Crystal River Reschedules Third Quarter 2008 Earnings Release, Dividend Announcement and Conference Call to November 3, 2008

Market Wire, October, 2008

Crystal River Capital, Inc. (NYSE: CRZ) (the "Company" or "Crystal River") today announced that it has rescheduled the release of its third quarter 2008 financial results and dividend announcement for Monday, November 3, 2008. The earnings and dividend release will be posted on the Company's website at www.crystalriverreit.com ahead of the teleconference, which will be held by Bill Powell, Crystal River's CEO, and Craig Laurie, Crystal River's CFO, that same day at 4:30 p.m. (EST).

The new dial-in information for the teleconference is 888-208-1427 (Domestic) and 913-312-0838 (International). A replay of the recorded teleconference will be available through Monday, November 17, 2008. The replay can be accessed by dialing 888-203-1112 (Domestic) and 719-457-0820 (International) and entering passcode 5394173. A live audio webcast of the call will be accessible on the Company's website, www.crystalriverreit.com , via a link from the Investor Relations section. A replay of the audio webcast will be archived in the Investor Relations section of the Company's website.

About Crystal River

Crystal River Capital, Inc. (NYSE: CRZ) is a specialty finance REIT. The Company invests in commercial real estate, real estate loans, and real estate-related securities, such as commercial and residential mortgage-backed securities. For more information, visit www.crystalriverreit.com .

Contacts: Crystal River Capital, Inc. Marion Hayes, Investor Relations (212) 549-8413 Email: mhayes@crystalriverreit.com Website: www.crystalriverreit.com (CRZ-G)