SFO Merrill Lynch

JACKSONVILLE, Fla., Aug. 21 /PRNewswire-FirstCall/ -- Sunset Financial Resources, Inc. (NYSE:SFO), a specialty finance REIT, today announced that its Board of Directors has declared a quarterly dividend of $0.03 per common share. The dividend is payable on September 14, 2006 to shareholders of record on September 1, 2006. About Sunset Financial Resources, Inc. Sunset is a specialty finance REIT headquartered in Jacksonville, Florida and trades on the New York Stock Exchange under the symbol "SFO". Certain statements in this news release may constitute "forward-looking statements" within the meaning of the federal securities laws and involve risks, uncertainties and other factors, which may cause the actual performance of Sunset Financial Resources, Inc. to be materially different from the performance expressed or implied by such statements. These risks include the failure of the Company to successfully execute its business plan, gain access to additional financing, the availability of additional loan portfolios for future acquisition, continued qualification as a REIT, the cost of capital, as well as the additional risks and uncertainties detailed in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission. Contact: Stacy Riffe Jeffrey Goldberger Chief Executive Officer KCSA Worldwide Chief Financial Officer (212) 896-1249 (904) 425-4365 DATASOURCE: Sunset Financial Resources, Inc. CONTACT: Stacy Riffe, Chief Executive Officer, Chief Financial Officer of Sunset Financial Resources, +1-904-425-4365, ; or Jeffrey Goldberger, KCSA Worldwide, +1-212-896-1249,

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