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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>WASHINGTON, D.C. 20549</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>CURRENT REPORT</b></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Date of Report (Date of earliest event reported):
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended to simultaneously
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-indent: -18pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.75pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Securities registered pursuant to Section 12(b) of the Act:</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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  <tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (&#167; 240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif">Emerging
growth company </span><span style="font-family: Wingdings"><span id="xdx_903_edei--EntityEmergingGrowthCompany_c20240417__20240417_zH9jcxVn1T94"><ix:nonNumeric contextRef="AsOf2024-04-17" format="ixt:booleanfalse" id="Fact000038" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </span><span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 72pt">Item 1.01</td><td>Entry into a Material Definitive Agreement.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">On April 17, 2024, Great Elm Capital Corp. (the &#8220;Company&#8221;)
and Equiniti Trust Company, LLC (f/k/a American Stock Transfer &amp; Trust Company, LLC), as trustee (the &#8220;Trustee&#8221;), entered
into a sixth supplemental indenture (the &#8220;Sixth Supplemental Indenture&#8221;) to the indenture, dated September 18, 2017, between
the Company and the Trustee (as supplemented by the Sixth Supplemental Indenture, the &#8220;Indenture&#8221;). The Sixth Supplemental
Indenture relates to the Company&#8217;s issuance of $30.0 million aggregate principal amount of 8.50% notes due 2029 (the &#8220;Notes&#8221;)
on the date hereof, plus up to an additional $4.5 million aggregate principal amount of Notes that may be issued in the future pursuant
to the underwriters&#8217; exercise of an over-allotment option (the &#8220;Offering&#8221;). The underwriters&#8217; over-allotment option
expires at 11:59 p.m. on May 9, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Notes will mature on April 30, 2029 and may be redeemed in whole
or in part at the Company&#8217;s option at any time or from time to time on or after April 30, 2026 at a redemption price equal to 100%
of the outstanding principal amount of the Notes to be redeemed, plus accrued and unpaid interest otherwise payable for the then-current
quarterly interest period accrued to, but excluding, the date fixed for redemption. The Notes bear interest at a rate of 8.50% per year
payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing June 30, 2024. The Notes are direct unsecured
obligations of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The terms of the Notes are governed by the Indenture. The Indenture
contains certain covenants, including covenants requiring the Company to comply with Sections 18(a)(1)(A) and (B) as modified by Sections
61(a)(1) and (2) of the Investment Company Act of 1940, as amended, and to provide financial information to the holders of the Notes and
the Trustee if the Company should no longer be subject to the reporting requirements under the Securities Exchange Act of 1934, as amended.
The Indenture also provides that the Company may not consolidate with or merge with or into any other entity or convey or transfer all
or substantially all of its properties and assets to any person, unless certain specified conditions set forth in Section 801 of the Indenture
are satisfied. These and other covenants are subject to certain limitations and exceptions that are described in the Indenture.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Company received net proceeds from the Offering, after payment
of underwriting discounts and commissions and estimated offering expenses payable by the Company, of approximately $28.6 million (or approximately
$32.9 million if the underwriters exercise their over-allotment option in full). The Company intends to use the net proceeds from the
offering for general corporate purposes and may also elect to (i) redeem or repurchase a portion of its outstanding $45.6 million aggregate
principal amount of 6.75% unsecured notes due 2025, (ii) redeem or repurchase a portion of its outstanding $57.5 million aggregate principal
amount of 5.875% unsecured notes due 2026, (iii) redeem or repurchase a portion of its outstanding $40.0 million aggregate principal amount
of 8.75% unsecured notes due 2028 or (iv) repay all or a portion of any borrowings that may be outstanding under the Loan, Guarantee and
Security Agreement, as amended, with City National Bank.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Notes were offered and sold pursuant to a registration statement
