|    |  |                                         |  |                                        
|--- |  | --------------------------------------- |  | ---------------------------------------
|    |  | Exhibit 21.1                            |  |                                        
|    | 
|    |  | NEWCASTLE INVESTMENT CORP. SUBSIDIARIES
|    |  |                                        
|    |  |                                         |  | STATE/COUNTRY OFINCORPORATION/FORMATION
|1.  |  | 2520 Ridgewood GP, LLC                  |  | Delaware                               
|2.  |  | Commercial Asset Holdings LLC           |  | Delaware                               
|3.  |  | DBNC Peach Holding LLC                  |  | Delaware                               
|4.  |  | DBNC Peach I Trust                      |  | Delaware                               
|5.  |  | DBNC Peach LLC                          |  | Delaware                               
|6.  |  | DBNCF Circle LLC                        |  | Delaware                               
|7.  |  | DBNCH Circle LLC                        |  | Delaware                               
|8.  |  | Fortress Asset Trust                    |  | Delaware                               
|9.  |  | Fortress CBO Holdings I Inc.            |  | Delaware                               
|10. |  | Fortress CBO Investments I Corp.        |  | Delaware                               
|11. |  | Fortress CBO Investments I, Ltd.        |  | Cayman Islands                         
|12. |  | Fortress Realty Holdings, Inc.          |  | Ontario                                
|13. |  | Impac 1998-C1Carthage Texas, LLC        |  | Texas                                  
|14. |  | Impac CMB Trust 1998-C1                 |  | Delaware                               
|15. |  | Impac Commercial Assets Corporation     |  | California                             
|16. |  | Impac Commercial Capital Corporation    |  | California                             
|17. |  | Impac Commercial Holdings, Inc.         |  | Maryland                               
|18. |  | Karl S.A.                               |  | Belgium                                
|19. |  | LIV Holdings LLC                        |  | Delaware                               
|20. |  | NC Circle Holdings II LLC               |  | Delaware                               
|21. |  | NC Circle Holdings LLC                  |  | Delaware                               
|22. |  | NCT Holdings II LLC                     |  | Delaware                               
|23. |  | NCT Holdings LLC                        |  | Delaware                               
|24. |  | Newcastle 2005-1 Asset-Backed Note LLC  |  | Delaware                               
|25. |  | Newcastle 2006-1 Asset-Backed Note LLC  |  | Delaware                               
|26. |  | Newcastle 2006-1 Depositor LLC          |  | Delaware                               
|27. |  | Newcastle CDO Holdings LLC              |  | Delaware                               
|28. |  | Newcastle CDO I Corp.                   |  | Delaware                               
|29. |  | Newcastle CDO II Corp.                  |  | Delaware                               
|30. |  | Newcastle CDO II Holdings LLC           |  | Delaware                               
|31. |  | Newcastle CDO III Corp.                 |  | Delaware                               
|32. |  | Newcastle CDO III Holdings LLC          |  | Delaware                               
|33. |  | Newcastle CDO IV Corp.                  |  | Delaware                               
|34. |  | Newcastle CDO IV Holdings LLC           |  | Delaware                               
|35. |  | Newcastle CDO IV, Ltd.                  |  | Cayman Islands                         
|36. |  | Newcastle CDO IX 1 Limited              |  | Cayman Islands                         
|37. |  | Newcastle CDO IX Holdings LLC           |  | Delaware                               
|38. |  | Newcastle CDO IX LLC                    |  | Delaware                               
|39. |  | Newcastle CDO V Corp.                   |  | Delaware                               
|40. |  | Newcastle CDO V Holdings LLC            |  | Delaware                               
|41. |  | Newcastle CDO V, Ltd.                   |  | Cayman Islands                         
|42. |  | Newcastle CDO VI , Ltd.                 |  | Cayman Islands                         
|43. |  | Newcastle CDO VI Corp.                  |  | Delaware                               
|44. |  | Newcastle CDO VI Holding, LLC           |  | Delaware                               
|45. |  | Newcastle CDO VII Corp.                 |  | Delaware                               



---

|    |  |                                            |  |                                        
