Thornburg Mortgage Asset Corp. said its second-quarter earnings were $7.48 million, or 27 cents a common share, down 46% from a year earlier.

Larry A. Goldstone, president of the Santa Fe-based real estate investment trust, said the slide was "not an unexpected result." He said the drop could be attributed to the increase in adjustable-rate loan prepayments in Thornburg's portfolio caused by low interest rates and the flat yield curve.

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