Impac Mortgage Holdings, Inc., through its subsidiaries, operates as a mortgage real estate investment trust (REIT) in the United States. The company acquires, originates, sells, and securitizes various mortgages. The company’s operations include long-term investment, mortgage, commercial, and warehouse lending. The long-term investment operations primarily invest in adjustable rate and fixed rate Alt-A mortgages and commercial mortgages that are acquired and originated by its mortgage and commercial operations. The long-term investment operations retain adjustable rate and fixed rate Alt-A mortgages that are acquired and originated by its mortgage operations, as well as invests in commercial mortgages that are primarily adjustable rate mortgages. Its long-term mortgage portfolio consists of mortgages held as securitized, collateral, and mortgages held-for-investment. The mortgage operations acquire, originate, sell, and securitize primarily Alt-A adjustable rate mortgages and fixed rate mortgages from correspondents, mortgage brokers, and retail customers. Correspondents include savings and loan associations, commercial banks, and mortgage bankers. The commercial operations originate commercial mortgages, primarily adjustable rate mortgages with initial fixed interest rate periods. The warehouse lending operations provide short-term financing to mortgage loan originators, including the mortgage and commercial operations, by funding mortgages from their closing date until sale to pre-approved investors. Impac Mortgage Holdings has elected to be treated as a REIT for federal income tax purposes and would not be subject to federal income tax, if it distributes at least 90% of its REIT taxable income to its stockholders. The company was founded in 1995 and is headquartered in Irvine, California.