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| Subsidiary | | Jurisdiction of Incorporation/Organization |
| 1 | | NCT Holdings LLC | | Delaware |
| 2 | | Newcastle CDO VIII 1, Limited | | Cayman Islands |
| 3 | | Newcastle CDO VIII 2, Limited | | Cayman Islands |
| 4 | | Newcastle CDO VIII Holdings LLC | | Delaware |
| 5 | | Newcastle CDO VIII LLC | | Delaware |
| 6 | | Newcastle CDO IX 1, Limited | | Cayman Islands |
| 7 | | Newcastle CDO IX Holdings LLC | | Delaware |
| 8 | | Newcastle CDO IX LLC | | Delaware |
| 9 | | Newcastle Mortgage Securities Trust 2006-1 | | Delaware |
| 10 | | Newcastle Mortgage Securities Trust 2007-1 | | Delaware |
| 11 | | NIC CRA LLC | | Delaware |
| 12 | | NIC OTC LLC | | Delaware |
| 13 | | NIC SF LLC | | Delaware |
| 14 | | NIC Management LLC | | Delaware |
| 15 | | Xanadu Asset Holdings LLC | | Delaware |
| 16 | | American Golf Group Holdings LLC | | Delaware |
| 17 | | Tower A LLC | | Delaware |
| 18 | | Tower C LLC | | Delaware |
| 19 | | Vineyards Holdings LLC | | Delaware |
| 20 | | American Golf Partners LLC | | Delaware |
| 21 | | NGP Realty Sub GP, LLC | | Delaware |
| 22 | | NGP Realty Sub, L.P. | | Delaware |
| 23 | | AGC Mezzanine Pledge LLC | | Delaware |
| 24 | | New AGC LLC | | Delaware |
| 25 | | American Golf Corporation | | California |
| 26 | | American Golf of Atlanta | | Georgia |
| 27 | | CW Golf Partners LP | | California |
| 28 | | Golf Enterprises Inc. | | Kansas |
| 29 | | Persimmon Golf Club LLC | | Delaware |
| 30 | | Drive Shack Holdings LLC | | Delaware |
| 31 | | NIC Taberna LLC | | Delaware |
| 32 | | AG Los Coyotes LLC | | California |
| 33 | | AGC Field Operations LLC | | Delaware |
| 34 | | AGC Realty LLC | | Delaware |
| 35 | | Myeshan Inc. | | Ohio |
| 36 | | AGC Management LLC | | Delaware |
| 37 | | Drive Shack Orlando LLC | | Delaware |
| 38 | | Drive Shack Richmond LLC | | Delaware |
| 39 | | American Golf of Glendale Inc. | | California |
| 40 | | Drive Shack Raleigh LLC | | Delaware |
| 41 | | Drive Shack Palm Beach LLC | | Delaware |
| 42 | | Drive Shack Randall's Island LLC | | Delaware |