X0202 SCHEDULE 13G/A 0001013594-25-001334 0001346543 XXXXXXXX LIVE 7 Common Stock, $0.01 Par Value (the "Common Stock") 03/31/2026 0001675033 Great Elm Capital Corp. 390320703 3801 PGA BOULEVARD SUITE 603 PALM BEACH GARDENS CO 33410 Rule 13d-1(c) Northern Right Capital Management, L.P. b TX 176187 207784 176187 207784 383971 2.8 IA PN Note to Rows 5 and 7: Northern Right Capital Management, L.P. (as defined herein) may be deemed to beneficially own 176,187 shares of Common Stock (as defined herein) currently held by the Managed Accounts (as defined herein). Note to Rows 6 and 8: Northern Right Capital Management, L.P. may be deemed to beneficially own 207,784 shares of Common Stock currently held by Northern Right Capital (QP), L.P. (as defined herein) and Northern Right Long Only Master Fund LP (as defined herein). Northern Right Capital (QP), L.P. b TX 149911 0 149911 0 149911 1.1 PN Northern Right Long Only Master Fund LP b E9 0 57873 0 57873 57873 0.4 PN Northern Right Fund GP LLC b DE 0 57873 0 57873 57873 0.4 OO Note to Rows 6 and 8: Northern Right Fund GP LLC (as defined herein) may be deemed to beneficially own 57,873 shares of Common Stock currently held by Northern Right Long Only Master Fund LP. BC Advisors LLC b DE 0 383971 0 383971 383971 2.8 IA OO Note to Rows 6 and 8: BC Advisors, LLC (as defined herein) may be deemed to beneficially own 383,971 shares of Common Stock currently held by Northern Right Capital (QP), L.P. and the Managed Accounts. Drapkin Matthew A b X1 76333 383971 76333 383971 460304 3.3 IN Note to Rows 6 and 8: Matthew A. Drapkin may be deemed to beneficially own 383,971 shares of Common Stock currently held by Northern Right Capital (QP), L.P., Northern Right Long Only Master Fund LP and the Managed Accounts. Great Elm Capital Corp. 3801 PGA Boulevard, Suite 603, Palm Beach Gardens, FL 33410 The names of the persons filing this statement on Schedule 13G (collectively, the "Reporting Persons") are: * Northern Right Capital Management, L.P. ("Northern Right Management"), * Northern Right Capital (QP), L.P. ("Northern Right QP"), * Northern Right Long Only Master Fund LP ("NRC LO"), * Northern Right Fund GP LLC ("NRC Fund GP"), * BC Advisors, LLC ("BCA"), and * Matthew A. Drapkin ("Mr. Drapkin"). The principal business address for each of the Reporting Persons is 9 Old Kings Highway South, 4th Floor, Darien, Connecticut 06820. Northern Right Management and Northern Right QP are Texas limited partnerships. NRC LO is a Cayman Islands exempted limited partnership. NRC Fund GP and BCA are Delaware limited liability companies. Mr. Drapkin is a citizen of the United States of America. Y As of March 31, 2026, Northern Right Capital Management, L.P. beneficially owned 383,971 shares of Common Stock. Northern Right QP beneficially owns and has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) 149,911 shares of Common Stock (the "QP Shares"), which represent approximately 1.1% of the outstanding shares of Common Stock. NRC LO beneficially owns and has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) 57,873 shares of Common Stock (the "LO Shares"), which represent approximately 0.4% of the outstanding shares of Common Stock. Northern Right Management, in its capacity as general partner of Northern Right QP, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the QP Shares. Northern Right Management, in its capacity as investment manager for NRC LO, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the LO Shares. Northern Right Management, in its capacity as investment manager for the Managed Accounts, may be deemed to have the sole power to vote or to direct the vote of (and the sole power to dispose or direct the disposition of) the 176,187 shares of the Common Stock held by the Managed Accounts. In the aggregate, such shares represent approximately 1.3% of the outstanding shares of Common Stock. Northern Right Management disclaims beneficial ownership of all of the shares of Common Stock held by each of Northern Right QP, NRC LO and the Managed Accounts, in each case except to the extent of its pecuniary interest therein. BCA, as general partner of Northern Right Management, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the shares of Common Stock beneficially owned (or deemed beneficially owned) by Northern Right Management. BCA disclaims beneficial ownership of such shares, except to the extent of its pecuniary interest therein. In the aggregate, such shares represent 2.8% of the outstanding shares of Common Stock. NRC Fund GP, as general partner of NRC LO, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the LO Shares. NRC Fund GP disclaims beneficial ownership of such shares, except to the extent of its pecuniary interest therein. Mr. Drapkin beneficially owns and has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) 76,333 shares of Common Stock. Mr. Drapkin, as managing member of BCA and NRC Fund GP, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the shares of Common Stock beneficially owned (or deemed beneficially owned) by BCA and NRC Fund GP. Mr. Drapkin disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. In the aggregate, such shares represent approximately 3.3% of the outstanding shares of Common Stock. As of the date hereof, no Reporting Person beneficially owns any shares of Common Stock other than those set forth in Item 4 of this Statement. The following percentage is based on 13,892,045 Common Stock outstanding as of April 27th, 2026, as disclosed in the Issuer's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 4, 2026. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. N Y Y Y N See Exhibit 99.1 on the Schedule 13D filed by the Reporting Persons with the Securities and Exchange Commission on June 7, 2022. Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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, other than activities solely in connection with a nomination under ?? 240.14a-11. Northern Right Capital Management, L.P. /s/ Matthew A. Drapkin 05/15/2026 Northern Right Capital (QP), L.P. /s/ Matthew A. Drapkin 05/15/2026 Northern Right Long Only Master Fund LP /s/ Matthew A. Drapkin 05/15/2026 Northern Right Fund GP LLC /s/ Matthew A. Drapkin 05/15/2026 BC Advisors LLC /s/ Matthew A. Drapkin 05/15/2026 Drapkin Matthew A /s/ Matthew A. Drapkin 05/15/2026