GECC

SEC source: 0001140361-22-023496 · form4.xml · nonDerivative · entry 2

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,814,111

F2 · shares: Reflects additional shares of Common Stock acquired by GEG in connection with the Issuer's rights offering pursuant to the over-subscription privilege.

SEC source: 0001140361-22-023496 · form4.xml · nonDerivative · entry 1

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,628,222

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: On June 15, 2022, the Reporting Person exercised in full its primary subscription rights (each 1 subscription right entitling it to purchase 1 share of Common Stock), which were issued to holders of Common Stock on the May 23, 2022 record date for the rights offering.

SEC source: 0001140361-22-023494 · form4.xml · derivative · entry 2

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Benmark Investments LLC

Disclosed balance after: 0

Underlying: Common Stock · 5,986 shares

Expires 2022-06-10

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001140361-22-023494 · form4.xml · nonDerivative · entry 1

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Benmark Investments LLC

Disclosed balance after: 11,972

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: On June 15, 2022, the Reporting Person exercised in full his primary subscription rights (each 1 subscription right entitling him to purchase 1 share of Common Stock), which were issued to holders of Common Stock on the May 23, 2022 record date for the rights offering.

F2 · balance_after: The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of any of the reported shares for purposes of Section 16 or for any other purpose.

SEC source: 0001140361-22-023521 · form4.xml · derivative · entry 10

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Common Stock · 309 shares

Expires 2022-06-10

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F12 · ownership.direct: Represents subscription rights held by the Marital Trust.

F8 · ownership.nature: As trustee of the Marital Trust, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by the Marital Trust. The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position as trustee of the Marital Trust.

SEC source: 0001140361-22-023521 · form4.xml · derivative · entry 9

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,308 shares

Expires 2022-06-10

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001140361-22-023521 · form4.xml · derivative · entry 8

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Common Stock · 48,194 shares

Expires 2022-06-10

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F11 · ownership.direct: Represents subscription rights held by Northern Right Management, on behalf of the Managed Accounts.

F6 · ownership.nature: 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.

F7 · ownership.nature: (continued from footnote 6) 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.

SEC source: 0001140361-22-023521 · form4.xml · derivative · entry 7

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Common Stock · 47,335 shares

Expires 2022-06-10

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F10 · ownership.direct: Represents subscription rights held directly by NRC Partners.

F6 · ownership.nature: 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.

F7 · ownership.nature: (continued from footnote 6) 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.

SEC source: 0001140361-22-023521 · form4.xml · derivative · entry 6

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Common Stock · 131,606 shares

Expires 2022-06-10

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F9 · ownership.direct: Represents subscription rights held directly by Northern Right QP.

F6 · ownership.nature: 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.

F7 · ownership.nature: (continued from footnote 6) 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.

SEC source: 0001140361-22-023521 · form4.xml · nonDerivative · entry 5

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 40,309

F4 · shares: On June 15, 2022, the Reporting Person exercised in full his primary subscription rights (each 1 subscription right entitling him to purchase 1 share of Common Stock and oversubscritption privilege), which were issued to holders of Common Stock on the May 23, 2022 record date for the rights offering.

F5 · shares: Represents shares of common stock held directly by Bernice Drapkin Non-GST Exempt Marital Trust U/A/D 12/10/2015 (the "Marital Trust").

F5 · ownership.direct: Represents shares of common stock held directly by Bernice Drapkin Non-GST Exempt Marital Trust U/A/D 12/10/2015 (the "Marital Trust").

F8 · ownership.nature: As trustee of the Marital Trust, the Reporting Person may be deemed to be the beneficial owner of the shares of common stock beneficially owned (or deemed beneficially owned) by the Marital Trust. The Reporting Person disclaims such beneficial ownership of the shares of common stock indirectly owned through his position as trustee of the Marital Trust.

SEC source: 0001140361-22-023521 · form4.xml · nonDerivative · entry 4

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,308

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · shares: On June 15, 2022, the Reporting Person exercised in full his primary subscription rights (each 1 subscription right entitling him to purchase 1 share of Common Stock and oversubscritption privilege), which were issued to holders of Common Stock on the May 23, 2022 record date for the rights offering.

