Schedule 13G

SC 13G/A 1 gec13gdec2020.htm ANNUAL G UPDATE Schedule 13G

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

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 3)*

Great Elm Capital Group, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

39037G109

(CUSIP Number)

Merihan Tynan
2101 East El Segundo Boulevard. Suite 302
El Segundo, CA 90245

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

December 31, 2020

(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
x  Rule 13d-1(b)
¨  Rule 13d-1(c)
¨  Rule 13d-1(d)

^* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP No. 39037G109	13G	Page 2 of 3 Pages


1.		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Cove Street Capital, LLC 27-5376591
2.		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ¨ (b) ¨
3.		SEC USE ONLY
4.		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5.	SOLE VOTING POWER -
	6.	SHARED VOTING POWER 1,445,711
	7.	SOLE DISPOSITIVE POWER -
	8.	SHARED DISPOSITIVE POWER 1,685,811


9.		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,685,811
10.		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions) ¨
11.		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.38%
12.		TYPE OF REPORTING PERSON (see instructions) IA


CUSIP No. 39037G109	13G	Page 2 of 3 Pages


1.		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Jeffrey Bronchick
2.		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ¨ (b) ¨
3.		SEC USE ONLY
4.		CITIZENSHIP OR PLACE OF ORGANIZATION United States of America


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5.	SOLE VOTING POWER 35,390
	6.	SHARED VOTING POWER 1,445,711
	7.	SOLE DISPOSITIVE POWER 35,390
	8.	SHARED DISPOSITIVE POWER 1,685,811


9.		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,721,201
10.		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions) ¨
11.		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.51%
12.		TYPE OF REPORTING PERSON (see instructions) IN

(1) The shared dispositive power includes 240,100 shares of a separately managed account, where CSC does not have any voting power over.
(2) The percentage was based on 26,423,865 shares of Common Stock, $0.01 par value per share (“Common Stock”), of Great Elm Capital Group, Inc (the “Issuer”) outstanding disclosed in the Issuer’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission on January 19, 2021.


CUSIP No. 39037G109	13G	Page 2 of 3 Pages

Item 1.

	(a)	Name of Issuer Great Elm Capital Group, Inc

	(b)	Address of Issuer’s Principal Executive Offices 800 South Street, Suite 230, Waltham MA

Item 2.

	(a)	Name of Person Filing Cove Street Capital, LLC

	(b)	Address of the Principal Office or, if none, residence 2101 East El Segundo Boulevard. Suite 302 El Segundo, CA 90245

	(c)	Citizenship Delaware

	(d)	Title of Class of Securities Common Stock

	(e)	CUSIP Number 39037G109

Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)	¨	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b)	¨	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c)	¨	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d)	¨	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e)	x	An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

(f)	¨	An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);

(g)	¨	A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);

(h)	¨	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)	¨	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)	¨	Group, in accordance with §240.13d-1(b)(1)(ii)(J).

Item 4. Ownership.

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. Cove Street Capital, LLC


(a)	Amount beneficially owned: 1,685,811

(b)	Percent of class: 6.38%

(c)	Number of shares as to which the person has:

	(i)	Sole power to vote or to direct the vote -0

	(ii)	Shared power to vote or to direct the vote 1,445,711

	(iii)	Sole power to dispose or to direct the disposition of -

	(iv)	Shared power to dispose or to direct the disposition of 1,685,811

Instruction. For computations regarding securities which represent a right to acquire an underlying security see §240.13d-3(d)(1).

*************************************************

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. Jeffrey Bronchick


(a)	Amount beneficially owned: 1,721,201

(b)	Percent of class: 6.51%

(c)	Number of shares as to which the person has:

	(i)	Sole power to vote or to direct the vote -35,390

	(ii)	Shared power to vote or to direct the vote 1,445,711

	(iii)	Sole power to dispose or to direct the disposition of 35.390

	(iv)	Shared power to dispose or to direct the disposition of 1,685,811

Instruction. For computations regarding securities which represent a right to acquire an underlying security see §240.13d-3(d)(1).

Item 5. Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ¨.

Instruction. Dissolution of a group requires a response to this item.

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

N/A

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.

N/A

Item 8. Identification and Classification of Members of the Group.

N/A

Item 9. Notice of Dissolution of Group.

N/A

Item 10. Certification.


	(a)		The following certification shall be included if the statement is filed pursuant to §240.13d-1(b):

			By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

CUSIP No. 39037G109

13G

Page 2 of 3 Pages

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.

02/16/2020

Date

/s/ Merihan Tynan

Signature

Chief Compliance Officer

Name/Title

02/16/2020

Date

/s/ Jeffrey Bronchick

Signature

Principal, Portfolio Manager

Name/Title

SEC Form SC 13G/A filed