UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

ý		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

		For the quarterly period ended: JUNE 30, 2002

o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

		For the transition period from to

Commission File Number: 001-13637

APEX MORTGAGE CAPITAL, INC.

(Exact name of Registrant as specified in its Charter)

Maryland		95-4650863
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

865 South Figueroa Street Los Angeles, California		90017
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (213) 244-0000

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ý No o

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of the issuer’s classes of common stock, as of the last practicable date.

Common Stock ($0.01 par value)

29,857,000 as of August 9, 2002

APEX MORTGAGE CAPITAL, INC.

FORM 10-Q

INDEX

PART I.	FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS

		BALANCE SHEETS AT JUNE 30, 2002 (UNAUDITED) AND DECEMBER 31, 2001

		STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND JUNE 30, 2001 (UNAUDITED)

		STATEMENT OF STOCKHOLDERS’ EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2002 (UNAUDITED)

		STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND JUNE 30, 2001 (UNAUDITED)

		NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

PART II.	OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS

ITEM 2.	CHANGES IN SECURITIES

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES

ITEM 4.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

ITEM 5.	OTHER INFORMATION

ITEM 6.	EXHIBITS AND REPORTS ON FORM 8-K

SIGNATURES

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Apex Mortgage Capital, Inc.

Balance Sheets

(Unaudited)

	June 30, 2002			December 31, 2001
Assets

Cash and cash equivalents	$	17,610,000		$	4,330,000
Fixed income trading securities, at fair value (Note 3)	1,192,528,000			437,954,000
Fixed income securities available-for-sale, at fair value (Note 3)	2,300,913,000			1,067,575,000
Equity securities available-for-sale, at fair value (Note 3)	4,537,000			6,028,000
Interest rate swaps, at fair value (Note 5)	—			4,620,000
Accrued interest receivable	18,840,000			8,580,000
Principal payments receivable	355,000			485,000
Receivable for unsettled securities	1,494,000			5,520,000
Other assets	194,000			333,000
	$	3,536,471,000		$	1,535,425,000

Liabilities and Stockholders’ Equity

Liabilities

Reverse repurchase agreements (Note 4)	$	3,191,797,000		$	1,376,850,000
Accrued interest payable	2,882,000			975,000
Dividend payable	15,011,000			12,596,000
Forward contracts, at fair value (Note 5)	2,218,000			3,275,000
Interest rate swaps, at fair value (Note 5)	37,342,000			—
Accrued expenses and other liabilities	13,877,000			11,699,000

	3,263,127,000			1,405,395,000

Stockholders’ Equity

Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; no shares outstanding	—			—
Common stock, par value $0.01 per share; 100,000,000 shares authorized; 29,857,000 (2002) and 15,555,500 (2001) shares outstanding	299,000			155,000
Additional paid-in-capital	331,494,000			175,802,000
Accumulated other comprehensive loss	(18,121,000		)	(7,837,000		)
Accumulated deficit	(40,328,000		)	(38,090,000		)

	273,344,000			130,030,000

	$	3,536,471,000		$	1,535,425,000

See accompanying notes to financial statements

Apex Mortgage Capital, Inc.

Statements of Operations

(Unaudited)

	Three Months Ended June 30, 2002		Three Months Ended June 30, 2001		Six Months Ended June 30, 2002		Six Months Ended June 30, 2001

Interest Income:
Fixed income securities	$	45,252,000	$	9,730,000	$	72,506,000	$	20,708,000
Cash and cash equivalents	18,000		34,000		73,000		76,000

Total interest income	45,270,000		9,764,000		72,579,000		20,784,000
Interest Expense	21,390,000		4,988,000		34,095,000		12,064,000

Net Interest Income	23,880,000		4,776,000		38,484,000		8,720,000

Dividend Income	109,000