Real Estate Central

PHILADELPHIA, June 23 /PRNewswire-FirstCall/ — Luminent Mortgage
Capital, Inc. (OTC Bulletin Board: LUMC) announces the appointment of Barry
D. Weiss, CFA, as its new Chief Investment Officer and Eric Richter, CFA,
as a Portfolio Manager, effective June 30, 2008.

“I am pleased to announce the addition of Mr. Weiss and Mr. Richter to
our team,” said Zachary H Pashel, Chief Executive Officer. “Both Mr. Weiss
and Mr. Richter are proven portfolio managers each with over 12 years
experience investing in structured products, primarily focused on both
agency and non-agency mortgage-backed securities. Their expertise, coupled
with our existing credit analysis infrastructure, is integral to building a
successful asset management platform.”

Mr. Weiss commented, “I look forward to joining the Luminent team. As
its Chief Investment Officer, I intend to take advantage of the
opportunities that have arisen in the mortgage market.”

Mr. Weiss was a Vice President/Portfolio Manager for HarbourView Asset
Management & Oppenheimer Funds Inc., and the Portfolio Manager for the
AAArdvark portfolios, in charge of making investment decisions and setting
portfolio strategy. Mr. Weiss was additionally a co-portfolio manager for
the Centennial Money Market Trust, the Centennial Government Trust, the
Oppenheimer Cash Reserves, and the Oppenheimer Money Fund/VA, where he was
primarily responsible for co-managing more than $35 billion of assets. In
January 2008, i-MoneyNet named Mr. Weiss Portfolio Manager of the Year, as
Oppenheimer Cash Reserves was its category’s highest gross return for 2007.
Mr. Weiss had been with Oppenheimer Funds since 2000 serving in various
roles. Previously, he worked at Fitch IBCA, Inc., where he was an Associate
Director in the Structured Finance Group. Prior to joining Fitch IBCA in
1996, Mr. Weiss spent eight years in the Office of the Mayor, Office of
Management and Budget of the City of New York. Mr. Weiss has earned a B.S.
from the University of South Dakota and a MFA from Brooklyn College, and is
a Chartered Financial Analyst.

Mr. Richter was a Vice President/ Portfolio Manager for HarbourView
Asset Management & Oppenheimer Funds Inc. since February 2006. Mr. Richter
has an extensive background in structured products, and was focused on the
AAArdvark products, specializing in residential mortgage-backed securities,
commercial mortgage-backed securities, asset-backed securities, and
collateralized debt obligation investments. Prior to joining Oppenheimer
Funds/HarbourView, Mr. Richter was an Investment Officer at the Alaska
Permanent Fund Corp. Mr. Richter spent eight years at Loomis Sayles & Co.
as a senior analyst responsible for mortgage-backed and asset-backed
securities. Mr. Richter spent five years at Schroders as a fixed income
portfolio manager, managing US investment grade fixed income portfolios.
Mr. Richter earned a B.A. in economics from the University of Massachusetts
at Amherst, and an M.B.A. in finance from the New York University Stern
School of Business. Mr. Richter is a Chartered Financial Analyst.

This news release and Luminent’s filings with the Securities and
Exchange Commission contain forward-looking statements that predict or
describe future events or trends. The matters described in these
forward-looking statements are subject to known and unknown risks,
uncertainties and other unpredictable factors, many of which are beyond
Luminent’s control and are based on the information currently available to
Luminent’s management. Luminent faces many risks that could cause its
actual performance to differ materially from the results expressed or
implied by its forward-looking statements, including, without limitation,
the possibilities that interest rates may change, that principal payment
rates may change, that Luminent may experience unanticipated margin calls,
that the collateral securing its indebtedness may become illiquid with a
resulting drop in value, that Luminent may not be able to maintain its
qualification as a REIT for federal income tax purposes, that Luminent may
experience the risks associated with investing in mortgage related
securities, including changes in business conditions and the general
economy, and that Luminent’s strategies may not be effective (including
portfolio management and hedging strategies and strategy to protect net
interest spreads). Luminent’s filings with the Securities and Exchange
Commission contain a more complete description of these and many other
risks to which Luminent is subject. Because of those risks, Luminent’s
actual results, performance or financial condition may differ materially
from the results, performance or financial condition contemplated by its
forward-looking statements. The information set forth in this news release
represents management’s current expectations and intentions. Luminent
assumes no responsibility to update or revise any forward-looking
statements, whether as a result of new information, future developments or
otherwise. The content of this press release is qualified in its entirety
to the appropriate documents filed with the SEC on Form 8-K.

ADDITIONAL INFORMATION

Luminent LLC, an affiliate of the Company, has filed a Form S-4
registration statement with the SEC, which contains a preliminary proxy
statement/prospectus relating to the Company’s 2008 annual meeting of
stockholders and other relevant documents in connection with the proposed
restructuring. The definitive proxy statement/prospectus will be mailed to
the stockholders of the Company when it becomes available. STOCKHOLDERS OF
THE COMPANY ARE ADVISED TO READ THE PROXY STATEMENT/PROSPECTUS WHEN IT
BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS
WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION.

The proxy statement/prospectus and other relevant materials, when they
become available, may be obtained free of charge at the SEC’s web site at
http://www.sec.gov. In addition, investors and stockholders may obtain free
copies of the documents by contacting Karen Chang, Luminent Mortgage
Capital, Inc., 1515 Market Street, Suite 2000, Philadelphia, PA 19102;
telephone: (215) 564-5900.

The Company and its directors, executive officers and other members of
its management and employees may be deemed to be participants in the
solicitation of proxies from its stockholders in connection with the
proposed merger. Information concerning such participants’ ownership of the
Company’s common stock will be set forth in the proxy statement/prospectus
when it becomes available. This communication does not constitute an offer
of any securities for sale.

See Also:

• The Macerich Company Announces Wood as Vice President Investor Relations
• Panama Beach Real Estate
• Pros and Cons of Buying Santa Monica Foreclosures
• K2C Real Estate Solutions Stands Out With $15,000 Giveaway
• Benefits of Investing in the Panama Real Estate Market

[Via Real Estate Newswire]