Thornburg Mortgage Announces Successful Completion of Exchange Offer and Consent Solicitation for All Series of Preferred Stock

  
    
  
  
    
      Thornburg Mortgage, Inc. (NYSE:TMA), announced today that it has 
      successfully completed the Exchange Offer and Consent Solicitation for 
      all series of its outstanding preferred stock that expired on November 
      19, 2008.
    
    
      Shareholders who participated in the Exchange Offer and Consent 
      Solicitation received 3 shares of the company’s common stock for each 
      share of preferred stock validly tendered and accepted. The company 
      issued 126,260,109 shares of common stock on November 21, 2008 in 
      exchange for validly tendered shares of 95.6% of its outstanding 
      preferred stock. In addition, on November 20, 2008, the company filed 
      amendments to its Charter to modify the terms of each series of 
      preferred stock.
    
    
      As a result of the completion of the Exchange Offer and Consent 
      Solicitation, the preferred stock no longer meets the continued listing 
      criteria under the New York Stock Exchange (the “NYSE”) Listing Company 
      Manual. The NYSE issued a press release on November 20, 2008 announcing 
      that trading in all series of preferred stock would be suspended on 
      November 20, 2008 and that suspension and delisting procedures would 
      begin promptly. The company does not intend to list the preferred stock 
      on any other national securities exchange. The remaining preferred stock 
      may be traded on over-the-counter (OTC) markets.
    
    
      Thornburg Mortgage is a leading single-family residential mortgage 
      lender focused principally on prime and super-prime borrowers seeking 
      jumbo and super-jumbo adjustable-rate mortgages.