Exhibit 99.1

Exhibit 99.1



		NEWCASTLE INVESTMENT CORP.

Contact:

Lilly H. Donohue
Director of Investor Relations
212-798-6118

Nadean Finke
Investor Relations
212-479-5295

Newcastle Announces First Quarter 2009 Results

First Quarter 2009 Financial Results

New York, NY, May 8, 2009 – Newcastle Investment Corp. (NYSE: NCT) reported that for the quarter ended March 31, 2009, GAAP loss was $242.2 million or $4.59 per diluted share, compared to GAAP loss of $0.84 per diluted share for the quarter ended March 31, 2008.

The GAAP loss of $242.2 million consists of Operating Income (before impairments and net of preferred dividends) of $51.1 million plus other income of $13.8 million, less impairments of $307.1 million.

Recourse Debt Reduction and Modifications

In the first quarter, the Company decreased its non-agency recourse debt by $51 million and decreased its FNMA/FHLMC recourse debt by $125 million.

During the first quarter, the Company eliminated its exposure to “mark-to-market” recourse debt subject to margin calls on its non-FNMA/FHLMC (non-agency) investments. Furthermore, we eliminated our exposure to equity-related debt covenants with respect to our recourse financings. In return for these modifications, we pledged additional assets that were previously unlevered and agreed to a fixed repayment schedule through the end of 2010.

In April 2009, Newcastle entered into an Exchange Agreement, pursuant to which the Company agreed to exchange newly issued junior subordinated notes due 2035 in an initial aggregate principal amount of $101.7 million for $100 million in aggregate liquidation amount of our outstanding trust preferred securities. The new notes will accrue interest at a rate of 1.0% per year for a modification period (February 2009 through July 2010 unless we elect to terminate prior to this date), compared to the 7.574% interest rate that the Company was required to pay on the trust preferred securities, which were canceled as part of the transaction. Please review our Form 8-K for additional important details regarding this transaction.

Financing and Liquidity

Certain details regarding our liquidity, current financings and capital obligations are set forth below as of May 6, 2009:

•

Cash – We had unrestricted cash of $53.8 million. In addition, we had $34.3 million of restricted cash for reinvestment in our CDOs;

•

Margin Exposure – We have no financings subject to margin calls, other than one repurchase agreement with a face amount of $46.4 million which finances our FNMA/FHLMC investments and four interest rate swap agreements with an aggregate notional amount of $74.4 million;

•

Construction Loan Funding Commitment – We have an outstanding recourse funding commitment with respect to a commercial construction loan of $37.9 million (excluding commitments owned by our CDOs), subject to certain conditions to be met by the borrowers. This commitment is expected to be funded over the next 16 months; and

•

Recourse Financings – Substantially all of our assets, other than our FNMA/FHLMC investments, are currently financed with term debt subject to amortization payments, as opposed to short-term debt such as repurchase agreements, which could be subject to margin requirements or termination.

The following table compares the face amount of our recourse financings, excluding the trust preferred securities ($ in millions):


	May 6,		March 31,		December 31,
	2009		2009		2008
Recourse Financings
Non-FNMA/FHLMC (non-agency)
Real Estate Securities and Loans	$	81	$	83	$	103
Manufacturing Housing Loans		19		20		51

Subtotal		100		103		154

FNMA/FHLMC Investments		46		48		173

Total Recourse Financings	$	146	$	151	$	327

The following table summarizes the scheduled repayments of our non-agency recourse financings ($ in millions):


Scheduled Repayments
May 7, 2009 to June 30, 2009	$	9
3rd Quarter 2009		13
4th Quarter 2009		24
1st Quarter 2010		26
2nd Quarter 2010		23
3rd Quarter 2010		3
4th Quarter 2010		2

Total Recourse Financings	$	100

The following table summarizes our cash receipts in the first quarter 2009 from our CDO financings and their related coverage tests ($ in thousands):


