Annaly Capital Management, Inc. and Capital Impact Partners Launch Social Impact Investing Joint Venture
November 01 2017 - 4:30PM
Business Wire
Annaly Capital Management, Inc. (NYSE:NLY) (“Annaly”) and
Capital Impact Partners (“Capital Impact”) today jointly announced
the launch of a new $25 million joint venture dedicated to
supporting community development in underserved cities across the
country. An innovative structure in the mortgage REIT sector, the
collaboration provides direct financing for socially responsible
projects in low-income communities while simultaneously enabling
Capital Impact’s ability to further expand its work nationally.
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“We are pleased to announce this unique joint venture that
enables Annaly to further our involvement in community development
and social responsibility efforts while continuing to diversify the
sources of our returns for shareholders” Kevin Keyes, Annaly’s CEO
and President commented. “Combining Annaly’s permanent capital with
the expertise and 30-year track record of Capital Impact Partners
helps further the mission of strengthening the links between
health, education and housing in underserved communities.” Keyes
added, “This joint venture also continues our growth strategy of
partnering with best-in-class industry leaders enhancing cost
efficiencies and returns across our diversified investment
platform.”
“This represents the first time Capital Impact has raised equity
through a joint venture as a means to expand our social impact. We
are excited to work with Annaly to launch this project,” said Ellis
Carr, CEO and President of Capital Impact. “As a mission-driven
organization, it is critical we have the ability to be nimble in
meeting the needs of communities. Only by working with
forward-thinking partners like Annaly, can we continue to ensure
equitable access to capital for projects serving low-income
communities.”
Annaly and Capital Impact have created the joint venture to
invest in loans that are cash flow generating, seasoned assets
currently owned by Capital Impact. The investments targeted for
this venture represent a diverse mix of projects within the social
impact investing landscape which span communities across the
country. The venture intends to make investments over a five-year
period and Annaly and Capital Impact have the option to increase
their overall investment as the venture matures.
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 Capital Impact Partners
Through capital and commitment Capital Impact Partners helps
people build communities of opportunity that break barriers to
success. We deliver strategic financing, incubate new social
programs, and provide capacity-building to help ensure that
low-to-moderate-income individuals have access to quality
healthcare and education, healthy foods, affordable housing, and
the ability to age with dignity. A nonprofit community development
financial institution, Capital Impact Partners has disbursed more
than $2 billion to revitalize communities over the past 30 years.
Our leadership in delivering financial and social impact has
resulted in Capital Impact earning a “AA” rating from S&P
Global and being recognized by Aeris since 2005 for our
performance. Headquartered in Arlington, VA, Capital Impact
operates nationally, with local offices in Detroit, MI, and
Oakland, CA. Learn more at www.capitalimpact.org.
Forward-Looking Statements
This news release and our public documents to which Annaly or
Capital Impact refer contain or incorporate by reference certain
forward-looking statements which are based on various assumptions
(some of which are beyond Annaly’s or Capital Impact’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 Capital Impact 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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