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Form 4 Great Elm Group, Inc. For: May 18 Filed by: Northern Right Capital (QP), L.P.

May 20, 2022 4:40 PM EDT
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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OMB Number: 3235-0287
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person *
Northern Right Capital Management, L.P.
(Last) (First) (Middle)
9 OLD KINGS HWY S., 4TH FLOOR
(Street)
DARIEN CT 06820
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Great Elm Group, Inc. [ GEG ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
Member of 13D 10% Group
3. Date of Earliest Transaction (Month/Day/Year)
05/18/2022
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/18/2022   P   5,000 (1) A $ 2.0357 2,723,584 I See Footnote (3) (4) (5)
Common Stock 05/19/2022   P   40,000 (2) A $ 2.1544 2,763,584 I See Footnote (3) (4) (5)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. 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.
2. 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.
3. 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.
4. 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,
5. (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.
Remarks:
The Reporting Persons are jointly filing this Form 4.
Northern Right Capital Management, L.P. By: BC Advisors, LLC, its general partner By: /s/ Matthew A. Drapkin Matthew A. Drapkin, Authorized Signatory 05/20/2022
** Signature of Reporting Person Date
NRC Partners I, LP By: Northern Right Capital Management, L.P., its general partner By: BC Advisors, LLC, its general partner By: /s/ Matthew A. Drapkin Matthew A. Drapkin, Authorized Signatory 05/20/2022
** Signature of Reporting Person Date
Northern Right Capital QP, LP By: Northern Right Capital Management, L.P., its general partner By: BC Advisors, LLC, its general partner By: /s/ Matthew A. Drapkin Matthew A. Drapkin, Authorized Signatory 05/20/2022
** Signature of Reporting Person Date
BC Advisors, LLC By: /s/ Matthew A. Drapkin Matthew A. Drapkin, Authorized Signatory 05/20/2022
** Signature of Reporting Person Date
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.

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