Annaly Capital Management, Inc. and Bayview Asset Management, LLC Announce Purchase by Bayview of Pingora
Loan Servicing Platform
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.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170710006268/en/
“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.
Annaly Capital Management, Inc.
Investor Relations
1-888-8Annaly
www.annaly.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170710006268/en/