<SEC-DOCUMENT>0001628280-21-010712.txt : 20210803
<SEC-HEADER>0001628280-21-010712.hdr.sgml : 20210803
<ACCEPTANCE-DATETIME>20210519171356
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001628280-21-010712
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ANNALY CAPITAL MANAGEMENT INC
		CENTRAL INDEX KEY:			0001043219
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				223479661
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1211 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212 696 0100

	MAIL ADDRESS:	
		STREET 1:		1211 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANNALY MORTGAGE MANAGEMENT INC
		DATE OF NAME CHANGE:	19970729
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="i2b8dd751b2474df18dff97731ab5e452_1"></div><div style="min-height:72pt;width:100%"><div style="margin-bottom:0.08pt"><font><br></font></div></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">May 19, 2021</font></div><div style="margin-bottom:6pt"><font><br></font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">VIA EDGAR</font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Jeffrey Lewis<br>Staff Accountant<br>Division of Corporation Finance<br>Office of Real Estate and Construction<br>U.S. Securities and Exchange Commission<br>100 F Street, NE<br>Washington, D.C. 20549</font></div><div style="margin-bottom:6pt;padding-left:72pt;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Re&#58;&#160;&#160;&#160;&#160;Annaly Capital Management, Inc. <br>Form 10-K for the fiscal year ended December 31, 2020<br>Filed February 19, 2021<br>File No. 001-13447</font></div><div style="margin-bottom:6pt;padding-left:72pt;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">&#160;&#160;&#160;&#160;</font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Dear Mr. Lewis&#58;</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;On behalf of Annaly Capital Management, Inc. (the &#8220;Company&#8221; or &#8220;Annaly&#8221;) set forth below are our responses to the comments of the Staff (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) provided in your letter, dated May 6, 2021, with respect to our Form 10-K (File No. 001-13447), filed on February 19, 2021.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;For the Staff&#8217;s convenience, the text of the Staff&#8217;s comments is set forth below in bold, followed in each case by the Company&#8217;s response.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Form 10-K for the fiscal year ended December 31, 2020</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Item 7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations<br>Business Environment and COVID-19, page 57</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.75pt">We note your disclosure of economic return. Please tell us and clarify in your filing how this measure is derived. Within your response, please provide a reconciliation of how you calculated this measure.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:125%;text-decoration:underline">Response</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:125%">&#58;  </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">In response to the Staff&#8217;s comment, beginning with the Company&#8217;s Form 10-Q for the quarterly period ended March 31, 2021 the Company included the definition of economic return within its Glossary of Terms (see page 77) as follows&#58; </font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">&#8220;Economic Return</font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Refers to the Company&#8217;s change in book value plus dividends declared divided by the prior period&#8217;s book value.&#8221; </font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Below is a reconciliation of the Company&#8217;s economic return for the quarter and year ended December 31, 2020 as disclosed in our Form 10-K&#58;</font></div><div style="margin-bottom:8pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">1</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:0.08pt"><font><br></font></div></div><div style="margin-bottom:8pt;text-align:justify"><font><br></font></div><div style="margin-bottom:8pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.386%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.599%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.715%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">For the quarter ended</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">For the year ended</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">December 31, 2020</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">December 31, 2020</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">Book value per common share at end of period</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">$8.92</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">$8.92</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">Less&#58; book value per common share at beginning of period</font></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">$8.70</font></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">$9.66</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">Change in book value per common share during the period</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">$0.22</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">($0.74)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">Plus&#58; common dividends per share declared during the period</font></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">$0.22</font></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">$0.91</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">Total economic return during the period</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">$0.44</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">$0.17</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">Divided by&#58; book value per common share at beginning of period</font></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">$8.70</font></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">$9.66</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">Economic return as a percentage of book value per common share at beginning of period</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">5.1%</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:125%">1.8%</font></td></tr></table></div><div style="margin-bottom:8pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Results of Operations, page 58</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.75pt">We note your presentation of economic leverage at period-end and capital ratio. Please tell us if you determined these measures are non-GAAP measures and tell us how you made that determination. To the extent you determined that these measures are non-GAAP measures, please include disclosures required by Item 10(e) of Regulation S-K in future filings.