June 12 (Bloomberg) -- Thornburg Mortgage Inc., the New Mexico lender that averted bankruptcy in April, said it lost $3.31 billion in the first quarter because of writedowns on securities linked to real estate.

The loss, which the company reported without including preferred stock dividends, was $20.64 a share. That compares with net income of $75 million, or 62 cents a share, in the same period a year earlier, Santa Fe-based Thornburg said today in a statement distributed by Business Wire.

Since a bailout in March enabled Thornburg to resume lending, the mortgage market has worsened, sending the stock below $1. Thornburg has lost $6.65 billion in the past three quarters amid the worst housing slump since the Great Depression. The company said today it had unrealized market losses of $1.54 billion on mortgage-backed securities and securitized loans during the first quarter.

Thornburg is among more than 100 lenders that have been forced to halt operations, close, or sell themselves since the beginning of 2007. The company specialized in larger-than- average, adjustable rate loans that are typically used to buy more expensive homes.

The stock was unchanged yesterday at 72 cents on the New York Stock Exchange and has lost 92 percent of its value this year. To avoid being de-listed from the NYSE, Thornburg shares within the next six months must regain a $1 price and maintain it for more than 30 trading days.

New foreclosures rose to a seasonally adjusted 0.99 percent of all U.S. home loans, up from 0.83 percent in the fourth quarter, the Mortgage Bankers Association said last week.

Thornburg raised $1.35 billion in a securities offering in March after the declining value of its holdings triggered margin calls from lenders including Bear Stearns Cos., Citigroup Inc. and Credit Suisse Group. Two weeks ago, Thornburg said it needed more time to file its first-quarter report to account for the capital infusion.

To contact the reporter on this story: Ari Levy in San Francisco at alevy5@bloomberg.net.

Last Updated: June 12, 2008 07:13 EDT