SEC source: 0001140361-22-023521 · form4.xml · nonDerivative · entry 3

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 369,140

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · ownership.direct: 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").

F6 · ownership.nature: 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.

F7 · ownership.nature: (continued from footnote 6) 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.

SEC source: 0001140361-22-023521 · form4.xml · nonDerivative · entry 2

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 208,932

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · ownership.direct: Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").

F6 · ownership.nature: 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.

F7 · ownership.nature: (continued from footnote 6) 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.

SEC source: 0001140361-22-023521 · form4.xml · nonDerivative · entry 1

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 220,399

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").

F6 · ownership.nature: 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.

F7 · ownership.nature: (continued from footnote 6) 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.

SEC source: 0001140361-22-023492 · form4.xml · derivative · entry 2

Kleinman Adam M · CIK 0001715823 · CCO and Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 4,000 shares

Expires 2022-06-10

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001140361-22-023492 · form4.xml · nonDerivative · entry 1

Kleinman Adam M · CIK 0001715823 · CCO and Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,558

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: On June 15, 2022, the Reporting Person exercised certain of his primary subscription rights (each 1 subscription right entitling him to purchase 1 share of Common Stock), which were issued to holders of Common Stock on the May 23, 2022 record date for the rights offering.

SEC source: 0001140361-22-023498 · form4.xml · derivative · entry 2

Kaplan Matthew D · CIK 0001916576 · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,000 shares

Expires 2022-06-10

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001140361-22-023498 · form4.xml · nonDerivative · entry 1

Kaplan Matthew D · CIK 0001916576 · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,000

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: On June 15, 2022, the Reporting Person exercised in full his primary subscription rights (each 1 subscription right entitling him to purchase 1 share of Common Stock), which were issued to holders of Common Stock on the May 23, 2022 record date for the rights offering.

SEC source: 0001140361-22-021021 · form4.xml · nonDerivative · entry 3

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 136,399

F3 · ownership.direct: Represents shares of common stock held directly by Northern Right Capital (QP), L.P., a Texas limited partnership ("Northern Right QP").

F4 · ownership.nature: 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 · ownership.nature: (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.

SEC source: 0001140361-22-021021 · form4.xml · nonDerivative · entry 2

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 48,932

F2 · ownership.direct: Represents shares of common stock held directly by NRC Partners I, L.P. ("NRC Partners").

F4 · ownership.nature: 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 · ownership.nature: (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.

SEC source: 0001140361-22-021021 · form4.xml · nonDerivative · entry 1

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 49,140

F1 · ownership.direct: 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").

F4 · ownership.nature: 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 · ownership.nature: (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.

SEC source: 0001140361-22-018938 · form4.xml · nonDerivative · entry 1

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 814,111

F1 · kind: All share figures herein reflect the 6-for-1 reverse stock split of GECC's outstanding common stock, effective February 28, 2022.

F1 · balance_after: All share figures herein reflect the 6-for-1 reverse stock split of GECC's outstanding common stock, effective February 28, 2022.

F2 · balance_after: 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.

SEC source: 0001140361-22-009270 · form4.xml · nonDerivative · entry 1

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,617

SEC source: 0001140361-22-009228 · form4.xml · nonDerivative · entry 2

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 48,195

F1 · ownership.direct: 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").

F4 · ownership.nature: 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 · ownership.nature: (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.

SEC source: 0001140361-22-009228 · form4.xml · nonDerivative · entry 1

Drapkin Matthew A · CIK 0001458693 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 617

SEC source: 0001140361-22-008984 · form4.xml · nonDerivative · entry 1

Kaplan Matthew D · CIK 0001916576 · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,000

SEC source: 0001140361-21-032831 · form4.xml · nonDerivative · entry 1

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,319,507

F1 · kind: On September 24, 2021, Great Elm Group, Inc. ("GEG") agreed to transfer an aggregate of 220,217 shares of common stock of Great Elm Capital Corp. owned by GEG as compensation to certain of GEG's employees. The shares vest in equal annual installments beginning on the grant date, September 24, 2021, and in equal annual installments on each anniversary of the grant date through September 24, 2024, subject to continued service with GEG. GEG will retain voting rights over the unvested portion of the shares.