				Interest
	Primary			Coverage
	Collateral			% Excess			Over Collateralization % Excess
	Type	Cash Receipts⁽¹⁾		Mar 31, 2009⁽²⁾			Mar 31, 2009⁽²⁾			Original
CDO IV	Securities	$	1,601		60.4	%		1.0	%		3.5	%
CDO V	Securities		1,691		63.6	%		2.3	%		2.5	%
CDO VI	Securities		608		256.5	%		-5.4	%		2.6	%
CDO VII	Securities		160		214.6	%		-9.1	%		2.5	%
CDO VIII	Loans		6,423		288.2	%		0.2	%		4.5	%
CDO IX	Loans		5,541		225.6	%		4.8	%		8.1	%
CDO X	Securities		4,453		55.4	%		2.5	%		8.3	%

Total		$	20,477


(1)		Represents net cash received from each CDO based on all of our interests in such CDO (including senior management fees). Cash receipts for the quarter-ended March 31, 2009 may not be indicative of cash receipts for subsequent periods. See forward-looking statements below for risks and uncertainties that could cause our cash receipts for subsequent periods to differ materially from these amounts.

(2)		Represents excess or deficiency under the applicable interest coverage or over collateralization tests. We generally do not receive cash flow from the CDO until the deficiency is corrected. The information regarding coverage tests is based on data from the most recent remittance date on or before March 31, 2009.

Book Value

Our GAAP book value decreased to $(49.95) per share, or $(2.6) billion at March 31, 2009, down from $(48.23) per share, or $(2.5) billion at December 31, 2008.

The following table compares Newcastle’s book value per share as of March 31, 2009 and December 31, 2008:


	March 31, 2009			December 31, 2008
Adjusted book value ⁽¹⁾	$	18.69		$	17.58
GAAP book value	$	(49.95	)	$	(48.23	)


(1)		Represents GAAP book value as if Newcastle had elected to measure all of its financial assets and liabilities at fair value under SFAS 159, “The Fair Value Option for Financial Assets and Financial Liabilities.” Adjusted book value could only be realized if Newcastle were able to repurchase all of its outstanding debt at its estimated fair value, which would require significantly more liquidity than we currently possess.

For a reconciliation of operating income (loss) to operating income (before impairments and net of preferred dividends) and of GAAP book value to adjusted book value, please refer to the tables following the presentation of GAAP results.

Dividends

For the quarter ended March 31, 2009, Newcastle’s Board of Directors elected not to pay a common stock or preferred stock dividend. The Company decided to retain capital to further reduce recourse debt and for working capital purposes.

Investment Portfolio

Newcastle’s $5.9 billion investment portfolio (with a basis of $2.4 billion) consists of commercial, residential and corporate debt. During the quarter, the portfolio decreased by $259.7 million primarily as a result of principal repayments of $51.1 million, sales of $254.3 million and realized writedowns of $18.3 million, offset by purchases and fundings of a prior commitment of $64.2 million.

The following table describes our investment portfolio as of March 31, 2009 ($ in millions):


													Weighted
	Face		Basis		% of			Number of					Average
	Amount $		Amount $⁽¹⁾		Basis			Investments		Credit⁽²⁾			Life (years)⁽³⁾
Commercial Assets
CMBS	$	2,267	$	707		29.3	%		262	BB+				4.9
Mezzanine Loans		756		313		13.0	%		23		66	%		2.8
B-Notes		310		108		4.5	%		11		60	%		2.2
Whole Loans		100		69		2.9	%		4		54	%		2.2

Total Commercial Assets		3,433		1,197		49.7	%							4.1

Residential Assets
MH and Residential Loans		533		381		15.8	%		13,735		694			6.8
Subprime Securities		550		140		5.8	%		120		B			4.3
Subprime Retained Securities & Residuals		81		6		0.3	%		8	CC/650				2.3
Real Estate ABS		98		47		1.9	%		26	BB+				7.6

		1,262		574		23.8	%							5.5

FNMA/FHLMC Securities		49		49		2.0	%		2	AAA				2.7

Total Residential Assets		1,311		623		25.8	%							5.4

Corporate Assets
REIT Debt		633		382		15.9	%		62	BB				4.6
Corporate Bank Loans		499		209		8.6	%		14	CCC+				2.2

Total Corporate Assets		1,132		591		24.5	%							3.6


Total/Weighted Average ⁽⁴⁾	$	5,876	$	2,411		100.0	%							4.3


(1)		Net of impairments.

