DVL, Inc. Reports Results of Operations for the Quarter Ended March 31, 2006

NEW YORK, May 17  /PRNewswire-FirstCall/ -- DVL, Inc. (OTC:DVLN) (BULLETIN BOARD: DVLN)  announced its operating results for the three month period ended March 31, 2006.

DVL's income from continuing operations for the quarter ended March 31, 2006 was $341,000 ($.01 basic and $.01 diluted per share) as compared to $400,000 ($.01 basic and $.01 diluted per share) for the quarter ended March 31, 2005.

Shareholder's equity increased to $18,491,000 as of March 31, 2006 from $18,150,000 as of December 31, 2005.

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.

  For more information, contact Henry Swain at [phone].

  Statistical table follows:

                                DVL, INC.

                          RESULTS OF OPERATIONS

              (in thousands except share and per share data)

                                                      Three Months Ended
                                                          March 31,
                                                       2006         2005

     Revenues                                        $2,282       $2,152

     Income from continuing operations                 $341         $400

     Loss from discontinued operations                    0          (43)

     Net income                                        $341         $357

     Basic earnings per share:

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

     Diluted earnings per share:

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


     Weighted average shares outstanding
      - basic                                    38,315,466   38,315,466

     Effect of dilutive securities               22,501,730   20,350,561

     Weighted average shares outstanding
      - diluted                                  60,817,196   58,666,027


DATASOURCE: DVL, Inc.



CONTACT:  Henry Swain of DVL, Inc., [phone]

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