<SEC-DOCUMENT>0000950170-25-006002.txt : 20250115
<SEC-HEADER>0000950170-25-006002.hdr.sgml : 20250115
<ACCEPTANCE-DATETIME>20250115210843
ACCESSION NUMBER:		0000950170-25-006002
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250113
FILED AS OF DATE:		20250115
DATE AS OF CHANGE:		20250115

REPORTING-OWNER:	

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

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39832
		FILM NUMBER:		25534137

	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
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39832
		FILM NUMBER:		25534135

	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
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39832
		FILM NUMBER:		25534136

	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

ISSUER:		

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

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-01-13</periodOfReport>

    <issuer>
        <issuerCik>0001831096</issuerCik>
        <issuerName>Great Elm Group, Inc.</issuerName>
        <issuerTradingSymbol>GEG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001346543</rptOwnerCik>
            <rptOwnerName>Northern Right Capital Management, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>9 OLD KINGS HWY. S.</rptOwnerStreet1>
            <rptOwnerStreet2>4TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>DARIEN</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06820</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>true</isOther>
            <otherText>Member of 13D 10% Group</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001451722</rptOwnerCik>
            <rptOwnerName>Northern Right Capital (QP), L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O NORTHERN RIGHT CAPITAL MANAGEMENT,</rptOwnerStreet1>
            <rptOwnerStreet2>L.P., 9 OLD KINGS HWY S., 4TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>DARIEN</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06820</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001349003</rptOwnerCik>
            <rptOwnerName>BC Advisors LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O NORTHERN RIGHT CAPITAL MANAGEMENT,</rptOwnerStreet1>
            <rptOwnerStreet2>L.P., 9 OLD KINGS HWY S., 4TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>DARIEN</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06820</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-01-13</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>409577</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3833591</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>5.0% Convertible Senior PIK Note due 2030</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>3.4722</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-01-13</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F5"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionTotalValue>
                    <value>612413</value>
                </transactionTotalValue>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2026-01-13</value>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <value>2030-02-26</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>176376</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <valueOwnedFollowingTransaction>
                    <value>6692270</value>
                </valueOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Represents a transfer by Northern Right Capital (QP), L.P. (&quot;Northern Right QP&quot;) for no consideration of 409,577 shares of the Issuer's common stock, par value $0.001 per share (&quot;Common Stock&quot;), to Northern Right Long Only Master Fund LP (&quot;NRC LO&quot;). NRC LO will be joining the &quot;group,&quot; as such term is defined in Section 13(d) of the Securities Exchange Act of 1934, as amended, whose members include the Reporting Persons named herein.</footnote>
        <footnote id="F2">Northern Right QP beneficially owns and has the power to vote or to direct the vote of 1,869,901 shares of Common Stock. Managed accounts (the &quot;Managed Accounts&quot;), on behalf of certain investment advisory clients of Northern Right Capital Management, L.P. (&quot;Northern Right Management&quot;), beneficially own 1,963,690 shares of Common Stock.</footnote>
        <footnote id="F3">As general partner and investment manager of Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the securities held by 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.</footnote>
        <footnote id="F4">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.</footnote>
        <footnote id="F5">Represents a transfer by Northern Right QP for no consideration of an aggregate principal amount of $612,413.00 of 5.0% Convertible Senior PIK Notes due 2030 (the &quot;Notes&quot;) constituting a conversionary interest, subject to adjustment as provided in the Notes, in 176,376 shares of Common Stock to NRC LO.</footnote>
        <footnote id="F6">On January 13, 2025, Northern Right QP entered into a letter agreement (the &quot;Forbearance Agreement&quot;) with the Issuer, NRC LO and Matthew A. Drapkin, pursuant to which Northern Right QP irrevocably agreed to forbear from exercising its rights to convert the Notes (and any additional Notes issued pursuant to the Notes) into Common Stock until January 13, 2026.</footnote>
    </footnotes>

    <remarks>The Reporting Persons are jointly filing this Form 4.</remarks>

    <ownerSignature>
        <signatureName>Northern Right Capital Management, L.P., By: BC Advisors, LLC, its general partner, By: /s/ Richard Billig, attorney-in-fact for authorized signatory</signatureName>
        <signatureDate>2025-01-15</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>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/ Richard Billig, attorney-in-fact for authorized signatory</signatureName>
        <signatureDate>2025-01-15</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>BC Advisors, LLC, By: /s/ Richard Billig, attorney-in-fact for authorized signatory</signatureName>
        <signatureDate>2025-01-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
