DVL, Inc. Reports Results of Operations for the Quarter Ended March 31, 2005

DVL, Inc. Reports Results of Operations for the Quarter Ended
March 31, 2005 


NEW YORK, May 16  /PRNewswire-FirstCall/ -- DVL, Inc. (OTC Bulletin Board:
"DVLN") announced its operating results for the three month period ended March
31, 2005.

DVL's income from continuing operations for the quarter ended March 31, 2005
was $345,000 ($.01 basic and $.01 diluted per share) as compared to $313,000
($.01 basic and $.01 diluted per share) for the quarter ended March 31, 2004.

Shareholder's equity increased to $16,774,000 as of March 31, 2005 from
$16,417,000 as of December 31, 2004.

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.

                                DVL, INC.

                          RESULTS OF OPERATIONS

              (in thousands except share and per share data)

                                                      Three Months Ended
                                                           March 31,
                                                       2005         2004

     Revenues                                        $2,150       $2,204

     Income from continuing operations                 $345         $313

     Income (loss) from discontinued operations          12         (184)

     Net income                                        $357         $129

     Basic earnings per share:

     Income from continuing operations                 $.01         $.01
     Income (loss) from discontinued operations         .00         (.01)
     Net income                                        $.01         $.00

     Diluted earnings per share:

     Income from continuing operations                 $.01         $.01
     Income (loss) from discontinued operations         .00         (.01)
     Net income                                        $.01         $.00

     Weighted average shares outstanding -
      basic                                      38,315,466   27,738,402

     Effect of dilutive securities               20,350,561   27,293,725

     Weighted average shares outstanding -
      diluted                                    58,666,027   55,032,127


DATASOURCE: DVL, Inc.



CONTACT:  Jay Thailer, DVL, Inc., [phone]




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