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 1998-C1Carthage Texas, LLC			Texas
14.			Impac CMB Trust 1998-C1			Delaware
15.			Impac Commercial Assets Corporation			California
16.			Impac Commercial Capital Corporation			California
17.			Impac Commercial Holdings, Inc.			Maryland
18.			Karl S.A.			Belgium
19.			LIV Holdings LLC			Delaware
20.			NC Circle Holdings II LLC			Delaware
21.			NC Circle Holdings LLC			Delaware
22.			NCT Holdings II LLC			Delaware
23.			NCT Holdings LLC			Delaware
24.			Newcastle 2005-1 Asset-Backed Note LLC			Delaware
25.			Newcastle 2006-1 Asset-Backed Note LLC			Delaware
26.			Newcastle 2006-1 Depositor LLC			Delaware
27.			Newcastle CDO Holdings LLC			Delaware
28.			Newcastle CDO I Corp.			Delaware
29.			Newcastle CDO I, Ltd.			Cayman Islands
30.			Newcastle CDO II Corp.			Delaware
31.			Newcastle CDO II Holdings LLC			Delaware
32.			Newcastle CDO II, Ltd.			Cayman Islands
33.			Newcastle CDO III Corp.			Delaware
34.			Newcastle CDO III Holdings LLC			Delaware
35.			Newcastle CDO III, Ltd.			Cayman Islands
36.			Newcastle CDO IV Corp.			Delaware
37.			Newcastle CDO IV Holdings LLC			Delaware
38.			Newcastle CDO IV, Ltd.			Cayman Islands
39.			Newcastle CDO IX 1 Limited			Cayman Islands
40.			Newcastle CDO IX Holdings LLC			Delaware
41.			Newcastle CDO IX LLC			Delaware
42.			Newcastle CDO V Corp.			Delaware
43.			Newcastle CDO V Holdings LLC			Delaware
44.			Newcastle CDO V, Ltd.			Cayman Islands
45.			Newcastle CDO VI , Ltd.			Cayman Islands
46.			Newcastle CDO VI Corp.			Delaware
47.			Newcastle CDO VI Holding, LLC			Delaware

						STATE/COUNTRY OF INCORPORATION/FORMATION
48.			Newcastle CDO VII Corp.			Delaware
49.			Newcastle CDO VII Holdings LLC			Delaware
50.			Newcastle CDO VII, Limited			Cayman Islands
51.			Newcastle CDO VIII 1, Limited			Cayman Islands
52.			Newcastle CDO VIII 2, Limited			Cayman Islands
53.			Newcastle CDO VIII Holdings LLC			Delaware
54.			Newcastle CDO VIII LLC			Delaware
55.			Newcastle CDO X Holdings LLC			Delaware
56.			Newcastle CDO X Limited			Cayman Islands
57.			Newcastle CDO X LLC			Delaware
58.			Newcastle Foreign TRS Ltd.			Cayman Islands
59.			Newcastle MH I LLC			Delaware
60.			Newcastle Mortgage Securities LLC			Delaware
61.			Newcastle Mortgage Securities Trust 2004-1			Delaware
62.			Newcastle Mortgage Securities Trust 2006-1			Delaware
63.			Newcastle Mortgage Securities Trust 2007-1			Delaware
64.			Newcastle Trust I			Delaware
65.			NIC 2 River Place LLC			Delaware
66.			NIC 4 River Place LLC			Delaware
67.			NIC Airport Corporate Center LLC			Delaware
68.			NIC Apple Valley I LLC			Delaware
69.			NIC Apple Valley II LLC			Delaware
70.			NIC Apple Valley III LLC			Delaware
71.			NIC BR LLC			Delaware
72.			NIC CNL LLC			Delaware
73.			NIC CR LLC			Delaware
74.			NIC CRA LLC			Delaware
75.			NIC CSR LLC			Delaware
76.			NIC Dayton Towne Center LLC			Delaware
77.			NIC DB LLC			Delaware
78.			NIC DBRepo LLC			Delaware
79.			NIC DP LLC			Delaware
80.			NIC GCMRepo LLC			Delaware
81.			NIC GR LLC			Delaware
82.			NIC GS LLC			Delaware
83.			NIC GSE LLC			Delaware
84.			NIC Holdings I LLC			Delaware
85.			NIC KZ LLC			Delaware
86.			NIC Mezz LLC			Delaware
87.			NIC NK LLC			Delaware
88.			NIC OTC LLC			Delaware
89.			NIC TRS Holdings, Inc.			Delaware
90.			NIC TRS LLC			Delaware
91.			NIC WL II LLC			Delaware
92.			NIC WL LLC			Delaware
93.			Steinhage B.V.			Netherlands
94.			Windsor Funding Trust			Delaware
95.			Windsor Trust			Delaware