Exhibit 99.1



Investment Corporation


    Contacts:   Ronald J. Nicolas, Jr.
        Jon D. Van Deuren
        Investor Relations Department
        Aames Investment Corporation
        (323) 210-5311






LOS ANGELES, CALIFORNIA, February 16, 2005 – Aames Investment Corporation (NYSE: AIC)

, a mortgage real estate investment trust, today reported results of operations for the three and six months ended December 31, 2004, its new fiscal year end.




    Diluted net loss per share was $0.51 and $0.05 during the three and six months ended December 31, 2004, respectively.


    Dividends per share were $0.06 during the three months ended December 31, 2004.


    The portfolio of loans held for investment was $1.7 billion at December 31, 2004.


    Total mortgage loan production was $1.7 billion and $3.6 billion during the three and six months ended December 31, 2004, respectively.


    IPO and corporate reorganization into a REIT completed during the December 2004 quarter.


    $64.0 million of 5.5% convertible subordinated debentures due March 2006 fully redeemed on December 30, 2004.


Financial Summary. During the three months ended December 31, 2004, the Company had a net loss of $31.5 million compared to net income of $17.2 million during the comparable three month period a year ago. The decline in net income was attributable to a decline of approximately $37.0 million in gain on sale of loans due to the Company using its loan production to build a portfolio of loans held for investment rather than disposing of its loan production into the secondary markets in whole loans sales for cash, coupled with the Company incurring $22.0 million in noninterest expenses related to the REIT conversion and corporate reorganization. The $22.0 million was comprised of approximately $17.0 million of compensation related charges and $5.0 million of direct expenses related to the reorganization. The decline in net income partially


The following information was filed by Aames Investment Corp on Wednesday, February 16, 2005 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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