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.
9 Old Kings Hwy S., 4th Floor,
Darien, CT, 06820
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)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. Checkbox not checked

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No.

390320703

Name of reporting person

Northern Right Capital Management, L.P.

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 369,140.00
8	Shared Voting Power 429,331.00
9	Sole Dispositive Power 369,140.00
10	Shared Dispositive Power 429,331.00

Aggregate amount beneficially owned by each reporting person

798,471.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

5.7 %

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of 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).

SCHEDULE 13D

CUSIP No.

390320703

Name of reporting person

Northern Right Capital (QP), L.P.

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 313,094.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 313,094.00
10	Shared Dispositive Power 0.00

Aggregate amount beneficially owned by each reporting person

313,094.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

2.2 %

Type of Reporting Person (See Instructions)

SCHEDULE 13D

CUSIP No.

390320703

Name of reporting person

Northern Right Long Only Master Fund LP

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 116,237.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 116,237.00

Aggregate amount beneficially owned by each reporting person

116,237.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

0.8 %

Type of Reporting Person (See Instructions)

Comment for Type of 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.

SCHEDULE 13D

CUSIP No.

390320703

Name of reporting person

Northern Right Fund GP LLC

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 116,237.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 116,237.00

Aggregate amount beneficially owned by each reporting person

116,237.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

0.8 %

Type of Reporting Person (See Instructions)

Comment for Type of 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.

SCHEDULE 13D

CUSIP No.

390320703

Name of reporting person

BC Advisors, LLC

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 798,471.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 798,471.00

Aggregate amount beneficially owned by each reporting person

798,471.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

5.7 %

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of 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.

SCHEDULE 13D

CUSIP No.

390320703

Name of reporting person

Drapkin Matthew A

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 76,333.00
8	Shared Voting Power 798,471.00
9	Sole Dispositive Power 76,333.00
10	Shared Dispositive Power 798,471.00

Aggregate amount beneficially owned by each reporting person

874,804.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

6.2 %

Type of Reporting Person (See Instructions)

Comment for Type of 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.

SCHEDULE 13D

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, FLORIDA , 33410.

Item 1 Comment:

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.

Identity and Background

(a)

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.

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.

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.

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

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

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

Northern Right Fund GP LLC

Signature:	/s/ Matthew A. Drapkin
Name/Title:	Matthew A. Drapkin, Managing Member
Date:	11/06/2025

BC Advisors, LLC

Signature:	/s/ Matthew A. Drapkin
Name/Title:	Matthew A. Drapkin, Managing Member
Date:	11/06/2025

Drapkin Matthew A

Signature:	/s/ Matthew A. Drapkin
Name/Title:	Matthew A. Drapkin
Date:	11/06/2025

Amendment: SEC Form SCHEDULE 13D/A filed by Great Elm Capital Corp.