Exhibit 21.1

Subsidiaries of the Registrant

As of March 16, 2026

Entity

 

Jurisdiction of Organization

11801 Industry Intermediate LLC

 

Delaware

11801 Industry Realty Company LLC

 

Delaware

7 Roosevelt Acquisition LLC

 

Delaware

Armour Yards Mortgage Lender LLC

 

Delaware

Baker Chocolate Apartments-133, LLC

 

Delaware

Baker Chocolate Associates, LLC

 

Delaware

Bass Lofts Acquisition LLC

 

Delaware

BCF Acquisition Realty Company LLC

 

Delaware

BD Norfolk Holdings LLC

 

Delaware

BD Norfolk Venture LLC

 

Delaware

Brackenbrook Apartments Owner LLC

 

Delaware

Bristol Trailer Intermediate LLC

 

Delaware

Bristol Trailer Realty Company LLC

 

Delaware

Caroline Post Oak GP, LLC

 

Delaware

Caroline Post Oak Owner, LP

 

Delaware

Caroline West Gray GP, LLC

 

Delaware

Caroline West Gray Owner, LP

 

Delaware

Charleston Portfolio Venture LLC

 

Delaware

Dallas Industrial Ambassador Row LP

 

Delaware

Dallas Industrial Carpenter LP

 

Delaware

Dallas Industrial Forest LP

 

Delaware

Dallas Industrial Garden Brook I LP

 

Delaware

Dallas Industrial Garden Brook II LP

 

Delaware

Dallas Industrial International LP

 

Delaware

Dallas Industrial Portfolio Realty Company GP LLC

 

Delaware

Dallas Industrial Regal I LP

 

Delaware

Dallas Industrial Regal II LP

 

Delaware

Dallas Industrial Surveyor LP

 

Delaware

East Tampa Realty Company LLC

 

Delaware

Fiore Residential Realty Company LLC

 

Delaware

First Student 101 Old Frankstown Road Realty LLC

 

Delaware

First Student 150 South 24th Street Realty LLC

 

Delaware

First Student C&W Realty LLC

 

Delaware

First Student California Realty LLC

 

Delaware

First Student Holding Company LLC

 

Delaware

First Student Illinois Realty LLC

 

Delaware

First Student New Jersey Realty LLC

 

Delaware

First Student New York Realty LLC

 

Delaware

First Student Pennsylvania Intermediate Company 1 LLC

 

Delaware

First Student Pennsylvania Intermediate Company 2 LLC

 

Delaware

First Student Washington Realty LLC

 

Delaware

Fisher Acquisition LLC

 

Delaware

Heron Lakes Realty Company LLC

 

Delaware

J.P. Morgan REIT MA Holdings LLC

 

Delaware

J.P. Morgan REIT Operating Partnership, L.P.

 

Delaware

J.P. Morgan REIT TRS LLC

 

Delaware

JPMREIT Seller SPV 1 LLC

 

Delaware

Norfolk Industrial Portfolio Acquisition LLC

 

Delaware


 

North Bluff Apartments Owner LLC

 

Delaware

North Charleston Housing Acquisition LLC

 

Delaware

One Brooklyn Road Realty Company LLC

 

Delaware

Oswego Realty Company LLC

 

Delaware

PGH Apartments LLC

 

Delaware

PGH Intermediate LLC

 

Delaware

PGH Realty Company LLC

 

Delaware

Pinellas Park Realty Company LLC

 

Delaware

Post Oak Holdings JV, LP

 

Delaware

Post Oak JV, LP

 

Delaware

Post Oak Realty Investor LLC

 

Delaware

Preserve at Pine Valley Acquisition LLC

 

Delaware

Preserve at Pine Valley Owner, LLC

 

Delaware

Preserve at Pine Valley Venture, LLC

 

Delaware

Red Mountain Realty Company LLC

 

Delaware

Resort at Encinitas Mortgage Lender LLC

 

Delaware

Rockledge Barnes Holdings LLC

 

Delaware

Satori West Ashley Lender LLC

 

Delaware

Savannah Terminal Realty Company LLC

 

Delaware

Sawbranch Apartments Owner LLC

 

Delaware

Shops at Grand Investor LLC

 

Delaware

Shops at Grand Owner LLC

 

Delaware

Shops at Grand Venture LLC

 

Delaware

Southern Multifamily Lender LLC

 

Delaware

STNL Lender Capital JV Borrower LLC

 

Delaware

STNL Lender Capital JV Holdings, LLC

 

Delaware

STNL Lender Capital JV LP

 

Delaware

STNL Lender Capital Realty Company LLC

 

Delaware

SW STNL LendCap Durban Dutch Bros Greenville LLC

 

Delaware

The Kensley Acquisition LLC

 

Delaware

The Landing Apartments Owner LLC

 

Delaware

V2 Chesapeake 3800 Cook Blvd LLC

 

Delaware

V2 Chesapeake 3809-3811 Cook Blvd LLC

 

Delaware

V2 Chesapeake Cook Blvd LLC

 

Delaware

V2 Chesapeake Dexter St West LLC

 

Delaware

V2 Hampton E Street LLC

 

Delaware

V2 Norfolk Trant Ave LLC

 

Delaware

V2 Rockledge Barnes Blvd LLC

 

Delaware

Vineyard Commons Acquisition LLC

 

Delaware

Vineyard Commons PropCo LLC

 

Delaware

West Gray Holdings JV, LP

 

Delaware

West Gray JV, LP

 

Delaware

West Gray Realty Investor LLC

 

Delaware

Woodlocke Apartments Owner LLC

 

Delaware