F1 · balance_after: On September 24, 2021, Great Elm Group, Inc. ("GEG") agreed to transfer an aggregate of 220,217 shares of common stock of Great Elm Capital Corp. owned by GEG as compensation to certain of GEG's employees. The shares vest in equal annual installments beginning on the grant date, September 24, 2021, and in equal annual installments on each anniversary of the grant date through September 24, 2024, subject to continued service with GEG. GEG will retain voting rights over the unvested portion of the shares.

SEC source: 0001140361-21-032835 · form4.xml · nonDerivative · entry 1

Kleinman Adam M · CIK 0001715823 · Chief Compliance Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 158,907.4271

F1 · kind: Adam M. Kleinman is the President & Chief Operating Officer of Great Elm Group, Inc. ("GEG"). Mr. Kleinman received an award of 79,411 shares of common stock of Great Elm Capital Corp. that were owned by GEG, as compensation for his position at GEG. 19,853 of the shares vested on the grant date, September 24, 2021, and the remainder will vest in equal annual installments on each anniversary of the grant date until September 24, 2024, subject to continued service with GEG.

SEC source: 0001140361-21-032833 · form4.xml · nonDerivative · entry 1

Reed Peter A · CIK 0001643733 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 351,636

F1 · kind: Peter A. Reed is the Chief Executive Officer of Great Elm Group, Inc. ("GEG"). Mr. Reed received an award of 87,132 shares of common stock of Great Elm Capital Corp. that were owned by GEG, as compensation for his position at GEG. 21,783 of the shares vested on the grant date, September 24, 2021, and the remainder will vest in equal annual installments on each anniversary of the grant date until September 24, 2024, subject to continued service with GEG.

SEC source: 0001140361-21-032829 · form4.xml · nonDerivative · entry 1

Davis Keri · CIK 0001770670 · CFO and Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,699.0675

F1 · kind: Ms. Davis is the CFO of Great Elm Capital Management, Inc. ("GECM"), the external investment manager of Great Elm Capital Corp. ("GECC"). Ms. Davis received an award of 5,147 shares of common stock of GECC as equity compensation for her positon at GECM, 1,287 of which vested on the grant date, September 24, 2021, and the remainder will vest in equal annual installments on each anniversary of the grant date until September 24, 2024, subject to continued service with GECM.

SEC source: 0001140361-21-003987 · form4.xml · nonDerivative · entry 1

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,539,724

F1 · kind: Shares disposed of by way of equity compensation for Keri Davis, CFO of Great Elm Capital Management, Inc., the external investment manager of GECC.

SEC source: 0001140361-21-003986 · form4.xml · nonDerivative · entry 1

Davis Keri · CIK 0001770670 · CFO and Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,552.0675

F1 · ownership.direct: Keri Davis is the CFO of Great Elm Capital Management, Inc. ("GECM"), the external investment manager of GECC. Ms. Davis received 11,254 shares of common stock of GECC as equity compensation for her position at GECM that fully vested on the grant date, February 5, 2021.

SEC source: 0001209191-21-005390 · doc4.xml · nonDerivative · entry 2

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · Great Elm Opportunities Fund I, LP

Disclosed balance after: 439,063

F1 · kind: Shares acquired as a result of a stock dividend.

F2 · ownership.nature: Represents shares of common stock 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 Great Elm Group, Inc. ("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.

SEC source: 0001209191-21-005390 · doc4.xml · nonDerivative · entry 1

Great Elm Group, Inc. · CIK 0001831096 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,550,978

F1 · kind: Shares acquired as a result of a stock dividend.

SEC source: 0001209191-21-005393 · doc4.xml · nonDerivative · entry 1

Horsey Randall Revell · CIK 0001729151 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,279.2273

F1 · kind: Shares acquired as a result of a stock dividend.

SEC source: 0001209191-21-005396 · doc4.xml · nonDerivative · entry 1

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Benmark Investments LLC

Disclosed balance after: 35,917

F1 · kind: Shares acquired as a result of a stock dividend.

F2 · balance_after: The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of any of the reported shares for purposes of Section 16 or for any other purpose.

