Great Elm Capital Corp. reports amended Schedule 13G/A disclosing passive holdings by Northern Right entities and related parties. As of March 31, 2026, Northern Right Capital Management, L.P. beneficially owned 383,971 shares (approximately 2.8%) of Common Stock. The filing ties percentage calculations to April 27, 2026 outstanding shares of 13,892,045. Individual holdings disclosed include Northern Right Capital (QP), L.P. 149,911 shares (1.1%), Northern Right Long Only Master Fund LP 57,873 shares (0.4%), and Matthew A. Drapkin 76,333 shares with aggregate reporting of 3.3% for related parties. The filing contains customary disclaimers of beneficial ownership and cross‑entity attribution notes.
Positive
None.
Negative
None.
Insights
Passive ownership mapped across affiliated funds and managers; holdings remain below 5% thresholds.
The statement lists exact share counts and percentages tied to an issuer outstanding figure of 13,892,045 as of April 27, 2026. It documents shared and sole voting/dispositive powers among Northern Right entities and Mr. Drapkin, with standard disclaimers of beneficial ownership.
Implications are procedural: these holdings create visible ownership below reporting thresholds that would trigger Schedule 13D treatment. Subsequent filings would show changes if holdings cross regulatory thresholds.
Amendment clarifies attribution and aggregation across affiliated reporting persons; no new transactional terms disclosed.
The filing attaches per-entity vote/dispositive power (e.g., Northern Right QP 149,911 shares, NRC LO 57,873 shares) and aggregate percentages (e.g., 3.3% aggregate for related parties). It preserves customary disclaimers that limit deemed beneficial ownership to pecuniary interests.
Compliance focus: verify continued passive investor status and monitor for any acquisition activity that would require Schedule 13D. Cash‑flow treatment and transaction dates are not part of this amendment.
Key Figures
Outstanding Shares:13,892,045 sharesNorthern Right Management holdings:383,971 sharesNorthern Right Capital (QP) holdings:149,911 shares+3 more
6 metrics
Outstanding Shares13,892,045 sharesas of April 27, 2026
Northern Right Management holdings383,971 sharesbeneficially owned as of March 31, 2026
Northern Right Capital (QP) holdings149,911 sharesbeneficially owned as of March 31, 2026
Northern Right Long Only Master Fund holdings57,873 sharesbeneficially owned as of March 31, 2026
Matthew A. Drapkin direct holdings76,333 sharesbeneficially owned as of March 31, 2026
Reported aggregate percentage3.3%aggregate for related reporting persons
"Northern Right Capital Management, L.P. beneficially owned 383,971 shares"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
sole/shared voting powerregulatory
"Sole Voting Power 176,187.00 / Shared Voting Power 207,784.00"
Schedule 13G/Aregulatory
"Amendment No. 7 to Schedule 13G/A reporting persons"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
disclaim beneficial ownershiplegal
"disclaims beneficial ownership of such shares, except to the extent of its pecuniary interest"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 7)
Great Elm Capital Corp.
(Name of Issuer)
Common Stock, $0.01 Par Value (the "Common Stock")
(Title of Class of Securities)
390320703
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
390320703
1
Names of Reporting Persons
Northern Right Capital Management, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
TEXAS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
176,187.00
6
Shared Voting Power
207,784.00
7
Sole Dispositive Power
176,187.00
8
Shared Dispositive Power
207,784.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
383,971.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.8 %
12
Type of Reporting Person (See Instructions)
IA, PN
Comment for Type of Reporting Person: Note to Rows 5 and 7: Northern Right Capital Management, L.P. (as defined herein) may be deemed to beneficially own 176,187 shares of Common Stock (as defined herein) currently held by the Managed Accounts (as defined herein).
Note to Rows 6 and 8: Northern Right Capital Management, L.P. may be deemed to beneficially own 207,784 shares of Common Stock currently held by Northern Right Capital (QP), L.P. (as defined herein) and Northern Right Long Only Master Fund LP (as defined herein).
SCHEDULE 13G
CUSIP Number(s):
390320703
1
Names of Reporting Persons
Northern Right Capital (QP), L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
TEXAS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
149,911.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
149,911.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
149,911.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.1 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
390320703
1
Names of Reporting Persons
Northern Right Long Only Master Fund LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
57,873.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
57,873.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
57,873.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.4 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
390320703
1
Names of Reporting Persons
Northern Right Fund GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
57,873.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
57,873.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
57,873.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Note to Rows 6 and 8: Northern Right Fund GP LLC (as defined herein) may be deemed to beneficially own 57,873 shares of Common Stock currently held by Northern Right Long Only Master Fund LP.
SCHEDULE 13G
CUSIP Number(s):
390320703
1
Names of Reporting Persons
BC Advisors LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
383,971.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
383,971.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
383,971.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.8 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: Note to Rows 6 and 8: BC Advisors, LLC (as defined herein) may be deemed to beneficially own 383,971 shares of Common Stock currently held by Northern Right Capital (QP), L.P. and the Managed Accounts.
SCHEDULE 13G
CUSIP Number(s):
390320703
1
Names of Reporting Persons
Drapkin Matthew A
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
76,333.00
6
Shared Voting Power
383,971.00
7
Sole Dispositive Power
76,333.00
8
Shared Dispositive Power
383,971.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
460,304.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.3 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Note to Rows 6 and 8: Matthew A. Drapkin may be deemed to beneficially own 383,971 shares of Common Stock currently held by Northern Right Capital (QP), L.P., Northern Right Long Only Master Fund LP and the Managed Accounts.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Great Elm Capital Corp.
(b)
Address of issuer's principal executive offices:
3801 PGA Boulevard, Suite 603, Palm Beach Gardens, FL 33410
Item 2.
