| Name of Subsidiary                          |   Jurisdiction of Organization |
|---------------------------------------------|-------------------------------------|
| FM Sponsor I, LLC                           |                                | Maryland |
| MFH Capital Trust 2                         |                                | Delaware |
| MFH Capital Trust 3                         |                                | Delaware |
| MFH Financial Trust I                       |                                | Delaware |
| MMA B-NOTE VALUE FUND I GP, LLC             |                                | Delaware |
| MMA B-Note Value Fund, LP                   |                                | Delaware |
| MMA Capital Corporation                     |                                | Michigan |
| MMA Construction Finance, LLC               |                                | Maryland |
| MMA Debt Income Fund I GP, LLC              |                                | Delaware |
| MMA Debt Income Fund, LP                    |                                | Delaware |
| MMA Equity Corporation                      |                                | Florida |
| MMA Financial Bond Warehousing, LLC         |                                | Maryland |
| MMA Financial CDD Sponsor, LLC              |                                | Maryland |
| MMA Financial Equity Ventures, LLC          |                                | Maryland |
| MMA Financial Holdings, Inc.                |                                | Florida |
| MMA Financial International, LLC            |                                | Maryland |
| MMA Financial Swap Party I, LLC             |                                | Maryland |
| MMA Financial TC Corp                       |                                | Delaware |
| MMA Financial Warehousing, LLC              |                                | Maryland |
| MMA Financial, Inc.                         |                                | Maryland |
| MMA Fund Investor, LLC                      |                                | Maryland |
| MMA Fund Manager, LLC                       |                                | Maryland |
| MMA Mortgage Investment Corporation         |                                | Florida |
| MMA New Initiatives, LLC                    |                                | Maryland |
| MMA Realty Capital Advisors, Inc.           |                                | Delaware |
| MMA Realty Capital, LLC                     |                                | Maryland |
| MMA Servicing, LLC                          |                                | Maryland |
| MMA TS Fund Investor, LLC                   |                                | Maryland |
| MMA TS Fund Manager, LLC                    |                                | Maryland |
| MMA Venture Fund Investor, LLC              |                                | Maryland |
| MMA Venture Fund Manager, LLC               |                                | Maryland |
| Municipal Mortgage & Equity, LLC        |                                | Delaware |
| MuniMae Holdings II, LLC                    |                                | Delaware |
| MuniMae Holdings, LLC                       |                                | Maryland |
| MuniMae Portfolio Services, LLC             |                                | Maryland |
| MuniMae Special Purpose Asset Facility, LLC |                                | Maryland |
| MuniMae TE Bond Subsidiary, LLC             |                                | Maryland |
| MuniMae TEI Holdings, LLC                   |                                | Maryland |
| Whitehawk Capital, LLC                      |                                | Delaware |

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