GECC

SEC source: 0000899243-19-001645 · doc4.xml · nonDerivative · entry 1

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,640,015

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) 2,769 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 181 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 $7.95 on January 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) 2,477,701 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 162,314 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: 0000899243-19-001304 · 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: 2,642,965

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) 3,519 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 231 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 $7.9608 on January 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) 2,480,470 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 162,495 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: 0000899243-19-001304 · doc4.xml · nonDerivative · entry 2

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,646,715

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) 1,243 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 82 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 $7.9504 on January 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) 2,483,989 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 162,726 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: 0000899243-19-001304 · doc4.xml · nonDerivative · entry 1

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,648,040

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) 188 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 12 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 $7.95 on January 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) 2,485,232 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 162,808 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: 0000899243-19-001050 · 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: 2,648,240

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) 1,971 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 129 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 $7.9515 on January 11, 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) 2,485,420 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 162,820 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: 0000899243-19-001050 · doc4.xml · nonDerivative · entry 2

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,650,340

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) 3,472 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 228 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 $7.9559 on January 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) 2,487,391 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 162,949 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: 0000899243-19-001050 · doc4.xml · nonDerivative · entry 1

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,654,040

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) 1,220 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 80 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 $7.9508 on January 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) 2,490,863 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 163,177 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: 0000899243-19-000802 · 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: 2,655,340

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) 1,361 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 89 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 $7.9507 on January 8, 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) 2,492,083 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 163,257 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: 0000899243-19-000802 · doc4.xml · nonDerivative · entry 2

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,656,790

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) 1,586 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 104 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 $7.9559 on January 7, 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) 2,493,444 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 163,346 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: 0000899243-19-000802 · doc4.xml · nonDerivative · entry 1

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,658,480

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) 38,245 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 2,505 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 $7.9012 on January 4, 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) 2,495,030 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 163,450 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: 0000899243-19-000532 · doc4.xml · nonDerivative · entry 2

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,699,230

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) 446 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 29 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 $7.980 on January 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) 2,533,275 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 165,955 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: 0000899243-19-000532 · doc4.xml · nonDerivative · entry 1

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,699,705

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) 704 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 46 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 $8.00 on January 2, 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) 2,533,721 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 165,984 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: 0000899243-19-000098 · doc4.xml · nonDerivative · entry 2

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,700,455

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) 235 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 15 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 $8.00 on December 31, 2018.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,534,425 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 166,030 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: 0000899243-19-000098 · doc4.xml · nonDerivative · entry 1

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,700,705

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) 1,290 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. and (ii) 85 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 $8.0066 on December 28, 2018.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,534,660 shares held by Mast Select Opportunities Master Fund, L.P and (ii) 166,045 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: 0000899243-18-031499 · doc4.xml · nonDerivative · entry 1

Reed Peter A · CIK 0001643733 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 74,852

F1 · kind: The reporting person received 2,145 shares of common stock as a payment-in-kind distribution based on the GECC closing price on December 18, 2018 in lieu of a cash distribution for his investment in MAST Select Opportunites, L.P.

F1 · price: The reporting person received 2,145 shares of common stock as a payment-in-kind distribution based on the GECC closing price on December 18, 2018 in lieu of a cash distribution for his investment in MAST Select Opportunites, L.P.

SEC source: 0000899243-18-031196 · doc4.xml · nonDerivative · entry 1

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,702,080

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) 809 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. (ii) 49 shares of Common Stock sold by Mast Admiral Master Fund, L.P. and (iii) 4 shares of Common Stock sold by Mast Select Opportunities, 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 $8.1603 on September 13, 2018

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,535,950 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 154,043 shares held by Mast Admiral Master Fund, L.P. and (iii) 12,087 shares held by Mast Select Opportunities, 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: 0000899243-18-030744 · 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: 2,704,774

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) 1,876 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. (ii) 114 shares of Common Stock sold by Mast Admiral Master Fund, L.P. and (iii) 10 shares of Common Stock sold by Mast Select Opportunities, 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 $8.1909 on September 12, 2018.

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,536,759 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 154,092 shares held by Mast Admiral Master Fund, L.P. and (iii) 13,923 shares held by Mast Select Opportunities, 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: 0000899243-18-030744 · doc4.xml · nonDerivative · entry 2

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,706,774

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) 281 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. (ii) 17 shares of Common Stock sold by Mast Admiral Master Fund, L.P. and (iii) 2 shares of Common Stock sold by Mast Select Opportunities, 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 $8.15 on September 11, 2018.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,538,635 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 154,206 shares held by Mast Admiral Master Fund, L.P. and (iii) 13,933 shares held by Mast Select Opportunities, 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: 0000899243-18-030744 · doc4.xml · nonDerivative · entry 1

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,707,074

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) 2,626 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. (ii) 160 shares of Common Stock sold by Mast Admiral Master Fund, L.P. and (iii) 10 shares of Common Stock sold by Mast Select Opportunities, 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 $8.1539 on September 10, 2018.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,538,916 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 154,223 shares held by Mast Admiral Master Fund, L.P. and (iii) 13,935 shares held by Mast Select Opportunities, 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: 0000899243-18-030559 · doc4.xml · nonDerivative · entry 1

