Exhibit 21.1

Colony Financial, Inc.

List of Subsidiaries

Name	State or Jurisdiction of Entity
CFI 2011 CRE Holdco, LLC		Delaware
CFI 2011-2 CRE Holdco, LLC		Delaware
CFI Bow TRS Investor, LLC		Delaware
CFI Bulls TRS Investor, LLC		Delaware
CFI CentCo Funding, LLC		Delaware
CFI CorAmerica 2100 Funding, LLC		Delaware
CFI DB Holding, LLC		Delaware
CFI EXR Loan Funding, LLC		Delaware
CFI FRB Funding, LLC		Delaware
CFI GNE Warrant Investor, LLC		Delaware
CFI GNE Loan Funding, LLC		Delaware
CFI Hunt TRS Investor, LLC		Delaware
CFI Inland Investor, LLC		Delaware
CFI MBS Holding, LLC		Delaware
CFI MBS Investor, LLC		Delaware
CFI Mezz Funding, LLC		Delaware
CFI Milestone North Holdco, LLC		Delaware
CFI RE Holdco, LLC		Delaware
CFI RE Masterco, LLC		Delaware
CFI RS Holding, LLC		Delaware
Col Hunt A (Lux) S.à r.l.		Luxembourg
Col Hunt B (Lux) S.à r.l.		Luxembourg
Col Hunt Holdco A Limited		Cayman
Col Hunt Holdco B Limited		Cayman
ColCrystal (Lux) S.à r.l.		Luxembourg
ColFin 2011 ADC Funding, LLC		Delaware
ColFin 2011 ADC Holding, LLC		Delaware
ColFin 2011-2 CRE Funding, LLC		Delaware
ColFin 2011-2 CRE Holdco, LLC		Delaware
ColFin 2011 CRE Funding, LLC		Delaware
ColFin 2011 CRE Holdco, LLC		Delaware
ColFin 2100 Funding, LLC		Delaware
ColFin 666 Funding, LLC		Delaware
ColFin ALS Funding, LLC		Delaware
ColFin Axle Funding, LLC		Delaware
ColFin Bow Funding A, LLC		Delaware
ColFin Bow Funding B, LLC		Delaware
ColFin Bulls Funding A, LLC		Delaware
ColFin Bulls Funding B, LLC		Delaware
ColFin DB Funding, LLC		Delaware
ColFin DB Guarantor, LLC		Delaware
ColFin ESH Funding, LLC		Delaware
ColFin FRB Investor, LLC		Delaware
ColFin GNE Loan Funding, LLC		Delaware
ColFin Hunt Holdco A, LLC		Delaware
ColFin Hunt Holdco B, LLC		Delaware
ColFin Inland Funding, LLC		Delaware

Name	State or Jurisdiction of Entity
ColFin Inland Investor, LLC		Delaware
ColFin J-11 Funding, LLC		Delaware
ColFin JIH Funding, LLC		Delaware
ColFin Milestone West Funding, LLC		Delaware
ColFin Milestone North Funding, LLC		Delaware
ColFin Mira Mezz Funding, LLC		Delaware
ColFin NW Funding, LLC		Delaware
ColFin Wall 42 Funding, LLC		Delaware
ColFin WLH Funding, LLC		Delaware
ColFin WLH Land Acquisitions, LLC		Delaware
ColFord (Lux) S.à r.l.		Luxembourg
ColLaguna (Lux) S.à r.l.		Luxembourg
ColLux CA S.à r.l.		Luxembourg
Colony AMC Milestone North, LLC		Delaware
Colony AMC Milestone West, LLC		Delaware
Colony Financial AMC, LLC		Delaware
Colony Financial Holdco, LLC		Delaware
Colony Financial TRS, LLC		Delaware
Colony Funds Sants S.à r.l.		Luxembourg
C-VIII CDCF CFI MBS Investor, LLC		Delaware
Matrix Advisors BC, LLC		Delaware
Matrix CDCF-CFI Advisors VI, LLC		Delaware