SFO Merrill Lynch

JACKSONVILLE, Fla., Sept. 16 /PRNewswire-FirstCall/ -- Sunset Financial Resources, Inc. (NYSE:SFO), today announced the appointment of Stacy Riffe, age 40, to Chief Financial Officer, effective September 13, 2005. Ms. Riffe will report directly to George Deehan, President and Chief Operating Officer. Commenting on the appointment, Mr. Deehan stated, "Sunset is privileged to have attracted an individual of Stacy's caliber and experience. She brings to the Company an exceptional background in public accounting and the experience of leading the finance and accounting activities of three publicly traded companies. Stacy will play an integral role in strategic planning and execution and our future capital raising activities." Ms. Riffe succeeds Michael Pannell as Chief Financial Officer. Mr. Pannell resigned as of September 12, 2005. From 2002 to 2005, Ms. Riffe was the Chief Financial Officer of U.S. Restaurant Properties, Inc., which later merged with CNL Restaurant Properties to form Trustreet Properties, Inc., a self-advised restaurant real estate investment trust (REIT). Ms. Riffe was responsible for capital raising, financial reporting and corporate governance. From 1998 to 2002, Ms. Riffe held senior-level finance positions at two private companies, The Mail Box and Pinnacle Restaurant Group LLC. From 1996 through 1997, she was the Chief Financial Officer of Casa Ole Restaurants, Inc. Prior to that, she served in several finance capacities, including Controller and Treasurer, over a five-year period at Spaghetti Warehouse, Inc., which operated as a public entity during Ms. Riffe's tenure (Spaghetti Warehouse is currently owned by Consolidated Restaurant Operations, Inc.). Prior to working at Spaghetti Warehouse, Riffe, a Certified Public Accountant, worked in the Dallas audit practice of KPMG Peat Marwick. About Sunset Financial Resources Sunset Financial Resources, Inc. is a self-managed real estate investment trust (REIT) that went public on March 17, 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. 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. DATASOURCE: Sunset Financial Resources, Inc. CONTACT: George Deehan, President, Chief Operating Officer, of Sunset Financial Resources, +1-904-425-4353, ; Jeffrey Goldberger, +1-212-896-1249, , or Michael Cimini, +1-212-896-1233, , both investor contacts of KCSA Worldwide

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