| | | | | |
| Subsidiary | Jurisdiction of Formation |
| ACREFI Operating, LLC | Delaware |
| ACREFI Holdings DB Member, LLC | Delaware |
| ACREFI Holdings DB, LLC | Delaware |
| ACREFI Holdings DB-Series I | Delaware |
| ACREFI Holdings DB-Series II | Delaware |
| ACREFI Holdings DB-Series III | Delaware |
| ACREFI Holdings DB-Series IV | Delaware |
| ACREFI Holdings DB-Series V | Delaware |
| ACREFI Holdings DB-Series VI | Delaware |
| ACREFI Holdings DB-Series VII | Delaware |
| ACREFI Holdings DB-Series VIII | Delaware |
| ACREFI Holdings DB-Series IX | Delaware |
| ACREFI Holdings DB-Series X | Delaware |
| ACREFI Holdings DB-Series XI | Delaware |
| ACREFI Holdings DB-Series XII | Delaware |
| ACREFI Holdings DB-Series XIII | Delaware |
| ACREFI Holdings DB-Series XIV | Delaware |
| ACREFI Holdings DB-Series XV | Delaware |
| ACREFI Holdings DB-Series XVI | Delaware |
| ACREFI Holdings DB-Series XVII | Delaware |
| ACREFI Holdings DB-Series XVIII | Delaware |
| ACREFI Holdings DB-Series XIX | Delaware |
| ACREFI Holdings DB-Series XX | Delaware |
| ACREFI Currency, LLC | Delaware |
| ACREFI Lender, LLC | Delaware |
| ACREFI I TRS, Inc. | Delaware |
| ACREFI II TRS, Ltd. | Cayman Islands |
| ACREFI III TRS, Inc. | Delaware |
| 400 Anaheim, LLC | Delaware |
| ACREFI Mezzanine, LLC | Delaware |
| ACREFI Holdings J-II, LLC | Delaware |
| ACREFI Mortgage Lending, LLC | Delaware |
| ACREFI Insurance Services, LLC | Michigan |
| PEM Kent Holdings, LLC | Delaware |
| ACREFI Holdings U-1, LLC | Delaware |
| ACREFI Holdings J-1, LLC | Delaware |
| Holdings J-1 JV, LLC | Delaware |