GECC: 10% Owner Sells 11,790 Shares at $10.95 – Form 4 Filing

Great Elm Strategic Partnership I, LLC, a 10% owner of Great Elm Capital Corp. (GECC), filed a Form 4 reporting two open-market sales of the issuer’s common stock.

Rhea-AI Filing Summary

Great Elm Strategic Partnership I, LLC, a 10% owner of Great Elm Capital Corp. (GECC), filed a Form 4 reporting two open-market sales of the issuer’s common stock.

• 09 Jul 2025: 3,129 shares sold at $10.95.
• 10 Jul 2025: 8,661 shares sold at $10.95.

After these sales, the reporting person’s direct holding decreased from 1,798,365 shares to 1,786,575 shares.

The submission was signed by attorney-in-fact Adam M. Kleinman on 10 Jul 2025. No derivative transactions were reported, and no Rule 10b5-1 plan was indicated.

Positive

• None.

Negative

• Insider selling by a 10% owner: 11,790 GECC shares disposed at $10.95, modestly trimming the holder’s position and potentially signaling weaker near-term confidence.

Insights

Securities Analyst

TL;DR: 10% owner sold 11,790 GECC shares at $10.95, a modest reduction of a large stake; mildly negative signal with limited impact.

The Form 4 reveals insider selling by a significant shareholder. While 11,790 shares represent less than 1% of the holder’s 1.8 million-share position, sales by a control or 10% owner can be interpreted as a negative sentiment indicator for near-term price expectations. The fixed sale price suggests routine market execution rather than a structured 10b5-1 plan, implying active decision-making. However, the small percentage size relative to the overall stake and the absence of accompanying material events reduce overall impact on the investment thesis. I classify this as not materially impactful but directionally negative.

Insider Trade Summary

Net Seller: 11,790 shares

Net Sell 2 txns

Insider Great Elm Strategic Partnership I, LLC

Role 10% Owner

Sold 11,790 shs ($129K)

Type	Security	Shares	Price	Value
Sale	Common Stock	8,661	$10.95	$95K
Sale	Common Stock	3,129	$10.95	$34K

Holdings After Transaction: Common Stock — 1,786,575 shares (Direct)

FAQ

How many GECC shares did the insider sell?

The Form 4 reports the sale of 11,790 shares in total.

What was the sale price of GECC shares?

Both transactions were reported at $10.95 per share.

What is the insider’s remaining ownership in GECC?

After the transactions, the insider holds 1,786,575 common shares directly.

Who executed the filing for Great Elm Strategic Partnership I, LLC?

The Form 4 was signed by Adam M. Kleinman, attorney-in-fact, on 10 Jul 2025.

Was a Rule 10b5-1 trading plan disclosed?

The filing does not indicate that the sales were made under a Rule 10b5-1 plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/10/2025 - 08:24 PM Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Great Elm Strategic Partnership I, LLC

(Last) (First) (Middle)

800 BOYLSTON STREET, SUITE 900

(Street)

BOSTON MA 02199

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Great Elm Capital Corp. [ GECC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/09/2025		S		3,129	D	$10.95	1,795,236	D
Common Stock	07/10/2025		S		8,661	D	$10.95	1,786,575	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Adam M. Kleinman, attorney-in-fact	07/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.