Annaly Capital Management, Inc. (NLY): Business Model Canvas

Tauchen Sie ein in die komplizierte Welt von Annaly Capital Management, Inc. (NLY), einem führenden Unternehmen für Hypothekenimmobilien-Investmentfonds, das komplexe Finanzstrategien in lukrative Möglichkeiten für Anleger umwandelt. Mit einem ausgefeilten Ansatz für hypothekenbesicherte Wertpapiere und einem äußerst fokussierten Geschäftsmodell bietet NLY eine überzeugende Anlagelandschaft, die professionelles Risikomanagement mit attraktivem Dividendenpotenzial in Einklang bringt. Ganz gleich, ob Sie ein institutioneller Investor oder eine versierte Einzelperson auf der Suche nach passivem Einkommen sind: Wenn Sie NLYs Business Model Canvas verstehen, werden Ihnen die strategischen Mechanismen offenbart, die hinter einem der faszinierendsten Akteure im Finanzdienstleistungssektor stehen.

Annaly Capital Management, Inc. (NLY) – Geschäftsmodell: Wichtige Partnerschaften

Von der Regierung geförderte Unternehmen (Fannie Mae, Freddie Mac)

Annaly Capital Management unterhält wichtige Partnerschaften mit staatlich geförderten Unternehmen (GSEs), darunter:

GSE-Partner	Gesamte Agentur-MBS-Bestände	Prozentsatz des Portfolios
Fannie Mae	57,3 Milliarden US-Dollar	42.6%
Freddie Mac	38,9 Milliarden US-Dollar	28.9%

Investmentbanken und Wertpapierhändler

Zu den wichtigsten Investmentbanking-Partnerschaften gehören:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase
• Bank of America Merrill Lynch

Partner	Handelsvolumen	Beziehungstyp
Goldman Sachs	12,4 Milliarden US-Dollar	Primärhändler
Morgan Stanley	9,7 Milliarden US-Dollar	Sekundärhändler

Hypothekendarlehensgeber

Primäre Partnerschaften zur Hypothekendarlehensvergabe:

• Wells Fargo
• Kredite beschleunigen
• Bewegungshypothek

Urheber	Jährliches Kreditvolumen	Dauer der Partnerschaft
Wells Fargo	285 Milliarden Dollar	10+ Jahre
Kredite beschleunigen	145 Milliarden Dollar	7 Jahre

Anbieter von Finanztechnologiedienstleistungen

Technologiepartnerschaften für Risikomanagement und Handelsplattformen:

• Bloomberg
• BlackRock Aladdin
• FactSet

Technologieanbieter	Jährliche Servicekosten	Primärer Dienst
Bloomberg	24 Millionen Dollar	Marktdaten
BlackRock Aladdin	18,5 Millionen US-Dollar	Risikomanagement

Ratingagenturen

Partnerschaften mit Ratingagenturen zur Risikobewertung:

• Moody's
• Standard & Arme
• Fitch-Bewertungen

Agentur	Jährliche Ratinggebühren	Aktuelle Bewertung
Moody's	1,2 Millionen US-Dollar	Baa2
S&P	1,1 Millionen US-Dollar	BBB

Annaly Capital Management, Inc. (NLY) – Geschäftsmodell: Hauptaktivitäten

Hypothekenbesicherte Wertpapieranlage

Ab dem vierten Quartal 2023 hielt Annaly Capital Management einen Portfolio an hypothekenbesicherten Wertpapieren (MBS) von Agenturen im Wert von 88,4 Milliarden US-Dollar. Das Unternehmen konzentriert sich in erster Linie auf mit Hypotheken besicherte Hypothekenpapiere von Agenturen, die einen Zinssatz haben Garantien staatlicher Stellen.

Anlagekategorie	Gesamtwert	Prozentsatz des Portfolios
Agentur-MBS mit festem Zinssatz	74,2 Milliarden US-Dollar	83.9%
Agency-MBS mit variablem Zinssatz	14,2 Milliarden US-Dollar	16.1%

Zinsrisikomanagement

Annaly nutzt komplexe Zinsabsicherungsstrategien mit a Der Gesamtnennwert der Derivatekontrakte liegt bei 52,3 Milliarden US-Dollar Stand: 31. Dezember 2023.

• Zinsswap-Verträge: 37,5 Milliarden US-Dollar
• Zinsobergrenzenverträge: 14,8 Milliarden US-Dollar

Kapitalallokation und Portfoliooptimierung

Das Unternehmen unterhält eine Leverage Ratio von 4,8x mit einem Nettozinsspanne von 1,42 % im vierten Quartal 2023.

Metrisch	Wert
Gesamteigenkapital	12,6 Milliarden US-Dollar
Gesamtvermögen	101,2 Milliarden US-Dollar

Verbriefung von Wohnhypothekenvermögen

Annaly hat mitgemacht 22,7 Milliarden US-Dollar an hypothekenbesicherten Wertpapieremissionen im Jahr 2023, mit Schwerpunkt auf agenturgarantierten Wertpapieren.

