SEC FORM 5

SEC Form 5

FORM 5

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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

Form 3 Holdings Reported.

Form 4 Transactions Reported.

1. Name and Address of Reporting Person^*

LAMBIASE JOHN

(Last)

(First)

(Middle)

C/O ANNALY MORTGAGE MANAGEMENT, INC.

1211 AVENUE OF THE AMERICAS, SUITE 2902

(Street)

NEW YORK

10036

(City)

(State)

(Zip)

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)

3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2004

4. If Amendment, Date of 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

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 at end of Issuer's Fiscal Year (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)	3. Transaction Code (Instr. 8)	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	04/13/2004		P	2,000	A	$24.5	0	D
Preferred Stock	04/28/2004		P	2,500	A	$23.65	4,500	D
Common Stock	05/28/2004		M	1,250	A	$10.75	0	D
Common Stock	05/28/2004		M	250	A	$8.13	45,000	D

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
OPTION (Right to Buy)⁽¹⁾	$10.75	06/26/1999		M		1,250	06/26/1999	06/26/2004	C/S	1,250	$10.75	0	D
OPTION (Right to Buy)⁽¹⁾	$9.06						06/26/2000	06/26/2005	C/S	938		938	D
OPTION (Right to Buy)⁽¹⁾	$13.69						06/26/2001	06/26/2006	C/S	1,250		1,250	D
OPTION (Right to Buy)⁽¹⁾	$8.13	07/31/1998		M		250	07/31/1999	07/31/2008	C/S	250	$8.13	1,375	D
OPTION (Right to Buy)⁽¹⁾	$8.63						11/18/2000	11/18/2009	C/S	10,000		10,000	D
OPTION (Right to Buy)⁽¹⁾	$7.94						11/29/2001	11/29/2010	C/S	2,437		2,437	D
OPTION (Right to Buy)⁽¹⁾	$20.35						06/26/2002	06/26/2007	C/S	1,250		1,250	D
OPTION (Right to Buy)⁽¹⁾	$20.7						06/26/2003	06/26/2008	C/S	1,250		1,250	D
OPTION (Right to Buy)⁽¹⁾	$17.97						08/08/2004	08/08/2013	C/S	15,000		15,000	D
OPTION (Right to Buy)	$17.39	04/20/2004		A	15,000		04/20/2005	04/20/2014	C/S	15,000	$0	15,000	D
OPTION (Right to Buy)	$17.71	06/28/2004		A	1,250		06/28/2004	06/28/2004	C/S	1,250	$0	1,250	D

Explanation of Responses:

1. Options granted prior to the year 2004.

	/s/ John Lambiase	02/01/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.