Exhibit 21.1
| Name of Subsidiary | Jurisdiction of Formation | ||
| 47th Street Phoenix Airport Manager, LLC | Arizona | ||
| Caliber ARC ManageCo, LLC | Delaware | ||
| Caliber Auction Homes, LLC | Arizona | ||
| Caliber Companies, LLC | Arizona | ||
| Caliber Development, LLC | Arizona | ||
| Caliber Hospitality Management Co., LLC | Delaware | ||
| Caliber Hospitality Trust, Inc. | Maryland | ||
| Caliber Hospitality, LLC | Arizona | ||
| Caliber Lending, LLC | Arizona | ||
| Caliber Opportunistic Growth Fund III GP, LLC | Delaware | ||
| Caliber O-Zone Fund Manager, LLC | Arizona | ||
| Caliber O-Zone Fund II Manager, LLC | Arizona | ||
| Caliber Realty Group, LLC | Arizona | ||
| Caliber Securities, LLC | Arizona | ||
| Caliber Services, LLC | Arizona | ||
| CBH 1 Phoenix ManageCo, LLC | Arizona | ||
| CFIF III GP, LLC | Delaware | ||
| CH Ocotillo Manager, LLC | Arizona | ||
| CHPH Manager, LLC | Delaware | ||
| Circle Lofts Manager, LLC | Arizona | ||
| Commons ManageCo, LLC | Arizona | ||
| CRA Manager, LLC | Arizona | ||
| DFW Behavioral Health ManageCo, LLC | Arizona | ||
| Diversified II GP, LLC | Delaware | ||
| DT Mesa ManageCo, LLC | Arizona | ||
| Elliot & 51st Street Manager, LLC | Arizona | ||
| Encore ManageCo, LLC | Arizona | ||
| Gateway II ManageCo, LLC | Arizona | ||
| GC Square Manager, LLC | Arizona | ||
| HI Hotel Manager, LLC | Arizona | ||
| IBHG, Inc. | Arizona | ||
| Ironwood ManageCo, LLC | Arizona | ||
| J-25 Development Group, LLC | Delaware | ||
| Lorca ManageCo, LLC | Arizona | ||
| NB Sierra ManageCo, LLC | Arizona | ||
| Northsight Crossing ManageCo, LLC | Delaware | ||
| Pima Center ManageCo, LLC | Arizona | ||
| Ridge II ManageCo, LLC | Delaware | ||
| Riverwalk Developments ManageCo, LLC | Arizona | ||
| Riverwalk Developments ManageCo 1, LLC | Arizona | ||
| Riverwalk Developments ManageCo 2, LLC | Arizona | ||
| Riverwalk Developments ManageCo 3, LLC | Arizona | ||
| Riverwalk Developments ManageCo 4, LLC | Arizona | ||
| Riverwalk Developments ManageCo 5, LLC | Arizona | ||
| Riverwalk Land ManageCo, LLC | Arizona | ||
| Roosevelt III ManageCo, LLC | Arizona | ||
| Saddleback Ranch, LLC | Arizona | ||
| SF Alaska Manager, LLC | Delaware | ||
| Southpointe ManageCo, LLC | Arizona | ||
| Southridge ManageCo, LLC | Colorado | ||
| TCC Hotels Manager, LLC | Arizona | ||
| Tucson East Manager, LLC | Arizona | ||
| United Cities & Caliber Sustainable Opp Zone Fund Manager, LLC | Arizona |