SCHEDULE: Poor Richard LLC Discloses 9.9% Stake in Great Elm Capital

Poor Richard LLC and Managing Member Booker Smith report beneficial ownership of 9.9% of Great Elm Capital Corp.'s common stock.

Summary

• Poor Richard LLC and Booker Smith, its Managing Member, have filed a Schedule 13G, indicating beneficial ownership in Great Elm Capital Corp.
• The reporting persons collectively own 1,290,000 shares of Great Elm Capital Corp. Common Stock.
• This ownership represents 9.9% of the 12,977,834 shares of Common Stock outstanding as of August 27, 2025.
• Both Poor Richard LLC and Booker Smith possess shared voting power and shared dispositive power over the 1,290,000 shares.
• The filing certifies that the securities were not acquired and are not held for the purpose of changing or influencing the control of the issuer, indicating a passive investment intent.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a routine disclosure of a significant passive stake, which can be interpreted as a vote of confidence, but it provides no new operational or financial information about the issuer.

Positives

• The disclosure of a significant 9.9% stake by an institutional investor (Poor Richard LLC) and its managing member could signal confidence in Great Elm Capital Corp.'s current valuation or future prospects.
• The passive nature of the investment, as certified in the filing, suggests that the reporting persons are not seeking to disrupt current management or strategic direction.

Negatives

• No specific negative operational or financial information regarding Great Elm Capital Corp. is disclosed in this Schedule 13G filing.

Risks

• No specific risks related to Great Elm Capital Corp.'s operations, financial health, or strategic outlook are detailed within this beneficial ownership filing.

Future Outlook

This Schedule 13G filing does not contain any forward-looking statements or guidance regarding Great Elm Capital Corp.'s future performance or strategic outlook.

Management Comments

• Each of Poor Richard and Booker Smith disclaim any beneficial ownership of the securities other than to the extent of any pecuniary interest each of them may have therein, directly or indirectly.
• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing is a routine disclosure of a significant equity stake and does not provide specific analysis of Great Elm Capital Corp.'s position within its industry or broader industry trends.

Related Party Transactions

• Poor Richard LLC and Booker Smith, its Managing Member, are filing jointly, indicating a related party relationship in their beneficial ownership of Great Elm Capital Corp. shares.

Stakeholder Impact

• Shareholders: The disclosure of a significant passive stake by an institutional investor may be viewed positively, potentially signaling confidence in the company's value and attracting further investor interest.
• Management: The certification of a passive investment purpose suggests no immediate threat of activist intervention or control changes, allowing management to focus on existing strategic plans.

Key Dates

Recommendation

The Schedule 13G filing indicates a significant passive stake of 9.9% in Great Elm Capital Corp. by Poor Richard LLC and its managing member, Booker Smith. While this signals a vote of confidence from a substantial investor, the filing itself does not provide operational or financial performance data to warrant a 'buy' or 'sell' recommendation. Investors should 'hold' their positions and monitor future company performance and any further disclosures from this significant shareholder.

Keywords

Great Elm Capital Corp, Poor Richard LLC, Booker Smith, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Passive Investment, Equity Stake, SEC Filing