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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 $103.6 billion in assets*, our portfolio includes securities, loans and equity in both the residential and commercial markets. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes.  

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 75% #00306c
Residential Credit 9% #7c91a6
Commercial Real Estate 6% #4e6f99
Middle Market Lending 10% #c6bbaa
*Source: Company filings. Financial data as of June 30, 2020. Total assets represent Annaly’s investments that are on balance sheet, as well as investments that are off-balance sheet in which the Company has economic exposure. Assets include TBA purchase contracts (market value) of $19.1bn and CMBX derivatives (market value) of $460.3mm and are shown net of securitized debt of consolidated VIEs of $6.5bn.