Exhibit 99.1


Investment Corporation


Aames Investment Corporation Summary Fourth Quarter Results, Elimination of REIT Status and Cost Reduction Initiatives


4th Quarter Core EPS Equals $0.02


Net Cost to Originate Decreases to 1.75% with $1.9 Billion of Total Originations for the Quarter


Company Elects to End REIT Status to Increase Internal Capital Generation for Portfolio Growth


Consolidation of Wholesale Operations Expected to Reduce Net Cost to Originate Ratio Below 1.50%


Company Will File 2005 10-K and Release Full 4th Quarter Earnings on March 27th.


Los Angeles, California, March 16, 2006 – Aames Investment Corporation (NYSE: AIC)

, a nationwide subprime mortgage lender today announced summary 4th quarter 2005 financial results and an extension in the filing of its 10-K for 2005 due to the pending completion of a corporate cost reduction initiative. The Company’s Board of Directors has approved the elimination of its REIT status and a cost consolidation initiative in its wholesale operations in response to the current challenging market conditions. The Company requires additional time to finalize its estimate of the full financial benefit of these changes and to complete its 10-K.


The investor conference call schedule for 5:00 p.m. EST on March 16th has been rescheduled for 9:00 a.m. EST on March 17th to discuss the summary results and corporate actions. Aames will release full fourth quarter results and hold an extended investor conference call after the close of the market on Monday, March 27th.


Highlight for the fourth quarter include:


                                          A net cost to originate ratio for the quarter of 1.75%, compared to 2.08% for third quarter of 2005;

                                          Core EPS of $0.02;

                                          Total originations $1.9 billion, with its retail channel accounting for 43% of total.


The Board of Directors of Aames has authorized the Company to implement a cost reduction initiative, including the elimination of its REIT status. The election to end its REIT status is expected to allow the Company to retain its portfolio earnings, increase its book value and support future loan portfolio growth, while utilizing its $304 million of net operating loss carry-forward (NOLs). In addition to the change in tax status, Aames announced a significant cost reduction initiative designed to reduce the Company’s overhead expenses and its net cost to originate ratio. As part of this initiative, the Company will reduce



The following information was filed by Aames Investment Corp on Monday, March 20, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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