Exhibit 21.1

Bluerock Homes Trust, Inc.

List of Subsidiaries

1. Bluerock Residential Holdings, L.P., a Delaware limited partnership

2. Bluerock TRS Holdings, LLC, a Delaware limited liability company

3. Bluerock REIT Operator, LLC, a Delaware limited liability company

4. BR SP Navigator, LLC, a Delaware limited liability company

5. BR SP Navigator JV, LLC, a Delaware limited liability company

6. BRG Navigator Manager, LLC, a Delaware limited liability company

7. BRG Navigator, LLC, a Delaware limited liability company

8. BR Cal Yauger Park, LLC, a Delaware limited liability company

9. BR Cal Yauger Park JV, LLC, a Delaware limited liability company

10. BRG Yauger Park, LLC, a Delaware limited liability company

11. Wayforth at Concord, LLC, a Delaware limited liability company

12. BRG Wayforth Investor, LLC, a Delaware limited liability company

13. Peak Willow Park, LLC, a Delaware limited liability company

14. BR Peak Willow Park JV, LLC, a Delaware limited liability company

15. BRG Willow Park Investor, LLC, a Delaware limited liability company

16. Wayford IP, LLC, a Delaware limited liability company

17. BR Wayford IP JV, LLC, a Delaware limited liability company

18. BRG Wayford IP Investor, LLC, a Delaware limited liability company

19. CCC-PSL, LLC, a Delaware limited liability company

20. BRG Capstone Lucie JV, LLC, a Delaware limited liability company

21. BRG Port St. Lucie Cottages Investor, LLC, a Delaware limited liability company

22. CCC-Myrtle Beach, LLC, a Delaware limited liability company

23. BRG Capstone Myrtle Beach JV, LLC, a Delaware limited liability company

24. BRG Myrtle Beach Cottages Investor, LLC, a Delaware limited liability company

25. CCC-Warner Robbins, LLC, a Delaware limited liability company

26. BRG Capstone Warner Robbins JV, LLC, a Delaware limited liability company

27. BRG Warner Robbins Cottages Investor, LLC, a Delaware limited liability company

28. ILE Homes Single Family Rental Fund, LP, a Delaware limited partnership

29. ILE Holdings, LLC, a Delaware limited liability company

30. LE Bluerock Program Portfolio, LLC, a Delaware limited liability company

31. ILE Homes Single Family Rental GP, LLC, a Delaware limited liability company

32. ILE BR JV, LLC, a Delaware limited liability company

33. BRG ILE Investor, LLC, a Delaware limited liability company

34. BR BST AZ Portfolio I, LLC, a Delaware limited liability company

35. BR BST AZ I Pkg 1, LLC, a Delaware limited liability company

36. BR BST CO Portfolio I, LLC, a Delaware limited liability company

37. BR BST CO I Pkg 1, LLC, a Delaware limited liability company

38. BR BST WA Portfolio I, LLC, a Delaware limited liability company

39. BR BST WA I Pkg 1, LLC, a Delaware limited liability company

40. BR BST SFR JV I, LLC, a Delaware limited liability company

41. BHM Ballast Investor, LLC, a Delaware limited liability company

42. BR GPC JV, LLC, a Delaware limited liability company

43. BR GPC Investor, LLC, a Delaware limited liability company

44. PH REIT OP,LP, a Delaware limited partnership

45. BRG Peak SFR Pref Investor, LLC, a Delaware limited liability company

46. PH OP PKG 8, LLC, a Delaware limited liability company

47. BRG Springfield Lender, LLC, a Delaware limited liability company

48. BRG Springfield Investor, LLC, a Delaware limited liability company

49. Pkg 8 Springfield, LLC, a Delaware limited liability company

50. Pkg 8 Indy, LLC, a Delaware limited liability company

51. Pkg 8 Pledgor, LLC, a Delaware limited liability company

52. PH OP PKG 10, LLC, a Delaware limited liability company

53. Pkg 10-Springtown 70, LLC, a Delaware limited liability company

54. Pkg 10-Texarkana 29, LLC, a Delaware limited liability company

55. Pkg 10-Lubbock 1.0, LLC, a Delaware limited liability company

56. Pkg 10-Granbury, LLC, a Delaware limited liability company

57. Pkg 10-Granbury 34, LLC, a Delaware limited liability company

58. Pkg 10-Axelrod 22, LLC, a Delaware limited liability company

59. Pkg 10-Springtown 14, LLC, a Delaware limited liability company

60. Pkg 10-Lynnwood 20, LLC, a Delaware limited liability company

61. Pkg 10-Lynnwood 2-20, LLC, a Delaware limited liability company

62. Pkg 10-Lubbock 2.0, LLC, a Delaware limited liability company

63. Pkg 10-Lubbock 45, LLC, a Delaware limited liability company

64. Pkg 10 Pledgor, LLC, a Delaware limited liability company

65. Pkg 10A Recap, LLC, a Delaware limited liability company

66. BRG Pkg 10 Lender, LLC, a Delaware limited liability company

67. BRG Pkg 10 Investor, LLC, a Delaware limited liability company

68. Pkg 10 Pledgor II, LLC, a Delaware limited liability company

69. PH OP Pkg 11, LLC, a Delaware limited liability company

70. Pkg 11 Pledgor, LLC, a Delaware limited liability company

71. Pkg 10-FTW 188, LLC, a Delaware limited liability company\

72. BRG Pkg 11 Investor, LLC, a Delaware limited liability company

73. BRG Pkg 11 Lender, LLC, a Delaware limited liability company

74. Pkg 12 Lake Shore, LLC, a Delaware limited liability company

75. Pkg 12 Dasher Pointe, LLC, a Delaware limited liability company

76. BR PH Pkg 12 Savannah JV, LLC, a Delaware limited liability company

77. BHM Pkg 12 Savannah Investor, LLC, a Delaware limited liability company

78. BR PH Pkg 12 Savannah Pledgor, LLC, a Delaware limited liability company

79. Peak Forest Hill, LLC, a Delaware limited liability company

80. BR Peak Forest Hill JV, LLC, a Delaware limited liability company

81. BRG Forest Hill Investor, LLC, a Delaware limited liability company

82. Peak Weatherford, LLC, a Delaware limited liability company

83. Peak Weatherford Pledgor, LLC, a Delaware limited liability company

84. Peak BR Weatherford JV, LLC, a Delaware limited liability company

85. BHM Peak Weatherford Investor, LLC, a Delaware limited liability company