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SHAREHOLDER UPDATES

Shareholder Update: July 19, 2010 | On April 22, 2010, all stockholders were mailed the latest edition of The REIT Review newsletter which provided an overview of where DCR currently stands in relation to market conditions, and detailed the Advisor and Board of Directors’ efforts to execute strategic solutions for the assets in the portfolio. The newsletter can also be accessed on this webpage. If you did not receive a copy in the mail, please contact our Investor Relations Department at 800-419-2855.

Identifying work-out strategies for real estate owned (REO) properties within the portfolio continues to be the main focus of the Advisor. The Advisor is pleased to report a successfully negotiated forbearance for a loan DCR has collateralized by one of its largest portfolio assets. This will provide additional time to develop a suitable resolution for the property. Additionally, DCR successfully collected on a loan guarantee from a defaulted borrower and liquidated select properties to stabilize its cash position.

The Board of Directors and the Advisor are also preparing for the next Annual Meeting of Stockholders. All stockholders will be contacted once information is available regarding the expected date, time, and location.

Shareholder Update: 4/22/10 - SHAREHOLDER NEWSLETTER

Shareholder Update: January 21, 2010 | The Advisor continues to work diligently in its resolution strategies for the real estate owned (REO) properties in the portfolio. There are currently no new updates at this time. Shareholders will receive an update regarding the current state of Desert Capital REIT by March 31, 2010, at which time, the 2009 financials will be completed and the Board of Directors will have met for their first quarter meeting.

Shareholder Update: November 16, 2009 | Desert Capital REIT files 10Q Financial Statement for the quarter ended September 30, 2009.

Shareholder Update: 9/18/09 - SHAREHOLDER MEETING OVERVIEW

Shareholder Update: 8/31/09 - SHAREHOLDER NEWSLETTER

Shareholder Update: July 15, 2009 | Desert Capital REIT announces the Annual Stockholder Meeting will be at Sunset Station Hotel & Casino, 1301 W. Sunset Road, Henderson, NV 89014 on September 9, 2009 at 10:00 am.

Shareholder Update: As of May 28, 2009, the Advisor of Desert Capital REIT continues to work diligently in its resolution strategies for the real estate owned (REO) properties in the portfolio in an effort to generate the most favorable returns for stockholders, and is currently in the negotiation stage for the workout of a number of projects. We will keep you informed of any new developments.

Shareholder Update: 4/9/09 - SHAREHOLDER NEWSLETTER

Shareholder Update: 12/31/08 - SHAREHOLDER LETTER

Shareholder Update: 10/31/08 - SHAREHOLDER LETTER

Shareholder Update: 3/5/08 - SHAREHOLDER LETTER