NEW YORK--(BUSINESS WIRE)--March 21, 2005--The Board of Directors
of Annaly Mortgage Management, Inc.
(NYSE: NLY) declared the first
quarter 2005 common stock cash dividend of $0.45 per common share. The
annualized dividend yield for the quarter, based on the March 18, 2005
closing price of $18.25, was 9.86%. This dividend is payable April 27,
2005 to common shareholders of record on April 1, 2005. The
ex-dividend date is March 30, 2005. It continues to be the intention
of the Company not to return capital to shareholders.
Wellington Denahan-Norris, Vice Chairman and Chief Investment
Officer of Annaly, commented on the dividend: "Our investment
management team has done a terrific job in guiding the asset and
liability components of our portfolio through several interest rate
hikes, a flattening yield curve and fluctuating mortgage prepayment
speeds. We expect that the credit markets will continue to be
challenging, with more Fed tightenings on the way and more volatility
likely at all points on the yield curve. In these conditions, we also
expect our high credit quality portfolio of floating-rate,
adjustable-rate and, to a lesser extent, fixed-rate mortgage-backed
securities to continue to deliver compelling absolute and relative
returns for investors."
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 manages assets on behalf of institutional and individual
investors worldwide through Annaly and through the funds managed by
its wholly-owned registered investment advisor, FIDAC. The Company's
principal business objective is to generate net income for
distribution to investors from the spread between the interest income
on its mortgage-backed securities and the cost of borrowing to finance
their acquisition and from fee income earned by FIDAC. The Company, a
Maryland Corporation that has elected to be taxed as a real estate
investment trust ("REIT"), currently has 121,277,323 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, FIDAC's clients removal of
assets FIDAC manages, FIDAC's regulatory requirements, and competition
in the investment management business. 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, 2004. 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 statements.
CONTACT: Annaly Mortgage Management, Inc.
Investor Relations, 888-8Annaly
www.annaly.com
SOURCE: Annaly Mortgage Management, Inc.