Exhibit 21.1
LIST OF SUBSIDIARIES OF FRANKLIN BSP REAL ESTATE DEBT, INC.
| Name of Subsidiary | Jurisdiction of Organization | |
| FBRED REIT Real Estate Debt OPCO, LLC | Delaware | |
| FBRED REIT High Yield Securities, LLC | Delaware | |
| FBRED REIT Equity, LLC | Delaware | |
| FBRED REIT Finance, LLC | Delaware | |
| FBRED REIT TRS, LLC | Delaware | |
| FBRED REIT Real Estate Debt OPCO, LLC | Delaware | |