Thornburg Mortgage Inc. operates as a residential mortgage lending company. It originates, acquires, and retains investments in adjustable and variable rate mortgage (ARM) assets. The companys ARM assets consist of purchased ARM assets and ARM loans, including traditional ARM assets and hybrid ARM assets. It acquires and originates assets, through correspondent lending, wholesale lending, direct retail lending, and bulk acquisition programs. Thornburg Mortgage, Inc. acquires ARM assets from investment banking firms, broker-dealers, mortgage bankers, mortgage brokerage firms, banks, savings and loan institutions, credit unions, home builders, and other entities involved in originating, securitizing, packaging, and selling mortgage-backed securities and mortgage loans. It operates as an externally advised real estate investment trust (REIT). As a REIT, the company would not be subject to federal corporate income tax, provided it distributes at least 90% of taxable income to its shareholders. Thornburg Mortgage Inc. was formerly known as Thornburg Mortgage Asset Corp. The company founded in 1992 and is based in Santa Fe, New Mexico. On May 1, 2009, Thornburg Mortgage Inc., along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Maryland, Baltimore.

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