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SCHEDULE 13D/A 0001346543 XXXXXXXX LIVE 5 Common Stock, $0.01 Par Value 11/04/2025 0001675033 390320703 Great Elm Capital Corp. 3801 PGA BOULEVARD SUITE 603 PALM BEACH GARDENS FL 33410 Northern Right Capital Mgmt. 203-883-9441 9 Old Kings Hwy S., 4th Floor Darien CT 06820 0001346543 N Northern Right Capital Management, L.P. b OO TX 369140 429331 369140 429331 798471 5.7 IA PN Note to Rows 7 and 9: Northern Right Management (as defined herein) may be deemed to beneficially own 369,140 shares of Common Stock (as defined herein) currently held by the Managed Accounts (as defined herein). Note to Rows 8 and 10: Northern Right Management may be deemed to beneficially own 429,331 shares of Common Stock currently held by Northern Right QP (as defined herein) and NRC LO (as defined herein). 0001451722 N Northern Right Capital (QP), L.P. b OO TX 313094 0 313094 0 313094 2.2 PN 0002052537 N Northern Right Long Only Master Fund LP b OO E9 0 116237 0 116237 116237 0.8 PN Note to Rows 8 and 10: NRC Fund GP (as defined herein) may be deemed to beneficially own 116,237 shares of Common Stock currently held by NRC LO. 0002053060 N Northern Right Fund GP LLC b OO DE 0 116237 0 116237 116237 0.8 OO Note to Rows 8 and 10: NRC Fund GP (as defined herein) may be deemed to beneficially own 116,237 shares of Common Stock currently held by NRC LO. 0001349003 N BC Advisors, LLC b OO DE 0 798471 0 798471 798471 5.7 IA OO Note to Rows 8 and 10: BCA (as defined herein) may be deemed to beneficially own 798,471 shares of Common Stock currently held by Northern Right QP and the Managed Accounts. 0001458693 N Drapkin Matthew A b 76333 798471 76333 798471 874804 6.2 IN Note to Rows 8 and 10: Mr. Drapkin may be deemed to beneficially own 798,471 shares of Common Stock currently held by Northern Right QP, NRC LO and the Managed Accounts. Common Stock, $0.01 Par Value Great Elm Capital Corp. 3801 PGA BOULEVARD SUITE 603 PALM BEACH GARDENS FL 33410 This Amendment No. 5 to Schedule 13D amends and supplements the Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on June 7, 2022, as amended on June 21, 2022, February 13, 2024, December 11, 2024, and January 21, 2025, on behalf of the Reporting Persons (as defined below), with respect to the shares of common stock, $0.01 par value (the "Common Stock"), of Great Elm Capital Corp., a Maryland corporation (the "Issuer") (as amended, this "Statement"). Item 2(a) is amended and supplemented to add the following information for updating as of the date hereof: June 4, 2025, BCA redomiciled from Texas to Delaware, and is now a Delaware limited liability company. Item 5(a) is amended and restated in its entirety to read as follows as of the date hereof: The aggregate percentage of Common Stock reported to be owned by the Reporting Persons is based upon 13,998,168 shares of Common Stock outstanding, as reported as of October 29, 2025 in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025. The Reporting Persons may be deemed to beneficially own in the aggregate 874,804 shares of Common Stock, which represent approximately 6.2% of the outstanding shares of Common Stock. Northern Right QP beneficially owns and has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) 313,094 shares of Common Stock (the "QP Shares"), which represent approximately 2.2% of the outstanding shares of Common Stock. NRC LO beneficially owns and has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) 116,237 shares of Common Stock (the "LO Shares"), which represent approximately 0.8% of the outstanding shares of Common Stock. Northern Right Management, in its capacity as general partner of Northern Right QP, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the QP Shares. Northern Right Management, in its capacity as investment manager for NRC LO, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the LO Shares. Northern Right Management, in its capacity as investment manager for the Managed Accounts, may be deemed to have the sole power to vote or to direct the vote of (and the sole power to dispose or direct the disposition of) the 369,140 shares of the Common Stock held by the Managed Accounts. In the aggregate, such shares represent approximately 2.6% of the outstanding shares of Common Stock. Northern Right Management disclaims beneficial ownership of all of the shares of Common Stock held by each of Northern Right QP, NRC LO and the Managed Accounts, in each case except to the extent of its pecuniary interest therein. BCA, as general partner of Northern Right Management, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the shares of Common Stock beneficially owned (or deemed beneficially owned) by Northern Right Management. BCA disclaims beneficial ownership of such shares, except to the extent of its pecuniary interest therein. In the aggregate, such shares represent 5.7% of the outstanding shares of Common Stock. NRC Fund GP, as general partner of NRC LO, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the LO Shares. NRC Fund GP disclaims beneficial ownership of such shares, except to the extent of its pecuniary interest therein. Mr. Drapkin beneficially owns and has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) 76,333 shares of Common Stock. Mr. Drapkin, as managing member of BCA and NRC Fund GP, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the shares of Common Stock beneficially owned (or deemed beneficially owned) by BCA and NRC Fund GP. Mr. Drapkin disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. In the aggregate, such shares represent approximately 6.2% of the outstanding shares of Common Stock. As of the date hereof, no Reporting Person beneficially owns any shares of Common Stock other than those set forth in Item 5 of this Statement. Item 5(b) is amended and supplemented to add the following information for updating as of the date hereof: The disclosure set forth under Item 5(a) of this Amendment No. 5 is incorporated herein by reference. Northern Right Capital Management, L.P. /s/ Matthew A. Drapkin Matthew A. Drapkin, Managing Member of BC Advisors, LLC, the general partner of Northern Right Capital Management, L.P. 11/06/2025 Northern Right Capital (QP), L.P. /s/ Matthew A. Drapkin Matthew A. Drapkin, Mng Mbr of BC Advisors, LLC, Gen. Part., Northern Right Capital Management, L.P., Gen. Part., Northern Right Capital (QP), L.P. 11/06/2025 Northern Right Long Only Master Fund LP /s/ Matthew A. Drapkin Matthew A. Drapkin, Managing Member of Northern Right Fund GP LLC, the general partner of Northern Right Long Only Master Fund LP 11/06/2025 Northern Right Fund GP LLC /s/ Matthew A. Drapkin Matthew A. Drapkin, Managing Member 11/06/2025 BC Advisors, LLC /s/ Matthew A. Drapkin Matthew A. Drapkin, Managing Member 11/06/2025 Drapkin Matthew A /s/ Matthew A. Drapkin Matthew A. Drapkin 11/06/2025