GECC

SEC source: 0001209191-20-052707 · doc4.xml · nonDerivative · entry 4

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: 235,147

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

SEC source: 0001209191-20-052707 · doc4.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,043,434

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

SEC source: 0001209191-20-030632 · doc4.xml · nonDerivative · entry 1

Horsey Randall Revell · CIK 0001729151 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,180

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

SEC source: 0001209191-20-030775 · doc4.xml · nonDerivative · entry 1

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Benmark Investments LLC

Disclosed balance after: 20,250

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: 0001209191-20-030781 · doc4.xml · nonDerivative · entry 1

Speller Michael C · CIK 0001719962 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,240

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

SEC source: 0001209191-20-030772 · 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: 900

SEC source: 0001209191-20-030772 · 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: 2,084

SEC source: 0001209191-20-030772 · 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: 4,354

SEC source: 0001209191-20-030772 · doc4.xml · nonDerivative · entry 1

STUART JOHN EDWARD · CIK 0001498701 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,465

SEC source: 0001209191-20-030625 · doc4.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 87,371

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

SEC source: 0001209191-20-030619 · doc4.xml · nonDerivative · entry 1

Kleinman Adam M · CIK 0001715823 · Chief Compliance Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 34,060.6557

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

SEC source: 0001209191-20-030608 · doc4.xml · nonDerivative · entry 1

Davis Keri · CIK 0001770670 · CFO and Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 615.2019

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

SEC source: 0001209191-20-052707 · 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: 230,700

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

SEC source: 0001209191-20-052707 · doc4.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,016,495

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

SEC source: 0000899243-19-027807 · doc4.xml · nonDerivative · entry 1

Davis Keri · CIK 0001770670 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 600

SEC source: 0000899243-19-027809 · doc4.xml · nonDerivative · entry 1

Kleinman Adam M · CIK 0001715823 · Chief Compliance Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 33,219

SEC source: 0000899243-19-027806 · doc4.xml · nonDerivative · entry 1

Speller Michael C · CIK 0001719962 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,000

SEC source: 0000899243-19-022668 · doc4.xml · nonDerivative · entry 2

Kleinman Adam M · CIK 0001715823 · Chief Compliance Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,719

SEC source: 0000899243-19-022668 · doc4.xml · nonDerivative · entry 1

Kleinman Adam M · CIK 0001715823 · Chief Compliance Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,350

SEC source: 0000899243-19-022592 · doc4.xml · nonDerivative · entry 1

Horsey Randall Revell · CIK 0001729151 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,000

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.30 to $8.33, inclusive. The reporting person undertakes to provide to Great Elm Capital Corp. ("GECC"), any security holder of GECC, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within this range.

SEC source: 0000899243-19-022554 · doc4.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 85,214

SEC source: 0000899243-19-022214 · doc4.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 82,214

SEC source: 0000899243-19-016057 · doc4.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 79,995

SEC source: 0000899243-19-015948 · 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: 1,015,508

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) 55,100 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 0 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 $8.48to $8.4934, inclusive, on June 5, 2019

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 943,961 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 71,547 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: 0000899243-19-015494 · 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: 1,070,608

F9 · 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) 5,700 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 0 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F10 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.4744 on June 4, 2019.

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 999,061 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 71,547 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: 0000899243-19-015778 · doc4.xml · nonDerivative · entry 1

Kleinman Adam M · CIK 0001715823 · Chief Compliance Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,000

SEC source: 0000899243-19-015494 · 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: 1,076,308

F6 · 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) 7,400 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 0 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F7 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.465 on June 3, 2019.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,004,761 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 71,547 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: 0000899243-19-015494 · 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: 1,083,708

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) 58,200 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 0 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 $8.5937to $8.60, inclusive, on May 31, 2019.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,012,161 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 71,547 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: 0000899243-19-015473 · doc4.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 76,852

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.55 to $8.60, inclusive. The reporting person undertakes to provide to Great Elm Capital Corp.("GECC"), any security holder of GECC, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this range.

