X0306 4 2020-09-28 0 0001675033 Great Elm Capital Corp. GECC 0001688208 Kuperschmid Mark C/O GREAT ELM CAPITAL CORP. 800 SOUTH STREET, SUITE 230 WALTHAM MA 02453 1 0 0 0 Common Stock 2020-09-28 4 X 0 12000 2.95 A 33417 I By Benmark Investments LLC Subscription Rights 2.95 2020-09-28 4 X 0 12000 0.00 D 2020-09-08 2020-09-28 Common Stock 12000 0 I By Benmark Investments LLC On September 28, 2020, the Reporting Person exercised certain of his primary subscription rights (each 1 subscription right entitling him to purchase 1 share of Common Stock), which were issued to holders of Common Stock on the September 4, 2020 record date for the rights offering. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of any of the reported shares for purposes of Section 16 or for any other purpose. /s/ Adam M. Kleinman, as Attorney-in-Fact for Reporting Person 2020-10-01