Fieldstone Investment Corp., a real estate investment trust whose subsidiary originates non-conforming mortgages, said it is filing a Form 12b-25 Notification of Late Filing with the Securities and Exchange Commission.The company, headquartered in Columbia, Md., is seeking an extension to file its 10-K until April 17, 2006. Fieldstone said it is in the process of re-examining its financial statements from 2003 through 2005 and "needs additional time to complete its reassessment regarding the appropriate recognition of income tax expense on inter-company transactions in 2003 and 2005 within Fieldstone's consolidated group." Any change would affect the company's results in 2003, 2004 and the first three quarters of 2005.

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