Thornburg Mortgage soars on better-than expected second quarter
Shares of Thornburg Mortgage, Inc. (NYSE:TMA) are soaring 37% in pre-market trading after the residential mortgage lending company this morning reported substantially better-than-anticipated second-quarter earnings that bested the consensus on Wall Street.
Results were owed to declines in the fair value of the company’s Principal Participation Agreement, Additional Warrant Liability of $536.9 million, Senior Subordinated Notes of $24.9 million, and a gain on the extinguishment of our remaining asset-backed commercial paper debt of $23 million.
The company also said that the credit performance of its ARM loans remained “excellent” during the quarter and that it would issue preferred stock.
For detailed price information and news stories on Thornburg Mortgage, click TMA.
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