Annaly Capital Management, Inc. (NLY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Annaly Capital Management, Inc. (NLY), una potencia en fideicomisos de inversión inmobiliaria hipotecaria que transforma estrategias financieras complejas en oportunidades lucrativas para los inversores. Con un enfoque sofisticado para los valores respaldados por hipotecas y un modelo de negocio centrado en el láser, Nly ofrece un panorama de inversión convincente que equilibra la gestión de riesgos profesionales con un potencial de dividendos atractivo. Ya sea que usted sea un inversor institucional o una persona inteligente que busca ingresos pasivos, la comprensión del lienzo de modelo de negocio de Nly revela la maquinaria estratégica detrás de uno de los jugadores más intrigantes en el sector de servicios financieros.

Annaly Capital Management, Inc. (NLY) - Modelo de negocio: asociaciones clave

Empresas patrocinadas por el gobierno (Fannie Mae, Freddie Mac)

Annaly Capital Management mantiene asociaciones críticas con empresas patrocinadas por el gobierno (GSE) que incluyen:

Socio de GSE	Agencia total MBS Holdings	Porcentaje de cartera
Fannie Mae	$ 57.3 mil millones	42.6%
Freddie Mac	$ 38.9 mil millones	28.9%

Bancos de inversión y concesionarios de valores

Las asociaciones de banca de inversión clave incluyen:

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

Pareja	Volumen comercial	Tipo de relación
Goldman Sachs	$ 12.4 mil millones	Distribuidor principal
Morgan Stanley	$ 9.7 mil millones	Distribuidor secundario

Originadores de préstamos hipotecarios

Asociaciones de origen de préstamo hipotecario primario:

• Wells Fargo
• Préstamos para acelerar
• Hipoteca de movimiento

Autor	Volumen de préstamo anual	Duración de la asociación
Wells Fargo	$ 285 mil millones	Más de 10 años
Préstamos para acelerar	$ 145 mil millones	7 años

Proveedores de servicios de tecnología financiera

Asociaciones tecnológicas para la gestión de riesgos y plataformas de comercio:

• Bloomberg
• Blackrock Aladdin
• Conjunto de hechos

Proveedor de tecnología	Costo de servicio anual	Servicio principal
Bloomberg	$ 24 millones	Datos de mercado
Blackrock Aladdin	$ 18.5 millones	Gestión de riesgos

Agencias de calificación crediticia

Asociaciones de la agencia de calificación crediticia para evaluación de riesgos:

• Moody's
• Estándar & Pobre
• Calificaciones de fitch

Agencia	Tasas de calificación anuales	Calificación actual
Moody's	$ 1.2 millones	Baa2
S&P	$ 1.1 millones	Bbb

Annaly Capital Management, Inc. (NLY) - Modelo de negocio: actividades clave

Inversión de valores respaldados por hipotecas

A partir del cuarto trimestre de 2023, Annaly Capital Management tenía un Portafolio de valores respaldados por hipotecas (MBS) de $ 88.4 mil millones. La compañía se centra principalmente en valores respaldados por hipotecas residenciales de la agencia, que transportan Garantías de la agencia gubernamental.

Categoría de inversión	Valor total	Porcentaje de cartera
Agencia MBS de tasa fija	$ 74.2 mil millones	83.9%
MBS de tasa ajustable de agencia	$ 14.2 mil millones	16.1%

Gestión de riesgos de tasa de interés

Annaly utiliza estrategias complejas de cobertura de tasas de interés con un Valor nocional total de contratos de derivados a $ 52.3 mil millones Al 31 de diciembre de 2023.

• Contratos de intercambio de tasas de interés: $ 37.5 mil millones
• Contratos de tasa de interés de tasa de interés: $ 14.8 mil millones

Asignación de capital y optimización de cartera

La compañía mantiene un relación de apalancamiento de 4.8x con un Diferencia de interés neto del 1.42% en el cuarto trimestre de 2023.

Métrico	Valor
Equidad total	$ 12.6 mil millones
Activos totales	$ 101.2 mil millones

Titulización de activos de hipotecas residenciales

Annaly participó en $ 22.7 mil millones de emisiones de valores respaldados por hipotecas Durante 2023, con un enfoque en valores garantizados por la agencia.

