Aames Investment Corp., Los Angeles, has priced a public offering of 35 million shares of common stock at $8.50 per share and agreed to sell 5 million additional shares at the same price in a private placement.The gross proceeds from the public offering will be $297.5 million. The private placement, which provides for certain discounts, is expected to result in aggregate proceeds of $39.5 million, Aames said. The private placement was made with Friedman, Billings, Ramsey Group Inc. The sole book-running manager of the public offering is Friedman, Billings, Ramsey & Co. Inc. Aames, a mortgage real estate investment trust, can be found on the Web at http://www.aames.net.

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