Newport Beach REIT Plans Stock Offering

Impac Mortgage Holdings Inc., a Newport Beach real estate investment trust, has filed documents to sell 6 million shares of common stock.

Impac Mortgage is offering 5 million shares, and an affiliate, Impac Funding Corp., is selling an additional 1 million shares. Impac Mortgage said it was raising funds to expand its long-term investment and mortgage operations and for general corporate use. Impac Funding will use the net proceeds for general working capital, according to a filing with the Securities and Exchange Commission.

After the offering, Impac Mortgage will have about 31.8 million shares of common stock outstanding. Shares of Impac (IMH) dropped 10 cents Thursday to close at $7.15 on the American Stock Exchange.