JOINT FILING AGREEMENT

Exhibit 1

JOINT FILING AGREEMENT

     In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D and any amendments to it with respect to the shares of common stock, par value $0.001 per share, of Luminent Mortgage Capital, Inc. and further agree that this Joint Filing Agreement be included as an Exhibit to those joint filings.

Dated: August 21, 2007

				Arco Capital Corporation Ltd.
				By:		/s/ Xxxxxxxxx X. Xxxxxxxxxx
						Name:		Xxxxxxxxx X. Xxxxxxxxxx
						Title:		President and Chief Operating Officer
				Arco Capital Management LLC
				By:		/s/ Xxxxxxxxx X. Xxxxxxxxxx
						Name:		Xxxxxxxxx X. Xxxxxxxxxx
						Title:		President
				Western Xxxxxx Capital Management LLC
				By:		/s/ Xxx Xxxxxxxx
						Name:		Xxx Xxxxxxxx
						Title:		Sole Manager
				ISTAN LLC
				By:		/s/ Xxxxx Xxxxxxxxxxxxx
						Name:		Xxxxx Xxxxxxxxxxxxx
						Title:		Sole Manager
				Interinvestco LLC
				By:		/s/ Xxx Xxxxxxxx
						Name:		Xxx Xxxxxxxx
						Title:		Manager
				Xxxxx Xxxxxxxxxxxxx
				Xxxxxx Xxxxxxxxxxxxx
				Xxx Xxxxxxxx
				Ailsa Xxxxx Capital Management LP
				By:		/s/Xxx Xxxxxxxx
						Name:		Xxx Xxxxxxxx
						Title:		General Partner

Exhibit 1-1