NEW YORK & ARLINGTON, Va.--(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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171101006286/en/
Annaly Capital Management, Inc.
Investor Relations
1-888-8Annaly
www.annaly.com
Source: Annaly Capital Management, Inc.