Crystal River Capital, Inc. (Crystal River) is a specialty finance company that invests in real estate-related securities, real estate loans and instruments, and various other asset classes. The Company primarily invests in residential mortgage-backed securitises (RMBS) and commercial mortgage-backed securities (CMBS) whole mortgage loans, bridge loans, junior interests in mortgage loans (B Notes) and mezzanine loans. Crystal River also invests in direct real estate interests and preferred equity interests in entities that own real estate, diversified asset-backed securities (ABS), including aircraft and consumer obligations, and collateralized debt obligations (CDOs). As of September 30, 2005, Crystal River had a portfolio of RMBS and other alternative investments of approximately $2.4 billion. The Company is externally managed by Hyperion Crystal River. Hyperion Crystal River is a wholly owned subsidiary of Hyperion Capital. Crystal River invests in agency and non-agency mortgage-backed securities (MBS). Agency MBS are securities that represent participations in, are secured by or payable from, mortgage loans secured by real residential property. These securities include, but are not limited to, agency mortgage pass-through certificates, which are securities issued or guaranteed by Government National Mortgage Association (Ginnie Mae), Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac), and agency collateralized mortgage obligation (CMOs), which are debt obligations issued by Ginnie Mae, Fannie Mae or Freddie Mac that are backed by mortgage pass-through securities and are evidenced by a series of bonds or certificates issued in multiple classes. Non-Agency MBS are debt obligations issued by private originators of residential mortgage loans. Non-Agency RMBS generally are issued as CMOs, and are backed by pools of whole mortgage loans or by mortgage pass-through certificates. Crystal River invests in CMBS, which are secured by, or evidence ownership interests in, a single commercial mortgage loan, or a partial or entire pool of mortgage loans secured by commercial properties. These securities may be senior, subordinated, investment grade or non-investment grade. The Company originates whole loans secured by first mortgages, which provide long-term mortgage financing to commercial property developers and owners that generally have maturity dates ranging from 5 to 10 years. Crystal River invests in commercial real estate subordinated loans, which it refers to as B Notes. A B Note is typically a privately negotiated loan that is secured by a first mortgage on a single large commercial property or group of related properties and subordinated to an A Note secured by the same first mortgage on the same property. The Company originates mezzanine loans, which are subordinated to a first mortgage loan on a property and are senior to the borrower's equity in the property. These loans are made to the owner of the property and are secured by pledges of ownership interests in the property and/or the property owner. Crystal River originates or acquires participations in construction or rehabilitation loans on commercial properties that generally provide 85% to 90% of total project costs and are secured by first lien mortgages. It also makes direct investments in income-producing commercial real estate either within or outside the United States. Such investments include office, multi-family residential, retail and industrial properties.

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