Exhibit 99.1

 

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Investment Corporation

 

Aames Investment Corporation Reports Second Quarter 2005 Results

 

REIT Portfolio Climbs to $3.9 Billion

 

Company Declared $0.34 per Common Share Quarterly Dividend

 

Company Achieved Targeted Leverage Ratio

 

Los Angeles, California, August 9, 2005 – Aames Investment Corporation (NYSE: AIC), a mortgage real estate investment trust today announced financial results for the second quarter of 2005. Total loans held for investment increased by 35% over the balance at March 31, 2005 to $3.9 billion and mortgage loan production for the June quarter totaled $1.6 billion, 17% higher than the first quarter of 2005. The diluted net loss per common share for the quarter equaled $0.37. During the quarter, the Company recorded a mark-to-market derivative loss under FASB 133 of $11.5 million, and non-core charges of $3.7 million, equal to a combined pretax loss per common share of $0.25. Excluding these charges, core diluted net loss per common share equaled $0.12.

 

Second Quarter 2005 Highlights

 

    Loans held for investment in the REIT portfolio as of June 30, 2005 equaled $3.9 billion, a 35% increase over the balance as of March 31, 2005;

 

    Total loan originations were $1.6 billion, 17% greater than during the first quarter of 2005;

 

    Company declared a $0.34 per common share dividend for the quarter;

 

    Net cost to originate decreased by 20% to 2.33% and

 

    Company achieved its targeted leverage ratio of 12 times equity.

 

Mr. A. Jay Meyerson, Chairman and CEO of Aames, commented, “During the quarter we continued to execute our growth strategy as a mortgage REIT on a number of fronts. Most importantly, we built our REIT portfolio to $3.9 billion with quality mortgages that met our credit and return criteria, which positions us to provide our shareholders a stable dividend from our REIT. Now that we have reached our targeted leverage ratio, we intend to sell the majority of our production in the whole loan market, which should generate consistent net income at our TRS.”


The following information was filed by Aames Investment Corp on Wednesday, August 10, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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