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
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 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.
X
 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)
12/31/2005
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 01/21/2005 01/21/2005 J(1) 48 A $28.2551 16,328 I daughter by ASC Hldgs LLC
Common Stock 05/16/2005 05/16/2005 J(1) 48 A $28.6259 16,376 I daughter by ASC Hldgs LLC
Common Stock 08/17/2005 08/17/2005 J(1) 51 A $27.8601 16,427 I daughter by ASC Hldgs LLC
Common Stock 11/16/2005 11/16/2005 J(1) 58 A $24.853 16,485 I daughter by ASC Hldgs LLC
Common Stock 01/21/2005 01/21/2005 J4(1) 23 A $28.2551 16,508 I daughter by ASC Roth IRA
Common Stock 05/16/2005 05/16/2005 J4(1) 22 A $28.6255 16,530 I daughter by ASC Roth IRA
Common Stock 08/16/2005 08/16/2005 J4(1) 24 A $27.303 16,554 I daughter by ASC Roth IRA
Common Stock 10/19/2005 10/19/2005 P4 135 A $24.9437 16,689 I daughter by ASC Roth IRA
Common Stock 11/16/2005 11/16/2005 J(1) 31 A $24.8528 16,720 I daughter by ASC Roth IRA
Common Stock 01/21/2005 01/21/2005 J(1) 57 A $28.2548 16,777 I self by ERC IRA
Common Stock 05/16/2005 05/16/2005 J(1) 57 A $28.6257 16,834 I self by ERC IRA
Common Stock 08/17/2005 08/17/2005 J(1) 61 A $27.8601 16,895 I self by ERC IRA
Common Stock 11/16/2005 11/16/2005 J(1) 67 A $25.3601 16,962 I self by ERC IRA
Common Stock 01/21/2005 01/21/2005 J4(1) 71 A $28.2548 17,033 I wife by MSC IRA
Common Stock 05/16/2005 05/16/2005 J4(1) 70 A $28.6259 17,103 I wife by MSC IRA
Common Stock 08/17/2005 08/17/2005 J4(1) 75 A $27.8599 17,178 I wife by MSC IRA
Common Stock 10/19/2005 10/19/2005 P4 100 A $24.51 17,278 I wife by MSC IRA
Common Stock 10/19/2005 10/19/2005 P4 395 A $24.6086 17,673 I wife by MSC IRA
Common Stock 11/16/2005 11/16/2005 J(1) 98 A $25.3601 17,771 I wife by MSC IRA
Common Stock 01/21/2005 01/21/2005 J(1) 56 A $28.255 17,827 I son by ZLC Holdings LLC
Common Stock 05/16/2005 05/16/2005 J(1) 56 A $28.255 17,883 I son by ZLC Holdings LLC
Common Stock 08/17/2005 08/17/2005 J(1) 60 A $27.8598 17,943 I son by ZLC Holdings LLC
Common Stock 11/16/2005 11/16/2005 J(1) 67 A $24.8528 18,010 I son by ZLC Holdings LLC
Common Stock 01/21/2005 01/21/2005 J(1) 12 A $28.2543 18,022 I son by ZLC Roth IRA
Common Stock 05/16/2005 05/16/2005 J(1) 12 A $28.6251 18,034 I son by ZLC Roth IRA
Common Stock 08/16/2005 08/16/2005 J(1) 13 A $27.3037 18,047 I son by ZLC Roth IRA
Common Stock 11/16/2005 11/16/2005 J(1) 15 A $24.852 18,062 I son by ZLC Roth IRA
Common Stock 01/21/2005 01/21/2005 J(1) 130 A $28.1645 18,192 I self by ERC IRA Rollover
Common Stock 05/16/2005 05/16/2005 J(1) 128 A $29.4155 18,320 I self by ERC IRA Rollover
Common Stock 08/17/2005 08/17/2005 J(1) 298 A $26.2 18,618 I self by ERC IRA Rollover
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: Reinvestment of dividend through broker account
/s/ Eliot R. Cutler 02/13/2006
** 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.
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