Comercio de instrumentos financieros de cobertura y derivados

La cartera derivada de la compañía incluye $ 52.3 mil millones en valor nocional, con instrumentos primarios: siendo:

• Swaps de tasas de interés
• Futuros eurodólares
• Futuros del tesoro
• Swaps de incumplimiento de crédito

Tipo derivado	Valor nocional	Propósito de cobertura
Swaps de tasas de interés	$ 37.5 mil millones	Riesgo de tasa de interés
Tauch de tasa de interés	$ 14.8 mil millones	Protección de tasas

Annaly Capital Management, Inc. (NLY) - Modelo de negocio: recursos clave

Capital financiero sustancial para la inversión

A partir del cuarto trimestre de 2023, Annaly Capital Management mantuvo:

Activos totales	Equidad total de los accionistas	Valor de la cartera de inversiones
$ 94.2 mil millones	$ 11.3 mil millones	$ 87.6 mil millones

Equipo de gestión e inversión experimentado

Composición de liderazgo clave:

• Total de empleados: 192
• Promedio de tenencia ejecutiva: 8.6 años
• Profesionales de inversión con más de 15 años de experiencia relacionada con la hipoteca: 76%

Tecnología avanzada de gestión de riesgos

Inversión de gestión de riesgos	Sistemas tecnológicos	Presupuesto anual de cumplimiento
$ 18.4 millones	5 plataformas de evaluación de riesgos patentadas	$ 6.2 millones

Amplio conocimiento del mercado hipotecario

Métricas de experiencia en el mercado:

• Portafolio de valores respaldados por hipotecas de la agencia: $ 76.3 mil millones
• Valores hipotecarios no agenciales: $ 3.4 mil millones
• Cobertura del mercado geográfico: 48 estados

Capacidades de análisis financiero y crédito sólidos

Tamaño del equipo de análisis	Sistemas de modelado predictivo	Inversión anual de infraestructura de datos
42 analistas especializados	7 plataformas predictivas avanzadas	$ 12.7 millones

Annaly Capital Management, Inc. (NLY) - Modelo de negocio: propuestas de valor

Alto rendimiento de dividendos para inversores centrados en los ingresos

A partir del cuarto trimestre de 2023, Annaly Capital Management informó un rendimiento de dividendos del 13.52%, significativamente más alto que el promedio del sector. El pago total de dividendos de la compañía para 2023 fue $ 1.04 por acción.

Métrico de dividendos	Valor 2023
Rendimiento de dividendos	13.52%
Dividendo anual por acción	$1.04
Pago total de dividendos	$ 1.04 mil millones

Estrategia de inversión hipotecaria transparente

Annaly maneja $ 84.3 mil millones en activos totales Al 31 de diciembre de 2023, con un enfoque en valores respaldados por hipotecas.

• Portafolio de la Agencia MBS: $ 76.2 mil millones
• Portafolio MBS sin agencia: $ 3.5 mil millones
• Inversiones inmobiliarias comerciales: $ 4.6 mil millones

Gestión profesional de valores relacionados con hipotecas

La cartera de inversiones de la compañía demuestra una gestión sofisticada:

Categoría de inversión	Valor de cartera	Porcentaje de activos totales
Agencia MBS residencial	$ 76.2 mil millones	90.4%
MBS sin agencia	$ 3.5 mil millones	4.2%
Inmobiliario comercial	$ 4.6 mil millones	5.4%

Enfoque de inversión inmobiliaria diversificada

La diversificación de inversiones de Annaly incluye:

• Valores de agencia de tasa fija: 65.3% de la cartera
• Valores de agencia de tasa ajustable: 24.7% de la cartera
• Inversiones inmobiliarias comerciales: 10% de la cartera

Potencial para una generación de ingresos pasivos consistentes

Métricas de rendimiento financiero para 2023:

Métrica financiera	Valor 2023
Ingresos de intereses netos	$ 1.92 mil millones
Regreso sobre la equidad (ROE)	8.7%
Valor de activos netos por acción	$7.63

Annaly Capital Management, Inc. (NLY) - Modelo de negocios: relaciones con los clientes

Información financiera regular y comunicaciones de inversores

Annaly Capital Management mantiene rigurosas prácticas de información financiera con las siguientes métricas clave:

