Apex Mortgage Capital - AXM- Profile

Apex Mortgage Capital, Inc.. The Group's principal activity is that of an Investment Trust. It acquires single-family real estate mortgage assets, both adjustable and fixed rate. These assets include short-term investments, mortgage-backed securities, high credit quality mortgage loans, mortgage derivative securities and other investments. They are guaranteed by an agency of the US government and are rated AAA by at least one nationally recognized rating agency. The Group has elected to be qualified as a real estate investment trust under the Internal Revenue Code of 1986, as amended. Its objective is to generate dividend yields using the difference between the yield on its mortgage related assets and the cost of its borrowings. An external management company, TCW Investment Management Company, manages its day-to-day operations. Interest income accounted for 100% of 2002 revenues and Dividend income, nominal. Real estate investment trust that invests in single-family real estate mortgage assets guaranteed by a government agency