Great Elm Group, Inc. - May 11, 2022 Form 4 Insider Report for Great Elm Capital Corp. (GECC)

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	GECC	Common Stock	Other	-$1.25M	-100K	-10.94%	$12.50	814K	May 11, 2022	Direct	F1, F2
holding	GECC	Common Stock						73.2K	May 11, 2022	See Footnote	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
F1	All share figures herein reflect the 6-for-1 reverse stock split of GECC's outstanding common stock, effective February 28, 2022.
F2	On May 11, 2022, Great Elm Group, Inc. ("GEG") transferred 100,000 shares of common stock of Great Elm Capital Corp. ("GECC") as consideration in connection with Great Elm Capital Management, Inc.'s ("GECM"), a wholly-owned subsidiary of GEG, entry into an asset purchase agreement (the "Purchase Agreement") with Imperial Capital Asset Management, LLC pursuant to which GECM acquired the investment management agreement and certain other assets related thereto for Monomoy Properties REIT, LLC, a Maryland real estate investment trust. All share figures herein reflect the 6-for-1 reverse stock split of GECC's outstanding common stock, effective February 28, 2022.
F3	Represents shares of common stock of GECC held directly by Great Elm Opportunities Fund I, LP, a Delaware limited partnership ("GEOF"). As the general partner of GEOF, Great Elm Opportunities GP, Inc., a Delaware corporation ("GEOF GP") and a wholly-owned subsidiary of GEG may be deemed to be the beneficial owner of the shares of common stock held by GEOF. As the parent of GEOF GP, GEG may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by GEOF GP.