Impac Mortgage Holdings Inc.

The Newport Beach real estate investment trust reported a net loss of $30.9 million, or $1.48 a share, for the first quarter, which included noncash accounting charges of $35.3 million primarily related to the company’s decision to write off an investment in high loan-to-value second trust deeds acquired in 1997, and a gain of $97,000 on sale of loans. Net income for the first quarter of 1999 was $6.2 million, or 20 cents a share.