NEW YORK--(BUSINESS WIRE)--Dec. 17, 2003--The Board of Directors
of Annaly Mortgage Management, Inc.
(NYSE:NLY) declared the fourth
quarter 2003 cash dividend of $0.47 per share. This dividend is
payable January 28, 2004 to common shareholders of record on December
29, 2003. The ex-dividend date is December 24, 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 operating
conditions. "As we have said in earlier press releases and earnings
calls, we expected there to be a substantial reduction in prepayment
speeds and premium amortization in the fourth quarter. Indeed, the
fundamentals of the mortgage market continue to improve from earlier
in the year. The Mortgage Bankers Association Refinancing Index is
down over 80% from its peak, prepayment speeds have slowed
considerably and yields on mortgage-backed securities have risen.
These improvements in market conditions have enabled us to increase
our dividend by 68% from the prior quarter. A continuation of these
trends will serve to further enhance earnings from interest income in
2004, but we nevertheless remain vigilant for the effects of
continuing volatility in the financial markets. Our objective as
managers is to continue to protect book value and run our portfolio
and our business for the long-term."
Dividends may be reinvested through Annaly's Dividend Reinvestment
Plan. Plan information may be obtained from the Plan Administrator,
ChaseMellon Shareholder Services at 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) and currently has 96,044,814
shares of common stock outstanding.
This news release and our public documents to which we refer
contain or incorporate by reference certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements which are based on various assumptions (some of which are
beyond our control) may be identified by reference to a future period
or periods or by the use of forward-looking terminology, such as
"may," "will," "believe," "expect," "anticipate," "continue," or
similar terms or variations on those terms or the negative of those
terms. Actual results could differ materially from those set forth in
forward-looking statements due to a variety of factors, including, but
not limited to, changes in interest rates, changes in yield curve,
changes in prepayment rates, the availability of mortgage-backed
securities for purchase, the availability of financing and, if
available, the terms of any financing. For a discussion of the risks
and uncertainties which could cause actual results to differ from
those contained in the forward-looking statements, see "Risk factors"
in our Annual Report on Form 10-K for the fiscal year ended December
31, 2002. We do not undertake, and specifically disclaim any
obligation, to publicly release the result of any revisions which may
be made to any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date of
such statement.
CONTACT: Annaly Mortgage Management, Inc.
Investor Relations:
Kathryn Fagan, 888-8Annaly
www.annaly.com
SOURCE: Annaly Mortgage Management, Inc.