Thornburg to Announce Substantial First Quarter Loss

Thornburg Mortgage announced Monday that it will file its delayed first quarter earnings by June 2, with the company expecting a “substantial net loss.”... Thornburg experienced even more pain than its $1 billion third-quarter loss after the value of its Alt-A mortgage securities plummeted in value, forcing the company into margin calls it couldn’t meet.

The company has hung on so far after raising much needed capital, but it still needs its shareholders to approve the dilution of its shares to complete the financing agreement before breathing any sigh of relief.