(2)		Credit represents weighted average of minimum rating for rated assets, LTV (based on the appraised value at the time of purchase) for non-rated commercial assets, FICO score for non-rated residential assets and an implied AAA rating for FNMA/FHLMC securities. Ratings provided above were determined by third party rating agencies as of a particular date, may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.

(3)		The weighted average lives of our Mezzanine Loans, B-Notes and Whole Loans are based on the fully extended maturity dates.

(4)		Excludes operating real estate held for sale and loans subject to call option with a face amount of $11 million and $406 million, respectively.

Commercial Assets

We own $3.4 billion of commercial assets (with a basis of $1.2 billion), which includes CMBS, mezzanine loans, B-Notes and whole loans.

•

During the quarter, we purchased and funded a prior commitment totaling $44.8 million, sold $84.5 million, had principal repayments of $15.4 million and no realized writedowns for a net decrease of $55.1 million. We purchased one CMBS asset with a rating of “A.”

•

We had three securities or $14.3 million upgraded (from an average rating of AA to AAA) and 67 securities or $686.0 million downgraded (from an average rating of BBB to BB-).

CMBS portfolio ($ in thousands):


	Average
	Minimum			Face		Basis		% of			Delinquency			Principal			Average
Vintage⁽¹⁾	Rating⁽²⁾	Number		Amount $		Amount $		Basis			60+/FC/REO⁽³⁾			Subordination⁽⁴⁾			Life (yr)
Pre 2004	BBB+		77		401,008		162,989		23.0	%		2.2	%		11.3	%		3.7
2004	BB+		59		435,044		156,058		22.1	%		1.3	%		5.2	%		5.0
2005	BBB-		50		567,890		94,539		13.4	%		1.0	%		5.5	%		6.0
2006	BB		39		453,507		204,920		29.0	%		0.5	%		5.5	%		3.4
2007	BB+		37		409,054		88,628		12.5	%		1.4	%		9.2	%		6.2


TOTAL/WA	BB+		262		2,266,503		707,134		100.0	%		1.2	%		7.1	%		4.9


(1)		The year in which the securities were issued.

(2)		Ratings provided above were determined by third party rating agencies as of a particular date, may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.

(3)		The percentage of underlying loans that are 60+ days delinquent, or in foreclosure or considered real estate owned (REO).

(4)		The percentage of the outstanding face amount of securities that is subordinate to our investments.

Mezzanine loans, B-Notes and whole loan portfolio ($ in thousands):


							Whole
	Mezzanine			B-Note			Loan			Total

Face Amount ($)		756,427			309,901			100,538			1,166,866
Basis Amount ($)		313,364			108,328			68,506			490,198

WA First $ Loan To Value ⁽¹⁾		55.3	%		48.1	%		0.0	%		48.6	%
WA Last $ Loan To Value ⁽¹⁾		66.1	%		59.9	%		54.4	%		63.4	%

Delinquency (%) ⁽²⁾		5.3	%		16.1	%		0.0	%		7.7	%


(1)		Loan To Value is based on the appraised value at the time of purchase.

(2)		The percentage of underlying loans that are non-performing, in foreclosure, under bankruptcy filing or considered real estate owned.

Residential Assets

We own $1.3 billion of residential assets (with a basis of $0.6 billion), which includes manufactured housing loans (“MH”), residential loans, subprime securities and FNMA/FHLMC securities.

•

During the quarter, we purchased $6.5 million, sold $131.0 million, had principal repayments of $33.8 million and realized writedowns of $18.3 million for a net decrease of $176.6 million. We purchased one subprime ABS asset with a rating of “AAA.”

•

We had no ABS securities upgraded and 69 securities or $380.8 million downgraded (from an average rating of BBB- to B-).

