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Why Invest in Annaly

Annaly Capital Management, Inc. has a demonstrated track record of outperformance, beating the S&P 500 in terms of total return by over 2x and the mortgage REIT sector by approximately 3.5x(1) since the Company’s initial public offering in 1997. At over 12x the size of the median mortgage REIT by market cap(2), Annaly is able to efficiently diversify investments in 38 distinct asset types across four businesses through a rigorous shared capital model and capital allocation process. Annaly benefits from durability in earnings and book value through its diversity of investment options, as well as through its diversity in financing and hedging instruments. Annaly’s size relative to peers allows the Company to act as a potential consolidator, demonstrated by Annaly’s three acquisitions, a combined $3.3bn in value, since 2013.(3) In addition to its size and scale, the Company has continued to prioritize operating efficiencies, with significantly lower expense ratios relative to industry peers. Further, Annaly strengthened its commitment to robust governance practices with its recent announcement to internalize management, which enhances alignment of interests, increases transparency, and promotes shareholder value.(4)

Size and Liquidity

>12x the market capitalization of the median mREIT(2) 

Corporate Responsibility & Governance Leadership

Announced agreement to internalize management(4); separated CEO and Board Chair positions

Diversification

38 available investment options is nearly 3x more than in 2013(4)

Capital Markets

Raised $1.2 billion of common equity net of opportunistic share repurchases in 2019(5)

Liquidity and Financing

10 distinct funding sources and unencumbered assets of $7.9bn(6)

Disciplined Consolidator

Three transformational acquisitions since 2013, with combined deal value of ~$3.3bn(7)

Operating Efficiency

Highly efficient operating expense model

Long-Term Market Leading Performance

Total shareholder return of 91% since diversification began(8) 

Source: Bloomberg and Company filings. Financial data as of December 31, 2019. Market data as of January 31, 2020. 
1. Represents total shareholder return from inception to January 31, 2020. Comparison is relative to S&P 500 and mREITs. mREITs represent the Bloomberg mREIT ("BBREMTG") Index. S&P 500 represents the S&P 500 Index.
2. Representative of the BBREMTG Index. Excludes Annaly. 
3. Data shown since December 31, 2013, which marks the beginning of Annaly’s diversification efforts, through January 31, 2020. 
4. For more information on the internalization transaction, please refer to the press release and Form 8-K filed on February 12, 2020.
5. Represents $840mm of gross proceeds raised from the January 2019 common equity offering before deducting the underwriting discount and other estimated offering expenses and $570mm raised through the Company’s at-the-market sales program for its common stock, which was entered into in January 2018, net of sales agent commissions and other offering expenses. The January 2019 common equity offering includes the underwriters’ full exercise of their overallotment option to purchase additional shares of stock. Represents $223 million of share repurchases under the Company’s current authorized share repurchase program that expires in December 2020.
6.  “Unencumbered assets” are representative of Annaly’s excess liquidity and are defined as assets that have not been pledged or securitized (generally including cash and cash equivalents, Agency MBS, CRT, Non-Agency MBS, residential mortgage loans, MSRs, reverse repurchase agreements, CRE debt and preferred equity, corporate debt, other unencumbered financial assets and capital stock). 
7. Includes Annaly's $876mm acquisition of CreXus Investment Corp. (closed May 2013), $1,519mm acquisition of Hatteras Financial Corp. (closed July 2016) and $906mm acquisition of MTGE Investment Corp. (closed September 2018).                 
8. Total shareholder return shown since December 31, 2013, which marks the beginning of Annaly's diversification efforts, through January 31, 2020. Since its IPO in 1997, Annaly's total shareholder return is 912%.