Thornburg Reports '06 Profits

Thornburg Mortgage Inc., Santa Fe, N.M., has reported net income (before preferred stock dividends) of $297.7 million ($2.58 per share) for 2006, compared with $282.8 million ($2.79 per share) a year earlier.Thornburg said it originated $5.6 billion in mortgage loans during the year, up 13% from the level recorded in 2005. Larry Goldstone, Thornburg's president and chief operating officer, attributed the company's success to its operating model, "disciplined" interest rate risk management, and a strong capital position. "By successfully executing a number of financing and alternative capital-raising transactions, we strengthened our balance sheet and sustained our earnings in an environment where our core spread-lending business was impacted by competitive market and interest rate pressures." The company also touted its new wholesale channel, which it said now supports more than 200 brokerage firms. Thornburg Mortgage, a real estate investment trust that focuses mainly on the jumbo segment of the adjustable-rate mortgage market, can be found online at http://www.thornburg.com.