SEC FORM 5

SEC Form 5

FORM 5

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0362
Estimated average burden
hours per response:			1.0

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Form 3 Holdings Reported.

Form 4 Transactions Reported.

1. Name and Address of Reporting Person^*

THORNBURG GARRETT

(Last)

(First)

(Middle)

150 WASHINGTON AVE

SUITE 302

(Street)

SANTA FE

87501

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
THORNBURG MORTGAGE INC [ TMA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chairman/CEO

3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)	4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/17/2004	05/17/2004	J⁽¹⁾	1,098⁽³⁾	A	$24.52	109,705	I	by wife
Common Stock	05/17/2004	05/17/2004	J⁽¹⁾	937⁽³⁾	A	$24.52	110,642	I	by Trust for descendents of self
Common Stock	05/17/2004	05/17/2004	J⁽¹⁾	611⁽³⁾	A	$24.52	111,253	I	by Trust for descendents of wife
Common Stock	05/17/2004	05/17/2004	J⁽¹⁾	219⁽³⁾	A	$24.52	111,472	I	by 2002 Thornburg Children's Trust
Common Stock	05/26/2004	05/26/2004	J⁽²⁾	15⁽³⁾	A	$25.27	111,487	I	by wife
Common Stock	08/17/2004	08/17/2004	J⁽¹⁾	1,028⁽³⁾	A	$27.3	112,515	I	by wife
Common Stock	08/17/2004	08/17/2004	J⁽¹⁾	877⁽³⁾	A	$27.3	113,392	I	by Trust for descendents of self
Common Stock	08/17/2004	08/17/2004	J⁽¹⁾	572⁽³⁾	A	$27.3	113,964	I	by Trust for descendents of wife
Common Stock	08/17/2004	08/17/2004	J⁽¹⁾	205⁽³⁾	A	$27.3	114,169	I	by 2002 Thornburg Children's Trust
Common Stock	08/26/2004	08/26/2004	J⁽²⁾	14⁽³⁾	A	$28.14	114,183	I	by wife
Common Stock	11/17/2004	11/17/2004	J⁽¹⁾	1,044⁽³⁾	A	$27.94	115,227	I	by wife
Common Stock	11/17/2004	11/17/2004	J⁽¹⁾	891⁽³⁾	A	$27.94	116,118	I	by Trust for descendents of self
Common Stock	11/17/2004	11/17/2004	J⁽¹⁾	581⁽³⁾	A	$27.94	116,699	I	by Trust for descendents of wife
Common Stock	11/17/2004	11/17/2004	J⁽¹⁾	208⁽³⁾	A	$27.94	116,907	I	by 2002 Thornburg Children's Trust
Common Stock	11/29/2004	11/29/2004	J⁽²⁾	12⁽³⁾	A	$28.8	116,919⁽³⁾	I	by wife

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Transaction Code J: Purchase of shares through the Company's Dividend Reinvestment and Stock Purchase Plan pursuant to Rule 16a-11.

2. Transaction Code J: Purchase of shares through the broker's dividend reinvestment plan.

3. Reporting person disclaims beneficial ownership of these shares. This filing is not an admission that the reporting person is, for purposes of Section 16 of the Securities Exchange Act of 1934, the beneficial owner of these securities.

	/s/ Garrett Thornburg	02/07/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.