Exhibit 21.1

SUBSIDIARIES OF FORTRESS NET LEASE REIT

Subsidiary

Jurisdiction of Formation

FNLR GP LLC

Delaware

FNLR Management LLC

Delaware

FNLR OP LP

Delaware

FNLR SLP LLC

Delaware

FNLR Holdings LLC

Delaware

FNLR IBKY LLC

Delaware

FNLR 1BAL LLC

Delaware

FNLR 1NWB LLC

Delaware

FNLR 1SEA LLC

Delaware

FNLR Chips on the Table LLC

Delaware

FNLR CIBM LLC

Delaware

FNLR FFSC LLC

Delaware

FNLR Fuji LLC

Delaware

FNLR Good Vibrations LLC

Delaware

FNLR NonFriction LLC

Delaware

FNLR Rex Banner LLC

Delaware

FNLR Steel Rolling LLC

Delaware

FNLR Under Pressure LLC

Delaware

FNLR Ursa Minor LLC

Delaware

FNLR PFG Holdings LLC

Delaware

SP Hern Ave St. Louis MO, LLC

Delaware

FNLR Compounds Matter LLC

Delaware

FNLR MSCU LLC

Delaware

FNLR MS LLC

Delaware


 

 

FNLR Debugged LLC

Delaware

FNLR Harvester LLC

Delaware

FNLR INCU LLC

Delaware

FNLR OFCU LLC

Delaware

FNLR Need for Seed LLC

Delaware

FNLR Pipe Dream LLC

Delaware

FNLR JLCU LLC

Delaware

FNLR BGSB LLC

Delaware

FNLR NSBC LLC

Delaware

FNLR MVBB LLC

Delaware

FNLR 1SUM LLC

Delaware

FNLR Compounds Matter Too LLC

Delaware

FNLR HSCU LLC

Delaware

FNLR API LLC

Delaware

FNLR Dirigible LLC

Delaware

FNLR BFNB LLC

Delaware

GV Sprockets Sub LLC

Delaware

FNLR Good Chemistry LLC

Delaware

FNLR Pinafore LLC

Delaware

FNLR SFCU LLC

Delaware

FNLR Straight Six LLC

Delaware

FNLR Even Flow LLC

Delaware

FNLR Here in My Car LLC

Delaware

FNLR PBHZ LLC

Delaware

FNLR FNBP LLC

Delaware

FNLR BOMO LLC

Delaware


 

 

FNLR FSBB LLC

Delaware

FNLR Secured LLC

Delaware

FNLR Logistics LLC

Delaware

FNLR Grocery LLC

Delaware

FNLR CSCU LLC

Delaware

FNLR Flavor LLC

Delaware

FNLR Ion Nampa LLC

Delaware

FNLR Well Read LLC

Delaware

FNLR RWBC LLC

Delaware

FNLR Homer LLC

Delaware

FNLR BNSB LLC

Delaware

FNLR Ion Cheyenne LLC

Delaware

FNLR CAP TRS LTD

Cayman Islands

FNLR Mud LLC

Delaware

FNLR Fortuna Major LLC

Delaware

FIG Ion Timber LLC

Delaware

FNLR New Metal LLC

Delaware

FNLR Down the Drain LLC

Delaware

FNLR Print Em GP LLC

Delaware

FNLR Print Em LP LLC

Delaware

FNLR Print LLC

Delaware

FNLR/STP Print Em Venture LP

Delaware

FNLR Print BTS LP

Delaware

FNLR Print BTS GP LLC

Delaware

FNLR European Asset Holdings Ltd

UK

FNLR European Asset Subsidiary Holdings Ltd

UK