GECC

SEC source: 0000899243-17-022187 · doc4.xml · nonDerivative · entry 1

Mast Capital Management, LLC · CIK 0001429074 · 10% owner

Steinberg David J. · CIK 0001429076 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 5,452,982

F1 · shares: Represents shares of Common Stock, $0.01 Par Value, of Great Elm Capital Corp., a Maryland corporation (the "Common Stock" and the "Issuer"), sold by the following Mast Accounts: (i) 154 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; (ii) 137 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited; and (iii) 9 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.85 to $10.885, inclusive, on September 14, 2017.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,801,556 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,493,727 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 157,699 shares held by Mast Admiral Master Fund, L.P.

F4 · ownership.nature: As the investment advisor of certain private investment funds (collectively, the "MAST Accounts"), including those disclosed herein, MAST Capital Management, LLC ("MAST Capital") may be deemed to be the beneficial owner of the shares of Common Stock held by the MAST Accounts disclosed herein. MAST Capital also has the right to an asset-based fee relating to the MAST Accounts. Pursuant to Rule 16a-1, MAST Capital disclaims such beneficial ownership, except to the extent of its pecuniary interest therein.

F5 · ownership.nature: Mr. Steinberg may also be deemed to beneficially own the shares of Common Stock beneficially owned (or deemed to be beneficially owned) by MAST Capital, as he is the principal of MAST Capital. Pursuant to Rule 16a-1, Mr. Steinberg disclaims such beneficial ownership, except to the extent of his pecuniary interest therein.

SEC source: 0000899243-17-021887 · doc4.xml · nonDerivative · entry 1

Mast Capital Management, LLC · CIK 0001429074 · 10% owner

Steinberg David J. · CIK 0001429076 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 5,453,282

F1 · shares: Represents shares of Common Stock, $0.01 Par Value, of Great Elm Capital Corp., a Maryland corporation (the "Common Stock" and the "Issuer"), sold by the following MAST Accounts: (i) 308 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; (ii) 275 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited; and (iii) 17 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.835 to $10.96, inclusive, on September 8, 2017.

F3 · balance_after: Represents shares of Common Stock held directly by the MAST Accounts, for which MAST Capital is the investment manager, including: (i) 2,801,710 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,493,864 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 157,708 shares held by Mast Admiral Master Fund, L.P.

F4 · ownership.nature: As the investment advisor of certain private investment funds (collectively, the "MAST Accounts"), including those disclosed herein, MAST Capital Management, LLC ("MAST Capital") may be deemed to be the beneficial owner of the shares of Common Stock held by the MAST Accounts disclosed herein. MAST Capital also has the right to an asset-based fee relating to the MAST Accounts. Pursuant to Rule 16a-1, MAST Capital disclaims such beneficial ownership, except to the extent of its pecuniary interest therein.

F5 · ownership.nature: Mr. Steinberg may also be deemed to beneficially own the shares of Common Stock beneficially owned (or deemed to be beneficially owned) by MAST Capital, as he is the principal of MAST Capital. Pursuant to Rule 16a-1, Mr. Steinberg disclaims such beneficial ownership, except to the extent of his pecuniary interest therein.

SEC source: 0000899243-17-013958 · doc4.xml · nonDerivative · entry 3

Mast Capital Management, LLC · CIK 0001429074 · 10% owner

Steinberg David J. · CIK 0001429076 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 157,725

F1 · kind: The transactions reported herein are the disposition of Common Stock, $0.01 Par Value, of Great Elm Capital Corp., a Maryland corporation (the "Common Stock" and the "Issuer"), pursuant to a self-tender conducted by the Issuer.

F3 · ownership.nature: As the investment advisor of the private investment funds disclosed herein (collectively, the "MAST Accounts"), MAST Capital may be deemed to be the beneficial owner of the shares of Common Stock held by the MAST Accounts. MAST Capital also has the right to an asset-based fee relating to the MAST Accounts. Pursuant to Rule 16a-1, MAST Capital disclaims such beneficial ownership, except to the extent of its pecuniary interest therein.

F4 · ownership.nature: Mr. Steinberg may also be deemed to beneficially own the shares of Common Stock beneficially owned (or deemed to be beneficially owned) by MAST Capital, as he is the principal of MAST Capital. Pursuant to Rule 16a-1, Mr. Steinberg disclaims such beneficial ownership, except to the extent of his pecuniary interest therein.

F6 · ownership.nature: Represents shares of Common Stock held directly by Mast Admiral Master Fund, L.P., for which MAST Capital is the investment manager.

SEC source: 0000899243-17-013958 · doc4.xml · nonDerivative · entry 2

Mast Capital Management, LLC · CIK 0001429074 · 10% owner

Steinberg David J. · CIK 0001429076 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,802,018

F1 · kind: The transactions reported herein are the disposition of Common Stock, $0.01 Par Value, of Great Elm Capital Corp., a Maryland corporation (the "Common Stock" and the "Issuer"), pursuant to a self-tender conducted by the Issuer.

F3 · ownership.nature: As the investment advisor of the private investment funds disclosed herein (collectively, the "MAST Accounts"), MAST Capital may be deemed to be the beneficial owner of the shares of Common Stock held by the MAST Accounts. MAST Capital also has the right to an asset-based fee relating to the MAST Accounts. Pursuant to Rule 16a-1, MAST Capital disclaims such beneficial ownership, except to the extent of its pecuniary interest therein.

F4 · ownership.nature: Mr. Steinberg may also be deemed to beneficially own the shares of Common Stock beneficially owned (or deemed to be beneficially owned) by MAST Capital, as he is the principal of MAST Capital. Pursuant to Rule 16a-1, Mr. Steinberg disclaims such beneficial ownership, except to the extent of his pecuniary interest therein.

F5 · ownership.nature: Represents shares of Common Stock held directly by Mast Select Opportunities Master Fund, L.P., for which MAST Capital is the investment manager.

SEC source: 0000899243-17-013958 · doc4.xml · nonDerivative · entry 1

Mast Capital Management, LLC · CIK 0001429074 · 10% owner

Steinberg David J. · CIK 0001429076 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,494,139

F1 · kind: The transactions reported herein are the disposition of Common Stock, $0.01 Par Value, of Great Elm Capital Corp., a Maryland corporation (the "Common Stock" and the "Issuer"), pursuant to a self-tender conducted by the Issuer.

F2 · ownership.nature: Represents shares of Common Stock held directly by Mast Credit Opportunities I Master Fund Limited, for which MAST Capital Management, LLC ("Mast Capital") is the investment manager.

F3 · ownership.nature: As the investment advisor of the private investment funds disclosed herein (collectively, the "MAST Accounts"), MAST Capital may be deemed to be the beneficial owner of the shares of Common Stock held by the MAST Accounts. MAST Capital also has the right to an asset-based fee relating to the MAST Accounts. Pursuant to Rule 16a-1, MAST Capital disclaims such beneficial ownership, except to the extent of its pecuniary interest therein.

F4 · ownership.nature: Mr. Steinberg may also be deemed to beneficially own the shares of Common Stock beneficially owned (or deemed to be beneficially owned) by MAST Capital, as he is the principal of MAST Capital. Pursuant to Rule 16a-1, Mr. Steinberg disclaims such beneficial ownership, except to the extent of his pecuniary interest therein.