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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 ND2+3kJkzX2JdI4K33JGqQ==

<SEC-DOCUMENT>0001181431-04-022166.txt : 20040426
<SEC-HEADER>0001181431-04-022166.hdr.sgml : 20040426
<ACCEPTANCE-DATETIME>20040426105632
ACCESSION NUMBER:		0001181431-04-022166
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040123
FILED AS OF DATE:		20040426

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ATER DAVID A
		CENTRAL INDEX KEY:			0001196917

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11914
		FILM NUMBER:		04753062

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

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd40362.xml
<DESCRIPTION>FORM 4, ATER, APRIL 22, 2004
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-01-23</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001196917</rptOwnerCik>
            <rptOwnerName>ATER DAVID A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>150 WASHINGTON AVE.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SANTA FE</rptOwnerCity>
            <rptOwnerState>NM</rptOwnerState>
            <rptOwnerZipCode>87501</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-01-23</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2004-01-23</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>27.3</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>54619</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-01-23</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2004-01-23</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>174</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>27.3</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>54793</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>by Ater &amp; Assoc PSP</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-04-22</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2004-04-22</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F3"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>11519</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>26.04</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>66312</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>by Ater &amp; Assoc PSP</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Transaction Code J: Reinvestment of dividend through the Company's Dividend Reinvstment and Stock Purchase Plan pursuant to Rule 16a-11.</footnote>
        <footnote id="F2">Transaction Code J: Reinvestment of dividend by Broker</footnote>
        <footnote id="F3">Transaction Code J: Purchase of shares through the Company's Dividend Reinvestment and Stock Purchase Plan pursuant to Rule 16a-11.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ David A. Ater</signatureName>
        <signatureDate>2004-04-23</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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