Great Elm Capital (GECC) Insider Sells 47,183 Shares Over Two Days

Rhea-AI Filing Summary

Great Elm Strategic Partnership I, LLC, a director-linked reporting person for Great Elm Capital Corp. (GECC), reported two insider sales: 25,711 shares sold on 08/25/2025 and 21,472 shares sold on 08/26/2025, each at $11.20 per share. Beneficial ownership after the 8/25 sale was 1,669,254 shares and after the 8/26 sale was 1,647,782 shares. The form is signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Reporting compliance: Form 4 filed and signed by an attorney-in-fact, showing regulatory disclosure adherence
• Substantial retained stake: Reporting person still holds over 1.6 million shares after sales

Negative

• Insider sales: Total of 47,183 shares sold over two days, which may be viewed negatively by some investors

Insights

Securities Analyst

TL;DR: Director-affiliated entity executed modest block sales totaling 47,183 shares at $11.20, reducing beneficial holdings slightly.

The reported transactions are straightforward open-market sales coded S on consecutive days, totaling 47,183 shares disposed. The post-transaction holdings remain above 1.6 million shares, indicating the reporting person retains a substantial stake. There is no indication in the filing of derivative transactions, plan-based sales, or amendments.

Corporate Governance Expert

TL;DR: Routine insider disposition by a director-related entity with continued large ownership; not clearly material on its face.

The pattern—two small-to-moderate sales at the same price on adjacent dates—appears consistent with liquidity needs or portfolio rebalancing rather than a governance change. The entity remains a significant beneficial holder with over 1.6 million shares after the transactions. The filing is properly signed by an attorney-in-fact.

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
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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)
08/25/2025

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	08/25/2025		S		25,711	D	$11.2	1,669,254	D
Common Stock	08/26/2025		S		21,472	D	$11.2	1,647,782	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	08/27/2025
	** 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 did Great Elm Capital (GECC) report on this Form 4?

The filing reports two sales: 25,711 shares on 08/25/2025 and 21,472 shares on 08/26/2025, each at $11.20 per share.

How many shares does the reporting person own after the reported transactions?

Beneficial ownership was reported as 1,669,254 shares after the 8/25 sale and 1,647,782 shares after the 8/26 sale.

Who filed the Form 4 for Great Elm Capital (GECC)?

The Form 4 was filed by Great Elm Strategic Partnership I, LLC and signed by Adam M. Kleinman, attorney-in-fact on 08/27/2025.

Were any derivative transactions reported in this Form 4 for GECC?

No. Table II for derivative securities shows no reported transactions; only non-derivative common stock sales are listed.

What transaction code was used for the sales on the Form 4?

The sales are coded as S, indicating direct sale transactions.