Amendment No. 14 to Schedule 13D for Great Elm Capital Corp.

Great Elm Group, Inc. filed Amendment No. 14 to its Schedule 13D regarding its beneficial ownership of Great Elm Capital Corp. common stock. The amendment reports that the Reporting Person granted 79,803 shares of Common Stock as compensation to certain employees between September 19, 2025, and September 23, 2025. As of October 9, 2025, the Reporting Person beneficially owns 1,358,276 shares, representing approximately 9.7% of the issued and outstanding shares. The directors and executive officers of the Reporting Person collectively own 1,021,099 shares, representing approximately 7.9% of the issued and outstanding shares. The amendment also updates the aggregate percentage of Common Stock owned based on 13,998,168 shares outstanding, including shares issued under the ATM facility and to Poor Richard LLC.