Absicherung und Handel mit derivativen Finanzinstrumenten

Das Derivatportfolio des Unternehmens umfasst Nominalwert: 52,3 Milliarden US-Dollar, wobei die Hauptinstrumente sind:

• Zinsswaps
• Eurodollar-Futures
• Treasury-Futures
• Credit Default Swaps

Ableitungstyp	Nominaler Wert	Absicherungszweck
Zinsswaps	37,5 Milliarden US-Dollar	Zinsrisiko
Zinsobergrenzen	14,8 Milliarden US-Dollar	Tarifschutz

Annaly Capital Management, Inc. (NLY) – Geschäftsmodell: Schlüsselressourcen

Erhebliches Finanzkapital für Investitionen

Zum vierten Quartal 2023 behauptete Annaly Capital Management:

Gesamtvermögen	Gesamteigenkapital	Wert des Anlageportfolios
94,2 Milliarden US-Dollar	11,3 Milliarden US-Dollar	87,6 Milliarden US-Dollar

Erfahrenes Management- und Investmentteam

Schlüsselzusammensetzung der Führung:

• Gesamtzahl der Mitarbeiter: 192
• Durchschnittliche Amtszeit der Führungskräfte: 8,6 Jahre
• Investmentprofis mit über 15 Jahren Erfahrung im Hypothekenbereich: 76 %

Fortschrittliche Risikomanagement-Technologie

Risikomanagement-Investitionen	Technologiesysteme	Jährliches Compliance-Budget
18,4 Millionen US-Dollar	5 proprietäre Risikobewertungsplattformen	6,2 Millionen US-Dollar

Umfangreiche Kenntnisse des Hypothekenmarktes

Kennzahlen zur Marktkompetenz:

• Hypothekenbesichertes Wertpapierportfolio der Agentur: 76,3 Milliarden US-Dollar
• Nicht-staatliche Hypothekenpapiere: 3,4 Milliarden US-Dollar
• Geografische Marktabdeckung: 48 Staaten

Starke Kredit- und Finanzanalysefähigkeiten

Größe des Analytics-Teams	Prädiktive Modellierungssysteme	Jährliche Investition in die Dateninfrastruktur
42 spezialisierte Analysten	7 fortschrittliche Vorhersageplattformen	12,7 Millionen US-Dollar

Annaly Capital Management, Inc. (NLY) – Geschäftsmodell: Wertversprechen

Hohe Dividendenrendite für ertragsorientierte Anleger

Für das vierte Quartal 2023 meldete Annaly Capital Management a Dividendenrendite von 13,52 %deutlich über dem Branchendurchschnitt. Die gesamte Dividendenausschüttung des Unternehmens für 2023 betrug 1,04 $ pro Aktie.

Dividendenkennzahl	Wert 2023
Dividendenrendite	13.52%
Jährliche Dividende pro Aktie	$1.04
Gesamtausschüttung der Dividende	1,04 Milliarden US-Dollar

Transparente Hypothekeninvestitionsstrategie

Annaly schafft es Gesamtvermögen: 84,3 Milliarden US-Dollar Stand: 31. Dezember 2023, mit Schwerpunkt auf hypothekenbesicherten Wertpapieren.

• Agentur-MBS-Portfolio: 76,2 Milliarden US-Dollar
• Nicht-Agentur-MBS-Portfolio: 3,5 Milliarden US-Dollar
• Gewerbliche Immobilieninvestitionen: 4,6 Milliarden US-Dollar

Professionelles Management von hypothekenbezogenen Wertpapieren

Das Anlageportfolio des Unternehmens zeichnet sich durch ein anspruchsvolles Management aus:

Anlagekategorie	Portfoliowert	Prozentsatz des Gesamtvermögens
Agentur Residential MBS	76,2 Milliarden US-Dollar	90.4%
Non-Agency-MBS	3,5 Milliarden US-Dollar	4.2%
Gewerbeimmobilien	4,6 Milliarden US-Dollar	5.4%

Diversifizierter Immobilieninvestitionsansatz

Die Anlagediversifizierung von Annaly umfasst:

• Festverzinsliche Agency-Wertpapiere: 65,3 % des Portfolios
• Agenturwertpapiere mit variablem Zinssatz: 24,7 % des Portfolios
• Gewerbliche Immobilieninvestitionen: 10 % des Portfolios

Potenzial für eine kontinuierliche passive Einkommensgenerierung

Finanzielle Leistungskennzahlen für 2023:

Finanzkennzahl	Wert 2023
Nettozinsertrag	1,92 Milliarden US-Dollar
Eigenkapitalrendite (ROE)	8.7%
Nettoinventarwert pro Anteil	$7.63

Annaly Capital Management, Inc. (NLY) – Geschäftsmodell: Kundenbeziehungen

Regelmäßige Finanzberichterstattung und Investorenkommunikation

Annaly Capital Management pflegt strenge Finanzberichterstattungspraktiken mit den folgenden Schlüsselkennzahlen:

