NEW YORK--(BUSINESS WIRE)--June 19, 2003--The Board of Directors
of Annaly Mortgage Management, Inc.
(NYSE: NLY) declared the second
quarter 2003 cash dividend of $0.60 per share. This dividend is
payable July 31, 2003 to common shareholders of record on July 2,
2003. The ex-dividend date is June 30, 2003. It continues to be the
intention of the Company not to return capital to shareholders.
Michael A.J. Farrell, Chairman, Chief Executive Officer and
President, commented on the dividend in light of current market
conditions. "During the quarter, the yield on the 10-year Treasury has
been as high as 4.02% and as low as 3.07%, and the Mortgage Bankers
Association Refinancing Index reached another all-time high. Market
participants examine every economic indicator for clues on their
potential implications for actions by the Federal Reserve. And Fannie
Mae and Freddie Mac issues currently dominate the headlines. In this
environment, management feels it is neither prudent nor necessary to
stretch through leverage or asset acquisition, for returns. We
continue to watch the markets carefully and manage our portfolio for
long-term performance. As we have been saying in our quarterly
conference calls, we rely on the performance characteristics of our
portfolio mix of fixed-rate, adjustable-rate and floating-rate Agency
mortgage-backed securities and our status as a low cost provider, to
meet our goal of providing a compelling dividend while protecting book
value. The dividend we are declaring represents an annualized yield of
11.99%, based on the June 18, 2003 closing price of $20.01."
Dividends may be reinvested through Annaly's Dividend Reinvestment
Plan. Plan information may be obtained from the Plan Administrator,
ChaseMellon Shareholder Services at 1-800-842-7629, at www.annaly.com,
or by contacting the Company.
Annaly Mortgage Management, Inc.
, a Maryland corporation, owns and
manages a portfolio of mortgage-backed securities. The Company's
principal business objective is to generate net income for
distribution to stockholders from the spread between the interest
income on its assets and the costs of borrowing to finance its
acquisition of these assets. The Company has elected to be taxed as a
real estate investment trust (REIT).
This news release and our public documents to which we refer,
contain or incorporate by reference certain forward-looking
statements. When used, statements which are not historical in nature,
including the words "anticipate," "estimate," "should," "expect,"
"believe," "intend," and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
subject to certain risks and uncertainties, including, among other
things: business conditions and the general economy, especially as
they affect interest rates; the federal, state, and local regulatory
environment; an increase in the prepayment rate on the loans that back
our mortgage-backed securities; the inability to borrow at favorable
rates; and the inability to maintain our REIT qualification.
Other risks, uncertainties, and factors that could cause actual
results to differ materially from those projected are detailed from
time to time in reports filed by us with the Securities and Exchange
Commission, including Forms 10-Q and 10-K. We undertake no obligation
to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
CONTACT: Annaly Mortgage Management, Inc.
, New York
Investor Relations
(888) 8Annaly
www.annaly.com
SOURCE: Annaly Mortgage Management, Inc.