ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES

Exhibit 21.1

Subsidiaries of Registrant

• Fixed Income Discount Advisory Company, Delaware Corp.

• RCap Securities, Inc., MD Corp.

• Annaly Middle Market Lending LLC, Delaware LLC

• Shannon Funding LLC, Delaware LLC

• Truman Insurance Company LLC, Missouri LLC

• FHC Master Fund Ltd., Cayman Islands exempted company

• Annaly Funding LLC, Delaware LLC

• Annaly Funding TRS LLC, Delaware LLC

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

• Annaly CRE L LLC, Delaware LLC

• Annaly CRE LLC, Delaware LLC

• NLY 2014-FL1 Depositor LLC, Delaware LLC

• Annaly CRE WF Parent LLC, Delaware LLC

• Annaly CRE WF LLC, Delaware LLC

• Annaly CRE Sub Holding LLC, Delaware LLC

• Annaly CRE Sub Holding 2014-FL1 LLC, Delaware LLC

• Annaly CRE KLSF B Holder LLC, Delaware LLC

• Annaly CRE KL07 B Holder LLC, Delaware LLC

• Annaly CRE Sub Holding Investor LLC, Delaware LLC

• Annaly CRE Sub 2015-1 LLC, DE LLC

• ACREG Investment Holdings LLC, Delaware LLC

• ACREG Tops Holdings LLC, Delaware LLC

• ACREG Tops Investment LLC, Delaware LLC

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

• Chillicothe TK Owner II LLC, Delaware LLC

• TK11 Holdings LLC, DE LLC

• Amherst TK Owner LLC, Delaware LLC

• Cheektowaga TK Owner LLC, Delaware LLC

• Irondequoit TK Owner LLC, Delaware LLC

• Jamestown TK Owner LLC, Delaware LLC

• LeRoy TK Owner LLC, Delaware LLC

• Ontario TK Owner LLC, Delaware LLC

• Orchard Park TK Owner LLC, Delaware LLC

• Penfield TK Owner LLC, Delaware LLC

• Warsaw TK Owner LLC, Delaware LLC

• Chillicothe TK Owner LLC, Delaware LLC

• Loganville TK Owner LLC, Delaware LLC

• ACREG PT Holdings LLC, Delaware LLC

• ACREG Pine Creek Investment LLC, Delaware LLC

• Pine Creek Venture LLC (90% owned subsidiary), Delaware LLC

• Pine Creek Owner LLC, Delaware LLC

• ACREG Barclay Square Investment LLC, Delaware LLC

• Barclay Square Venture LLC (90% owned subsidiary), Delaware LLC

• Barclay Square Owner LLC, Delaware LLC

• ACREG TTTX Investment LLC, Delaware LLC

• TTTX Venture LLC (95% owned subsidiary), Delaware LLC

• 14SM TT Owner LLC, Delaware LLC

• Cross Timbers TT Owner LLC, Delaware LLC

• Flower Mound TT Owner LLC, Delaware LLC

• Heritage Heights TT Owner LLC, Delaware LLC

• HG TT Owner LLC, Delaware LLC

• Highlands TT Owner LLC, Delaware LLC

• Josey Oaks TT Owner LLC, Delaware LLC

• Park West TT Owner LLC, Delaware LLC

• Pioneer Plaza TT Owner LLC, Delaware LLC

• SS TT Owner LLC, Delaware LLC

• Suncreek Village TT Owner LLC, Delaware LLC

• ACREG MS Holdings LLC, Delaware LLC

• ACREG Grand Reserve Investment LLC, Delaware LLC

• Grand Reserve Venture LLC (75% owned subsidiary), Delaware LLC

• Grand Reserve Borrower LLC, Delaware LLC

• ACREG Ellicott Investment LLC, Delaware LLC

• Ellicott Venture LLC (93.7% owned subsidiary), Delaware LLC

• Ellicott Owner LLC, Delaware LLC

• 246 N 8 LLC, Delaware LLC

• 251 N 7 LLC, Delaware LLC

• ACREG DLC Holdings LLC, Delaware LLC

• ACREG Mid-Century Investment LLC, Delaware LLC

• Mid-Century Joint Member LLC (85% owned subsidiary), Delaware LLC

• Mid-Century Holdings LLC (84.15% owned subsidiary), Delaware LLC

• Beach Improvements Owner LLC, Delaware LLC

• Crossroads Improvements Owner LLC, Delaware LLC

• Fayette Place Improvements Owner LLC, Delaware LLC

• Mahopac Improvements Owner LLC, Delaware LLC

• Mid-Valley Improvements Owner LLC, Delaware LLC

• University Place Improvements Owner LLC, Delaware LLC

• ACREG Investment Acquisitions LLC, Delaware LLC

• Annaly CRE Holdings LLC, Delaware LLC

• ACREG SF PE I LLC, Delaware LLC

• ACREG SF PE II LLC, Delaware LLC

• ACREG E66 PE I LLC, Delaware LLC

• ACREG PA PE I LLC, Delaware LLC

• Annaly MD PE I LLC, Delaware LLC

• CreXus S Holdings (Holdings Co) LLC, Delaware LLC

• CHPHC Holding Company LLC, Delaware LLC

• Annaly Net Lease Holdings LLC, Delaware LLC

• Crexus AZ Holdings 1 LLC, Delaware LLC

• Crexus NV Holdings 1 LLC, Delaware LLC

• ACREG 3100 South Mall NL LLC,  Delaware LLC

• ACREG 12151 Jefferson NL LLC, Delaware LLC

• ACREG AZO Portfolio NL LLC, Delaware LLC

• Annaly CRE FXD Holdings LLC, Delaware LLC