UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended: SEPTEMBER 30, 2002 |
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OR |
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TRANSITION REPORT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission File Number: 001-13637 |
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APEX MORTGAGE CAPITAL, INC. |
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(Exact name of Registrant as specified in its Charter) |
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Maryland |
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95-4650863 |
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(State or other
jurisdiction of incorporation |
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(I.R.S. Employer Identification Number) |
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865 South Figueroa Street |
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90017 |
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(Address of principal executive offices) |
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(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), (2) has been subject to such filing requirements for the past 90 days, and (3) is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý Noo
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.
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Common Stock ($0.01 par value) |
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29,857,000 as of November 14, 2002 |
INDEX
2
Apex Mortgage Capital, Inc.
(Unaudited)
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September 30, 2002 |
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December 31, 2001 |
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Assets |
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Cash and cash equivalents |
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$ |
4,201,000 |
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$ |
4,330,000 |
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Fixed income trading securities, at fair value (Note 3) |
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1,054,311,000 |
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437,954,000 |
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Fixed income securities available-for-sale, at fair value (Note 3) |
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2,391,092,000 |
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1,067,575,000 |
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Equity securities available-for-sale, at fair value (Note 3) |
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4,241,000 |
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6,028,000 |
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Interest rate swaps, at fair value (Note 5) |
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— |
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4,620,000 |
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Accrued interest receivable |
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19,447,000 |
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8,580,000 |
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Principal payments receivable |
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990,000 |
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485,000 |
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Receivable for unsettled securities |
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336,087,000 |
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5,520,000 |
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Other assets |
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95,000 |
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333,000 |
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$ |
3,810,464,000 |
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$ |
1,535,425,000 |
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Liabilities and Stockholders’ Equity |
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Liabilities |
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Reverse repurchase agreements (Note 4) |
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$ |
3,066,087,000 |
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$ |
1,376,850,000 |
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Accrued interest payable |
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3,928,000 |
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975,000 |
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Dividend payable |
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15,069,000 |
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12,596,000 |
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Forward contracts, at fair value (Note 5) |
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— |
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3,275,000 |
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TBA securities, at fair value (Note 5) |
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874,000 |
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— |
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Interest rate swaps, at fair value (Note 5) |
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131,323,000 |
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— |
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Payable for unsettled securities |
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384,730,000 |
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— |
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Accrued expenses and other liabilities |
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2,227,000 |
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11,699,000 |
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3,604,238,000 |
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1,405,395,000 |
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Stockholders’ Equity |
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Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; no shares outstanding |
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— |
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— |
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Common stock, par value $0.01 per share; 100,000,000 shares authorized; 29,857,000 and 15,555,500 shares outstanding as of September 30, 2002 and December 31, 2001, respectively |
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299,000 |
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155,000 |
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Additional paid-in-capital |
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331,480,000 |
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175,802,000 |
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Accumulated other comprehensive loss |
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(79,711,000 |
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(7,837,000 |
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Accumulated deficit |
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(45,842,000 |
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(38,090,000 |
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206,226,000 |
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130,030,000 |
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$ |
3,810,464,000 |
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$ |
1,535,425,000 |
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See accompanying notes to financial statements
3
Apex Mortgage Capital, Inc.
(Unaudited)
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Three Months |
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Three Months |
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Nine Months |
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Nine Months |
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Interest Income: |
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Fixed income securities |
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$ |
53,701,000 |
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$ |
9,809,000 |
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$ |
126,206,000 |
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$ |
30,517,000 |
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Cash and cash equivalents |
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14,000 |
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24,000 |
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87,000 |
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95,000 |
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53,715,000 |
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9,833,000 |
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126,293,000 |
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30,612,000 |
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Interest Expense |
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29,237,000 |
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4,201,000 |
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63,331,000 |
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16,260,000 |
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Net Interest Income |
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24,478,000 |
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5,632,000 | |||||||||