| Apex Mortgage Capital, Inc. | |||
| Ticker: | AXM | 865 South Figueroa Street, Suite 1800 | |
| Exchange: | New York Stock Exchange | Los Angeles, CA 90017 | |
| Industry: | Financial (SIC Code 6798) | (213) 244-0000 | |
| Type of Shares: | Common Shares | Filing Date: | 9/19/97 | |
| U.S. Shares: | 4,700,000 | Offer Date: | 12/3/97 | |
| Non-U.S. Shares: | 2,000,000 | Filing Range: | $14.00 - $16.00 | |
| Primary Shares: | 6,700,000 | Offer Price: | $15.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.05 | |
| Offering Amount: | $100,500,000 | Selling: | $0.63 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 10,000,100 |
| Manager | Tier | Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| PaineWebber Incorporated | Co-manager | (212) 713-2626 |
| Stifel, Nicolaus & Company, Incorporated | Co-manager | (314) 342-2130 |
| Sutro & Company Inc. | Co-manager | (415) 445-8323 |
| Issuer's Law Firm: | O'Melveny & Meyers |
| Bank's Law Firm: | Brown & Wood |
| Auditor: | Deloitte & Touche |
| Registrar/Transfer Agent: | ChaseMellon Shareholder Services, L.L.C. |
| Business Description |
| The company is a real estate investment trust, (REIT). The company will acquire U.S. agency and other highly rated, adjustable-rate, single-family real estate mortgage securities and mortgage loans. The company intends to structure its portfolio to maintain a minimum weighted average rating of at least AA or Aa by Standard & Poor's Ratings Services or Moody's Investores Service, Inc., respectively. The company will use its equity captial and borrowed funds to seek to generate income based on the difference between the yield on its mortgage assets and the cost of its borrowings. The company will elect to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended. The company will not generally be subject to federal taxes on its income to the extent that it distributes its net income to its stockholders and maintains its qualification as a REIT. |
| Business Plan |
| The company's principal business objective is to produce net interest income on its Mortgage Assets while maintaining a cost efficient organizational structure in order to generate Net Income for distribution to its stockholders. To achieve its business objective and generate dividend yields that provide a competitive rate of return for stockholders, the company's strategy is to: (I) purchase primarily single-family Mortgage Assets, (ii) manage the credit risk of its Mortgage Assets, (iii) finance purchases of Mortgage Assets, (iv) seek to structure its borrowings, (v) utilize interest rate caps and (vi) seek to minimize payment risk. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to purchase the company's initial portfolio of mortgage assets. |
| Name of Shareholder | % Owned Before | % Owned After |
| TCW Capital Investment Corporation | 100.00% |
| Officer Name | Title | Age |
| Jeffrey E. Gundlach | Chief Investment Officer | 38 |
| Daniel K. Osborne | Executive Vice President, Chief Operating Officer and Chief Financial Officer | 32 |
| Philip A. Barach | President and Chief Executive Officer | 45 |
| Michael E. Cahil | Secretary | 46 |