIL ADDRESS:**
- **STREET 1:** 3801 PGA BOULEVARD
- **STREET 2:** SUITE 603
- **CITY:** PALM BEACH GARDENS
- **STATE:** FL
- **ZIP:** 33410
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LONG BALL PARTNERS LLC
- **CENTRAL INDEX KEY:** 0001308057

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 10100 SANTA MONICA BLVD.
- **STREET 2:** SUITE 2400
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067
- **BUSINESS PHONE:** 310-246-3700

**MAIL ADDRESS:**
- **STREET 1:** 10100 SANTA MONICA BLVD.
- **STREET 2:** SUITE 2400
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067

### Attached PDF Documents

**Attachment 1:** `ck0000000000-ex99_11.pdf`

_No text found in this document._

**Attachment 2:** `ck0000000000-ex99_a.pdf`

_No text found in this document._

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 14)**

**Great Elm Group, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.001 per share**

*(Title of Class of Securities)*

**39036P209**

*(CUSIP Number)*

**Todd Wiench**<br>Imperial Capital Asset Management, LLC<br>3801 PGA Boulevard, Suite 603<br>Palm Beach Gardens FL 33410<br>(310) 246-3700

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**09/08/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **39036P209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Imperial Capital Asset Management, LLC** | Name of reporting person<br>**Imperial Capital Asset Management, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**5918746.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**5918746.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5918746.00** | Aggregate amount beneficially owned by each reporting person<br>**5918746.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**17.9%** | Percent of class represented by amount in Row (11)<br>**17.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **39036P209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Long Ball Partners, LLC** | Name of reporting person<br>**Long Ball Partners, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**5009662.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**5009662.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5009662.00** | Aggregate amount beneficially owned by each reporting person<br>**5009662.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**15.2%** | Percent of class represented by amount in Row (11)<br>**15.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **39036P209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Imperial Capital Group Holdings II, LLC** | Name of reporting person<br>**Imperial Capital Group Holdings II, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**460900.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**460900.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**460900.00** | Aggregate amount beneficially owned by each reporting person<br>**460900.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.4%** | Percent of class represented by amount in Row (11)<br>**1.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **39036P209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Jason Reese** | Name of reporting person<br>**Jason Reese** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**7372765.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**7234168.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7372765.00** | Aggregate amount beneficially owned by each reporting person<br>**7372765.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**22.3%** | Percent of class represented by amount in Row (11)<br>**22.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1)	Includes 993,119 shares of restricted and unrestricted Common Stock with respect to which Jason Reese has waived his voting rights pursuant to a voting waiver agreement dated as of October 29, 2024 (as described in Item 4 of Amendment No. 12 to this Schedule 13D), which voting rights may be acquired for beneficial ownership purposes within 60 days of the date of this Schedule 13D.

(2)	Includes 65,765 shares of Common Stock that Mr. Reese has the right to acquire upon the vesting of restricted stock within 60 days of the date of this Schedule 13D.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.001 per share

**(b) Name of Issuer:**
Great Elm Group, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
3801 PGA Boulevard, Suite 603, Palm Beach Gardens, FL, 33410

Explanatory Note: This Amendment No. 14 (this "Amendment") to the Schedule 13D (the "Initial 13D") relating to the common stock, par value $0.001 per share (the "Common Stock"), of Great Elm Group, Inc. (the "Issuer") filed by the Reporting Persons with the U.S. Securities and Exchange Commission (the "SEC") on May 6, 2019, as amended by:

*	Amendment No. 1 to the Initial 13D filed on March 3, 2020;

*	Amendment No. 2 to the Initial 13D filed on May 21, 2021;

*	Amendment No. 3 to the Initial 13D filed on May 11, 2022;

*	Amendment No. 4 to the Initial 13D filed on June 13, 2022;

*	Amendment No. 5 to the Initial 13D filed on September 30, 2022;

*	Amendment No. 6 to the Initial 13D filed on December 27, 2022;

*	Amendment No. 7 to the Initial 13D filed on January 5, 2023;

*	Amendment No. 8 to the Initial 13D filed on January 10, 2023;

*	Amendment No. 9 to the Initial 13D filed on May 15, 2023;

*	Amendment No. 10 to the Initial 13D filed on June 7, 2023;

*	Amendment No. 11 to the Initial 13D filed on June 20, 2023;

*	Amendment No. 12 to the Initial 13D filed on October 29, 2024; and

*	Amendment No. 13 to the Initial 13D filed on December 3, 2024 (as so amended, the "Schedule 13D"), amends and supplements certain of the items set forth in the Schedule 13D.

**Item 4. Purpose of Transaction**

Item 4 is hereby supplemented as follows:

	As of the date of this Amendment, Long Ball is the holder of an aggregate principal amount of $8,333,667.00 of the Issuer's 5.0% Convertible Senior PIK Notes Due 2030 (the "PIK Notes"). The PIK Notes are convertible into Common Stock. On September 8, 2025, Long Ball entered into a letter agreement (the "Forbearance Agreement") with the Issuer, pursuant to which Long Ball irrevocably agreed to forbear from exercising its right to convert the PIK Notes (and any additional PIK Notes issued pursuant to the PIK Notes) into Common Stock until November 10, 2026 (the "Forbearance End Date"). The Forbearance End Date may be extended by Long Ball with the prior written consent of the Issuer. As of the date of this Amendment, if the Forbearance Agreement were not in place, the PIK Notes would be convertible into 2,400,111 shares of Common Stock. As a result of the Forbearance Agreement, the Common Stock issuable upon conversion of the PIK Notes will not be deemed to be beneficially owned by ICAM, Long Ball, ICGH2 or Jason Reese.

The Forbearance Agreement may only be amended or terminated by a written amendment, fully executed and delivered by Long Ball with no less than 61 days' prior written notice to the Issuer.

The Forbearance Agreement supplements the prior forbearance agreements Long Ball entered into with the Issuer dated June 16, 2023 and October 25, 2024.

The foregoing description of the Forbearance Agreement is qualified in its entirety by reference to the Forbearance Agreement, which is filed as Exhibit 99.11 to this Amendment and is incorporated herein by reference.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5 is hereby amended as follows:

(a) & (b) 	The information relating to the beneficial ownership of Common Stock by each of the Reporting Persons set forth in Rows 7 through 13 of the cover pages hereto is incorporated by reference herein. The percentages set forth in Row 13 for all cover pages filed herewith are based on 32,996,787shares of Common Stock outstanding, consisting of (i) 28,996,787 shares of Common Stock outstanding as of August 26, 2025 as reported in the Issuer's Annual Report on Form 10-K filed with the SEC on September 2, 2025 and (ii) an additional 4,000,000 shares of Common Stock issued on August 27, 2025 as disclosed in the Issuer's Form 8-K filed with the SEC on August 27, 2025.

**(b)**
—

**(c)**
Not applicable.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 is supplemented as follows:

The Information in Item 4 of this Amendment is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Imperial Capital Asset Management, LLC

**Signature:** By: /s/ Jason Reese

**Name/Title:** Jason Reese, Chairman & CEO

**Date:** 09/09/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Long Ball Partners, LLC

**Signature:** By: /s/ Jason Reese

**Name/Title:** By: Imperial Capital Asset Management, LLC its Managing Member, Jason Reese, Chairman & CEO

**Date:** 09/09/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Imperial Capital Group Holdings II, LLC

**Signature:** By: /s/ Jason Reese

**Name/Title:** Jason Reese, its Authorized Signatory

**Date:** 09/09/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Jason Reese

**Signature:** /s/ Jason Reese

**Name/Title:** To Come

**Date:** 09/09/2025