[Form 4] Great Elm Capital. Corp. Insider Trading Activity

Rhea-AI Filing Summary

Great Elm Strategic Partnership I, LLC reported insider sales of Great Elm Capital Corp. (GECC) common stock on August 21 and August 22, 2025. The filing shows a sale of 26,705 shares on 08/21/2025 and a sale of 17,956 shares on 08/22/2025, each at a price of $11.20 per share. Following the 08/21 sale the reporting person beneficially owned 1,712,921 shares, and after the 08/22 sale beneficial ownership was 1,694,965 shares. The reporting person is identified as a director of the issuer. The Form 4 was signed by Adam M. Kleinman, attorney-in-fact on 08/22/2025.

Positive

• Timely disclosure: Sales were reported on Form 4 with transaction dates and post-transaction ownership figures
• Transparency: Filing includes exact share counts and sale prices ($11.20), allowing clear tracking of insider activity

Negative

• Insider sales: Reporting person sold a total of 44,661 shares across two days, reducing beneficial ownership
• No stated reason: Filing does not specify purpose of sales or whether transactions were under a 10b5-1 plan

Insights

Securities Analyst

TL;DR: Director sold a total of 44,661 GECC shares across two days at $11.20 each; change appears routine and disclosed.

The Form 4 discloses two open-market sales by Great Elm Strategic Partnership I, LLC totaling 44,661 shares at $11.20 per share on consecutive days. These sales reduced beneficial ownership from 1,712,921 to 1,694,965 shares. The filing identifies the reporting entity as a director, and signatures indicate timely attorney-in-fact execution. There is no accompanying information about reasons for sale or any derivative transactions. For investors, the data documents insider liquidity but does not by itself indicate firm-level operational or financial change.

Corporate Governance / Compliance Analyst

TL;DR: Disclosure meets Section 16 reporting requirements; sales were properly reported but provide limited governance insight.

The disclosure shows compliance with Section 16 reporting: the reporting person, a director, reported two sales and the Form 4 was signed by an attorney-in-fact. The record includes transaction codes and post-transaction beneficial ownership counts, enabling transparency. Absent additional context (planned sale, Rule 10b5-1 plan, or related-party explanation), the trades are routine insider sales from a governance perspective. No derivatives, amendments, or exceptions are reported.

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)
08/21/2025

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	08/21/2025		S		26,705	D	$11.2	1,712,921	D
Common Stock	08/22/2025		S		17,956	D	$11.2	1,694,965	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	08/22/2025
	** 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.

FAQ

What insider transactions does the GECC Form 4 report show?

The Form 4 reports sales of 26,705 shares on 08/21/2025 and 17,956 shares on 08/22/2025, each at $11.20 per share.

Who is the reporting person on the GECC Form 4?

The reporting entity is Great Elm Strategic Partnership I, LLC, identified as a director of Great Elm Capital Corp.

What was the reporting person’s beneficial ownership after the reported sales?

Beneficial ownership was reported as 1,712,921 shares after the 08/21 sale and 1,694,965 shares after the 08/22 sale.

Were any derivative securities or 10b5-1 plans disclosed in the filing?

No derivative securities are listed in Table II, and the filing does not indicate that the trades were made under a 10b5-1 plan.

Who signed the Form 4 and when?

The Form 4 was signed by Adam M. Kleinman, attorney-in-fact on 08/22/2025.