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,709,874

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) 1,876 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. (ii) 114 shares of Common Stock sold by Mast Admiral Master Fund, L.P. and (iii) 10 shares of Common Stock sold by Mast Select Opportunities, 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 a price of $8.2455, inclusive, on December 7, 2018.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,541,542 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 154,383 shares held by Mast Admiral Master Fund, L.P. and (iii) 13,949 shares held by Mast Select Opportunities, 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: 0000899243-18-030070 · doc4.xml · nonDerivative · entry 2

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Benmark Investments LLC

Disclosed balance after: 19,950

F1 · 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.

F2 · balance_after: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.32 to $8.35, 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 the ranges set forth in herein.

SEC source: 0000899243-18-030070 · doc4.xml · nonDerivative · entry 1

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Benmark Investments LLC

Disclosed balance after: 12,950

F1 · 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: 0000899243-18-030050 · doc4.xml · nonDerivative · entry 1

Horsey Randall Revell · CIK 0001729151 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,000

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.35 to $8.39, 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: 0000899243-18-030048 · doc4.xml · nonDerivative · entry 1

Reed Peter A · CIK 0001643733 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 72,707

SEC source: 0000899243-18-029945 · doc4.xml · nonDerivative · entry 1

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Benmark Investments LLC

Disclosed balance after: 16,132

F1 · 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.

F2 · balance_after: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.26 to $8.35, 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 the ranges set forth in herein.

SEC source: 0000899243-18-030068 · doc4a.xml · nonDerivative · entry 1

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Benmark Investments LLC

Disclosed balance after: 12,768

F1 · shares: The Form 4 filed on December 3, 2018 incorrectly reported the amount of securities the reporting person acquired on November 29, 2018. As a result of this error, the total amount of securities beneficially owned by the reporting person as of November 29, 2018 was incorrectly reported. As of the date of this filing, the reporting person owns 12,768 shares of common stock in Great Elm Capital Corp.

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.

F3 · balance_after: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.26 to $8.35, 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 the ranges set forth in herein.

SEC source: 0000899243-18-029884 · doc4.xml · nonDerivative · entry 1

Horsey Randall Revell · CIK 0001729151 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,000

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 $8.40, 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: 0000899243-18-029826 · doc4.xml · nonDerivative · entry 1

Reed Peter A · CIK 0001643733 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 69,707

F1 · kind: The reporting person received 1,832 shares of common stock as a payment-in-kind distribution based on the GECC closing price on November 27, 2018 in lieu of a cash distribution for his investment in MAST Select Opportunites, L.P.

F1 · price: The reporting person received 1,832 shares of common stock as a payment-in-kind distribution based on the GECC closing price on November 27, 2018 in lieu of a cash distribution for his investment in MAST Select Opportunites, L.P.

SEC source: 0000899243-18-029704 · doc4.xml · nonDerivative · entry 1

Reed Peter A · CIK 0001643733 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 67,875

SEC source: 0000899243-18-029554 · doc4.xml · nonDerivative · entry 2

Horsey Randall Revell · CIK 0001729151 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,000

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.05 to $8.10, 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: 0000899243-18-029552 · doc4.xml · nonDerivative · entry 1

Kleinman Adam M · CIK 0001715823 · Chief Compliance Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,000

SEC source: 0000899243-18-029551 · doc4.xml · nonDerivative · entry 1

Speller Michael C · CIK 0001719962 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,000

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.05 to $8.14, 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: 0000899243-18-029378 · doc4.xml · nonDerivative · entry 2

Reed Peter A · CIK 0001643733 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 65,507

SEC source: 0000899243-18-029554 · doc4.xml · nonDerivative · entry 1

Horsey Randall Revell · CIK 0001729151 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,000

SEC source: 0000899243-18-029553 · doc4.xml · nonDerivative · entry 1

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Benmark Investments LLC

Disclosed balance after: 8,768

F1 · 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: 0000899243-18-029384 · doc4.xml · nonDerivative · entry 1

Horsey Randall Revell · CIK 0001729151 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,000

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.11 to $8.16, 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: 0000899243-18-029383 · doc4.xml · nonDerivative · entry 3

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Benmark Investments LLC

Disclosed balance after: 7,768

F1 · 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.

F3 · balance_after: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.02 to $8.04, inclusive.

SEC source: 0000899243-18-029383 · doc4.xml · nonDerivative · entry 2

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Benmark Investments LLC

Disclosed balance after: 6,531

F1 · 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.

F2 · balance_after: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.03 to $8.09, 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 the ranges set forth in footnotes (2) and (3) to this Form 4.

