Annaly Capital Management, Inc. & Bayview Asset Management, LLC Announce Purchase by Bayview of Pingora Loan Servicing Platform
July 10 2017 - 4:15PM
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.
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170710006268/en/
Annaly Capital Management, Inc.Investor
Relations1-888-8Annalywww.annaly.com
Annaly Capital Management (NYSE:NLY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Annaly Capital Management (NYSE:NLY)
Historical Stock Chart
From Apr 2023 to Apr 2024