Investment Corporation


Aames Investment Corporation Reports Third Quarter Core EPS of $0.20


Net Cost to Originate Decreases to 2.08%


Loan Originations Total $1.9 Billion


Company Declared a $0.35 per Share Dividend for the Quarter


Los Angeles, California, November 2, 2005 – Aames Investment Corporation (NYSE: AIC)

, a mortgage real estate investment trust today announced financial results for the third quarter of 2005. Core diluted EPS for the quarter equaled $0.20, while diluted net income per common share for the September 2005 quarter equaled $0.34. During the quarter, the Company recorded a pretax mark-to-market derivative gain under FASB 133 of $7.1 million and a pretax $1.6 million monoline insurance premium reimbursement, representing non-core diluted earnings per share of $0.14. Earnings per share for the third quarter of 2005 resulted from a combination of net interest income generated by the Company’s loans held for investment portfolio and net gain realized from the sales of loans into the secondary market by the Company’s taxable REIT subsidiary, or TRS.


Third Quarter 2005 Highlights


   Net loans held for investment increased to $4.2 billion;
   Gross gain on sale rate of loans was 2.39%;
   Net cost to originate declined to 2.08%, 10.7% lower than the second quarter of 2005;
   Total loan production of $1.9 billion, a 19.8% increase from the second quarter of 2005;
   Taxable REIT net interest margin equaled 2.12%.


Mr. A. Jay Meyerson, Chairman and CEO of Aames, commented, “The results of the third quarter validate the strategy we have pursued since converting to a REIT: building a stable dividend stream from our REIT portfolio, balancing loan production growth and value, expanding our retail franchise, and focusing on lowering our cost to originate. During the quarter we found strong demand for our production, and achieved an overall gross gain on sale rate of 2.39% for the quarter, including the sale of our lower value fixed and second lien loans. The continued growth in our retail franchise, combined with corporate cost control initiatives, resulted in a net cost to originate of just above 200 basis points. While recognizing the challenging market environment and the outlook for higher market interest rates, we are committed to maintaining our disciplined operating strategy.”


Page 1 of 18

The following information was filed by Aames Investment Corp on Thursday, November 3, 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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