Annaly Capital Management, Inc.

Annaly Capital Management (NLY) is one of the largest mortgage real estate investment trusts (mREITs), with a market capitalisation of about $13.5 billion. The firm invests primarily in agency mortgage‑backed securities (MBS), as well as other mortgage‑related assets and secured financing arrangements. Annaly aims to generate returns by earning a spread between interest income on its portfolio and its funding costs, often using leverage and short‑term repurchase agreements to enhance yield. Performance is driven by mortgage rates, the yield curve, prepayment speeds and financing conditions; management may shift allocations between agency and non‑agency holdings to navigate market cycles. The stock is typically considered by investors seeking income, though dividends can fluctuate with net interest margins and market stress. Key risks include interest‑rate sensitivity, prepayment and extension risk, credit and liquidity pressures, and regulatory or tax changes. This is general educational information, not personalised investment advice; capital is at risk and values can fall as well as rise.