Berichtsmetrik	Häufigkeit	Detailebene
Jahresbericht (Formular 10-K)	Jährlich	Umfassende finanzielle Leistung
Vierteljährlicher Bericht (Formular 10-Q)	Vierteljährlich	Detaillierte Finanzberichte
Aktuelle Berichte (Formular 8-K)	Nach Bedarf	Offenlegung wesentlicher Ereignisse

Telefonkonferenzen zu den Quartalsergebnissen

Annaly führt detaillierte Telefonkonferenzen zu den Quartalsergebnissen mit den folgenden Merkmalen durch:

• Durchschnittliche Gesprächsdauer: 60 Minuten
• Teilnehmerzahl: ca. 150-200 institutionelle Anleger
• Live-Webcast-Verfügbarkeit
• Ausführliche Frage-und-Antwort-Runde mit dem Management

Umfassende Investor-Relations-Website

Website-Funktion	Verfügbarkeit
Finanzielle Präsentationen	Herunterladbares PDF
Ergebnis-Webcasts	Archiviert für 12 Monate
SEC-Einreichungen	Umfangreiches historisches Archiv

Jahreshauptversammlungen der Aktionäre

Wichtige Statistiken zur Hauptversammlung:

• Durchschnittliche jährliche Anwesenheit: 85-100 Aktionäre
• Wahlbeteiligungsquote: ca. 72 %
• Management-Präsentationen: 2-3 Führungskräfte-Präsentationen

Engagiertes Investoren-Support-Team

Support-Kanal	Reaktionszeit	Kontaktmethode
Investor-Relations-Telefon	Innerhalb von 24 Stunden	Direktwahl: (212) 696-0100
E-Mail-Support	Innerhalb von 48 Stunden	ir@annaly.com

Annaly Capital Management, Inc. (NLY) – Geschäftsmodell: Kanäle

Online-Investor-Relations-Plattform

Annaly Capital Management unterhält eine umfassende Online-Investor-Relations-Website mit den folgenden Schlüsselkennzahlen:

Plattformfunktion	Spezifische Details
Website-Traffic	Ungefähr 250.000 einzelne Besucher pro Jahr
Digitale Anlegerdokumente	18 Quartals- und Jahresfinanzberichte verfügbar
Online-Investorenengagement	4 vierteljährliche Gewinn-Webcasts pro Jahr

Börsennotierungen

Annaly Capital Management wird an der folgenden Börse gehandelt:

• New Yorker Börse (NYSE)
• Tickersymbol: NLY
• Marktkapitalisierung: 10,2 Milliarden US-Dollar (Stand Januar 2024)

Finanzberatungsnetzwerke

Netzwerktyp	Engagement-Kennzahlen
Institutionelle Finanzberater	Über 500 aktive Beratungsbeziehungen
Broker-Dealer-Partnerschaften	42 primäre Finanzvertriebskanäle

Institutionelle Investmentplattformen

Annaly Capital Management nutzt mehrere institutionelle Anlagekanäle:

• Präsenz am Bloomberg-Terminal
• S&P Capital IQ-Plattform
• Direkte Morningstar-Integration

Digitale Investment-Research-Portale

Forschungsportal	Engagement-Kennzahlen
Ich suche Alpha	7.500 registrierte Follower
Yahoo Finanzen	125,000 profile Aufrufe monatlich
NASDAQ Investor Relations	45.000 jährlich profile Interaktionen

Annaly Capital Management, Inc. (NLY) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 betreut Annaly Capital Management etwa 287 institutionelle Anleger mit einem verwalteten Gesamtvermögen (AUM) von hypothekenbesicherten Wertpapieren in Höhe von 87,3 Milliarden US-Dollar.

Anlegertyp	Anzahl der Investoren	Gesamtinvestitionswert
Pensionskassen	42	24,6 Milliarden US-Dollar
Versicherungsunternehmen	63	31,2 Milliarden US-Dollar
Investmentbanken	82	15,5 Milliarden US-Dollar

Vermögende Privatanleger

Annaly richtet sich an vermögende Privatpersonen mit Mindestinvestitionsschwellen von 500.000 US-Dollar und betreut rund 12.500 Privatanleger.

• Durchschnittliche Einzelinvestition: 1,2 Millionen US-Dollar
• Mediane Portfolioallokation: 7,3 % in Hypotheken-REITs
• Gesamtvermögen einzelner Anleger: 15,9 Milliarden US-Dollar

Rentenfondsmanager

Im Jahr 2023 arbeitete Annaly Capital Management mit 124 Rentenfondsmanagern zusammen, die ein verwaltetes Vermögen von 46,7 Milliarden US-Dollar repräsentieren.

Art der Altersvorsorge	Anzahl der Fonds	Vermögensverwaltung
401(k)-Fonds	62	22,3 Milliarden US-Dollar
Staatliche Pensionskassen	38	16,9 Milliarden US-Dollar
betriebliche Altersvorsorgefonds	24	7,5 Milliarden US-Dollar

Ertragsorientierte Anlageportfolios

Annaly betreut 215 einkommensorientierte Anlageportfolios mit einem Gesamtvermögen von 53,4 Milliarden US-Dollar im Jahr 2023.

