EXHIBIT 21.1

NEWCASTLE INVESTMENT CORP. SUBSIDIARIES

         
Subsidiary   Jurisdiction of Incorporation/Organization
         
1. Fortress Asset Trust     Delaware
2. IMPAC CMB Trust 1998-C1     Delaware
3. IMPAC Commercial Assets Corporation     California
4. IMPAC Commercial Capital Corporation     California
5. IMPAC Commercial Holdings, Inc.     Maryland
6. Karl S.A.     Belgium
7. LIV Holdings LLC     Delaware
8. NCT Holdings LLC     Delaware
9. Newcastle 2005-1 Asset Backed Note LLC     Delaware
10. Newcastle 2006-1 Asset Backed Note LLC     Delaware
11. Newcastle 2006-1 Depositor LLC     Delaware
12. Newcastle CDO IV Corp. (process of dissolution)     Delaware
13. Newcastle CDO IV Holdings LLC (process of dissolution)     Delaware
14. Newcastle CDO IV Ltd.     Cayman Islands
15. Newcastle CDO V Corp.     Delaware
16. Newcastle CDO V Holdings LLC     Delaware
17. Newcastle CDO V, Ltd.     Cayman Islands
18. Newcastle CDO VI Corp.     Delaware
19. Newcastle CDO VI Holdings LLC     Delaware
20. Newcastle CDO VI, Ltd.     Cayman Islands
21. Newcastle CDO VIII 1, Limited     Cayman Islands
22. Newcastle CDO VIII 2, Limited     Cayman Islands
23. Newcastle CDO VIII Holdings LLC     Delaware
24. Newcastle CDO X Holdings LLC (process of dissolution)     Delaware
25. Newcastle VIII LLC     Delaware
26. Newcastle CDO IX 1, Limited     Cayman Islands
27. Newcastle CDO IX 2, Limited     Cayman Islands
28. Newcastle CDO IX Holdings LLC     Delaware
29. Newcastle CDO IX LLC     Delaware
30. Newcastle MH I LLC     Delaware
31. Newcastle Mortgage Securities LLC     Delaware
32. Newcastle Mortgage Securities Trust 2004-1     Delaware
33. Newcastle Mortgage Securities 2006-1     Delaware
34. Newcastle Mortgage Securities 2007-1     Delaware
35. Newcastle Trust 1     Delaware
36. NIC Airport Corporate Center LLC     Delaware
37. NIC Apple Valley I LLC     Delaware
38. NIC Apple Valley II LLC     Delaware
39. NIC Apple Valley III LLC     Delaware
40. NIC CRA LLC     Delaware

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EXHIBIT 21.1

NEWCASTLE INVESTMENT CORP. SUBSIDIARIES

         
Subsidiary   Jurisdiction of Incorporation/Organization
         
41. NIC Dayton Town Center LLC     Delaware
42. NIC DB LLC     Delaware
43. NIC DP LLC     Delaware
44. NIC OTC LLC     Delaware
45. NIC TP LLC     Delaware
46. NIC TRS Holdings, Inc.     Delaware
47. NIC TRS LLC     Delaware
48. NIC WL II LLC     Delaware
49. NIC WL LLC     Delaware
50. Steinhage B.V.     Netherlands
51. NIC SF LLC     Delaware
52. NIC Management LLC     Delaware
53. NIC SN LLC     Delaware
54. Xanadu Asset Holdings LLC     Delaware
55. SP I Term Facility LLC     Delaware
56. Dayton Asset Holding LLC     Delaware
57. NCT Holdings II LLC     Delaware
58. Newcastle Investment Trust 2010-MH1     Delaware
59. Newcastle Investment Trust 2011-MH1     Delaware
60. SSL Term Loan LLC     Delaware
61. Newcastle Senior Living Holdings LLC     Delaware
62. TRS LLC     Delaware
63. Propco LLC     Delaware
64. BF Leasing LLC     Delaware
65. BF Owner LLC     Delaware
66. B Leasing LLC     Delaware
67. B Owner LLC     Delaware
68. B California Leasing LLC     Delaware
69. B Oregon Leasing LLC     Delaware
70. B Arizona Leasing LLC     Delaware
71. B Utah Leasing LLC     Delaware
72. B Idaho Leasing LLC     Delaware
73. Orchard Park Leasing LLC     Delaware
74. Sun Oaks Leasing LLC     Delaware
75. Sunshine Villa Leasing LLC     Delaware
76. Regent Court Leasing LLC     Delaware
77. Sheldon Park Leasing LLC     Delaware
78. Desert Flower Leasing LLC     Delaware
79. Canyon Creek Leasing LLC     Delaware
80. Willow Park Leasing LLC     Delaware

