Thornburg Delays 1Q Earnings Filing

Thornburg Mortgage Inc., a troubled real estate investment trust based in Santa Fe, N.M., has announced that it needs more time to file its first-quarter earnings report with the Securities and Exchange Commission and estimated that it will do so by June 12. The company previously estimated that it would file the report by June 2. To finalize its Form 10-Q, the company said it must, among other things, complete its valuation analysis and the accounting for a March 31 senior subordinated secured note transaction. (Thornburg completed a $1.35 billion private placement at that time after announcing that it had to raise nearly $1 billion in capital to keep in place a key 364-day agreement with certain counterparties involved in potentially "material" margin calls it had been facing.) The company has also announced receipt of a letter from the New York Stock Exchange stating that the company is not in compliance with the NYSE's continued-listing criteria because the average closing price of its common stock has been less than $1 for 30 consecutive trading days. Thornburg said it intends to cure the deficiency by implementing a reverse stock split. It can be found online at http://www.thornburgmortgage.com.