| Cash Flow for Thornburg Mortgage Inc. (TMA) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | (874,948) | 297,697 | 282,844 | 232,564 | 176,504 | | Provision for Loan Loss | 6,728 | 3,149 | 1,212 | 1,436 | - | | Depreciation & Amortization | 824 | 78,165 | 99,298 | 61,680 | 43,487 | | Deferred Income Taxes | - | - | - | - | - | | Change in Assets (Receivables) | 152,579 | (166,709) | (174,676) | (72,649) | (33,898) | | Change in Liabilities (Payables) | (114,898) | 86,039 | 29,603 | 71,191 | 25,745 | | Investment Securities Gain | 1,100,068 | - | - | - | - | | Net Policy Acquisition Cost | - | - | - | - | - | | Realized Investment Gains | - | (8,489) | (14,943) | (11,570) | (6,005) | | Net Premiums Receivables | - | - | - | - | - | | Change in Income Taxes | - | - | - | - | - | | Other Non-Cash Items | (46,853) | (68,647) | - | 606 | 3,830 | | Net Cash from Operating Activities | 223,500 | 221,205 | 223,338 | 283,258 | 209,663 | | | | Proceeds from Sale/Mat. Inv. | 16,418,658 | 5,803,834 | 7,222,919 | 7,959,945 | 6,524,867 | | Purchase of Investment Securities | (10,296,252) | (7,437,266) | (13,050,467) | (13,695,997) | (10,465,922) | | Net Increase Fed. Funds Sold | - | - | - | - | - | | Purchase of Property & Equipment | - | - | - | - | - | | Acquisitions | - | - | - | - | - | | Other Investment Changes, Net | 3,795,565 | (8,758,026) | (7,710,498) | (3,516,109) | (4,896,939) | | Net Cash from Investing Activities | 9,917,971 | (10,391,458) | (13,538,046) | (9,252,161) | (8,837,994) | | | Net Change in Deposits | - | - | - | - | - | | Cash Dividends paid | (271,405) | (311,242) | (272,115) | (215,189) | (157,898) | | Repayment of Long Term Debt | (16,544,620) | (5,142,079) | (2,169,961) | (83,789) | (219,738) | | Change in Short Term Debt | - | - | - | - | - | | Issuance of Long term Debt | 6,071,311 | 15,418,090 | 15,314,109 | 8,789,357 | 8,612,611 | | Issuance of Preferred Stock | 650,922 | 113,546 | 111,535 | - | - | | Issuance of Common Stock | 376,094 | 241,826 | 363,077 | 595,787 | 432,102 | | Purchase of Treasury Stock | - | - | - | - | - | | Other Financing Activities | (329,823) | (241,958) | 2,669 | (90,007) | (1,197) | | Cash from Financing Activities | (10,047,521) | 10,078,184 | 13,349,314 | 8,996,159 | 8,665,880 | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash & Equivalents | 93,950 | (92,069) | 34,606 | 27,256 | 37,549 | | | Cash at Beginning of Period | 55,159 | 147,228 | 112,622 | 85,366 | 47,817 | | Cash at End of Period | 149,109 | 55,159 | 147,228 | 112,622 | 85,366 | | | |
