The revision, which has been brought about by a greater amount of loan productions and acquisitions than previously anticipated, reflects a change of more than $1 billion from the original 2002 year-end projection of $3.7 billion in total assets.
Impac, which acquired $491.8 million of mortgage loans during the first quarter of 2002, expects to acquire approximately $1 billion of mortgage loans during the second quarter of this year. The loans will be held in the REIT's long-term mortgage investment portfolio.
With total assets expected to reach $4 billion by the end of second quarter 2002, Impac has entered into a sales agency agreement with UBS Warburg LLC to periodically sell up to 3,594,082 shares of its common stock. The agreement is expected to "enable the company to continue to grow, allow for a more efficient basis to invest capital, at a much lower cost of capital, and with less initial dilution to current stockholders," says Joseph R. Tomkinson, Impac's chairman and CEO.
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