Manufactured housing loan portfolios ($ in thousands):


								Weighted
								Average							Actual
	Face		Basis		% of			Loan Age		Original		Delinquency			Cumulative
Deal	Amount $		Amount $		Basis			(months)		Balance $		90+/FC/REO⁽¹⁾			Loss to Date
Portfolio 1		185,895		122,174		37.3	%		91		327,855		1.3	%		4.3	%
Portfolio 2		271,596		205,783		62.7	%		120		434,743		1.0	%		2.6	%


TOTAL/WA		457,491		327,956		100.0	%		108		762,598		1.1	%		3.3	%


(1)		The percentage of loans that are 90+ days delinquent, or in foreclosure or considered real estate owned (REO).

Subprime securities portfolio excluding our residuals and retained interests in our own securitizations ($ in thousands):

Security Characteristics:


	Average
	Minimum				Face		Basis		% of			Principal			Excess
Vintage⁽¹⁾	Rating⁽²⁾		Number		Amount $		Amount $		Basis			Subordination⁽³⁾			Spread⁽⁴⁾
2003	BBB+			15		26,638		12,962		9.2	%		20.0	%		4.0	%
2004	BB+			30		108,877		36,928		26.4	%		12.8	%		4.4	%
2005	CCC+			46		205,900		35,851		25.6	%		16.4	%		5.2	%
2006	CCC			19		143,224		28,549		20.4	%		15.3	%		4.4	%
2007	BB-			10		64,882		25,854		18.4	%		26.8	%		4.5	%


TOTAL/WA		B		120		549,521		140,144		100.0	%		16.8	%		4.7	%

Collateral Characteristics:


	Average
	Loan Age		Collateral		3 Month			Delinquency			Cumulative
Vintage⁽¹⁾	(months)		Factor⁽⁵⁾		CPR⁽⁶⁾			90+/FC/REO⁽⁷⁾			Loss to Date
2003		72		0.12		10.0	%		12.6	%		2.4	%
2004		59		0.15		10.1	%		17.1	%		2.3	%
2005		46		0.30		20.0	%		30.3	%		6.0	%
2006		33		0.60		15.7	%		32.8	%		5.9	%
2007		28		0.76		15.9	%		31.6	%		4.1	%


TOTAL/WA		44		0.39		15.9	%		27.7	%		4.8	%


(1)		The year in which the securities were issued.

(2)		Ratings provided above were determined by third party rating agencies as of March 31, 2009, may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.

(3)		The percentage of the outstanding face amount of securities and residual interests that is subordinate to our investments.

(4)		The annualized amount of interest received on the underlying loans in excess of the interest paid on the securities, as a percentage of the outstanding collateral balance.

(5)		The ratio of original unpaid principal balance of loans still outstanding.

(6)		Three month average constant prepayment rate.

(7)		The percentage of underlying loans that are 90+ days delinquent, or in foreclosure or considered real estate owned (REO).

Residuals and retained securities

We own $80.4 million of retained securities with a basis of $5.4 million and residual interests with a basis of $0.9 million in two subprime portfolio securitizations from 2006 and 2007.

Corporate Assets

We own $1.1 billion of corporate assets (with a basis of $0.6 billion), including REIT debt and corporate bank loans.

•

During the quarter, we purchased $12.8 million, sold $38.8 million and had principal repayments of $1.9 million for a net decrease of $27.9 million. Our purchases primarily consisted of two REIT assets with a weighted average rating of “A-.”

•

We had one bank loan or $98.7 million upgraded (from an average rating of B to B+). We also had no REIT securities upgraded and 21 securities or $267.9 million downgraded (from an average rating of B to B-).

