Great Elm Capital Corp. — Director's Dealing 2020

Oct 1, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Great Elm Capital Corp. (GECC)
CIK: 0001675033
Period of Report: 2020-05-15

Reporting Person: Great Elm Capital Group, Inc. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-15	Common Stock	A	49828	$0.00	Acquired	2016495	Direct
2020-05-15	Common Stock	A	5700	$0.00	Acquired	230700	Indirect
2020-06-15	Common Stock	A	26939	$0.00	Acquired	2043434	Direct
2020-06-15	Common Stock	A	4447	$0.00	Acquired	235147	Indirect
2020-07-15	Common Stock	A	28214	$0.00	Acquired	2071648	Direct
2020-07-15	Common Stock	A	4641	$0.00	Acquired	239788	Indirect
2020-08-21	Common Stock	A	31546	$0.00	Acquired	2103194	Direct
2020-08-21	Common Stock	A	4337	$0.00	Acquired	244125	Indirect
2020-09-21	Common Stock	A	39044	$0.00	Acquired	2142238	Direct
2020-09-21	Common Stock	A	4532	$0.00	Acquired	248657	Indirect
2020-09-28	Common Stock	X	2103194	$2.95	Acquired	4245432	Direct
2020-09-28	Common Stock	X	151894	$2.95	Acquired	400551	Indirect
2020-10-01	Common Stock	J	863337	$2.95	Acquired	5108769	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-09-28	Subscription Rights	$2.95	X	2103194	Disposed	2020-09-28	Common Stock (2103194)	Direct
2020-09-28	Subscription Rights	$2.95	X	151894	Disposed	2020-09-28	Common Stock (151894)	Indirect

Footnotes

F1: Shares acquired as a result of a stock dividend.

F2: On September 28, 2020, Great Elm Capital Group, Inc. ("GEC") exercised in full its primary subscription rights (each 1 subscription right entitling GEC 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.

F3: On September 28, 2020, Great Elm Opportunities Fund I, LP ("GEOF") exercised certain of its primary subscription rights (each 1 subscription right entitling GEOF 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.

F4: Reflects additional shares of Common Stock acquired by GEC in connection with the Issuer's rights offering pursuant to the over-subscription privilege.