. . . Exhibit 21.1 NEWCASTLE INVESTMENT CORP. SUBSIDIARIES
STATE/COUNTRY OF INCORPORATION/FORMATION ----------------------- 1. Fortress Realty Holdings, Inc. Ontario 2. Commercial Asset Holdings LLC Delaware 3. Fortress CBO Investments I Corp. Delaware 4. Fortress CBO Holdings I Inc. Delaware 5. Newcastle CDO I Corp. Delaware 6. Fortress CBO Investments I, Ltd. Cayman Islands 7. Newcastle CDO I, Ltd. Cayman Islands 8. Fortress Asset Trust Delaware 9. LIV Holdings LLC Delaware 10. Monterrey Belgium S.A. Belgium 11. Monterrey B.V. Netherlands 12. Karl S.A. Belgium 13. Steinhage B.V. Netherlands 14. Alfa Invest s.p.r.l. Belgium 15. NIC Holdings I LLC Delaware 16. Newcastle CDO Holdings LLC Delaware 17. Fortress Finance (Belgium) s.p.r.l. Belgium 18. Newcastle CDO II Holdings LLC Delaware 19. Newcastle CDO II, Ltd. Cayman Islands 20. Impac Commercial Holdings, Inc. Maryland 21. Impac Commercial Assets Corporation California 22. Impac Commercial Capital Corporation California 23. Newcastle CDO II Corp. Delaware 24. NIC TRS Holdings, Inc. Delaware 25. Newcastle CDO III Holdings LLC Delaware 26. Newcastle CDO III, Ltd. Cayman Islands 27. Newcastle CDO III Corp. Delaware 28. NIC GCMRepo LLC Delaware 29. NIC DBRepo LLC Delaware 30. NIC NK LLC Delaware 31. DBNC Peach Holding LLC Delaware 32. DBNC Peach LLC Delaware 33. DBNC Peach I Trust LLC Delaware 34. DBNCF Circle LLC Delaware 35. DBNCH Circle LLC Delaware 36. NC Circle Holdings LLC Delaware 37. NC Circle Holdings II LLC Delaware 38. Newcastle CDO IV Corp. Delaware 39. Newcastle CDO IV Holdings LLC Delaware 40. Newcastle CDO IV, Ltd. Cayman Islands 41. Newcastle CDO V Corp. Delaware
Exhibit 21.1 NEWCASTLE INVESTMENT CORP. SUBSIDIARIES
STATE/COUNTRY OF INCORPORATION/FORMATION ----------------------- 42. Newcastle CDO V Holdings LLC Delaware 43. Newcastle CDO V, Ltd. Cayman Islands 44. Newcastle Mortgage Securities LLC Delaware 45. Newcastle Mortgage Securities Trust 2004-1 Delaware 46. Newcastle 2005-1 Asset-Backed Note LLC Delaware 47. NIC BR LLC Delaware 48. NIC CNL LLC Delaware 49. NIC CSR LLC Delaware 50. NIC GS LLC Delaware 51. NIC GSE LLC Delaware 52. NIC CR LLC Delaware