Former Thornburg Mortgage posts $247,328 operating loss for March

By Lisa Kerner

Charlotte, N.C., April 21 - TMST, Inc., formerly Thornburg Mortgage, Inc., posted an operating loss of $247,328 for March on $39,239 interest income, according to its monthly operating report filed Wednesday with the U.S. Bankruptcy Court for the District of Maryland.

The figures showed a decrease from operating income of $1,031,445 reported for February on $69,617 of interest income.

TMST reported net income of $7,229,840 for March, compared to net income of $4,683,506 for February.

The company had $118.58 million in cash and cash equivalents at March 31, down from $123.82 million at the end of February.

TMST, a Santa Fe, N.M., lender specializing in jumbo mortgages, filed for bankruptcy on May 1, 2009. Its Chapter 11 case number is 09-17787.

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