ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES

Exhibit 21.1

Subsidiaries of Registrant

• Fixed Income Discount Advisory Company, Delaware corporation

• RCap Securities, Inc., Maryland corporation

• Annaly Middle Market Lending LLC, Delaware limited liability company

• Annaly Commercial Real Estate Group, Inc., Maryland corporation

• Annaly CRE L LLC, Delaware limited liability company

• Annaly CRE LLC, Delaware limited liability company

• NLY 2014-FL1 Depositor LLC, Delaware limited liability company

• Annaly CRE WF Parent LLC, Delaware limited liability company

• Annaly CRE WF LLC, Delaware limited liability company

• Annaly CRE Sub Holding LLC, Delaware limited liability company

• Annaly CRE Sub Holding 2014-FL1 LLC, Delaware limited liability company

• Annaly CRE KLSF B Holder LLC, Delaware limited liability company

• Annaly CRE Sub Holding Investor LLC, Delaware limited liability company

• Annaly CRE Sub 2015-1 LLC, Delaware limited liability company

• ACREG Investment Holdings LLC, Delaware limited liability company

• ACREG Tops Holdings LLC, Delaware limited liability company

• ACREG Tops Investment LLC

• TK11 Venture LLC (90% owned subsidiary), Delaware limited liability company

• TK11 Holdings LLC, Delaware limited liability company

• Amherst TK Owner LLC, Delaware limited liability company

• Cheektowaga TK Owner LLC, Delaware limited liability company

• Irondequoit TK Owner LLC, Delaware limited liability company

• Jamestown TK Owner LLC, Delaware limited liability company

• LeRoy TK Owner LLC, Delaware limited liability company

• Ontario TK Owner LLC, Delaware limited liability company

• Orchard Park TK Owner LLC, Delaware limited liability company

• Penfield TK Owner LLC, Delaware limited liability company

• Warsaw TK Owner LLC, Delaware limited liability company

• Chillicothe TK Owner LLC, Delaware limited liability company

• Loganville TK Owner LLC, Delaware limited liability company

• Annaly CRE Holdings LLC, Delaware limited liability company

• ACREG SF PE I LLC, Delaware limited liability company

• ACREG SF PE II LLC, Delaware limited liability company

• ACREG E66 PE I LLC, Delaware limited liability company

• ACREG PA PE I LLC, Delaware limited liability company

• Annaly MD PE I LLC, Delaware limited liability company

• CreXus S Holdings (Holdings Co) LLC, Delaware limited liability company

• CHPHC Holding Company LLC, Delaware limited liability company

• CHPHC Hotel II LLC, Delaware limited liability company

• CHPHC Hotel III LLC, Delaware limited liability company

• CHPHC Hotel V LLC, Delaware limited liability company

• CHPHC Hotel VII LLC, Delaware limited liability company

• CHPHC Hotel X LLC, Delaware limited liability company

• Annaly Net Lease Holdings LLC, Delaware limited liability company

• Crexus AZ Holdings 1 LLC, Delaware limited liability company

• Crexus NV Holdings 1 LLC, Delaware limited liability company

• ACREG 3100 South Mall NL LLC,  Delaware limited liability company

• ACREG 12151 Jefferson NL LLC, Delaware limited liability company

• ACREG AZO Portfolio NL LLC, Delaware limited liability company

• Shannon Funding LLC, Delaware limited liability company

• Truman Insurance Company LLC, Missouri limited liability company

• FIDAC Housing Cycle Fund LLC, Delaware limited liability company

• FHC Master Fund Ltd., Cayman Islands exempted company

• Annaly Funding LLC, Delaware limited liability company

• Annaly Funding TRS LLC, Delaware limited liability company