on Form N-2 (File No. 333-277557), as amended, a related registration statement on Form N-2 (File No. 333-278579) filed pursuant to Rule 462(b) of the Securities Act of 1933 and the related prospectus filed with the Securities and Exchange Commission. The Offering
closed on April 17, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The foregoing descriptions of the terms of the Indenture and the
Notes do not purport to be complete and are qualified in their entirety by reference to their full text. The Sixth Supplemental Indenture
and the Notes are attached hereto as Exhibits 4.1 and 4.2, respectively, and are incorporated herein by reference.</p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 72pt">Item 2.03</td><td>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The information set forth in Item 1.01 is incorporated herein by
reference.</p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 72pt">Item 9.01</td><td>Financial Statements and Exhibits.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(d) Exhibits.</p>


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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding: 2pt 0pt; white-space: nowrap; width: 8%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Exhibit</b></p>
    <p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Number</b></p></td>
    <td style="padding: 2pt 0pt; width: 5%">&#160;</td>
    <td style="padding: 2pt 0pt; width: 87%">
    <p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Description</b></p></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 2pt 0pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">4.1</span></td>
    <td style="padding: 2pt 0pt">&#160;</td>
    <td style="padding: 2pt 0pt"><a href="gecc-html7721_ex9941.htm"><span style="font-family: Times New Roman, Times, Serif">Sixth Supplemental Indenture, dated as of April 17, 2024, between Great Elm Capital Corp. and Equiniti Trust Company, LLC (f/k/a American Stock Transfer &amp; Trust Company, LLC), as Trustee.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 2pt 0pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">4.2</span></td>
    <td style="padding: 2pt 0pt">&#160;</td>
    <td style="padding: 2pt 0pt"><a href="gecc-html7721_ex9942.htm"><span style="font-family: Times New Roman, Times, Serif">Global Note (8.50% Note Due 2029).</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 2pt 0pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">104</span></td>
    <td style="padding: 2pt 0pt">&#160;</td>
    <td style="padding: 2pt 0pt"><span style="font-family: Times New Roman, Times, Serif">The cover page of this Current Report on Form 8-K, formatted as inline XBRL.</span></td></tr>
  </table>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">SIGNATURES</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td>&#160;</td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif"><b>GREAT ELM CAPITAL CORP.</b></span></td></tr>
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    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 54%"><span style="font-family: Times New Roman, Times, Serif">Date: April 17, 2024</span></td>
    <td style="width: 6%"><span style="font-family: Times New Roman, Times, Serif">By:&#160;&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; width: 40%"><span style="font-family: Times New Roman, Times, Serif">/s/ Keri A. Davis</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif">Name: </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">Keri A. Davis</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif">Title: </span></td>
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{"company-data": {"conformed-name": "Great Elm Capital Corp.", "cik": "0001675033", "organization-name": "", "irs-number": "812621577", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "814-01211", "film-number": "24851782"}, "business-address": {"street1": "800 SOUTH STREET", "street2": "SUITE 230", "city": "WALTHAM", "state": "MA", "zip": "02453", "phone": "617-375-3006"}, "mail-address": {"street1": "800 SOUTH STREET", "street2": "SUITE 230", "city": "WALTHAM", "state": "MA", "zip": "02453"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 17, 2024
Great Elm Capital Corp.
(Exact name of Registrant as Specified in Its Charter)
Maryland
(State or Other Jurisdiction
of Incorporation)
814-01211
(Commission File Number)
81-2621577
(IRS Employer
Identification No.)
800 South Street
,
Suite 230
,
Waltham
,
MA
(Address of Principal Executive Offices)
02453
(Zip Code)
Registrant's Telephone Number, Including Area Code:
(
617
)
375-3006
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $0.01 par value
GECC
Nasdaq
Global Market
6.75% Notes due 2025
GECCM
Nasdaq
Global Market
5.875% Notes due 2026
GECCO
Nasdaq
Global Market
8.75% Notes due 2028
GECCZ
Nasdaq
Global Market
Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (§ 240.12b-2 of this chapter).
Emerging
growth company
¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Item 1.01
Entry into a Material Definitive Agreement.
