Thornburg Reports Record Profits

Published April 23, 2003, 2:00 p.m. EDT

1 Min Read

Thornburg Mortgage Inc., Santa Fe, N.M., has reported record net income of $39.1 million ($0.67 per share) for the first quarter, compared with $24.3 million ($0.62 per share) a year earlier.Thornburg Mortgage Home Loans Inc., the company's mortgage lending subsidiary, closed $863.1 million in loans during the quarter, up from $398.5 million a year earlier. "Mortgage origination volumes remain strong, with $568.7 million of loans in the pipeline at March 31, 2003, most of which we expect will close in the second quarter," said Joseph Badal, chief executive officer of the lending subsidiary. Thornburg Mortgage, a real estate investment trust that acquires and originates adjustable-rate mortgages, can be found online at http://www.thornburg.com.

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