Can Thornburg Mortgage (TMA) finally be taken off the respirator? After the most turbulent quarter in the Company's 25+ year history, the second quarter results show that the business may have settled down somewhat.
Thornburg posted shocking second quarter GAAP earnings of $0.84/share versus $0.66/share a year ago. Of course, TMA's financials are no longer comparable, to, well, anything -- let alone the prior year. The Company's earnings were largely due to a $536.9 million fair value gain related to the Principal Participation Agreement (the “PPA”) and Additional Warrant Liability. TMA also picked up paper gains of $24.9 million on markups to the Senior Subordinated Loans.
Thornburg did eat a $209.6 million impairment loss on its MBS portfolio, which was partially offset by a $14.3 million net gain on the sale of ARM Assets and REO and a $23.0 million gain on the extinguishment of the company’s remaining asset-backed commercial paper debt.
Nonetheless, Thornburg is getting closer to digging out from the Override Agreement that is strangling the Company's financials. With over 2/3 of all classes of preferred stock tendered (as of now, though the numbers are a bit tight on the Class F series) and $352 million remaining in the liquidity reserve, Thornburg's heartbeat is thumping a little louder.
1 comments:
Oes Tsetnoc one of the ways in which we can learn seo besides Mengembalikan Jati Diri Bangsa. By participating in the Oes Tsetnoc or Mengembalikan Jati Diri Bangsa we can improve our seo skills. To find more information about Oest Tsetnoc please visit my Oes Tsetnoc pages. And to find more information about Mengembalikan Jati Diri Bangsa please visit my Mengembalikan Jati Diri Bangsa pages. Thank you So much.
Oes Tsetnoc | Semangat Mengembalikan Jati Diri Bangsa
Post a Comment