|--- |  | ------------------------------------------ |  | ---------------------------------------
|    |  | Exhibit 21.1                               |  |                                        
|    | 
|    |  | NEWCASTLE INVESTMENT CORP. SUBSIDIARIES   
|    |  |                                           
|    |  |                                            |  | STATE/COUNTRY OFINCORPORATION/FORMATION
|    |  |                                           
|46. |  | Newcastle CDO VII Holdings LLC             |  | Delaware                               
|47. |  | Newcastle CDO VII, Limited                 |  | Cayman Islands                         
|48. |  | Newcastle CDO VIII 1, Limited              |  | Cayman Islands                         
|49. |  | Newcastle CDO VIII 2, Limited              |  | Cayman Islands                         
|50. |  | Newcastle CDO VIII Holdings LLC            |  | Delaware                               
|51. |  | Newcastle CDO VIII LLC                     |  | Delaware                               
|52. |  | Newcastle CDO X Holdings LLC               |  | Delaware                               
|53. |  | Newcastle CDO X Limited                    |  | Cayman Islands                         
|54. |  | Newcastle CDO X LLC                        |  | Delaware                               
|55. |  | Newcastle Foreign TRS Ltd.                 |  | Cayman Islands                         
|56. |  | Newcastle MH I LLC                         |  | Delaware                               
|57. |  | Newcastle Mortgage Securities LLC          |  | Delaware                               
|58. |  | Newcastle Mortgage Securities Trust 2004-1 |  | Delaware                               
|59. |  | Newcastle Mortgage Securities Trust 2006-1 |  | Delaware                               
|60. |  | Newcastle Mortgage Securities Trust 2007-1 |  | Delaware                               
|61. |  | Newcastle Trust I                          |  | Delaware                               
|62. |  | NIC 2 River Place LLC                      |  | Delaware                               
|63. |  | NIC 4 River Place LLC                      |  | Delaware                               
|64. |  | NIC Airport Corporate Center LLC           |  | Delaware                               
|65. |  | NIC Apple Valley I LLC                     |  | Delaware                               
|66. |  | NIC Apple Valley II LLC                    |  | Delaware                               
|67. |  | NIC Apple Valley III LLC                   |  | Delaware                               
|68. |  | NIC BR LLC                                 |  | Delaware                               
|69. |  | NIC CNL LLC                                |  | Delaware                               
|70. |  | NIC CR LLC                                 |  | Delaware                               
|71. |  | NIC CRA LLC                                |  | Delaware                               
|72. |  | NIC CSR LLC                                |  | Delaware                               
|73. |  | NIC Dayton Towne Center LLC                |  | Delaware                               
|74. |  | NIC DB LLC                                 |  | Delaware                               
|75. |  | NIC DBRepo LLC                             |  | Delaware                               
|76. |  | NIC DP LLC                                 |  | Delaware                               
|77. |  | NIC GCMRepo LLC                            |  | Delaware                               
|78. |  | NIC GR LLC                                 |  | Delaware                               
|79. |  | NIC GS LLC                                 |  | Delaware                               
|80. |  | NIC GSE LLC                                |  | Delaware                               
|81. |  | NIC Holdings I LLC                         |  | Delaware                               
|82. |  | NIC KZ LLC                                 |  | Delaware                               
|83. |  | NIC Mezz LLC                               |  | Delaware                               
|84. |  | NIC NK LLC                                 |  | Delaware                               
|85. |  | NIC OTC LLC                                |  | Delaware                               
|86. |  | NIC TRS Holdings, Inc.                     |  | Delaware                               
|87. |  | NIC TRS LLC                                |  | Delaware                               
|88. |  | NIC WL II LLC                              |  | Delaware                               
|89. |  | NIC WL LLC                                 |  | Delaware                               
|90. |  | Steinhage B.V.                             |  | Netherlands