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Impac Mortgage Holdings, Inc. Announces Dividend Payments on Its 9.375% Series B and 9.125% Series C Cumulative Redeemable Preferred Stock
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NEWPORT BEACH, Calif., May 18 /PRNewswire-FirstCall/ -- Joseph R. Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc. (NYSE: IMH), or the "Company" a Maryland corporation, being taxed as a Real Estate Investment Trust ("REIT"), is pleased to announce that in accordance with the terms of the Company's 9.375% Series B Cumulative Redeemable Preferred Stock (NYSE: IMHPrB), the Board of Directors has declared a preferred stock dividend of $0.58594 per share for the period beginning on April 1, 2005 ending June 30, 2005. The dividend will be paid on June 30, 2005 to those preferred stockholders of record as of June 1, 2005. The ex-dividend date will be May 27, 2005. Furthermore in accordance with the terms of the Company's 9.125% Series C Cumulative Redeemable Preferred Stock (NYSE: IMHPrC), the Board of Directors has declared a preferred stock dividend of $0.57031 per share for the period beginning on April 1, 2005 ending June 30, 2005. The dividend will be paid on June 30, 2005 to those preferred stockholders of record as of June 1, 2005. The ex-dividend date will be May 27, 2005.

Impac Mortgage Holdings, Inc. is a mortgage REIT which operates three core businesses: (1) the Long-Term Investment Operations, (2) the Mortgage Operations, and (3) the Warehouse Lending Operations. The Long-Term Investment Operations invests primarily in Alt-A mortgage loans. The Mortgage Operations acquires, originates, sells and securitizes primarily Alt-A mortgage loans and the Warehouse Lending Operations provides short-term financing to mortgage loan originators. The Company is organized as a REIT for tax purposes, which generally allows it to pass through earnings to stockholders without federal income tax at the corporate level.

For additional information, questions or comments, please call Tania Jernigan, VP of Investor Relations at (949) 475-3722 or email tjernigan@impaccompanies.com. Web site: www.impaccompanies.com

SOURCE  Impac Mortgage Holdings, Inc.
    -0-                             05/18/2005
    /CONTACT:  Tania Jernigan, VP of Investor Relations, +1-949-475-3722,
tjernigan@impaccompanies.com/
    /Web site:  http://www.impaccompanies.com /
    (IMH)

CO:  Impac Mortgage Holdings, Inc.
ST:  California, Maryland
IN:  FIN RLT
SU:  DIV

AJ-SF
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2917 05/18/2005 16:30 EDT http://www.prnewswire.com