EXHIBIT 21.1
DRIVE SHACK INC. SUBSIDIARIES
| Subsidiary | Jurisdiction of Incorporation/Organization | |||
| 1 | IMPAC Commercial Assets Corporation | California | ||
| 2 | IMPAC Commercial Capital Corporation | California | ||
| 3 | IMPAC Commercial Holdings, Inc. | Maryland | ||
| 4 | NCT Holdings LLC | Delaware | ||
| 5 | Newcastle CDO V Corp. | Delaware | ||
| 6 | Newcastle CDO V Holdings LLC | Delaware | ||
| 7 | Newcastle CDO VI Corp. | Delaware | ||
| 8 | Newcastle CDO VI Holdings LLC | Delaware | ||
| 9 | Newcastle CDO VIII 1, Limited | Cayman Islands | ||
| 10 | Newcastle CDO VIII 2, Limited | Cayman Islands | ||
| 11 | Newcastle CDO VIII Holdings LLC | Delaware | ||
| 12 | Newcastle CDO VIII LLC | Delaware | ||
| 13 | Newcastle CDO IX 1, Limited | Cayman Islands | ||
| 14 | Newcastle CDO IX Holdings LLC | Delaware | ||
| 15 | Newcastle CDO IX LLC | Delaware | ||
| 16 | Newcastle Mortgage Securities LLC | Delaware | ||
| 17 | Newcastle Mortgage Securities Trust 2006-1 | Delaware | ||
| 18 | Newcastle Mortgage Securities Trust 2007-1 | Delaware | ||
| 19 | NIC CRA LLC | Delaware | ||
| 20 | NIC OTC LLC | Delaware | ||
| 21 | NIC SF LLC | Delaware | ||
| 22 | NIC Management LLC | Delaware | ||
| 23 | NIC SN LLC | Delaware | ||
| 24 | Xanadu Asset Holdings LLC | Delaware | ||
| 25 | NCT 2013 – VI Funding Ltd. | Cayman Islands | ||
| 26 | NCT 2013-VI Funding Investors LLC | Delaware | ||
| 27 | American Golf Group Holdings LLC | Delaware | ||
| 28 | Tower A LLC | Delaware | ||
| 29 | Tower C LLC | Delaware | ||
| 30 | Vineyards Holdings LLC | Delaware | ||
| 31 | American Golf Partners LLC | Delaware | ||
| 32 | NGP Realty Sub GP, LLC | Delaware | ||
| 33 | NGP Realty Sub, L.P. | Delaware | ||
| 34 | AGC Mezzanine Pledge LLC | Delaware | ||
| 35 | New AGC LLC | Delaware | ||
| 36 | American Golf Corporation | California | ||
| 37 | American Golf of Atlanta | Georgia | ||
| 38 | CW Golf Partners LP | California | ||
| 39 | Golf Enterprises Inc. | Kansas | ||
| 40 | Persimmon Golf Club LLC | Delaware | ||
| 41 | Newcastle 2014-MH1 Property Owner LLC | Delaware | ||
| Subsidiary | Jurisdiction of Incorporation/Organization | |||
| 42 | Drive Shack Holdings LLC | Delaware | ||
| 43 | NIC Taberna LLC | Delaware | ||
| 44 | AG Los Coyotes LLC | California | ||
| 45 | AGC Field Operations LLC | Delaware | ||
| 46 | AGC Realty LLC | Delaware | ||
| 47 | Drive Shack Orlando LLC | Delaware | ||
| 48 | Drive Shack Richmond LLC | Delaware | ||
| 49 | American Golf of Glendale Inc. | California | ||
| 50 | Drive Shack Raleigh LLC | Delaware | ||
| 51 | Drive Shack Palm Beach LLC | Delaware | ||
| 52 | Drive Shack Phoenix LLC | Delaware | ||