Exhibit 21.1

SUBSIDIARIES OF THE REGISTRANT

Name

Jurisdiction of organization

Great Elm Capital GP, LLC

 

Delaware

Great Elm Capital Management, Inc.

 

Delaware

Great Elm Credit Income Fund, LLC

 

Delaware

Great Elm DME Holdings, Inc.

 

Delaware

Great Elm FM Acquisition, Inc.

 

Delaware

Great Elm Investments, LLC

 

Delaware

Great Elm Real Estate Ventures, LLC

 

Delaware

Monomoy BTS Corporation1

 

Delaware

Monomoy BTS Holdings, LLC1

 

Delaware

Monomoy Construction Services, LLC

 

Delaware

Monomoy CRE, LLC

 

Delaware

1 The list above excludes 3 subsidiaries in the same line of business (ownership of build-to-suit developments) which in the aggregate, as a single subsidiary, would not constitute a significant subsidiary as of June 30, 2026.