SCHEDULE: Northern Right Group Boosts Great Elm Capital Stake to 6.2%

Northern Right Capital Management and affiliates, led by Matthew A. Drapkin, updated their beneficial ownership in Great Elm Capital Corp. to 6.2% of outstanding common stock.

Summary

• Matthew A. Drapkin and affiliated entities (Northern Right Capital Management, L.P., Northern Right Capital (QP), L.P., Northern Right Long Only Master Fund LP, Northern Right Fund GP LLC, and BC Advisors, LLC) collectively beneficially own 874,804 shares of Great Elm Capital Corp. common stock.
• This aggregate ownership represents approximately 6.2% of the Issuer's 13,998,168 outstanding shares of common stock as of October 29, 2025.
• Matthew A. Drapkin holds sole voting and dispositive power over 76,333 shares and shared power over 798,471 shares, totaling 874,804 shares.
• Northern Right Capital Management, L.P. has sole voting and dispositive power over 369,140 shares held by Managed Accounts and shared power over 429,331 shares held by Northern Right QP and NRC LO, totaling 798,471 shares (5.7%).
• Northern Right Capital (QP), L.P. beneficially owns 313,094 shares (2.2%) with sole voting and dispositive power.
• Northern Right Long Only Master Fund LP (NRC LO) beneficially owns 116,237 shares (0.8%) with shared voting and dispositive power.
• BC Advisors, LLC, as general partner of Northern Right Management, may be deemed to have shared power over 798,471 shares (5.7%).
• Northern Right Fund GP LLC, as general partner of NRC LO, may be deemed to have shared power over 116,237 shares (0.8%).
• BC Advisors, LLC redomiciled from Texas to Delaware on June 4, 2025, and is now a Delaware limited liability company.

Sentiment

Score: 5

Explanation: The filing is a factual update on beneficial ownership and a corporate structure change for a reporting entity, without expressing any explicit positive or negative sentiment, strategic intentions, or financial performance data.

Future Outlook

This filing does not contain any forward-looking statements or guidance from the Issuer or the reporting persons regarding future operations or performance.

Industry Context

This filing is a routine disclosure of beneficial ownership by an investor group, indicating their significant stake in Great Elm Capital Corp. It does not provide specific insights into broader industry trends or competitive landscape beyond the investor's interest in this particular company.

Stakeholder Impact

• Shareholders: The disclosure of a significant ownership stake by an investor group may signal increased investor interest or potential for future engagement with company management, which could influence shareholder value.

Key Dates

Keywords

Great Elm Capital Corp, GECC, Schedule 13D, beneficial ownership, Northern Right Capital Management, Matthew Drapkin, investment, common stock