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<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
satisfy the filing obligation of the registrant under any of the following provisions:</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"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td colspan="2">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;&#160;240.12b-2 of this chapter).</td></tr>
  <tr style="vertical-align: top">
    <td colspan="2">&#160;</td></tr>
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    <td style="text-align: right; width: 95%">Emerging growth company</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td colspan="2">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. &#9744; <span style="font-size: 10pt; font-family: Times New Roman, Times, Serif"></span></td></tr>
  </table>

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

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<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; 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: 0pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 10pt">On July 9, 2024, Great Elm Capital Corp. (the &#8220;Company&#8221;)
entered into a purchase agreement (the &#8220;Purchase Agreement&#8221;) by and among the Company, Great Elm Capital Management, LLC and
the purchasers named in Appendix A thereto in connection with a registered direct offering (the &#8220;Offering&#8221;) of $22,000,000
in additional aggregate principal amount of the Company&#8217;s 8.50% Notes due 2029 (the &#8220;Notes&#8221;). The Notes are an additional
issuance of the Company&#8217;s 8.50% Notes due 2029, $34,500,000 aggregate principal amount of which has been previously issued and is
outstanding.</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&#160;31, June&#160;30, September&#160;30 and December&#160;31 of each year, commencing September 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, dated September
18, 2017 (the &#8220;Base Indenture&#8221;), between the Company and Equiniti Trust Company, LLC (f/k/a American Stock Transfer &amp;
Trust Company, LLC), as trustee (the &#8220;Trustee&#8221;), as supplemented by the sixth supplemental indenture, dated April 17, 2024,
between the Company and the Trustee, and as further supplemented by an officers&#8217; certificate of the Company, dated July 9, 2024
(the Base Indenture, as so supplemented, the &#8220;Indenture&#8221;). The Indenture contains certain covenants, including covenants requiring
the Company to comply with Sections 18(a)(1)(A) and (B)&#160;as modified by Sections 61(a)(1) and (2)&#160;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&#160;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&#160;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 estimated offering expenses payable by the Company, of approximately $21.4&#160;million. 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) 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&#160;N-2 (File&#160;No.&#160;333-261274), as amended, and the related prospectus supplement filed with the Securities and Exchange
Commission. The Offering closed on July 9, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The foregoing descriptions of the terms of the Indenture, the Notes
and the Purchase Agreement do not purport to be complete and are qualified in their entirety by reference to their full text. The Notes
and the Purchase Agreement are attached hereto as Exhibits 4.1 and 10.1, 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: 12pt"><tr style="vertical-align: top">
<td style="width: 0%"/><td style="width: 72pt">Item&#160;2.03</td><td>Creation of a Direct Financial Obligation or an Obligation under an&#160;Off-Balance&#160;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: 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"><b>Item 8.01</b></td><td><b>Other Events.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">In connection with the Offering, the Company is filing herewith
the following exhibits to its Registration Statement on Form N-2 (File&#160;No.&#160;333-261274):</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">1.</td><td>Global Note (8.50% Note Due 2029).</td></tr></table>


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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding-bottom: 2pt; width: 18pt"/><td style="padding-bottom: 2pt; width: 18pt">2.</td><td style="padding-bottom: 2pt">Opinion of Jones Day.</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">3.</td><td style="padding-bottom: 2pt">Opinion of Venable LLP.</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">4.</td><td style="padding-bottom: 2pt">Purchase Agreement, dated as of July 9, 2024, by and among the Company, Great Elm Capital Management, LLC and the purchasers named
in Appendix A thereto.</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding-bottom: 2pt; width: 18pt"/><td style="padding-bottom: 2pt; width: 18pt">5.</td><td style="padding-bottom: 2pt">Consent of Jones Day.</td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 18pt"/><td style="width: 18pt">6.</td><td style="padding-bottom: 2pt">Consent of Venable LLP.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">On July 9, 2024, the Company issued a press release in connection
with the Offering. A copy of the press release is filed as Exhibit 99.1 to this report.</p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0%"/><td style="width: 72pt">Item&#160;9.01</td><td>Financial Statements and Exhibits.</td></tr></table>

