Annaly Capital Management, Inc. (NYSE:NLY) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On March 27, 2019, Annaly Capital Management, Inc. (the “Company”) and Annaly Management Company LLC (the “Manager”) entered into an amendment (the “Amendment”) to the Amended and Restated Management Agreement, dated as of August 1, 2018 (the “Management Agreement”), to reduce the management fee payable on stockholders’ equity (as defined in the Management Agreement, “Stockholders’ Equity”) above $17.28 billion. to the terms of the Amendment, the Company shall pay the Manager a monthly management fee in an amount equal to 1/12th of the sum of (i) 1.05% of Stockholders’ Equity up to $17.28 billion, and (ii) 0.75% of Stockholders’ Equity in excess of $17.28 billion. All other terms of the Management Agreement remain the same.
The terms of the Amendment were reviewed and approved by the Board of Directors of the Company (the“Board”), with the unanimous approval of the Company’s independent directors. Board members Kevin G. Keyes and Wellington J. Denahan recused themselves from the Board’s discussion and vote on the Amendment.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
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Item 9.01. |
Financial Statements and Exhibits. |
(d)Exhibits.
ANNALY CAPITAL MANAGEMENT INC Exhibit
EX-10.1 2 nly-amendmentno1toarmanage.htm EXHIBIT 10.1 Exhibit Exhibit 10.1AMENDMENT NO. 1TOAMENDED AND RESTATED MANAGEMENT AGREEMENTTHIS AMENDMENT NO. 1,…
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About Annaly Capital Management, Inc. (NYSE:NLY)
Annaly Capital Management, Inc. (Annaly) is a mortgage real estate investment trust (REIT). The Company’s principal business objectives are to generate net income for distribution to its stockholders from its investments and capital preservation. Its portfolio also includes residential credit investments, such as credit risk transfer securities and non-agency mortgage-backed securities. Its business operations primarily consist of Annaly Commercial Real Estate Group, Inc. (ACREG), which specializes in originating or acquiring, financing and managing commercial loans and other commercial real estate debt, commercial mortgage-backed securities and other commercial real estate-related assets; Annaly Middle Market Lending LLC (MML), which engages in corporate middle market lending transactions, and RCap Securities, Inc. (RCap), which operates as a broker-dealer, and is a member of the Financial Industry Regulatory Authority (FINRA). It is managed by Annaly Management Company LLC.
