-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 E5SDj6okqVg+ZqJ9ev9GB2Xo8HEDHU1b3fNGecpwYvNcxDt4KhRONZ/XkxjH/q2J
 XQd1l7qkci9OJShs9OwLJA==

<SEC-DOCUMENT>0001209191-08-022028.txt : 20080402
<SEC-HEADER>0001209191-08-022028.hdr.sgml : 20080402
<ACCEPTANCE-DATETIME>20080402192702
ACCESSION NUMBER:		0001209191-08-022028
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080331
FILED AS OF DATE:		20080402
DATE AS OF CHANGE:		20080402

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			THORNBURG MORTGAGE INC
		CENTRAL INDEX KEY:			0000892535
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				850404134
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		150 WASHINGTON AVE
		STREET 2:		SUITE 302
		CITY:			SANTA FE
		STATE:			NM
		ZIP:			87501
		BUSINESS PHONE:		5059891900

	MAIL ADDRESS:	
		STREET 1:		150 WASHINGTON AVE
		STREET 2:		SUITE 302
		CITY:			SANTA FE
		STATE:			NM
		ZIP:			87501

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	THORNBURG MORTGAGE ASSET CORP
		DATE OF NAME CHANGE:	19940531

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			RAINWATER RICHARD E
		CENTRAL INDEX KEY:			0000909549
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11914
		FILM NUMBER:		08735410

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		8178780402

	MAIL ADDRESS:	
		STREET 1:		777 MAIN STREET
		STREET 2:		SUITE 2250
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102

	FORMER NAME:	
		FORMER CONFORMED NAME:	RAINWATER RICHARD E/777 MAIN STREET CORP
		DATE OF NAME CHANGE:	19930722
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bod55538_bod1rer.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-03-31</periodOfReport>

    <issuer>
        <issuerCik>0000892535</issuerCik>
        <issuerName>THORNBURG MORTGAGE INC</issuerName>
        <issuerTradingSymbol>TMA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000909549</rptOwnerCik>
            <rptOwnerName>RAINWATER RICHARD E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>777 MAIN STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 2250</rptOwnerStreet2>
            <rptOwnerCity>FORT WORTH</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>76102</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrant to purchase Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.01</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-03-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>8723557</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2008-04-11</value>
            </exerciseDate>
            <expirationDate>
                <value>2015-03-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>8723557</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8723557</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By RER Global Liquidity Fund, L.P.</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrant to purchase Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.01</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-03-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>439844</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2008-04-11</value>
            </exerciseDate>
            <expirationDate>
                <value>2015-03-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>439844</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F4"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>439844</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Richard E Rainwater 1995 Charitable Remainder Unitrust No. 1</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrant to purchase Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.01</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-03-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1466144</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2008-04-11</value>
            </exerciseDate>
            <expirationDate>
                <value>2015-03-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1466144</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F4"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1466144</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Richard E Rainwater Charitable Remainder Unitrust No. 2</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrant to purchase Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.01</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-03-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>366535</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2008-04-11</value>
            </exerciseDate>
            <expirationDate>
                <value>2015-03-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>366535</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>366535</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By RER FI Trading, L.P.</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Subject to adjustment pursuant to the terms of the Warrant Agreement.  In addition, certain of the warrants are held in escrow and are subject to forfeiture.  The number of shares underlying the warrants held in escrow are: RER Global Liquidity Fund, L.P. - 1,993,956 shares, Richard E Rainwater 1995 Charitable Remainder Unitrust No. 1 - 100,536 shares, Richard E Rainwater Charitable Remainder Unitrust No. 2 - 335,119 shares, and RER FI Trading, L.P. - 83,779 shares.</footnote>
        <footnote id="F2">The warrants were issued in connection with the purchase by the reporting person of senior subordinated secured notes due 2015 and a participation in certain mortgage related assets for the purchase prices set forth below.  No separate consideration was paid for the warrants.  A portion of the purchase price was escrowed and will be released upon the occurrence of the same conditions that will cause a release of the warrants held in escrow. RER Global Liquidity Fund, L.P., Purchase Price - $59,500,000, Escrowed Portion of Purchase Price- $13,600,000.00; Richard E Rainwater 1995 Charitable Remainder Unitrust No. 1, Purchase Price - $3,000,000, Escrowed Portion of Purchase Price - $685,714.28; Richard E Rainwater Charitable Remainder Unitrust No. 2, Purchase Price - $10,000,000, Escrowed Portion of Purchase Price - $2,285,714.29; and RER FI Trading, L.P., Purchase Price - $2,500,000, Escrowed Portion of Purchase Price - $571,428.57.</footnote>
        <footnote id="F3">The reporting person is the general partner of the partnership that owns the reported securities.  The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of these securities for Section 16 or any other purpose.</footnote>
        <footnote id="F4">The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of these securities for Section 16 or any other purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Melissa T. Parrish, as attorney-in-fact</signatureName>
        <signatureDate>2008-04-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----