REIT debt portfolio ($ in thousands):


	Average
	Minimum				Face		Basis		% of
Industry	Rating⁽¹⁾		Number		Amount $		Amount $		Basis
Retail		B+		19		222,835		121,632		31.8	%
Diversified	BB-			14		151,463		78,845		20.6	%
Office	BBB			12		130,219		92,627		24.2	%
Multifamily	BBB			5		28,765		21,642		5.7	%
Hotel	BBB-			4		37,220		23,475		6.1	%
Healthcare	BBB-			4		36,600		25,563		6.7	%
Storage		A-		1		5,000		4,214		1.1	%
Industrial	BB			3		20,865		14,353		3.8	%


TOTAL/WA	BB			62		632,967		382,351		100.0	%

Corporate bank loan portfolio ($ in thousands):


	Average
	Minimum				Face		Basis		% of
Industry	Rating⁽¹⁾		Number		Amount $		Amount $		Basis
Real Estate	CCC+			3		115,299		56,406		27.1	%
Media	CCC+			2		112,000		22,770		11.0	%
Retail		B-		1		98,688		45,347		21.8	%
Resorts	BB-			1		76,505		43,417		20.9	%
Restaurant	CCC			2		38,026		11,445		5.5	%
Gaming	CC			3		29,557		5,192		2.5	%
Transportation	NR			1		27,000		22,140		10.6	%
Theatres		B		1		1,468		1,339		0.6	%


TOTAL/WA	CCC+			14		498,543		208,055		100.0	%


(1)		Ratings provided above were determined by third party rating agencies as of a particular date, may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.

Conference Call

Newcastle’s management will conduct a live conference call today, May 8, 2009, at 1:00 P.M. Eastern Time to review the financial results for the quarter ended March 31, 2009. All interested parties are welcome to participate on the live call. You can access the conference call by dialing (888) 243-2046 (from within the U.S.) or (706) 679-1533 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “Newcastle First Quarter Earnings Call.”

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newcastleinv.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

A telephonic replay of the conference call will also be available until 11:59 P.M. Eastern Time on Friday, May 15, 2009 by dialing (800) 642-1687 (from within the U.S.) or (706) 645-9291 (from outside of the U.S.); please reference access code “97487463.”

About Newcastle

Newcastle Investment Corp. owns and manages a portfolio of diversified, credit sensitive real estate debt that is primarily financed with match funded debt. Newcastle is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes. Newcastle is managed by an affiliate of Fortress Investment Group LLC, a global alternative asset manager. For more information regarding Newcastle Investment Corp. or to be added to our e-mail distribution list, please visit www.newcastleinv.com.

Safe Harbor

Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to our liquidity, future losses and impairment charges, our ability to acquire assets with attractive returns and the delinquent and loss rates on our subprime portfolios. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. Newcastle can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Newcastle’s expectations include, but are not limited to, the risk that the ongoing credit and liquidity crisis continues to cause downgrades of a significant number of our securities and recording of additional impairment charges or reductions in shareholders’ equity; the risk that we can find additional suitably priced investments; the risk that investments made or committed to be made cannot be financed on the basis and for the term at which we expect; the relationship between yields on assets which are paid off and yields on assets in which such monies can be reinvested; and the relative spreads between the yield on the assets we invest in and the cost and availability of debt and equity financing. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” in the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which available on the Company’s website (www.newcastleinv.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. Newcastle expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

Newcastle Investment Corp.
Consolidated Statements of Operations
(dollars in thousands, except share data)
(Unaudited)


	Three Months Ended March 31,
	2009			2008
Revenues
Interest income	$	124,473		$	132,894

		124,473			132,894

Expenses
Interest expense		60,544			89,375
Loan and security servicing expense		1,402			1,730
Provision for credit losses		1,907			2,505
General and administrative expense		1,626			1,592
Management fee to affiliate		4,491			4,597
Depreciation and amortization		72			72

		70,042			99,871

		54,431			33,023

Impairment
Other-than-temporary impairment		186,582			46,372
Loan impairment		120,526			20,326

		307,108			66,698


Operating Income (Loss)		(252,677	)		(33,675	)

Other Income (Loss)
Gain (loss) on sale of investments, net		(6,502	)		6,526
Gain on extinguishment of debt		26,845			8,533
Other income (loss), net		(6,494	)		(19,308	)
Equity in earnings of unconsolidated subsidiaries		13			708

