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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 1.5x and the mortgage REIT sector by approximately 6x(1) since the Company’s initial public offering in 1997. At 17x 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 internalization transaction, which enhances alignment of interests, increases transparency, and promotes shareholder value.(4)

Size and Liquidity

17x the market capitalization of the median mREIT(2) 

Corporate Responsibility & Governance Leadership

Internalized management(4); separated CEO and Board Chair positions

Diversification

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

Capital Markets

Repurchased $175 million of common stock since the beginning of Q2(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 685% since IPO(8) 

Source: Bloomberg and Company filings. Financial data as of June 30, 2020. Market data as of Juy 15, 2020.
1. Represents total shareholder return from inception to July 15, 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 July 15, 2020.
4. For more information on the internalization transaction, please refer to the press releases and Form 8-Ks filed on February 12, 2020 and July 1, 2020.
5. Share repurchases are under Annaly’s current authorized share repurchase program that expires in December 2020. Amount excludes fees and commissions and includes $31mm of repurchases that settled subsequent to quarter end.
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 for the period beginning October 7, 1997 through July 15, 2020.