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

<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; white-space: nowrap; width: 10%">
    <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; width: 2%">&#160;</td>
    <td style="padding: 2pt">
    <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; white-space: nowrap">4.1</td>
    <td style="padding: 2pt">&#160;</td>
    <td style="padding: 2pt"><a href="gecc-html8113_ex9941.htm">Global Note (8.50% Note Due 2029).</a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 2pt; white-space: nowrap">5.1</td>
    <td style="padding: 2pt">&#160;</td>
    <td style="padding: 2pt"><a href="gecc-html8113_ex9951.htm">Opinion of Jones Day.</a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 2pt; white-space: nowrap">5.2</td>
    <td style="padding: 2pt">&#160;</td>
    <td style="padding: 2pt"><a href="gecc-html8113_ex9952.htm">Opinion of Venable LLP.</a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 2pt; white-space: nowrap">10.1</td>
    <td style="padding: 2pt">&#160;</td>
    <td style="padding: 2pt"><a href="gecc-html8113_ex99101.htm">Purchase Agreement, dated as of July 9, 2024, by and among the Company, Great Elm Capital Management, LLC and the purchasers named in Appendix A thereto.</a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 2pt; white-space: nowrap">23.1</td>
    <td style="padding: 2pt">&#160;</td>
    <td style="padding: 2pt"><a href="gecc-html8113_ex9951.htm">Consent of Jones Day (included in Exhibit 5.1).</a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 2pt; white-space: nowrap">23.2</td>
    <td style="padding: 2pt">&#160;</td>
    <td style="padding: 2pt"><a href="gecc-html8113_ex9952.htm">Consent of Venable LLP (included in Exhibit 5.2)</a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 2pt; white-space: nowrap">99.1</td>
    <td style="padding: 2pt">&#160;</td>
    <td style="padding: 2pt"><a href="gecc-html8113_ex99991.htm">Press Release, dated July 9, 2024.</a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 2pt; white-space: nowrap">104</td>
    <td style="padding: 2pt">&#160;</td>
    <td style="padding: 2pt">The cover page of this Current Report on Form 8-K, formatted as inline XBRL.</td></tr>
  </table>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"><b>GREAT ELM CAPITAL CORP.</b></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 58%; padding-right: 5.4pt; padding-left: 5.4pt">Date: July 9, 2024</td>
    <td style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">By:&#160;&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 35%; padding-right: 0pt; padding-left: 0pt">/s/ Keri A. Davis</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">Name: </td>
    <td style="padding-right: 0pt; padding-left: 0pt">Keri A. Davis</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">Title: </td>
    <td style="padding-right: 0pt; padding-left: 0pt">Chief Financial Officer</td></tr>
  </table>


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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):
July 9, 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.)
3801 PGA Boulevard
,
Suite 603
,
Palm Beach Gardens
,
FL
(Address of Principal Executive Offices)
33410
(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
8.50% Notes due 2029
GECCI
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 July 9, 2024, Great Elm Capital Corp. (the "Company")
entered into a purchase agreement (the "Purchase Agreement") by and among the Company, Great Elm Capital Management, LLC and
the purchasers named in Appendix A thereto in connection with a registered direct offering (the "Offering") of $22,000,000
in additional aggregate principal amount of the Company's 8.50% Notes due 2029 (the "Notes"). The Notes are an additional
issuance of the Company's 8.50% Notes due 2029, $34,500,000 aggregate principal amount of which has been previously issued and is
outstanding.
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 September 30, 2024.
The Notes are direct unsecured obligations of the Company.
The terms of the Notes are governed by the indenture, dated September
18, 2017 (the "Base Indenture"), between the Company and Equiniti Trust Company, LLC (f/k/a American Stock Transfer &
Trust Company, LLC), as trustee (the "Trustee"), as supplemented by the sixth supplemental indenture, dated April 17, 2024,
between the Company and the Trustee, and as further supplemented by an officers' certificate of the Company, dated July 9, 2024
(the Base Indenture, as so supplemented, 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 estimated offering expenses payable by the Company, of approximately $21.4 million. 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) 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. 333-261274), as amended, and the related prospectus supplement filed with the Securities and Exchange
Commission. The Offering closed on July 9, 2024.
The foregoing descriptions of the terms of the Indenture, the Notes
and the Purchase Agreement do not purport to be complete and are qualified in their entirety by reference to their full text. The Notes
and the Purchase Agreement are attached hereto as Exhibits 4.1 and 10.1, 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 8.01
Other Events.
In connection with the Offering, the Company is filing herewith
the following exhibits to its Registration Statement on Form N-2 (File No. 333-261274):
1.
Global Note (8.50% Note Due 2029).
2.
Opinion of Jones Day.
3.
Opinion of Venable LLP.
4.
Purchase Agreement, dated as of July 9, 2024, by and among the Company, Great Elm Capital Management, LLC and the purchasers named
in Appendix A thereto.
5.
Consent of Jones Day.
6.
Consent of Venable LLP.
On July 9, 2024, the Company issued a press release in connection
with the Offering. A copy of the press release is filed as Exhibit 99.1 to this report.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number
Description
4.1
Global Note (8.50% Note Due 2029).
5.1
Opinion of Jones Day.
5.2
Opinion of Venable LLP.
10.1
Purchase Agreement, dated as of July 9, 2024, by and among the Company, Great Elm Capital Management, LLC and the purchasers named in Appendix A thereto.
23.1
Consent of Jones Day (included in Exhibit 5.1).
23.2
Consent of Venable LLP (included in Exhibit 5.2)
99.1
Press Release, dated July 9, 2024.
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: July 9, 2024
By:
/s/ Keri A. Davis
Name:
Keri A. Davis
Title:
Chief Financial Officer