Annaly Capital Management Inc, a mortgage real estate investment trust, said late Monday that it has agreed to sell its Pingora Loan Servicing subsidiary to Bayview Asset Management, LLC. Pingora operates as a specialized asset manager focused on investing in new production performing mortgage servicing rights and servicing residential mortgage loans.
Terms of the transaction were not disclosed. The transaction is expected to close in Q3, subject to customary closing conditions including regulatory approvals. Shares were marginally higher in recent morning trade.