SEC source: 0000899243-18-029378 · doc4.xml · nonDerivative · entry 1

Reed Peter A · CIK 0001643733 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 45,507

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.08 to $8.13, 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: 0000899243-18-029379 · doc4.xml · nonDerivative · entry 1

Kleinman Adam M · CIK 0001715823 · Chief Compliance Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,000

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.03 to $8.09, 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: 0000899243-18-027403 · doc4.xml · nonDerivative · entry 1

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,711,874

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) 0 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. (ii) 2,276,279 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited, (iii) 0 shares of Common Stock sold by Mast Admiral Master Fund, L.P. and (iv) 0 shares of Common Stock sold by Mast Select Opportunities, 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 a price of $7.55, inclusive, on October 22, 2018

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,543,418 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 0 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 154,497 shares held by Mast Admiral Master Fund, L.P. and (iv) 13,959 shares held by Mast Select Opportunities, 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: 0000899243-18-024517 · 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: 4,988,153

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) 23,174 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. (ii) 20,739 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited, (iii) 1,408 shares of Common Stock sold by Mast Admiral Master Fund, L.P. and (iv) 127 shares of Common Stock sold by Mast Select Opportunities, 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 $9.50 to $910.035, inclusive, on September 12, 2018

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,543,418 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,276,279 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 154,497 shares held by Mast Admiral Master Fund, L.P. and (iv) 13,959 shares held by Mast Select Opportunities, 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: 0000899243-18-029383 · doc4.xml · nonDerivative · entry 1

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Benmark Investments LLC

Disclosed balance after: 2,000

F1 · 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: 0000899243-18-010885 · 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: 5,033,601

F9 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 1,020 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P., (ii) 912 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited, (iii) 62 shares of Common Stock sold by Mast Admiral Master Fund, L.P. and (iv) 6 shares of Common Stock sold by Mast Select Opportunities, 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 $9.22 to $9.25, inclusive, on April 27, 2018.

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,566,592 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,297,018 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 155,905 shares held by Mast Admiral Master Fund, L.P. and (iv) 14,086 shares held by Mast Select Opportunities, 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: 0000899243-18-010885 · 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: 5,035,601

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 1,275 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. (ii) 1,141 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited, (iii) 77 shares of Common Stock sold by Mast Admiral Master Fund, L.P. and (iv) 7 shares of Common Stock sold by Mast Select Opportunities, 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 $9.24 to $9.27, inclusive, on April 26, 2018.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,567,612 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,297,930 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 155,967 shares held by Mast Admiral Master Fund, L.P. and (iv) 14,092 shares held by Mast Select Opportunities, 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: 0000899243-18-010885 · doc4.xml · nonDerivative · entry 1

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 5,038,101

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) 1,020 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. (ii) 912 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited, (iii) 62 shares of Common Stock sold by Mast Admiral Master Fund, L.P. and (iv) 6 shares of Common Stock sold by Mast Select Opportunities, 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 $9.20 to $9.24, inclusive, on April 25, 2018

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,568,887 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,299,071 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,044 shares held by Mast Admiral Master Fund, L.P. and (iv) 14,099 shares held by Mast Select Opportunities, 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: 0000899243-18-010487 · doc4.xml · nonDerivative · entry 1

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 5,040,101

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) 969 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. (ii) 867 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited, (iii) 59 shares of Common Stock sold by Mast Admiral Master Fund, L.P. and (iv) 5 shares of Common Stock sold by Mast Select Opportunities, 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 $9.18 to $9.22, inclusive, on April 18, 2018

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,569,907 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,299,983 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,106 shares held by Mast Admiral Master Fund, L.P. and (iv) 14,105 shares held by Mast Select Opportunities, 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: 0000899243-18-010282 · 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: 5,042,001

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) 510 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. (ii) 456 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited, (iii) 31 shares of Common Stock sold by Mast Admiral Master Fund, L.P. and (iv) 3 shares of Common Stock sold by Mast Select Opportunities, 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 $9.18 to $9.23, inclusive, on April 17, 2018.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,570,876 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,300,850 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,165 shares held by Mast Admiral Master Fund, L.P. and (iv) 14,110 shares held by Mast Select Opportunities, 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: 0000899243-18-010282 · doc4.xml · nonDerivative · entry 1

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

Steinberg David J. · CIK 0001429076 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 5,043,001

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) 255 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P. (ii) 228 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited, (iii) 15 shares of Common Stock sold by Mast Admiral Master Fund, L.P. and (iv) 2 shares of Common Stock sold by Mast Select Opportunities, 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 $9.22 to $9.24, inclusive, on April 13, 2018.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,571,386 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,301,306 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,196 shares held by Mast Admiral Master Fund, L.P. and (iv) 14,113 shares held by Mast Select Opportunities, 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: 0000899243-18-010006 · 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: 5,043,501

F9 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 1,329 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P., (ii) 1,190 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited; and (iii) 81 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 $9.20 to $9.235, inclusive, on April 11, 2018.

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,571,641 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,301,534 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,211 shares held by Mast Admiral Master Fund, L.P. and (iv) 14,115 shares held by Mast Select Opportunities, 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.