Exhibit 21.1

Colony Financial, Inc.

List of Subsidiaries



|                                    |  |                               |            | 
|----------------------------------- |  | ----------------------------- | ---------- | 
|Name                                |  | State orJurisdiction ofEntity |           
|CFI CorAmerica Funding, LLC         |  |                               | Delaware   | 
|CFI DB Holding, LLC                 |  |                               | Delaware   | 
|CFI FRB Funding, LLC                |  |                               | Delaware   | 
|CFI MBS Holding, LLC                |  |                               | Delaware   | 
|CFI MBS Investor, LLC               |  |                               | Delaware   | 
|CFI Mezz Funding, LLC               |  |                               | Delaware   | 
|CFI Milestone North Holdco, LLC     |  |                               | Delaware   | 
|CFI RE Holdco, LLC                  |  |                               | Delaware   | 
|ColCrystal S.à r.l.                 |  |                               | Luxembourg | 
|ColFin 2100 Funding, LLC            |  |                               | Delaware   | 
|ColFin 666 Funding, LLC             |  |                               | Delaware   | 
|ColFin ALS Funding, LLC             |  |                               | Delaware   | 
|ColFin Axle Funding, LLC            |  |                               | Delaware   | 
|ColFin DB Funding, LLC              |  |                               | Delaware   | 
|ColFin DB Guarantor, LLC            |  |                               | Delaware   | 
|ColFin ESH Funding, LLC             |  |                               | Delaware   | 
|ColFin FRB Investor, LLC            |  |                               | Delaware   | 
|ColFin J-11 Funding, LLC            |  |                               | Delaware   | 
|ColFin JIH Funding, LLC             |  |                               | Delaware   | 
|ColFin Milestone North Funding, LLC |  |                               | Delaware   | 
|ColFin Milestone West Funding, LLC  |  |                               | Delaware   | 
|ColFin NW Funding, LLC              |  |                               | Delaware   | 
|ColFin WLH Funding, LLC             |  |                               | Delaware   | 
|ColFin WLH Land Acquisitions, LLC   |  |                               | Delaware   | 
|ColFord (Lux) S.à r.l.              |  |                               | Luxembourg | 
|ColLaguna (Lux) S.à r.l.            |  |                               | Luxembourg | 
|ColLux CA S.à r.l.                  |  |                               | Luxembourg | 
|Colony AMC 2011 ADC, LLC            |  |                               | Delaware   | 
|Colony AMC DB, LLC                  |  |                               | Delaware   | 
|Colony AMC Milestone North, LLC     |  |                               | Delaware   | 
|Colony AMC Milestone West, LLC      |  |                               | Delaware   | 
|Colony CDCF-VIII-CFI Investor, LLC  |  |                               | Delaware   | 
|Colony Financial AMC, LLC           |  |                               | Delaware   | 
|Colony Financial Holdco, LLC        |  |                               | Delaware   | 
|Colony Financial TRS, LLC           |  |                               | Delaware   | 
|Colony Funds Sants S.à r.l.         |  |                               | Luxembourg | 
|C-VIII CDCF CFI MBS Investor, LLC   |  |                               | Delaware   | 
|Matrix Advisors BC, LLC             |  |                               | Delaware   | 
|Matrix CDCF-CFI Advisors VI, LLC    |  |                               | Delaware   |