Great Elm Capital Corp

(6) Assumes borrowings representing approximately 143.9% of our average net assets at an average annual interest rate of 7.67%. The amount of leverage that we may employ at any particular time will depend on, among other things, our Board’s and GECM’s assessment of market and other factors at the time of any proposed borrowing.

(7) Acquired fund fees and expenses represent our estimated indirect expenses incurred due to investments in other investment companies and private funds. The impact of acquired fund fees and expenses is included in the total returns of the Company. Acquired fund fees and expenses are not direct costs of the Company.

(8) Other expenses include expenses incurred under the Administration Agreement as well as director fees, custody fees, professional services fees, insurance and shareholder servicing costs. The percentage presented in the table reflects an estimate based on actual amounts incurred during the year ended December 31, 2025 .

The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed that our annual operating expenses remain at the levels set forth in the table above, except for the Incentive Fee based on income. Transaction expenses are not included in the following example.