Exhibit 21.1

NEWCASTLE INVESTMENT CORP. SUBSIDIARIES

STATE/COUNTRY OF
INCORPORATION/FORMATION1.


2520 Ridgewood GP, LLC


Texas2.


Commercial Asset Holdings LLC


Delaware3.


DBNC Peach Holding LLC


Delaware4.


DBNC Peach I Trust


Delaware5.


DBNC Peach LLC


Delaware6.


DBNCF Circle LLC


Delaware7.


DBNCH Circle LLC


Delaware8.


Fortress Asset Trust


Delaware9.


Fortress CBO Holdings I Inc.


Delaware10.


Fortress CBO Investments I Corp.


Delaware11.


Fortress CBO Investments I, Ltd.


Cayman Islands12.


Fortress Realty Holdings, Inc.


Ontario13.


Impac 1998-C1Carthage Texas, LLC


Texas14.


Impac CMB Trust 1998-C1


Delaware15.


Impac Commercial Assets Corporation


California16.


Impac Commercial Capital Corporation


California17.


Impac Commercial Holdings, Inc.


Maryland18.


Karl S.A.


Belgium19.


LIV Holdings LLC


Delaware20.


NC Circle Holdings II LLC


Delaware21.


NC Circle Holdings LLC


Delaware22.


NCT Holdings II LLC


Delaware23.


NCT Holdings LLC


Delaware24.


Newcastle 2005-1 Asset-Backed Note LLC


Delaware25.


Newcastle 2006-1 Asset-Backed Note LLC


Delaware26.


Newcastle 2006-1 Depositor LLC


Delaware27.


Newcastle CDO Holdings LLC


Delaware28.


Newcastle CDO I Corp.


Delaware29.


Newcastle CDO I, Ltd.


Cayman Islands30.


Newcastle CDO II Corp.


Delaware31.


Newcastle CDO II Holdings LLC


Delaware32.


Newcastle CDO II, Ltd.


Cayman Islands33.


Newcastle CDO III Corp.


Delaware34.


Newcastle CDO III Holdings LLC


Delaware35.


Newcastle CDO III, Ltd.


Cayman Islands36.


Newcastle CDO IV Corp.


Delaware37.


Newcastle CDO IV Holdings LLC


Delaware38.


Newcastle CDO IV, Ltd.


Cayman Islands39.


Newcastle CDO IX 1 Limited


Cayman Islands40.


Newcastle CDO IX Holdings LLC


Delaware41.


Newcastle CDO IX LLC


Delaware42.


Newcastle CDO V Corp.


Delaware43.


Newcastle CDO V Holdings LLC


Delaware44.


Newcastle CDO V, Ltd.


Cayman Islands45.


Newcastle CDO VI , Ltd.


Cayman Islands46.


Newcastle CDO VI Corp.


Delaware47.


Newcastle CDO VI Holding, LLC


Delaware


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STATE/COUNTRY OF
INCORPORATION/FORMATION48.


Newcastle CDO VII Corp.


Delaware49.


Newcastle CDO VII Holdings LLC


Delaware50.


Newcastle CDO VII, Limited


Cayman Islands51.


Newcastle CDO VIII 1, Limited


Cayman Islands52.


Newcastle CDO VIII 2, Limited


Cayman Islands53.


Newcastle CDO VIII Holdings LLC


Delaware54.


Newcastle CDO VIII LLC


Delaware55.


Newcastle CDO X Holdings LLC


Delaware56.


Newcastle CDO X Limited


Cayman Islands57.


Newcastle CDO X LLC


Delaware58.


Newcastle Foreign TRS Ltd.


Cayman Islands59.


Newcastle MH I LLC


Delaware60.


Newcastle Mortgage Securities LLC


Delaware61.


Newcastle Mortgage Securities Trust 2004-1


Delaware62.


Newcastle Mortgage Securities Trust 2006-1


Delaware63.


Newcastle Mortgage Securities Trust 2007-1


Delaware64.


Newcastle Trust I


Delaware65.


NIC 2 River Place LLC


Delaware66.


NIC 4 River Place LLC


Delaware67.


NIC Airport Corporate Center LLC


Delaware68.


NIC Apple Valley I LLC


Delaware69.


NIC Apple Valley II LLC


Delaware70.


NIC Apple Valley III LLC


Delaware71.


NIC BR LLC


Delaware72.


NIC CNL LLC


Delaware73.


NIC CR LLC


Delaware74.


NIC CRA LLC


Delaware75.


NIC CSR LLC


Delaware76.


NIC Dayton Towne Center LLC


Delaware77.


NIC DB LLC


Delaware78.


NIC DBRepo LLC


Delaware79.


NIC DP LLC


Delaware80.


NIC GCMRepo LLC


Delaware81.


NIC GR LLC


Delaware82.


NIC GS LLC


Delaware83.


NIC GSE LLC


Delaware84.


NIC Holdings I LLC


Delaware85.


NIC KZ LLC


Delaware86.


NIC Mezz LLC


Delaware87.


NIC NK LLC


Delaware88.


NIC OTC LLC


Delaware89.


NIC TRS Holdings, Inc.


Delaware90.


NIC TRS LLC


Delaware91.


NIC WL II LLC


Delaware92.


NIC WL LLC


Delaware93.


Steinhage B.V.


Netherlands94.


Windsor Funding Trust


Delaware95.


Windsor Trust


Delaware


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