</font></div><div style="margin-bottom:8pt;text-align:justify"><font><br></font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:125%;text-decoration:underline">Response</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:125%">&#58;  </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">In response to the Staff&#8217;s comment, upon further consideration the Company has determined that economic leverage at period-end and its capital ratio each meet the definition of a non-GAAP measure in light of the adjustments made to comparable GAAP amounts. As a result, beginning with the Company&#8217;s Form 10-Q for the quarterly period ending June 30, 2021, the Company will provide the disclosures required by Item 10(e) of Regulation S-K including a reconciliation of non-GAAP amounts to the most directly comparable GAAP measures&#59; i.e., economic liabilities to GAAP total liabilities and adjusted assets to GAAP total assets.</font></div><div style="margin-bottom:8pt;text-align:justify"><font><br></font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%;text-decoration:underline">Non-GAAP Financial Measures, page 59</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.75pt">We note your disclosure of core earnings (excluding PAA), core earnings (excluding PAA) per common share, and annualized core return on average equity (excluding PAA). These non-GAAP measures include adjustments for various realized and unrealized gains (losses) and loan loss provision. In light of these adjustments, please tell us how you determined it was appropriate to title these measures as core earnings and core return. Further, our understanding is that these measures are commonly used by mortgage REITs as an indicator of dividend paying ability. Please tell us if these measures are used by the registrant's management as an indicator of the registrant's dividend paying ability. If so, please revise your filing to disclose that purpose.</font></div><div style="margin-bottom:8pt;text-align:justify"><font><br></font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:125%;text-decoration:underline">Response</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:125%">&#58;  </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Annaly is aware that the Staff is objecting to commercial mortgage REITs, which are principally focused on lending activities, using the term &#8220;core earnings&#8221; to describe a performance measure that backs out &#8220;CECL&#8221; loan loss reserves given the fundamental role such losses play in a lending business. In response to the Staff&#8217;s comment, we respectfully note that Annaly is predominantly </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">2</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:0.08pt"><font><br></font></div></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">an agency mortgage REIT with over 93% of our total assets invested in agency mortgage-backed securities as of March 31, 2021 and while Annaly engages in real estate and corporate debt lending activities, these activities are immaterial to Annaly&#8217;s overall business as loans subject to CECL only represented approximately 4% of the investment portfolio at December 31, 2020.  Furthermore, Annaly has agreed to sell its commercial real estate business. Subject to customary closing conditions, including applicable regulatory approvals, the sale is expected to be completed by the third quarter of 2021. This disposition will reduce our loan portfolio to a balance that is even more immaterial (i.e. 2.5% of assets) and total CECL reserves are currently $34 million, which is less than 2% of loans subject to the CECL standard and a de minimis percentage of total assets as of March 31, 2021.</font></div><div style="margin-bottom:8pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">As a predominantly agency mortgage REIT, we believe that core earnings (excluding PAA), core earnings (excluding PAA) per common share, and annualized core return on average equity (excluding PAA) reflect the performance of our &#8220;core&#8221; business and are used by management and by analysts and investors to measure our progress in achieving our principal business objective. In calculating core earnings (excluding PAA), the Company makes adjustments for various realized and unrealized gains (losses), including loan loss provision, to (i) account for the disparate reporting of changes in fair value where certain instruments are reflected in GAAP net income (loss) while others are reflected in other comprehensive income (loss) and (ii) exclude certain unrealized, non-cash or episodic components of GAAP net income (loss). These non-GAAP measures also provide additional detail to enhance investor understanding of our period-over-period operating performance and business trends and to aid in assessing our performance versus that of industry peers. For these reasons, we believe the term &#8220;core earnings&#8221; is appropriate.</font></div><div style="margin-bottom:8pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">           Finally, as it relates to our distribution policy, core earnings are one indicator the Company and its Board of Directors consider before setting its common dividend. In order to facilitate investor understanding, the Company will provide enhanced disclosure in its future filings regarding how core earnings and other indicators and factors are considered by the Company in setting its common dividend.  </font></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">* * * * *</font></div><div style="margin-bottom:8pt;text-align:justify;text-indent:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">We hope that the foregoing has been responsive to the Staff&#8217;s comments.  If you have any questions or comments regarding the foregoing, please do not hesitate to contact me at (212) 696-0100 or by email at swolfe&#64;annaly.com or Anthony Green at (212) 696-0100 or by email at agreen&#64;annaly.com.</font></div><div style="margin-bottom:12pt;padding-left:270pt"><font><br></font></div><div style="margin-bottom:12pt;padding-left:270pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Sincerely,</font></div><div style="margin-bottom:12pt;padding-left:270pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">&#47;s&#47; Serena Wolfe </font></div><div style="margin-bottom:12pt;padding-left:270pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Serena Wolfe</font></div><div style="margin-bottom:12pt;padding-left:270pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Chief Financial Officer</font></div><div style="padding-left:36pt;text-indent:-36pt"><font><br></font></div><div style="padding-left:36pt;text-indent:-36pt"><font><br></font></div><div style="padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">cc&#58;&#160;&#160;&#160;&#160;Anthony Green, Annaly Capital Management, Inc.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">3</font></div><div><font><br></font></div></div></div></body></html>
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