SEC source: 0000899243-19-015190 · 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: 1,141,908

F9 · 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) 7,000 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 0 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F10 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.8616 on May 30, 2019

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,070,361 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 71,547 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: 0000899243-19-015190 · 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: 1,148,908

F6 · 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) 5,300 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 0 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F7 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.90 on May 29, 2019

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,077,361 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 71,547 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: 0000899243-19-015190 · 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: 1,154,208

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) 8,800 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 0 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F2 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.8812 on May 28, 2019

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,082,661 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 71,547 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: 0000899243-19-014762 · 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: 1,163,008

F9 · 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) 10,500 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 0 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F10 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.7812 on May 24, 2019

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,091,461 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 71,547 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: 0000899243-19-014762 · 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: 1,173,508

F6 · 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) 242,962 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 15,138 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.60 to $8.6891, inclusive, on May 23, 2019.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,101,961 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 71,547 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: 0000899243-19-014762 · 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: 1,431,608

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) 5,400 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 0 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F2 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.7742 on May 22, 2019

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,344,923 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 86,685 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: 0000899243-19-014289 · 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: 1,437,008

F9 · 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) 6,900 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 0 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F10 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.8485 on May 21, 2019

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,350,323 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 86,685 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: 0000899243-19-014289 · 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: 1,443,908

F6 · 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) 6,200 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 0 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F7 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.8323 on May 20, 2019

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,357,223 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 86,685 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: 0000899243-19-014289 · 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: 1,450,108

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) 5,400 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 0 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F2 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.7221 on May 17, 2019

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,363,423 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 86,685 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: 0000899243-19-013772 · 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: 1,455,508

F9 · 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) 126,677 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 8,023 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F10 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.6211 to $8.70, inclusive, on May 16, 2019.

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,368,823 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 86,685 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: 0000899243-19-013772 · 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: 1,590,208

F6 · 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) 8,840 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 560 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F7 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.5580 on May 15, 2019

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,495,500 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 94,708 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: 0000899243-19-013772 · 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: 1,599,608

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) 4,608 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 292 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F2 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.5460 on May 14, 2019.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,504,340 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 95,268 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: 0000899243-19-013284 · 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: 1,604,508

F9 · 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) 4,702 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 298 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F10 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.4071 on May 13, 2019

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,508,948 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 95,560 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: 0000899243-19-013284 · 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: 1,609,508

F6 · 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) 1,975 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 125 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F7 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.4327 on May 10, 2019

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,513,650 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 95,858 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: 0000899243-19-013284 · 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: 1,611,608

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) 1,599 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 101 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F2 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.3899 on May 9, 2019

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,515,625 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 95,983 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: 0000899243-19-011310 · 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: 1,613,308

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) 12,508 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 792 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F2 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.3616 on April 25, 2019

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,517,224 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 96,084 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: 0000899243-19-011057 · 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: 1,626,608

F9 · 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) 19,279 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii)1,221 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F10 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.4107 on April 24, 2019.,

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,529,732 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 96,876 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: 0000899243-19-011057 · 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: 1,647,108

F6 · 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) 15,235 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 965 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F7 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.3901 on April 23, 2019.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,574,873 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 100,510 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: 0000899243-19-011057 · 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: 1,663,308

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) 10,627 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 673 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F2 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.33436 on April 22, 2019.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,564,246 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 99,062 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: 0000899243-19-010919 · 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: 1,674,608

F9 · 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) 15,047 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 953 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F10 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.2 to $8.2576, inclusive, on April 18, 2019

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,609,762 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 99,735 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: 0000899243-19-010919 · 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: 1,687,608

F6 · 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) 12,225 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 775 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F7 · price: The price reported in Column 4 is not a weighted average price. These shares were sold in a single transaction at price of $8.3576 on April 17, 2019

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 1,574,873 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 100,510 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.