-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Jnc0Hh1m/akghN0DIcwL81FIFeSFPhEKP6BwIld8EXkSBI8u3/yY9wMXYBMv9shi
 QvCX/ccIUMrKwqNwDmzCIQ==

<SEC-DOCUMENT>0001181431-05-042610.txt : 20050728
<SEC-HEADER>0001181431-05-042610.hdr.sgml : 20050728
<ACCEPTANCE-DATETIME>20050728153338
ACCESSION NUMBER:		0001181431-05-042610
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050728
FILED AS OF DATE:		20050728
DATE AS OF CHANGE:		20050728

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MULLIN FRANCIS I III
		CENTRAL INDEX KEY:			0001196925

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11914
		FILM NUMBER:		05980996

	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>rrd87286.xml
<DESCRIPTION>FORM 4, MULLIN
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-07-28</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001196925</rptOwnerCik>
            <rptOwnerName>MULLIN FRANCIS I III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1379 CANYON ROAD</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>2005-07-28</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2005-07-28</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1200</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>29.23</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>20593</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>/s/ Francis I Mullin III</signatureName>
        <signatureDate>2005-07-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----