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

Rhea-AI Filing Summary

Great Elm Capital Corp. reporting person Great Elm Strategic Partnership I, LLC disclosed insider sales of Common Stock on 09/22/2025 and 09/23/2025. A total of 49,738 shares were sold at $11.45 per share (48,248 on 09/22 and 1,490 on 09/23). After these disposals the reporting person beneficially owned 1,562,269 shares. The Form 4 was signed by an attorney-in-fact on 09/23/2025. The filing indicates the reporting person is a director and the transaction was filed by one reporting person.

Positive

• Transparent disclosure of insider sales filed on Form 4 in compliance with Section 16
• Transactions executed at a single disclosed price ($11.45), making the sale terms clear

Negative

• Insider disposition of 49,738 shares, reducing beneficial ownership from 1,563,759 to 1,562,269 shares
• No explanation provided in the filing for the sales (no 10b5-1 plan or reason stated)

Insights

Securities Analyst

TL;DR: Insider sold 49,738 GECC shares at $11.45, reducing holdings to 1.56M shares; disclosure is routine.

The Form 4 shows two open-market sale transactions executed over two consecutive days for an aggregate of 49,738 shares at $11.45 each. The reporting entity is identified as a director-level holder, and the Form 4 was filed by one reporting person. These sales are documented and signed by an attorney-in-fact, indicating compliance with Section 16 reporting requirements. There is no additional context in the filing about reason for sale, planned trading program, or derivative activity.

Corporate Governance Expert

TL;DR: The disclosure is compliant and routine; no governance red flags are apparent from this Form 4 alone.

The filing lists the reporting person as a director and shows direct disposals of common stock on two dates. The transactions are reported with transaction code 'S' indicating sale. The Form 4 includes the required signature by an attorney-in-fact. Absent further detail—such as a Rule 10b5-1 plan indication or linked insider timing—this single filing does not demonstrate governance concerns beyond routine insider liquidity.

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)
09/22/2025

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	09/22/2025		S		48,248	D	$11.45	1,563,759	D
Common Stock	09/23/2025		S		1,490	D	$11.45	1,562,269	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	09/23/2025
	** 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 were reported for Great Elm Capital Corp. (GECCZ)?

The reporting person sold 48,248 shares on 09/22/2025 and 1,490 shares on 09/23/2025, both at $11.45 per share.

How many GECC shares does the reporting person own after the filings?

Following the reported sales the reporting person beneficially owned 1,562,269 shares.

Who filed the Form 4 for GECC and in what capacity is the reporting person related to the issuer?

The Form 4 was filed by Great Elm Strategic Partnership I, LLC; the reporting person is identified as a Director of the issuer.

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

No. Table II for derivative securities contains no reported transactions or holdings in this filing.

Was the Form 4 signed and when?

The filing bears a signature by /s/ Adam M. Kleinman, attorney-in-fact dated 09/23/2025.