9AT: GREAT ELM CAPITAL MANAGEMENT, LLC

other names

GREAT ELM CAPITAL MANAGEMENT, LLC
GREAT ELM CAPITAL MANAGEMENT, INC.

Adviser Profile

As of Date	03/14/2025
Registration	SEC, Approved, 09/01/2016
ADV Location	PALM BEACH GARDENS, FL, United States
Contact Info	561 xxxxxxx
Websites

AUM^*	350,862,168 22%
of that, discretionary	350,862,168 22%
Private Fund GAV^*	12,074,911 -74%
Avg Account Size	116,954,056 62%
SMA’s	No
Private Funds	2 1

Adviser Type

- Large advisory firm

Number of Employees 21 24%

of those in investment advisory functions 7 -13%

Client Types

- Business development companies
- Pooled investment vehicles

Advisory Activities

- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

SEC Fund Type	Count	GAV
Fund TypeHedge Fund	Count2	GAV$12,074,911

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser TAMARACK ADVISERS, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM317.0m	#Funds-
Adviser CAPRICE CAPITAL PARTNERS, LLC	Hedge Fund121.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund93.0k	Total Private Fund GAV121.2m	AUM214.4m	#Funds4
Adviser TENERE CAPITAL, LLC	Hedge Fund512.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV512.4m	AUM512.4m	#Funds5
Adviser VATIC INVESTMENTS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM313.6m	#Funds-
Adviser WEBS CREEK CAPITAL MANAGEMENT LP	Hedge Fund406.6m	Liquidity Fund-	Private Equity Fund191.5m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV598.2m	AUM1.0b	#Funds4
Adviser CLADRIUS PARTNERS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM211.2m	#Funds-
Adviser FIRST WILSHIRE SECURITIES MANAGEMENT, INC.	Hedge Fund49.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV49.1m	AUM374.9m	#Funds2
Adviser BARD ASSOCIATES INC	Hedge Fund15.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV15.6m	AUM384.6m	#Funds1
Adviser MOON CAPITAL MANAGEMENT, LLC	Hedge Fund33.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV33.9m	AUM395.2m	#Funds1
Adviser GABLES CAPITAL MANAGEMENT, INC.	Hedge Fund13.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV13.5m	AUM423.6m	#Funds1

Brochure Summary

Overview

Firm Description and Principal Owners Great Elm Capital Management, Inc. is a Delaware corporation with its principal office at 3801 PGA Boulevard, Suite 603, Palm Beach Gardens, Florida 33410. Great Elm Capital Management, Inc. is registered as an investment adviser with the Securities and Exchange Commission (the “SEC”) and is subject to the rules and regulations governing registered investment advisers under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Great Elm Capital Management, Inc. was formed in May of 2016. As used in this brochure, “Great Elm” refers to Great Elm Capital Management, Inc. The principal owner of Great Elm is Great Elm Group, Inc. (a publicly traded corporation). Types of Advisory Services Great Elm manages one or more portfolios invested in debt instruments, equity securities and derivatives including credit default swaps (“CDS”). Great Elm offers investment advice with respect to both international and domestic securities. Great Elm currently provides investment advisory services to several clients: a business development company, Great Elm Capital Corp. (the “BDC”);; and three private investment funds sponsored by Great Elm, Great Elm Opportunities Fund I, L.P. - Series A, Great Elm Opportunities Fund I, L.P. - Series D and Great Elm Credit Income

Fund, LLC (collectively, the “Series Funds”) which are offered to “accredited investors” and “qualified purchasers” only (each, a “Private Fund,” and together with the BDC, the “Clients”). Great Elm may manage other pooled investment vehicles or separate accounts, or sub-advise other registered investment companies, in the future. Tailored Relationships Each of the BDC’s and each Private Fund’s investment strategy is set forth in its respective offering documents. Great Elm makes all investment decisions on behalf of all Clients, subject to the Client’s governing documents and advisory agreements. Investors in a Client will not participate in the decision of whether or not the Client makes any particular investment. Along with reviewing this brochure, it is crucial for any investor or prospective investor in the BDC or a Private Fund to closely review the applicable offering documents with respect to, among other things, the terms, conditions, and risks of investing. Wrap Fee Programs Great Elm does not participate in any wrap fee programs. Assets under Discretionary and Non-Discretionary Management As of December 31, 2023, Great Elm had $288,430,348 in regulatory assets under management on a discretionary basis. Great Elm does not manage assets on a non-discretionary basis.

GREAT ELM CAPITAL MANAGEMENT, LLC

Adviser Profile

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Overview