DVL, Inc. Reports Results of Operations for the Quarter Ended March 31, 2008

DVL's income from continuing operations for the quarter ended March 31, 2008 was $1,042,000 ($.02 basic and $.02 diluted per share) as compared to $759,000 ($.02 basic and $.01 diluted per share) for the quarter ended March 31, 2007. The primary reasons were increased gains on satisfaction of mortgage loans and increased residual interest income net of interest expense, which together contributed $317,000 ($.01 basic and diluted). After a loss from discontinued operations of $69,000 DVL's net income was $973,000 for the quarter ended March 31, 2008.

Shareholder's equity increased to $22,659,000 as of March 31, 2008 from $21,686,000 as of December 31, 2007.

This press release contains statements which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Included are statements regarding the intent, belief and/or current expectations of the Company and its management. The Company's stockholders and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Such risks and uncertainties include, among other things, general economic conditions, and the actual performance of the portfolios of periodic payment receivables and other risks and uncertainties that are discussed herein and in the Company's reports filed with the Securities and Exchange Commission.

DVL, Inc. is a commercial finance and real estate company which owns and services real estate, commercial mortgages and other diversified commercial and consumer finance assets.

    Statistical table follows:


                                  DVL, INC.

                            RESULTS OF OPERATIONS

                (in thousands except share and per share data)

                                                        Three Months Ended
                                                             March 31,

                                                        2008           2007

    Revenues                                         $ 3,194         $2,896

    Income from continuing operations                $ 1,042          $ 759

    Loss from discontinued operations                    (69)          (130)

    Net income                                          $973           $629

    Basic earnings per share:

    Income from continuing operations                   $.02           $.02
    Loss from discontinued operations                    .00            .00
    Net income                                          $.02           $.02

    Diluted earnings per share:

    Income from continuing operations                   $.02           $.01
    Loss from discontinued operations                    .00            .00
    Net income                                          $.02           $.01


    Weighted average shares
     outstanding - basic                          45,292,757     37,534,583

    Effect of dilutive securities                    133,389     20,886,850

    Weighted average shares
     outstanding - diluted                        45,426,146     58,421,433

SOURCE DVL, Inc.

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