|    |  |                                            |  |                                        
|--- |  | ------------------------------------------ |  | ---------------------------------------
|    |  | Exhibit 21.1                               |  |                                        
|    | 
|    |  | NEWCASTLE INVESTMENT CORP. SUBSIDIARIES   
|    |  |                                           
|    |  | Subsidiary                                 |  | State/Country ofIncorporation/Formation
|1.  |  | Dayton Asset Holding LLC                   |  | Delaware                               
|2.  |  | DBNC Peach Holdings LLC                    |  | Delaware                               
|3.  |  | DBNC Peach I Trust                         |  | Delaware                               
|4.  |  | DBNC Peach LLC                             |  | Delaware                               
|5.  |  | Fortress Asset Trust                       |  | Delaware                               
|6.  |  | Impac CMB Trust 1998-C1                    |  | Delaware                               
|7.  |  | Impac Commercial Assets Corporation        |  | California                             
|8.  |  | Impac Commercial Capital Corporation       |  | California                             
|9.  |  | Impac Commercial Holdings, Inc.            |  | Maryland                               
|10. |  | Karl S.A.                                  |  | Belgium                                
|11. |  | LIV Holdings LLC                           |  | Delaware                               
|12. |  | NCT Holdings II LLC                        |  | Delaware                               
|13. |  | NCT Holdings LLC                           |  | Delaware                               
|14. |  | Newcastle 2005-1 Asset Backed Note LLC     |  | Delaware                               
|15. |  | Newcastle 2006-1 Asset Backed Note LLC     |  | Delaware                               
|16. |  | Newcastle 2006-1 Depositor LLC             |  | Delaware                               
|17. |  | Newcastle CDO IV Corp.                     |  | Delaware                               
|18. |  | Newcastle CDO IV Holdings LLC              |  | Delaware                               
|19. |  | Newcastle CDO IV, Ltd.                     |  | Cayman Islands                         
|20. |  | Newcastle CDO V Corp.                      |  | Delaware                               
|21. |  | Newcastle CDO V Holdings LLC               |  | Delaware                               
|22. |  | Newcastle CDO V, Ltd.                      |  | Cayman Islands                         
|23. |  | Newcastle CDO VI Corp.                     |  | Delaware                               
|24. |  | Newcastle CDO VI Holdings LLC              |  | Delaware                               
|25. |  | Newcastle CDO VI, Ltd.                     |  | Cayman Islands                         
|26. |  | Newcastle CDO VII Corp.                    |  | Delaware                               
|27. |  | Newcastle CDO VII Holdings LLC             |  | Delaware                               
|28. |  | Newcastle CDO VII, Limited                 |  | Cayman Islands                         
|29. |  | Newcastle CDO VIII 1, Limited              |  | Cayman Islands                         
|30. |  | Newcastle CDO VIII 2, Limited              |  | Cayman Islands                         
|31. |  | Newcastle CDO VIII Holdings LLC            |  | Delaware                               
|32. |  | Newcastle CDO VIII LLC                     |  | Delaware                               
|33. |  | Newcastle CDO IX 1, Limited                |  | Cayman Islands                         
|34. |  | Newcastle CDO IX 2, Limited                |  | Cayman Islands                         
|35. |  | Newcastle CDO IX Holdings LLC              |  | Delaware                               
|36. |  | Newcastle CDO IX LLC                       |  | Delaware                               
|37. |  | Newcastle CDO X Holdings LLC               |  | Delaware                               
|38. |  | Newcastle CDO X Limited                    |  | Cayman Islands                         
|39. |  | Newcastle CDO X LLC                        |  | Delaware                               
|40. |  | Newcastle Foreign TRS Ltd.                 |  | Cayman Islands                         
|41. |  | Newcastle Investment Trust 2010-MH1        |  | Delaware                               
|42. |  | Newcastle MH I LLC                         |  | Delaware                               
|43. |  | Newcastle Mortgage Securities LLC          |  | Delaware                               
|44. |  | Newcastle Mortgage Securities Trust 2004-1 |  | Delaware                               
|45. |  | Newcastle Mortgage Securities Trust 2006-1 |  | Delaware                               



---

|    |  |                                            |  |                                        
|--- |  | ------------------------------------------ |  | ---------------------------------------
|    |  | Exhibit 21.1                               |  |                                        
|    | 
|    |  | NEWCASTLE INVESTMENT CORP. SUBSIDIARIES   
|    |  |                                           
|    |  | Subsidiary                                 |  | State/Country ofIncorporation/Formation
|    |  |                                           
|46. |  | Newcastle Mortgage Securities Trust 2007-1 |  | Delaware                               
|47. |  | Newcastle Trust I                          |  | Delaware                               
|48. |  | NIC Airport Corporate Center LLC           |  | Delaware                               
|49. |  | NIC Apple Valley I LLC                     |  | Delaware                               
|50. |  | NIC Apple Valley II LLC                    |  | Delaware                               
|51. |  | NIC Apple Valley III LLC                   |  | Delaware                               
|52. |  | NIC CRA LLC                                |  | Delaware                               
|53. |  | NIC Dayton Town Center LLC                 |  | Delaware                               
|54. |  | NIC DB LLC                                 |  | Delaware                               
|55. |  | NIC DP LLC                                 |  | Delaware                               
|56. |  | NIC Management LLC                         |  | Delaware                               
|57. |  | NIC OTC LLC                                |  | Delaware                               
|58. |  | NIC SF LLC                                 |  | Delaware                               
|59. |  | NIC SN LLC                                 |  | Delaware                               
|60. |  | NIC TP LLC                                 |  | Delaware                               
|61. |  | NIC TRS Holdings, Inc.                     |  | Delaware                               
|62. |  | NIC TRS LLC                                |  | Delaware                               
|63. |  | NIC WL II LLC                              |  | Delaware                               
|64. |  | NIC WL LLC                                 |  | Delaware                               
|65. |  | SP I Term Facility LLC                     |  | Delaware                               
|66. |  | Steinhage B.V.                             |  | Netherlands                            
|67. |  | Xanadu Asset Holdings LLC                  |  | Delaware