NEW YORK -- Thornburg Mortgage Inc on Tuesday delayed payment of its 68 cent-per-share quarterly dividend to Sept. 17 from Aug. 15, citing "significant disruptions" in the mortgage market.

The Santa Fe, New Mexico-based company said it has faced a "sudden and unprecedented decline" in market prices for its "AAA"-rated securities. It also said its book value per share has fallen to $14.28 as of Aug. 13 from $19.38 as of June 30.

"The best way to preserve shareholder value in the near term and grow it over time is to retain our cash to enhance our ability to work with our lenders and weather this tumultuous environment," Chief Operating Officer Larry Goldstone said in a statement.

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