Thornburg Mortgage Asset Corp. is a high quality mortgage portfolio
lending institution that specializes in the acquisition of highly rated
adjustable-rate mortgage (ARM) securities and high quality ARM loans.
Like most portfolio lending institutions, the company generates income
from both its direct investment in these assets and the difference
between the yield on its assets and the cost of its borrowings.
The company's continuing objective is to grow earnings per share by
expanding its presence in the low credit risk ARM securities and loan
markets, and periodically raising new capital and deploying it
consistent with its business strategy. As a real estate investment trust
(REIT), TMA distributes substantially all of its income to shareholders
in the form of dividends. The company had assets of $4.7 billion and
20,279,752 common shares outstanding on Dec. 31, 1997. |
