Exhibit 21.1   
  NEWCASTLE INVESTMENT CORP. SUBSIDIARIES
        

STATE/COUNTRY OF

INCORPORATION/FORMATION

 

 

  1.

 

 

2520 Ridgewood GP, LLC

  

 

        Texas

  2.

  DBNC Peach Holding LLC            Delaware

  3.

  DBNC Peach I Trust            Delaware

  4.

  DBNC Peach LLC            Delaware

  5.

  Fortress Asset Trust            Delaware

  6.

  Fortress Realty Holdings, Inc.            Ontario

  7.

  Impac 1998-C1Carthage Texas, LLC            Texas

  8.

  Impac CMB Trust 1998-C1            Delaware

  9.

  Impac Commercial Assets Corporation            California

10.

  Impac Commercial Capital Corporation            California

11.

  Impac Commercial Holdings, Inc.            Maryland

12.

  Karl S.A.            Belgium

13.

  LIV Holdings LLC            Delaware

14.

  NCT Holdings II LLC            Delaware

15.

  NCT Holdings LLC            Delaware

16.

  Newcastle 2005-1 Asset-Backed Note LLC            Delaware

17.

  Newcastle 2006-1 Asset-Backed Note LLC            Delaware

18.

  Newcastle 2006-1 Depositor LLC            Delaware

19.

  Newcastle CDO IV Corp.            Delaware

20.

  Newcastle CDO IV Holdings LLC            Delaware

21.

  Newcastle CDO IV, Ltd.            Cayman Islands

22.

  Newcastle CDO IX 1 Limited            Cayman Islands

23.

  Newcastle CDO IX 2 Limited            Cayman Islands

24.

  Newcastle CDO IX Holdings LLC            Delaware

25.

  Newcastle CDO IX LLC            Delaware

26.

  Newcastle CDO V Corp.            Delaware

27.

  Newcastle CDO V Holdings LLC            Delaware

28.

  Newcastle CDO V, Ltd.            Cayman Islands

29.

  Newcastle CDO VI , Ltd.            Cayman Islands

30.

  Newcastle CDO VI Corp.            Delaware

31.

  Newcastle CDO VI Holding, LLC            Delaware

32.

  Newcastle CDO VII Corp.            Delaware

33.

  Newcastle CDO VII Holdings LLC            Delaware

34.

  Newcastle CDO VII, Limited            Cayman Islands

35.

  Newcastle CDO VIII 1, Limited            Cayman Islands

36.

  Newcastle CDO VIII 2, Limited            Cayman Islands

37.

  Newcastle CDO VIII Holdings LLC            Delaware

38.

  Newcastle CDO VIII LLC            Delaware

39.

  Newcastle CDO X Holdings LLC            Delaware

40.

  Newcastle CDO X Limited            Cayman Islands

41.

  Newcastle CDO X LLC            Delaware

42.

  Newcastle Foreign TRS Ltd.            Cayman Islands

43.

  Newcastle MH I LLC            Delaware

44.

  Newcastle Mortgage Securities LLC            Delaware

45.

  Newcastle Mortgage Securities Trust 2004-1            Delaware


    Exhibit 21.1     
  NEWCASTLE INVESTMENT CORP. SUBSIDIARIES
        

STATE/COUNTRY OF

INCORPORATION/FORMATION

 

 

46.

 

 

Newcastle Mortgage Securities Trust 2006-1

           Delaware

47.

  Newcastle Mortgage Securities Trust 2007-1            Delaware

48.

  Newcastle Trust I            Delaware

49.

  NIC 2 River Place LLC            Delaware

50.

  NIC 4 River Place LLC            Delaware

51.

  NIC Airport Corporate Center LLC            Delaware

52.

  NIC Apple Valley I LLC            Delaware

53.

  NIC Apple Valley II LLC            Delaware

54.

  NIC Apple Valley III LLC            Delaware

55.

  NIC CRA LLC            Delaware

56.

  NIC Dayton Towne Center LLC            Delaware

57.

  NIC DB LLC            Delaware

58.

  NIC DP LLC            Delaware

59.

  NIC OTC LLC            Delaware

60.

  NIC TP LLC            Delaware

61.

  NIC TRS Holdings, Inc.            Delaware

62.

  NIC TRS LLC            Delaware

63.

  NIC WL II LLC            Delaware

64.

  NIC WL LLC            Delaware

65.

  Steinhage B.V.            Netherlands