RogerScott

Why I am Selling Thornburg Mortgage

I sold for two reasons.
1. Management was not giving the public enough information to make a fair estimate of what the balance sheet looked like after selling assets at a discount, e.g. they did not tell me how much discount from their basis they sold assets.
2. After the big fall last summer, TMA increased repos instead of substituting long term liabilities. Contrast TMA with Redwood Trust which has almost no short term debt and has deleveraged for the last several years.
Looks like poor management.
Roger Scott