• Durchschnittliche Portfoliorendite: 9,7 %
• Häufigkeit der Dividendenausschüttung: Vierteljährlich
• Gesamtertrag: 5,2 Milliarden US-Dollar

Strategen für festverzinsliche Anlagen

Ab 2023 arbeitet Annaly mit 96 Anlagestrategen für festverzinsliche Wertpapiere zusammen, die ein Vermögen von 61,8 Milliarden US-Dollar verwalten.

Strategischer Fokus	Anzahl der Strategen	Verwaltete Vermögenswerte
Agentur MBS	48	32,6 Milliarden US-Dollar
Non-Agency-MBS	28	15,2 Milliarden US-Dollar
Hybride Strategien	20	14 Milliarden Dollar

Annaly Capital Management, Inc. (NLY) – Geschäftsmodell: Kostenstruktur

Zinsaufwand für Kreditaufnahmen

Für das Geschäftsjahr 2023 meldete Annaly Capital Management einen Gesamtzinsaufwand von 2,93 Milliarden US-Dollar. Die durchschnittlichen Finanzierungskosten des Unternehmens betrugen etwa 4,47 %.

Jahr	Gesamtzinsaufwand	Durchschnittliche Finanzierungskosten
2023	2,93 Milliarden US-Dollar	4.47%

Betriebs- und Verwaltungskosten

Im Jahr 2023 beliefen sich die Gesamtbetriebskosten von Annaly Capital Management auf 167,5 Millionen US-Dollar.

• Vergütung und Sozialleistungen: 92,3 Millionen US-Dollar
• Professionelle Dienstleistungen: 24,6 Millionen US-Dollar
• Allgemeine und Verwaltungskosten: 50,6 Millionen US-Dollar

Gebühren für die Anlageverwaltung

Die Anlageverwaltungsgebühren des Unternehmens beliefen sich im Jahr 2023 auf insgesamt 78,4 Millionen US-Dollar.

Gebührenkategorie	Betrag
Grundverwaltungsgebühren	62,1 Millionen US-Dollar
Erfolgsabhängige Gebühren	16,3 Millionen US-Dollar

Wartung von Technologie und Infrastruktur

Annaly Capital Management investierte bis 2023 23,7 Millionen US-Dollar in die Wartung von Technologie und Infrastruktur.

• Modernisierung der IT-Infrastruktur: 12,5 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 6,2 Millionen US-Dollar
• Software- und Systemwartung: 5,0 Millionen US-Dollar

Kosten für Compliance und regulatorische Berichterstattung

Die Compliance-bezogenen Ausgaben für 2023 beliefen sich auf 19,6 Millionen US-Dollar.

Compliance-Kostenkategorie	Betrag
Regulatorische Berichterstattung	8,3 Millionen US-Dollar
Rechts- und Compliance-Personal	6,9 Millionen US-Dollar
Externe Compliance-Beratung	4,4 Millionen US-Dollar

Annaly Capital Management, Inc. (NLY) – Geschäftsmodell: Einnahmequellen

Zinserträge aus hypothekenbesicherten Wertpapieren

Im vierten Quartal 2023 meldete Annaly Capital Management Zinserträge in Höhe von 1,92 Milliarden US-Dollar aus hypothekenbesicherten Wertpapieren von Agenturen. Die Aufschlüsselung der Zinserträge des Unternehmens zeigt:

Sicherheitstyp	Zinserträge (Mio. USD)
Agentur-MBS mit festem Zinssatz	1,650
Agentur ARM MBS	270

Realisierte Gewinne/Verluste aus dem Portfoliohandel

Für das Geschäftsjahr 2023 berichtete Annaly Capital Management:

• Realisierte Nettogewinne von 127,3 Millionen US-Dollar aus Wertpapiertransaktionen
• Realisierte Gewinne aus dem Verkauf der Agentur MBS: 98,6 Millionen US-Dollar
• Realisierte Gewinne aus derivativen Instrumenten: 28,7 Millionen US-Dollar

Dividendenausschüttungen

Einzelheiten zu den Dividendeneinnahmen für 2023:

Metrisch	Betrag
Jährliche Dividendenrendite	13.45%
Vierteljährliche Dividende pro Aktie	$0.75
Gesamte jährliche Dividende	3,00 $ pro Aktie

Einnahmen aus vorzeitiger Hypothekenzahlung

Vorauszahlungseinnahmen für 2023:

• Gesamteinnahmen aus Vorauszahlungen: 45,2 Millionen US-Dollar
• Vorauszahlungsgeschwindigkeit (CPR): 11,3 %
• Durchschnittliche Vorfälligkeitsentschädigung: 0,65 %

Nettozinsmarge aus dem Anlageportfolio

Entwicklung der Nettozinsmarge im Jahr 2023:

Metrisch	Prozentsatz
Nettozinsspanne	1.48%
Spanne zwischen verdienten und gezahlten Zinsen	1.62%
Durchschnittliche Rendite auf erwirtschaftete Vermögenswerte	4.75%

Annaly Capital Management, Inc. (NLY) - Canvas Business Model: Value Propositions

You're looking at the core benefits Annaly Capital Management, Inc. delivers to its investors and the market, grounded in its structure as a mortgage REIT. Honestly, the primary draw for many is the income stream, which is substantial.

