# EDGAR Filing Document

**Accession Number:** 0001675033
**File Stem:** 0001013594-25-001334
**Filing Date:** 2025-11
**Character Count:** 22495
**Document Hash:** 84a85aa68bf4e4db3adee9c407b8affc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001013594-25-001334.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001013594-25-001334

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Great Elm Capital Corp.
- **CENTRAL INDEX KEY:** 0001675033

**ORGANIZATION NAME:**
- **EIN:** 812621577
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89698
- **FILM NUMBER:** 251459460

**BUSINESS ADDRESS:**
- **STREET 1:** 3801 PGA BOULEVARD
- **STREET 2:** SUITE 603
- **CITY:** PALM BEACH GARDENS
- **STATE:** FL
- **ZIP:** 33410
- **BUSINESS PHONE:** 617-375-3006

**MAIL ADDRESS:**
- **STREET 1:** 3801 PGA BOULEVARD
- **STREET 2:** SUITE 603
- **CITY:** PALM BEACH GARDENS
- **STATE:** FL
- **ZIP:** 33410
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Right Capital Management, L.P.
- **CENTRAL INDEX KEY:** 0001346543

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 9 OLD KINGS HWY. S.
- **STREET 2:** 4TH FLOOR
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820
- **BUSINESS PHONE:** (203) 951-6084

**MAIL ADDRESS:**
- **STREET 1:** 9 OLD KINGS HWY. S.
- **STREET 2:** 4TH FLOOR
- **CITY:** DARIEN
- **STATE:** CT
- **ZIP:** 06820

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Becker Drapkin Management, L.P.
- **DATE OF NAME CHANGE:** 20100824

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SRB Management, L.P.
- **DATE OF NAME CHANGE:** 20051209

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 5)**

**Great Elm Capital Corp.**

*(Name of Issuer)*

**Common Stock, $0.01 Par Value**

*(Title of Class of Securities)*

**390320703**

*(CUSIP Number)*

**Northern Right Capital Mgmt.**<br>9 Old Kings Hwy S., 4th Floor<br>Darien CT 06820<br>203-883-9441

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/04/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **390320703** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Northern Right Capital Management, L.P.** | Name of reporting person<br>**Northern Right Capital Management, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**TEXAS** | Citizenship or place of organization<br>**TEXAS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**369140.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**429331.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**369140.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**429331.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**798471.00** | Aggregate amount beneficially owned by each reporting person<br>**798471.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.7%** | Percent of class represented by amount in Row (11)<br>**5.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** 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).

| **CUSIP No.** | **390320703** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Northern Right Capital (QP), L.P.** | Name of reporting person<br>**Northern Right Capital (QP), L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**TEXAS** | Citizenship or place of organization<br>**TEXAS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**313094.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**313094.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**313094.00** | Aggregate amount beneficially owned by each reporting person<br>**313094.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.2%** | Percent of class represented by amount in Row (11)<br>**2.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **390320703** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Northern Right Long Only Master Fund LP** | Name of reporting person<br>**Northern Right Long Only Master Fund LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**116237.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**116237.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**116237.00** | Aggregate amount beneficially owned by each reporting person<br>**116237.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.8%** | Percent of class represented by amount in Row (11)<br>**0.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** 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.

| **CUSIP No.** | **390320703** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Northern Right Fund GP LLC** | Name of reporting person<br>**Northern Right Fund GP LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**116237.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**116237.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**116237.00** | Aggregate amount beneficially owned by each reporting person<br>**116237.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.8%** | Percent of class represented by amount in Row (11)<br>**0.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** 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.

| **CUSIP No.** | **390320703** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BC Advisors, LLC** | Name of reporting person<br>**BC Advisors, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**798471.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**798471.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**798471.00** | Aggregate amount beneficially owned by each reporting person<br>**798471.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.7%** | Percent of class represented by amount in Row (11)<br>**5.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** 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.

| **CUSIP No.** | **390320703** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Drapkin Matthew A** | Name of reporting person<br>**Drapkin Matthew A** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**—** | Source of funds (See Instructions)<br>**—** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**—** | Citizenship or place of organization<br>**—** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**76333.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**798471.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**76333.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**798471.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**874804.00** | Aggregate amount beneficially owned by each reporting person<br>**874804.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.2%** | Percent of class represented by amount in Row (11)<br>**6.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** 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.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $0.01 Par Value

**(b) Name of Issuer:**
Great Elm Capital Corp.

**(c) Address of Issuer's Principal Executive Offices:**
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 5. Interest in Securities of the Issuer**

**(a)**
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.

**(b)**
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.

**(c)**
—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Northern Right Capital Management, L.P.

**Signature:** /s/ Matthew A. Drapkin

**Name/Title:** Matthew A. Drapkin, Managing Member of BC Advisors, LLC, the general partner of Northern Right Capital Management, L.P.

**Date:** 11/06/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Northern Right Capital (QP), L.P.

**Signature:** /s/ Matthew A. Drapkin

**Name/Title:** 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.

**Date:** 11/06/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Northern Right Long Only Master Fund LP

**Signature:** /s/ Matthew A. Drapkin

**Name/Title:** Matthew A. Drapkin, Managing Member of Northern Right Fund GP LLC, the general partner of Northern Right Long Only Master Fund LP

**Date:** 11/06/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Northern Right Fund GP LLC

**Signature:** /s/ Matthew A. Drapkin

**Name/Title:** Matthew A. Drapkin, Managing Member

**Date:** 11/06/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** BC Advisors, LLC

**Signature:** /s/ Matthew A. Drapkin

**Name/Title:** Matthew A. Drapkin, Managing Member

**Date:** 11/06/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Drapkin Matthew A

**Signature:** /s/ Matthew A. Drapkin

**Name/Title:** Matthew A. Drapkin

**Date:** 11/06/2025