(a)
Name of person filing:
The names of the persons filing this statement on Schedule 13G (collectively, the "Reporting Persons") are:
* Northern Right Capital Management, L.P. ("Northern Right Management"),
* Northern Right Capital (QP), L.P. ("Northern Right QP"),
* Northern Right Long Only Master Fund LP ("NRC LO"),
* Northern Right Fund GP LLC ("NRC Fund GP"),
* BC Advisors, LLC ("BCA"), and
* Matthew A. Drapkin ("Mr. Drapkin").
(b)
Address or principal business office or, if none, residence:
The principal business address for each of the Reporting Persons is 9 Old Kings Highway South, 4th Floor, Darien, Connecticut 06820.
(c)
Citizenship:
Northern Right Management and Northern Right QP are Texas limited partnerships. NRC LO is a Cayman Islands exempted limited partnership. NRC Fund GP and BCA are Delaware limited liability companies. Mr. Drapkin is a citizen of the United States of America.
(d)
Title of class of securities:
Common Stock, $0.01 Par Value (the "Common Stock")
(e)
CUSIP No.:
390320703
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of March 31, 2026, Northern Right Capital Management, L.P. beneficially owned 383,971 shares of Common Stock.
Northern Right QP beneficially owns and has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) 149,911 shares of Common Stock (the "QP Shares"), which represent approximately 1.1% of the outstanding shares of Common Stock.
NRC LO beneficially owns and has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) 57,873 shares of Common Stock (the "LO Shares"), which represent approximately 0.4% of the outstanding shares of Common Stock.
Northern Right Management, in its capacity as general partner of Northern Right QP, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the QP Shares. Northern Right Management, in its capacity as investment manager for NRC LO, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the LO Shares. Northern Right Management, in its capacity as investment manager for the Managed Accounts, may be deemed to have the sole power to vote or to direct the vote of (and the sole power to dispose or direct the disposition of) the 176,187 shares of the Common Stock held by the Managed Accounts. In the aggregate, such shares represent approximately 1.3% of the outstanding shares of Common Stock. Northern Right Management disclaims beneficial ownership of all of the shares of Common Stock held by each of Northern Right QP, NRC LO and the Managed Accounts, in each case except to the extent of its pecuniary interest therein.
BCA, as general partner of Northern Right Management, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the shares of Common Stock beneficially owned (or deemed beneficially owned) by Northern Right Management. BCA disclaims beneficial ownership of such shares, except to the extent of its pecuniary interest therein. In the aggregate, such shares represent 2.8% of the outstanding shares of Common Stock.
NRC Fund GP, as general partner of NRC LO, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the LO Shares. NRC Fund GP disclaims beneficial ownership of such shares, except to the extent of its pecuniary interest therein.
Mr. Drapkin beneficially owns and has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) 76,333 shares of Common Stock. Mr. Drapkin, as managing member of BCA and NRC Fund GP, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the shares of Common Stock beneficially owned (or deemed beneficially owned) by BCA and NRC Fund GP. Mr. Drapkin disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. In the aggregate, such shares represent approximately 3.3% of the outstanding shares of Common Stock.
As of the date hereof, no Reporting Person beneficially owns any shares of Common Stock other than those set forth in Item 4 of this Statement.
(b)
Percent of class:
The following percentage is based on 13,892,045 Common Stock outstanding as of April 27th, 2026, as disclosed in the Issuer's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 4, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-9.
(ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-9.
(iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
(iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit 99.1 on the Schedule 13D filed by the Reporting Persons with the Securities and Exchange Commission on June 7, 2022.
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Northern Right Capital Management, L.P.
Signature:
/s/ Matthew A. Drapkin
Name/Title:
Matthew A. Drapkin, Managing Member of BC Advisors, LLC, the general partner of Northern Right Capital Management, L.P.
Date:
05/15/2026
Northern Right Capital (QP), L.P.
Signature:
/s/ Matthew A. Drapkin
Name/Title:
Matthew A. Drapkin, Man. Mem. of BC Advisors, LLC, gen. part. of Northern Right Capital Mgmt, L.P. the gen. part. of Northern Right Capital (QP), L.P.
Date:
05/15/2026
Northern Right Long Only Master Fund LP
Signature:
/s/ Matthew A. Drapkin
Name/Title:
Matthew A. Drapkin, Managing Member of Northern Right Fund GP LLC, the general partner of Northern Right Long Only Master Fund LP
What stake does Northern Right Capital Management hold in GECC?
Northern Right Capital Management beneficially owned 383,971 shares, equal to about 2.8% of Common Stock as of March 31, 2026. The percentage is calculated using 13,892,045 shares outstanding as of April 27, 2026.
How much does Matthew A. Drapkin directly own in GECC?
Matthew A. Drapkin beneficially owned 76,333 shares of Common Stock as of March 31, 2026, representing part of an aggregated 3.3% ownership disclosed for related reporting persons in this amendment.
What outstanding share base did the filing use to calculate percentages?
Percentages are based on 13,892,045 Common Stock outstanding as of April 27, 2026, as cited from the issuer's Form 10‑Q referenced in the amendment and used to compute the reported ownership percentages.
Are the holdings reported as sole or shared voting power?
The filing differentiates powers: for example, Northern Right QP shows sole voting power for 149,911 shares, while Northern Right Management shows both sole and shared voting/dispositive powers across Managed Accounts and affiliated funds.
Does this amendment indicate any sale or purchase activity?
No transactional dates or purchase/sale terms are disclosed in this amendment; it amends ownership attribution and counts as of March 31, 2026 and cites outstanding shares as of April 27, 2026 for percentage calculations.