		13,862			(3,541	)

Income (loss) from continuing operations		(238,815	)		(37,216	)
Income (loss) from discontinued operations		(33	)		(3,688	)

Net Income (Loss)		(238,848	)		(40,904	)
Preferred dividends		(3,375	)		(3,375	)

Income (loss) applicable to common stockholders	$	(242,223	)	$	(44,279	)


Net income (loss) per share of common stock
Basic	$	(4.59	)	$	(0.84	)

Diluted	$	(4.59	)	$	(0.84	)


Income (loss) from continuing operations per share of common stock, after preferred dividends
Basic	$	(4.59	)	$	(0.77	)

Diluted	$	(4.59	)	$	(0.77	)


Income from discontinued operations per share of common stock
Basic	$	—		$	(0.07	)

Diluted	$	—		$	(0.07	)


Weighted Average Number of Shares of Common Stock Outstanding
Basic		52,807,232			52,780,319

Diluted		52,807,232			52,780,319


Dividends Declared per Share of Common Stock	$	—		$	0.250

Newcastle Investment Corp.
Consolidated Balance Sheets
(dollars in thousands, except share data)


	March 31, 2009			December 31, 2008
	(unaudited)
Assets
Real estate securities, available for sale	$	1,453,341		$	1,668,748
Real estate related loans, net		698,269			843,212
Residential mortgage loans, net		391,853			409,632
Subprime mortgage loans subject to call option		399,288			398,026
Investments in unconsolidated subsidiaries		349			384
Operating real estate, held for sale		10,516			11,866
Cash and cash equivalents		56,730			49,746
Restricted cash		85,360			44,282
Receivables and other assets		38,333			47,727

	$	3,134,039		$	3,473,623


Liabilities and Stockholders’ Equity

Liabilities
CDO bonds payable		4,328,196			4,359,981
Other bonds payable		341,023			380,620
Repurchase agreements		130,898			276,472
Financing of subprime mortgage loans subject to call option		399,288			398,026
Junior subordinated notes payable (security for trust preferred)		100,100			100,100
Derivative liabilities		308,946			333,977
Due to affiliates		1,497			1,532
Accrued expenses and other liabilities		9,375			16,447

		5,619,323			5,867,155


Stockholders’ Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 2,500,000 shares of 9.75% Series B Cumulative Redeemable Preferred Stock 1,600,000 shares of 8.05% Series C Cumulative Redeemable Preferred Stock, and 2,000,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock liquidation preference $25.00 per share, issued and outstanding		152,500			152,500
Common stock, $0.01 par value, 500,000,000 shares authorized, 52,808,531 and 52,789,050 shares issued and outstanding at March 31, 2009 and December 31, 2008, respectively		528			528
Additional paid-in capital		1,033,431			1,033,416
Dividends in excess of earnings		(3,511,251	)		(3,272,403	)
Accumulated other comprehensive income (loss)		(160,492	)		(307,573	)

		(2,485,284	)		(2,393,532	)

	$	3,134,039		$	3,473,623

Newcastle Investment Corp.
Reconciliation of Operating Income (Before Impairments and Net of Preferred Dividends)
(dollars in thousands)
(Unaudited)


	Three Months Ended
	March 31, 2009			March 31, 2008
Operating Income (Loss)	$	(252,677	)	$	(33,675	)
Plus: Impairments		307,108			66,698
Less: Preferred dividends		(3,375	)		(3,375	)

Operating Income (Before Impairments and Net of Preferred Dividends)	$	51,056		$	29,648

Newcastle Investment Corp.
Reconciliation of GAAP Book Value to Adjusted Book Value
(dollars in thousands, except per share)
(Unaudited)


	Amount			Per Share
GAAP Book Value	$	(2,637,784	)	$	(49.95	)
Adjustments to Fair Value:
CDO Liabilities		3,501,401			66.30
Other Debt Obligations		123,520			2.34

Total Adjustments		3,624,921			68.64

Adjusted Book Value	$	987,137		$	18.69