NEW YORK, NEW YORK (NYSE: CRZ) announced today that it is offering a Dividend Reinvestment Plan (the "Plan"). The Plan allows stockholders to designate all or a portion of the cash dividends on their shares of the Company's common stock (the "Common Stock") for reinvestment in additional shares of Common Stock.

Stockholders must enroll in the Plan by 5:00 p.m. on any dividend record date in order for that dividend to qualify for participation in the Plan.

The Plan will be administered by American Stock Transfer & Trust Company ("AST") and is expected to commence on May 2, 2008. You can request a copy of the Plan prospectus by (i) calling AST at (866) 708-5584, (ii) going to AST's website at www.AmStock.com or (iii) writing to AST at Crystal River Dividend Reinvestment Plan, c/o American Stock Transfer & Trust Company, Dividend Reinvestment, Department, 6201 15th Avenue, Brooklyn, New York 11219.

This press release does not constitute an offer to sell or the solicitation of an offer to buy.

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. The Company focuses on opportunities across the real estate spectrum that are consistent with its goals of generating sustainable long-term cash flows and that are funded with long-term liabilities. For more information, visit www.crystalriverreit.com.

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

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