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*
CUTLER ELIOT R
(Last) (First) (Middle)
1172 SHORE RD.
(Street)
CAPE ELIZABETH ME 04107
(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
Officer (give title below) Other (specify below)
3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2006
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)
Amount (A) or (D) Price
Common Stock 01/26/2006 01/26/2006 J(1) 57 A $25.65 18,678 I by daughter
Common Stock 05/16/2006 05/16/2006 J(1) 55 A $27.666 18,732 I by daughter
Common Stock 08/16/2006 08/16/2006 J(1) 66 A $65.957 18,799 I by daughter
Common Stock 11/15/2006 11/15/2006 J(1) 65 A $24.539 18,864 I by daughter
Common Stock 01/26/2006 01/26/2006 J(1) 31 A $25.652 18,895 I by daughter (Roth IRA)
Common Stock 05/16/2006 05/16/2006 J(1) 29 A $27.666 18,924 I by daughter (Roth IRA)
Common Stock 08/16/2006 08/16/2006 J(1) 35 A $23.515 18,959 I by daughter (Roth IRA)
Common Stock 11/15/2006 11/15/2006 J(1) 35 A $24.539 18,994 I by daughter (Roth IRA)
Common Stock 01/16/2006 01/16/2006 J(1) 68 A $25.651 19,062 I self by IRA
Common Stock 05/16/2006 05/16/2006 J(1) 65 A $27.666 19,127 I self by IRA
Common Stock 08/16/2006 08/16/2006 J(1) 78 A $23.515 19,205 I self by IRA
Common Stock 11/15/2006 11/15/2006 J(1) 77 A $24.539 19,282 I self by IRA
Common Stock 01/27/2006 01/27/2006 J(1) 155 A $26.072 19,437 I self by IRA
Common Stock 05/17/2006 05/17/2006 J(1) 150 A $27.628 19,587 I self by IRA
Common Stock 08/16/2006 08/16/2006 J(1) 178 A $23.948 19,765 I self by IRA
Common Stock 11/16/2006 11/16/2006 J(1) 174 A $25.234 19,939 I self by IRA
Common Stock 01/26/2006 01/26/2006 J(1) 98 A $25.652 20,037 I wife by IRA
Common Stock 05/16/2006 05/16/2006 J(1) 93 A $27.666 20,130 I wife by IRA
Common Stock 08/16/2006 08/16/2006 J(1) 112 A $23.515 20,242 I wife by IRA
Common Stock 11/15/2006 11/15/2006 J(1) 110 A $24.539 20,352 I wife by IRA
Common Stock 01/26/2006 01/26/2006 J(1) 67 A $25.651 20,419 I by son
Common Stock 05/16/2006 05/16/2006 J(1) 64 A $27.665 20,483 I by son
Common Stock 08/16/2006 08/16/2006 J(1) 77 A $23.515 20,560 I by son
Common Stock 11/15/2006 11/15/2006 J(1) 76 A $24.539 20,636 I by son
Common Stock 01/26/2006 01/26/2006 J(1) 15 A $25.651 20,649 I by son (Roth IRA)
Common Stock 05/16/2006 05/16/2006 J(1) 14 A $27.665 20,665 I by son (Roth IRA)
Common Stock 08/16/2006 08/16/2006 J(1) 17 A $23.515 20,682 I by son (Roth IRA)
Common Stock 11/15/2006 11/15/2006 J(1) 17 A $25.54 20,699 I by son (Roth IRA)
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)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. Transaction code J: dividend reinvestment by broker
/s/ Eliot R. Cutler 02/12/2007
** 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.