GECC

SEC source: 0000899243-18-010006 · 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: 5,046,101

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i)2,457 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 2,199 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.11 to $9.19, inclusive, on April 10, 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) 2,572,970 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,302,724 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,292 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.

SEC source: 0000899243-18-010006 · 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: 5,050,757

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) 527 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 473 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.25 to $9.25, inclusive, on April 09, 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) 2,575,427 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,304,923 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,292 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.

SEC source: 0000899243-18-009671 · 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: 5,051,757

F9 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 476 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 426 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited.

F10 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.18 to $9.36, inclusive, on April 06, 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) 2,575,954 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,305,396 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,292 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.

SEC source: 0000899243-18-009671 · 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: 5,052,659

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 456 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 408 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited.

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.14 to $9.405, inclusive, on April 05, 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) 2,576,430 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,305,822 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,292 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.

SEC source: 0000899243-18-009671 · 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: 5,053,523

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) 496 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 444 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.32 to $9.45, inclusive, on April 04, 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) 2,576,886 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,306,230 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,292 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.

SEC source: 0000899243-18-009293 · 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: 5,054,463

F9 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 95 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 85 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited.

F10 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.30 to $9.38, inclusive, on April 03, 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) 2,577,382 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,306,674 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,292 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.

SEC source: 0000899243-18-009293 · 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: 5,054,643

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 474 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 426 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited.

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.11 to $9.40, inclusive, on April 02, 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) 2,577,477 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,306,759 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,292 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.

SEC source: 0000899243-18-009293 · 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: 5,055,543

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) 368 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 330 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.28 to $9.35, inclusive, on March 29, 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) 2,577,951 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,307,185 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,292 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.

SEC source: 0000899243-18-008746 · 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: 5,056,241

F9 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 8,974 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 8,032 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

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 $9.23, inclusive, on March 28, 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) 2,578,319 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,307,515 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,292 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.

SEC source: 0000899243-18-008746 · 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: 5,073,247

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 580 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 520 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.11 to $9.30, inclusive, on March 27, 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) 2,587,293 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,315,547 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,292 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.

SEC source: 0000899243-18-008746 · 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: 5,074,347

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) 264 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 236 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.16 to $9.17, inclusive, on March 26, 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) 2,587,873 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,316,067 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,292 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.

SEC source: 0000899243-18-008442 · 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: 5,074,847

F9 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 264 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 236 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F10 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.11 to $9.27, inclusive, on March 23, 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) 2,588,137 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,316,303 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,292 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.

SEC source: 0000899243-18-008442 · 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: 5,075,347

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 1,424 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 1,276 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.90 to $9.14, inclusive, on March 22, 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) 2,588,401 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,316,539 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,292 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.

SEC source: 0000899243-18-008442 · 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: 5,078,047

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) 2,081 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 1,864 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.05 to $9.32, inclusive, on March 21, 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) 2,589,825 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,317,815 shares held by Mast Credit Opportunities I Master Fund Limited; (iii) 156,292 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.

SEC source: 0000899243-17-027542 · doc4.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,007

SEC source: 0000899243-17-027158 · doc4.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,807

SEC source: 0000899243-17-026360 · doc4.xml · nonDerivative · entry 1

Speller Michael C · CIK 0001719962 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,000

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.38 to $9.40, inclusive. The reporting person undertakes to provide to Great Elm Capital Corp., any security holder of Great Elm Capital Corp., 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 this footnote (1) on this Form 4.

SEC source: 0000899243-17-026026 · doc4.xml · nonDerivative · entry 1

Kuperschmid Mark · CIK 0001688208 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Benmark Investments LLC

Disclosed balance after: 1,000

F1 · shares: The reporting person disclaims beneficial ownership of these securities 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 all of the reported shares for purposes of Section 16 or for any other purpose.

SEC source: 0000899243-17-026041 · doc4.xml · nonDerivative · entry 1

Sell Michael J. · CIK 0001587884 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,700

SEC source: 0000899243-17-025389 · 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: 5,081,992

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) 106 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 94 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions, at prices ranging from $10.07 to $10.18, inclusive, on November 1, 2017.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,606,021 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,319,679 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-025036 · 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: 5,082,192

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 106 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 94 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited.

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.00 to $10.20, inclusive, on October 30, 2017.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,606,127 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,319,773 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-025036 · 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: 5,082,392

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) 106 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 95 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions, at prices ranging from $10.21 to $10.29, inclusive, on October 27, 2017.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,606,233 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,319,867 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-024766 · 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: 5,082,593

F9 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 106 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 94 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F10 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.20 to $10.23, inclusive, on October 26, 2017.

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,606,339 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,319,962 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-024766 · 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: 5,082,793

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 106 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 94 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.20 to $10.28, inclusive, on October 25, 2017.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,606,445 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,320,056 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-024766 · 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: 5,082,993

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) 106 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 94 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions, all at price of $10.24, on October 24, 2017.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,606,551 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,320,150 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-024545 · 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: 5,083,193

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) 830 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 739 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.20 to $10.26, inclusive, on October 20, 2017.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,606,657 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,320,244 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-024510 · 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: 5,084,762

F9 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 1,323 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 1,177 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F10 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.10 to $10.26, inclusive, on October 19, 2017.

