Annaly Capital Management, Inc. (NLY)
Q2 2012 Earnings Conference Call
August 2, 2012 9:00 AM ET
Michael Farrell – Chairman, CEO and President
Kathryn Fagan – CFO and Treasurer
Wellington Denahan-Norris – VC, CIO and COO
Jason Arnold – RBC Capital Markets
Jade Rahmani – KBW
Steve Delaney - JMP Securities
Rick Shane – J P Morgan
Jasper Birch – Macquarie
Ken Bruce - Bank of America
Bill Carcache - Nomura Securities
Good morning, and welcome to the Second Quarter Earnings Call for Annaly Capital Management, Inc. At this time I would like to inform you that this conference is being recorded and that all participants are in a listen-only mode (Operator Instructions).
Earnings call may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements which are based on various assumptions, some of which are beyond our control, 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, including, but not limited to, changes in interest rates, changes in the yield curve, changes in prepayment rates, the availability of mortgage-backed securities for purchase, the availability of financing and, if available, the terms of any financing, changes in the market value of our assets, changes in business conditions and the general economy, changes in governmental regulations affecting our business, our ability to maintain our classification as a REIT for federal income tax purposes, risks associated with the broker-dealer business of our subsidiary, risks associated with the investment advisory business of our subsidiaries, including the removal by clients of assets they manage, their regulatory requirements and competition in the investment advisory business.