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Business Description
Thornburg Mortgage, Inc. 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 traditional ARM securities and loans, which have interest rates that reprice in a year or less, and hybrid ARM securities and loans, which have a fixed interest rate for an initial period of three to 10 years before converting to Traditional ARMs for their remaining terms to maturity. ARM securities represent interests in pools of ARM loans, which are publicly rated and include guarantees or other third-party credit enhancements against losses from loan defaults. Thornburg is an externally advised real estate investment trust and is managed by Thornburg Mortgage Advisory Corporation.

Financial Information
For the nine months ended 9/30/04, revenues rose 59% to $653.4 million. Net income applicable to Common rose 37% to $169.3M. Revenues reflect strong loan originations due to increased marketing efforts and the growing attractiveness of ARMs. Net income was partially offset by narrowing portfolio margins.