NEW YORK--(BUSINESS WIRE)--
Annaly Capital Management, Inc. (NYSE:NLY) (“Annaly”) and Bayview Asset
Management, LLC (“Bayview”) today jointly announced that Bayview had
entered into an interest purchase agreement to acquire Pingora Holdings,
L.P. (“Pingora”), a Delaware limited partnership and wholly-owned
indirect subsidiary of Annaly. Through its wholly-owned subsidiaries,
Pingora Asset Management, LLC and Pingora Loan Servicing, LLC, Pingora
operates as a specialized asset manager focused on investing in new
production performing mortgage servicing rights (“MSRs”) and servicing
residential mortgage loans. The acquisition is subject to customary
closing conditions, including requisite regulatory approvals, and is
expected to close in the third quarter of 2017.
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“This transaction exemplifies our strategy to partner with industry
leaders across our diversified investment platforms to efficiently
allocate capital, minimize operating risks and optimize returns for our
shareholders,” commented Kevin Keyes, CEO and President of Annaly. “We
are pleased to have the expertise Bayview brings as a premier
residential mortgage loan servicer for the MSR assets we own through our
ongoing joint venture with a leading Sovereign Wealth Fund. This
strategic transaction represents the beginning of a unique and
compelling partnership for all stakeholders.”
David Ertel, CEO of Bayview, said: “We are delighted to partner with
Annaly in this important strategic transaction. Together, Bayview and
Pingora are uniquely positioned to provide MSR capital solutions to the
mortgage banking industry.”
Michael Lau, CEO of Pingora, said: “We are excited about combining
Pingora’s best in class technology and MSR acquisition platform with
Bayview’s proven asset management and capital raising abilities to
create the industry leading MSR acquisition and management platform.”
About Annaly
Annaly is a leading diversified capital manager that invests in and
finances residential and commercial assets. Annaly’s principal business
objective is to generate net income for distribution to its stockholders
and to preserve capital through the prudent selection of investments and
continued management of its portfolio. Annaly has elected to be taxed as
a real estate investment trust, or REIT, for federal income tax
purposes. Annaly is externally managed by Annaly Management Company LLC.
Additional information is available at www.annaly.com.
About Bayview
Bayview, initially founded in 1993, is a mortgage investment firm
focused on investments in mortgage credit, including whole loans,
mortgage and asset-backed securities, servicing rights, and
mortgage-related equities. Bayview is headquartered in Coral Gables,
Florida with approximately 2,100 employees across asset management and
loan servicing operations. As of March 31, 2017, Bayview oversees
approximately $14.2 billion in assets under management. Bayview has
substantial experience in sourcing, purchasing, servicing, and managing
residential and commercial mortgage loans and mortgage-backed
securities. Additional information is available at www.bayviewassetmanagement.com.
Forward-Looking Statements
This news release and our public documents to which Annaly or Bayview
refer contain or incorporate by reference certain forward-looking
statements which are based on various assumptions (some of which are
beyond Annaly’s or Bayview’s control) and 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. With respect to Annaly, 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
most recent Annual Report on Form 10-K and any subsequent Quarterly
Reports on Form 10-Q. Neither Annaly nor Bayview undertakes, and both
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, except as required by
law.
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Annaly Capital Management, Inc.
Investor Relations
1-888-8Annaly
www.annaly.com
Source: Annaly Capital Management, Inc.