X0202 4 2008-06-10 0 0001344705 Crystal River Capital, Inc. crz 0001215403 PAULSEN WILLIAM F C/O CRYSTAL RIVER CAPITAL, INC. 3 WFC, 200 VESEY STREET, 10TH FLOOR NEW YORK NY 10281-1010 1 0 0 0 Common Stock 2008-06-10 4 A 0 2000 A 2000 D Restricted stock units awarded pursuant to the Issuer's 2005 Long - Term Incentive Plan (the "Plan") that vest over time and are to be settled in common stcok ("Common Stock") of Crystal River Capital, Inc. (the "Issuer") on a one-for-one basis in one installment that is issued on the date on which the Reporting Person ceases to be a director of the Issuer. All 2000 of such restricted stock units vest on June 10, 2009. Represents grant of restricted stock units pursuant to the Plan. Excludes 15,745 shares of Common Stock owned by The Paulsen Foundation, for which the Reporting Person serves as president and in which the Reporting Person has no pecuniary interest. Excludes 15,479 deferred stock units awarded pursuant to the Plan, which deferred stock units are to be settled in Issuer Common Stock on a one-for-one basis on the date on which the Reporting Person ceases to be a director of the Issuer. /s/ John J. Feeney, Jr., on behalf of William F. Paulsen 2008-06-12