Exhibit 21.1

KKR Financial Holdings LLC

List of Subsidiaries

|Company                                    |  | Jurisdiction of
Incorporation
or Formation
|------------------------------------------ |  | ------------------------------------------
|KKR Financial Corp.                        |  | Maryland                                  
|KKR TRS Holdings, Ltd.                     |  | Cayman Islands                            
|KKR Financial Holdings, Inc.               |  | Delaware                                  
|KKR Financial Holdings II, LLC             |  | Delaware                                  
|KKR Financial Holdings III, LLC            |  | Delaware                                  
|KKR Financial CLO Holdings, LLC            |  | Delaware                                  
|KKR Financial CDO 2005-1, Ltd.             |  | Cayman Islands                            
|KKR Financial CLO 2005-1, Ltd.             |  | Cayman Islands                            
|KKR Financial CLO 2005-2, Ltd.             |  | Cayman Islands                            
|KKR Financial CLO 2006-1, Ltd.             |  | Cayman Islands                            
|KKR Financial CLO 2007-1, Ltd.             |  | Cayman Islands                            
|KKR Financial CLO 2007-A, Ltd.             |  | Cayman Islands                            
|KKR Financial CLO 2007-4, Ltd.             |  | Cayman Islands                            
|KKR Financial CLO 2008-1, Ltd.             |  | Cayman Islands                            
|KKR Financial Holdings, Ltd.               |  | Cayman Islands                            
|KKR Financial Mortgage Corp.               |  | Maryland                                  
|KKR QRS #1, Inc.                           |  | Delaware                                  
|KKR Atlantic Funding Trust                 |  | Delaware                                  
|KKR Atlantic Funding Depositor Corporation |  | Delaware                                  
|KKR Pacific Funding Trust                  |  | Delaware                                  
|KKR Pacific Funding Depositor Corporation  |  | Delaware                                  
|KFN PEI I, LLC                             |  | Delaware                                  
|KFN PEI II, LLC                            |  | Delaware                                  
|KFN PEI III, LLC                           |  | Delaware                                  
|KFN PEI IV, LLC                            |  | Delaware                                  
|KFN PEI V, LLC                             |  | Delaware                                  
|KFN PEI VI, LLC                            |  | Delaware                                  
|KFN PEI VII, LLC                           |  | Delaware                                  
|KFN PEI VIII, LLC                          |  | Delaware                                  
|KFN PEI IX, LLC                            |  | Delaware                                  
|KFN PEI X, LLC                             |  | Delaware                                  
|KFN PEI XI, LLC                            |  | Delaware                                  
|KKR Financial Capital Trust I              |  | Delaware                                  
|KKR Financial Capital Trust II             |  | Delaware                                  
|KKR Financial Capital Trust IIII           |  | Delaware                                  
|KKR Financial Capital Trust IV             |  | Delaware                                  
|KKR Financial Capital Trust V              |  | Delaware                                  
|KKR Financial Capital Trust VI             |  | Delaware                                  
|Wayzata Funding LLC                        |  | Delaware                                  

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