Exhibit 21.1

Subsidiaries of the Registrant

RCC Real Estate, Inc., a Delaware corporation

Resource Real Estate Funding 2006-1 CDO Investor, LLC, a Delaware limited liability company

Resource real Estate Funding CDO 2006-1 Ltd.

Resource Real Estate Funding 2007-1 CDO Investor, LLC, a Delaware limited liability company

Resource Real Estate Funding CDO 2007-1 Ltd.

RCC Real Estate SPE, LLC, a Delaware limited liability company

RCC Real Estate SPE 2, LLC, a Delaware limited liability company

RCC Real Estate SPE 3, LLC, a Delaware limited liability company

RCC Commercial, Inc., a Delaware corporation

Resource Capital Funding LLC, a Delaware limited liability company

Ischus II, LLC, a Delaware limited liability company

Ischus CDO II, Ltd., a Cayman Islands company

Apidos CDO I, Ltd.

Apidos CDO III, Ltd., a Delaware company

Apidos Cinco CDO, Ltd.

Resource TRS, Inc., a Delaware corporation