Thornburg Needs To Raise $610 Million - Fast
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On Friday, Thornburg Mortgage (TMA), the mortgage REIT that has been in the eye of the storm last two days, issued a press release updating the situation (TMA Press Release).
Since December 31, 2007 it has received $1.777 billion in margin calls, of which it has been able to meet $1.167 billion. That leaves the company with a $610 million shortfall as of the close of business Thursday.
The company has entered into an agreement with its repurchase agreement counterparties to freeze additional margin calls through the end of business Friday, while the company searches for solutions.
The announcement has led to a renewed frenzy in Thornburg shares, which have lost about 30% in the last 15 minutes on a pickup in volume (TMA Intraday Chart).
Disclosure: Top Gun is long Thornburg Mortgage (TMA) shares.
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