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EXHIBIT 21.1

NEWCASTLE INVESTMENT CORP. SUBSIDIARIES

         
Subsidiary   Jurisdiction of Incorporation/Organization
         
81. B California Owner LLC     Delaware
82. B Oregon Owner LLC     Delaware
83. B Arizona Owner LLC     Delaware
84. B Utah Owner LLC     Delaware
85. B Idaho Owner LLC     Delaware
86. Orchard Park Owner LLC     Delaware
87. Sun Oak Owner LLC     Delaware
88. Sunshine Villa Owner LLC     Delaware
89. Regent Court Owner LLC     Delaware
90. Sheldon Park Owner LLC     Delaware
91. Desert Flower Owner LLC     Delaware
92. Canyon Creek Owner LLC     Delaware
93. Willow Park Owner LLC     Delaware
94. RLG Leasing LLC     Delaware
95. RLG Owner LLC     Delaware
96. RLG Utah Leasing LLC     Delaware
97. RLG Utah Owner LLC     Delaware
98. Heritage Place Leasing LLC     Delaware
99. Golden Living Taylorsville Leasing LLC     Delaware
100. Chateau Brickyard Operations LLC     Delaware
101. Heritage Place Owner LLC     Delaware
102. Golden Living Taylorsville Owner LLC     Delaware
103. Chateau Brickyard Owner LLC     Delaware
104. Propco 2 LLC     Delaware
105. NIC Courtyards Owner LLC     Delaware
106. NIC GH I LLC     Delaware
107. NIC GH II LLC     Delaware
108. NIC GH III LLC     Delaware
109. NIC GH IV LLC     Delaware
110. NIC GH V LLC     Delaware
111. NIC GH VI LLC     Delaware
112. NIC GH VII LLC     Delaware
113. NIC GH VIII LLC     Delaware
114. NIC GH IX LLC     Delaware
115. NIC GH X LLC     Delaware
116. NIC GH XI LLC     Delaware
117. Propco 3 LLC     Delaware
118. NIC Courtyards Leasing LLC     Delaware
119. NIC Courtyards LLC     Delaware

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EXHIBIT 21.1

NEWCASTLE INVESTMENT CORP. SUBSIDIARIES

         
Subsidiary   Jurisdiction of Incorporation/Organization
         
120. NIC GH Equity LLC     Delaware
121. NIC GH XII LLC     Delaware
122. NIC Acquisitions LLC     Delaware
123. NIC GH XIII LLC     Delaware
124. NIC 4/5 Leasing LLC     Delaware
125. NIC 5 Florida Leasing LLC     Delaware
126. NIC 5 Springs Heaven Leasing LLC     Delaware
127. NIC 5 Renaissance Retirement Leasing LLC     Delaware
128. NIC 5 Forrest Oaks Leasing LLC     Delaware
129. NIC 4 Florida Leasing LLC     Delaware
130. NIC 4 The Grande Leasing LLC     Delaware
131. NIC 4 Village Place leasing LLC     Delaware
132. NIC 4 Bradenton Oaks Leasing LLC     Delaware
133. NIC 4 Spring Oaks Leasing LLC     Delaware
134. NIC 4 Summerfield Leasing LLC     Delaware
135. NIC 4 Emerald Park Retirement Leasing LLC     Delaware
136. NIC 4 Bayside Terrace Leasing LLC     Delaware
137. NIC 4 Balmoral Leasing LLC     Delaware
138. NIC 4 Sunset Lake Leasing LLC     Delaware
139. NIC 4 North Carolina Leasing LLC     Delaware
140. NIC 4 Courtyards of New Bern Owner LLC     Delaware
141. NIC 5 Owner LLC     Delaware
142. NIC 5 Florida Owner LLC     Delaware
143. NIC 5 Spring Heaven Owner LLC     Delaware
144. NIC 5 Renaissance Retirement Owner LLC     Delaware
145. NIC 5 Forest Oaks Owner LLC     Delaware
146. NIC 5 Lake Morton Plaza Owner LLC     Delaware
147. NIC 7 Glen Riddle Owner LLC     Delaware
148. NIC 7 Pennsylvania Owner LLC     Delaware
149. NIC 7 Owner LLC     Delaware
150. Propco 7 LLC     Delaware
151. NIC 8 Schenley Gardens Owner LLC     Delaware
152. NIC 8 Pennsylvania Owner LLC     Delaware
153. NIC 8 Owner LLC     Delaware
154. Propco 8 LLC     Delaware
155. NIC GH XIV LLC     Delaware
156. NIC GH XV LLC     Delaware
157. NIC GH XVI LLC     Delaware
158. NIC GH XVII LLC     Delaware

