Thornburg Mortgage, Inc. incorporated on July 28, 1992, is a single-family residential mortgage lender that originates, acquires and retains investments in adjustable and variable rate mortgage (ARM) assets, thereby providing capital to the single-family residential housing market. The Company's ARM Assets consist of Purchased ARM Assets and ARM loans, and comprise Traditional ARM Assets and Hybrid ARM Assets. Purchased ARM Assets are mortgage-backed securities that represent interests in pools of ARM loans, which are publicly rated and issued by third parties, and may include guarantees or other third-party credit enhancements against losses from loan defaults. ARM loans are either loans that the Company has securitized from its own loan origination or acquisition activities, loans that it uses as collateral to support the issuance of collateralized debt obligations (CDOs) or loans pending securitization. The Company acquires ARM Assets from investment banking firms, broker dealers and similar financial institutions that regularly make markets in these assets. It also acquires ARM Assets from other mortgage providers, including mortgage bankers, banks, savings and loan institutions, home builders and other firms involved in originating, packaging and selling mortgage loans. The Company acquires ARM loans for its portfolio primarily through its correspondent lending program, which includes approximately 212 correspondents. The Company's retail lending channel and other lending partners originate ARM loans through direct contact with consumers. It is authorized to lend in all 50 states and the District of Columbia. The Company's wholly owned mortgage loan origination and acquisition subsidiary, Thornburg Mortgage Home Loans, Inc. (TMHL), conducts the Company's mortgage loan acquisition, origination, processing, underwriting and securitization activities. TMHL acquires mortgage loans through three channels: correspondent lending, retail originations and bulk acquisitions. TMHL finances the loans through whole loan financing facilities and pools loans for securitization, which are then either sold to its parent or issued as debt to third parties. The Company finances the purchases and originations of its ARM Assets with equity capital, unsecured debt, CDOs and short-term borrowings, such as reverse repurchase agreements, asset-backed commercial paper (CP) and whole loan financing facilities. It is an externally advised REIT and is managed under the Management Agreement with Thornburg Mortgage Advisory Corporation, which manages its operations. The Company's investments in Purchased ARM Assets are concentrated in High Quality ARM securities. These securities are issued and guaranteed by Fannie Mae or Freddie Mac, or are privately issued ARM securities that generally have some form of third-party credit enhancement. The High Quality ARM securities that it acquire represent interests in ARM loans that are secured primarily by first liens on single-family (one-to-four unit) residential properties, although the Company may also acquire ARM securities secured by liens on other types of real estate-related properties. All of the Company's ARM loans are either Traditional ARM loans or Hybrid ARM loans. Securitized ARM Loans are loans that it has originated or acquired and securitized, in which the Company retains 100% of the beneficial ownership interests. ARM Loans Collateralizing CDOs are also loans the Company has securitized that provide credit support for AAA or AA certificates issued to third-party investors in its CDO structured financing arrangements. ARM loans held for securitization are loans the Company has acquired or originated, which it intends to securitize and retain.

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