SFO Merrill Lynch

Company to Discuss Proposed Merger With Alesco Financial Trust JACKSONVILLE, Fla., May 8 /PRNewswire-FirstCall/ -- Sunset Financial Resources, Inc. (NYSE:SFO) today announced its plans to release first quarter financial results for the period ended March 31, 2006 following the close of market trading on Tuesday, May 9, 2006. An accompanying conference call will be held Wednesday, May 10th at 10:00 a.m. ET. During the conference call, the Company will provide additional commentary about the proposed merger with Alesco Financial Trust. Supplemental materials to support the discussion regarding the proposed merger will be available at http://www.sunsetfinancial.net/ in advance of the conference call. A live webcast of the conference call will be available online at http://www.sunsetfinancial.net/. Web participants are encouraged to go to the Web site at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software. Those without web access should access the call telephonically at least ten minutes prior to the conference call. The dial-in number is (800) 599-9795 and the participant code is 71520156. An archive of the webcast will be available online from May 15, 2006 through June 15, 2006 at http://www.sunsetfinancial.net/. In addition, a dial-in replay of the call will be available from May 15 - May 22, 2006. The replay dial-in number is (888) 286-8010. The passcode is 53275028. On May 5, 2006, the Company's Board of Directors declared a first quarter dividend of $0.03 per common share. The dividend is payable on May 26, 2006 to stockholders of record on May 12, 2006. The information in this press release is subject to change. About Sunset Financial Resources Sunset Financial Resources, Inc. is a self-managed real estate investment trust (REIT) that went public in March 2004. Sunset Financial Resources seeks to deliver attractive dividend income and steady growth to its shareholders through the acquisition and management of a portfolio of high quality residential mortgage loans and well secured commercial mortgage bridge loans in the United States. http://www.sunsetfinancial.net/ Company Contact: Investors: Stacy Riffe KCSA Worldwide Chief Financial Officer Jeffrey Goldberger / Michael Cimini (904) 425-4365 212.896.1249 / 212.896.1233 / DATASOURCE: Sunset Financial Resources, Inc. CONTACT: Stacy Riffe, Chief Financial Officer, +1-904-425-4365, ; or Investors, Jeffrey Goldberger, +1-212-896-1249, , or Michael Cimini, +1-212-896-1233, , both of KCSA Worldwide Web site: http://www.sunsetfinancial.net/

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