Exhibit 21.1

Subsidiaries of the Registrant

Subsidiary	Jurisdiction of Formation
ACREFI Operating, LLC	Delaware
ACREFI Lender, LLC	Delaware
ACREFI I TRS, Inc.	Delaware
ACREFI II TRS, Ltd.	Cayman Islands
ACREFI Mezzanine, LLC	Delaware
ACREFI Holdings J-II, LLC	Delaware
ACREFI Mortgage Lending, LLC	Delaware
ACREFI Holdings J-1, LLC	Delaware
ACREFI Cash Management, LLC	Delaware
ACREFI Holdings W-1, LLC	Delaware
ACREFI Holdings U-1, LLC	Delaware
ACREFI Insurance Services, LLC	Michigan
ACREFI Currency, LLC	Delaware