 | |
| Company type | Public company |
|---|---|
| Industry | Real estate investment trust |
| Founded | February 18, 1997; 28 years ago (1997-02-18) |
| Founders |
|
| Headquarters | 1211 Avenue of the Americas New York City, U.S. |
Key people | David L. Finkelstein (CEO &CIO) Serena Wolfe (CFO) |
1,771,991,000 United States dollar (2022)  | |
 US$−1.643 billion (2023) | |
| Total assets |  US$93.227 billion (2023) |
| Total equity | US$11.255 billion (2023) |
Number of employees | 187 (December 31, 2023) |
| Website | www |
| Footnotes / references [1] | |
Annaly Capital Management, Inc. is one of the largestmortgagereal estate investment trusts. It is organized inMaryland with its principal office inNew York City.[1]
The company borrows money, primarily via short termrepurchase agreements, and reinvests the proceeds inasset-backed securities. As of December 31, 2023, 88% of the company's assets weremortgage-backed securities issued by eitherFannie Mae orFreddie Mac. The company generates profits from thenet interest spread between the interest earned from its assets and its borrowing costs, which is amplified from the use ofleverage. As of December 31, 2019, the company had aGAAP leverage ratio of 6.8:1.[1]
As of December 31, 2023, the weighted average days tomaturity of its repurchase agreements was 44 days.[1]
The company is ranked 857th on theFortune 1000.[2]
The company is named afterAnnaly,Ireland, which was ruled by the ancestors of the company's founder.[3]
Annaly Capital Management was founded in 1997 by Michael A.J. Farrell (1951-2012) and Wellington Denahan. Mike Farrell spent 26 years working for investment banks includingE.F. Hutton & Co.,Morgan Stanley, andMerrill Lynch.[4][5]
In 2004, the company acquired Fixed Income Discount Advisory, an investment adviser, for $40.5 million in stock.[6]
In October 2012, co-founder Wellington Denahan became CEO after Michael Farrell was diagnosed with cancer; Farrell died that month.[4][7][8]
In 2013, the company acquired CreXus Investment for $996 million.[9][10]
Effective September 30, 2015, Kevin Keyes was named CEO of the company.[11][12]
In 2016, the company acquired Hatteras Financial for $1.5 billion in cash and stock.[13][14]
In 2017, the company sold its Pingora servicing subsidiary.[15]
In March 2020, David L. Finkelstein was named Chief Executive Officer and a member of the Board.[16]