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EXHIBIT 21.1

NEWCASTLE INVESTMENT CORP. SUBSIDIARIES

         
Subsidiary   Jurisdiction of Incorporation/Organization
         
159. NIC GH XVIII LLC     Delaware
160. NIC GH XIX LLC     Delaware
161. NIC GH XXI LLC     Delaware
162. NIC GH XXII LLC     Delaware
163. NIC 6 Manor at Woodside Owner LLC     Delaware
164. NIC 6 Owner LLC     Delaware
165. Propco 6 LLC     Delaware
166. NIC 6 Manor at Woodside Management LLC     Delaware
167. NIC 6 New York Management LLC     Delaware
168. NIC 6 Management LLC     Delaware
169. NIC 6 New York Owner LLC     Delaware
170. NIC 7 Glen Riddle Leasing LLC     Delaware
171. NIC 7 Pennsylvania Leasing LLC     Delaware
172. NIC 7 Leasing LLC     Delaware
173. NIC GH XXIII LLC     Delaware
174. NIC GH XXIV LLC     Delaware
175. CDO VIII Repack Limited     Delaware
176. NIC 5 Lake Morton Plaza Leasing LLC     Delaware
177. NIC 4 Emerald Park Retirement Owner LLC     Delaware
178. Propco 5 LLC     Delaware
179. NIC 8 Leasing LLC     Delaware
180. NIC 8 Pennsylvania Leasing LLC     Delaware
181. NIC 8 Schenley Gardens Leasing LLC     Delaware
182. NIC Texas Courtyards Leasing LLC     Delaware
183. NIC 4 Royal Palm Leasing LLC     Delaware
184. NIC 4 Royal Palm Owner LLC     Delaware
185. NIC GH XX LLC     Delaware
186. NCT 2013 – VI Funding Ltd.     Cayman Islands
187. American Golf Leasing LLC     Delaware
188. Propco 9 LLC     Delaware
189. NIC 9 Virginia Owner LLC     Delaware
190. NIC 9 Heritage Oaks Owner LLC     Delaware
191. NIC 9 Virginia Management LLC     Delaware
192. NIC 9 Heritage Oaks Management LLC     Delaware
193. NCT 2013-VI Funding Investors LLC     Delaware
194. Castle Sports & Entertainment Group, Inc.     Delaware

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EXHIBIT 21.1

NEWCASTLE INVESTMENT CORP. SUBSIDIARIES

         
Subsidiary   Jurisdiction of Incorporation/Organization
         
195. American Golf Group Holdings LLC     Delaware
196. Propco 10 LLC     Delaware
197. NIC 10 Florida Leasing LLC     Delaware
198. NIC 10 Florida Owner LLC     Delaware
199. NIC 10 Barkley Place Leasing LLC     Delaware
200. NIC 10 Barkley Place Owner LLC     Delaware
201. Propco 12 LLC     Delaware
202. NIC 12 Owner LLC     Delaware
203. NIC 12 Arlington Plaza Owner LLC     Delaware
204. NIC 12 Blair House Owner LLC     Delaware
205. NIC 12 Blue Water House Owner LLC     Delaware
206. NIC 12 Chateau Ridgeland Owner LLC     Delaware
207. NIC 12 Cherry Laurel Owner LLC     Delaware
208. NIC 12 Colonial Harbor Owner LLC     Delaware
209. NIC 12 Country Squire Owner LLC     Delaware
210. NIC 12 Courtyard At Lakewood Owner LLC     Delaware
211. NIC 12 Desoto Beach Club Owner LLC     Delaware
212. NIC 12 El Dorado Owner LLC     Delaware
213. NIC 12 Essex House Owner LLC     Delaware
214. NIC 12 Fleming Point Owner LLC     Delaware
215. NIC 12 Grasslands Estates Owner LLC     Delaware
216. NIC 12 Grizzly Peak Owner LLC     Delaware
217. NIC 13 Hidden Lakes Owner LLC     Delaware
218. NIC 12 Jackson Oaks Owner LLC     Delaware
219. NIC 12 Maples Downs Owner LLC     Delaware
220. NIC 12 Parkwood Estates Owner LLC     Delaware
221. NIC 12 Pioneer Valley Lodge Owner LLC     Delaware
222. NIC 12 Regency Residence Owner LLC     Delaware
223. NIC 12 Simi Hills Owner LLC     Delaware
224. NIC 12 Stoneybrook Lodge Owner LLC     Delaware
225. NIC 12 Summerfield Owner LLC     Delaware
226. NIC 12 Venture Place Owner LLC     Delaware
227. Propco 13 LLC     Delaware
228. NIC 13 Owner LLC     Delaware
229. NIC 13 The Bentley Owner LLC     Delaware