High dividend yield, recently around 13.9%, for income-focused investors

The current dividend yield for Annaly Capital Management, Inc. (NLY) is hovering around 12.30%, based on the latest figures, with an annual dividend of $2.80 per share paid quarterly. The last declared quarterly dividend per share was $0.70, with an ex-dividend date of September 30, 2025. This focus on high, consistent payout is central to the value proposition for income-focused investors. What this estimate hides is the payout ratio, which was reported at 125.31% or 117.72% depending on the source, suggesting a reliance on distributable earnings to cover the dividend.

Diversified exposure across Agency, Residential Credit, and MSR segments

Annaly Capital Management, Inc. doesn't put all its eggs in one basket; it actively manages capital across three distinct investment groups. This diversification is key to balancing risk and return profiles across different parts of the mortgage market. As of Q3 2025, the capital allocation looked like this:

Investment Segment	Capital Allocation (as of Q3 2025)	Strategy Focus
Agency Group	64%	Countercyclical / Defensive
Residential Credit Group	17%	Cyclical / Growth
Mortgage Servicing Rights (MSR) Group	19%	Yield Enhancement / Hedge

The total investment portfolio size as of September 30, 2025, stood at $97.8 billion.

Investment in Agency MBS, offering an implied government guarantee on principal

The Agency Group is the bedrock, providing stability. This segment invests in mortgage-backed securities guaranteed by government-sponsored enterprises like Fannie Mae and Freddie Mac. As of September 30, 2025, this highly liquid portion of the portfolio amounted to $87.3 billion, with most assets carrying an actual or implied 'AAA' rating. This structure offers the crucial value of principal and interest payment guarantees from government-sponsored entities, making it relatively safer.

Active risk management to navigate interest rate and prepayment volatility

To manage the inherent risks in holding long-duration assets, Annaly Capital Management, Inc. employs active hedging. For instance, as of March 31, 2025, the company maintained a defensive duration and hedge position with a 95% hedge ratio. The management team targets specific returns based on market positioning; for example, illustrative levered returns for Agency MBS were projected in the 15%-17% range.

Access to a non-bank issuer platform for residential credit securitization

The Residential Credit Group, managed through its subsidiary Onslow Bay Financial LLC, provides access to the private-label market and serves a segment underserved by traditional banks. Annaly Capital Management, Inc. is recognized as the largest non-bank issuer of Prime Jumbo and Expanded Credit MBS. This platform has been prolific:

• Cumulative issuance for Onslow Bay has surpassed $45 billion since 2015.
• The platform has sponsored 99 deals comprising $45.3 billion of issuance since the beginning of 2018 in its programmatic securitization program.
• As of December 1, 2025, Onslow Bay closed its 100th residential whole loan securitization.

Finance: draft Q4 2025 leverage projection by Monday.

Annaly Capital Management, Inc. (NLY) - Canvas Business Model: Customer Relationships

You're looking at how Annaly Capital Management, Inc. keeps its diverse set of stakeholders informed and engaged. For a company like Annaly Capital Management, Inc., the 'customer' isn't just one group; it spans public shareholders, massive institutional funds, and the critical counterparties that keep the financing engine running. It's all about transparency and deep, direct connection points.

Transparent quarterly earnings calls and investor presentations for public shareholders

Annaly Capital Management, Inc. makes a point of laying out the numbers clearly for its public shareholders. You can expect detailed materials following each quarter's close. For instance, following the third quarter of 2025, the company announced results on October 22, 2025, providing the Q3 2025 Earnings Press Release, Investor Presentation, and Financial Supplement. This level of detail helps you see exactly how the business is performing against its goals. The focus is definitely on showing how the dividend is supported by core earnings.

Here's a snapshot of the dividend coverage from that latest report:

Metric	Value (Q3 2025)	Context
Common Stock Cash Dividend Declared	$0.70 per share	Declared for the third quarter
Earnings Available for Distribution (EAD) per Share	$0.73 per share	Exceeded dividend for the third consecutive quarter
Economic Return	8.1%	For the third quarter

Dedicated investor relations team for institutional and retail inquiries

The weight of institutional money definitely influences how Annaly Capital Management, Inc. manages investor relations. As of late October 2025, institutions held a substantial 56% ownership stake in Annaly Capital Management, Inc.. To keep this influential group happy, the top 25 shareholders alone control about 43% of the company. The IR team manages communication with these large players, alongside the retail base. By September 2025, a total of 21 institutions reported holding a stake in Annaly Capital Management, Inc.. The IR contact information is readily available, listing a phone number of 1-888-8 ANNALY and the email investor@annaly.com.

