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Impac Mortgage Holdings, Inc The Group's principal activity is to acquire and originate non-conforming Alt-A mortgage loans. The Group operates through 3 segments: Long-term investment operations; Warehouse lending operations and Mortgage operations. The Long-term investment operations invest primarily in non-conforming Alt-A residential mortgage loans and mortgage-backed securities secured by or representing interest in such loans and in second mortgage loans. The Warehouse lending operations provide warehouse and repurchase financing to affiliated companies and to approved mortgage banks. The Mortgage operations purchase and originate non-conforming Alt-A mortgage loans and second mortgage loans from its network of third party correspondent sellers, mortgage brokers and retail customers. The Group has elected to be taxed as a REIT under the Internal Revenue Code of 1986.