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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

Impac Mortgage REIT Will Report Downturn

March 31, 2000

Impac Mortgage Holdings Inc. said Thursday that it would report a loss for the first quarter because of higher than expected losses on a securities portfolio of second trust deeds acquired in 1997.

The Newport Beach real estate investment trust said in a press release that it would take a charge against earnings in the quarter to increase the company's allowance for loan losses and reserve for future losses involving such securities.

The company did not provide any estimate of its loss or the charge it would take. It did say that the charge would result in a 3% decrease to the company's book value as of today and that the charge would not affect cash flow or liquidity.

Impac stock lost 6 cents a share for a close Thursday at $3.44 a share.

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