Northern Right Capital Management Increases Stake in Great Elm Group to 16.6%

On May 8, 2026, Northern Right Capital Management, L.P., along with its affiliates including BC Advisors, LLC and Matthew A. Drapkin, filed an amendment to their Schedule 13D regarding Great Elm Group, Inc. (GEG). The filing reports that Northern Right Capital Management now beneficially owns 5,396,350 shares of common stock, representing 16.6% of the class. When including all reporting persons in the group, total beneficial ownership reaches 6,182,242 shares, or approximately 19.0% of the outstanding common stock. This ownership figure includes shares issuable upon the conversion of PIK Notes, although the reporting persons have entered into a Forbearance Agreement, agreeing not to exercise conversion rights until July 15, 2026. Matthew A. Drapkin’s individual holdings also include 87,755 restricted shares awarded in January 2026, a portion of which vest within 60 days. The amendment serves to update the group's aggregate holdings and reflect the terms of the Forbearance Agreement regarding the PIK Notes. No new open-market transactions were reported since the previous filing.