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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported): July 10, 1997
THORNBURG MORTGAGE ASSET CORPORATION
(Exact name of registrant as specified in its charter)
MARYLAND 011-11914 85-0404134
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
119 EAST MARCY STREET
SANTA FE, NEW MEXICO 87501
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (505) 989-1900
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On July 10, 1997, a Press Release was issued announcing the Company's
earnings for the quarter ending June 30, 1997.
A form of the Press Release has been filed as an exhibit to this report
and is incorporated by reference herein. This report, including the Press
Release filed as an exhibit hereto, is incorporated by reference into the
Registration Statement.
ITEM 7(c). EXHIBITS.
The following exhibits are filed as part of this report in accordance
with the provisions of Item 601 of Regulation S-K:
Exhibit Name of Exhibit
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99.0 Press Release dated July 10, 1997
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THORNBURG MORTGAGE ASSET CORPORATION
Date: July 10, 1997 By: /s/ MICHAEL B. JEFFERS
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Michael B. Jeffers, Secretary
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EXHIBIT INDEX
EXHIBIT
NUMBER NAME OF EXHIBIT
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99.0 Press Release dated July 10, 1997
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[On Thornburg Mortgage Asset Corporation Letterhead]
For Immediate Release - July 10, 1997
Contact: Larry Goldstone or Rick Story @ 505-989-1900
Hal Levine, The Levine Group @ 212-682-8875
THORNBURG MORTGAGE REPORTS RECORD $0.50
SECOND QUARTER INCOME
SANTA FE, NM.....Thornburg Mortgage Asset Corporation (NYSE: TMA) reported
record earnings for the quarter ended June 30, 1997 of $10,075,000 or $.50 per
common share (16,816,873 average common shares outstanding), which represents a
63% increase over the $6,169,000 or $0.42 per share (14,844,227 average common
shares outstanding), reported for the second quarter ended June 30, 1996.
Commenting on the results, Larry A. Goldstone, president of the
company, said "It is especially gratifying that this quarter's earnings record
was achieved despite a 0.25% increase in short-term interest rates. For the
second quarter, the net interest margin increased from 1.29% in 1996 to 1.41% in
1997. Return on common equity increased to 13.45% during the quarter as average
assets grew to $3.6 billion - up from $3.1 billion during the prior quarter."
During the quarter, the company successfully completed a $16 million
common stock offering and, because of continued strong asset growth, has
announced a common stock offering for July. "We continue to grow the portfolio
without compromising credit quality or portfolio yields. Total assets at June
30, 1997 equaled $3.87 billion, also a record, representing a 59% increase over
second quarter 1996 assets of $2.44 billion and a 40.7% increase over year end
1996 assets of $2.75 billion. Consistent with our strategy of acquiring high
credit quality assets, 96% of our portfolio is currently rated the equivalent of
AA or better," said Mr. Goldstone.
Thornburg Mortgage Asset Corporation is a high quality mortgage lending
institution that invests in a portfolio of highly rated adjustable-rate mortgage
(ARM) securities and high quality ARM loans. Like most lending institutions, the
company generates income both from its direct investment in these assets and the
difference between the yield on its assets and costs of its borrowings. The
company's objective is to grow earnings per share by expanding its presence in
the low credit risk ARM securities and loan markets, and periodically issuing
new capital and deploying it consistent with its business strategy. As a real
estate investment trust (REIT), TMA distributes the majority of its income to
shareholders in the form of dividends.
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