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/ ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
						Name:		▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
						Title:		President and Chief Operating Officer
				Arco Capital Management LLC
				By:		/s/ ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
						Name:		▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
						Title:		President
				Western ▇▇▇▇▇▇ Capital Management LLC
				By:		/s/ ▇▇▇ ▇▇▇▇▇▇▇▇
						Name:		▇▇▇ ▇▇▇▇▇▇▇▇
						Title:		Sole Manager
				ISTAN LLC
				By:		/s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇
						Name:		▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇
						Title:		Sole Manager
				Interinvestco LLC
				By:		/s/ ▇▇▇ ▇▇▇▇▇▇▇▇
						Name:		▇▇▇ ▇▇▇▇▇▇▇▇
						Title:		Manager
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				▇▇▇ ▇▇▇▇▇▇▇▇
				Ailsa ▇▇▇▇▇ Capital Management LP
				By:		/s/▇▇▇ ▇▇▇▇▇▇▇▇
						Name:		▇▇▇ ▇▇▇▇▇▇▇▇
						Title:		General Partner