Edgar Filing: ANNALY MORTGAGE MANAGEMENT INC

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

LAMBIASE JOHN

2. Issuer Name and Ticker or Trading Symbol
ANNALY MORTGAGE MANAGEMENT INC [NLY]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

C/O: ANNALY MORTGAGE MANAGEMENT, INC, 12 EAST 41ST STREET, SUITE 700

3. Date of Earliest Transaction (Month/Day/Year)
06/24/2005

(Street)

NEW YORK, NY 10017

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Preferred Stock								4,500	D
Common stock	06/24/2005		M		938	A	$ 9.06	0	D
Common stock	06/24/2005		M		62	A	$ 13.69	46,000	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option to purchase Common Stock

$ 9.06

06/24/2005

938

06/26/2001

06/26/2005

Common Stock

938

$ 9.06

Option to purchase Common Stock

$ 13.69

06/24/2005

06/26/2002

06/26/2006

Common Stock

$ 13.69

1,188

Option to purchase Common Stock

$ 18.26

06/27/2005

1,250

06/27/2005

06/27/2010

Common Stock

1,250

$ 18.26

1,250

Option to purchase Common Stock

$ 8.13

07/31/1999

07/31/2008

Common Stock

1,375

Option to purchase Common Stock

$ 8.63

11/18/2000

11/18/2009

Common Stock

10,000

Option to purchase Common Stock

$ 7.94

11/29/2001

11/29/2010

Common Stock

2,437

Option to purchase Common Stock

$ 20.35

06/26/2002

06/26/2007

Common Stock

1,250

Option to purchase Common Stock

$ 20.7

06/26/2003

06/26/2008

Common Stock

1,250

Option to purchase Common Stock

$ 17.97

08/08/2004

08/08/2013

Common Stock

15,000

Option to purchase Common Stock

$ 17.39

04/20/2005

04/20/2014

Common Stock

15,000

Option to purchase Common Stock

$ 17.21

06/28/2004

Common Stock

1,250

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
LAMBIASE JOHN C/O: ANNALY MORTGAGE MANAGEMENT, INC 12 EAST 41ST STREET, SUITE 700 NEW YORK, NY 10017	X

Signatures

/s/ John Lambiase		06/27/2005
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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