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EXHIBIT 21.1

NEWCASTLE INVESTMENT CORP. SUBSIDIARIES

         
Subsidiary   Jurisdiction of Incorporation/Organization
         
230. NIC 13 Briarcrest Estates Owner LLC     Delaware
231. NIC 13 Dogwood Estates Owner LLC     Delaware
232. NIC 13 Durhman Regent Owner LLC     Delaware
233. NIC 13 Fountains At Hidden Lakes Owner LLC     Delaware
234. NIC 13 Illahee Hills Owner LLC     Delaware
235. NIC 13 Jordan Oaks Owner LLC     Delaware
236. NIC 13 Lodge at Cold Spring Owner LLC     Delaware
237. NIC 13 Madison Estates Owner LLC     Delaware
238. NIC 13 Manor at Oakridge Owner LLC     Delaware
239. NIC 13 Oakwood Hills Owner LLC     Delaware
240. NIC 13 Orchid Terrace Owner LLC     Delaware
241. NIC 13 Palmer Hills Owner LLC     Delaware
242. NIC 13 Pinewood Hills Owner LLC     Delaware
243. NIC 13 Pueblo Regent Owner LLC     Delaware
244. NIC 13 The Regent Owner LLC     Delaware
245. NIC 13 Rock Creek Owner LLC     Delaware
246. NIC 13 Sheldon Oaks Owner LLC     Delaware
247. NIC 13 Sky Peaks Owner LLC     Delaware
248. NIC 13 Thornton Place Owner LLC     Delaware
249. NIC 13 Uffelman Estates Owner LLC     Delaware
250. NIC 13 Village Gate Owner LLC     Delaware
251. NIC 13 Vista De La Montana Owner LLC     Delaware
252. NIC 13 Walnut Woods Owner LLC     Delaware
253. NIC 13 The Westmont Owner LLC     Delaware
254. NIC 13 Whiterock Court Owner LLC     Delaware
255. Castle Sports & Entertainment Partners LLC     Delaware
256. Tower A LLC     Delaware
257. Tower A1 Holdings LLC     Delaware
258. Tower A2 Holdings LLC     Delaware
259. Tower B Holdings LLC     Delaware
260. Tower C Holdings LLC     Delaware
261. Tower B LLC     Delaware
262. Tower C LLC     Delaware
263. Vineyards Holdings LLC     Delaware
264. American Golf Partners LLC     Delaware
265. NGP Mezzanine, LLC     Delaware
266. NGP Realty Sub GP, LLC     Delaware
267. NGP Realty Sub, L.P.     Delaware
268. AGC Mezzanine Pledge LLC     Delaware
269. New AGC LLC     Delaware

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EXHIBIT 21.1

NEWCASTLE INVESTMENT CORP. SUBSIDIARIES

         
Subsidiary   Jurisdiction of Incorporation/Organization
         
270. American Golf Corporation     Delaware
271. Propco 4 LLC     Delaware
272. NIC 4 Owner LLC     Delaware
273. NIC 4 Florida Owner LLC     Delaware
274. NIC 4 North Carolina Owner LLC     Delaware
275. NIC 4 The Plaza Leasing LLC     Delaware
276. NIC 4 Courtyards of New Bern Leasing LLC     Delaware
277. NIC 4 The Grande Owner LLC     Delaware
278. NIC 4 Village Place Owner LLC     Delaware
279. NIC 4 Bradenton Oaks Owner LLC     Delaware
280. NIC 4 Spring Oaks Owner LLC     Delaware
281. NIC 4 Summerfield Owner LLC     Delaware
282. NIC 4 Emerald Park Retirement Owner LLC     Delaware
283. NIC 4 Bayside Terrace Owner LLC     Delaware
284. NIC 4 Balmoral Owner LLC     Delaware
285. NIC 4 The Plaza Owner LLC     Delaware
286. NIC 4 Sunset Lake Owner LLC     Delaware
287. NIC 4 Royal Palm Owner LLC     Delaware
288. NIC 12 Greeley Place Owner LLC     Delaware
289. American Golf of Atlanta     Georgia
290. CW Golf Partners LP     California
291. Golf Enterprises Inc.     Kansas
292. Persimmon Golf Club LLC     Delaware