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,607,487 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,320,983 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-024510 · 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: 5,087,262

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 8,836 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 7,866 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.10 to $10.25, inclusive, on October 18, 2017.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,608,810 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,322,160 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-024510 · 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: 5,103,964

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) 15,848 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 14,106 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.07 to $10.17, inclusive, on October 17, 2017.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,617,646 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,330,026 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-024240 · 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: 5,133,918

F9 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 4,623 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 4,115 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F10 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.15 to $10.21, inclusive, on October 16, 2017.

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,633,494 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,344,132 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-024240 · 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: 5,142,656

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 15,082 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 13,424 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.10 to $10.145, inclusive, on October 13, 2017.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,638,117 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,348,247 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-024240 · 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: 51,711,623

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) 7,037 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 6,263 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.10 to $10.18, inclusive, on October 12, 2017.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,653,199 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,361,671 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-024044 · 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: 5,184,462

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 3,276 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 2,916 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.10 to $10.26, inclusive, on October 11, 2017.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,660,236 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,367,934 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-024044 · 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: 5,190,654

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) 3,016 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 2,684 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.10 to $10.20, inclusive, on October 10, 2017.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,663,512 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,370,850 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-023812 · 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: 5,196,354

F9 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 1,323 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 1,177 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F10 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.18 to $10.24, inclusive, on October 9, 2017.

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,666,528 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,373,534 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-023812 · 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: 5,198,854

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 7,113 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 6,332 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.31 to $10.345, inclusive, on October 6, 2017.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,667,851 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,374,711 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-023812 · 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: 5,212,299

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) 7,260 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 6,462 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.32 to $10.35, inclusive, on October 5, 2017.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,674,964 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,381,043 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-023586 · 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: 5,226,021

F9 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 2,296 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 2,044 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F10 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.35 to $10.405, inclusive, on October 4, 2017.

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,682,224 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,387,505 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-023586 · 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: 5,230,361

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 3,831 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 3,411 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.37 to $10.45, inclusive, on October 3, 2017.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,684,520 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,389,549 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-023586 · 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: 5,237,603

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) 3,716 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 3,307 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.43 to $10.47, inclusive, on October 2, 2017.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,688,351 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,392,960 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-022978 · 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: 5,244,626

F9 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 7,936 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 7,064 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F10 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.45 to $10.50, inclusive, on September 29, 2017.

F11 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,692,067 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,396,267 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-022978 · 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: 5,259,626

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 28,836 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 25,668 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.45 to $10.465, inclusive, on September 28, 2017.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,700,003 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,403,331 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-022978 · 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: 5,314,130

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) 7,024 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 6,252 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.54 to $10.57, inclusive, on September 27, 2017.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,728,839 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,428,999 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-022623 · 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: 5,327,406

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 3,403 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 3,029 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.55 to $10.60, inclusive, on September 26, 2017.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,735,863 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,435,251 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-022623 · 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: 5,333,838

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) 5,709 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 5,082 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions all at a price of $10.60 on September 25, 2017.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,739,266 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,438,280 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-022427 · 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: 5,344,629

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 22,405 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 19,943 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F7 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.50 to $10.67, inclusive, on September 21, 2017.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,744,975 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,443,362 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-022427 · 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: 5,386,977

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) 9,168 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; and (ii) 8,160 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.72 to $10.77, inclusive, on September 20, 2017.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,767,380 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,463,305 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-023450 · 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: 5,404,305

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 5,762 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; (ii) 5,130 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited; and (iii) 324 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 $10.66 to $10.68, inclusive, on September 19, 2017.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,776,548 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,471,465 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,292 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-023450 · 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: 5,415,521

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) 12,844 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; (ii) 11,433 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited; and (iii) 723 shares of Common Stock sold by Mast Admiral Master Fund, L.P.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.75 to $10.84, inclusive, on September 18, 2017.

F3 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,782,310 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,476,595 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 156,616 shares held by Mast Admiral Master Fund, L.P.

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

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

SEC source: 0000899243-17-022187 · 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: 5,440,521

F6 · shares: Represents shares of Common Stock sold by the following Mast Accounts: (i) 6,402 shares of Common Stock sold by Mast Select Opportunities Master Fund, L.P.; (ii) 5,699 shares of Common Stock sold by Mast Credit Opportunities I Master Fund Limited; and (iii) 360 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 $10.75 to $10.90, inclusive, on September 15, 2017.

F8 · balance_after: Represents shares of Common Stock held directly by the Mast Accounts, for which MAST Capital is the investment manager, including: (i) 2,795,154 shares held by Mast Select Opportunities Master Fund, L.P; (ii) 2,488,028 shares held by Mast Credit Opportunities I Master Fund Limited; and (iii) 157,339 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.