Exhibit 21.1

SUBSIDIARIES OF CALIBERCOS INC.

Name of Subsidiary						State
44th & McDowell Hotel Group, LLC						DE
44th and McDowell Holding, LLC						DE
47th Street Phoenix Airport Manager, LLC						AZ
47th Street Phoenix Airport, LLC						DE
47th Street Phoenix Fund, LLC						DE
47th Street Phoenix Mezzanine, LLC						DE
Blue Spruce Ridge ManageCo, LLC						AZ
Caliber Airport Investment Company, LLC						DE
Caliber Airport Mezzanine, LLC						DE
Caliber ARC1ManageCo, LLC						DE
Caliber Auction Homes, LLC						AZ
Caliber Companies, LLC						AZ
Caliber Core+ Growth Income Fund GP, LLC						DE
Caliber Development, LLC						AZ
Caliber Fixed Income Fund III, LP						DE
Caliber Hospitality Management Co. LLC						DE
Caliber Hospitality, LLC						AZ
Caliber Lending, LLC						AZ
Caliber O-Zone Fund Manager, LLC						AZ
Caliber Phoenix Airport Portfolio LLC						DE
Caliber Realty Group, LLC						AZ
Caliber Securities, LLC						AZ
Caliber Services, LLC						AZ
CBH 1 Phoenix MANAGECO, LLC						AZ
CFIF III GP, LLC						DE
CH Ocotillo Inv Fund LLC						DE
CH Ocotillo Manager, LLC						AZ
CH Ocotillo, LLC						DE
CHPH Holdings LLC						DE
CHPH Manager, LLC						DE
CHPH, LLC						DE
Circle Lofts Manager, LLC						AZ
Commons ManageCo, LLC						AZ
CRA Manager, LLC						AZ
DFW Behavioral Health MANAGECO, LLC						AZ
Diversified II GP, LLC						DE
DT Mesa HOLDCO II, LLC						AZ
DT Mesa MANAGECO, LLC						AZ
Elliot & 51st Street Manager, LLC						AZ
Elliot & 51st Street, LLC						DE

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Exhibit 21.1

SUBSIDIARIES OF CALIBERCOS INC.

Name of Subsidiary						State
Elliot 10 Fund, LLC						DE
Encore ManageCo, LLC						AZ
HI Hotel Manager, LLC						AZ
IBHG, Inc.						AZ
Indian Bend Hotel Group, LLC						AZ
Ironwood ManageCo, LLC						AZ
J-25 Development Group, LLC						DE
Lorca ManageCo, LLC						AZ
Northsight Crossing ManageCo, LLC						DE
Olathe Behavioral Health ManageCo, LLC						AZ
Pima Center MANAGECO, LLC						AZ
Ridge II ManageCo, LLC						DE
Riverwalk Development 1 ManageCo, LLC						AZ
Riverwalk Development 2 ManageCo, LLC						AZ
Riverwalk Development 3 ManageCo, LLC						AZ
Riverwalk Development 4 ManageCo, LLC						AZ
Riverwalk Development 5 ManageCo, LLC						AZ
Riverwalk Land ManageCo, LLC						AZ
Roosevelt III MANAGECO, LLC						AZ
Roosevelt Tempe Manager, LLC						AZ
Saddleback Ranch, LLC						AZ
SF Alaska Manager, LLC						DE
Southpointe FundCo, LLC						DE
Southpointe HoldCo, LLC						AZ
Southpointe ManageCo, LLC						AZ
Southpointe MezzCo, LLC						DE
Southridge ManageCo, LLC						CO
TCC Hotel I, LLC						DE
TCC Hotels Manager, LLC						AZ
TCC Inv Fund I, LLC						DE
Tucson East Holding LLC						DE
Tucson East Manager, LLC						AZ
Tucson East, LLC						DE
West Frontier FundCo, LLC						DE
West Frontier HoldCo, LLC						AZ
West Frontier ManageCo, LLC						AZ
West Frontier MezzCo, LLC						DE