| Annaly Mortgage Management, Inc. | |||
| Ticker: | NLY | 1500 Harbor Boulevard | |
| Exchange: | New York Stock Exchange | Weehawkin, NJ 07087 | |
| Industry: | Financial (SIC Code 6798) | ||
| Type of Shares: | Common Shares | Filing Date: | 8/5/97 | |
| U.S. Shares: | 8,514,000 | Offer Date: | 10/7/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $11.50 - $12.50 | |
| Primary Shares: | 8,514,000 | Offer Price: | $12.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.84 | |
| Offering Amount: | $102,168,000 | Selling: | $0.50 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 10,017,800 |
| Manager | Tier | Phone |
| Friedman, Billings, Ramsey & Co., Inc. | Lead Manager | (703) 312-9571 |
| Sutro & Company Inc. | Co-manager | (415) 445-8323 |
| Tucker Anthony Incorporated | Co-manager | (800) 453-8205 |
| Issuer's Law Firm: | Morgan, Lewis & Bockius |
| Bank's Law Firm: | Andrews & Kurth |
| Auditor: | Deloitte & Touche |
| Registrar/Transfer Agent: | ChaseMellon Shareholder Services, L.L.C. |
Dollar amounts in U.S. millions except for per share data | |||||
| 5 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 6/30/97 | 6/30/97 | ||||
| Revenue: | $6.51 | Assets: | $398.24 | ||
| Net Income: | $1.34 | Curr Assets: | |||
| EPS: | $0.36 | Liabilities: | $365.42 | ||
| Prior EPS: | $2.21 | Curr Liabilities: | |||
| Cash Flow/Oper: | $359.69 | Equity: | $32.82 | ||
| Cash Flow/Fin: | -$361.89 | Cash: | $28.00 | ||
| Cash Flow/Inv: | -$361.89 | ||||
| Business Description |
| The company is a real estate investment trust, REIT. The company specializes in investing in mortgage-backed securities, inlcuding mortgage pass-through certificates, collateralized mortgage obligations and other readily financed 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 Mortgage-Backed Securities and the costs of borrowing to finance its acquisition of Mortgage-Backed Securities. The Company will elect to be taxed as a "real estate investment trust" ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). Therefore, substantially all of its assets consist (and will consist) of Qualified REIT real Estate Assets (of the type described in Section 856(c)(6)(B) of the Code). The Company is self-advised and self-managed. |
| Business Plan |
| The Company's principal business objective is to generate income for distribution to its stockholders, primarily from the net cash flows on its Mortgage-Backed Securities qualifying as Qualified REIT Real Estate Assets. The Company's net cash flows result primarily from the difference between (i) the interest income on its Mortgage-Backed Security investments and (ii) the borrowing and financing costs of the Mortgage-Backed Securities. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to purchase additional mortgage backed securities. |
| Name of Shareholder | % Owned Before | % Owned After |
| Kramer Spellman, L.P. | 9.30% | |
| Eaton Vance Total Return Portfolio | 9.30% | |
| Bay Pond Partners, L.P. | 8.10% | |
| Loews Corporation | 7.20% | |
| Frorer Partners, L.P. | 6.60% | |
| Zweig-DiMenna Associates LLC | 5.40% | |
| Boston Provident Partners, L.P. |
| Officer Name | Title | Age |
| Michael A.J. Farrell | Chairman of the Board, Chief Executive Officer and Director | |
| Kathryn F. Fagan | Chief Financial Officer and Treasurer | |
| Timothy J. Guba | President, Chief Operating Officer and Director | |
| Jennifer A. Stephens | Secretary | |
| Wellington J. St. Claire | Vice Chairman of the Board and Director |