Apex Mortgage Capital Confirms Dividend Guidance for the Third Quarter 2003

LOS ANGELES--(BUSINESS WIRE)--Sept. 23, 2003--Following a meeting of its Board of Directors on September 18, 2003, Apex Mortgage Capital, Inc. (Amex: AXM) (the "Company") today confirmed that there would be no third quarter 2003 dividend distribution due to costs associated with the anticipated closing of the American Home Mortgage, Inc. (Nasdaq: AHMH) transaction and the restructuring of Apex's portfolio in accordance with the terms of the acquisition.

About Apex Mortgage Capital

BizVantage – Beyond the news: when knowing counts.
Try the free, no-hassle 6 month trial!

Apex Mortgage Capital, Inc. is a financial company structured as a real estate investment trust. The Company primarily acquires United States agency securities, other mortgage related securities, and mortgage loans as well as equity and debt securities issued by other mortgage REITs. The Company is listed on the American Stock Exchange under the symbol "AXM."

About American Home Mortgage

American Home Mortgage Holdings, Inc. is an originator and servicer of residential mortgage loans. It operates 211 loan production offices located in 37 states, MortgageSelect, a leading online mortgage lender, three mortgage broker support centers and a loan servicing center. For additional information, please visit the Company's Web site at www.americanhm.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

The statements above regarding the Company's expectations about the consummation of the merger constitute forward-looking statements within the meaning of the federal securities laws. The Company does not intend to, and disclaims any obligation to, issue updates, even if its outlook changes for these forward-looking matters. In addition, the Company's actual results and the timings of future events could differ materially from those projected in or contemplated by the Company's forward looking statements due to a number of factors, including changes in general economic conditions, overall interest rate movement, interest rate volatility, the consummation of the merger with American Home Mortgage, American Home Mortgage's dividend policy, the decline in book value, the shape of the yield curve, the availability of suitable mortgage assets, the availability of debt capital, mortgage prepayment rates, the impact of leverage, the effectiveness of the Company's hedging, the Company's taxable income and other risk factors set forth in the Company's SEC reports and the consequences of the Company's review of strategic initiatives. The Company's investment strategy is subject to change as a result of the foregoing factors or otherwise, which might further affect operating results.