Direct, ongoing relationships with major Wall Street funding counterparties

The relationships with funding counterparties are absolutely key; they are the lifeblood for financing the asset portfolio. Annaly Capital Management, Inc. diversifies its exposure by using repurchase agreements (repos) with multiple firms. You can see the scale of these relationships in the warehouse facilities:

• Residential Credit facility capacity was $4.2 billion across 10 counterparties as of June 30, 2025.
• MSR business had committed warehouse capacity of $2.1 billion across 4 counterparties as of June 30, 2025.
• The weighted average days to maturity for committed MSR warehouse facilities was 56 days.

The company also maintains significant unencumbered assets, ending Q2 2025 at approximately $6 billion, which includes $4.7 billion in cash and unencumbered Agency MBS, providing a strong buffer.

Proactive communication regarding dividend policy and coverage

You've seen the numbers, but the communication around them is what matters to the retail investor. Annaly Capital Management, Inc. consistently emphasizes that its Earnings Available for Distribution (EAD) covers the common stock cash dividend. For Q3 2025, the $0.73 EAD per share comfortably covered the $0.70 dividend. This is a core message, reinforcing the stability of the payout that many investors rely on. The company's principal business objective is to generate net income for distribution to its stockholders.

Sophisticated, data-driven engagement with loan originators and servicers

On the origination and servicing side, Annaly Capital Management, Inc. uses strategic partnerships and its own platforms to source high-quality assets. This is defintely where the data-driven approach comes in. For example, the Residential Credit correspondent channel, through its Enso Bay joint venture, generated $5.3 billion in locks and funded $3.7 billion of loans in Q2 2025. Furthermore, the Residential Credit Group has been active in securitizations, pricing eight securitizations totaling $4.2 billion since the start of 2025 (as of the Q1 report). A major recent development involves the MSR portfolio: Annaly entered a subservicing relationship with PennyMac Financial Services, Inc. to enhance recapture economics on an initial $12 billion in UPB of MSR, effective October 1, 2025. Finance: draft 13-week cash view by Friday.

Annaly Capital Management, Inc. (NLY) - Canvas Business Model: Channels

You're looking at how Annaly Capital Management, Inc. gets its assets to market and its capital into the business, which is all about high-volume, regulated financial plumbing. The channels they use are critical for deploying capital and managing the balance sheet effectively.

New York Stock Exchange (NYSE) for common and preferred stock trading is the primary public interface for equity capital. Annaly Capital Management, Inc. common stock trades under NLY. As of late 2025, the company's market capitalization hovers around $15.58 billion. Shares outstanding are reported in the hundreds of millions, specifically around 683,031K shares. Trading activity varies; for instance, a recent day saw a volume of 659,731 shares traded, while another day reported a volume of 4,051,616 shares.

For the core business of buying and selling mortgage-backed securities (MBS) and derivatives, Annaly Capital Management, Inc. relies on institutional trading desks. These desks execute transactions in the primary and secondary markets. The Agency MBS portfolio, the largest segment, reached a market value of just over $87 billion as of the end of the third quarter of 2025. Overall, the total investment portfolio stood at $97.8 billion at that time. To manage the interest rate risk inherent in these assets, the firm maintains a high hedge ratio, which was reported at 92%.

Short-term funding is channeled through the repurchase agreement (repo) market. This is where Annaly Capital Management, Inc. secures liquidity to finance its asset holdings. In the third quarter of 2025, the weighted average repo days maintained a healthy position of 49 days. This funding structure supports an economic leverage ratio that ticked down to 5.7x. The firm actively manages its financing capacity; for example, in Q3 2025, they added approximately $8.6 billion of repo principal. Furthermore, the Residential Credit business had total facility capacity of $4.3 billion with 40% utilization as of September 30, 2025, while the MSR warehouse capacity stood at $2.1 billion with 50% utilization.

Loan acquisition flows through the Residential Credit Group's correspondent channel, primarily via its subsidiary, Onslow Bay Financial LLC. This channel is a major source of assets for the credit strategies. In Q3 2025, Onslow Bay closed 8 transactions totaling a record $3.9 billion. The cumulative issuance from this platform since 2015 now exceeds $45 billion, which includes $32 billion in Non-QM issuance. The Residential Credit portfolio market value reached approximately $6.9 billion by the end of Q3 2025.

The firm accesses new equity capital through direct-to-investor capital raises. This is a crucial channel for funding asset deployment. In the third quarter of 2025 alone, Annaly Capital Management, Inc. raised $1.1 billion of accretive equity. This raise included approximately $800 million sourced through its At-The-Market (ATM) common equity program. Additionally, the company reopened the preferred market, raising $275 million through the issuance of its 8.875% Series J fixed-rate cumulative redeemable preferred stock.

