Thornburg Mortgage (TMA) rose in pre-market trading, after reporting a third quarter profit.
The stock was up 47 cents just after 8:15 am ET, climbing to $1.57. If pre-market gains hold, the stock will open at its highest level in two weeks.
Thornburg Mortgage reported net income available to common shareholders for the third-quarter of $140.0 million, or $1.23 per common share, compared to a loss of $1.11 billion or $89.41 per share in the year-ago quarter.
Net income was $140 million, compared to a loss of $1.1 billion in the prior year quarter.
The company posted profit primarily due to decreases in the fair value of the PPA and additional warrant liability and the Senior Subordinated Notes of $160.2 million and $594.6 million, respectively, partially offset by a net loss on ARM assets of $662.9 million primarily due to continued declines in the fair value of its MBS portfolio.
On average, 3 analysts polled by First Call/Thomson Financial estimated the company to report $0.06 per share for the quarter.
Net interest income grew to $80.1 million from $36.15 million in the same quarter of last year. Net noninterest income for the quarter was $82.05 million.
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