Crystal River Reports First Quarter 2009 Financial Results

Market Wire, May, 2009

COMMERCIAL REAL ESTATE ("CRE") INVESTMENT PORTFOLIO

At March 31, 2009, Crystal River's CRE investment portfolio totaled $229.9 million. The CRE portfolio consists of three high-quality office buildings 100% leased on a triple-net basis to JPMorgan Chase. The buildings are financed with long-term fixed-rate mortgage loans.

CRE investment portfolio at March 31, 2009:

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                                     Total
                          Year of     Area       Book   Mortgage   Net Book
                            Lease    (000s    Value(1)      Debt     Equity
Location          Tenant   Expiry  Sq. Ft.) (Millions) (Millions) (Millions)
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Houston,
 Texas    JPMorgan Chase     2021    428.6     $ 59.9     $ 53.4      $ 6.5
Arlington,
 Texas    JPMorgan Chase     2027    171.5       21.3       20.9        0.4
Phoenix,
 Arizona  JPMorgan Chase     2021    724.0      148.7      145.1        3.6
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Total CRE                          1,324.1    $ 229.9    $ 219.4     $ 10.5
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(1) Book value includes intangible assets and intangible liabilities, but
    excludes rent-enhancement and straight-line rent receivables.

REAL ESTATE LOAN INVESTMENT PORTFOLIO

At March 31, 2009, Crystal River's real estate loan portfolio, which consists of two mezzanine loans (one of which is held for sale), a construction loan and a whole loan, totaled $7.6 million and had a weighted average interest rate of 9.3%. Crystal River recorded a $6.8 million loan loss allowance on its real estate loan holdings during the quarter ended March 31, 2009.