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Falcon Financial Declares Second Quarter 2004 Dividend

- Schedules Second Quarter 2004 Earnings Date -

STAMFORD, Conn., July 15 -- Falcon Financial Investment Trust , a specialty finance real estate investment trust focused on the business of originating and servicing loans to automotive dealers, announced today that its Board of Trustees declared a quarterly cash dividend of $0.05 per share for the second quarter ended June 30, 2004. The dividend is payable on August 16, 2004 to shareholders of record on August 2, 2004 and the Company anticipates its stock will trade ex-dividend on July 29, 2004.

Separately, the Company is scheduled to release second quarter financial results for the period ended June 30, 2004 after the market Eastern Time on Thursday, August 12, 2004. An accompanying conference call will be held on Friday, August 13, 2004 at 10:00 a.m. ET.

A live Web cast of the conference call will be available online at http://www.falconfinancial.com/. 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. Listening to the Web cast requires speakers and RealPlayer(TM) software, downloadable free at http://www.real.com/. Those without Web access should access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (877) 692-2086 for domestic callers and (973) 582-2749 for international callers.

After the live webcast, the call will remain available on Falcon Financial's Web site, http://www.falconfinancial.com/, through September 10, 2004. In addition, a telephonic replay of the call will be available from August 13, 2004 - August 27, 2004. The replay dial-in numbers are (877) 519-4471 for domestic callers and (973) 341-3080 for international callers. Please use reservation code 4973803.

About Falcon Financial Investment Trust

Falcon Financial Investment Trust is a fully integrated specialty finance real estate investment trust focused solely on the business of originating and servicing loans to automotive dealers in the United States. The Company was founded in 1997 to address the unique capital needs of the U.S. automobile retailing industry. Falcon Financial provides loans to automobile dealers based on cash flow, collateralized by the dealer's real estate and business assets.

Safe Harbor

This press release contains certain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. The forward-looking statements included in this press release reflect Falcon Financial Investment Trust's current view about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause future events, achievements or results to differ materially from those expressed by the forward-looking statements. Important factors that could cause Falcon Financial Investment Trust's actual results to differ materially from current expectations reflected in the forward-looking statements included in this press release include, among others, the risk factors discussed in its filings with the Securities and Exchange Commission. Falcon Financial Investment Trust does not intend to and disclaims any duty or obligation to update or revise any forward-looking statements included in this press release to reflect new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Falcon Financial Investment Trust's views as of any date subsequent to July 15, 2004.