Fieldstone Investment (FICC) 8-K Regulation FD Disclosure

Exhibit 99.1

Slide 6
ROA Analysis:
Q1 ’05 Portfolio, Static ROA, and Life of Pool ROA
(as of April 29, 2005)

				Hypothetical ROA-Recent Securitization
	Existing Portfolio			ROA-Static Analysis			ROA-Life of Pool
	1Q 2005-Annualized			FMIT 2005-1			FMIT 2005-1
	$	4.84 billion		$	7.0 Billion		$	7.0 Billion
Avg. Balance of Portfolio
Interest Income:
Weighted Average Coupon	6.68		%	6.96		%	6.96		%
ARM Margin Reset	—			—			0.91		%
Prepayment Fee Income	0.56		%	0.42		%	0.57		%
Deferred Origination Cost Amor.	(0.45		)%	(0.45		)%	(0.45		)%
Total Interest Income (a)	6.79		%	6.93		%	7.99		%
Funding Costs as % of Principal Balance:
30 day Libor & SWAP Net Cash Settlement	2.68		%	3.32		%	3.65		%
Bond spread over LIBOR	0.40		%	0.45		%	0.45		%
Deferred Issuance Cost Amor.	0.20		%	0.18		%	0.18		%
Total Core Funding Costs (b)	3.28		%	3.95		%	4.28		%
Net Interest Margin pre Loss Prov. (a-b)	3.51		%	2.98		%	3.71		%
Loan Loss Provision	(0.37		)%	(1.36		)%	(1.36		)%
Net Interest Margin net of Loss Prov.	3.14		%	1.62		%	2.35		%
Servicing Costs	(0.23		)%	(0.23		)%	(0.23		)%
Annualized Cost to Produce Amort.	(1.40		)%	(0.69		)%	(0.69		)%
Total Costs	(1.63		)%	(0.92		)%	(0.92		)%
ROA estimate	1.51		%	0.70		%	1.43		%
Leverage (Target)				13.00			13.00
ROE estimate				13.8		%	24.3		%
Book Value Per Share				$	11.64		$	11.64
Indicated Earnings Per Share				$	1.61		$	2.83
Weighted Avg. Life of Loans (estim)				2.22			2.22

(*)The above model is a non-GAAP presentation of economic components of our REIT portfolio, and is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.

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Slide 6a
ROA Life of Pool Analysis: Forward Libor Curve
(as of April 29, 2005)

Multistage ROA / Forward LIBOR	1 Month LIBOR - Forward Curve as of 2/25/05		Origination Expns	2.63	%	1.18	%
Series 2005-1	6 Month LIBOR - Forward Curve as of 2/25/05		Life of Pool Loss	3.00	%	1.35	%
As of Deal Pricing	Lehman Cashflows		ARM Margin	5.78	%
	120% PPC to Maturity: WAL=	2.22	Moody’s Loss Curve

Year	Origination		Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Wtd Avg
Average Balance	1,000,000,000		885,782,125		582,390,264		284,070,967		163,026,540		94,258,572		54,238,630		31,073,549
Factor			88.58	%	58.24	%	28.41	%	16.30	%	9.43	%	5.42	%	3.11	%
WAC (Averaged over each Year)	6.96	%	6.96	%	7.01	%	9.57	%	10.14	%	10.33	%	10.47	%	10.61	%	7.87	%
Prepayment Fee Income			0.59	%	1.07	%	0.18	%	0.00	%	0.00	%	0.00	%	0.00	%	0.57	%
Deferred Origination Cost Amor. (GAAP)			(0.45	)%	(0.45	)%	(0.45	)%	(0.45	)%	(0.45	)%	(0.45	)%	(0.45	)%	(0.45	)%
Total Interest Income			7.10	%	7.63	%	9.30	%	9.69	%	9.88	%	10.02	%	10.16	%	7.99	%
Funding Costs as% of Principal Balance:
1-month LIBOR			3.54	%	4.24	%	4.22	%	4.48	%	4.60	%	4.77	%	4.92	%
Net Cash Settlements - Swaps/Caps			(0.22	)%	(0.92	)%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%
Libor Based Financing Costs			3.32	%	3.32	%	4.22	%	4.48	%	4.60	%	4.77	%	4.92	%	3.65	%
Bond spread over LIBOR			0.34	%	0.42	%	0.63	%	0.68	%	0.59	%	0.53	%	0.45	%	0.45	%
Deferred Issuance Cost Amor. (GAAP)			0.18	%	0.18	%	0.18	%	0.18	%	0.18	%	0.18	%	0.18	%	0.18	%
Total Funding Costs			3.84	%	3.92	%	5.02	%	5.34	%	5.37	%	5.48	%	5.55	%	4.28	%
Net Interest Margin Pre Loss Provision			3.26	%	3.71	%	4.27	%	4.35	%	4.51	%	4.55	%	4.61	%	3.71	%
Loan Loss Provision (% of Current Pool)			(0.37	)%	(1.03	)%	(2.51	)%	(3.93	)%	(4.54	)%	(2.63	)%	0.00	%	(1.36	)%
Net Interest Margin Net of Loss Provision			2.89	%	2.68	%	1.77	%	0.41	%	(0.02	)%	1.92	%	4.61	%	2.35	%
Servicing Costs			(0.23	)%	(0.23	)%	(0.23	)%	(0.23	)%	(0.23	)%	(0.23	)%	(0.23	)%	(0.23	)%
Upfront Origination Costs not capitalized for GAAP			(1.63	)%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	(0.69	)%
Total Costs			(1.86	)%	(0.23	)%	(0.23	)%	(0.23	)%	(0.23	)%	(0.23	)%	(0.23	)%	(0.92	)%
ROA estimate			1.03	%	2.45	%	1.54	%	0.18	%	(0.25	)%	1.69	%	4.38	%	1.43	%
Leverage (Target)																	13
ROE estimate																	24.25	%
Percentage of Normalized Pool			42.28	%	27.80	%	13.56	%	7.78	%	4.50	%	2.59	%	1.48	%	100.00	%

*Non-GAAP analysis of Hybrid ARM Pool returns over time.

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