X0306 4 2022-06-15 0001675033 Great Elm Capital Corp. GECC 0001458693 Drapkin Matthew A C/O NORTHERN RIGHT CAPITAL MANAGEMENT LP 9 OLD KINGS HIGHWAY, 4TH FLOOR DARIEN CT 06820 true Common Stock 2022-06-15 4 M 0 84000 12.5 A 220399 I See Footnote Common Stock 2022-06-15 4 M 0 160000 12.5 A 208932 I See Footnote Common Stock 2022-06-15 4 M 0 320000 12.5 A 369140 I See Footnote Common Stock 2022-06-15 4 M 0 20000 12.5 A 21308 D Common Stock 2022-06-15 4 J 0 40000 12.5 A 40309 I See Footnote Subscription Rights 12.5 2022-06-15 4 M 0 131606 0 D 2022-05-26 2022-06-10 Common Stock 131606 0 I See Footnote Subscription Rights 12.5 2022-06-15 4 M 0 47335 0 D 2022-05-26 2022-06-10 Common Stock 47335 0 I See Footnote Subscription Rights 12.5 2022-06-15 4 M 0 48194 0 D 2022-05-26 2022-06-10 Common Stock 48194 0 I See Footnote Subscription Rights 12.5 2022-06-15 4 M 0 1308 0 D 2022-05-26 2022-06-10 Common Stock 1308 0 D Subscription Rights 12.5 2022-06-15 4 M 0 309 0 D 2022-05-26 2022-06-10 Common Stock 309 0 I See Footnote Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP"). Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners"). Represents shares of common stock purchased by Northern Right Capital Management, L.P., a Texas limited partnership ("Northern Right Management"), on behalf of separate managed accounts on behalf of an investment advisory client (the "Managed Accounts"). On June 15, 2022, the Reporting Person exercised in full his primary subscription rights (each 1 subscription right entitling him to purchase 1 share of Common Stock and oversubscritption privilege), which were issued to holders of Common Stock on the May 23, 2022 record date for the rights offering. Represents shares of common stock held directly by Bernice Drapkin Non-GST Exempt Marital Trust U/A/D 12/10/2015 (the "Marital Trust"). 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 shares of common stock held by NRC Partners and 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 shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA. (continued from footnote 6) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein. As trustee of the Marital Trust, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by the Marital Trust. The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position as trustee of the Marital Trust. Represents subscription rights held directly by Northern Right QP. Represents subscription rights held directly by NRC Partners. Represents subscription rights held by Northern Right Management, on behalf of the Managed Accounts. Represents subscription rights held by the Marital Trust. /s/ Adam M. Kleinman, attorney-in-fact 2022-06-17