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The first-quarter loss of $438.1 million before preferred dividends compared with a $240.7 million loss a year earlier, the company said.
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Before paying preferred dividends, Thornburg lost $3.31 billion, or $20.64 a share, in contrast to a profit of $75 million, or 62 cents a share, a year earlier.
Before distributing preferred dividends, net income amounted to $455 million.
Before paying preferred dividends, net income amounted to $75.7 million, the company said.
If the bond gets called before the preferred's call date, you, of course, collect the $25 par value.
Citigroup recorded a narrower first-quarter loss than analysts expected, and actually turned a profit before paying preferred dividends.
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CEO of Professional Science Editing for Scientists @ prosciediting.com