Métrica de informes	Frecuencia	Nivel de detalle
Informe anual (Formulario 10-K)	Anualmente	Desempeño financiero integral
Informe trimestral (Formulario 10-Q)	Trimestral	Estados financieros detallados
Informes actuales (Formulario 8-K)	Según sea necesario	Divulgaciones de eventos materiales

Llamadas de conferencia trimestrales de ganancias

Annaly realiza llamadas detalladas en la conferencia de ganancias trimestrales con las siguientes características:

• Duración promedio de llamadas: 60 minutos
• Recuento de participantes: aproximadamente 150-200 inversores institucionales
• Disponibilidad de transmisión web en vivo
• Sesión detallada de preguntas y respuestas con gestión

Sitio web integral de relaciones con los inversores

Característica del sitio web	Disponibilidad
Presentaciones financieras	PDF descargable
Transmisiones web de ganancias	Archivado durante 12 meses
Presentación de la SEC	Archivo histórico integral

Reuniones anuales de los accionistas

Estadísticas clave de la reunión de accionistas:

• Asistencia anual promedio: 85-100 accionistas
• Tasa de participación de votación: aproximadamente el 72%
• Presentaciones de gestión: 2-3 Presentaciones de liderazgo ejecutivo

Equipo dedicado de apoyo a los inversores

Canal de soporte	Tiempo de respuesta	Método de contacto
Teléfono de relaciones con los inversores	Dentro de las 24 horas	Línea directa: (212) 696-0100
Soporte por correo electrónico	Dentro de las 48 horas	ir@annaly.com

Annaly Capital Management, Inc. (NLY) - Modelo de negocio: canales

Plataforma de relaciones con inversores en línea

Annaly Capital Management mantiene un sitio web integral de relaciones con inversores en línea con las siguientes métricas clave:

Característica de la plataforma	Detalles específicos
Tráfico del sitio web	Aproximadamente 250,000 visitantes únicos anualmente
Documentos de inversionista digital	18 informes financieros trimestrales y anuales disponibles
Compromiso de los inversores en línea	4 transmisiones web trimestrales por año

Listados de bolsa de valores

Annaly Capital Management cotiza en el siguiente intercambio:

• Bolsa de Nueva York (NYSE)
• Símbolo de ticker: nly
• Capitalización de mercado: $ 10.2 mil millones (a partir de enero de 2024)

Redes de asesoramiento financiero

Tipo de red	Métricas de compromiso
Asesores financieros institucionales	Más de 500 relaciones de asesoramiento activo
Asociaciones de corredor de bolsa	42 canales de distribución financiera primaria

Plataformas de inversión institucional

Annaly Capital Management utiliza múltiples canales de inversión institucional:

• Presencia terminal de Bloomberg
• Plataforma S&P Capital IQ
• Integración directa de Morningstar

Portales de investigación de inversiones digitales

Portal de investigación	Métricas de compromiso
Buscando alfa	7.500 seguidores registrados
Yahoo finanzas	125,000 profile Vistas mensuales
Relaciones con inversores NASDAQ	45,000 anuales profile interacciones

Annaly Capital Management, Inc. (NLY) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Annaly Capital Management atiende a aproximadamente 287 inversores institucionales con activos totales bajo administración (AUM) de $ 87.3 mil millones en valores respaldados por hipotecas.

Tipo de inversor	Número de inversores	Valor de inversión total
Fondos de pensiones	42	$ 24.6 mil millones
Compañías de seguros	63	$ 31.2 mil millones
Bancos de inversión	82	$ 15.5 mil millones

Inversores individuales de alto nivel de red

Annaly se dirige a individuos de alto nivel de red con umbrales de inversión mínimos de $ 500,000, que atiende a aproximadamente 12,500 inversores individuales.

• Inversión individual promedio: $ 1.2 millones
• Asignación de cartera media: 7.3% en REIT hipotecarios
• Activos de inversores individuales totales: $ 15.9 mil millones

Administradores de fondos de jubilación

En 2023, Annaly Capital Management se dedicó a 124 administradores de fondos de jubilación, que representa $ 46.7 mil millones en activos administrados.

