Exhibit 21.1 List of Subsidiaries of NorthStar Realty Finance Corp. SUBSIDIARY JURISDICTION OF INCORPORATION OR ORGANIZATION NorthStar Realty Finance Limited Delaware Partnership NRFC Sub-REIT Corp. Maryland ALGM I Owners LLC Delaware 1552 Lonsdale LLC Delaware 729 Demi-Tasse LLC Delaware ALGM Leasehold II LLC Delaware ALGM Leasehold III LLC Delaware ALGM Leasehold VI LLC Delaware ALGM Leasehold VIII LLC Delaware ALGM Leasehold IX LLC Delaware ALGM Leasehold X LLC Delaware NorthStar Funding Managing Member LLC Delaware NorthStar Funding Management LLC Delaware NorthStar Funding Investor Member LLC Delaware NorthStar Funding LLC Delaware NS Advisors LLC Delaware NS CDO Holdings I, LLC Delaware N-Star Real Estate CDO I Ltd. Cayman Islands NS CDO Holdings II, LLC Delaware NS CDO Holdings III, LLC Delaware N-Star Real Estate CDO II Ltd. Cayman Islands N-Star Real Estate CDO III Ltd. Delaware NRFC DB Holdings LLC Delaware NRFC NNN Holdings LLC Delaware NRFC Sub Investor WASH Equity IV LLC Delaware NRFC Sub Investor IV LLC Delaware NorthStar OS I, LLC Delaware NorthStar OS II, LLC Delaware NorthStar OS III, LLC Delaware