SEC source: 0001209191-21-005401 · doc4.xml · nonDerivative · entry 5

STUART JOHN EDWARD · CIK 0001498701 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Michele G. Stuart

Disclosed balance after: 1,034

F1 · kind: Shares acquired as a result of a stock dividend.

SEC source: 0001209191-21-005401 · doc4.xml · nonDerivative · entry 3

STUART JOHN EDWARD · CIK 0001498701 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Mary E. Stuart 2011 Grantor Trust

Disclosed balance after: 2,383

F1 · kind: Shares acquired as a result of a stock dividend.

SEC source: 0001209191-21-005401 · doc4.xml · nonDerivative · entry 2

STUART JOHN EDWARD · CIK 0001498701 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By John E. Stuart GST Trust

Disclosed balance after: 5,073

F1 · kind: Shares acquired as a result of a stock dividend.

SEC source: 0001209191-21-005401 · doc4.xml · nonDerivative · entry 1

STUART JOHN EDWARD · CIK 0001498701 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,202

F1 · kind: Shares acquired as a result of a stock dividend.

SEC source: 0001209191-21-005398 · doc4.xml · nonDerivative · entry 1

Speller Michael C · CIK 0001719962 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 36,559

F1 · kind: Shares acquired as a result of a stock dividend.

SEC source: 0001209191-21-005387 · doc4.xml · nonDerivative · entry 1

Reed Peter A · CIK 0001643733 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 264,504

F1 · kind: Shares acquired as a result of a stock dividend.

SEC source: 0001209191-21-005385 · doc4.xml · nonDerivative · entry 1

Kleinman Adam M · CIK 0001715823 · Chief Compliance Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 79,496.4271

F1 · kind: Shares acquired as a result of a stock dividend.

SEC source: 0001209191-21-005382 · doc4.xml · nonDerivative · entry 1

Davis Keri · CIK 0001770670 · CFO and Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,298.0675

F1 · kind: Shares acquired as a result of a stock dividend.

SEC source: 0001140361-20-030058 · form4.xml · nonDerivative · entry 2

Forest Investments, Inc. · CIK 0001082506 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 0

F1 · kind: On December 29, 2020, Great Elm Capital Group, Inc. ("GEC" and, following consummation of the Reorganization (as hereinafter defined), "Forest") implemented a holding company reorganization (the "Reorganization") pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated as of December 21, 2020, by and among GEC, Great Elm Group, Inc., a Delaware corporation ("GEG"), and Forest Merger Sub, Inc., a Delaware corporation, which resulted in, among other things, GEG owning all of the outstanding capital stock of GEC and GEC changing its name to "Forest Investments, Inc." Upon consummation of the Reorganization, the shares of common stock of Great Elm Capital Corp. held directly by GEC were transferred to GEG. As a result, the reporting person no longer beneficially owns these shares of common stock.

F1 · price: On December 29, 2020, Great Elm Capital Group, Inc. ("GEC" and, following consummation of the Reorganization (as hereinafter defined), "Forest") implemented a holding company reorganization (the "Reorganization") pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated as of December 21, 2020, by and among GEC, Great Elm Group, Inc., a Delaware corporation ("GEG"), and Forest Merger Sub, Inc., a Delaware corporation, which resulted in, among other things, GEG owning all of the outstanding capital stock of GEC and GEC changing its name to "Forest Investments, Inc." Upon consummation of the Reorganization, the shares of common stock of Great Elm Capital Corp. held directly by GEC were transferred to GEG. As a result, the reporting person no longer beneficially owns these shares of common stock.

F1 · ownership.direct: On December 29, 2020, Great Elm Capital Group, Inc. ("GEC" and, following consummation of the Reorganization (as hereinafter defined), "Forest") implemented a holding company reorganization (the "Reorganization") pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated as of December 21, 2020, by and among GEC, Great Elm Group, Inc., a Delaware corporation ("GEG"), and Forest Merger Sub, Inc., a Delaware corporation, which resulted in, among other things, GEG owning all of the outstanding capital stock of GEC and GEC changing its name to "Forest Investments, Inc." Upon consummation of the Reorganization, the shares of common stock of Great Elm Capital Corp. held directly by GEC were transferred to GEG. As a result, the reporting person no longer beneficially owns these shares of common stock.

