|    |  |                                            |  |                                         
|--- |  | ------------------------------------------ |  | ----------------------------------------
|    |  | Exhibit 21.1                               |  |                                         
|    | 
|    |  | NEWCASTLE INVESTMENT CORP. SUBSIDIARIES   
|    |  |                                           
|    |  |                                            |  | STATE/COUNTRY OF INCORPORATION/FORMATION
|1.  |  | 2520 Ridgewood GP, LLC                     |  | Texas                                   
|2.  |  | DBNC Peach Holding LLC                     |  | Delaware                                
|3.  |  | DBNC Peach I Trust                         |  | Delaware                                
|4.  |  | DBNC Peach LLC                             |  | Delaware                                
|5.  |  | Fortress Asset Trust                       |  | Delaware                                
|6.  |  | Fortress Realty Holdings, Inc.             |  | Ontario                                 
|7.  |  | Impac 1998-C1Carthage Texas, LLC           |  | Texas                                   
|8.  |  | Impac CMB Trust 1998-C1                    |  | Delaware                                
|9.  |  | Impac Commercial Assets Corporation        |  | California                              
|10. |  | Impac Commercial Capital Corporation       |  | California                              
|11. |  | Impac Commercial Holdings, Inc.            |  | Maryland                                
|12. |  | Karl S.A.                                  |  | Belgium                                 
|13. |  | LIV Holdings LLC                           |  | Delaware                                
|14. |  | NCT Holdings II LLC                        |  | Delaware                                
|15. |  | NCT Holdings LLC                           |  | Delaware                                
|16. |  | Newcastle 2005-1 Asset-Backed Note LLC     |  | Delaware                                
|17. |  | Newcastle 2006-1 Asset-Backed Note LLC     |  | Delaware                                
|18. |  | Newcastle 2006-1 Depositor LLC             |  | Delaware                                
|19. |  | Newcastle CDO IV Corp.                     |  | Delaware                                
|20. |  | Newcastle CDO IV Holdings LLC              |  | Delaware                                
|21. |  | Newcastle CDO IV, Ltd.                     |  | Cayman Islands                          
|22. |  | Newcastle CDO IX 1 Limited                 |  | Cayman Islands                          
|23. |  | Newcastle CDO IX 2 Limited                 |  | Cayman Islands                          
|24. |  | Newcastle CDO IX Holdings LLC              |  | Delaware                                
|25. |  | Newcastle CDO IX LLC                       |  | Delaware                                
|26. |  | Newcastle CDO V Corp.                      |  | Delaware                                
|27. |  | Newcastle CDO V Holdings LLC               |  | Delaware                                
|28. |  | Newcastle CDO V, Ltd.                      |  | Cayman Islands                          
|29. |  | Newcastle CDO VI , Ltd.                    |  | Cayman Islands                          
|30. |  | Newcastle CDO VI Corp.                     |  | Delaware                                
|31. |  | Newcastle CDO VI Holding, LLC              |  | Delaware                                
|32. |  | Newcastle CDO VII Corp.                    |  | Delaware                                
|33. |  | Newcastle CDO VII Holdings LLC             |  | Delaware                                
|34. |  | Newcastle CDO VII, Limited                 |  | Cayman Islands                          
|35. |  | Newcastle CDO VIII 1, Limited              |  | Cayman Islands                          
|36. |  | Newcastle CDO VIII 2, Limited              |  | Cayman Islands                          
|37. |  | Newcastle CDO VIII Holdings LLC            |  | Delaware                                
|38. |  | Newcastle CDO VIII LLC                     |  | Delaware                                
|39. |  | Newcastle CDO X Holdings LLC               |  | Delaware                                
|40. |  | Newcastle CDO X Limited                    |  | Cayman Islands                          
|41. |  | Newcastle CDO X LLC                        |  | Delaware                                
|42. |  | Newcastle Foreign TRS Ltd.                 |  | Cayman Islands                          
|43. |  | Newcastle MH I LLC                         |  | Delaware                                
|44. |  | Newcastle Mortgage Securities LLC          |  | Delaware                                
|45. |  | Newcastle Mortgage Securities Trust 2004-1 |  | Delaware                                



---

|    |  |                                            |  |                                         
|--- |  | ------------------------------------------ |  | ----------------------------------------
|    |  | Exhibit 21.1                               |  |                                         
|    | 
|    |  | NEWCASTLE INVESTMENT CORP. SUBSIDIARIES   
|    |  |                                           
|    |  |                                            |  | STATE/COUNTRY OF INCORPORATION/FORMATION
|46. |  | Newcastle Mortgage Securities Trust 2006-1 |  | Delaware                                
|47. |  | Newcastle Mortgage Securities Trust 2007-1 |  | Delaware                                
|48. |  | Newcastle Trust I                          |  | Delaware                                
|49. |  | NIC 2 River Place LLC                      |  | Delaware                                
|50. |  | NIC 4 River Place LLC                      |  | Delaware                                
|51. |  | NIC Airport Corporate Center LLC           |  | Delaware                                
|52. |  | NIC Apple Valley I LLC                     |  | Delaware                                
|53. |  | NIC Apple Valley II LLC                    |  | Delaware                                
|54. |  | NIC Apple Valley III LLC                   |  | Delaware                                
|55. |  | NIC CRA LLC                                |  | Delaware                                
|56. |  | NIC Dayton Towne Center LLC                |  | Delaware                                
|57. |  | NIC DB LLC                                 |  | Delaware                                
|58. |  | NIC DP LLC                                 |  | Delaware                                
|59. |  | NIC OTC 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. |  | Steinhage B.V.                             |  | Netherlands