On April 17, 2024, Great Elm Capital Corp. (the "Company")
and Equiniti Trust Company, LLC (f/k/a American Stock Transfer & Trust Company, LLC), as trustee (the "Trustee"), entered
into a sixth supplemental indenture (the "Sixth Supplemental Indenture") to the indenture, dated September 18, 2017, between
the Company and the Trustee (as supplemented by the Sixth Supplemental Indenture, the "Indenture"). The Sixth Supplemental
Indenture relates to the Company's issuance of $30.0 million aggregate principal amount of 8.50% notes due 2029 (the "Notes")
on the date hereof, plus up to an additional $4.5 million aggregate principal amount of Notes that may be issued in the future pursuant
to the underwriters' exercise of an over-allotment option (the "Offering"). The underwriters' over-allotment option
expires at 11:59 p.m. on May 9, 2024.
The Notes will mature on April 30, 2029 and may be redeemed in whole
or in part at the Company's option at any time or from time to time on or after April 30, 2026 at a redemption price equal to 100%
of the outstanding principal amount of the Notes to be redeemed, plus accrued and unpaid interest otherwise payable for the then-current
quarterly interest period accrued to, but excluding, the date fixed for redemption. The Notes bear interest at a rate of 8.50% per year
payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing June 30, 2024. The Notes are direct unsecured
obligations of the Company.
The terms of the Notes are governed by the Indenture. The Indenture
contains certain covenants, including covenants requiring the Company to comply with Sections 18(a)(1)(A) and (B) as modified by Sections
61(a)(1) and (2) of the Investment Company Act of 1940, as amended, and to provide financial information to the holders of the Notes and
the Trustee if the Company should no longer be subject to the reporting requirements under the Securities Exchange Act of 1934, as amended.
The Indenture also provides that the Company may not consolidate with or merge with or into any other entity or convey or transfer all
or substantially all of its properties and assets to any person, unless certain specified conditions set forth in Section 801 of the Indenture
are satisfied. These and other covenants are subject to certain limitations and exceptions that are described in the Indenture.
The Company received net proceeds from the Offering, after payment
of underwriting discounts and commissions and estimated offering expenses payable by the Company, of approximately $28.6 million (or approximately
$32.9 million if the underwriters exercise their over-allotment option in full). The Company intends to use the net proceeds from the
offering for general corporate purposes and may also elect to (i) redeem or repurchase a portion of its outstanding $45.6 million aggregate
principal amount of 6.75% unsecured notes due 2025, (ii) redeem or repurchase a portion of its outstanding $57.5 million aggregate principal
amount of 5.875% unsecured notes due 2026, (iii) redeem or repurchase a portion of its outstanding $40.0 million aggregate principal amount
of 8.75% unsecured notes due 2028 or (iv) repay all or a portion of any borrowings that may be outstanding under the Loan, Guarantee and
Security Agreement, as amended, with City National Bank.
The Notes were offered and sold pursuant to a registration statement
on Form N-2 (File No. 333-277557), as amended, a related registration statement on Form N-2 (File No. 333-278579) filed pursuant to Rule 462(b) of the Securities Act of 1933 and the related prospectus filed with the Securities and Exchange Commission. The Offering
closed on April 17, 2024.
The foregoing descriptions of the terms of the Indenture and the
Notes do not purport to be complete and are qualified in their entirety by reference to their full text. The Sixth Supplemental Indenture
and the Notes are attached hereto as Exhibits 4.1 and 4.2, respectively, and are incorporated herein by reference.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 is incorporated herein by
reference.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number
Description
4.1
Sixth Supplemental Indenture, dated as of April 17, 2024, between Great Elm Capital Corp. and Equiniti Trust Company, LLC (f/k/a American Stock Transfer & Trust Company, LLC), as Trustee.
4.2
Global Note (8.50% Note Due 2029).
104
The cover page of this Current Report on Form 8-K, formatted as inline XBRL.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GREAT ELM CAPITAL CORP.
Date: April 17, 2024
By:
/s/ Keri A. Davis
Name:
Keri A. Davis
Title:
Chief Financial Officer