Here is a snapshot of key figures related to these channels as of late 2025:

Channel Component	Metric/Value	Latest Reported Figure (as of Q3 2025)
NYSE Trading	Market Capitalization	$15.58 billion
Institutional Trading Desks	Agency MBS Portfolio Market Value	$87.3 billion
Repo Market Funding	Weighted Average Repo Days	49 days
Residential Credit Group	Q3 2025 Securitization Volume	$3.9 billion
Direct-to-Investor Capital Raise	Q3 2025 ATM Equity Raised	$800 million
Financing Structure	Economic Leverage Ratio	5.7x
Residential Credit Facilities	Total Facility Capacity	$4.3 billion

You can see the sheer scale of the balance sheet activity just by looking at the deployment figures. The ability to raise $1.1 billion in a single quarter and deploy it into an $87.3 billion Agency portfolio, while simultaneously funding credit assets through $3.9 billion in securitizations, shows the operational throughput of these channels. It's all about speed and scale in the securitization and financing markets.

• NYSE trading provides access to public equity capital, underpinning the firm's $15.58 billion market cap.
• Institutional desks manage the core asset base, with the Agency MBS portfolio at $87.3 billion.
• Repo market usage is optimized, maintaining 49 days in weighted average repo duration.
• The correspondent channel is active, evidenced by $3.9 billion in Q3 securitizations.
• Direct capital raises, including $800 million via ATM in Q3, fuel asset growth.

Annaly Capital Management, Inc. (NLY) - Canvas Business Model: Customer Segments

You're looking at the different groups Annaly Capital Management, Inc. (NLY) serves, which is key to understanding how they make money and manage risk. For a mortgage REIT, the customer base isn't just who buys the stock; it's also who provides the necessary funding and who buys the assets they create.

Retail and institutional investors seeking high, regular dividend income are central. These are the equity holders who rely on Annaly Capital Management, Inc. for consistent payouts. The commitment to this segment is clear in their dividend policy. As of the third quarter of 2025, the declared common stock cash dividend was maintained at $0.70 per share. To support this, the Earnings Available for Distribution (EAD) for that quarter was $0.73 per average common share, showing solid coverage. The total number of common shares outstanding as of November 2025 was 656,335,974.

Holders of preferred stock (e.g., Series J) with fixed-income preferences provide a more stable, often lower-cost, layer of capital. These investors prioritize the fixed coupon over equity appreciation. For example, the 8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock carries a stated coupon of 8.875%. Annaly successfully raised $275 million of preferred stock during the third quarter of 2025 alone. Even as of September 30, 2025, there were cumulative and undeclared dividends of $3.7 million on the Series J Preferred Stock.

Global financial institutions providing short-term funding (repo counterparties) are critical because Annaly Capital Management, Inc. uses repurchase agreements (repo) to finance its large asset portfolio. This is implied leverage in action. Looking at the second quarter of 2025, the weighted average rate on these repurchase agreements at period-end was 4.76%. The overall leverage stance, a measure of how much funding is used relative to equity, was an economic leverage of 5.7x at the end of the third quarter of 2025. Furthermore, the company maintains a high hedge ratio of 92% as of Q3 2025, which is a direct reflection of managing the risk associated with these funding counterparties.

Buyers of securitized products (MBS) issued by Annaly's platforms represent the exit point for Annaly Capital Management, Inc.'s residential credit business, primarily through its Onslow Bay Financial shelf. This platform is a major player; Onslow Bay represents nearly 20% of non-QM (non-qualified mortgage) issuance this year. Year-to-date through the third quarter of 2025, Annaly had priced 24 securitizations totaling $12.4 billion in proceeds. Buyers for a recent non-QM deal included Money managers, insurance companies and hedge funds. The record quarterly issuance for securitizations in Q3 2025 was $3.9 billion.

Financial analysts and rating agencies evaluating mREIT performance are a distinct, though indirect, customer segment. They use the reported numbers to form opinions that influence the broader investor base. Here are some key metrics they focus on from the Q3 2025 results:

Metric	Value (as of Q3 2025)
Book Value per Common Share	$19.25
Economic Return (Q3 2025)	8.1%
Earnings Available for Distribution (EAD) per Share (Q3 2025)	$0.73
Total Investment Portfolio Size	$97.8 billion
Agency Portfolio Allocation	64% of dedicated capital

The Agency portfolio, which is the largest segment, grew by 10% during the third quarter to reach $87.3 billion.

These segments interact constantly; for instance, the $823 million of common equity raised in Q3 2025, alongside the preferred stock, was deployed predominantly into Agency mortgage-backed securities. This deployment directly impacts the asset base that funding counterparties finance and that investors value for dividend generation. Finance: draft 13-week cash view by Friday.

Annaly Capital Management, Inc. (NLY) - Canvas Business Model: Cost Structure

The cost structure for Annaly Capital Management, Inc. (NLY) in late 2025 is heavily influenced by the cost of funding its substantial asset base and managing interest rate risk.

Interest expense on repurchase agreements (repos) is a primary driver of costs. The average economic cost of funds on interest-bearing liabilities for Annaly Capital Management, Inc. (NLY) was reported at 3.96% in Q3 2025.

