Stock Symbol: NLY

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Business Description
Annaly Mortgage Management, Inc. is a real estate investment trust that owns and manages a portfolio of mortgage-backed securities and agency debentures. The Company is primarily engaged in the business of investing, on a leveraged basis, in mortgage pass-through certificates, collateralized mortgage obligations (CMOs) and other securities representing interests in or obligations backed by pools of mortgage loans. It also invests in agency debentures. The Company principally aims to generate net income for distribution to its stockholders from the spread between the interest income on its investment securities and the costs of borrowing to finance its acquisition of investment securities. In June 2004, the Company acquired Fixed Income Discount Advisory Company, a registered investment advisor.

Financial Information
For the nine months ended 9/04, net interest income rose 51% to $375.5 million. Net income applicable to Comm. rose 35% to $185.2 million. Total interest income benefited from increased asset base due to the deploying of additional common and preferred capital. Net income was partially offset by reduced gain on the sale of mortgage-backed securities.