Matthew A. Drapkin - May 25, 2022 Form 4 Insider Report for Great Elm Capital Corp. (GECC)

Role: Director
Signature: /s/ Adam M. Kleinman, attorney-in-fact
Stock symbol: GECC
Transactions as of: May 25, 2022
Transactions value $: $91,066
Form type: 4
Date filed: 5/27/2022, 04:17 PM
Previous filing: May 10, 2022
Next filing: Jun 13, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	GECC	Common Stock	Purchase	$11.7K	+946	+1.96%	$12.41	49.1K	May 25, 2022	See Footnote	F1, F4, F5
transaction	GECC	Common Stock	Purchase	$19.8K	+1.6K	+3.37%	$12.41	48.9K	May 25, 2022	See Footnote	F2, F4, F5
transaction	GECC	Common Stock	Purchase	$59.5K	+4.79K	+3.64%	$12.41	136K	May 25, 2022	See Footnote	F3, F4, F5
holding	GECC	Common Stock						1.62K	May 25, 2022	Direct

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

Explanation of Responses:

Id	Content
F1	Represents shares of common stock purchased by Northern Right Capital Management, L.P., a Texas limited partnership ("Northern Right Management"), on behalf of separate managed accounts on behalf of an investment advisory client (the "Managed Accounts").
F2	Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").
F3	Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").
F4	As general partner and investment manager of NRC Partners and Northern Right QP, Northern Right Management may be deemed to be the beneficial owner of the shares of common stock held by NRC Partners and Northern Right QP. As the investment manager of the Managed Accounts, Northern Right Management may also be deemed to be the beneficial owner of the shares of common stock held by the Managed Accounts. As general partner of Northern Right Management, BC Advisors, LLC, a Texas limited liability company ("BCA") may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by Northern Right Management. As the managing member of BCA, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by BCA.
F5	(continued from footnote 4) The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position with BCA, except to the extent of his pecuniary interest therein.