Revenue during the quarter dropped 4.14 percent to $45.34 million from $47.30 million in the previous year period.

Total expenses were $44.56 million for the quarter, down 1.32 percent or $0.60 million from year-ago period. Operating margin for the quarter contracted 280 basis points over the previous year period to 1.73 percent.

Operating income for the quarter was $0.78 million, compared with $2.14 million in the previous year period. However, the adjusted operating income for the quarter stood at $2.17 million compared to $6.98 million in the prior year period.

Revenue from real estate activities during the quarter declined 22.24 percent or $0.47 million to $1.63 million.

Gain on sale of assets was $37.32 million for the quarter, compared with gain of $53.87 million in the previous year period. Other income during the quarter was $6.39 million, up 173.70 percent or $15.06 million from year-ago period.

Mr. Joseph Tomkinson, chairman and chief executive officer of Impac Mortgage Holdings, Inc., commented, "We continue to see increased interest in NonQM loan products from both our investors and consumers. Currently, with a pipeline of over $225 million of NonQM production, we have reached a monthly run rate of nearly $100 million. We also continue to see more opportunities for increased efficiencies and process improvement through proprietary technology we are developing."

Net receivables were at $37.56 million as on Mar. 31, 2017, down 10.96 percent or $4.62 million from year-ago.

Total assets declined 10.43 percent or $553.37 million to $4,751.36 million on Mar. 31, 2017. On the other hand, total liabilities were at $4,515.16 million as on Mar. 31, 2017, down 12.61 percent or $651.56 million from year-ago.

Return on assets moved down 123 basis points to 0.10 percent in the quarter. At the same time, return on equity moved up 125 basis points to 1.96 percent in the quarter.