快速解套

Company Overview

Annaly Capital Management, Inc. (“Annaly”) is a leading diversified capital manager that invests in and finances residential and commercial assets. Annaly's principal business objective is to generate net income for distribution to its stockholders and optimize its returns through prudent management of its diversified investment strategies. With approximately $128.7 billion in assets*, our portfolio includes securities, loans and equity in both the residential and commercial markets. Annaly has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Until the closing of its announced internalization transaction, Annaly is externally managed by Annaly Management Company LLC. 

Annaly is a vehicle for long-term asset ownership. We use our capital, coupled with various structured financing products to invest in assets in both commercial and residential markets, earning the spread between the yield on our investments and the cost of our borrowings and hedging activities. To maintain our desired capital profile, we utilize a mix of debt and equity funding based on our investment profile and market view. Our range of financing alternatives includes traditional repo, warehouse lines, FHLB and financing through our own broker dealer.

Diversification is a pillar of the Annaly strategy. Since 2010 we have diversified our business model by investing in credit assets directly on balance sheet, complementing our primary portfolio of interest rate sensitive investments. This strategy is designed to achieve durable risk-adjusted returns over various interest rate and economic cycles by pairing shorter floating-rate credit securities with our longer, fixed-rate agency portfolio. The diversification strategy reaches beyond simply our investment in credit sectors. Within each discipline we have diversified our investments to produce balanced cash-flows and leverage profiles. Our breadth of investment options and robust capital allocation process combined with careful risk management enables us to take advantage of market inefficiencies and rotate into credit markets when dislocations occur and pricing is attractive on a risk-adjusted, relative value basis.

Capital Allocation Across Businesses*
Agency 74% #00306c
Residential Credit 10% #7c91a6
Commercial Real Estate 7% #4e6f99
Middle Market Lending 9% #c6bbaa
*Source: Company filings. Financial data as of December 31, 2019. Assets represent Annaly’s portfolio of investments on its balance sheet. Agency assets include to be announced (“TBA”) purchase contracts (market value) of $6.9bn and mortgage servicing rights (“MSRs”) of $378.1mm and exclude securitized debt of consolidated variable interest entities ("VIEs") of $1.0bn. Residential Credit assets exclude securitized debt of consolidated VIEs of $2.0bn. Commercial Real Estate assets exclude securitized debt of consolidated VIEs of $2.6bn.