Tipo de fondo de jubilación	Número de fondos	Activos administrados
401 (k) Fondos	62	$ 22.3 mil millones
Fondos de pensiones estatales	38	$ 16.9 mil millones
Fondos de jubilación corporativa	24	$ 7.5 mil millones

Carteras de inversión centradas en los ingresos

Annaly atiende 215 carteras de inversión centradas en los ingresos con activos totales de $ 53.4 mil millones en 2023.

• Rendimiento promedio de la cartera: 9.7%
• Frecuencia de distribución de dividendos: trimestralmente
• Ingresos totales generados: $ 5.2 mil millones

Estrategias de inversión de ingresos fijos

A partir de 2023, Annaly colabora con 96 estrategas de inversión de ingresos fijos que administran $ 61.8 mil millones en activos.

Enfoque estratégico	Número de estrategas	Activos administrados
Agencia MBS	48	$ 32.6 mil millones
MBS sin agencia	28	$ 15.2 mil millones
Estrategias híbridas	20	$ 14 mil millones

Annaly Capital Management, Inc. (NLY) - Modelo de negocio: Estructura de costos

Gastos de intereses en los préstamos

Para el año fiscal 2023, Annaly Capital Management informó un gasto de interés total de $ 2.93 mil millones. El costo promedio de fondos de la compañía fue de aproximadamente 4.47%.

Año	Gastos de intereses totales	Costo promedio de fondos
2023	$ 2.93 mil millones	4.47%

Gastos operativos y administrativos

En 2023, los gastos operativos totales de Annaly Capital Management fueron de $ 167.5 millones.

• Compensación y beneficios: $ 92.3 millones
• Servicios profesionales: $ 24.6 millones
• Gastos generales y administrativos: $ 50.6 millones

Tarifas de gestión de inversiones

Las tarifas de gestión de inversiones de la compañía para 2023 totalizaron $ 78.4 millones.

Categoría de tarifa	Cantidad
Tarifas de gestión base	$ 62.1 millones
Tarifas basadas en el desempeño	$ 16.3 millones

Mantenimiento de tecnología e infraestructura

Annaly Capital Management invirtió $ 23.7 millones en tecnología e mantenimiento de infraestructura para 2023.

• Actualización de infraestructura de TI: $ 12.5 millones
• Mejoras de ciberseguridad: $ 6.2 millones
• Mantenimiento de software y sistema: $ 5.0 millones

Costos de cumplimiento e informes regulatorios

Los gastos relacionados con el cumplimiento para 2023 ascendieron a $ 19.6 millones.

Categoría de costos de cumplimiento	Cantidad
Informes regulatorios	$ 8.3 millones
Personal legal y de cumplimiento	$ 6.9 millones
Consultoría de cumplimiento externo	$ 4.4 millones

Annaly Capital Management, Inc. (NLY) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de valores respaldados por hipotecas

A partir del cuarto trimestre de 2023, Annaly Capital Management reportó $ 1.92 mil millones en ingresos por intereses de valores respaldados por hipotecas de la agencia. El desglose de ingresos por intereses de la compañía muestra:

Tipo de seguridad	Ingresos de intereses ($ M)
Agencia MBS de tasa fija	1,650
Brazo de agencia MBS	270

Ganancias/pérdidas realizadas del comercio de cartera

Para el año fiscal 2023, Annaly Capital Management informó:

• Ganancias netas realizadas de $ 127.3 millones de las transacciones de valores
• Ganaciones realizadas en ventas de la agencia MBS: $ 98.6 millones
• Ganancias realizadas en instrumentos derivados: $ 28.7 millones

Distribuciones de dividendos

Detalles de ingresos de dividendos para 2023:

Métrico	Cantidad
Rendimiento de dividendos anuales	13.45%
Dividendo trimestral por acción	$0.75
Dividendo anual total	$ 3.00 por acción

Ingresos por prepago de la hipoteca

Ingresos por pago anticipado para 2023:

• Ingresos por pago anticipado total: $ 45.2 millones
• Velocidad de pago anticipado (RCP): 11.3%
• Tasa de penalización por pago anticipado promedio: 0.65%

Margen de interés neto de la cartera de inversiones

Rendimiento del margen de interés neto en 2023:

Métrico	Porcentaje
Margen de interés neto	1.48%
Difundido entre intereses ganados y intereses pagados	1.62%
Rendimiento promedio al obtener activos	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%.