NEW YORK, NEW YORK (the "Company" or "Crystal River") will announce its first quarter 2008 financial results on Monday, May 12, 2008, after the close of trading on the New York Stock Exchange. The earnings release will be posted on the Company's website at www.crystalriverreit.com. Management will review the results in a teleconference on Tuesday, May 13, 2008 at 9:00 a.m. (EDT).

The teleconference can be accessed by dialing 888-262-8797 (Domestic) and 913-312-1429 (International). A replay of the recorded teleconference will be available through Tuesday, May 27, 2008. The replay can be accessed by dialing 888-203-1112 (Domestic) and 719-457-0820 (International) and entering passcode 9434871. 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, real estate related securities, such as commercial and residential mortgage-backed securities, and other alternative asset classes. Crystal River focuses on opportunities across the real estate spectrum. For more information, visit www.crystalriverreit.com.

(CRZ-F)

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

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