Exhibit 21.1
NEWCASTLE INVESTMENT CORP. SUBSIDIARIES
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 |
Exhibit 21.1
NEWCASTLE INVESTMENT CORP. SUBSIDIARIES
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 |