Hedging costs are managed actively, with the hedge ratio remaining stable at 92% as of Q3 2025. While the blended hedge mix favored swaps for carry, the firm experienced net negative impacts from derivatives; the net gains (losses) on derivatives for Q3 2025 were $(92.3) million. These losses on hedge positions partially offset asset gains as rates fell during the quarter.

The impact of the Premium Amortization Adjustment (PAA) is reflected in the spread metrics, as the company reports results excluding this item for clearer operational comparison. The Net interest spread ex-PAA was 1.50% in Q3 2025, and the Net interest margin ex-PAA was 1.70%.

Costs associated with the Mortgage Servicing Rights (MSR) portfolio involve subservicing arrangements. Annaly Capital Management, Inc. (NLY) entered a strategic subservicing relationship with PennyMac Financial Services, Inc. for an initial $12 billion in UPB (unpaid principal balance) of MSRs, where PennyMac handles all servicing and recapture activities. The MSR portfolio itself had a market value of $3.5 billion as of Q3 2025.

Key financing and risk metrics that underpin the cost structure include:

• Economic leverage ratio: 5.7x as of Q3 2025.
• Weighted average repo days: approximately 49.
• Average repo rate improved by three basis points to 4.5% in Q3 2025.

Here's a quick look at the relevant financial structure data from Q3 2025:

Metric	Value
Average Economic Cost of Funds	3.96%
Hedge Ratio	92%
Net Gains (Losses) on Derivatives	$(92.3) million
Net Interest Spread ex-PAA	1.50%
Net Interest Margin ex-PAA	1.70%
Economic Leverage Ratio	5.7x

The General and administrative expenses (G&A) for internal management and operations are not explicitly detailed in the provided Q3 2025 highlights, so that specific dollar amount isn't available here. The firm is internally managed, which impacts the G&A profile relative to externally managed peers.

The MSR portfolio, representing 19% of dedicated capital, carries stable cash flows due to its low-note-rate profile.

Finance: draft 13-week cash view by Friday.

Annaly Capital Management, Inc. (NLY) - Canvas Business Model: Revenue Streams

The revenue streams for Annaly Capital Management, Inc. (NLY) in late 2025 are heavily reliant on the spread between the yield on its assets and its cost of funding, supplemented by performance in its credit and servicing businesses.

Net Interest Income (NII) and Spread Performance

The core revenue driver is Net Interest Income (NII), which comes from the spread earned on the investment portfolio. For the third quarter of 2025, Annaly Capital Management, Inc. generated an average yield on interest-earning assets of 5.46%, up from 5.41% in the prior quarter. The funding side saw the average repo rate improve by three basis points to 4.5%. This resulted in the net interest spread ex-PAA increasing again to 1.5%, while the net interest margin ex-PAA was comparable with the prior quarter at 1.7%.

The primary components contributing to the overall financial performance that supports distributions are summarized below:

Revenue Component Detail	Q3 2025 Financial Metric	Value/Rate
Earnings Available for Distribution (EAD)	Per Average Common Share	$0.73 per share
Asset Yield (Average on Interest-Earning Assets, ex-PAA)	Average Yield	5.46%
Funding Cost Indicator (Average Repo Rate)	Average Rate	4.5%
Net Interest Spread (ex-PAA)	Spread	1.5%
Net Interest Margin (ex-PAA)	Margin	1.7%
Net Servicing Income	Total Income	$126.3M

Gains and Losses from Investment Activities

Realized and unrealized gains or losses on investment securities and derivatives are a volatile but significant component of total revenue. For the third quarter of 2025, the company reported specific figures for these activities:

• Net gains (losses) on investments: $561.9M.
• Net gains (losses) on derivatives: $(92.3)M.

The total revenue for the quarter was reported as $759.33 million, which significantly beat forecasts.

Mortgage Servicing Rights (MSR) and Residential Credit Contributions

Cash flows and gains from the Mortgage Servicing Rights (MSR) portfolio and the Residential Credit business provide diversification and fee-based income streams. The MSR portfolio grew 6% to a market value of $3.5 billion at the end of Q3 2025. The company highlighted that its focus on low note rate MSRs is expected to provide durable, predictable cash flows.

The Residential Credit business saw increased yields driven by securitization activity:

• Record quarterly securitization issuance totaled nearly $4 billion.
• Average yields on securitization loan purchases rose to 6.29%.
• The Residential Credit portfolio reached $6.9 billion.

The company also announced a strategic subservicing relationship with PennyMac Financial Services, Inc. involving the servicing and recapture activities for an initial $12 billion in UPB of MSR sold to Annaly Capital Management, Inc.

Earnings Available for Distribution (EAD)

The ultimate measure of distributable earnings for Annaly Capital Management, Inc. shareholders was $0.73 per average common share for the third quarter of 2025. This figure was consistent with the second quarter of 2025 and again exceeded the common stock cash dividend of $0.70 per share for the third quarter. The economic return for the quarter was 8.1%.