F1 · ownership.nature: On December 29, 2020, Great Elm Capital Group, Inc. ("GEC" and, following consummation of the Reorganization (as hereinafter defined), "Forest") implemented a holding company reorganization (the "Reorganization") pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated as of December 21, 2020, by and among GEC, Great Elm Group, Inc., a Delaware corporation ("GEG"), and Forest Merger Sub, Inc., a Delaware corporation, which resulted in, among other things, GEG owning all of the outstanding capital stock of GEC and GEC changing its name to "Forest Investments, Inc." Upon consummation of the Reorganization, the shares of common stock of Great Elm Capital Corp. held directly by GEC were transferred to GEG. As a result, the reporting person no longer beneficially owns these shares of common stock.

F2 · ownership.nature: Represents shares of common stock held directly by Great Elm Opportunities Fund I, LP, a Delaware limited partnership.

SEC source: 0001140361-20-030058 · form4.xml · nonDerivative · entry 1

Forest Investments, Inc. · CIK 0001082506 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F1 · kind: On December 29, 2020, Great Elm Capital Group, Inc. ("GEC" and, following consummation of the Reorganization (as hereinafter defined), "Forest") implemented a holding company reorganization (the "Reorganization") pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated as of December 21, 2020, by and among GEC, Great Elm Group, Inc., a Delaware corporation ("GEG"), and Forest Merger Sub, Inc., a Delaware corporation, which resulted in, among other things, GEG owning all of the outstanding capital stock of GEC and GEC changing its name to "Forest Investments, Inc." Upon consummation of the Reorganization, the shares of common stock of Great Elm Capital Corp. held directly by GEC were transferred to GEG. As a result, the reporting person no longer beneficially owns these shares of common stock.

F1 · price: On December 29, 2020, Great Elm Capital Group, Inc. ("GEC" and, following consummation of the Reorganization (as hereinafter defined), "Forest") implemented a holding company reorganization (the "Reorganization") pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated as of December 21, 2020, by and among GEC, Great Elm Group, Inc., a Delaware corporation ("GEG"), and Forest Merger Sub, Inc., a Delaware corporation, which resulted in, among other things, GEG owning all of the outstanding capital stock of GEC and GEC changing its name to "Forest Investments, Inc." Upon consummation of the Reorganization, the shares of common stock of Great Elm Capital Corp. held directly by GEC were transferred to GEG. As a result, the reporting person no longer beneficially owns these shares of common stock.

F1 · ownership.direct: On December 29, 2020, Great Elm Capital Group, Inc. ("GEC" and, following consummation of the Reorganization (as hereinafter defined), "Forest") implemented a holding company reorganization (the "Reorganization") pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated as of December 21, 2020, by and among GEC, Great Elm Group, Inc., a Delaware corporation ("GEG"), and Forest Merger Sub, Inc., a Delaware corporation, which resulted in, among other things, GEG owning all of the outstanding capital stock of GEC and GEC changing its name to "Forest Investments, Inc." Upon consummation of the Reorganization, the shares of common stock of Great Elm Capital Corp. held directly by GEC were transferred to GEG. As a result, the reporting person no longer beneficially owns these shares of common stock.

SEC source: 0001209191-20-065079 · doc4.xml · nonDerivative · entry 2

Great Elm Capital Group, Inc. · CIK 0001082506 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · Great Elm Opportunities Fund I, LP

Disclosed balance after: 429,150

F1 · kind: Shares acquired as a result of a stock dividend.

SEC source: 0001209191-20-065079 · doc4.xml · nonDerivative · entry 1

Great Elm Capital Group, Inc. · CIK 0001082506 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,425,644

F1 · kind: Shares acquired as a result of a stock dividend.

SEC source: 0001209191-20-065083 · doc4.xml · nonDerivative · entry 1

Horsey Randall Revell · CIK 0001729151 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 24,707.6325

F1 · kind: Shares acquired as a result of a stock dividend.

SEC source: 0001209191-20-065088 · doc4.xml · nonDerivative · entry 1

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Benmark Investments LLC

Disclosed balance after: 35,314

F1 · kind: Shares acquired as a result of a stock dividend.

F2 · balance_after: The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of any of the reported shares for purposes of Section 16 or for any other purpose.