|                                                        | STATE/COUNTRY                  OF INCORPORATION/FORMATION |
|-------------------------------------------------------------|-----------------------------------------------------------|
| 1.                  2520 Ridgewood GP, LLC                  | Texas                                                     |
| 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 CMB Trust 1998-C1                | Delaware                                                  |
| 14.                  Impac Commercial Assets Corporation    | California                                                |
| 15.                  Impac Commercial Capital Corporation   | California                                                |
| 16.                  Impac Commercial Holdings, Inc.        | Maryland                                                  |
| 17.                  Karl S.A.                              | Belgium                                                   |
| 18.                  LIV Holdings LLC                       | Delaware                                                  |
| 19.                  NC Circle Holdings II LLC              | Delaware                                                  |
| 20.                  NC Circle Holdings LLC                 | Delaware                                                  |
| 21.                  NCT Holdings II LLC                    | Delaware                                                  |
| 22.                  NCT Holdings LLC                       | Delaware                                                  |
| 23.                  Newcastle 2005-1 Asset-Backed Note LLC | Delaware                                                  |
| 24.                  Newcastle 2006-1 Asset-Backed Note LLC | Delaware                                                  |
| 25.                  Newcastle 2006-1 Depositor LLC         | Delaware                                                  |
| 26.                  Newcastle CDO Holdings LLC             | Delaware                                                  |
| 27.                  Newcastle CDO I Corp.                  | Delaware                                                  |
| 28.                  Newcastle CDO I, Ltd.                  | Cayman                  Islands                           |
| 29.                  Newcastle CDO II Corp.                 | Delaware                                                  |
| 30.                  Newcastle CDO II Holdings LLC          | Delaware                                                  |
| 31.                  Newcastle CDO II, Ltd.                 | Cayman                  Islands                           |
| 32.                  Newcastle CDO III Corp.                | Delaware                                                  |
| 33.                  Newcastle CDO III Holdings LLC         | Delaware                                                  |
| 34.                  Newcastle CDO III, Ltd.                | Cayman                  Islands                           |
| 35.                  Newcastle CDO IV Corp.                 | Delaware                                                  |
| 36.                  Newcastle CDO IV Holdings LLC          | Delaware                                                  |
| 37.                  Newcastle CDO IV, Ltd.                 | Cayman                  Islands                           |
| 40.                  Newcastle CDO V Corp.                  | Delaware                                                  |
| 41.                  Newcastle CDO V Holdings LLC           | Delaware                                                  |

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|                                                            | STATE/COUNTRY                  OF INCORPORATION/FORMATION |
|-----------------------------------------------------------------|-----------------------------------------------------------|
| 42.                  Newcastle CDO V, Ltd.                      | Cayman                  Islands                           |
| 43.                  Newcastle CDO VI , Ltd.                    | Cayman                  Islands                           |
| 44.                  Newcastle CDO VI Corp.                     | Delaware                                                  |
| 45.                  Newcastle CDO VI Holding, LLC              | Delaware                                                  |
| 46.                  Newcastle CDO VII Corp.                    | Delaware                                                  |
| 47.                  Newcastle CDO VII Holdings LLC             | Delaware                                                  |
| 48.                  Newcastle CDO VII, Limited                 | Cayman                  Islands                           |
| 49.                  Newcastle CDO VIII 1, Limited              | Cayman                  Islands                           |
| 50.                  Newcastle CDO VIII 2, Limited              | Cayman                  Islands                           |
| 51.                  Newcastle CDO VIII Holdings LLC            | Delaware                                                  |
| 52.                  Newcastle CDO VIII LLC                     | Delaware                                                  |
| 53.                  Newcastle Foreign TRS LLC                  | Cayman                  Islands                           |
| 54.                  Newcastle MH I LLC                         | Delaware                                                  |
| 55.                  Newcastle Mortgage Securities LLC          | Delaware                                                  |
| 56.                  Newcastle Mortgage Securities Trust 2004-1 | Delaware                                                  |
| 57.                  Newcastle Mortgage Securities Trust 2006-1 | Delaware                                                  |
| 58.                  Newcastle Trust I                          | Delaware                                                  |
| 59.                  NIC 2 River Place LLC                      | Delaware                                                  |
| 60.                  NIC 4 River Place LLC                      | Delaware                                                  |
| 61.                  NIC Airport Corporate Center LLC           | Delaware                                                  |
| 62.                  NIC Apple Valley I LLC                     | Delaware                                                  |
| 63.                  NIC Apple Valley II LLC                    | Delaware                                                  |
| 64.                  NIC Apple Valley III LLC                   | Delaware                                                  |
| 65.                  NIC BR LLC                                 | Delaware                                                  |
| 66.                  NIC CNL LLC                                | Delaware                                                  |
| 67.                  NIC CR LLC                                 | Delaware                                                  |
| 68.                  NIC CSR LLC                                | Delaware                                                  |
| 69.                  NIC Dayton Towne Center LLC                | Delaware                                                  |
| 70.                  NIC DBRepo LLC                             | Delaware                                                  |
| 71.                  NIC DP LLC                                 | Delaware                                                  |
| 72.                  NIC GCMRepo LLC                            | Delaware                                                  |
| 73.                  NIC GR LLC                                 | Delaware                                                  |
| 74.                  NIC GS LLC                                 | Delaware                                                  |
| 75.                  NIC GSE LLC                                | Delaware                                                  |
| 76.                  NIC Holdings I LLC                         | Delaware                                                  |
| 77.                  NIC KZ LLC                                 | Delaware                                                  |
| 78.                  NIC NK LLC                                 | Delaware                                                  |
| 79.                  NIC OTC LLC                                | Delaware                                                  |
| 80.                  NIC TRS Holdings, Inc.                     | Delaware                                                  |
| 81.                  NIC TRS LLC                                | Delaware                                                  |
| 82.                  NIC WL LLC                                 | Delaware                                                  |
| 83.                  Steinhage B.V.                             | Netherlands                                               |
| 84.                  Windsor Funding Trust                      | Delaware                                                  |
| 85.                  Windsor Trust                              | Delaware                                                  |

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